boone recognizes vladmir putin recognizes crimea as a state. >> we will be talking about the slump in the copper market coming up. flight 370search for becomes the largest in modern aviation history. >> welcome to count down.

>> i am mark barton. >> i am anna edwards. the time is 7:00. stay with countdown today. we will get earnings, coming any minute now. do not miss a conversation with the ceo diego hernandez. that will be a first on bloomberg interview. and an earnings and sales update, coming up. chatting with john rogers and a half hour's time. do not miss that today. >> we will start with the numbers from chile. >> i will give it a top line, as i see it. the full-year revenue down 11%. billion,s with over $5 final dividend.

we expected revenue to fall last year because of one thing, if you're going to choose one thing. that is the price of copper. if you look at some of the averages, it was seven percent lower than one year earlier. it is about what happens going forward. forward, you have copper down 11%. last year, not good. 30.1% on the year. it is about how this plays out. there in the margins, earning margins. -- year'slast yours numbers. this year not looking any better. earningsl have the with the ceo coming up.

hernandez joins us in a few moments. >> car sales in europe have risen for the sixth consecutive month. boost demandelping from volkswagen and others. luxury models increased. jumping 6.3%., 2% more cars.ld 7. people are seeking more compact and top-of-the-line sport-utility vehicles. they added the compact crossover to meet demand, as well. let's get more on those numbers. the spring in our international hans nichols.

>> are these numbers cashicially inflated by for clunkers, in spain. that is still running. volkswagen is up 7.25. nissan was in the same range. the gm brand was up. all of them have good numbers. we should not take anything away from them. really the question is, how healthy and long-standing is this? look at the discounts they offer in germany. it widened to over 11%. seems likemany, it the dealers are giving a bigger discount to keep demand up and keep sales going. then we have this whole question of uncertainty of what will

happen with the russian market. russian figures are not included in these magic figures. but you will get the exposure to chair, some 31% up in the in russia. volkswagen had its percentage. industry looks like it is coming back in western europe. is it sustainable? or is this stimulus driven? and how would the uncertainty in europe into one over there and the general economy here. these are open questions. these are just february figures. largest.k.'s third supermarket chain reporting sales numbers. not great. >> it is a miss. there handing over the reins. it is seeming positive, even though challenging market exist.

3.1% fall. that is worse than has been expected. record -- >> nine years of increasing sales, over. the market is growing at the lowest rate since 2005. they also say, mother's day, easter, that has come late. that will come in the next quarter and improve the numbers. and the weather they say has been a key concern, as well. overall, people are going in for cheaper brands. they are selling more than other branded goods. menswear is doing well. they say loyalty is building. they are rejuvenating the website online. they will have a new website by april.

it is going to be a challenging year. they are confident that their differentiated offer will leave them in good standing. they say, look, we're still winning market share. they are admitting it is difficult out there. and we are seeing buyers wanting cheaper goods. it is rising at a slower pace. they think they are likely to win out versus more sense. we know the doom and gloom. more sense posted last week. toughere talking about a environment. they're going to throw such amount of money at pricing. we certainly want to ask them about how much money they have with slightly poor margins. and how much money they have. toand if they feel they need -- if they feel they've rants are able to tick that box.

they said, remember this time last year, they had a horse meat scandal that hit tesco hard. able to wineat -- that market share from them and keep it. >> the latest headlines out of russia this morning. our reporter is in berlin following the story. how will european leaders react to this story? >> it looks like water off of a ducks back, in terms of the sanctions put in place. the european union sanctioning officials. did the same. the key thing is what is going to happen in food and's speech today, where he will lay out --

tin's speech today, where he will lay out the plan. some of the sanctions they might put into place. >> we have been open diplomatically, making every upper -- effort diplomatically. very much up until now, the european union has been resisting doing anything which would hurt its own interest. there you have william haycock about the possibility of financial sanctions. also, there is the question of furthering european interest. antitrusttially, some penalties to be put into place. >> how unanimous could they be? >> it is very difficult.

really, it has been difficult all the way through. the interesting thing is, even people muchave the closer to the action pushing for sanctions, you still managed to get something that comes out which shows that there are united fronts, as they were talking about yesterday. >> it was not easy to put sanctions in place. we did not aim for this. we want talks and a solution. but international rights were violated. >> what is going to be really difficult is putting into place economic sanctions. as i say, everything depends on the speech from putin this morning. david tweed in berlin. >> let's go to the moscow bureau. putin said to speak later to

lawmakers. --already said he >> many people were respecting that putin would break the news about the annexation during the speech. the news came earlier. a came with the executive order with the parliament approving crimea's entry into russia. that is another sign that russia is not concerned about the sanctions from the u.s. and e.u. the sanctions were seen as extremely mild both by the market and the officials. the markets rallied yesterday. were saying, yes, there's really no concern with these sort of sanctions, such as freezing assets and hurting the

russian economy. -- sanctionsions people would be concerned about would be the ones affecting major russian companies. x for the oil exports. but none of the sanctions have been put yet. there is really no fear in russian government, so far. they are acting just like they want to act. with thegoing ahead entry of crimea into russia. >> do we have any information on a timescale here? do we know how quickly any of this can take place? spoke with a deputy yesterday and the constitutional committee. because this entry of crimea into russia would require changes to the russian constitution, they would not

have to make amendments this week. theoretically, it could happen as soon as this friday. >> thank you. reporting there from moscow. earnings a fewng minutes ago. we have a bloomberg first interview with ceo diego hernandez next. ♪

>> i am mark barton. >> i am anna edwards. just releasing earnings. let's get more from diego hernandez. he joins us. year toall year on cause of low copper prices. do you think 2014 will be a better year, on an earnings basis? >> probably not. we are looking at a similar 2014. >> what were the factors behind the decline? >> the main reason is copper price that went down. up, comparedwent

to this year. now, we have control of the cost. this year we should have the same or lower. the trend has been broken. we broke the trend. i think it is under control now. one is the exchange rate. when the copper prices high it is strong. with the dropping copper price, the peso is weak. course, we prefer strong copper. >> can i ask about the chinese market? people are concerned about the growth in china. there is 7.5% growth they're. -- there. what do you see?

>> there are changes this year. we do not expect a major change in copper consumption. we were told at the end of last that we will see the first half weaker than the second half in china. year, we could see some surplus in the copper market in the second half of the year because some products are coming into production. if we see that, it will be relatively small. >> delivery of copper to china , is that what is happening? >> no. first, there is an issue of inventories. it is difficult to know the inventories in china. of copperlso an issue

inventories of collaterals for loans in china. captive. copper is eventually, if copper goes down, as you go back to the market. that could affect the price. course, there is industrial growth in china. there are some doubts about it. 5% growth, if they comply with that, that will be quite good. change in the copper price, do you think, in recent days? is down seven percent. it is down 11%. what do you see? >> i think because some people believe that this inventory around 700,000 tons of copper in china could go to the market, if the copper price goes down. some are speculating and betting

on that. they have short positions and copper now. that is affected. but what we saw yesterday is copper is looking to improve. let's see how we do today. >> one of the big themes of last miners, austerity among made famous by mr. glastonbury. miners are finally doing what is right, after screwing up. how long do you think this time of austerity will last? think he is right. mining companies were punished by the market. that was last year. now we are going out. of the that a big amount

cash flow mining companies are generating are committed to their products. will continue in some companies this year. it in others, through 2015. the mining companies will generate the cash flow that is not committed add -- and could go back to shareholders or to products, depending on the market. we are having that flexibility. deals isy of big certainly over, for now. could you see a big mining deal take place in the next year or two. >> not really. >> i think it is unlikely. some mining companies made that deals. that was in the past. now capital does a plan is back. they up to show that our shareholders have returns on the

money. >> thank you for joining us today. ofgo hernandez the ceo antofagasta. >> buying up chinese tech stocks. shares of apple and facebook. we will tell you that billionaire is after the break. ♪

>> i am mark barton. >> i am anna edwards. russia's richest man is turning toward china and chinese technology. he is buying technology stocks. for more let's bring in our bloomberg billionaire team. his moneyman who made in investments. now he is making money and social media. of russia'st largest iron producer. but he started in the 1990's at an investment company. he was part of viktor yanukovych --putin inner circle. >> he was part of facebook. >> he bought in early. they whispered to his 18 month ago that they did not see the

facebook they saw in the winter. they hinted that perhaps it was a $10 stock when it was trading higher. they were down on facebook. they did not get down. they stayed in. they rode the upgrades nicely. they made the move into china. >> why is that? >> i think people have overlooked the value of the chinese technology companies. american companies and western companies cannot get a foothold in them. google always be challenged because the government controls the axis. you have these technology companies that have a lock on the biggest consumer population. >> should we read anything into this or not? >> we can try to move into the situation. moving assets out of the west. i think he just on opportunity in china. >> thank you. our billionaire team. growth,store sales

hearing from the ceo right after the break.

at throughre looking the morning. peopleing what many thought, rates will stay on hold for some time to come. support over the last five trading days around nine percent. yougreat british pound buys $1.66. tomorrow, we will get minutes from the bank of england. this., weight for

we have not settled that. very bullish. >> i am mark barton. >> i am anna edwards. 0.e time in london is 7:3 the search for the missing air jet has become the largest in modern history. officials say that they went to great lengths to avoid being detected. hasu.k. chancellor political pressure to address the lack of women in top jobs at the central bank. favorite, -- president vladimir putin supports crimea joining russia.

treatyntry should sign a , according to an order signed by putin today. putin just as the russian parliament in a few hours. u.s. president barack obama warned putin that this would be a conflict in russia. their frozen assets. leaders meet next week to discuss further action. actions andl impose is willing to take the measures further. >> we will stand firm in our unwavering support for ukraine. as i told the prime minister last week, we stand with the people of ukraine and their right to determine their own destiny.

>> 11 days and still nothing, the search for the missing malaysian airline plane is the longest in modern aviation history. in singapore with an update on the china search efforts. >> china is now searching its own country for the missing jet. why and iftain instructions were given. china already redirected the satellites did scientists say will be found. a plane 16 meters long can be located easily by their eyes in the sky. that is what the chinese are saying. 26 countries are now involved in the search and rescue operations. they are leading the search in the so-called southern corridor. he sent planes to explore the

ocean. that is after the air traffic control says it never entered the australian airspace. malaysia said it has come under extensive criticism. that is especially from china. there's been conflicting information. they said the search has been a logistical nightmare, challenge. all of the nation is giving a helping hand. this is the longest search for a jet in modern aviation history. hsbc releases the global report today. >> hi, janice. thank you for joining us. give us a brief summary of the outlook for trade conditions over the next month. developed markets are coming

back quite strongly. trader continues. -- trade growth continues here . sectors arek t seeing the strongest growth? to 2030.e looked out you see high take becoming about 25%. that is of from about 22%, the moment. >> china playing a strong role. >>what role does china play in , asglobal conversation things are changing internally. in china, they are changing their business model, if you will, internally. be more into high-tech, as the emerging market comes together. >> i think there's a fascinating story you alluded to here. the ds for a of

factories from china pick up domestic consumer growth that is significant. it is weaving up the value chain. the investment in research and development is an important story. two percent of china. in point he percent of gdp research and development. that is as significant story. the developer could story here is one of investing and focusing on opportunities to continue the high-tech story. >> who does that benefit most than? emerging markets? is ado not think it zero-sum game. i think that is important to recognize. we've got to remember, if you got anything in front of you, the computer. the components are going to be made in several countries. of course, the intellectual property earns, as well.

>> volatility is a big concern, isn't it? is that the number one concern right now? >> businesses are used to supporting volatility. -- ing the poor and thing think the important thing is to look out the on that. it is driven by demographics. talking of currencies, the dollar is still the currency of choice for international trade. followed by the euro. and around three percent of prefer to use that. is that a growing part of the trade story, do you think? look at usage in china it accelerated dramatically.

we definitely seeing it as a significant story. -- be my trade the affected by the escalated crisis ? look, russia is the eighth largest exporter in the world. exports are carbon related. imports are related to industrial machinery. there is clearly a lot of discussion. say, it would be speculation. we do not know what the sections will look like. we do know what exists at the moment. it might be on exports of energy

from russia. looking at trade flows and disruption, i'm guessing that geography plays a part. >> you've clearly got to look at where you drill down into this. and where this is most significant. we do need to think about how the situation involves. evolves.ves -- >> we were just talking to the ceo of a copper miner in chile. >> inter-asian trade, for example, a very dramatic forecast in the years to come. we talked about moving up the value chain. this is about countries moving up the value chain, in their own right. is that affecting the pattern of global trade when we talk

about affecting the chain with regard to high-tech? >> there are factors across the board. when we go back to research and development, it is a continued investment in research and development across sectors. >> thank you. the head of global trade and receivables. osborne delivers his budget more. u.k. viewers can watch that live and in full from 1230 london time. sales records comes to an end. we will hear more on that after the break. ♪

edwards.nna >> the record has come to an end. the supermarket chain is joining its rivals. let's hear from the chief financial officer of sainsbury, john rogers. -- painticture for us a picture for us about the growth in this sector in the

u.k. how quickly is a building, and is a building more quickly than expected? >> we are not seeing a particular change in that direction. , obviously, we are reporting a decline in sales, which is breaking a nine year track record of growth in sales. with a look back at this time last year. this is on the back of the horse meat scandal. we maintain our market share. we are pleased with that result. in january you are saying that like for like sales in the fourth quarter looked quite similar to the third quarter. in the third quarter, we saw an 0.2%.ase of have things worsen considerably? >> clearly, it has been challenging. there is no question about that.

there was the christmas splurge. the market has been slightly worse than expected. a market share at 17%. there is no question that this is down to having a great run of things. i think this trend will continue. i think we have to demonstrate that we continue to have a consistent chattahoochee. that consistent strategy has been outperforming the market. as a whole, we are outperforming the market. it is working. it is different you did. -- differentiated. >> one of your rivals was saying that they are seeing pressure from discounters. as a result, they are throwing money a price. are we going to see a price war? >> lets you would happens. the market has always been super

competitive on price. it always has been and always will be. we want to make sure that we are it intely on top of competition with price. they can purchase a branded basket in our store in no less than our condition. that reassures them that they do not need to shop around. they can buy the products as cheaply as anywhere else. >> these are branded products, of course. morrison is saying that they are throwing one billion pounds at this. how much can you afford to spend on price? some analysts are concerned that your margins might not the as healthy as others in the sector. overall margins are healthy. we are now significantly on pard

tesco. on par with we have the bandwidth to compete aggressively on price. that is what we intend to do. that -- somesure people are suggesting that there was a time when managers think to leave the business. leaveanagers choose to when things are looking pretty good good and maybe things deteriorate after they leave their post. do you think it is a good or bad time to leave sainsbury? >> i think he picked the right time for himself. therly, he still running business. and he will still be running it until july. today, we are reporting a disappointing loss in sales. he chose his say timing is a consequence of that. he still running the business.

he chose the right time for him. we have mike to succeed him. mike has been in the business for years. he will be leading the business. i think we will have a great transition. john, of course, finally, i want to ask you about the budget. they will be delivering the budget mark. some people are wondering there with -- will be tax breaks. what do the biggest grocers in the country want to hear? >> we would welcome anything that increases disposable income. it if there are tax breaks, we welcome that. we have not seen a change in consumer behavior. market seen the tightened. anything that puts money back into customer pockets is a good thing. he might the listing.

john, thank you very much. the chief financial officer at sainsbury, joining us live. >> a look at the federal reserve somc under the new chair, janet yellen. ♪

i am mark barton. >> i am anna edwards.

the time 7:51. janet yellen's first meeting as fed chair. >> exciting. 10 billion. he the hurdle is hype to change that particular pace. surveyed economists say that it will link policy. >> by by linking it to the rate. bye linking it to the rate. >> some people call or continuity. some people call her change. >> at the end of the day, she has to change something. we are in a different place in the economy. i wonder how closely john was

listening this morning? >> i think was a bit early on this one. >> over 100. >> he said he counted them himself. >> a lot of board economist around, aren't there? >> they have got to count. [laughter] >> they said this might be the first day and the fed statement. rough atd be a little the edges. >> perhaps, it is about guidance and forecasting. it is also about where they think rates are going to be. some economic projections are very interesting. >> we will talk more about it. jumpu saw the homebuilders in london.

does it make a difference that he has done that? will he be challenged by the bank of england? if anybody knows anything about former bank of england politics, i managed to get down to agree with andrew on something. on twitter. if they do not step in to stop this, then the mpc might have to step in at high rates. >> they would rather use their macro projection use. >> one bank out there, morgan stanley, saying it could rise. the shares were down yesterday. 30 six quarters of improving like to like sales.

comparable sales, down 2.1%. mother's day is going to hit the numbers. growing at the slowest rate since 2005. that is a concern. the outlook is challenging. there is a slight tracking of saying,s from sainsbury we will outperform our peers. he's quitting while he is ahead. but king is going to wave goodbye. how dare you disparage manchester, england? [laughter] >> sorry. it is amazing that with our differentiated offer we will outperform our peers. that means that if they start a

price war -- >> they say it is the margin that matters not be operating margin. >> those are very technical point. >> thank you. on the move is up next.

>> welcome to "on the move. so i'm francine lacqua. our markets team has everything covered from companies to currencies. here are caroline hyde and jonathan ferro. off with the futures. a little disappointing today. putin isn't exactly doing what we expected today.

gone away.as not it is just a matter of time before plays back in the markets. >> it depends on how the markets react. you're watching the latest from president putin. president putin has artie supported a bill to approve the accession of crimea to the russian federation. the really important thing to watch out for today am a francine, is the speech by vladimir putin in moscow and at 3:00 p.m. london. 11:00 in london. >> that will be a speech to watch for. everve of course the first press conference by the new head of the federal reserve. >> nine straight years, that is 30 six quarters