violation has crossed the 700 -- evaluation has crossed the $700 billion mark. we will be watching shares of bp and sky. they have driven the value of premier tv rights to a record north of 5 billion pounds. future markets this morning, dead flat. zero stoxx 50 futures market flat is all. >> the main market is going to be about the emerging eurogroup meeting today. it will be focused on one thing. it is going to be greece. they are going to be discussing the financing they want. the 10 billion euros to get them through to buy them time. the new bailout program as well. they want a focus on austerity. the germans are standing firm. it looks as though compromises far off.

how'd be affecting the move? remaining flat. markets are phenomenally resilient. greece is one of them. russia is another. ryan chilcote calls the talks at the moment small fry. wait until they get to merkel. could we get any kind of cease-fire in ukraine? at the moment remaining flat after 20 or 30 seconds into trading. we're looking at some of the stories when looking at the euro. basically flat against the dollar as we will see. business coming off of session lows. the euro looking flat. we are seeing a bit of a drop in the oil prices once again. u.s. supplied -- actually, we are turning higher. brent is up .4%. new shakes in the oil market but it fell that little bit yesterday. the u.s. supply imbalance with

the demand. no real fear or terror happening in the bond market. we are seeing greek foreign, trading down a little bit. still above 16%. we are seeing money coming of germany. yields creeping slightly higher. the five-year look, we are still getting negative yield for five-year german debt. let's look at the ftse market because i think we will see big moves. where look we to see -- we are likely to see sky push lower for the per merely. bt did not stomp off as many for the premier rights. they pay 30% more in the last option but sky playing 83% more. they're paying more than for billions. they are paying more than 11 million pounds per match. a bit of a concern they have overpaid. it is so crucial when you want to keep those expensive subscribers.

we have been talking about apple. i will be speaking about it later. there -- their numbers be expectation as well. >> the ftse 100 doing nothing this morning. we had a busy day ahead. syriza won a vote of confidence in the greek confidence last night. will they get a vote of confidence when eurozone finance ministers gather in brussels for an emergency meeting? it does not have the support of the country's major creditors. germany seems to have hardened against the anti-austerity government in athens. hans nichols joins us. what do we expect from brussels and who will make the most noise? >> maybe it will be the noise of silence as the finance leaders absorb and listen to this plan.

here's what we expect. we expect to get the contours and formal presentation from the greek finance minister to the european group. they want to increase t-bill limit. they want another 1.9 billion from ecb interest. there has not been much a softening of redder it -- rhetoric. greece is not going to go back to austerity measures. german finance minister says if greece does not stay in the current bailout program, it is "over." >> we won't negotiate a new program tomorrow. we have completed a program tediously. i remember precisely that was the end of 2012 in this program minister -- this program to be checked by three commissions, the european commission the

ecb, and the imf, which we no longer called troika. one can respect this. >> if you are looking for optimism, take it that they are not calling it the troika. that may be a gift to the greece side. they could see an extension of the a lot but greece calls it a loan. despite all the turmoil, you sell the athens exchange of 8% yesterday. they open at about 25 minutes. we'll be watching spanish and italian bonds, whose yields jumped a little bit yesterday. >> the threat of euro disintegration was not enough, we have to talk about the conflict in eastern ukraine. the mission to minsk. heads of state are due to be in the belarusian capital in an

effort to end the crisis in ukraine that has claimed thousands of lives over the last year. we have seen ukraine's currency completely collapse, particularly in the last couple of weeks with his economy not far behind. the nation isn't talk with the imf for a fresh set of funds. ukraine needs and next or $15 billion more to stay afloat. we are joined by natalie jaresko ukraine's finance minister and she joins us live from kiev. great to have you with us this morning. let's start with the debt situation. first question, the russian finance minister talking about how they have been approached by ukraine last month to restructure that $3 billion bailout bond. question one, can you confirm you make that approach and two, what is the objective here? is it to restructure the debt or what some might call re-profile the debt? >> thank you very much.

no. what i can confirm is that ukraine has announced that we will begin conversations with our sovereign debt holders as soon as we reach agreement with imf. that consultation with creditors is something we plan to do, i believe beginning of march. we are not on default on any of our obligations and we have received no critic is an's -- received no communications otherwise. >> the main bond that everyone talks about is that once you pass 60% of debt to gdp, russia can recall that debt early ahead of the december repayment. as far as you see that situation involving right now, have you gone past that threshold and is pressure entitled to recall that money now? if they are, do you have the ability to have the 3 billion back right here, right now? >> i really don't think that is an issue at the time. our national accounts are being

reviewed with the imf mission. we are compiling our macroeconomic data for 2014. as you can probably imagine, the data is very difficult to pull together at this time because of the illegal occupation of crimea and the continued war in eastern ukraine. we don't have our national accounts yet to be able to even have this discussion. at the same time, i'm reasonably hopeful our consultations will begin shortly and we will also at that point have reached agreement with the imf and with partners in regards to financial support packages that put us on a good path. >> we will look at the imf support package in a second. the russian finance minister on that bailout bond says the $3 billion bailout bonds covenants have been breached. are you saying they have not been breached? >> i'm saying that we have not yet pulled together our national accounts. there's no way to have that discussion. >> in terms of the imf mission, let's talk about that briefly. when do you expect to get that

first money? >> we have made significant progress. working on a couple of remaining issues. we expect to finalize them within days. it is my hope the imf will be able to that -- we will have prior options we will complete during the month of february and they will be able to hold a board meeting enabling the first in march. >> on the ukrainian currency this took the headline in the last fortnight. we have gone from eight per dollar last year all the way to 25 right now. the budget assumes 17 per dollar. you expected to strengthen back to that level or do you need to have another look at the budget? >> well, we will be having another look at the budget because there are other changes to the budget we will be introducing waste on our discussions based -- based on our discussions with the imf and other items.

i believe it has over jumped the market rate. the national bank to move a single floating exchange rate on the fifth of february in the markets have overshot probably where we expected to end up. i think it is important to say that a big point of the confidence-building will be an announcement of an agreement with the imf, the announcement of a financial package and i think the average rate for the year will be lower. i hope it will be lower than what you are seeing today. >> does it complicates your repayments of foreign currency denominated debt? when i look at some of the numbers, $12.1 billion of principal and interest payments due this year on domestic and foreign debt, are you going to struggle to repay that money? >> i don't think the currency exchange rate is really the issue with regards to our foreign debt. the support we received from the imf and foreign creditors comes in hard currency.

the support for external debt comes in a currency that there is no exchange rate issue in that regard. >> finally, as we approach the end of the year, that $3 billion bond is due at the end of the year, in december. does that mean that you will be unable to sit around the table with your creditors and talk about possibly restructuring the debt until you have repaid rush of the $3 billion -- repaid rush up the $3 billion? >> no. we will be working towards putting ourselves in a better situation. we believe it is too early to talk about the details of the process and what the outcomes are. we have to discuss this with the imf. we will approach all our credit holders and will not be seeking special treatment for one or another constituency. >> given they have special covenants in that bond, are you able to treat them all equally? >> in our consultations we

certainly will. >> natalie jaresko thank you very much. it will pleasure to have you on the show and i'm sure we will talk to you again soon. but spring and the chief executive officer of threadneedle street. thank you for coming in this morning. greece is one thing. ukraine is another. a big pop in european equities for the beginning of the year. best start since 1989. why is the time to go over weight right now? >> clearly we have had befallen the currency, brought about quantitative easing and quantitative easing itself introduced. that has made many european companies much more competitive than they were. the following the oil price is pretty significant as well. europe is a big import of of oil -- importer of oil and that is a big cost reduction to the consumer, especially less to spend money on petrol.

we had quantitative easing itself introduced, which is a big boost to markets. it has made equities look relatively more attractive and improved monetary conditions. we expect that to bring some breakthrough this year. valuations look more attractive than they did some of the performance last year. if one looks at the makeup of profitability of ukrainian companies, profit margins are lower in europe than they are in the united states. we can expect some support. those four items make your up a little more interesting. >> this time last year we used to see european equities fluctuate on the situation in russia. is it correct to ignore that news flow right now? is that the right approach for an investor? >> i think the situation in russia and ukraine is not just a european issue. i think it is a global issue. at the extreme, it could be very

bad news, clearly. i'm not a geopolitical expert, but if we have an escalation in the fighting, that is unequivocally bad news. i think that in itself will try to conclude some form of dealing ukraine. the risks are significant if they don't. >> set aside you are overweight european equities. there is a lot of risk. had a big pop in january, 8%. how much of size the rest of the year? >> the european stock market is not the european economy. for the reasons we have outlined, particularly the fallen the currency, many of the global champions that find themselves listed in northern europe are in a good place. we see the european economy will improve this year, not least of all because of qe. conditions appear to be improving a bit.

we think there could be another 10% or 15% in european equities. >> we will talk about how hot your job has got and the bond your could -- the bond market yield could get there. we have to talk about greece. gridlock plagues the debt negotiation. who blinks first? later this hour, apple's market cap hits an all-time high. we speak with the men who designed the chips for the ever-popular iphone. the swiss national bank shook confidence in the danish kroner. ♪

>> busy day ahead. strong numbers this morning from a variety of companies, including the biggest wind turbine producer. it posted its biggest dividend since 2003. joining us right now is anders runevald ceo. i'm looking at the stock down 5%. what you think investors are disappointed? >> thank you very much. i can't really comment on the market, but i can comment on the result. i'm very satisfied with our

results. we have seen great improvements in earnings year on year. >> let's talk about something dominating danish business right now. it is the danish currency and a central bank in denmark keeping trouble keeping pegs to the euro. >> overall, vestas is a global company and with operations and manufacturing across the world. it is in euro, in u.s. dollars, and in shiner. we are also a danish company. of the 20000 investors, about 4000 are based here in denmark. >> as far as you are concerned we saw the situation play out in switzerland when the swiss franc

surged. you see the same thing happening to your country in denmark? >> my focus is of course running vestas and the vestas business and not in the currency exchange rate business. i think that that is a question for the central bank and the expert in currency trading. >> no contingency plan then anders? >> no. we feel that our business model is a solid business model, as i said. in the countries we are active in, i'm comfortable with all of our station. >> let's talk about something you specialize in, energy. i look at the oil price. a stunning collapse in the oil price over the last six months. chief of fossil fuels. what does that mean for your

business? >> if you look at the direct link between electricity and oil, it is hardly insignificant. globally around 4% of electricity is produced by wind. the direct impact is -- is produced by oil. the direct impact is limited. there are positive things from the macroeconomy increased activity, and therefore increased need of a electricity generation. it is also pressure on raw material that has a positive impact potentially lower transports. that is also positive. you can also see a direct negative impact between the linkage of oil price and coal and gas prices. also very important to remember

is to invest electricity generation and wind. it is a 20-your business case. they are exposed more to short-term fluctuation and once the investment is done wind is a free resource in all currency. >> very quickly, you sound like a very optimistic ceo. are you looking to add capacity at jobs, and where are you looking to do that? >> we have seen good growth. we have added on the manufacturing side while we kept the white-collar and kept be fixed core standard control and we will continue to adjust our manufacturing case ability in the regions and markets were

needed. >> anders, a big thank you for joining us this morning. the president and ceo of vestas wind systems. i still have mark, ceo threadneedle investing. the euro is going ever lower. almost everywhere i look across europe. how hard is it to get that yield? >> it is difficult for investors globally but it is difficult for investors seeking return. with yields falling, it is forcing behavior that is taking on more risk which is the purpose of qe. it is to get more risk ask is performing and get activity moving. >> too much risk? when i ceo of record lows and its billing into the credit market, and you see a negative yield on debt, is that too much risk? >> we are living in extraordinary times. we have never seen this level of central bank intervention in markets and bond yields are where they are because largely

there have been dominant buyers taking up all the supply. the ecb is buying twice the issuance of european bonds for the qe in place and that will force yields down. it is also a reflection of the place that we live in a low-growth world. inflation is minimal in many places exacerbated by the oil price. i think bond yields a low-growth environment. >> there was a way of rationalizing the yields below. i had a guest last week that compared it to the tech bottle. -- tech bubble. would you go that far when you look at some areas of it? >> i think in 10 years time we will look back on this period in history and think returns works for very low in fixed income securities. whether it is a bubble or not, it is difficult to gauge but it is the pension funds were trying to mix their liabilities using yields in the market today.

it is an extremely difficult time for them. >> what is a strategy for fixed income? fullback? >> corporate's remain robustly profitable. credit spreads are in the middle of the range. the absolute levels of yields are low but that is because core bonds are low. i think within core bond markets it is difficult to find value. is interesting observing what is going on in to u.s. at the moment. the prospect of short rate rises are coming back potentially this year and of traders fall from here in yields rise, that could be something we look at, but not for now. >> i'm guessing you didn't buy greek paper. i'm probably right saying that. looking everywhere else, have you been buying any sovereign debt in the last couple of months? >> they are on the perforating -- italy is on the periphery of

being interested. it has too much debt that a runs a functioning economy. there are some areas of value. the greece situation will be very interesting. there was an enormous game of brinksmanship taking place at the moment and it is going to impact markets one way or another. >> you manage a lot of money. just political noise? are you paying a lot of attention to it? i have to. the news flow. day-to-day. >> i do. one can look at a country and make an assumption about growth. making extension about what a politician might decide to do is a different kettle of fish. >> thank you very much for joining us this morning. greek stocks open in just a few minutes. they rose 8% yesterday. that was because there was talk of a compromise. wolfgang schaeuble poured cold water on that. we'll be talking to the ceo

after the company reported fourth-quarter earnings higher than expectations. ♪

>> welcome back. i'm jonathan ferro. this is "on the move." the ftse 100 is dead flat. the dax up .1%. we are waiting for the greek market to open up. yield on the three note coming up a little bit again, two basis point. we thought we would get a compromise and the german finance minister poured cold water on that. i want to get stock specific because one company dominating the headlines in the tech world is chip designer arm. fourth-quarter meeting

expectations. simon segars joining us. caroline hyde with us as well. the last 12 months we have talked about licensing growth and when that was going to translate into royalty growth. your company said you are going to get 15% growth. we waited patiently. here we are. you went up 16% on royalties, 30% on licensing. i will shut up and let u.s. of the question. could you be that 15%? when i look at the -- i will let you answer the question. could you beat that 15%? >> most of the licensing we did in 2014 will translate to royalty in some years. it is the pipeline we have built up the last few years that we expect to see in 2015 at 2016. i think the trends are very good for us. we will see more adoption of our neighbor architecture. also the comparison years on

year, it has been easier because of what happened in 2014. >> do you consider that 15% a bottom line for the growth? >> that is where our midterm guidances for royalty growth. from one quarter to next, it can be up and down. what happens in consumer spending habits, consumer economy, we have no control over that. >> we have seen royalties pick up because of the licensing you're selling, the products you are designing are getting more and more powerful. we are seeing the runaway success of the iphone 6. it has been a real growth trajectory. where are you seeing, in terms of products, the most appetite? what is exciting you in terms of what you are designing? >> if you look at the mobile sector, devices are getting higher performance. we recently announced new products last week which we expect to come into products

next year and the year after. they are delivering a significant uplift on where we were a few years ago. the performance jump is really high. >> how much more powerful was it? >> 50x compared to five years ago. what that means is the device is not a phone anymore. we call them smartphones but the smart is more involved with the phone. what you do with it has changed. it has gone from something you play angry birds on, something may calls on to something maybe being the only computing device in a. >> and you really need a tablet? >> there will be different form factors at different times based on the applications. in terms of what you carry around with you for the everyday device, what you go for four axis to information, more and more people will be carrying smartphones. >> 75 million iphones. were you stunned by that number and as i look at the market capitalization, moving across the $700 billion mark, when he

started working with the company to do expected to get that big? >> the iphone 6 has been a phenomenal product. it demonstrating what copies can achieve in this space. for many years we have been anticipating smartphones becoming these ubiquitous computing platforms, that people are accessing information and data from. it is playing out. occasionally you see a product that ignites the interest of people. i think we have ahead of us lots more innovation. >> your company acquiring all spark. can you tell us much you paid? >> we have not disclosed that but security is very important to anything connected. technology in the theme we have brings great skills and next matisse into the company. >> you think that is the great instability of the internet of things? we are one security issue away

from the can being kicked down the road? >> you have asked me this before and it is certainly a concern. we take it seriously. as we look into the software architecture that sits on top of designs, we think about security in its most basic form. >> house the internet of things developing? when this became a term two years ago, people are still hearing internet of things. what is it becoming tangibly now? ? where are the most amend for your chip design? is it and connected cars connected homes? >> the internet of things is such a broad term. i thought it was really interesting to see a few weeks ago seeing how that has turned into these themed areas connected home, connected car. underlying all of that is the same a sick technology. there is a sensor, a process -- the same technology. there is a sensor, a processor. there is a lot you can get from that. they connected home, with my

smartphone, i can unlock my front door, i can control my eating, i can look at my security camera in a connected home. >> will be the the first developer of a driverless car? will it be google? -- >> using camera techniques or safe experience. >> how long before becomes reality? >> i think will be a fairly gradual thing. there are lots of technical challenges ahead but first of all, you'll see driverless cars maybe in the fast lane on the motorway and not in town, where it is a harder environment. technology will improve. hopefully we can have driverless cars. >> we have done autonomous cars. election-year here in the u k.

labor going hard left. tories offering us a referendum on the eu. you have been vocal about this. is this the least-business friendly environment you have witnessed? >> i don't know, really. as we look at this changing landscape, we just probed lower barriers to trade. we want people to move around and choose where they work. we want people to access markets in different countries more easily. they are the things we are looking too. when things settle down, that is where we wanted to be. >> are you worried about the competitiveness of this country's business? >> i don't think it would necessarily help. some resolution about that would help this is growth. -- business growth. >> how are you finding the talent pool? how easy is it to bring people inside the eu into the u.k.?

you work in the u.s. and in the valley. you find there is a difference and the u.k. could be doing more to resemble the talent pool? >> different countries have different issues around immigration of staff and everything. our philosophy has been to make sure we have a presence in the place where the talent is. we recognize people are going to have to move. we hired a lot of people on over the last 12 months. in fact, over the last 12 years. some of that has been people moving to one country from another. in the u.k., we have 1400 of our 3300 employees and that grew about 16%. a lot of that is homegrown engineering talent. >> could that be the risk if we see a harder environment? will businesses moved to where the talent pool is? >> i think you always have to do a bit of both. finding the talent and finding people who are prepared to move

are not necessarily the same thing. people do want to live in their home countries. us having critical mass of people in these tech centers is important for us. >> quickly before we go, what are you most excited for this year? we're seeing the licensing growth strong. what are you excited about for the next 12 months? >> i think the evolution of our technology. we just launched our most high-performance processor and a whole load of other technology. we have more announcements for this year and other technology focused on other markets. >> simon, we did almost everything this morning. thank you very much. the ceo of arm joining us on bloomberg this morning. as we check in on greek equity markets it is that time of mourning. i'm looking at the athens stock exchange down by 2.7%. the three year note yield up to 20%. of 94 basis points. believe it or not, that is not a big move.

we will talk about greek markets after the break. ♪

>> good morning. this is "on the move." eurozone finance ministers are holding an emergency meeting in brussels hoping to find an agreement on the greek crisis.

pumping almost 100 basis points on a three-year don't. let's get out to -- three year note. let's get out to phyllis. great to have you with us. the last 24 hours we were hopeful of getting a compromise and then wolfgang schaeuble did his thing and said nein. >> today's meeting is important in terms of headline risk for the euro and it is important to see what kind of compromise the leadership, the greek leadership will have with his european partner. our expectation is that some sort of compromise will be reached. in the interim, the headline risk and uncertainty around the compromise will negatively impact the euro.

it will continue to weigh on the euro. >> do you think we can really trade this or is this one of those things? a happens, we sell the euro, be happens we sell the euro, see happens, we sell the euro. is there any reason to buy the euro? >> if we see a favorable compromise coming out of the musi meeting, we can see a squeeze higher in the euro. the euro is trading favorably in some places. we are seeing more positive signs on the equity front. the portfolio data is signaling that. the euro is fundamentally still overvalued. it still has room to run to the downside. the political situation certainly does not help that. >> let's get back to the politics again. what you think will be the sticking point is the week

progresses? will it come down to the greek linking debt to growth? >> it is going to come down to whether or not greece gets the bridging agreement that they have asked for. i think the technical details will be important in the assessed that there will need to be some renegotiations of the terms of the agreement. the details remain to be seen. >> we talked so much about -- in 2012. there is a lot of hype about how every single varoufakis headline comes across bloomberg. how different is this from 2012 for you? >> it is somewhat different in that we have a very different leadership in greece. the problems in greece remains the same. is it -- it is a heavily

indebted economy, which is a problem for the country. it is a little bit different because we see a continued standoff between the greek leadership and the european partners. that will differentiate between now and 2012. the prospects between a standoff and the likelihood of tension continuing to rise is high. >> it has been three weeks since cerise of -- syriza came into power. he is brutally honest. he is on record as saying his country is insolvent. you think it has been handle the right way? >> is a government put into place with a mandate to change things in greece. they are certainly attempting to change the way in which policies

are implemented and the renegotiation of their terms with the eurozone. they are making their best effort at changing things. whether or not they will be successful remains to be seen. there are serious structural issues in the greek economy which need to be tackled and there is hope that they will be successful. >> phyllis poppa david, thank you for joining us this morning. coming up in the show, the other big corporate score a story. sky nbt pay a combined 5 billion pounds for premier league writes. sky getting slammed this morning , down by over 4%. that was the call this morning. a lot of people think they overpaid for that a record amount of money for tv rights for the premier league. where does the company go from here? we will talk about that after the break. a quick check in on crude.

brent is trading a little bit higher. brent is $56.8 a barrel. that's donning collapse over -- that stunning collapse of the last year? despite what saudi arabia says he thinks u.s. production in the u.s. is going to keep on growing this year and we may be getting that pain threshold for u.s. shale a little bit longer. >> i'm not sure the oil industry knows yet whether or not it is going to come out. i'm sure that efficiencies are cut every day. technology is moving ahead very fast. we think the oil production in the u.s. particularly is going to be great. it is going to go up and maybe go up in 2016. obviously what is getting cut is future investment, future projects. will it be big or will future investment in shale be small? i don't know how it is going to shake out and whether the cost

pain really is. the other big question recently is what is going to be the response to demand when we talk about supply? not much has been said about demand. the price has an impact or not, whether that growth is more important on-demand, and demand is very poor last year. if demand is not pick up, i suspect you might find that things are not quite as rosie in the back of the yard. >> a fascinating conversation with a man of the top of that country yesterday. i asked him about the recount and whether we should pay attention. he said we should pay attention because everyone else is. if you want a better picture of the market, look at inventory in total production. you know that which way that is going and that is assigned to him that u.s. production will hold up, keeping pressure on the oil price. we also asked money if you could make money by buying crude now,

putting a barrel of oil and things of profit. he laughed and said he wished it was that easy. if you want to check out the interview, it is on bloomberg.com. ♪

>> good morning. welcome back to "on the move." 52 minutes into the training session in europe. look at sky and et shares.

-- bt shares. a record high of 5 billion pounds. sky got the bulk of those rights. you can see what investors think of what they paid for it. stock down 4%. the ceo of the premier league is speaking out about the price. take a listen. >> the value being delivered for these three seasons following the open and heavily scrutinized sales process will be 5.13 6 billion pounds. >> really spelling that number out so we got every single digit, caroline hyde. we expected it to be inflated this year and there was going to be more competition. this much inflated? >> 70% inflated? analysts thought it would be 50% higher, but no. 70% more. to stay top of the leaderboard,

skype had to pay out -- sky had to pay out. they are paying 11 million pounds per game. they are having to pay up, cough up to maintain the status quo, to remain at the top of the leaderboard. they have 3/4 of all the premier games that will be played from 2016 and the three years after that. they have to make sure they put in a big bit. the way they do this is you put it in an envelope. you have to start to analyze we are competition is. bt came from the outside and clinched 1/4 of all games. you have just every -- you have discovery communications as well. people thinking sky managed -- people thinking bt managed to play a very clever game. sky paid more. >> should someone step in? >> they are looking at it.

virgin media is what started to ring the bell. they said you were overcharging the consumer. you are paying too much. not showing enough matches -- you look at italy and spain, the league there, they show about 60% of their overall matches. here in the u k, because they worried about filling stadiums they want to keep the fury, the roar in the actual heart of the stadium they show about 40% or 50% of all matches. we have had more games of for grabs this time around, but many are complaining about that element. virgin media singh we are charging the consumer to much. that is why they wanted them to call off this option. they said this is uncompetitive. you are forcing us to pay too much. they are not going to do that, but they are looking at the overall broadcast and seeing whether more should be shown. >> a lot of people talking about how sustainable this is, what sky is doing, bt has a strong

business. sky focusing on the core of sports contact. have they got themselves into a little bit of a whole? >> what they're trying to highlight is the key television pieces, not all about sports. what they have done for themselves a huge efficiency stretch. the chief executive has said we are paying about 1/3 of one billion more per year than expected. we're going to make that in cost efficient. -- cost efficiency. other going to have to charge more to the subscriber base that has sky sports, or are they going to start chomping at the edges? he promises that they will meet their profit target. >> already looking forward to the next option. investors showing what they think about what skype page last night. stock down almost 4%. i want a quick check in on greek equity markets. 30 minutes into the session. the asc down by 4%.

it does not take a big trade to move that market. it'll be a volatile market for greece. good luck with the rest of your day. ♪

>> showdown. grace meets its creditors in brussels. meaning in minsk. chancellor merkel and president hollande travel to belarus today for peace talks. banking on private wealth. we speak to the ceo of italy's second-largest bank, on his plans for growth and whether he's concerned about and we hear from sergio marchionne. welcome to "t