apologizing after a man's name appeared on a list of the top 10 criminals. for our top stories, you can follow me on twitter. let's have a look at what is going on in the market. >> you cannot understand what is happening there and we are up 1.7%. said, i want to mention sharp first. report in japan saying we could be looking at a ¥180 billion loss for sharp. they denied that they were the source of that report. no decision has been made. they will release this profit

outlook. other things i want to mention before i get to shanghai, overall, we are seeing a decline for the fifth day in a row. we are back to the levels of early april. casino stocks, despite the drop in hong kong, we do see a jump in galaxy and samsung. eco-is a very quiet. some inflation numbers out of taiwan, and the philippines also falling. it was their fifth straight month of deflation, so not good. shanghai composite, 1.6%, we are .bout 30 points clear

it was a wild ride yesterday, we dropped 280 points over the course of about 1.5 hours. math, we are the about 75 points higher. just reached 70, which --ally means the next time somebody tells you not to worry, worry. thumbs-up, after a greece reports that it will try to negotiate a new debt deal with creditors. greece surprised everybody by taking the game to a whole new level.

they invoked this rare provision that was only used once in the 1980's. they are saying that they want to delay the 339 million dollar payment in order to just pay billiona bundle, $1.7 by the end of this month. as you said, this came less than three hours after alexis tsipras gave a thumbs-up to people, telling people not to worry about friday's payment. they are saying they wanted agreement that is more realistic and based on realistic proposals. is next? alexis tsipras is getting ready to address parliament and he will be doing that it is :00 times time -- 6:00 athens on friday. i european official telling us that they will study the offer and respond on monday. the euro region wants to see an agreement by june 14.

reports of more progress in the last few days by angela merkel, but she is also said that they are far from reaching a conclusion. imf thision due to the month, they also have treasury bills coming up this month, about $5.8 billion. rishaad: a more detailed look at that story later. tweet us your thoughts. u.s. intelligence and china was behind a cyber breach that compromised personal information of 4 million government workers. how serious was the hack? i'm sure the chinese are taking these allegations very seriously. this is not an allegation directly from the u.s. government but sources within the u.s. government speaking on condition of anonymity to, telling bloomberg of the source of this attack was allegedly

from china and chinese hackers who have ties -- again allegedly -- to the chinese government. they say that these hackers in april when the breach was detected got into the network of the u.s. office of personnel management, stealing the records of about 4 million current and former employees. why would another government want these details? records, health marital records, other personal identifications that security and espionage experts say could be used against an them in cases of bribery or entrapment. that is why there is increasing calls after this latest breach for an overhaul or complete review of the security at the u.s. government networks. rishaad: a look at some of the other stories we are watching today. we are talking about the

imf. joining in on debate on when the feds should raise interest rates. voice, christine lagarde calling on the central bank to delay for the first half of next year, given if there is a risk of over inflation. the imf also cut its u.s. growth forecast for the second time this year to 2.5%. she also said the dollar was quote moderately overvalued in any further move up would be harmful. the caution comes as to fed governors discuss cap's. s. becauseg gears to hsbc they have agreed to pay $43 million to settle a money laundering inquiry. hasiss private banking unit been under investigation since a report accused of laundering

money for criminals and helping clients. taxes. it seems like a small price to a bigr a bank but it is deal for two neva. the chief prosecutor saying it is the largest some any to tuition has a prepaid to the city. the $43 million is based on an estimated profit the banks made from the accounts in question. the bank will face no criminal charges, no charges on the current staff as well. hsbc says the bank will pay for past organizational deficiencies and acknowledges that the compliance culture in place in the past was not as robust as today. this all comes when deeper cuts may be coming to hsbc, sources telling us thousands of jobs may be on the line with equities trading divisions. stuart gulliver will update shareholders next week. finally, the latest in this food

scare, the brand crisis concerning maggi noodles in india. they say the noodles are safe to eat. nestle says there are unfounded concerns in india. a test on noodles from a small town supermarket found levels of the legal times above limit. independent testing has been ordered. criminal complaints have been filed against the company. even celebrity endorsements now considering class-action lawsuits. shares of nestle in india have fallen by 12% of the last two days. rishaad: another story we are following, japan's robot revolution creating a new breed of venture capitalists. a look at that story on bloomberg.com. later on the program, one of the worlds biggest water disputes could have an end inside.

mumbaiheading to kno after this break. keep -- when is can we expect from the meeting today? that is all next. ♪

rishaad: opec members in vienna for a meeting expected to maintain their output target despite falling prices. in a moment, we look at analysis. first, what is on their agenda? >> the organization of the petroleum exporting countries, better known as opec, is an inter-governmental group made up of 12 nations. together, they provide about 35% of the global oil supply with

saudi arabia pumping the most. secures fair and stable prices for petroleum producers. essentially, the group sets target applet levels for its members so they can influence global oil prices. historically, when opec cuts production, oil prices co-op. -- go up. 1960 in baghdad, it rose to prominence in the 1970's, and as a group to control more of the industry, it had impacts on the markets. more recently, the financial crisis has threatened its influence. grew, opeckets have has not changed its target output in more than three years great if it were to cut

production, it would lose part of the global market share. more on opecs get and oil. we are joined by victor sherman. great seeing you. no change in output expected? what is the strategy? victor: i think the strategy will continue to be opec members defending the market share, in particular in the possibility that western oil sanctions against iran may be lifted. assuming that a nuclear deal is reached at the end of june. and saudi arabia is likely to become even more determined to defend the market share when the potential of iranian barrels returned to the market. rishaad: the other bit of the

strategy was to try to drive shale producers in the u.s. out of business. this is not happen. if we continue to see oil prices at these levels, it will probably not happen. what needs to happen if that is a goal? opecr: yeah, i think that members will look at whether their current policy of defending the market share has worked. to a certain extent, it has actually worked. production and growth has 30 alt and into a h the later half of this year, we may seen a decline. u.s. producers have cut capital spending by about 40% since last year. well,ill look at that as, that is working.

that when the market sees that u.s. oil production is actually going to decline, there may be an upturn with the upturn in prices there will be more investment in u.s. oil, and that the u.s. output will increase and that is going to cause another price drop. we may have another period of a cyclical trend and pricing going up and down in the next few months. rishaad: the thing is, oil breaks. rig production has dropped. how much of opec policy has been responsible for that? or is it just the insistence or need to get more efficient? victor: both are happening.

with the opec producers rates, someaximum of the less-productive oil wells become idle and a lot of the u.s. oil rigs have been idled. the u.s. producers have shifted to more efficient wells, the higher yielding wells. it has really taken months before we are beginning to see a start in month on month growth in the u.s.. they are -- yes, go ahead. rishaad: i am just trying to get a handle on what happens now with the price. you are talking possibly about a

"w" shaped recovery? victor: right. the current pricing is rather strong when you look at fundamentals, my expectation is that for the four-year branch, it is going to average under $60 per barrel. rishaad: yeah, victor, but the thing is, how much investment is being choked off looking in the longer term by the fact that people cannot afford to put money into new fields and equipment? the industry is different from conventional oil production. quickly tospond very market forces. as a result of the low interest rates, there is a lot of capital that could go back into the u.s.

when prices strengthen. 3000 drilled but uncompleted wells in the u.s. so when prices strengthen a bed, then capital could return to the u.s. and then production will increase. greatd: victor, have a weekend. opec meetingn the a bit later, as we hear exclusively from indonesia's energy minister on why he wants to rejoin after cartel after leaving. saidnterview with sudirman later. >> these of the stories making headlines. prosecutors say there is the slimmest chance that the fifa

officials will be allowed bail. they include the vice president. there is a high risk the suspects might try to flee the country. says hevice president is ready to reveal all. the operator of the cruise ship that capsized on the yangtze river has been ordered to fix inspection issues. authorities suspect something other than the weather was to blame for the disaster. only 14 people have been rescued . --al media says the ship

the ceo of orange backs out of a agreement with campaigners on the west bank. netanyahu demanded that the distancevernment themselves from orange's miserable statement. film is next, a fifa set to release in the u.s. and the reviews are less than kind. ♪

rishaad: this is trending business, i am rishaad salamat. , we havet social media crime and criminals as well. list youis is not a want to be a part of when you search google. the prime minister of india seems to have fallen on it. >> there has been a lot of in india and outrage when you find the prime minister's image when you search for goals top 10 criminals. even now, if you going to google images, and you type in top 10 criminals, he is still there.

they have put up a disclaimer saying that the results to not reflect a googles opinions. to alill, a he is next capone and osama bin laden, so not a great list to mix of people have been outraged on twitter. one person saying google must be .anned for this statement henceforth, we shall not use google. i'm thinking this might have come from inside india. another person taking it more lightly saying, prime minister modi seems to be topping every list coming his way. so a lot of controversy that other people just making fun of the fact that he is on the list, just because his face comes twice or three times among those images in google search. theet's talk about fifa, latest drama. more drama coming in.

this is the film that was commissioned and written by fifa premiering today in the states. worsts probably the timing ever, and even the director of the film coming out to speak to the new york times saying he wants to explain himself, the film is not based on actual events and portrays them in a better light than what we have seen with this scandal. film critics are talking about this, saying this is been a comedy of 2016. >> this is not a comedy, though. >> it is not. [laughter] just to clarify. >> it was not an ideal situation for him to create -- one more user saying, looking forward to the sequel of that film.

that would be interesting. >> i heard somebody calling it an epic fantasy. >> might be fun to watch on the weekend. >> that was a look at what is trending on social media. rishaad: up next, don't worry, we have a plan, ok, so after greece defers payments, what exactly is that plan? lookingk drama, we are at that, indeed, much, much more , more stories on bloomberg.com this is trending business. ♪

>> she took ebay from a startup to a multibillion-dollar powerhouse then read a hard, expensive race for california governor and lost. now, make women faces are most and it's a challenge yet, turning around the struggling silicon valley icon hewlett-packard. her solution, split the company into two. has the biggest separation in the history of american business. 1.0,ng me today on studio meg whitman. thank you so much for joining us.