joining us from blackberry headquarters. the earnings, look like for the first time, signs of a real potential breakthrough. what is your take on the timing of a real turnaround? this is one of those one quarter at a time, and we are so we positive progress take it a step at a time. i feel good about where we are. our software business seems to be doing very well. business is starting to turn in getting more to the profitability areas. qnx,.t. business and the more in the automotive business, there also going the right direction. knock on wood, everything's used to be working fine. emily: we're going to get the best points but a want to start

on software. you may significant progress toward your $500 million software sales goal. what are the chances now you exceed that? let's just get me making it first. it hasn't been easy, as you know. a lot of people throughout the entire last nine months have been doubting whether i am on the right medicine or not whether i'm smoking the right thing or something like that. and ijust get to the 500 so good about doing so. we are growing and all of the right areas, going -- growing and recurring revenue. again, one of those quarters that everything can together as we planned. emily: once you get there, say you have this $500 million sales target, how do you continue to grow? we see making more acquisitions, more software as a service company? know, organically, once

we have digested all of the acquisition we have made and we have a pretty strong platform now both in technology, product offerings, as well as the customer base. and the sales force. inre working very hard really executing. so the next leg of growth is most likely less on acquisition -- not none, but less on acquisition and more on growing the efficiency of the business. so that is where i'm expecting we will start seeing some of the ,ot growth and some of the qnx which is in the auto industry today, and broadening out to medical industry. those are things that are going to happen come also helping growth. i'm not going to rely completely on acquisition. emily: turning to hardware

before we get the cars, you sold about 700,000 handsets, a bit lower than some analysts had estimated. are you changing anything about thatirv strategy or how is change based on what you have learned so far? far,think the strategy so november launch it on 6. entire of november, we were operating in four different companies. the response has been encouraging. so we are planning to roll out in 31 countries in the next three months or the next 2.5 months, so there is no strategy change there. hands of business, i'm not looking at volume, i'm looking at margin. gotten any you interest from samsung in the hardware business? of?n terms

we use their screen. i'm not sure. emily: are you interested in more partnerships with samsung? yes, not so much on the hardware side per se. using their hard, letting our software manage it for their devices, we're doing a lot of work together on that. mostly in the market, meaning with the customer base. samsung also is a partner of good technology, which we recently acquired. good things to be done there in the market together, but not exactly on the handset itself, no. rim is high-end, which you consider making a cheaper android phone? >> it depends on the priv.

next three months, four months, the results will tell us if this is a good strategy. the strategy is to combine the blackberry with the best of android. -- if it looks like there's a good chance of that then, yes, the answer is, we will probably still focus remote on the high-end, probably more on midrange or so, probably have another phone like that coming year 2017, or fiscal which is calendar 2016. emily: interesting. you mention on the call you will be unveiling software related to self driving cars next month. would you consider partnering with companies like tesla or google or apple, companies already working on self driving cars? absolutely. absolutely. i would love to do that. of announcements in the last couple of weeks

regarding this, and not the big names that you laid out. we worked with google on a number of areas already and i would love to extend this. our qnx technology, our software platform works with the apple car strategy as well as the google. i would love to be a little work with tesla, and i'm sure -- i'm sure the folks are talking to each other by now. involved very much with many car providers. 250 models. our software is currently in 60 million cars running around. so it is obvious, natural for a's to step into the next generation of automobile. isly: 60 million cars, that an upgrade from the 50 million i believe we discussed last time. ok, john thain, ceo of

blackberry, thank you. thank you for joining us from blackberry headquarters, john thain. -- john chen. betty: thank you, emily chang. we want to welcome you back to "bloomberg market." i am betty liu. this is the european close. breaking news as you saw on the jpmorgan, according to the securities and exchange commission, jpmorgan has agreed to pay $267 million in fines and also admit wrongdoing to settle charges, basically, that two left management groups failed to disclose conflict of interest, essentially, these wealth management units not disclosing to retail and high net worth individuals a preference for their own mutual funds and investments. $267re paying a fine of million and admitting wrongdoing. the stock has been lower throughout the session, and it just kicked a little bit lower

on the back of business from the fcc. i want to bring in caroline hyde as we wrap up trade over the next 30 minutes. as we were talking about declines in europe as well? caroline: we're watching the return of risk aversion, stocks down, oil down, caution returns to end the trading week. investors refocus on global growth concerns and lack thereof. european close starts now. stocks have cleaned up the week and it looks like it is a down day for the last trading day of this week. overall, we have added about 170 billion euros overall for stocks. the hangover after the hike. we see red across the board. similar for the dax.

we have seen minors on the upside. one of the key one is on the u.k. ftse 100. we are seeing a little bit of buying. generally, risk aversion. up 2.6%how -- we saw overall. we did see a little bit of buying of the mining stocks. overall, risk aversion flooding the market. many going into the havens, bonds, borrowing costs coming down for the u.k., coming down for france, similar yields down for germany as many moves back into the haven that is the debt market. i want to have a little look at the industry groups. every single industry group declining. telecoms, the worst performers. one key stock to watch. why? u.s. acquisition. cablevision, looking to snap up cablevision. it might be delayed. let's swiftly change our direction and a key story for europe with ukraine defaulting

on a $3 billion bond repayment, on sunday. ryan chilcote has more with the new ukraine finance minister who is on the phone with us. >> we do have the ukraine finance minister with us, natalie jaresko. thank you for joining us. i want to start with some comments from russia just within the last hour, the russians saying they now intend to take ukraine to court. russia's deputy finance minister says ukraine doesn't have a chance in court. how do you evaluate your chances? to trytually don't want and look forward to things that i am not going to speculate on. i think right now we're doing everything we can to maintain everything an hour imf program. this decision today, the decision to suspend payments temporarily for the payments that fall due on december 21, is to make sure we remain in compliance with our i program

and don't violate the finance -- financing targets under that program, in addition to a payment would have reached contractual obligations to other creditors under restructuring we did. i am hopeful even though we have done this is the payments temporarily, we can still read an agreement -- reach consensual agreement with creditors in a reasonable time. we're willing to talk in good faith. ryan: you think you can reach an out-of-court agreement with the russians before they take you to court? >> i'm not specifying when, i'm just saying i am still hopeful we can come to terms on the consensual agreement and do that our way that is satisfying obligations under the imf agreement, our obligations under the contractual obligations to our creditors and the obligations in our program. ryan: where do your efforts to talk to the russians about this stand right now? have you spoken with them?

i know the germans have been sort of indirectly leading talks. been something that we have done, frankly speaking for my perspective, from the beginning of this restructuring program in march. we have always reached out to them. yes, the international community are being very supportive of this. including the german government. i met with the russian federation minister in the german finance minister in lima, peru. we have had other discussions. i'm hopeful we will continue on that path. ryan: you brought up the imf. the imf has said you need to be making good-faith effort to talk to the russians. have they spelled out what a good faith effort is? to you? have the indicated what they want from ukraine in order to get the rest of the imf money? >> no.

what we know is what you said, we need to be making a good-faith effort and we're confident we have made a good-faith effort since i've says it's the beginning in march. aside from that, what is critical is we abide by all of the other terms and obligations, commitments we have under the imf extended fund facility. we're in a complicated budget and tax process at the end of the year, not unlike many countries, but even more comfortable the fact we're trying to reduce taxes while maintaining our spending on military during a very difficult war, maintaining an increased amount of social payments for those who have suffered the most over the past years of recession, and reducing our deficit -- budget deficit at the same time to 3.7% of gdp. it is a very, very -- the government's budget is very focused, very prioritized them abundant with a lot of structural reforms, massive spending cuts at the same time is doing tax cuts. i think it is a very, very rain int budget freak

one important to the imf program. ryan: minister, i want your reaction to president putin's, for he had to the russian military has in fact had a role in the conflict in the east of your country. is that something that you intend to bring up your long-held belief that russia has invaded your country? is that going to be part of your defense in court? and where do you see this fat over that $3 billion bond, your decision not to pay on the pond, and the greater context of relations with russia? not one to speculate on the outcome of litigation, the possibility of litigation. we are prepared to negotiate. at the same time, we have taken all prudent steps to prepare for any future litigation and protect ukrainian state actions against -- i want to move this toward the consensual agreement. aboutwhat did you think flat harpoons, yesterday there have been russian military personnel in ukraine? >> you know you -- ukraine is

known that for some time. we're shown evidence for some time. we have an illegal annexation of our territory in the south and russian troops and russian-led mercenaries in the east of our country for over a year now. , thank youie jaresko for your time today. we appreciate you joining us. betty: ryan, thank you, speaking with us. financeioned ukraine's minister. some news that will likely surprise almost nobody, martinshkreli place to step down as the ceo of the pharmaceutical company. he was arrested yesterday on securities fraud. he is out right now on $5 million bill, pleading not guilty to those charges. he is stepping down and the company says they will be appointing a new ceo in the near future. the stories and much more coming up on "bloomberg market." ♪

caroline: welcome back. this is the are being. i'm caroline hyde. talking about be mining. credit ratings of two mining giants are in focus today, glencore rating may be in danger after a cut. and another was put on review for downgrade by moody's. our guest joins us now. interestingly, on a day we see mining stocks doing rather well today, mining, copper trading higher. that we're worried about the credit rating action and how worried should we be about glencore particular? >> glencore shares are up, moody's downgraded them today.

that doesn't seem to china. it looked very interesting, clearly, the sector is under pressure. prices have slumped. earnings have been eroded. moody's are bearish. conditions in the mining industry will not improve for a prolonged period of time they said today. both companies are coming from back grounds -- different backgrounds. kevin: six caroline: six above junk. >> moody's announcement on the face of it could be quite negative, but commentary from moody's was quite positive was in the chief financial officer could be enough to see them through the short-term. more aggressive as it sale plan. it seems like there owing the right direction. bhb, it is focused on dividends. caroline: glencore may be stable

for now, but bhb, must be slightly worried about for they're going to do to protect themselves. however risk is the dividend? >> most analysts believe they will cut this policy, essentially a promise they will keep paying higher dividends every year. that is unsustainable. most people think bhb are going to have to cut it. billion paying back funds to shareholders. most people think they could cut it by about half and that will give them had room. they want to keep that rating. moody's pointed it out in a statement today. caroline: maybe a little bit to give. thank you very much. chairman ofure, the bloomberg lp, the parent of bloomberg news, is a senior independent nonexecutive director at glencore.

ise on the european close coming up next. we will be talking about what was high and what was low and all eyes on oil as well. join us after the break. ♪

betty: i am betty liu. right now we are hovering near our lows of the session so far. as we've been talking about all of that really we had before the fed rate hike, that is dissipating. in fact, remember, the losses are being exacerbated by quadruple witching today. when we get to abigail, she has much more including apple, a big laggard today. >> apple is a big drag here at the nasdaq on the composite index and the s&p, too. stock on pace for its worst month in nearly two years amid ongoing reports that their supply-chain weakness suggesting demand for the iphone is weak,

jpmorgan out with the commentary earlier this week will stop just yesterday, rbc capital cut it estimates for the march and june quarters. the question here, relative to stock performance, will other analysts follow suit? turn to a stock trading higher, blackberry. the company beat fiscal third-quarter estimates, posting a loss of just three cents versus the consensus estimate for loss of $.14. the company may be staging a turnaround. the streak is largely bearish, speculative buy rating and $11 price target for stuff he responded to an e-mail i sent him earlier after the conference call. basically, says the company is making a bullish transition that is underway in providing the path for higher valuation. basically, making the case for the significant upside to that price target. goldman sachs today is influencing fossil. the watchmaker is dropping significantly today on the downgrade to sell.

goldman says the company sing topline pressure in part from the end of a multiyear fashion watch trend. a tough year. more than 65%. the new price target of 26 should just the stock should drop by another 25%. betty: abigail, thank you. caroline, that does it for us today and for the week, in fact. at least for these hours. you much more ahead in europe for next week. caroline: we do. it was a down end to the trading day. what i'm watching, we have over the weekend, heading to the polls this sunday. the results could redraw the political map. the prime minister said to lose about one third of his support they gave him a record majority for years ago. you have to keep dry on oil, air oil ministers --arab oil ministers meet in egypt on sunday. with a common on the ongoing low

prices? -- will they comment on the ongoing low prices? dax,own day on the ftse, cac. ♪

york,t: it is noon in new 5:00 in london, 1:00 in hong kong. welcome to bloomberg markets.

from bloomberg world headquarters in new york, good friday afternoon, i'm scarlet fu. stocks declining for a second day as optimism over the rate hike begins to fade. crude oil prices on the rise but many say we have not touched bottom. how low can prices go? and a big acquisition turns into yahoo! sin will -- simple -- symbols for its failure to innovate. julie hyman has more on the news today. activity, not the very much. lift, you have the fed but since then it's been choppy. i had been doing this