no expensive machines, no expensive memberships. get off the floor with aerotrainer. go to aerotrainer.com to get yours now. manus: good morning from bloomberg's middle east headquarters in dubai. it is "daybreak europe." numbers are in, posting a net loss of 250 2 million swiss franc's for the quarter, much less than expected. we will hear from the man everyone is waiting to talk to, credit suisse ceo thomas got steen.

christine lagarde will be pressured to reveal how much longer the euro area needs intense support. edits are today. -- and it is earth day. president biden is set to unveil a new plan on emissions as the united states gets back around the table. annmarie, it has just gone 7:00 a.m. they are addressing the wreckage of our take a. the net loss, 252 swiss francs, less than the consensus of 760. however, the guidance is there is more to come in the second quarter. credit suisse has 97% of the remaining positions. >> a lot of shareholders are

having a sigh of relief this morning. also a sigh of relief when you look at the outlook. they say they will restore the dividend in 2021 before receiving buybacks. a little bit of movement on the dividend front. they also see the second quarter performance reflect a market slowdown. that is something to take into consideration. potentially more pain to come in the second quarter. manus: yes. if you think back to some of the issues, it is going to be interesting to see what the ceo says to francine later on, what is going to happen to the asset management division. join francine for the conversation at 7:00 a.m. london time, 2:00 p.m. if you are tuning in from hong kong. annm -- annmarie, it is going to be interesting to see how got steen -- gottstein

drives the market agenda. annmarie: his first comment out of the gate this morning when these earnings were out was saying what happened with artigas was "unacceptable." i am sure that is a similar tone he will strike with francine. this is the tone for me. credit suisse was swimming with the sharks, but doing it with a private banking mindset. they were always going to get destroyed. to your point, it is it a bout --is it about a management reset when it comes to credit suisse? manus: laura warner, who has now exited the bank, also gutted the risk management function. took out 20 risk managers and overwrote risk decisions. but the markets are in play, and we are struggling with the indian headlines on covid. annmarie:annmarie: we certainly are. india is becoming the epicenter of the pandemic. asian equities are bouncing back. we did have a relatively good day yesterday in the united states.

u.s. equity futures a little bit softer this morning. look at the s&p 500. the russell 2000 yesterday up more than 2%, outperforming all the majors. treasury yields come up 1.53%, below the moving average. will the momentum for low worth yields continue, and since oil is getting a bit of a hit? in the demand picture in india is starting to get more worrisome. manus: yeah, for me it is about the bank of canada setting out an agenda. how do you taper without a tantrum? henrietta pacquement is with us. she has been listening in. from a risk perspective, how do you think markets will look at the credit suisse announcement? i know it is hard to put into

credit markets, but give me your first take. henrietta: from our perspective, it is going to be what you can do in terms of next steps. they have had two events that showed that the controls are maybe not where we would want them to be, so i think that is what we are going to be focusing on. given their balance sheet, it is probably manageable, so we want to see next steps and how they are going to deal with the issue going forward. at the start of earnings season, what deep -- annmarie: at the start of earnings season, what do you think of the financials? henrietta: so far, but we have seen on the european side in terms of financials, we had a pretty good start. i would not say expectations are moderate, given there is an expectation that the first half of the ear is going to be more tainted by what is happening the pandemic -- happening with the

pandemic, but across the board, we have tended to see results that are in line with the beats. i think it is off to a good start. we need to see how it continues and also what kind of outlook we get from the companies that come with their results. so far, we may have seen more of a -- take in the second half of this year. we need to see if that follows through. manus: stay with us. we've got more to get through, and we will talk more about that european earnings season and perhaps some of the cost-price pressures. another story coming through. they are to start proceedings versus credit suisse. this will be lining up the regulatory defense for gottstein

in terms of changing the organization. we have seen a number of people leave the bank, the head of investment banking. we have also seen the head of risk leave the bank. this is about the next steps in the proceedings. annmarie: it certainly is. henrietta, when you look at a line like that, are you expecting more regulation to go across? do we have the sec looking at more disclosures from the hedge funds? are you expecting that? henrietta: i think it is one of the areas that they need to take a look at. they are activities that happened that were not seen before it was too late. i think it is already something being looked at. i think this will put an accelerator on dealing with these disclosures. annmarie: henrietta is staying with us this morning.

there is a lot to talk about. we also have the ecb today. manus: we do indeed, and that is going to put a bit of pressure on christine lagarde in terms of what she is going to guide. the bank of canada in some way has set that agenda for all of the central banks to begin to consider how to communicate taper. u.s. regulators are looking at enforcing tougher requirements on investment firms. the changes are largely spots of to the implosion at archegos. dani burger has been looking at some of the sec digestions. good morning. dani: good morning, manus. it is becoming clear it is a global regulatory effort. you just broke the lines that fit my -- finma is looking at archegos and confirmed they were already looking at them in response to greensill.

on the sec side, these rule changes are much more broad. it is about disclosure changes. can they make sure they are able to see possible risks coming down the pipeline before they happen? they are looking at more disclosure around different derivatives. swaps, for example, what bill wong used to make his bets, do they need to disclose that more? and do they need to file more frequently? they are looking at short positions, saying, do managers need to disclose that? annmarie: that is a huge debate, the short position. how hedge funds going to respond to this? i can't imagine this is welcoming news. dani: isaac you are right. i do not think this is going to go through without heavy lobbying between hedge funds and

activist investors. if you're targeting a company via a short, the prospect of the company finding out and perhaps being a target of a smear campaign, that is not a prospect that you like. and the argument already exists that perhaps we don't know who exactly are shorting these stocks, however, we do know the level of short interest, so why do we need to know exactly who it is? that is the kind of rhetoric we can expect from these various players who might be affected by these rule changes, which i should say are still in the early stages, according to sources familiar. annmarie: and gary just got the top job, so we will have to wait and see what he has to say about this. investors are writing to hear from president lagarde about how much longer this faster bond buying will continue. a tough line to walk. this is bloomberg. ♪

>> i think we will have to look at it. time will tell that. i myself am kind of relieved. as you heard my colleague, very strong that this is not the european way when it comes to football. annmarie: the european commission executive vice president commenting on the attempt to create a european super league in soccer. the ecb will judge the success of its faster bond buying program as he holds -- as it holds its policy meeting today. really important meeting coming up. christine lagarde likely to signal purchases will continue at an accelerated pace through june as the central bank continues to support financing conditions to help the european economy through the pandemic. we will bring you the live coverage from 1:30 p.m. london time. let's get some analysis of what to expect. henrietta pacquement is still

with us. yesterday, james joined us from aberdeen asset management and said the ecb communication thus far has been "awful." what you expect from ms. lagarde today? henrietta: well, lagarde has spoken a lot about the flexibility of the program, and as a result, it is not clear guidance the market has been receiving. i can see where his comment comes from. i think what we are expecting, i don't think it is necessarily going to be the most exciting one. i do not think we are going to have any announcements or changes. i think they will continue with the increased pace of purchases. price in march is about $60 billion a month. it will continue at the accelerated rate of $80 billion until june. that is our expectation. however, i think what will be more interesting is the q&a afterwards and what tilt is

going to be given at that point, and what guidance, if any, apart from flexibility, we will be getting for the months to come. i think the tone may change slightly from the last meeting we had. i think the last time we had the ecb meeting, the growth prospects, the covid prospects in europe were more difficult. i think that has changed. if you look at the vaccination program, that seems to have gone into place. with a vaccination rate that is close to the u.k., yes, they are behind on a cumulative basis. they are making progress. it will be interesting to see if some of the dovishness we had last time continues at the meeting this afternoon. manus: i would be very careful

if i were wandering around the forum and she comes past with a hamburg. i think the bank of canada has reignited a very different conversation. it shows you the dexterity of central banks and how quickly they can turn. they are going to slash qe by 25%. that is the guidance they have given. what do you think? is that -- does that reset any agenda? let reprice the taper agenda in the united states? henrietta: in the united states, we are in a different situation. we have already had a pretty decent move on the right side in the u.s. we peaked out at 1.75 in april on the 10 year, so we have had more of a move in the u.s. then we have europe. -- kathy in europe. i think -- that we have in europe. i think we will still get a push and pull. rates will come down from the peak on the u.s. side, driven by more negative news around

variants. we are going to have this push and pull, but growth prospects in the u.s. ought to be good, and these support packages, the volume of them, we talked about that last time, are huge, so grits prospects -- growth prospects are going to look good. it may be more they go on the u.s. rate side as well. annmarie: the growth prospects are looking good, the data has been good, yet goals are lower. how does the european rates market view the stabilization we are seeing in the u.s. treasury market? henrietta: i think it has been good for risk assets. we settled down once the pace -- once the case rises on the u.s. side abated. that is what we are seeing a little of here. you have to remember we are looking at u.s. rates even at 50, over 150 at the moment, that

still compares to -26 on the european side. there is this mechanism that global investors are looking to the u.s. for high yield levels. manus: it is interesting, though, almost as if lagarde has been given reading room because of -- given breathing room because of the drop in cases in the united states. quickly for us, where are we in the default? what do you expect. let's go to europe, because that is ground zero for you. where are we? do you think we are at the beginning of a new and bigger default cycle, or is that in a band because of all the programs? henrietta: at the moment, it is in a band because of all the programs, the extension of the furloughed schemes that continued maybe longer than we thought. if you go back to comments last year, we expected a softer

default cycle last year, given these support packages. the feeling now is that has been extended until 2021, and there will be a notion of timing if growth picks up, if h2 does turn into a better second half because of vaccinations, that may well soft and the blow from a default perspective going forward -- soften the blow from a default perspective going forward. manus: thank you for being with us this morning, henrietta pacquement. wells fargo asset management. we will bring you coverage of the ecb news conference, 1:30 p.m. london time. first word news. let's get to annabelle. annabelle: thanks. president joe biden is poised to become the first u.s. leader in 40 years to recognize the armenian genocide. the announcement will likely coincide with the massacre's remembrance day on saturday. the move risks upsetting turkey,

which does not recognize the genocide, with the country's foreign minister saying, if the u.s. wants to worsen ties, the decision is there's. jp morgan is finding out that finding a sporting revolution is a risky business. one of the world's largest banks is now exposed to a very public defeat in the world of football. the wall street giant brecht europe's breakaway super league to the tune of 4 billion euros. now the project appears doomed, with most of the teams pulling out. russian police have arrested nearly 1500 protesters throughout the country, amid demonstrations surrounding the release of alexey navalny. his health is said to be in severe decline after a three-way congress strike -- three we congress strike. global news 24 hours a day, this is bloomberg. annmarie. annmarie: annabelle, thanks so much.

annabelle droulers in hong kong. ahead, america makes its return to the global climate stage as president biden hosts leaders at a virtual summit. we get the latest on what to expect next. ♪

>> we have more and more investment into battery and storage. we have more and more investment into electrification of light to transport and into the transformation over to non-emitting heavy transport. and we already have some pile of cases on how to transform heavy industry that uses high energy intensity. technology-wise, we have the

winds in our back. we also have the financial sector. i have never seen the financial sector move as quickly and as dramatically as we have seen them in the past two years. annmarie: the former executive secretary of the u.n. framework convention on climate change, a key negotiator of the paris climate agreement in 2015. catch more of that interview on this week's bloomberg green episode. it is earth day today, and joe biden is bringing together dozens of foreign leaders in a two-day virtual climate change summit. it marks america's big return to the international climate change , aiming to drive more aggressive action to keep temperatures from rising more than 1.5 degrees celsius, a key tipping point. thanks for joining us this morning. tell us what we could expect from biden today. >> we expect him to announced two big targets. one is a 2050 target, a

long-term one where the u.s. will aim to reach ned zero greenhouse gas emissions by 2050 , but because the u.s. has also rejoined the paris agreement, it has to also declare a short-term target. what will it do by 2030? that is the number everybody will be watching, because it is the number that the u.s. will then be compared against peers or allies on whether the u.s. is matching that number. that number is expected to be about a 50% reduction in emissions relative to 2005. manus: well, where does that set them up? where with their near-term target need to be? if we talk about the u.s. relative to the u.k., relatives of the eu? we know they are all racing to shine, are today? -- aren't they?

>>, the way they are shared, are very confusing. the u.s. uses a starting point of 2005, where is the u.k. and eu use a baseline that starts from 1990. for comparison, so we are able to give the numbers that are comparable between all these countries, let's move the baseline that the u.s. has from 2005 to 1990. by 2030, the u.k. is saying a reduction of 68% on 1990. the eu is doing 55% reduction by 2030 relatives 1990. the u.s. number comes down to nearly 40% relative to 1990. the u.s. will still be behind the u.k. and the eu, but it is ahead of all the other major economies. annmarie: it is a supercritical point when you look at these headlines, because it is all

about the baselines and where they stack up. what is the biggest challenge for the u.s. right now? >> the u.s. has had change in administrations, changing stance on the climate. the biggest credibility gap now is for the u.s. not just to set an ambitious target, but to actually execute it. we know the u.k. and e.u. have both legislated their goals going into 2050, and we have heard from boris johnson that even the 2035 goals will soon be legislated. the u.s., we don't see that legislation coming through because there is not a bipartisan agreement on climate change, but can biden use what he has with the small majority he has in the senate to actually push through actions that could lead to this goal? that is what the world will be looking for to judge u.s. credibility on this issue. manus: akshat, thank you so

much. you are right, actions and outcomes. fact-check brought the -- akshat rathi, our guest. akshat rathi, our guest. reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you maintain comfortable, correct form. that means better results in less time.

and there are over 20 exercises to choose from. get gym results at home. no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now.

annmarie: good morning. i'm annmarie hordern, with manus cranny live in dubai. this is "daybreak europe." credit suisse posted a net loss of 252 million swiss francs for the courtroom, much less than expected. we will hear from the man everyone is waiting to hear from , ceo thomas gottstein. christine lagarde will be pressured to reveal how much

longer the euro area needs intense support in today's ecb press conference. it is thursday and president biden is expected to unveil a new pledge on a mission as the united states gets back to the table. manus, good morning. there is really one story that is going to be focus today across global wall street, and that is credit suisse. "unacceptable" was the first line from the ceo regarding archegos, but net loss substantially less then what you expect it. but to your point, there could be more losses coming down the pipeline in the second quarter. manus: yes, and there is an mliv blog i am trying to pull in front of me. we've got all the editors involved. there are a couple of issues, but is going on with the underlying wealth management business, what is going on in asia. they have come to the market this morning. we are also seeing some of the

topline numbers come through in terms of the additional requirements from the regulator. the regulator is going to launch legal proceedings. that is an additional headache for mr. gottstein to deal with this morning. i think it is a question of, how is the business performing underneath enforcement proceedings from the regulator? the net loss in the quarter, 2.5 2 million, significantly less than the original estimate of 760.4 million. annmarie: something potentially reassuring for investors is going to be restoring the dividend this year before they go back to buybacks. but when you look at the second quarter, they are talking about potentially a little -- little more market activity slowed down.

we have the interview today. francine lacqua will be be speaking with credit suisse ceo thomas gottstein. we will bring you that interview at 7:00 a.m. london time. joining us is ronit ghose. let's start with credit suisse. what is your first take on these results? ronit: sure. thanks for having me on. the results trailed earlier this month, so we were expecting a bigger loss. the results turned out to be slightly better than we had feared. there was an underlying pretty good performance in the investment bank. that is the tragedy of what has happened around this family office. this could have been a really good quarter. manus: when we look at that wealth management beat, the sec

are now looking at, perhaps, new measures on disclosure. do you think we are going to go into a period where there will be tighter requirements, more regulation, more disclosure from family offices? ronit: absolutely. there was clearly a gap in the regulation and disclosure requirements and obviously a massive failure in this company's risk management. sure, there will be an increase in tightening. internal risk management has already been tightened. that is the start of a trend. also, more broadly, when you have a failure of this size, what happens is that, whether it is cs in this case or banks in general, you go into a period of risk aversion. how much future revenue do you give up? then you move into a de-risking period.

annmarie: that is a very good point. is there just worries now that they will go too far to one side? how do they make sure they come down the line on this in the middle? ronit: it is almost inevitable. it is not just for this particular bank. all banks, you swing from one end of the spectrum to another. natural reaction from a new chairman coming on board, lots of new executives, the head of lis has been replaced, the head of climate has been replaced. all these new executives coming in. it is bound to be a period of reflection and risk aversion. that is going to have an impact on future revenues and earnings. we would argue there has already been a lot of selling, a lot of downgrades to the valuations -- a lot of, so the valuations of

stocks in the long term looks attractive, but in the short-term it is challenging. manus: you've got a cracking piece, the future of money, and you talk about us being in a space race for digital money. we got a chairman coming up, he said he wanted to issue a bond in t plus two seconds. that is the specification of watching digital advancement. who is set up to win the digital space race in banking as you look at the landscape right now? ronit: sure, what we have argued in our reports on digital money, or digital money to point out, as you are calling it, is the -- digital money 2.0, as you call it, is that the market for it will grow. it is not a zero-sum game, were run company will win over the other or one type of money will win over the other. it is not like crypto will win

and other formats will lose. everything is going to grow into additional money -- digital money. for digital money 2.0, we need token eyes money, such as bitcoin or cbdc's, central digital currencies. on monday, you have the ok government announcing the bread in the next month or two, you will have the ecb coming out and announcing. the chinese are already on the path of doing this. there will probably be more announcements on a digital dollar. it is a time of transformation in finance and technology, and when this happens, banks as an aggregate end up losing. some of the more agile, nimble banks will win. if you are in a period of risk aversion, you are probably going to eg behind the curve. manus: thank you so much.

ronit ghose, citi head of bank research. a quick snapshot of markets. asian markets are dealing with the fact that india has 300,000 cases in one day. that is not a badge of honor. that is something to be more distressed about, but stocks nonetheless resilient. s&p futures down by eight. 10 year government bonds, 1.53. you are seeing moderate repricing on the back of the bank of canada. the indian headline, i think, is pervasive and yet to price across the bond in oil markets. -- and oil markets. a quick line on nestle. topline numbers, 7.7% for organic growth in this quarter, twice what the market predicted. a comfortable beat, but, annmarie, have you got an

espresso machine? annmarie: i do, and actually it is new. i never had one. full disclosure, i am kind of obsessed with it. manus: it is good to be obsessed. can i tell you why? annmarie: i know why, china spread so -- china nespresso. manus: 17%! annmarie: i wonder if it is the pandemic. people want access to really good coffee in their house. manus: you are on the money. that's why you got yourself a beautiful new nespresso machine. i think we will move on. there is a battle, annmarie, not between us, but between chinese regulators, the antitrust regulators. they got the most on china's largest internet platform on notice. curb your anticompetitive

behavior or face similar crackdowns to alibaba. it is part of a bloomberg series called "red lines: china and big tech." our correspondent stephen engle takes a closer look at how china's so-called bat companies -- baidu, alibaba, and tencent, had flown under the regulatory radar. >> companies like us invest 50% of our total revenue every year to do r&d. i think the government likes that. in the meanwhile, i think that antitrust is also good for innovation. you just cannot imagine the number one and number two guy all of a sudden emerge and gaining more than 90% of market share in the u.s., but that has happened quite a few times in china. that is not good for innovation. i think the antitrust approach is kind of justified. >> one way the b.a.t. biggies

grew their girth is by sometimes cross investing in the same start. it is obviously further inflated. arguments could be made on both sides whether the m&a closed off or cracked open competition. >> you can say the other guys are doing it and if i don't do it, then i am a competitive disadvantage. i think some measures to at least make the ground clearer will certainly be helpful to us, us meaning vc's who invest in early stage technologies.

that, quite friendly, was a goal, using new technologies and business models to possibly disrupt some of these big companies. >> more competition might be helpful to the perception of alibaba, and that is growing. we see it with streaming sites. if you have all these traffic on the tiktoks of china, you actually see a real opportunity for these companies eventually to make a dent in e-commerce. it is not there yet. but there is competition on the margins of alibaba. >> it is important to note many of these investments by alibaba and tencent flew under the domestic antitrust radar, because nearly all the chinese companies listed outside china are done through apie -- a vie structure, or variable interest entity. >> we feel great to get legitimacy, because -- granting it legitimacy, because this already operates in a legal gray area.

and because of the duopoly you just mentioned, alibaba and tencent have made hundreds of acquisitions without making any notification to the antitrust authority. the authority is sending a signal and making it very clear that vie cases will no longer be exempted. they are going to scrutinize those deals, although some have said it might be too little, too late. annmarie: you can watch more from stephen engle as he explores how far china will go in reining in its national check champions. -- tech champions. oron reports first-quarter earnings. we will speak to the company's cfo next. ♪

manus: it's daybreak europe, with me, manus cranny, in dubai.

annmarie hordern at the london hq. orange just released its 2021 earnings for the first quarter. it met first-quarter estimates despite the struggling around the company's spanish operations . joining me is ramon fernandez, orange cfo. thank you for taking the time. the european market is still essentially in lockdown, and it is getting worse in germany. is the recovery in roaming recovery delayed until the backend of 2021? good morning, sir. ramon: good morning. i think i was listening to a previous conversation about having espresso is so important. i guess having a quality connectivity is even more essential in getting a coffee. this is what we have been doing

in the recent period, providing quality connectivity, investing a lot to make sure everybody can work from home is so vital. yes, roaming is an issue in our industry. 300 million last year, but still we are able to grow, and we were successful in having slow growth in revenues this first quarter despite the fact that it is still a very covid quarter compared to q1 in 2020, when we only had two weeks of covid at a time. the strength of the engine is there, and there is a lot happening in all our countries in europe, he africa, in banking. i was listening to your discussions on banking. we launched a bank. we are working on the infrastructure changing the way we manage. a lot is happening. annmarie: you are speaking our

language, connectivity and coffee, but manus and i live on. the struggle for your business right now is in spain. what is the outlook? is it a matter of time before restrictions left, or are you seeing potentially a longer struggle? ramon: the issue in spain is not only linked to the pandemic. the spanish market has become much more difficult. 18 months ago, you had telecom players -- six telecom players in spain, which is probably too much. there is an m&a deal ongoing in spain with two sport leaders. it could contribute to a more peaceful situation here. we are working on our own business. we have been back to positive commercial performance for three quarters in a row, which is much better for us, because we had been in a more challenging

situation before. we expect to be back to growth in terms of profit ability in 20 to -- profitability in 2022. we looked to be more active on the low end of the market, which has been growing very fast in the context, which is a difficult context in the spanish market. manus: ramon, we know you are trying to separate the french and spanish assets. is that on track question mark what is -- is that on track? what is your plan on lifting it? ramon: what we have been doing for infrastructure is a major shift in the past year and a half. we have been setting fiber companies, one in france, another in poland, a dutch

pension fund. these two operations have been made with investors money 50-50 joint venture basis with fantastic valuations. on the tower side, we have decided to create a tower company. we just designated a ceo of this tower company, which would start with france and spain, and which would be one of the big players on the european markets, with the recently lifted vodafone tower company. deutsche's tech, - deutsche tech com has a tower company. annmarie: on the towers, you want to merge the tower assets. how doable is that?

ramon: improve a business with our own strength. edge computing, tenancy ratios, etc., and then being able to participate in the consolidation of the market. it can be on the domestic markets, and it can be through pan-european consolidation. we will see when and how this happens, but probably, you know, you have too many telco players in europe. at some point, you would probably have a bit too many tower companies. most probable outcome is that at some point, some of these guys will get together and we will be e very well placed with strong assets. manus: we wish you well with that consolidation. if you buy anything, speak to annmarie and i. we have great coffee. ramon hernandez, the ceo and

orange. coming up, there is only one man. francine lagarde is speaking to them -- francine lacqua is speaking to him. don't miss it. ♪

>> i think if the market holds up for the next month or so before we get the listing going, we expect to be probably quite far north of that. the beauty about it is we will have some good institutions, good family offices. but it looks like we will have a good selection of banks out of dubai. manus: to get the banks on board, would you say well north of 300 million? >> i would say three times that, well north. manus: so $600 million is an

optimistic attempt? >> that would be very optimistic, a very enthusiastic reception. manus: so getting the banks on board is going to be a help? >> it would be, not only the banks from the uae, but from other countries potentially in the region. manus: could you be more precise? saudi, qatar? >> we would love to see saudi, qatar, bahrain. the middle east doesn't have any other way to get access to this product. manus: why did we implode on bitcoin recently? >> the last big implosion was at the beginning of covid, which was really unfortunate, because we originally were going to start in canada. covid hit and the order book dropped to $50 million. so it goes from $50 million to

$1.5 million. we have seen bitcoin consolidate now in the $50,000 to $60,000 range. we expect that to continue. but last may, there was an event where bitcoin supply got cut in half. bitcoin grows at 4% a year and gold grows at 4% a year, so as far as being -- they continue to attract money. having said that, bitcoin supply will cut in half in four years. manus: so it is a constricted supply story. it is sent we could make it to $400,000. is that possible, and if so, what time scale, given the supply narrative you have laid out? >> typically bitcoin goes up to next -- 10x when there is any happening event. the last was in may 2020 when bitcoin was $10,000. we could expect possibly

$100,000 in the next three years. manus: that was fred pye, the 3iq ceo. there is investor thirst for bitcoin. he launched the world's first fund to trade in canada. a quick snapshot of what is going on with the markets. equities in asia holding up despite the india headline in terms of the number of covid cases exceeding 300,000. still rising in asia. 10 year government bond yields, 153. really trying to absorb the taper indication from the bank of canada. willie repriced -- will be repriced -- will we reprice on the back of that? annathe ex head of risk got to e

risk department with 20 people. anna: indeed, and our colleagues at bloomberg news say this is the outgoing head of that particular part of the business, head of risk and compliance. challenge to managers in her division to stop defending the bank's capital and look at these strategic priorities. i see there is a lot about defending the bank's capital and rebuilding the bank's capital. still an important message for this business to get across. manus: yes, and the underlying part, these do very well. investment wealth management at 523, well ahead of what they expected. it is going to be interesting to see how they get on, they perhaps meander into one another. anna, i leave it with you. anna: we need to bring in that conversation with the ceo of

credit suisse. we have also heard the interest the swiss market authority requiring extra capital from the business. denmark starting proceedings versus credit suisse. greenville is also in the mix. let's bring you our interview with the ceo, scott steen. >> we have addressed most of the issues. we are down to the last 3%. we've exited the position to a large extent. we have raced almost $2 billion this morning, have taken action. we have taken management changes. we have done quite a lot. still some work to do in the second and third quarter. we have taken a lot of measures. >> why did you arrive to the decision