manus: good morning. this is "daybreak europe." setting the agenda with your top stories. pres. biden: my fellow americans, trickle-down economics has never worked. it is time to grow the economy from the bottom and the middle out.

manus: u.s. president joe biden unveiled the american families plan in a primetime speech, saying he will reward work, not wealth. global stocks in the green after strong reports from apple and facebook. standard chartered's cfo joins the team immediately. and the whiteout says the usaid will stop arriving in india today as the nation continues to battle a public health catastrophe. 6:00 a.m. in london. annmarie, we are trying to digest the president saying trickle-down economics does not work. annmarie, the fiscal and foreign policy agenda was clear.

annmarie: one point $8 trillion, the american families plan, on the heels of $2.25 trillion. they did 1.9 trillion dollars last month in covid relief. when you look at this, not all of this is going to potentially happen, and some of it is earmarked for years out, but it is $9 trillion in total of fiscal spending. what does it mean for inflation? we heard from the fed yesterday. manus: jay powell downgrading the risks in terms of what is going on, taking out the word "considerable" in terms of considerable risk from covid. there is a message from the president, it is time for covid america to pay more, but taking out the word considerable. also, in terms of the guidance, it would be episodic inflation, not permanent. let's look at a recap on the

standard chartered numbers. there is a lot to impact. they are going to reduce their branch network. profits rose by 18%. they talk of impairments being reduced significantly. the loss will not be 35 to 40 basis points. -- will now be 35 to 40 basis points. expenses will drop a $10 billion , and that will reduce office space by a third. we pitched those questions to the ceo in 10 minutes time -- to the cfo in 10 minutes time. annmarie: also, they will not be flying as much, potentially, if they are following the track of hsbc. waiting for a number of results to come out. we are still waiting for live times a. as we wait, let's take a look at where we trade this morning.

-- we are still waiting for lufthansa. as we wait, let's take a look at where we trade this morning. you have apple and facebook, which really had standout results. we are seeing asian equities higher this morning, as well as u.s. equity futures. the dollar yesterday did have a little bit tanking off of what jay powell had to say. we should note japanese equities are closed. we are waiting for the treasury market to open later. futures yields on the rise. it is smooth earnings this morning in europe. nordea bank has beat analyst estimates. the nordic region's biggest bank says it will live up to costs and profit pledges made to investors. net income rose to 1.2 8 billion euros, while loan losses were half as bad as expected. joining us is frank vang-jensen, the norma's bank ceo. thank you for joining us. what drove the increase in net

interest income that other banks are not able to keep up with? frank: good morning. it was a strong result again, and it is driven by high income growth and good cost control. during the quarter, we have seen continued high activity. mortgages continue to grow steady. also, lending to small lending sized enterprises, they have increased quite good. the basic stable of margins has led to a good improvement of net interest income. manus: looking at your cost to income ratio, 48% to 57%.

are there more costs to come? how did you achieve such a significant 10% reduction in your costs? frank: basically, the short answer to the question is yes, there is more to come, and we are working hard to increase the efficiency in the company every day. we have three basic key priorities that we are working hard on every day. the first is to deliver great cost and experiences. the second is to drive income growth. the third is to optimize operational efficiency. it is about working with the income growth and then with the efficiency, the cost efficiency in the company, basically challenging the line that is not supporting our customers. annmarie: what is going to be the size of the share buyback program you are looking at? frank: we have not concluded that yet.

we are planning to do buybacks later this year, after the restrictions of the ecb have been lifted. the first step is to follow the mandate, what has been given by the agm to pay out the dividend from 2019, the second part of that one, the second installment, and then the dividend, and then we want to start our buyback later, probably in q4. manus: you've still got 650 billion euros set aside for future losses. standard chartered are guiding much lower on impairments. we will talk to the cfo in a moment. why are you still retaining such a substantial buffer, and when can we expect you to unwind that and right back?

frank: the credit quality is strong, and we show low realized net loan losses corresponding to six basis points this quarter. it is correct we have retained the buffer of 650 million euros. we believe it is too early to conclude on the financial applications -- implications of our customers. we do see the light at the end of the tunnel, but we have a way to go in the nordics as well as the rest of the world. we believe we will retain it and follow course carefully, being cautious. annmarie: you say you will organize yourself and you are not dependent on tribal. lufthansa numbers just broke.

they see 40% of precrisis level. are you going to be cutting business class travel? frank: we are a pan nordic company, so basically we have been working in most group functions, and that has led to a lot of traveling. sometimes that should be a wake-up call to something extraordinary that needs to happen before you change your habits. last year, for natural reasons, we had not been traveling, and it has worked well. when you start to basically ask more people to come into the offices and also the new ways of working post-covid 19, it will definitely be much less traveling, and it will be also meeting in a different way. manus: frank, thank you very

much. we all get shocked and that we adjust. frank vang-jensen, we wish you well, sir. coming up, standard chartered, another day, another bank, another euro on the dollar. $.18 of a profit in q1. andy halford joins the team shortly. ♪

pres. biden: the american jobs plan is a blue-collar blueprint to build america. that's what it is. [applause] and to recognize something i have always said, in this chamber and the other, wall street did not build this country. the middle class built this

country, and unions built the middle class. sen. scott: our nation is starving for more than into platitudes. we need policy and progress that brings us closer together. from three months in, the actions of the president and his party are pulling us further and further apart. manus: both sides of the aisle. senator tim scott giving the response to biden's joint address of congress. standard chartered delivers an 18% profit gain in the first quarter, how bad sharp decline in credit losses, underlying -- held by a sharp decline in credit losses. a very comfortable beat for the company versus the consensus at $1.08 billion. the man who compiles the numbers, the nuances, and the changes, andy halford, standard chartered cfo, apparently now

without an office to sit in, but more of that in the moment. andy, 18% gain. talk annmarie, myself, and the viewers through where the spike in the business came for you. good morning, andy. andy: good morning to you. i think we have had a good start to the year. as you say, we had a significant increase in profitability, up 18%. $1.4 billion is one of the biggest quarter's profit wise we have had in several years, and a lot of that did come off the back of significantly reduced credit impairment charges. a charge of $20 million to the courts, which compares with just over $2 billion for the whole of last year. a very significant improvement in the credit portfolio performance. the income line was a fraction down, about 3%, but that was

driven by the interest rate reductions that happened just after the first quarter last year. that will start to normalize as we move forward. we are very happy with the start of the year. annmarie: andy, you're happy, you say it is significant, so do we have any visibility on buybacks and dividends? andy: we will talk more about those when we come to the half-year. we are obviously more than a quarter of a way into the year so far, but as you have seen through the last couple of years, we have done a mixture of both buybacks and dividends. we will be very prepared to return that to shareholders, but we will provide data on that when we do the half-year results in a couple months' time. manus: your guided impairments have been reduced significantly. right back's, are they the next

logical step in this quarter, and if so, what size? andy: i think it is unlikely that we will see big writebacks. we carry a relatively modest management overlay in the business, just over $300 million. covid still being at large, we are going to be thoughtful about how we release that. in the overall context of the bank, it is not a big number. i ticket will produce over a period of time. -- think it will reduce over a period of time. annmarie: andy, you know india is really becoming a critical epicenter of the pandemic now, absolutely catastrophic and harrowing images coming out of there. to your business, what is the

impact of that? andy: we are obviously very saddened to see what is happening there. we have lost a lot of our people . a lot of our people globally are based in india because we run our business in india and have a lot of our shares diverted back to india. we do have a lot of people there. we are obviously working with them to do whatever we can to help. business-wise, it is not just about having a visible impact, but we are entering it very carefully. we just hope they can get the situation under control soon, that they can return back to your normality. -- near-normality. manus: so, no immediate business impact. also, you are going to reduce the branch network by 50% and/or office space by a third.

is that a minimum number you're hoping to reduce your office space by? i know you said you were hoping to save $100 million. will you save overall from branch closures and office space reduction? andy: i think those are two separate things. the investment we have made in civilization, the ability for people to transact on the mobile phones, we have, for the last several years, been reducing the number of physical branches, because we can serve our customers through alternative mechanisms. that process of reduction continues through about 800 branches today. we think we will probably settle at about half that number. there will be continuation off the back of being able to focus on digitalization. on the office space, we have push hard on the flex of the working hours. -- flexible working hours.

they have more flexi bility on what to do. over a period of time, there will clearly be less of a space requirement for what we historically called offices. as we have said today, we expect over a period of time that it will be reduced by probably about a third. there is the issue of lease renewals, but our view is over a period of time, we will be operating with a third less space than we are at the time, and cost savings obviously goes with that. annmarie: d nor day as ceo says he sees less business travel -- the nordea bank ceo says he sees less business travel. how do you budget for that? annmarie: like hsbc -- andy: like hsbc, we run a very

international business. i do think it will reduce. i think people have realized that now, with other forms of communication, video conferences in particular, it is possible to keep in touch without spending as much time traveling and it is environmentally more friendly. i think we will see a step change down in the level of travel once we normalize how this -- because of the experience that we have had. we have run this bank for the last year with about three quarters of our people at home. that is an extraordinarily high proportion, nothing we would see before the pandemic. we know it will not stay at that level, but we know we can work with more people and be more flexible. manus: i have just come back from a ceo visit. i would put it to you that engaging in actually physically meeting people builds relationships, so we are all

trading on backed up fumes of relationship. let's talk about the pivot. hsbc are pivoting very squarely to asia, and yet we hear from bill winters at a conference, saying the u.s. and european union -- can i take it from you that you are looking at pivots to europe and the u.s., rather than to the east? andy: the core of our business, we are a variation bank. the vast majority of our profitability comes from asia. long may that bed last. what bill was referring to is probably the fact that we are a little underrepresented in europe and the u.s. would like to boost that presence in those parts of the world. we will continue to be very focused upon asia, but there is still opportunity both in europe and the u.s. to get ourselves

better known and get more share in those markets. annmarie: a few things going on now in china. they are geopolitical tensions, also an incredibly competitive market. it is very hot right now in china and very competitive. are those two things you are worried about in that market? andy: i would not say worried. i think it may be competitive. there are great opportunities still in china that are significant. there are parts of the world that looked to be growing as fast as china is. on the competitive front, we are very confident, and that is why we continue to invest very significantly into the hong kong and china area. the geopolitical, obviously, is more sensitive. we have always been operating in these markets for 160 years, so we are well familiar with

operating where there are different political views. but overall, we continue to do what we do best, which is service our customers. there are still very strong bonds from our customers. that is what we hope to support, and we think we will continue, as we have in recent years, to move the business forward in those parts of the world. manus: we've got two minutes left and two huge issues to deal with. one come are you looking at any of -- one, are you looking at any of citi's assets on the block? would you be a buyer? andy: we will have a look at what they are potentially selling. we have a number of markets that they operate in as well. whether there are opportunities to bulk up on the scale, we will have a look at it. it is in the early stages. we are awaiting detailed

information. we will see where we go from there. annmarie: you have worried about low rate environments impacting the business. do you see inflation picking up? there is debate about whether it will be transitory or persistent and thus increasing the rise in rates. andy: our sense is that near term will see inflation in the numbers, but largely off a base that was unusual last year. it will be a modest increase rather than anything substantial, but that should be supportive for travel. for us, it is easier to make money when there is higher interest rates. i think the direction of travel is that we would expect it to rise over a period of time. we see that is being where things will end up.

manus: do you think we will get a taper by the fourth quarter? is that what you are penciling in? are you putting forward your view on rate hikes in the united states of america for 2023? andy: where we are at at the moment is probably where things will settle now, seeing as the u.s. economy is doing well, which is good for the world at large. we all know globally, back to the point earlier, there are still parts of the world where there is still some extremely challenging conditions, and therefore i think being a very global world that we live in, there will have to be a degree of recognition of the fact that different countries are in different places at the moment. we would expect the situation we see today will not change over the coming months. annmarie: andy halford, thank you so much for joining us. standard chartered cfo. they announced the results today. thanks for your time. very wide-ranging interview with andy there.

i loved your question about hsbc going full in on asia, but standard chartered is saying it is not a pulpit. but they recognize that they do not have enough presence in europe and in the united states. it will be interesting to see what kind of market share and ground they will be able to make up. manus: they are a trade and commercial lending bank. if you think of the stimulus programs, not just in the united states under the biden plan, but in europe, there is an entire stimulus plan. they are underrepresented. i want to know if that means he wants to buy businesses there? i am so gutted we did not get to ask him about this -- the holographic watercooler moment. hologram? annmarie: holographic watercooler. their hr team is taking in a bunch of potential suggestions on how you can create a watercooler situation when you are not working in an office.

i think some of those suggestions are a bit like a dating app. you can find other employees who live in your area. it's interesting. manus: like tinder for corporate engagement? we are being a little bit trite. you are obsessed by this business travel thing, and i think you are right. i caught up with the ceo at ubs, and he said, we have a response ability not to travel as much. he sort of scent, look, it is good to see you, but this is something that is going to be a huge change for all of us. annmarie: bankers not on business-class flights, business class tickets, that is going to be detrimental to the airlines, and you see it every day. more and more ceos are just saying it is not going to happen the same as was pre-pandemic. manus: more pre-economy seats --

more premium economy seats for people like you and i, if we can afford it once a year. what else do we have? annmarie: the president unveiling the american families plan, a primetime

anna: good morning. from bloomberg's headquarters, i am annmarie hordern with manus cranny live from dubai. this is day break europe. here is what you need to know. >> my fellow americans, trickle down. trickle down economics has never worked. it is time to grow the economy from the bottom and the middle out.

annmarie: president joe biden unveiling the american families plan in a speech. dovish fed and strong records. in europe a lot of results hitting. and the white house says u.s. aid will start arriving in india today as the nation continues to battle a public health catastrophe. manus, good morning to you. i woke up this morning around 2:30, and the president of the united states was outlining his expansive agenda. the focus of the speef was the american families plan worth $1. trillion. is the question is how do you pay for it, and he vowed once again he will not tax anyone making less than $400,000 a year. most of his proposals have little chance of getting through republican support. manus: an has to get all of his own behind it as well. there is some risk in that as

well. maybe you know better than i do in terms of quantifying the senate risk. 65 minutes, which was defined a presidents si. that is what i wrote down. america is on the move again. $6 trillion coming down the pike. he wants competition rather than conflict with china. there was boast a fiscal agenda, but very much a foreign policy agenda which leans into picking up the trump supporters. annmarie: thing as a point on china. he used china to push forward his domestic agenda saying if we don't have a strong domestic agenda internally, we are not going to be competitive. interesting how he used that foreign policy employ to boost his agenda. quickly on the democrats getting in line, it is the new york senators, the new jersey senators, california. it is the salt tags, state and

local taxes. that is something that is going to be very hard to get his party in line for. manus: you rea.ed that the 1% will pay more. if you earn less than $400,000, you are not in his swag bag. but it was wall street -- wall street did not build america. the middle class built america, and that built the union. so he is very much playing to the gods of the democrat narrative. we have had a whole host of results where would you like to go? apple, alphabet? it is yours. this is your half hour. annmarie: i think we have to go to alphabet and facebook. i mean stellar reports coming out of silicon valley when you look at both of these companies. the question is, is whether or not this can persist. are people going to be continuously buying ipads,

macs, iphones when life gets back to normal? same with facebook. people won't be spinning as much time looking at facebook when other activities open up. manus: you know my favorite number. tiktok? i didn't quite get it. i am doing enough on linkedin. 6.5 billion views. i apparently we are being chased along. tiktok, alif beaty. let's do the data. the daily good tech results. charter buy backs from books. buy backs from apple. running before i can walk there. asian stocks are trading higher despite the news coming through from asia. they are seeing $1. trillion

more of stimulus coming through. the top story, it is president biden. annmarie? annmarie: making his congressional debut, outlining trillions of radars to boost the economy. he would increase taxes on the richmond as well as tightening the financial system, take a listen. >> we are going to get rid of the loop hopes allowing americans that make more than $1 million a year and pay a lower tax rate on capital gains than americans who receive a paycheck. we are only going to affect .3% of all americans. we are going to crack down on millionaires and billionaires who cheat on their taxes. annmarie: the fed upgraded its outlook for the economy, echos biden's positivity on the recovery. michelle, thank you for joining us. big take away from the biden speech was the $1.8 trillion on

the american families plan. i did a lot of the math this morning. i was talking to derrick, and when you look at what has come out of the the stimulus and potentially earmark the for the future, it is about $9 trillion. what is the reception from congress on these proposals? >> well that is correct is right, annmarie. i think we are all kind of getting lost in the trillions here. magee dudes that are far higher than i would deal with necessary my personal budget. we heard a lot about the american families plan, the follow on to the $2 trillion plus american jobs plan. this speech of biden sounded like a state of the union speech. he not going to give one of those until next year. this was his first ever address to a joint session of congress as president one day before his 100 day mark. he took the opportunity to hit on a lot of themes. vaccine, law enforcement, im immigration, begun advice, voting rights, trade bottom.

the lice goes on. he was trying to add some poetry to some of the plans we have heard and try to make the case for his comprehensive plan and vision for the economy. this $1.8 trillion involves raising taxes on the wealthy. that is the big message outs of this speech is trying to make the case that he wants to reward families not on the basis of woment, but on a fairness basis. we heard this indictment of trickle down economics that he really hit squarely. he said it never works, that we need to build from the middle out. on the details he is laying out the long-term case. he said we are in the competition to win the 21st centry with china and other countries. he noted that years ago the u.s. spent 2% on r and d, he wants to get that back. he pivoted to education and child care in the second part

of the package. he said it would be up unprecedented in terms of a non-defense spending bill. he made the case on pre-school, dramatic aggie improving a child's chances for going to college. he talked about having 12 weeks of paid leave guaranteed by the 10th year of the program. not just for new children, but for bereavement, family care and other reasons. a child tax credit extension to 2025. again, how to pay for all this. that is the big did he bailout. the reception in congress is going to be fragile. we have already heard the criticism from both sides of the aisle. the public is concerned about the spending as well as the taxes. manus: i think it has the monetary finances and the fed buying virtually all of the debt. michelle, can we talk about the fed? they have rehoofed this word considerable risk from the narrative. is it that big a teal i ask

myself? but more importantly, the fed cheryl, mr. powell, says we are going to have episodic inflation as opposed to something that is persistent year on year. how important is the removal of the words considerable risk? >> that is right, manus. we have all gotten used to looking at the minute changes to language. slight tweaks around the edges, but they do have a big impact. you heard phrases like the fed does nothing, no surprises. changed little. status quo. i think the big take away is the further upgrade to the outlook. the fed chair mentioned vaccinations, policy support, helping employment and other economic activities showing improvement. they are not ready to let up on support as widely expected. that benchmark interest rate stays near zero, and purchases are still $120 billion, and the

decision was unanimous. he said again he doned down on his line on inflation. inflation has risen, but it is largely reflecting trance tore factors. in response to business anecdotes about labor short annuals, he said those are likely to be temporary. the labor mark wasn't tight. a lot of bjorkers are still on the sidelines. we saw the markets 10-year yield and equities had a calm reaction. the dollar sunk to a two-month low. here in asia, a pretty quiet reaction to the fed. perhaps it shows there is further acceptance, just not agreement with the fed's message that they are sticking to their guns on this inflation line. we jurts heard from the c.f.o. they see roxanne modafferiest stimulation. the message from the fed is they are staying the course right now. tapering is still a long way off. we may see a change in messaging soon after the second

quarter noise but for now sitting tight. manus: michelle, thank you so much. michelle our reporter on all things fed. coming up on the show. we speak to the omvc but the results and the outlook for the oil industry. rerow them in. it is day break europe. europe.

annmarie: good morning. this is day borowiecki europe. i am abby annmarie in europe, and manus cranny in dubai. india is receiving more than $100 million in support from the united states as it battles its second wave of coronavirus. the country is now the pandemic epicenter and is likely to continue seeing a record number of cases. aid will arrive tied. here is our reporter in new delhi. thank for you that fantastic piece.

i saw you. that was truly remarkable. gives you a sense right now off the situation on the ground and how the aid is going to make a difference? >> hospitals in delly continue to be overwhelmed. they are in need of oxygen, i.c.u. beds, ventilator beds. the hospital i was in, which is a major private hospital treating covid patients here had simile run out of beds even after expanding its emergency department as much as it could. they were turning people away. one guy we spoke to had driven over 300 kilometers with his critically ill uncle in the car with four oxygen cylinders emmerton had been to six hospitals, and he was turned away from every one of them, and he was going to have to get back in his car and keep trying. it is still a massive health emergency here and aid will

definitely help. manus: and how is this impacting others? >> it has been criticized for not showing enough leadership on this issue. government seems to have dropped the ball. in the months we had very low infections here, the government didn't move to increase infrastructure, build more hospitals or increase their capacity or properly support the roll-out and production of vaccines. now he has been criticized by getting tritt tore take down posts that are critical of the government. manus: ruth, thank you so much. ruth pollard in new dehli on the latest on the rising numbers of covid cases in india. o.m.v. estimates are in.

the broader commodities rally continues after a tush lentz year for the market. oil 1 extending its gains after closing at a six-week high. there are signs of a strengthening demand in key markets. let's get to the c.e.o. at o.m.v. great to have you with annmarie and i this morning. you see the full year average production at 480,000 barrels, is that a conservative estimate for production given the demand outlook? they are expecting pros the knost unprecedented explosion in manned we have ever seen. >> good morning, manus. of course it is a conservative numbers as we always publish conservative numbers. honestly speaking, this is not a demand-driven forecast. ire a forecast. we are cautious because we have

seen last years, especially some interruptions in libya. that is morales the flexibility we have as enup side we speak about oil and gas production. right now we see a very, very stable environment at the moment in libya, and i think it will continue during the year to that in my plans we are producing with full capacity in libya until year-end. annmarie: where do you see the oil price going? we could see $80 a barrel on brent. do you think that is correct? >> well, i am also an optimist, annmarie. i think that in the second half we do have an up side potential for the oil price waiting us, because demand will pick up as vaccine continues in europe. we see already positive effects in the u.s. market and asia. i think it will also move into

europe in oil demand. if we see that the supply side we have lower investments into oil production, especially from i.o.c.'s, i think we will have the prebalanced market asking for higher volume in the second half. so we are very cautious with the oil price. we see it in the low 60's in our forecast, but definitely i can smell an up side. manus: he can smell the up side. a lovely line. it has been a while since i have seen you in the region. the last time was when you were doing a strategic partnership. are there any other partnerships you are looking at or pipeline deals in my region? how do you expand the business geographically? >> i think we will create different partnerships in the future as we have now set up

the transformation of o.n.v. of course we will keep our traditional business in our partnerships. it is very important that the integrated business model that we have built up over the last years in abu dhabi will continue. but we will move now more and more towards chemicals and chemical plants initiatives. they are now of much more importance to o.m.v. as we can see with our quarterly results, half of our performance is coming already from chemicals. sots transformation is pretty visible in our -- so the transformation is pretty visible in our numbers. cash regeneration is much higher because of the acquisition. when we talk about partnerships, in the first instance, it will be more partnerships in chemicals. region-wise, it is generally towards asia when we talk about the transformation of o.m.v. >> we only have a few moments.

fierce opposition on nordstrom stream two pipeline. the greens leading the polls in germany. will it get done? >> absolutely. i press both thumbs for it. europe needs a pipeline, and we continue to build it. i can see now two ships operating in the baltic sea, and therefore i hope that my colleagues are building as fast as possible and that the pipeline will get on stream. manus: you are not worried at all that the biden administration can block this? >> well, from my point of view, we are politicizing our investment projects in europe too much. i am just arguing that the european gas markets do need the capacities. i can see that especially the european member in a majority

are supporting the project. therefore, i think it is in the interests of europe to decide on our infrastructure projects and not anybody else outside of europe. so we europeans should say yes or no to any kind of investments we are doing in the energy sector. annmarie: thank you so much for joining us this morning. we have another interview coming up with another oil company. london petroleum c.e.o. joins us now. thank you, sir, for joining us. give's sense? you injured heard what we heard coming out of o.m.v. in terms of demand in oil marks. do you continue to see demands picking up this year? >> good morning. i am very positive about the oil price outlook. we have $67, and i think we can see strengthening through the year. opec seems to have got some level of control back, and i

think as we look forward with covid coming behind us and more normal levels of economic growth, the long-term underinvestment in the industry points to a period of strong oil prices looking forward. for us, positive, and i am bullish l the price outlook. manus: good morning to you. they are expecting the biggest jump ever in demand. are you expecting a super spike in demand to come on the reopening? >> i think we could see, as i mentioned -- i think we could see a period of very strong pricing. i think there has been under investment in the industry for a long period of time. i think with all the stimulus activity that is coming back into the world once covid is behind us, i think for a lot of commodities we could see strong demand. annmarie: last quarter you announced an 80% dividend increase. that was a bit controversial in

norway. what are your further plans on dividend? >> we set the dyson deployed on an annual basis for our business, and yes we increased it, but we just increased it back to where prior to the cut we made before covid. we have a strong dividend, supported by the strength of our company delivering material-free cash flow. as a business we are able to both fund growth, de-leverage the businesses as well as provide a material dividend to our shareholders, just under 6% yield at the moment. we judge this on a yearly basis , and so you will have to wait until early next year when we look at this again. manus: they say you are the most cash generative in their universe. you just sold your first barrels of carbon newton aloil. does that even exist?

was it carbon credits or because of the supply of clean energy? how did you do it? >> i want to be clear. yes, the first carbon newtonly produced barrel. in the production of the barrel we have emitted zero carbon. this is off are >> low carbon emissions business. we certified the field last year with intertek using their carbon clear standard as low carbon. what we are doing for this trade is after of setting the carbon we are unable to reduce, we are using carbon offsets to do that. they certified that trade as carbon zero under their standard. i think this is going to be one of many such dealings we do. leverages off our low carbon business. there has been a huge amount of interest around this. we are working on follow-on opportunities. i think this will become an

important value leverage differentiator going forward. go ahead. annmarie: you are still selling fossil fuels though. there are still going to be emissions to your customers. is it fair to call it carbon neutral oil? >> we are not calling it that. we are calling it carbon neutrally produced oil. that is the difference. we are an upstraight producer. we are doing everything we can to reduce or carbon emissions. as a company we will be carbon neutral by 20259, which means every barrel we produce there will be no carbon let into the atmosphere. down the chain, the refineries, the chemical companies and the users all need to play their part. it is an important thing the world needs to do to de-carbonize, but i think we all need to pull our way in a

sector based approach looking at what we can each do to reduce emissions. this is an important step to reduce emissions from our business, and we are doing what we can do. manus: nick, thank you very much. nick walker at london energy, the c.e.o. annmarie, there you go. we got through it. the rollercoaster of the collection of three c.e.o.'s and one c.f.o. i know there are one or two bits we would have like to have labored more. emboldened by biden, they batted the bird back into the woods for now. annmarie: a trifecta when you add in what is going on with tech giants like apple and facebook out of the united states. biden at the end there giving that extra boost talking about more economic stimulus, more plans coming down the pipeline for the u.s. recovery.

manus: i knew i would get to you say trust factor one day. you have got me to say bifurcation. i did enjoy being on an airplane. annmarie: i hope it was business class, manus. this is bloomberg. ♪

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to "bloomberg markets: european open." i'm anna edwards in london and mark cudmore joins me from singapore to take us through the market action. the cash trade is less than an hour away. president biden declares the u.s. has turned the corner on the pandemic in his first speech to congress. he outlined a broad plan for

federal spending