okay. after the close, some tough ones. five below, i didn't see this one coming. i still think it's good, but i've got to do more work now. red hat, disappointing, got to do more work. pvh, not what i wanted to see. there's always a bull market somewhere, i promise to try to find it for you. i'm jim cramer and i'll see you tomorrow. welcome to today's "worldwide exchange." i'm kelly evans. these are your headlines tr around the world. cash has been brought in by the truckload, but tough capital controls are in place to keep people from clearing out their accounts. the euro as europe's is set to begin deeply in the red. the dow is set for its best performance in 15 years. and beijing tightens wealth management rules in an effort to curb financial risks. plus, blackberry goes under the

microscope today as investors hope the new z10 smartphone will help the company turn around. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> okay. a lot is happening on the program today. first, potentially more relevant than the near term issue in cyprus is just what's happening with m3 figures. we're due to get february figures out and here they are. it looks as though 3.3% is a three-month average. that compares with -- that's almost exactly as forecast. growth for the year, though, is shy of forecasts, growing 3.1% versus the forecast of 3.2%. private sector loans came in at 9%. that's equal to the decline we saw in january. let's get straight to david cohen from jeffries. david, 3.3% growth may not sound

terrible, but this implies to some extent that there's not enough growth in the money supply to support growth and gdp and that's perhaps no surprise. >> yeah. the first point is, there is sample liquidity in the system in theory. when a we're probably going to see going forward is further shrinkage in that number. if there are smaller companies in italy, if you can get financing, you're being charged extremely high rates. that is not good news. within the detail, it's disappointing news. the overall figure looks okay. >> and we've got data out of germany, as well, which i believe is stronger than expected when it comes to the employment for the eurozone's biggest economy. it shows a gain of employment of about 41,000 in february, upwardly revised numbers in january. even though we have seen weakness, the employment picture, at least, is holding in there. banks. >> cyprus are set to open in

about an hour. capitals generally out of the country. eu says capital controls are in the public interest and that it will monitor their impact closely in cooperation with the ecb and the european banking authority. just what is happening on the ground in cyprus? carolin ross roth is standing outside laiki bank. what's the atmosphere? >> well, at this point in time, kelly, i've got to say it is very, very quiet. there is no sense of panic. there is no sense in around 55 minutes time when the banks do reopen after having been closed for almost two weeks that there is going to be a bank run of a stampede. i should mention the cypriots are known to be very mellow, very laid back. though the scenes we saw in front of the presidential palace yesterday, they were very different. there were hundreds of protesters protesting not just against the unprecedented set of capital controls, but huge capital losses, wealth losses

that they're going to be seeing. as we know, there will be massive hair cuts. bank of laiki could be seeing up to cuts of 40% for uninsured depositors. on top of that, you have austerity measures which are going to be put in place in return for the bailout deal. yesterday, the imf came out and said, look, we're expecting gdp to decline by 20% in the next three years, so that is going to be a very precipitous decline. behind me, we have two branches, bank of cyprus and laiki bank. we saw employees coming in early today because they need to prepare for the reopening of banks and they need to get acquainted with the capital control measures which need to get in place initially for seven days. but the expectation is they're going to be renewed after the initial seven days and it would be in place for weeks if not even months. >> and capital controls in iceland have been in place for years. i guess at this point, if you can't go get your money out of

the bank, then what's the point in showing up and taking those funds out? i guess the question just becomes how long cypriots have to deal with these capital controls and is ultimately how they react. >> that is a very, very good point. you know, it's so hard to predict how the cypriots will react. there is a chance that a lot of them will come here out of curiosity because they want to see if a lot of people are going to be here, if there is going to be bank run. some people may be insecure about what their bank balances are, so they may want to check with the bank employees as to what they can actually do, what they cannot do. it remains to be seen just how much panic there will by, but at this point, we're not expecting much of that. >> we'll check back in with you just before the banks do we open. right now, employees are receiving training to deal with the situation. the portuguese finance minister saying he believes the officials will extend the

repayment better for loans. he's hoping this will pave the way of a ten-year bond issue. >> hopefully. it could be tapping the omt by the end of this year. the key thing here, i think, is the u.s. investors. do u.s. investors continue to want to buy paper around the eurozone? >> why just u.s. investors? >> they're the material buyers. in particular, as well, with the equity market, a lot of the flow was driven out of the u.s. the key thing now is do investors want to buy eurozone assets? do they steer clear? >> what do you think is the main determinant for whether they continue to invest or not? >> there's a price for everything, of course. but i think portugal and ireland are hopefully in darchbt space to cyprus. i think cyprus in that sense will be considered a different case. >> and i just wonder, i mean, some of the questions that we're getting in columns this morning

is the euro killing europe? ambrose says, cyprus finally killing the european union is benign. whether you call it a break-up is a matter of templement. is the muted market that we're seeing now lulling us into a false sense of security? >> people are waiting to see what will happen. the ecb can use its balance sheet inside. if we have the problem spreading more to markets, then the ecb can act. that's point one. point two, investors in europe still think that the general elections in the autumn, maybe something happens after those. the question is whether we get through the next few months. we do, but it will be a very, very difficult period. >> what are your client recommendations, your trade recommendations? >> if you look at the eurozone, it's in recession ever since basically draghi took over as the central bank governor of the

ecb. the eurozone went back into recession and the recessionary condition got worse. faced with that, faced with inflation going towards 1% next year and essentially below 1% going in 2015, you would buy the bund. obviously, bund yields in that environment would grind lower. >> how long before bund yields go below 1%? >> it could be a matter of months if not weeks. i don't know, to be honest. the other thing that market systems are very aware of is the u.s. is reaching -- at some point maybe. the fed thinks about exiting. i'm not talking about exiting now, i'm talking about exiting in three years' time. at some point, obviously, the market will fear that u.s. treasury is going to go back up. >> and how much weaker does the euro then go from here? perhaps americans should start looking at the european capitals they would like to visit. david, stay with us. we're going to get a bit more on this in a second. in the meantime, european leaders, are they neglecting the

international euro by putting their own needs first? diane nemis criticized the world's largest trading block this morning and said they were hindered by domestic pressures. >> nobody was willing to object to. not because the decision itself was really good, but because there was no position around the state. that's not the way to run the biggest trading block on the planet. the decisions that were made are then legitimated indirectly to domestic audiences. nobody has a systemic view. nobody thinks about the euro in the medium to long-term. >> now, as we await the reopening of cypriot banks in about an hour's time and grapple with a couple of other important issues, including italy which we'll get into, here is a look at how markets are shaping up.

it was a weak close for the dow and the s&p. today, it does look as though we're going to shed a couple of points off these major indexes. this has been one of the dow's best quarters in terms of performance. a different story for european markets. take a look at the major european bourses today. it is in the red, generally speaking, similar to what we saw yesterday. smaller declines of the xetra dax, still pointing to the negative. ibex in particular down 0.8%. has been a real underperformer for the last couple of trading sessions. italy's mib down about 0.1%. here is a look across the bond space. we saw the rotation out of the periphery. look at this. the spanish ten-year now up to 5.13%. it's been a pretty big move just since about this time last week. meanwhile, italy, 4.8% creeping back towards that 5% level to spread between these two still about 30 basis points.

gilt and bund in particular, 1.25% on the ten-year german bund. extraordinary. the euro/dollar is weakening, gig up about another 0.1%. 1.2765. we haven't talked much about the yen. it has been strengthening by 0.4%. what effect is tt is having on markets? it may be more about china today. let's get straight out to li sixuan today. >> thank you, kelly. plenty of red in asia today. investors took profit ahead of the reopening of cypriot banks and the easter long weekend. the worst performer was the shanghai composite. banking shares took a beating with banks plunging 7% to 10%. the sell-off was despite the fact that the country's top five banks reported a combined 15% rise in their 2012 net incomes and announced that they're paying up to 6% in dividends.

investors with risk control from wealth management products could hurt the sector's possibility while the forthcoming financial reforms and interest rates liberalization may lower bank's net interest margin. meanwhile, china life reported a 40% plunge in its 2012 bottom line in line with its profit warning a month ago. it's just down 1.7% today along with other insurers. and the selling spree in the mainland hurt sending hong kong with the hang seng down 0.75%. in japan, the nikkei 225 lost over 1% today at the yen. you just mentioned picked up some steam and major exporters took a hit on fears of a contagion in europe. look at shares of gs yuasa, dream liner's battery supplier down over 11% today. a report says that the company's batteries had a case of overheating in the mitsubishi hybrid card. elsewhere, kospi managed to end

flat after the governor said it won't rule out more stimulus to prop up the economy. in australia, the asx 200 is lower by 0.6%. india is back from yesterday's holiday, now trading along the flat line. back to you. >> sixuan, thank you very much for that. not a good day in china and not helping to support risk sentiment across the globe. i want to run through these, given the importance of capital flows across the globe right now. february, the central bank is out detailing some of the action that we're seeing. and it looks as though cypriot banks saw their private sector deposits fall 2.2% on the year in february. private sector deposits in greek banks were up 2%, interestingly. we saw generally deposit cypriot banks falling 3.3% on the month. eye tailan banks saw a small decrease.

luxembourg banks, gdp ratio is at their highest level since focus 2008. david, a quick comment, what does this all mean? what is it telling us? >> on the issue of cyprus, if that banking sheet contracts too quickly, cyprus falls into a major, major depression. >> so these estimates could be down 20%. it could be worse than that. they have to control it. but the more general point is deposit leakage. if you're a treasurer, you're running university funds. you want to spread your money. would you want to have more than 100,000 euros in a particular country? >> if you're a corporate treasurers, do you have to maintain 500 accounts under that

1100,000 limit or something? >> you might think about that. not in the case of certain countries, but reputation, obviously, we don't assume that it's all spread to the point where, you know, haircuts are normal. but let's assume you're a corporate treasurer. your whole career depends on you not making a major, major mistake. >> exactly. you have to go to the board and saying you're being prudent. >> exactly. >> and this is where you have the questions about whether the eurozone has broken up. this kind of behavior is not what's supposed to happen in a functioning monetary union. >> absolutely. let's go back. the eurozone is a block, it's in recession. what happened in cyprus is going to make those recessionary conditions worse. obviously, within the system, you'll get much more home buyers and you'll get the system not functioning properly. mario draghi has to address this. if it was up to the ecb to step in and do more. this is mervyn king, this is ben bernanke with, they wouldn't sit aside and say this is it, i can't do mop prosecute you have to actually react to the

situation and right it. what the eurozone needs as a block is actual growth and the meets higher inflation. >> and perhaps more draghi and less bloom? >> yes. >> we'll leave it there. thanks very much for your time. straight ahead on your program, blackberry does report quarterly results in less than two hours' time. it leads to a reversal for a return to fortune for the struggling phonemaker? we'll preview those when we come back. [ male announcer ] just when you thought you had experienced performance

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>> announcer: you're watching "worldwide exchange." >> you are watching "worldwide exchange" and these are your headlines. the clock ticking towards the reopening of cypriot bank. depositors are subject to strict capital controls. the dow looks to be on track for its best quarterly performance in 15 years. and blackberry under the microscope today as investors hope the new z10 smartphone helped spur the company's turn around. now a couple of stories in asia we're following for you this morning. south korea has cut its growth forecast for the second time in three months. in announcing its 2013 stimulus package, the finance ministry expect the economy to grow 2.3% this year. for more, sherry kang joins us now from seoul. chery, is this a big deal for the country? >> yes, it is.

i mean, how weird some investors are thinking, how bad is the economy doing for the government to lower the growth forecast by 0.7 percentage points. and the initial forecast of 3% just came out in december. we've got the macro situation on top of the weaken yen that the government projects to hurt south korean exports which is the backbone of the korean economy. plus, on the domestic toronto, too, korea has many of its own problems. the government pointed out high household debt, slow property markets and volatility in terms of capital inflows as the sum of the elements posing potential risks to the economy he. so what does it do? there are several items on the stimulus package and details are due out over the week to come. but some of them front load more than 60% of the annual budget to the first half of this year.

deregulation and easing tax perk up the property market and get people to start spending again. and to propose an extra budget. the size of the budget, though, was not announced today. expected to come next month, as early as next week. and kelly, the lower growth forecast is hiking up hopes for a rate cut coming possibly next month here in korea. back to you. >> that might explain the markets relatively benign reaction today. chery, thanks very much for that. let's take a look today. a couple of top stories, the asset stock plunged to a four-week low as officials are once again officialing on the batterymaker in the dreamliner investigation. now they say a formal runway investigation occurred. the lithium ion battery overheated in one of its hybrid vehicles. that report hit mitsubishi shares, as well, down 4 had%

today. panasonic will spend $277 billion over the next two years on fresh restructuring, targeten an annual operating profit of 3.7 billion by 2015. the company selling part of its stakes in its logistic unit. the firm also planning to delist its adr on the new york stock exchange. so, a sense of what's happening in asia today. as we mentioned, a tough day for the shanghai deposit. straight ahead on the program, mini factory. mini is celebrating 100 years of production when we come back. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds

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happy 100th birthday to a pretty important site in the uk's car industry. today, it's known as the mini factory, but over the years, this car plant in oxford has produced some of britain's most popular motors. tom mckenzy is there. tom, it's great to see you. just how important is this plant? 1100 is a pretty big birthday. kelly, thanks. yeah, this is the mini plant oxford. they're celebrating 100 years of car production right here at this position, at this facility.

1100 years ago to this very day, the first car rolled off production plan on this site. since them, they've produced around 11.5 million cars, 13 brands, some of the most iconic brands in british motoring history like the mg, the rover 800, and this is actually the largest massive car production company in the uk. they employ 3,700 people. they turn out about 4,500 minis now every week, about 900 a day. they're very proud of their 68 seconds for every single car that they churn out here. it's quite impressive, it's part of the resurgence in the uk auto industry. but after a few years of investment, largely by foreign companies, about 6 to 8 billion pounds in the industry over the last few years, there's been a resurgence for uk exported 1.2

million cars last year. that was the largest amount of cars ever. and if you compare that to what is happening in the eurozone, we've seen the problems in france, we've seen the problems in italy, the uk is proud of this industry. can question is, can they maintain it? experts are now saying we need more r&d, we need more of the high tech to keep this and to sustain the momentum here in the uk. back to you, kelly. >> tom, thanks very much. love the tie. kind of matches the cars behind you there, as well. speaking, by the way, of auto industries. china's saic motor just out with a bit of news, saying that its net profit is up 2.76% last year, but that did miss forecasts. i was the slowest profit growth in four years. this, the giant motor company in china. sales, 4.9 million vehicles this year and reporting a 20.8 billion yuan.

straight ahead on the program, we're going to talk cyprus. a little bit of news right now, cyprus' popular banks says the board of directors has submitted its resignation. the new flow continues out of that country as we await to see just what impact the bank reopening will have as stock markets are closed today. italy's coalition talks continue. we'll have more when we come back. stay with us.

welcome back to "worldwide exchange." if you're just tuning in, i'm kelly evans and these are your headlines. less than a half hour to go until the banks of cyprus reopen. tough capital controls are in place to keep people from cleaning out their account. the euro, near a four-month low with markets set to close in the red. the dow, though, on track for its best quarterly performance in 15 years. and stocks in shanghai tumbling led by chinese banks after beijing's tightens wealth management rules to curb financial risks. plus, blackberry goes under the microscope today as investors hope the new smartphone will help turn the company around. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe.

here is a quick look at how the trading session is shaping up. the dow, now about 30 points lower for the open, 14.,420. no surprise given the tone we've seen some europe, but here is a look at the cnbc ftse global 300 from overnight trade. down about 0.1%. here is a look at the european indexes. red arrows for the most part, consistent with what we've seen. it's been a weak first quarter for this is markets. ftse 100 just down. the xetra dax, same story. the cac 40 in paris giving up 0.3%. and the ibex, now down almost 1%. the ten-year yield in spain creeping up above 5.1%. so how do you make money in these markets?

here is what some of our guests have been sailing all morning. >> the u.s. generally looks weak across the board in terms of the u.s. dollar to the low 11.20s on this move. it's weakened for a number of reasons, for good reason, too. one thing in addition, we're seeing when yields rise, there's more risk in america. when they fall, thooe they become more aggressive in germany. >> we can see sort of substantive wide.ing still occurring. we can ultimately see a return to 500 basis points on the ten-year spread later in the year as the crisis really snowballs. >> in my opinion, as an investor, you have to position yourself. you have to give yourself the margin of safety of very, very

little debt in a capital structure. to my mind, as i look at european shares, i'd rather pay the slight premium in the uk because i think largely our companies are delevered. they stay the same in europe. >> turning our focus now to italy, which did spook markets yesterday, pierre bersani will meet with the italian president later today to discuss the governmental talks. napolitano could decide to appoint a new government. look, you said before this is italian politics, business as usual to some degree. but is it so? and if we have fresh elections, what does that mean? >> well, it's business as usual up to a point. in the last 20 years, government formation has been more straightforward than it has been this time. but in the past, before the

change in the electoral form in the '90s, it was very normal for this kind of dead lock to go into weeks and weeks before a government was formed. but then eventually, the government was formed and the constitution has arrangements for dealing with these situations. so it's not totally unprecedented. >> but that's the question, i guess. will a government be formed? they were hoping to do that before the easter deadline. if fresh elections are called, it for various reasons has to happen in the couple of months. but do you think this becomes an election where grillo gets more votes? and what does that mean for italy and the eurozone? >> it's difficult to predict because we have three candidates basically tied. you get a majority in the lower house automatically if you get one more vote than the next biggest coalition, to be precise. so there's every chance that even grillo's party could get a

majority in the chamber. they wouldn't get a majority in the senate. probably more likely is they would be between bersani and can berlusconi again. there's every chance he could get the majority in the lower house, but again, probably not in the senate. >> yesterday, we heard bersani saying you want to be insane to affect italy. is he right? does that not effectively endorse berlusconi? >> well, i mean, it's certainly a situation where if you want to actually take over as prime minister in italy, it's the worst time to do it. there's almost everything that the government would have to do would be unpopular. there is no sign of growth. there is every sign that they would continue to push through spending cuts, tax rises. there's no relief on the horizon.zon. who would want to be in charge with a fracturus parliament and having to take a wrap for all of these unpopular decisions? which, of course, is where

grillo's party wants nothing. they don't want any part of this government. they want to keep their aura of purity and carry on criticizing everything else. >> it's easier to do so from the sidelines than when you're involved. what does this mean for italy now? it's a critical juncture and one investors around the world are watching closely. it's one thing for markets to sell off on cyprus risk eggs. it's another for them to sell off when it looks like italy is moving into the cross hairs. >> you would get the markets would expect that the ecb would carry on sustaining italy, if there was an attack and push the spread and see what happens, a lot would depend on how draghi expects. given the stakes are so much higher, you would suspect the ecb would stick with the line. somebody might be thinking of trying it out, testing their result. >> they need a government to bargain with or to deal with them, ultimately. >> there is an intrimt government. the government was the one that was there before, led by monte. but there is a government.

we saw in belgium, wasn't under the same kind of pressure as italy now, but belgium was in the same situation in a sense. >> and we've heard from investors saying that's one reason they haven't been more concerned about the situation yet. i guess the old gridlock is true. jonathan hop kin from lse, thanks very much for stopping by. there are about 20 minutes to go, meanwhile, before banks reopen in cyprus. and we'll gauge the atmosphere on the ground live when we come back. [ male announcer ] i've seen incredible things.

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arrival. with hertz gold plus rewards, you skip the counters, the lines, and the paperwork. zap. it's our fastest and easiest way to get you into your car. it's just another way you'll be traveling at the speed of hertz. welcome back to the program. these are your headlines. the clock ticking towards the reopening of cypriot banks. depositors are subject to strict capital control. the dow, looking to be on track for its best quarterly performance in 15 years. and blackberry under the lens today as investors hope the new z10 smartphone will help ease the company's turn around.

and here is a look at in of today's stop stories. a bankruptcy court has signed off on the merger of us airways and amr. the judge rejected the proposed $20 million severance package for the outgoing ceo tom horton. shares up 0.7% in germany. that's outperforming the market. the pentagon cutting the number of unpaid furlough days civilian workers will have to take over the next several moss from 22 to 14. the deal is 5i78d at reducing the budget cuts on the sequester. the u.s. military faced $43 billion in cuts that kicked in march 1st. congress shifted funds around to give the pint gone more leeway. under the new plan, furloughs won't begin until mid-june.

and steve cohen has been on a spending spree. reports earlier this week say the hedge fund titan bought a picasso painting for $150 million. now he's plunking down $60 million for a home in the hamptons. these move come as a judge today is set to consider a settlement between the s.e.c. and ac capital under which the firm would pay $16 million in the largest ever insider trading case. google is slapping the made in the usa label on its glasses. google glasses are wearable computers with camera and voice recognition that connect to the web via smartphone. the company plans to initially make a small number of devices which would create a more desirable manufacturing in the u.s., allowing constant monitoring and updating. so potentially, the

reindustrialization of the economy driven by crazy high tech glasses? we'll see. and a tasty ipo is set to hit the markets today. jackie deangelis has this take on investors' appetite. pinnacle foods will be trading tomorrow on the stock exchange under the symbol of pf. sources say that the offering side will be roughly around the expected 29 million shares. the deal size, 580 million puts the company's market cap above $2 million. proceeds from the deal will be used to pay down debt. this is backed by private equity firm blackstone, whose stake would be worth roughly $1.5 billion. pinnacle is best known for its famous household brands,

including duncan heines and mor. it's attractive to income-oriented investors. analysts like this company for getting out of lower margin businesses and cutting cross. also, they have mass appeal. correcting some news out of the dow jones earlier, in february at many of the banks, i think it was the cyprus one necessary particular, want to make sure people know the correct term for deposits is down 2.2% on the month. there's a lot of other constructions coming through, as well. slovenia, slightly up. portugal up, spanish banks slightly up. perhaps the correction is about the monthly versus the yearly figures. blackberry is set to report quarterly results in just under an hour. we'll preview when we come back.

i think if we have a hashtag on the show today, it would be where is the growth? russia is coming out saying despite its current growth gdp forecast at 6.3%, it is unlikely to meet that and its growth forecast may be below 3%. even in a week where we see bric nations talking about taking over the world in the future, they continue to, perhaps, struggle when it comes to generating sustainable growth. we'll see what effect that has on markets, if any. in the meantime, there has been significant impact in the first quarter starting in the u.s., outperformance for the major indexes, double digit gains. look at that. the dow and the s&p up 10% in the first quarter, 9% for the fass dak. among their best performances in over a decade. different story in europe, though. the cac 40, let's start with

that one if france, given up for the quarter -- actually, according to this now trying to maybe edge out a small gain. the ftse mib in italy and the ibex in spain are significantly lower. they've shed in the range of about 4%. 6%, actually, for italy's bores. and then if we flip through to the greek market, this one has taken it on the chin. i think it's now in the range of 5%. nevertheless, after a year in which groous -- a different story so far in the fourth quarter. let's take a look at what's on the agenda today in the u.s. weekly job onless claims out at 8:30 eastern. they're expected to show a small increase to that relatively low level. final print on fourth quarter gdp. chicago pmi at 10:00. we'll get earnings from wlub,

mosaic and signet. jon fortt gives us a review of what to expect. >> blackberry is set to report earnings in just a couple of hours. they switched to the morning this time in the holiday week. wall street is looking for revenue of about $2.8 billion, a loss of 38 cents a share. this is sure to be a wieltd interest for everyone. it's one of the highest volume stocks over the past several months. i think that pops 64 million and then, consider only around 500 million shares outstanding and in the float right now. so very heavily traded stock, not a lot of shares out there. and when blackberry reports earnings, the stock almost always moves a significant amount. a couple of important things to watch. one, blackberry 10 sales in the launch and the uk and canada will have about a month's worth

of numbers. the u.s. launch happened in this current quarter with when they're not going to guide to, unfortunately. and then the subscriber number, that was down for the first time by 1 million subscribers last quarter. wall street is expected to be down by a million again. down any more than that, that would be a big deal. we'll be sure to ask about all the numbers that have come out later in the day. >> that will be a great interview. in the meantime, we're joined from new york by james morman. james, great to see you. is john right, ta basically the subscriber number will be key? >> absolutely. i think it was a tough quarter to begin with.

this is the first quarter that the company had to deal with the full offslight of the device to be out the. so going back to that, i think it's going to peak and be around a 1.3 million this quarter, just because so many people, i think in the u.s., it might have been dual blackberry users probably got rid of one because they wanted a touch screen. so now they're waiting to see what happens with the new z10 devices. >> in this particular case, a lot of people will be focused on the quarter ahead, anyway. it sounds like there was disappointment from the way at&t handled this. obviously, blackberry would love to have their marketing muscle pump up this device. what about when it goes on sale with verizon today?

>> wool have to wait and see. i was excited to see what would happen with at&t. but if you went to some of the other stores such as best buy, it was the same issue. it was jammed in between two devices that were given away for free. there's a lot of other issues. i think verizon may give a little more effort to it, but there's a problem with carrier support right now. now they're kind of taking this with cautious skepticism. we'll have to see. >> when blackberry talks about having a keyboard equipped z10, it's falling short of wa we're seeing at samsung, let alone apple. how much does this depend on their ability to meet demand for these new devices? >> that is one of the problems. i think when they pitched this

z10, there were a lot of new features. the problem is it was matched and competeded by the new devices coming out. there are a lot of users waiting for that keyboard unit to come out. there are a lot of people going to stores looking for that one saying, we're going to wait. that will be a problem and it could continue to be a rally until that comes out after a 20% valley this year, i have to wonder whether people are waiting for that to come out. we were showing pictures from cyprus in the meantime. in just a couple of minutes time, banks will be reopening down there after being closed for about two weeks. looks like we're looking at pictures of people outside in front of the laiki bank.

carolin roth has been standing by with a look at what is likely to happen. there have been strict capital controls in place to prevent a run on banks in general. the eu says these are in the public interest and it will monitor their cooperation closely. carolin, it looks like it's getting more crowded there. but is it journalists or is it the public trying to check on their money? >> that's a good point. the number of people behind me, we're seeing about 30 people standing in line to get inside. once the banks reopen, there is laiki brand just over there and there is around 20 people standing in line the r there. kelly, can capital controls in place, what can they do inside that bank? of course, they can get the 300 euros from the teller or from

the atm. but apart from that, there is very little that they can actually do with their money. there is no transfers to outside. there is no cashing of checks at this point. so many of them were really just wanting to see what their account balanceances are at this point. >> carolin, even though we've heard from officials saying these will be in place for several days time, it could be a long period where cypriot can't use their euros in the way other members of the eurozone can. >> yeah, absolutely. at this point in time, this specific set of capital controls is going to be in place for seven days. but this is going to be a rolling target. so we're expecting that to be extended, potentially by weeks or months, even. >> all right. we'll leave it there. stay with us, though, because "worldwide exchange" will continue after the break. we'll keep an eye gauging the reaction. in the meantime, we'll hand it over in the u.s. for those viewers, time for

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good morning. in cyprus, banks are reopening today, but there are restriction peps in the u.s., key economic reads on employment and growth and it's the final trading day of the month. and the quarter, as well. and both have been very good to the bulls. it's thursday, march 28th, 2013, and "squawk box" begins right now. becky loves this song. >> here we go. here we go. wait. this song is not bad. good morning, everybody. welcome to "squawk box" here on