here's debra mao. the british consumer and business lender is said to be near an agreement to buy virgin money u.k. for about 1.6 billion pounds. oomberg derstands that an agreement is likely to be announced today. they declined to comment. former france telecom ceo -- will stand trial for harassment a decade after a wave of employee suicides coincided with the restructuring he led. the one-time monopoly now known as orange and six executives have also been indicted on charges of moral harassment. that is according to a statement from the company telecommunications workers union. lombard's attorney didn't immediately reply to a request for comment. the bank of international settlements has blasted cryptocurrencies, saying they may never become part of mainstream finance. in its annual report, the bis says bitcoin and other digital currencies are too unstable, consume too much electricity, and suffer too much fraud to ever serve as genuine mediums of exchange. it also says they could break the internet

use the from out. -- here's debra mao. a: the uk's five business lobby groups told theresa may they are concerned time is running out for a exit deal that -- brexit deal that protects hundreds of jobs. they said in the absence of clarity, businesses well implement plans for a worst-case scenario, which could cost the u.k. economy billion of pounds, thousands of jobs and leave many families without a main income. may is under mounting pressure to spell out britain's vision for the eu relationship. she promised the paper on her plans before the summer recess on july 24. she must reach consensus with her cabinet and party. bitcoin bounceback after dropping to a 2018 low on sunday. the biggest ritual currency has fallen as much as 5.2% to pierce the years previous low set the jury sixth. -- february 6. ony are increasing scrutiny regulators and global central bankers are raising questions about its viability. bitcoin is down 70% from its record high of $20,000 reached in december. that's your bloomberg business flash. i'm debra

i'm debra mao. manus: thank you very much. of investment strategy at barclays investment solutions. one of the big themes we have touched on his turkey. there has been a reprieve in the currency this morning. if i look at the broader emerging markets space, this is ripping out money, $7 billion coming out of emerging-market equities at the close of business last year. bank of america have run their bull indicator and this is what they indicated. this is a contrarian indicator hitting a two-year low, hitting closer to a buy signal on some of these risks. i would put it to you that a brave man would buy at the moment. how brave are the boys and girls in en? -- em? >> in our view, it's about taking a slightly longer-term view. the point of the moment with em, as you pointed out, the dust from the trade scuffle a health obscure what remains and improving fundamental backdrop em risk assets. if you look at profit margins, they move in the right direction. the problem is that the dust thrown up by the trade scuffle will obscure the

we look forward to the first word news debra mao is standing by. debra: thanks manus. creditors struck a deal in an effort to ease a mountain of debt and could the way for it to exit the lifeline that is kept it away just kept it afloat since 22. athensstice -- just as -- the deal has been seen as a key ingredient as the countries healthy return to help. opec and its allies have reached an agreement in the face of strong opposition from iran to boost production by one million barrels a day. although the actual increase will be smaller as several countries are unable to raise output. in a night of drama, the committee reached an agreement despite the iranian oil minister walking out of the meeting predicting opec will not reach a final deal when it meets today. >> [indiscernible] that is a nominal figure meaning once it is to should, what is delivered to the market is going to be smaller. debra: in the u.s., white house officials are try to reach just restart talks with china to avoid a trade war -- restart talks with china to avoid a trade war bloomberg is learned the

let's get a first word update with debra mao. debra: greece's euro area creditors struck a landmark deal to ease repayment terms on some of the nation's loans in an effort to ease its mountain of debt and clear the way for it to exit the lifeline that has kept it afloat since 2010. the debt compromise comes after months after acrimonious talks and just as athens is set to end its bailout program in august. a deal that has long been seen as a key ingredient in the country's successful return to economic health and foray back into financial markets. opec and its allies have reached a preliminary agreement in the face of strong opposition to iran to boost production by a theoretical one million barrels a day. although the actual increase will be smaller, as several countries are unable to raise output. in a night of drama, the monitoring committee reached an agreement despite the raining -- iranian oil minister walking out and predicting opec won't reach a final deal when it meets formally today. >> the consensus comedy overwhelming

i'm debra mao. the u.s. treasury department is planning to heighten scrutiny. president trump's trade tussle with beijing on an irreversible course. the white house will examine possible security threats in areas such as new energy vehicles, robotics, and aerospace. the u.k.'s main business lobby groups told theresa may they are deeply concerned that china is running after a brexit deal. in a letter to the prime minister, they warned that in the absence of clarity, businesses will have to plan for a worst-case scenario. saudi arabia and russia got what they wanted out of the opec meeting with a deal to increase production. the saudi energy minister promised to act decisively. approaching a real one million barrels a day. iran says it doesn't believe buyers will get waivers from the u.s. >> i believe that president trump is going against the ,arket, against the free market and it is not to the benefit of consumers. debra: china's drive for cleaner skies has pushed it past japan to become the world's largest buyer of natural gas. despite pollution, government hav

but as get our bloomberg business flash from debra mao in hong kong. >> thanks, anna.mpany has said it is proceeding with its attempt to take over sign-up to ask, seeking to cut its heavy dependence on apple. it says it is conducting due diligence on the deal. synaptic's with a market value of $1.7 billion, would help dialog sell at different products like sensors, touchscreens and other products to leading smartphone makers. ge has been kicked out of the dow jones industrial average, where it has been a part of since the 19th century. once the world's most valuable company, it will be replaced by alliance.blue star ge has lost 26% of the value this year, making it the worst performer on the dow. thelong-running joke about starbucks on every quarter may market.g in its home and plans to close 150 stores in the next fiscal year, after a forecast of sales to rise just 1% globally in the current quarter. that is the worst growth in about nine years. that is your bloomberg business flash. deborah.ank you, a run has put itself on a collision course with saudi arabia at this

let's get a bloomberg first word news update with debra mao in hong kong.as about retaliate against u.s. companies after donald trump threatened to place tariffs on another $200 billion of chinese imports. the ministry of commerce in beijing said it would retaliate with strong countermeasures. earlier, the u.s. secretary of state launched a strongly worded attack on china. u.k. prime minister theresa may faces another knife edge vote in the house comments this week after she was defeated on her key brexit legislation in the house of lords. upperers in the unelected house backed an amendment to ensure a meaningful vote for parliament on any brexit deal agreed with the european union, or what to do if there is no deal. former u.s. treasury secretary larry summers has warned that developed countries are badly equipped for another recession, but economically and politically. speaking at the ecb form, he added that desk forum in -- forum in portugal he said this. >> then need to be prepared to balance risks very much in favor of avoiding recession, and indeed ac