. >>> a victory in court for akzo nobel sending the patientmakers shares lower. a judge rejects activist investor elliott's call for action against the company and tells ppg it needs to put up or shut up on a bid offer. >>> ryanair forecasts fares will fall more than 5% in the year ahead, after posting full-year profit at the lower end of its guidance. the company's cfo told this show sterling's weakness in the wake of brexit was hurting fares. >> sterling has weakened quite significantly. that's having an impact on the fares. >>> the draghi put weighs on on the euro as the currency loses ground against the dollar after the central bank boss says stimulus measures need to stay. >> an extraordinary amount of monetary policy support, including through our forward guidance, is still necessary for the present level of underutilized resources to be reabsorbed. >>> good morning, everyone. it's tuesday, glad you're with us once again here in the uk, especially after that long bank holiday weekend. some of you maybe were stranded at heathrow given the woes there. let's t

. >>> and for the third dime, akzo rejecting a bid from ppg, lower hostile bid could lose. >>> well, a very interesting guest on "squawk box," saying the shares on the market, there was a real expectation from the markets actually indeed after mr. trump as well. and indeed after the selections on the outside. >> with trading and elections these days, even if you get the result right, you might get the trading result wrong. it's been very difficult to trade. you see even on the margin much stronger than anyone anticipated for macron. that made a difference for the per spception here in france. >> the european stock markets, they've actually turned negative, after initially opening higher. following a strong set across the board. for positions, people just wanting to lowering their positions as well. bank, banks are amongst the biggest decliners. you look at this. stocks trading lower. having had a big selloff as well. where does it go now, on the back of where it's going to increase from the opec producers but, yeah, oil prices have given up pretty much most of their overnight gains.

. >>> elliott advisers says it will take akzo nobel to court as it seeks to dismiss the company's chairman after the dutch patientmaker rejects a third bid from rival ppg. >>> a chip on the shoulder for dialogue shares as they see the apple supplier embrace investors for a second quarter dip in revenues. >>> good morning. it is tuesday, glad you're still with us. let's check the market action this morning. yesterday was a bit of a disappointment for those bulls out there, those hoping for continuation of the macron rally. it incident quite happen yesterday. the stoxx 600 was off by 0.1%. what we saw essentially was a lot of profit taking after we had seen such a great run up in european equity markets over the last two weeks in anticipation of the macron win. let's look at the markets. the cac 40 is higher to the tune of 0.40%. xetra dax up by 0.25%. the ftse 1 00 up by almost a third of a percent. t when it comes to the sectors, a bit of a rebound in basic resources to the tune of 1.4%. that's one sector which led us lower yesterday on the back of disappointing china data. this morning a

the parent company of cnbc. >>> akzo nobel rejecting its takeover from ppg industries.ying the deal is is not in the best interest of its shareholders. >>> canada's hudson bay is looking to hire a debt a veer for restructuring. and little progress has been made. >>> a mysterious graffiti artist banksy said he created his brexle murabrex brexit mural. some people criticizing the star's weren't actually to number number of members. of course, it's flag is not going to change. but, still, we get the message behind it. >> yeah. and the mystery goes on. clearly does. >>> emma watson is getting some buzz on the mtv tv and movie awards. it was the first time that the award was not divided into best male or female category. watson speaking about what the prize meant to her in the acceptance speech. listen. >> mtv's move to create a genderless award for acting will mean something different to everyone. but to me, it indicates that acting is about the ability to put yourself in someone's else's shoes. and that doesn't need to be separated into two different categories. >> that is

akzo as of the offer is flawed and still with risk.eport from the german utility that missed estimates inverse report it is free of the cost of fossil fuel business. it split from it last year. it was heard by higher energy costs in the yukon. a nuclear reactor when off-line. a former bond trader says he was trained to lie to customers to boost the firm's commissions. he testified in the connecticut courtroom that he learned to lie about where they bought or sold bonds and misrepresented the price it has a. three of the former colleagues are accused of lying to customers about the prices of mortgage-backed securities. that is your bloomberg business flash. you.thank self grids are voting right now in a special election to replace the ousted leader -- south koreans are voting right now in a special election to replace the ousted leader. the bulls are still open, sore limited to what we can say. give us the background on why we are here. and where we are. >> why we're here is the former president was impeached in a corruption scandal tha

akzo nobel saying no thank you to ppg. the third time they have done that. perhaps the final time that at least these two companies are going to have a civil back and forth. although things are already getting a bit testy. as they have been. ppg's response to the rejection from that akzo nobel is getting particularly -- >> yeah. getting nasty there. >> hostile. that's the real question. will they choose to become hostile under of course the laws of the netherlands where akzo nobel is incorporated. that will be a key. there is a shticking. that will enable akzo nobel to in many ways certainly defuse what might be a hostile front for ppg but not entirely. you can go through the round about of them replacing the board and it's not worth getting into right now. p pg though goes through some of the scenario and says, listen, we wanted to talk to you after april 24th when we made our last offer. we made another attempt to talk to you on may 4th. then you told us on may 5th, you want to talk, get to rotterdam on may 6th at 3:00 and we'll talk to you which they did

they is akzo nobel, the dutch makers of dulux paints. own thank you very much. but some akzo shareholders think differently, and that 29 bilion dollars looks very tempting. and a short time ago the shares were down 2.5% in the netherlands. samira hussainjoins me now from the new york stock exchange. they have said no three times, where do we go from here? we have just heard from ppg who have released a statement after they were rejected again by the dutch company. they said they were really disappointed of course but there was no real indication of what will happen next. the next step is now the dutch company is open for a hostile ta keover company is open for a hostile takeover bid by ppg. what that means is that ppg can just present their offer directly to shareholders. there are some shareholders but think it is a really attractive deal, that the kinds of development the dutch company would have to make to match the kind of growth expected from a potential merger with the two companies, it is just from a potential merger with the two

in uk companies you can't actually see to have a poison pill to the extent you have within akzo.hat structure is really unique. it's one of those battles that's almost impossible to call. i think the concerns are trumped up. there are such large players in this industry, that it's probably not going to move that competitive landscape so much that it would not be backed by the antitrust -- >> -- authorities, yes. jenna, you've been following the story for months and month, do you think by the end of this week do you think ppg will go hostile? >> it's very difficult to go hostile. the rules are very strict. i think that's why elliott's taking a less conventional route for many other investors, where elliott does often take a legal angle given the background of their founder. to go down this legally, i think there's an easier way for ppg to go easier. which i think they would. they would maybe oust the chairman. i think a lot is in play. >> this the end of the consolidation in the chemical sector? we've already seen a deal. is there any more companies that could be on the chopping b

. >>> a group of akzo noble shareholders taking the company to court after a rejected takeover from rivale group will try to convince the court to organization an investigation into possible mismanagement by akzo's board and forward an extraordinary meeting to vote on dismissing the company's chairman. again no real movement in share price this morning. >>> amgen's clinical trial shows a high rate for the drug for osteoporosis. shares up 3%. >>> more stocks on the radar. shares in softbank surging after the company announced a launch of a $93 billion tech investment fund this weekend. this weekend, we would see the largest of them all, softbank is partnering with a group of investors including saudi arabia's wealth fund. the news comes after softbank's ceo reportedly told donald trump he would invest $50 billion in the u.s. >>> and bearronsbarrons, long-t berkshire gain. barr barron's sees growth. >>> let's look at blackstone. a plan to create a $40 billion fund to invest in an infrastructure project, mainly in the u.s. the fund was announced during president trump's visit to saudi arabia

shares down 1.5 of akzo noble. img hosting a better than expected first quarter profit helped by growth in core lending and new customer deposits. also, take a look at french insurer, axza, announcing plans to take the u.s. arm public, ipo, with billions to be used for investment in higher growth areas. uk home builder, baron is one of the biggest home builders, saying they are on track to build more homes than they have in nine years. the european growth story in terms of profit, higher or outperforming what we are seeing here in the united states. >> seema, thank you for that. >>> let's get to sue herera. >>> good morning. here is what is happening. by a 51-49 vote, the senate has blocked an effort to overturn an obama era regulation restricting harmful methane emissions from oil and gas wells on federal land. it forces energy companies to recapture what's burned off at drilling sites. >>> defense secretary, jim mattis, visiting u.s. and nato troops during his trip to lithuania. earlier, he met with lithuania's p

alex: akzo's fiercely independent as a dutch company. they have something that basically allows a foundation of the company to have the voting shares here. , they does go hostile would have to agree ultimately to sell the company. they have said that we are willing to go the way of our public shareholder bid and we will vote with the shareholder base, but now it is up to ppg on whether or not they decide to go hostile, whether or not they want to up the bid one more time. scarlet: alex sherman, thank you so much. now to another big deal today. after many months of talks, billionnouncing a $2.4 deal to acquire kate spade. investors applauding the news. shelley has been covering the story from the beginning. take a look at this. investors like this for coach. why is that? saying, we areh putting our money where our mouth is. they are saying, we are going to become this big conglomerate. they are putting kate spade on their shelves to keep making money, they are buying it as one deal that is going to be one of many to come. that could be on

lastly, the akzo nobel saga continues. filed a petition with a dutch court seeking to oust the chairman and force them to hold a special shareholder meet. akzo reject three takeover offers and refuses to enter talks. elliott by the way is among the shareholders backing the build. you can see shares up fractionally on the day. jon, back to you. >> thank you, seem ah. straight ahead, facebook, google, apple, twitter, all making serious bets on original content. we're going to speak with one person helping to lead that with "squawk" returns. we're the williams family, and we're usaa members for life. and the wolf huffed like you do sometimes, grandpa? well, when you have copd, it can be hard to breathe. it can be hard to get air out, which can make it hard to get air in. so i talked to my doctor. she said... symbicort could help you breathe better, starting within 5 minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. symbicort helps provide significant improvement of your lung function. symbicort is for c

will be grumpy buti we will not do that and they will be grumpy but i think the april statement that akzo will come from andi for the generation will come from and i think the bulk of investors. for that, they are discounting this will go away. thank you, james will be back later. more to touch on with james in the programme. still to come: is the smartphone set to replace our doctors and opticians? later in the programme we'll get the inside track on a tech company which aims to tackle the worldwide problem of poor eyesight. you're with business live from bbc news. the halifax has just released its house price study. the research has found that annual house price growth is unchanged at 3.8%. let us go to leeds now and speak to martin ellis, an economist from the halifax for the rest of its findings. talk us through the numbers because it is watched closely this. we're obsessed by house prices, but this gives us an indication what's happening out there at the moment in the real world? we happening out there at the moment in the realworld? we have happening out there at the moment in the r

pbj could walk away from now and split.kzo performance -- akzo, they really need to the shareholderscertainly come after management. vonnie: what our shareholder advocacy groups saying? in the u.s., you have three or cointreau coming out and giving recommendation -- three or four coming out and giving recommendations. benedikt: we have a couple others, big investors saying you really should engage. the management at this point says we have a plan. is better, stick with us with fewer risks involved. they arehe meat throwing at the critics. mark: good to see you in perp -- in person, benedikt kammel. taking a look at where the european markets are, as we head into the close. just four minutes ahead. i will leave you once again with our currency board. this is bloomberg. ♪ did you know slow internet can actually hold your business back? say goodbye to slow downloads, slow backups, slow everything. comcast business offers blazing fast and reliable internet that's over 6 times faster than slow internet from the phone company. say hello to internet speeds up to 250 mbps. and add phone and

. >>> elliott management losing its legal battle to remove akzo nobel's chairman.he ruling means that ppg mrus make a hostile bid for the company or abandon its takeover pursuit. ppg saying they are weighing whether to bid or not. >>> stocks to watch today, ryanair reporting a record annual profit. the airline promising higher profits and lower fares next year. >>> citi is expanding its corporate banking business in chinese market. they are committing to an extra lending and rolling out new strategy for eight key trade quart sgloeer quarters. >>> novartis is mulling 50 billion in asset sales. the shares are a little changed to down. >>> first data agreeing to by card connect for 7$750 million n cash. the deal also includes repayments of card connect's outstanding debt and redemption of its preferred stock. this is the biggest takeover since going public in 2015. a bit of softness in the share prices. barron's is upbeat on ford saying the newly appointed ceo can lead the company into an exciting future. the article says the stock is set to recover from a recent slid

despite pressure, akzo noble rejecting a third offer valued at $29 billion.s are down 3% in today's trade. in this case, third time is not a charm. >>> thank you. >> warren buffett on "squawk box" this morning to share his views on investing. here's what he had to say about stock market valuations. >> the most important item over time in valuation is obviously interest rates. i mean, if interest rates are destined to be at very low levels, not necessarily like now, but low compared to 100-year averages or 50-year averages, it makes any string of earnings from investment worth more money. >> for more on this, we're joined by ron. welcome. >> good morning. >> does buffett's claim that historically low interest rates make this valuation seem reasonable? >> i find it interesting. i actually get to come on your show and debate warren buffett, so -- but with that said, i mean, really? but with that said, obviously low interest rates support higher pes by math. but this market, the vix is below 10. there's a lot of complacency. the interest rates are tenning higher.

elliott advise seniors lunching legal action against akzo nobel.he activist investor says the paintmaker breached duties to shareholders by rejecting ppg's third takeover offer yesterday. elliott is asking for a dutch court allow a vote to oust the chairman. >>> in financial news, goldman sachs making the biggest changes to investment banking leadership in a decade. greg lemkow and mark nakman will join john walder as co-heads of the investment banking unit. waldron will sit down at 11:15 with cnbc this afternoon at 2:15, a conversation with lloyd blankfe blankfein. >>> in other news, technology, amazon is preparing to launch an improved echo. the new device features a seven-inch touchscreen and a camera for video calling. the paper says an announcement could happen as early as today with the new echo going on sale as soon as next month. the new device is said to be above $200, an increase from the current price of $150. i need to get one. i don't have one of these. >> you need to get something that can spy on you in your house? i'm not that much o

akzo is defying pressure from shareholders to engage in talks with pbg.onomy in europe picking up speed. german factory orders expanded for a second month in a row. they were up 1% in march. orders were bolstered by demand from the euro area. that is your bloomberg business flash. tom, guy? guy: thank you very much indeed. we getting some understanding how the timeline is going to work with the appointment of the administration. we are learning from an advisor that we're going to see a new prime minister, a critical appointment, announced on the 15th. mr. macron has indicated that he already knows who that person is. he's just not going to tell anybody yet. we will find out on the 15th. we will also have his first cabinet meeting on the 17th as well. let's bring some more voices into the conversation. pascale auclair is head of investment at left front saves little asset management, and bruno cautres, political analyst. good morning. was this priced in by investors? pascale: of course it has been the case for the last two weeks. inhad a magnificent rally

ppg earlier said it would make a hostile takeover bid to akzo if it does not come to the negotiatingable and hammer out an agreement by next month. over the weekend, warren has spoken at length about his -- pouncing on opportunities in tech stop. ck. ibm cut a third of his stakes after what he described as being "to austin mystic -- "too optimistic about prospects." he said he "blew it by not investing early in google." sinclair broadcast group is close to buying tribune media, according to people familiar with the talks. sinclair would pay $45 per share, or around $4 billion for the chicago-based broadcasting company. they said an agreement may be announced as early as today. declined to comment. emails tos for -- sinclair were not returned. newspapers, valued at around 1.8 5 billion u.s. dollars. according to the australian financial review title, the deal would involve the bulk of its publishing assets including the herald. spokesman at the pgm fairfax declined to comment. that is your bloomberg business flash, manus. guy: crude is trading higher this morning. 45, up .6% or saudi

ppg earlier said it would make a hostile takeover bid for akzo.e weekend, warren buffett has spoken at length about his opportunities in tech stocks. ibm shares fell on friday after the billionaire cut about one third of his estate after what he described as being too optimistic about the profits. speaking at the meeting, he said "he blew it by not investing earlier in google." broadcast group is close to buying tribune media. $45 per would pay about share were around $4 billion for the chicago-based broadcasting company. they said that an agreement may .e announced as early as today tribune media declined to comment. emails to sinclair were not returned. that is your bloomberg business flash. manus: thank you very much. $46.81 is the price of oil. oil minister has signaled that opec's crude output cuts would be extended to the second half of 2017 and possibly beyond. speaking at the is oil and gas conference in kuala lumpur, he said it will return to a healthy state. anna: yousef gamal el-din joins us now. what are the common coming through from

. >> akzo nobel. >> after them as well.y to pave the way for ppg to go hostile which they have to do before july 1st or step aside. >> this is a shock. they must have had the votes. >> they get three of four. >> be aware. look, this is a sign they'll take something that klaus said was short termism. and short termism that means stock higher, i guess. wow. >> meanwhile, jim, we have semiconductors nvidia, micron, a bunch of hours. >> i was waiting who was going to come out positive on nvidia today. now you have $7 a share which means that nvidia is not expensive. nvidia is deep learning. machine learning. it's gaming. >> machine learning, ai, gaming. it's everything. did you read that speech from that -- at the investor day? >> sure. jensen's speech. jensen's speech. remember, he feels that software at one point was going to eat the world and now he says that artificial intelligence is going to eat the world. and nvidia is in a lot of autonomous cars. nvidia is -- they make it so that you can -- you have that realistic take

akzo has rebuffed three takeover offers from ppg. the latest was valued at almost $30 billion.our bloomberg business flash. francine: thank you so much. we will get to crude in just a second. we have javier blas covering oil with us. we want to get onto the trail of president trump in tel aviv momentarily. i also want to get thoughts from steven saywell. how do you look at the pageantry, the geopolitics? does it impact your world of fx or is euro-dollar driven by pure investment? steven: i think there is an impact. there's two things to focus on. first and foremost is, what is donald trump achieving as far as fiscal expansion? how is washington running? secondly, the oil price is very important. we believe it is one of the factors driving euro-dollar higher. we have a highly quantitative approach. one of the five key factors that go into short-term currency valuations is oil. that higher oil price is one factor pushing euro-dollar higher. if euro-dollar continues to move higher, it will be vulnerable. francine: crude oil continuing its push higher after saudi arabia said all pr

separately the battle over dutch paintmaker akzo nobel goes on. court has rejected a bid for action against the country. rejecting several takeover bids so far from u.s. paintmaker ppg following the ruling ppg said it will still -- it's still mulling whether or not to make another takeover offer and a number of european headlines front and center this morning. start with some comments from ecb president mario draghi because he signaled the bank is not yet ready to unwind its stimulus measures despite greater economic growth across the eurozone. draghi said inflation remains subdued, and let's show you what's going on with the euro right now, as a result of all of that, we're at about 1.11 at the moment. >>> we have a shortened week for markets because of the holiday but a potential big one because of some key economic data that's coming off. we've got personal income kicking things off today. friday we'll see how the u.s. employment fared in may. joining us right now with what this means for the markets is steven desanctis from jefferies. and joe

hedge fund elliott advisers is going to court to try to oust the chairman of akzo nobel after they rejectedeover bids from ppg industries. elliott says the rejection of those bids is a flagrant breach of fiduciary duties. >>> federal appeals court heard a legal challenge yesterday to the trump administration's so-called travel ban for more let's bring in david miliband, who is ceo who formerly served as british foreign secretary. good morning to you. >> good morning, andrew. >> what's your take on this news and where does this all go? >> look, the legal stuff is going backwards and forwards. but the big question is not is it bad law? is it bad policy? because we're in a situation four months into the administration, they say they've got concerns about the vetting process. but they haven't yet started a review of that vetting process because they're caught up in court and my message is very simple. we can get out of this mess by simply doing a review of the refugee vetting process, which is the toughest way of getting to the u.s., and then if they want to bring in some improvements they can