brady dougan will we'll talk about that shortly. >> thanks.designs are used and 95% of all mobile phones. new connected devices. i think thermostats and smart watches. are easing off as our insatiable appetite for the latest smart phone. a little bit later. >> thank you very much, caroline. european markets are opening at the moment. features are opening higher and are expected to go higher. go atpi is expected to 2%. that has been a big one. .anet yellen's concern when issue going to start lifting cpi? her third reading. everybody and in the market is talking about inflation repressed and. it can be the message that the rates stay low. the ftse is up. cac 40 is out. we will get another read. you are looking at the eye banks in spain. pain.aqs -- ipex in s the big focus for the market is probably going to be very different. u.k.could come at 1:30 time. that is u.s. inflation. the market is very sensitive. us is a man i know well, a member of the investment committee. he helps to oversee 50 billion euros in assets. welcome to the show. always a

brady dougan will we'll talk about that shortly. >> thanks. 95% of all mobile phones. new connected devices. i think thermostats and smart watches. royalties sales

we have to run a very compliant business. >> brady dougan, the c.e.o.it suisse talking about how his business is a very compliant business and how tough that is. right. let's talk tech. arm seeing its revenue hit by a slowdown. license revenues picking up and it looks like things could get better in the future. let's find out what's going on here. money now looking a little weak. licensing revenue, which points to better stories down the road, getting better. >> exactly. and this does hint at some of the concerns we have talked about in the developed world. saturation point when it comes to smart phone. just a meager 1.2 billion units. up only 19%. oh, woe is us. clearly there is a slight slowdown in smart phones. royalties up 2%. they are really not particularly strong but they have warned analysts to brace themselves for this. license design. this is when they sell a design to a samsung to an apple that i might use in two or three years. there is growth in other areas. they feel they should be looking more at the license side of things. >> from what w

we will hear from brady dougan.e loop." ♪ >> the situations in russia, gaza, and iraq have people keeping a close eye on oil prices. a headline just crossing that secretary of state john kerry saying meetings in egypt are "constructive so far." so, what is the role of the u.s. energy market as supply outages and concerns continue to dominate benchmark jack gerard -- dominate? jack gerard is president and ceo of the american petroleum visited. great to chat with you. >> great to see you. >> we focused on the ukraine, and the russian involvement in the downing of an 17, at what point do you support energy sanctions? >> one of the important situations that have not been talked about is the role of the united states from a positive standpoint. when we think about sanctions, we think about a negative standpoint, a punitive measure. there is another part of the dynamic that should be part of the dialogue, and that is what the europeans have asked us to do, look at domestic production of natural gas and crude oil and begin

tomorrow i will catch up with brady dougan. that interview with credit suisse.ost agest lehman. indy ubs and what those big ceos are looking at. -- one of the biggest losses post-lehman. he is making sure he does not do brings a litigation. another exclusive for us with ceo.s baer >> manus cranny joining us from zÜrich. he will be back tomorrow. right. california's clean energy crisis and the worst drough in decades. we will do that when we return. that in a moment. ♪ >> good morning and welcome back. you are watching "the pulse." we are streaming on your phone and tablet and bloomberg.com. let us turn to new energy. china will introduce a policy to promote electric vehicles. the plan will be a tax incentive to car buyers and increase -- and encouraging businesses. they are increasing a wider network of charging stations. california is struggling to make clean energy because of the ongoing drought. intoelectric farms reservoirs are running low. putting greater stress on a less clean sources. the state legislation is pushing hard. that is an empty reservoir. park

listen to what ready to and -- listen to what brady dougan had to say. >> one of the most and fork isone of the most important focuses has been running a compliant businesses. we have a pretty good record. we have not had any issues on the libor side or fx side. we have learned a lot of lessons and we continue to try to work very hard to run a compliant business. that is an everyday challenge that you really have to go to work at and try to tackle every single day. i think we have actually had a pretty good record of that. that is something we're going to continue to be focused on. it is the right thing for the shareholders, we have to run a compliant business. >> how many times did he say the words "compliant business"? >> he had talking points. consul said say "compliant business." >> we did not get in trouble for this, for that. >> earnings are one third of what they were before the crisis. >> the battle with each bank being different. maya macguineas with the committee for responsible federal budget. in honor of dr. frank. frank -- in honor of. fran -- in honor of dodd frank, thum