obstacles in brussels. -- hans nichols in brussels. five minutes last 6:00. we will have more on the greek story throughout the day including a special program. don't miss that. let's think about what's happening in the ancient markets. investors in asia are setting aside concerns with -- david inglis is standing by in hong kong to give us an update. the euro doesn't look like a currency and existential crisis. asian equity markets are in the green behind you -- what is happening in the markets today as you seen it? david: good morning. let me break this down. as he related to, -- as you alluded to, you put all this together, five hours into the trading session this is the best day in two months. but if you look below the surface, volumes are quite light. they are coming up week in asia where we see a massive amount of outgrowth. there is something of a weekly drop. there is perhaps a waiting on development. japan, a heavily weighted market, is up 1%, down to a few stocks. one company makes up about a 10th of that index. games today make up a third of that 1%

sippers is in brussels -- sit t tsipras is in brussels. guy: the reason he is not saving much ground is that he will find it very tough to pass any kind of a deal back here in athens and the more we see pressure, there seems to be more of a focus on the imf, on cuts rather than an increase on the amount of money going into the pension system, which the greeks have pushed for. a more broad-based tax rise across the entire population rather than focusing on the upper and -- the upper end. the imf wants a broader approach so all of these issues as they start to change make it harder and harder for mr. tsipras to push back at home. he is already having to deal with a very raucous flank of his party, and every time we see these changes, see the imf pushing, we start to see it becoming harder and harder for him to pass that legislation and maintain his government. use aware of that but if we can to get a parliament majority within his own party, and we may have to see political changes here. the reason he is being as firm as he is is that he doe

sip vas standing firm in brussels. i presume this is about posturing on the domestic front as well in terms of his party? guy: i think posturing probably is not right word. crucially he needs to keep his party behind him in order to make his government continue to function. i think you probably could pass what the institutions are suggesting in the parliament behind me. if he brought that deal home it would pass the house, but it would not pass the house with a majority and that is critical for tsipras. he understands if his government is to continue, we're going to have to have a majority of those backing him. that is by no means certain. he is finding himself in a very very difficult situation when it comes to pension reform and cuts and taxation increases on not just the wealthy but everybody. changes in discussion at this stage surrounding the issue of restructuring. there is so much he has to deal with to keep his party onboard. i think he is going to find it very, very difficult at this stage. as hans said, we're

let's get the latest from our brussels correspondent.very bad exchanges going on between the two sides once again today. it has happened again, hasn't it? we have ended these talks with no agreement inside. reporter: we have indeed. we thought we would be here in the european capital building to at least 1:00 or 2:00 in the morning so they could clinch the deal but in the last 10 minutes we have been instructed that it is over. it will reconvene tomorrow. meanwhile, there is rumors from a number of different sources here saying that the presence of the european commission will meet over in his office and the european commission building with the greek prime minister in the presence of the international monetary fund and mario draghi. there will be coming in for a two-date you summit. -- eu summit. there is the issue of migration. the heads have gotten a stark warning to solve the issue of greece before tomorrow morning. that is not happened. -- that has not happened. the greek government declined to accept the proposals. the imf is calli

there is a positive step ahead of emergency talks in brussels. any deal is expected until later this week. >>> taliban fighters have attacked the parliament building in afghanistan's kabul. it happened while politicians were still in session. five people died and 31 others from injured. afghan police say that seven of the attackers were also killed. jennifer glass glasses that had report from kabul. >> the parliamentary session was under way when this happened. there is confusion. it's just anally trical problem electrical problems. but cars were on fire across the street. >> today there were two specific agenda. one was the intersection of the defense minister and the other about money laundering. that's what we were discussing, the minister of defense was also in the parliament at this time and wanted to come to the session when the explosion happened. >> police and special forces quickly arrived to move the mps and from the building and fight the attackers while people looked on. >> a car bomb came into the streets south of the parliament and

i want to talk to christoph in brussels covering the summit for us. things have shifted because of the events in france. what do you have for us. ? >> the french president spoke to the media shortly before 1:00 harris time, the french president was here in brussels to attend a council meeting on immigration and the greek crisis . when he heard that the president was holding trilateral talks with the greek prime minister and angela merkel when they all heard the news. they switched on the television to see the first footage of what happened in the city. the french president said that there is no doubt whatsoever about the intention of the attack. it is a terrorist attack, the french president said. however, we do not have to it into emotions and to panic. that was the message of the french president who drew parallels with earlier attacks in france and elsewhere in europe. the president cutting short his eu summit, heading back to paris to hold a special meeting at the elysee palace at 3:30. he said there was a great deal of emotion in brussels because

following discussions and brussels, john is lacking at reaction in brussels. >>> first, to you what is the reaction. >> those talks, the morning talks, have ended in the last two or three minutes as well. it doesn't sound like they have got any further than it has done yesterday. i think now that is the end. the end of proper attempts by the greek government and creditors. the end to find common ground. they tried the whole of yesterday, what the creditors are saying is they need to be greater structural reforms, cuts as well, a restructuring of the greek economy, and the greek government is saying in response to that we are not prepared to do that. we have offered a lot of tax rises to meet the limits that you want but we want restructuring of the debts to make it easier to repay, and the european bank is not prepared to accept that, what it means is at a meeting between alexis tsipras and the creditors, and the leading. eurozone group of finance minister ended and what they said i think, is that they are going to take greece's proposals to the finance ministers' meeting which is supp

guy johnson is in athens and hans nichols is in brussels.ea here, that it is about tax collection. do you buy that line from brussels? hans: it is the line you were hearing out of athens. as athens tries to criticize the imf for their insistence and not accepting the proposal. of the 8 billion in cuts that they have, 93% is from new taxes on the wealthy but crucially on businesses. we saw the chamber of commerce come out and there was a concern it would choke off recovery. tom: do they still tax people in grace -- greece based on the swimming pool in their backyard? >> i'm not sure but i don't think that will be coming back anytime soon areas there are a bunch of taxes coming through the balance is wrong and we have been hearing noises about this all week. it looks like the counterproposal is a little bit more growth friendly. they are trying to make the taxes more progressive rather than regressive. the imf once a better balance. this is never going to be a straight line. it is a negotiation not an acceptance and that is ultimately what we

russia's president putin says it has consequences and rock -- in brussels. this time was the nuclear weapons arsenal. >> we will not be dragged into an arms race. but we must keep our country's safe. reporter: nato is starting to assess the nuclear messaging by russia. one thing all the officials want to exclude is the emergence of something resembling a cold war. there will be no return to the cold war. the cold war took place in a completely different world. two big blocks confronting each other. today's world is different globalized, linked together all over the world. nevertheless they have led to a nato come back. not since the end has the alliance gotten so much attention. the question remains. russia and nato, have a entered a vicious circle? the nuclear announcement is most certainly a reaction to nato's plans to boost their presence on the territory of their easternmost allies. brent: max hoffman reporting from brussels. from the u.s. president to the french president. we will not spy on you. brock obama making that promise in a phone call. the lead

we lost the picture of brussels. we have seen enough of brussels in my opinion.via: athens is more picturesque. tensions are running high. matt: the last minute he's being the next minute. when is the actual deadline? olivia: i would like to talk about u.s. housing. sales are at the highest levels in 70 years. home values were up about 3% for the month of may. the rest of the market may be the hottest segment of all. the chief economist joins us now onset. there have been a lot of strong signals coming out of the housing market. can you now say it has fully bounced back from a crisis? >> it is not fully bounced back. this week's's numbers existing home sales, normal people are starting to buy homes again. it is not just investor letter or stimulus lead. we're seeing fundamental demand with started to spur people. first homebuyer a starting to come up, which is really good news. olivia: it shows the labor force rate mapped onto home ownership. the new era of the new -- new normal, seems to be lower labor force. you're less likely to get a mortgage. >> you are corr

those talks continuing in brussels.een discussions center on how greece will stay in the euro. we are getting the sense some progress is being made, but again the deadline is june 30. stay with us. the bloomberg market day continues in a moment. ♪ mark: it is 11 a.m. in san francisco, 2:00 p.m. here in new york, and this is the bloomberg market day. optimism ahead, of the greek talks in brussels. leaders are meeting at this minute. we will review the latest. scarlet: municipalities on the west coast looking to take a page out of new york. dairy queen is looking beyond ice cream to siu and sales. they are heating up to attract a.m. rid -- younger audience. mark: welcome from bloomberg world headquarters in new york this is marketing, i am mark crumpton here with scarlet fu. you mentioned earlier, stocks are well off their highs, but we're still holding onto gains right now. he s&p 500 did get within one point of making a new high. e

they were greeted with little enthusiasm in brussels. fears are growing that the country could fail to win access to the bailout funds it needs. brent: for more on this story we go to our correspondent standing by in brussels to give us her take from the european commission. we've heard the european commission is not impressed by this new plan from athens. what is wrong with it? >> everything. the demands of the creditors are simply not met. in this proposal of the greek side. the budget was huge in greece. it the next main point, the budget surplus that the creditors demand, the greek side does more to agree to that either. the commission has one more time stressed that greece does need to move now. angela merkel, the french president francois hollande and others will meet in brussels. it is the last chance to strike a political agreement on that level. so it is really urgent. brent: we have heard these warnings of urgency before. what is really going on here? it feels like this poker game is just continuing. >> it feels like it but if

eurozone leaders have been meeting in brussels. for the first time in weeks, there is a sense of optimism about the greek debt crisis. and an al jazeera journalist walks free after germany decides not to extradite him to egypt. the european union has agreed to begin the first phase of a naval mission against people smugglers in the mediterranean. foreign ministers met to gather intelligence on human smugglers from the air and sea. a later part of the mission aims to destroy smugglers boats but the eu needs the backing of the u.n. mandate. it is hoped that the plan will stop migrants, risking their lives -- will stop migrants risking their lives trying to reach european shores. the refugee crisis has created a booming business for human traffickers. how do they operate? how do migrants contact them? booking a trip with a smuggler can be as easy as a quick internet search. we did our homework today. our social media team gave it a try. good to see you. what happened? >> it turns out this is a lot easier than we thought if you want to

it's an historic moment here in brussels. and this is how the announcement was made. >> the process was not finished as far as we're concerned. the proposals weren't formerly discussed or decided upon. the yet the greek government has broken off the process, has rejected the proposals, and is now putting them, which is also an unfair way to put it to the greek people, putting them now in the referendum with a negative advice. given that situation i think we must conclude that however regretful that the program will expire on tuesday night. >> now, they have focused on the finance minister who came to brussels. he had a list of demands. he wanted a one-month extension of the bail out. he wanted a return of $1.9 billion ecb holdings to pay the imf on tuesday. no chance that there would be an agreement to that. there was an absolutely unanimous view held by all 18 of the euro finance ministers here. the 19th finance minister had this to stay. >> the accuser of the euro group today to endorse our request for an extension of this

tom: thank you, so much from brussels.dson with us from papillion is this the same germany you study years ago? ian: things have changed a bit. the germans are the key players. my take on the german situation is they desperately do not want greece to leave, the postwar european project dismantled. they see the danger that greece leaving was set a precedent. there is a willingness and desire to keep greece within the eurozone. it pays germany. the eurozone makes germany rich. tom: can you see a deep rest grace -- depressed greece exist with europe? ian: not without debt relief. ultimately, in the long run, if they will stay, it has to happen. tom: we will speak in this hour to barclays lawrence character, and we will talk to larry kantor about their new vision. stay with us. ♪ tom: we welcome all of you. a morning must listen read rant. brendan: he was not granting -- ranting yesterday. i asked larry summers about the transpacific partnership. larry: we need less promoting of globalization and more managing of globalization

eurozone leaders have been meeting in brussels. for the first time in weeks, there is a sense of optimism about the greek debt crisis. and an al jazeera journalist walks free after germany decides not to extradite him to egypt. the european union has agreed to begin the first phase of a naval mission against people smugglers in the mediterranean. foreign ministers met to gather intelligence on human smugglers from the air and sea. a later part of the mission aims to destroy smugglers boats but the eu needs the backing of the u.n. mandate. it is hoped that the plan will stop migrants, risking their lives -- will stop migrants risking their lives trying to reach european shores. the refugee crisis has created a booming business for human traffickers. how do they operate? how do migrants contact them? booking a trip with a smuggler can be as easy as a quick internet search. we did our homework today. our social media team gave it a try. good to see you. what happened? >> it turns out this is a lot easier than we thought if you want to

the eu leaders are meeting in brussels. what can we expect? shery: at this point, it is hard to tell. ministersh finance expects concrete proposals by the meeting at 1:00. meeting, leader start arriving in brussels. they will meet around 3:00. a meeting official has said, we are not looking to negotiate on a greek deal at the summit. we are looking to welcome an agreement on greece. before $259s left billion bailout expires on june 30. not to mention the imf payment coming due. we are expecting a lot of negotiations overnight. angie: thanks. you heard what european markets did. let's look at how the deadlock affected markets in the u.s. all of her joins us from new york. joins us from new york. >> you really have to look at the greece situation from two sides and consider it with a balanced mindset. it adds volatility to the market. generally, the market has been trending sideways. without a lot of big news coming the fed is now an issue of september-december. the volatility comes from greece. no one likes uncertainty. but if you really think

we need to turn to brussels, where the news simply does not end. ring fence it's a term from the first crisis of 2007, and then i heard it again used with lehman brothers in early 2009, and now we are ring fencing greece. if key saturday meetings fail, europe may ring fence greece. well, time is pressing according to chancellor merkel. hans nichol social security ring fenced in brussels throughout the week. what will occur today, and how do you and the rest of brussels get to saturday evening? hans: how we get to saturday evening is easy, and that's caffeine and a lot of it. the summit ended last night at 3:00 a.m., and they weren't even talking greece. they stopped talking greece in the middle of the evening because there simply wasn't any progress. what has to happen today is they have to merge these two documents. they have to take the greece documents, the greece proposal and what the creditors are offering, and try to meld them. it could be a cut and paste operation, it could be back and forth. that document whatever melded document they have,

are we going to get something concrete out of this eu leader summit taking place in brussels?crete not only on greece but what david cameron wants. british proposals he hopes will lead to a positive referendum. i will see you nice and early tomorrow. ♪ . . s francine: dicing with default. talks once again failed to produce a deal. >> cameron is ready for the next stage in his e.u. negotiations. finnish businesses urge him to keep the u.k. in the union. francine: cutting their costs. h & m misss estimates. it is a dollar strength hits garment costs. welcome to "the pulse" live from bloomberg's european headquarters in london. i'm francine lacqua.

i'm absolutely sure. >> the greek prime minister is in brussels to name beaning with

the focus now shifts to the eurogroup meeting in brussels.y could decide to avoid default and the continued membership in the area. boeing and airbus are reported to be close to 220 orders for narrow body jets. the orders would be worth at least $23 billion and the orders to began when they open. and the sudan minister has told bloomberg that they had left the african union summit despite a judge's order to keep him in the country, pending a decision for an arrest on war crime charges. he has been arrested for alleged atrocities in the darfur region. let's return to the subject of aviation. the paris air show kicks off today, and we will be speaking to many of the figures in the aviation industry. guy johnson has details for us. good morning. guy: good morning. as you say, 23 billion dollars of aircraft orders could be placed here at the paris air show, and they would probably say -- pay a little bit less, and the big question surrounding those orders, is that a good number, or is that a bad number, because as we know prices have come down to

guy johnson is in athens and hans nichols is in brussels. what are they doing in brussels?s have come out, "yeah but." hans: they have not seen the proposal. they are almost uniformly negative. their pessimism is matched by their confusion. not sure what they are going to be discussing. wolfgang schaeuble said it is hard to have a successful summit if you have not done preparation. the finnish finance minister said "i fear a lot of air miles have been wasted." brendan: you are in athens. i am looking, the greek papers said there were specifics on the deal. changes to the value added tax and pensions. in brussels, not enough specifics. what has come out of greece? guy: an eight hour meeting yesterday. mr. tsipras got his advisors. there does seem to be confusion about what has been put forward. changes may be to the pension system. we have a vat increase. does not seem as if that is gaining traction in brussels. everybody is incredibly optimistic here you saw the stock market rally. the greek banks were up strongly. people are still taking money out of the banks. maybe that

we are joined by hans nichols in brussels -- in brussels. and i just. hans what do we know about greece's new plan? hans: we know it does not been flatly rejected. a fair number of positive comments. we heard from the eu commissioner on the economy as said for me, it heads and the right direction and echoed from another person. it could be basis of talks. we do not know what is going to do to the primary budget surplus and what the new plan that was presented a mr. tsipras had club -- talking with merkel and hollande. they want to have new taxes and levies on businesses with revenues of more than 500 thousand euros and a solidarity level for people making more than 30,000 euros. and three -- the highest will of the 23%. they may eliminate some early retirement but they were not do that until next year. for mr. varoufakis, similar red. -- similar rhetoric. not exactly rhetoric that is calming. she gave an interview on sunday and said the ball is clearly in angela merkel's courts. he said she needs to make the call on monday. the uniform line we are getti

. >> in brussels, the tone was more moderate. the eu's economic minister spoke of having to run a tight ship in the eurozone, but he stressed that greece should stay in the currency union. >> my deep conviction is that we will find a deal increase because that is necessary. >> the eurozone's top brass have all echoed that sentiment, but as negotiations dragged on greece's future with the euro as its currency looks increasingly uncertain. >> but there are still a few days to go until then, and the greek prime minister is back in athens to brief the parliamentarians and bow to the next steps. considering the current mood in greece, do you think that cypress will be able to get some concessions out of parliament, especially from his own party members? >> i think he's facing a tremendously difficult job. if he wants to sell this deal that has been put forward by brussels in the house of parliament to lawmakers and a particular to his own coalition government. i looked today at the greek proposal that has been sent to brussels. let's

last-minute contact reportedly underway between athens and brussels to try to reach an accord over bailout terms for greece. greece looks to the deadline to pay back the imf. another deadline do to be missed on nuclear talks with iran, but officials say they will be postponed for a few more days at the most. indonesian tourist industry devastated by an attack on a beach hotel. the country is said to lose at least $515 million this year. also coming up this hour -- new revelations from wikileaks. the nsa was not just spying on the past three french presidents. it has been spying on french companies as well. and new republican presidential candidate donald trump gets dumped by u.s. network nbc after he makes derogatory comments about mexican migrants. that and more on the way. first, our top stories. genie: dj in greece has arrived. this time the d standing for default. they cannot pay back the 1.6 billion euros it owes to the national monetary fund. greece could get its nest -- next slice of bailout money but only if it agrees to an eu deal on the table. the greek government said it would g

moment and french president francois hollande has been talking about this from the eu summit in brusselsescribed this as a terrorist attack and this is what he said a short time ago. >> translator: there is a lot of emotion but that is not the only solution. we must have action. the situation and never give into fear under any circumstances and not create divisions or suspicions that would be intolerable. >> reporter: paul president francois hollande speaking about a lot of emotion and presumably what he is harkening back to are the series of attacks that took place in talose and outskirts of paris in january, france is very, very sensitive to these attacks and can imagine what happened to the factory has put everyone on high alert about what it could mean. >> well indeed. i mean, this is not a big town but it's now crawling with police and with media and people here are extremely shocked to what has gone on here this morning. the fear of the authorities and you can hear it from what francois hollande just said is that this might actually cause some kind of animosity towards muslim peopl

that crisis is the top agenda item in a summit of you leaders in brussels. amidst heated negotiations, the creditors have offered athens a new lifeline but with strict conditions. the greek prime minister is: that offer blackmail. -- is calling that offer blackmail. reporter: these young women were given a receipt at this cafÉ but that is not always the case in greek shops which opens the door for businesses to skimp on taxes. >> it's -- a person offers me something for not taking receipt, then of course i do without a receipt. the only one that can solve the problem, the recipient of the problem. reporter: greeks are being asked to declare the income to the government but half of taxpayers have yet to file. >> there is fear. and i understand that people are afraid of what tomorrow will bring. this is also why people have not declared their taxes on time. reporter: in negotiations with the eurozone creditors the greek government is offering to extract more money from middle and high income earners. >> it is a failure. these proposals will go nowhere. they wi

ja greece's president is in brussels. greece needs to pay $1.6 billion to the international monetary fund by tuesday or risk being declared in rul, and potential be forced out of the eurozone. laurence lee joins us. talks wrap the up as we last spoke to you. what is the latest you are hearing from there? >> well i suppose it depends on your point of view. either you could say it wept terrifically badly or you could say there's a change of lying in trying to get some agreement. remember the talks from the greek prime minister and the creditors from the european central bank went on the whole of yesterday afternoon, and they haven't got an agreement. the problem they had is it had run out of time before the meeting which is the european union, is supposed to start later today, signing the deal off. they had no choice in the absence of an agreement to present to the finance ministers, meeting shortly for two different seats of proposals, one from the greeks and the other from the creditors and let them stayed with the greek

let's head to hans nichols in brussels. hans, how is it looking from brussels? what is the latest where you are? hans: the important thing to look at is the two votes in athens and berlin, and the sequencing. athens has to go first -- that is clear from german officials -- before there is a vote in bundestag there needs to be a vote in athens. there is a thing called prior actions -- it means a list of deliverables. here is how any you official put it -- "we would like to see these prior actions to be spelled out in the form of a list, a complete list of deliverables." that gets to the lack of trust between the greeks and their creditors. they want to have something that is verifiable -- a distressed but verify. the bundestag could vote on monday or tuesday cutting it awfully close. when you land a plane on the aircraft carrier you catch the last wire -- the arresting wire. that is what it is like. madame lagarde is privately assuring her board that they will make that payment due june 30. the reason why that is important is that publicly she has been a little m

you will take us back to brussels for the latest on those negotiations with greece. marcus: there is still no deal between greece and its creditors, although the talks they continue. a meeting wraps up earlier with a few sign of progress and there will now be another eurogroup meeting on saturday. he will have to wait until saturday at least before we do see it that deal. the argument centers on the savings that greece would offer in return for 7.2 billion euros worth of aid. greece is offering mostly tax hikes, but the creditors want legit cuts. the eu leaders are holding a summit this evening although little is expected to come out of that summit. walking into that meeting the greek prime minister seemed relaxed. >> i think that european history is full of disagreements negotiations, and events and compromises. so, after the copperheads of proposals, i am confident that we will reach a copper my several health the eurozone and greece marcus: for more, i spoke to the director of the think tank frugal institute in brussels. i asked him whether he believes. >> the way

francine: thank you so much stop hans nichols in brussels.funds through the day. guy johnson is in athens. on greek watch and ferarri watc h. guy tweeted a picture of a ferrari in front of the greek parliament. "i am not sure i would park my furry in front of greek parliament." seems bizarre, especially with demonstrations. ♪ announcer: this is bloomberg "surveillance." tom: europe in search of a good basis for progress. tsipras will meet with tusk, d raghi, lagard, finally dijsselbloem. cigna says no to anthem. investor and difference this is bloomberg "surveillance," live from new york. i'm tom keene. with me, vonnie quinn and brendan greeley. what matters to brendan greeley? brendan: there's possibilities there may be debt restructuring. the first time we've heard from the eu side the fact that they may, in exchange for the new concessions tsipras seems willing to make, do what they have been asking for. tom: there were tests in athens. brendan: how much money is leaving athens banks. tom: $1.85 billion friday. t

david cameron is preparing to meet the leaders in brussels. we have seen signs of the slowing in china. the manufacturing index of june has each estimates. it suggests the industry is contracting. it is easing of monetary policy. the european leaders have given the greek prime minister until tomorrow night to make the final push needed to says fight creditors and end the standoff that threatens to split the eurozone. the government submitted a set of reform measures that began to converge with the terms that were demanded by the creditors. the finance ministers will meet ahead of a summit of leaders on thursday. let's take another look at the greek story from a different angle this time. it is filled with megayachts. the party island is unscathed by the crisis. mckenzie got a look at the other side of the country. ♪ [no audio] ♪ ♪ >> we are not greece. ♪ >> it is not greek -- without vacation, it is not greek. >> here, it is different. no crisis. ♪ >> the economy could be better every year, for sure. [indiscernible] we have everything. it is b

nicholsthank you, hans joining us from brussels. pimm: one of the biggest challenges greece faces is not financial but colts role. olivia: we asked larry summers whether this can create cultural change in greece. >> you could coach me or pressure meme or all you want, and i will not be high jumping seven feet. it is just not going to happen. happenedhings that more naturally in one country are less likely to happen at least immediately in another country. on the other hand, i think that it is very much a mistake to determinismlts role -- cultural determinism. people believed 50 years ago that south korea could never prosper because of its culture. in earlier time people believed a confucian culture met china was forever doomed to slow economic growth. there are many, many statements of this is the way a certain culture seems, and therefore, it .annot economically i don't think that is right. i think with the right kind of leadership people spoke even 20 years ago, less than 20 years ago actually about germany as a sick man of europe

what is different now in brussels? >> the important differences this time, we have a concrete -- concrete proposal from the greek government to be discussed. so now, it is certainly positive news. yet.e not at an agreement there is more work to be done based on this proposal, but we have a comprehensive proposal door open. hans: how specific was the proposal? >> the proposal is quite specific. it talks about surplus targets. it is in line with what institutions can be proposing before. hans: 1% primary surplus for 2015? what do they say for 2016 and 2017? >> it is in line with the proposals for the next four years. still somes discussions on whether the by a greekproposed authorities is to say enough, but even so, the proposals are seemsy in line, but it the greek government made this proposal just last night. to shins need more time beforethe technical work presenting a comprehensive assessment. hans: did the greeks submit something on pension reform? >> the proposals on pension reform, on a number of other some of, b

the company will be listed in amsterdam and in brussels.re share buybacks for the shareholders of ahold but they will be given one billion euros. why does it make so much sense? they are both big players in the united states. yes, they are big in there home countries in brussels in amsterdam, but they will combine to make the fifth biggest u.s. supermarket chain. they were finding there was more competition in the u.s. they combined their ahold and stocks and shops. food lion is owned by delhaize. bring them together and you make a better competitor. they will see cost savings. 500 million euros will be saved per year by the third year. you will get the odd cost, but you will also be aiming the dividends of the shareholders to 40%-50% of adjusted profits. his is a giant deal that takes form and overall it is ahold taking the reins. it is a purchase rather than a merger. mark: that is the deal which is on. which is off? caroline: it is about telecoms. we are seeing the negative effect on the stock market today. telemarketers in france are fa

at 2:00, mario draghi speaks to parliament in brussels.miss that. 2:45, the ecb publishes its weekly qe details. the fed meets. we will give you the latest rate decision and statement as well as the news conference wednesday evening. on thursday, the eurogroup convenes in luxembourg with greece in focus. also on thursday, we get a rate decision from the swiss national bank. a lot going on. equities heading south. the dax off by over 1%. yields in spain and italy heading north. after the break, it will be "the pulse." ♪ . francine: open for busy. welcoming foreign investors for the first time. talks with creditors collapse after 45 minutes. battle for air supremacy. the paris air show today. airbus competing for orders that the total more than $23 billion. live in dubai and paris with his stories. ♪ francine: welcome to "the pulse ." i am francine lacqua.

live in brussels. activists in syria say there were ten people killed by barrel bombs dropped by forces loyal to bashar al-assad. several people were killed in the headaches. syrian government has denied using barrel bombs which basically large containers filled with explosives and shrapnel. more than 200 people died in intense heatwave. most of the casualties have been in the southern port city of karachi. most of the deaths were due to heat stroke. >> it was a sudden loss for this family whose relative died over the weekend. >> he fell as a result of extreme heat. we took him to the first floor forest. when he didn't come for noon prayer we went to find out why he didn't come, and he found him dead. >> dozens of people died over the weekend. many here are fasting for ramadan meaning that they don't eat or drink during the day. it's been one of the hottest summers in years and hundreds of people have been brought to hospitals. doctors say many have suddenly lapsed and suffered from breathing problems.

half past seven :00 in brussels.t get a look at what's happening in the foreign exchange markets. we've had a good rally over the dollar in the last nine months up until march. it is reevaluating observations. since march, we have come off highs on the dollar. they question going onto the decision days of the fed is is the fed going to be on track for its first interest rate hike since 2006? they are giving us a clear indication that we aren't going to see an interest rate change today from the fed, but watch out for the expectations of the members of the fomc of where interest rates are going to go over the next period. how high our quarterly borrowing costs going to be? that is going to be followed by janet yellen's press conference where the focus will be on the pace of interest rate hikes whence the cycle does start. in the last stock plot we got from the fomc members in march, they downgraded their forecast for how quickly we will see them rise. that was one of the reasons why we saw things moving sideways or do

we're particularly looking at the talks taking place in brussels. we're looking at athens where they're preparing for a referendum and then the crucial talks in vienna. www.aljazeera.com. the science of fighting a wild-fire. we're going to explore the intersection of hardware and humanity and we're doing it in a unique way. this is a show about science by scientists. tonight, techknow investiages dirty gold. see the color of this river? this is not normal. inside the illegal gold trade.

now the ref run dumb was defended earlier in brussels. they said neither do they have the mandate but neither do they have the authority to accept it. that, he said, has to be done by to be done by 50% of the greek people. it's a bit of a fig leaf of an excuse but it demonstrates that this government did not feel it got enough of what it wanted even though it's position was greatly approached at the end of the week by the counter proposal by creditors but it is evidenced that they're worried about party unity and national unity if they having professed in the election in jab that they would not bring any austerity measures and then proceeded to do so. they also made clear how unhappy greece's eurozone partners are. saying as much as they regret to reject what was on the table even though talks were not concluded even though prime minister alexis tsipras said that he did warn them by telephone. >> thank you. >> the tunisian government is dismissing reports that a group linked to isil is behind friday's attack on a beach resort. the tunisia

here is our report from brussels. >> it has felt like a never-ending saga. but now the end may be looming. greece really is running out of money. it could default on its debts in days. germany, trying to avert a crisis knows it may have to agree to new loans. this summit was made to stave off the financial crisis looming. >> all cards are on the table. it doesn't mean we are going to change details, but it means they want to stop to end this political gambling. >> to me what is important now is to get information. that is what they want and propose. it is 30 seconds to 12, so it is important to find solutions. >> last night, greece's prime minister put a new deal on the table. they hope to unlock europe's cash. >> looking for a substantial and viable solution. >> with a playful slap, europe is trying to coax him to ditch some of his election promises in return for the money. behind closed doors, finance ministers were picking off the details of greece's new offer. still nod satisfied time remains before the bailout deal is done. on pensions, greece is being

t on household bills and other services andrew simmonds is live in brussels where the finance ministersre meeting. let's go life to athens this idea. the referendum letting the people decide what do the people think of that. >> well this referendum is quickly picking up proxy value here. nominally the question is do you or do you not accept the latest proposal from creditors, which is an austerity package, which you rightly outlined just now. the proxy value of the referendum is really to test the resolve of the greek voters and taxpayers on continuing along the course of balancing the budget and producing primary surpluses required for it to remain within the eurozone essentially, because those are the terms that lenders insist upon to continue financing its debt. should they stop doing so, greece will default and inevitably finance experts believe in bankers, and full out of eurozone as a result. on the political side of things. the government has already spoken. the prime minister expressed itself obviously against this austerity package. we heard the interior minister speak in perso

the latest out of brussels. to a greek government official the prime minister will hold talks with them on friday. it would be bad if they didn't hold talks. >> i was going to mention one from a viewer lock them in a room without food and only water until they come to an agreement. do you know what it's not a terrible idea. >> not a terrible idea. >> it would force the issue, wouldn't it? >> no. they have been subjected to a lot of sleep deprivation over the last three or four or five years. i wonder why they haven't achieved a deal given that they all want to go to bed. >> and julia has to stay up and have as little sleep as they have. >> the global m&a boom will exceed $3.4 trillion before it peaks in 2017. that's according to a report from baker mckenzie and economics set for release on monday. grexit, brexit and china present risks to the forecast. joining us to discuss the report is tim. thank you for joining us this morning. i'm just thinking about the potential deal between potash and k and s in germany a

andrew simmons in brussels. there is still a lot more to come in this al jazeera news hour. including... [ explosions ] >> the battle for kobane. pushing back isil from the syrian town. >>> and reports of intimidation as burundi prepares for elections. >>> and the quarterfinal between argentina and colombia, we'll tell you who is through to the semis later on in sport. >> the tunisian government is dismissing reports that a group linked to isil is behind friday's attack on a beach resort. the tunisian prime minister said that the gunman has never traveled never travel and was not previously known to the police. moments of terror when 39 people of bun men were killed. >> they stood up and were running really fast. run, run run. also security. they caught up to run run. go to your rooms. runaway. everybody picked up what they had. nothing, everybody was running. telling us to go inside, go to the bar go to the rooms. it was like in war. >> and pictures have been released by an isil affiliated group of the man who suspected to be behind the attacks. there have been a rush of to

tsapris has been meeting in brussels.it will be quite difficult testy talks one would imagine. >> yes, the deal needs to be made by the end of this week because us the deadline is monday next. they're up up against it at the moment. they were supposed right now to be the start of a you're zone finance meeting discussing the proposal in order to present them to the heads of state of the european council, which is supposed to meet tomorrow. that meeting has not started yet. only a few have turned up. the reason why they have not bothered coming yet is because the talks of greece have been going on all afternoon and they have not finished yet. there is a diversion now between what the greeks have proposed which they say was very difficult in terms of the domestic support for increased tax for pensioners and little businesses and these sorts of things which they said would raise the requisite amount of money. they put those forward. with you then today they were rolled out as being completely insufficient by the creditors and

before we get a view from brussels. let's bring you latest flashes coming from the swiss national bank. jordan the head of the swiss national bank says the swiss frank is significantly overvalued. there's no valuation and switzerland must face challenging time. the swiss has strengthened not too much off of the back of this. it comes one week after the swiss national bank kept interest rates on hold. these comments the prereleased version of a speech he was scheduled to make later today. another day and another round of tough negotiations ahead in brussels. greek prime minister is meeting with creditors this morning after both sides failed again to come to a cash reforms deal. wrapping up talks last night a number of finance ministers expressed exasperation that the basis for an agreement wasn't on the table yesterday. this amid a stalemate of taxes, pensions, and labor reforms. julia is on the pulse of those negotiations and joins us live from brussels. >> thank you. the talks between the greek prime minister and credi

this calls today's meeting in brussels the mother of all summits. thereit says there is no mistaking this is the most crucial time of all. it is optimistic of a breakthrough. the headline is "athens steps over redlines." it says the greek government will accept the proposal from brussels. >> this is an intense week for the eurozone. there is another summit later this week which will study reports on how to better integrate the eurozone. are there big changes afoot? >> there might be. for some, they may not go far enough. "the financial times" is calling a strong advocate for reform and giving greece a fair deal, he says the real challenge is to save the eurozone. he has backed down from his earlier claim that a grexit would be cataclysmic for europe. he says it would still be symbolically and politically damaging. it would mark the moment from when the eurozone moves to disintegration. he says the eurozone is not sustainable and new treaties are required to fix it. he despairs of that happening. he says the finance ministers signaled that last week'

so how significant is it then that the greeks sent back a team to talk on a saturday in brussels. yes, the message. i.m.f. was a message for both sides. for greece and the european lenders. european central bank and commission. it was a message that gave momentum to the negotiation. they stress that the negotiating teams have to address, were at the lines for each side. a red line for the european side. here on the break public debt and the red line for a break government side. it's the pension system for retired people. the i.m.f. after... >> sorry to interrupt. what do you think the greeks would be prepared to offer, if they say they won't touch pensions, that's a red line. what do you think they could be preparing to offer? >> yes, the greeks suppose it's ready to scrap their retirement possibility for some categories of working people. and given the greek system, it will be a very important step to reform the pension system. both sides do. >> if that's the case would that be enough. would that satisfy the eurozone creditors, and bead the i.m.f. the i.m.f. that pulled out the t