with the ceo of the bank of cyprus.on will be at that news conference this afternoon and we will give you full coverage later in the day. >> that will be with me, we will introduce him and listen to what he has to say. up next is another ceo. enter exclusive interview with olivier piou. ♪ >> this is "on the move." revenues came in at 5% higher and the company raised its long-term profit goals. joining us now is olivier piou. great to have you with us this morning. your dividend is beat and you retained your guidance for 2017 and when we think of your business we think of cyber security and bank cards and the chips that are in that and payments in smartphones. holding those targets, where are the earnings constantly going to come from? will it be the chips or the software? which part of the business will perform? >> first the values components are growing simply because the industry becomes more and more mobile and more and more digital. it needs our technology for security. it used to be more sleek telecom space and as

cyprus -- russian tourists were coming to cyprus for many reasons. you see the weather, how nice it is. secondly, the fact that cyprus is an orthodox country has made people feel more comfortable. but the crisis in russia, the crisis of the ruble and so on is affecting. i'm afraid that the number of tourists that come to cyprus this year will be smaller than before. jonathan: in terms of foreign policy, things are tense. cyprus is finding itself in the middle of that. you see the current president talking to putin. .wait a minute -- >> wait a minute. this thing about the ports of cyprus, there is nothing to worry about. what they are providing is humanitarian facilities. they are the same for everyone. cyprus cannot afford to have been relations with russia but cyprus is a member of the european union and has to follow that policy. jonathan: do you think there can be a bridge between the european union via cyprus towards russia? >> i would be very happy to see that happening but i'm afraid that would be a very small bridge. jonathan: what is the bigg

crime area, and even -- crimea and even cyprus.reement was signed allowing the russian military to use its seaports. joining me is hans and your gale. cyprus's energy and commerce miniature -- minister. to what extent is russia using your seaports and perhaps airports? let me find exactly what was signed. already an existing arrangement allowing russian vessels to use cyprus for spares death for spare parts. it is not like it is a military base, an existing agreement enforced for a few years now. >> now you can ask your question. >> yes, i think, full disclosure, someone who works for me is ukrainian and has very not so positive feelings about russia at this when he highlighted this as a way russia was using to get influence of europe through one of the members and destabilize things. what you're saying is that is not the case. >> let me say one more thing during the bilateral meetings in moscow. the presidents of cyprus highlighted the eu's position in resolving the crisis in the ukraine, especially based on the agreement we see v

again, we discussed italy and cyprus cyprus. again, turkish position was clear. we supported the plan at that time and i suggested to mr. binky moon that we now a ban ki-moon plan before the end of his term to end this long-surviving crisis. we ask cyprus to come to negotiation table and we need to have an international meeting and conference as early as possible, like what we did in 2004. many things have been discussed on cyprus question instead of provoking the atmosphere it is better to come around the table and discuss. in this case again, we support mr. addes efforts as special envoy. he is doing a good job, and we support his efforts, and we will do everything possible for a sustainable peace in cyprus. on other issues like g-20 presence of turkey we briefed mr. moon on turkish priorities on g-20 and he raised -- he invited us for a meeting of of -- [ inaudible ] meeting of [ inaudible ] for -- to fight against intolerance and extremism, by religious leaders. there will be high level participation from turkey. we will support any conference meeting, forum,

jonathan ferro in cyprus as the ecb meets. in the hands of "on the modeve>' ♪ >> very good morning and welcome to "on the move or co i am manus cranny. -- "on the move" i am manus cranny. the ecb convenes in crisis for the first time since the crucial qe announcement. we wait for the latest on mario draghi's trillion dollar war against deflation. and the six-year anniversary of a record low rate, will governor mark carney file for divorce? that is the question. 7% is the goal for 2015, but is that too ambitious as the nation faces the headwind. and abbvie will by the pharmaceutical $421 billion. much more to come on that story. euro stoxx 50 up 1.5%. the german factory orders did little to quell the market. let's get to caroline. >> 20 seconds in, how is equity markets shipping up? we are tentatively higher ahead the ecb, the bank of england named its central bank frenzy today and economy frenzy.

jonathan faro in cyprus in 17 minutes.loomberg terminal and link it in with joseph nye. is the american century over? here is a depression -- slope matters. this is the atlantic charter. the bottom for america in the 20th century. it was ugly, ugly. we suppressed the news for six months. then up we go and there is carter malaise here. this is your american century. things look pretty good. do you presume this continues on forever? a metaphor for your international relations? >> never forever. on the other hand, we can often make mistakes about timing. an english statement from the 18th century after the american colonies were lost said "now britain is reduced to a miserable island like sardinia." that was the eve of britain's second century. not forever, but for quite some time. >> we been talking about the reasons people want to come to america. what is the business environment like? >> we have lots of problems but on the other hand, if you ask where do you find a mortgage of neural culture -- more entrepreneurial culture

deposit sieges -- for the people of cyprus -- i spoke to the ceo of the biggest tank in cyprus. he says, we are not involved in qe until we push forward reforms. q e-mail not make difference at all. -- qe may not make difference at all. betty: what is success when it comes to here? >> they are worried the flechette will become entrenched . they also want to get lending up from banks to companies so they can change the credit conditions. before they have bought a single bond, look at where the euro is trading. is it about pushing down the euro? if that is what they want to do by any means, this is a success before they purchase a single bond. betty: jonathan, thank you so much. basking in that sunny glow. euro trading at an 11 year low. janet yellen spoke broadly about efforts to ensure financial stability. she also took aim at ethical lapses at large banks supervised by the fed. >> these incidents in their totality raise legitimate questions of whether there may be pervasive shortcomings in the values of large financial firms that might undermine their safety and soundness. bett

the money would support the domestic social programs that cyprus wants to implement such as tackling youth unemployment. >> speaking of loans ukraine has received the first $5 billion trench of a bailout plan from the imf. >> kiev has been given a rescue package to stabilize the economy of the war-torn country. soaring public debt forced them into consultation with creditors. the government has until june to reach an agreement on restructuring debt. let's take a look at the equities market and see how they closed out the week. the dax was up, having a strong day. the euro stoxx 50 also. the dow is going down at the moment. the euro continues its downward course against the dollar. >> a ceremony has been held to mark the end of british military operations in afghanistan. >> the armed forces led the congregation into st. paul's cathedral, joining politicians. relatives of soldiers who died in action also attended. the archbishop of canterbury blessed a cross made out of showcasing. >> israel is going to the polls next week with benjamin netanyahu hoping to win another term in power. >>

so dark there in cyprus. bloomberg's own jonathan ferro. the break, we will ask a member of germany's bundesbank whether he thinks quantitative easing will. work stephanie: and why arby's sales are rising while mcdonald's are not. ♪ stephanie: let's get you up to date on the top headlines. the winner of the multibillion-dollar fight is abby. the drugmaker has agreed to spend 21 billion box to you by pharmacyclics. they ousted johnson & johnson at the last minute. it is a pill that avoids some side effects of chemotherapy. and china has not set and economic growth target this low in 15 years. the chinese premier says he wants the economy to grow 6.7%, down from last year's goal of 7%. china is facing headwinds. he is trying to rein in another problem that the country faces. >> our tough stance on corruption is here to stay. our tolerance for corruption is zero and anyone dealing with corruption be dealt with seriously. we will see to it that any instance of corruption should the seriously punished. stephanie: last year china's economy grew a

we have a very close geographical proximity to greece here in cyprus. loads of greek journalists are here and want to know if they'll be more friendly to the country now as the new greek government agreed to undertake reforms but there's also the odds that the ecb is not believing in the credibility right now of what they're hearing from greece. with that back to you. >> thank you very much. we'll see much more of you here throughout the show and also for our special rate coverage program coming up after this show. joining us now here in the studio to continue our discussion is janet henry. chief economist at hsbc. good morning. >> good morning. >> what are you anticipating to hear from the ecb today and more importantly how much of a reaction would you think it could have on markets, on the euro, on bonds. >> overall i think the reactions are going to be pretty muted. this is going to be all about the details. we'll be pouring over the detail of the growth and the inflation forecast. all the execution details regarding how they're going to do the qe. o

that start with the european central bank meeting in cyprus today.eporter: 1.1 trillion euro to boost. he will be asked when he will pull the trigger on the so-called big bazooka. they plan to buy 60,000 euro. that figure is a negative figure, below zero. we have falling prices in the eurozone. the bond-buying policy is already having an effect. >> it is absolutely coming on the stronger end. they announce the ecb -- they have not initiated and the data has turned up. do not expect any headline printing coming out of this meeting. ecb will stay on the path. they want to see how the qe will impact the market. they will take further matters from there. reporter: look at the currency markets. the euro falling to an 11 year low against the dollar. it is down again in trading. on the stock market, trading is up slightly. the london ftse near record highs, cap by an insurer trading up by 5% after a healthy rise in profits. interest rates on the quantitative easing program are unchanged. anchor: let's come back to france. three important letters when it com

the cyprus meeting of the european central bank is tomorrow. jonathan ferro is on his way to cyprus, as we speak. let's look at some of the other movements. euro yen is finally moving. euro sterling. this is what francine lacqua looks at every morning. further sterling strength versus the euro. down at the bottom, 111.24. this is the spread. this is great. this is the five-year 30. good feeling ugly here is that fed induced sweetness and the curve. i don't hear many people signaling recession down here but this has sobered up the economists. >> i think the thing we are all trying to figure out. is this no hope for the future? or is this secular stagnation? >> they instituted a steep yield curve and the great distortion. debt. >> the other thing to look out is see how narrow this is? this is janet yellen, mario draghi, and the rest. thanks to john herman for that. i will still from anyone. i will steal from brendan greeley anytime i can. i try to do it every morning. what we try to do in washington is steal from mr. cook. this most important cas

at a news conference today in cyprus draghi said the stimulus will help the econom

it is the peripheral economies that need it most and bonds from greece and cyprus do not qualify. that could change but if it does, their fears it will put the brakes on the political will to bring reform. >> the other concern is extra liquidity will end up in equities as investors search for a quick profit, creating a bubble some say is already forming. >> with greece and qe, it's a lot for investors to digest. let's see how the markets moved. the dax was up by about .25%. the euro stoxx took a loss to close at 3610. the dow where they are still trading in new york, 18,022. the euro is slightly up against the dollar. >> check your wrist -- apple has given its fans the news they have been waiting for -- details on the apple watch. >> at an event in california chief executive tim cook called it the most advanced timepiece ever created. >> apple watches the most personal device we have ever created. >> tim cook's announcement has put it into all the speculation since apple watch was announced in september last year. but watch wirelessly links to iphone, offers apps for fitness and c

cyprus tried the game and they got trouble and bitterness. >> thank you for joining us. we are back with -- from j.p. morgan. let's pick up on greece. where do you focus your concerns around the greek situation? what are you protecting assets against? >> we are looking for a european solution. it is risk within the eurozone and he is keen to stay within the euro. it would be dramatic to have a grexit. this would be more manageable then a few years ago. there is no such thing as the periphery. we see improvement elsewhere and we do see reform. we're looking at the growing economy. the systemic risk is less important. the future of europe would be very dramatic. we do hope common sense will triumph and we hope he will big knowledge -- acknowledge the way forward and we are doing the same. it is a reform in all countries. risk should ignore this is good for greece. >> the athens stock exchange is down. it is a positive trend in the first quarter. it is help for the greek market. is that how things would play out if they were compromised? >> we have seen that in the past wee

ecb chief mario draghi and his colleagues meeting in cyprus have also announced that the ecb is keeping its key interest rate steady at 0.05%. >> investors are closely -- have closely watched that ecb policy meeting. let's bring in our correspondent who is standing by at the rank for stock exchange. how has this news gone down with investors where you are? >> well, the german dax stock index reached another record high shortly before the press conference that mario draghi gave today in nicosia had started, but this press conference confirmed the optimism at the market had shown before the growth predictions for this year and next year by the european central bank were revised upwards while the inflation outlook, at least for this year, was revised downwards, which means that the european central bank probably will really keep its bond purchase program on for a considerable time. >> how soon can we see the effect taking place after now this plan being implemented across the european union? >> that is a discussion which is really going on on the trading floor and it will really look and s

cyprus. world -- the word toolbox. it's a lot harder now with this geopolitical ballet we are all dealing with day to day. robert: the big, broad issue is the rise of nationalism in the world. we have putin most notably. tom: do you know where he was. robert: i don't know where he was. how would i know? olivia: it's interesting to see this playing out in greece and spain, including england. a rate hike too soon could cause global instability. do you think that janet yellen has the monetary responsibility to make decisions for the global economy? robert: it seems. what is margaret rome -- mario draghi doing? he is repeating our quantitative easing. tom: christine lagarde says the u.s. is the central banker of the world. do you agree that janet yellen is the central banker of the world right now? robert: i was it is a bit of an overstatement. but psychologically the u.s. is the hope of the world. it has the finest new technology ahead of this fracking business. things are happening here and it'

robin, do you think we will see capital controls, like in cyprus?obin: i think that the type of scenario we are discussing, if in fact it comes to that, i think that anything is fair game. i do want to emphasize one thing, which is the market here is sort of, a, i think, being a little bit complacent on the risks around greece. be, what the market is trading at the moment is cyclical rebound in europe and some of the data recently being better. think about what is happening in greece, it is basically an economy that has been struggling for many years. the structure of reforms are obviously painful to do, but now with the deposit flight that jens: quite accurately talked about, that is a huge shock. the banking system is now basically taking it on the nose, which is tightening financial conditions and effectively acting like a big rate hike. so, the economic situation in greece, while we were all focused on will they or will they not get the money, the economic situation is deteriorating. what it means for the institutions negotiating this package th

in cyprus today, the european central bank president mario draghi says the central bank will begin itsond buying program on monday. an effort to divert inflation. mario draghi says the eurozone government must do more to fix its own economy. >> structural reform is being implemented swiftly, credibly, and effectively. this will not only increase the future sustainable growth of the area, but also raise expectations of higher incomes and encourage firms to increase investments today, bringing forward the economic recovery. mark: six june -- since june they have offered long-term loans from banks. economic growth targeted more than 15 years at the people's national congress premier league, 7% growth this year was called for it, down from simply 5% in 2014. last year, china passes economy grew at the slowest pace in a quarter-century. the number of people filing for quarter -- for benefits the highest level in more than nine months. the harsh winter wet -- the harsh winter weather. tomorrow, we will get the jobs report for february. the survey is looking for an increase of to a jet 45,000

lawmakers declined to accept the contribution they do not want to exploit each the spokesperson clarified cyprusbution. >> darya: coming up we have the latest information on our breaking news story san jose police officer shot and killed and then the gunman found dead in this morning. five of 53 degrees big story the warmup begins 76 today i love my mileageplus® explorer card. we're saving our united miles... ...for a trip to hawaii. we love free checked bags. i've saved $75 in checked bag fees. no foreign transaction fees means real savings. we can go to any country and spend money the way we would in the u.s. one of the best things about priority boarding is you can just get on the plane and relax. i put everything on the explorer card. i really want my united miles. hey. these are good. what have you been feeding us all these years? kfc popcorn nuggets. 100% white meat, extra crispy, and made from the world's best chicken. try our kfc bucket and popcorn nuggets meal. these don't even come with a toy and i don't care. for those who appreciate quality and precision, here's grounds for celebrati

pollen counts, and some of the other facilities do pollen counts so we were picking up juniper and cyprus. >> there i see this thick green stuff everywhere. >> all of the places i've lived i've never seen more allergies than here in the bay area. there's so much pollen. >> everyone i know has allergies. >> live in a bubble. >> as well if your kids are allergic don't have curtains because curtains -- you don't want that. stay indoors keep the windows closed. >> this year everything's blooming early because the weather's been so nice i think it's going to be a tough one isn't it? the past and the pollen, still have your pets sleeping in bed? >> more bad news. we're sorry. >> making national headlines this morning, a maine mother wants answers after her daughter was attacked by another student at school and it was caught on cell phone video. >> she says the video is disturbing and hard to watch. her daughter getting beaten outside of waterboro as other students watch the attack and continue walking. she says her daughter has no idea what provoked the attack and says the girl taking the cell

they leapfrogged cyprus into third place. 13 in total. the czech republic had winning records. of group b with a 3-0 victory. scoring twice, and italy scored a late gull in bulgaria. to tennis, world number one. novak djokovic booked a place in the third place. they beat him in three sets, racing through the opening set taking it 6-0. they fought back in the 7th. however, that was to be the highlight of the match. novak djokovic raced his game in the siding set on the way to completing a 5 foot 7 win. kei nishikori advanced beating his opponent in the second round. they won 70%. in the women's, number onecm is through to the third round. they showed a few signs causing her to withdraw. but she managed to beat monica. beating him in straight sets 6 foot 3, 6 foot 1. the golden state warriors sealed the conference for the top seed. in portland the blazers beat the nuggets. starring with 32 points. the play of the night goes to denver. getting the assist of an unsuspecting group. testing the play-off. they will end three behind in the final quarter. a triple from niklas. opening t

european court of rights which has already ordered turkey to compensate those thrown out of northern cyprus 50 years ago. there are still living memories. president obama a couple of years ago had tea with a genocide survivor who was 103 and the world's most famous armenian. that is -- it is still for children, grandchildren. these people live it. i'm an australian actually and we were the reason we were on the anzac beaches on gallipoli and my great uncle was shot by a turkish sniper. i don't remember him much because he volunteered to fight the turkish sniper. it is different with victims of an international crime. i think this is not a tragedy as genocide deniers call it. it was a crime, the crime of genocide as we now call it. then we called it a crime against humanity. it has been unrequited. i think today there are 2000 churches in turkey that had been expropriated by the ottomans. they should be restored. ethan: on the one hand, we have the turks. they are the ones being accused of having done this and they say no, that is not what happened. there is a geopolitical issue as well. the

he said angela merkel and cyprus of aggress needgreece need to come together.hat brings me back to actually what we should be talking about here and that's the humanitarian crisis in the country and how they meet their debt repayment and how they fund the country going forward. not anything else. >> julia, thank you very much for that. as i said great work over the weekend. for more on the story check out our website c nbc.com. >>> february industrial production numbers are out at 9:15 eastern. production is forecasted to risen slightly last month. some are concerned it may slow down the manufacturing component of the index. that's something to watch. at 10:00 a.m. we get microsoft giving the keynote speech at the convergence event in atlanta at 8:30 a.m. eastern. he's expected to highlight innovations to help businesses get more meaningful insight from big data. >>> we want to point your attention to shares of netflix. a bold call downgrading netflix shares today. cutting the price target to $380 from $450 a share citing an intensifying competitive environment

human rights has already ordered turkey to compensate those expatriates that they throw out of modern cyprusears ago which were living memory. president obama a couple years ago had tea with a genocide survivor who was 103, the world's most famous armenian who of course was kim kardashian. it's still for children, for grandchildren. these people live it. and you know, i'm an australian actually and they were the reason we were on the beaches and my great uncle was shot by a turkish sniper. i don't remember him much because he volunteered to fight. the turkish sniper was lawfully depending his own position but it's different with victims of an international crime. that's why i think this is not a strategy as genocide deniers call it. it was a crime. the crime of genocide as we now call it. then it was called a crime against humanity. and because they are victims of crime and it's been unrequited, i think today there are 2000 churches in turkey that had been exappropriated and they should be%< restored. >> on the one hand we have the turks of course and they're the ones being accused having do

>> from greece, cyprus, portugal, spain. italy stands out as not suffering from contagion. is quite interesting because we are beginning to see stories. selling up part of the duty-free business. media bank and protest the it is interesting. tell me why you like the banks? are you long on the banks? when did you get long? >> we have been long on the banks over the past year. we are starting to see some metadata from italy. business conference, again, the numbers are well up. particularly for the banking sector, it is going through some restructuring on mutal ual banks. you will see some of the branches rationalized. manus: ubi is up 20%. those are pretty hefty performances. >> they came from low ratings. some of the spanish ones for example. mark: on a sector basis this is up by 33%. the banks, oil basic resources and utilities. what will we see in the second and third quarters? >> they are worried about the current lack -- there are not any potential for profits. we are seeing some inflation picking up. the revaluation of the euro if that does not restart europe's industry

greece is quickly running out of money after four hours of talks in brussels cyprus put a positive spin on the issue. >> i hope after this the liberation -- deliberation, all the sides will try to do their best to overcome the difficulties as soon as possible. stephanie: no firm deadline for when greece could run out of money. eurozone officials say this only a matter of weeks. american airlines flying high today. at the close of business, the company will be added to the s&p 500. little over a year ago, american was in bankruptcy. matt miller asked the airline ceo why it should be part of the index. >> we should be in the s&p 500. we are the largest airline in the world. those are metrics that get us well into the s&p 500. this is an airline in bankruptcy 15 months ago before the merger. to be in the s&p 500 15 months later shows the strength of the merger. bill: we will be hearing more in the next hour. stephanie: they have gotten a lot about of this slogan -- nike just did it. shares rising this morning. nike posted fiscal third-quarter profit that did be estimates. one reason, its i

jet upper cyprus all trees are among those causing the most problems and are dry weather is making thingscatherine: doctor strub said as we are seeing longer seasons for some pollens and she has stepped up medication for some of rapacious. allergies are the sixth leading cause of chronic illness in the united states. >> reporter: what have a comfortable pleasant evening gigabyte outside tomorrow. taking a look into saturn were expecting a record one we may even crushed and records that set back 70 years. we can't rule out a late dayspring go for the extreme northern tier of sonoma county. >> grant: with a take a look it says it is impressive but no doubt dangerous. so do not try this. the idea is to show you what it feels like to be an expert skateboarder without actually having to break any bullish yourself. this is a goal pro video of a deer devil speeding down san francisco in for muslim lombard street. the kurds making four harrowing moments then the guy on the board below stop signs and sales passed or is on foot. go pro based in san mateo is changing in the way people document their

cyprus will update lawmakers on talks.over the weekend he warned that he will not cross red lines by cutting wages or pensions. let's go to athens for our reporter. it us an update -- give us an update. >> they are taking measures they call them red lines. he says it looks primarily with the surplus and an additional collection of caribbean revenues. officials say that the list is somewhat inadequate and big, far from the-benefit analysis they are looking for with a timeframe for when they will go to parliament to be voted for. it seems that this week or even the next is unlikely and this creates a big problem because as everybody knows greece has a cash crunch and it is worse everyday. there is 1.4 8 billion euros and half of that is foreign investors so the government will have to cover that. on the ninth there is an imf loan repayment. at the same time, on april the eighth. this will create much more uncertainty in greece and i expect deposit outflows to keep rising. the system has lost almost 30 billion euros this year

that happened in 2013 in cyprus.f you are a household with more than 100,000 euros in deposits in the bank, which is the ceiling for insured deposits that is quite a lot of money. well, it is not massive but it is a fair chunk for a normal person in the bank. if you are a company with working capital you do not have to be that big. you would probably pull it out. brendan: markets in athens, mentioning the possibility of capital controls. tom: a la twitter question of the day. coverage through the morning. this is on the middle east. is yemen the new battleground in a troubled middle east? @bsurveillance. stay with us, this is bloomberg "surveillance," good morning. ♪ tom:. good morning everyone rain in new york. spring this weekend. here at 59th and lexington. to the far, far west in new jersey. good morning, it is bloomberg "surveillance." a morning must read a while i stream out my blood type. -- bow tie. david brooks in "the new york times. "hthe crucial swing voters will be light and hispanic college graduates in

secretary, what are we doing right now in terms of the european union governments such as hungary, greece cyprus, those nations that have been opposed to additional sanctions what have we been doing to talk to them about the need for sanctions? >> despite some publicly stated concerns, those countries have supported sanctions in the council when the leaders come together. we continue to talk to them bilaterally about these issues. i will make another trip to those countries in the coming days and weeks. we are working with the commission to continue to design sanctions that if we needed to use them and they need to be applied in deterrent or actual have more of an effect on russia than on the european economy or our own economy. that is part of the conversation we have. >> in that consideration of sanctions, does the administration support expelling russia from the financial swift system? >> i think it would be better to not get into details of potential answers we could take. the framework we evaluate all potential actions is basically the impact they would have on russia and the russian econom

i like the stocks in the semiconductor group like cyprus where you have connectivity. the connectivity internet of things is spurring a lot of really good semiconductor stocks, whether it be corvo, avago, cypress. it is certainly not a pc market. pc do not look at the companies that go -- i said don't worry about c-gate. i'm worried about c-gate. i don't care. the stocks that are down big tend not to recover in a given year. >> corvo was my stock of the month last month. >> if you go to the website of corvo -- >> not cuervo corvo. >> when you look at corvo, what you see is an actual website that says listen we are now able to do better against apple and samsung. if i were apple and samsung, say wait a second could you not put that at least on the website? but that is about no longer being pitted against each other to be able to get business. i like that. sky works -- >> jim, look how good you are. that was the next company i was going to ask you about. >> put together a remarkable company and stocks not done going higher even though it's up 40% for the year. >> piper j