deutsche bank is making a run this morning. some individual names are certainly worth taking a look at this morning. george osborne has reappointed the cafferty of the npc. npc. tesco is up 1%. potentially after mr. clark's termination. deutsche bank's flat at the moment. the challenges will be raised. vodafone is up 13% -- .13%. what they have said here is that the standalone process for vodafone is something they are questioning. they need to reset the dividend strategy. they need to contemplate taking liberty as being the senior role. that is something they are saying. operating synergies could amount to $22 billion. they really do like that tesco news. after that payoff to mr. clark. the mining companies, why am i surprised? china's growth numbers are disappointing. the aussies are worried about the chinese level of growth. of course you are seeing billy's up. glencore is up. that will be one to keep an eye on. rio tinto up .80%. we will wait to see what these pmi's bring us. jonathan: what a busy morning. french pmi's comi

brendan: help understand the difference between deutsche bank and deutsche land.some commercial ending that goes out. there's also commerce bank. this was part of the strategy review. then going to trim it off and take the remaining shares and ipo than that share. you can make the same case and put it in a similar bucket as loose tom the -- as lufthansa. tom: i want to get back to the sweat in the board room and the sweat among mr. jain in his -- and his newly attended managers. what is the overlay of this american management and leadership practices or does that have nothing to do with the dialogue? hans: everyone came up through the same league. the idea that there is a distinctive american approach to the management of this bank, not sure if that is a factor. mr. jain started off his press conference speaking german and then he switched back because he wanted the clarity of english. the translation remained in english. tom: that is brilliant. brendan: hans nichols, thank you for helping us understand what is happening. today marks another round of washington ve

do the changes announced at deutsche bank allow your concerns?e reshuffle, but we considered it a stopping point. the fact that it was done -- they are reshuffling things. that is not quite the change we would like to see given our concern of the performance of the management board. erik: what would you like to see? hans-christoph: the implementation of strategy the failure to reach key targets, concerns about dealing with litigation -- there was the recent libel settlement. what people would really like to see is for the chairman to step back and take another hard look at the people on the board and see what they have done over the last three years. then take the consequences and look possibly at new faces. olivia: do you support the broad strokes of the strategy overall? deutsche bank wants to double down on trading and not go the way of ubs and not focus on wealth management. do you think that is the right strategic direction? hans-christoph: there was the big strategy announcement last month. it's a little unfortunate, they have not been long

what deutsche bank shares have been doing.of the investors said they are not necessarily calling for heads to roll but they want to see some changes in the strategy. he said they made a couple of mistakes and said the legacy issues are taking a little bit longer for them to resolve and he is saying that cost cutting has proved difficult. there is still some difficulty there. it seems like we're getting a humble tone from jain. late last night he derived a lot more power. he is getting a lot more control. the co-c.e.o. that he runs the bank with appears to be losing some of his power and then stefan krouse was the c.f.o. will be in charge of operationals for noncore operational units. a little bit of musical chairs. right now he is asking for forbearness from his shareholders and seems to be striking a humble tone. guy? guy: management changes, frustrations for investors. are these changes going to be enough? hans: the old target was for a 12% return on equity. they said they were going to change to 10%. they are shutting down

why is deutsche bank different?es: long-term shareholders feel immensely irritated that deutsche, that was the lion back in the 1980's and early 1990's said, we are going to because she is and they didn't grow. as a result, santander became worth more than the entire german banking sector put together. deutsche said, they have taken too much risk. deutsche of course became unstuck in the global financial crisis. people are saying, we didn't get much of the upside. when is it all happening? it is very clear that the banks, as one of the mechanisms, are being blamed for what is going on. german people are very nervous of economic conditions. jonathan: it is not clear to me what investors would like deutsche bank to look like. what does deutsche bank need to look like for james bevan to say, there is some room for this? james: it needs to be ruthlessly efficient. if you say, who are the winners of banking, i would day in tesla, credit agricole in europe , they have national strength, they have retail business to die fo

was month, deutsche bank set to pay a fine. meanwhile, they say they are still in talks with prosecutors over another investigation, one talks about rigging foreign currency, and they say is settlement in that case could involve a guilty plea. welcoming the progress made on the greek bailout, but they say there is more needed to resolve the differences. the finance ministers want an economic reform plan from greece before they release any more money. earlier, they downplayed expectations. >> there is no final outcome. we can just take stock of what progress has been made, and hopefully that is positive what we will hear. greece will have to pay $840 billion tomorrow to the imf, and a warning from former secretary all sin, talking about creating asset price bubbles if low keep asset prices too for too long. he said that is not alone a sound policy. i've clearlylson: been a fan of the bernanke monetary policy, because we delivered in the u.s. while rolling in the third quarter from 2009 on, but there is a time or you just cannot

he will be receiving deutsche welle' mug speech award. you can find out more about his case. >> and more about freedom around the world at dw's fighting for press page. >> a cleanup is on the way after anoil spill in california. the code is estimated at 400,000 liters have leaked into the ocean, much more than initially thought. >> and oil slick measuring roughly 23 square kilometers has formed to the coast. visitors are blocked from accessing some beaches close to santa barbara, and the governor of california has declared a state of emergency to mobilize resources for the cleanup. >> eight men charged with a spectacular diamond heist in london have made their first appearance in court. >> a police convoy brought the suspect to the westminster courthouse. they've been charged with conspiracy to burgle. the rate happened over the easter weekend in london's time and district. police believe the burglars is 48 to 76 climbed down an elevator shaft before drilling through solid concrete walls in order to gain access to the vaults. detectives a

the deutsche bahn operators say hundreds of trains were cancelled and a third travelled in german.eastern germany the situation is worse. 15% of trains are running. the union gdl says it's taking the action the 8th time in recent months because it is demanding a 5% pay rise and greater netting rights. here in this train station, dooech owe bahn the operator had information packs for those who were distrupted. thousands of people will have to make and find a way around the situation, and there are reports that on the roads there is gridlock in some places and certainly it's the sort of thing that deutsche bank wishes would not have happened. businesses suggest around 100 million euro per day will be lost because of the strike which will persist until sunday and there's a strike on freight travel. having a profound effect on the economy. none of this persuades gdl who says the action is necessary and the only means of demonstrating their grievances to the rail operator. >> now, the theatre known as the birthplace of british cinema is set to re open. it's been nearly 120 years since t

. >> let's get back to the deutsche bank agm that is underway. he says the public image suffered immensely. no kidding really. remember that $2.5 billion settlement. should be a very heated agm today as many advisory groups are urging shareholders not to vote for the exoneration of deutsche bank management. >> shares did open with more power around. shares not doing too much. they're still flat. >> is it the public image they care about or the earnings in the roe. >> they do care about earnings. they do care about dividends and profits. >> exactly. >> more headlines to come from that as and when they come out of that conference. hewitt packard to unveil sweeping changes to its business in china. this includes it's data network operations. it's affiliated with the university and will reportedly buy a controlling stake in the unit called h3c technologies. they calm under fire following revelations the u.s. government secretly used their infrastructure to collect sensitive data abroad. let's look at it in frankfurt. just about flat. >> lenovo is shy

he could've been describing any number of banks across europe, is it a deutsche bank problem? >> it is a general financial services problem. it is an interesting week would be multibillion dollar fine across the different markets. we still don't know what the ultimate end of the game is. the problem with financials is where is the growth coming from? if we see growth coming through in a broader economy, these banks will struggle to really show any sort of forward

tom: is deutsche bank your friend in the multi-family business?end to a lot of borrowers because they are able to move big chunks of money, but we also see what i call shadow banking. banks have been able to -- banks have been forced to revise under the basel three amendment. their place as may be moving on and shadow banks, banks that are non-banks, are starting to move in and take over their opportunities. brendan: a quick question back to you, as basil three adequate? john: i do not know if it is adequate not. i do know it is changing the way banks look at the commercial real estate business, and all of a sudden it is taking more capital, there is more equity needed, so that is what is bringing up these kind of non-bank or shadow banks is that people who are used to putting a fairly little amounts of equity are now having to put up dramatically more. and they are willing to pay more to these non-banks because they will give them the leverage that the regulated banks will not give them. olivia: but it is still not clear what these new regulation

deutsche bank is giving a ceo direct oversight to strategy. off today, i will be bringing you a representative of some of the institutions. i am looking at futures 50 futures down. dax futures up for it -- dax futures up. manus: china's numbers are disappointing, should we be worried about the contagion? according to larry summers, equity markets are lower. we have had a conversation with specter dynamics. they believe no

. >>> one bank in focus is deutsche bank. they say they are not considering stepping down despite receiving criticism by investors over fines and legal problems for the bank. the duo are to face shareholders may 21st. carolyn roth joining us. one of the few banks to fail the stress test in the u.s. is a management change needed in order to see better days ahead for deutsche bank? >> i'm not quite sure it is needed. this new management team has got a lot on its plate. they want to cut the investment twanking and retail side of the business. and they want a spin-off. they really need to stay on. someone needs to stay on to drive forward this turn around and that's why jain said the best i can do is solve the problems of the bank and improve the performance and the chairman he also backed the management team. he said in an interview the top management will be judged by the implementation of the new strategy announced earlier this year. i think personally quite disruptive if the management team left now. even though the fine that

deutsche bank is declining today. that it might boost the number of assets and wealth management staff in asia this year as part of this revamped strategy to boost growth and what deutsche bank said is that it might make some bold moves to take asia into the next growth phase. wealth management is one of the few areas where deutsche bank is expanding. it is cutting back on consumer and investment banking. finally, vodafone, another gainer. investors shirking off the fact that its debt rating was lowered by standard & poor's. the reason, slower return to growth and the prospect of more spending on spectral licenses. vodafone has been rated the third lowest investment grade at moody's and fitch. they downgraded vodafone last year. as you can see stock gaining this morning. back to you. jonathan: thank you very much. let's get to the movers and shakers in dresden. the g-7 meeting wraps up today in germany. the greek government optimistic. scoffed at by european officials. let's get the latest from hans nichols in dresden

deutsche bank is facing a potential impacts from the exit of the eu.s weighing options that may include moving activities to germany. the bank is in an early stage of scenario planning/. the former thai prime minister has been granted bail by the country's supreme court. prosecutors allege that she was criminally negligent for failing to stop. she denied charges of dereliction of duties and abuse of authority. mark: with a well estimated at $17 billion, russia's richest man is the chief executive of the country's biggest mining company and despite sanctions and russia's recession,'s personal wealth increased by nearly 50% this year. ryan chilcote sat down with him yesterday for an exclusive interview. >> i think that russia europe and america have a great potential to be very close friends but i think that we have a very rough legacy which refrains from going to travel and being good friends. ryan: you set the soviet union was a superpower and should be treated like a superpower. >> we didn't forget that 100 years ago there was a revolution in russia,

reactions from both sides starting from a representative from deutsche bahn. >> thank god a successfulight. our clients and employees can breathe again. we are very relieved. the order of the day is mediation and not strikes. >> this labor agreement has a base for us to withdraw from the ninth industrial action and call it off early. from 7:00 this evening, the strike will be over and we presume that we will succeed in informing all of our members so that they can and will be at work by this time. stephen: in paris, business leaders gather to discuss climate change and head of the conference in december. one of the topics is taxing carbon emissions. among those discussing the issue is the chief executive of unilever. he spoke to france 24. >> if the politicians in paris say no zero emissions then the investments businesses will make will accelerate. the industry is calling for a price on carbon. what you do not measure, you do not treasure. we need to start measuring carbon like 30 countries do without any problem. stephen: see the full interview later today at 3:45 paris time. talking

he's been with deutsche bank for 20 years. comcast is getting a new chief financial officer. michael cavanaugh is leaving the carlyle group to assume the role. he will join the media company early this summer. comcast recently dropped its merger plans with time warner cable. vladimir putinw, and the german chancellor, angela merkel, met for the first time since a february and boy was it ic. merkel was paying tribute to the victims of world war ii and use the occasion to encourage ukraine and pro-russian rebels to live up to the terms of the cease-fire. merkel: i appreciate the opportunity at we must do everything. i think the russian president has influence on the separatists so that we will succeed in implementing at least a cease-fire and let the -- and that the political processes will start. merkel to getrged the west to lift sanctions against russia. citibank is off the hook for one investigation -- the justice department declined to probe the bank in the alleged rigging of the libor interest rates. deutsche bank was ordered to pay a fine in the case but citibank says it

josh fineman, chief global economist at deutsche bank joins us. good to see you, thanks for coming.t's interesting to me here is beyond the sort of social strain that wealth disparity imposes, it may be transmitted in view of this study and in your view into slower growth and less vibrant economies. what's -- how does that get transmitted, why happen? >> it could. keep in mind if it works the other way, too, there is a certai amount of income inequality that's a natural manifestation of a market economy, differential skills abilities, effort endowments things like that. that if it were squashed could potentially have negative impacts for incentives things like that. on the other side coin if inequality rises too much it could have negative effects and one could be if it retards mobility. the mobility of people say, born in the lower income brackets from being able to move as they age into higher brackets by their ability, their education, and so forth. if that is inhibited, that's a key channel through which it could have negative effect on the macro economy. >> josh a lot of people

deutsche bank reviewing whether or not it would move parts of british operations out of the country ifhe u.k. votes to leave the european union. it set up a working group to examine the impacts of the vote could have to deutsche bank includes 9000 in britain and is the first major lender to examine the consequences of a referendum on eu membership. ddrivers in germany beginning strikes today. from 3:00 p.m. local time with passenger trains affected from 1:00 a.m. wednesday. the night strike in the ongoing dispute over pay and working conditions. if you have ever wondered how much a tweak could be worth, some people are worth following. what is the activist investor carl icahn, this added $8 billion dollars to the value of apple. he says the company is grossly undervalued and could be worth as much as $240 per share, about 84% more than it currently is. he believes the company's the value will increase with the likes of the apple watch, which is just starting to be sold. the twee benefitedt him, his shares in apple work up by more than $76 million. not bad for 140 characters. i don't th

i do not think this is unique to deutsche bank. institutions are looking at the cost and the risk return of retail, and they want to get away from it. tom: there is a huge variance among these banks. you look at the shares of deutsche bank versus jpmorgan and it is just like mars and venus. brendan: is that good perhaps for financial stability? the one regular debate seemed -- the one regular that seemed to have gotten it right is retail operations three should we leave retail operations to the fdic and the rest to other regulators? chris: i think you should have two regulators, the occ for the bank unit, and the fdic for the entire organization. there is a conflict between monetary policy and prudential regulation. tom: is there a sheila bair in washington right now? chris: tom and martin worked together very well. tom: they are pushing against the fat cats, that is the summary. chris: during times of crisis when sheila bair was there, fdic had to be public. they are a consumer protection agency at the end of the day. when things

brendan: michael do you agree with the deutsche bank report?hey basically said too many tools chasing too many objectives. the bank of china is becoming more slowly a central bank then we think of it. michael: they are describing a set of facts, how you interpret them. it is a wonderful problem that they have tools. what does janet yellen have that she can do? what do the germans have left that they can go once you -- that they can do want to have negative interest rates yak up people should look at what they have done since 2008 and say that is not a bad playbook. they had a stimulus back in 2000 a were they took 5% of gdp and created jobs, created so much that they heated up the economy. tom: what is the best way for an american to invest in china? michael: probably find a good manager on the ground over there at the mutual fund. they can do it for a separate account. tom: second question that rangers or capitals, game seven? michael: rangers. what a game yesterday. tom: for those of you globally, we have on the east coast here a great hockey

haslinda: deutsche bank is settling a u.s.ry into claims it misstated its accounts, regulators estimating its overstated the value of its derivatives portfolio by more than $1 billion during the financial crisis. deutsche bank has agreed to pay admit anyll not wrongdoing. it also faces potential fines related to its mortgage businesses, and it is under investigations for allegedly violating u.s. sanctions. rover, the latest to feel be slowing demand for cars in china. it has reported its lowest profit in two years after sales slumped in the world's biggest vehicle market. third, $465by one million. bmw and general motors are slashing, but they say they have no plan to follow suit. and an airline facing more turbulence. agreeing to invest in the carrier, that plan may collapse. local media says their biggest rejectr is preparing to ana's involvement, and it also says they must have a plan by the end of the month, and those are your top stories. i am haslinda i'm in. stock rallies opening the door to the global market. adding ma

deutsche is bulking up where they approve of. deutsche bank can't. jpmorgan can't. stephanie: firms like jeffries are becoming more and more attractive to top talent. they don't have that overhang it. you can control your destiny more. it's not a true boutique firm where you've got to get in there and slug it out everyday. if you are working at j.p. morgan guess what? we just got nailed with $10 billion in fines. when not going to pay you. that's nothing case it jeffries yet. erik: those are the top five. we've got a lot to talk about it including fifa. they could see a change in leadership's members vote in the presidential election. we all know by now the international governing body of soccer faces charges of corruption, money laundering bribery the list goes on. mark barton is live in zurich. what is the mood like? mark: you used the word could. i think the excitement that you guys felt ahead of your high school prom is the excitement that i am feeling ahead of the presidential vote. the problem is he for your high school prom, there was a sense of the unknown i

deutsche bank has put both of its co-heads of corporate finance in asia on leave.ns were unrelated and no interim head of corporate finance has been appointed. the head of the private business client division at deutsche bank is preparing to step down. carl icahn says that apple shares are undervalued and are worth $240. he called for a bigger buyback. his new enthusiasm comes as the market debates apple's driving sales growth. an agreement will add to the mongolia mine and the rio tinto. before we get to our twitter question of the day, we bring you news that president obama has finally joined twitter. his handle is @piootus. the already has more than 1.5 million followers. there was a very funny exchange between him and bill clinton. which other world leaders should be on twitter? tweet me. ♪ francine: welcome to "the pulse." the european commission has ruled out the possibility of a greek a deal, however the greek government has expressed optimism. the finance minister gave an indication of just how close he thought the sides were to reaching an agreement. >> i

the the company still riding high an upgrade from deutsche bank yesterday.icrosoft to buy from hold. citing investor enthusiasm about office 365. some other stocks leading tech higher are facebook adobe, semantic and western digital up 2%. >> let's send it over to chicago. and rick santelli for this morning's exchange. rick? >> thanks, simon. i would like to welcome my special friday eve guest david ader. thanks david. >> thank you for being here. >> you know, other the last couple of weeks, actually to be quite general in my opinion. at least from my perspective. the last four to five weeks. the personality of the fixed income market, treasuries and generalically all fixed income products, have had a personality change. have you noticed it? and what are your thoughts? >> yeah i've kind of noticed it. it's caused me some sleepless nights. and falling asleep during the day. you know i think that as we've been talking, you and i have been talking about liquidity. that is a major component to it. things have changed, right? we've had a big selloff in bunds. u.s

we have the great force and -- t orsan from deutsche bank.libabas are a bet on the chinese consumer which brings us to a broader question -- how china is negotiating this transition from industrialized economy where migrant workers are moving into city from rural to a place where people send money. how do you see china weathering this transition? >> this is an important anecdotal piece of evidence about how the consumer is doing in china. the consumer is what is needed for the chinese economy. we had an export led economy for all these years. now we see it moving towards the consumer. changing the growth model is an important step. brendan: we have seen this usually in fixed income over the last two days and over the last month. how much of the news out of china continues to that? torsten: that is an important debate i have with customers every day. what is the reason why we have seen changes? is it driven by fundamental sources or is it simply that people walk up and said, wow q.e. is about to end globally? is it the q.e. trade that is takin

in the meantime at corporate level, deutsche bank held its shareholders meeting and started the meetinghareholders to be more patient. this stock over five years losing 38%. this is after the financial crisis. they've actually put now one of the theco, co-ceos in charge. so hopefully we'll see more of anshu jayne in charge. deutsche telecom there was a suggestion they need to boocht their growth and profitability and some suggestion they would partner if they needed to in order to raise the profitability there. guys, back to you. >> simon, thank you very much. simon hobbs. we just talked to baozun. another company goes public here at nyse. shares of shopifiy, valuation fears persist, is the market getting overheated. >>> i'm sue herera with your cnbc news update. president obama's trade agenda has cleared a key senate hurdle to move to a final vote. the senate has topped the 60 votes needed to begin action on the president's bid for fast-track negotiating authority. >>> up to 105,000 gallons of oil may have leaked from a ruptured pipeline tuesday, with up to 22,000 gallons reaching the

stephen: countless drivers for deutsche ban continue to strike. they are staging their eighth walkout in 10 months in their dispute with management over pay and working hours. the cost to the german economy is expected to be huge. alexander: this mega strike not only strained nerves, but cost the economy a lot of money will stop trains are an important part of transportation -- a lot of money. trains are important part of transportation. this will cost a lot of money. stephen: we have worries over greece, as you might imagine. but it's not causing panic on the market. just like falls in paris and frankfurt. corporate earnings helping things elsewhere. the london ftse 100 is back from his holiday and trading it 0.4%. it has seen a 4% increase in pretax profits thanks to a rebound in banking investment. the chief executive said they have recovered well in the first part of 2015. they have not said whether or not they will move there headquarters out of london but that decision will be taken in the coming months. earnings for ubs of just under 1.9 bi

when i worked with goldman sachs and the germans on deutsche telekom that is between six or eight years. when they want to act they move quickly in it was done in six months. it was extraordinary but it was of vehicle he was a master all these transactions lead to the bigger picture iran would use those to open china to more competition just like he used the succession with the wto. >> reminds me with my first trip to new china. to go into red china and then after a stop in shanghai we had a stop in alaska and ronald reagan tells me about the so-called capitalist. he saw a different side of china which has had an evolution over many years now. clearly into that capitalist model but yet they still feel the government itself is stealing intellectual property with the cyberattacks so how do you reconcile that attitude to the international marketplace? >> let's step back to understand what china is and is not. the current president is very, very direct and makes no mistake about communicating his view that they don't aspire to be a democracy or aspire to have western values or he refers to

it is a trend, garr hard deutsche has watched unfold. >> a company comes out and has an app and you push a few butt yonz and a car comes to your door. >> he has a fleet of 500 cars that service the tri-state area. in the past year he said 15% of his drivers and customers left for uber or lyft but the company has since recouped about half of the loss. they have a knack of their own. i-ride and he said drivers and customers can count on them for a reliable experience when has helped bring business back. >> there was a huge advertisement on the uber site and pretty much going out to various drivers, and having various initiatives out there to large forward-lo to large payments to join them. so that hurt us. >> the medallions are the seals that allow drivers to operate yellow cabs have dropped as well. medallions have had been soeltd for 800,000 dollars in the second quarter and that was a drop from where they sold for $100 apiece. >> this man bought his meddlean for 600,000 dollars in 2009. but now he sees his car as a liability. investment in the long-term, it would help me raise a family

. >>> german rail operators deutsch partners call for a mediation dispute. the drivers began a strike over pay and working hours. the strike crippled public transport across germany. politicians in france approved a bill strengthening surveillance by the state. it will allow spy agencies to tap phones and emails without permission from a judge, and received widespread report since the attack on the "charlie hebdo" office in january. >> people in the u.k. are voting in a general election on thursday. domestic issues like health care and the economy held center taug. british foreign policy is out of the picture. >> the foreign and commonwealth office in london is having work done on it. it's a good time for it. the civil servants work is going on hold. who will become the u.k.'s leading diplomat and will other countries sit up and take notice. >> there's no surprise that foreign policy has not played much of a role during the campaign. it's mostly been about the economy. there is a question about the extent to which the two main parties here continue to have a

among them xerox, deutsche bank and g.e. republicans charged the hefty sums and special interests raise troubling questions. >> you're looking at companies that know that she's going to run for president and are still paying her to give these speeches. >> reporter: the clinton campaign says everything was done by the books and the charge of favoritism is unfounded. still, the disclosures complicate the candidate's attempt to cast herself as a champion for working class americans. it's something she struggled with before. last year, clinton was heavily criticized for saying this. >> we came out of the white house not only dead broke but in debt. >> reporter: and bill clinton hasn't exactly helped. recently raising eyebrows in an interview with nbc's cynthia mcfadden. >> she's now running for president. will you continue to give speeches? >> oh, yeah. i got to pay our bills. >> reporter: campaign officials note that clintons paid federal tax at a 30% rate last year and argue hillary clinton's policy positions favor working cla

[whistle] >> four-door javon -- four deutsche bahn, it could cause nasty damage to the rail operators image. >> that is our bitter experience. many customers do not see it as a viable transport any longer. they have switched to buses or take a car. >> it is kind of a mixed picture, what people are experiencing on the first day of the strike. those who are really dependent on the train to get along somehow, if ashley on longest insist but -- especially on long distances. but it may be necessary to change trains a couple of times on the same route and to dilute -- to deal with the delay of several hours. >> and as oliver mentioned, the strike is just getting started. we spoke to our correspondent at berlin central station. we put it to him that this time around there seemed to be less and the for the strikers. but before -- because for german it feels harder and harder tracks identify themselves with the goal of this labor does which is not mainly about higher wages for train drivers and conductors something that many people on the street may actually agree to but rather about more powe

the fiscal environment of the greek shipping companies, it is the banks that fund us, for example deutscheank, who are going to say, mr. vernicos, we like you and we want to support you, but please change flag. reporter: vernicos's shipping company operates tugboats in the port of piraeus. business has picked up since chinese goods have been arriving here by container ship. ut vernicos only pays a low flat-rate tax. and all the attempts by previous governments to change this have failed miserably. as a result, vernicos doesn't take the threats of the new government seriously. his opinion of them iscathing. >> populists, because they know that greece's shipowners have an activity outside of greece. reporter: magnates like vernicos like to stylize themselves as patrons of the arts. he paid for this gallery not far from the port. shipping owners also paid for the new greek opera house. vernicos believes that his sector bears no responsibility for greece's bankruptcy. and he tells us that money isn't everything anyway. >> with only five euros in his pocket, he can have a good day. going with t

deutsche bank's co-ceo received a little -- the lowest level of support and a decade.knowledge -- technology the bank failed to keep keep promises. china's moves into the contested south china sea are bringing the u.s. and vietnam closer together. then bester says the two countries are holding more high-level talks. both countries view china's assertions as a threat to their strategic interests. manus: let's bring you breaking news on greece. greece is facing liquidity problems. this is from a spokesperson for the government. greece aims to reach a deal with their creditors by the end of may. we just finished that conversation with mr. dombrovskis: from regard talking about the need for urgency. all meta-merkel had to say was -- ms. merkel had to say was good night. those are two straight headlines. they are under pressure from liquidity and they hope to have a deal by the end of may. mark: land rover launches the rugby event by floating a giant ball down the thames. thank you for joining us. guest: no problem. mark: if i can start with you, i can see the land rowve an

if you dig into the region this is where it gets interesting because deutsche bank is flagging the factthere has been regulatory pressure. netherlands returns growth and czech republic they return to growth in the second half. they have germany italy, spain greece and romania still seeing declines. the declining rate is slowing and improving in the second half. germany is where the concern is. eating into the vodafone market share in germany. in hungary, across the year they are doing well and outside of europe, asia and the middle east and the asia-pacific doing well. italy up 12%. i think the stand out here is data. the data just showing through in the vodafone numbers. 40 in europe, pushing up data growth 18% on the year. jon: when we talk about future growth we are talking acquisitions. i we still talking potential acquisitions here? caroline: they are still keeping their beady eyes, particularly on portugal. here is the key challenge. we're seeing the data appetite ramp up. when you and i are using whatsapp, we are not making calls, how do they make the data pay. it is all about wh

if you look at deutsche bank's earnings about a month ago, they too were hit by libor fines.hat they had been in the past, mostly because the legal costs. it is a big issue in terms of the physical health of the banks. what we haven't seen so much of his of course the criminal investigations, the trials. this is the first time we are seeing a traitor actually go to court and have a court case where there is alleged criminality. that has been something that has the regular -- realtors and prosecutors on trial if you will themselves in the court of public opinion, there was a real outcry. money aside, the issue with libor is it was the watershed moment when there was an outcry in the public and people started to say, we need more scrutiny of the banks. then we had the fx allegations of manipulation the probes into commodity markets. it started here. it was a long while ago. as you know, the legal process takes time. again, it all kicks off in about 15 minutes. we get jury selection. if we're lucky we may hear from tom hayes himself, at least to -- his lawyer with opening argume

deutsche bank called it unrealistic. nevertheless, they stand by them.is such an important market for carlsberg. it accounts for a quarter of all of its earnings. the beer market not doing very well there. the macro economy is doing badly him a political uncertainty and the ruvell is falling. and we do actually have regulation getting there as well. so many headwinds facing in terms of russia. nevertheless, they are managing to slightly fight back and cutting their dependence on russia. there also closing two drew brees. they managed -- breweries. they managed to up their market share by half a percentage. overall their organic sales if you strip out the effect of foreign currency, that was found 29% compared to this time last year. they did feel the effect of the foreign currency. there are still some challenges. this is the swansong for these particular numbers. a new chief executive june 15. these number's come from a dairy company is the first non-getting to be taking over the company since it was founded. he has to turn things around. four years of

giving the bank a guilty plea, and what we have seen that have taken them so far, very recently deutscheank, and the five we have today, it is business as usual. it doesn't seem to impact their core businesses. they don't seem to have problems customers leaving the bank. it is difficult to tell if forcing a bank to take a guilty plea is going to deter or curve the bad behavior we have seen. they say it is a criminality on a massive scale. guest: arebanks accused of doing here? you had traders that were convicted today that were going into their chat rooms, bloomberg chat rooms that were, and code byting to fix certain spots, coordinating when they were buying and selling large currency orders for their clients. they were able to drive the price of those currencies down or up. you have a very classic antitrust market manipulation case. it is rare to see these. usually you see these with companies that make parts for ofustrials, or any type widgets. you rarely will see this and financial services. this is a hard-core cartel collusion. they were meeting in chat rooms called the cartel. a cr

deutsche bank is big, powerful german bank, a national champion. to have rough times in the u.s.? tom: but they have to be here. bill: of course they do. a lot of european banks are retreating from this. olivia: nobody wants to be shut out of the u.s. bill: but some are retreating. olivia: i highly recommend bill's article in "the atlantic" this month. out twitter question of the day, where are you placing your sports bets this weekend? tom: good morning, everyone. "bloomberg surveillance" from new york city. in the distance you can see the condo downtown that betty liu will purchase with cash with the money she will make from manny pacquiao on saturday. working with manny -- [laughter] olivia: how about the money i will make at the kentucky derby on frosted? tom: i will just have a mid-july -- mint julep. betty: i will have a makers mark whiskey. olivia: oh, friday, a fully it were appropriate to drink on tv. joining me now is betty liu. everybody wanted -- thatbetty: it is hilarious that the entire media world is fascinated by batteries. since wh

we is that you with deutsche bank's legal costs eroding their profits.t important to keep in mind is it is the investigation into libor that was watershed moment when we saw a big outcry for more scrutiny of the banks. what we haven't see, what we will see today is the beginning over the criminal process where individual traders are pursued. this trial should take about 12 weeks. manus: we're going to have to leave you there. thank you very much for being with us. stay with us. we have brenda kelly. she is coming into the studio after the break. ♪ manus: welcome back to "countdown." 7:30 in london. the question for foreign exchange traders, are you a dollar bull or euro bear? the dollar continues to trade higher up by 1%. this is dollar index. 96.88. the fed goes into its june meeting with an open mind. you a rash of data today. consumer confidence. new home sales, durable good all expected to give you a little bit more of a picture before the next federal reserve meeting and the momentum seems to be september or december is the liftoff period of time. o

no, he is leaving deutsche bank to " walk the earth."ld, you are dam rich. what does it say about career bankers, people who have spent their lives working inside an organization to say i am hanging it up. what does it say about the industry? dick: it really is top. my job was to get them through the crisis. once we did, not because of me but because of the good people at citibank and everybody -- erik: we need to go to a \ ' watching. the big deal in the energy industry, noble energy agrees to acquire rosetta resources, $2.1 billion in stock. rosetta is rising while noble is lower and we are watching zulily which is a big after allie babbit increased its stake in the online retailer bringing it to 9.3%. finally actavis which fought allergan for the biggest pharmaceutical deal last year sales are up 59%. stephanie: i want to turn our attention back to dick parsons. he made his name in the business world serving as chairman of time water and citibank but his passion is jazz. when it comes to maintaining america's sense of musical history,

mike barnicle donny deutsche and steve rattner still with us in new york.hor from world news america caddie kay. and there a conflicting report. >> it comes from the local station in washington with a and cites anonymous sources that claim gray's fatal injuries occur when he slammed into the back of the police van. that incident allegedly broke gray's neck and he also reportedly suffered a head injury which matches a bolt from the back of the van. sources say there was no evidence that he suffered the injuries while police officers tried to arrest him. but they say it is still unknown how gray suffered that head injury and what caused him to slam into the back of the police van. the details reportedly come from the results of the internal police probe and preliminary findings from the medical examiner's office. but a spokesman for the medical examiner tells the new york time that the investigation is still ongoing and, quote, we don't do preliminary findings. this comes just one day after the "washington post" reported another prisoner in the van claimed gr

deutsche bank makes a point that the risk has already been done. black rock almost made the point that a lot of traders had not bought into this rally. the guilt market is also very much and focus in traders minds. ubs the unexpected disappearance of uncertainty is something that could bring foreign buyers act of the guilt market. the next issue will be about short-term interest -- interest rates. and could the bank of england be left with the opportunity to raise rates more quickly than the market had anticipated. have a look at the sterling charts. this is where the interest will come in. it is indicating the rays will be around .9%. --raise will be around 9%. we are on a river in these markets. these equity markets are tearing ahead. we'll get more data. look at that nicholson up. let's see how the day. that is the state of play, back to you. anna: taking time to open up. it was a masterful effort, come back. manus, thank you very much. guy: let's talk to the global market strategist at j.p. morgan. is that the best outcome? >> i think, absolute