edf. shares have slumped since the financial director resigned. we will show you why in our business update. and the louvre and the eiffel tower surrounded with water. holding anaris is unprecedented dresser hurtle for how it would deal with a massive flood. first, our top stories. genie: leaders from the european union and turkey are meeting today for talks on the migrant crisis per one of their planned moves would include shutting down the balkans route used by almost all migrants and refugees trying to reach europe. another idea would push turkey to do more to stop migrants leaving turkey from greece. here is more now from francois hollande. greeces hollande: it is that will take the largest portion of refugees, and we must help greece. to avoid the refugees arriving in greece, we need to work with turkey, so the plan is simple and difficult to put into place. working closely with turkey and to show our support for greece. that is france's position that we will present today. >> turkey

more trouble for edf. french utility finance chief resigned after an internal disagreement about the nuclear reactor in the u.k.. project worth more than 23 billion euros. he tried to convince management to wait three more years. the so-called technology to be built that haley point is largely unproven. there are no working versions of it in existence. the other projects are years behind schedule. concerns about edf's ability to shoulder the investment. the company agreed to finance two thirds of the project with the other third coming from chinese nuclear companies. the company is reportedly struggling to find the cash. the ceo is eager to seal the deal. so is the french government which owns 85% of the company. british prime minister david cameron is also a strong supporter of the project. set to produce 7% of the uk's electricity by 2025. they hope the final investment decisions could come as early as next month. let's get a check on the markets. the stock plunged almost 7%. the rest of europe ended the

edf among them. trading sharply lower after cfo thomas piquemal resigned. this comes over a disagreement about the hinckley project in the uk. according to reuters, piquemal believes the $18 billion pound project would further stress edf's financial problems. xavier girre is the new director. >> martin zielke will be in charge of cemmerzbank ceo in may. he worked for deutsche bank previously. >>> elsewhere, spain's fcc shares are jumping to the top of the ibex. up about 15%. this follows a takeover bid from carlos slim amounting to 7 euros and 6 cents per share that would represent a 15% premium to its closing price on friday. >>> old mutual shares have been soaring on reports that it is planning a breakup which could see the insurance operation split into four groups. old mutual has responded to offers saying no decision has been made yet and it will give a strategic update on the 11th of march. >>> want to bring you a check of metro bank shares. today is the bank's first day of trade on the public market with an issue price of 20 pounds per share. you can

happy friday for edf. rivals cut their pay out.t story in a moment. ♪ guy: six minutes until market open. ubs has raised its bonus by 14%, that comes as the rival has cut. --'s talk to jeff broglie let's talk to jeff moberly. jeff: good morning. i think ubs has bucked the trend here. ahead and their restructuring when the other cuts, namely deutsche bank bonuses by 11%. restructuring their investment bank radically three other twowhere's the bonuses cut rates last year, leading to take impairment losses and their business models which have not been updated also suffered from market losses. ubs did not have all of that and ubs had half of the provisions of that to take from his is matters. -- from business matters. guy: what happens now? talk to me about compromise when it comes to talent. what the numbers are. jeff: an interesting question. profession are people who react quickly to pay. if you can send a message like ubs did today, our bonus pool is up 14%, that is a bank where you can work. tocontrast -- in contrast where people

i must add the edf spoke -- has .enied to confirm they're been beaten up by that news.ng it back to you. hans: china has announced the growth target of 6.5% for this year at that people's conference over the weekend. it is what authorities did not say that may matter most to investors. let's go to out to hao hong in hong kong. it seems as though the conversation in asia and china is a photo negative, at least on the fiscal side of what is happening with the ecb. strength andpolicy ammunition to direct at the problem? what is your take? do the physical maestros have the ability to put anything out you go hao: in terms of monetary stimulus, it is an much more they can do as we have noticed. money supply side for next year is 13% which is 1% higher than last year. keep in mind that at this rate, trillionne aged 40 worth of him to. going at 13%, we are talking about a gdp monetization rate high.lose to the 2009 that is the reason why in terms of monetary policy, there is an net much they could do. even if they were a lot more monitors stimulus, it is not going to help. on t

the broad stock 600 index just losing there when the s&p 500 is up top gainer today, the edf. the finance minister said that they might sell other assets in order to fund it's recapitalization. as you maybe aware, scott, edf recently lost it's cfo over it's continued commitment to build a $26 billion nuclear plant in the u.k. which arguably it can ill afford as a centerpiece of its continued business dealings from china. >> like wise to you. coming up don't look now but emerging markets. october of 2011. find out where a top em fund manager is putting his $45 billion to work next. it's a drone you control with your brain, which controls your thumbs, which control this joystick. no, i'm actually over at the ge booth. we're creating the operating system for industry. it's called predix. it's gonna change the way the world works. ok, i'm telling my brain to tell the drone to get you a copy of my resume. umm, maybe keep your hands on the controller. look out!! ohhhhhhhhhh... you know what, i'm just gonna email it to you. yeah that's probably safer. ok, cool. woman:man: yes.a newsp

hinckley deal is that there is no payment unless this power station goes ahead and built efficiently by edf. and i think that will be good for our energy supplies because if you want to have energy at low cost and low carbon you need to have strong nuclear energy at the harte of your system. >> kevin olenrich. >> thank you, mr. speaker. research u.k. situated in my constituency is the world's first charity to tackle antimicrobeal resistance, a looming global danger of disaster movie star proportions. would the prime minister agree to meet with me to see we fund their vital research this time no the americans that save the world but the british? >> a very happy to meet with my honourable friend. he is absolutely right to raise this issue because of growing resistance to antibiotics. the fact in so many cases now antibiotics aren't working. we do face a genuine medical emergency around the world. that is why britain put this issue squarely on the agenda of the g20. while it was a large part of our discussions with the chinese when they made the state visit last year. why we're investing 50 mi

thee: it today sectors by report, we are looking at the xls, the financial spider edf.cials are higher, up by 3%. it is one of the leading groups. it is also one of the heavily weighted groups in the s&p 500. when it is up, it contributes significantly to the games overall. i should mention that the financials are one of the strongest groups it's the stock market bottom of this year so far. they have been helping to contribute to the gains. thee pointed out earlier, yield curve having a bit of a widening today. take a look at the bloomberg. the spread between the 10 and a two-year yield. we are a very small bump in widening in that today. there are a number of things contributing. there was the broad economic that appears to be in effect today with that manufacturing this morning coming in a little better than estimated. there is this view here in the u.s. that maybe we are going to see tightening a little bit more quickly than had been anticipated, while at the same time there is the view around the globe that we are going to see more using. all of this continues to be

there has been speculation about the future of the plant since edf's cfo rezone -- resigned.asset management is said to beginning full control of a $450 millions system trading hedge fund to david gordon, as allen howard focuses on macro strategy. howard asset management has spun off non core money pools as part of a plan to focus on its macro hedge fund strategy. that is your bloomberg business flash. reserve bank's decision to hike rates yesterday is being warns thep official fiantry could become a "ma state." what is the latest on the political twist and turns? >> yesterday for the first time since a new round of allegations of versus president zuma was in parliament and commented on the allegations that a business family in business with his son offer the finance ministry position to a deputy minister. almost to show how unfazed he is by all of this he said the following, "don't aske me." later on he said, "i'm in charge of the government. there are no ministers appointed by the guptas.' the opposition left parliament. it was a stormy session. today it becomes a lot more

check out the shares of edf, down 1% and could be heading even lower according to mr. dan. >> look, it's down about 35% from the all-time highs made last year. it was down 40%. that was the max last february, but the thing is, the balance, at one point it was outperforming the s&p and outperformed on the downside so it just kind of gave it all up and when i look at the top five holdings, they make up about 45%, am again, regeneron, they all look horrible and from a technical standpoint there's no bid or relative outperformance so here's one. i know these guys probably like individual names. celgene is probably the one that has the best expected growth verse us its multiple, you know, and so to me that is the one that you want to pick one and start legging into it and it's really important to note for the broad market that this was a group very important last year because of all the m & a and a lot of activity going on in general and it's not participating this year so to me it troubles me a little bit. >> go ahead. >> there's a political overhang. >> 1100%. >> should w

the first is edf, electricity to france, $20 billion in market cap after all of the losses.oday or over the weekend, you have -- look at the way we have lost ground here. so it was $40 billion. it's now $20 billion. the cfo is resigning. it would appear because he doesn't like the idea that they can invest in a nuclear facility in the uk at a cost of $25 billion when cutting dividends and selling assets to basically shore up the balance sheet. on the up side today, sea drill, the most indebted of the drillers, continues to make gains. this is a short squeeze beyond all over. the stock is now -- this is like a 3, $4, billion stock. this is a one-week track because it's 24% owner, john frederickson, we think, has freed up half a billion dollars to take part in the restructuring of that $11 billion of debt. that is a real short squeeze, guys. up 60%, just on today's session. back to you. >> thank you, simon. now let's bring in cnbc contributor, john steinberg, formerly ceo now at cheddar. want to go back to the apple and security issue. vp of software engineering, fighting back

and actually, hinckley point and edf have looked a little rough. why the government has made a very strong move that they want to see a competition in reactors, more british and cheaper. anna: i know you are somebody who wants us to stay inside the european union. you speak from the educational, scientific establishment. and i suppose external infrastructure investments, is that another recently to stay in the eu? to guarantee that kind of investment, whether it comes from china or the french? keith: it helps. but i do believe that steel is a test for europe. and if you look at it and say, yes, we want investment. but we also want national purpose, if you fetishize competition, make it the only touchdown inside the community, you stop the british government or french government from acting to do things of national purpose, then the union is in peril. from my point of view as well. anna: steel is going to get caught up in brexit. keith: the only thing europe cares about is the nature of a particular model of competition they think they could do. the

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hinkley deal is that there is no payment unless this power station goes ahead and is built efficiently by edf. i think that will be good for our energy suppliers. if you want to have energy at low cost and low carbon, you need nuclear energy at the heart of your system. >> thank you, mr. speaker. research uk situated in my constituency is the world's first charity to tackle anti-microbial resistance, looming danger of movie-style proportions. will the prime minister agree to meet with me to see how we can confirm their vital research so this time it's not the americans that save the world, but the british? >> i'm very happy to meet with my honorable friend. he is absolutely right to raise this issue. because of the growing resistance to antibiotics and the fact that in so many cases now antibiotics aren't working, we do face a genuine medical emergency around the world. that is why britain has put this issue squarely on the agenda of the g20, why it was a large part of our discussions with the chinese when they made the state visit last year and why we're investing 50 million pounds in innova

markets while edfs were immediately available for trading. initially the flash crash, like others before it has been partially blamed on automated investment tools on a large scale without a sufficient safeguard against panic selling. while the flash crash of august 24th, 2015, was nowhere near the turmoil experienced in the flash crash of may 6, 2010, it demonstrates that stock markets are still susceptible to human and computer errors are largely unpredictable. what is the sec doing to prevent flash crashes and the artificial instability in the 6i&cu.s. st makts? >> quite a bit, and we've done quite a bit. i would first say what happened on august 24th was not an unwelcome mini stress test. but i think it showed actually the resilience of our critical market infrastructure. so i would take issue with saying it was a flash crash sort of compounded by various kinds of errors. having said that, however, clearly it was a significant set of phenomena. the staff put out a research note on that late last year, very, very useful data and analytics