guy: turning to the issue of the ela.ou see a situation in which the ela will be the straw that breaks the camel's back and cause a crisis? there is suggestion that the germans are not happy. can you walk us through the scenario for the liquidity story surrounding the greek banks? >> first of all it looks as if the ecb today will look at information that the single supervisory mechanism team has put together which assesses the solvency of greek banks and stress scenarios. one question is what happens if greece exits the program and potentially slides towards a default. what happens to government paper , what happens to tax assets? the question the ecb will ask , whether greek banks only have a liquidity squeeze and maybe a temporary collateral shortfall or if there is a more profound solvency question. if they come to the conclusion they are concerned about solvency that would call into question the further granting of ela. what i think they might do as a compromise, they basically send a signal. that probably will not be

hans: they have ela access, back it's reviewed every two weeks. the issue with ela, it is much more expendable. the rate is 1.55%. the other rate they have been getting is .05%. it has clearly increased the cost and could give them a taste for what is to come. clearly we have a hard-line out of the ecb that landed last night. anna: thank you very much, hans nichols our bloomberg international correspondent. mark: the swiss watchmaker made the news after the swiss national bank basically binned the swiss-frank euro cap three weeks ago today. fully operating profit, 1.7 5 billion swiss francs. analysts miss -- estimated 1.9. it is an earnings miss. it is proposing a dividend of 7.5 swiss francs per share. that is ahead of estimates. it is the high single-digit growth excluding currency shifts. it is the continued healthy profits. several of the brands have raised things by five to 7%. it plans to add numerous innovative products this year. january sales were strong in local currency. the word local is the key there. no comment from swatch, from the

hans: you have ela's, emergency liquidity assistance. every two weeks it is reviewed whether a country can have access to these. they still have access to that it is reviewed every two weeks. one important thing is the cost of borrowing under the ela window is much higher. when you look at what is taken away from greece last night, they were given an annual rate of .05 percent. it is considerably higher and will put pressure not only on greek banks but on the greek government. then they will see if they have the long-term availability to access these great -- greek banks if they leave the bailout program. then things can get really ugly. jonathan: as if it wasn't ugly enough. andy joins us now the executive director at schroder investment management. andy, great to have you with us. take the inside the financial system here. on the surface it sounds like they turned off some liquidity. hans:andy: when you get announcements like this, and you think who will take the pain? the stabilization funds, currently owns or 4% of the greek bond mar

jonathan: we talk a lot about ela. let's talk about ecb qe.ey get a six-month extension, within that is july. the ecb may actually by greek bonds. if we only have what the greeks call a bridge loan, a six-month extension, would the ecb seriously by greek debt? guest: i don't think so. i think this bridge loan is seen as a bridge loan or extension. i think the real deal is seen as a long-term one, the four-year deal that everyone is talking about. there would need to be an agreement there are more or less an agreement for the ecb to consider that. it could be back to square one within weeks of starting to buy greek government bonds. i don't think that would make sense. jonathan: as we approach this meeting, you will be sitting at your desk watching this news flow come in, what are you looking for from the other side, from germany? what are the concessions they've got to make? guest: i think a key thing is less austerity. a reduction of the primary surplus targets. there's a strange dynamic between the short term and the long term deal. really,

the ela is only for very short needs. of course if that were moved that would increase the pressure on greece significantly. >> coming up on the show it's time to break away from the herd according to our next expert. defensive stocks not the way to play stocks in 2015. we'll discuss that next, after this break. >>> qualcomm settles. the mobile phone chip maker agrees to pay $1 million o to bring a run to the energy probe. >> the swiss lender warns that fx volatility could hit the bottom line going forward. >> the only visibility we have is that volatility is staying with us for the foreseeable future. >> we're looking forward to the opportunities that the pipeline can offer us but it's also subject to changes in the market conditions. >> apple opens the books on the first ever swiss bank bond sell as it takes advantage of low yields and solid demands for swiss debt. >> you're watching worldwide exchange. bringing you business news from around the globe. >> another choppy session on wall street. stocks ending lower but wi

sujeto golpea violentamente a una oveja una empleada del tempo descubrio cruz de madera conmensajes d elamres de muerte de fidelse publicanimagenes del mandatario conversando con estudiante. seguiremos de cerca esta noticia. >> vamos a recordar el momento en que ricardo llego a nuestra filial de miami. comenzaste en nueva york pero la ciudad del sol te tento. >> vamos a ver >> de mi llegada me senti cmo en casa. la prueba de fuego fue la serie la ultima frontera queriamos mostrar la ultima frontera de un mundo en donde los indigenas perdian sus tradiciones en un canal localse cubren todo tipode historias. cubri muchas historias de door una vez nos envistieron dos embarcaciones cubanas otro reportaje fe cuando mi equipo y yo tuvimos que sobrevivir 4 dias para documentar la historia de unos naug¿fragos nos alimentaos igual que ellos vivimos una experiencia increible y triste. me emocio de saber que las familias cubanas han vivido ese tipo de experiencias. >> unicas que me qayudaron a madurar. >> fui testigo de la historia.fue emocionante esa etapa de mi vida. >> ellos nos han acompaÑado por

hans: they have ela access. they relied on it extensively in 2012. even if they continue that and it is reviewed every two weeks the borrowing cost is still 1.55%. the overnight window was 0.05%. one other note on this, greece is looking for some sort of bridge loan, some extension so they can sell more short-term debt above the 15 billion limit. they will run out according to a person familiar with the matter february 25. before, we thought they might make it all to way to the summer. guy: a big night last night for greece. hans nichols, thank you very much. francine: it certainly was a big night. let's go to athens now for the greek reaction. jim, when you look at everywhere, there seems to be some confidence in athens that they will renegotiate and the ecb was behind them. what is the mood this morning? reporter: surprise. surprise and further determination. every word of the thanks confidence in its political position that there will be some kind of deal is the order of the day. nobody here has blinked yet. guy: can you run us through the details

the ela standards are bad?eral government were defining making standards for how we teach american history to our kids? under this administration american history would be all about victimization. it wouldn't be about american exception lism the way that you and i learned about why this is the greatest country in the history of the world. we've got to stop common core but not just stop it. we've got to stoop the next iteration. this isn't the first and won't be the last time the federal government tries to interfere in our local classrooms. is secondly. let's repeal common core. [ applause ] thirdly and more important than obama and the other are. this is much more important than the first two issues. as a country we must fight and win. we must win the war against radical islamic terrorism. [ applause ] i want to share something with you that brings no joy to my heart. i want to share something that i don't say as the republican a parts orn conservative or ideological reasons. i say this with a heavy heart. i h

lorena --- y de las autopistas pasamos a la situacin en los aeropuertos del rea d ela bahia......ya quea tormenta y sobre todo los fuertes vientos han provocado dolores de cabeza en los puertos aereos ... juanfra --- decenas de vuelos han sido cancelados y cientos han sufrido retrasos de horas... take 2boxes desde el aeropuerto internacional de san francisco est caterine orozco de telemundo 48 primera edicin... katherine cuntanos por qu esta situacin parece que no va a mejorar hoy...? katherine live live bug cg: katherine facebook put placeholder here facebook katherine pregunta anchors for katherine caterine, qu recomendacione s hay para los viajeros? katherine caterine qu recomendacione s hay para los viajeros? lorena - top vo --en la sierra, este fin de semana un incedio forestal oblig a cientos de residentes a evacuar sus viviendas. --las llamas han arrasado 28-mil metros cuadrados destruyendo 40 viviendas en la ciudad de "swall meadows." --el siniestro inici el viernes por la tarde expandindose con gran rapidz debido a los fuertes vientos que soplaban en la zona. --hasta el momento

a la situacin en los lorena --- y de los apagones pasamo a la situacin en los aeropuertos del rea d ela bahia... ya que la tormenta y sobre todo los fuertes vientos han provocado dolores de cabeza en los puertos aereos ... --- decenas de vuelos han sido cancelados y cientos han sufrido retrasos de horas... take 2boxes en el aeropuerto internacional de san francisco est caterine orozco de telemundo 48 primera edicin... katherine la situacin parece que no va a mejorar hoy... que ves en las pizarras de informacion de los vuelos. katherine live live bug cg: katherine facebook put placeholder here facebook katherine pregunta anchors for katherine caterine qu recomendacione s hay para los viajeros? juanfra facebook juanfra/ots ---en la pennsula los fuertes vientos arrancaron ---en la pennsula los fuertes vientos arrancaron rboles y postes de luz... take vo ---dejando a miles en tineblas... --- residentes de redwood city fueron afectados por la falta de servicio elctrico y permacieron por varias horas sin luz... ---mientras tanto en la zona de ''hillsborough'' ubicada en la pennsula con san fr

so malcolm went to visit ela in boston and was completely taken by urban culture and was attracted tohe hep cat movement, and jazz, and the dancing, and the clothes and the fashion. and he gradually adopted this persona that became known as detroit rep. malcolm drifted further away from the garvey roots of his family into, you know, petty crime. ♪ >> he was a gangster, he was a hustler. so those early years did expose him to some of the darker precincts of the black condition. >> malcolm hatched a plan to engage in a series of breaking and enterings. malcolm made the error of taking some of the merchandise to a pawnshop. when he went back to retrieve the watch, it was a watch, the police were there to arrest him. while malcolm is in prison, his family intervenes. his family had not given up on him. his brother began preaching to him, and i think preached really stridently to malcolm. we have found these teachings of islam. they remind us of what our parents taught us in terms of black people need to do for ourself, support our own institutions, need to be morally upright. >> elijah mu

cnbc confirmed reports that the ecb will continue to allow greek banks to tap emergency funds via the ela. they're due to announce the decision later today. two potentially significant developments when it comes to greece. julia is following this story closely to brussels. what do you think the six month extension will achieve? can leaders find a common ground or will they fail to see eye to eye? >> that's the ultimate question seema, because obviously what we're looking at now it seems is a proposal coming from the greeks that fits what was rejected in monday's euro group so the question is have we managed to reach a compromise? what the suggestion from the government source is they're not going to compromise on the red lines. they didn't want to follow any of the conditionality attached to the old program. that's what they were fighting for on monday. particularly on the german side are they going to give ground here and concede. what he said out of the meeting yesterday was as far as they were concerned the greeks weren't giving the euro zone finance ministers any indication that they'

breaking news in the past hour, the european central bank announced it is expected to continue the ela. the emergency liquidity assistance program, what greek banks use to stay afloat. it's costly, but they're using it, and there was question whether it's going to be cut off. not going to be cut off. what's important to experts? is it greece? the fed? or u.s. economic data. right to the floor show traders at the new york stock exchange, cme group and jon hilsenrath back. keith bliss, the behavior with the markets today when they saw what the fed minutes said spiked and came back down. what spooked the markets? >> people tried to pars the fed statement of any nature whether it's minutes or fed speakers or announcements they make a monetary policy at the end of meeting. you're going to get those types of gyrations, the market is trading at all-time highs. the markets are not going to move anywhere for a while because in my own opinion, what's most important to the markets is what's going on with greece and european finance minister situation and the u.s. economic data and the fed in that

the arlington coun hlt deparen tie take to virgosse ty are mng tested negative for ela th pie taken fromtme cx in clarendon this mog after experiencing symptoms the pew reportedly traveli recently had been to west africa. but t tests have come back, arlingtouys that patie n beg evaluated at the virg hospital center is negativ ebola. that's gws. the sc is over. back to you. >> okay. >>> we also had some breaking news we told you about a short while ago that a fourth man was arresdo norfolk, virgini who was suspected of headi o to syria to join isis in addition to the three men from yesterday. pete wi s tell us abo this. are they expecting anymore? >> well, it was quite clear yesteay th the authorities arresti tee people from brookn th two of them planned go to syria. they had bought airplane tickets but that another man had provided f a tre was a gg in court document third man was in touch with other people who he in essence raising money from. our undendg there is a persono in custody in the norfolk area who is being questiow whh was one of those people who was providimoney. no charges h

then we had minnesota who only r:spo adopted the ela or english language arts standards.gvh now indiana if you include south carj.3er+áu$rp+e about 42 states that are with us. xx8d$ uhp &hc% but understand this year south carolina's actually part of it.p%ñ where you've seen actually b( across the country -- and you've seen it in the blue states like new york, you've seen it in red states like arizona. there's been, as emmitt ;óc$ described, a huge really grassroots parent-driven revolt against the common core. understanding that common core was adopted in a pr-7@çm2uj race to the top where governor and a chief state school officer just signed a promise that said we want this money and we kiqlÑq promise we'll adopt common core. and then if anybody in the state objected, they would lose that money or the possib]46óurtd that money.?8p and all this happened during the great recession when everybody was focused on the recession, not a small part of the stimulus, relatively small compared to the whole stimulus, that handed over control of the !]$. pev curriculum of their schools to the federa

citing a source dow jones says the ecb increased the amount of ela to 68.3 billion up from 65 billiond last week. now, reuters was reportinged that they had wanted even more. they wanted 10 billion more. a total of 75 billion. maybe the ecb putting a little bit of a squeeze on greece because it all comes in the middle of extremely contentious negotiations between greece and its european lenders. bottom line this means probably, brian, you could still keep on getting money out of the bank in greece if you need to. melissa. >> all right. i'll take it. michelle, thank for that. >>> got to get to sarah eisen in florida. sarah, go easy on him. the stock, by the way, up 25% in a year. >> all right. thanks very much melissa. like to welcome bedo to cnbc. first interview. welcome. >> thanks for having me. >> your predecessor was there for eight years. shareholders liked him. fought off activists. what do investors need to know about you? >> well this change really had been about consistency of purpose. we have a strategy that's working. we have great brands. my mission really is to accelerate

if nothing happens on march 1st, theoretically ela assistance could stop all together.at, why that really matters is that on the trading floors, the hedge funds, there is something called the greek trade. it has been going on for a while but any kind of headline risk you fade it, you just go against it and eventually make money. i'm fearful at some point that is going to change. we've become too obtuse or cavalier about the headlines of the beneath it all, it is a new government, new deal. who knows what will happen. i'm looking forward to tomorrow morning. liz: the meeting is tomorrow in brussels. we will carry any headlines that come out of it but the greek finance minister said we will not tear up the existing bailout deal. we'll see. david: we will see. some people are worried if they do sign a deal, maybe italy, portugal and spain will be following. larry, thank you very much. liz: the "willis report" is next. we'll see you tomorrow. >> hello, everybody, i'm gerri willis. and this is "the willis report, the show where consumers are our business. the wobbly economic

because they have lost their access to the overnight funding the ela comes in at 1.5% in interest ratess open up to 29.5 billion euros. -- 59.5 billion euros. there could be a bigger crunch in may when bonds become due. >> more on that story at bloomberg.com. >> let's look at some of the other stories. statoil has halted dividend growth. as norway's biggest energy company struggles to whether a plunging energy prices. they reported fourth-quarter operating income of 9 billion norwegian krone. >> in the short-term, i admit i am highly uncertain as to what kind of price environment we will see. we will see volatility. we could see a low oil price environment for some time. i think we are fundamentally in a cycle and we will see a rebound at some point. there are some structural changes fundamental changes for the longer-term, it is to early to see. >> yesterday and prime minister tony abbott says he will oppose a motion brought by liberal party mps. this comes after a party member sent an e-mail saying they must address concerns about him under party rules. the leadership ballot will go a

ireland was forced to go and ask for money and the reason was the ecb said we will cut your ela, andore funding for us if you do not apply for the extension. in 2013, the same thing happened with cyprus. today the news is primarily based on that fact. manus: you have a lovely comparative which is what everyone is worth, do you have a position on apple? guest: for disclosure purpose i do have a position. i have it in my portfolio. the reason i like apple is it is a dividend play, a growth plate and a valuation play. that is $100 for each person the thing that i like is apple has the ability to surprise the market and create a need for everyone which it could never even imagined. -- could never even imagine. >> like an iicar. guest: there are rumors. whether it is a prototype we are not sure. but the people they are -- employing are coming from motor cars. anna: thank you for joining us today. it is 7:55, that is it for "countdown" today. stay with bloomberg. ♪ jonathan: good morning and welcome to "on the move." i'm jonathan ferro in london. moments away from the start of european tra

they consider a request for what's called ela, emergency liquidity assistance. funding to fund the banks. the ecb could cut them off. that would be unlikely. or the ecb could say no more you've maxed out. or agree to give them more. if all of this is gobbledly gook to you, you can make that out, they could have roles starting in greece meaning you can't take that much money out through your atm. you can't move money around. >> do you think they recognize that? >> i'm certain that the greekfinance minister recognizes that. >> average greek citizens? >> absolutely. because they're drawing money like crazy which starts to feed on itself because it mean that the greek banks need more assistance. >> and no country in europe have defaulted as much as greece has. there are countries in south america, but greece a number of time. >> five time. >> yes, i'd say why would the market necessarily have a historical validation. the unemployment rate is among 25 year olds is something like 40%. they're angry. >> in theory both sides have a consensus to come to a deal. they hate

if they stopped greece or disapproved of greece having access to the ela assistance that is basicallym the door, because at that point the banking system is frozen. have to introduce capital controls and other sorts of economic emergency measures and that is probably the road to the exit. >> on the subject of central banks who has not cut rates this year? >> it is only february 9. >> you had 13 or more last count easing monetary policy, is this a race to the bottom? >> it is indicative -- to some degree, it is indicative of things we should -- rejoice is too strong, but things we should welcome. inflation is declining because oil prices have fallen by 50%. in and of itself that is a good thing. if interest rates are coming down for that reason, that is a good thing. if it is because of a much more worrying concern about the ubiquitous spread of deflationary forces some of them coming from china and asia and intrinsically or androgynous lee to the west, that is not such a good reason, but it also speaks to the kind of problems which the world bank and the imf have been trying to get a

this is why i think it's important they continue for the ecb and the ela to be there. unless we see some progress in negotiations it cannot be there forever. it's only temporary as an emergency program sat some point they need -- >> let's talk about the political fall yoit. what are you hearing from your friends in greece how they're receiving the new government. even though now clear comprise has been made on the debt package. >> what is interesting the vast majority of the greek public already happy. but also stay in the eurozone. is greece feels so far keeping their own policies and must be something different. something better. so from this point of view there is a deal. the greek public will support it. when we look at the political fallout is it pop list politicians making popular calls. we're seeing ahrendt european anti-austerity sentiment coming from both sides of the political speck tum spectrum. >> we are seeing populism in the form of spain. even outside the eurozone. i worry about the main stream parties. the new euro government will have to comprise and b

. >> i know that the move we saw this week was some way short of removing the ela but how serious is the risk of serious capital flight from the greek banks? it all depends on the greek citizens. they're afraid that the negotiating strategy that the government has adopted ultimate ultimately entails leaving the euro. if they're con fireworks den that the mandate even to the government clearly excludes leaving the euro then on the other hand it takes away one of the negotiating threats from the government because the main arguments that the government has with the others is the threat. but if this threat is not on the table, then the position of the government is weakened. >> that is one step further and not only if greece will exit the euro zone but if this will have a contagion effect. what do you think the broader implications will be if that takes place. >> well it's very difficult to forecast. in september 2008 many people thought well the markets are prepared for the bankruptcy and, in fact they were not. so it's difficult to say how the markets will react. but my impression is

there is no agreement and if the ecb is no longer comfortable with extending quite a high amount of ela where they are no longer under a program and potentially are running out of cash is that you need to look at whether to impose deposit controls and capital controls in the greek economy so effectively, suspending full membership of the euro and putting the country into a quarantine so you can figure out what to do next. >> in a word for american investors, invested in this economy, can they broadly ignore what's happening with the greeks as white noise and carry on? >> i don't think they can ignore it but it's a buying opportunity if it causes weakness. >> we'll leave it right there. thank you. thank you both. >>> might interest you to know netflix the top performing stock on the nasdaq 100. the company's up more than 37%, since the beginning of the year. it's outperforming companies like apple and amazon which are also both up significantly this year. why are internet stocks surging? joining us with more this morning, what we like to call the ax bob peck at suntrust robinson humphrey