did the imf know this action was going to happen?> governor jordan did not contact me, which doesn't mean to say he has not contacted somebody else in the organization. i find it a bit surprising that he did not contact me, but, you know, we'll check on that. by the way the imf used to be the referee of any currency variation. that has changed over time. clearly with the floating rates that we're seeing in many, many advanced economies around the world. but still. >> understood. the question i think investors are asking this morning, does this per sage a time of greater global exchange rate and monetary policy fluctuations throughout the world? >> you know, as the situation evolves and as we're seeing this what i call the synchronous monetary policy with the feds exiting and coming back to more traditional interest rate variations and as the ecb, the bank of japan, the bank of eng fwlap gland, are maintaining or entering the fray, we will see more volatility. there is no question about that. volatility of capital flows, volatility of

it is interesting the imf/the forecast earlier which suggests -- the imf cut the forecast earlier.will probably keep a bias to avoid going up this year. >> you are concerned about the lack of competitiveness within the eurozone, and it was a message dated -- stated last night by angela merkel. you have your own competitiveness analysis. what is it telling us? >> if you're in a fixed exchange rate currency like the eurozone one cannot devalue against a country like italy because you are locked in with the euro. the only to do that is to have an internal evaluation and make sure. my indexes showing the head and shoulders -- my index is showing the head and shoulders winner is germany. their costs have fallen. the obvious losers have been the countries that had financial support, but the country that worries me most currently is the country that is not attempting to improve its competitiveness right now, and that is france. i worry with and without qe we have had the first chapter of the eurozone story. are we moving towards the second chapter, which is about the bill payers? if that

. >> the imf should be releasing its outlook for the global economy. plus, the movers and shakers in davos. lots to think about at the world economic forum. we see what is topping the agenda. and the richest versus the rest. warnings that the top you will soon control half of the globe's wealth. that is all coming up in this hour of "asia edge." >> what we are seeing is a day when the dollar is stronger. equities are rising. we are looking at gains led by japan, hong kong and shanghai. what else are we watching across the markets? malaysia and australia, the usual laggards. nothing special there. australia oil prices weighting down in sydney. back to you. >> some news coming out of the imf looking at their forecast for this year and next. looks like the global economy is going to be slower. the u.s. economy will be faster. >> they are forecasting growth of the most in three years. they have cut their 2015 global growth forecast to 3.5%. they also downgraded the eurozone forecast. the only major upgrade is the u.s., which has gone up to 3.6%. they do ci

the imf is the latest to weigh in with some downgrades for the coming years. they downgraded the outlook for 2015 to 6.8% from 7.1% and 6.3% for 2016. now, the report card today intensified the debate here over what beijing should do and what beijing will do. there's been several calls by many economists who believe that the economy is going to need some support, that beijing should step in with some sort of stimulus but the imf said that the main reason for their downgrade is because they believe that the authorities are going to be willing to sacrifice short-term growth in order to reach a longer term goal of rebalancing the economy and pushing to reform. they believe beijing is going to be very careful with its policy response in 2015. for "nightly business report," i'm eunice yoon in beijing. >> john brumlidge joining us now to talk more about china. you've been an early champion of the chinese economy. you were among those back in the '80s, i remember you said china is the sleeping giant that's going to awaken. now we have this growth rate though that's t

how do you think europe and the imf and the imf program relates to what happens next. >> we're all waiting on the elections. as soon as that happens and their stability in whatever government is formed, we will pursue the discussions that we have had. in order to help the greek economy create growth, to have sustainable and inclusive growth. the relationship with europe i think has been certainly better structured as a result of what the europeans change but the framework. the fact that there is the european stability mechanism in place in order to avoid the contagion which could result from major crisis in any country is one important factor. the current work that is being done about the interpretation of the stability and growth pact in order to allow countries to pursue fiscal adjustments but at a pace that is reasonable considering the economic circumstances is also helping in that direction. the bottom line, greece, like any other european country is going to have to go through structural reform that is needed in order to sustain growth, it in order to create the conditions for invest

i mean what the imf said is this. the uk is leading in a very a liquid and convincingly in the european union. a few countries but only if you are driving growth. that is what they think about the british economy and about the american economy. it's helping andover where the claimant count is down by 28% since election but, frankly, we shouldn't be satisfied until everyone who wants a job in the country is able to get a job in our country and until our unemployment rate is the best in the g7. that is what i would define as achieving what we want which is full implement in our country. >> thank you, mr. speaker. the prime minister's crisis and the national health service has its roots in general practice. the changes of this government me to gp pension saw a huge number of gps retire early. and in my area in chesterfield 40% of places on future recruitment of gp was left vacant attack we expect they can recruit the number of gps that we need when so few of them have any confidence in his running of the national health

steve, the thing getting our attention was as sue pointed out, the imf was not given the heads up on this. >> tyler, listen that's the sound of the swiss national banker telling the imf he's gout to make a monumental change in currency policy. i mf chief was none too happy about itment investors did not know currency traders did not know, and the imf did not know. this is what she just told me. >> this was a bit of a surprise. i would hope that it was communicated with other colleagues from central banks. i'm not sure it was, and, you know, i'm going to reserve judgment on the pertinence of the move because we have not discussed with with governor jordan. he did not contact me which does not mean to say he has not contacted somebody else in the organization. >> she also said she hopes other central bankers were contacted, but she did not know. what's important here is what sara eisen said. they took every opportunity she could possibly find to tell central bankers that if you're going to change policy, key thing here is to communicate it. now, there was a very legitimate question as

the imf says the world's gdp will grow by just 3.5% this year and in 2016 by 3.6%.zone is facing low investment as well as poor demand for exports. japan hasn't performed as well as hoped. and the yen also ginn -- continuing to lose its value. russia already under resure from sanctions, looking particularly bleak. and then there's china, that's where the economy has slumped to its lowest weakest, in 24 years and expected to get even worse. >> reporter: economists say no number matter in the world right now, more than china's gdp. gdp, of course is the best way of measuring a country's economy. now new data has come out showing that china's economy grew by 7.4% in 2014. that is not what the government hoped for. they had been hoping for economic growth of perhaps around 7.5%. and this represents really the slowest economic growth in china, in almost a quarter of a century. why? well a housing bubble affecting four and fifth-tier cities, and awls a lingering belief that banks are underestimating the extent of bad loans on their books. these are loans that the governme

the imf now expects growth of just 3.5% in 2014 -- 82015 and 3.6% in 2016.conomists have pointed to a slowdown in china. the figures represent china's slowest growth rate for 24 years. >> the policy makers in china have decided to reduce some of the dangers they were facing on housing, on shadow banking. they are also trying to reorient growth to consumption. all of this is desirable, but feeding to a lower growth rate. >> the world's largest economy is bucking the trend. the united states has seen its forecast up from 3.6% in 2015, boosted by increased consumer spending and business investment. although most countries have been boosted by falling oil prices, also fears of western sanctions could see the economy contract by 3.6% this year. the imf expects the eurozone recovery to continue, but expected to slow. >> for more on this, i am joined by senior global economist at standard chartered in london. thank you for joining us. i wanted to start with china. we have seen the slowest gdp growth rate in 24 years announced today. is the slowdown in the world sec

the imf has made its biggest cut in three years. according to the new forecast the world economy will grow 3.5% this year, down from 3.8% in october. here's the imf chief economist. >> the underlying weakness many economies, many emerging market economies are revising the prospects down. that is decreasing growth today. and we think [indiscernible] >> the one exception in the new forecast for the method is the united states, upgrading its forecast for u.s. growth to 3.6% from 3.1% in october. in ukraine, fighting has picked up between government forces and rebels backed by russia. there's a battle over the control of the airport in donetsk. ukraine is accusing russia of terrorist activity after a bomb blast in the eastern part of the country. 13 people were wounded. >> it appears amazon is really going hollywood. they won its first major television award last week and now amazon will start making feature-length movies for theaters. four to eight weeks after the theatrical release, they will be shown on amazon prime online streaming

the new government says it will no longer allow imf and eu auditors into greece and it refuses to extend the bailout program. >> we will seek cooperation with the legal institutions of the eurozone and the international monetary on, but the tripartite committee of imf, european commission, and ecb insists on a program whose logic we consider anti-european. >> according to the european parliament, the committee is poorly structured. we do not intend to work with her. >> the government of the prime minister is moving quickly to defy specific terms of the eu-imf bailout program. planned privatizations of a gold mine and gas distributor were canceled on friday. >> it is of the utmost importance that greece remains on a path of her country. this requires commitment, just to the reform process and to fiscal sustainability. taking unilateral steps or ignoring previous arrangements is not the way forward. >>as repeatedly voiced its strong opposition to the change in direction of the greek economic policy. the finance minister has rejected calls for debt relief or any relaxation of greece's bailo

the imf has made its biggest cut in three years.st the world economy will grow 3.5% this year,

what the imf said is this. the u.k. leads in a very eloquent and convincing way in the eu. if you countries, but only a few, are driving growth. that is what they think about the british economy and about the american economy. it's helping in the over, where the claimant count is down by 28% since election but, frankly, we shouldn't be satisfied until everyone who wants a job in the country is able to get a job in our country and until our unemployment rate is the best in the g7. that is what i would define as achieving what we want , which is full employment in our country. >> thank you, mr. speaker. the prime minister's crisis and the national health service has its roots in general practice. the changes this government made to gp pension saw a huge number of gps retire early. in chesterfield, 40% of places on future recruitment of gps were left vacant. how do we expect that they can recruit the gps we need when so few of them have confidence in the national health service? >> there are 1000 more gps working in nhs today than when i became prime minister. in his own area

we already agree with the imf.cause the previous program was just calculating on the short term. unfortunately, the situation is getting worse. >> how much more money do you need from the imf? >> we definitely need more money. this is not just the money. this is just a financial pillow for the reform. we want to create an attractive investment environment. we want to create an independent system. these are very important steps in the creation of a system against corruption. we are all for a new ukraine. we are in a position to do that. >> you met yesterday with george sorros. apart from money, what would you be asking european delegates? >> today, we formed a very important team from the world from the states of the world who are ready to support us financially. i am absolutely sure that they are ready. from canada to japan, from the european union to the united states. from different countries, including the middle east. we have created a very strong coalition to demonstrate financial, military, and political soli

economic support, and now this negotiation with the imf and our partners including the imf is very important for us. defensive support again, we don't demand from anybody the lethal weapons. we have a very strong army to defend our territory. but defensive technology is also the things which we need because the only strong army can help us to keep the territory and the standing we do not provide offensive operations. so political, economic defensive, and moral support -- this is all for key ingredients for supporting ukraine. and for all four things, we already have a very strong message. i want to thank the audience because you represent herein call (202) 585-3880 davos -- herein call (202) 585-3880 in the very near future, i'm optimistic. i think we can stop the war. when we stop the war, it would be absolutely a new, different country. when you feel yourself comfortable and happy together with a new ukrainian people. thank you. [applause] >> is to president, my last question -- you mentioned popular reforms. we all know the imf, for example, discussed and proposed subsidies for energy gri

increase international support to complement the imf support is crucial. at the same time, while you have those spots of geopolitical tension which can be identified, with which you can talk -- we can talk -- there is also this palpable sense that the forces of intolerance and fragmentation are gaining strength, and sometimes competing with each other. the recent atrocities in france, mike home country -- my home country, but also in nigeria, or in pakistan, are only the latest actions of forces that are fundamentally opposed to what we here in this room believe in. you take all of these risks of different natures, apply it to the current economic situation and i would say this calls for a powerful policy mix that can strengthen the recovery and provide better employment perspectives for the citizens of the world. that is the first rosetta moment. better recovery, more employment. how can policymakers deliver? to show solidarity, to express common interest is good. but there is more to be done as well. i look at the policies available. first, economic poli

imf chief said she wasn't kept in the loop either. >> this was a bit of a surprise. i hope it was communicated with other colleagues from central paings. paing banks. i'm not sure it was. we have not discussed it with governor jordan. he didn't contact me which is not to say he hasn't contacted somebody else in the organization. >> she is on the ground in switzerland to help us understand what the response has been from citizens to the announcement from the swiss national bank yesterday. >> confusion, disbelief, questions about what happens next. all of the above is fair to say. that's what a lot of people are thinking this morning. yes, as soon as that announcement was made yesterday and i have spoken to a number of analysts and fund managers since then. many saying it's going to take time now. you need to see a new equilibrium reached before we see what happens next and that has to do with what the ecb chooses to do next too. somewhere somebody communicated with officials from the swiss national bank about potential european bank moves. it will be interesting to se

well, despite some gloomy predictions by the imf about the global economy, the ceos of major companies say the united states has overtaken china as the most important growth market. it is the first time the u.s. has won this honor since pricewaterhousecoopers began conducting the survey just about five years ago. so where exactly is that growth coming from, and how can you profit from it? we're so glad you're along for the ride. let's start the "countdown." ♪ ♪ lori: it's been a rocking first day of trading after the long weekend. oil continues its slippery slide after the imf cuts its outlook on energy prices, that coupled with traders anticipating the big everything cb announcement this week -- ecb announcement this week has volatility spiking. so how do you play it? traders at the cme group, the nymex, also joining us to weigh in on china specifically, gordon chang, author of "the coming collapse of china." first to the nyse and teddy weisberg, what's behind the turn around today? >> well, i think it's terrific, but the market internals continue to be anemic. it's not very negative.

>> it has a lot to do with the imf saying there is slowing growth. there is fallout from the fact that the ecb will boost stimulus , all pushing gold higher. looking at the highest level since september for gold futures, today's game makes it the longest rally and 11 months. it's not just gold making a comeback. palladium is making a comeback. palladium is used in catalytic converters. >> su keenan with the commodities report. 2014 was the year we saw more media companies deliver content on the internet without cable or satellite. bloomberg intelligence has released its 2015 media outlook ahead of u.s. research. pulse when he me now with the details. we're going to see more court cutting? >> we might. we saw the first signs that pay-tv declined. when you add the satellite cable, and telcos, we saw a decline. existing subscribers are disconcerting their service. then there are the people who have never subscribed or want to subscribe to smaller services. these are all challenges facing the pay-tv industry. >> the stocks of outperform the broader marke

the imf expects growth of this 3.5% this year compared with the previous imf estimate which was 3.8%.e that in october. now, the downgrade comes despite something we talk about a lot. a major boost in the local economy. the oil prices currently 50 bucks a barrel which is a positive for most countries. it's not enough to offset the weak, global investment. corporations and businesses are pulling back. meanwhile, it's been announced china's economic growth slowed to the weakest levels since 1991. the economy grew still, it expanded and grew by 7.4% last year down from 7.7% we saw in 2013. it is worth mentioning it means china is growing by around $700 billion a year. let's get more. james king is the emerging editor of the financial times and joins us. he's trying to shake the world with an international best seller. great to have you on the program. for us laymen you look at the numbers on the offset and go they are not bad numbers. i want to ask you, what are the nasties? what are the worries lying beneath the numbers? >> well i think the first issue is that a lot of people suspect th

you saw it this morning the imf lowering the world growth forecasts.is difficult to get growing and risks of deflation quantitative easing coming. we will have to see what that does euro growth started to pick up a little bit in the last quarter. then we have the many geopolitical forces, in the eastern european parts of this world and middle east and that obviously affects these markets. >> you say quantitative easing is coming and all the financial market are braced for thursday what would you like to see from mario draghi? will it be enough? >> we need to work together on this but as the example that the u.s. has shown, the risk of europe just pumping money in might not be enough if we don't address the fundamental underlying reasons. we need to make the european market more competitive again investing in education. if we don't make fundamental reforms we risk being uncompetitive which is the root of the issue. >> we saw in china, the stocking happening, a 25% decline of growth in the last quarter, is that starting to turn around? >> we are seeing p

imf is right in terms of the direction. growth will be coming down and they're right to point out we can't go back to the old ways of printing money and infrastructure investment and so on. there has to be a real balancing of the economy. as well as the structural concerns highlighted by a reporter we have the chinese currency being one of the strongest currencies in the last 12 months so from a trade point of view china is struggling. without the domestic consumption pick up there will be very little growth compare to history and demographically china is seeing a peak in the working population. so i think the overall picture for china is very difficult and they can't go back to the old way which is is taking on debt to build infrastructure and so on. it could be a bumpy road ahead for the chinese economy. >> a lot of concerns when you look through the data around the gdp report that came out this morning. what does this mean for chinese stocks? china was the best performing emerging market in 2014. does the rally continue

however, the europeans, imf will argue that the only way for greece to many recover is to play by the rules and pay its debts. positions. this is the first time greece has been ruled by a radical left party. and this has all the l previews of a disaster ahead. you've heard from the greek prime minister and the germans have been very tough statements, unyielding statements indeed. >> so what are the implications for europe for the world if this turns into a confrontation where grease says hey we're not going to pay back these loans and the germans and the rest of the europeans say you have to? >> well, i think syriza's election over the past 24 hours has now set up perhaps a major european debate. if you look at some of the rise of leftist parties in spain, for instance, look at what's happening in the politics of france and even in the united kingdom, people are beginning to debate the wisdom of austerity and this greek election will fuel that debate. secondly, the worst case stereo here is there's no movement on the european union, the greeks refuse to pay off their loans or the prob

poroshenko asked for additional funds from the imf.lar, christine lagarde, said she will support that. economic reforms would be required. >>> to another story we're watching closely. six more bodies from airasia flight 8501 were found thursday. that means 59 victims have now been recovered it all. airasia's ceo, tony fernandez, tweeted there is nothing more person than finding all of the flight's guests and crew. >>> airasia crash investigators reportedly say warning alarms were activated for some time before flight 8501 went down. investigators told the "wall street journal" and the afp that a store signal could be heard going off on the cockpit voice recorder and that pilots were desperately trying to stabilize the plane before it plunged into the java sea. >>> the moment, severe storms soaking australia's coast in queensland. in melbourne, the australian open will be baking. we have more on the wild weather down under. >> always a big problem, pedram right in the midst of a drought. too much rain? >> yeah certainly is a problem for

to go back to your point about leadership, how do you think euro and the imf and the imf program relateso what happens next in greece? thank you. >> first of all, we are all in the waiting of the elections that are due on january 25th. as soon as that happens and there is stability in whatever government is formed as a result of those elections, we will pursue the discussions we've had with the greek authorities in order to help the greek economy to create growth, to have sustainable and, you know, inclusive growth. the relationship with europe has been certainly better structured as a result of what the europeans have changed about the framework. the fact esm in place in order to avoid the contagion effect that could result from a major crisis in any country is one important factor. the current work done about stability and growth pact in order to allow countries to pursue physical adjustment but at the pace that is reasonable concerning the economic circumstances is also helping in that direction. but bottom line greece, like any other european country is going to have to go through st

is the imf equipped? is that a real risk? the oil price exacerbates it to some degree. >> it exacerbates it. it does have an impact at the nominal level. i think it's important to understand why despite the monetary policies we are seeing here or we might be seeing elsewhere, there is either very low at inflation relative to the targets, and it has to do with the output. there are still available capacity. there are still people looking for jobs and you have the ability -- who have the ability to join the markets. we are not seeing an uptick in inflation. the oil price is still keeping that down. i am not a central banker, but if i was i would look carefully at core inflation and inflation expectations. and the two situations of entry into monetary policy. >> you raise so many issues. i am going to turn to the audience and ask you for any questions you may have. please introduce yourself, your affiliation, and your question. >> paula stern. i have my own group. bravo for a wonderful presentation. my question goes back to oil

they too were to be privatized as a condition of greece's bailout by the eu and imf.inancial markets have reacted with dismay. shares in greece's biggest banks have fallen by up to half since sunday's election. >> that's get a quick check on markets. we know greece has been weighing heavily on the markets all this week. is that still the case today? >> it is still the case. it is weighing very heavily in terms of the mood here, the confidence in the market, and the political and economic situation. it is not being shown quite as clearly when you look at the share prices. the dax is losing slightly, and stock prices in athens are recovering also. banks not making nearly the losses they incurred in the past few days. the kind of policies that the new prime minister in athens seems to want to push through backtracking on reforms, edging closer to russia, that makes people here very nervous. >> germany has entered a. of -- a period of deflation. what is behind this? >> it's mainly the energy prices that are forcing price levels statistically officially down. when you go t

the imf raised its forecast for the u.s. by half a percentage point.ke we are the emerging market of the world. we are under 30 minutes away from the start of trading select count down the top headlines. matt miller and mike guesthouse, reputation.com founder is joining me this morning. number 10 -- we will talk about your new book which is just out today. reputation economy. we will be shamelessly plugging your book. >> thank you. >> retailer jcpenney is bringing back its 120 page catalog nearly five years after getting rid of it. the company said new data shows many of online sales come from shoppers who are inspired by what they see in print. anecdotally, it makes sense to me. >> i think is a great idea and i'm not a huge fan of junk mail. i often go on tirades against the post office for stuffing my mailbox but occasionally -- i just throw it away and it seems like a huge waste of paper. >> i think it's a good as this decision. every company is searching for the mixed media model. how do you know which channel is generating which number of cells? -

. >> from the imf, christine lagarde lower oil prices will not be enough to stimulate global growth. >> despite the boost and despite stronger u.s. growth, we see the global recovery continuing to face a very strong head wind. >> two suspected terrorists are killed in a raid by belgian police. the threat level has been raised across the country. >> welcome to "countdown." the oscar nominations are up. "bird man" and the "grand budapest hotel" top the list. >> the swiss national bank lifts the cap against the euro. >> japanese stocks have been falling as the yen traded at its strongest in three months against the euro on increased demand. sovereign bonds and gold hit near four-month highs. this was frank is trading at close to parity with the euro. >> the country's government warned about the impact of the s&p decision on exports and tourism. shares in swiss exporters went down. the swatch ceo describes the action as a tsunami about to hit the swiss economy. for more on the ramifications and the impact we go live to hans nichols. we are hearing many industry voices talking about this.

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i think for a long time the imf thought the crisis was over. wrong, and we were all wrong that the prices which often advanced. >> so is the challenge to be effective as relevant? >> it is a very relevant organization. it is the only global institution that brings all the countries of the world together for financial issues and microeconomic issues. it is a good place to coordinate. i think we're in a world where more of the nation -- were more coordination is necessary. i think that is the premier place to do that. >> thank you for your time. mexico central-bank's agustin carstens here with us at the world economic forum in davos, switzerland. >> the marriott ceo when we return. stay with us you are watching a special edition of "market makers". >> first bloomberg. >> welcome back you are watching our live coverage from the world economic forum in davos, switzerland. we need to bring everyone up to speed. this is the bulletin. the top stories. alix steel is in new york. >> welcome back. >> i cannot wait to see you back in new york. mario dragh

back on the debt agreement on austerity, and on four years of the bailout deal with the eu and the imf. that mr. place athens in direct confrontation with brussels and berlin and the architects of austerity, which had greece vote with a party that said it would stick to the path of budget cuts and fiscal reform. so likely to reverbuate very much from here across the european union. and in brussels particularly where your zone finance ministers are meeting today. our correspondent, damian is there. what's the mood likely to be today? >> hello from brussels. those ministers are gathering now ahead of that meeting. i think a little bit of concern, because of the nature of this victory, the size of the victory, and quite what syriza will now bring to the negotiations here, but they're waiting to see what the greek position will be. just a few minutes ago, within the last hour, i had a chance to speak very briefly to the share of the finance minister's meeting, the dutch finance minister, he was arriving for that meeting. he stopped briefly and i asked him was there any room for compromise

our own calculations are similar to those of the imf.less energy intensive, less oil intense. and china is kind of leading the charge in losing the energy growth and --. a second feature has been the shale revolution in the u.s. we expect that the continue. we expect there be no way in the first six months of the year to show a decline in the rate of growth of u.s. production. so u.s. production is likely to grow by a rate of over a million barrels a day per year for the first six months and then the consequences of lower cap ex on the upstream will come in probably an accelerating way over the rest of 2015 so that by the end of the year we expect u.s. production growth will have slowed down from 1 to 1.1 million barrel a day increment on analyzed basis to something on the order of 2 to 300,000 barrels a day analyzed. the third feature of the year has been saudi marketing problems. and yes, the saudis are selling less crude oil. they are consuming more production at home. they have more refining capacity than they used so. so rather than

turn to the imf for loans and help. imf impose happy not just making keynes happy but karl marx. you have to raise taxes and size of government programs and kills any sort of entrepreneurialism in this country. when was the last entrepreneur to come out of greece italy and spain? >> thinking of which that is the next one. portugal italy and spain. melissa: all a domino effect. okay. hawkeye state alive with sounds of republican hopefuls laying ground for 2015 at iowa freedom summit. with front-runners, mitt romney and jeb bush conspicuously absent. scott walker and carly fiorina made the most of their opportunity. >> why hillary clinton? i too traveled hundreds of thousands miles around the globe, but unlike her i actually accomplished something. >> we took power away from the big government special interests and we put it firmly in the hand of the hard-working taxpayers. that's what we need more of in this great country. [applause] melissa: i don't know, one thing i think is sad about the american political sim what counts for a lot is connecting with people. whether or not you'

we will have complete coverage include in a conversation with christine lagarde of the imf. distracted by the european central bank, deflation, negative interest rate, all of that in europe. first, let's go back to our world headquarters in new york and brendan greeley and olivia sterns. >> time for our top headlines. we have to start with the ecb. european central bank on the verge of taking its boldest step yet to fight deflation. ecb president mario draghi may announce massive bond buying program that could exceed $1.2 trillion. it is in that boosting consumer prices that are now falling on an annual basis. not everybody is on board. the plan is been criticized as too little, too late. the head of germany's central bank said it is not needed. in eastern ukraine, the balance is getting worse. artillery killing at least 13 people. ukrainian forces have pulled back from airport terminals in donetsk. violence has stepped up since to negotiation's between ukraine and pro-russian rebels broke down last week. germany's foreign minister said there were tangible progress in new pe

russia got $70 billion worth of financial aid from the imf pledge last year. says ukraine needs $50 billion in new pledges in the first quarter of this year. ukrainians have to be in berlin today and they're looking for more money and they did just get $500 million loan. we asked what the country needs. >> where in a critical financial situation from external payment system but also a balance of payments situation and our national bank reserves. there are many different estimates as to what the amount and what will be talking about in the coming weeks. we are looking to all of our international partners from the imf to the world bank, united states, canada, japan, and others to come and support us during this difficult time. >> napoli j -- natalie jaresko's american accent issues born and bred in chicago. she is highly regarded in the ukrainian president gave her citizenship so she be the finance minister, a job she has been in for a couple of weeks. a set of anybody camp or this off, she can. the odds are against her. a country if it does not get help will de

poroshenko met the imf had seen the guard on the sidelines of the almost -- of davos and issued the needfor a broader rescue package. >> some sports now, and the first ever chinese investment in a top-le happened on wednesday when china's second wealthiest man bought a 20% stake in spain's atletico madrid. he inked a deal with the club's president at a signing ceremony in beijing. >> this investment will cost the real estate tie: -- tycoon 40 billion euros. atletico madrid are not the -- they are the reigning champion but they have debts of about 80 million euros. the deal includes investing in a youth training center that would also be used by talented chinese players in the hope that some of them could eventually be signed up by top european clubs. of islamist violence. the prime minister said the government will create more than 2500 jobs to help track potential terrorists and keep the public safe. his plan comes two weeks after 17 people were killed in attacks here in paris. >> nearly 3000 people to be put under surveillance. they are all linked to terrorist networks and are creeping

we will be talking to the imf in the coming weeks.e looking to all of our international partners, from the imf to the world bank, the eu the united states, canada, japan and others to support us during this difficult time. >> note the american accent. she is born and bred in chicago. and americans that came to ukraine working for the government. she ran a private equity fund there and was reputed -- recruited by the ukrainian president. she is part of a new team of technocrats that have been brought in. most of them are young, independently wealthy. they are going to need a lot of financial assistance. they are probably going to need a miracle. >> let's talk about the miracle. the miracle is not being priced into the bond market. the bond market is getting very close to the less than magical d word. >> if you look at the bond market the bonds are trading at $.60 on the dollar. that makes ukrainian bonds the second worst bonds in the world after venezuela. if ukraine doesn't get financial assistance in serious numbers this year from th

we have the only large economy with the united states and the imf has revised up. it's outlooks in the recent projections of the imf. >> that's interesting to talk about spain in this light because there is a lot of bearishness about europe right now. the finance minister is going to be on squef's panel. >> thank you for chatting with us this morning. the sector abuzz about speculation. we're going to be speaking to the ceo after the break to get his lowdown on what's going on right now in the telecon sector. stay with us in a few minutes. you're watching worldwide exchange. >>> let's talk telecom. telefonica is in talked to sell to hutchison for $14 billion. shares are trading higher on the news. that's not the only news that we're watching in the space. telecom shares approved the sale of its portuguese assets to altice. the deals will help consolidate it's position in it's home market brazil. the sale unmarks the unwinding of portugal telecom and oi. to talk more about the future of the industry julia is live in davos with a special guest. it seems like further

our own calculations are similar to those of the imf. we expect that if prices stay more or less where they are, the gdp impact of that globally by the first or second quarter of 2016 could be as much of .8 of 1% of gdp growth. and that will bring more oil demand although probably less demand than what's associated with the global gdp growth because global demand has become less energy intensive, less oil intense. and china is kind of leading the charge in losing the energy growth and --. a second feature has been the shale revolution in the u.s. we expect that the continue. we expect there be no way in the first six months of the year to show a decline in the rate of growth of u.s. production. so u.s. production is likely to grow by a rate of over a million barrels a day per year for the first six months and then the consequences of lower cap ex on the upstream will come in probably an accelerating way over the rest of 2015 so that by the end of the year we expect u.s. production growth will have slowed down from 1 to 1.1 million barrel

this year and next the imf predicts growth of 3.5% and 3.7% respective respectively. the forecast was publiced back in october. imf said even though for many countries, a blessing is the oil prices that is going to be offset by weaker investment. we are going to keep our eyes on all of that. global unemployment good news here, will rise over the next five years, as i mentioned. the world economy ended a period of slower growth widening in equality. this according to the report from the ilo, the international labor organization. the ilo says 212 million people will be out of work. that's up from the current 201 million. how about this number? more than 61 million jobs have been lost since the start of the global crisis in 2008. more on that coming up in gmt. let me link it with this employers spend, on average, less than nine seconds scanning a candidate cv. could be your cv before they move on to the next one. lack of attention is due to huge volume. one compares it to the dating app, kinder that uses scroll through profiles before they find one or one they like. how

and around the rest of the world, imf cutting its outlook.hina posting its slowest growth since 1990. and qe that is certainly on the docket, isn't it for europe this week. >>> let's start with morgan stanley. it's the latest financial firm to miss on quarterly results, at least according to what the analyst whose follow the company had expected. in this case hurt by what appears to have been weaker trading revenue out of its fixed income unit excludeing items profit at 39 cents a share. revenue excludeing accounting adjustments fell more than 8%. bank of america is added to goldman sachs' conviction buy list firm sees upside after the stock's recent underperformance. becky quick, by the way, will have an interview with brian moynihan, live with becky from davos, switzerland later on the program. let's talk morgan stanley, jim. welcome back from the long weekend, by the way. >> yeah. >> we focus on this firm in part, it is different than its breath rent because of the continued focus on wealth management and on all of those financial advisers

greece's european partners and the imf have committed 200 billion euros. basically, these loans have been propping up greece. and the current round of funding expires on february the 28th. and talks have stalled since september, amid arguments about belt tightening. and it is the austerity measures that this bloke right here alexis tsipras, and his left-wing party, syriza say they want revert. it's going to be some tough dollars, tough negotiations certainly with the rest of europe, but in particular the germans. the germans probably don't want to borrow. let me show you a quick flash of the markets. you can see, pretty much what we're seeing most of the morning. the ftse just a pinch down. the dax in germany, slightly up. why haven't we seen a big fall on the market? some suggesting that the tone of syriza since the win has been softened. they want to be pro-europe, well, they are pro-europe and they are pro-euro they say, but months of negotiations ahead of us and other anti-austerity parties in particular in spain, portugal and france watching this very

they need relief. 80% of the greek debt is held by the ecb, the commission, the imf. there is very little possibility of getting it package renegotiated. >> and the german chancellor has said look, greece has to honor the deal it has already made. something is not matching up. >> you are right. what will happen in the near term is europe will offer some lessening of the terms of the loan let's say a reduction in the interest rate. but time is not on us inside will stop by the end of february, they need that last tranche from the bailout. and they have some very big debts to pay off in july and august. the longer each side place chicken, if you will come of it more this gets quite unstable. >> you met mr. tsipras when he came to washington a couple of years ago. what did you think of him? >> he is externally confident and he wants the greek people to stop suffering. five years of recession of this kind in the united states, we would have enormous turmoil. the problem is, the greek economy needs to restructure and that restructuring is painful. they have seen some good