italy, france, and germany joining forces to develop a european drone project to reduce the dependence on american and israeli technology. defense ministers said they would cooperate on creating medium altitude long endurance drones for civilian and military operations to be in the air by 2025. there is a new ratings agency. moody's investors has launched a group to monitor european public sector debt including -- which is expected to grow rapidly. they will look at specific research and credit trend in several languages. samsung scored a small victory in its ongoing legal battle with apple. a u.s. appeals court agreed to south korean company illegally copied some features of the iphone but apple cannot claim damages for copying the overall appearance of the best-selling smartphone. that means a $930 million fine initially levied against samsung may be cut in half. laura: kate with the business news, thank you very much indeed. now it's time for the latest in special encounters from the cannes film festival. we have an interview with you from the star of "the measure of a man." stay wi

and 19 others hired ellis hester the owner avenue now defunct travel agency to book a cruise to italy france and spain. they paid the full 300 and $69 each for nothing. >> no trip existed. so this man took money from me knowing that he had canceled all the trips that we weren't flying out to barcelona. that we weren't getting on carnival cruise ship to sale the med did he rain yann. how disappointing would you be? >> reporter: is there a reason why you had to still those hard working. hester plead guilty to theft admitting he stole more than $67,000 from the group. he was placed on probation and ordered to reimburse all of the victims with monthly payments. >> so these are his payments just to you? >> yes. >> is that right? >> yes. these are his payments. i received a total of $846 and some change. >> reporter: denise hall is still owed more than $2,500. but a year ago those checks stopped coming. >> his punishment was that you won't go to jail. you have to pay restitution. he hasn't paid res toy tying. >> reporter: hester said he could no longer peso in february judge m christine allen jack

the volatility, the route in the equity market, the catalyst is right here in fixed income. , italy, francen, germany. equities selling off, bonds is selling. the euro getting a little bit stronger. are up another 8/10 of 1%. it has been a weaker dollar. i will bring up sterling for you. it goes higher by the expense of 1%. up a half of 1%. hi. one right here, a 2015 back to you. david: the outlook of toshiba shares, at least seven banks have stopped coverage of the stock. they're basically say that we will wait. investors really hate that raise, accounting irregularities. is abouthis understated costs across some of these other projects. themght actually see revised downward some of these previous earnings reports at some point in the future. now, to the top stories, the $3 billion legal pot business in the u.s. cannot find a place to stash is cash. banks and credit unions were doing business with companies in the marijuana trade. it is now legal in 23 states. this more than a year after officials at the treasury department told banks they could open accounts with that fear of legal or reg

i'm concerned of -- about what is going on in europe -- italy or france, in spain.ry about it. mario draghi is a hero as far as i'm concerned. monetary policy will only do so much and again, the key to europe is to step up on some of the structural issues and deal with the labor reforms. some of the more fundamental things that need to be done. reporter: i want to ask you there are people in berlin i am increasingly hear this -- hearing this in conversation. that you could simply let a country like that go. you have experience of unintended consequences. do you worry that doing such a thing will be a lehman-like moment? mr. paulson: we are dealing in a world today where there is no playbook and there is unintended consequences of monetary policies which we have needed for a long time, but maybe we do not need -- i'm not saying europe does not need voluntary policy. in terms of the unintended consequences, of course i worry about unintended consequences but to me what i worry about much more, you talked about the lehman moment. the underlying problem have been the fu

i'm talking about spain, portugal, italy, france.ll of the other countries by the craziness of greece. that's happening because the european central bankers created a situation like here. remember when the fed got uber activist activist? you don't want to own anything other than growth vehicles. yeah you wanted to buy anything else any other asset quality. any other asset had greater value than their bonds. and they still do. even if your bond yields have increased because they have only increased radically on a percentage basis. i would never buy a bond in europe right now. the moves by the central bank may have been unorthodox. but like it or not, they're working. don't hear enough about this. europe's gigantic economy 77 million people it's humming. when an economy improves many things occur. more people get put to work that's good. sales increase good. profits grow, good. lending resumes, good. bad debts go down, good. tons of things that are good. which brings me back to the original question about pick winners. when we're buyin

a lot of countries coming over from japan, italy, france. huge amount of magazine journalists.ines are pleased it's a princess. that's what they were hoping for. it's a much bigger story for them. they say a prince would have been a story for a couple of weeks for them, but now the princess and clothes she wears growing up. this is a story that now has years in the running. >> max foster, thank you so much. >>> coming up, fight night is finally here. floyd mayweather and manny pacquiao are ready to rumble. and there's a lot on the line. the great boxing analyst larry merchant is joining me next. there is an ancient rhythm... [♪] that flows through all things... through rocky spires... [♪] and ocean's swell... [♪] the endless... stillness of green... [♪] and in the restless depths of human hearts... [♪] the voice of the wild within. >>> welcome back. all eyes are on las vegas and what will be the richest bout in boxing history, mayweather versus pacquiao. and there's a lot at stake. floyd mayweather the overall favorite, is an 11-time world champion and currently undefeated. whi

interested in taking in refugees and which find it right will stop germany is among them and so is italy francegreece, sweden, and malta. so there's a large group of countries and then there are other countries which may be don't see this -- is this it is urgency, arguing for voluntary basis. but i'm convinced it will become clear that especially with the countries confronted with refugees from the mediterranean that there will be no alternative to european solidarity to get to a solution. amy: this comes as a report released today by amnesty international reveals how migrants are forced to flee libya because of "horrific abuse." the report is based on interviews with refugees and migrants across libya who face -- "rape, torture and abductions for ransom by traffickers and smugglers, as well as systematic exploitation by their employers, religious persecution and other abuses by armed groups and criminal gangs." it also finds conditions in libya migrant detention centers inhumane. as one of the syrian families interviewed said -- "we were facing death in libya so we thought we might as well , f

a lot of countries coming over from japan, italy, france. huge amount of magazine journalists. magazines are pleased it's a princess. that's what they were hoping for. it's a much bigger story for them. a prince would have been a story for a couple of weeks for them but now the princess and clothes she wears growing up. this is a story now that has years in the running. >> max foster thank you so much. >>> coming up fight night is finally here. floyd mayweather and manny pacquiao are ready to rumble. there's a lot on the line. the great boxing analyst larry merchant is joining me next. >>> all eyes are on las vegas and ha will be the richest bout in boxing history, mayweather versus pacquiao and there's a lot at stake. floyd mayweather is an 11-time world champion and currently undefeated. manny pacquiao is looking to defend his wbo welterweight crown. the winner tonight will be viewed as the best boxer of his era. there's nobody better to preview the big match-up than larry merchant considered the greatest tv boxing analyst of all time. and you might remember his famous interv

in the space of three days italy france and groups of volunteers have raced to the rescue of almost 7,000e, including this baby girl born just hours after her mother was in a boat floating off the coast of libya. last month, e.u. members promised to send help. this french navy ship rescued 217 people on saturday. but where is the flagship h.m.s. bullwork ? it left the galipoli event in turkey a week ago, but only tonight is it ready to help after a reported diplomatic wrangle over whether rescued migrants could disembark at italian ports. it's understood things were only resolved today. at the moment, the rescue mission, operation tritan, is still relying heavily on passing vessels. >> it is mainly commercial ships who are patrolling, who are actually in the international waters and are able to carry out rescue operations faster than other ships which are quite distant from the migrants in distress. >> reporter: this rescue boat is speeding not towards italy but straight back to libya. the libyan coast guard returning migrants to the country they were desperate to leave. >> we are sufferi

daylight and another boat packed with people- italy and france have carried out 17 rescue missions in two days-- as people smugglers capitalize on calm seas among 4,000 people rescued there were a number of pregnant women-- gingerly coming ashore in lampedusa. some made it onto european soil in bare feet. a few of the men spoke about what they've been through. >> my mother died, father died alone in the world - different to explain. >> in libya we were beaten and humiliated. we were on the beach 24 hours without eating. we were so scared we would die at sea. we were really happy when we were rescued. >> sreenivasan: the number of people dying before they make it has soared. in the first four months of last year 96 people died trying to cross the sea. already this year at least 1750 people have lost their lives. and the international organization for migration has warned 30,000 people could die in 2015. aid agencies blame a decision six months ago to scale down the search and rescue mission, after e.u. members including britain said it was too expensive and only encouraged migrants. bu

italy's gdp number just growth beating expectations of 0.2%. this following the pick up in france's growth. better than expected gdp numbers out of italy up quarter over quarter. seems like aided by oil prices and weaker currency helping italy's growth. the euro very close to session highs. 112 against the u.s. dollar. >> let's recap the other data. france surprised the market by posting it's best quarterly performance. gdp at 0.6% ahead of expectations. germany missed forecasts printing growth of just 0.3% trade. that was a big drop on growth in the first quarter according to the data office. now the external numbers for germany have always been a little weak. capital orders were a little bit disappointing but consumption has been quite strong. i wonder how sustainable these data points are given that in the second quarter we've seen the rebound in the oil price and we've seen the rebound in the euro as well. >> that's the big question. is this growth sustainable for a long period and is growth impacting it. >>> it's of course been one of the spots for this bond market sell off is

now, there was considerable european push for war in libya as well from italy, from france and from the united kingdom to get at libyan oil. deals were done in terms of splits with the libyan rebels, the splits that italy would have, the splits that france would have. so it may also be looking at an excuse to get on to the shoreline of libya. they will establish a breach of security, and they will be engaging in destruction of these boats and people smuggling operations on libyan soil. amy: and the documents address the western back groups within libya and what they feel about this? julian: it has come out publicly, some versions of this plan have been spoken about in the media, the man hasn't come out, but versions of it have been spoken about, and the groups that the west says is the government of libya if you like, both factions around benghazi, the libyan foreign minister says that this should not be tolerated. of course, libyans could not accept the prevention of libyans seeking refuge, being pursued by jihadists. it's really a very new situation. it's new in terms of the e.u. acti

italy and france we are seeing better economic data.onsideration number two is what is happening to bank lending. what is happening to credit spreads. can they borrow at the same kind of level? they couldn't two years ago. all the factors that suggest qe is working are very much there. the next question i think we are going to be talking about in november and december is how are you going to stop qe. that is going to be a challenge. jonathan: when i look at the exchange rate, things have stabilized somewhat. in a way can we say that is bullish for equities? >> i think all we have seen is very interesting and european equity markets. european investors clearly carried out a major switch. what is interesting is the capital flows from american and asian investors have been very low indeed. they have been very concerned about foreign exchange rates. now that the euro has stabilized i think volatility has fallen in a range for the rest of this year. i think it is the range we have got. we encourage capital flows into the european market. i t

i am more concerned in terms of what's going on in italy and france and spain.about it because draghi is a hero is for is unconcerned. monetary policy will only do so much. key to europe is to step up some of the structural issues and deal with labor reforms, more fundamental things that need to be done. pimm: that was former u.s. treasury secretary hank paulson speaking with bloomberg news in europe. americans don't seem to be satisfied with a can of bud light or a glass of jim beam. they are looking for craft beer and fancy cocktails instead. over of spirits have gone $23 billion in 2014. bartenders are out, mixologists are in. here is rodney williams about the trend at hennessey. rodney: we are excited about this explosion in terms of interest around brown spirits and the craftsmanship that goes into producing them. when people appreciate the agrarian roots of hennessey and the complicated, long, extended process of actually producing it, it gives a whole new appreciation to what they are actually drinking and enjoying. pimm: betty liu is here. after watching

there are people significant figures in european football suggesting that countries like spain, france italy and germany should potentially threaten to breakaway from f.i.f.a. entirely. separately major corporate sponsors big global brands who have given vast amounts of money to world cups are saying that they don't want it to carry on. these things are crucial to an organization that gets more than 90% of financial support from the world cup, and i think it is becoming difficult for sepp blatter to say that he has the confidence of all these very very important figures inside f.i.f.a. and whether he could carry on in the coming hours is very difficult to say one way for the other at the moment. >> you know 24 hours ago the director of communications said the presidential vote will go ahead on friday. is that the sense that you are getting. what are people's reactions to what is going on and also would u.e.f.a. possibly boycott the presidential vote. does that call into question its credibility? >> forgive me i completely missed the question we lost the sound. do you mind quickly repeating i

we saw what was happening with greece and maybe next is spain italy, and france.u think spain they are looking to greece and thinking don't want any of that? it has a real economic impact. kevin: absolutely. one of the reasons is not just the germans are taking a very hard line against greece. the spanish and italian governments don't want to give any ground to greece, because if they do so, the response will be, people in spain and italy would be quite attracted by that option the syriza option resulting in compromises from european partners. germany isn't in on its own in this regard. it is greece against the rest of the eu. jonathan: people in europe are looking at the unemployment figures in london, wall street, frankfurt. if only they looked at the pmi. the pmi is getting better. kevin: i have to say, the growth story does seem to be significantly improving. one of the concerns we have at the moment is, will euro area growth tail off this year as it did last year? we think that is unlikely. we think that global growth won't tail off in the way it did last yea

really what most traders are most nervous about is how quickly portugal italy, france spain, how their rates reversed out all the goodwill leading up to quantitative easing and the disappointing performance after it was actually implemented. and it also makes this friday's jobs report that much more important, because if you look at the only two closes thus far, above that settlement to 2.17 they were on friday that we had the 295,000 jobs number on march 6th and the following monday we settle at 2.19. after that we went into a 30 session, tight range. it just makes the data from employment that much more important if rates will continue this move. >> i agree with rick. i personally think that rates are the story right now in the market, that all the talk about the dollar and the euro yes, it's important but now it feels like rates and where they're going to go higher have eclipsed that a bit. we spoke exclusively with jeffrey gundlock yesterday. i want you to hear what the double line ceo and founder had to say. we'll react to it on the other side. >> when i look at kind of the tradin

it kifts now in mexico in france in italy, in spain. even right here in the u.s. the toll road the chicago skyway. it brings money into the federal government. so the gop and the dems want to spend. how about privatization on any level. and watch productivity go up and debt go down. >> john boehner fielded about whether the gop was responsible for the amtrak crash. listen ton his response. >> are you really going to ask such a stupid question? listen. you know. they started this yesterday. it's all about funding. it's all about funding. well obviously, it's not about funding. >> wayne. >> well that's a theory that money can cure anything. that's wrong of course, you know. as i said before this is a technical thing. you have an amorization schedule. when you build a bridge it's supposed to last so many years. when you build anything the highway, it's supposed to last so many years. you did put aside money for that. all of that is already taken care of. this is a bogus debate, you know. if you -- wait one thing if you want to make it private, yes, i understand that.

it started declaring revenue in the u.k., germany, italy, and spain with france soon to follow.ntil recently they were channeling revenues through a holding company in luxembourg where it received favorable tax rates. under european law, amazon warehouse is across the continent were not considered permanent establishments, allowing them to claim operations were run from luxenberg. >> an incredible admission. it is great to have a company say they're going to pay their taxes. josh: the tax agreement is under investigation by the european commission who are looking into similar arrangements between apple and starbucks and fiat in luxenberg. >> there are concerns the tax ruling is providing a company -- we will consider the tax structure. josh: officials continue to deny any wrongdoing. markus: stocks in the united states are falling back this session. shares in time warner cable are plucking that trend as time warner cable has agreed to be bought by charter communications including its debt. it is valued at 17.9 billion dollars and this comes after comcast abandoned the takeover b

. >>> ships are italy and france res cued -- rescueed 1200 on saturday.00 were rescued while the french found 200 people in just three rubber dinghies. >>> protesters smoked marijuana publicly and called for the legalization. >>> well, several hours after the birth, the pri princess is showing the new daughter. here's more from london this morning. >> reporter: the duke and dutch eases of cam bridge are spending their first day as the parent os of a princess. >> they look so beautiful and happen michigan it was really stunning. i will never forget it. >> reporter: prince william made sure that the big brother got to share in the excitement. the 21 month old got to wave at the crowd as he went to meet his baby sister for the first time. queen elizabeth will soon meet the yet to be named princess. they are expected to let the queen know before making it public. some of the fans like diana as a middle name in honor of his mother. >> everyone is expected diana to be named. >> reporter: 32 years ago, prince william was carried out of the hospital. now, he and

the founding members in the g 7 are germany, britain, france and italy. they are expected to exchange views with japan, the u.s. and canada which have not applied to join the aiib. before the meeting. >> translator: i want to refrain from commenting about foreign exchange rate levels and their movements. but i think it is most desirable that currency rates move stably. >> kuroda says that the exchange rates may be discussed at the meet bug he doesn't think it will be high on the agenda. >>> chief negotiators in the transpacific partnership free trade talks have wrapped up their latest round of talks. the officials are reportling some progress but they failed to narrow their differences over intellectual property rights. the meeting took place for 12 days through wednesday. they concluded talks on preventing standards for industrial products to become trade barriers. eight of 21 negotiation categories have been settled. some progress was made on correcting preferential treatment for state-owned businesses and rules for treating tariffs on individual sigh t

dollar in places like france, italy, greece, spain. olivia: anywhere that uses the euro.o focus on things that are priced for locals eating if you are going to a hotel, they have the ability to quickly change your prices. if you are going to cultural institutions, like a museum, or domestic transportation, you will find that it is about 15 to 20% less in dollar terms than it was maybe five years ago. focus on what the locals are being catered to and that will give a good guide to make your dollar grow stronger. olivia: i'm really excited to go to europe this summer. pimm: where are you going to go? olivia: i'm going to france. all those interest fees, museums, and cultural institutions, they are priced in local terms for local individuals. you could also go to canada. olivia: visit erik schatzker's family. pimm: and maybe go to mexico as well. olivia: pimm fox will be joining me in just about 15 minutes. we will take you to the red carpet on the french riviera for the world's greatest film festival. stay with us. ♪ ♪ olivia: welcome back to the bloomberg market day. every

countries like italy and france are not going to be at that level.ut overall, it looks pretty good that the eurozone will be there. this is just one quarter. the united states and the united kingdom are going to bounce back. europe is going to have a good year. overall, the other two are going to -- mark: the euro has had his biggest monthly rally in two years. we're a two-month high. the euro is lifting itself up, and to an extent, that is what boosted growth. and oil is up by 25%, the euro is following along. the growth prediction might not hold. >> we are below the forecast. there is some room for disappointment. to still be right, the u.k. euro is one of the drivers. but there are others -- cheap oil. and maybe the stronger euro reinforces that cheap oil argument. we have these aggressive stances which beyond all of these things reinforces that any fallout from greece -- we need to keep that in mind. russia is not a big risk. and we have seen reforms, not just in the countries of spain and portugal -- the ones we talk about all the time. just thi

he was in britain basically filing reports for the state department and later went to italy and france. when the versailles he's treaty started, he was the secretary. wilson, that part of that story is very strong but he is not enjoying angling with journalists. after the lusitania he did not hold one another press conference until december 20 -- december 18 of 1916 when he actually held a press conference and told the journalists that as a matter of fact, we are not going to try to do anything to bring about peace so do not report about that. do not even talk about that. two days later he said his peace proposal suggested he would mediate and journalists were furious. he had a couple more press conferences and then the working and he created the committee on public information, his propaganda arm. after that, he never had to meet with the press again during the war because he had a propaganda agency between himself and the press and he did not deal with them. one small aside and i will let some other people talk. there is a wonderful line where he says to colonel house that there are

then he later went to italy and france.the peace treaty started he was the press secretary instead of george creel. so wilson, that part of the story is very strong. he did not enjoy mingling with journalists. after the lusitania, he did not hold another press conference until december 20 of 1916, when he actually held a conference and told journalists we are not going to try to do anything to bring about peace. so do not report about the. -- that. two days later, he sent his peace proposal, suggesting he would mediate peace. the journalists were furious about this. he had a couple other conferences and wargames and created the committee on public information, the beginning of government propaganda. then he never had to meet with the press again because he had what he wanted -- a propaganda agency between himself and the press. one small aside, and i will let other people talk. there is a line where he said to colonel house, there are two times it is ok to lie -- when you're talking about a woman's honor and talking to jour

grourt in italy and france may be moving up but also moving down a bit in germany, remember you knowe global economy is just that a global economy, and when you add up everybody's horsepower it doesn't matter who's up or down. they have come off from key levels we could argue what the real rate is maybe it should be at 3% we're still too far down, but it's very difficult and the adjustment process has been spotty and liquid at times. two-day of italian rates. a two day of portuguese rates. the way they move the times they move, all highly correlated of course. microview of september, on bu in d yields. maybe this is kind of a turn but that's still a very aggressive chart. if you look at our tenure from the same time period you can say the bund was more vicious in inin in. the yen is down today. the dollar is improving. really, you know f you're talking rates, it's all about foreign exchange. i tell you, open this chart up to april 1st, just april 1st, this is an aggressive trade in this foreign exchange re relationship. >> i will say this it's mid-may and the cubs are still four game

a lot of you talk about what's going on in italy, germany, england, france. and those economies are imploding, they're grinding to a halt. if they're such -- >> it's not. >> i'm telling you stuart. it would bike like taking dietary advice from me my friend. you do not want to go there. you do not want to use them as an example. and just double people's wages. >> what is wrong with europe is wall street crashed in this country in 2007 and destroyed $50 trillion of the world's wealth. and 7$7 trillion. i love you to death, but i'm telling you you are writing a prescription for the death of employees across the country. i could see a higher minimum wage. that i agree with you. double it man oh, man. >> thank you, neil. thank you. >> not doubling it stuart. not doubling it. >> i understand. i hear you. i hear you. but i also heard that you think the minimum wage ought to be raised. >> any regular viewer of that show knows that. where i draw the line is all of a sudden let's just double it. >> i think we should double it. you and i have a disagreement on how much

germany also off half a percent and france off better than that. italy which was open yesterday and down sharply is fractionally up today. let's look at rates that's really the story to focus on today. the euro dollar off significantly back below 109. it's down 0.7%. we have had elevated fears on greece. we also had results out of the spanish elections over the weekend which weren't great for markets but really this focused on those hawkish come mens on friday but given that volumes were thin yesterday it's really reacting today. as i mentioned the u.s. dollar pretty strong against the yen. 12285. up 1%. aussie dollar 0.778. we saw the big correction in the european qe related trades. saw the ten year rise to 0.7% but over the last week or so we started to see trades related to european bond buying reignited. that's pushed the german ten year to 0.56. elevated levels for the u.s. ten year. 2.18%. let's check in on markets in asia. sri is standing by in singapore for us. sri. >> yes, the leadership coming from the greater china markets and take a look at

isis around the world to attack people in uniform, attack military people in the uk australia, france italy and elsewhere. that's part of what this is about. the larger picture here andrea is that what the fbi says is this attempted attack in texas last weekend points at how totally the picture has changed here. in the past if you wanted to get jihadist information, you had to go to a specific website. the fbi could lurk around and see who was going. now it comes to people all day long. it's relentless slick, attempting to appeal to young people with a repeated message to do something. the fbi director comey yesterday said i know there are other elton simpsons out there. >> while you were with loretta a lynch, she confirmed what we expected, the civil rights investigation into the pattern of practice of police abuses or civil rights violations by the police in baltimore. let's listen to a little of what she had to say there. >> in the coming days civil rights attorneys and investigators conducting the investigation and police experts who will assist them will be engaging with community memb

. >> germany, italy and france those markets have done great. thank you and see you soon. trading nation, head to our website. melissa? >> bo jangles, the latest restaurant chain to go public. right here shares are surge up up about 6.35. up 33%. the ceo of bo jangles, great to have you with us. >> thank you for having us. >> i was reading up on your company and what struck me was that in fiscal 2014 38% happened before 11:00 a.m. i eat breakfast and that's where the land grab is going on. that's one of the fastest growing. what are your plans for breakfast? >> 38% comes before 11:00 in the morning and even with last year and everybody getting into that sector it's the fastest growing in the industry. also last year even with everybody else. our biscuits are made from scratch. a 48-step process every 20 minutes. breakfast is a big part of it. all five have grown for the last three years in a row and years into quarter one. breakfast is what makes us different and sets us apart. >> when you say it's the fastest growing, how does breakfast compare to midday or dinner? >> our

was better than expected, in particular thanks to performance in france and italy, offsetting weaker momentum in germany. and is helping inserted lower oil prices and a weaker euro. the greek economy fell back into recession in the first quarter according to a report out today and sources say europe's negotiators are about to demand another 3 billion euros in budget cuts. the cuts would get greece into a surplus of 2015. it is a target of the greek interior minister endorsed as acceptable. recently emerged from its worst economic slump since 2002. bill clinton is a lot can happen between now and november 2016 but he is ready nonetheless to move back into the white house if things break right for mrs. clinton. he talked about it with david letterman. mr. clinton: hillary has to win the nomination and win the election and if she wins their chance is 100% i will move back. [laughter] [applause] mr. clinton: if i am asked. president saysr he thinks it is a good thing for america, libya, his wife wins. that shouldn't surprise you. come, the u.s.o may rip up its settlement with ubs for int

it's hard to envision italy or france growing at 3% or 4% a year. it's hard to see it.e in the short term. the sooner greece gets thrown out of the euro, the better for everybody. i think europe can then move forward. i think the euro would strengthen. >> we've seen an improvement in europe. they've exited from this deflationary spiral as the european central bank has revved up and bought bonds. with this slow growth that's another case. you see mohammed al aryan saying global yields will stay low. >> it's a question of what is the right price of money. we've had for the last few years is the central bank messing around in the words of chuck berry, too much monkey business. i don't want to get involved with it. i think that was chuck berry's line. there's too much tinkering by all the central banks. the price of money globally has not been set. until you have the central banks step back we don't know really what the yield should be on bonds. >> tim, i'll give you the last word here. >> let's not try to condemn central banks. it is what it is. if europe and the euro are

italy. northwestern balkan, southeastern france. hail, strong wind.rt to focus our attention towards the early parts of the weekend. heavy rain. southeast france. into the northern portions of the alps. going to create a risk for landslides and mudslides. heading into the early parts of the weekend. still warmth near barcelona. finally starting to cool down as the system moves eastward. the threat of severe weather today. northern italy. through the extreme northeastern sections of the balkan states include croatia. these are, temperatures for the next three days. here is the warmth for madrid. 34 degrees. cool off by 10 degrees going forward into friday and saturday the we have our low-pressure system moving across the british isles. just about to rain. watching us from london. thank you by the way. here comes our low pressure system. bring our chance of heavy rain and flooding for the, for the alps later this weekend. gusty winds associated with the system. keep an eye on that. closely. near the pyrenees. and the border of spain/france. i don't know

all, which are largely closed today because of various bank holidays but as you can see italy, spain, and france and portugal all open and quite significantly in the red as we look at things. italy in particular is down 1.7% and we can see spain down 1.4%. last week was quite a positive week for european equities particularly the front half of the week when we saw the ecb comment that it could be pick up a little bit if necessary, that just reignited some of those european-related trades. the u.s. ended just positive and touched all time highs during the week. we've corrected a little bit european equities what is open today and some of those greece fears we've mentioned taking a little bit of positivity out of the markets. >>> fiat shares slipping in milan after a report after the fiat-chrysler sent a proposal for a merger of the two makers but it was rebuffed. >>> bond rates have moved over the last couple of months. we were looking at 0.6% on the ten-year german. that had gotten up to 0.7 ten days ago, pairing some of those changes. spain, 1.77. u.k. 1.94. somewhere away from the 2% mark. >>>

look how much attention we pay to tiny little things like england and france and italy and how much we know in terms of bonds of education and language. we don't have that with china. the good news is is that we are doing better. there is a very wealthy gentleman by the name of stephen schwartzman in new york who runs blackrock. he reached in his very huge wallet and came up with a lot of money and started a program called the schwartzman scholars which you can see on the internet. if you have any kids or grandkids i would like to know more about china he will send them all expenses paid. stephen schwartzman think that knowing china's going to be the future. >> i've been to both hong kong and beijing and shanghai and i got the experience that there was more freedom in hong kong than there was in beijing and shanghai. people were able to own land in hong kong than in beijing. they would have a 99 year lease to property in beijing but they couldn't but in hong kong they would own land. and i got the feeling that there were a lot more freedoms in hong kong than in beijing and that is what

you have seen record lows from france, italy, spain, germany. eventually you get to weigh risk that you get two-way risk. this is the second point and the important one. the debate going on globally right now.remember the back drop to the yields? the idea investors would accept a ridiculously low yield because they didn't think the deflation -- oil rebounds. data picks up.those two things and into inflation expectations picking up. this is the reflection a lot of people were waiting for. this could go on for years. that could speak to the idea that the bull market in bonds is over. the debate on that right now is really strong. betty: it is very very strong and hot. thank you so much. i grace synopsis of what has happened and why there is this debate. back to one of the big company stories, it is alibaba. the management shakeup their eclipsing somewhat the earnings news. daniel zhang was named the new ceo am a replacing jonathan lu. this is on some of the earnings that came out. revenue beating wall street estimates. i am joined now. is this a c

the last month we've seen so much good news out of places like france and italy and spain even skepticsave to acknowledge the turn. that's why the european stocks have doubled or tripled ours. veryview few portfolio managers saw this thing coming. mostly they totally ignored the motive, overlooking the bottom in the euro as witnessed by the fxe, that's the etf that tracks the euro versus the dollar which bottomed when the euro didn't take out its low on april 13. you should be staying close to that xftetf because when it goes higher it takes the whole stock market with it. at the same time, these money managers eshoed international stocks. our economy was slowing largely because american goods became too expensive for the world thanks to the strong dollar. during this period expectations for domestic stocks were lofty and the expectations for the internationals were reduced in part because so many people believed that the bounce in the euro could last. it makes sense. we just got through a period where the over seas sellers this decline. now it's reversing, dollar in decline, overseas m

is coming from as well because of course i'm wondering what pressure they would put on germany, france italy, the u.k. as well. you have to give into the greeks or you have to be hard lined with them as well. i just wonder if it was jack lou and janet yellen conducting those negotiations. how different they will be from mario draghi as well with. it's all saying you have to get this greek thing done but it's another thing saying what you would do in their place as well and i'd be fascinated to hear the conversation of what jack lou said needed to be done as well. it's a very difficult situation for the greeks and creditor nations as well. had the german finance minister already been on the front of the great op ad saying germany profiting from the crisis is nonsense as well. more stimulus and liquidity from germany and the creditors. he's saying that's not going to be the case. he's putting them right back on the key issues of fiscal reform and structure reform making the point that mario draghi made many times you cannot rely on monetary policy alone to get out of the crisis but we're still

bolivian president evo morales'plan was forced to land in austria for 14 hours after spain, france, portugal and italyed their airspace under pressure from the united states over false rumors snowden was on board. i asked wikileaks founder julian assange to talk about what he knew about the incident. >> let's go back to 2013. there was a worldwide manhunt for edward snowden. at a particular moment in time, the largest manhunt the world has ever seen. more resources put into it over that two week period than any other manhunt. the manhunt for osama bin laden over and expanded period was larger, but over that short period of because of the abilities now the national security agency and incredible paranoia by the u.s. general intelligence committed to, which is about 100,000 strong, vast resources were put into trying to grab edward snowden or workout where he might go, or he was going, and grab him there. so we were against that and got him out of hong kong and got him to russia and we're going to transit through russia to get him to latin america. now the u.s. government canceled his passport as he was

question four, what are the biggest companies in germany, france and italy? germ knowy is bare. ut 7 billion euros. france sanofi. last question i promise. how many of the 110 companies in the dax and cac and ftse are down this year? that's 12 companies only out of 110 names in the 3com bined indeces are down this year. an incredible run for europe. we ask, is europe still a good bet? let us bring in the president and ceo of the asset management with wells fargo investments. the reason we did the test was to have fun with how amazingly hot these markets have been especially priced in u.s. dollars. the natural question is is the run over? did the viewers miss it? >> i don't think they have. they are investing in advance and investing in 2009. the reserve is stimulating the market and look at the run they have been on. that's what the investors are anticipating. is it going to happen today or next year? it's going to happen so they are trying to trade ahead of the momentum. >> how much of that is the recovery playing in europe and how much might be hey, investors are waking up to t