i am mark barton. stay with bloomberg for the big interviews. we will be speaking to the governor of the central bank of sri lanka. we will sit down with the head of the financial conduct authority. two big interviews coming up a little later. let's check the latest from the ecb. we caught up with the vice president. jonathan ferro is with us. what is the message? week, expectations are ridiculously high. 95% expecting a jump. that is massive. every ecb member adds fuel to the fire. we cut up with vito. perhaps a little bit more conservative. take a listen. i understand. it is indeed the possibility, the risk, that for a prolonged period of the inflation will create risks. >> low inflation? check. they areor him -- concerned about low inflation. what we do about it? everybody is thinking the right cuts are happening. >> let's talk to the people who are expecting their will not be -- >> i will try to find a couple. what happens if they don't come next week. -- cut next week. be on the rate cut, that is a big question and debate as well, what will

i'm anna edwards. >> and i'm mark barton.ngela america sl in washington today on a trip she will be meeting with president obama. on e going to talk position ukraine. talk to us about this dynamic? >> well, she is an intermediary. she is also a bit of an interpreter. president obama looks to her to figure out what is going on inside vladimir putin's head. she could be able to impart some of the intel to the states. we don't know last time obama and putin spoke, but last time they officially spoke was in mid april. this is a relationship that has gotten kind of cold. here is the challenge for merkel. she understands russian. she is a russian speaker. her country has big foot prints in russia. siemens. merkel is has also proven she is willing to hurt herself -- not hurt. that is too strong of a word. she is willing to have some business damage like last month when they cansedled this airbus satellite sale to russia what was worth 700 million euros. so merkel is willing and in some cases this could be bad for german business, bu

mark barton and caroline hyde will take you with the pulse. . . >> carney's challenge.nk of england's tries to manage expectations on the timing of rate hikes. we will bring you his inflation report in full. the foreignwith minister as germany's chancellor wades into the conflict. >> and astrazeneca's ceo on day two of the takeover hearings. hello. welcome to "the pulse," live from bloomberg's e

. ♪ >> i am mark barton in london.treamingn the move," online, on your phone, on apple tv and on the new apple fire tv as well. airbus reported a drop in first-quarter earnings. shares are lower. it delivered fewer commercial aircraft. fell to before interest 700 million euros. return on sales growth for this year. earnings were last year were restated to reflect account changes. top storys on our today, pfizer and astrazeneca cheese facing u.k. lawmakers to explain the future of jobs in britain. it is a controversy i'm next guest knows all about, having dealt with job losses in the wake of the astra and zeneca mergers 15 years ago. joining us to discuss this is sweden's finance minister. good morning, sir. thank you for joining us. >> good morning, good morning. for or against this deal? >> well, we are quite for it in sweden. takeover ofed the the pharmacy 15 years ago and that was the operations in sweden very heavily over the couple of years. the track record of pfizer when it comes to jobs is very clear. they have

i am mark barton. >> and i am olivia sterns. we begin in ukraine. let's get straight to ryan chilcote. .ighting continues to rage both sides stepping up their attack. ryan is in kiev with the latest read it looks like the country is seeing some of the deadliest violence and the crisis began. what is the latest you are hearing on the ground? >> good morning. the ukrainian government says they are going to push on with the fighting in the east of the country. the death toll from yesterday's battles stands at 40. all of those on the rebel side. it includes russian nationals. you will remember that several dozen russian fighters came from russia itself into eastern and identified themselves as chess champ chechaners -- volunteers. if they were, they were there on their own private business. clearly, this is becoming a very messy affair. lots of collateral damage. an additional 31 people injured. , which the ukrainian government did capture, was also damaged, so it remains closed. the osce, which has a monitoring mission for foreigners in the region, sti

i am mark barton. >> i and caroline hyde.rces have dislodged separatists from two rebel bases in the east. the president says the government is working to expand constitutional powers to >> allow for local self-government. to> credit suisse close reaching a 2.5 billion dollar deal. the bank might plead guilty and paid the fee to the u.s. justice department. the prose investigates rather credit suisse help americans evade taxes. >> india's electoral commission wons the opposition bjp has enough seats in parliament to form a government on its own without the need to form a coalition. candidate narendra modi tweeted "india has won." >> let's look at your pm equity markets. -- pathetic numbers out of countries. dax off.down, about then significant rally in treasuries. the yields on treasuries kept coming lower. up a basis point today, 2.5%, 10 year. this?s behind i spoke to a man from hsbc who told me earlier this year we are going to go to 2.5% by june and 2.1% by the end of the year. last year, the yield on the 10 year was 1.6%

i am mark barton. >> and i am caroline hyde. also coming up, the father of wearable computing joins us on "the pulse." he has been wearing a cyborg eye for 30 years. >> rupert murdoch is reviving a plan to build a european paid tv empire by combining sky dortch land and sky italian. y georgia land -- deut scheland and sky italia. what is murdoch's land here. >> broken by my colleague sitting right next to you, it is to take 20th century fox, one of the two companies that murdoch now has, and to have it, through his control of b-sky-b, take full ownership of sky d eutscheland and sky italia. it has a 100% stake, fox foxrols this aspect of it, has that stake. you combine them together and what you would really bring is a pan-european company that can negotiate on sports, advertising, and it can combine all of those subscribers. deutee growth in sky scheland. a bit stagnant. i know all you are interested in is can you watch more of your bundesliga this way. i suspect you will be able to watch more of it. >> give us a feeling of wha

mark barton and olivia sterns are back. man,ll hear from a wise christopher schmitt. will join them at the top of the show. that is it for me. you can follow me on twitter. @manuscranny. london is up. basic resources, equity markets, a touch lower this morning. . . >> first, credit suisse. now bnp. more than $5 billion from the french bank to settle its sanctions investigation. >> and an exclusive interview of the bundesbank. >> another bloomberg exclusive. up until losing -- alcatel lucent's chief executive explains why he is betting big on cloud technology. welcome to "the pulse." live from

mark barton is back with "the pulse at the top of the hour. bloomberg. ♪ >> spotlight on st. petersburg. russia's biggest business summit kicks off. we are live with the chief executive of the country's biggest stock exchange and largest carmaker. >> cashing in on the u.k. housing boom. >> stock starts trading today as china's answer to amazon raises one point that it -- $1.8 billion in its u.s. ipo. welcome to "the pulse."

welcome back to countdown. >> lovely colorful pictures, i am mark harden. -- barton.ll come >> 25%. >> earning more money on the money they are lending. >> details to follow. more on that. when we come back. >> welcome back, i'm an old na edwards.an >> let's check in with the euro. up by 0.1%. data comes in wake of than expected. -- weaker than expected. only a matter of time, according to some people. italiant up with the financier met -- finance minister. he does not see strong euro depreciation. this becoming a headache for italy and spain. >> these are the top headlines. the international monetary fund has approved a $17 billion loan for ukraine that will extend over two years. that will help you rain's short-term budget needs. openly country up to further need -- eight from other countries. christine lagarde says it is the ukraine fromo help sinking further. >> ukraine has an opportunity to seize the moment. to break away from previous practices. monetary,the fiscal, and governor -- government point of view. >> the latest manufacturing data from china is undersco

i am mark barton. this is bloomberg television.aine seeking to dislodge rebels from its industrial heartland. reporter henry myers joins us from moscow. henry, what is the situation on the ground in eastern and southern ukraine? >> currently, the ukrainian inernment is continuing eastern ukraine. there were casualties, people were killed yesterday. mainown which has been the town held by the pro-russian rebels is still partly under their control. there is fighting ongoing in those areas. in the south, where more than 40 people were killed last friday, there was continuing violence yesterday, row russian activist seized a police station and there were more deaths reported. >> how was russia responding? could warned that it intervene militarily. this outlook likely? >> at this stage, not so likely. they have been pursuing a strategy according to western countries and ukrainian government of infiltrating agents and assisting the pro-russian rebels. they are using covert methods. the russian reaction was very strong, though, and the sp

. >> i am mark barton. the communications sector lurches and the u.k. giants are on the shelf.e acquisition of vodafone seems less likely. here with more is caroline hyde. not a great trend for vodafone. >> this is a company that is very exposed. the sales come from germany, u.k., italy. they had to take charges in the last year. spain, romania, the list goes on. when you are analyzing the independent standalone, there is much hope that it would be supplied by overseas. atlantic would have to face them on their own. they are not making calls as much as we used to. we can use skype and messaging. provided need the data by phone providers. now, they are trying to lure us in to get us using faster connections. the have to invest in that. that is sitting there earnings. the earnings are going to be worst. they have not grown in a year and they are telling us that next year will be even more poor because of the investments they have to make. out ine stretching spain, and germany, it is not paying off. it is a long-term bet. >> vodafone being alone, independent, not being part of a t

i'm mark barton. >> and i'm olivia sterns. here are bloomberg's top headlines.one countries ratings their credit improved. ratingd & poor's is spain's level one point higher at triple be. b. >> and nationwide curfew is in place overnight. >> violence in eastern ukraine is spiking ahead of this weekend's presidential election. 16 ukrainian soldiers were left dead. it is the worst battle with separatists since the crisis began in march. let's take a look now at how european markets are trading. jonathan ferro has more. six? we havee it the dax up by a quarter of one percent. a 10th.p by they offer insurance and holidays to the over 50's. i won't crack any jokes about my colleagues. elsewhere, let's check out fx. greece had their credit rating raised. fire.ds fuel to the i'm going to carry on mentioning until we get there, june 5, ecb. in your, put it diaries. >> thank you, jonathan ferro. in 30 minutes time, it is surveillance. tom keene joins us with a bit of a preview. thrilled to bring our audience worldwide, robert formally -- alex clement on the same scene. o

they are decriminalizing mark barton's behavior.annot do that unless you have a complicated workaround. this is exciting news. for all of the content that is on netflix, they have not a -- been able to have reising or a payment model that works for most of europe. they're going to be coming into germany or france, austria, switzerland, luxembourg, belgium, and should be able to offer content there. said isd hastings has that 70 to 80% of his revenue will come from outside the u.s.. when you look at their current breakdown, 48 million subscribers. they must see an opportunity for phenomenal growth outside of the states. they have to figure out the pricing and the payments. netflix is going to be coming to the continent. >> it is extraordinary growth for netflix. it is amazing they have more subscribers than hbo. hbo is teaming up with amazon. is it going to be "game of thrones" versus " house of cards"? eventually, maybe you could have the more current shows compete each -- compete with each other. then, it is the showdown between am

you and mark barton, terrible twosome. >> what a newsday. it is a shame it is a bank holiday.g about the ukrainian elections. we are going to speak to ryan chilcote about the victory of petro poroshenko. we also are going to be talking about the eu parliament elections. we have a senior fellow at bruegel which is a think tank as ti toas francesco gallie break down what the results mean. be having what should be a very interesting conversation with lady linda rothschild. she is ahead of group. if you think about what these epresent results r -- >> ok, olivia. looking forward to that. stay with us. we are going to be back in two minutes. italian government bond yields drops. ♪ >> welcome back to "on the move ." time now for some company news. pfizer is close to abandoning pound bid forlion astrazeneca. today is the deadline for pfizer to deliver a firm offer. according to a person familiar with the matter, the u.s. drug maker almost certainly won't to do so. this would have been the biggest deal ever in the drug industry. general electric has pledged to keep alstom's nuclear ope

mark barton joins us for a preview.g to ryan and we discussed this in depth and he says three questions a person -- what does vladimir putin do next? is this a precursor to an annexation of various eastern regions? exactly what happened to crimea. what does the eu to next after 90% of voters backed this breakaway plan? the ministers meet today. does this news over the weekend affect the timing and the town of the presidential elections on the 25th of this month? we will ask the chief economist at standard bank. tel aviv is holding its first on wearable technology today. we are speaking to the man who is recognized as the father of wearable technology. there he is from the university of toronto. he has been wearing a cyborg ey e for 30 years. do not miss my chat with a living legend, paula radcliffe, the runner, running legend, coming onto the show. she's ambassador for the standard chartered great city race which takes place on july 10. a big show coming up. >> that is going to be absolutely cracking, that interview. br

welcome to "countdown," i am mark barton. bloomberg reporter standing by to deliver the stories that will drive your day. could be weeks away from a deal with u.s. authorities. hans nichols is in berlin covering -- and is deflation a thing of the past for japan? and later on in the show, the world's first smart racket. it is changing tennis for pros and amateurs alike. what it says about my swing. i tested out next hour. is weeks awaynk from a deal with u.s. authorities over lenders dealings with sanctioned countries. the u.s. may seek more than $10 billion from the bank. that would be the biggest ever sanctions violation penalty. manus cranny is here with the story. $10 million? we were talking $5 billion a week ago. >> the mood is shifting. the mood is changing. of the pond in terms of retribution. this would be the first french bank that the obama administration has gone after since he came to power. the severity of the penalty -- last week, i was saying $5 billion. it is almost like a ticker. why? his conduct more egregio

i am mark barton. correction i am caroline hyde. a boutique blast fromhe

i am mark barton. >> i am anna edwards. you sounded like you had to think about that.ch more pressing things on his mind, such as fed policy. jon, what did we learn yesterday? >> we learned what she has told us before. she does a brilliant job of giving you absolutely nothing yesterday. i think she read alan greenspan's guide to fedspeak. she did not give anything away. my yellen map is very similar to my previous. gdp, she blamed that on the weather. inflation, lwow flation. bubbles. what bubbles? jobs. beneath the headline numbers, wages are still very flat. she did not really surprise anyone yesterday. you will get a repeat of this at 2:30 uk time when she goes in front of the senate budget committee. banknk one investment called her the brooklyn dodger yesterday. >> she was pressed on the amount of time between the end of tapering and the interest rate hiking. that is prettily when she said that six months frame. >> she was not having any of it. for just short of two hours, they pushed her. she gave nothing away. >> housing is a risk. our guest earlier from the fed

i mark barton. >> this is "the pulse" live.g thick and fast as you like to say in this come -- in this country. next shares will also be going through. will the shares be snapped up? first, let's start with tsb. this is the first requirement to begin that bailout. how much is the offer? >> 25% of the entirety of tsb. 375 million pounds is up for grabs. it is the uk's seventh biggest lender already. are you are are are are are. therefore .5 million customers -- they have 4.5 million customers. initially, they're going to sell the branches to co-ops. that deal fell through. now, it is all about getting into the hands of shareholders. >> it is a smaller bank. next? now ituro seems we will be able to own shares. >> is very business. sales, and their trading of equities and commodities derivatives. that is what this company is all about. initially, they were going to do a private placement. they were going to sell about a third of the company to a number of banks. they have agreed to hold the shares for several years. they want some

i am mark barton. lewisorp. named william as a ceo of its dow jones the interimmoving title. previous ceo was ousted after tepid reception at the revamped subscription service. liberty global and discover communication. the new valuation is just over a billion dollars. the world's biggest steel maker posted a 12% rise in first-quarter profit. earnings climbed to 1.75 billion dollars. the company forecast in february that profit would rise 16%. that is on the bound in need -- on the rebound in u.s. and european demand. manus cranny has been digging into the numbers on i ag. >> right across the band spectrum. the british flag carrier really coming in quite nicely. it is iberia with the most germanic operating loss that has been crushed. down by over 50%. we are seeing a flat position. the various core parts of the business are improving. the overall operating loss for the quarter comes in at 150 million euros. that is much better than what the market had it at 168 million euros. on an operational level -- >> they will be profitable this year. >> absolutely. look, it is a theme

caroline hyde and mark barton will be helming the show. my conversation about manchester united. lse have you got lined up? who is justot mark vaguely obsessed with manchester united. we will be continuing that conversation. of course it is gdp day-to-day. we are getting italy's figures out at the top of 9:00 and also the eurozone at the top of 10:00. we will be digging into those numbers, seeing why france and italy remain the laggard. we are talking through the new normal and the new neutral as pimco has now coined the modest trend growth that andrew balls for sees. also digging into the eurozone numbers with david allen's. he has got some interesting views of what he anticipates the ecb to do, how mario draghi will inflationhe slowing that david sees across many a european country. and of course our standout interview will be with the head of adidas, the chief executive will be talking to david from germany, digging into the outlook for the german economy. also, the outlook ahead of the world cup. we were busy -- we will bring much more to you. >> looking forward to that. make

i mark barton. >> and i'm caroline hyde. this is the pulse, live from bloomberg's european headquarters in london. murdoch is reviving his plans to create a europe pay-tv empire. for more, we're joined by reporter --ws deals what is murdochs plan here? >> we don't know it is ending is. her greatcording to reporting. acording to fox, he has about 37% stake in b-sky-b. in skya 55% stake deutschland. italian and the german sky providers are sold to b-sky-b. then they would have inevitability to negotiate advertising and get access, the rights and programming rights on the backend. you have one unified company that can have a footprint in italy, germany and u.k.. here's interesting thing, murdoch would still only have a minority stake in that company, unless these are cash and stock deals. then do you get the majority a majority percentage. what we will be asking in the next couple of days is what the regulators have to say? they can throw a spanner at any time. of course, it is always a challenge when you're dealing with multip

i'm mark barton. >> i'm olivia sterns. pfizer is on the verge of ending its effort to buy the drugmaker. >> world-class grass for the world cup. as players prepare for the kickoff, we show you the cyborg version of foot wall turf -- of football turf. has claimedenko victory in the race for president. exit polls show you one more than 50% of votes. ryan chilcote has been speaking with him. he joins us now live from kiev. this looks like a landslide win for poroshenko. >> that's right. to beall but certain announced as the president-elect of ukraine later today. to exit polls show he has more than 54% of the vote. the official vote, same thing. again, he has more than 50%. he is a veteran of ukrainian politics. he is the foreign minister of this country, he is in the economy minister. a also is a billionaire, made billion dollars both making and selling chocolate. what i find remarkable when i spoke with him after he got off the stage, having made what sounded an awful lot like an acceptance speech, is that despite the turmo

mark barton did the stats. stock down 5.3%.ume it is trading 2rough, you are seeing almost million, 3 million shares changed hands. that is approximately 60% more than an average day. that is the. last array. socgen, the cost of doing business in russia, the cost of the russian ruble on your bottom line, it looks like return on bank will be lower than anticipated. siemens, up 0.3% as equity markets -- the dax virtually unchanged. you can see siemens taking the news quite well. they are reducing costs by over one billion euros and that can account for over 11,500 jobs. that is the state of play. volume up at bnp paribas. >> thank you. let's talk about the bloomberg top headlines this morning. the chief executive of unicredit expects the european central bank to begin an asset protest -- asset purchase program soon. spoke with bloomberg about the benefits of an expected rate cut next week. rates may help on the euro-$. forfor us, i think but other economies in europe. banks, i think a program formedium-sized small banks capital a

i am mark barton at bloomberg european headquarters in london.are 30 minutes into the trading day. let's see how things are shaping up so far. europe on track to break six consecutive weeks of gains. declines across the board today. spain with its first upgrade from standard & poor's since the downgrading process began in 2009. jon ferro is at the touch with some stocks to watch. >> to stocks and one story. here they are. the expanded rail franchise, an estimated 200 million passengers a year. go-ahead up seven percent. first group is the company that missed out on this deal. >> these are the bloomberg top headlines today. two troubled eurozone countries have been upgraded as their economies improve. fitch increased the debt level to b and standard & poor's raised spain's credit rating one level to bbb. hasence in eastern ukraine severely increased ahead of this weekend's presidential election. an attack left 15 ukrainian soldiers dead. it was the worst loss in battle with separatists since the crisis began in march. accusesrnment from kiev russi

i'm mark barton. francine lacqua is off today. away from the start of european trading. our markets team has everything covered. here with me now is jonathan ferro. david tweedditor also joins us from berlin. manus cranny is here to kick things off. >> is a tough one. we're thinking about having a discussion. there's a confidence that there is a unanimity. i've written down to big words. cpi is easing. still, the world is on easy street. the markets are at record highs. technology is pressure in the u.s.. they are a few reports of earnings which i think have underwhelmed the market. there's also the failed megamerger. whenever they spoke to us were confident about it. ... is now at one percent. blicis is now at one percent. this is about management and organizational structure. it is something we talked about a lot on this show.

and big mark barton banks?ef executive because of the looming deal with the u.s. authorities. the last time deutsche bank will raise capital after raising a 2 billion euros. we will be speaking about that. aboutlk to sam astrazeneca and pfizer. what is the next? astra rejected the sweetened deal. big week. eu elections on thursday. an interesting body that calls for eu membership terms to be revived for the automotive the members are some of the bosses of the biggest companies. is 50 years old. what does create -- what does it take to create such an enduring brand? young.s happy birthday, nutella. protein only. es. --ot look at the pul pulse. if you are a u.k. pension advisor, how much has been taken? ♪ >> welcome to "on the move." for a recap of the biggest themes, i am joined by jon ferro. will we start the show, the ecb government. targeting the euro could cause a counterreaction. he went on to say on the level of the euro was too strong. one side is folks on exchange rates. it's hard to imagine the monetary

. >> i am mark barton. >> ubs is up from a year earlier.ur markets editor sat down with the ceo, sergio monti. >> most importantly, we have been profitable in every region, and we achieved major milestones during the quarter. ambitionsrough our 30%, and we announced creation of a company, which is a major milestone in making us eligible for retention of further capital. >> you are sticking to 15%. when is that deliverable? >> we continue to believe our with the removal of additional operation that we have in q3 of last year, it's an achievable target. see most likely it will only happen in 2016, but we believe our business mix and further reduction of balance sheet will for us totally eligible this kind of returns. >> you talk about reduction of risk weighted assets. you said in your target it is 40 billion. does that mean we can expect you --take much bigger offers losses in 2015? >> not necessarily. we always say we want to do a trade-off in terms of capital consumptionversus by the investment bank. >> you have indicated the equity divisi

i'm mark barton. >> russia's prime minister has been speaking exclusively to bloomberg saying his countrying pulled into a new cold war with the u.s. and its allies. this wasore, i'm sure a direct file nation of clients. individuals trusted those payment systems. >> the army chief said the move is not a coup, and that people shouldn't be concerned. thailand's stock index dropped for the largest amount in two weeks after the announcement. say the offernot was hostile, but he said he would not call it super friendly. certainly, we did reject the offer of 55, but we had other things that concerned us also that we did not get resolution to because of the hurry with the bid itself. as we stand right now, this is the last and final offer from pfizer, and that is what the plans are. are you getting the feeling that the deal is dead in the water? >> the deal is not 100% dead in the water but it is very unlikely at this time according to u.k. takeover rules. there are a few things that could happen under unusual circumstances by which pfizer and astrazeneca could once again speak. >> if another pa

i am mark barton. we are moments away from the start of european trading. and caroline hyde. and ryan chilcote is in moscow. a nondescript start to the trading day. this captures my overall thinking. australia with low rates. in ank. is still fundamentally keen a zero game -- fundamentally in a zero game. >> let's go to zÜrich. .ou are watching credit suisse >> that is right. licenses and the man at the top was this investigation mishandled? fallout from the guilty plea and you and i will talk about it. chilcote spoke to the russian prime minister. have a listen. >> we admit that we are sure slowly approaching. >>

i am mark barton. >> i am olivia sterns. also coming up, unilever sells the sauce. find out why it is shedding ragu and bertolli. >> we will tell you about the tech trayvon protest against russia's role in ukraine. it is russia's biggest gathering of business leaders. this year is one of the most controversial. joins us from the st. petersburg international economic forum. you have been covering the summit and russia for over two decades. what is different this year? >> what is different is who isn't coming. what is interesting is why. you look at american ceos. they aren't coming this year because the white house told them to stay away. it is not just the u.s. ceos. a lot of european companies aren't coming. even international organizations. the ifc, the world bank, they are all staying away from this for him. there is a clear signal that the international community is trying to send through this business for them to president putin that if you want to go forward in ukraine, you will be isolated. this forum will give you a sense of what it will look like. some comp

i am mark barton. >> and i am caroline hyde. >> we begin with our top story. pfizer said to plan a sweet and -- a sweet takeover bid for astrazeneca. westminster is at with more on what we can expect. the countdown continues great -- the countdown continues. >> the countdown continues from that conversation we had earlier with a labour mp. clearly, the ceos are going to face some hostile questions about what their intent is. why are they doing this? are they doing it for tax reasons? there is a different tax regime in the u.k. versus the u.s. or are they doing it because it makes sense for their investors, their boards him a their shareholders, and they want to grow the company here and create jobs? these are some of the questions that will be posed. the committee starts in about 15, 20 minutes, will go on throughout the afternoon. it is really a question for ian about whether or not he has any allies on the committee or will it be all hostels -- h ostiles? he is going to have a challenging day. >> how does this deal take -- stack up with other takeovers of u.

i am mark barton. >> and i am caroline hyde. we begin with the bank of england. the pound is rallying as mark carney gets ready to give the latest quarterly inflation report. jonathan ferro joins us in the studio. clues, what clues could we get? >> 9:30 u.k. time. .rowth set to come in unemployment above seven percent. you have all of this talk about slack and spare capacity in the economy. look for wage growth. two guys who used to work at the bank of england say that is a reflection of supply and demand in the labor market. ,hen wages start to pick up that is when you start to see that slack. we have real wage growth now. is coming down. >> that is a big point. >> and only if you have a bonus. >> excluding bonuses, and it is still just below inflation. it is starting to accelerate away. the pressure on the bank of england is going to build and their excuses to do nothing -- >> the pressure on the bank of england to do something about the housing market on the sbc next month. >> mark carney may touch on it today. the boe referred to this as the brightest light on

. >> mark barton is a manchester united fan and the first thing he said, very rarely seen. the problem, they are not like. you talk to a manchester united fan and they will tell you that. >> look at the figures. is $366 million. they paid out interest and other financing costs. that money, as a fan, you would have wanted to go to biting new players. is why they fans are in the problems they are in. they have taken a lot of money out of this club. >> that is sort of the problem. they are not necessarily manchester united fans. money spentt want on players, wages and keeping ticket prices down. >> as an italian, there are some millionaires -- berlusconi is one of them. is he better liked by italian football fans? >> maybe not now but over the last 20 years absolutely. tom is talking about manchester united being run as a business. for silvio berlusconi it wasn't about making money. it was about dominating european football. things have changed to some extent with financial fair play. a lot of these billionaires have no choice but to change their approach. maybe the future is

i am mark barton at bloomberg european headquarters in london.the start of european trading, our markets team has everything covered, from companies to currencies. here with me is caroline hyde, jonathan ferro, hans nichols in westminster, and david tweed is in berlin. jon, futures pointing to a higher start. u.s.,ord highs in the almost touching decade-eyes on the ftse. we have been here before, but we have not pushed through with any conviction. a look at the data. u.s. retail sales down. data picks up today. hans following pfizer and after zeneca ahead of key hearings today. more on that. >> we like the smell of a parliamentary hearing first thing in the morning. to convincebe able the public and this parliament that it is about jobs and research, not just taxes? in a few minutes, we have an important interview with a labor and the -- mp. we will get a sense on just how hostile it may be. and she hasis here her eye on the airline industry. easyjet reported earlier. rex it did. bang in line with expectations is not good enough to send the share

i am mark barton out bloomberg european headquarters in london.nts away from the start of european trading. our markets team has everything covered, from companies to currencies. here with me now is jonathan ferro. zeb eckert is in hong kong. ryan chilcote is in st. petersburg. hans nichols is in berlin. jon, futures, a mixed start. >> a little lower through the morning. week, itart of the asked if we could make it a sixth week of gains? 6/10 on theout week. we are not talking big gains, just grinding higher. >> ryan chilcote, you have the -- zeb eckert, you have the story on thailand's coup. the former prime minister being deposed by the military. the question now, what is the future of thailand? the military is in charge. i will have the latest. let's let's get to st. petersburg, to the international economic forum. good morning. president putin will address these attendees later today. is right. the russian president president will address investors 3.5 hours am now ahead of the presidential election in ukraine on sunday and the prospect of mor