we've mentioned rio tinto and rio's shares up 3% in london. see the markets fairly flat, but we've had carlsberg out, brewing up a better profit as well. the danish brewer carlsberg has reported a rise in full—year profits to $645 million. the company says its expects a modest increase in earnings next year. and samira hussain has the details about what's ahead on wall street today. company earnings continue on wednesday. we will be hearing from time warner. the company is being bought by at&t, but the sale has been opposed by us president donald trump. during the election campaign. so investors will be looking for comments on that. now us coal miner, arch coal will be reporting earnings. this comes at a time when the donald trump administration has been looking to undue regulations and support more mining. investors and support more mining. investors and analysts will be watching for broader comments on deregulation. finally, the grocery store chain whole foods market will be reporting earnings. they are grappling with competition and they wa

what has really been the main catalyst for rio tinto's earnings rise?he recovery in iron ore prices? no doubt that iron ore will be the key player in terms of the improved profit outlook for this year. we did see iron ore across the 2016 year improved. it was a tale of two halves. lowering the first half and better in the second. the first month of the year, the price of iron ore is looking resilient, but can this performance is § careful @ we see a price; ,. see a price; because don't go up forever. t1163 do qticesdnrflt.%ug fnrevecmlhe¥ gig moved down as well. unfortunately moved down as well. but we expect in 2017 that china will be the big player. still. it imported over 2 billion tons of iron ore in 2016. we expected it will import at least 2 billion tons plus in 2017. the momentum will maybe be slower than 2016, but certainly we believe prices will be kept somewhere in the $85 region for iron ore through the course of 2017.m other business news making headlines, india's central bank will review its monetary policy later today in the first meeting s

anna: we get numbers from rio tinto and others this hour. we break down all the numbers and speak to the management, later today. welcome to "bloomberg daybreak:europe." manus: we have a feast of breaking news for you. first of all we have carlsberg, telling us they will raise the dividend due to strong cash flow. kroner.lion mist on thet topline sales for the full year. increasing the dividend, organic revenue growth comes in at 2%. in terms of topline earnings, 8.1 5 billion and the market looked for 8.20 9 billion. breaking news coming from all kinds of sectors. full year 2016 sales coming in of line against the estimate 12.9 billion. this is the important bit, the china transaction is expected to close in the second quarter in 2017, kind of in line with what we were hearing from analyst ahead of these numbers. raymond james saying the deal in 2017.ted to close this is part of an extensive approval process. various closing dates have been and gone. were also talking about consolidation were broadly in the sector. dow chemical and monsanto

the cfo of rio tinto talking about their business and commodity prices. was from our new , bloomberg daybreak: europe straight. daybreak australia. interesting some of these on the bloomberg, the big moves in iron ore, prices jumping to a to my tie. -- two at two month high. is that something the austrian can do well out of? >> at the margin, it helps. it has changed remarkably over the last decade. pre-2010, it was a proxy for chinese growth. you could track gdp and china and that, one in the same thing. it changed for the canadian dollar around 2010 as well, and one reason was because it becomes one of the world's most popular reserve currencies. so when foreign exchange growing,were outperforming relative to what you would have thought previously because chinese growth was not great through those times. when it changed in 2014, the currency fell off a cliff. right now, do a think you will see a major move higher? probably not. the simple reason is that reserves are not growing that much. anna: thank you very much. bill wright in france saying concern a

rishaad: one of the beneficiaries of strong iron ore prices is rio tinto.bers later on to what are we looking at? earnings span a time in which the aren or price gained 81%, so it could be impressive numbers from rio tinto. analysts expecting $4.75 billion net income, $34.3 billion net revenue. it could be more than was forecast last year when rio tinto scrapped its dividend policy. $1.44, butexpecting we've won't be kept in suspense for too long, rio tinto due to announce its result just before the open of london trade. rishaad: thank you very much indeed for that. ,e will stay with australia pushing the case for asia-pacific trade deal without the u.s.. this is what potential members will discuss when they meet next month in chile. the tpp remains relevant and would require only minor tweaking to allow for american withdrawal. >> there were a lot of hard fought gains achieved through negotiations over many years in relation to tpp. i don't want to let those gains slip through our fingers. that is why i put a focus on whether or not we could have a tpp 12

we are also seeing gains in rio tinto and bhp billiton on.linked to commodities are very much in focus. i also wanted to show you this german drugmaker. according to people familiar with the matter, it has received takeover interest from a buyout firm. this company did confirm on sunday receiving two expressions of interest. the shares today have risen the most since two thousand nine and also hit a record high, up 14% and percent -- up 14.7%. guy: donald trump spoke of his ministry with the japanese prime minister over their visit. , abe distanced trade. the numbers were not blowout. in yen, is a little backward looking. shorts see the reduced coming through. our guest is still with us. walk me through the end trade from now on. how do we position ourselves? and at this trade right lot of good things flow from a in terms of how you position your equities and how you are set up in terms of the risk trade. >> it is a tough one. the political noise is unprecedented. think there will be a lot of fluctuation. i still remain bearish on dollar-yen.

with theour interview chief executive of rio tinto.on ahead, prime minister questions and a debate on article 50, the final vote expected at 7:00 p.m. u.k. time, the final two hours of surveillance, tom keene joins me from new york. this is bloomberg. ♪ ♪ hard questions come up president trump's travel been legaligh legal trouble -- drama, the san francisco court of appeal is set to rule, pimco says there is a new cold currency war brewing, bundesbank ceo says u.s. acquisitions of germany over the euro are deceptive. theresa may looks to march, she races down the brexit revels in her own party for a final vote on the article 50 bill tonight. , this is bloomberg surveillance, i am a francine lacqua in london with tom keene in new york. take stock of the court of appeals in the u.s., brexit, currency moves, what i'm interested in in the markets is where you see the first site of a real canary in the coal mine. ,om: i like the risk adjustment the rate of change with risk adjustment from this story or that story, quickly, last night, 6:00

the commodity bounce back boosts rio tinto earnings as the mining giant raises its dividend and launches a share buyback. >>> and fourth quarter sales miss analyst estimates, difficult market conditions are seen in the russian and eastern markets. we'll speak to carlsberg's ceo in an hour's time, 11:00 a.m. cet. >>> hi everybody. good morning. glad you're with us on "street signs." just want to get you up to date on what's taking place out of india. the rbi keeping interest rates unchanged at 6.25%. they state uncertainty surrounds the u.s. economic policies at the moment and that changes -- they're changing their stance from neutral to accommodative. 5.75%, and growth prospects for the developing economy is improving. a lot of people are saying the upside in india could be more when looking at some of the emerging market growth stories out there. india, again, the rbi expecting the growth prospects to improve for delivering economies and leaving rates unchanged at 6.25. looking at the indian dollrupee the dollar. european equity markets this morning, slightly mixed story out there with

rio tinto have just returned to profit after 12% jump the up.a would be bad for business. he was also critical of the executive order signed by mr trump barring migrants and refugees from several muslim countries. the company reported a surprise drop in sales despite a strong performance from its theme parks and movie divisions. there's been mixed reaction to the government's housing white paper — on the stock market house builders shares have been doing pretty well. housebuilders redrow released earnings results today — a record level of profits for the first half. their chief executive was cheery about the white paper. let's get detailed analysis of all those stories with david buik from brokers panmure gordon. firstly, household is doing well with the share price. the government seeking more affordable housing for potential buyers? hello. i think more affordable housing for potential buyers? hello. ithink we have to go back a little bit, probably 50 years. it is about time any government noticed we have a serious housing problem. it is all ve

right.i think that is rio tinto laid down a market.als like glencore may look to to duplicate that. glencore looks like they were going to produce their first profit in five years, but rio to a certain extent, they are much more exposed to iron ore prices. they doubled. when you're producing tons per year and shipping them to china and $25 per ton, that is a fantastic business to be in. guy: thank you very much in be. the two most important stocks. rio and salafi moving the stoxx 600 more than any other two stocks -- and sanofi moving the stoxx 600 more than any other two stopped. 10 past 12 u.k. time, we will be talking with another guest u.k. time. matt: still to come, we will break down the latest news in the court case over president trump travel ban. plus, a currency cold war. says the central bank are using deceptive tactics for depreciation. fascinating piece from them, and then later, boj curveball. the central bank says concerns about its ability to control yields are growing and it wants to get discretion to its market operat

big things are expected from rio tinto. did they deliver?results from rio tinto. 5.1 billion is the headline number. that is the first game since 2013. the dividend came in higher than expected at $1.70 per share. then the bike rack program got announced. -- buyback program got announced. what hee net here is had to say. >> opposition had no change. is all about build and small line. the threshold is very high. to be the right one to ensure that we will be able to value our shares. news,pite all that good the stock down two thirds of 1%. season earnings gathering pace today. what other big names are you looking out for? underlying process of 486 million. it misses estimates. financial services company still showing big gains. another financial services cut by 584 missed estimates million. but it was up .04%. at agl, up 3.7% to address at 89 million for the half. sears also performing pretty well. one and a quarter percent right now. yvonne: thank you. coming up next, intel's talented job creation plans in the u.s.. after meeting with preside

of rio tinto's key commodities. as thek of relationship between oil refiners and oil producers. when producers are doing poorly, refiners do well. similarly, when upstream producers -- it -- aren't they better off to sleeping alone -- just leaving it alone? there is a high bar for any and and a -- an end day -- m&a. out.al deposits get worn they're looking for low-cost acids, high-volume. they can produce these for years into the future. there are not that many left. slide in often shows a its presentations of the decline in exploration discoveries we have seen in recent years. you have the option to buy or build. he did not say he was never going to be doing anymore m &a, just smart m&a. you sell rio tinto have a big problem with its iron ore investment. i think this is exactly the sort of deal they should be thinking about doing. rishaad: you think it is smart. thank you very much. hong kong's efforts to cool a soaring housing market have had the unintended consequence of perhaps ultimately leading to higher prope

rio tinto reported its first gain in annual profit since 2013. ceo tells us about the challenges of diamond mining. vonnie: carlsberg is warning growth prospects will be stunted thanks to a ban on large plastic or bushels in russia. mark: the battle over greek debt. why the troubled nation is battling over bailout funds. vonnie: rio tinto has reported its first gain in annual profits since 2013. the world's second-largest mining company will pay much higher dividend than expected. it is also buying back $500 million with of shares. here's the ceo. >> we love diamonds, ok? tractason why it's so a of is because it's very difficult to find those new mines. just to give you an example, itn you look at the rug, is 25 years on average. when you see an area where there could be some diamonds and you have cash flows, you have 30 years. it is very difficult to find them. when you have them, you make lots of money. mark: he has high boutique investment banks to invest in the world's largest ipo, according to a person familiar with the matter. saudi arabia

rio tinto says its balance sheet is in great shape. week, rio announced better than expected dividend and a 500 million share buyback. he doesher lynch said not see major medical reversal in iron ore prices. >> the key at the moment, the consensus prices below the spot price, so i would not say it will fall off a cliff or anything like that. kata walking back on its forecast for profitability this year, saying it will probably make its biggest lost since listing instead. the company is expecting a shortfall of 560 $2 million after settling the u.s. criminal investigation. bookompany said it would $946 million in charges after admitting hiding risks in its airbags. donald trump plans to nominate malpass as undersecretary for international affairs. if confirmed, his first job will be to guide currency policy, bringing experience to a team that has little background in public service. alpass previously served as deputy assistant secretary in the treasury and state departments. global news 24 hours a day powered by more than 2600 journalist

rio tinto is using the valley to cash in and cut the borrowing. cost of insuring as bonds plunge. we have a spectacular chart of the our next. the discussion straight after this short break. ♪ >> welcome back. it is 3:30. week in the busy market. trunk is speaking a number of times in this week. it is a new addition of daybreak. >> let's take a look at top stories bloomberg. they cover story is "falling apart." this was the potential merger that was unlikely to perceive because they will not commit to defenseman of the bonds trading platform. see almost 80% and it is more than anticipated. >> finally, we focus in on scotland, who may get another referendum. team is preparing for lawmakers to potentially call for a vote in march that coincides with article 50. and there was a charge into the bent and there could questions around a vote in parliament. check on the a .arkets here with the details question investors are looking ahead to more details on trump and his spending plans. quite a bit of a response in the asian session moving and the money yo

profits of 12% at the mining giant rio tinto thanks to a rebound in commodity prices. buy backced it would $500 million in shares. government has given a jet maker and interest-free loan worth more than 260 million euros. just over a quarter of the amount the company has requested. study showing that talking about politics at work isn't a good idea. a survey found that almost a third of employees in america say they are less productive since november presidential election. linked to people being distracted by politics on social media. 87% are reading political posts on social media during their working day and three quarters of them are discussing politics with their colleagues. they say that has led to them being less productive. [captions made possible by kcet television] >> in the begiginning, indigeno peopople from m the amazon beli gold came from the stars. alls of fire exploded from the sky and the

rio tinto doing well. mining shares have been leading the pack today.r. presidential elections in france are just months away. while the national front‘s candidate, marine le pen is seen as an outsider, investors are weary of the unexpected outcomes of last year's votes in the uk and the us. ms le pen has been vocal about how she wants to take france out of the single currency so as a result we're seeing lots of investors being bearish about the euro which means they're expecting the currency to fall. consumer spending is the big driver of the uk economy, but there are signs it is slowing down according to the credit card firm, visa. their research found that spending injanuary slowed to its lowest rate in five months. the co—op bank is putting itself up for sale. it says it will struggle meeting its capital requirements over the next few years. in 2013 it almost collapsed and was bailed out by us hedge funds. the bank has four million customers and part owned by the co—op group. let's get detailed analysis. christian schulz, director of european econom

bank of china trading at its highest level in the year and rio tinto pricing .7% today. pitched on a $1.5 billion sale of its last remaining coal operations in australia, the world's second-biggest minor and said to have received unsolicited bids for those coal at sets -- coal assets. it has been devasting coal assets since 2015. some currencies here, the aussie dollar, if i can pull that up real quick, given the mix to jobs data this morning, the aussie has been above $.77 since last night. we do have the korean won leading gains, at a three-month high, strengthening 6% against the dollar this year. a last a check on the taiwanese dollar, stronger for a fourth day. this after fourth-quarter gdp was revised upward, but a and said recommending to sell the currency -- but anz recommending to sell the currency. rishaad: thank you very much indeed for that. sophie kamaruddin breaking news, direct investment in china, downside. 9.2% -- fdi was inn nine point -- 9.2% yuan terms. foreign direct investment of 80.1 billion yuan in january. that's what we have at the moment right

so we've seen anglo american, glencore and rio tinto all do well out of that.n 200 bush fires in new south wales at the weekend. they're the result of a heat wave which saw record temperatures of up to 47.9 degrees celsius. one of the largest bush fires near the village of dunedoo was so vast it created its own weather system, triggering a lightning storm. 60 fires are still burning. hywel griffith reports. only from the sky can you grasp the scale of the scorched, scarred landscapes which burned over the weekend. more than 200 fires spread over hundreds of thousands of acres. crews are still working at 60 different sites. at some villages and farms they have started the task of checking how much has been destroyed and what if anything can be salvaged. the community has been heavily impacted by fire. i would suggest most buildings in the community are damaged and all destroyed. at the height of the bushfires, 2500 crew members were called into action. two were injured. it is remarkable that the heatwave passed without the loss of human life. a combination of fa

we'll be talking about the rio tinto cfo. >> that is right.lso have earnings coming talking in that earnings are going to be the key to rattling what this week comes with. there is $27.5 million in this share. the first half at 209 australian dollars. it is hard to see with this comes with with a smaller or bigger lens areas. sorry that is $20.9 million. the commodities store, it has been extraordinary. people have been delivering on plans to invest in that interest the -- industrywide downturn. millions about $1 per-share buyback last week. it is great to have you. stay, is thisto the new phase of the money. >> i think the key thing really is we do not want to put ourselves in a position where we cannot afford to be there forever. we plan around a series of videos. we saw this whole commodity process on hold. our cost structure is in good shape. that will launch the productivity drive across the nation. will improve our ability to adjust production. we like the idea of the higher prices. i cannot give you any justification to why it higher to

the ftse 100 is in negative territory at the moment but rio tinto shares are leading the pack there,n about an hour's time. thank you. see you a little bit later. the comedy scriptwriter alan simpson who co—wrote steptoe and son with his partner, ray galton, has died. he was 87 and had been suffering from lung disease. alan simpson and ray galton worked together for more than 20 years. their work will also be remembered for hancock's half hour — and in particular the blood donor: david sillito looks back at his life. the partners networld recovering from tb in hospital. they eventually got the attention of the comic tony hancock. we decided what we would like to do with him would be a half—hour, what is now called a sitcom, but in those days... we just call them, you know, half—hour storylines. nobody had done it. after tony hancock in a one—off comedy playhouse about rag and bone men. it was the birth of steptoe and son. in the 60s it was so popular the bbc were contacted by the then labour leader harold wilson. he was worried voters would not turn out if it was on before the polls

rio tinto, the worlds second biggest producer of iron ore, has returned to profit after a 12%jump inl dividend — that's payments per share to shareholders to $1.70. a woman who lost her long—term partner has won a legal battle that could improve the pension rights of unmarried couples in the public sector. denise brewster, who was denied payments from her late partner's occupational pension, because he failed to fill out a form, argued that she was the victim of "serious discrimination". following a long legal fight, she won her case at the uk's highest court. samira hussein is at the new york stock exchange. how were the results? the results we re how were the results? the results were actually really good. what really helped time warner was an offshoot of the harry potter series, fantastic beasts. that proved to be a massive money—maker for time warner, really exceptional results for the last three months. it seems that harry potter continues to pay off for time warner. it is interesting. they're in the middle a by outfrom a tt. president trump is not so keen on the deal? absolutel

rio tinto announced a bigger than expected dividend. announced a 500 million share buyback. the ceo does not see a dramatic reversal in iron ore prices. momentink the key at the is that consensus prices are below the spot price. that is obvious an unusual. say thisot necessarily fallen off a cliff or anything like that. be --: the uae is up upbeat. has hit 90% of compliance, the best rate in history. they want to see the cuts continue in the coming months, especially from non-opec members. they want to see oil inventories decreased and further price rises. they have rejected a plan for cutting corporate taxation. opponents argued it would strain the public purse and increase the strain on tax payers. they are under international treatment to end pressure. global news. 24 hours a day. powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. yvonne: thank you. the defective head of samsung could face arrest when he is summoned for questioning by south korean prosecutors once again. just about 2.5 hours away from seeing jay y. lee summon

one of the big beneficiaries is rio tinto. they are expected to come out with earnings later today.ld we be focusing on? is a return of this dividend policy? we will see aubt return of that policy, but the good news is that since walking away from it, it looks as if the dividend will be more than forecast at this time last year. analysts are anticipating a dividend of about $1.44. is definitely helping rio's bottom line. analysts are expecting net $4.75 come in at about billion and revenue at about $34.3 billion. but we will find out later today. yvonne: thank you. they willf australia, push the case for a trade deal without the u.s. with potential embers of the tpp meeting next month in chile. the transpacific partnership remains relevant, but will always require minor tweaking to allow for america's withdrawal. >> there were a lot of hard-fought gains that were achieved through intense the negotiation's over many years in response or in relation to the tpp. i don't want, and i know a number of other countries don't want those gains to slip through our fingers. that's why i put a f

mining company rio tinto has delivered on its promise to reward investors emerging from an industrywidet would purchase $500 million of uk's listed shares throughout this year. on all thedelivered promises we have done. the last time we talked was in november when we went to the are proudd today we to say we have delivered everything we promised to deliver in terms of cost savings, cash generation, strengthening our portfolio, and last but not least in terms of cash return. today, 3.6 billion dollars of cash returns which is above expectations, and we have done it in a way where at the same time we were able to invest for the long term and strengthening our balance sheets. shares, let's have a look at what they are doing because what we have here is the japanese company posting third-quarter profits of $814 million. 2.6%, the best results since a $50 billion investment in the united states. what did these earnings tell us about softbank's business? thehe business in the u.s., sprint business, continues to be challenging for the company. they did add subscribers in the last quarter, but

bhp, rio tinto, and fortescue metals all in the red today.mmodities rally is seen to stall. iron ore continuing to fall in china, and copper for the retreating from its 20 month -- high.th philip lowe says he does expect the commodities rally to pull back, and is more favorable towards aussie dollar being lower than higher. haidi: is it a blip or the start of reversal? sophie there on the markets for us. thank you for that to let's get first word news with paul in sydney. paul: shares rose after fourth-quarter profit beat higher estimates, earnings was 13.2 yuan. giantinese search reported six under 65 million active monthly users. the ceo robert lee has told an investor conference call that baidu will lead artificial intelligence and china. attorney general jeff sessions has reversed an obama administration order ending the use of private prisons. in a memo released thursday, sessions direct the justice department to return to the previous approach. the trumpomes as administration pledges to crack down on illegal immigration. the bureau of p

rio tinto and also santa fe also santa fe both of those things are high this morning. lauren: nasdaq will open an all-time high today. s&p futures have to commit dow futures at 28. nicole: also keeping a keen eye on oil. yesterday we saw a billiton and very over 14 million supposed to only be 2 million. another report at 10:30 a.m. eastern time from the american petroleum it's too. right now 5162. gold gaining 1 dollar half at 1237 at troy and submits the highest level since november. lauren: problems on espn or played on disney. slipped 3% from year ago missed wall street estimates. espn nonsubscribers in programming costs rose due to a deal with the. on the conference call, ceo bob eiger discussing plans for the launch later this year of a digital direct to consumer sports video service. also saying he will consider staying beyond his previous announce retirement next year. disney shares falling half of 1% in after-hours on news of the latest earnings. nicole: meredith and investor bronson junior reported the incident pursuit of time. "the wall street journal" says h

you can see that reflected in the australian market, rio tinto near three-year highs, fortescue on theupost 6%, this big surge in the iron ore contract, and copper gained huge momentum as well come of the fact that donald trump and shinzo abe talked over the weekend giving solid support to equities in this region. we will get an update on india cpi for january today, the indian market has opened up flat , and some data coming through out of japan as well showing positive momentum in fourth-quarter gdp. just having a quick look at that copper price, surging .9%. you can see the theme of the day reflected in these safe havens being sold off, gold down .4%. the japanese yen continuing to weaken as well, down .3% at the moment. interestingly, analysts still calling for that 115-120 support level, particular the as we have fed people speaking this week, including janet yellen, so expecting upside from the u.s. dollar later this week. yousef: thanks. always keeping me on the edge of my seat. all right, let's talk about stocks that have gained in tokyo after the japanese prime minister's two-da

anna: we get numbers from rio tinto and others this hour. the numbers and speak to the management, later today. welcome

. >>> rio tinto returns to profit in 2016 as prices for iron ore and other commodities rebounded. the company continues to cut costs and improve the efficiency of its mines. rio will pay a full-year d dividend of $1.70 a share, lower than in 2015 but higher than expected. shares up about 1% on the ftse 100. >>> sanofi in focus, fourth quarter net profit beat forecasts, but the french drugmaker expects earnings to be flat to slightly olower. sanofi's ceo says he is no hurry to do m&a. >>> and softbank rose 71% thanks to strength in the japanese telecom market and shrinking losses at its u.s. unit sprint. softbank ceo says president trump's promise to deregulate the economy would be positive for the company. softbank one of the first international companies to come to trump tower once president trump was inaugurated to voice support for the administration and to bring more jobs to the united states. >> exactly. ahead of prime minister abe's visit this week to meet president trump. it's clear he wants to come with clear corporate plans that he can lay down and say, look, we're clean t

the index is being driven by rio tinto, a proxy for china. and arcelor mittal. is getting a little tired, even as anding broke its previous high. you can tell this not a lot of umph coming from that sector. americans have rediscovered their kitchens again. you are starting to see a consolidation. crude oil is interesting it's even more convincing even after we got a notice on the increasing demands. the key is inventory levels in the united states. i love agrium. i have a programming alert. we have brand-new episodes of "strange inheritance." we talked to a rancher who discovered she inherited one of the largest ancient sites of indian rock drawings. >> it was done thousands of years ago and it still speaks to us today. jamie: did you know at that point, i may have something very, very special in. >> i thought went through my mind maybe it's more than just a few drawings. charles: catch that tonight at business. trump called north core core rera a big problem after their latest test of missiles. charles: just a short time ago the u.n. security council strongly c

last week, we did have rio tinto telling us iron ore will not fall off a cliff.er, you spoke to the australian. prime minister. he said the rise in iron ore prices is welcome. haidi: indeed it is welcome for the australian economy. taking a look at the commodities. finance ministers have dashed any hopes greece may have had of quickly given -- getting at hand on new aid. creditors demanding athens institute tax and pension reforms before they sign off on the agreement. the former greek finance the problem is still debt relief. get is unsustainable -- the unsustainable. it is sustainable over five years. interest rates are low on official loans. beyond that in the future, even debtu do not buy the full because i don't think anyone knows. even then, it is clear greece needs additional debt relief. that is something the germans are not willing to accept. in principle, they have because the euro group has said they will do more on greek debt relief. it is just with the german elections coming up, they are not willing to do the additional steps necessary to specify wh

a big day today for rio tinto, it will buy back $100 million of shares. the first gain in annual profit since 2013, all to do with higher iron ore prices. did fall less than the estimated 20% and that reflects the new -- 12%, and that reflects a new policy. last those 13 year lows january, anglo up 500%. bhp by 140%. 140%.nto by up -- up by a chart showing emerging-market companies are rising twice as fast as thought. the msci emerging markets members has jumped 5%, that is the white line, compared to a 4% increase in the msc world index. the gap is the widest since 2012. high commodity prices, political risks in the u.s. and u.k. driving investors to developing nations stocks. vonnie: i am looking at the dollar, when you know. the index is staying above 100, giving us gains for the day. bb h saying it is showing resilience. the dollar with resilience. gold futures, we were talking about them earlier with stanley druckenmiller. talking about why gold may be going higher, including the etf aspect. we have plenty of oil. this is supposed to be wti crude whi

if i come back over here and drop it and see what names are moving, you p, rio tinto, glencore. like a little bit of a safety play as far as the reason that markets are up right now. the failed mergers hurting .enerali see and waiting to teslas -- intesa's opening price. if the share has bounced today, sense -- ithere is a don't know if it is confidence or lack of confidence in management to say it was the wrong planned -- planned. -- planned -- planned -- plan. -- march is live as on paris says her it with less than three weeks ago, traders see a 40% jump in the central bank. they are both sub 50. here's a chart that we pulled up here. 6277.s you have march all the way down here. may here, june here. the probabilities of a hike coming through. good morning and thank you for spending time with us. the market called the fed bluff. are we going to find out this week because we are going to get trump and then yellen on friday. both of those things pan out, then maybe march is done and dusted. >> i think more important is the data. i think that will be important in judging whether m

jonathan: mining company rio tinto has delivered on its promise to reward investors, emerging from an, the company blasted dividend estimates, and said it would purchase $500 million of u.k.-listed shares throughout this year. jean-sebastien: it is clear we have delivered on all the promises we have done. you remember last time we talked was in november when we went to the market to explain what our liquidity story was about. and today we are proud to say we have delivered everything we promised to deliver in terms of cost savings, cash generation, in terms of strengthening our portfolio, and last but not least in terms of cash return. and today we have disclosed $3.6 billion of cash returns, which is above expectations. we have done it in a way where at the same time, we were able to invest for the long term and maintaining the strength of the balance sheet. rishaad: softbank shares, let's have a look at what they are doing because what we have here is the japanese company posting third-quarter profits of $814 million. up 2.6%, the best results since this company announced a $50 bill

have other materials which have not rebounded as much but ought to things like nickel, names like rio tinto and glenco glencore, they will benefit. >> paul, thank you. >>> we will be speaking to andrew mckenzie, ceo of bhp billiton coming up. stay tuned for that. >>> the michelin guide awarded one of its coveted stars to a restaurant in france. but one restaurant was particularly surprised when she found out that her restaurant had been awarded the star. she employs one part-time cook to help her in her restaurant, where the set lunch menu costs just over 12 euros. the michelin guide it turns out got the wrong restaurant. the name is the same, though. the award was intended for a restaurant with the same name in another town over 100 miles away. >> talk about windfall profits there. >> exactly. she shouldn't have said anything. just kept the star. have people coming. >> people believe the food is good just based on that michelin star. >> there's a lot of placebo effect going on there. how many times do you go somewhere where it's a small place, nothing special, but the food is amazing. you

bhp and rio tinto continuing to decline. rio tinto falling almost 2%.di: thanks for that so bp this will be the top story dominating chinese markets when they open. china is ready to allow more companies to list 18 months after regulators clamped down after that $5 trillion route. why the change of heart now? rosalind: the chinese security regulator says china is ready for more ipos, ready for what it appropriately larger supplies of ipos after a stronger than expected recovery from the 2015 market route. said new companies can increase market liquidity and attract additional capital. effects fromthe slowing or suspending ipos have proven to be not good and dismissed concerns that shares could depress the market. he also says ipos cannot fix long-term capital market issues. more than 600 companies are seeking approval, 280 approved last year, 240 actually completed, so there is a backlog. they also talked about reforms being needed them a but also sang a stable capital market is needed for this reform to happen. , they and to that end have been approvin

we will see if rio tinto is correct. francine: think you so much.barton with your asset check. still with us james bevan and jean medicin. when you look at my chart -- what i did is look at u.s. breakevens. you have the two-year in blue. the 10 year is in yellow. this goes back to inflation across the world. where do you see it going? jean: i think it can go higher. basically what it tells us is that the market has priced a lot more inflation impact than growth impact from trump policies. this might be what should be worrying for investors right now. ,ower for longer environment stagnation, has been good around the world, leading the equity multiples to expand significantly into returns over the past years. going forward, obviously what we need is to be very selective and very active, because not every company could benefit from this rising tide of expanding multiples. therefore, it will be more according to their own merits and their growth that they will be able to make money. james: i worry we are going to get a smart pick up in consumer prices t

rio tinto and others participating in today's miner rally.kering posting better than expected profits for 2016 helped by an increase in mainland china. so china helping the mainland corporates today. help from gucci and san loren reducing in kering's strongest sales growth since 2012. sales up about 12.6%. reckitt benckiser also confirming it's agreed to acquire u.s. baby formula maker mead johnson for $16.6 billion. shares slightly off by 3%. the big story this week has been populism and marine le pen's campaign for a frexit. that is, of course, involving france leaving the european union. we saw bond spreads widen, but they've come off that four-year high that we saw earlier this week. gerard i areat, the ambassador to the united states, telling me he hopes france doesn't fall into the trap of populism and protectionism. signs of it, of course, not only in france, but in netherlands, germany and italy as well. back to you, sara. >> yeah, it's taken a toll on the euro this week as well. seema, thank you. >>> president trump set to meet with

that is great news for rio tinto. we will keep talking about that.he bund yield this morning, we've seen a tracking lower, trending sideways. yields up, prices down. let's get a bloomberg first word news update. here is sophie kamaruddin. sophie: happy friday. a federal appeals court has refused to reinstate donald trump's ban on travel from seven muslim majority countries. the ruling concluded the government failed to make its case that the ba. tweeting, seeant, you in court. global equities have gained after donald trump promised what he called a phenomenal plan to overhaul business taxes in the next few weeks. he offered no details about the plan. white house press secretary sean spicer later said it would be the most comprehensive business individual tax overhaul since 1996. greece's government may present a framework of measures for the bailout review as early as today. this comes as a prolonged deadlock has raised doubts about the country's ability to repay debts due in july. it hopes progress can be made before a scheduled meeting of finance m

rio tinto, and we mentioned redrow, the house builder, increasing their dividend. it from me. more business throughout the afternoon. see you later prime minister's questions is coming up. we'll have full coverage for you. after that, the brexit debate gets underway. lots of political coverage injusta underway. lots of political coverage injust a few underway. lots of political coverage in just a few moments. first, now the weather with darren. winter is coming. nota the weather with darren. winter is coming. not a great deal to get excited about. you'll need your heating on. pretty chilly out there early this morning. a lot of cloud this week and into the weekend. it will turn colder. an easterly wind will turn colder. an easterly wind will freshen up. it will blow in more in the way of wintry showers. we have this situation. earlier in the week a weather front moved in from the west. it has got stuck. it is vi weak. behind it, this block of cold airon is vi weak. behind it, this block of cold air on the easterly will push further across the uk and drop the temper

the ceo of rio tinto tells bloomberg about opportunities and challenges in the industry. this is bloomberg markets p or i am scarlet fu. let's get a check from abigail doolittle. >> we will take a look at the global commodity function. a lot of green. , gases downs moment ever so slightly. energy complex higher, and we higher, mostding of them are less than 1%. taking a look at oil, gold, and noting both up but worth supply gasoline inventory report , less than what investors were looking for. lumber is trading at a three-year high. a great chart here in the btv 5857, yellow, we have gold, in white we have the gold etf. we see the gold after the dip in the election out of december, trading nicely higher. investors aren't buying into it. maybe retail investors are starting to get into gold. plus, the famed investor did say after selling goldbach around the election, he bought some in december and january. all saying the price of copper could go higher. goldman is saying there could be a supply deficit. could be some issues with two of the big mines in the world. metals.'s

the likes of rio tinto announcing a buyback, also bhp announcing a bond repurchase scheme alongside itsgs. the story so far has been of expectations being beaten. anna: we will see where they get to. the company has brought itself back from the brink of the 2015 crisis. >> the end of 2015 was embroiled in crisis. they began selling assets. since then there have been two key factors. halved the figure through things like streaming deals. along with the rest of the by the it's been buoyed rising commodity prices. chinese stimulus, great activity in the infrastructure sectors. it's all about boosting demand for raw materials. that's been a huge room for all its key rivals. i talked to a cfo about what expects to see on pricing in particular. what our competitors saying about the outlook for commodities? is the rally going to endure? >> it's going to be fascinating to hear from him. he is a contrarian, someone whose opinions stand against those of his competitors. it will be interesting to see where he sees the outlook. the news from his rivals is they are still wary. yes, prices have ralli

bhb bilton, it was a straightforward, like rio tinto, debt down, costs down, profit up, dividend up,be looking at president trump‘s state of the nation speech in america next week. there is a fear that an import tax in america might hit the chinese economy. iron ore and coal prices have been going up sharply, coal has begun to come off sharply and that‘s led iron ore down. it resulted in them going to steel. normally iron ore tends to follow and that would bea ore tends to follow and that would be a nuisance for bhp. let‘s finish with intercontinental hotel group. the share price went up initially. it is not as up as it was this morning. does it tell the whole story, the hotel industry, the outlook isn‘t great? story, the hotel industry, the outlook isn't great? it was an improvement in the key benchmark for the industry. they talk about increased rates and record occupancy rate. the reason their shares didn‘t do as well today was the issue you flagged about the american business. it looks to be very oil exposed and there is a cost—cutting exercise going on across the industry. the £

so we've seen anglo—american, glencore and rio tinto all do well out of that.rope and he was pulled upside down. the 51—year—old, who was one of 20 bell—ringers in the bell tower, fractured a bone in his back. 0ur correspondentjon ironmonger has the latest from worcester. well, this was a very unfortunate mishap, buta well, this was a very unfortunate mishap, but a rather miraculous rescue operation. ian bowman was one of 20 bell—ringers who visited worcester cathedral to ring the bells. if you look behind me, above the altar here, 80—foot in the air you can see the altar here, 80—foot in the air you can see four lights and the lights are on the under side of a trap door which leads to the clock room. if you imagine another eight feet above that, you have another room which is called the ringing room which is called the ringing room and that's where ian was and it was in the middle of the service on saturday when ian released the rope to what's known as the tenor bell. that's a large bell. within of the largest in the country we believe and as it shot upwards i

rules, the largest mining companies in the world, numon, rio tinto reported similar reporting. in oil, gas and mining workers unions like the united steel workers back the rules. you notice who doesn't back the rules. it's exxon, american petroleum institute, autocrats in iran, in russia, in venezuela and all that. investors also support it including investor groups with $10 trillion, so they can better understand and manage the reputational ex- -- ex-approaptn ?anchtions. it's supported by religions groups. who's against it? republicans in the house, republicans in the senate, the president of the united states, exxonmobil, the secretary of state who used to be c.e.o. of exxonmobil and autocrats in iran and venezuela. you get the picture. all these groups that care about justice, care about fair play, that care about doing business with predictable, fair rules like b.p. and shell, all of them support it. global witness, the one campaign, oxfam, publish what you pay. we need to be clear of one other thing that my friend from idaho said. this rule won't cost a single american jo

volatile, weot as believe they hold current levels, which earnings for big producers like bhp and rio tinto year forward, so you have to sell these on time. that is next year. vale are recovering their debt. i would still buy south32. they are accretive to earnings in a strong way. rishaad: i want to get your view on what has been happening with the rally globally, particularly the u.s.. fundamentalis the point, or are we now at that inflection point and it is time to think again?/ >> it can last a markets will be higher by year end, but there will be corrections in the interim. toknow there are upgrades dps from tax cuts, upgrades to dps because gdp is accelerated. we don't know to what degree. there is upside by the year in. quality earnings, companies with expanding earnings, rate of change, current conditions, focus on that, take some profit and get some gold as a hedge. rishaad: i was just coming to gold. and has been creeping up, that is always a sign people are getting nervous. because youervous have sectors like utilities on , they are in structural decline. that is not the place to

a lot of the steel names are up, rio tinto on the upside, glencore having an amazing year, it was alsourope. here in the united states what you want leading the market, your banks, your materials and your industrial names. not a lot of new highs out there as carl mentioned. apple is essentially sitting right near a new high, but not a lot of new highs. but it's the ones you want leading the market there. there you go, three there, banks, industrials and materials leading the market. jim was talking about global growth and that's a very good point because that's what we're starting to see here. look at major reasons while u.s. is up 3.5%, the rest of the world is outperforming, emerging markets are having a great time. there was a number of analyst reports out over the weekend about this, goldman talking about higher inflation, talk about growth momentum in emerging markets as well, but japan with the weaker yen has been outperforming. and even europe the efa, you can buy that in exchange traded fund, is outperforming the united states. so there's a general feeling that global growth is