petersburg forum is this week, ryan chilcote is there this week. ryan: the chairman of team k coming the world largest height maker by volume. he can give us real insight to what is going on. as well as what is going on with oil prices you have business in russia, the united states, there is a lot to talk about. one of the things i am asking all of my guests is how our sanctions affecting business? you have 20% of your sales last year. >> our main domestic markets are russian and pakistan.

petersburg international economic forum with ryan chilcote. : i am joined by the chairman of cp worl -- dp world attending the st. petersburg international economic forum for the third time. and joins me to talk about how this one compares to the other ones. last year was a shock. everyone was walking around in a trance, because we just had the sanctions. what do you make of the mood here at the forum? go>> good. there are more people this year than last are. we met many of our clients here. people we do business with. a lot of people are attending. ryan: more people. that surprises me. anecdotally, they feel like a civil are coming from where? >> uae, saudi arabia a litltetle chinese companies. naturally china is close to russia on the borders. russia is a place where there are recent -- where there are resources. china needs resources. ryan: very upbeat considering that the geopolitical backdrop the oil price a little bit surprising. >> oil price in many industrialized countries is good business. cheaper. most industrial countries are happier

let's take you back to ryan chilcote at the st. petersburg international forum. ot another guest. ryan: i'm joined by the chief executive of russian railways. russian railways is many things. it is the employer of 1.2 million people in this country. the chief executive has been kind enough to enjoy us. thank you for your time. i personality, was struck by the fact that we saw an extension of the sanctions against russia by the european union yesterday. not a great way to kick off the party in st. petersburg when the 28 countries of the eu say guess what, you're still basically a pariah as far as we are concerned. russia then came back tit for tat, said, we are going to extend our ban on food imports. >> it is not who started all this deal, but actually speaking, i suppose the political hat of europe and economical body of europe, which consists of the economy and all these people who want to develop relations with russian railways or russian economical borders, they are feeling differently. that is not normal. you say is the euro shocked? we also considered the so

let's get over to ryan chilcote in the austrian capital. good morning. it was the lay of the land so far today. ryan: it is a beautiful day here in vienna. my guess is he is going to speed walk to the opec meeting with a broad grin on his face. saudi arabia has been pumping oil like there's no tomorrow. last month, they pumped more oil than they have in any month in the last 30 years. they have been compelling everyone else to go with their policy of no cuts, focus on market share, yet rid of high-cost producers. his closest friend, the faction he leads, they are the gulf countries qatar kuwait, united arab emirates. so far, they are on board with him. i caught up with the kuwaiti oil minister yesterday, who said, so far, so good. have a listen. >> we have to at least evaluate and review the past period of time from november until now. our past decision what did we gain out of it? ryan: you think it was good? >> of course. this is the main important thing going to a decision either to increase, to sustain, or to decrease. ryan: at your average opec meetin

ryan chilcote spoke with petro poroshenko in an interview this morning.arted by asking for his take on the u.s.'s plan for moving weaponry into the former soviet state. crimea, itannex of is not existent anymore that global security system based on the euro security council. of the members is an aggressor. that is what everybody should understand. ukrainians fighting for independence and integrity. they are fighting for freedom, democracy. they are fighting trying to stop aggressors who violated international law. approach to keep the global security. president -- how to keep the security. we should find a diplomatic solution for that. including possibly, a forming of the un security council. possibly, including the european security system. means how we can keep the russians out of european countries. ryan: when president obama said at the g7 meeting president clinton's ambition -- president putin's ambition is to restore -- mr. poroshenko: i know better than anybody that this is true. ryan: you think that estonia is under threat? mr. poroshenko: beforeh

poroshenkotro speaking with ryan chilcote. it is the next tech hub.ow electronic arts turned orlando into the biggest city in gaming. ♪ mark: a new home for the gaming industry is popping up on the map. orlando, florida is a rising center for the global gaming, technology industry. scarlet: our editor at large cory johnson took a closer look. ry: orlando, yes, orlando is home to one of the biggest video games ever created. madden football. 100 million sold, $4 billion in sales. division develops the game here in orlando, florida. acquired tiburon entertainment, the developer of the game, and now some 800 employees churn out the game and a slew of sports blog busters, like tiger woods pga tour golf, and nba live. but after 15 years, a sizable the aspera has created a pile of second-generation orlando game companies. have grown up year, the industry has grown up around us. ofy: ea helps the university central florida launch a graduate gain program, the florida interactive and entertainment academy. one of the things they have here is a motion capture st

ryan chilcote is there and mr. putin will speak in a bit. that to you worldwide when mr. putin starts to discuss. right now, as to greeley was speaking and we will bring that to you worldwide as well. brendan: i was speaking live, tom. we can all be replaced by robots. the software system that automatically rebounds as portfolios and also victim of today's single best chart. this is according to consulting firm kearny. we are looking at an obvious growth pattern. tom, what is going on here? if the vanguard came for fidelity, are rowboat advisors coming -- are roboadviosrsors coming? tom: john bogle figure. you don't need an algorithm by index or lower fees. the real question is -- to algorithms work and it is funny how they don't. brendan: join you have to rebalance among indexes? you can't beat the market, but don't you have to pick which market you are in? tom: you have to pick which one you are in and the rebounds is one of the most intellectual debates. this is back to the trust company work. it is a big incident -- big institutions have

we have to ryan chilcote in athens before an update. just heard from the greek prime investor he is still in brussels. he says greece will not given to ultimatums blackmail. greece will fight for european values as this bailout program continues to be discussed. that is just rhetoric. what's important at this point is who he is directing the message to. he was talking to the greek people. increasingly, this debate going on in brussels this spat between greece's and greece itself is going to boost here -- whether there is a deal or no deal, the greek prime minister will have to come back here and sell his message to the greek people. pimm: i wonder if you could give us a little more detail. it's a lot of political rhetoric. the negotiators in brussels here ar this. ryan: i think they think it is just talking. the eurogroup meeting is tomorrow. the greek prime minister met with the french president and german chancellor. they probably place a lot more value in what he says behind closed doors and are trying to find a deal that he can accep

ryan chilcote is in vienna as oil executives gather. you have been a busy man. the e-mail flow. the oil companies, are they back in the production gigs? ryan: the oil companies, almost all of them, are keen to get into iran. to do that, they need to bang things. sanctions to be dropped. they need a deal they can live with. i was talking to bob dudley. he was talking about reduction sharing agreements, psa's. iran would allow an international company to come in, explore and a drill. they would be able to cover the cost with the revenue they generate from that and share the profit with iran. that is something that has worked in other countries in the past. russia had a bunch of them. it does not mean it is something iran is happy to do. i caught up with the iranian oil minister. >> iranian form of contract, not psa. ryan: you think it is unfair. >> it makes a tough situation more -- long-term but it is not psa. ryan: there is no doubt they are good for international oil companies in that they know costs will be covered. there you hear iran suggesting maybe they are

ryan chilcote reports. ryan: socialist real estate art was created by joseph stalin.richest cannot get enough of it. he has more than $100 million on soviet art. his collections worth $500 million. >> the most profitable investment you can imagine. a french impressionist can cost up to $300 million and a masterpiece over 100 million and soviet paintings over $1 million. it can go up tenfold. ryan: andrei had divisions are world war ii to the gallery this year. in the future, the plan is to open his own museum. andrei: i grew up in the soviet union as saw how people made art there. i want to show the work of soviet sculptors and artists to the world. ♪ wideband many collectors shun it as poorly crafted propaganda. before 1917, the artwork is hard to get hands on. andrei: some buy what they like from their childhood and somewhat to share what -- with their kids. ryan: a former minister walter this and the 1990's when russians do not have the money or appetite for art. andrei bought them back. keeping the real money has yet to come. ryan chilcote. guy: focusing on bloomb

ryan chilcote is on the ground. tell us what you have been hearing. expectation is -- we talked to 34 oil market watchers. 33 told us that the cartel will keep productions at 30 million barrels, right where it is. why? part of that is that is what the saudis want. what the saudis want is what the saudis get at the cartel. the saudi strategy is trying to push shall producers out of the market. it has not been a disaster for the cartel. i caught up with the secretary-general of opec short while ago and asked him what he thinks will happen in the second half of the year. mr. al-badri: i see some positive development. >> the delegates are happy with the price? mr. al-badri: no idea. ryan: $100 a barrel -- mr. al badril: we talk about -- ryan: a tiny but growing minority of people who think there is a chance that opec could raise production. barclays is one of them. the idea is they are breaking the rules anyway. the ceiling is 30 million barrels and they are producing collectively more than 31 million barrels. saudis are pumping like there's no tomorrow,

mark: ryan chilcote is in vienna. good morning, ryan. what have you been hearing so far? ryan: good morning good i will tell you what we are not hearing it were not hearing any calls for a production cut. the expectation is that they will keep the production target as is. that is called a rollover. some analysts think they may even up the production target. i'm not sure that is a logical expectation. however you will still find some countries that would like to see the oil price at least five dollars higher than where it is right now. >> the right price -- right now it is about -- it's good. ryan: how do you get there? the answer is drill, baby, drill. you think the more supply you have the lower the price goes. in fact, what members think is the intuition -- sewage and -- situation is demand driven. opec things it is ok to provide the market with even more oil than they are now. they are overproducing. producing e.on but there's up -- beyond what they are supposed to. at least in the last 25 years. there are some less influential members of the 12 opec nations that perha

anna: ryan chilcote on the day -- on the phone there from kiev.nd our guest who will be here for that next hour, a head of global fx strategy at morgan stanley, good morning to you. thanks for joining us. let's stick with this question. we have heard about how in st. petersburg, president putin is going to be trying to woo investors to come back to the russian economy. does he have much of a case? guest: there are a number of reasons to assume so. most importantly, with the russian economy, it is pretty much that they are suffering and the manufacturing sector highly uncompetitive, and then you have to think about what is happening in the commodity market. last week, we did see some commodities trading down to new lows. when you look at global demand for commodities, it seems to be weakening. a global rebalancing, which i believe for russia, they are going to fall victim. of course, it is all about oil or gas with the specter of russia and oil prices have remained relatively stable. you have to consider one point here and the market has developed

erik: let's bring in ryan chilcote. i've heard that already. eague was on yesterday talking about the possibility that opec will raise its quota. what are you hearing? ryan: more likely to raise the quota. i've been here for two days and i've not heard anyone say that they think the quota should be cut other than the iranians but they are kind of out of the game anyway. they always call for cuts because they want a higher oil price. at the end of the date they will increase their production if the sanctions are removed. even if they think the price is too high. is, thesest likely opec guys will do absolutely nothing because they are happy with the situation. the price of oil is falling but at the end of the day if you look at the direction of the oil price over the six months, it has been upwards. it has stabilized mostly. the saudi's thank that their strategy is working -- think that their strategy is working. alix: iraq is also putting more oil into the market as well. shipping tanker estimates about 800,000 barrels a day. almost a record high

care is ryan chilcote. -- here is ryan chilcote.n: charles phyllis -- socialist realist art was created to glorify communism. rush's cannot get enough of it. russia's rish is -- translator: it is the most profitable investment you can imagine. a french impressionist can cost up to $300 million. an average masterpiece, over $100 million. a soviet painting can cost $1 million. the price can go up tenfold. ryan: depictions of world war ii to the sochi gallery in london this year. in the future, the plan is to open his own museum. up in the: i grew soviet union. i saw how people meet art and i want to show the work of soviet sculptors and artist to the world. ryan: many collectors sean soviet art -- shun soviet art. rise. nostalgia is on the translator: some by what they like from childhood. some buy because they want to show their kids the time they grew up in. ryan: the former german chancellor bought these paintings in the 90's -- in the 1990's. back.v just bought them i suppose there is an enormous amount of irony in russian oligarc

ryan chilcote is that before. what i heard there was a prime minister of greece very much speaking for his host in praise of what clinton has done and describing his country at the crossroads as a place that has lots of options. is that what you heard? ryan: i heard that and i heard him address the obvious, saying that his country is in the middle of extreme turbulence, but blaming the problem on the european union as much on greece. he also said that greece wants to be a hub for tourism and perhaps more tellingly, a hub for energy. greece is hopeful that it will become a hub for russian energy. russia provides a good chunk of western europe's energy. that may go through turkey and then through greece in the future. all that has to be approved by the european union. but the single biggest news during the greek prime minister speech without a doubt came from the ecb. we understand that the ecb has raised the ceiling for ela's. that is the european central banks emergency liquidity program for greek banks and europe

ryan chilcote explores the market.y with us on "countdown." ♪ manus: welcome back to "countdown." let's check in on the dollar. today it is all about consumer spending. we had a conversation with an economist saying the fed would move most likely december this year. i liked what barclays wrote this morning in terms of an economy capable of generating inflation and the closest to rate hikes. it is the usa. the euro will be bounced around by the rhetoric that comes from greece. any don'ts of how close or how far apart they are -- the distance between the "countdown." -- the different agenda two is very gray. in terms of the levels you want to keep an eye on that is what will support that euro dollar. keep an eye on the aussie dollar as well. all of the analysts we have pulled absent us chileans will leave rates unchanged. it will depend upon the fed to do that job. china indicate stability. they're doing underlying support on the -- trying to indicate stability. thy'rey're doing underlying support. a 50%. that is the con

ryan chilcote is in athens. paul is in frankfurt. hans, publicly and privately, the two sides seem to be far apart. hans: they are far apart. they will have an opportunity to bridge those differences, but not until saturday at 5:00 p.m. it will be very clear to mr. tsipras. last night, it was the eurogroup, the finance ministers. it is the proper venue for trying to hash out a deal. basically, on the means on how you get to the end. you heard some of the rhetoric coming out last night and earlier as well. one note of optimism. it looks like the institutions are going to score with mr. tsipras the counterproposal that he made yesterday. that includes modifications of the creditors' proposal that was rejected by the greeks. that could be some vehicle that they will start talking about on saturday. a summit that starts at 5:00 p.m., everyone left last night at 3:00, 4:00 a.m. 5:00 p.m., i think that ends early sunday morning. mark: let's go over to ryan in athens. where does this leave alexis tsipras? ryan: the most telling moment for m

let's check out what ryan chilcote is up to in athens. you have been on the ground -- where do you think this leaves tsipras? ryan: my favorite part of the deliberations yesterday was when donald tusk said that the game is over into time's up to which the greek prime minister said this is not a game there are a million and a half people without work. i don't underestimate what a humiliated nation can do. just a little bit of insight into where the greek prime minister and many people in his party are coming from. yes, they may want to take this down to the line and they may want to political solution but ideologically, they also believe that the last bailout deal was a raw deal, and they really do quite possibly feel that no deal is better than a bad deal. there are still four days. if the greek prime minister comes back today, since the eu summit, he technically needs to be there -- if he comes back most of the great people they understand that this is complex. the hard-core that supported mr. tsipras it is very important to them. exactly

ryan chilcote has got straight to the point, straight to the saudi's. let's go back to him now in vienna. ryan: secretary general, we are joining bloomberg television life. to what extent do you think the resilience of the american shale producers is going to be a topic at this meeting? >> we don't talk about resilient or no resilience. we talk about supply as a whole. there is a lot of countries that will reduce. the most important thing is how much of the supply will provide to the markets in the third quarter and fourth quarter of this year. ryan: what do you see? the idea of the strategy was to hold onto market share at the last meeting and shake some of these high-cost producers out of the market. >> what we see now, we see a lot of -- [indiscernible] we see a lot of rigs laid down now. ryan: one of the things opec is going to have to deal with in the future is a lot more oil from iran if the sanctions are removed. the iranians sent a letter to the delegates saying the opec countries need to make room for iran now that there is the prospect of retur

ryan chilcote in vienna.ine: the economic forum in south cafferca is taking place -- africa is taking place in cape town. >> without any further ado let me introduce our guest. no doubt you're very keen to the investment case for south africa at this event here in cape town. is it still as intact as it used to be? do investors need or want to go through south africa? >> you can also tell that by -- thanks for inviting me here. you can tell by the interest that has been chosen to -- south africa. according toing the managing director this is the largest -- but judging also by the big events that are also taking place, it is clear that the appetite is actually growing for investment into africa and we have an opportunity to showcase south africa. we continue the hold and occupy that space. being the gate way but not only being the gate way into africa but also into -- and that investment. we are a destination to -- >> last time we spoke we talked about the impact an increase in interest rates by the fed might h

joining me with more is ryan chilcote. what is he doing in russia? : we don't know all the reasons why he is here. one of the reasons, to talk gas. most of that gas gets from russia to western europe through ukraine which russia is not happy about because it's in a serious conflict. they had a backup plan to go through bulgaria. that was stopped by the european union. they have a new plan where they would build a pipeline in turkey and from turkey to greece. greece gets to become another hub an entry point for russian gas in europe. they get transit fees and might get a bit of money up front for building the pipeline through greece. one of the reasons why we know he is here. matt: i don't know sometimes if i mean too cynical but it seems like a pretty obvious theatrical power play by sippers -- alexis tsipras to make it clear to the eu that he may go somewhere else if they don't back them up. ryan: that is true. if you think long game. russia has $36 billion in reserves -- they want to increase those reserves. you look at the oil price, low 60's for b

. ♪ ♪ ryan chilcote: what began in crimea is now playing out in eastern ukraine.uction. i mean, i have been in demolition sites, war zones. i have never seen anything like this. but the outcome here is far less certain. [gunfire] we are going to stay low because we just heard a burst of gunfire. war has returned to europe. right on the outskirts of donetsk, and as you can hear, there is a pretty significant battle underway. it is west versus east. and it is slav versus slav. we have come to the front lines

ryan chilcote is live. ryan, over to you.you said, we are one day away from that economic moment. we are looking inside russia's housing market right now. you run one of the biggest housing groups in the country 4.5 thousand employees. we're always talking about how tough the economic situation is in russia what are you seeing with sales right now, versus one year ago when this mess began? >> sales have decreased. it is affected by the situation. on the residential real estate parts of market, it is important to take into account that residential is less affected by this market. this is an internal market. ryan: when you say decrease what percentage? >> 30% more or less in sales. the demand is still here. people have postponed their decision to buy an apartment. the residential demand in russia is huge. this is an attractive part of the business. it is still attractive and we have big potential. ryan: the demand of sales and houses in london dropped by 30% -- if the demand of sales in london for houses dropped by 30% -- if yo

petersburg forum is this week, ryan chilcote is there this week. the chairman of team k coming the world largest height maker by volume. he can give us real insight to what is going on. as well as what is going on with oil prices you have business in russia, the united states, there is a lot to talk about. one of the things i am asking all of my guests is how our sanctions affecting business? you have 20% of your sales last year. >> our main domestic markets are russian and pakistan. about 60% of revenue was in russia. we have disadvantages to be sanctions. we stopped our joint r&b between russia and the united states now are engineers speak to each other through lawyers. ryan: you are russian and engine -- your russian and english engineers can only talk to each other if there is a lawyer. because some of them target technology transfers. a chinese wall. >> we have some advantages in the russian market. ryan: this market share you are gaining, at the expense of value wreck and foreign pipe makers that are leaving. >> they leave due to sanctions. we

ryan chilcote is at that meeting. there are two stories, iran and iraq. ryan: that is right.he iranian story is simple. the oil minister is here. the international oil executives have been here as well. to meet with the iranian oil minister because they want to get in when sanctions go away. what is different as we are learning they do not want to get in for the sake of getting in, they want to get in for a good deal. it is not necessarily going happen. they want productive sharing agreements and the iranians are saying that is a no go. there's a battle when it comes to iran, not just getting rid of sanctions but finding a good deal for oil complex. brendan: help me understand the production sharing agreement. ryan: an oil company comes in and they get to cover their costs with the money made from production. and they share that with the country. that is really good because it is an insurance policy for the country. the russians hated it in the 1990's. it is most likely they will get with the iraqis have, a service contract. they pay companies a certain number of dollars per

ryan chilcote is also there, joined by one of the world biggest outdoor advertisers. ryan?do a look at you are the camera? ryan: thank you for joining us. we are joined by jean-francois copedeco, the largest outdoor furniture advertiser in the world. thank you for joining us. you have been coming here since 1982. perhaps you can put where we are right now in perspective versus the other years. you and i were chatting here last year -- is this the worst it has been in terms of climate? johnson wasjohn francois: russia has been a roller coaster. in 2010, we went up 10%. this year, we are down 30%. nobody knows what the future will bring. we have seen worse than this. ryan: the difference is more of a global crisis. johnjean francois co: some of our competitors -- one of them went under last year. there is a possibility for consolidation. we are working on it. the market feels too fragmented. last year they abolished a maximum market cap, it is gone. we are in a position where we can work with our partner in the second largest bank in russia. ryan: aside from the opportunity t

ryan chilcote is here with the latest. walk us through it -- who is betting? u can read about this in the budget papers. stephen ross is the owner of the miami dolphins, he bought them for about $1 billion. before that, he is the guy across from you on the monopoly board. he owns 50,000 residential units, giving him about $5 billion of net worth, including some real iconic ones in the pipeline like west manhattan. he is a big sports fan. between the miami dolphins and an american soccer team the olympics and he and his team are reportedly looking at the books right now for formula one, though no eyes on the other side have confirmed that there is a possibility. . but it looks pretty serious. their decision to buy formula one is hailed as one of the best private equity decisions in history. that has returned something like 750%. they put into billion dollars to get it and have gotten $8 billion out of it. they may just get their opportunity. liberty global and discovery communications last year tried to make a deal with the principal stakeholder, and that didn't

that is where we find ryan chilcote, fresh off his interview with the president of ukraine. a tough life, ryan. the international economic forum -- put it in perspective for us. ryan: this is vladimir putin's forum. it is obviously beautiful here but the business leaders don't come to see saint isaac's cathedral. they are here to see what the climate is like, and they are here to be seen by the president's team and other business leaders in the country. if you think about it, this is really the one economic forum you have to go to if you are a business leader that wants to invest in russia. that is why europe's three biggest oil companies are all here, the one political leader everyone is talking about in europe the greek prime minister, will be coming. this really is the place if you want vladimir putin to recognize that you are interested. our role as a little bit different. we will be talking to a good dozen officials and business leaders here to get a sense of what it is like to do business right now in russia, given the geopolitical climate and the sanctions and the pri

jonathan: ryan chilcote is on a grand -- ground. what have even hearing? what have you been hearing? ryan: out of the oil market watchers, all but one have said they expect the opec countries to keep the production target as it is. that is called a rollover. ason is straightforward. they like direction they have seen the oil price move-in since month ago -- six months ago. though they may not like where the price is right now, caught up with the angolan minister yesterday. >> the right price is the market. right now it is 67 for us. 70 80, it is good. ryan: people are actually calling for opec to raise the target. one of the reasons is, they are effectively already above the ceiling which is 30 million barrels. producing 31 million barrels makes saudi arabia the biggest producer. last month, saudi arabia produce the most on record. in addition you have iraq coming on rapidly. there is a feeling if there is a deal with iran and they bring more oil perhaps it would be a good idea to raise the ceiling to make more room for iraq. jonathan: thank you very much.

ryan chilcote is speaking to oil ministers and ceos. l it take to get the oil companies back in? ryan: first off, it will take removal of the sanctions regime. the first thing they say is they want the sanctions gone. the next thing they need, perhaps even more challenging, is they need a deal that they like. i was talking to bob dudley, he said that would be a psa, a production sharing agreement that is where iran would award the contract where someone could explore and drill, cover the costs with revenue from the drilling, and then share that revenue with the islamic republic. i put that idea to the oil minister of iran and he said no cigar. >> not psa. ryan: you think it is unfair? >> it makes the situation more -- attractive for them. long-term -- but it is not psa. ryan: this is contentious stuff. the alternative is a service contract, that is what iraq does with a lot of oil companies. a lot of the oil companies do not like them. they think they are economically not very profitable. the question is who has the upper hand? presumabl

on the story, ryan chilcote joins us from fans and hans nichols joining us from brussels. s the significance of a deal to a lexus tsipras -- to alexis tsipras? brian: look, whether is -- ryan: whether there is a deal it has to be consummated here. if the greek prime minister does agree, something in brussels has to bring it back first and foremost to his own party. he has to sell it to his own party, to the coalition the party rolling along with his party because in addition to that, he has to sell it to the parliament. even with what they are offering right now, it looks entirely likely that he could sell this. but his selection mandate and his promise to voters in this country was that he would end austerity. what is on the table right now you could hardly call an end to austerity. if he gets back here, he will sit down with this cabinet then his party, and then he has to make sure they are on board with what has been agreed. if they are not able to agree to something then he basically has to prepare the country and the kind of financial chaos and potentially capital cont

ryan chilcote is at the meeting and joins us now. seminar is effectively a two day oil fest. they get the 12 opec member nations together including iran this year, together with some of the biggest oil companies in the world. today i am joined by dudley thank you for finding time. i had to pull you away from a pretty trysting meeting with all the other oil executives. i want to ask you about price. you have been consistently a little gloomy on the outlook for oil price. even today, we heard from the shell ceo that the environment for prices should improve because investment will drive up prices. why you remain fresh -- bearish? guest: i have been bearish for a long time. fundamentally, there is lots of supply. u.s. oil production is certainly up and then flat. chinese demand is not the growth rate we saw before. there is increase in demand. ryan: we saw wti dip low $60 a barrel, how low could it go? >> in that case with the u.s. being somewhat donald up with exports it depends on the summer driving season. a lot of that crude will go

brendan: ryan chilcote in vienna, thank you. we will stay on opec.dh with the ashmore group. what do you expect out of today's decision? john: i do not expect any changes, no surprises. business as usual. the saudis will say, listen, our policy has been successful. in november we decided not to cut production and prices have gone up, therefore we will do the same right now and we will see oil at 16 makes countries more happier than oil at 40. business as usual for now. tom: the david brooks op-ed goes to a touchstone for every american. he alludes to the idea of refunding the sunnis west of baghdad. do you suggest that saudi arabia would refund the sunnis that supported saddam hussein? john: right now there is concern about what is happening in iraq and saudi arabia is also quite alarmed with the situation there because we have effectively three-year runs, and iraq is running two of them quite successfully. the saudi's are going to be steadfast and they will say that we need to keep oil at 16, and we will be vigilant with what is happening with isis

ryan chilcote is there for us. ryan? ryan: yeah.get some insighted into the russian consumer right now with the c.e.o. of the country's largest telecommunications group. they have got 100 million telephone subscribers. thank you very much for joining us. i want to start by asking you what you're seeing here in russia you know, from the outside, we keep hearing about all the economic problems. how is that translating into how people use their mobile phones? >> first of all, thank you very much for an invitation and speaking about the russian economy. in my opinion, we have not been growing -- four percentage. it is a problem like the same in the preevers year. of course this growth is not the same. we had five, 10 years ago when the russian -- was growing 25%. but for our markets, three, four five percentage every quarter, every year, that is a good number. ryan: how do you explain that? one of the things we're seeing now is disposable income falling, which in russia is a first in 10 or 15 years. >> you're right. some kind of changes

manus: ryan chilcote is in athens for us.s like everybody is going to get a little bit of break time before they go into the last marathon which begins tomorrow, we hope. greek government perspective. give us some of the new top lines. mr. varoufakis and our headlines. we are bending over backwards for you guys and girls. ryan: that's right, you know. perhaps it is not a surprising line from varoufakis, the greek finance minister also saying that their commitment to the eurozone is rock solid. but you know, they can't be asked for example, as he puts it cutting already small pensions in this country further. he said that would be absurd and they won't sign a deal that is unvieable. he said greece has been the champions of austerity. i think what is important as he says these things is to view them not just as varoufakis' point of view but really the point of view from the greek prime minister's ruling parties and the idea is that these are the guys that were brought into power to end austerity and what they feel that they hav

ryan chilcote is in st. petersburg.to know what was the -- what and vladimir .as the takeaway in russia we will later hear from vladimir putin himself as part of his keynote address. let's check in on that. : let's start with the problems. there are decisions and standards without inking about how we understand our own s.terest as a matter of fact, they are trying to say that they know better what we need. let us decide ourselves what our , basedt, what our needs on our history, on our culture -- yes, please. reporter: how are they doing that? how is the united states trying to decide what you need? interfering in our internal political processes, not financing the governmental sector, imposing .ecisions on national security the problems which we face for the first time -- i'm referring to iraq. those who are not with us are against us. it is not a dialogue. it is an ultimatum. we are not to be talked to by the language of ultimatum. things that bring us together -- there are some. we are united by our desire to work ag

ryan killed -- ryan chilcote rged -- thought that this immediately after -- as rejected and signed ryan: you don't repay bribes? >> no. i think the kremlin has demonstrated responsible behavior. since the peace treaty was signed, there hasn't been a single day without artillery fire in ukraine. scarlet: the "wall street journal" reporting that anthem has made a bid for cigna. bloomberg news reported last anth that humana is reporting sale after being approached for an intentional -- for a potential deal. alix: the deal includes more than 1600 pharmacies and target stores that will be branded as cvs pharmacies. scarlet: that is a look at the top stories this afternoon. isx: the big event this hour jeb bush making his presidential bid official. we will have live coverage. the bloomberg politics managing editors hosting a show being streamed on bloomberg politics. calm. we will have those comments live once he begins. in the meantime, the heat is on in the greek bailout talks with both sides weighing and. the greek prime ministers hardening his stance and europe is raising the pressure on

jonathan: ryan chilcote, thank you.ext, the italians went to the polls in local elections in what could be viewed as a ballot on the prime minister's leadership. we will be live in rome with the latest. that is after the break. ♪ jonathan: good morning, and welcome back. 40 minutes into the trading session, some of top stories. the u.k. government says there would be shares, and this is less than a month after prime minister david cameron's real election and part of a plan to return lloyds to the private sector. lloyd says the government space is below 19%. continue to plunge for a 12th straight month. revenue plunged, which is, believe it or not, better. the year-long losing streak amid an economic slowdown and a government crackdown on corruption. pimco more than doubled its holding for 30 year treasuries to more than $18 billion in the first quarter. all of its credit swaps linked to italy and russia, now oversee $110 billion in assets after suffering outflows. and in italy, voters went to the polls on sunday in seve

ryan chilcote joins us now on the fun. bit of context on the timing of your interview with the ukrainian president. looking forward to it. ryan: we've got an explosion of violence in eastern ukraine. the government of kiev reports that their forces have been shelled. they say eight soldiers have been killed. 35 wounded. the rebels in donetsk are saying that ukrainian schelling their injured six people. hard to verify those figures but what it does do is it begs the question, is this -- are these low intensity skirmishes about to turn into a larger war. the eu is expected to extend sanctions. the eu and the u.s. are working on new sanctions should russia be deemed to be escalating things further in ukraine. finally, a big event in st. petersburg. vladimir putin is going to be courting international investors at his annual economic forum. what is petro poroshenko thinking about that? what would he say to those business leaders that intend to put their money back into russia? definitely a question i'll be asking. jonathan: th

petro poroshenko is sitting down with ryan chilcote and kia. ryan, take it away please. very much. petro poroshenko, thank you for joining us. it is a pleasure to speak with you. the fighting in eastern ukraine has really exploded over the last several days. it has been a low intensity conflict since you reached a cease-fire with pressure. -- russia. is that going to turn into a much larger war? petro: i think it is not been a disastrous risk. on the 12 of february, we spent 15 hours with chancellor merkel trying to reuse -- reach an opportunity to make a cease-fire. not one single day during these three months without a shelling. we have seen very few days for these more than three months where we did not have someone wounded or killed or soldiers or civilians. it has intensified over the third of june when a massive offense operation with a participation of more than 1000 soldiers, including russian soldiers with a participation of more than 20 tanks and carriers. ukraine demonstrated absolutely responsible behavior when we should be on the attack. the big number of ru

ryan chilcote is on the ground with the latest. re concerned about maintaining market shares more so than about price. it is a policy that they imposed at the last meeting. the idea is to pump more oil drive the price down, push out high cost reducers, maybe even shell producers. they are seeing some vindication in that policy. in the last six months since they match, price has gone appeared they like that, so they will continue it. stephanie: that decision, of course, sent the price of crude higher. member nations have been pumping about one billion -- one million barrels extra. saudi arabia says the overproduction is likely to continue. erik: china is firing back at reports that it is behind a giant hack attack on u.s. government employees. officials say the hackers broke of the the office of personnel management and still records of as many as 4 million current and past federal employees. china coast the reports slanderous and denied being involved -- china calls the reports slanderous. >> we have seen many similar reports and re

now, we are joined on the phone by ryan chilcote. you are in kiev.ings going on that are worth discussing with the ukrainian president. their forces have been shelled 100 times in the last 24 hours and 50 troops have been wounded. separatists are also claiming losses. you also have sanctions that will almost certainly be extended by the eu. this week, the big event is in st. petersburg russia, where vladimir putin will be willing international investors to poor investment back into the country. the ukrainian president what he would say to those business leaders considering that decision. francine: later this week, you will be traveling to st. petersburg for the forum. ryan: we will get a decision from the bank of russia and about 40 minutes' time. the expectation is that the rate will be cut by 1%. inflation has come down a tad in russia but there is still concerned about the ruble and the ruble weakness contributing to inflation. the expectation is 1%. francine: ryan, thank you so much. the very latest from kiev. keep it right here on bloomberg tv.

francine: ryan chilcote in moscow speaking to sergei lavrov . nd, there was a little bit of the minister quizzing ryan. there is a standup between the u.s. and russia, and russia telling the u.s. they are too meddling and they try to give too much advice. hans: to be fair to ryan he did not answer the question. it is not as though russia does not try to increase its sphere of influence. maybe we will give mr. lavrov due diligence appeared a little bit on fifa. a technology russia is not going to take on the world cup title -- acknowledgment that russia is not going to take home the world cup title. francine: we will speak to ryan. the interview with sergei lavrov lasted 25 minutes. they talked about fifa and secretary kerry and the sochi games. hans: sanctions? francine: he did not want to go there. hans: "we are not overly concerned." he did not seem to spend a whole lot of time trying to game out the russian economy also sanctions are crucial factor. maybe ryan will get a little bit on oil. obviously, they have been affected as much as anyone.

ryan chilcote is in st. petersburg. in terms of the st.ternational economic forum this is going to be crucial. russia is seeing the return of the ghost of the cold war rhetoric. putin has been talking about missiles. ryan: that is not helpful. look, if you want to do business in russia if you are a big investor, you have got to come to this forum. it is the place where you go to see other business people, but really you go to be seen. that is why all of the oil companies come here. shell bp. they are all here. politicians come. europe's most talked about politician, the prime minister, will be here. it is overshadowed by the geopolitical conflict. the evidence of that is that we have the president's spokesman here. instead of talking about business opportunities, he is talking about the cold war and how russia sees ghosts of the cold war and he gives you a sense of this will be part business, part geopolitics. from a business perspective maybe the geopolitical part makes you a little bit more anxious than you would prefer to be. francine: