them a bit because they're not sure that sainsbury's can deliver these gains. but like i said, there are some things sainsbury's can learn from home retail group and argos. it's made a lot of investments to improve its own business over the last two to three years. and to improve its delivery systems. they're being forced to doed this stuff because of the competition. they have a margin of about 2%, which in nonfood retail is a very low margin. that's because of competitive pressure. >> all right. tony, thank you for that view. senior analyst in food and retail. >> all right. let's move on. danske bank has reported forecast beating fourth quarter pretext profits thanks to higher trading income. shares in the danish lender have been higher this morning in trade up by some 4% now, following the strong figures, danske said it would announce a buyback scheme. joining us now is the cfo. good to have you with us this morning. your pretext profits beating forecast. you launched this share buyback program as well, as broadly anticipated by many. would you say that you'

beculation that they could eyed up by sainsbury. 152.90. offer finally comes in. 161.3 p for home retail group hurt 1.3 billion pounds. premium before the speculation came out about the offer. is still with us from j.p. morgan asset management. that story sounds incredibly negative to me. sainsbury is struggling to figure out what is coming in. the credit story in the retail space is quite negative. if you look at what is going on in the retail space is there anything good? >> across europe, consolidation. there is a sense and which people are having to adapt their businesses to the threat coming in from the discounters. discounters have been around for a long time and they are starting to make their presence felt in the u.k. there has to be emphasis on cost. at the same time, what we should see over the next year is improved consumer confidence. depending on which market you look at, spanish consumer confidence or italian, there are multi-year highs. it is not as dark as people think. jonathon: stephen will stay with us. bp in focus. can t

the acquisition would be sainsbury's biggest buyer giving it more than 800 stores and an expanded producty network. francine: thank you. getting some breaking numbers construction.r it is important because every little thing matters as we will look at the referenda. january pmi falls to 55. we have some soft numbers in terms of industrials. a lot of insiders are telling us, mark carney cannot do anything towards the later half of the year because of the referendum. can't be seen to be politicizing the vote. bob dudley says he still has a lot of options to keep investors happy. bob dudley: we generated about $20 billion of cash last year. we have about $17 billion of capital to move around. billion of cash costs across the company. we have got all of those pieces to work with to ensure we can continue to pay the dividend. francine: ryan chilcote spoke to him in a bloomberg first. he joins us now from outside london's bp headquarters. according to bob dudley, bp can shake this off. he is expecting low oil prices for the first half and a slight pickup in the third and fourth quarters. ryan:

sainsbury, earlier this year bed --date bed decimated cap to bed, all caps did it --ued each on retailne at 61.3 cents per share. glencore rallying along with other minus. we are seeing miners as the best -- along with other miners. we are seeing other miners as the best sector today. securities regulator was replaced. there was a reshuffle for that back in china. ask you guys. -- back to you guys. guy: let's get back to britain and focus on the referendum. our top story this morning. written's membership in the eu very much -- britain's membership in the eu very much in question. cards green played his close to his chest on the subject when francine lacqua spoke to him backstage last year -- yesterday. >> i don't. again, most of our business in europe is online. hopeful. that is fine. big exposure or staff exposure. let's wait and see. who knows how things are going to go out? i don't examine whether we should leave or not? >> and i couldn't get into politics. guy: philip green. busy last one for hours. how much harder has life just become as a result of what bores said last night? --

sainsbury's and home retail group by. they are fighting back against online merchants.ith thanks about selling so-called islamic bonds for the first time, according to people with with knowledge of the matter. millward yet on helping any bond sale would be. they are also considering an ideal of its parents. they maintain investment in oil and gas projects despite the fall in prices. here in new york, hundreds of protest overoves fair costs. last week, uber cut fares by 15%. that is your latest. tom: an important note from bloomberg intelligence. when thomas or like rights "we listen," he has just put out an optimistic note on china. he's saying that china is well resourced to hold off crisis as compared to his analysis of 25 years of international emerging-market crises. it's a beautiful template to the note. cold has the smartest note i saw on negative interest rates. derek, congratulations -- i think i understood it. i spoke with the vice chairman yesterday, who was delicate on negative interest rates. you are not. why does canada care about negative interest rates in