guy: that is santander's chair ana botin speaking to francine lacqua.ou can catch the full interview starting at 7:00 p.m. london time on friday. looking forward to that. looking for to hearing the whole thing. a reminder. at 10:30 we will speak alive to the governor of the norwegian central-bank. earlier, we had a decision the bank has cut rates by 25 basis points. let me show you what has happened to the currencies as a result. norwegian -- the krone versus the swedish kr ona. we are down 2% on the session. we will find out what happened next with this central-bank. the hint is more cuts to come. up next, threadbare. why europe's second-biggest clothing retailer has seen its weakest corporate profit growth in two years. if you were buying a new car today, would be electric, diesel or petrol? let us know what you think. follow me on twitter. i'll see you in a moment. ♪ guy: 9:30 in london. you're watching "the pulse." i'm guy johnson. here are the top headlines. volkswagen is looking for a new chief executive after dr. winterkorn step down amid a deepe

she took over santander from her late father. pimm: coming up next on the bloomberg market day, why ibm's watson engine is expected to be a huge engine for sales growth. will caterpillar says it be cutting 10,000 jobs over the next three years. pimm: and ford unveiled is first of aluminum body super duty pickup and matt miller set down with the president of the americas to discuss the details. those details and more coming up. the investigation of cheating in the automobile industry widens. it's not volkswagen's problem anymore. matt: that is true. the company is the center of the storm. they need a new ceo and needs to pay fines that will go into the billions. is --e funds nichols, who nichols, who is at the seat of volkswagen globally, and our guest from american university. that bloomberg is reporting mitzie's mueller is matthiasy successor -- mueller is the likely successor. but he's an inside man. he is the chairman of the porsche unit. hans: he would likely have their support. the vote.ntrol 51% of also, labor has a lot of

santander's chair speaking to francine lacqua. watch the full interview at 7:00 in the evening on friday. 6:42, it looks like a break. reports earnings later. we could get some insight on how currencies are impacting the business. we will take a look after the break. ♪ anna: welcome back, you're watching "countdown." here are the stories that you need to know this morning. volkswagen is looking for a new chief executive after martin winterkorn step down after the deepening scandal about emissions cheating. potential successors are set to include the porsche executive and volkswagen new chief. now,ff of zero, get off that is the advice from bill gross to the federal reserve. says if zero rates become the norm, the economy will run on anti--- empty. china will push ahead with reforms for trade ties. xi jinping comments came at a meeting in seattle attended by u.s. and chinese business leaders. h&m earnings are due at the top of our. the company is expected to report its weakest quarter and 11 years -- in 11 years. >> it is not looki

an investor meeting at center and there -- santander for the third time this year.in a first television interview since becoming chair and started by asking about global growth. >> i think global growth will be slower, it will slow down because of the bigger economy. the important thing is that we are very balanced. are coming from developed markets, that has huge beneficiaries from what is going on. spain, germany with the biggest consumer bank in germany. we have very good business in the u.s., with good returns. we could do much better, but it is doing well. that provides a very strong buffer against all of the emerging markets. better say we tend to do when things are complicated because we are more stable. winning to doing very well, we will underperform. timeu look at any point in , we did really well january until april. i am quite confident and what we can do for the next few years in beingof emerging markets a bit volatile at the moment. francine: your share price has come under pressure, how much do you think that is out of your control? ana: i think we sh

bullish noise coming out of santander now led by ana botan with an exclusive interview coming with usrow. they are updating the market, and it looks like strong words coming from them. caroline, thanks. posting revenue of 2.9 5 billion pounds the share price is getting a boost today as well. today is his penultimate today of the ceo of smith group. some of the last fiscal year. p: the decline in oil prices is not done us any favors. the results were robust, clearly aftermarket business group fell growthwith good revenue for medical. that was your my our investment. mark: you made some initiatives, would you stabilize? philip: we entered the current with delivery both and 2016 and beyond. i think the tech is moving forward. they are still facing tough trading decisions. if you look at the u.s., clearly att is very focused on the acquisition of directv, there has been a number of issues over there. we should see some improvement this year. but overall, a fairly tough environment. mark: china is 4% of your revenue, this push is part of this engineer for growth program. you're prioritizin

vonnie: santander is giving still a vote of confidence. president says they are making tough decisions but has reformed the economy now. in an exclusive interview with bloomberg he predicted that brazil would return to growth next year. about where she sees the bank and three years. >> i wanted to be the best bank and many more markets. when i say the best it is the best for our people. in some of the smaller countries like portugal or chile, we want to be there. and took overoat -- botin took over at santander from her late father. the leaders of the 28 nations met in brussels. putting theuggested controls under a new agency and in the world of agriculture there is a growing buzz about stealing. theft is on the rise around the world. precious pollinators are being stolen in australia. bees haven't taken the last two months. australians are trying to grow more allman's because the california drought is hurting production. that is stunning. tom: or stinging, whichever. vonnie: jeff bridges and jim carrey running around in their van. tom: th

and of america, santander deutsche bank all have proposals .rking with about 10 banks, they want to raise between $50 million-$70 billion. there was a major transaction in the tobacco industry. reynolds has agreed to sell the spirit tobacco brand to japan tobacco. been buyingo has tobacco brands overseas in order to offset the decline in japan's smoking rate. brendan: shares of valiant pharmaceutical fell as much in four years. raised the stock prices more than 500% the day they acquired the stocks for it. expects the s&p 500 to finish in the red for the year. that is 6% higher than where the s&p started today, but it would represent the lowest finish since 2011. pimm: amazon wants to be part of detroit's economic rebound. amazon is going to create a technology hub in detroit. it unveiled a new corporate office yesterday in detroit. those are your top stories at noon. brendan: coming up in the next half an hour, japan's prime minister spoke at bloomberg's forum. we will hear what he has to say. pimm: and barack obama shakes hands with iran's fo

other concerns are companies like santander, companies deriving a lot of their profits from emerging markets like latin america. that's been dragging on the ibex as well. worst-performing european benchmark over the last month. watch out for those elections on sunday. francine: thank you. mark barton with your asset check. let's introduce our guest host, patrick armstrong. he's going to be with us for much of today's show. he helps manage around 1.2 billion pounds in assets. welcome. let's look at what janet yellen had to say. yellen: most of my colleagues and i anticipate that it will likely be appropriate to raise the target range of the federal funds rate sometime later this year and to continue boosting short-term rates at a gradual pace thereafter. if the fomc were to delay the start of the policy normalization process for too long, we would likely end of having to tighten policy relatively abruptly to keep the economy from significantly overshooting both of our goals. the united states has experienced very low inflation on average since the financial crisis. in part reflecting