tesco results due in 48 minutes. greece may get six weeks by agreeing to hold local government funds added central banks. the ecb is studying ways to limit emergency liquidity. let's get to our international correspondent, hans nichols. good morning. we heard from yanis varoufakis late last night. what did he say? hans: good morning. he said it would be catastrophic if both sides didn't come together for an agreement. at the same time, it looks clear that greek will miss that end of april deadline to submit a list of reforms. young this very fact optimistic and mostly positive, here is what he had to say last night. he said the convergence is clear and the institutions are admitting that. what's interesting is that he is saying that the institutions are walking towards directions. we have a figure -- 1.5 billion euros. that is the amount that is potential he in these municipality accounts that will be transferred to the central bank. that gives greece another 1-6 weeks time. at the same time the ecb are tightening th

tesco is still be u.k.'s biggest retailer in it they continue to hit bumps in the road, they still have scope to cut further to reinforce the balance sheets. if you look at the market capitalization that we have seen over the past 2-3 years i certainly think there is potential for tesco share price to rebound due to the competitive nature of the retail space notwithstanding. jon: martin houston, -- michael houston, thank you for joining us. i want to get more insight with charles allen. charles we will go to the highlights any moment. over the last five months there was a big issue. the big question mark, the cloud over the stock whether they would have to raise more money because of the huge debt load on the other side of things. does that still me to be addressed? charles: i think the total amount of debt is over 10 billion pounds now against trading profit that is well down. cash generation is quite low. so yes, they do need to look at ways that they can raise money. asset disposals would be one aspect of

didn't have pineapple. >> i wasn't at tesco. yahoo!'s first quarter profit in revenue missed forecasts. the first time they have both fallen in several years. display has declined by 7% while search was down by 4%. the company also announcing it's hired advisors to explore it's stake in yahoo! japan. rising by just shy of -- its not even rising now in the german trade slightly lower. >> still to come on the show adding fuel to the fire. state owned energy company petrobas is expected to report later today. will it leave investors looking for more? >>> hi everybody, welcome back. petrobras is set to release delayed earnings today. the focus will be a multibillion one. just laying out the land. >> this is six months after auditors refused to sign off on their results. kick backs to various contractors and there have been a lot of optimism that once we get the rules the worst could be over. we've seen the stock up 30% year to date. you sense that people think the worse could be over. however we need to take perspective because the

what about tesco bank?ill have going to have to wait and see as to whether they see assets will be cashed in on or whether that will help the bank balance of tesco. matt davies, the chief executive will start earlier than had previously been thought. he is coming onboard to push through these changes. they are getting more customers in their stores. we are starting to see this work. you have to hand it to dave lewis, since he has come, he has promised savings of a quarter billion per year. he is saying he can outstrip that and find 150 million more than that. 43 strorse being closed. this will hit immediately but in the long-term this will give them savings. they are also closing that pension scheme. he has taken on a lot so far dave lewis. the silver lining is more people are going into the stores. the numbers are improving. they are outperforming the rest of the market. the standout retailer they say for the first quarter. have to wait for the first quarter numbers to see if that is working. back to you.

at the time they owned 3% of tesco.hen the stock has risen by more than 9% since the december lows. it has rallied 50% i asked if he regretted the decision to sell. >> i regret not owning a stock that goes up. we all have to look at ourselves and say what did we miss here but given the way we invest in business, given the price today clearly there's lots and lots and lots of improvement baked into this share price. this is a company that will continue to increase sales but it's adding expenses and cutting margins. so the normal operating profit of tesco going forward will be significantly lower than it was in the past and people are seeing the sales and better sales performance and better market share performance but this is going to come at the expense of profitability so you still have the issue with pig box stores that no one wants to be in so i regret not being in when the share price went up but on the other hand i think it's really hard to justify today's valuations unless you are 100% certain that they could doub

also coming up, tough times for tesco. the british retail giant went -- giant reports the biggest retail loss in its history. barcelona secures its spot in the final four of the champions league. first, our top story. ♪ anchor: we will start in paris. french authorities say they have foiled a planned terror attack on at least one or possibly more churches. an algerian man was arrested sunday, but the information was just released today. he is also thought to have killed a young mother at random in her car. here is more from the french prime minister. >> our country, like others, has been faced with a terrorist menace that has no precedent for its nature and magnitude. we have to face this menace with lucidity and mobilize ourselves with great determination. we have seen laws passed since 2012 and we have come a long way since the attacks in january. this mobilization has helped us arrest and question those who want to take themselves too syria and iraq. it is this mobilization and faster reactions that have helped us disco

tesco down by 0.9%. tesco may face another 3 billion pounds of impairments. scrapping plans for 49 stores. those are your stocks to watch. jonathan: manus cranny, thank you very much. the ftse 100 coming off an all-time high, down about 0.1%. the date of this morning is coming out of china. exports plummeted for the month of march. estimates were a gain of 9%. the number came in at -15%. tom warlick over in beijing. the export data, on the face, looks terrible. the first question is, is it as bad as it seems considering this is such a noisy data point? tom: i think that is a good point. certainly a contraction of 15% is not good news. there's no getting around that. at the same time, there's a couple of factors which suggest maybe we should treat the data point with a little bit of caution. we saw a massive surge in exports in february. now we see this contraction in march. if you put the data together for the first three months of the year, you see export growth around 5%. that's not stellar, but it is not that bad either. the second point, which means that

what about tesco and there from a -- and the drama this week?llen the chairman at tesco, really emphasized the uncertainty and the conservatives have placed a referendum on whether we should stay in or leave the eu. countries will be able to move their headquarters if the u.k. decides to leave. the sunday mail, it said if there are things we don't like about europe, let's sort them out. >> stay tuned. >> let's stay with the u.k. economy. it is growing solidly, according to our next guest. he is the economic advisor and joins us for his first interview of the day. great to have you this morning. it is a political roundup and we say we are looking to the politics and things are staying strong. >> the economy is subject to a number of competing forces. it could potentially have an adverse effect on the economy. there is record low inflation and interest rates. there is the increasing sign that the euro zone economy may be recovering. the talents should allow the economy -- the election to be taken in stride. >> you are more optimistic than official

rival tesco also announced it will cut in store positions, offering stockers and cashiers more hours.nd falling prices across u.k. retail sector, but it is not enough to get shoppers out. neither were the low oil prices. sales at petrol stations fell more than 6%. overall, u.k. retail sales fell .5% in march, this after a .6 rise in february. in britain for the biggest bookmaker, william hilderbrandt got to a slow start out of the gate -- biggest bookmaker william hill, got to a slow start out of the gate. all of the football favorites, chelsea, arsenal, in manchester won, letting bettors clean up big. they call it the worst sports results in seven years. now, french fry minister manuel valls -- french prime minister manuel valls will be looking at the successful economic recovery. the country had the eurozone put the highest growth rate in 2014 and is beginning to assess the damage wrought by the 2008 economic crisis. not everything is perfect. the country remains saddled with heavy public debt, and the government is still trying to attract back immigrants, particularly the young. as

the tesco shares are off the lows and there is a little bit of a pullback there. a squeeze of margins as we head into this year. manus: thank you for joining us. that is it for countdown. it is on the move next. wrong person, wrong show. no kia has confirmed they are in discussions to buy the whole of alcatel lucent. what will it mean for the gear makers in europe? that is discussed next. . jonathan: good morning and welcome to "on the move." i am jonathan ferro. moments away from the start of european trading. a little bit out of the rally. the ftse 100 dropped 25 points. the stoxx 600 makes a fresh all-time high. your stocks a little bit weaker. dax futures up. this morning, strict your morning brief. we are watching the telecom space. nokia is in advanced talks. in luxury lvmh catches a euro tailwinds. the greek government denies the country is preparing to the vault area negotiations with the eurozone continues. u.k. inflation. inflation data is due out in 19 minutes time. consumer prices are expected to stagnate. in just 30 minutes, keep her right here on blo

. >> this guy decided to break into a tesco express shop.ortunately this guy was actually able to get inside. but watch what he takes. according to police he only grabbed a couple of bottles of alcohol. only what he could hold in his arms. looks like three or four. he's still on the loose, if anybody recognizes him, please turn him in. >> he should have dressed look a woman and carried a big handbag, could have carried out more. >> should have at least gone for the top shelf stuff. >>> it's a huge reunion. they have been apart for many years. >> touching encounter between mother and daughter. >> so sweet. something she'll never forget. >> the couple's having a bit of disagreement. >> she decides to escalate everything. >> see how the car shopping experience gets the wheels turning. >> baby you drive me crazy. >> oh, yeah? watch this. didiscscovoverer b brorookoksisidede and discover an excicititingng cocombination of tastes. ririchch, , dadarkrk c chohococolalatete covering soft centers. flflavavororeded w witithh exexototicic fruit juices.

this wanted the cause of comments we had over the weekend from tesco.he uncertainty with the eu referendum. we have the virgin boss saying britain should stay in the eu. if there are things we don't like, then let's sort them out. francine: thanks so much. guy: she likes detail. we will take a break. back in a minute. ♪ francine: welcome back. we are streaming on the ipad and luber.com. guy: let's get into the top story. the government at the reserve ratio wire meant. this the biggest cuts as the financial crisis. francine: pakistan and china will sign agreements for energy infrastructure agreements. that is according to the souls. the deal will take lace during the visit to islamabad. guy: prologis is the largest owner of industrial property and warehouses. the move will allow it to ask and it's presence in key u.s. markets such as new jersey and california. francine: when you go to monaco, expect nothing but the finest and the most expensive. tom gibson reports. he got some shopping tips from the very best. >> is the ultimate when it comes to luxury c

test go, -- tesco. a number of deals happening this morning. they are selling some assets. some other names where focus on. trading at 327. buying the belgium asset. they will get 3 billion euros in cash. lloyds going, going gone. david cameron has his way, it will be sold to small investors. that is the latest political market. encouraging retail investors to want to hold a portion of lloyds. bizareere for david cameron linking belling out lloyds was a bad thing. maybe he was not around. deutsche bank up 0.5%. employees vote for an open ended strike on top of the snp. last week, three options and place for deutsche bank. reduce overall retail footprint and the size of investment banking. that is in play as well. on the commodities side, you are seeing oil in the commodities and china reduce reserve rate requirements added liquidity and commodities got a small -- got smaller the copper side. 0.3%. and bhp this. do i have my yuan> a look. what comes next for china? will they go for more stimulus? will they go for another? that is the dollar-you one -- yuan. what is next? joh

they have been doing much better than tesco and sainsbury's. have a higher price point, a higher quality. that hasn't been hit by the pricing pressure. sales once again rising. we are seeing marks & spencer's protect its profitability. they are on track to meet their targets growing their gross margin in merchandise. food will be up 0.1%-zero .3%. winning in terms of profit and styling. this is a man who has been at the helm since 2010. francine, there were calls for him to be leaving. there was a feeling that he wasn't managing to get a grip of the company. the clothing company was faltering. after 2.3 billion pounds invested in new stores, they managed to have a torrid time in the holiday season, with distribution issues but now may be the pressure is off. only key area of concern, the cloud, is pretentiously -- potentially international. they have stores in russia and ukraine. they say the economic woes are difficult there. back to you. francine: caroline, thank you. caroline hyde with the latest. now let's talk oil. the headlines have been

. >> it is funny, you had people who fell in love with tesco -- with tesla. like apple, a cultish thing. then you have another group of people who had paid $100,000 for a car and its exit everything to be understandably, perfect. they started to grumble and i started to catch on. cory: among other things that were differing from what he was telling investors, like the conference call, where you are required to tell the truth, for example, a revival is miraculous for this company, that among the things that started to happen, they shut down the factory. first, let's read this quote. if we do not deliver these cars, we are f'd. but then this miraculous revival happened. he shut down the factory which nobody knew happened. he certainly did not tell investors he was shutting down the factory. they offered to sell the factory for $6 billion in all the sudden, there was a turnaround? >> he had gone to larry page with the rescue plan just in case any said, if we do not pick up the sales, would you buy tesla? he then puts all these work this -- workers into selling c

they have been faring better than tesco and the likes in the u.k. because they are higher quality. not so affected by the push down in prices. they continue to deliver on general merchandise. they brought on the head of the acre to try to improve the womenswear in particular. listening to the audience customers, because everyone wanted sleeves on their dresses. that is what they managed to bring out. mark: you want sleeves? caroline not always. don't mind bearing shoulders sometimes. mark: talks aimed at preventing iran from getting a nuclear bomb in exchange for sanctions relief have continued. her editor, elliott gold, joins us from luzon. -- switzerland. elliott: world powers and iranian negotiators must be exhausted but they feel it is worth it. they feel they are inching towards an agreement. the french foreign minister came back late last night, saying they are several tens of meters from the arrival. but the these are often the most difficult. the iranian foreign minister saying, we are moving. we will see just how fast it they are moving once the negotiations resume. this i

you can see declines in tesco and heineken anywhere from 3% to 5%. i on everything here but so far it has been a slow day in the u.s. markets as well with the indexes bouncing around. erik: that is scarlet fu with the latest on european markets. with talk about home sales. earlier, we brought you breaking news on home sales. we had an annualized pace of almost 5.2 million, the highest since september of 2013, an increase on the month over month basis of 6%. you are an economist. you have to evaluate these things against a fairly mixed picture. what do you see benchmark -- what do you see? guest: we have been trying to hold things because there are seasonal factors -- the spring buying season usually starts around march and stretches into june or july. you ignore the winter data and that we are just on the cusp of the spring buying data and it looks decent. a good start, but one month does not make a trend. erik: home prices continue to rise. carl: the monthly change was up prices are accelerating, so a lot of those underwater mortgages -- erik: why a

do it the correct way and write them a check to rather than the tesco's incorrectly.re i hope the debates go. stephanie: should jeb bush be a concern or publican? he is in a little bit of trouble. >> we have a pull that just came out over the weekend with a test of viability. stephanie: let's look at the graphic here. request we said, would you seriously, maybe, or never consider supporting these candidates. donald trump was the worst off when it came to most people saying they would never support. but jeb bush, 42% of republicans and independents. within his own party, 42% say no way for jeb bush to look at the other numbers. rand paul is 33. scott walker's down in 26. that is a striking number appeared a lot of people in the republican party for one reason or another, either they agree with -- disagree with jeb bush or they just do not want to have another bush because the name carries a lot of baggage. that tells you there is a ceiling. a guy like marco rubio, six months ago, everyone said if jeb bush is running, marco rubio will not. bush was rubio's's mentor p or

olivia: i know tesco's model is every little helps, but it seems they will need a little help.om being accused of antitrust. can you give us the latest? francine: i am actually passionate about the story because this is a story of geopolitics, not so much gazprom. europe takes so much of its gas from gazprom, but they have been waiting to basically investigate. they have an waiting to investigate on gazprom because of the standoff with ukraine. today, you can say they have the guts of actually telling gazprom you are raising prices, this is unfair, but it will pay off vladimir putin with the eu, the eu saying look, this is not a political decision, we have taken this because we look at this the same way as if it were a european company for sub vladimir putin i answer seeing this in a very different light. olivia: i am sure indeed. and again this news coming from the european competition commissioner, who is having a very busy few weeks. francine, thank you. look forward to seeing you tomorrow. brendan: coming up hard-hitting investigative covers about bourbon heist. no, sadly t

our focus will turn to tesco that reports tomorrow. we want to continue to discuss the u.k. stocks as well as the impact of the general election coming up on may 7th. and dear viewer what do you think? is this the time to get in on stocks on the ftse 100? you can e-mail us or tweet us at cnbcwex. but for now, an update on the market with lou. >> we saw this announcement coming into the session yesterday with more economic stimulus measures and we've seen the asian markets overnight relatively steady to stocks steadying on the back of the move to cut their requirement ratios. here in europe higher by over 1% at the moment. so we're maintaining slight gains in today's market session. moving on though and showing you what's happening to some of the main markets out there, the ftse, xetra dax, cac 40 all hanging on to gains. a little bit of a pull back in athens in yesterday's market trading. we continue to see that in today's session without athens off by 2.5% or so. we continue to have these greek debt negotiations taking place. the imf, creditors all talking to greek official

. >> well, the phillips ceo said he couldn't imagine a europe without britain and tesco is one of the big u.k. based companies to question what it would mean for british business and i suppose over the last few months we have seen europe and germanys lack of middle ground in discussing anything with greece. what guarentees can you give that we would be able to maintain our free trade agreements if we left the european union. >> so the former head of the cbi, confederation of british industries said that if britain left europe we'd probably have a free trade agreement within 24 hours. that's a man used to dealing with big business that knows his stuff. of course we're going to have a trade deal. jurors needs us far more than we need them. they are actually their biggest market because they export to us far more than we import to them. why would they cut their nose off to spite their face? second issue, of course once we leave we take back our seat at the world trade organization so we can make free trade agreements for the first time since 1975 on our own terms. not only is that a good

tesco government involvement is significantly more dangerous for religious or could it issues to be about strings are always attached as far as the federal government, i would recommend people look at where the money is going because a lot of the time it goes towards adoption projects and house building for the homeless. i object to that on the grounds i don't think the government should be involved. that is nothing to do with the money being spent on an attempt as an issue. i'm not worried about that in the united states. >> host: ben shapiro, best-selling author, editor at large at breitbart "the people vs. barack obama: the criminal case against administration." his most recent book is coming out in paperback. thank you would be on booktv from "the l.a. times" book festival. >> guest: thank you for having me. booktv will continue in a moment. everything will re-air on booktv@the span to. today from l.a. thank you for being with us. we will thank the folks at the l.a. book f >> booktv is on twitter and facebook and we want to hear from you. tweet us twitter.com/booktv, or post a comment

tesco government involvement is significantly more dangerous for religious or could it issues to be about than not. the strings are always attached as far as the federal government, i would recommend people look at where the money is going because a lot of the time it goes towards adoption projects and house building for the homeless. i object to that on the grounds i don't think the government should be involved. that is nothing to do with the money being spent on an attempt as an issue. i'm not worried about that in the united states. >> host: ben shapiro, best-selling author, editor at large at breitbart "the people vs. barack obama: the criminal case against administration." his most recent book is coming out in paperback. thank you