the u.k. election. what about brexit? we head there after the break. before the break, let's check in on our top story. ubs at swiss bank doubled. that is one stock on the move this morning. management margins are little bit of a concern. hsbc faking a probe by the british government over allegation that has clients avoiding taxes around the globe. then hugo boss in focus. that is what the market thinks of that. hugo boss down 5%. >> welcome to on the move. i am jonathan ferro live in the city of london. the battle for the business is in full focus. the british chambers of commerce in the annual conference, and edwards is there, george osborne has highlighted the risks, what is likely to be the reaction from business in the u.k.? anna: thank you, good morning to you. greece is clearly a topic at the forefront of george osborne's mind. no doubt it will be on the mind of some of the delegates here. the prime minister was worried enough about this to meet members of the treasury yesterday. also on

if you are part of the u.k. best ideas -- who do you think has the best ideas to drive growth? we are interested and growth. the guys in the u.k. take a point of view that says where is the leadership. guy: you are telling me that there are no interesting ideas. mr. roberts: if you look around in the europe and the u.s., i am looking at a world where ideas are not a premium. there seems to be a lot of coalescence into the murky middle where we are interested in the polls and what audiences say rather than trying to drive transformational change and trying to solve problems. it feels to me, look around the leadership. look at france, look at germany seems to be running out of steam. look at the republican party in the u.s. there are 12 candidates are zero. god for bid we bring back hillary, which is not really an idea driven choice. guy: are there any politicians out there who have ideas that you like? we've had the greeks coming through. i'm interested what you think about yanis varoufakis. mr. roberts: you migh

given the level of export that takes place between the u.k. and the level of trade between the u.k. rest of europe, are you increasingly concerned about what you see coming through from grace? >> there is very little trade between the u.k. and greece in the overall scheme of things. all the information i received is the financial system in europe is much stronger than it was a few years ago. and if greece were to exit, that would not create such a problem as was originally was the concern of the european union. obviously, if there was not an effect that would be a different matter. anna: business is very much caught up in the early days of the u.k. election campaign. how do you view that because business has been really thrown into the very political spotlight. john: you are talking about the spat around businesses speaking out. we did a poll of the electorate before christmas to ask whether people were interested in what business has to say. it was very clear. 72% of the electorate wanted to hear what businesses say about politics and policies. whether they take it or not is another

after the break we bring it back to the u.k.. we will talk the election and the u.k. y. ♪ jonathan: good morning and welcome back, i am jonathan ferro joining you live "on the move." let's talk about europe. kevin daly joins us now. great to have you with us. we have been so pessimistic on europe, credit conditions starting to turn somewhat. you have low oil prices, a week euro and goldman sachs saying we are more optimistic. guest: we revised our forecast for the euro area growth higher. 1.6 to 1.7 dear -- next year. the first time we've had euro area growth since the crisis. four reasons why we see that. the first is oil prices have fallen 35% in euro terms which is enough on its own to boost growth around 1.5% over two years. second, the euro has fallen by more than 10% and that is also enough to add an additional 1% to the level of euro area gdp. throw into that mix, credit conditions are improving on the periphery and last but not least you have the pace of fiscal consolidation slowing. these four factors which are fueling euro area growth has us more optimistic.

both ourselves and the u.k. government. that in a basin which is aging, where there are smaller fields where high temperature, high pressure oil are features, we do need to have the tax breaks, the tax environment that lets investors see that they can make a long-term internationally competitive rate of return. that is the key factor. that is what must be done by the u.k. government. for example -- guy: minister, you talk about u.k. tax cuts. on scottish oil. let's talk about scottish oil. you base your numbers on independence at 110. we are at 50. what an independent scotland be viable at 50? you would have to make the tax cuts yourself? what an independent scotland be viable at 50? guest: as i've said, we have strength in the economy of scotland. we contribute more in taxation then we receive. therefore oil is a bonus, not the basis of the economy. you are right, of course, the oil price has fallen. i'm not aware of any government that is able accurately to forecast the barrel price of oil. if there is one, maybe you could

the coming chaos in the u.k. election is the title of the story. eat piece that takes you and sets you up for that u.k. election which is may 7. it might not be all over on may the seventh but it is all unpredictable. two pulls out this morning illustrate the unpredictability. some put labor six point ahead and you got puts the conservative six point ahead. but of course what will happen after the election coalitions and supply arrangements which is a bit like a coalition but less formal -- all of that is set out here. because of the parliaments now there is the only looming deadline after the election might need 2020 which could mean we see five years of something like chaos. mark: you could have the current prime minister and the administration continue in theory, for five years. anna: because we don't have a constitution that tells him when he needs to step aside. manus: that is the argument that we just had earlier on which is that the tories will get into bed with the scottish national party and they could indeed hold the keys to the kingdom. t

the u.k. on one hand and france on the other. >> if you say the u.k. ery we have seen in the southeast has moved out of the region. we have seen two and a half percent or 3% across the u.k. that enabled us to grow rent in the u.k. francis lower. sales have been -1%. that is an improvement. when you look at the environment, what we are aimed at is providing space in the right locations. for example, we opened a shopping center in marseille last year. we had 8 million people through the doors already, and the retailers are saying it is trading above expectation. the usual at danish -- adage of if you buy the right thing in the right spaces. >> you say you remain confident about the ability to maintain growth. what implications could there be? what message do you want the politicians to hear from the retail policy sector? >> i want to assure this recovery is not disturbed by an election. i think there is every reason to suggest whichever party you favor or believe will come through, whichever combination will take leadership. that they understand that, and

the u.k. fense secretary says there is a real and present danger. destabilizing the baltic states. lithuania and estonia ukraine's leader urged the deployment the united nations in the country's east to enforce a cease-fire. government troops are now withdrawn from the strategic rail hub following one of the largest battles in the 10 month conflict. expanding latest fund-raising rounds -- the mobile car booking application. the company was valued at $40 billion, one of the highest evaluations for a technology startup. a luxury condo in manhattan could set a new record for the most extensive -- most expensive residential property. it is being put on the market for $150 million. so far the highest price ever paid for a condo in manhattan. richard dreyfus has agreed to a four-hour miniseries about the financier according to a person at the abc television network. submitted three say it will air around the end of the year. he was sentenced to 150 years in prison after his ponzi scheme collapsed. yo

the area. i'd like to see a u.k.-like model where government commissions are open and transparent and can debate issues like this would be formed. we don't have that either. i disagree a little bit about where to draw the line i would rather draw it around nontherapeutic issues. if someone fixes haemofeelia and passes it on. i find myself thinking maybe i will not draw the line to rule out the therapeutic effort out. we talk about this as a 3-parent baby, i don't think it has much moral force behind it. a lot of people have more than two parents around. we have egg donations, sperm donation embryo don't i suggests. in high school i had a clunker of a car and let a buddy strip it for ports, and he took out different parts. i didn't think it gave me ownership over his car, i don'tated the parts. i'm not sure that that moniker is one that should scare us. it scarce some. >> what do you think about that, marcy, that we are making too much of a third parent, and it's not that big a factor. >> i don't like that phrase eith

let's bring it to the u.k. released results showing growth as the company becomes not only a dominant player in the u.k. but europe. profit, sales, decent numbers. >> hats off to these guys. this was the dominant force. they had about two thirds of the market. rupert murdoch has turned this into a european colossus. it is the second biggest. the growth that was good. sales up 5%. profit up 16%. i think what really stuck out was losing their customers to the like ofbp. u.k. highest growth in nine years. they are saying germany, austria, record growth. we spoke earlier. >> it has been an excellent start. we see record growth in germany. the u.k. we have seen the strongest rate of cuts in nine years. we posted revenue growth of 5% which we are very pleased with. >> also, they are not just growing in terms of international presence. they are growing in terms of the products. if i have to spend about every time someone says quad play someone would make a fortune. it is bp that basically shot of firework. suddenly it

and the biggest mobilephone operator in the u.k. ding billions in the next years with investment to improve wireless coverage, developing new technology for 5g networks and drones. yes,5g is coming, and one company agreed to buy them. and mark crumpton is at the top of the hour and is here with a preview. >> president obama has asked congress to operate military action against the islamic state. will the legislation pass? how broad or narrow will it be? and will it be for just that, three years? we will have a guess from washington. i will see you in a few minutes. back to you in san francisco. >> yes, you will. a take on yelp and expedia, more categories. 16 million users and growing. you do not know about something that you will hear about soon on "bloomberg west,.." ♪ ♪ >> you are watching "bloomberg west." i am cory johnson. with a lot of innovation, one startup is gogobot which helps to book trips based on personal style digitally. with a recent investment gogobot is targeting wanderlust millennials. what is gogobot? >> gogobot

the u.k. joins the s&p 500. we will have more on those after this short break. >> let's head to the european bond market. the yield below 1% for the first time. who saw that coming a couple of years ago? the bond rally is phenomenal over the last 12 months. the record low and record highs in the equity markets. a theme we are seeing play out. take it back as far as you want and the ftse 100 grinds higher and equity markets rally and bond markets rally. the takeaway is jim mccormick. let's go to business. have you ever seen a time where there is a big bond market rally and a big equity market rally at the same time? >> not in magnitude. you look at the last couple of years and you have significantly easy monetary policy bumping up against good earnings and decent growth. you put those together and it is fantastic for as it prices. >> talk about the record highs and trading as much as in china. the eurozone is trading off the back. >> the european equities are interesting right now. you look at 12 months forward a

stay tuned. ♪ manus: the u.k. arty leader is kicking off his campaign for a spot in the british parliament on may the seventh. nigel farage outlined what he said are the great twin threats to the british culture and economy. immigration and the european union. >> the argument about immigration is, should we be in control or not? we have the latest immigration figures showing a year on year increase of 300,000 people. the biggest ever. this government was elected committing to cut it to tens of thousands. the point is, our government aren't doing anything. we in ukip are for an australian style system where we can choose the quantity and quality of who comes through. mark: let's bring bloomberg's stephanie baker in. hi stephanie. i'm think he failed each time. will he get lucky? guest: i think he's poised to win this time. there's a poll that came out which put him at 39%, well ahead of his conservative rival. his conservative rival is ironically a former member of ukip and a fellow eurosceptic. there is not much di

the most senior bankers are going in front of the u.k. treasury select committee and politicians get a chance to grill the executives about what the bank was doing and how they change things since then. the bank says they are sorry for what they did and the allegation was made that they helped tax evasion by criminals in 2007. the bankers said sorry and took out full-page ads to say sorry. more on that. they said they change the bank a great deal since that time. the late edition said that the bank account is established and paid into to try and give some privacy for colleagues. it is an election year. the coach or is being described and the scene i am painting could sound otherworldly to others in the electorate. we could see them try to paint a picture of the wealth. it comes with increases in penalties and it is something that people have been talking about >> the problem is that it never looks good to the person on the street because it is convoluted. >> even some suggest that they cannot quite work out why. >> that was a pretty standa

we have the u.k. absolutely against this. >> you can see it taking any commodity. >> human up was the industry hundreds of years ago and you said it too low. you have the consequences in the u.k. and a bond market. the asset bubble and property markets needed to be higher and it is too narrow. if you incorporate the asset price inflation, you can see asset price inflation and if you are looking at the current dials and we do not act it will be a problem in the future. >> we have been saying that for nine years. >> there is more asset price inflation. it is like a sponge. asset prices can act like a sponge. it makes it full or in full or. you see a wave of inflation. >> number one, what is stopping them from raising rates and once you expect the inflation to spread from asset prices to the domino of the bleeding and to general prices? >> when do they need to raise the rates you go back to last summer and we introduced the macro prudential policy. we would not have had to do that if the rates were set. w

that's telling us that this growth we're seeing in the u.k. omy is beginning to put pressure on the labor markets. they can see levels above where they are at the peak. i think it is important that carney reflects both sides of the equation. not just that it is not quite the right time to raise rate bus giving the signal that the bank would be prepared to raise rates. >> the debate last year was move early, move gradually. no now waiting to see whites of the eyes of inflation. has debate shifted within the central bank as well? >> i don't think so. i think what has shifted is the recent behavior of inflation and where it is going to go over the near term. the two members who backed over the hike have not given up on the recovery. they are not waiting to see inflation accelerate. sher just saying it looks incon grewous. the chance s of a rate hike within the next 12-18 months have probably increased significantly. we have to get through the election in may which is a big potential risk if you end up with a minority government and political stale

not make ready to shakeup the u.k. markets. already one of the top 25 wealth managers in the u.k. talk to its ceo. he is sitting next to us. good morning to you. guest: good morning. guy: you've moved into the wealth management business. what are your plans in the pension market? guest: it is really exciting today, because pensions are some of the biggest reserves of assets in the u.k., trillions of pounds, and yet there is no one that offers a fully transparent online solution. i don't think we are doing anything in terms of brand-new ideas that are mind blowing the complicated. we are simply launching a solution which people have been asking for for a long time so they can see their pension everyday see how much it is going to cost, and have excellent management. you can start with as little as 5000 pounds. this service is usually reserved for people with 500,000 or more. francine: how many clients do you have and how many will you get in the next few years? guest: we are looking at double-digit rose month on month. we are already over 45,000 users. in the top 25 businesses in th

should the u.k. get involved? >> the u.k. ot intending to supply lethal weaponry to ukraine at this point in time. we understand the u.s. is considering it. this is a decision for each individual nation to take. and actually every nation has a role to play in maintaining the pressure against russia. the u.k. has been one of the leading forces in europe arguing for tougher and stronger sanctions. we'll continue to do so. everybody has their role to play. we're happy that the germans have taken the lead in the direct kremlin. we think that's the best channel of european union has. we intend to continue to use it. >> reporter: so the u.k.'s foreign secretary there refusing to be drawn out as to whether or not the u.k.'s foreign policy is irrelevant at this point. i had the chance to speak other foreign ministers and it was a mixed bags in terms of their opinions. take a listen to the lit lit lithuania foreign minister. >> i don't know. so far we all expect that there would be some agreement. we expect a diplomatic solution. but q

ukrainians are saying to the united states to the u.k. can we have missiles back to defend ourselves. what will the ukranian army do? in there not be an invasion. they will not invade russia or any other country, they'll be defending themselves. it will be used by the forces to defend themselves the land independence. especially if due to the fact it gave up so much 22 decades ago and is saying to the united states, and to the u.k. this - one has to keep the assurances given two decades ago. >> how do you negotiate with a leader. vladimir putin of russia who doesn't admit that he's helping the ukranian forces. how do you get him to stop when he can't concede that he's doing it in the first place? >> exactly. the british foreign minister last week said that we are dealing with a tyrant in the 21st century. his highness prince charles compared him to adolf hitler. we saw the british barrister last week saying that this is a common criminal. vladimir putin is a common criminal dressed up as a head of state. that is the kind of person we are d

how much slack is there in the u.k. economy? where does mark carney want to take you next in the game of guidance? that is the question. let's look at the names that are moving markets. peugeot and carlsberg. peugeot up 3.37%. why so much? the headline numbers missed. delivering #ackley than they have originally. that is the driving factor behind the peugeot story. they delivered a profit for the first time in three years. carlsberg, again, what you've got here is, no news is good news. credit agricole we haven't found who the new ceo is. in the fourth quarter, 243 million euros. that is up 27 million euros year on year. why am i talking about kara stark? -- about carlsberg? carlsberg well mr. anderson is stepping down. he delivered a flat return. russia will grow. prices will rise. has been cut by 30%. those are your three individual names. stephen major has had the conversation this morning. he's calling the bottom in the near term around 1.6%. target for hbc, 2.3%. that would suggest that you might get a slightly higher dollar

we need the u.k. to stay with us in europe to come to a better solution, to come to a market economy, a more liberalized market economy than the other countries. i don't want to think about u.k. leaving the euro -- not the euro, but europe. francine: michael are you most concerned about greece and the greek banks or russia? we talk a lot about russia. we talk a lot about sanctions. it doesn't seem the markets have fully priced in what could go wrong. >> i don't think that russia is going to help greece, if you put it this way, because they have their own problems. the situation -- we have to see. from berlin ticky a is closer than berlin to rome. we are very much afraid about the ukraine situation and the situation with russia. i hope that my chancellor isn't the only one who is on speaking terms with putin at the moment but she is able to convince him to fulfill what he promised to do with minsk. francine: the u.s. is still in favor of providing weapons the people on the ground in ukraine to help if t

the u.k. ance have said that they too are closing their embassies there, because of the worsening security situation, and the political crisis. >>> thousands in yemen have taken part in rallies protesting about the houthi rebels who seized power in a coup last week. the demonstrations were on the fourth anniversary of the 2011 uprising. the southern city ta'izz was at the center of mass protests. it's from there that our correspondent reports. >> reporter: they came by the thousands, chanting freedom, freedom, as they marched through ta'izz, the birthplace of yemen's revolution. these protests were originally meant to mark the fourth anniversary of the uprising but since last friday's coup the calls changed and they have become protests primarily against what happened in the capitol sana'a. there were several anti-coup protests across the country, a sign that even though the houthis are increasing their grip on power, there is widespread opposition to them. but protests may not be enough to sto

if i can bring it back to the u.k. m a structural perspective, one of the reasons why the fall in oil prices is unambiguously good for the u.k. economy even though there are distributional consequences. there are impacts in a series of businesses that support the energy sector, we have longer-term fiscal arrangements. this structural fiscal arrangements have the impact referenced in the dublin speech. the impact of fiscal capacity is only 1/10 of what it would have been in their absence. that is one way the benefit of lower oil are recycled through this economy, which helps smooth adjustment. >> the reaction -- [indiscernible] governor carney: the issues are well appreciated, i would say. it is an issue in terms of understanding the economics of the issue. the question is the timeline and the mechanics of addressing it. >> larry of "the guardian." one thing history has told us is the bank forecast is unlikely to pan out the way you expect. you say that the risks around them are broadly balanced. i wonder whether you cou

and the u.k. close their embassy in the yemeni capital as houthi leaders strengthen their hold. tough talks with eurozone ministers. a rebel fighter is killed in the philippines after a 10-year manhunt >>> leaders from the ukraine, russia germany and france are due to neat in the belarussian capital minsk in an attempt to end the fighting in eastern ukraine. a ceasefire collapsed, hundreds killed in recent days. two people have died in an explosion at a bus satisfaction in donetsk. a shell hit the bus depot in the early hours of wednesday morning. an industrial plant was targeted. charles stratford with more from donetsk. >> reporter: this happened 8:30 local time this morning. it's one of the central bus faces in donetsk. there were around 30 people at the time. you can see the extent of the devastation, the people that we spoke to in local restaurants heard a massive explosion, panic in the area. it's one of two places hit this morning, another strike on an industrial plant very close by. both si

throw into the mix of the u.k. interesting year for the ftse touching record high this week. >> i think the ftse and the index and so, it will be guarded by the global economy. the prospects for the currency could be interesting. overall, towards the end of the year, we are getting overly panicky about the year. polls are coming got a it is difficult to call. quite see you are not panicky? >> at this stage, it is probably too early to panic people say you don't know. >> take your time. >> when you see your pension fund manager, you know something is up. maybe trying to give me a hint. [laughter] i am having a tough week. great to have you with us. thank you for taking us through all of those asset classes. gautam batra. >> you can join the conversation on twitter. tell us what you are following today and what you think on the show. and fascinated by the india budget. >> it is one of the highest trending topics on twitter. >> the biggest employer in the world. guess what the first and third are? anna will tell you ne

and the u.k. r sport is football. 3 billion pounds was how much they bid up the cost, ramping it up 70%. will skype up enough cash into it? -- sky pump enough cash into it? it is closed envelope bids. you just have to guess. >> analysts are worried. >> if we are underestimating this particular risk, 15% of the biggest spenders subscribers could be lost if they lose the majority of matches. after customers could switch. this is crucial -- half the customers could switch. this is crucial. >> french fashion house lvmh, a new president. >> everything turns to gold. he said down to talk to bloomberg. the future of the switch watch industry -- swiss watch industry. >> let's close the door. it has nothing to do with the price. if you think luxury is a question of price, you are wrong. >> one of the most important men in the watch business. >> luxury is defined by the people who wear it. >> he is the president of lvmh's watch brands. >> the risk makes your product luxury. >> he has been building up and rei

i would say the u.k. s incredibly important in terms of making a decision about the sort of businesses to purchase. the problem with it is that politicians tend to increase rhetoric towards elections, and then post-elections, they try to backpedal as quickly as they can. >> how nervous do you think those in the square mile around us should be about what appears to be a fairly strong anti-finance line emanating from the labour party? >> i think pretty nervous. and i don't think one can blame the labour party for this. i don't think there is a particularly good understanding of how much the city has reformed and changed since 2007. i think the labour party feels very bitter and hurt. they've made a huge effort pre-2007 to get very close. they made a lot of lords. a lot of bestowing of awards on a lot of people in the city. then it all went horribly wrong. i think they feel that they were conned and they feel very upset about it. it is difficult to blame them for that. what the city has to do is find a way of

the leader of the u.k. democrat party nick clegg told business leaders in london the ruling coalition has fixed a broken economy. clegg highlighted growth in the u.k. economy at the conference. >> together we have received remarkable success over the last five years. we brought stability after crisis. we started to build a stronger economy and better opportunities for everyone. we took a broken economy and turned it into one of the fastest-growing economies in the developed world. >> iraq and iran have cut their large crude oil prices in asia to the lowest level in more than a decade. iraq you crew will sell at more than $4.10 a barrel, -- iraq he crude -- iraqi crude will sell at four dollars 10 a barrel. the launch of the unmanned space rocket was halted minutes before liftoff because of strong winds at the kennedy space center in florida. a fresh attempt to land the booster on a barge in the ocean will be made later today. >> football mad after the rivalry to show live matches pushed up the rights to a n

the interesting thing about the u.k. really know whether consumers want quad play or bundles. but if they take a bundle, they expect to discount. the challenge is to get more customers to buy more products. that is a challenge to. if they are aware of it, -- >> who is vodafone going to buy? >> they have talked about buying everybody. for the short-term, they will make a partnership with sky. and see how that develops. that will probably take a couple of years to work out whether that strategy works created -- works. any long-term, who knows. 3-5 years away. >> great to see you, guy. guy teddy, head of telecom research. you can find more on that story at bloomberg.com. >> a growing taste for fine whiskey in asia. some are prepared to pay big bucks for the rarest labels. we look at what can only be termed as an intoxicating investment. >> this bottle was retrieved from a shipwreck. this is the kind of bottle that i think is worth collecting. >> he is not an economist but he is familiar with the principle of scarcity. he ow

>> the u.k. >> the entire u.k.. that's more than any other country? ghest percentage of gdp of any g-20 country, so it is a thriving sector. we are the largest e-commerce participants in the economy. we spend more on e-commerce than any other country in europe and are leading the way on all the major metrics. >> what industries are leading that in the u.k.? >> last week, we did a big-data analysis report of 21 clusters across the country. each of those clusters has unique strengths based on the universities that are there. we have four of the top 10 world universities and many other great ones, but we are experts in big data and analytics, machine learning, natural language processing. the mayor was talking about some of the work we are doing to build the fintech industry. >> there are all of these issues coming up with the fcc and rules about providing broadband and services and mergers with comcast and time warner and what that might mean for a digital economy. what's the role of the government in providing high-speed internet to homes and businesses

the ten year in the u.k. 1.67 and in greece 9%. still elevated but a bit lower than the 10% we were seeing earlier in the week and last week as well it has meant that the u.s. dollar has given up a little bit of ground. it's slightly less ground. we're looking at a bigger move against the rouble today. the dollar slid pretty much 60 as we look at it now and sterling which had a strong run since late january at 155-3 as we look at things today. oil has been trying to find a bottom and it's just about staying above 50 for wti. it's 50.8 and brent above 60 at the moment. so quite an interesting dissection today: seema, back to you. >> wti crude gaining about 4% in yesterday's trade. that might have been one of the reasons we saw the dow close at a record high. playing a big role in yesterday's rally. however the s&p 500 and the nasdaq did close slightly lower on the day. pu tours pointing to a different picture. perhaps a positive day on wall street. we'll have to wait until we get that open but right now the focus will continue to be

the u.k. yield where 1.82%. germany remains very low. 1.38 a little bit up from the 1.34. and we have italy at 1.55. the euro is the big mover today. it's up half a percent. now, of course up as expected. friday we approached the deal with greece we moved from the 112 handle through above the 114 handle and close just blow 114 we have given up a bit of that ground today. we're talking about the positivity from greek progress most was priced in on friday. we're up a half percent today. we have the yen at 119.2. the aussie dollar is sliceingeing 3/4 of a percent. we have sterling at 1537. the oil price has been trying to find a bottom and at the moment we have 1% today. just above 50. brent is just below 60. 59.7. worth pointing out gold 1193 hit a seven-week low. not really doing very well as a safe haven despite the issues we've seen over the last couple of weeks. what is coming up later? >>> the winners have been announced but the party continues in hollywood. yes, we're live in l.a. wrapping

the pulse." and we are getting breaking with u.k. n slowing. >> the governor of england said it could go further below of where we are now. we are at a 0.3. search trend is moving in a southerly direction. the pound is it. we will get reaction. nevertheless you listen to the language being generated by the governor and the mpc still feel as if they are trying to manage on a more hawkish direction. maybe a little dovish. >> let's bring in our reporter with the latest. the comments we had over the weekend from certain members, did the markets it missed pricing? we should expect interest rates rising quicker than the markets are suggesting? >> always two-way on expectation. one way, a safe bet. some of the comments on what it would be on monetary policy. in the scenarios we see was the inflation and it is not rising. we have had at that for a while and then disinflation. prices starting to come down. you want to avoid deflation. all central banks are worried about this. the bank of england hasn't in the back of his mind. what it wants th

guy: the u.k. economy might be humming more than we thought. e base effects of the oil price collapse worked its way through, the price is rising sharply. cpi pick up accelerating. it also told us, we got some data telling us there has been a wage price pick. that is quite significant. in a low inflation environment we are getting wages to pick up. this will cheer of the prime minister, who was asking reddish businesses to give a pay rise. 1.5436 is the cable rate, up about .5%. a sharp spike on the upside. looks like we are looking at rate hikes and wage growth. two missing pieces in the puzzle, some would argue, from the british economy. the productivity story is going to be interesting to watch. we're going to take a break. we will be back in a few minutes' time. we will update you on the latest from the equity markets, where we continue to watch the ftse 100, currently trading at 68.97. the key 69.30 that we last hit in 1999. ♪ francine: welcome back. russia's turmoil has been hitting some european companies hard. danish we were carlsbad --

the u.k.>> i think you do need to look at these price reductions and say, they are beneficial to the consumer. they see absolute prices falling , but those prices are not going to continue falling indefinitely. it is not due to price weakness because of a lack of demand. that is the difference between good and bad deflation. if it is due to an aggressive price war, that's very different to say, there isn't enough demand and retailers have been forced to cut prices. i think that's the reason why the u.k. picture looks better. if we say, the u.s. is going strongly and we think about hiking rates, i think the market is too complacent on the u.k. as well. sterling will do well against pretty much everything else. >> talking about discrete price reductions, what about discrete interest rate reductions, as happened in canada and many central banks? dollar-canadian was almost parity in june. now we are up to 1.25. what further surprises does the central bank in canada have in store? >> from the canad

are countries like the u.k. catching up with us? >> yes, we are a bit. i think compared to the rest of the world. the u.k. lags behind and south korea is miles ahead of this. they were into sports 10 years ago in a huge way. the u.k. has been a bit slow. on the u.s. and other parts of europe, they are a bit more into the resource. we are getting there slowly. >> i've heard that london but it is getting its own thoughts purpose-built venue, and have game there every weekend. is this something that is commercially going to make a lot of money. >> i think so. if you look at something like this. almost a billion, that is a vote of confidence that the sports will grow. there'll be more money in this in a way that is only tarting. with the venue, the sports is adaptable much it's not like cricket or football where you need a dedicated venue. you can have a venue in almost any indoor environment. it was never brought on by pacman or space invaders. tristian speaking to us from lewis in the u.k. >> bit of real sport now. this is not real sport, it's down and dirt

a busy morning for tanks and the u.k. -- banks in at the u.k.ew ceo for standard chartered, bill winters. caroline hyde. >> we know the former co-ceo bill winters, is coming back. he has set up an asset manager. now he moves back to standard chartered for 1.5 million pounds annual salary and compensating for his losses. overall, bill winters will become the new ceo for the an announcement has just come. the current is stepping down. winters will be stepping in june. a cut in the board. they are trying to cut from their half at the moment. three long-standing members of the board will step down including the chairman. he will go in 2016. the key news is, bill winter was formerly co-ceo of stanley is coming back and will be the chief executive. >> his base salary is 1.5 million pounds. >> i said billion, my apologies. >> in ubs and the talk. seven consecutive annual loss. >> the seo waving his one million extra share. -- the ceo waiving his $1 million extra share. incentive share. we got the annual loss. 3.5 billion euro loss. as a took a mighty c

sky will broadcast 126 games in the u.k. ng in the 2016-2017 season while bt will show 42 matches. italy's second-largest bank increased its annual dividend to seven cents a share from five cents. joining us now is carlo messina for a bloomberg exclusive interview. thank you so much for coming in. yesterday, you had some pretty good results. a lot of analysts were saying you were the strongest bank in italy. what does it mean for the year ahead and profitability overall? >> we are the strongest bank not only in italy but also in europe. sorry, just to be clear. we are working in order to have a benchmark in europe and we are over-delivering on the business plan. the business plan is based on growth. we are sharing the benefits with all stakeholders all shareholders, increasing dividends. the main engine is growth. we are growing revenues and it is the highest level of growth compared with european peers. it is the asset management area within the company. we think that we can over-deliver. >> i spoke to a lot of analysts who

the u.k. france have also said they are closing their embassies there. now the u.n. envoy to yemen has warned that the country is on the brink of civil war, and shia houthi rebels consolidate their hold. jamal reports. >> translator: the current situation is the result of previous accumulations, the collapse of the state, and the breadth of violence of militias and groups in addition to the situation in the south which are all negative signs. we stress that all parties must live up to their responsibilities. >>> it has been four years since the revolution lead to the end of the former leader. here is jamal. >> reporter: i am at epicenter of the uprising in 2011. the protest that triggered tens of thousands have come out to the streets to demonstrate. but the message is not a celebration of the revolution but as one of the leaders told me they are scared that their revolution is slipping away. >>> a court in an twerp has sentenced a leader of a group to 12 years in prison. he was found guilty of

. -- recontinue in minsk >>> also on the programme - the u.k. u.s. and france close the embassy to the yemeni capital. politicians in crease back the new government's plans to ease bail out terms ahead of tough talks with eurozone ministers. a rebel fighter is killed in the philippines. ? a. meters from ukraine, russia and general gli and ranns are due to meet in minsk. a ceasefire dined last september collapsed at hundreds of civilians killed. there has been an explosion at a bus station in donetsk. a shell hit, a nearby industrial plant was targeted. charles stratford is in donetsk. >> reporter: the attack happened 8:30 local time. it was a central bus station. there were reportedly around 30 people here at the time. you can see the extent of the devastation. the people in local restaurants heard a massive explosion, panic in the area. it's one of two places hit this morning in donetsk. another strike on an industrial plant, very close by. both sides of this conflict suffered indiscriminate shelling. yesterday we saw the attack on the ukranian milit

steve joins us live from kiev. >> with a few months to go before the u.k. general election the race is too close to call. we speak to alastair campbell on his strategy for success. now with the xfinity tv go app, you can watch live tv anytime. it's never been easier with so many networks all in one place. get live tv whenever you want. the xfinity tv go app. now with live tv on the go. enjoy over wifi or on verizon wireless 4g lte. plus enjoy special savings when you purchase any new verizon wireless smartphone or tablet from comcast. visit comcast.com/wireless to learn more. >>> banks continue to garner a lot of attention. the top bosses will today be grilled by a group of mps sometime wake of the swiss tax avoidance scandal. catherine is live with more. >> yes, hsbc chairman facing some tough questions from uk mps today as they appear to talk about the scandal which engulfed them in the last weeks. i have one of the members of the committee here to talk with me. how tough is this questioning going to be today? what are you trying to find from these executi

the u.k. elections. xpecting an interest rate hike before the end of the year, but things can change depending on who comes into power. >> no doubt. i think the election is too close to call. i have no doubt that it will have some implications on the timing of the bank of england's decision. think about fiscal policy. what is the envelope of the fiscal policy for the next couple of years? i think the political composition of the next government will have an implication on the bank of england. the bank of england would like to have some time to assess policies and make decisions. it will be a factor in the decision. it will have to be. >> antonio, what is your view of where we are with the greek crisis? we have a decision later today whether or not the interim measures are enough to keep the story on the road for the time being. how does this one play out throughout the rest of the year? can we say we are done now or is there a lot more argument still to come? >> it is difficult to say that we are done now

the former u.k. cretary has suspended himself as a member of parliament after the daily telegraph newspaper alleged he made offers in exchange for thousands of pounds. and there was another foreign secretary with hidden cameras, talking about it. both have been referred to a commission of standards, and a full investigation could take months. and just a reminder market in athens are closed today for a bank holiday. the first day of the eastern orthodox his chin length. >> join the conversation on twitter. i have actually tweeted. and to be fair, i did tweet about hsbc. >> i have tweeted another headline, another hsbc tax story. does that sound like dÉjÀ vu? >> and "birdman" win best picture. >> can the greek prime minister have a plan that satisfies both creditors and can to it estimate that is next on countdown. ♪ ♪ >> it is time for the new greek government to approve their latest reforms while simultaneously hoping to keep the faith of the electorate who voted against their team. >> i do not think

the u.k. and france follow the u.s. and close their embassies in yemen. >> ready for blastoff, this is the european space agency's vessel that's about to test whether this reusable space plane will work. >> the u.n. is saying that 300 migrants are now feared dead after four boats sank in the mediterranean sea this week. they were trying to cross from libya into europe illegally. they left libya on rubber boats on sunday. >> the latest from the u.s. my commission for refugees. >> this morning at 7:30, nine survivors arrived. they confirmed that there were 203 people with them that have disappeared. they have been saloed by the sea. in additional to that, they confirm that there was a fourth dingy so we do not know about the fate of another 100 people. >> the survivors are taken to the first reception center that now is working at full stage. they receive rance food, medical assistance, clothes. they arrive almost neighborhood, you know, they arrived without anything. then within 24 hours maximum

the u.k. e coming a major investor in egypt not only on topple foreign countries but all countries. >> minister, you said investors are very happy to invest in the country that oil companies in usually take more risk than others. what is your message to investors that may help you yield the city and may not be oil and maybe more risk of first? -- risk aversed? >> a driver for growth and it will be in the coming 10 years but also egypt has a very unique feature on consumer concerns. when we look to demographics of egypt and masses of citizens in asia, we will find the market is 90 million consumers. the more important thing this market is adding one way consumers more per year. >> how much of a presence is it at a moment? >> presents? >> presence? how much of a th reat? >> not just a threat in egypt. what's it we see more movement in libya. is it more dangerous as an isis or is or whatever you what to call it it will flare up in egypt? >> personal opinion is that i do not see it in the country.