he will be replaced by thomas gottstein. this is bloomberg.ra: good morning from bloombergs european headquarters in london. is "bloomberg daybreak: europe." tidjane thiam it resigns as the board unanimously backs wrona. he will be replaced by thomas gottstein. after walls retreat street and europe hit fresh records. trumpent xi jinping and reaffirm their commitment to tropez's -- two phase one. sits at a two-month high ahead of the jobs report. nejra: let's get back to the news from credit suisse that we got at the top of the hour the ceo resigning, a shock move that is likely to fuel an uproar among shareholders who had backed him of a damaging scandal. amidst a damaging scandal. he will be replaced by thomas gottstein, the leader of the swiss unit. the chairman has the board's unanimous backing to complete the term until april 2021. discuss is our finance editor and a guest. how much of a surprise is this and how much pushback will there be from shareholders? >> it is a bit of a surprise. there was this power struggle going on for a couple

he will be replaced by thomas gottstein.s follows a recent turmoil and a power battle at the swiss lender. the board is unanimously backing chairman ernst wrona until his term ends in april. opec expects pressure to respond to its plan to cut output as the cartel confronts a price route. the opec plus alliance is facing one of its biggest ever tests from the virus. of nationst budgets from saudi arabia to kaz extent. full results from the iowa caucus. lead has been's erased over bernie sanders. they're not declaring a winner due to tight margins. the calls are usually considered official the results were not delayed due to problems in the results.to report markets are unprepared for a pickup in inflation according to ken griffin he did comment further on why he sees the lack of readiness, but expectations of continued low inflation have emboldened investors. that has pushed the yield to historic lows. the middle east is facing a financial reckoning, according to the imf. hits peak oil demand levels. the region could become a

thomas gottstein -- a shift back to switzerland. thomas gottstein has been at the bank a long time.t necessarily say it is a cultural issue. i don't think that thomas gottstein has been accused by anyone of spying. alix: this also comes with the structural issues that banks in europe are dealing with, which is negative rates and the head of the ecb saying that we are kind of out of ammunition. torsten: negative interest rates have been so damaging for so long. we now see the experiment in sweden where they have tried to go away from negative interest rates, and we are watching very carefully. it is pretty clear across the economic data in the banking sector that some of the problems of negative interest rates are very pronounced. alix: when you talk to clients about europe, at the end of the buy it was about buy value, europe. has the conversation shifted? torsten: there is still expectation for a rebound in the second half of the year. that opens up conversations about if it is just manufacturing or also services. services is doing well. the many factoring sector has been doing poo

he will be replaced by thomas gottstein after fourth-quarter results.owing turmoil at was lender. the board says it unanimously back to chairman urs rohner, this until his term ends in april of 2021. now to burberry, the company scrapping financial guidance for the year as it warns the coronavirus wiped out three quarters or more of its store sales in china. 24 of its 64 stores on the mainland are closed, despite uncertainty over how long the outbreak will last and how far it will spread. by the end of the year, uber forecasting its first-ever quarterly profit. it signaled cost-cutting measures are exceeding the company's own expectations. the previous go for profitability wasn't 2021. the push is likely to take its toll in growth. bookings will decline slightly. that is your bloomberg business flash, francine. francine: thank you so much, viviana. lowered itshas quarter, disappointing numbers. we are joined now by phone, the chief executive officer of norsk hydro, hilde merete aasheim. thank you so much for joining us. first, you have more than 600 emp

thomas gottstein, the boss of the bank's home business in switzerland, will take over as chief executivetimes says profits jumped 24% in the last three months of 2019, taking earnings for the year to $140 million. chief executive mark thompson, a former bbc director general, said the times will be increasing the cost of digital subscription for the first time, from $15 to $17 a month. it added 342,000 new subscribers in the last quarter of 2019. macau is the world's capital for gambling, but casinos there are being asked to shut for 15 days to help stem the spread of coronavirus. sarah toms is in singapore. iiam i i am tempted to say, is nothing sacred? no, well, you could say that casinos in macau are particularly down on their luck now that chinese officials have told them to close the doors of 41 casinos for two weeks, as you said, to stop the spread of coronavirus. macau is a chinese territory, very close to hong kong, and it is the world's biggest gambling hub, the industry is worth something like $36 billion. this will be the longest ever halt to operations. in fact, it is the only

alix: thomas gottstein will take over as the new ceo. >> we are maintaining our target of 10% this yearo achieve that, just like we did the 9% this year. alix: barclays retains its profitability target and now has to confront a probe into ceo jes staley's relationship with jeffrey epstein. >> the news of the epstein investigation into jes staley and the characterization of his relationship, a lot of talk was on that. overall, the investment bank was is appointing in terms of trading revenue. alix: the investment bank posted revenue in line with analyst estimates. >> that number reflects our expectation for 2020 to continue to ramp up the a320 family. a stock that has risen considerably despite the headwind it has faced. it is up some 30%. today, it is trading pretty much in line with the market. alix: airbus planes to increase jetline delivery to an all-time oeg rival remains grounded. sajid javid quits as the u.k. chancellor of the exchequer in boris johnson's first major cabinet reshuffle gone disastrously wrong. namedn's office has now his as the exchequer. growth concerns. europe wa