but vodafone shares bucking the trend as they confirm its guidance. corporate tax avoidance is topping the agenda as g-20 central bankers and finance ministers meet in moscow. we're joined by the head of the oecd coming up. big swings on the nikkei 225, japan's benchmark index rever reversing gains to fall. investors taking profits ahead of this weekend's parliamentary election. the motor city gets weighed down under a mountain of debt. detroit filing for theargest municipal bankruptcy in u.s. history. >>> hi, everybody. welcome to the program. we have got two hours together. finance ministers gathering now at the g-20 meeting in moscow and they're expected to ratchet up the crackdown on corporate tax avoidance. now, later today, the oecd will be unveiling an action plan aimed at tackling profit shifting, which has thrown some of the largest multinationals into the spotlight. let's get the details with julia chatterley from moscow with more. julia, a lot on the agenda and taxes definitely one of the issues they're going to be talking about by the look

just behind is vodafone. together, these two spanish companies would have 40 million users, the largest customer base in germany. both companies are interested in combining their forces. doing so could save them more than 5 billion euros.

you have vodafone bid for deutchland and liberty bought a cable company in europe. verizon and vodafone. >> you worry about deals closing in a post-at&t/t-mobile world. >> when you have corporate strategic deals they are always well financed and that's an important part of the analysis. there's not much regulatory risk >> >> a couple questions to me on john paulson deand in. after subprime he could have retired as a result legend. why didn't you -- did you ever sorry carousely consider going out on top like that? >> no. first of all, we like, you know, making money obviously but we obviously like not necessarying motion. in 20 years we had two down years and 1998 and 2011 been profitable every year. mostly little gains that add up to significant gains over time. it's hard to get wealthy. it's a long-term process. i also say if you start at t$1 t the end you have 1.20. you want to compound an above average rates return over a long period of time and if you do that then you can create wealth for jfs and investors. we're now at the next 20-year phase. i'm 57 now so i'd

. >> on to business news now and british mobile phone operator vodafone continues to be blunted by your's economic problems as well as fierce competition. turnover slumped to just under 12 billion euros, down by 3.5% compared to a year ago. in germany, the companies hemorrhaged almost 4 million customers in single year. >> two giants of the computer world -- microsoft and google -- have seen their share prices tumble after revealing lower- than-expected quarterly earnings. microsoft reported a 50% drop in profits on its operating system, windows 8, while its tablet computers lacked the hind the competition. google software failed to perform on advertising rates, but analysts say the outlook is still bright for the world's most popular search engine. >> those numbers did not go down very well on the markets. let's have a look at the figures for you here in germany. the dax did manage to crawl back and ended slightly down on the day. the dow jones in new york still trading at this point in time, of course, but very slightly down, and the euro currently trading for $1.3136. >> g-20 finance m

. >> on to business news now and british mobile phone operator vodafone continues to be blunted by your's economic problems as well as fierce competition. turnover slumped to just under 12 billion euros, down by 3.5% compared to a year ago. in germany, the companies hemorrhaged almost 4 million customers in single year. >> two giants of the computer world -- microsoft and google -- have seen their share prices tumble after revealing lower- than-expected quarterly earnings. microsoft reported a 50% drop in profits on its operating system, windows 8, while its tablet computers lacked the hind the competition. google software failed to perform on advertising rates, but analysts say the outlook is still bright for the world's most popular search engine. >> those numbers did not go down very well on the markets. let's have a look at the figures for you here in germany. the dax did manage to crawl back and ended slightly down on the day. the dow jones in new york still trading at this point in time, of course, but very slightly down, and the euro currently trading for $1.3136. >> g-20 finance m

just behind is vodafone. together, these two spanish companies would have 40 million users, the largest customer base in germany. both companies are interested in combining their forces. doing so could save them more than 5 billion euros. that's because despite having a smaller customer base, they both have to run networks as big and expensive as those of their rivals. >> there will be some big changes in this industry. i'm not sure whether it will stop at three big providers. the market might concentrate more on one provider. >> shareholders and antitrust regulators still have to approve the deal. it could take a year to become faded. >> well, that o2/e-plus deal was the big news in frankfurt. now we find out how investors reacted. >> investors like stories about mergers and acquisitions, and they think that e-plus and o2 would make a perfect pair. also, deutsche telecom shares had gained here on the frankfurt floor because investors think that if there is less competition in the mobile business, this would

just behind is vodafone. together, these two spanish companies would have 40 million users, the largest customer base in germany. both companies are interested in combining their forces. doing so could save them more than 5 billion euros. that's because despite having a smaller customer base, they both have to run networks as big and expensive as those of their rivals. >> there will be some big changes in this industry. i'm not sure whether it will stop at three big providers. the market might concentrate more on one provider. >> shareholders and antitrust regulators still have to approve the deal. it could take a year to become faded. >> well, that o2/e-plus deal was the big news in frankfurt. now we find out how investors reacted. >> investors like stories about mergers and acquisitions, and they think that e-plus and o2 would make a perfect pair. also, deutsche telecom shares had gained here on the frankfurt floor because investors think that if there is less competition in the mobile business, this would

vodafone developing activity for it's businesses in both emerging market countries and well-developed markets. the stock pays 57% dividend yield which is exceedingly hand some and gets you a long way towards realizing the person and it owns 49% of the verizon wireless footprint, which is a lucrative proposition and there is increasing talk if verizon will buy them out or do something in a way to pay them a huge dividend as a consequence of ownership stake. i would hold on to them. >>> next, it's david from blue hill maine, writes in and says as a long-term holder of intel i would appreciate a conversation of the prospects in markets such as possible rather than pcs. >> intel again is an iconic franchise, a mote business, if you will, given the industries by the chip making capacity. it stumbled here recently, particularly being rather slow and pc sells to smart phone and tablet-like devices. we think they will get it. you get a 4% dividend yield today's price the stock seems cheap but 11 times forward earnings so it has evaluation support. again, it's a cash cow. so we continue to thi

you see that with vodafone. softbank is different.ot of significant overlap but some synergies. >> do you -- what is the trick to -- used to be, right, m&a used to be the adviser. you go to companies and say, how about this? this is a great idea. is that still what you do? how much are you strategizing for clients still? >> i think the key to being successful in m&a is to be a trusted adviser to your client. you want to be close to the ceo, the board, the decisionmakers and give them strategicthe advit to do a deal. >> how often do you tell ceos not to do a deal? >> more frequent than you think. it builds the relationship with the client a lot better because they're trusting your advice as being impartial. over the long-term, if you build a career as a trusted adviser, that's what you got to do. >> is it more difficult to do that when m&a is so lumpy? do you ever regret? have you ever regretted telling -- >> no, i think your advice may not have always been right, but giving the right advice on what makes sense for the company and the

dennis: what will happen with buying out vodafone?reless business and apparently cost them $100 billion to get rid of that and doubled what will happen and tell us about vanguard. >> m&a activity, there is speculation they may buy out their piece of wireless and make a foray into canada. whatever they do they won't do unless they think it can add value to the total picture so i would be positive on in and day moves and american vanguard corp. is a small-cap company, in the agricultural chemical sector of the market. imagine a smaller dupont. they have a great niche and growing product line in the props and plantable land in the world is finite and the things they provide will help expand the yield out of there and they had a setback because of the wet weather but the story is intact. dennis: thanks for being with us dagen: update you on that crash landing at la guardia airport late yesterday. the new york airport is fully reopened following a malfunction with southwest airlines operated boeing 737, the aircraft's landing gear in the f

coming back to europe makes me think of verizon and vodafone and not much to tell you there at this point opened this morning in terms of that continued dance if you will between them. >> vodafone had a good quarter, but lost in the shuffle. all right. let's look at the bonds and the dollar, and we go the rick santelli in cme in chicago. >> good morning, jim. if you look at the yields this morning, you would think, wow, somebody is having some good economic data out there, and it is true. i will tell you 151 yesterday, excuse me, 251 yesterday, and 257 and up the half a dozen and you see the chart of 10s there. if you open up the chart to one month, we have talked about it the 246, and 247 yield held. first time on the left that that quasi head and shoulders with a 261 yield, and that is the next important level to pay attention to. let's look at what is going on overseas. it is a story about the pmis in europe, and a lot of the celebrating going on and you can clearly see that bundes is up, and you can see that it is looking ahead of the 10-year in terms of trying to pull in the good new

telefonica will buy -- it will provide tougher competition for deutschland and vodafone and europe'sst economy. this morning kpn beat expectations with adjusted earnings and said revenues were down due to challenging market conditions. luckily, stephane is still with us in paris. so shares this morning, they're actually down by 4.2% last i checked. what have you got on this story, stephane? >> well, for telefonica, it is very strategic investment. the company is expanding in germany which is one of the most resilient economy in europe. to offset the difficulties on its home market. the spanish economy is in a deep recession. so it is important to find some growth outside the doe sememest market. telefonica already has a huge debt level, 47 billion euros, that's the target for the end of the year, this acquisition is going to be expensive. telefonica deutschland will launch capital hike of 3.7 billion euros to finance that operation. and its parent company telefonica will subscribe to most of its 2.8 billion euros. that being said, in a statement, telefonica is confident, it says this

he started his own research boutique and going through filings from vodafone from 2011. all right.ou have to destroy iphones to preserve it? you know, kind of like what they did with agriculture in the '30s? >> it was a big number. >> it got a lot of buzz yesterday. a lot of buzz. what was the one i wanted to mention with you, jim? oh, kroger. the downgraded kroger. they say the relative overperformance -- outperformance is the biggest since the '01 recession. it has run up a lot. >> i think that kroger is another example of a company that made a very smart acquisition a la gwinnett. these are companies that are saying this is our chance to be able to dominate being the number one supermarket has real advantages in this country. i would not downgrade kroger. again, what, sell kroger? buy it back at 36? move into fareway? >> they're not the number one supermarket in this country. >> who? >> kroger. walmart is. >> i forforgot, it's the age of aquarius. costco and walmart. i am the little cramer squeezed by costco and walmart. >> if we do a kroger doc, you do it, okay? >> wow! >> you'