. you have had lower oi oil l prices and have had to balance a weaker euro until recently. other very positive for a german economic engine that has high-quality output. they are very dependent upon the currency and the oil price input. caroline: talk to us about getting your hands on corporate credit right now. ecb as a major buyer. how much will this be affecting liquidity? >> the corporate markets, the nonfinancial markets, it has outperformed other assets for example. that is only basis that we know have this big, less price sensitive buyer that will take quite out quite a bit of paper y month. in my view, the corporate market in europe, which has a yield of 1.5%, you have to factor in the ecb purchase program to make sense of that number. but is very interesting is that the treasury market component has a negative yield. therefore, you get more on spread in corporate, than you do in yield. it has been that way for a little while, but that spread continues to widen. so, corporate spreads are wider than corporate bond yields. it is very and usual, this discussion around negative in

euro than britain has for getting out of the eu. david: we have goal of a revenue heading to $25 billion by 2025. how important, whether it is twitter and facebook be in achieving that goal for you? roger: the most important thing is to do it in a sustainable way, think long-term and not think short term. we are not trying to get to a number. we want to grow the nfl. that includes on a global basis. we believe that international is a great opportunity to expand our game. we are playing in london, mexico this year. we have plans to play in china in the near future. we want to continue to bring it to the broadest audience. david: i understand these are sold out for the most time. is there a london franchise? roger: we think that is a potential. we are playing several regular season games. this will be our 17th this year. we think there is a great potential for us to continue to grow probably with more games in the short-term. but at some point in time, if we continue to be successful and can work out the logistics and competitive issues, we think one -- london could handle a franch

the euro than britain has for getting out of the eu. revenueave a goal of a gain to $25 billion by 2025. , whether it is twitter or facebook or other outlets be, in achieving that goal for you? important thing in achieving that goal is to it and a sustainable way, think long-term. we are not going to just try to get to a number, we want to grow the nfl and that includes on a global basis. we believe international is a great opportunity for us to expand our game. we are playing in london and mexico this year. we have plans to play in china and in your future. we want to bring our game to the broadest audience across the globe. franchisee a london for the nfl and the cards? >> we think that is a potential. three playing regular-season games, i believe we played 17 already, and we think there is a great potential for us to continue to grow, probably with more gains in the short-term. but if we continue to be successful and we work out the logistics, we think london could handle a franchise. that is exciting to us. as he becomes a lot more hawkish in the next couple of weeks or months,

51 billion euros. a little bit lighter than the estimate 51.5 billion euros. the first quarter operating profit is 3.4 billion euros. and volkswagen is reiterating its 2016 forecast as a whole. so we are seeing sales that are a little bit light of the forecast and we are seeing operating profit of 3.4 billion euros. i cannot tell you how that all compares with the estimates, but we are a little bit light on sales here and the forecast remaining unchanged. we will see when volkswagen stock opens up in about 13 minutes how investors are seeing this and we will continue to get headlines. but i'm looking for to the amount of money that they put aside to deal with this in emissions scandal. eurosut 16 .2 billion aside. we could see a revision of that although hopefully not by too much. and then i will look for anything in the outlook. they say they are reiterating the 2016 forecast as a whole. groups quite interesting sales resonating slightly but the operating profit seems to have been helped by special items, certainly coming in better than expected. beating that estimate of 2.7 b

euros of assets in the industry. bondobacco industry holdings are valued at 1.6 billion euros. said, smoking axa causes the biggest threat to public health in the world today. $11.3 billion jet order from viet jet. planes wasr 100 announced in the presence of barack obama, who is currently visiting the southeast asian country. back to you. 's exports fell for a seventh consecutive month in april is the yen strengthened. the underscores the mounting challenges that prime minister abe is facing to revive economic growth. dropis worse the me 9.9% that have been estimated by economists. imports as well, fell 23%, leaving a trade surplus of $7.5 billion. forecast thats earnings growth will slow this year, even as profit jumped. we will continue to talk about that and the airline sector as a whole, the first, i want to go back to jeffrey yu. we jump back a second and talk to you about japan. the imports i think, that number was sort of massaged bite oil prices. -- by oil prices. but what do you think about that drop? this gives japanese finance impotence to, really intervene when the u.s.

know that abu dhabi issued a bond last euro month, taking advantage to get external funding. since then, the qatari out,nment has also sounded looking to take advantage of the rebound to help plug some of their budget holes. this is becoming increasingly important for the gulf region because of those generally lower oil prices. it is also becoming more important because bank liquidity in the region has been drying up. that forces companies, and sovereigns, to look elsewhere for external funding. we will have to see how that develops. so far, the demand for this debt issuance remains pretty bou yant. guy: tracy, thanks indeed. let's carry on the conversation here in london. we have an analyst from energy aspects. what do we know about the new minister? he is not just an oil minister. >> he is another industry veteran, another professionally educated expert in oil markets. we are not expecting a lot of change in policy here. i think there will be a lot of in the broad policy. the new minister is happy to leave it to the market, rather than to try to get opec allied, on board, and dea

euro is down against the dollar. u.k. 10 year yield at 1.2%. let's get back to the u.s., abigail doolittle has the latest from the nasdaq in midtown. the nasdaq trading slightly higher, the index has. gains to some degree, but health care boosted by biotech, the index having its best day in two weeks, helped by all the big names. one of the top-performing performing names from a percentage standpoint is horizon pharma after they beat first quarter estimates earnings by 12% and reaffirming the full-year view. ceo tim walberg says the expect operating cash flow to increase sequentially through the year. also authorizing a 5 million share buyback with lots of good stuff going on, may just trade higher. in the range mark: any notable drug? tesla are down for a seventh day. it seems that because of this could be despite a solid first-quarter, tesla did offer the new goal of producing 500,000 vehicles each year starting in 2018. some investors see this as a bit lofty or ambitious. delaysew as production in the stock is back down on the year by about 11% and back below its 200 day movin

profit, that is against a forecast of 160 million euros. just a touch above or in line of the forecast. in the ratio. 148loan-loss provision million and the estimate was 170 million so it looks as if they're having to make fewer provisions for loan losses than had been expected. before loan-loss provisions or 2.3 one billion -- 2.31 billion. the low interest rate we find ourselves in means that barclays suggesting that net interest income would most likely be dampened. keep an eye on what they say about that. another big theme has been cost-cutting. they are talking about aiming to keep their cost base stable. this deal see a full year moderate loss in long provisions. there talking about considering increasing the strategy of market share. we had already heard from the ceo at the agm that matching last year's profit would be tougher given the slow start to the year. they are saying this morning it will be more challenging to meet that net profit. it's going to be more challenging to reach the net profit of 2017. let's leave that alone for one second, we have numbers from bnp paribas t

euro. highest level against the euro since february as polling data continues to concern the remain the european close is minutes away. don't move. ♪ show me top new artist. ah, ha ha. show me top male artist. my whole belieber fan group. it's not a competition, but if it was i won. xfinity x1 lets you access the greatest library of billboard music awards moments, simply by using your voice. the billboard music awards, live sunday may 22nd, 8/5 pacific, only on abc. mark: live from london and new york, you are watching the european close. like stocks will finish the session lower. lower -- june is a live meeting. interest-rate probabilities have moved up risk assets getting hit hard today. not only did we have the news of the overnight disappearance of that egyptair airbus a320 jet over the mediterranean, which has hit travel and leisure companies across europe today, but also, thomas cook today said bookings for this summer are currently down by 5% overall. the man's for turkey significantly lower than last year's levels. it was unable to fully shift the man from turkey to other

second quarter. the earnings came in at 326 million euros. they have beaten the second quarter adjusted number. they are cutting the full-year forecast. that is the critical message here. second-quarter sales also missed -- 9.8 5 million euro. anna, it slides to 61 million. sorry, that is 61 million versus 38 million last year. it is an adjustment number which is the most critical issue. another red-hot headline is ing. we will talk to the cfo of a group later on. ing at $1.26 billion. the cfo of thyssenkrupp will join us. they will accelerate their think forward strategy. ing is very much in focus. anna: absolutely. the company is telling us their first quarter sales came at 5.33 billion euros ahead of the estimate. the net profit of 144 million. key questions around the french business. how well has the french business has been performing? it is a big topic of conversation. what exposure do they have to the quick move in the pound they might see in the 23rd of june. we will be talking to them a little later on on the program. first-quarter net sales, 5.6 billion euros. that is under t

in the next hour. here is what we're watching. the euro area economy grew slightly less than initially estimated in the first quarter. is it time to worry about the diverging economies in the region? betty: volkswagen continues to feel the pressure of its emissions scandal. forecasts.fit misses ireland's prime won aer enda kenny just second term last week. we will have more from our exclusive interview. it is 90 minutes into the trading session in the u.s. julie hyman has the latest. the market continues its fall a bit lower. julie: the s&p and the dow heading more towards their lows of the session. the nasdaq just flipping into unchanged. on my bloomberg, i'm seeing it up a bit. we will have to check those numbers. init of a decline overall sentiment, which is already been poor. retail is continuing to be a part of that conversation, even though the overall retail sales number coming in above sentiment, mostly having to do with online sales. nordstrom's falling sharply, the company cutting its annual forecast in terms of sales growth. it is looking for 2.5-4 .5%. to changes

pricing shares new the middle of the range. 20 euros a share. company at 3 billion euros. selling off a 25% stake. what really, i i this morning was a line out of bhp. talking about the real spark for copper demand which will be renewable energy. i guess the electrification story, everything else is going to happen surrounding the renewable story. it is going to be fascinating. the european equity market story about to lift off. we have a live shot of the amsterdam stock exchange as we wait for the philips lighting ipo. markets not going to do very much. this as we await news from janet yellen. ♪ guy: good morning. welcome. you're watching "on the move." i am alongside matt miller. he is in berlin. matt has your morning brief. matt: put your barbecue on hold. yellen delays traders long weekends i giving a crucial speech this afternoon. jeff good luck takes she will be dovish. market pricing agrees. the g-7 ends with a whimper. japan's prime minister fails in his bid to have the group one about global crisis. one mention has been the brexit. david cameron using the g-7 to commit to the eu

euros in aid. investors are used to the fact that the fed could well hike interest rates. summer comfortable that it could happen in the next few months. marks & spencer shares, 9% lower. the biggest drops since 2008. the chief executive revealed a reboot of its closing strategy, a bit of a cool reception from investors as concern the plans are going to hit short-term profits and does not address some key issues. and and asked shares getting s shares-- m and getting hammered. dixons car phones beating estimates. fourth quarter like for like sales up. the forecast range, it sees 445 androfits between 450 million pounds. they have an outperform rating on the stock. it was driven by a strong u.k. across mobile and electronics businesses and unit as it takes market share. mobile spending has been surprisingly strong given the weakness we are seeing ahead of the referendum. we have the european soccer championships taking place next month and deal of the games as well. the core business is well under 10. and i just want to take you to what's happening. we know the chief executive is l

been tied at 41% to remain, 41% to leave. now we are looking at 46% to remain in the euro. less than 39% to leave. that is good news for the pound. that's why we see the currency gaining. i wanted to highlight another function on the terminal. we've been talking about debt and who hold u.s. treasuries because of the news we got out of saudi arabia that they own more than $100 billion in u.s. treasuries. if you take a look at this function, you can see who hold what as far as u.s. treasury's. the federal reserve is the biggest holder of treasuries. china and japan we know have a lot as well. ireland is the fourth biggest holder of u.s. treasuries. i thought that was interesting. betty: let's check in on the first word news. ahn has more. strucka wave of markets -- authorities say the bombings bore the hallmarks of islamic state. in the last week the group has claimed responsibility for attacks that killed close to 200 people. the obama administration reportedly will announce today that it is easing sanctions on the mr according to the wall street journal. myanmar has a democratically

in europe. your stocks down .6%. -- euro stoxx down .6%. dax is off .4%. payrolls could change everything. let's take you to the other assets around the world. clearly the aussie is focused, down 1%. 53.90 is where we are trading. how far behind the curve is the aussie gain? are we going to see further cuts? brent trading down. shanghai down 1.64. barely flat. what do you need to know? here's earthward news with juliette saly. juliette: the aussie dollar has dropped to a record after it reduced its outlook for core inflation. underlying inflation of 1% to 2%, down from the 2% to 3% forecast in february. it will be a challenge for governor phillip low. u.k. voters have given their first verdict on germany korman's -- jeremy corbyn's labour party. it sustained losses across england. the brightest spot for labor may .e the london mayoral election con has run a pro-business campaign. the election results may also give him the voter sentiment ahead of june's referendum. japan may be able -- may not be able to ignore the yen growing the -- the yen's growing strength much longer. -- h

and that boosted its profits by about 400 million euros. this is an industry going change as itndous shifts from nuclear to green energy. it has lost half its market cap in the last 12 months. quarter's rising at the fastest paced and 13 quarters, propelled by a moving industry as well as the -- this is the company that owns dhl express and logistics brand. shares in deutsche post up 2.6%. you are looking at disney. vonnie: down almost 5%, which is a big move for disney. we're back up a little bit. retreating by 3% still. this cycle between investors and wall street and the cable companies continues, and we can see this playing out in the disney results because that is what has investors a little jittery. the outlook for advertising dollars and distribution over espn. the other parts of disney did really well, the studio portion and the parks and the recreational activities. although it did say the stronger dollar hurt earnings on sales of merchandise abroad. dow, have a look at the down 6/10 of 1%, the s&p down for tenths of 1%, the nasdaq down one third of 1%. on to some ot

gaming company jumping after vivendi raised its estimates to eight euros per share. their hostile offer expands next year. the stock was suspended on thursday. it's up by 11% and this is a wonderful charge. back in september, 2014, mario draghi said he was going to boost the ecb's balance sheet to 3 trillion euros. back then it was roughly $2 trillion. the aim was to achieve 2% inflation. guess what? the balance sheet has expanded to 3 trillion euros but guess what? yellow line of inflation is , well below the target of 2%. it tells you that milestones are very dangerous in this age where central bankers are finding it area hard to get traction on prices. this is a wonderful charge. let's turn to the egyptair flight which went missing on its way to cairo from paris yesterday. we go live to paris. thanks for joining us. what can you tell us? >> not much has changed since this morning. the breakthrough today is the egyptian planes have cited debris from the plane. they have established it is from the plan unlike yesterday were there were false reports. investigators will go into action no

going to be devaluing the euro by pushing for lower interest rates. the boj themselves have surprised the markets by not pursuing reflation through a weaker exchange rate. the problem is that the strength an impact ons been economic prospects on japanese valuations. i don't think anybody in the world, particularly in japan, believes that china or global imbalances can be resolved. guy: so we get to 100, what happens? lena: i'm actually concerned. if 100 is the line in the sand for intervention, then the boj has really lost the game with respect to the markets. guy: many people would argue that it has, but they put a policy in place designed to do one thing, it does the opposite. lena: the boj, clearly they are willing, like the rest of the g-20, not to fuel global imbalances and global financial instability by devaluing against china. this is clear because the consequences of that were global economic uncertainty and tremendous systemic financial volatility. japan will not have successful reflation domestic policies at the expense of a weaker world economy. however, that shift they wa

. if you compare it with the way things were four years ago. they were in the euro crisis four years ago. things were quite a bit worse. there was no growth in france. wereigh interest rates afflicting italy and spain. the euro crisis is behind us in terms of an acute crisis about government that. it's just a very slow economy. unemployment is higher. there have been some region job creations -- recent job creations. it's fair to say things are better than when he took over. whether it's enough to go in front of the french public and run again next year, probably not. he was promising a lot more than this. the 2017 presidential elections are almost around order. are there indications if he plans to run again? greg: he seems to be running a campaign. his close allies of all been popping -- propping up his record. it looks like a coordinated campaign to burnish his image a bit among the french. the problem is all the polls show he would not get past the first round. i think he is just hoping that the unpopularity of some of the candidates in the other parties means his vote may not be

.. they are going to sell those two phoenix. things.generate of 400 million euros. it may emphasize digital technology. more details. we are getting comments from shinzo of a. they will make a decision on the sales tax hike. many have linked that to a delay in the sales tax hike. cpi fell 0.3% in april from a year earlier. joining us is that bloomberg editor. good to have you. what implications might this have for monetary policy? what about monetary policy? reporter: this is expected to intensify pressure on the central bank to act. this is a set of consumer price data, the last before the june 15 meeting. it is expected to have an effect in terms of that pressure. action can wether expect? they talked many times about the policies that are open to them. lower andout increasingly negative rates? reporter: there are several different actions they could take. there will be a lot of discussion about what that might he in the few weeks leading up to the meeting. the central bank last month when ahead at that meeting and for the fourth time in a few years, moved forward the inflation ta

stock and asld suspend its dividends uncertainties could leave to provisions of 4.7 billion euros. in 20 --ady sold stol sold stock in 2012 to boost its capital basis. a legacy of the crash in the property market in spain, the shares are down by 25% to a record low. interesting reports from citi. they have been looking at european bank currency exposure to the u.k. ahead of the referendum in four weeks. it is breaking down revenue and loan exposure i region. non-u.k. banks exposed the u.k., the bank of ireland, santander, deutsche bank, it highlights berkeley having limited u.k. exposure, less than one half the u.k., lows to domestic focus banks are more exposed. santander is down by 2%. that was an interesting report. big news out of the u.k., the latest gdp number was released earlier. we saw the figure the same as the preliminary estimates, .4%.h of what is new is showing that consumers are resilient ahead of the referendum. household spending rose by .7%, the fastest pace in a year, offsetting declines in export in business investments. will feelpicture debate about the impass

is correct, what is the upside on the table? what is the upside on euro sterling? well, if we do get a remake vote, i think easily over the next 6, 10 months, it could gravitate toward 1.60. euro-sterling, there to save the value is those are two's evan closer to 70. having said all that, as far as euro-sterling is concerned, one important element is what euro-dollars going to do. i think the dollar will remain on a week footing. i suspect a convergence in euro-sterling would be much slower. takes us nicely into the next topic, the fed. you mentioned what the dollars going to do. disappointing payroll number on friday. i was interested, bill gross of pimco talking about how he thinks the fed may still increase in june, even though market expectations are so low for an increase in june. he says this chart i have on the right is the key. this is average earnings. you're on your change. creeping up, perhaps. this is going to be the key. it will put pressure on yellen. vasileios: 100% agree on that. that is what the fed is looking at. i don't think the payroll report on the hole was disa

.3 6 billion euros. the adjusted operating profit though, was a bit of a mess, but the company said it is confident the progress is in the with its plan and 2020 ambition. pretaxat we got here was profit, adjusted pretax profit coming in at a beat adjusted. also, a four year adjusted eps coming in at a beat. the company also said a special dividend to be paid july 8. you are seeing that up 2%. finally, united utilities, what we have had here is four year adjusted operating profit coming in as a beat. substantial investment in assets is to continue and it aims for dividend growth and at least, rpi inflation. back to you, matt and guy. guy: we have some of the italian banks beginning to fade, above a bit of a standout story. i wonder whether or not this steel stock is rising on the possibility that we might see something when it comes to chinese steel. that could be positive, potentially. beinge family photos taken. let's take you to -- let's not take you to. anyway, we will come back to that later on. let's talk about the middle east, europe, and africa. when you look at what is happ

of as much as 4.9 2 billion euros. trading is expected to go ahead light. under the ticker the finland-based company will pay $800 million in cash and $19 million in shares. terex is in the parts business after they abandon a merger to pursue merger talks with a chinese company. chinese car hailing company didi is targeting an ipo in new york next year, according to people familiar with the matter. they say the timing will depend on how the firm's battle with uber plays out. last year, apple put $1 billion in two -- into didi. telecom italia has almost tripled its target for reducing expenses to 1.6 billion euros by 2018. cuts will include 800 million euros in operating cost, and 800 million euros in capital spending. that comes as the new ceo aims to improve profitability at the former state-owned carrier. that is your bloomberg business flash. guy: chinese stocks trading in hong kong rebounded from a two-month low, despite a raft of negative economic data over the weekend. retail sales and fixed asset investment it all missed estimates over the weekend. malcom scott joins us

like in the euro against the dollar. you can tolerate that tightening . because that's what it represents. a tightening in the financial conditions. -- with expectations of said policy driving changes and those expectations will build in coming months. most currencies will be under pressure against the u.s. dollar but only gradually because the fed cannot move more than once eric most twice this year. to david, the global market strategist at j.p. morgan asset management. manus: later today we hear from three federal presidents. from john williams and patrick harker of philly. tomorrow, the bank of england governor faces mps for the last time before the pre-eu referendum. bloomberg customers can follow as a get theine go rate decision from the bank of canada on wednesday. on thursday, the g7 leader summits getting underway in japan and we round off the week with the first flashes of gdp from the united states. >> as you mentioned earlier, of his political divisions laid bare in the latest election. we will bring you the full details. ♪ manus: you looking at a rather dull day

vague question is whether a lot of this growth comes from the ecb and a lower euro or whether it comes from sustainable growth thanks to reforms put in place for example by the italian government. gdp growthent, that pretty much in line. this is your market, or these are your markets this morning. stocks in europe dropping a touch because we had quite a lot of earnings that disappointed. we also had subdued economic data. gdp in germany was a little better than expected. haven assets including japanese yen, gold, also in fencing. -- also advancing. the australian dollar slid to a two-month low. we're also just kidding, i believe, breaking news from china. aggregate financing number, 751 million . let's get straight to the bloomberg first word news with nejra cehic. nejra: germany's economy grew at its fastest pace in two years. gdp rose just north of 2% in the month ended march 31. that being economist estimates of 0.6% growth. time for chinese companies to repay the u.s. dollar debt may be coming to an end. the greenback is rallying after its worst corner since 2010. that is dri

look at, 2.1 billion euros, nicely ahead of the estimate of 1.9 2 billion. a few positives coming through in the report them you go through it. they are raising the cost savings target for 2016. they talk about 2016 orders "materially exceeding revenue. " the markets remain challenging in 2016. positive words coming out here, confirming the financial forecast, talking about materially exceeding revenues on order. by the same time, and the cost-saving targets talking about remaining challenging, in terms of the market condition. we get the sense that this business, the ceo really changing the business portfolio to really focus on portfolio, cutting more than 15,000 jobs in the process. this is a builder of wind turbines, and they previously said back in january that they would have four-year earnings per share between six euros and 40.euros said they had a lot to reach those goals, an update coming through, they have been coming through since august of 2013. so interesting to get their take, changing the focus of the business, buying oil and gas equipment, and part of the rolls-roy

of rta jewelry -- of to 2.06jewelry fell billion euros. year foren a difficult luxury brands. ,ata ahead of asset allocation -- i continue to hear negative stories out of your on luxury sales. what is going on in the market, specifically in the european market? tapan: my sense is among the wealthy -- among the wealthy is low. there is a sense of despondency. you can see this in the way they are managing their wealth which casherly being held in rather than investments. the caution is coming through. europe is one part of the story. the other is the other big markets like china where they are other negative drivers -- where there are other negative drivers. guy: china has been the one just been causing concern. story and whatng if the chinese authority has started to crack down on that. the story really tense to the luxury sector. tapan: the luxury driver is still with us. until the policy changes, we will see. at the moment, it is hard to argue that that is going to be reversed. too much political momentum into that drive. outlook looksthe promising anytime soon. matthew: across th

connectivity. we have delivered more than 4 billion euro from our normal relationship. we are also building engines, sharing architecture with our daimler.at the we have a strong presence in the russian markets, which is well placed to benefit from a rebound when that market recovers. what we share, and the potential for many of the synergies in areas i already mentioned. nissan also would contribute the management expertise, and corporate governance experience necessary to deliver sustainable and profitable growth. we're at the beginning of a new journey. i am confident that mitsubishi, with our report, will be able to and take newrust business opportunities. for nissan, this alliance will extend our scale. we will deliver reporting, direct synergies. as i said at the outset, it is a potential win-win transaction. we have the track record to make it work, and to deliver the expected results. i will now invite comments about this a deal, then we would be both happy to take questions. >> ladies and gentlemen, thank you very much to be with us on this occasion. guy: he was talking wi

unit. have reported a net loss. q1, net loss coming in at 180 million euros. against a loss. that loss increasing a bit. they have taken a charge in the first quarter. giving us an update on their 2016 net worth charges and how that will affect operating profit. they confirm their full gear outlook. full-year charges of 270 million for their network sharing a look at the revenue numbers seem to match estimates. confirming their full-year outlook. this company has been planning to sell its phone unit to orange. that deal fell apart. the french market missing out on that chance to increase the pricing power to the french mobile space. onis now pursuing expansion the broadband side. last month, we got a confirmation from the ceo that their investment plan and also involving the telecom that an ipo was not on the agenda in the short term. it seems they may -- there may seem -- that there may be more to come on that wrench conglomerate. that is get the bloomberg first word news. yvonne: bank of japan governor kuroda has reiterated that there is still more easing for the -- that there is sti

take your debt out to 42 billion euros, critically, they don't see return on investment capital doing better than cost of capital until 2023. can your shareholders wait for our oic return that goes on five years or six years or seven years? matter of fact, in the first year after closing the transaction already, we see double digits turning to share accretion, and also the ability to they a higher dividend to our shareholders. starting from the second year, this will be a double-digit increase, about -- that's what it's going to be over and above our current standalone. in terms of return on capital, after the third year, and not way into the 20 20's, the way some people calculate, we will be earning the cost of capital and the premium thereafter. rapidctually a fairly value creating proposition, that's why we are so convinced about this. for more, i want to bring in aaron kirchfeld, who has been with us for the beginning of all of this in the industry. the hundred six dollars is the monsanto share price. -- $106ls us investors is the monsanto share price. that tells us investors are

. oil giving it up after a strong, ten-day period. euro stronger. there is singapore iron ore. that is a big move, 5.5%. an important chart over the weekend, of all the tankers off the shores of singapore. francine: that is an important figure, because overall we are seeing quite a lot of pressure on these industrial metals declining. european stocks were down but are now up at touch. huge, but at least they aren't falling. bayer, whoshow you made this unsolicited offer to buy monsanto. this is a big deal because of the valuation. people are% -- concerned they are overpaying. tom: citigroup publish this morning out of london, suggesting that there could be a higher bid in order, 13.5x. back over to commodities, let me do this quickly to get to our important guest. off we go with the rollover. here is the stasis in commodities. this recent rollover in singapore gets everyone's attention. the yen rallying after a slide into a three-week low, pushing it -- i know you know what this is. ichimaku, from monday. you studied it. it is used to predict currency direction. it's called the cloud -

growing in the future? antoine: in 2011, it was roughly 30 million euros. now it is 116 million euros. the growth is substantial. -- ambition is to contribut continue growing. has been a big success. we are going to refine our silhouettes. is leaving, and we are hiring a new one. it is an important moment in time for us. >> how are you recruiting him? what you want him to do with design? antoine: it is a historical brand. maybe a little too formal. a little more edgy and modern. maybe a little less details and a casualness that might lack right now. 2013 thatther sat in he wants you to make it profitable in three years time. antoine: we are a little late on the profitability issue. 2012, 2013,during and 2014 were substantial. we are not far from our strategic plan objectives. we are a little late on profitability. >> as you can see here, is that something that is going to grow as part of the brand? antoine: wearing a sock as issue is incredible. i was lucky enough to have of the spoke pair of shoes. it is like entering a sock when you put on your shoe. it is perfection. >> is it quite

billion euros. the big problem for private partlyent in germany is foreign factors, uncertainty about the recovery in europe. there is still uncertainty about asia, about china, the way has companies dependent upon growth. the private investments, it is still the german economy. the conditions for private investment are not for a favorable. infrastructure, transport infrastructure in germany is deteriorating. the labor market is getting increasingly tight. there are more than one million open jobs in germany. there is regulatory uncertainty for many german companies. that is what they are complaining about. i would say, largely a domestic reason why german investment is lower than what we have in france, although the german economy is doing better overall. the german government needs to look at this issue very seriously. guy: do you think the migration story will alleviate some of these issues? i'm not saying that maybe many of the migrants have the skills that germany needs right now, but at least it placed for that idea. i was curious to see in the latest employment data that we did

in the emerging markets. the what about europe on dollar? we have the euro trading at elevated levels, maybe too elevated. if you are mario draghi or try to figure out what to do. you would probably like the euro to be a bit lower from here. >> if you are an easing central bank you want your currency to be weak. that definitely helps you and in europe that is definitely the case. the two major central banks this year that have pushed on quantitative easing have had a counterintuitive reaction. guy: so what do they do? >> they carry on doing the same thing and what's happened is that has backfired in the short ,un, but the hope for them because it is a trial and error strategy is that will reverse in the medium term. guy: mohammed will stay with us. up next were joined by the cfo of elian's after the insurer announced its profit dropped on outflows to pimco. caroline: welcome back to a very sunny berlin. this is "on the move." alliance reported -- profit in its management vision did drop due to pimco outflows. joins us now. wonderful to have us on the show. let's dig into initially som

asnegotiations with nissan, the efficiency scandal terms of the page. set to receive a 50 million euro payoff to end the deal with chelsea, six years earlier. ♪ a very warm welcome to the program. i am anna and words. just facets :00 year in the u.k. will join us in dubai. the french banking group reporting their numbers, q1 profit at 227 million euros against the estimate of 220 million euros. that number beating estimates on the next level, large customer unit net profit coming in at 163 million euros. cole reportingi that trading revenue fell at the bank began a reorganization to streamline the capital structure. the cost of a rebound, that is also of interest. remember this european banking sector the largest having struggled this year, at record low interest rates, freezing income. and turbulent financial markets deterred clients from trading, listing, and other matters. that is something the whole sector has had to deal with. back in february, we heard they were selling stakes in three dozen regional banks in 18 billion euro transaction to simplify the structure, reinforce capital, an

scheduled to discuss the release of another 11 billion euros to greece. 50 minutes later, nigeria central-bank will start a rate decision news conference. what do we? it is about the right path. the central bank strategy is the right one. sticking to his forecast. two to three hikes. much more to come on countdown. ♪ anna: welcome back to countdown. president obama speaking in hanoi. is speaking at the national convention center, this after the u.s. chief said the decades-old ban on lethal arms sales will be lifted to vietnam which will further relations between the two countries. how will china respond? the other big news is the deal of billion dollars worth for the jet. this is part of his five day asia tour. will be going to japan later this week. it is 6:20 a.m. in london. let's get to bloomberg business flash. rishaad: right. let's take a look at the developing stories. possiblees probing money-laundering over the troubled malaysian state. bsi bank will shut its operations in the city state. bsi noticed intention to withdraw its status as an emerging bank in singapore. serious reac

right here in germany, it looks like a good fall at the open. it said, they would see 1.4 billion euros. the estimate was previously 1.6 billion euros. clearly, the glut coming from china, in terms of steel pushing down on the overall environment is hurting the environment, hurting the biggest steelmaker there, which is thyssenkrupp. investors could push this stock higher 1% to to presen 2%. we are also seeing the fact that the capital is looking better than previously estimated and the costs are coming down, guy. guy: let's pick up on that point. manish, you still with us, sitting patiently through our programming this morning. reason why you would even consider purchasing this. because it is so cheap? for do you think then it could be a value trap? have a concern about a big downside, but i don't see a big upside. it could be a trap. also, look at where we are looking. what worries me about some of , they have to sell off. second, if you look at the eu perspective on recovery, there is going to be a bail out. that is the cost of doing banking in europe. ,hen you don't have gdp growth

politically motivated. the attacker killed one person and wounded three others. police arrested a 27 euro german. witness reports that attacker yelled god is great in arabic. ofcanada, 90% of the city fort mcmurray survived the wildfire at about 2400 structures were destroyed. fled and will not be allowed back until police two weeks. lawmakers and brazil trying to impeach dilma rousseff are trying to get the process back on track. chief of the brazilian senate says he will go ahead with hearings. recess is charged with illegally using state ranks to plug a hole in the budget. the u.s. could bail out puerto rico by july 1, according to the national resource committee chairman. debt.ill restructure its island's development bank default did on $370 billion -- million dollars last week. a rainy and snowy winter has eased the states' five-year drought. global news 24 hours a day powered by 2400 journalists and more than 150 news bureaus around the world. tom: adam kohl's joins us live from london. there is no other phrase, where is the dollar. strong dollar or weak dollar in the coming quarter

and ceo of allianz global investors. it manages 442 billion euros. day in, day out, we talk about fed, will they hike? does it matter whether they hike in june? the world is not ready for a hike. the u.s. maybe but they could wait a little. >> i guess they could. unemployment is at low levels. there are risks on the tray de side. the dollar has been weakening. overall, the fed would much rather have rates higher. so would we, by the way. we need higher rates. i think, yes, absolutely. the market is anticipating putting on a 50% probability of one increase this year. the fed would like to her three. the truth is somewhere in the middle. -- the fed would like to or three. -- two or three. francine: you would welcome an interest rate hike because of the returns. the world is waiting for a normalization of monetary policy? and that is what we need. ern is you look at risks -- you look at brexit. we do not know if it is systemic. we do not know if this country would vote outside you look at the u.s. election. china, the risks. why the hurry? > >> you have to ask yourself the question,

euros. worst performing european oil stock over the past year. a fourth-quarter profits that beat estimates. says.k.'s former monopoly earnings rose 14%. includes two months of results from the british largest mobile network which bt acquired. credit suisse is carrying out a fresh round of cuts. two people familiar with the innder -- c jobs are going the trading unit. another round of cuts is planned for next month. would suisse said they eliminate jobs. the taz list ceo has set the company the most ambitious automotive timeline something model t ford. they plan to produce 500,000 electric cars in 2018. 10 times the amount they produced last year. that news came as tesla announced a first-quarter loss. the surprise super hero hit "dead pool" may have saved the quarter for 20 century fox. $751 million in global ticket sales. businessour bloomberg flash. guy: thank you very much. the turkish -- prime minister is expected to step down within the month. the turmoil has sent markets plunging. joined in istanbul. the markets have opened. looks pretty soft. reporter: that is right. a pol

get to our cairo bureau chief. on the phone is our north african euro chief. we have been talking about this. we have conflicting messages from officials. we know there is a huge search and rescue operation and authorities are reviewing passenger information on the disappearing flight. >> exactly. right now, so far, there has been a reluctance to say exactly what has happened to the flight. it is being referred to as missing or disappeared. the egyptian prime minister that theyaid on tv cannot rule out possibilities. he did not state anything beyond that. they're playing it close to the vest so they do not have to issue denials, retractions, or corrections. francine: we had conflicting reports. we cannot get to the bottom of if there was a distress signal sent. aat egyptian officials got 2:30 local time. we have a picture from marine traffic of a graphic of the ships closing in on the last reported position of the plane. this seems like a massive search and rescue operation. this point, the most they can do in the best they can hope for is go to the last known position of the flig

corporate. forecast,irming 2016 3.7 billion euros in net sales in the first quarter. that is in line with the estimate. the items for the first quarter, 1.1 billion euros, all in line with the estimate, if slightly ahead. still seeing four-year organic sales growth, relatively new ceo of this course of the business, took over at the german conglomerate. he has been restructuring for some eight years. has not lost a new drug since a decade. they make smart windows to lipstick pigments. more on the german orbit scene later on. let us get the bloomberg first word news. lowering --ies is moody's is lowering the forecast, before all of this really accounting for the week first quarter. 2.3%.ly up to a more pronounced slowdown in china is a big risk. and the outlook across countries remains uneven and largely weaker over the past two and egypt airplane headed from cairo to paris has disappeared from the radar. fromt ms804 took off charles de gaulle airport local time last night. they lost mitigation with radar around 2:45 a.m. cairo time. search and rescue operations are now underway. monsanto