i want to point to the book on cyprus, 0.45. you are still very much priced to a recovery story, priced as a stock that has issues with mvls. why the step up to the big stage on london is the right thing to do right now? >> t satisfies the sectors, and on germany it is more than that. there are new reference point for you. we've been talking about fighting liquidity and value for our stock for more than a year now. the cyprus exchange the quiddity is too low for a balance sheet that has more than 3 million in equity. we need to find more long-term investors, greater liquidity in the stock, and the story to long-term investors. john: will you be able to do this? edwin: wilbur pushes you on everything, and that is the nature of having an investor in your stock. i welcome that. the london listing was inititially my idea. john: he is saying something else. edwin: we are all saying we need the highest standards of corporate government, corporate banking, we need to tell our story to a wider audience, and it can be done by longer-term
the price to book on bank of cyprus, 4.5. you are still priced as a recovery story, as a stock with problems and issues with mpl. why the step on the big stage to london? why's that the right ring to do? >> the german banking sector is priced at about the same as us. that is a new reference point for you. we have been talking about finding liquidity for more than a year. the athense it clear and cyprus exchange liquidity is too low for a balance sheet with more than 3 billion and equity. we need more long-term investors and greater liquidity in the stock. we need to tell our story to long-term investors. is the nature of having an active investor in your stock. the london listing was initially my idea. >> is not saying i need london to get out? board is saying, we need the highest standards of cooperation, transparency, tell our story to a wider audience, and to know that this stock with this equity can be owned by long-term investors. >> preliminary first quarter earnings coming in. smartphoneaxy s7 proving to be a surprise.
john hurricane, the bank of cyprus ceo. we are now four minutes away from the european equity market open. it looks like we are going to see a positive open. we will take you to that open next. ♪ guy: good morning. you are watching "on the move." i am alongside hans nichols, who is in berlin. what is on deck this morning? hans: it looks like futures are basically positive this morning and we want to look at the fed's rate. the fed may be getting more dovish, but jpmorgan is still worried it might still plate and too -- it might still tighten too quickly. japanese currency rallies to its highest level against the dollar in several months. a fresh blood to unity in europe as voters reject a treaty by a margin of nearly two to one. how u.k. politicians make their case on the brexit with this vote. fair market value is moving in the positive direction. let's get to caroline hyde at the touch screen. caroline: we could see another day of gains in europe. is it the fact that the dovish fed remains in place? we seem to see we ar
the three largest investors in russia -- countries like cyprus -- why? because it is russian money coming back from offshore zones back to russia. the russian government has now announced the problem of the authorization. that means they want amnesty announced. the people who declare now their assets, they are not even subject to the money they earned prior. by people have to register january 1, 2016, their offshore companies and will start to play taxes only in 2017 for this. the government is trying to bring money back. what it is legal for russian companies in russian people to have offshore business. i think most of the russian large companies registered offshore. guy: so, anybody in russia who as they offshore account is breaking the law, yeah? andrey: no, definitely not against the law. it relates to russia, to the ukraine. i have to say, i never read any thing which related to mr. putin directly. he was not involved. and the fact that his daughter was celebrating a wedding in the ski resort, which is actually not expensive and used for weddings ev
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