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.

critical part in the numbers, profit negatively impacted by marking down their products in new zealand, cyprus, and puerto rico. the margins seem to have gotten a little bit better. in actual headline numbers terms of pretax profits, $3.3 billion. that is below the estimate of $3.7 billion. anna: let's check in on the equity markets. it looks like we might get a bounce at the start of the european trading day. it looks as if we will be up 0.5%. the asian session, treading water. manus: a lot of this goes back to oil. broke the saudi story. it moved the oil market by 6%. then the kuwaitis said, delhomme might be something where we can but beargain -- doha something barbican we can get a bargain. let's have a look at the oil markets. we are seeing a nice relief rally, and that is what drove the asian session. you are seeing the oil prices. $36 79 cents, both of those substantially higher coming on the back of the delegation suggesting that the conversations in doha might still matter. we have had the yen hitting its strongest in 17 months. it went through the 110 level, almost entirely unchanged

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