they imf has taken the hardest line -- the imf is taken the hardest line on greece. the americans will try to pressure the germans to soften their stance on greece a little bit. the german finance minister does not seem like he is in the mood for that. francine: he certainly doesn't. talk to me about cable consolidation. charter communications is reportedly close to a deal to acquire time warner cable. hans: number four would be taking over number two. this is a $55 billion deal. there is a $2 billion breakup fee. we are going to see a lot of cable consolidation in the states if the regulators allow it. francine. francine: it is always all about the regulators. hans nichols thank you so much. the very latest on what to watch today. that is it for "the pulse." stay tuned for "surveillance." they are live from new york. later today, the ryanair ceo will join bloomberg in the 1:00 hour for an interview -- that is 1:00 london time. guy johnson is off today. he will be checking his twitter. we have a big day in terms of volatility on the markets. i would also point out th

good greece default on their payment to the imf? in terms of merkel, is she facing internal rankings of support for her position on keeping greece within the euro? sterling also off by 0.25%. all that glitters is not gold as the euphoria fades. this is dollar-sterling. they are still up over 2%. the bank of inflation -- bank of england inflation report out tomorrow. no change expected there. the debate is whether mark carney will have latitude to do as he wishes on the back of the data of fiscal austerity, which is expected to come from the new government. hans redeker saying this morning that politically motivated rallies like this are typically short-lived. the flow of sterling has been short-lived. the longer-term flow has been dissipating over the past number of months. dollar-sterling down at the moment. mark, back to you. mark: thanks, manus. daniel is here. finance ministers in europe meet today. daniel, our man in athens was saying that as long as greece get some sort of tacit acknowledgment from finance ministers that progr

they were using imf to pay the imf. the interior minister is part of the radical left platform who has a concern passing these reforms. there is a school of thought that these voices aren't dealing with. still ground to be made up. they are not going to let them get away with those crucial pension reforms even if they will give them a bit of latitude on labor reforms. i think you only have to look across at spain and the gains put in for the party they can't give them any more latitude here. >>> it does seem as we get closer to june the 5th we're getting closer to a little bit of default. does a default mean a grexit? >> we're talking a missed payment. it is not a credited event, if they don't pay the imf. the one thing i would carefully mention is in the master agreement that the huge portion of money that's been lent to greece has the right to miss the payment to the imf which will accelerate the payments on the bonds. fortunately, it's discretionary, so it would be a choice. a missed payment wouldn't send a good mess

they are using imf money to pay the imf and ultimately any relief of further funds will be used to pay back the creditors. guest: if they don't get that next bunch of money they are not going to pay. it is not very clear but they are saying they might be able to get a deal this friday. my point is if they have to default than they are too late. in january they had a primary surplus and i could have defaulted and use that money to make the payment. jon: you think they would've kept the primary surplus with the default? guest: they would not. it is about reforming the economy. you can't reform the economy -- even if you pay six months down the line you will come to the same scenario. jon: people watching this -- a series of guests have said this doesn't matter for investments across europe but you are having a great year, what are you up, 9%? what are you picking? guest: i did not hedge out the euro because i expected the eurozone economy to do well. and those who take stock in financials have done very well. amazon and apple and these talks have done well. jon: coming up, a slow start f

greece will be able to make that repayment to the imf. it is unclear and also the question is what is going to happen next as negotiations are underway for a 7.2 billion euro lifeline from the imf to greece and the government. negotiations between greece resumed on tuesday and earlier i spoke to our athens correspondent and she explained where the negotiations are at this point. >> the technical teams were supposed to meet in brussels today to discuss the stumbling block. that got pushed back to tomorrow. today is a teleconference instead. tomorrow the technical teams will be meeting and discussing a number of issues including the eu and the imf wanting to change the regulations and discussing early retirement and the differences in the fiscal gap. once these issues are resolved, we are hoping to come closer and have baby steps. greece is running out of time. we have the repayments as well. also what greece is hoping for is a euro working group. they are hoping for that for thursday. the working group is where representatives of the euro

you're talking about imf you can't default the imf. you are talking about loans to germany, france, etc.. there is no need. those loans are very long and low interest-rate. we can see a deal based on three things. extended the maturity. extend them further to 50 years. if you have a big debt, you would be more relaxed. it is very low. we think that increases more sustainable than people think it the interest rate is very low. there is no reason why germany needs to make money on the interest of greece. i think the news reporters are alluding to is the bit of difficulty is they wanted decent primary budget set up either by the pensions or rate reforms. come up with a plan. the surface targets are too tough. bring them down. find a solution. the eu has gone easy on france for several years. why not use back bit on greece. that is most likely scenario. from a bondholder point of view we own portugal which is correlated, there is a danger that the burn the bond -- if you like germany being burned, that is a mathematical fault. when it do t

if you look at the imf talking , the imf is actually saying they want to inject reality into these conversations. you, the united states, are not the only player in town. whether it is christine lagarde or the world bank players, they are concerned that the only world bank president without a global strategy is china. and they are building institutions the infrastructure bank and bricks bank that are challenging global institutions like the imf and making them weaker over time. the imf once to bring the chinese in. that is hard to do. creanian bremmer with tom -- tom keene and brendan greeley. olivia: interesting point he was trying to make is that this book is not about the decline of american power. it's about the financial system, the role of energy, the attractiveness in the market. it's about a lack of strategy. pimm: i think you could write that book. olivia: thank you for having me. i will see you tomorrow. pimm: still ahead, more on the soccer scandal. ♪ pimm: welcome back. i'm pimm fox. let's a look at the top stories this hour. going after corruption in the world's most popular sport

the imf paying the imf, yes. but it is allowable as long as they replenish the reserves within a month. that is the key. the tone was better yesterday but did anything change in terms of getting a deal imminently? we are told the deadline is the end of june. they have to replenish before the end of june. francine: it is unclear whether it is a month or two weeks that they have to repay the money. that would be a worse situation. guy: the clock is ticking louder. francine: thank you. john kerry heads to russia to meet vladimir putin for the first time in two years. ryan chilcote joins us with the latest. thank you for coming. how significant is this? ryan: it is significant. first time since the ukraine conflict began. the ukraine conflict is the reason it has been two years. that has frozen u.s.-russia relations. he will be with the foreign minister of russia and putin. i am sure they will talk about ukraine. u.s. officials quietly tell us they are concerned there could be a new offensive. additionally, the u.s.

to involve the imf. hollande putting pressure on creditors. they were probably be a gradual right down of debt. i think that that will actually benefit the european economy overall. rishaad: equities in europe? -- is havingtative a strong impact on europe. highs,the dax at 12 be a and obviously we have seen a reduction in the last few months specifically regarding what is happening in greece and the uncertainty regarding the euro. we'll feel that the quantitative easing of the euro is making exports warm attended -- more competitive. we believe there is more upside in europe once these greek situation gets sorted. rishaad: how much do look at the dollar right now? another rebound taking place, legs and if you are looking at other equity markets, how do you shield yourself from its appreciation? guest: to put things into perspective, the dollar index was around 101 and january and is sitting around 96. we have seen a depreciation in the u.s. dollar and that has an based on what janet yellen said on friday

brendan: from my reading, they have a payment due to the imf, the they have a month to the imf to report it, then three months to look like it is in arrears. is there any sense from where you are standing in brussels that they will try to run that out a little bit this extra month and next three months? tom mckenzie: the sense is they certainly will do that. that is what we have seen the last few months and years. this brinksmanship is going down to the line. they are going to do that. they are going to wait, it looks like, until the last moment because they can keep pushing back on this. the comes a port -- there comes a point when the end of these deals comes in june, the 7.2 billion euros. the ecb will tighten the screws if there is any positivity out of this. a lot of big questions. tom: tom mckenzie is in brussels belgium, this morning. after the jobs report and surging equity markets, has the calculus changed for janet yellen? jerry before the u.s. economy, brendan has this great "business week" chart from years ago. help me here brendan. what has changed? brendan: nothing has chan

of course you also have the imf warning that a grexit could happen but the imf confirming that athens would be permitted to delay all of the june repayments until the end of the month. so that's where we're set up in terms of heading into june. let's take a look. the cac 40 down 1.2%. the italian market down. this is the last trading day of may. we're almost halfway through the year and if you take a look at year to date performance, italy is actually the out performer. up 24% year to date. the german markets seeing a gain of 18%. a lot of that having to do with monetary policy coupled with the weaker currency environment. the euro of course holding on to 109. a quick look at the bond market. interesting enough yesterday u.s. treasury bonds strengthened driven by a strong auction. the bond volatility increased in april due to the sell off in the european bond market. but now yields stabilizing at 2.12% on the ten year and in germany we're looking at the yield at 0.51%. let's take a look at currencies still a big part of the conversation. it's one of the reasons european equities have

now, the imf said that is a possibility. greece has said they will be clear on whether or not they will avail themselves of that possibility. the bottom line is they need the cash to transfer. as of now, and looks like they do not have it and will not have it unless unless there is an agreement. one other thing on deadlines -- it is not going to be on sunday. that is very clear from eu officials. let's listen to what mr. sapin had to say in terms of the timing. sapin: the talks are progressing faster but not fast enough to conclude. everybody needs to be in a discussion mode that is sufficiently hurried, sufficiently concrete, sufficiently technical but also sufficiently political to reach an agreement in the coming days or weeks. every day that passes makes the issue more urgent. hans: everyone at the end of this press conference is going to be focused on madame lagarde. yesterday she talked about the potential of a greek exit. the newspaper reported it as a possibility. everyone will be pressing her on how likely she think

greece has until tomorrow to make to ledger million euro imf payment. -- 200 million euro imf payment. we speak to ryanair ceo about how his airline is attracting corporate travelers. ♪ guy: good morning. welcome. you are watching "the pulse." i am guy johnson. francine lacqua will be here a little bit later. she will be rejoining. talks about greece and creditors are dragging on. the reports of progress, no breakthrough to guarantee the flow of liquidity to greece francs and they are doing to make a payment of around 200 made euros tomorrow. let's bring in our reporters. we are joined by phyllis. let's start with you. where are the differences and the gaps? reporter: the same a red lines of the labour front and reform on the cell of state assets -- sale of state assets. and these sides are talking about during the negotiations and we will have the differences by the european commission latest economic forecast. those are to be released in the next hour. maybe we can understand why there is israel difference in a fiscal assumptions between the two sides. guy: looking for to that dat

after the imf statement, an official at the u.s. treasury said the you want -- theyun remains undervalued. is including the u.s. dollar. not a lot, but up 7/10 of 1%, but what they are saying giving the movement up of the wine -- yuan, it is no longer undervalued. now, let's push this board. making it floating, float the currency within the next two to three years. toot of things will have come to fruition. they have to open up a capital account. important, what the imf thinks, but it is more important what the pboc thanks, right? they really have to change the mechanism as to how they set the daily med point. if the midpoint is not that by is not as, the story blocked by investors. now, investment implications. it basically means a portion of global currency reserves will eventually have to move into the yuan assets. i think standard chartered out a number. mrs. is over the next five years. agie: it is trying to become major reserve currency. how far along on the road to this are we? david: they review this basket every five years.

the imf is looking at labor and pension reforms. indeed, i think that this came at the most wrong timing ever. let's hope it goes unanswered. manus: i want to turn our attention. it is the weekly cliffhanger isn't it, for greek banks. will they or won't today, the ecb, continue to state-fund the greek banks? that is probably in an appropriate way to refer to it. paul: the point here is, the ecb may continue to allow the greek central bank to replace the deposit outflows of the commercial banks but under what conditions? there is rising discontent in the governing council as greece veers closer to a default, which would direct the banks. the euro system is on the hook for some of those payments should the greek central bank lose money. one argument is that ela should be reduced. that could precipitate a crisis. the other is increase the haircuts on the collateral, the discounts on securities. that will be something that is debated today in frankfurt. it is a thorny issue. we may not get a decision today but we will get a lot of talki

alix: does the imf have the power here? can they force them? hans: not at all, this is purely medical. it will eventually have to be a decision by the eu or they will take the risk of the markets getting stressed if it looks like we are going towards some kind of default. alix: greek bonds are trading like stocks, you been in and out of the market. at what point do you walk away and say -- game over for me? actually, the greek bonds that we are trading, the psi bonds, they are, well, they may be subordinate but the fact is that they are senior. we put restructured it it under u.k. jurisdiction and took 53.5% on the haircut. the ecb and the central banks of the european countries took the same haircut on the same bonds and then we would not be in the dialogue we are now. three days before we hit the deal they hit a separate swap at par. we did one at 46 and a half cents. alix: that's nothing. hans: any kind of profitability treatment we've seen in the past, there's no way it comes back and forces us to take an additional haircut, so really the p

wednesday, imf bill. 200 million euros. they are likely to meet at and have enough money for the rest of the week. that is the good news. next week, another major imf bill at $840 million. and the ecb in the frame as well. already cap to local governments to pay for pensions and state wages. but the prime minister seems to be coming to a head and it looks like ecb might be the biggest enemy here. zeb: absolutely. he takes a lot of criticism and questions from the creditors. the ecb said it is not satisfied with the progress greece is making. it could type conditions on emergency lending. that is happening wednesday. that would put greece was into default. that is where the story ends, if it ends that way. imf, greece does not want them to see it that way. but moves like that type emergency restrictions -- titan emergency restrictions. it would push it closer to default and that could have been the end of this month. angie: thank you for that. let's check in on markets. a number closing. new zealand is falling have to presen

olivia: the imf is talking about a debt cram down in greece. the imf had told creditors that it may cut off support to greece unless greece writes off significant sovereign debt. the european commission is saying that the impasse over greece's fiscal crisis is strangling the economy. the ecb says the greek economy will grow just one half of 1% this year. >> it seems all of the protections for greece are subject to a high degree of uncertainty and discussions about policy measures are continuing now between the institutions in the greek authority. olivia: euro zone finance ministers are refusing to give greece more bailout money until the country agrees to economic reforms. congress may be close to giving president obama the room he needs to finish negotiating the nuclear agreement with iran. it would give congress the right to review or reject any iran deal. a senate committee approved the bill, but senators marco and tom cotton have proposed changes that democrats opposed. republicans may agree today to end the debate and set up a vote. my cut

there is no deal in sight and a payment to the imf tomorrow. that means greek yields go a little bit higher. we see much bigger moves over in greece and we are seeing today. they are up for basis points. i think we go back to that story with these huge gyrations in the global bond market. there is a taste of that this morning it. they state higher this morning. there is some action in the bond market. the fx market, there is a weaker euro. this one is not the only one is not the only when i am watching this morning. it is weaker against the dollar. this is a bank of england non-decision. every single economist is expecting no change today. the economic forecast for the bank of england and the governor speaks. does that mean tighter fiscal policy? does that mean looser monetary policy? francine: investors are still split a met. tom keene joins us from new york. nice to see you. what are we looking at today? tom: we will go to francine lacqua in london and talk to her about what she learned over the weekend. i thought the coverage was absolutely

hans: especially if you a 1.5 billion to the imf. the emerging consensus is that minor progress is being made but the speed of the negotiation isn't happening. when i spoke to pierre moscovici, he repeated his claim that time is running out. have a listen. >> time is running short. we need to speed up to get to this agreement that we all want. although there are progress there is still a way to go. there is still some more progress to be done and substance tension -- and substantial reforms that need to be done. hans: the background call this is that madame lagarde in an interview last night acknowledged the potential of a greek exit. early in the evening, it was reported that she said the greek exit was a possibility. they walked that back. the imf sent us a transcript. it looked like she said it was a potential, not a possibility. the fact that we are arguing over those words gives you a sense of how tense negotiation is and how concerned everyone is. these negotiations haven't seemed to accelerate. jonathan: that's it, hans. we go

greece has until tomorrow to make to ledger million euro imf payment. -- 200 million euro imf payment. we speak to ryanair ceo about how his airline is attracting corporate travelers. ♪

the finance minister says they prefer faulting on imf's -- on imf rather than pensions. a fight is coming and there is a big meeting in the eu. what is the expectation? will there be a deal with one hand saying there is optimism and they're a fog is saying i would rather -- and them saying i would rather default to the imf? this could force hands because the banking system is on the verge of collapse. cash is running short. the political convergence -- it is all coming to a head, if you will. a few key dates in the future, greece is not out of the was. they face key payment deadlines -- out of the woods. they face key payment deadlines. the next imf payment is june 5, 1.6 billion euros. then, big payments to the ecb in mid-july. in august, 3.5 billion euros alone on july 20. that is just a fraction of the bills that it owes. angie: thank you. asia's best performer in the first quarter, but in this current one it has gone from first to worst. economic headwinds are strengthening. david has been mounting problems. david: a lot of problems in the short-term, long-term, and

the imf payment of this week on another next week. we are getting closer. an old friend of yours you like him. he is very bullish to modest bullish. what is the difference between very bullish and a modest bullish? jonathan: i love forward. we will talk about football in just a moment. manchester united, not a secret. the weekend scores. what was that? mark: 3rd loss in a row, more than a decade. goals to -- uggh. jonathan: heading into the worst a season since the 1990's. mark: what is going wrong? jonathan weber the scotty's selling they st -- berlusconi is selling a stake. stop spending money. that's what will talk about now. former italian prime minister berlusconi. the buyer is a thai investor preheater berlusconi have reached a preliminary agreement. let's get out to me line. -- milan. we are joined by danny greenleaf. talk to me about the deal. i am a supporter. i want somebody who has money. it is not clear this guy has much money to spend. danny greenleaf: no, it is not pretty at what we know after weeks and months after speculation and rumors, the

aboutow, it has to pay $840 million to the imf. the saudi king is skipping camp david -- a number of issues will prevent the king from attending. the saudi's and other gulf countries have been concerned the united states is being too accommodating toward iran.

manus: imf director and the ecb president spoke at a panel at the imf headquarters where draghi defended his qe program. draghi: faced with unprecedented decisions, the ucb -- ecb has gone through a. to deliver its mandate. these measures have delivered to be potent, more so than people anticipated. we increase confidence and economic prospects to capitalize on today's extremely accommodating finance committees. mark: barack obama promised leaders of the persian gulf that the u.s. would come to their defense in the case of any external attacks. that was at a meeting at camp david. he also said any deal with iraq would prevent it from giving -- getting a bomb. elliott has more. have gulf leaders concerns been eased? elliott: it is hard to know what more they could've expected. they were not expecting any ironclad treaty of mutual defense or anything. given that was not going to be on the cards, it is hard to know what more they could've expected. president obama was there to tell them he had their back and he would help them deal with issues. there was also john kerry, treasury secretary,

greece has four payments due to the imf this month, the first this week. toughestnstalling the anti-smoking laws in china, banning smoking in indoor public spaces, offices, and public transport. new laws require businesses to discourage customers from lighting up and report anyone who refuses. $30.ules include fines up china's center for disease control says 1.5 million people die every year from smoking-related diseases. let's look ahead at the markets this morning. thailandnd, singapore, closed for public holidays. but we are counting down to open korea.n, australia, and japan, 11 straight days of gains. futures in chicago are pointing to a lower open after a selloff on wall street last week. weakening, 124.21. , china defended its claim to disputed islands but did not threaten other countries. the u.s. try to mobilize a consensus against china but avoided inflammatory rhetoric. stephen engle taking a look at the discussion stephen: cooler heads prevail in publicly, but behind the scenes, i'm sure they got down to brass tacks. that is china being much mo

it does not look like there will be any give him the imf will either. caroline: clearly, varoufakis is talking tough it what about tsi pras? does he have the mandate to get this through? hans: a status check on how they have done recently, a big, long meeting. remember, syriza has a 12-vote margin in the 300-seat parliament. the vote was to say, do you want to default on payments or stay true to our principles and not compromise? the vote failed by a count of 95-75. that means there are 75 within the greek parliament that do not want to compromise the principles, even if it means defaulting to the imf. this is going to be center stage at the finance ministers meeting that takes place here in germany. wolfgang schauble it looks like he will be holding the line that austerity needs to continue to be implemented. we will can -- we will see whether the americans and others give in to this demand side argument. we have to see how this is going to fall out. caroline: hans nichols from a bright and sunny berlin. thank you very much. manus: let's go over to hon

it should be enforceable under the international rules under the wto and under the definition of the imf. we are not mandating the outcome of any particular negotiation. this means that japan walks away if there is something in here? then there is something else going on here and we have to be very, very concerned about. this is also about countries attacking us on our domestic policy including quantitative easing. our amendment explicitly exempts domestic monetary policy. in fact, in the text of the amendment, "nothing in the previous sentence shall be construed to restrict the exercise of the mastic monetary policy." now in the side-by-side by the leaders of our finance committee, they have no such exemptions. which is interesting. some have contended that by adopting our amendment again that particularly japan will want a way -- but they really can't have it both ways. either the bank of japan is not doing what they have done for 376 times in the last 25 years. 376 times despite the fact they signed on the dotted line with 188 countries, signed on the dotted line, deposit to the imf w

, so they used imf funds to pay the imf. it is unclear if they will be able to do that this week, this month. they have got the big payments coming up in june. remember, june 5, they have about $300 million due to the imf. there will be some busy meetings coming into it. and here is the issue. it seems like there is a question as to what is the greek mandate. his government is interpreting it one way. here is the freshest quote we have from athens area they say we are striving for a mutually beneficial agreement by friday. our mandate from the greek people is to reach an agreement where he stay in the euro area without harsh austerity measures. the big question of just what is the greek mandate, what the new government mandate is, that is going to define the debate this week. one final note that $7.2 billion left in the bailout fund, 3.6 of it is controlled by the imf, and, mark, the imf be taking almost a harder line than what you're hearing out of some european capitals. mark? mark: hans, how much breathing room do they ha

you could have a missed imf payment. the next one is on the fifth of june and there are payments until the 19th. we are dancing close to the edge of the cliff here. but remember, even if there is a default, the ecb will give ric banks andthe b there could be a cyprus-type situation. there could be a political crisis with the government having to reassess what they need to do. in the end, it is a political problem. 60% probability of an agreement, a 40% chance of a political crisis, but the greek people want to stay in europe -- in the euro. betty: thank you very much. we will get an insider's look at the fed's rate decision with the st. louis fed president. you can watch that live at 3:00 right here on bloomberg television and listen to it on bloomberg radio will stop -- bloomberg radio. tom: coming up, we are going google's development day and find out where are the big products and services. and more on the fierce battle between fitness trackers. that's next. ♪ betty: welcome back to the bloomberg market day. pimm: l

>> another hurdle tomorrow when it repays the imf $837 million. roundtable does gushing him what his neck for the struggling country. >> president obama is honoring entrepreneurs today. they are tackling some of the world passes toughest challenges . emily chang spoke with one of the north to met with the president. when we were reached out to on behalf of the president to be invited here as part of the adjuvant ownership program, i was incredibly excited. my story, i started as a designer six or seven years ago and now i am a hopefully very successful entrepreneurial. as roley, we are here models and to help inspire other people. emily: you have moved into cuba more quickly than almost any other u.s. business. give us an update on how business is going there and will

one week from the day -- from today greece must repay the imf. the eruption of a volcano forces people to flee a small japanese island. ash billowed almost 30,000 feet high. our than 100 people were evacuated. no one thankfully was hurt. this is the second highest volcano to a rapt in -- to be wrapped in two months. tom: into the data check with miracle speaking on cameron and shoretel speaking on citrus, it is like two zeitgeist's. the euro strengthening fractionally. futures negative three. oil has been light over the last couple of days. close watching into june. 13.31 showing us elevated equity prices. to consider equities have been so resilient. the big story this week ¥124. something nobody is talking about, a lower german yield. positive 0.50%. brendan: this is bloomberg surveillance. tom: going north to canada. our guest host, david rosenberg, is from toronto. he is shocked at the disinterest americans pay two things economic north of the border. oil is the heart of the future for canada and here i say, for america as well. david is join

the government said it was in position to make this particular imf payment. but this is small money compared to the amount of money that has to be repaid by greece in the coming months it's going to be a long fruit summer. it owes another $3 billion plus to the imf in june and september, and another $3 billion to the european central bank in july and august and so those amounts of money will continue to have to be paid. greece will have to find some way of returning to liquidity. that's what these talks in part are about. >> jonah hull, thank you very much, indeed. >> now under french law almost half of all music played on national music must be in the french language. it was created two decades ago to protect french music but many believe it no longer applies. >> the team provides itself playing a mix of music whatever the language. but in doing so they occasionally break a law that dates back to the mid 1990s requiring 40% of all radio music to be french, half of which needs to come from new artists. >> the legal quotas are not the best way of supporting th

their payment is coming due to the imf. their position is so tight that the next that can happen at any time. guy: nikos chrysolaras joining us from our athens bureau. let's take another quick look at that picture of merkel, tsipras and hollande. the body language is absolutely fascinating, particularly with mr. aland on the right-hand side. this brings us to our twitter question. if this is a game of poker, if these guys are sitting around the table, who would have the best hand? the obvious answer is angela merkel and francois hollande but is that actually the case? let us know what you think. if this was over, who has the best hand? is it about playing body language? let's talk about greece. let's talk about europe. mr. draghi is speaking at that event in portugal. we have some analysis on that as well. we are joined by jacques. friendly, constructive, but no deal. i'm getting a bit bored of this. jacques: they are still far apart from each other, and i think that every side is sticking to his own view on this. clearly,

greece needs money to pay back in imf loan last week. they say both sides will have to compromise. >> both sides will have to move. greece has got to get more serious and determined and clear on what reforms it will take. it will not be politically easy for its leadership but the europeans need to recognize there are limits to the degree of austerity that can be imposed. olivia: bloomberg was told the imf is the main obstacle to the agreement. amazon will now offer free same-day delivery to amazon prime customers and 14 large u.s. cities. prime members pay $99 per year for discounts video streaming and it will now be free for over $44. they will have a choice of over one million products. an apple executive appears to suggest cars will be the next frontier. apple wants to invest its cash. the senior vice president jeff williams said the car, the ultimate mobile device. global report -- bloomberg reported apple destined to thousand 20, though the program could still be halted. those are your top headlines. erik: the five things you need t

finance ministers meet in brussels hours before greece has to pay the imf. e-government in athens needs to be able to show some form of progress to persuade the ecb to maintain the flow of emergency funds. at the same time, german chancellor angela merkel is said to be under growing pressure from within her own party to give up on greece and allow it to leave the euro. let's check in on markets for you this morning. zealand, where we are seeing gains, .5% higher. the new zealand dollar is weakening right now. let's head over to japan. friday, the view on climbing from a one-month low. futures in chicago pointing to a higher open. the s&p 500 was in the green after softer than expected jobs. not enough to stoke concerns about the economy. dollar-yen is weakening slightly. the most accurate forecasters for china are not as bearish and negative as most other analysts. based on their track record, it is probably a good idea to listen to what they are saying. david is here. who are these forecasters and what are they saying? david: we have had some of these forec

june 5 is when they've got to pay the imf that first installment. hans: one proposal that was floated -- we had two proposals floated yesterday out of the greek finance ministry -- one is the idea of a transaction tax on atms. they want to prevent people from paying cash to funnel people into the credit card system. after floating that, they drew that back. there is another proposal out there to have a 15% tax on foreign deposits by greek nationals. this is to get after money stashed away in a swiss bank. they are not necessarily walking away from that just yet. the challenge with that is it would take a while to put into effect. it won't lead to immediate revenues, and it's an immediate cash crunch they face. caroline? caroline: thank you very much, hans nichols. mark: join the conversation on twitter. trending is fifa. that is a big story on twitter. that is the big story on bloomberg. that is where you'll find us @carolinehydetv. caroline: ireland has given the green light to iag's takeover of aer lingus. we are live in dublin after this short br

greece needs more ballot funds so it can repay an imf loan . bank of america may begin to make more cuts in its trading unit. speaking at the sanford bernstein conference today, brian moynihan said there may be more expense cuts. staysthe environment flat, less volatility, we will have to work on getting that expense down. we have to work it down again over the next couple of years if the business stays where it is. betty: he also said resolving all of the mortgage cases was their biggest accomplishment. s areel kors' share plunging, down 23% now. they forecast earnings that fell short of estimates, but it is a different story at tiffany's. shares are up 12%. first-quarter earnings beat wall street estimates. politics, the republican presidential field gets more crowded today. rick santorum is set to announce his white house bid. he finished second in the race in the 2012 nomination. is tops in london, at least when it comes to bonuses. they paid london bankers an bonuses,f $299,000 in $40,000 more than second-place morgan stanley. bankers have

the imf says china should aim to achieve a floating exchange rate in three years. aing fully usable is prerequisite to being in the basket. you should see about $1 trillion switched into chinese assets over the next five years according to an estimate. charter communications has confirmed it is to buy time warner cable. they are spending about $55 billion. $100 and $115 in cash and the remainder in stock. time warner cable at $78.7 billion including debt. for china -- charter that means getting customers in l.a., new york and dallas. them to 17st million, second to contest. that larger subscriber base is likely to help them get more coverage. this is charter's second go at buying time warner cable. offered $132 and $.50 per share -- $132.50 per share. rose, closingares price,wer than the offer signaling possible concerns of regulatory approval. the fed chair janet yellen is planning to miss the symposium the summer. the annual wyoming meeting of policymakers and movers and shakers from around the world. is not the first time a fed missed the event. on in the progra

i think they want to be on good terms with the imf. if they ever default it will be some of the money they 02 other european -- they of to other european partners. what kind of scenarios are you working out right now? guest: it is very difficult to know what is going on in these negotiations. there is a lot of tension but both sides have tension in their favor. they tried to talk about the possibility of a crisis and the need for greece to commit to very serious reforms. what we hear is not exactly what is going on behind doors. it is hard to have a prediction. but if these negotiations go nowhere, and personalities involved have a lot of emotions and don't have an agreement, and greece defaults, the question is whether that will lead to exit or not. that will lead to another negotiation. tsipras is considering a possible referendum. do you think this makes sense? guest: i think it makes sense from a political point of view. he will not get an agreement without a compromise. he ranwhat he said when for election. he realizes the only wa

anna: 24 hours to go before having to pay the imf. will the growth forecast because and bailout comes in limbo -- greece makes a last ditch effort to strike a deal. mark: the campaign enters its last days as conservative and labour are now and neck. it is a nationwide campaigning marathon. ♪ mark: welcome to countdown. caroline: i'm caroline hyde. anna:mark: can germany's biggest carrier complete its turnaround? we will bring you the numbers as they break. caroline: plus exclusive interviews you don't want to miss. first, ray-ban maker making the second version of google glass. we will speak to the chief executive in a couple of hours. mark: we catch up with the finance minister in another exclusive conversation. caroline: ubs reported first-quarter earnings that beat analyst estimates. the profits almost doubling it jumped 88%. all divisions beating analyst estimates. investment banking up 81%. we had plenty of volatility in fixed income and equities. meanwhile, wealth management saw profit up 54%. $14.4 billion. very interesting.

ahead of the imf payments. we begin the details behind negotiations. >> mcdonald's reveals its comeback recipe. the ceo serves up a turnaround plan. we look at what could change. >> welcome to countdown. i'm manus cranny. >> i'm caroline hyde. coming up come a bloomberg exclusive. amen considered the last -- a man considered europe's last dictator. have -- how the competence impacted his country. >> let's begin with asia. estimates adding further weight to forecasts that policymakers could step up stimulus to support -- this is a little bit of a different story versus the official data. >> that is right. new orders fell sharply. that basically evaporated. overall reduction was stagnant. not a good report in this april survey. let me take a look at the numbers with you. this is the steepest contraction in a year. he shows china's economic challenges the slowdown in economy, it may take more stimulus to arrest it. that is one of the reasons we are seeing market move higher. we will get to that in a moment. back t

ministers and central-bank governors are meeting in germany along with the imf managing director. greece is not officially on the agenda but it has dominated policymakers public comments. the creditors want greece to make stronger commitments. the european economic affairs commission said that we need to work night and day to come to a deal. greece has $1.7 billion in payments due to the imf with the first payment due on june the fifth, a week from today. it is not said how it will make that payment. it looks like this company that -- that election is set to go ahead today. the football association appears to be shifting allegiances partly because the regional leader insert. the caribbean has about 25 out of the 209 total votes. the election votes on the system of one country, one vote. the only other contender for fee for presidency is from jordan. the confederation and asia say they are backing the president. the organization that oversees football in europe, has suggested boycotting the vote button irish -- but an irish official says european voters plan to redesignate. rishaad

reset it will pack another hurdle this week with a repayment of $830 million to the imf. the transfer order was put in monday according to two break officials will stop as for other payments, greek finance minister says they may not get that far without help. liquidity issues are terribly urgent. showmi is reportedly throwing its hat into the money market rain. it translates to savings account in chinese. ew service came out with two major tech names. register using your national id in china, link a bank card to the account, set up an account for as little as $.15, and it all works out. the online money market accounts have become very popular these offermostly because they higher interest rates than chinese banks. reports say up to 5% in those returns. let's talk about the national australia bank because goldman sachs posting a big check. investor the $80 million with interest invested in a mortgage security before the financial crisis. theyrbitration panel says this is when we see banks continue to face legal costs related to sales practices for mortgage securities that

at first the imf said what are you doing, no austerity. and then the imf had to apologize to george osborne and the british government for effective -- how effective their response was. pimm: and now they are using the same argument for greece. olivia: sometimes it feels like the imf forecasts are actually retroactive. pimm: the figure of them out based on what already happened. yesterday's news tomorrow. olivia: that is actually hu europe's economy. it is even more severe, the lack of productivity in the u.k. than it is in the u.s.. pimm: with your experience, having lived in the united kingdom, have you noticed if there has been any change in the government's role in business? part of what david cameron has talked about is moving out of the way of business. olivia: avery think you're in the city is thrilled to see that ed miliband is not going to be in charge because their bonuses are going to be safe. the big charge question is going to be the role of scotland in westminster. pimm: after the s&p win. olivia: thank you. thank you for bei

the country has to fulfill four installments of the imf more than a billion dollars. its interior minister went on tv to say, there is no more money to give. >>> apple promoted british designer johnny ives to senior design officer. he will hand off his managerial duties to other members of his team. >>> dramatic pictures out of the galopagos islands. a volcano erupting for first time in decades. the islands are famous for inspiring charles darwin's theory of evolution. they are worried that the lava flows would hurt the fragile ecosystem. melissa: numbers being raised on number of presidential hopefuls joining debates. shocking new claims over the death after music legend. have you heard this? >> no. melissa: why bb king's family thinks he could have been poisoned. >> what? melissa: more "money" and answers coming up. you're driving along, having a perfectly nice day, when out of nowhere a pick-up truck slams into your brand new car. one second it wasn't there and the next second... boom! you've had your first accident. now you have to make your first claim. so you ta

a 300 million euro payment is due to the imf on june 5th. however eu officials have talked down the chances of my deal being reached at a summit due to kick off. >> speaking to channel 4 news in the u.k. last night, the greek finance minister reiterated he would prioritize pensions and salaries over payments to the imf. now julia joins us on set. julia, those comments last week was a similar tone to what he has been saying for a long while but we're getting very much closer to that june 5th date and there's no moving ground on the other side. >> it looks that way. we are seeing a little bit of giving ground from pensions over the last couple of days but as far as a labor reform is concerned we're still waiting for them to give ground there and as far as the europeans are concerned we need to accelerate the process further. there's been talk of extending the extension into late summer in order to give them more time to discuss this and i think that will probably ultimately form some part of the kicking the can down the road deal that we come

the interior minister would not and could not pay the imf without a deal. this all comes when angela saidl, francois hollande that greece has until the end of the month to reach a deal. both sides seem quite torn. my favorite quote from the finance minister, it is not in their interest, the cow that produces milk should be beaten into submission that the extent the milk will not be enough for them to get their money back. they are calling themselves a cow here. a lot more payments ahead. the greek government needs to pay monthly salaries and pensions by may 29. in june, it has about $6 billion to the imf. more than $6 billion total. by august as well, several payments happening every month. quite a lot to say when you have this much cash to pay. angie: and a greek exit, what are people saying about that? yvonne: some members of the party are saying they would rather default then give into some of these measures. alan greenspan talking about this over the weekend, saying a greek exit is just a matter of time. it would not lead to a breakup in the monetary un

scott: 1.7 million euros, and the imf payment on june 5. they have a month, they don't have to put them into default right away. then we have $6.7 billion in bonds due late july or early august. a couple of milestones that would signal default and be the beginning of a next it if we cannot find the path. manus: with a be better off leaving? scott: that is a great question. in many ways, yes. the people have an interest in staying in the union, but look at the protest and the difficulty. the people themselves are split whether they want to remain in or not. anna: could you see that going to a vote or does that have too many risks? unpredictability being one of them? scott: i think they are going to vote with their feet as austerity measures have to be put in place. i think we will see it and levels of protest rise. the greek people may be making their decision through those actions. mark: will europe withstand the grexit? can it? scott: i think so. we have europe recovery. spain, industrial production up. quantitative easing stability measur

has scraped together enough cash to make an hundred million dollar payment to the imf but default is a threat. zeb eckert is covering the developments in europe. zeb: it is welcome news, the payment they will make. they put in a transfer order which tells you that the money will be transferred. on if itaking a poll would be transferred or not. the big check is in the mail but there are many more tracks that need to be mailed -- checks that need to be mailed but it does not eliminate the threat of default. the changes that greece must make to satisfy creditors. on monday,t packed greece's problems are not insurmountable but they are big. the finance minister making it very clear. all sides being very honest that liquidity issues are coming to bear. in weeks, greece could be out of cash. isthe liquidity issue incredibly urgent. this is common knowledge, let's not beat around the bush. theeems to me that from perspective of the timeframe that we are facing, we are talking about the next couple of weeks. zeb: we take any signs of progress we can get. the markets are impressed with greece