This wednesday morning. Covering Ben Bernankes last stand as fed chairman. Top executives are coming together in frankfurt today to discuss the results. We have a look ahead. He has the details on the move to raise rates in turkey. It is a slow turnaround for yahoo . Are continuing to spend their money elsewhere. The ukraine is celebrating the Prime Minister resigning but vows to topple the president. We will look at the countrys political and financial crisis. Lets take you a little bit about what is coming up later. Hans nichols will sit down with anshu jain. Havee second hour, we will joe jimenez. Europes biggest drugmaker novartis 1. 20. Analysts are asked are expecting a little more. 2. 96 billion. Sales are growing by four percent which is aligned with the custom is the companys estimates. It is the lowest Single Digits rate in 2013. Low to midising Single Digits in constant currencies as well. The dividend put forward by the 2. 45. Y is this is a company that is going very going through a transformation. Es theyeathering the loss received on its medications. And a cancer drug are trying to offset the decline in loss of sales because of the loss of excluded he of exclusivity. The take away is earnings are in line with estimates. President obama wrapped up his state of the Union Address just a few hours ago. He urged congress to back to priorities two priorities. More authority for his administration to negotiate trade deals. To Work Together on tools like Bipartisan Trade Promotion Authority to protect our workers and are in firemen and open new markets to new goods made in the usa. [applause] china and europe are not standing on the sidelines and neither should we. Sticking with the u. S. , it is the first fed policy decision of the year. It is the last time ben bernanke will cherry. Will chair it. We are joined now with his take on the change of complexion of the fed. Over that there is been a change since the beginning of this year. Talk us through why it matters. Is have a look at the pictures. Sandra can a lot of from cleveland they all get a vote this year. It is the complexion of how they view the world which i think will be janets problem. Werer and the others discenters. She is probably a little less the more accommodative in terms of perspective. By fivey raises rates percent last night, i wonder in the past 24 hours has the discussion moved to what is happening in the rest of the world or is the fed so immune to the reality . It is about growth and unemployment. Lets be clear about the what the fed of about what the feds mandate is. Really fisher does not mind too much about market corrections and that is from his recent record. He would not flinch to move. 500ging markets and the s p have seen quite a start to the year. Look through the noise of the economy in the unemployment. Andis reading the situation as long as things dont change, they will go with it. What are the markets making of this . Treasury arent as high as they were. They peek out at the start of the year but we have seen treasuries go up. Interest rates from spiking how to save that . There is a lot of data. There will based they will become the contemplating. Confidence is running out of despiter high expenditures on longterm goods. There is a lot to play for. The question is can they stay strong . The citigroup economic supply index which measures how much of a degree that is the point. They were at a twoyear high in the middle of the month what it has come down but it has come down. Bankst last week, deutsche reported earnings and they showed an unexpected loss. Executives met in frankfurt to discuss that as well as new initiatives. What is going on there . To find outing later today. When you sneak out results on a sunday night before it is never a good sign for the Overall Health of a bank. We saw that loss of 1. 1 5 million billion euros. That would come down from almost 600 million from where estimates were. Down about 16 and it is really the story of fixed income trading. It was down some 30 . These are the types of questions we are going to be probing. It is a twohour press conference later today and that is why i am here. There are a lot of questions. When that news came out last week, deutsche banks stock dropped five percent. They will try to arrest that slide intimates investors at the banking climate is better than the initial results would suggest. That was 10 days ago. What are we going to learn today . Few numbers we dont know. We dont know what compensation is going to be. Whether or not there will be a dividend and what pretax income is. We only have some of those numbers. We will get a better picture of what is happening and then after that press conference, i will be sitting down with one of the coceos. I want to know what those capital ratios will be. What are they going to be to a bank like them . Will they be under more pressure and more stress . Thank you. Just a reminder, he will be sitting down with anshu jain later today. The Turkish Central Bank nearly doubled its interest rate. That is a big move. They have moved hard. What they call their benchmark has gone from 4. 5 to 10 . 7. 5 to 10 but numbers aside, we were expecting a move, but we werent expecting a move this big. 3. 5 and that main been sparked, you are looking at a 5. 5 rise. This is real crisis stuff. You see the biggest pop in over five years, not only against the dollar but the euro as well. What about the lack of credibility ahead of this and if it have they gained any . You have the Prime Minister a lot of people were saying he was leaning on the central bank not to put rates up. He said just yesterday he had always opposed higher rates. Whether he wanted this or not, he knows that a political and economic crisis can bring down a political career. His career is built on the foundation of an economic crisis. 2001 when the imf crashed with turkey. He will be well aware this. You dont raise 5. 5 Percentage Points you dont think something is seriously wrong with the economy. The economy raised about five percent under his tenure on average a year. A lot of businesses had debt. As well is going down like turkey focusing on Interest Rates. They want to focus on growth as well. Not quite drastic numbers. Inof the central bank came to intervene and they sold about 3 billion against the lira. Its loaded down. Slowed it down. Is this enough . I think at the last count there are five levels of Interest Rates. Benchmark repurchase rates and this one was at 10 . The analysts were certainly confused. It seems to be catching. Thank you. We are going to talk yahoo and the ukraine. We have caroline hyde. We will be digging into yahoo . Marissa mayer managed to increase users at yahoo 20 . Not so with sales. She is not managing to bring in the advertisers. They are going to google and looking to facebook to advertise rather than yahoo . What is she doing wrong and what is she is trying to do to turn this thing around and why she is not employing operating a new operating officer. We get more concerns about ukraine. Investors itells is now a good time to buy ukrainian debt even if protesters are celebrating the Prime Ministers resignation and promised to push on with the campaign to topple the president. Thanks. More on yahoos latest earnings. We will see if your a semi or can turn the company around after more than a year and a half at the helm. Time for todays company news. Mercedesbenz has left the company for personal reasons. Andad the job for a year was in target to meet the 2014 2 billion dirt 2 billion euro target. A former foxconn detective executive was detained yesterday. He was the second former employee held in investigation for brought bribe. Allegations. Ao. Com is sleeping an initial Public Offering evaluation. That is according to the financial times. That baidu asian that valuation has three times the annual revenue. It is sick 16 a. M. Here in london. Earnings from london earnings from yahoo came out. They fail to get more advertising dollars. Here with more is caroline hyde. Still no growth . 18 months in and she is managing to get more people visiting the website. They got more than 80 million average users per month but advertises a not responding. More andike google facebook. Even though in july, young will actually eat google in the amount of users its got, advertisers are still not being leeward lured. Their share over to Digital Advertising business is not good much slower than the market is growing. They are expected to increase the Digital Advertising business by four percent this year and that is about one third of the pace of the entire market. I think the key line is that concern to many those of selling the shares was the concern is it will take years for yahoo to reach a desirable level of growth. Stagnant sales in the Fourth Quarter growth of less than three percent. Sellt is up but having to it is all down to their holdings and their holdings in japan. They are seeing sales up 21 . Months in, Marissa Mayer has been in the job, tell us about the other management figures. She actually brought over the coo from google. We know there were tensions inside of yahoo and she claims in a Conference Call that he was not a fit for the company. He will be replaced. She is take he wont to be replaced. The head of asiapacific will report directly to her. She wants to get a grip of this Country Company and drive growth for self. Ways businessil to better target already insists appeared they offered target audiences. They were on a spending spree. 19 companies they bought. She spent 1. 1 billion on tumblr. Site andall blogging that is the entirety of what their sales will be in the first quarter. They are spending on buying businesses, new advertising. Recipes and trends in cuisine. Yahoo foods channel is what they launched. They also are trying to attract more users by offering a new service about consumer technology. If they want to know about the latest tablet or iphone or ipad. Eatnt know if you should it at this time in the morning. Itthey are trying to fix with acquisitions. They also bought many mobile applications. A teenage man who set up the news reading site. She is trying to get growth but it will take a few years. Investors have to bear with her. 70 but it was about was about 45 . She is still outperforming her peers for now. Thanks. Ahead, protesters in ukraine celebrate the Prime Ministers offer to resign but are still pressing on to topple the president. We will go inside the political and financial crisis next. Welcome back. President has failed to quell nationwide protesting calling for his resignation after days of concession at including the departure of his Prime Minister. More with the aftermath. Most of the action was in the parliament. We got two big moves. One was rescinding that antiprotest law that sparked the most recent violent protests. That is gone. The second thing is we got the offer from the Prime Minister to resign. The president has not accepted the resignation yet. The protesters celebrated both of those moves, however, they intend to push on with their campaign to topple the president. The turmoil is not over yet. What is the story in the debt markets . If you look at ukrainian bonds, they are the worstperforming bonds this year in eastern europe. Fourth worst in the world. Investors care about not the protests and the turmoil, but the likelihood that the government will pay its debts. Paymentstop for that was russias offer of aid back in the middle of december. What if the opposition does get power . President putin was in brussels talking to the European Union and the bass and he says even if the opposition takes power, they will stand by that eight. Aide. Iny saw the biggest drops the ukrainian tenyear year bond since he first made that offer back in december. Many people were asking questions at the time the aide was offered about what conditions might be attached to that. Lets talk about europe. Could there be a position for the eu to write another backdrop . If ukraine does not find that association agreement, that trade deal, with the European Union he is operating practically here, not ideology. They do have the prospect of a bidding war. They are talking to e. U. Countries about sweeping its Financial Assistance to the west. You might have a recognition in the European Union that if they want to win over the government or help ukraine, they have to also give him some cash. President obama wrapped up the state of the union speech a couple of hours ago. He covered the nations growing inequality. Stay tuned to hear his comments next. These are the Bloomberg Top headlines. Barack obama delivered his annual state of the Union Address. They needed to Narrow Economic disparity. I am eager to work with all of you but america does not dan still in neither will i so go withoutcan legislation to expand opportunity for more american families, that is what i will do. They raise their Interest Rates and the move to hold the lira. They raise the rate to 10 . It raised the overnight lending rate to 12 . Deutsche bank will hold a News Conference later today. Theyre we are expecting more details about the reason behind the warning and the banks outlook for 2014. Man,l be speaking to this the cochief executive of deutsche bank. Welcome to countdown. It is 6 30 a. M. Here in london. President obama wrapped up his state of the Union Address just a few hours ago. He called on congress to join him on tackling income inequality and warns if they dont help, he would do it alone. Hans nichols joins us now. He has much experience covering the white house. What are your thoughts . My first thought is i was finally able to sleep there tonight. The substance of these speeches are quickly forgotten. What is important is the tone he struck in the tone was clearly a defiant one. This is a president who was fed up with dealing with the Republican Opposition that he has had to interact with for the last three years. And ite was any news really captures what the president is trying to do which is increasing the minimum wage for federal contractors to o 10. 10. Those are only a couple of hundred of thousands workers. It was the theme of income inequality that he struck throughout. After four years of economic growth, corporate stock prices have rarely been higher and those of the top of never done better. Average wages have barely budged. Inequality has deepened. Upward mobility has stalled. Even in hard fact is the midst of the recovery, too Many Americans are working too much just to get by. Too many still arent working out all. Speech asthink of the framing up the debates for the 2014 midterm elections, here is one fact. If you look at the 2010 midterm elections, 64 of voters made more than 50,000 a year. Compare that to her president ial election, only 59 of voters made more than 50,000 a year. What you see in midterm elections is a richer and older, whiter electorate. That could mean that obama could have more opposition in his last two years of his presidency. What does this mean for the president s legislative agenda . There is one point with the president was less defined and that was the issue of immigration. If there was one part where his tone clearly departed from the the fine tone was on the defiant tone was on immigration. Them to come together on a comprehensive immigration reform. That is the one place where he held his fire, created some space, and was muted in his criticisms of the republicans. He knows he needs them for this legislation to reach his desk. Thank you. That is up to the Israeli NetworksSecurity Firm reported earnings that beat estimates. A big week for israel and Cyber Companies. Elliott has more. Doctor whoned by a is Corporate Vice president at enc. Good morning. We are talking about this making 1 about billion in the university. What is that money for . Of this money is for research and development at the university in the areas of Cloud Computing and cyber security. Areas n why those this is where the Information Technology is migrating to. That is the need. The university is very strong bigber and they gav data. Earlier this week, you met with the Prime Minister and the Prime Minister of israel. Did you see anything that took your fancy . Any Cyber Companies take your fancy . I think a lockheed martin, enc, i would say the Prime Minister we were looking together at the Venture Capital community and many of the companies and there is great strength year. Here. Israel is built on acquisitions and a part of a Security Division is a result of the acquisition of toyota. Speaking of the Prime Minister, we were speaking with them the other day talking to them about the strength of the israeli currency. Its the bestperforming currency in the world over the last few months. How painful is the currency . Allt is very bad for exporting companies because our currency makes everything done in israel much more competitive in the cost performance area. That is a killer. If the local industry, multinational, electronic industries, we are all pledging