Switzerland surprise move in severing ties with the euro after cutting Interest Rates. We will have the latest from copenhagen. Could turkey be about to lower its Interest Rate . The countrys deputy Prime Minister said a cut is on the cards as early as today. Welcome to countdown. We are waiting for a word. The company says nonoperating profit coming in for 2017, so it is giving its projections for 2017. It sees cloud and support revenue between 1. 9 5 billion and 2. 0 5 billion. A big day for s p. It is unveiling its sixyear plan. Is it sustaining its 2017 target of 35 operating margin . That was the target it announced one year ago. But as one of the key questions we will be asking the chief executive when we that is one of the key questions we will be asking the chief executive when we speak to her. More projections crossing the bloomberg terminal. Operating profit between 5. 6 and 5. 9 billion euros. That is for Constant Exchange rates as well. The big story is it has lowered its earnings target for 2017. S. A. P. Lowering its target as the biggest maker of Business Management software. The shift to Cloud Computing over the web. Operating profit for some items will be in the rate of 6. 3 billion euros to 7 billion euros in 2017 on sales of 21 billion euros to 22 billion euros. Its previous 2017 goal was sales of at least 22 billion euros and an operating margin of 35 , which implied operating profit of 7. 7 billion euros. While its Cloud Business is growing fast in a market that idc estimates will more than double to almost 83 billion dollars in 2018, revenues delayed as it proceeds over the course of subscriptions rather than upfront fees for traditional software. The ceo spent more than 20 billion on acquisitions to compete with cloud specialists as well as old rivals such as oracle, which are also expanding online services. I look forward to that interview with the sap ceo shortly after 7 00. Fourthquarter growth rose by 7. 3 . Slightly ahead of estimates. China for your growth figures were close to the governments target for the year. 2014 was the worst year of expansion since 1990. The slowing economy has been a concern for chinese leaders. The Central Bank CutInterest Rates for november, and earlier this month the government sped up work on 300 key Infrastructure Projects to help boost growth. Lets head to christine in beijing. Talk us through those figures. Good morning, mark. As you said, those measures must have had some impact. Overall china gdp numbers for the Fourth Quarter and the fouryear came in just a little higher than economists were expecting. Fourthquarter gdp grew 7. 3 maintaining the pace we saw in the Fourth Quarter. For your gdp growth was seven. 4 . That is a little lower than the target of 7. 5 . The bureau calls this a new normal, so they must be quite satisfied with those numbers. We are continuing to see a steady increase in wages. We sell better than expected industrial output and retail sales figures. Those would have a direct impact. Consumption spending expanded for a bigger chunk of gdp than the year before. Overall and optimistic nature and optimistic picture against the background. We saw a big slump in the chinese stock market yesterday. A small rebound today. What is going on . Its the perfect example of just how volatile and sentiment driven the chinese stock market is. We saw how much it dropped on monday, and that was on news the regulator crackdown on new margin accounts. The shanghai composition closed 7. 7 lower on monday. Today potential curves are all but forgotten. Itll are starting to look ahead. Are they going to be requirement cuts. China still has problems channeling liquidity to those areas it wants to see more spending. Thanks, christine ha. Lets get a look at the global economy. The imf sees growth at three point 5 this year. Thats down from the 3. 8 projected last october. The imfs cheap executive chief economist said the World Economy is facing strong crosscurrents. He said the swiss ruling to and the cap on the end the cap on the franc was unexpected. These capital flows and the difficultly of Central Banks to actually stop the appreciation and i think what happened is the swiss bank tried to stop the appreciation for a while, and they decided it was becoming too costly. They had to do something about it. It had to be unexpected. The imf cheap chief economist speaking about the Swiss National bank. We will be regaining more on that interview later this hour. More Interest Rates in europe. Denmarks central bank has cut its rates to a record low. They cut it to. 2 . Joining me is lucy. What are the danes telling us . It was an unexpected cut. They dont have dates for their actions. They do tend to do it on thursdays. They tend to do it when the ecb has moved. That peg isnt going anywhere. You can rely on this peg. Does that mean we might see further moves on thursday, or is that it for now . We really could. Two cuts in one week is quite unusual. Everyone is rattled. Its not the most popular currency as held by reserves. Its a small currency. The big move was those held by reserves managers. What is going on since the big move to end the cap . What if everybody is picking out forecasts. Everybody is picking out forecasts. You have jpmorgan saying it could increase another 9 . Then you have switzerlands largest lender, and they are saying it is going to weaken over the course of the year because the ecb are going to be successful in the stimulus. The euro is going to do well and no one is going to need the euro as a safe haven. The Ripple Effect is felt across dealers and brokers of currency. What is the news for other brokers . He said on friday we are insolvent. On saturday they said, we are not insolvent. They have had to seek extra funds themselves. Yesterday they really declared themselves insolvent, possibly for the last time. I have 170 staff. They have probably 100 million worth of client accounts still out there. Everyone is waiting to see what happens next. Thanks, lucy. We will see you the next hour. Lets turn our attention to turkey. We might see a rate cut as early as today. The rate cuts are coming thick and fast after a cap netmeeting led by turkeys president. A Cabinet Meeting led by turkeys president. Urdu one recently called for a rate cut. Joseph stiglitz has told Bloomberg Turkey is facing a tough year. He says turkey might have benefited from lower crude prices but trading partners have suffered. Turkey is going to be facing some big challenges in 2015. Its meeting its Major Trading partners, europe, the middle east, russia are all facing severe problems. While turkey benefited from the low oil prices, two of its Major Trading partners, those in the middle east and russia had been badly hit. Europe remains mired in stagnation. The conference is ending its entering its second day. Some are offering unique advice. Turn off your phone. Is hans nichols going to listen to that advice . Is the Concern Technology is making us dumber . Its making us less wise according to Arianna Huffington. The ceo is attending the event without his mobile phone just to detox himself. What Arianna Huffington talk to me about yesterday in an interview, she said it was important to unplug. We are going to be unplugging and replugging. Its not like we are going to become luddites but we are going to recognize the importance of unplugging with technology, reconnecting with ourselves and our wisdom, and going back to the amazing ways in which technology enriches our lives. Youre going to call the to call this a digital timeout. The question is when do you take the digital timeout. You get the negative blue light from your phone. It keeps you up. I asked Arianna Huffington to give us her wind down routine. My wind down routine is putting my smartphones away before i go to sleep having a hot bath washing the day away, and then making sure when i am in my home my bedroom is a device free zone. I read books in bed and books that have nothing to do with work. This allows me to put you on the spot and ask what your wind down routine is. When you flip off your devices how many hours before you try to go to bed and does it work . It is sleep depression deprivation we are talking about. I flip off the phone about 10 minutes before i go to sleep. I need to follow that advice but i find that reading my phone before i go to sleep actually sends me to sleep. Usually i am reading your emails. Nonsense, nonsense. Unless i left it in a bar and someone has stolen it. Do join the conversation on twitter. Let me know what you think of the show. Tell me the stories we are following. It kicks off tomorrow. The big kickoff is on Bloomberg Television on thursday. Their im for there i am for the first hour. Hannah will join me on the next hour. A big week for the European Central bank. A big week for greece with the election taking place on sunday. I will be discussing the important factors. That is next. Interesting news from the south Korean Consumer Electronics company. It has basically announced it wants to develop a partnership with blackberry. This is interesting because last week there was speculation samsung would buy blackberry. Blackberry shares fell back. Samsung does want to develop a partnership with blackberry says the ceo, but he says samsung has no intention to buy blackberry. It sees patent cross license deals with key partners. It is in discussion with blackberry to expand its corporation. It already is in operation with blackberry on some matters. What is interesting is it has denied its interest in actually launching a fullscale takeover of the embattled former leader in mobile technology. Samsung is in talks to use Blackberry Technology in its devices, that there will not be a full takeover says the coceo speaking in seoul a few moments ago. Lets focus on todays company news. Fresh from picking up a golden globe award last week amazon plans to move. Amazon plans to release films in theaters and then on the amazon prime instant video Online Streaming Service four to eight weeks later. Several hundred jobs are on the line at Dreamworks Animation as the Company Seeks to rekindle it slumping operation. Over 350 jobs could be cut following a number of box office disappointments, including turbo and the lowest grossing of the madagascar are pictures. Chinas luxury watch marker maker is said to stabilize this year. The recovery follows last years decline in demand from highend customers. Exports rose 2. 4 in the first 11 months of last year it, down from growth rates that reached as much as 22 in 2010. Mario draghi is widely expected to launch qe at the upcoming ecb meeting on thursday. Will it be the answer to the eurozones problems . To discuss that we are joined by the chief economist neil williams. Hi, neal. Isnt the panacea, or not . For me it isnt. That is its a panacea, or not . For me, it isnt. It seems to me the problem is still in place. It comes down to the fact the euro is still a currency in search of a government. What we have currently is mr. Draghi. He has done a great job of attacking the symptoms. Qe is a way to get inflation back up. How could they address the problem, and the problem is the eurozone is still a Monetary Union. What would shock you on thursday . What would blow you away . I guess there would be two things. The first one would be he does nothing, which surely cannot happen. I guess the opposite extreme is we would have a bazooka with all firing. No time limit, just until we hit our inflation target. We just keep going. Would there be some sort of condition attached . I would fall off this chair or any chair if there were conditions attached. It seems to me in terms of numbers we could expect a 700 billion to 750 billion announcement encompassing all assets. Within that, lets say the 500 billion leaked some weeks ago. Perhaps her month about 28 billion, but lets face it. Per month about 28 billion but lets face it. Thats still a third of the pace the u. S. Was doing, even before tapering. It is going to spend whatever it takes to do the job. That is shock and awe. That would be shock and awe. We are considering 18 Different Countries with different fiscal positions. The problem is Monetary Union without economic union. There he to give the same position on purchases from lets say germ very to friend to give the same position on purchases from lets say germany as countries like greece. What is the risk sharing that is going to take place . National Central Banks will be in charge of buying bonds, and they will be liable as well. This is one of the details they will be looking for. We may have to wait. It seems to me the qe we are going to get is going to be restricted and gradual and in terms of restrictions, that could be done according to credit ratings, which many think rules out greece. It could be weighted according to gdp or capital contributions. It is probably going to be as clear as mud. We were talking about greece and that move. The imf cutting the Global Growth forecast. The chief economist stays with us. 6 26 in london. We are going to be chatting with the chief economist. Big news from the imf. They made the steepest cuts in Global Growth outlook in years. More than offsetting the boost to expansion by low oil prices. We will get neil assessment neils assessment of that, the upcoming greek election. Have a look at where you can follow me on twitter. See you in a second. Time for your Foreign Exchange check. This is the most interesting of currencies. It is the euro danish krone. The reason is the governors job is to target 7. 46038 kroner per euro. The Central Banks official tolerance is 2. 2 5 , but in practice it stayed within 1 of the target. That is a twoday chart. Something special happened yesterday around 3 p. M. London time. The government and central bank might follow switzerland and severing currency ties. What happened is the central bank surprised the markets by cutting its deposit rate to. 2 , matching a record low last held during the darkest hours of the euro debt crisis of 2012. The danes lowered rates after interventions in the market proved insufficient ahead of the ecb announcement on thursday. Money was plainly moving into denmark. Denmark should address that. Ahead of its traditional time to make announcements, which is usually the same time the ecb meets. It has decided to make the announcement, cut Interest Rates, take Interest Rates negative and restated will not loosen the euros paid the danish krone ares the danish paidpeg. Its not the sexiest currency. It shows we live in nerveracking times. We do. The currencies of these satellite economies, it seems this is just the start of the process. When we look at qe, it hasnt really died. It is simply resting. Japan is even accelerating. Satellite economies are now having to pull the rug from their own currencies. Were seeing that in europe, and no doubt outside of europe, in Southeast Asia as they try to compete with japan. One of the issues for this year with the eurozone about to squeeze the trigger on qe and japan accelerating it is going to be i hate to use the word currency wars, but currency defenses. No country is likely to want to appreciate currencies. Someone has to appreciate it. To what extent does the u. S. When last year officials started to address the concerns to what extent does the u. S. Allow the dollar to appreciate . The u. S. Dollar is looking like the least sick currency for two main reasons. The first one is the u. S. Is ahead of the game in terms of the other g7 economies. It is leading the pack. The second thing is the fiscal position is looking pretty good. They may have to raise the debt ceiling, but what it does mean is pressure for some of the other currencies. It is interesting the imf the forecast earlier which suggests the imf cut the forecast earlier. They will probably keep a bias to avoid going up this year. You are concerned about the lack of competitiveness within the eurozone, and it was a message dated stated last night by angela merkel. You have your own competitiveness analysis. What is it telling us . If youre in a fixed Exchange Rate currency like the eurozone one cannot devalue against a country like italy because you are locked in with the euro. The only to do that is to have an internal evaluation and make sure. My indexes showing the head and shoulders my index is showing the head and shoulders winner is germany. Their costs have fallen. The obvious losers have been the countries that had financial support, but the country that worries me most currently is the country that is not attempting to improve its competitiveness right now, and that is france. I worry with and without qe we have had the first chapter of the eurozone story. Are we moving towards the second chapter, which is about the bill payers . If that is the case the whole story begins to unravel . What is your best hope scenario for countries like france who have been saying the right thing, but saying and doing are two Different Things . That is one of the disincentives for the ecb to do shock. If they do this gives the green light for countries to remove discipline on the fiscal front. There has to be caret a carrot, and the carrot is to impose restrictions on those countries on the fiscal side that are