Janet yell enand the fed. It is not enough to prevent the biggest twoday selloff this year as the oil market plunges investor confidence. Change under the golden arches as mcdonalds chief executive quits, to be replaced by a brit. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. Visit ncicap. Org hello and welcome do countdown. I am mark crumpton. And i am annie edwards, and i am mannus cranny. We are hope to go get the numbers for Deutsche Bank. We are waiting on those numbers. It is going to be all about litigation costs of course whether they have been reduced to some 885 million. When we get those, we will put that all in context. The debate on investment banking, and how much of a hit. Lets look at some of the other stories we are following. Patience is still the word for janet yellen and the fed. Patience remains the feds key word on raising Interest Rates. The feds statement noted that Economic Activity in the u. S. Had been expanding at a solid pace, and that inflation would rise gradually towards 29 in the medium term. A renewed vow of patience from the fed could prevent the biggest twoday sell off in the dow in a year. Weaker oil prices took Energy Stocks lower and multinationals, p g, dew point and pfizer cited concerns about the strongest dollar in a decade. Another central banker the bank of england governor has been more effusive in his language talking about the euro and the eurozone. He says the European Central banks ban on stimulus package will not be enough on its own to solve the problems. He suggests action is unfinished. There is mcchange at the top. That was terrible. Mcdonalds is replacing its c. E. O. As the u. S. Chains sales sunk to a worst in a decade. British born executive steve easterbroork will step up after the current c. E. O. Leaves. Shares jumped as much as 3. 5 after trading on the announcement. We got a little bit of mcdonalds mix inside there. A bit of a mcdonaldsbank of england shake up. There is carl icahn. He says apple stock is understralled. He says the company is one of the best buys in the last couple of decades. It is four minutes after the air here in london. Facebooks mobile advertising business has helped the social network exceed analysts estimates. 69 of all ad sales came from mobile, up from 66 in the previous quarter. All this helped net income rise to 701 million up 34 . But the company said it planned to spend faster this year to chase further opportunities in mobile, messaging, even after branching out last year. Lets bring in caroline to discuss facebook. Big numbers and big investment plans . Perhaps that is why shares dropped off, or perhaps it was the general selloff in the dow. These numbers are big. They are impressive. For the first time we have more than 10 billion in sales for the entire year. They posted 12. 5 billion. They beat sales, up almost 50 . That is nine out of ianetta quarters. Profit is up by three quarters, and adding users 40 million more people coming on actively each month. However, it sounds like good growth, but it is actually slowing down. It is the slowest growth we saw in sales for the year on a quarterly basis. Sales are ramping up. He is taking a leaf out of googles book. Spend big, diversify your company. Amazon getting into droughns. Companies getting into cloud computeing that isnt their core business. Facebook is looking outside the realms of social net working overall. They have now 87 expenses rising this year because they bought oculus and Virtual Reality and whassat. They spent more this year. It is all about messaging, all about advertising across any device, particularly on mobile. They are hiring and creating new technologies. Mark zuckerberg himself said look, we are building new products, but profitting from them will take time. Take a listen to what he said. 2014 was also a year of Big Investments in our future. This year we made big bets on the next generation of communication and computing platforms. We focused on serving our Community Better, raising the quality and relevance of content news feed, improving search and video products and improving the performance and efficiency of mobile apps. The spending has been working. He actually Mark Zuckerberg spelled out what his 10year plan for the company is. That should give investors some confidence. It seems to be he is knocking them off already. He said in the next three years i want to build out my advertising business, focusing on videos. Three billion videos were viewed a day in quarter. That is triple what they said back in june this. Is clearly already paying dividends. Their advertisers can already be tracking who is view their adams, what defiles they are viewing them from, and if they work they can track if you see one particular video and if a Similar Group of people saw the video, did they go out and buy products. They can show they are better than potentially amazon and google. Then they say in five years they are going to monetize the big businesses such as instagram, and whats that is and the others. That is when they are going to see money from other apps. In 10 years, it is world domination. That is when it is internet and the rest of the world. That is when it is all going to be about Virtual Reality. The only area we focused on is the dollar strengthen thing. Caroline with the latest detail on facebook. Eight minutes past six in london. The chair of the European CentralBank Advisory board joined bloomberg for an exclusive interview. She said greek banks are set to survive. Lets get more. We spoke to her in frankfurt. Hans good morning. Good morning, anna. Difficulty was the used she used to strive the situation that greek banks are in. She may have been understating a bit. But she went out of the way to praise the work they have done to restore their Balance Sheet. She says they are in a much better position than they were from precrisis levels. The greek banks are facing a difficult situation right now because of the recent elections but they are pretty strong. They have a lot of a lot of good work has been done to strengthen their Balance Sheets over the last few years. I think they will go through the crisis like they went through the previous one. While we were talking to her, it was reported that some 11 billion euros, their outflows from the greek banks in the monday of january leading up to that election. You see the stocks have been reacting. They are down some 40 to 44 , Greek Bank Stocks since the election. A remarkable story. You look at the credit default swaps, they indicate a 70 chance of a default in the next five years. That is up from just 59 before the elections. We will be watching this closely. But so far, the regular lator is professing not to be concerned. And you also talked to her about the effects of quantitative easing and what that does to the banks. What did she have to say about that . Well, she said it cut both ways this. Is a really interesting answer. Remember when the e. C. Been jumps in and buys up sovereign debt, they are going to be competing. She said yes it is going to hurt profittability, but quantitative easing could lead to stronger corporates. Have a listen. It may have been a different effect certain positive seeing more growth and improving the credit quality of the corporates, for example. It can also have other less good effects like effects from the profitablity. But as a matter of fact profitablity is a matter of concern for the banks. It was during the previous months. This is something we have been following, and we will go on following the profitablity of the banks. And profitablity has been a concern for the European Banks. We will see just how much of a concern here in a little bit when Deutsche Bank reports earnings. U. S. Banks had disappointing earnings. Throughout the morning, we will be bringing you more from our interview with her. Thank you, hans. He is live in franc further in frankfurt. We will get more from danielle mouy later. Man us has more. It is worth parking up on hans point from nouy. The market has a slightly different perspective on the equity value of the greek banks. The National Bank of grease three of the four players. They raised 11. 5 billion of capital in 2014 in four trading days. Wiped out, that capital is down. It is down by 44 . Liquidity and gots are the critical issue for these institutions. 14 billion euros has left greece since this election was called. 11 billion left in january we understand. And then a big outflow, the biggest outflow since may of 2012. You have to look at the kind of performance in one or two of these stocks and you begin to understand the actual momentum. 26 , 25 , and again 26 . But look, whether you believe that greals has to actually pay out on its booneds or pay interest on its booneds through 2020 is it a red harig to talk about the bond market . Well it is, and it isnt. Bond markets tell you about risk and the perception of risk. Right now what the bond markets are telling you is that there is a 70 probability that greece will default in the next five years. That is what these markets are actually telling you. If i press it often enough it is come up. To protect yourself on 10 million of debt, it would cost you 4 million to do that. That gives you some sense of the scale of cost of trading greek and italian debt. You saw that deadline in price and rise in yield yet. Likewise on the spanish and the italian yields there. Is to a certain extent a moderate amount of contagion in the bonds. It is not about what they are doing, but the perception of how that is going to play out with the eurozone. Back to you. Thank you very much. Join the conversation on twitter. Tell us what you are following, what you are thinking, the stories that have grabbed your attention, what is trending today. Ghost busters. It is trending. Are we back in the 80s . It is never out fashion. As a as is the super bowl and as is ericsson, who scored last night. There we are. Coming up on the program, where is the value of a great brand. We will tell you about the licensing deal that has earned Richard Bransons companies 2 million over 10 years. Details after the break. Time for todays company news. Samsung has raised its dividend and post add Fourth Quarter approach its that beat estimates, earning 4. 9 billion in the year ending in december. Losing sales to apple and others. The extra Car Sharing Service is targeting los angeles and singapore as the next locations for its international expansion. That is according to the companys owner, the french billionaire. He told bloomberg the company will stop losing money this year. We should have already this year some months break even. It is a longterm plan, and it is much earlier than expected first because the batteries are absolutely perfect. We have no problems at all. Secondly because we have much more users than expected. We have roughly 400,000 a month, 200,000 people have subscribed in this service. We will be ahead on our forecasts. And Richard Branson has proven once again the value of a great brand. It has been revealed that bransons companies charged Virgin Australia about 82 million in licensing fees in the decade after 2013. That is more than the airline has made in profits since its i. P. O. In 2003. A little bit of breaking news. Eventually the germans have license to be late. It is Deutsche Bank, their Fourth Quarter numbers. Net income comes in at 438 Million Euros. The estimate was for a loss. Quite a considerable turnaround here on the estimates. There was a loss estimate for the quarter of 341 million. They will be pleased with this. There is the securities part of the business that he is trying to focus on. Whether he scales up or scales down. Debt trading beat the estimates at 1. 15 billion euros above the estimates of 1. 08. Equity trading beat the estimates. Loan losses are down 369 million francs. That is beating the estimate. You are seeing debt and equity businesses doing better than estimated. Loan lowses are down relative to what the mark had estimated. A nice beat there on the net income versus this time last year. They made a loss then of over 1. 3 billion. We break them down in more detail. We will see what the opening calls are later. Lets get more news on the Federal Reserve has boosted its assessment of the u. S. Economy playing down low inflation and repeated a pledge to stay patient on Interest Rate raises. A pleasure to see you this morning david. Thank you. In notice rush to raise rates, is that the message you got from the fed . Absolutely. I have to say my colleague in the u. S. Has been consistent that the fed would first raise rates in december of this year. What he saw yesterday sort of reconfirms that view. Wore inflation if you strip out shelter in the u. S. Is actually printing below some of the core in the eurozone. That was one of the surprises. But yes, the fed will raise rates, and the u. K. May do it slightly before. I was reading an article about jeffery, who we call quite often. It is a big oil company. He said that the fed will be forced to raise rates because of philosophical beliefs, but that the market believes that inflation is going to undershoot in the next five years, coming in at 1. 35 . He said the fed is going to shoot themselves in the foot, raise rates and recover. That is possible. We are going through all these problems in other parts of the world. It is possible that they raise and either have to go on hold or cut rates. But our view is effectually the fed and the bank will be moving through this process and slowly normalizing over the course of the next 12 to 18 months or so. It did take International Developments into account . Yes. That was new. In october when the markets plunged unexpectedly that in the fed meeting after that they would make a reference to International Developments which they didnt. Why did they choose to make reference to it this time . You have the greek debt, and the e. C. B. The dollar is going up. Even though the u. S. Is not a very open economy, the exports arent a particularly large share of the g. D. P. , they do worry about the Dollar Exchange rate. All these things they throw into the mix. But at the moment the u. S. Is recovering and the water has been pretty consistent about the rate rise. You mentioned the greek story. Lets get your thoughts on that. We have been treating this very much as a financial and economic story as many news outlets for a long time, away from the social aspects of it. All of a sudden it has gone into the realm of geoapplication . It has. How will this play out in brussels . Ultimately, nobody knows. What we did know was 2015 was the year when the bolders would roll off the Balance Sheets. The debt dine Mike Schneider simply dont add up. Also know that greece last year moved into primary surplus. The money supply was beginning to recover. All these things were encouraging. The Banking Sector seemed to be in a stable things. Then we had the backlash. So not surprising, g. D. P. Has fallen over 25 since the peak highs. We are now in this game where we dont quite know where we are going. We also know that the system as a whole has reduced its exposure enormously to grease. So french banks in particular were really exposed. They have cut their exposure entirely. The system as a whole thinks it is probably safer. Moreover obviously the e. C. B. Has the back of the cren of the system. So that gain is important. I think the greeks will have to roll at some point. Part of the point was they talked about cash, cash leaving greece 14 billion since the election was called. I know these arent staggering amounts, but this is where a political crisis could turn into a banking crisis. Absolutely. The Balance Sheet in greece is 395 billion in december. We know before that they had 150 billion in december of domestic deposits outside the government sector. We know that funding from the euro system was running at about 65 billion euros. That number is going up. We know that the claims the rest of the systems claims on greece will rise. The bundesbank claims will rise. The bundesbanks Balance Sheet will be more exposed to a greek exit because they will be giving money over. This is very interesting. Politically, the backlash has been developing. There was a very good speech by ben friedman last year that germany has experienced periods of debt forgiveness, and that didnt go down well in certain quarters. But that is developing. You can see certain letters going into certain numbers. A wellknown commentator in germany yesterday talking about them being a serial depor torre. You can see they are in a bit of a mix as well. Other people are saying well, actually you have defaulted before, and we have forgiven your debts. So cut greece some slack. This is to me politically very interesting. Greece could trade in one of our bloomberg columnists said yesterday, they could trade in their vote against russian sanctions for debt forgiveness. That is a threat. Does that have credibility . It is a real threat. People have picked up on this, the finance minister his expertise is game theory. You have someone who has a p. H. D. In organizational behavior, has written books against behavioral theory. He is going up against german politics. They are saying we are bakely out of here, but at the same time they know if they leave, the banking set cuts off the funding and they go into a major down turn. They i think if the greeks think they may go to moscow looking for assistance, they may want to ask others who went to moscow and came back emptyhanded. Yes. There will be some form of pretend extend. Think about the eurozone. Is it actually recovering . We think eurozone growth is here. It is