Producer reports earnings just a week after it has sold its north sea business. Will economic sanctions way on its bottom line . We bring you those numbers in just a moment. Welcome to countdown. I mark barton. And i am anna edwards. Also, we will speak to greg keeler. Breaking numbers from rwe. Lets bring those to you. We have some fairly good guidance in terms of how the numbers of 2014 were going to shake up. Not surprisingly, they are somewhat in line with estimates. Net income has come in at 1. 28 billion euros. That is exactly in line with estimates. A little higher up the profitlost account, that is 1. 73 billion euros, nicely ahead and estimate of 1. 659 billion euros. Because of what is happening to energy prices, just last week, they sold their north sea business. They sold it for just over 5 billion euros, trying to mitigate the Falling Energy prices as they go. Concern from the u. K. Government about how the sanction environment against russia might impact on the north sea oil producers. But that is the background story as we head into these numbers. About 6 billion euros of impairment losses on power stations in germany and the u. K. They are proposing a dividend of one euro per share. That matches the estimate that bloomberg had for that. A lot of focus on the Capital Expenditure plan and the dividend going into the future as a result of the Falling Energy price. Operating cash flow target is originally scheduled to be achieved in 2015. They are now seeing they say they see recurring income at stay with bloomberg. We will bring you an interview with rwes chief Financial Officer later this morning. Big move at the top. Credit suisse is said to have a replacement for brady dougan. That puts him at the top of Credit Suisse as they are battling with investigations that hurt earnings. Brady dougan has been under pressure to shift the lenders strategy and posted one of the worst performances among european banks this year. On the nichols joins us from berlin. Hans nichols joins us from berlin great what qualities do you think Credit Suisse sees in thiam . That is best for the shareholders and the board to decide. What we do know is that take an insurer to be a banker and a frenchman to run a swiss bank. That is after an american, brady dougan, was the First American to run switzerlands secondlargest bank. Its take a look at his bio. He cut his teeth at mckenzie. He spent about 10 years at the acid managementconsulting firm. Then he took a little break and worked where he was born, in the ivory coast. He spent about four or five years at the technical studies and development in the ivory coast and then he was appointed minister for Planning Development before leaving in 1999 following a military coup. In 2009, he went to prudential, ultimately becoming the head of prudential in the u. K. One thing we do know is he is close to the white house. Treasury secretary jack lew tried to persuade him to join the world bank as the lead investment banker at the world bank. That did not work out, but it gives you a sense that he may have entree into some washington circles as Credit Suisse tries to clear up any remaining litigation. He is close to the white house. That may help him. He has got to figure out what to do with fixed incomes, commodities, and currencies. You look at the stock price of Credit Suisse over the last year, down 18 , underperforming its peers. Then there is the crucial question of it trading against its tangible book value at 1. 1 . Ubs is 1. 4 . The questions on the direction. Also some relationship questions how close is he to washington . What is he going to do to have profits increase at Credit Suisse . What might be brady dougans legacy at Credit Suisse . You are only asking me this because manus is not around. He is a man who is so clearly inside brady dougans head. He spent a remarkable career there in many ways. He was ultimately undone by litigation. He did have challenges with litigation towards the end. Take a look at some of the fact from his bio. 1990, he joins. 2007, he becomes the First American to be the ceo of Credit Suisse. They plead guilty and have a 2. 6 billion fine to helping americans evade tax credits. In 2015, they had to revise fourthquarter profits. Fourthquarter profits for 2015 on litigation targets. The big question is, how much more litigation is to come and what is the price tag . Thanks a lot. See you later. Hans nichols in berlin today. Now lets turn degrees and euro area finance ministers are piling pressure on the greek government to open its books. Greek officials resumed talks in brussels tomorrow. That is as cash reserves begin to run low in athens. One official says their funding might last 1, 2, or three weeks. What happened in brussels last night . There was a lot of drama last night, but not too much progress on greece. The main thing that came out of this meeting is that the technical discussions will start as soon as tomorrow. And some discussions on the Technical Details will also take place in athens. That will determine whether greece can or cannot receive the next tranche of aid of 7 billion euros. The eurogroup head says that the last couple of weeks for greece have been a complete waste of time. Last night after the meeting, i asked him whether he could tell me or not whether greece could run out of cash in the next few weeks. Have a listen. I do not know if and when they run out of cash because i do not control the till in aston in athens. That is their responsibility. All i know is that we can formally release further loans from the european funds if there is a full agreement on the package and if they start implementing reforms. So far, two weeks have gone by and neither of the two have happened. At the moment, they are still on their own. We stand ready to work with them, hopefully, starting on wednesday. This question on whether greece will or will not run out of cash was on everyones lips last night. One greek official who did not want to be identified said that greece may have 1, 2, 3 weeks. It is hard to assess. The economy commissioner told me that this was not specific to discuss. Even the greek finance minister did not want to elaborate on the exact cash position of greece. How did the greek finance minister react to this than . Then . Of course, he said no time has been wasted. He said that greece was working on reforms and that there was a big misunderstanding this weekend with the press that the batch of reforms which were presented on friday in this letter to the finance minister he said that was just the first batch, that there will be more reforms coming out of greece. He was also very critical of the troika which is the name given to the ecb, the commission, and the imf during this crisis. He said he did not want the troika to just walk into greek ministries and impose their reforms. I am quite happy that some members of the eurogroup through inertia if they want the troika we can send it to them, but we are not having it again. The referendum, he also said that was a big misunderstanding. He said the referendum was only a last option if all the greek reforms were rejected. There was some conversation about france . There was some conversation about france. In fact, the german finance minister said that greece was not the main point of discussion. France was also on the table. France was given two years to comply with their deficit targets to bring back the deficit within 3 of gdp. I spoke with the economy commissioner yesterday and asked him about france. France has to now deliver extra measures for 2015. We also asked france to deliver a National Plan of reform, which has to be detailed and ambitious. This represents a positive pressure in order to change the economy of france in order for this economy to be stronger. Some finance ministers from spain to ireland actually expressed concerns that the activity of moscovici, the former minister of finance of france but when i asked him he said it was a serene discussion. Thank you very much. Tim cook took to the stage yesterday to unveil the details of the apple watch, which will be available next apple watch is the most personal device we have ever created. It is not just with you. It is on you. Since what you where is an expression of who you are we designed apple watch to appeal to a variety of people with different tastes and different preferences. Here to help us navigate us through the potential headlines i have waited 24 hours for this, caroline. The price what does it cost . I know you want the highend device of gold. That is 17,000. This is one of their three models. If you are going on the cheaper side of things, we might be looking at something a little more circumspect, 349. That is the minimum you would half to spend on the aluminum watch sport. You can have different faces. You can have steel, aluminum different straps. 17,000 at the very top line. A little cap to angela arent. If you are going to be buying a highend device, you want some highend places to buy it from. You can get it from Galeries Lafayette france and maxfield in los angeles. This is a luxurious device. You can start to preorder next month. You can try on by appointment in the apple store. April 24 is when it starts to ship. That is what we know about when it is available and how much it is going to cost. Did tim cook do enough to win over those who might have been skeptical about whether we need this . Why do you want to spend 17,000 on a watch . Some of the apps are impressive. They have developers really working on this. You can use apple pay without even having a phone on you. The main issue with smart watches is that you are never really just wearing a watch. Say you go out for a run. You can stop by the local shop and pay using just your apple watch. The payment, i like. You can also use uber and watch your taxi arrived on a mini screen. You can send pictures track your workouts. They are really keeping fitness first. A novelty comes in when they got star board hotels involved. You can have online boarding passes on your smart watch. There is novelty in terms of apps. Also, they had to do a lot for battery life. If you do you really want to take your watch off every night to plug it in . 18 hours is how much they say it should last one normal usage. That includes three hours of talk time you can send messages and have calls. 45 minutes of avenues of app use. I think the proof will be in the pudding. When people get their hands on it, will it become invaluable to their life . Interesting reports from people who have had their hands on it later in the program. Thank you very much. Still to come, Virgin Airways returns to profits. We will speak to craig kreeger. Breaking news just crossing to bloomberg. Brady dougan is to step down as the chief executive of credit squeeze. Credit suisse. Thiam, the current ceo of prudential, will be replacing him. A look at how he performed on at prudential. Thiam has been at prudential since 2008. He was finance director to start with. He was made ceo in 2009, succeeding mark tucker. He has a largely successful career betting on the asia part of the business to drive growth. He returns total shareholder returns, 24 compared to sector returns of 11. 3 . Outperforming the sector in terms of his stewardship of the business. I cannot help thinking back to 2010, when he made a massive that on taking over aia, the asian part of aig. That fell through. The company faced fines as a result and shareholders would not back his move in the matter. There were plenty of cause for him to step down at that time. A real turnaround story in the sense of his ability to reinstate himself as a strong leader at prudential. It is fascinating, you comparing his performance to the marketplace. When you compare brady dougans performance to the marketplace there is quite a big disparity. He took over as ceo in 2007. His total return, 10 . His peers have fallen by just 3 . This year, the disparity is even wider. This year, Credit Suisse shares have fallen by 7. 5 . It is the fifthworst performer on the stoxx 600 banking index. Only for banks have fared worse and they are all greek banks. When it comes to regulation, investigation, shaking up the bank, investors have been looking over the corner at ubs, which is totally shaken up. Shall we get to hans who is focusing on this . We saw this coming. We knew it was coming. Is it a big shock that brady dougan has had to leave at the end of june . It has been something that has been asked about for even a couple of years. I interviewed him at the beginning of 2012, and even then, there was talk, are you going to keep your job . He managed to hang on for three more years from then. That is what is remarkable how long he has been able to hang on through the financial crisis. He was only ceo that lasted throughout the entire financial crisis. In a way, it is remarkable that he lasted this long, given all the challenges. Not all of them his making or solely his responsibility, but he was put in his position to lead a bank through a financial crisis and clean up litigation crises that range from tax issues to a whole host of other issues. It is official. Mr. Dugan will be out at the dougan will be out at the end of june. We will see how the share price reacts today. We will also see what he will do in the final three months that he is in the position. Will he continue to try to shore up and pare down fixed incomes, commodities, and currencies . What will he do to prepare the field for mr. Thiam as he comes in . I am interested, when we get there next earnings report, what fixed incomes, currencies, and commodities, what is their debt trading doing . At is the one part of the bank that mr. Dougan refused to shrink as fast as his competitors. Is that sector going to be coming back . Will that be a potential Growth Engine for the future . Or will mr. Thiam have to shrink that further . You made an interesting point about thiams relationship with regulators. When the chief of Standard Chartered was pushed out, he was replaced with someone who had a Good Relationship with regulators. That seems to be what matters at the top of big banks these days. The problem is there are always more regulators then you can have Good Relationships with. Mr. Thiam may be close with jack lew. How about the attorney general in the states, the state of new york . So many want some sort of a billet sensor ability on these banks. Thank you very much. Hans nichols reporting from berlin. China deflation in february came in higher than expected 1. 4 year on year. That is after the countrys central bank stepped up easing moves. Jpmorgans chief emerging equity step strategist. How much should we read into this when it comes to the Lunar New Year . I do not think we should read too much into it. There were three areas where you saw increases. One was food prices particularly fresh vegetables. The cost of transportation going up train tickets, airline tickets. The other thing was general services. You have a big migration of labor back into rural areas. Were going to have to wait until march to get some sign of what the trend is. But the trend is running into this data point one of increasing concerns of deflation. 37 months we have had Producer Price deflation. This predates the oil price. You cannot just explain it away. I think it is about the china growth model being inherently deflationary. You have capacity in an economy that already has too much capacity and then lack pricing power. Does that make it a good decision to bring down the growth forecast . Yes, although we have to understand there is a middleincome economy. They typically grow between 2 4 . The 7 number is probably too high. Behind the scenes, there is a lot of good policy going on. They do recognize many of the challenges. But they do have this ongoing problem with how do you address the longterm sustainability of growth yet still try to have a growth number that looks reasonable versus your history . All of the versus quantity. Are they getting the balance right . I it is still too much quantity. What we are seeing is industry reducing the amount of capacity additions. We need to see the closing down of excess capacity. I think we are moving in the right direction but probably a little bit too slowly. Thank you very much. Good to get your thoughts on china this morning. Up next, we will bring you handson with the new apple watch. As they moved further into the luxury market, should the switch the swiss watchmakers be worried . Stay with us. Welcome back. You are watching countdown. Time to look at foreignexchange markets. Lets stop lets start with the dollar against the euro. Richard fisher threw his latest thoughts into the ring could this, his latest speech as the helm of the dallas fed. He was talking about how increases in rates a delay in increasing rates risks triggering a recession. The key is the relationship between when you tighten Interest Rates and the state of the unemployment situation in the country at the time. He was saying that every time the fed has tighten policy after achieving full employment, it has driven the economy into recession. Also, unemployment is likely to reach the bottom of the range of natural rate estimates by the summer of 2015. He is suggesting that rates should be going up before the summer. If you look at the options rates market, that is telling us there is a 23 chance, according to options traders of a hike in u. S. Raids by june. That number was 18 prior to payrolls coming in on friday. The new Zealand Dollar has been falling as a result of suspension in the trading of the dairy producer. That stock was suspended and then restarted. The ministry of riemer industries say they are working closely with the police with regard to a criminal threat to contaminate infant and other formula. The new Zealand Dollar a little bit lower on that story. These are the top stories on bloomberg. Chinese deflation came in higher than expected 1. 4 year on year, even as Producer Prices fell more than estimated. The Lunar New Year holiday helped boost spending on travel and food. The exports number suggests a strengthen u.