What Jolene Janet Yellen said , how it has been interpreted by markets. Relatively hawkish. Everyone was talking about Forward Guidance. It turned out to be a lot of noise. They kicked the sick. 5 threshold 6. 5 threshold in the bin. This was about right expectations. Looking at grade expectations, this was in the summary of economic projections. All about the dots. Familiar,who is not tell us what are these dots . It is in the summary of economic projections. The Federal Reserve puts out its forecast for things like gdp, unemployment, but also for rates. They do it through dots. For one official, where they think rates will be. We know now that the median rate 2. 25 inis 1 in 2015, 2016. This is up from decembers forecast of 0. 75 and one point 75 . 1. 75 . There was a slight forecast change in the forecast for gdp. How do you explain it . She tried to talk it down. The market is not buying it. There is no Forward Guidance anymore. They went straight to those dots and thought, we are going to get a rate hike next year. People started to price it in. I think it is more new ones. It is not really an exact science. You dont know which dot belongs to which official. Yellen is much more important. These are dots over the next couple of years. All fomc members will get a vote. They still matter. She is talking about a considerable amount of time after tapering finishes. She said that was six months. Whether she backtracks from that remains to be seen. The interesting part of it, they have got to get going. They have to go quite quickly. If they are looking for 1 next year, when are they going to start . Lots of markets to consider. They have a lot to digest. Jon, thank you very much. Next has broken earnings. Caroline is here with the details. Have they overtaken m s . They have. Is thelion pounds fullyear underlying pretax profit, up 12 . That is more than the 665 Million Pounds at Marks Spencers in its last financial year. The 32yearold has beaten the 130yearold. They now have more profit at next. Investors have been betting on this. They have driven the market capitalization of next above Marks Spencers. They have been driving the share prices higher. Up fivefold in five years. Now next returns that belief to the investors and says, we are also more profitable. Sales, nowhere near Marks Spencers. Fullyear sales are about 3. 7 billion pounds. M s about 10 billion per year. Still, they are far more profitable. Dividends are coming the shareholders way. That is by earningspershare keep driving up. It is all about their online presence. They have mailed it in terms of online. They already have a catalog business. They were the biggest u. K. Home shopping is this already. They knew how to get your orders to your home. They invested big and now we are seeing a 12 increase of online orders. You were talking about the long service of the management team. The strength of our group is built on the hard work and productivity of the management team, they say. Look at the statistics. Lord wilson, chief executive. He has been at the company more than 20 years. The finance director, the product director have been there for more than 20 years. The sales and marketing director as well. It brings you consistency in management. It brings consistency in what they provide to the buyer. They didnt slash their prices on christmas. I was there showing you how m s had slashed rices by up to 30 . Dividends had done the same. Shoppers werent seeking out lower prices. They were staying loyal to the next brand. They went in droves throughout christmas and helped with profits. Also, they knew they werent going to find the items they purchased cheaper next day. You had to wait for boxing day. Interesting that now, they are scaling up. They are not going to just give you clothes. They are Getting Better quality and also they are going to home wares. They might become more Like Department stores. That seems to be the way in which next is developing. They want bigger flagship stores. We heard that from zara yesterday as well. It seems to all be about size. Already they have 500 shots in the u. K. And ireland. They keep puffing. There up fivefold in five years. It is not often you see a statement around retail that starts with, the year through january 2014 was a good year. Thank you very much. Does life begin at 32 . [laughter] so rude. Eu leaders meet in brussels today to discuss possible further sanctions against russia over crimea. Ryan chilcote is in brussels with that story. Good morning. Good morning. Eu leaders will have to decide how and when to punish russia and the kremlin for its plan to push forward with annexing crimea. They have got two options. One is to take that blacklist they currently have of 21 russian and crimean officials that they intend to subject to asset freezes and travel bans and expand it. Potentially even to russian business leaders, both of statecontrolled companies and the socalled oligarchs. Doin cond option is is to impose economic sanctions. Several officials we spoke with think that is unlikely at this point. The reason is, the eu rules by consensus. Each country has their own economic interest. They are concerned about Economic Growth right now. Has made itus which very clear that they are against sanctions. Countries like hungary and romania are on the fence. We did hear from Angela Merkel and David Cameron yesterday speaking on the telephone, saying they believe it is time to ratchet up sanctions. Ryan, the annex nation of crimea, it is not exactly a done deal yet, is it . It isnt a done deal. , russianotesters militia, Russian Forces, moving on to ukrainian installations in crimea yesterday. Including one naval base. Keep in mind, there were several hundred ukrainian troopshole on their bases as Russian Forces took control of crimea. They have woken up in a region that is calling itself independent and about to the annexed by russia. Ukraine wants to get them out. Two nights ago, we had violence as some ukrainian servicemen refused to leave. Generally, ukraine would like to move into the east of the country. They are not concerned that it is over just yet. I talked to the ukrainian Prime Minister and he said, they think that what they saw an crimea could be repeated elsewhere. Have a listen. It is Crystal Clear for us that the russian authorities will try to move further and exploit the situation in southern and eastern ukraine. We still maintain control and we still preserved the fragile stability in these regions. Keep in mind, this is a twoday summit. Next week, on the sidelines of another big summit in the hague, the g7 gathers yes i did say the g7. Russia has not been invited. That would be another opportunity for the g7 countries to escalate the sanctions and try to ratchet up the pressure on the kremlin. Rex ryan, thanks. Australian authorities may have found signs of the missing malaysian flight in the indian ocean. Australian Prime Minister tony abbott said aircraft had been sent to the area to locate the object that appeared on satellite imagery. Lets get to zeb eckert in hong kong who is covering this story. That is right. This would be the First Sighting of any possible object in connection with the missing Malaysian Airlines aircraft. Is the southern indian ocean we are talking about. The area identified by the australian Prime Minister today is 2500 kilometers away from perth, a very remote area at very deep depths with very rough seas. We have aircraft on the way as well as ships headed to that direction representing the u. S. , australia and new zealand. Trying to figure out whether these two object picked up by satellites may be linked to that aircraft. In australiaagency today holding a press conference, saying one of the object appears to be about 24 meters in size. , its wingspan is about 60 meters. It is anyones guess whether this could pan out to be something. The Prime Minister earlier warned that it may be another false lead. They have to go check it out. Lets listen in. New and credible information has come to light. In relation to the search for 0alaysia Airlines Flight mh37 in the southern indian ocean. The Australian Maritime Safety Authority has received information based on satellite imagery of objects possibly related to the search. Following specialist analysis of this satellite imagery, two possible object related to the search have been identified. The malaysian government put out a statement, the transport minister saying, i followed every lead from the beginning and we will follow this one. They hope for a positive development. This will be slow going. Said to have Poor Visibility in the best of conditions. The seas are rough. 250000, matters kilometers from land. The first aircraft arrived about 1 50 p. M. Local time. That is just about 4. 5, 5 hours ago. We will bring you uptodate as we get any developments on the missing malaysian airliner. Thank you very much, zeb eckert. Coming up, in his budget speech George Osborne announced the creation of the Alan Turing Institute to help harness the potential of big data. We are speaking with the ceo of one Big Data Firm next here on countdown. Welcome back to countdown. Time in london is 7 15. George osborne used his budget speech to announce the creation of a Research Institute dedicated to big data. One man who welcomes the news is david richards. He joins us now. Thank you for joining us. A number of things to cover. Lets start with the budget announcement. The Alan Turing Institute, you are quite impressed. I am amazed. The government has done a really good thing. Alan turing is thought by many including me to be the grandfather of Computer Science. You name a meeting room after him in your offices. That is right. He is a hero. A legend to many computer scientists all over the world. Back in the day, he was put in prison and really disparaged. Now, he is getting the credit that he deserves for all the work that he did. What difference will this institute make to the u. K. . You have also been quite critical of education in Computer Science in the u. K. You say it doesnt live up to the u. S. By contrast, our experience in the u. S. Where we take Fresh Graduates and sit them down in front of the computer, they can start coding, do job and so on. We dont really get that experience in the u. K. This is an important first step in tackling the problems of the Education System. Our Education System was designed 100 years ago. Traditional Industries Like banking, finance, we do that very well. The digital economy, however, i dont think we have done a good job with that. You made big strides in 2013. Sales jumped, bookings up i87 present. You won new business, big data contracts. Tell us about that. Tell us the strides you are making in this world that is big data. A business that could reach 50 billion by 2017. Think nouncement, i it is a very traditional industry. You wouldnt imagine adopting this new technology so quickly. To we areints in the middle of a tech renaissance right now. This is new stuff, important stuff. I think big data will be the fundamental source of competitive advantage across all kinds of different industries. Utility Companies Like british gas, banking, finance, those industries too. Those people who arent aware of this, will you explain what it is . The independent analyst factodc says it is a de big data platform. Explain for us why we care. Decidedin 2006, yahoo they needed to become a big data company. If you look at all the companies out there today, facebook, they arebay, amazon all really big data companies. Their platforms are built on big data. The data was born with google. We have two of the original with the acquisition of a company last year. This is happening very quickly for us. It was in november 2012 we made that acquisition. 2013 was all about building products. Mark mentioned some of the forecast we have seen for this industry. Howgive us your take on, big is this industry now . How big is it going to be . I think we have to go back in history. In the 1970s, we had these big things called mainframes. If you were going to implement a software system, it was likely a mainframe system. In the 1990s, we got Client Servers. That was a disruption in the marketplace. Disruption creates new companies. Out of that was born microsoft,ntel, network storage, oracle now we have this thing called big data. That is to Client Server what Client Server was to mainframes. This is disruptive to the overall digital economy. Service. He fundamental data is so critical. We announced a deal a couple months ago with uci medical. , they saveechnology peoples lives. They can predict days in advance that is amazing. The healthcare sector is something that you are working on. You do have presence in china. Idea of how business in china could grow and what your feelings are about the economy there right now . China has scale. All of yahoo runs on about 40,000 nodes. They have massive implementation. It is a huge opportunity for us. We set up in chengdu. We are very excited about it. Thank you very much for joining us, david richards. Ahead, from puppets and stop motion to hightech computer designs. We will take you through the evolution of animation. Welcome back to countdown creatingt of characters for the big screen has come a long way in the last couple of decades. Bloomberg businessweeks Second Annual design conference, and animation director talked about the evolution of animation. I am here to talk to you about giant robots battling giant monsters. The Animation Industry and the visual effects industry has changed a lot in the last few decades in terms of the business end of it and the technology we are using. When i started out, if you wanted to do creatures and movies, you did it with stop motion animation. Now, everything is computer graphics. In terms of the actual job of the animator, creating performances from characters, that job really hasnt changed a whole lot. Just creating characters that an audience looks at and believes it whether it is a monster or a thinking character, a speaking character. When they look into the eyes of that creature, they believe it is thinking and living and breathing. When we are doing a film with creatures, the more outlandish and alien they are, the more we need to look to nature to inspire us and to ground the creatures and things that are familiar. We look at all different kinds of animals and skins and the way they fold and a different scale patterns. Even next thing animals. Mother nature is full of weird looking eyeballs. Just go out and search, it is awesome. People often ask, when did you know that something is finished . As with anything, it has to be taken away from us. Supervisors ons, the project who are trying to make the imagery as cool and details and interesting as they can. Then you have the producers who, it is their job to at some point say, enough. We have to fit our time and our budget into this box. It looks great, the client is happy. Step away from the keyboard and stop working on it. We need someone to tell us when enough is enough. We cant help ourselves. That giant robot transformer. Know it is called a jaeger from the film pacific rim. They fight these monsters called kaiju. If you want to impress the young, bring up that. I wondered where this was running. That was. Informative. Coming up, we take a look at europes number one voted start up in berlin. That is coming up. Welcome back to countdown. Lets get right to Jonathan Ferro for the fx check. Just a little bit boring in the fx market. Nothing boring about the moves yesterday. Take the dollar index. Up 0. 7 . The biggest moved higher since august. It is about rate policy. Whered he say they really where do they see rates moving higher . How aggressive do they move after that . That is starting to be priced into the fx market. Dollar sterling this is what happened yesterday. Down towards 1. 38. Does that make mario draghi happy . As for the bank of england, if the fed moves first without pushing sterling higher, that is something to think about. Thanks, jonathan. These are the Bloomberg Top headlines. Yields on twoyear treasury notes climbed the most in three years after janet yellen said a rise in Interest Rates could come within six months after bond purchases end. At her first news conference, yellen said the central bank would drop Unemployment Rate thresholds for considering interestrate increases. The fed also trimmed its stimulus by another 10 billion per month. Malaysian Authorities Say it is not yet clear that objects spotted in the indian ocean are from the missing jetliner. The fbi has joined in the inquiry into the missing flight. It was revealed that a Flight Simulator used by one pilot has some deleted data. Ukraines interim Prime Minister once that russia will try to further provoke tensions in eastern and southern ukraine. Eu leaders gather today in brussels to discuss ways to respond to russias move to annex crimea. Arseny yatsenyuk said that it is clear russia will try to further escalate the situation in other russian s