Economic data in the u. S. , 7 00, we have the Weekly Mortgage application. That is a volatile number. 8 30, the account balance. 2 00, fomc followed by Janet YellensNews Conference. We will carry that live. That is a very big deal. Doesnt paint a malaysia 370. We will talk about that in a bit. Alicia Central Bank Cut their gdp forecast. Malaysia Central Bank Cut their gdp forecast. We have been supplying so much liquidity to world markets, that has helped other economies, malaysia is an example. I would argue the central bank is in considering any of that given all of the turmoil. They basically did not acknowledge it at the last meeting. They said, deal with it. On your own. Earnings before the bell, fedex is the one you want to watch. After the bell, guess. Stocks, bonds, currencies, commodities. Not much going on. On to the second screen. Currency markets. We will get to that in a moment. Sort of. Ly, even the Australian Dollar putting on a bit, a stronger aussie dollar. Putin rally of the ruble, heres the weaken russian ruble. A oneday little blip of a onger ruble off of that not a press conference or News Conference, but a stage. It was a speech. A very dramatic setting. Old russia kind of setting with high ceilings and chandeliers and the guys opening the golden doors with a white gloves. There they are and in walks el president e. Thats what you do. And then they shoo me out the door. Scarlet fu gets us started im going to guess, ukraine . All the pomp and circumstance taking place in russia yesterday. Theres a big pep rally. Ukraine sees a somewhat differently. The new government calls putin a threat to international security. Leaders will be meeting in brussels to decide if they go to stage three of sanctions. I am taken back by the press conference of 10 or so days ago, putin slumped in a chair all by himself and providing. Totally improvising. Fit and finish weve seen the last 48 hours. There were thousands of Russian Troops on ukrainian soil. We spoke yesterday with the agreedn institute and you have to look for layers of new sanctions to come upon. Yes, right now it is 11 people effectively post to putin putting pressure internally. Some of them have said they see that as a confirmation of their own support of russia. That is something we will continue to monitor. Investors are not too worried about it. Our second frontpage story, they are Mental Development on the missing Malaysia Airline flight. There been many theories. The one that caught my interest in the New York Post, lowflyingthey saw jet the day the plane went missing. Apparently where is the confirmation . It had the logo at 6 30 morning. They say theres no credible information to back that up. They have shrunk it based on the amount of fuel they had. But there are no answers. Just conjecture and conspiracy theories. We will continue to cover this. Authorities are looking into the Flight Simulator that they removed from the home of the pilot. They say some files have been deleted from it. And, by the way there you go. They just said the plane setting the maldives is not true. Very. Seconds proceed nevertheless, it shows an example of where we are. People saying they spotted the jet remarkably similar. Why do we buy into conspiracy theories . Cass sunstein joins us. Tweet us with your theories. Jason morgan agreeing to buy its commodities unit. Why do i care . The deal could be announced today. Pressing big banks to get out of the markets. They think theyre too much control and influence. You cannot put more than 3. 5 into proprietary trading. It would only make sense that would get rid of this business. Jpmorgan commodities effectively going to start up in switzerland. Mark rich adam johnson, otherwise, very good. In my previous life, i traded oil. A very old, wellknown company. I cant talk, ive got a cold. Cant talk and have a cold, people go, yes that is our frontpage story. Is to wait until 7 00, and emails will come in. Wonderfulst host is a guest host in the 6 00 hour, l harris is a veteran of any number of Financial Technology working with personal capital. In the today at oracle nonevent that was oracle earnings. He is the former chief executive officer of paypal. Do they all want to write code . Yes. The driving force in so congo and behind the programming. They want to work for dropbox, facebook. They dont want to work for oracle or apple, do they . No im a that is her grandfathers tech company. I want to rip up the script. You have a shirt on that i love, love, love. Look at the shirt that bill harris has on. It is like a graph shirt. At paypal in the early days, we were presenting to our board. We had some graphs and charts and anything else. Everybody wore a shirt like this. We painted on the back of the shirt the graphs of our quarterly performance. That is great. Then we took the coat off, turn around, now is the presentation. Folksonder if the young in Silicon Valley where these kind of shirts . No, tshirts. And goodies. By morning mustread on the divide between the old and young from the New York Times magazine i think it is true. I think it is a bit of a problem for Silicon Valley in general. These infrastructural hardware pieces, these are things that have made possible everything we are doing today. But that is not where the action is. More the meantime, we get look at this. For 55person company. It is ridiculous. But that is where the action is, where the money is, that is where young programmers want to be. Bill harris with us. We will get to his important discussion of paypal later in the hour. Company news with scarlet fu. Toyota up a one of the largest fines ever for an automaker, said to pay 1. 2 billion dollars to settle an investigation into why some of its cars sped up without warning. The sudden unintended acceleration issue led to the recall of 10 million vehicles. The settlement to be announced as early as today. Givingr series grant to bmw a boost. The automaker says it will post to mitigate gains and profits this year thanks to that and other models. Retax profit will top 11 billion that was posted last year. Sales gains are coming from 16 new or refreshed models in the carmaker is forecasting the second half to be Even Stronger than the first. Shares of microsoft hire and the premarket. The shares jumped almost 4 yesterday to the highest since 2000. The rally triggered by reports microsoft will introduce a version of its Office Software for the apple ipad. It could be as early as next week. That is rich shattering. If you cant beat them, join them. Finally. There is going to be a Premium Version available for subscription services. Coming up, the u. S. And eu sanctions are not just impacting russian oligarchs. Why london is devastated, next, on bloomberg surveillance. Good morning, bloomberg surveillance. On market makers, the women of our headquarters. Schreiber. Partner of naomi watts. In my immediate that i dont know who naomi watts is . , on. Friends with nicole kidman. I know nicole kidman. She a very good guitar player, right . Nearly watts is a very goodlooking lady. But really . Things you need to know from adam johnson. Russian oligarchs. There the main target. Dealmakers in london stander lose out. More than 180 billion of russian generated business is now at stake. Matthew campbell joins us from london. Wealthy russians have standout out across europe. We know they have homes in switzerland, Bank Accounts there as well. Sports teams across the continent. Especiallylondon vulnerable . An exaggeration to say the Business Capital of russia. When you have a lot of money, as a lot of these russian oligarchs do, you need to invest it. You need to find lawyers, accountants, bankers to advise you. And they have come to london. They feel protected in the u. K. Rather than in russia. Specifically, what kind of this mess has been interrupted by the crisis in ukraine . There have been a couple of initial Public Offerings that seemed to have been shelved. One by a retailer which has put off its ipo. Another the which is a pretty well known german retailer, was going to float its russian retail business. Late yesterday, that was shelved. Companies looking to come to the public markets, work that would largely be done in london, are saying, were going to hold off. We saw dave and karen 1 we. Aw David Cameron does he greet the oligarchs . Well, this is a very complex relationship. The British Government is in a tough spot. On the one hand, they dont want to jeopardize the city of london, which is an enormous driver of prince economy, the financial sector. Britain economy, the financial sector. But they have to stand up to president putin. It is a balancing act. Particular, have very significant trading relationships with russia and there will be cautious as well. Do you get the sense when youre reporting and speaking to people that russians need the city of london more or does the city of london the these russian oligarchs and their business more . Very good question. It is a symbiotic relationship. A term i cant say i coined. Londongrad. Whole, the russians in london more because there are not a lot of options for them for a place to service his enormous wealth. They dont, for the most part, come to the u. S. Largely because they dont like the irs much. Russian speakers, they dont have the knowledge. 7. 2 , whichent is is flat with the previous month. This is part of the problem with britain as a whole, which is there really are two economies. There is london and london being driven by the financial sector. In the second part, there are big problems in the u. K. Traditionally, the country is been able to lead on the financial sector, which is such a dynamo. What the russian crisis threatens, some of the work that comes in to that hub. You so much, Matthew Campbell from london. Sticking with the british economy, the u. K. Hopes it has found a way to deter counterfeiters. The british are coming out with a new coin. After the current model spend millions of fakes. It is come on, it looks like bitcoin. 12 sided threepenny coin. Good luck counterfeiting that. Can i get this at costco . No, you cant. What is the english equivalent . That is based off the currency of kings landing. That is a one pound coin . Yes. The pound will be made with cuttingedge British Technology that will make it one of the most secure coins in the world. Im not sure i would call British Technology cuttingedge. Remember the Lucas Electrical system . Isaac newton was the head of the meant. It was so messed up, they brought in isaac newton to mint. E the Queen Elizabeth still on the pound. Comes up, they want to change that. King charles. King adam i like the way it sounds. Coming up, Cass Sunstein on his new book conspiracy theories. Our twitter question of the day midmorning, bloomberg surveillance. Us inl mckee will join the 7 00 hour with his perspective as we eagerly await maybe fewer words, more words from janet yellen, 2 00 p. M. This afternoon. We will give you perspective from smart guests. Time for our morning must read. Heres what he has to say about health care in the ncaa the president is going on espn tonight, presenting his final four bracket. Why theyre doing it. It is a captive audience. But isnt anything sacred . Cant we just watch basketball . Watch, dontust funny or die without watching the president . Upthe president is drawing the first pitch. It is just an extension of that. Fox college sports, pro sports your argument about not paying. These guys are in school. Are you kidding me . No, im not kidding. Exactly right. Is nothing sacred . Can we just play basketball and enjoy it . Do we have to turn everything into a stage where we are taking partisan views . Talking about the Affordable Care act the desperation to get going. The Affordable Care act has to get more than the current, 4. 2 million subscribers anyway, you have to get Healthy People to pay for the healthy young people is key. Speaking of companies that have a lot of work to do, apple in the tim cook era. What is he doing to maintain its dominance in the Tech Industry . Good morning, everyone. Bloomberg surveillance. New york city. I am tom keene. The darkened empire state building. There is new york city. That is spectacular. Good morning, everyone. Bloomberg surveillance. A quick data check. Fed data check. It means i can do it in 30 seconds. Geto one wants to do ahead of the announcement later this afternoon. Microsoft shares are trading at their highest level. The stock is up almost 4 . An Office Version for ipad will be unveiled. This will come next week. To aey wanted to update Premium Version, that would require a prescription. Cory johnson did that wonderful interview with steve ballmer. Stock is probably up 30 from that point. A lawyer and a salesman. 809 foldngs have grown on microsoft eight or nine fold on microsoft. Now it is 10, 11, 12 times earnings. It is old tech, when it comes down to it. Its take a deep dive into new tech. Apple. It has been 2. 5 years since tim cook was named ceo. 171 billionang up in sales. It is also clear that apple has lost some of its luster. Before we get started, tim cook called the reporting in your book nonsense. He dashed a lot of the things that you say. He said the book fails to capture apple, steve jobs, or anyone in the company. Are you pessimistic about apples future . I just think that apple is in a place where there caught between not wanting to wanting to stick to the way steve jobs steve jobs vision of apple and saying that apple has not changed, when everything an apple has changed. I do think it is struggling a little bit. It is struggling a little bit. Tim cook is the ceo. A lot of people do not to know much know too much about him. What can you tell us about the way he manages apple for the new era . He is in operations executive. Businessorder, driving as efficiently as possible. You do get the flavor throughout the company. An entire chapter to Clay Christiansen and disruption. Apple started to listen to its customers a decade ago and got in trouble. Our they listening to much to the customers right now . How much it is doing and what impact it will have is still too early to tell. You do see a little bit of a rollback. Tangible example of where mr. Cook and his team are failing versus the aesthetic and detail that steve jobs had. What is a tangible example of failure . The colored phones . Certainly has5c not sold well. I think the Biggest Issue is perception. Steve jobs had a reality distortion field. What i find interesting is your background. Prior to covering apple, you also covered sony and its demise after its founder passed away. What parallels do you see . Think i would not draw direct parallels, but certainly a sony there was a lot of looking back at how things should and could have been. The distinction here is critical the Free Cash Flow of apple. They are minting money. That is what mr. Jobs is supposed to do, mr. Cook is supposed to do, right . It holds itself to a higher standard of success than others. To make insanely great products. I think it is incredibly naive that they are minting money. That is their standard of success and that is fine. They can do things to drive their business toward more money or whatever. They have never been about money. They are about changing the world. I think the original ipad was the last time that apple has wowed us. It is about changing hearts and minds. To realize the magnitude of cook posture alan it was necessary to cooks challenge it was necessary to understand the personalities on the team. Apple is facing a lot of challenges as a big company. The growth over the last couple of years is tremendous. Without steve jobs, it makes the job that much harder. Apple was a company that was synonymous with steve jobs. The entire organization is built around this man and his strengths and weaknesses. When you have somebody who is completely opposite at the helm with the same management team, things are thrown out of equilibrium. I guessed is bill harris. You know our guest is bill harris. You know i think too about Silicon Valley. What is the perception now . I think people like tim cook. The era of radical innovation at apple is over. It is not necessarily over simply because steve is gone. It is over because apple is a big company. It is producing big profits. Thick about what happened at microsoft. The exact same thing. Are you saying that once you get big you cannot innovate . Yes. What about corning . That is innovation. Corning is innovation. I will grant you the microsoft issue. Within the reporting on the haunted empire, is that the ultimate risk that the ballmer ize Apple Computer . Yes. And they need to decide whether or not they are ok with that. Who do you think is the biggest risk taker in apple right now . Good question. That is my question. Have they left . I can see anybody and that is part of my question about apple. Steve jobs was the biggest risk taker and he took all of the air out of the room. To your credit and in a New York Post article this morning, you say mr. Cook is doing a good job. What is your specific criticism if you say at the same time that he is doing a good executive job . It is not a criticism as much as he is completely opposite of steve jobs running the place. If there is one, it is that i wish he would paint a post steve jobs vision. The idea that apple has not changed is not convincing. Can the iphone 6 do it . I come on. I have an iphone five. The problem with th