Welcome to the falls. We are live from the european had orders in london. I am guy johnson. Coming up, we will see how marvel finds its winning formula. Home delivery. We are looking for the online Takeaway Service to make a trading view. Debut. There is an inflation rating that there iscern this viral of deflation or low inflation. Christine lagarde is putting those words out there. Yeah. She is putting those words out there. She is assuring mario draghi to act. David tweed has the story. A robust debate is going on and most economists do not expect action today. Imagine if inflation was over three percent. You would the central bank to discharge its mandate to bring prices down. Situation where the inflation rate is on the wrong side of one percent and the central bank continues to postpone taking any action. That is why people are so upset that the European Bank is not discharging its mandate. It is not a lot of difference. Regardless of what victor said about the latest figure. Reckons it will correct after easter. You have to take the whole thing and to what mario draghi the rest of the Government Council thinks about. That is what i am going to be listening for when he speak to the News Conference later today. Right now, they argue that, despite the fact they have low inflation, you have inflationary expectations among the public that are fairly well anchored and that is the key thing. Mario draghi seems to be building consensus. Should we play into that . Iffirst of all, it looks as the president of the bundesbank expects to be one of the biggest talks and does not want to move. He says that quantitative easing could be her missable if they do not by sovereign bonds. He talked about negative Interest Rates and that is interesting. That is a situation where banks get with the European Central bank and have to pay for it. They say that it may be a legitimate way of bringing down the euro. Of course, the euro, at its current levels, is not great for exporters and is not great for inflation. You make it a bit more inflation coming in. It looks as if the president of europe is coming on the side that would allow mario draghi, and his News Conference, to start laying groundwork for deflation and he becomes convinced that the inflationary expectations are becoming unhinged. Thank you very much. Editor, david tweed, joined us from berlin. We will bring you the latest decision at 12 45 and at 1 30, we will have the full coverage of Mario DraghisNews Conference. Tochina has a line of steps support the economy and create more jobs. For more on that, lets bring in our editor. Scott, what does this tell us about chinese lenders and leaders. Leaders . They are starting to get worried. They have said that 7. 5 level that the country needs to grow to create jobs at the pace of the leadership wants. And they are not hitting that pace and and was are not confident that they will. Somethinghave to do to step that up. They have to do something for a to the economy. Stimulushort of the that they did after the financial crisis in 2008. It is something that could keep the economy from slowing down further. It is really interesting, the way that they are doing this. Is this tell us something about level ofrn over the credit in the economy and the debt and the economy, etc. , etc. . They are doing this with debt fueled investment for the last few years. A lot of people are saying that they should be concerned about the level of debt in the economy. It is getting to levels that could potentially increase the danger of a financial crisis. There is not a consensus that that will happen. If they keep using debt to fuel growth and stimulus, more and more people are starting to get worried and we will see those concerns start to show up in the economy and markets so far this year. Thank you very much indeed. That was scott. Restated fourthquarter results. They say they have lost half 1 billion. Lets bring in manus cranny with the latest. Ou talked about the issue i get the feeling that 2014 is going to be when Credit Suisse goes for the cleanup. It involves 22,000 accounts in the u. S. And 8000 Credit Suisse bankers. Making progress on this issue. In journals, i say that we have made Good Progress on that front and we have a number of issues resolved. We have one of the larger issues. We feel like we have taken significant reserves during the course of last couple of years and we made Good Progress in working through those. I also think that the profile in this area is a lot smaller than a number of other banks. It is hard to say that to the end. I do think that we are making Good Progress. That progress is a few weeks ago. They did a deal to sort out their issues with any and freddie. Total upat brings the to 800 million. Litigation and tax charges have been a big problem for many of the banks. Withrms of where we stand tax provisions, where are we . We have made Good Progress. Christmas,down after myself; were surprised. That was the issue. We are further down the road and it is disappointing. I thought i would bench mark it. Se the pun, they handed over and this is the new issue. They have accounts for investigators. The next day, they got summoned by the irs and they had to hand over another for 5000 where are we . Ubs and we have yet to find out what they are going to hand over. Do we know what we find that out . It could be months. Lets let us wait and see. Manus cranny had the very latest on Credit Suisse. A set tophas launched box. Operators. V there could be a new Television Delivery model. Here with more is caroline hyde. What do they have to offer . Content. If you are a netflix user, you can use it. If you are a hulu user, you can use it. What they want to do is get onto prime tv. Crime instant video. You can access 50 thousand videos, movies, television shows. If youre paying 5. 99 pounds a month. They would need to get onto the amazon account and then you would upgrade to amazon prime. That is the way that you get sucked into the amazon echo system ecosystem. Spend far more using amazon than those who do not have the hardware. Through this hardware, they wanted to be sucked into amazon and upgrade to the prime video. From that, upgrade to prime in general. They have other things that they tv out of theple water. This thing really goes and i cannot wait for you to try now. If you have it all along, Fire Television is three times the performance in power of apple tv, wrote to, of chrome cast. This is a powerful device. It is powerful and offers games. Soon to be thousands of games. It will have voice command. That is something that none of the others have. They are offering content, power, and gaming will stop will this hurt . And gaming. Who will that hurt . There are options out there for the box set. Apple tv cost 99. As does the rogue who set top roku set top box. What about paytv . It will hit the set top box manufacturers already. And otherit Comcast Companies that, as we see these over the top boxes and people streaming from the internet, no longer do we want to pay 40 pounds or 80 to have access to Cable Television sets. You want to have streaming instead. It is much cheaper. This is what companies are worried about. Cutting the cord is what they call it. They are hooking up with apple to provide a set top box. And directv comcast are planning their own streaming offerings. It is going to get very interesting for the competition as to who builds what and when. For the moment, it seems like amazon is going for the jugular and the main thing for them is to get us all addicted to amazon prime. Thank you very much for the latest on amazon. Is decision day in the ecb and will the threat of deflation force mario draghi to act . There is a fragile and modest recovery underway and it needs to change year boards more sustainable growth. And balanced growth. Saying was the imf chief that more must be done to boost Global Growth and she says that low inflation could undercut the sluggish recovery. We spoke to the bundesbank chief and he said that a negative rate could counteract inflation potentially. We also asked about the strength of the euro and how it affects decisionmaking. It is not a polisario policy target for us. An assessment of the economy and it affects our assessment of growth. This is how we would take it into consideration. He was speaking to our colleague, hans nichols. We are looking at those comments aggressively. Lets talk about mario draghi building a united runt for the next big push. Is what people are talking about. It is decision day for the central bank. Lets talk about what we are going to. We have the chief european economist. Lets start with the comments that were the prelude to the meeting. Have been made over interpreted . I think so. I am open to the possibility of qe. N, he said that she we on he said that they would do qe on privatesector equities. There are things that would be eligible that are not large enough to do a largescale asset purchase program. Qed works if it is long on government bonds. He also seemed open to negative rate. Why did he not vote last month ecba rate cut when the showed that inflation was consistently below target. It rose in the second half of 2016. Year is not a three a serious forecast. The kind of visibility that we have in economics is two years and then we assume returns to trend. Even so, it stays below two percent and the case for cutting rates was very strong last month. If they cut this month, only because of headline inflation dropping to 0. 5 and is expected to tick higher in april. It will look like they are caught by surprise and the focus is totally proven wrong one month after they release it. It will be truly inconsistent. I would say that if they cut today, it is good for the economy and bad for the communication on the ecb strategy. Do you agree that the markets think that he is more dovish than they think that he is . I think it was an important afterention because it, the doubts of omt, it delivered us where we are now with the eurozone growing and unemployment. Are now ats about omt bit less because the Prime Minister has said that if omt does not work, we have qe in case of an emergency. It is therefore an emergency. To microattempting steer. Maybe that is the over interpretation . It is therefore an emergency. You are expecting change . I am not expecting change. The recovery is getting stronger and we are reaching trend gross at the moment. The lagging hand, indicator of inflation is low and still falling. Next month, it may go up again. Not be worried about this. That is what this is all based on an all of the other things are micromanagement. We do not talk about moscow we talk about Monetary Policy when we talk about Monetary Policy in europe. Should we . They do not have much power left, if you kind of go with the when i talk to officials in general and i do not miss you really mean ecb do not therearily mean the ecb, is not a precise estimate of what could be the consequences. Or anrade war with russia interaction with Energy Surprise that supplies supplies in europe. They could stall the recovery and there is a military angle to it. Could draw the economy back into recession. It is something that should register on the screen a policy makers. Along with the chinese slowdown story. I am not concerned with that. The one thing that is relevant for china is if we keep seeing pressure on commodity prices. Europe couldn in be a possibility. If all prices remain stable throughout the rest of the year, the average rate of inflation would be 0. 7 and 3 10 low the forecast of the ucd ecb this year. I would not worry about the external inflationary pressures because we would see Consumer Confidence raise. The pressure on real income for households is easy and they can support the economy. Part of the deflation scare is actually something positive for the euro zone recovery. What is worrying is within the eurozone. You have countries that have low inflation because the adjustment and you have poor countries with very low unemployment and low on low inflation. That is where the focus is. That the outlook is on the outside. We are seeing higher wages and wage growth in germany could pick up and inflation will pick up. I do not see any reason for the ecb to ask at the moment. I guess we will find out at 12 30. We are back in just a couple of minutes. Welcome back. Lets give you a quick check on equities. Lagarde said that we needed something more unconventional. Riske going in for a big for you in these markets today at the ecb doing nothing. That seems to be coming from the people im talking to. They are 1 10 of a percent higher. The employment report set up a talent for a bullish payroll tomorrow. Payroll services are at 82011 high and equity futures are trading at 1884. The dollar is coming a little bit lower on a slightly revised Services Number here. It is almost unchanged on the dollar sterling and that is it for now. Stay with us and after the break , we will talk about how to order online. Welcome back to the pulse live in london. I am francine lacqua. Im guy johnson. China has announced the stimulus policies. The government will sell 34 billion worth of bonds to Fund Railways. Giving bigger tax breaks to smaller businesses. Minn Russian Foreign ister said russia should not boost its presence. It is difficult to speak about expectations here because very determined russian action in crimea. But we urge russia to pull back its troops, to live up to her International Obligations and engage in a constructive dialogue with ukraine sooner rather than later. You can watch that entire interview in full tonight on charlie rose. Shares have risen in london as the company has its trading debut. Giving the online Takeaway Service of value of 1. 5 billion. The company says it has almost 6 million active users. Ipo volumes in london have more than doubled from the same time in 2013. Manus cranny is here to give us a breakdown. It is incredible how much appetite oh, bad i had to do it. You know, how much appetite there is for online stocks, but also the stocks that have to do with food. This is a cracking share sale. Nowhere near what you saw from boohoo. Com. Today we opened up 10 . We are lazy. We do not know how to cook. We set out our cities and all have tablets in our hands. Manuss weekend. My sum up of my lifestyle. Andon a sitee with a tablet basically get online and order three times as much. You go out for a bit of lunch. She does not eat a lot. That is an understatement. I want to show you the ads. The stock is up 10 . Take a look at these advertisements. They are pretty phenomenal. I thought they were quite funny. Stock up 10 on the open. 14 million shares transacted in the first eight minutes of the session. You know what . You are buying into the view that we are going to order more. The uk is their dominant market. Is the market going to grow . This market is worth 6. 2 billion. What is the barrier to entry . Why cant you or i or francine get that service . I would not want her as my ceo. I get the feeling life on the border be tough. Barriers fairly low. The ceo did an interview and said, i love it. The company is not run for profit. There is no patent on our technology and no quality control. In theyou have locked majority of the market in the united kingdom, you have scale. You are a takeaway outfit. I will sell you a machine for 600 pounds and deliver you an ecommerce solution. It makes it harder for new entrants to come in. Then you will see slicing on the high and on the commission. They sell the technology to the, whatever it is. The indian restaurant. I sell you the machine for 700 pounds. The orders come straight into your kitchens. The delivery goes out and i get 10 . The risk is this there is a barrier to entry. They have to put the install in. If i offered you a piece of kit that did the same thing at 300 pounds you have to be really quick. The more takeaways they get to sign up, there would be a high barrier of entry. They are global. They are and i should by john adjerbaijan. In my post code there is a restaurant. Have you used it . No. But i was out yesterday. I thought actually the risk is quality control. The risk is this if you have a really superduper, highclass rocking takeaway in your area, ok. Why would they bother to sign up with just eat . If you already cranking it out and you have a local clientele that keeps coming to, why pay 70 0 pounds . You still want to grow. Maybe you want to double your size. Ambition. Couple men fall. We do not talk about takeaway food enough on this program. I bring it to whole new levels. The latest on takeaway food. The controversial has arrived in the uk. John brown will have some tough times getting the birth on board. As time gets and reports. The story is high and stretching 2. 5 kilometers deep. This rig could change writtens landscape. Is checkingigas that shale rock for natural gas. Quadrille as on the hunt, too. The man running the Company Knows something about drilling. The developing of shale gas in the u. K. Will make a big difference, but it will not prevent the importation of natural gas from other parts of the world. It will reduce the balance of payment, add a new source of growth, and produce a lot of jobs. T he shale in northwest england has caught his eye. Have caught the attention of others. Local residents have made their feelings clear. Protesting against the damage to the landscape, they have tried to delay the project by blocking access to the site. The resistance is not just about natural beauty. They are worried about their health and damage to agriculture. Andrew owns 130 dairy cows and is worried that fracking will contaminate them. Any contaminant that comes out of the well head will always end up in this ditch, because it is connecting manmade ditch between this is where it go es. I am very conscious of the fact that i have one either side, and the connected one in the middle. If everything goes in that waterway, i will get it. Supporters reject the claim. Protection of a