Good morning, everybody. You are watching the pulse. Live in london. Im guy johnson. Im francine lacqua. Turns onto tech for racing in the latest running shoes. We take you inside its innovation labs. And growing gucci. Were going to speak with the ceo about expanding his key brands. Ofthe gucci brand in terms creativity in the key categories is what it should be. We need to work much more on the communication side of the brand. We have been a little bit too much focusing on the products side. This has been done well. What a dream shot. By the side of the pool. That is how i want to run my business. You will hear more later on. Talking about nice places. All this morning, we are bringing you exclusive interviews from the ubs Wealth Management summit in davos. Manus cranny is there now. What themes are you hearing . Theme i have got so far from the morning is fear ye not. We have spoken to the cio from asiapacific. She said they will support the market is seven percent. But dont get overly stres sed, because the chinese will not allow the economy to tip over. They will have shadow banking rectified. We come up with alex friedman, the global cio. It was interesting the way you look at the world. Stop trying to be myopic. Q. E. In europe. Stop trying to look through the day today nuances of the fed. Correction as a structural opportunity for you to take from your cash portfolio which is pretty darn hard to get these clients to move from task into higher yielding products. Any opportunity you get, where it offers value, take that opportunity. And tech. Tech was another issue that alex made clear. Look at technology in two ways. One is not enterprise investing. But there is Capital Expenditure versus the downside youve seen in twitter and facebook. Thank you. Manus cranny with the latest. From the ubs summit. We will have plenty more from manus. He is about to speak with the money manager. We will get his take on what they concerned about. This guy runs the super wealthy Wealth Management bit of the business. That is coming up. Simon smiles. Will be joining us. Carrefour reported revenue. It makes a turnaround for its european business. This is the second largest retailer on earth. Lets get straight into the business story with our business correspondent, caroline hyde. Walk us around the numbers. Talk about spain. Bit,hares are off a because sales are falling. Spain is starting to see a turnaround. After six years of declines in sales, we have two straight quarters eking out growth. We are starting to see in a project or he for spain. The reason that is important, the third biggest unit after france and brazil. The rest of the world, not looking quite so optimistic. Italy a particular area of weakness. They say they are trying to change that in the near term. Interesting information from china. Carrefour was hit by foreign currency weakness. Ys persistent falls in consumption is the trend they are seen. Concerns for china going forward, but it is about foreign currency weakness. And france. Hyper markets not doing so well. M s coming out with figures today. It is about a third of the size of carrefour. They have had a much weaker baseline. Hes desperately trying to focus at last, are we getting a ringing in the tills . They have been trying to ring clothing up to date. To likeout. 6 like sales clothes. That is the first time we have ever seen the governments focus on clothes. Usually it is general merchandise clothing homew ear. Yes, clothing is the best in three years. A nice record numbers of dinein for valentines day. Record chocolates and flowers for others a. But general merchandise growth margin is down. We have seen profitability being hit. General merchandise down for the 11th straight quarter. No great overhaul in the u. K. Signs were getting near to the turnaround. Lots of ability to our headlines. Retailing is falling. Exactly. Boom boom. Having fun with this one. Interesting points for International Growth for marks spencer. Largest cas lothing retail. It is competition. H m. They are making inroads into asia overall. Wearow price point casual is being eroded at the moment. We have moved on from m s. Uniclo. Like to like sales rose. They were hit by october sales. Typhoons in that time. The japanese did not go out and start buying as much as they used to. There is a concern that robin ability is being hit promotions and competition. This is something that Marks Spencers faces. By aance retail also hit little bit of currency because of the eyn. Yen. Thank you. You are kind of setting yourself up by call yourself fast retailing. Not for the potential time when growth may slow. They should have known better. Ostracism is the word of the day. Greece is coming out of the day. Book is opening for the first bond sale in four years. Demand looks to be pretty strong. David tweed is here with the latest. Yeah, what is the opposite of ostracism . I suppose warm welcome. Looking at the numbers 17. 5 billion euros worhth of orders. They are only looking to raise 2. 5 billion euros. It is quite in next ordinary amount of demand an extraordinary amount of demand. The books of only just opened. By the end of the day we should know exactly how much oversubscribed this issue is. The other interesting thing would be how much people are willing to pay for it. A lot of people saying the yield could be below five percent. That is something to watch out for. Now, we have got some Inflation Numbers coming up in an hour. D, just to say weve got those numbers. Just because we had them flashing at the bottom of the screen in front of you. The fiveyear bond has been set at 3 billion. I do not know what the oversubscription number was. It will probably be a little bit over subscribed. 4. 95 middle of the curve now set. Great news for the greeks, despite the fact that we had a bomb going off near the central bank this morning. We do not know who is behind that particular activity. Yeah. What it does, i think, is remind people of the fact that this country still is is experiencing social tension. We are going to see that clearly in an hours time when we get the unemployment numbers out which are still eye wateringly high. Maybe a dampening of the enthusiasm that surrounds the bond story today. David tweed in berlin joining us on the latest out of greece. Chinese trade fell sharply for the month of march. Exports and imports missed forecast from economists surveyed by bloomberg. Investors are monitoring prospects for additional stimulus as chinas premier tries to stabilize the economy. Investigators are optimism that in a matter of days they will be able to find records from the missing malaysia jet after in australian ship detected to new pings for what might be flight recorders. It may be possible to step towards narrowing further the area which they are covering and to deploy robots to hunt near to the area with maybe to triangulate exactly where these devices are. Dropfox is introducing a photo app. It will let users browse and share images they have s aved on their cloud. Emily chang spoke with the ceo of dropbox. Carousel is basically all of your photos, your entire life in your pocket wherever you go. Because it is great to have your photos on your phone, but like, you only have the photos from that phone. What about the ones on your computer and all these other places . We bring it all together into this and we organize it for you so you see this timeline of your life. Head into break, lets bring you live pictures from davos. Francine lacqua usually to be found in the mountains. Manus cranny can be found there in the spring. As you can see, we still have a few white tops out there. I imagine this game is still pretty decent. I only get to go when it is 25 degrees. We will be back at the ubs conference. Stay tuned for the pulse. We have an interview with ubs. Simon smiles will be joining us shortly. We do not believe that Luxury Brands can take advantage of all the price statements by stretching like very low price, 200 euros towards 5000 euros in the same category. We need to move upwards as the number of customers capable of buying Luxury Products is increasing in the world. Kerings chairman. I want to be there. It is nice to run your business from poolside. He is talking about changing products and pumping more money into gucci. It is a very nice shot. It is distracting. All you can think about is, this man is sitting by a pool somewhere warm. And he is married to salma hayek. Not jealous at all. Guy johnson. Staying with the theme of luxuries, what trends will we see for the rich over the next 20 to 30 years. Lets get back to manus cranny from the ubs Wealth Management summit in davos. I do not know how to follow the pictures you have just shown, but simon smiles is the chief executive high netafter the worth business. Talk about the scale of the business you look after. The complexion of the business. The kind of people you talk to. 00 the business of ubs has 4 billion invested assets. How has that changed . The world has gone through a huge change. Rich change their perspective ijn the conversations you have had . If you go back 10 years ago, the perception was about asset gathering and confidentiality. You move forward to today, it is very much about Investment Performance and also increasingly about connectivity. Out. Know you have been you ran off the list of countries you have been to recently. What are the most important points of those conversations facetoface . Are they worried about risk, about america, about china . One of the big themes . There are two. One is an increasing interest in european assets. In addition to that, as always, real estate. Particular within the european context. The other thing ive noticed among the larger clients we have is increasing willingness to talk and want to talk about longerterm things, things that could be more certain of. I think it is a function of the last three years of fed and ecb press conferences. Termerms of the longer investment, talk me through the geography. Asia and china have a proclivity for rich. Through how that manifests itself in the business as you do . It continues to be a strong base. Clients have a large allocation towards chinese and hong kong equities. In the u. K. , the u. K. Equities. In switzerland, handful of bluechip swiss equities. And swiss bonds. The commonality across these regions, along with the european assets, this is increasing focus on longerterm things. Talk about population growth. Talking about growing emerging market consumption. That leads to conversations about investments in things like protein consumption is. Companies that increase agricultural yields. Water infrastructure. Those are quite longterm, very structured investments. Are they reconcile . They know once again into these big themes about population, about agriculture, food and water water is another issue as well. Are they prepared for the long trade . I think so. Some of these lend themselves to public equities. Many of them lend themselves to private equities. With the larger clients, they have the liquidity that they are able to lock up for a longer time. And earn additional returns based on the lockout. Again, it depends on the nature of the themes. Water. A constant problem with investing is where to invest. Beenricing of water has difficult. Rather than investing in utilities, talk about the people that provide infrastructure, the pipe and filter makers. That takes quite a bit of research. Lets talk about ringing the rich together, because this is something that fascinates me. Presume it i happens in quiet locations. You bring some incredibly rich people together. Talk to me about what happens at those gatherings. Are focused increasingly as a business on creating Networking Opportunities and connectivity between clients. Were doing it through the billionaire clients. We bring them together once a year. Programs ineries of asia. This week, concurrent with the conference downstairs. For clients and executives and consumer and retailing businesses. It goes all the way down to more granular events. We have events for in the tunisian plantation owners. It ising on the event, different. On the connective end, it is a lot about philanthropy, access to management. On longerterm investment themes and opportunity for clients to network with each other. That is quite a spectrum from billionaires to ceos. I have got to be brutal. You do not do this for the sake of your health. It is about fostering opportunity. Gatherings lead to longerterm conductivity which will lead to bigger business for the Wealth Management side of the business . Is that what you hope for. And you look at it as an opportunity . Broader concept here to try to create value for our clients. We invest a lot of money in investment chief officer function. We have 900 analysts to drive investment opportunity. We have events such as the one below that, the public is showing what we do every month. Information from our clients. We asked him how the world is going. That is one side. Creating value. The other side very much as trying to trust the bank of choice and create networks simon, we will have to leave it there. That is one of the classic conversations, a great conversation. Im looking forward to being downstairs with you. Ill have all the cios together. The culprit of the film and went off in the middle of the interview yes, me. Back to you. We were going to let it slide, but we were wondering. Yeah. Professional 99. 999 percent of the time. It is always a risk. Manus is on tv. Lets give him a ring. Ok, as we had to break, it is time for the pulse number. 1,600 this is how much this original princess elsa dress is going for on ebay. Do we have a picture . The dress was featured in frozen. Stores across the u. S. Are sold out of the dress. It is not even the original. This is just one of them. Wow. Desperate parents trying to get a hold of these things. If they cannot, they are selling their own. Sequined out. Frozen blew away the box office winter. The dress may be the most popular amongst nursery growers. We will take a break. See you in a couple minutes. 25 minutes past the hour. Youre watching the pulse. Lets find out what is happening with the markets. There is one man to talk to you. Our markets editor is in davos. Jon ferro will tell us what we want to know. The second choice is the markets. 6 on the dax. An equity market rally on the back of those, dovish than expected fed minutes. Equities markets today boring. Eurodollar has been pushing higher. We see a weaker dollar off the back of those minutes. The euro pushing back to 1. 3864. Fx boring. One thing everybody is talking about all morning the greek bond auction. The five year. The yield . 4. 95 . Below five percent. The greek five year two years ago had a yield north of 6 . Is this a bet on greece . Is this a search for yield gone too far . Jonathan ferro with your asset check. We are back in two. Welcome back to the pulse live from bloombergs European Headquarters in london. These are the Bloomberg Top headlines. Chinese trade fell sharply from the month of march. Exports and imports missed forecast from economists surveyed by bloomberg. Monitoringre prospects for additional stimulus as chinas premier tries to stabilize the economy. Golf fans are only hours away from the tee off of the first major of the year. Competing. 24 rookies golfs biggest name of course out. Woods is recovering from back surgery. No tiger this year. Kerings ceo has been speaking to bloomberg. We asked where he sees the biggest Growth Opportunities for his brand. Next 20,ou ask in the 30 years in terms of economic development, the key market our young people, very much attracted by brands, very much aware, attracted by sports. Because of their fastgrowing pace are generating more and more members of rich people to the other side. Fortunes, with big ukraines richest man is fighting to save his billions. His industrial fortune has plummeted by almost half to about 12 billion. A mere 12 billion. Rob lafranco joins us now with more. How much of a risk is there that this number keeps falling . It is a pretty high risk. This is a fortune that was about 22 billion in january, 2013. A decline in the Metals Market knocked about 44 off and then the crisis happened. This is an individual who i think it is safe to say pretty much controls ukraines economy, controls half of its coal and energy output. , land, cellultural phones, retail, banks, finance, life insurance. It is a huge fortune. What can you tell us about the man, the way he runs things, is he flashy . One of the most incredible aspects of the story at the moment, this is a very reclusive individual. We have never spoken to him once. He was out on april 7 speaking to protesters into the wee hours of the morning. He has made a very public appearance in the wake of this crisis. A longtime ally of the ousted president , viktor yanukovych. Rose toof them prominence at the same time. There has been a lot of looking at his assets and how they have been acquired, whether it was cronyism or that sort of thing. This is a guy whose world has been shaken to its foundation. What is he doing to protect it . He is reaching out to just about everybody that one can reach out to. He has not spoken with president putin although some reports have said he has. He has reached out to president ial candidates. He is reaching out to the protesters. He has put out a number of public statements calling the use of outside force unacceptable in ukraine, urging people that ukraine needs to stay together. Obviously the calls for calm have not been heeded but he is giving it his best shot. Rob, thank you so much. Fascinating story. The Ukrainian Government forces are working to entrench their authority in the countrys russia leaning east. As tension remains high, the human toll is starting to be seen. Nonrussian minorities flee the recently annexed crimea and penicillin. Angus bennett reports. A penniless crimean woman weeps on the steps of a key of social service office. My sixyearold daughter was in crimea. I got her out using every method i could. Ha was a Childrens Clothing designer in crimea before the disputed referendum and crimea last month that saw her region break away from ukraine and become part of russia. She is one of thousands who have fled 500, mentors north to the ukrainian capital kiev because of concerns about ethnic tension. Many stay in places like this, a crumbling soviet era shelter. There are no luxuries here. Alexandre and his son lived behind a two room flat, their car and their lives. We left because we are ukrainian citizens. We dont want to the russians. Beginning april 18, we will all automatically become russians. Social security workers are helping the waste helping displac