We are your in london. Mcdonalds secret world cup menu. Find out what you can order under the counter if you are in brazil. The super sidecar, we check out the vehicle trying to break the land speed record. But get into industrial policy. Ge is said to be refining its alstom bill to assure bid to assure france this is the deadline. Casens chief is making his to french lawmakers after presenting a joint bid with mitsubishi yesterday. Carolyn is all over the story. She is in paris. The offer could come as soon as friday. In the meantime, we heard from siemens ceo in front of french lawmakers. Three weeks after the ge ceo eser to testify, joe ka knew we had to convince lawmakers that his offer was the best. His offer with mitsubishi would safeguard jobs and investments. I talked to him before his appearance before french lawmakers. The feeling is the president is a good listener. He had been listening to ge and siemens and he knows the facts and im sure people she i am that we areeciates financially superior. Ge responded saying they will. Efine the guarantees on jobs more than the 1000 job creation theyve promised and they will make sure the french retain access to their nuclear technology. A joint bid from siemens, teaming up with mitsubishi. They agreed to sell a 10 stake to mitsubishi. The ceo told lawmakers he had been in contact about the 900 Million Euros offer for 10 stake. The discussions were ongoing. They reiterated that they are not planning to sell their alstom stake in the short term. I put the question to the mitsubishi ceo yesterday. I do not know. We have not received any comments. Ceo will also testify in front of the french lawmakers, in front of the same committee on july 10. About the alstom takeover. We are building up to an interesting june and july. It will be a fascinating to see exactly what happens. Italian Prime Minister is juncker foracking European Commission president. Andrew fry joins us with more from round. It looked like he is going to be the kingmaker because cameron needs renzi on his side to block the nomination. He is ready. Inis not a done deal, but is it is increasingly likely. Please by the signs that have been coming out of germany about support for his push for more flexibility. Cker todayet with jun and get an update on the limits of the steam policy changes are. I think we could see things develop pretty quickly. Everybody wants to get this done and hammered out before the leaders walk into the brussels summit next week. In terms of how much flexibility we can expect for the italians, there are many in brussels that want them to stick to the rules. How much flexibility will be available . It is tough to quantify. There are different approaches. The main one is changes in the classification of investment spending, running the classification of investment broadening the classification of investment sentiment. This will be important for italy. It will give them some more flexibility in creating jobs, which is the main problem in italy and for the Prime Minister. He has this unemployment figure, which is that a record high for the past year. His performance Going Forward is going to be judged on that. He needs more flexibility and to be able to spend and create jobs. That is andrew fry. Minutes, wehan 30 will get the latest minutes from the bank of england. This is the last meeting. Those minutes under scrutiny. Did carney have to move . Our markets editor is here. What are we expecting . Look, if you see any shift from the nine male, that is the first from the 9 million, that is the first headline we will look for. Did anyone dissent . At the last meeting, the mpc decision was becoming more balanced. We will focus on that. Have we had a shift . Evidenced area, more of slack is needed. This is where the dropping of the bomb came or the bernanke moment. Kearney, mr. Carney, the governor said, we may need to raise rates earlier than anticipated. Be very wary because this is not to do with housing. That is critically important to do with the velocity. We know the train is coming. Thereafterelocity that is important. There is a great chart. The price of money for three months in december of this year, bopping along, singing a song. Explain this. Before the speech and the markets are. 75 positive by christmas. He spoke and it was one percent. Look at the longer term chart. The last time there was a full drop in the price or the assumed risk, it it was during the bernanke taper moment. Has carney had a bernanke moment . The head of Peterson Institute said he was surprised by mr. Statement. Either they have massively upgraded their forecast based on some new internal analysis, which we wont know yet. Or he did not quite calibrated right, which happens to all Great Central bankers. He was trying to say, do not get to it do not get too carried away on the other side. Eileen towards this i lean towards the second. I think he got the calibration wrong. Investors say he will not be assuaged from moving on rates. Ok. We we back with those minutes in 20 minutes. Still to come, our coverage of Technology Week continues. We will be back out live with Caroline Hyde. She is there with more on the smart revolution. Apartment. A smart everything is connected to the internet, 300 items. Scale that up, what about if every streetlamp was connected to the internet . What efficiencies could we save sayseconomy . Cisco systems think 19 trillion worth. Well be talking about all the sorts of trends with the arm ceo after the break. Good morning, everybody. Development coming out of police areraqi confirming the insurgents have seized the refinery. This is north of baghdad. Refinery and it has been surrounded for a while. We have seen clashes this morning which resulted in the insurgents capturing the refinery. There is a loof refined petrol there and it provides an interesting potential source of revenue for them as well. It is a significant development. Oil is up a little bit. It is beginning to trend back down again. Lets get back to london, Technology Week. Caroline hyde joins us with an exclusive interview with the ceo of arm. Morning, olivia. Holdings makes the chips that connect these devices. A lot of hype and excitement, we are here in a flat with 300 items connected to the internet. The opportunity is really big. Our partners make the chips. Based on our processors. Predicting accurately how big it will be is quite hard, that when you think about the opportunities around connected Street Lighting or Parking Spaces or livestock, hundreds of different applications where this technology can be used to make things a lot more efficient. Usedur designs are being by chipmakers. To go inside a callous stomach a cows stomach to determine if the animal is well or not. At the heart of these applications will be a small chip with a processor, some form of sensor. Monitoring ph levels in the stomach to work out if the cow is healthy or not. Connected to that is some form of Wireless Connectivity. These are the key ingredients. That could be deployed in all sorts of places. Trains,spaces, subway all over the place. In just a bull tablets so you can work out in just a bull ingestable tablets. Is there concern about security, privacy . Is that anything you have to respond to as chief executive of arm . Absolutely. What data can be used for what purpose is an important area. Providing some of the key technologies so that the data can be secured. It will dictate how the data is used. It is important issue. As a consumer, you own your data and your able to dictate you are able to to take hallock its used how it gets used. The user of the internet you as a user of the internet of things can feel comfortable about where the data goes. Numbers are being bandied about. John chambers said 19 billion. Do you have a sense of what the internet of things can do for your business . As a provider into the Semi Conductor space, we think about the number of chips. It is in the tens of billions range. We are seeing early experimentation. Some of these chips are absolutely tiny, a few square millimeters. When you can do that, you can make it very low cost. Cloudst coupled with services, you get people experimenting quickly. This is london Technology Week. You are based in san francisco. Give us a sense of the energy and the creativity you are seeing some are like Silicon Valley compared to what we are seeing in europe. Is it equal . Are we still far behind . Silicon valley has been around a long time. Lots of Startup Companies and lots of infrastructure to support that. Whether it is to file a patent or funding or just local expertise, it has been there a long time. A lot of worldclass universities on the doorstep. Here in london, we are starting to build a similar sort of infrastructure. A lot of these companies coming together just to talk about what they are doing. One thing that epitomizes Silicon Valley is the Network Effect that comes from these companies together. You are basing you are based in cambridge as a company. If the southeast becoming the hub . Will be oxford and cambridge . More armo see holdings, millions and billions being made by these companies. Helpsumber of technology ubsund the u. K. Ho around the u. K. , lots of startups in cambridge, manchester, many places where you are getting this. One of the key, denominators is the fact that there is a you the common denominator is the fact that there is a university there. You will get started companies. You will get Startup Companies. Everyone talks about your street lamps and car parks already connected. How long until the wider public will understand the potential . You are talking about the millions and billions of chips. Lets take time for us to realize the opportunity for everybody to get on board . It is a new technology and these things take longer to deploy and people like to think. Most numbers of the public neednt know about the benefits from the internet of things. Do you think much about how street Lamp Technology works when youre Walking Around . You really do not. As a consumer, you will not think about that very much, but you will feel the benefit through the fact that the infrastructure is taking less energy, taking less cost to maintain. Much thank you very much, he for you jet back to america he for you jet back to america, the ceo of arm. Extraordinary, all of the potential applications of the new internet of things. Whether you need smart chips and all of those things is up for debate. We will carry on the tech conversation. We will be live with tech city u. K. Later on the pulse. Time for a quick check on the equity markets. Equities are rising for the second day. It is acronym city today. Mpc, said. Fed. Go to my twitter account because there is a cracking article. Will janet yellen to a full carney . There is the dollar, it is traveling higher. Lets take a look at sterling. Alreadye dissent is priced in. Could it be that his speech was driven by the with of dissent . Whiff of dissent . Join us for that breaking news. Welcome back. You are watching the pulse. I am guy johnson. I am olivia sterns. We have breaking news. 90, the attached to the last rate decision. The boe is surprised. Way. Ound is going that mpc in aggregate is signaling that we are going to get a rate cut rate hike, probably this year rather than next. Which ties in with pimco, and a number of other houses. Torcharney really lit the last thursday night, saying that the markets perhaps should readjust their view on when rate hikes will come. Lets take a look at the shortterm chart. There is a couple of other things coming out on the Monetary Policy committee in terms of their view. They are saying this is where we go into the nuances and the boring my new shop. For some, the hike decision was balanced than early and won a 14. That takes me back to last month. The decision was becoming more balanced. We are seeing more balance used again. That is the same phrase being used again. You have got to get ready. Guys and girls have got to get ready for the prospect of higher rates before the end of the year. This is going to set off the debate about the velocity of rate hikes. If we have a look at what else the mpc is saying, premature tightening could see sizable lost output. That is two sides of the scales if you think about it. Get ready for higher rates before the end of 2014. We can see how that is reacting. On the right side of the scales, they are balancing that out. This goes back to the heart of what mark carney said last thursday. Raising rates right now is almost the last line of defense. That is not what he wants to do to control the Housing Market. That is why they want to use those macro credentials. Boe headline, clearly surprised by the low probability attached to a 2014 rate hike. Miles, we had a story saying that he sees only a 10 probability. The markets have repriced the rate hike. What is the expectation now . Still early 2015 . Pimco says the Fourth Quarter of this year. Despite the low inflation numbers, the lowest inflation since 2009 which you got yesterday, nothing will stop the bank of england. Guy, i am surprised at dollarsterling. Fairly flickering. Am i being unfair . A lot of it has been priced in. Waysis repetition in some of what carney livered. In some ways, we have had the message. Thatis just a confirmation the mpc is broadly thinking along those same lines. The boe saying it would be difficult to reverse the first rate hike. That may be goes to a little bit of caution around that first rate hike. The first one in the cycle is often the most important. Nevertheless, you get a sense that they are taking this seriously. Or they be our they are being more cautious. The bank of england can be argued to start earlier. To start earlier means more gradual hikes. This is my bone of contention with the bank of england. I have lived through a number of rate cycles. When rate hikes, and this is where i have a big issue with there is nobody out there that can absolutely with any authority, even mark carney, died the markets. Nobody has a clue. We have never had this quantitative easing before. Will janet go for a full carney . Line of the day. Have a look at my twitter account. We are exactly where we started before these minutes came out. Yes, it will come down to janet. We will have plenty of coverage of that here on bloomberg television. Gradual rate hikes. The market has repriced quite significantly over the last couple of days. Yes. You have to be thinking that increasingly the expected rate curve, rate path of the u. S. Is going to be much shallower than we anticipated and probably peak lower than we anticipated as well. The market is continuing to price that story in. The market is currently foring in 0. 6 0. 75 september. The market is pricing in 1 for the semper. This is short sterling in the u. K. Saying, 1 for december and it is saying by 1. 15 . F next year, go figure on your mortgage. Do the calculations. We will talk more about what is happening in the u. K. Manus cranny will be back. We will get more insight later on the pulse. Now, a deal to end south africas strike is set to be delayed after the Union Representing more than 70,000 workers made fresh demands. Usomberg tv africa joins from johannesburg with more. Tell us, what is the union demanding . Good morning to you. The union says they want each 280 for the strike. Millionooking at 19. 6 over and above the 2. 2 billion that have been lost. Those are the three companies that have been affected by this 21week strike. They are saying that all workers facing criminal charges, those should be withdrawn. They have said that they will ensure no other strike occurs down the line if the Mining Companies pledge to not cut any jobs. We have heard which a bank coming out and saying that Angloamerican Platinum might be considering selling some of its assets, perhaps an easy way to get out of a cost implication. About zuma. This is the first state of the union delivered since the election. What did he say . A big part of what he had to say, what did he say on that . One of the biggest things we saw coming through, this is going to be based on the economy. The s p downgraded south africa just last week. This is all about ensuring investor confidence. He spoke about the mining strike. He said it is one of the reasons we see lower economic growth. He also said Mining Companies should be doing more to improve the Living Conditions of miners. He said that Mining Companies face a deadline this year to hostels be the converted into Housing Units and one person per room. These are all legacy issues for the companies. The other big thing that president zuma came up with was focused on what he called a radical socioeconomic transformation which includes the overhauling of the energy sector. It is something we have heard before. Thanks. We will be back to speak to you again later. Lets get you some world cup news. L jim the algeria. Algeria. M beat l jim made a comeback belgium made a comeback. The mexicobrazil game, 00. Staying with the world cup, brazilian law requires that fifa it is a big problem in brazil. Some seats are being occupied by people who dont need much extra space. Fifa is using World Health Organization guidelines to check who qualified for the seats which are sold at halfprice. Perform aorganizers random check to confirm whether fans bought the tickets meet the criteria. Twice the amount of seats for half the price . Or is it there are two seats . I think it is half the price for twice the room. With us incentivizing utep reach that limit to get a cheaper world cup ticket. Arrests a mexican drug trafficker on his way to watch his National Soccer team play at the cup. Probably didnt have a very good day or game. 00 and he got arrested. He was arrested at the airport in rio. Time next year a team from the u. K. Will try and break the land speed record. Their supersonic ca