Francine we are getting news and the sovereign wealth fund, i know. Guy johnson 5. 3 as stocks rallied around the world with the Norwegian Wealth Fund having a nice First Quarter. It is the end of the First Quarter and 2. 3 in real estate. Breaking out, asset allocation. Francine the company cut the forecast. What a share reaction, losing 6 billion. It tanked. Look at the share price. The company was trending on its own site for the wrong reasons. The numbers were leaked and the investors were aware of the growth. You are not profitable. You are not giving us enough. 74 looks like a nice number. Versus the estimate and the company that used to post double the growth remember this is not the membership of facebook. It will be up and they wanted more why only now. We will see growth about 60 for the whole year. Is this a worry that they are not. How can you substantiate . How can you provide that money when you are not seeing profit coming through . He spent no less than seven hours on the phone about new management changes. The notable ones are while you were away. if you dont log in for a few hours coming get the tops the top tweets. It is a fifth smaller than facebook. Facebook has 1. 4 billion users and twitter has 300 million users. Alarm bells are ringing. To add insult to injury and rub salt into lowland, it was leaked. It was a company that got a hold of it. It is a detection platform. There are nuggets and they went to twitter and accessed the numbers. Down goes the shares. Still this is a 25 million company. Thank you very much. Do not miss that interview. Francine that brings us to the twitter question. What would you be tweeting this morning . You can tweet us. We had a massive shuffle and they have removed one of the kingpins in all the oil markets. He remains and is no longer a chairman. Guy johnson lets talk about a company with huge links to the energy market. It is a supplier of aluminum and released results for the second quarter. Lets talk. Good morning. Thank you for taking the time to be with us. Energy is obviously a big factor and huge amounts are required huge amounts. The energy costs are significant. As for the impacts it is a significant cost on profits. Francine what is your take on china . It is the big concern, in terms of growth. We should not wine about 6. 5 growth. The concern in the moment is the change on the export tariffs. It is too early to tell with the import the importance of exports will be on china. Any sense that capacity is coming out of the market . What about the supply side of the equation . How much capacity will there be in the aluminum market next year . We think somewhere between 600,000700,000 pounds coming in. There is a project in canada. We expect some capacities to be curtailed. Francine where do you see them coming in . You are a bellwether. Where will demand come in . We see demand on the european side. We are up some 15 . It is between q4 and q1. Guy johnson i mentioned a gap between you making aluminum and a car i driving. What is the lag . If you see the pickup increasing, what is the lag, in terms of the numbers of cars reduced produced . This is about aluminum and co2 emissions. When you look from 2015 and 2020, we expect a growth of 20 and we really replace the deal. Guy johnson thank you for talking to us. Aluminum is replacing steel. Francine we have the news from saudi arabia and we are hearing about the bloomberg scoop. There is access to euros and any increase of the plo is good for banks. Guy johnson it is good for the government to buy more tbills. The greek banking sector, with money being withdrawn, there is the quiddity. There is two sides to the story. Francine we understand the greek takes greek banks are thought to have extra liquidity. It is crunch time. This is the week where we are meant to have local authorities transfer money and it plays into whether greece has enough money to raise wages and creditors. Guy johnson lets take you through the news. Profits beating estimates at 3. 3 billion euros. It comes and francine a traitor was arrested and he we are hearing about the theyll. Guy johnson the estimates of gdp in the First Quarter of the year. The First Quarter data would be released today with the Market Committee meeting. Francine the shuffle. We will get the latest from the government. Guy johnson we will talk about the estimates and the weak euro. Francine attacked by anarchists , the disappointing dinner date later in the show. Francine welcome back. Guy johnson a shuffle. The nephew is crown prince. The sun is second in line to the throne. Lets find out about what is happening here. We are joined here. Tell is about the significance of the reshuffle. Good morning, this is something the younger generations had in two instances. You had the deputy crown prince and the interior minister. It now becomes the crown prince and he can rule the country for years to come. Prince is the kings son. He was the defense minister. He is the head of the Economic Council and will receive the sovereign wealth fund. They have a lot of power at the expense of the generation. Francine nobody expects immediate change. He says the kingdom policy and chairman works with him. Also, the new chairman is the Health Minister and his appointment and involvement in policy is open until we get more clarity. With regards to policy, possibly, yes. The foreign minister has been serving since the 1970s and is one of the longestserving ministers. He is replaced ivy ambassador and he has been the face of diplomacy in the campaign since the kingdom led the airstrikes. It also indicates a desire to have someone who is wellconnected and knows the administration. He has been involved in the campaign and we expect that to continue. There could be changes in the policy. Francine thank you. Guy johnson the shuffle comes and, in in an exclusive interview the kingdom now has difficult decisions to make. It is a Big Questions a big question what they do when they are back on the market. It seems that the number of addictions on the u. S. Productions will go down or cut the rising. All in all, you will have the market supply today and it all depends in my view, of iran cutting back and saudi arabia making a decision. Francine he was speaking to ryan chilcote. Ryan chilcote is here. He has a very french name. There are three major players. What is the take on this . You look at the oil price and we are down from the peak in june. He does not name a price for they do not name a price and do not have an actual forecast they are prepared to communicate with us. They do have determining factors, if you will, that they presented. Look, it is anybodys guess when they will return to the market and the deadline is at the end of june. One of the things they are asking is when they would return to the market. The United States, the shale revolution, that is why the things that is moving the oil price on a daily basis. You take the shortterm view and you want to know with the inventory is going to say. But effectively, you heard them say that the longterm view is that they have the lowest number of rigs deployed and it is not as much as a determining factor. Interesting conversation we had. Our friend is still in charge and he is going to be back. Policy has been run by a man who turned 80 this year and he will be back. They have taken steps ahead and they may not change things. For example, they may come back to the market and pump less oil. Guy johnson lets talk about mergers and acquisitions and everybody figuring out wholl take over whom. Ryan it got more energy when they went for 7 billion. The answer is not at the moment. They are waiting for the bargain. Have a listen. If we look to the transaction, the price of it was high, in our view and we see, also that the Oil Potential target brings it, in terms of prices and there are Expensive Companies that price the share price to the oil prices. May be, going forward, the prices drop. I would never say never. Ryan it never say number. So, maybe they will jump in the game will stop buyers on the market have become choosier. Maybe what they traditionally get with the oil price is not there because people are scrutinizing, despite the fact the Investment Bankers are knocking on the door. Guy johnson that is what they are paid for. Ryan chilcote bless them. You have a lot of it for sale and they are saying the program and the oil fields are out there for purchase. Francine thank you for the latest on the shuffle. Guy johnson the flash crash traders and we will take you there after the break. Francine welcome back. Guy johnson a traitor arrested for a flash crash will be appearing in court. He has been in custody for financial crime. We are joined now for more. This is a Standard Court appearance. What will we learn today . What we understand is when you do not pay bail, you come back every week until that has been done. We do not know why they have not paid fail. He had trading accounts and the amount was not paid. Whether that has to do with money being in offshore accounts or it taking longer, we dont know. We are discussing what happens and whether the judges will make any amendments because of the conditions. Can he bring it to the bail down . No. Not a negotiating tactic. The initiative is having this come out quickly. There did not seem to be a whole lot of clarification about what they are doing with chasing assets. There may be a revisiting of that if they decide that in some way and the money would be available for bail. That will be revisited and we are waiting to see why the money has not been paid and whether it it would be. Guy johnson thank you very much indeed. Francine results eating expectations. We will bring you the numbers and what we have seen play out, next. Just because im away from my desk doesnt mean im not working. Comcast business understands that. Their wifi isnt just fast near the router. Its fast in the break room. Fast in the conference room. Fast in toms office. Fast in other toms office. Fast in the foyer [pronounced foyyer] or is it foyer [pronounced foyyay] . Fast in the hallway. I feel like ive been here before. Switch now and get the fastest wifi everywhere. Comcast business. Built for business. Francine welcome back to the pulse. Guy im guy johnson. These interest Bloomberg Top headlines. Francine the greek finance minister has been given another rough night by anarchists. The couple this is him and his wife, they were harassed by anarchists at an athens restaurant. They threw glass objects at him. He was not injured and had a discussion with his harassers afterward. All i want to say is what a woman. Guy the British Bank Barclays posted a gain in the First Quarter matching analyst estimates. Despite setting aside an additional 800 billion pounds that it rigged in the yearonyear period. Francine shares rose as the company says it expects a recovery in the second quarter. Samsung is betting on the galaxy s 6. It got positive reviews when it was released this month. Guy lets turn to cars. Volkswagen reported earnings this morning. Despite the departure of its long time chairman. Where did the acceleration come from . Hans they had reath great quarters from audi and porsche. Audi 1. 4 billion euros. Audi about 9. 7 . Porsche about 15 . They are basically printing money. At the same time they want to raise profitability at volkswagen and they want to take over toyota. They have fallen short of that goal. In the back of all of this, they have this costcutting plan in place at volkswagen at their name sake brand. They want to trim 5 billion. By all accounts, a good win. A good profit increase. But they still dont see Massive Gains in market share or sales in the u. S. , which is the biggest market, which is why we have this conflict between the two. Guys . Francine it is all about the u. S. Stay with us. Here to dig deeper into v. W. s numbers lets bring in natalie. Thank you so much for joining us. It is all about the u. S. Really. After the departure of the chairman, what exactly will be v. W. s strategy in the u. S. . Will it be more aggressive and will it work . Yes, i think it will definitely be more aggressive. I think they are going to take a lot more qump and focus more on younger buyers and i think volkswagen is lacking that and i think they will be expanding that and a and an important thing is the crossover to the suffer. The u. S. Being one of their weakest markets with less than a Million Units sold they need to expand on that aggressively. There is a lot more on this there is a lot more happening. Not all the decisions will be happening there will be a lot more local power enforcement. Guy so were going to see u. S. Trucks focus on that market . Yes. Definitely. They are going to come out with a lot more crossover s. U. V. s. Francine lets bring in hans. Hans . Hans yes. When we look at some of the vans that have sold great in germany. You dont those volkswagen vans really taking off in the states . Is it regulatory . Is it hard to make the troigs have all of the converters set up . I think it depends on overbly europe being a lot stronger market for volkswagen in general and they are trying to obviously now they realize there is a shift happening and they need to expand more on that market. In the past they have not done that as much. The brand needs to francine in terms of the biggest challenge, is it going to be for volkswagen . We talked about the u. S. And the more luxury models. We also have a do they have to put these differences to one side . Is this going to be something with the resignation that we can put behind us o or is it something that will resurface . To be honest, it is not over yet. He still holds a major share in the porsche as well. I think in the future it would have been really, really good if they would have looked for a chairman outside. Also to focus put it back on efficiency and accelerating what the germans toned do quite well. There needs to be a more fresher take on that. From the annual report that recently came out there is a lot more focus on digitalizeation. He is now resigning. The cost cutting structure can come back into place. It lost about 4. 7 Million Units. Now basically volkswagen can come back. To track. Guy ok. Talk about being on track or on the road, on the autobonn autobahn, im interested to know what the experience was like. What have you been up to . Hans 80 miles per hour. Hands off the wheel. Feet off the pedal. Have lan. Have a watch and then we can chat. Another day on the autobahn but is this the future of commuting or will it look like this . So much of the talk of driving is about the safety aspect of it. That is true. Im driving without my hands and it could be safer. The argument is the time you save on your morning commute. The typical American Worker spends about 28 minutes a day commuting. The oecd average is 38 minutes. This translates to almost 150 hours a year. Almost 19 eighthour workdays before you even step foot into the office. Your morning commute is the least enjoyable according to a princeton study of your 19 daily tasks msm lets make its a little more fun. A chance to take care of your personal hygiene or time to prepare your kids lunch. They are going to get a mayo sandwich this morning. But task is done. Fully piloted driving is not scheduled for the public until roughly 2022 the technology is road ready. We have two laser scanners. One in the front and one in the back. And we have four additional in each corner of the vehicle. This is enough for this 360degree view. Hans and the safety concerns are real. More than 20 of drivers report texting behind the wheel and in the u. S. The number is more than 30 . But even if or when automouse driving becomes a re autonomous driving becomes a reality. No drinking. Hans i got the green light to mix an evening martini. Hans so guy you need 10 seconds to be able to finish up your task and get back to driving. The best part about this is the extent to which it changed lanes. If you set it to go 80 miles an hour and youre doing 75 in the left hand lane or 80 miles in the left handly and you to move over to the right because some guy is flashing their lights behind you, this will then move over to the left. This car is so easy to drive that even francine can drive it. I know youre dying for the rest my recipe for the mayonnaise sandwich. Francine cocktail yes. Mayonnaise sandwiches just wrong on so many levels. Guy mayonnaise ketchup, im up for all of those this they sound good. I spent a lot of my youth experimenting with those. Francine when are we going to see these Driverless Cars . I want to be making mayonnaise sandwiches on my way to work for guy johnson. Hans audi hopes to have a version available for traffic by 2018 once they get aprufrle for piloted driving which means you can check out for 10 seconds or you can do anything but you need to be able to check back in for 10 seconds. 2022 and 2023, they still need to get the go ahead from the regulators. They have cameras all over this car. It can look backwards and forwards. It takes over and accelerates. The future is coming, francine and youll will able to fit in the drivers side of the vehicle. Francine that will be amazing because i dont drive of course. That is exactly what im doing now, a driverless car. I call a taxi. My husband would beg to differ. This seems Like Tech Companies obviously now, apple and google entering the playing field, being threatened by nontraditional automotive companies. Today is a bit of a conversion happening now between the products and also trying to trying to put them all together. I think there is a lot coming up. Guy would you get into the fast lane at the autobahn in one of those . Definitely i would, yes. Francine i want to ask you about the mayonnaise sandwich. Guy mayonnaise or ketchup. Francine natalie, thank you. Guy coming up, well have more on the reshuffle. Will the naming of a new crown prince change the worlds biggest exporters and International Diplomacy . Well talk about all of that when we come back. We had a project and we are ready to move in as soon as the sanctions are lifted. Francine that was total c. F. O. Speaking about doing business in iran if sanctions are lifted. Guy sing salman has named his son as second in line to the throne. Lets talk about whats happening in the oil and gas market and whats happening with gazprom at the moment. Very nice to see you. First up one of the key figures in the oil market. He has had a