Greek officials have persuaded german light creditors they are serious about delivering the. Guy even though both sides have had their redlines, there was common ground. Lets get to tom. Red lines by necessity are inflexible. But there is common ground. Francine lets go straight to tom in brussels. Theres still a very tight timeline. Do we have a more positive tone . Tom yes. We are looking at the timeline of six weeks. But there has been this rapprochement after the acrimonious meeting they had in riga three weeks ago. The euro group coming out with a statement saying they are seeing positive intent from the greeks. No details on the policies. Though there was a little bit of detail from the european commissioner of economic and financial affairs, who said there had been son movement on vap, some movement on the management of greek revenue. It has given britain space, possible a couple of weeks to the greeks who are being propped up by the ecb. The ecb less likely to strike to tighten the screws. The euro group leader spoke to us and said there is a lot of hard work, very little time. I only know one timeline which is that the program runs out at the end of june. Between now and the end of june we have to find improvement, and find an agreement and get the approval of parliament. Then there can be disbursement. All of this in six weeks left to go. Very tight timelines. Tom guys a development this morning. Spanish newspapers reporting the imf is not happy to do a second bailout deal with the euro group. They have made those noises. They told him they are not content with doing another bailout because this comes after the 7. 4 billion greece is looking for. They will have to look at another bailout possibly 50 billion. The split looking like it is growing. Francine tom mckenzie in brussels. Guy puaaul donovan joins us from ups. We continued to incrementally move a little bit further forward. Two step backs, one step forward. A june deadline. Are we going to see shifts before that deadline . Do you think a deal gets done . Paul one of the scary things they has been suggested is that they might do incremental reform, which means we could be going to this every three months. A horrendous thought. I think a deal is done. Everybody knows the consequences of greek exit would be horrendous. Guy everybody does not seem to know that, because i keep your reports that germany suggesting they are the view that you could let greece go. Paul the people that matter in germany realize that greece doesnt walk alone. Francine are you thinking of portugal . Paul it could be any country because when monetary unions fragment it is because local Bank Depositors lose faith. Francine keep it there, because we have plenty more to talk to you about including inflation. Guy carlsberg out with reports today. We are joined by the ceo on the phone. Good morning. Thank you for joining us, sir. How bad was russia . Talk me through the situation on the ground for russia. That is what everybody seems to be focusing on when it comes to your business. It still does despite russia is a lot smaller for carlsberg today now less than 20 of our profit. The market is still challenging, so from a consumer point of view, it is a challenging situation. That is being felt by the economy. Very strong in terms of market development. In western europe and asia. Francine when do you expect the trenton Eastern Europe and russia to reverse . Could take years . With the lifting of the sanctions, with that in six mo nths, would we see an improvement . Joergen i wish i knew. Nobody knows really. The issue is driven by politics. So, i think what i can say i do believe at some point in time the situation will improve and that the benefit, that will benefit carlsberg. That is just a matter of when, and that i do not know. Guy how do you and press the Analyst Community at this stage with this bit your business . 35 analysts cover your business. Only four of them have a buy rai ting. How do you change hearts and minds in the Investment Community . Joergen a lot of that uncertainty has been driven by what is a big market for us russia. I said before 80 of our earnings would be from outside russia. It is really coming from big time from western europe and asia. A growing environment. I think perception will change over time. And many Start Talking about the opportunity in russia now is quite significant. When we get to the point in time where we start to see improvement in the macro situation in russia, it could be a major opportunity for carlsberg. It is just a matter of when. I think perception will change and we are really performing strongly in a big part of our business. And im sure we will see over time, also, more and more people looking at carlsberg realize that. Francine i know it is difficult to predict, but in terms of what you are expecting for the ruble, is there any way that carlsberg can hedge themselves against future swings in the ruble . Joergen it is something we have been analyzing for five years. It is still in our minds. Too costly to think about hedging the ruble. Guy what is your advice to your successor . What kind of handover are you giving . Joergen we are in close dialogues. I think it is a good handover first of all. And its really about talking him through the strength of carlsberg, but also what can be challenges in carlsberg. But i think it is also a lot about building on many strengths carlsberg has. We talked about western europe and asia being strong for carlsberg. Our russian business is strong but in a very challenged market. Another strength i believe in carlsberg would be the organization people. We have a lot of passionate people in carlsberg. Strong capabilities built on that. So it is very much about building on strength but of course also say prepare and plan and do scenario planning for challenges and still being very much about Eastern Europe. Francine what are you doing . You are retiring. Do you have plans . Joergenn i certainly do. It is not like im completely stepping down and going to retirement. I will pursue a career now being more in non executive positions and also have a little more flexibility in life. I can do other things. Be a little more with family. So i have a lot of interests i have not been able to pursue for years. I look forward to that. But i look very much forward to staying very much involved in business through nonexecutive positions. Francine best of luck. You have to come and see us in london in our studios. Guy lets take a look at our radar this tuesday morning. An easyjet share price has fallen after the company says strikes in france and the timing of the Easter Holiday will weigh on firstquarter earnings. That came after it posted its first lower profit in more than a decade. We will still see if youll benefit. Remember, as we see the fuel benefit, we are passing it through to passengers. So we have not even though we have a Strong Revenue half, our shares are lower year on year. Francine well have the latest as secretary of state john kerry prepares to meet with Vladimir Putin for their first direct talks in two years. A period filled with tension over ukraine. Guy a new record for any artwork sold at auction. Going under their hammett the hammer for 179. 4 million. Francine now, that of course brings us to our todays twitter question. Is there a better way to spend 179 million . You can tweet us. Weve had some pretty funny responses. I heard a lot about buying or shorting bunds. Guy there are more imaginative things to do than that. Francine more fun definitely. Guy at 9 30 we are going to hear from bill gross about his philanthropic efforts. Find out how much of the source and he has given away. Francine at 9 40, we are joined by the Athens Chamber of commerce ceo. Guy and we look at easyjet earnings. Shares slide sharply. Francine has greece dodged a bullet in brussels . We will be speaking to many guests from greece and also from brussels. Guy come here with a clear mandate to improve the relationship with the rest of the eu and reform the eu so that it increases living standards. We will hold that referendum on british members of of the European Union. Having conducted this negotiations, we go into the negotiations aiming to be firm. No one should underestimate our determination to succeed for the working people of britain and t he whole of the European Union. Francine George Osborne days after being reappointed. He plans to start talks about britains relationship with the eu. He is now the chief negotiator for the u. K. We are back with paul donovan. Author of the new book the truth about inflation. If you look about inflation in europe, how likely is it theat all rates stay as they are . Paul very likely. Dr. Draghi has been disingenuous in claiming there is a deflation threat in europe. There is no deflation threat in europe. Deflation is a decline in prices. We do not have that in europe. We have one price that has fallen oil. People behave differently. Ironiciallally, in europe the one country that can make a claim that has deflation is greece. So the threat of deflation was conjured out of thin air by mr. Draghi. Guy is Monetary Policy appropriate for the inflationary environment . Paul as far as the eurozone is concerned, the quantitative policy we have got does not make a great deal of difference at the moment, frankly. The general policy environment is reasonably appropriate. But inflation will come back in europe. In germany, it could come back strongly this your. Elsewhere in the world, we are coming to the point where Central Banks will need to tighten policy. That does not have to mean interest rates. It could mean regulation quantitative policy. Elsewhere in the world, inflation pressures are slowly starting to build. They are normalizing a bit more. Francine is q. E. Working . We are still on the fence. Is it working to the full extent you were hoping it would be . Or were you more pessimistic from the start . Paul lets look at the states. Three phases. The first phase in 2008 that worked. The world was desperate for dollars. The second phase did not really do very much. The third phase did do something because the banks are prepared to lend. I think in europe we are in a situation very similar to the feds second phase, where the banks are not doing much with the money. Next year, we could be more optimistic that banks start to lend. Right now not doing very much, frankly. Guy lets talk about the u. K. First of all, your expectation for a u. K. Economy that is unshackled from fear about the general election. Because we know what policy formulation is going to look like. Still under the cloud of ane eu referendum. Paul the economy carries along regardless of what politicians are making noise in the background. The Election Campaign and the risk of uncertainty, i think it created a certain amount of concern that we might have a little while on the consumer, a walking on sterling. But if youre going to be investing in the u. K. On a 25 year view you really do not care. Guy dothe eu . Paul the eu is slightly different. We have got to remember. We do not have huge trade barriers if the u. K. Leaves eu. Free trade does not change. The difference is that the u. K. No longer has influence over regular policy which would affect the regulation of trade with the ueeu. Francine perception as if im a big bank, why would i keep my headquarters within london if i can move elsewhere . Paul for the same reason you put your headquarters in london in the first place. You have got rule of law, a clear legal system that works to your advantage, local flexibility, the right skill level. Those are the decisions that its made on. The issue is selling into your. Into europe. Europe will have a set of regulations that the u. K. No longer influences. That may work to a disadvantage for the u. K. You have to trade under those regulatory regimes regardless of whether you are domiciled in paris, frankfurt, or london. Francine think you so much. We will talk about russia next. Guy up next, the pulse, john kerry prepares for his first meeting with Vladimir Putin. The first time these two sat down in two years. Francine welcome back to the pulse, streaming on your tablet, phone, and delivered. Com. On blooomberg. Com. Guy Ryan Chilcote joins us more with more. Ryan according to the wall street journal, he has just arrived in sochi. There is a very good joke. The secretary of state going to customers is asked for his name. He says john kerry. He is asked occupation. He says, yes, it is, stop lying. A joke to the annexation of ukraine. First talks since the ukraine conflict began. The reason there has been no talks and the relationship has been so frosty is because of ukraine. U. S. Officials telling us they are concerned another offensive is in the cards. The russian backed rebels could push to the south or even to the north. So, concern remains. But what john kerry wants to do is to other things. One, he wants to talk about syria. Of course, russia is assads closest ally. If they are going to make progress in finding peace in syria, they need the russians. Finally, and most important they need russias help with iran. We have got that end of june deadline to get a deal with iran between the united states, its allies, including arussia and iran. Wendy sherman the head of u. S. Negotiation is on the plane. Well be at the meeting with the russian president. As secretary kerry along with the russian foreign. So they are hopeful to keep russia on board on other issues if not ukraine. Right after they got the tentative deal in switzerland over iran, the next day the russian president announced that russia would go forward with s300 antiaircraft weapon sales to iran. They want to make sure the russian and american positions are more calibrated. Francine thank. Ryan chilcote with the latest on russia. Guy paul donovan still with us. We are talking to the the currency swings in the ruble. When you look at the outlook for the russian economy, it seems to have firmed a bit. Is that a fair reflection of reality . Paul oil prices are stabilizing, so russia is stabilizing. That is pretty much it. With the increase in oil weve had itll grind higher over the next couple years. That is providing more stability. Francine when you look at risks around the world, we mentioned greece equity and the u. K. Leaving the eu russia is a big unknown. Paul one of the problems markets have and this is an increasing problem politics is back. 20 years, nobody care. Politicians were an irrelevance of the background as long as Alan Greenspan was running affairs, all was right with the world. Politics is back. The markets are not good at pricing Political Risk. And politics is never like that. So this is one of the problems. The Political Risk we have got general in asia, in russia, in the whole euro area. In the middle east and in the states as we enter a president ial election. What we end up with is the risk of increased volatility and that is problematic. Francine paul donovan global economist at ub. S at ubs. Guy after the break, we will hear from bill gross about how he has given away 700 billion and he plans to go even further. 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 live in london. Guy data emerging from the uk. Manufacturing output rising 0. 4 . Industrial production up. 5 . Better numbers. Beginning to firm on the back of this. The pound has been having a few straight sessions in which it has done well. Friday. Monday not too bad. Today up another. 1 . 1. 5601. Francine here are the top headlines. Greek officials have bought themselves more time to finalize Economic Reforms by assuring jet by assuring german led creditors they made progress. The two sides have commandant. Greece has agreed to pay the imf 750 Million Euros today. Guy john kerry travels to sochi to speak with Vladimir Putin today. Francine easyjets share price has fallen after the company says striking funds and the france and the timing of the Easter Holiday will weigh on earnings. Guy a 7. 4 magnitude earthquake has struck nepal near the border with china two weeks after the country was hit by devastating 7. 8 magnitude earthquake. Last months earthquake killed 8000 people and injured 18,000. Tremors were felt as far away as new delhi. Francine the dutch and belgian grocers have entered talks to combine. Caroline of course, yesterday we saw the huge rally it in shares. 1 billion in market capitalization being added to these companies on the back of reports they could. Be combining. This would form a huge retailer. This would have in excess of 6000 stores. It would have 25 billion euro market capitalization. It is not quite as big as tesco. And nowhere near as big as walmart. It is creating a force. And one that what had significant presence in the united states. This is where the overlap does make sense. Because ahold has stop shop and delhaize has food lion. They get 60 of their sales from the united states. This would remove some of the concerns over margins, over profitability. It would be a juggernaut in terms of sales. 50 billion euros in sales for the two together. Some analysts have been running numbers. One looked into the creation of cost savings. 400 Million Euros could be saved by these companies merging. Both groups benefit from this transformational deal. We have got to hold her horses a little bit because if you look at the quote in a statement, delahaize group entered into discussions to explore the opportunity. But you have got to remember it may not result in a transaction. They always have to say that. Back to you. Guy thank you very much, indeed. Francine alliance said firstquarter profit we spoke with the companys cfo. When you look at the trends, in total, half of the outflows of the First Quarter and the monthly trend is showing in the right direction and actually also, april outflows confirm very much the tre