Bloombergs European Headquarters in london. Our top story today, twitter Ceo Dick Costolo paying the price for the social Media Services lack of user growth. Costolo will step down and jack dorsey will return to take charge temporarily. Caroline, this came really as a surprise. After hours, the share price went up. Caroline they seemed to like it. The share price spiked as much as 13 , all because this man is relinquishing his power. He will step aside on july 1. Hes been there since 2010. He did achieve all that. He took twitter to the market. Sensational valuation. Since then, the share price has more than halved. More than 50 wiped off its valuation. Therefore, he is bowing out. He leaves 60 million stock awards. He does remain on the board. Some of the things, he decided that he wanted to move away from twitter and find someone to take his place. They now have an interim ceo who comes riding to the rescue. Jack dorsey himself, the cofounder. 2008, he was ousted. He has moonlighted of it in the interim. He has helped formulate new products. Now hes going to take up the charge as interim ceo. Interesting, who does this remind you of . Who came back to save a Big Tech Company back in the day . None other than steve jobs, a man that jack dorsey is said to mold himself up on. He has a uniform in the same way that steve jobs does. He refers to himself as an editor in the same way steve jobs did. In the same way that steve jobs rode to the rescue for apple maybe jack dorsey sees himself as a longerterm figure as the ceo at twitter. He would have to be talking to his current company, square, who he also founded and is currently ceo of. No matter who takes the reins, it is going to be a tough act. They have to turn around the downward trend at twitter. We saw 18 growth in people adding on to twitter. 300 million in the last quarter. That is slowing down. Compare that to 1. 4 billion users on facebook. Instagram whatsapp, both owned by rival facebook. Facebook tried to buy twitter back in 2008. They are seeing problems there. This is eating into their advertising potential. He marketers think that twitter has less than 1 of the Digital Advertising market. Compare that to google, that has 31 . Khmer that the facebook, that has almost 8 . Advertisers arent yet coming to twitter. We will therefore be thinking, who will be taking the reins in the longer term . I know a man whose up to the challenge. Snoop dogg wants to become chief executive. He took to twitter last night saying, snoop dogg for ceo. Francine i think that would be genius. Caroline hyde with the latest on twitter. Are we expecting too much of twitter . My real twitter question is snoop dogg as ceo, would that work . Tweet me about that. She it is from the imf have left brussels, negotiators from the imf have left brussels. They rebuked Prime MinisterAlexis Tsipras for playing games with greeces future in the eurozone. Hans nichols joins us from berlin. Jones hayden in brussels. Hans, what is wrong with the imf . Hans it seems that the imf wants to send a clear signal that talks are in a standstill. One way to do that is to withdraw your negotiators. That move is reverberating here in berlin and all throughout germany. It is one of the reasons that Angela Merkels government is considering the possibility of a greek exit. The other reason, they are saying that meeting between tsipras, hollande, and merkel that nothing came out of there in terms of progress. No real investments. What all the creditors seem to be waiting for is some move from greece. The only reason to be optimistic for a greek deal is look at the public polling inside greece. The latest poll we have is a survey of about 1000 respondents that says that 50 of those surveyed want to see greece stay in the euro. They want to see some sort of compromise. Only 37 are backing this hardline approach by mr. Tsipras. If he is reading these polls, he may want to offer some sort of new proposal. Right now, everyone is waiting on something new from greece. Thank francine hans, thank you. Jones, put this in context. Do you think this is salvageable . Jones i hope so. The creditors are waiting in brussels for another proposal from greece. We are hoping to get that today. Hopefully, that will come. The eu president said yesterday in Strong Language that next weeks meeting of the eurogroup the euro area finance ministers on june 18, that is when something has to be decided. He said that should be the decisive time, the decisive meeting to see if we are able to bring a package together for greece. So that there isnt a default. Now, we are waiting to see what we get from greece today. Francine lets see if we get more news on it. Thank you both. Jones hayden in brussels and hans nichols in berlin. For more on this, lets go to munich where we are joined by eric nelson. Great to speak to you as always. Is this crunch time . Are we going to have a deal . I dont know when we get a deal. I think we will get a deal. Greeks want a deal at the end of the day. They wanted because they really want the stability, and the governments strategy doesnt seem to work domestically. Im sure the germans will go along with something that is ok for now. The bigger one is, if the imf on board, and then persuade the spaniards and the slovakians and the other euro countries which are much more hardline than germany to put it through their parliaments. Francine if you are so confident and we are still waiting for the counterproposal if the imf walks out, where does it leave the others . A lot of people think like you, that Angela Merkel doesnt want to be the chancellor where someone was kicked out of the eurozone. Do we need a referendum in greece to make sure that tsipras negotiates differently . Erik at the end of the day, the imf would be in line with the germans. I think this is a given. It is clear that people are fed up with this scene. I was talking to somebody here. When you talk to officials on the european side, people are just fed up with this. Theyve never seen anything so completely ridiculous in the way they approach it. But it is what it is. People really want this thing to be sorted out. Im glad im not the imf guy who has to bring this thing to the board. Francine im glad im not either. Do you think we need one proper reform from greece for the creditors to sign up . That is what we heard from Angela Merkel. That they just want one commitment. Erik that seems to me to be a little bit of a pr kind of thing. At the end of the day, all these programs, that is what the imf always does. An imf program is one where you have a staggered criteria, where you meet the performances, and then you get your money. Im not quite sure what this new thing is but i think it is a fancy word for what we used to have. Francine and you think they will definitely stay in. The talk has been that it is dangerous to go to greece at the moment because you can get stranded. You are confident that nothing negative will happen on greece . Erik im not so sure when this comes to a conclusion. It is so hard to read what the greeks are up to. I would not be surprised if they end up having a runoff to the imf. That will almost certainly lead to capital controls. Maybe even other controls on deposits and what have you. It is because they keep dragging their legs. How fast can you get a program through parliament and get the money out . It has to happen by the end of the month. That means that the deal has to happen this week. Otherwise, we will have a period of billing to the imf. That brings us to a very complicated situation. Then we have a bridge loan which weve had in some really poor countries in the past. The important thing, in my opinion is, the alternative to this is not an exit. I really dont believe they have the political or Technical Capability of starting their own currency. It will be economic chaos, and the greek government will fall. Francine thank you so much. Erik nielsen stays with us. We will be talking about volatility on the markets. About 45 seconds ago, Yanis Varoufakis has taken to twitter. This is something we are often used to. He says contrary to stubborn rumors, we never gambled. This in reaction to some of the press saying they have gambled too much. Mr. Yanis varoufakis saying, we never gambled. Heres a look at what else is on our radar. Dominic strausskahn will learn today whether hes been found guilty of aggravated pimping charges linked to a string of sex parties five years ago. He insists hes innocent and hes being prosecuted for a lifestyle that is no one elses business. Rupert murdoch is preparing to step down as chief executive officer of 20th century fox and hand the title to his son james. A person familiar with the matter says james older brother will become executive chairman. Chinas security chief is in jail for corruption. He pleaded guilty to three charges, including bribery, abuse of power, and leading state secrets. He was sentenced after proceedings in shenzhen. Facebook has announced that its oculus Virtual Reality headset will work on the xbox one. Oculus will start to ship its consumer version of the headset in 2016. The device lets people immerse themselves in games or experiences. Now lets look at what is still to come on the pulse. At 9 35, we will hear from the mexican president. At 9 45, we break down the huge numbers the Jurassic Park franchise as the latest film hits the big screen. At 9 50, we take a look at the new ferrari causing controversy among purists. Francine welcome back to the pulse. We are live on bloomberg tv and radio. Lets head back to munich, were joined by erik nielsen. I want to touch on volatility but i want to get back to the point about greece. You said that if greece were to leave, it wouldnt have any capability. We dont know what comes next. Is this one of the reasons that you dont think they will leave the eurozone . Because then it is the abyss . Erik sorry i couldnt hear the last part of the question. If they leave . Francine you were saying that if they leave, they dont have the capability to print an alternative currency. Erik right. So the point, it is kind of quite simple in a way. What does it take to issue your own currency . Number one, you have to have fiscal notes which are reasonably sophisticated so they dont have any see counterfeit. Greece does not have a printing press. There are not that many in the world that will produce safe notes. So they have to be ordered. They have to be delivered to greece. You cant make a plan and announce it. They have to be distributed to the banks which are halfway nationalized or under capital control. Not an easy task for a government that cant organize a barbecue right now. Now, you have the currency up there. You have to make it legal tender. It means that you have to force people to accept it as payment for services and goods. It is easy to say you can pay your taxes with it, but are you going to be able to persuade some other place to accept this new funny money . If he takes it, can he use that money to pay his bakery or for the gas . The point is money needs to be a commodity of trust. I dont think they have the trust in the population. They may print this money. But to actually transact is something different. In that situation, you cant pay your taxes. You can pay your taxes in ious or new drachma, but will employees take this new funny money as payment for their services . Big question. It is not straightforward at all. Francine interesting point. Talk to me about volatility in the markets. The u. S. Is recovering nicely. We are still concerned about greece. We have huge volatility. Erik it is phenomenal. I will say two things about that. The first thing is, in terms of the key volatility, it is moving in more the right direction. It is about the recovery in america and europe are quite fine. You have no business being at these levels. Bunds should be moving higher. We think they will move still higher. The incredible speed and volatility, i dont think is going to last. While it is very dramatic right now, once we come into the southern months within a few weeks, the flow story, all the standard money flows will be supportive almost certainly of these type of bonds. I wouldnt be surprised if you see 10year bond yields stay below one through the summer months maybe even lower for a while. So the volatility has been excessive. My guess is, it is going to calm down. To the end of this year or next year, we are moving higher again, almost certainly. Francine does that mean you are expecting a fed rise still this year . Erik we think september. To be honest, i think it is quite the exception of what the fed is doing to excuse why they havent done it. You look at these 1015 indicators we look at in the labor market. On every single labor Market Indicator for the United States that i know of, you are now in a stronger position than you were before the crisis where Interest Rates were a lot higher. While there may be a bit of an output gap, you see quite substantial increases in house prices in america more so than you can argue is a domestic phenomena as in germany. In my opinion, the fed is behind the curve. They need to get started. Francine thank you so much for that insight, erik nielsen. Of next, as Rupert Murdoch prepares to hand 21st century fox to his son, we will look at what that might mean for business. Francine welcome back. Rupert murdoch is preparing to step down as chief executive officer of 21st century fox. Lets get more with Bloomberg EuropeanTechnology Reporter mark beach. Great to have you on the program. Is this the end of Rupert Murdoch . We knew he was thinking of how his legacy gets continued. Mark absolutely. This has been coming for quite a while. Certainly the take from the fox camp is that he still remains as a chairman, executive chairman and effectively number one. But he is 84. He is looking for his legacy. In the meanwhile, he remains as active as ever and tweeting away like mad. Francine i enjoy his tweets. More murdochs to keep the twitter people happy. Does it mean that James Murdoch is the chosen one . Mark pretty much. He is going to be running the company on a daytoday basis. Having said that, his brother is going to be his boss nominally. James is going to be doing things on a daytoday basis. Francine he has had to overcome some setbacks. Mark he has. People will remember the hacking scandal the closing down of the news of the world. Murdoch thought maybe they would buy all of sky, and they didnt. And they thought about time warner, and they didnt. Francine mark, thank you so much. We are back in two. With xfinity from comcast you can manage your account anytime, anywhere on any device. Just sign into my account to pay bills manage Service Appointments and find answers to your questions. You can even check your connection status on your phone. Now its easier than ever to manage your account. Get started at xfinity. Com myaccount francine welcome back to the pulse live from bloombergs European Headquarters in london. Twitter Ceo Dick Costolo is stepping down. Jack dorsey, cofounder, will take his place on july 1 until the company can find a permanent replacement. Costolo presided over the companys public debut in november, 2013. The stock has declined more than 50 since the end of that year. Greece has been told to stop fighting creditors demands and sign a deal. The eu president said there is no more time for gambling and warns that the game is almost up for greece. That came as the imf team walked out of negotiations. Dominique strausskahn will learned today whether hes been found guilty of aggravated pending charges. The former International Monetary fund chief insists hes innocent and that hes being prosecuted for a swinging lifestyle that is no one elses business. Lets get a quick check on the markets. Mark, we are talking about zimbabwe. Mark we certainly are. This is an incredible story with numbers that are mindboggling. The zimbabwe dollar is going to be taken from circulation. What that means is that the central bank of zimbabwe will offer five dollars for every 175 quadrillion. Not every day we deal with quadrillions. 175 quadrillion is 175,000 trillion zimbabwe dollars. This is to help formalize a multicurrency system that was introduced in 2009 to stem inflation and stabilize the economy. It does mark the official dropping of the currency, but to be fair, transactions in zimbabwe for many years have been done in the u. S. Dollar and the South African rand. Youll remember, the economy plunged into crisis many years ago back in 2000 when the government seized whiteowned commercial farms to distribute to black growers. It slashed exports of tobacco and other crops. Inflation surged to 500,000,000,000 . That recession ended in 2009. Other policies implemented since then by a coalition government. The economy has begun expanding. The regulation of foreign currencies has helped tame inflation. No longer is it in the hundreds of billions of percents. It is incredible to talk about 175 quadrillion, which is 175 trillion zimbabwe dollars. I just want to move on to the bond market. Sovereign bonds across the world are on track for their worst quarter in almost 30 years. That is measured by the boa Merrill LynchGovernment Bond index. The gauge dropping 2. 9 . That is the biggest quarterly loss since the Third Quarter of 1987. It got me thinking. Are there any other sovereign bond markets that have actually risen in the last three months . Weve got a wonderful function called the bloomberg world bond indices. Come right in. You need to look quite close to see how sovereign bond markets have fared. All in the red. Theres only one global sovereign bond market that has risen in the last three months. The new zealand sovereign bond market. It is up by a mere 0. 2 . I searched even further. I wanted to know what only the best sovereign bond market, but the global bond market including high yield and emergingmarket debt. This is the answer, russia. The local bond market denominated in rubles has risen in the last three months by 12 . Not fo