Despite a lack of progress on the deal. Its a mixed bag of European Bank earnings. Setting aside further provisions to cover u. S. Legal issues but puts its troubles behind. Strong european deliveries turbo charge european profits. Also pledging to boost earnings going forward. Youre watching world wide exchange. Bringing you Business News from around the globe. The roubl serks trading lower against the dollar. Prorussian separatists are refusing to end the conflict in ukraine. Meanwhile russia is demanding unacceptable terms. In the last 30 minutes imf managing director pledged for them. We asked if it would effect the ability to reform the country. The program is not without risk. We believe it is realistic and we are reinforced in our assessment by the determination, appetite for reform by the authorities and by the various stake holders in this dialogue that weve had. You know they have demonstrated their appetite for reform. They had a fiscal policy that was better than expected. They increased Energy Prices very courageously. They have begun tackling the corruption and Money Laundering issues that plagued the economy for a long time. They moved on the Exchange Rate which was always a taboo. They want to do it and we designed the program in such a way that theres enough buffers to accommodate a difficult situation as it stands and we hope it would not deteriorate. That would be in the interest not only of the people of ukraine but also the economic situation. Now how quickly could they receive that first installment and what kind of conditions would be attached to that in the interim, particularly the talks going on as far as peace is concerned. The program is totally independent from the minsk program. While we care that its productive and satisfactory its independent and i hope to submit the program to the board which has a final say on the program before the end of the month. Before the end of february and once that has been approved and a few prior actions completed then we disperse very promptly and were known for that rapidity. Julia, great interview there. Give us an update on the latest development on the russiaukraine crisis. Its been a busy 24 hours. Absolutely. The point she was making there as far as ukraine is concerned and their support with this facility is its very independent of the peace talks going on now in minsk. We heard that poroshenko left at one point last night. Talk that the russians were being unreasonable in their demands. Demarcation lines are a real issue for them too. It was developed since september. The rebels made further ground. The ukrainians want to abide by the original accord and demarcation lines in that. The rebels dont. Difficult to see how they get through that and ultimately even if they do whether or not the russians abide by it. Thats the question here, does this lead to peace and do we see a cease fire . But this is very independent as far as the program is concerned from the peace talks right now. A real show of support from the imf which is all they can do here despite the on going violence and its an ambitious program. A lot of skepticism given what we have seen in the past about whether or not theyll follow through with implementation. She was clear with me too. She said we have never seen commitment like this from a Ukrainian Government to push through with reforms. She gave us a Shopping List of why this time was different and theyre going to abide by the program now. The flexible Exchange Rate movement weve seen is a key element for them but also the gas prices and oil prices in the country. 66 in gas prices. 40 in oil prices in 2014. She says this demonstrates a commitment to Energy Reform and theyll front load some of the Banking Sector with Energy Sector of course and the sub sytys that are provided. But i also think think is a real show of solidarity from the imf and other countries perhaps against the violence and tensions in the country even if they cant do more and meetings with poroshenko today. Back to you. Thank you very much. Well be back out with julia shortly. But lets get an update on markets and what were doing in europe. Europe was a little weak yesterday. The u. S. Was mixed as was asia and today were mixed in europe once again. Fractionally up. The stock 600 showing about a quarter of percent of gains which has come in the last 20 or 30 minutes. Across european markets a slightly better sign than the stock 600. Partly because they report in u. S. Dollars. A little bit of euro weakness. The ftse 100 up a quarter of a percent. France up. 3 and athens is doing well today despite no real clear proo guess from the talks in brussels which well be hearing more about from julia shortly. Thats up 3 . The banks leading the charge as they often do. The euro which has been moving around in recent sessions is basically flat today. Its at 1. 13. It has been moving around when we hear news as to whether a compromise is looking more or less likely and lets put that in perspective because it hasnt moved around that much and thats one of the big factors that people arent fearing wider contagion from the greece issue. The yen moving strongly to the upside today. 119. 5. Best part of a percent move there. We have the u. S. Dollar strengthening against the rouble. They arent willing to sign an greemtd that may or may not have been reached between the leaders of france, germany, ukraine and russia. Lets look at the Swedish Krona which moved quite sharply in todays session. Its moved 1. 5 to the down side. We might get the other chart for you in a second. Thats the month chart. The they cut the repo rate to minus 0. 4 . They will be buying 10 million Swedish Krona. A significant move to easing in sweden. Were learning flashes coming from dow jones that Russias Vladimir Putin says were able to agree on the main thing in ukraine talks. Putin agreed on a withdrawal of heavy artillery in ukraine. The russian rouble is strengthening as putin says a cease fire has been agreed upon. The russian rouble is reacting. Were looking at markets right now. Watching these developments. Putin says a cease fire has been agreed from february 15th. We have agreed on a withdrawal of heavy artillery of the russian backed separatists in ukraine. Thats the developments coming out right now. Putin says ukraine should take constitutional reform to respect rights of people in Eastern Ukraine. These are the headlines coming out of the meetings in minsk but some type of negotiations are coming together. Putin says we have agreed on a withdrawal of heavy artillery and putin says a cease fire has been agreed upon. Well get you the latest as they come out but youre looking at the markets at the wall. Well come back and look at the stoxx 600 chart because its moved sharply off the back of the news. A best part of. 25 . Continuing its rally. It had opened just below flat. Were up. 5 particularly on news of the possible cease fire coming out of the minsk meeting. Lets now move on to bond rates and see what were looking at there and of course we are just above 2 on the u. S. Tenure. We saw that tick up yesterday. Theres two real reasons for that. One positivity particularly coming from the recent jobs numbers which have been descent and thats suggesting that rate expectations may be brought forward but we have heavy bond options this week including a ten year option yesterday. So thats where we are at the moment. The german staying low at. 36 . The u. K. 1. 68 and of course greek yields have been moving in opposite directions in recent days but they have been stable over the last day or two. Stable but still elevated 10. 89 on the ten year. Heres the other maturityies and the shorter end of the curve at much higher yields. The greek two year 21. 5 . The three year 18. 2 . So relatively stable despite the fact that the equity market is rallying the banks in particular. All of this comes after they failed to reach an agreement with the greek government on the way forward regarding the countrys bailout program. After seven hours of intense discussion both sides could only agree to resume talks on monday. Of course focus now on greece as well as russia. Were learning that the headlines coming out of minsk that Vladimir Putin agreed to a cease fire. In a meantime a member of the french delegation said it would be difficult for german chancellor Angela Merkel as well as the french president to get to brussels on time for the European Union summit on thursday. Does that delay the talks and the negotiations . Lets get to julia who is with us for the latest. Thank you so much seema. As you were saying there, obviously its going to be difficult to see what happens now in terms of timing. Yes russia seems to have signed the cease fire agreement. I dont know if youve seen anything as far as the separatists are concerned. Up to a few minutes ago we werent sure if they were going to sign this consent. Well have to see if they were willing to sign this. Even if we have signatures on the paper, will the russians and russian separatists abide by the rules of this. As much as this seems like progress at this stage the devil will be in the detail and the follow through is going to determine whether or not ultimately we see positive action and follow through on this accord right now. This is going to make the leaders late depending on who has their own plane but obviously the remaining leaders have plenty to discuss here and theyll just join at a later stage. 1 00 p. M. The arrivals expected from the eu leaders and as you were mentions just before that greece also. Id argue there was progress made on that subject. We were never expecting a deal to be announced today. The view was these talks would continue and we would try and reach some agreement on monday. We were always suggesting it was going to come down to just how this is talked about and negotiated going forward. The greeks said we dont want this finance program but he said we dont want to extend this program. So it just comes down to terminology on how they can go home and everyone can go home and call this is a victory and if we get an agreement well have to see if theres any austerity in there to see who can really claim victory as a result of these talks. Back to you. For now, thank you so much. Well be coming out to you shortly with more developments as they come out over the next couple of minutes but i want to recap what we do know in term of the meetings taking place in minsk. Vladimir putin agreed to a cease fire from february 15th. That would be this sunday and putin also says ukraine talks, leaders agreed on a withdrawal of heavy weapons, Ukraine Forces to pull back from current line rebels from september 19th line. Putin also says ukraine agreed to constitutional reform. Lets talk about what this means for broader markets and investors with phillip shaw. We were going to discuss greece more in our discussions but given the developments coming out of the meetings in minsk, is this what markets want to hear right now . Its a start, isnt it . Its a long way before you get a permanent cease fire in the situation. Russian corporates refinancing themselves over the rest of the year and also the sovereign situation as well. So its a step forward. I think realistically theres a long way to go here. Lets move the debate back to greece and the on going toing and froing as to whether well get a compromise deal. How important is it that the bailout is extended . Thats a little bit of a red herring. Originally the february 28th deadline was set because after that greek paper would be ineligible for open Market Operations at the ecb. The ecb already preempted that by saying we got rid of that waver and its below Investment Grade and youre not using it. The key deadline is when greece runs out of cash. Theres varying estimates of that. They were the big rollover of bonds in july with a huge event here now because theres reports that greek revenues are beginning to dry up. Tax revenues are drawing up. Thats been brought forth perhaps april, may. So the time scale is a little bit shorter and i dont think the end of this month is that critical. Market participants are trying to assess what damage would endue but given that theyre held by the official sector it arguably poses a smaller Systemic Risk to Global Markets. Is that correct . I think thats right. It also changes the nature of negotiations. Really for greece to make a meaningful reduction in its debt burden by renegotiation. It really doesnt do anything. We already had the big private sector restructuring. It really has to look at European Union debt and to a certain extent imf debt. Its not going to get very far with any of those institutions in a restructuring of its debt. Particularly the imf. So how it reduces its debt burden is one of the key questions here. We think it cant. We think this is a longer term thing. It really has to grow its way out of its debt burden but whether thats politically acceptable is a big political question. Phillip thank you very much for joining us today. Much appreciated. Phillip shaw chief economist. I want to come back to the live pictures youre seeing in minsk following successful negotiations between Vladimir Putin, Petro Poroshenko and Angela Merkel where a cease fire has been agreed. Live pictures of mr. Putin leaving a recent press conference. Those pictures are losing a slight feed but of course as we told you just earlier that a cease fire has been agreed. Putins latest flashes at the end of the press conference he was saying the leaders have called for restraint in a period before the cease fire comes into play and also reporting the separatist rebels have been calling for the surrounded Ukrainian Forces to surrender. Theres still some ways to go before its implemented but a Big Development that he is saying we have reached. Interestingly enough two days ago president obama called russian president Vladimir Putin warning him that further actions would be feed in terms of finding a negotiation and if he does not want the u. S. To play a stronger role or bigger role in terms of military support in the russianukraine war but clearly here negotiations coming out at this point successful between russian president Vladimir Putin and various leaders meeting around the ukraine cease fire. Well keep you up to date on what is taking place out of the meetings in minsk but well also talk about earnings. Tesla earnings hit a speed butch but elon musk is confident the sky is the limit. Theres another glitch at netflix. This latest technical issue made some fans very happy. Well bring you all the news on that story. Twitter plays a matchmaker for alisters and advertisers. Stay tuned to hear about the social media giants latest acquisition. Tigers, both of you. Tigers . Dont be modest. I see how youve been investing. Setting long term goals. Diversifying. Dip you got our attention. We did . Of course. Youre type e well, i have been researching retirement strategies. Well thats what type e s do. Welcome home. Taking control of your retirement . E trade gives you the tools and resources to get it right. Are you type e . Welcome back. They beat expectations reporting a net profit of 921 million swiss francs in the Fourth Quarter. They also proposed. 7 francs per share and 3 fall in net income from a year ago. This as the Firm Completes its exit from a russian business but the group said it would maintain its dividend for the year at 17 swiss francs per share. Caroline is live with the latest on these companies and what to expect going forward. Take eightway. Seema, take a look at the share price reactions. Off by more than 3 in part because numbers for the Fourth Quarter were a little disappointing and that also applies to the return on business operating profit the last year that came in at 11 below the longer term target but the ceo is confidence he can breach that over the medium turn and theres concerns about the soft start to the year. Now completely different picture this morning for credits. Theyre up 6. 5 . Year to date theyre down 20 . What were seeing this morning is on the one hand bargain hunting and also a response to the numbers which were pretty good pretty solid and the Company Announcing a cost cutting plan as a response to the swiss franc and keeping its dividend steady which not many people expected. Lets come back to the impact on the businesses of the two companies. Lets hear from the two coos and economy minister. Took 2014 and imposed the rates and the Current Conditions on that. We estimate thats about a 300 million negative impact for us. We also then announced measures that had mitigate that. We have cost reductions and other measures that actually get us to more than that in terp of trying to offset that. That wont all happen in 2015 but over the course of the next couple of years well completely mitigate that. For me its important to see that the Exchange Rate between the swiss franc and europe develops to the purchasing power parody and that is in my understanding about 120. Impact of course is not on the operational business as such due to high swiss francs but most of our income is foreign country sy so the translation into a swiss franc dividend has an impact but not effecting our underlying businesses. So a very different response from zurich this morning because inshushs doesnt add on a insurance doesnt add on another cost cutting program. There will have to be job cuts but he didnt outline how many and which divisions would be hit the hardest and then you have the swiss economy minister saying that the swiss franc should be above 120 and much much closer to the purchasing power of parody but now were far away from that and until were far away from that point its going to continue to heard smal