2thirds coming from chinese equities. They vow to defend its deal with ge amid reports that regulators are concerned over competition. Theres a change up at swit twitter. He grew with a market cap of 25 billion but his ten year was marked about criticism of slowing user growth. On a Conference Call he says the discussion began last year. Were fully committed to maximize value per shareholders and we see no reason why we cant continue to do that as an independent company. Were focussing on executing against the Strategic Priorities repeatedly repeatedly. I do not foresee any changes in strategy and direction. I believe in the course that the company is on and the Management Teams ability to fulfill it and execute on it. Twitter shares reacting positively. You can take a look at how its trading in frankfurt. Shares up about 4 . They will be on squawk on the street in an exclusive interview at 10 00 a. M. Eastern time. You wont want to miss it. To get those two individuals together and see what theyre looking for. Dick will be on the board but he is just resigning as ceo. But in terms of who the next candidate or ceo will be will they look for internal or go external . Thats the question. Very big debate. Dorsey is a temporary head. We had that debate earlier in the week about whether its right to have the innovators leading these companies and whether they need someone to bring in separately like eric scmidt coming in to lead google. Do you think it will be more of that, a corporate ceo as opposed to a tech innovator . Thats what wall street wants to see. A seasoned tech executive with years of experience in this industry that can provide twitter the management they need to make it not only profitable but make use of the user base. He stepped down himself. I definitely think hes been pushed and this is a nice story to protect him. But also hearing no change in strategy moving forward thats a very odd sound bite based on this decision to change the leadership which is something that people have been calling for and the markets reacted to. They still have a lot to sort out and it will be interesting to hear that interview coming up later today on squawk on the street. Im not so sure the board pushed him. He did resign and did not get a severance package which means he lost out on 17 million. Which is a noble thing for him. But the big thing theyre struggling on is video drawing ad revenue and its not working for twitter. I think they should give in a little pay model for twitter. Doesnt have to be for everyone but if those people that want to pay a small, small amount downloading the app in the first place and then get no advertisements. Advertisements. Then moving forward thats another option and they can test it. People dont have to take it up if they dont want to. It can be there as an option. One they should be able to all options but second they have been making acquisitions in the video space. They did require periscope earlier this year. Expect strategies and updates on how theyre going to integrate into the Growth Strategy but of course this is a top story and dear viewer we want to hear from you, who do you think can run twitter and can they turn the company around . Or has twitter had its day . Join us. Get in touch with us by email, worldwide cnbc. Com Twitter Twitter cnbcwex. Interestingly enough you may believe it or not but some have come to say that they would like the top job at twitter including snoop dogg. Thats right. Head to our website to get the full story on snoop dogg and why he wants to be the ceo of twitter. Indeed. Now lets move on. Greek debt discussions took a turn yesterday. The team returned to washington despite the need to unlock aid before the end of the month. This comes as a report says the German Government is holding talks on what to do in the event of a greek bankruptcy. The greek Prime Minister said the battle with creditors was continuing. We are fighting in these negotiations and as long as the greek people support the efforts of our government the government will be holding the demands of the greek people. In order to have a deal that wont just be a deal but a solution to maintain social cohesion. It will give Development Perspective and at the same time be a Financial Solution in the midterm for the country. Over in brussels the president of the European Union says next weeks meeting of European Finance ministers could be make or break for greece. Remain discreet and moderate and neutral of course but one reflection is it is now obvious that we need decisions, not negotiations now and its my opinion that greek government has to be i think a little bit more realistic. Joining us now is tim harris ceo at harris capital associates. Good morning to you. Good morning. Thank you for joining us. We had extraordinary moves over the last week or two in european financial markets. Has some of that been related to greece . Very much. What is interesting is seeing the sell off in core euro area with german bunds breaching the 1 level. Over a pufew weeks ago the high quality area was on negative yields so its not just the periferal side but obviously germany is seeing selling off there. Slightly technical. Greece is the big show in town. Im not quite sure theres an imf deadline with june win all over it. Thats the 1. 5 billion. When we then look at where we are with the ecb that moves into july and this has a little juice left in it for a month or so yet. If were trying to workout how much of this is priced into markets the greek bund yields arent the right indicator. So have the portuguese spanish, italian yields have they moved enough . It depends where this is going. In greece apart from the greeks, life will move on and then this debate and if youre portuguese or spanish, the bush back against the greeks the germans have this big issue. They own the greek debt. The portuguese and spanish have a party to it but once you see a greek decision which is going antiausterity then the spanish, the irish, the portuguese Central Government are thinking hang on the game has changed here. Thats when the pressure comes on to their markets again. The spanish economy is now one of the faster growing economies in europe. The portuguese and irish are back in markets. Last thing they want to do is have two steps forward and huge step backward. This is where the issues of greece trickle down and come back to them. Its not explicitly whats working through germany but certainly around the euro zone we are seeing repercussions in bond market which is will be running for the next four weeks or so. Help viewers understand what type of action we could see in the periferal debt market. Greece in my view its not in june. Its july. Greece has to refinance 8. 8 billion euros by august and the two big hits of the ekb, the imf one with the 300 million being rolled into the 1. 5 billion, one way or another this story will run into july. The issue is are they in or are are they out. What does that mean for Monetary Union and the issues i just walked through. What does that mean . Widen. You could be seeing bund yields higher than they are today. We still have some growth in france and italy and other members of the core euro zone so you would argue at a time when risk aversion is high and theres low growth were not out of the deflation cycle yet. But everything im saying there says bund yields should be suppressed and yet we have seen the core moving up. The 1 handle. To a degree thats slightly technical. The ecb is focussing its quantitative easing activities at the shorter end of the market and not necessarily at the quality end of the market. We have seen it being reversed. That done suggest to me that core bonds should be as rich as they are now. I think well see that come back down. You are going to get a core euro area bond yield coming back down. The bond market will continue to warrant our attention as greece dominates the discussion. I cant remember a summer where greece isnt the top story. Well see if that changes. Greek discussions going from bad to worse after the imf pulled out of talks. Stay up to date with the latest on the on going greek crisis by heading to our website cnbc. Com. Lets have an update on what european markets are doing today. Soft start to the week. A very strong trading day in the middle when greek hopes seemed to be easing and now were finishing rather softly because those hopes dissipated again. Were looking at a quarter of a perkren of declines at the moment. Well look at the individuals instead. Were jumping around. Down 0. 4 . So Continental Europe seeing more of the losses and if we look at the individuals well see that the ftse 100 is down 0. 4 . Germany down more and france down about 1. 4 and athens given the fact that the hopes earlier in the week dissipated is down the best part of 4 . Now lets look at bond rates. The german ten year did cross 1 earlier in the week. Its pulled back from that level. 0. 9 . Similarly the u. S. Yield did push higher and nearly nearly crossed 2. 5 . It was on 2. 49. It has now just come back. The added positive bit of data this week has been a revision of retail sales data that now puts consumer in the same basket for jobs and inflation joining the pack of positive data. We think that raising rates in the u. S. Would lead to a dollar rally but over the last week weve seen the broader dollar index hit a three week low. The euro has been pushing past 113 but were now back at 1. 122. Down 0. 3 . Today correcting 123. 77. Quick look at commodities. The oil prices have held up well since that opec decision not to cut production. 60. 1 on wti and brent 64. 7. Coming up on Worldwide Exchange, were live as former imf chief awaits to hear the verdict in his aggravated pimping trial. Twitters management reshuffle is stealing the headlines but find out what facebook shareholders did not like at the annual meeting. Thats coming up. Plus its a slam dunk for the nba as youtube goes crazy for the finals. Well get you that story after this short break. The pursuit of healthier. It begins from the second were born. After all, healthier doesnt happen all by itself. It needs to be earned. Every day. Using wellness to keep away illness. And believing that a single life can be made better by millions of others. Healthier takes somebody who can power modern health care. By connecting every single part of it. For as the world keeps on searching for healthier. Were here to make healthier happen. Optum. Healthier is here. Theyre up 1. 3 after announcing more evidence on the positive impact of the potential sale of its power unit. It is saying General Motors needs bigger concessions. Up 1. 3 as i said. Now zodiac off 4. 6 off the back of a profit warning. Traders are sightciting concerns of greece weighing on the supplier. The italian lander that is up 1. 35 on reports that hedge funds have invested in the banks capital increase. Indias finance minister says the countrys economy is recovering and is on a road map of much higher growth. He added the Indian Government will consider injecting more capital into state run banks. Take a look at the sensex. Basically flat on the day but over the past 12 months up just about 3. 6 . They shrugged off the decision not to include it in emerging markets this week. Foreign investors appear to react negatively to that decision. They with drew 7 billion wednesday. Overall 9 million flew out of em funds. The largest outflow since 2008. Should you be a bull or a bear when it comes to emerging markets . Tim harris is still with us. The fed and the imf have been warning of the risk opposed to emerging markets. When and if that rate hike comes in the u. S. Do you think this is investors preparing for the worst . Many of these in asian markets, particularly tracking the dollar the point is weve seen the chinese number under pinned about 7 for this year. Theres not a huge inflation rate we can see and the balance of growth is improving in time. Its not perfect but improving. That is going to suck funds in. So its worrying but if the trend is negative thats unhelpful. Asia is the start of the emerging market world. Are russia is looking at 4 or 5 draw down in growth and if you look at latin america, mexico is fine but the brazilian story pretty flat growth with inflation risk there and they have with 4 or 4. 5 inflation to nail down and in brazil thats going to be Holding Growth back as we go. So its asia. But if bewe look at the differences or if were getting rate rise because the u. S. Economy is growing very strongly dont you want to actually be exposed to japan because of the exporting story. Likewise taiwan and korea . I guess its the developing markets. The external accounts of japan is highly dependent but as a mature economy its going to be less of a delta to growth than the developing markets. Weve had Portfolio Investment and direct investment going in there so it would be in some of the newer emerging not so much Frontier Markets but thats about Risk Appetite and it has been so very volatile and if were talking about markets like malaysia and indonesia these are the markets you would expect to see the best coming through from u. S. Growth. Were talking high twos this year into next and that is what you would expect the economy of the nature of the u. S. To be using. So its coming through to asia from the u. S. And is not out of the longterm normal. We should be looking to china and where that goes will be equally as important. Diversification is key when looking at emerging markets because the story is not as compelling. Brazil dealing with high inflation, low growth corruption depreciation in its currency. India, were not seeing the type of growth we were hoping to see and china in one of the worst in years. The asia story still has legs and if china and india are in place in the medium term the trickle down with external accounts benefitting from growth its not just the u. S. Its canada and mexico as well. That is going to support growth there and theyve had a hard time and the em over a four year period has underperformed quite significantly in dollar terms as well as in local currency terms. That is something we do look to see corrected. Valuations in that part of the world, people talk about how horrible the chinese mainland market is. But if you look at shares think hong kong the index is trading on a much more palatable valuation. Just a quick final question on twitter. Would you be buying it off the back of the change in leadership . I know little about twitter. I understand a little bit about board rooms and the front end is clearly masking a difference of probably philosophy and strategy from here. This is a company which has increased its value by 40 times in the last 7 to 8 years. So well done him and they are where they are. Now we look at the challenges. But when you trade on a multiple between 50 and 60 times not a lot of wiggle room there. No. And that means that these guys is it an organic change internally . Do they do deals outside . Who knows. That is the break point. Take him out of the equation. Youll get a fresh view on where twitter goes in its next gen moves. Thank you for joining us. All right. Lets talk sports. Nba mvp steph curry and the Golden State Warriors rebounded to overwhelm the undermanned cleveland cavaliers. 10382. The warriors even it up at two games a piece. Now lebron james scored a series low 20 points and needed stiffs to close a cut on his head sustained when he collided with a camera. Now its been the highest rated nba finals since the jordan era and that doesnt count online viewership. Theyre posed to generate 134 million views on the leagues Youtube Channel. What is the nba doing differently for these monster numbers . Eric breaks it down. The Youtube Channel is by far the big winner. It will see 134 million views. That number is up 40 from last year which is up 40 from the year before. So compared to the other major sports the nbas official Youtube Channel is six times the audience of the other three sports combined. Theyre doing a lot of things right. They were the first big sport to partner with youtube. The first big sport to get their official channel on youtube so they have invested a lot in this space. While other leagues might say hey, were focused on our own apps, our own domains, the nba has taken a different approach because they want to get that international audience. Theyve had jeremy lin and yao ming getting focus from around the globe. No matter what happens the next few days the nba is seeing record highs on their Youtube Channel. Exciting. 22 right now. Who do you think is going to win . Warriors. Still to come mercedes is poised to seize the advantage in china. But can it leave its competitors in the slow lane . Were back in two. explosion hah explosion lead your heroes in the hit mobile game download heroes charge now taking a flutter on twitter. Shares rally after dick costolo quits after dwindling user growth but jack dorsey vows no change to strategy. Less talking, more action. The imf with draws negotiations from athens as eu leaders warn the greek government must come to a deal in the next few days. Emerging market funds suffer the biggest weekly outflows since the chinese crisis with 2thirds coming out of chinese equities. Alstom vows to defend its deal with ge amid reports eu regulators are concerned with competition. Getting some u. K. Data out and its stronger than expected. April construction output is up 1. 5 year on year. The expectation was plus. 5 . It is a slow down from the march number thus the month on month number is softer than expected. Down. 8. Stronger than expected month to month. Weaker than expected but overall april Construction Data isnt a headline thing for data point for the u. K. Economy. Sterling didnt move much but if were looking at the Home Builders today theyre a bit soft as you can see down 1. 1 for barrat development. We did see a late weak come back in equities in response to optimism over potential greek deal but interestingly enough we are looking at stocks lower in todays trade as investors face another weekend where they are left wondering if greece can secure a cash for reforms deal with its creditors. We are looking at t