Its 6 00 in london. Lets talk about one of the big stories of the morning twitter. Lets bring you the share price. You can see it on the screen beside me. Dick costolo is out as ceo, back comes jack dossey. The man who sent the first ever tweet back in 2006 can he dragged more revenue out of the business . Lets put this in the longterm perspective and show you how the share prices are over a longer time. A longer time period. The expectation was built up around this since november, 2013. The stock closed at 35. 84. Lets move on to talk about Something Else that is greece. It seems that the diplomatic niceties have once of again evaporated in brussels. Greece has been told to stop fighting its creditors demands, and the imf is talking about major differences between them and the greek delegation. We have some great guests who will be able to add to the conversation about greece. We are also going to be talking about tennis, because it is friday. How can that sport fight against the threat posed against it . We will talk about tennis and where it is headed. We are also going to be hearing from the mexican president. We have great sound coming through from an interview in which he celebrates reforms. Lets catch you up on something you might have missed. A slight move higher in the trading session yesterday. U. S. Retail sales were one of the key drivers. The u. S. Consumer is missing in action for much of 2015 returning in the month of may. It was in line with estimates, but much better than april. 11 of 13 major retail categories increased. It triggered some economists to increase their gdp forecasts. Lets bring you a threeday s p chart. On wednesday, we had a lot of optimism building in the market around greece what a difference a couple days make. There were concerns that were overridden by relief surrounding the u. S. Consumer. Cap a look at what is happening in asia. Stocks at asia climbed overnight well bonds were doubted. Lets get more from shery ahn. It looks like what is happening in the u. S. Is filtering it, but give us a broader picture. Shery good morning. After two consecutive weeks, will we see an asian stock rebound . It is still a bit too close to call. It has been rising now for a third consecutive day. Chinese stocks are headed for a second week of gains across more monetary stimulus, helping to push it up for tenths of a percent. About two dozen ipos next week could tie up funds. The hunt saying is up the hangafter that rate cut. Today we are seeing more foreign selling. More than 500 million this week. One stock that has been affected greatly has been in malaysia. The Southeast Asia area is the biggest carrier, slumping in kuala lumpur after falling almost 10 yesterday. The afx also got downward pressure 3 10 of a percent, leading the decline. A slight rebound yesterday. The nikkei is up 2 10 of april is down to tenths of a percent. Let me take it to the bond market. Bonds in asia have been following the u. S. And u. K. You can see japan bombs are falling down for points four points. Unless the australian bonds the yields are falling 14 basis points. Back to you. Anna thank you so much. Shery ahn joining us from hong kong. Six minutes past 6 00 dick costolo stepped down from the company and jack dossey will resume the ravens. The move comes as the social media giant is struggling, perhaps, to maintain momentum in user growth. Senior writer brad stone joins us on the phone. Good to have you on the program. Do we know why costolo quit . Brad there is what he says and i dont have any reason to doubt what he says but he was saying that he gave it his all did it for six years, and he told the board of directors at the end of last year that he wanted to start the search for a successor. Basically he had had enough. He joined the company as coo. He is an entrepreneur he sold it to google. He took the Company Public to create a lot of value. But look, the obvious counter narrative is that twitter isnt doing that well. Monthly active user growth has slowed, only adding about four users quarter over quarter. 400 million active users of facebook users compared to facebook. Anna do we know who was going to see cost low . We know jack dossey is taking back the business, but is he going to stay . I know they are looking for someone else, arent they . Brad thats right. There is a Search Committee now. I do think you have to consider jack dossey as a candidate. He has always had a love for twitter, and has come back in different capacities. Frankly, he isnt doing all that well, either. Jack is the founder and what twitter needs is a product visionary to really rethink the product and expand its appeal to people outside the spheres of media and celebrity, and get them to use it. Jack dorsey was the obvious candidate. He has the business side of twitter. I think he will probably be considered, and you have to wonder will they leave . The cfo, the former investment banker then we have to consider that maybe there is no new ceo. It is acquired. You have live investors venture capitalists pointing out that twitter is an excellent fit for google. They could use that realtime search particularly since apple introduced their new service. They might see this Succession Process increase questions around whether twitter is even viable anymore as an individual company. Anna thank you so much. Thanks for staying up late to join us. Brad stone in san francisco. The imf walks out with negotiators sent to strike a deal with greece. They say there was no progress made in their talks. Frustration is mounting. The eu president rebuked alexa separatists i am afraid that someone says [indiscernible] upcoming eurogroup meeting is very crucial, and should be decisive, because we have no more time. Anna lets get to our correspondent, hans nichols. Hans lets start with you. What went wrong with the ins in the greek talks . Note or madam nice guy, it seems. Hans that is one way to put it. The imf clearly needed to send a signal. In some ways, this is their response to the missed payment that comment on lagarde by surprise. They indicated they would pay it and then they stepped back. What we have from the imf that talks are heading in the right direction and they need to send a signal they are breaking them off. What i can tell you in terms of the status is that there are major differences between us in most key areas. There has been no progress in narrowing these differences recently. Thus, we are well away from an agreement. Hans yesterday in athens, mr. Varoufakis said that talks were over but now it appears political talks are over, as well. In some ways, this makes all of merkels position more difficult, because it was the germans that insisted on bringing the ins in. The imf in. They wanted the Technical Expertise of the imf. We have some difficult politics from merkel. A more recent poll out of athens is that a pretty goodsized sampling said that 50 say they should cede to creditors demands, where only 37 are saying stick with the old line. We see a bit of a shift in the poll. There is some pretty strong pressure. What we dont know is how much of the imfs frustration is directed toward the german and other creditors are not reducing the overall level of greeces debt burden. Anna jones european, creditors are also losing patience. How much time is he giving greece . Jones he is usually calm and diplomatic, so to have him come out with such Strong Language yesterday against the greeks was really quite unusual. I think it shows the level of frustration and how it has height in the last week. The officials here in brussels have really been trying to meet with him to try and get some Common Ground to get agreement on the issues between them. As the imf said, no progress has been made. They met a couple times this week on the sidelines of a summit, but no progress has been made. They came out with this very Strong Language. He is focused on next weeks eurogroup meeting the next scheduled meeting of the group of euro area finance ministers, held in luxembourg next week. He is saying if we dont have something then, that is the ultimate deadline for greece. Anna interesting times. Thank you. It is 13 minutes past 6 00. Coming up, change at the top not just for twitter, but for Rupert Murdoch. We take a look at that story, coming up next. Anna welcome back. 17 minutes past 6 00. Here are the stories of the morning. Dick costolo is stepping down as the ceo of twitter. Jack dorsey will return to the role he was pushed out of in 2008 until the permanent replacement can be found. Fossil does the partner will see him leave behind about 60 million in stock awards. Greece has been told to stop fighting creditors demands and find a deal that will avert a default and exit. The greek Prime Minister was rebuked for dragging his feet as the imf team walked out of negotiations in brussels. Very racist says the ball is very much in greeces court. Rupert murdoch is said to be preparing to step down as ceo of fox. His son will be handed the title. His older brother would become coexecutive chairman alongside his father who will still drive foxs strategy. Lets stay with that story and bring in we the was speaking to them about retail sales numbers. Good morning. Lets talk about succession planning amongst the murdoch clan is this the end of Rupert Murdoch . I feel there is an inevitability. Mark people have been saying that this is the start of something new, the beginning of a succession an attempt to build his legacy. Anna what does it tell us about james . Is he the chosen one . Mark i would say so. That would be the ultimate take away from this. After some setbacks, he has managed to come back. Now he needs to prove that he is not just there because he is a murdoch but that he can do things. He has already been building a lot of confidence with shareholders. Anna you mentioned some of the setbacks he has had to overcome. He has been tested on a number of fronts. Mark obviously news corp. , all the hackings. At that stage, there was one point where there was a takeover. More recently, there was the situation with time warner and 80 billion bid which ultimately dissolved. They are all setbacks and they could all rise above them. Anna latest that leave letterman . Technically he is still jamess boss. He walked away in 2005 and now he has come back again and he has had some rebuilding of confidence, broadening out his whole way of looking at things. Anna what about some of the other big challenges that the Company Faces . What about the challenges from here . Mark it is a big company, fox as a whole. It has some very strong characters. Now we have a situation where the murdochs are in charge without having someone else doing stuff for them. They have a lot to do with time warner. What they do with their stake increase or reduce it or whatever there is a lot to be done. Anna thank you very much. Lets move on. U. S. Retail sales increased last month. Lets bring in peter dixon Global Equities economist at commerce bank. You can help put this in perspective. Good morning. Lets talk about these numbers. Is the u. S. Consumer back . Was it missing in action . Peter for sure it had been missing in action. I wouldnt extrapolate too far for one month of data, but there is a bit more evidence compared to 24 hours ago that the u. S. Consumer is on stronger footing. Anna it was quite broad, wasnt it . It wasnt just about autos. Peter yes. I think we like to see that sustained for a period of months. There was a lot more confidence that the u. S. Consumer is prepared to get into their pockets more willingly. Anna help me out with something last station sales. Gas station sales. Prices are rising and people have to spend more, and on the other hand, if you see a drop in gas prices, people might spend on other things. Is that a complicating factor . Peter the interesting thing, over the past few months consumers didnt spend on other items. I guess that was the puzzling aspect of the situation. Now that we are seeing high gas prices, it is boosting retail sales. That is one element of caution. Anna some economists have been revising secondquarter forecasts on the back of the sales. Are you tempted . [ppeter a little bit. Not a lot. It is an awful lot better. There is a sense that we are on the right track. Anna worries about weakness in the growth story . Do we have to put those aside . Peter i think we can leave those behind us. We had a big collapse in exports, due to the west coast ports. You also had some bad weather conditions. So lets move on, and hopefully we will see something more robust. Anna lets talk about Interest Rates. 60 increase likelihood in september. Peter that is what i was talking about yesterday. Having thought about it, i would be compared to go up a little bit. We may even see a move in september. Obviously it depends on inflation beginning to recover. I think the fed would like to pull the trigger, but they dont want to go to soon. I think many people expectt fit this year. Anna this not september then later in the year . Peter they have waited this long it would be almost seven years by the time we get to september. They can afford to wait, but it wont be much longer after that. Certainly we will see a rate hike before the end of the year. The question is whether we see one or two. Anna is there a russian ally in Getting Started on do you subscribe to that . Some suggest you need to be entirely data dependent, while others say you need to get away from this low rates environment. Peter i am very much in that camp. It was well to slash rates to zero in 2008 or 2009 when the world was falling off a cliff, but now it is in. It isnt. People are arguing it will derail our recovery it isnt. We have to accept that it will take time to get over the problems, but i think there is a strong argument in favor of hiking the rate, giving the fed room for maneuverability. Anna how do you assess the Global Economy right now . It takes every day we are reporting do highs on the stock market in china, but that is slightly divorced from reality. The underlying chinese story the slowdown or the sluggish growth will they wont the y how you some of the Global Growth picture . Peter it has been fairly disappointing. You talked about china and i think the first four months of the year we had a pretty miserable picture, certainly below expectation. Most organizations have been cutting their global estimates. But hopefully china is the wildcard. It is a problem for the growth figure itself, not for the u. S. Certainly it is going to affect the global figures. Anna thank you for joining us. Have a good weekend. 6 20 six at london. Coming up, we continue our conversation on the Global Economy with our next guest, simon smiles. He will be up after the break joining us for a whole hour. Stay with us. Anna welcome back. 6 30 here in london. Time for a look at the Foreign Exchange markets. Lets take a look at what happened to the dollar over the last six months. It is heading for its biggest weekly drop in around two months. Concern about the strength of the dollar has led to a conversation about whether the fed will push back on increasing Interest Rates in september. That is one of the factors that has been driving recent trading. The dollar is weak against most of the top 16 peers in the last week. That if despite ongoing concerns over greece that had weakened the euro. Now the conversation looks ahead at how worried is the Federal Reserve about the strength that we have seen coming through in the u. S. Dollar . How concerned is president obama . How concerned is the fed . They have mentioned it in previous releases and maybe we will get more detail coming up. Lets have a look at some of the top stories this morning the president of the European Union has told greece to stop fighting creditors demands and avoid a default. The greek Prime Minister was rebuked her dragging his feet on the debt agreement at the imf team walked out of negotiations. Jerry rice said the ball is very much in greeces court. Rupert murdoch is set to be preparing to step down as ceo of fox. The sun will be handed the title. His older brother would become coexecutive chairman, alongside his father, who will still try the strategy. Dick costolo is stepping down as ceo of twitter from the beginning of next month. Jack dorsey will return to the role that he was pushed out of in 2008 until a replacement can be found. Costellos departure will leave behind about 60 million in stock awards. Caroline hyde is here with more detail. Caroline, good morning. Caroline good morning. Since october, 2010, this man has led the helm and twitter. The healthspring the Company Public, but now he steps down. Interestingly, he says it was his decision, his turn to leave after almost five years in the role. But it is while twitter continues to struggle to persuade investors, analysts of its vision. They have a share price that has eroded more than 50 since they initially sold shares in november 2013. Recently, we missed earnings in the first quarter, missed forecasts. And management, meanwhile continues to shake up with a cfo changeup. He leaves with no stock awards, no severance pay 60 million for fitting any uninterested equity. This is not a man who has thoughtfully exited. In well who listed the rescue . None other than the previous ceo, jack dorsey. He is cofounder. He continued to be chairman throughout. The has always had his finger in the pie. Is love and passion still remain within twitter and he is now entrenched as executive from july 1 before seeking a replacement. The question is this is a man who has modeled himself on steve jobs. He has the uniform once referred to himself as the editor. And as steve jobs came riding to the rescue in 1997 may be thou jack dorsey wants to be that. Perhaps he feels that he can become permanent chief executive. Is a product of visionary, what many people feel twitter needs. There are others in the game who have internal candidates adam banes, for instance. Perhaps he could be in the running. Lets have a look at the top trends they are up against. The slower pace of user additions. They have been eclipsed by the likes of instagram, whatsapp. They have taken them over in terms of users, and they seem to be sluggish. And get this marketers think that they have less than 1 of the digital ad market. They really have to gain a grasp of advertising, despite the buy wanton. This is a company that is still failing to show off its growth potential. A lot of headwinds. We will be interested to see if jack dorsey becomes the permanent ceo. Anna thank you very much. Lets move back to what happened in the u. S. Retail sales were released yesterday, showing an increase of 1. 2 last month, room letting broadbased gain from car dealers to department stores. Our next guest says it needs a tightening of Monetary Policy is likely that there. Joining us is simon smiles. Thank you very much for joining us, and not on twitter. You are in contact with so many High Net Worth individuals. Who knows what secrets have been divulged . Lets talk about the u. S. Growth story you were saying in the break that there is some strange reaction. The dollar, despite the strength is heading for its biggest weekly drop in two months, failing to capture that positivity. Where do you think we are on the u. S. Growth story . Simon if you look back to last week, there is an upside. To hundred 80,000 job ads the job market continues to be strong and we have now had a retail sales coming ahead of expectations. And the dollar has had its worst week in a long time. It is against a backdrop that isnt waiting on europe pointing to a position over a 36 month period, we have to think the dollar will strengthen. Hong kongs, singapores, they are helping with the climb. Anna is the big preoccupation in its interest . Central bankers wherever they are seem to have an incredible influence on markets right now. Simon it is interesting. It is less about what happens when Interest Rates going up. The concern is more how to earn interest on the cash they hold. Much of the clients have large cast balances. They havent necessarily participated in the equity market rallies over the last five years. Anna they dont want higher rates in many cases, do they . Simon it is a constant conversation. Clearly there are only three ways credit risk, fx risk. Anna what are the assets you are talking to clients about at the moment . What is the most appealing . Simon equities. Risk assets in general. We are very much dealing with government bonds. That preference for eurozone assets is actually fairly agreedupon. It manifests in different ways. Some clients tend to have more interest in direct assets in europe. Across the broader base, it is definitely a topic of interest. Anna when you talk about trophies even property . Simon consumer brands, hotel chains. Typically the largest clients arent looking for investment. They could potentially utilize that brand in the domestic market. Anna some peoples plans want to buy a house yours want to buy a hotel. An interesting comment you made on combined european equities. I have been reading reports that say a lot of people are considering this as a buying opportunity. They still see that Investment Case for european equities. This is just a better time than the last to get in. Simon lending you look at markets that are recently strong, a stronger euro, all taking a bit of the wind out of the sails of the eurozone equity story. But we think it will continue to have strength. You have 60 billion a month by the ecb. You have an uptick in the economic environment. Corporate earnings are finally coming through. A pretty strong firstquarter. 12 earnings this year that is more than double expected out of the u. S. And far more than we expect out of the u. K. Anna as we talk about Interest Rate rises, is there an appetite amongst her client base for emergingmarket assets . Of a nervous about markets on the back of a fed rate hike . Simon very little appetite for emergingmarket assets from our swiss and u. S. Clients. I think the general bullish this people felt for years ago, three years ago there are so many expectations. But with continued earnings downgrades in emerging markets, you have markets like russia, but the one exception is china. Everyone i speak to is only looking to buy. We have margin loans leading up with some of the seemingly crazy games. I didnt meet one client when i was in hong kong. To sell. In hong kong who was looking to sell. Anna simon, fabulous start stay with us for the rest of the hour. We were talking about emerging markets. There was a meeting of latin american leaders in brussels as eyes turned toward greece, but bloomberg took the opportunity to catch up with the man at the moment from mexico president neito. We started by asking him about his economy and whether he could add more dollar options pres. Nieto i think in the end it is a decision the bank of mexico will have to take. In the end, i think the government has acted with great responsibility, taking into account everything that happens on the war stage. We have also made some adjustments in our package, and we have obtained commitments. We can control Public Opinion and we can also decide where the investments go. We have one institution the mexican bank who decides on those merits. You just mentioned the mexican bank his term expires in december. Of you reappoint him . Pres. Nieto well, in december, you can ask me. [laughter] do you think he has done a good job . Pres. Nieto i think he has done an excellent job, ideas acted very professionally, and he has demonstrated. The also proves diligence and other financial areas for example, International Monetary fund. John that sounds like a probably to me. Pres. Nieto well, we will see in december. Anna you can weigh in on twitter. If you want to get in touch. Todays twitter question of the day what could jack dorsey due to make money for twitter . Jack dorsey is back at the helm of his business. He will take a short break. We will take a short break. Anna welcome back. 6 47 in london. Here are the stories you need to know this morning. Dick costolo is stepping down as ceo of twitter. Jack dorsey will return to the role he was pushed out of in 2008 until he permitted replacement can be found. Also was departure will see him leave behind about 60 million in stock award. The president of the European Union has told greece to sign a deal that will advert a default and prevent an exit from the euro. Donald tusk rebuke to the Prime Minister for dragging his feet. Jerry rice says that the ball is very much in greeces court. Rupert murdoch is said to be preparing to step down as ceo of fox. His son will be handed the title according to a person familiar with the matter. His older brother would become coexecutive chairman alongside his father, who will still drive the strategy. Lets move on. With queens kicking off next week and wimbledon just around the corner, a center of tennis is upon us. How vital our corporate sponsors to making the tournaments happen . Joining us now for a sports special is michael dowie, ceo of the tennis association. Simon is still with us as well. Thank you for joining us. What is your big headache running the lta . It must be about participation. How do you turn the tide on what has been a declining trend . Micheal it is quite a challenge but we feel we have a better Strategic Plan. We have 23,000 records in Great Britain and we have to work through partners especially in parks. We have to help find operators because it is about investing in great people. If we can develop great programs and parks, we think we can turn this sport around. Anna how to sponsors feel about the state of tennis . There are some key sponsors who are really integral to the broadcasting of tennis and integral to the running of tennis championships. How do they feel about where the sport is heading and the participation . Micheal we have taken them through our Strategic Plan because we want them to understand how we are going to get there. They all support is because they want our sport to be growing. You want the base to be solid but it is making sure that they fully understand the direction. Simon why has participation been declining . When we talked before, we were talking about the golden age of tennis. You have incredible sports stars dominated the sport why has participation fallen . Micheal i harken back to my discussion about parks. If you dont have programming in those parks, you may not have people come back. We have many, many people playing in parks in july. We want to get them playing in may and june i do have to have programs to stimulate the. Them. You have got to have that infrastructure to get them to come back and keep playing. Anna just hope it doesnt rain. [laughter] michael you have International Experience how does the decline of participation here sit against what is tennis is doing globally . We are trying to push and all kinds of new markets a new tournament launched in rio. It is growing in other places. Micheal it varies. We all struggle with how to engage youth. The youth of today are different from when i was eight or nine or 10. This is a generation that works on smartphones and we need to find ways to get kids were active. It is our future, and that is a global issue not just an issue of tennis. Anna does it have a perception problem tennis . Doesnt have an elitist assumption, a sport that isnt open to everybody . Micheal i think that is why we are going back to parks. If we can unlock the potential of parks, it will not only get people more people it will get more people playing tennis but it will make it accessible. By think that will be a Key Initiative in changing it for the future. Anna your business is getting more revenue out of the big flagship events. I imagine you were thrown into the spotlight around wimbledon then outside those periods it must be a more challenging environment. Micheal it is. You let off talking about queens and wimbledon we have six weeks of major events in this country which is a great time of year. The key for us is how to leverage those events to help grow participation. One of the things we want to do is have an umbrella around those events so we can jumpstart the summer season. How do we leverage those events in june . We own june with all our major events. Simon a portion are undercover what will you do to increase participation . Micheal it is a very low number some like 7 of courts have cover. But we are also testing a lot of things in that area. It this summer we will be testing canopies and parks. That is quite prevalent in france, where it is open air uncovered. You havent got four walls. That is a thing we need to invest in. Simon we have extensive courts in switzerland here as well . Micheal the issue with bubbles is that you have to get local approval. That is why we are investigating different canopies. Anna thank you very much for joining us. Michael downey, joining us from the lawn tennis association. Lets move on 6 54 here in london. Lets get a look at some of the stories that have been moving things around on bloomberg. We are joined by jim coulter. Greece is very topical this morning plenty of other questions. Lets hope there is something other than greece because we talk about greece every day. Where shall we start tim . What are the big things you are watching. Tim i spent a lot of my day consuming the big part of the bloomberg businessweek, which is dedicated to what is code. Anna i heard about this it is one story in an entire issue. How far through are you . Tim not all the way. [laughter] it has been months in the works. Look at it is beautiful. Really interesting. It started with a simple question what is code . In an era of smart toothbrushes it is a simple question. The editor asked somebody. What is it . This answers the question. Anna i intend to look at it after the show. U. K. Migration to change subjects. Tim a report got out yesterday a big debate in the United Kingdom over what we should do over migration. The office for budget responsibility is showing that migration is a good thing for the u. K. , and without it the budget will lose money. Anna finally, instagram. Tim very interesting story this morning about how Art Galleries are using instagram to sell our. Sell art. Someone was looking at their instagram feed and saw painting the life the gallery called them up and there was. Anna i remember the days when we could take any photos and galleries. Thank you for joining us. Coming up, the imf walks out of talks with greece in brussels as the European Union president tells greece that there is going to be no more time for gambling. We are life in brussels and berlin, next. Anna costolo quits, twitter ceo steps down. Cofounder jack dorsey to expect the role that he was pushed out of in 2008. No time to gamble, european president donald tusk once greece it is running out of options as the imf walks out. A bloomberg exclusive, we talked to the president of new mexico, fresh off the election victory. Anna welcome back. I am anna edwards. The to have you with us. It is 7 00 here in london. That is talk about twitter. That is one of our top stories. I want to show you a chart we had. He twitter shipwright overnight the twitter share price overnight. We saw a spike in the share price of twitter. Castillo out. Jack dorsey managed to send the first week. He is back. That leads us to the question how can they make money . How can dorsey make money out of twitter . That is one of the questions we are watching for you. You can find me on twitter. Context around that distorted the ipo happened at 26 per share. It closed at 25 per share. Expectations were set around this company is today in trade. Below that closing price, but the ipo price. That is the challenge for the team at twitter. Let us talk about greece. The latest on the diplomatic donald tusk stopping and once greece to stop fighting demands. The imf has made differences with greece. We will be bringing you more with the mexican president. That is one of the things we will feature this morning. Let us move on and talk about Something Else. Perhaps we will talk about asian markets. Perhaps not. Twitter, more twitter. The ceo of twitter has stepped down. user growth. Bloomberg businessweek senior writer, brad stone joins us on the phone. Read, the two have you on the program. Do we know why costolo quit from the company . You were suggesting that this is a man who is entrepreneurial . Brad he toughened up. It is the most stressful job. Considering all of the scrutiny on twitter. He claims he has put together a Management Team that he is comfortable with. He is comfortable with the direction. Twitter user growth is disappointing. It pops the tops off at 300 million. The question is how this twitter make money . Advertisers will come calling when you have an audience. My sense is he was burned out. He saw the writing on the wall they just werent happy. Anna do we know who is going to succeed jack dorsey . Is very since he could stay on . The company is looking externally as well. Brad he runs another Company Called square. I was looking into that board of directors the board of directors, someone with a big background in advertising. Twitters run as an independent company is nearing an end. What is happening now, social networking capability. Maybe takes stepping aside is an indication. Maybe dicks stepping aside is an indication. Anna how do we monetize twitter . Brad that has not been the biggest concern. They did miss quarterly numbers last quarter. The story is a good one. The head of revenue has done a good job. Whats twitter needs to do is expand its appeal to mainstream universe to mainstream users. To get where facebook is. One billion active users advertisers will come calling. They need to put more troll in the hands of advertisers they need to put more control in the hands of advertisers. Find a way to expand beyond the maniacal users and media and hollywood and sports, to give regular folks to try twitter to give regular folks a reason to try twitter. Anna brad, thank you very much. Very early over in san francisco. The imf walks out. Negotiators sent to strike a deal with greece leaves leave brussels saying there was no progress made. Donald tusk rebuked greece Prime Minister Alexis Tsipras for dragging his feet. Warning that time is running out. Hans nichols is in berlin. Hans, let us start with you. There are reports that germans are toughening their stance. We have similar reports earlier this week, didnt we we had conflicting reports. Thanks toughening up now from berlin. Hans here is what we have, the German Government is preparing for a greek exit. It is important for a couple reasons. One, they are using a night that are using unidentified sources. They seem to have a readout from that meeting between citrus between tsipras and merkel. Two, the idea that imf that the imf is walking away from talks and how difficult it will make it for germany. It was germany who insisted on bringing the imf along when they first had that greek bailout package. What we have is that the talks thats what we have is acknowledgment that the talks were not going anywhere what we have is a knology that the talks were not going anywhernot going anywhere. What i can tell you is there are major differences between us and most key areas. There has been no progress. Thus, we are well away from an agreement. Hans if you are casting for any sign of optimism it may be some coming out of greece. This is the latest poll we have. They say 50 of those surveyed want to see the greek government exceed creditors commands. Only 37 is asking tsipras to stand firm. That seems to be a shift. Where only 37 of the preparation once tsipras to hold his ground. Differently if you were pulling members of mr. Surpasses party mr. Tsiprass party. Last night, talks on a technical level will continue here it yesterday continue. The finance minister said the talks have been concluded. We have been getting conflicting reports. We have germanys leading tabloid saying the government is leading is leaning toward and i sit. Toward an exit. Anna that is fascinating, hans. How sustainable is it. Let us bring you into this. Other creditors losing patience. Donald tusk one amongst them. He took a strong tone. What doesnt the stance of the eu president tellis . He had strong words yesterday. The message is the frustration level has risen. You can see it with the imf and eu officials. At the same time. Test is tosca is it uusk is usually a calm person. What he did say specifically is he pointed to the eurogroup meeting next week. That is when the euro finance ministers it together for the next meeting. That is going to be the decisive moment for the greece package. When you are talking about deadlines, that is the next one for greece. Anna jones hayden joining us. Hans nickel hans nichols joining us from berlin. Simon smiles has been with us for the last 40 minutes. We get our chance to talk about greece. Where do you see this heading . This must be a big preoccupation for your clients. Think that picture for us. Simon something we are debating constantly. I find it etched in. It seems like people are turning to greece to try and get progress which may be the end of june. It is coming up soon. Everyone of these that repayments is a mini crisis. Greece does not have the money to pay. The payment to the imf was made had to delay the fifth of june payment. At the end of the day we have all these redlines around Pension Reforms which is difficult to the bridge difficult to rebridge. There is probability that an accident occurs and they leave. Anna instinct to talk about how your clients view this. Give more insight into high cyclical businesses are performing. What are you finding . Are they being affected by all of this talk about greece . Simon we set this network up as we have a huge client basis. Our entrepreneurial clients tend to know about businesses. They tend to be very instant in the output of their business. They want to be networked to other osborne doors, different parts of the world to other entrepreneurs, different parts of the world. We set this network up. About 25 of the respondents from the u. S. We ask people how their business is going. The feedback wiki back information to the clients. They seem to appreciate it. We feedback information to the clients. They seem to appreciate it. Why osborne was are not expanding why entrepreneurs are not expanding their businesses lately. The amount they have to play they have to pay employees. Anna simon, thank you. Coming up, change at the top. Not for twitter, but also for Rupert Murdochs 21st century fox. We take a look at that when we come back. Anna welcome back to count down. It is 16 minutes past 7 00. Here are some of the stories you need to know. Dick costolo is a stepping down as ceo of twitter at the beginning of next month. Cofounder jack dorsey will return to the role that he was pushed out of in 2008. Crystal is department crystal those the parts are will see him leave behind stock awards. Donald tusk rebuked greek time rebuked greek Prime Ministers jerry rice says the board is very much increases court. Rupert murdoch is preparing to step down as ceo of 21st century fox. This son, james, will be handed the mantle. His older brother, lackland will become coexecutive chairman alongside his father. Let us stay with that story now. Mark beech joins us. Simon is still with us. This story is the story fox is more than Rupert Murdochs . Is that why we are seeing this business make this choice . Mark yes. It has been the case with news corp. It is time to move on and build a legacy. Anna is this a comeback for james . He faces challenges as he comes through. Mark absolutely. We have seen news corp. With the hacking. One day the murdochs were going to buy the whole lot and they walked away. The situation that happened with time warner. That has more to do with rupert. They have had a few ups and downs. According to analysts, they could move on and get rid of anna booklet fox look like under this management . Mark we are going to have lac hlan come in. James is going to be running the ship. Rupert is not going to have the top job. At 84 he is going to be there. He is going to be keeping an eye on every thing else as well. Anna still be tweeting. Other business, you can keep the ceo, dont you . As you suggest, the questions still remain. 39 of sky and other m a opportunities. Mark one of the things james has to do is make sure he is moving for shareholders. We have the ceo staying on. He certainly has a lot to do. At in terms of shareholders prince while lead of the saudi arabia says he is a support of james. That is a strong point. Many thanks still need to be done. Mark, inc. You so much. Anna mark, thank you so much. I guess you would define Rupert Murdoch as somewhat as high as someone of High Net Worth. Let us talk about something you said earlier. You had recently been out talking to clients in asia particularly hong kong. You talk about appetite for paychecks in china. We have seen strong rallies. How long can the chinese stock market continued to deliver these growth levels . Simon the equity market has been rallying apparently from this part of the world. Getting in and talking to clients in hong kong and chinese clients, it is all the interest. The government will continue to support with a continuing liberalization of the markets. Will look to include asia. That is really resonating with our clients on the ground. Anna some International Investors have talked to me about lack of research and transparency in trance in chinese markets. They want to get excited about asia. They need to see more research. Is that something that does not bother those very close to the market . Simon one thing that is prevalent in our business client portfolios this is depending on the country and how it manifests. Here in the u k, clients have a lot of u. K. Equities. And handful of bluechip swiss equities and you moved to hong kong and china, there is a natural tendency to hold an allocation to chinese stocks. All of those trends are educated by familiarity. Buying into the industries indirectly. See the results. There is an element of that in hong kong and china. Maybe for foreign investment, they are relying on research. On the ground, you can see what business is doing. And you mentioned european investors, talking about stocks and bonds. Some people call it a bond route. Others suggest if this was the beginning of a big bond route, it would feel scarier. Our investors still wanting to get exposures to bonds . Or do they look at yields and say i want to put my money elsewhere . Mark whatever we had done Government Debt market being in negative yields. Closer to. 4 in u. S. Treasury. Historically, that is low. Otherwise, it has seemed an extreme position is being unwound. We have talked to a range of institutional investors. Too much ago, every person we spoke to told us the yields were only going one way in europe. A signal as how that extreme as signal as how extreme did you have become. Highyield credit have highyield credit has behaved well. Equity markets have not been strong but reasonable. Bond market route continuing more moderate more modest. Anna do you think the bond route is coming or imminent . Do you think that multiyear rally can be sustained . Simon bonds will continue to modestly selloff. We do not expect the magnitude of what we have seen more recently. December what will determine whether a route does ensue is the language that comes. If the market gets capital, it will be slow and steady. It will take its time. The markets will be up to deal with the september break september rate hike. Anna simon, thank you. Cio for most of the attention at the meetings has turned toward greece. Bloomberg has caught up with the newly elected president in greek a neato president henriqenrique pena nieto. We face the war. Of course, especially from aixa , especially for mexico presses have affected us negatively. Anna that wasnt the president of mexico speaking in brussels. A reminder that we are tweeting this morning you can find me on twitter at annaedwardsnews. We had a twitter question is jack dorsey returning as the ceo , will he be a two find more will he be able to find more business. We will take a look at some of the key things the president of the International Bureau of aviation he will be with us. Well bring you more shots like this and a preview. That is up next on countdown. 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 anna welcome back to countdown. If youre watching in frank for it or paris,. It seems that the dollar index is moving higher. The dollar could be heading for its biggest weekly drop in around two months. That might come as a surprise to some giving the strength of the data we have had coming out of the u. S. That trend goods that trend could still turn around. Some in the market is wondering if the Federal Reserve is good to push back the date at which it starts to increase Interest Rates. We have seen the dollar weaker this week against most of its top 16 peers. This is a broad trend broad trend. Just how strong are they worried about the strength of the dollar . Here are some of the stories you need to know. Zimbabwe is to take its local currency out of rotation. The president of the European Union has told greece to stop fighting creditors commands and sign a deal that would avert a default and an exit from the euro. He accused Alexis Tsipras on dragging his feet. Imf spokesman jerry rice said the board was very much the ball was very much increases port. Rupert murdoch is ready to step down as ceo of 21st century fox. His son james his older brother would become cochairman alongside his father. Sergio marchionne is looking at a merger candidate. That comes as a chance of striking a friendly merger with gm window. Let us get to berlin now. Chris reiter is there. Talk about he has talked about a merger a lot. That is something he wants to do. Where does he stand now . Chris he has been promoting this idea for a few months. He made an appeal in april and a presentation called confessions of a capital junkie. Since then, one automaker after the other has pushed back and said you might have something with the issues of the industry. We are fine and we do not want to hook up with you. With that kind of action from the industry you kind of gm was considered his preferred partner. They have the global scopes he is looking for. He is looking for plan b and plan sees he is looking for plan b and clancy at this point. Who wants to do a deal with mark yanni at the end of the day. Anna why is he so outspoken about this . Why speak out about this . Chris his argument is the industry burns up way too much capital. And they do not have the returns to justify the capital costs that need to develop new models, especially with the changes and technology. He is positioning himself as the white knight of the industry. He is trying to fix the industry. He is also trying to save the out chrysler. He is trying to save fia tchrysler. They have been losing market share in europe for quite some time. Its margins are not as good as its competitors its margins are not as good as its competitors. Dodge is in a bit of a struggle. The question is where does he go from here. They do not have a massive presence in china. They have a big presence in brazil. The problem is is ill is struggling. The problem is brazil is struggling. That is what is behind his push to get the deal done. Chris, thank you for joining us. Anna chris, thank you for joining us. Airbus and boeing aim to reap billions. Joining us now to look ahead is phil seymour, president of the International Euro of aviation. Thank you for joining us. Is it going to be about efficiency and not about new toys . Phil it appears that the manufacturers are playing down there will not be the 1700 orders that there were two years ago in paris. They need to have news to tell everybody. Can they get more passengers in aircrafts . It is that drive which seems to be taking the headline. Anna it is not a sideshow, is it . Getting if you were seats in an aircraft can change the economics. Determines how quickly it can pay for itself in terms of economics. It is not a peripheral subject. Phillip aircraft economics are quite typically, the average load factor is 75 to 76 percent. Youre not really 75 to 76 . Can you get more seats on . Can you offer different pricing structures . Anna what about we are not going to get any new aircrafts . Last year it was all about taking an older aircraft reengineering it with new engines and get customers excited about that. Phillip the neocomes into operation late this year. They will be on display. Five or six years of development. There may be discussion about the a3 80. A 380. Emirates may be inquiring about that. Two years ago, they had a test flight that will be on display. It is a bit of consolidation this year rather than masses of orders. Anna what kind of reception will some of the middle eastern carriers. We have this nosy conference over the u. S. A lot of noise thing made by the likes of cutter airline cutterqatar airways. Phillip that is a huge issue. One of my colleagues said are you going to the air show next week . That will be ignored at the Paris Air Show. This is about the manufacturers. There is concern, air france lufthansa, looking at nations to prevent more aircrafts from middle east carriers landing. It has been compensated. Iag who is iberias own is falling out with its european friends, because it is saying let us open the skies. It is good for everybody. Just remember who owns their shares anna just remember who owns their shares. What about who is going to be doing the buying . Is it not going to be europe massive orders perhaps. Leasing companies were doing lots of the buying. Is that an ongoing trend in aviation . Phil yeah. The view is that will increase over the next 20 years with so many aircraft coming onto the scene. Another 20,000 jets being delivered in the next 20 years. One of the options to finance those is to go down and operating root. Leasing companies will be ordering airplanes. Anna thank you. Well show how the Paris Air Show turns out. Phil seymour, the president of the iba. Let us get to caroline. You are looking on twitter now. What are some of the markets that could be on the move, as a result of what we are hearing out of germany . Caroline we are seeing a reaction. A newspaper in jeremy reporting that newspaper in germany, reporting that yields coming down 2. 866 desk coming down to coming down to. 866. We have seen the euro weakened against the dollar. If you are looking at the italian spanish greek, cost coming up. People worrying about what is going to happen in the opening. Too much of a calm amidst the storm. Imf walking out from the negotiations. You have donald tusk saying tsipras is dragging his feet. No more time for gambling, he says. The market has been shaking this off. We saw the stoxx 600 off this week. Now prepare yourself for a downward day. Back to you, anna. Anna we will be looking ahead to the market open. When we talking to the head of fx. She joins us next here on countdown. Anna welcome back to countdown. 8 45 if you are watching in paris. Here are some of the stories you need to know. A german newspaper is reporting that germany is no longer ruling out a greek default. After tsipras refused to concede ground thursday. Donald tusk rebuked Alexis Tsipras for dragging his feet. Dick costolo is stepping down as ceo of twitter at the beginning of next month. Jack dorsey will return to the role he was pushed out of in 2008, until a replacement and be found. Still his Department Desk is the lows thecostolos departure comes. 7 46 here in london. It is 14 minutes until the European Equity markets open up. It looks as if open up as if we are going to open up that stocks will be a little bit weaker. Lets talk to the head of London Capital group. The surprise if we see a callback, because of the tone of the conversation coming about greece. It looked tense overnight. We see reports coming out of germany that is upping the ante once again. It is a question of when greece will default. Makes me surprised that we are not seeing more a downside yet. Maybe the markets do not believe or they expect greece will manage. As more creditors come on board in july then we will be up to see we will be up to say greece will default. Anna we should let greece go it others saying it is important to keep greece in the eurozone go. Others saying it is important to keep greece in the eurozone. Brenda all those reasons are true. If it happens, it will be a problem for the eurozone and eurozone regarding sentiment. We are at a transient phase at the moment. Years ago it might have meant the demise of the currency. The geopolitical ramifications will be detrimental as a whole. Anna the u. S. Equity markets had higher a little bit in yesterdays session. We saw the data coming out of the u. S. Ex line the day before a lot of optimism u. S. The day before, a lot of optimism coming out. The greek story rises up. Brenda it has been an opportunity. Anytime we have seen downward moves in equity greece has managed to bounce back up. With the u. S. , we did better than expected in retail sales. It looks fairly positive for the u. S. Again strong across the board. Big surge in auto sales. Quite a strong retail sale number did it brings forward we will see a rate hike this year. If you look at the far end of the bond curve, it is looking stronger. You wonder with Mortgage Rates starting to rise whether it may be premature for the fed to act in the coming months. Anna what is going on with the dollar . Looking at the dollar index this morning, it seems to be quite weak. This morning, it was rallying. That made more sense based on the stronger data. What do you think the dollar looks like . Anna brenda it was a spike higher and the euro dollar as well. The momentum is still there behind the u. S. Dollar. These retail sales at up to an upbeat meeting next week. It could strengthen the view that we could see a hike in september. It will be tenuous. It is one data point it i cannot i do not think we can base it all on that. Anna brenda, thank you very much. A german newspaper is reporting that germany is no longer ruling out a greek default, after talks with creditors went nowhere. Lets head to berlin, hans nichols has the story. Hans this is bild that has opposed a greek rescue. They are basing this on three factors. One, the votes are getting difficult in the parliament. Two, the talks. Germany needs to start preparing for the exit. Three, they seem unidentified sources hitting a readout of that wednesday night reading between merkel and citrus. Merkel and tsipras. They say no ground was givien by tsipras. They take the three together. They say they do not expect they do not know that it exit is what happened. The government is preparing and thinking about the possibility of a third bailout package within the context of writing down some debt. If you think about tension between germany and the imf. You tease it out and say 100 year bonds. You have a public right down that say we are going to wipe these off the books. At least there is an element in the German Government thinking about what to do about unsustainable debt burdens. That seems to be an indication that germany is willing to do a little bit of compromise. The headline is that germany is preparing for an exit, and that is not good news. Anna thank you very much. Hans nichols in berlin. Just minutes away from European Equity training. I am thinking what what i expect any government in europe to make preparations for greece to leave europe . Jonathan it has been one of those classics classic weeks in europe. You that word getting thrown around there is going to be a deal. We are waiting for the denial then the denial comes. What was instinct yesterday is when the fn Stock Exchange closed at 3 30 is when the big red line came out. Great bank stocks up 18 Greek Bank Stocks up 18 yesterday. Anna some of that concern around a little bit this morning. We talk a lot about the deadline for greece. A lot of people talk about game theory. How the greeks are going to take this to the wire. You get the feeling that we do not come back that we should not come back until june 30. Even then you may not be up to stay around for long. Jonathan that is the big ecb bond redemption. They will not have to pay ecb and the next few months. They have got to get a deal sorted, we have been saying that for weeks. Everyone has the following day that business evaporate spirit that does not last long, it seems. U. S. Retail sales has worked into the mix already. Jonathan everything shifts ex week when the feds lead three straight meetings, no dissent. A penalty, that is the longest since 2011. Was good to raise her hand and say it is time to go . Anna a lot of people saying they are thinking about september. Probably the attached. September seems to be the view around the desk. Jon will be back with on the move. That does it for countdown. Jonathan ferro will be back. European equity markets are set to open. Digesting that story about germany and its preparation in regards degrees. Have a good weekend. Jonathan good morning and happy friday. I am jonathan ferro. Europeans headquarters right here in london. Just at the start of european trading. Imf bails out from talks. The fund says there are differences between them and greece. The eu tells the government to stop gambling with the got just what the countrys future. Cutting down to the the open. Greek posted their biggest gain, minutes before the imf vented their frustration. Costolo flies the coop did coop. Jack dorsey to expect the role that he was pushed out of here at the stock jumps. I will be talking about that through the morning. Looking at futures markets in the red. Stack futures up by 39 points. Lettuce wrap up the week. European markets open. Caroline hyde. Caroline a bit of a wakeup call. Finally, the imf walks out of the negotiations. Market starting to feel the pain after this week. Expecting the dax to open lower as well. Meanwhile, the euro continues to trade down against the dollar. Up by three tents of a percent. Up by 23 up