Im anna edwards. Were getting numbers coming through from phillips. Fourth quarter revenue came in at 71. 4 billion euros. Broadly in line with what the markets were expecting. Growth of 2 . Of course the focus is on the part of the business that philips is going to keep. They tried to sell to a Chinese Business but the u. S. Stopped them from doing that. Who are they talking about to . What kind of price are they looking for . How has that business performed . What can they tell us about the falling apart of that deal . Their ablingte ability of being able to sell that part of the business and the broader lighting section. Market turbulence and how the china theme is playing out. The numbers surprised everybody overnight. Despite all the turbulence and speculation about china, they raised their guidance. They will earn between six and 640. The earnings per share up by 46 . Their orders for at the mobile business doing better. The Energy Business doing better and of course currencies.
Morning. Let us get straight to the markets. We have equity markets around the world under pressure. The shanghai composite is lower this morning. Going for the worst rate we have seen in china since the slump of last year. The biggest twoday loss since last year. Is view from the market critical levels, that would be a 50 retracement from that magical high that we saw two years ago. China stocks headed for the biggest twodate loss, margin traders have cut for the 18th straight day. They are getting out of this market. Back to give you a basis. Let us get to the recording season. It is really kicking in. Let us deal with santander, spains biggest bank. In terms of capital, that is the critical issue for the marketplace. Core equity fully loaded, 10. 05 . The mention is to raise the capital level quite aggressively to match her peers in the marketplace for 2015. They made a profit, a net profit of 6 billion euros. That is the santander capital position. That is the santander net profit
They fair the worse under a severe crisis scenario. Theyre not taking a take over bid for thomas cook after they take a 5 stake in the u. K. Ralph travel operator sending shares higher. So seema, welcome back from barcelona. Did you pick up a little bit of spanish while youre there. [ speaking Foreign Language ] maybe we should leave the spanish part there. But what was the main take away from the week. The largest gathering of all thij things mobile. But you have new players, emerging markets offering devices with similar features and are also at a more attractive price point. So i think the smartphone wars how that dynamic is shifting with the emergence of the new player status. Something to watch. This was the biggest mobile conference apple nowhere to be. And the people that were there were auto makers. The intersection of tech and auto is a major trend and a story to continue to watch. A lot of auto players trying to figure out how to strengthen their Technology Presence and offer
The policy rate and the tenyear korea Interest Rate correlation is almost zero. There is no pass through on investment. Then what about the Exchange Rate . We look at the Exchange Rate again. Exchange rate has only very minor impact. But if you look at this at the 90 confidence interval we have to reject it as not a hypothesis which means that Exchange Rate does not have an impact on the current account surplus. But then that said if we look at by region its different depending on who our trading partners is. In the United States where most of the trade is on the final product goods it does have some impact at the beginning and dies down very quickly. Whereas in japan we have a different type of relations with japan. We have large deficit with japan because we import intermediate goods and capital goods with japan but to the United States we export most of the final goods. There the dynamics is different because the initial impact on the exchange for depreciation is a drop in the trade
So my question is, when were you notified there was a threat to the capitol . I was notified, i believe, essentially immediately as it happened. As what happened . As he landed. To me, it just seems like it would be all hands on deck when you get an email like this and you have the website to go to, that bells should be ringing, sirens should be blaring, within your chain of command as to, this is pretty damn important. Excuse my language. But it is. And so what i worry about is that whoever got this information just said, ah, you know, we get this stuff all the time. Well, this is fairly specific. Would you not agree . Fairly specific. And obviously unique in that regard. Obviously didnt say the time that it was happening but one could reason that you read it, fairly obvious in the report, it gives his phone number so you can contact me, wasnt like he was just, you know, leaving something. Because when was let me ask you this. The sergeant in arms. When was he notified of this email .