Interviews as leaders tackle issues surrounding Climate Change. It is now or never. It is not too late, but almost too late. Mark and ecb gives emergency cash for greek banks. Tempers flare. Creditors ahead of the meeting mark welcome to countdown. Im mark barton. Im anna edwards. Im manus cranny. Cvs is said to be in advanced talks to buy on me omnicare. Anna lets bring you up to speed with what has been happening in the asian markets. We have a look at the chinese manufacturing numbers, which remain sluggish. Good morning. It slipped to a 13 month low. What is behind those numbers . I think it is worth noting is it is the initial gauge that comes out for the third week of the month. The final hsbc reading we got contraction. Lower than expectations. Another thing to note is it is a private survey. Smaller in scope. Less companies. It is where the pain is being felt the most. You look at what the shanghai composite has done so far. 4500. This is when the data came out. These levels are more or less. Very close to that. Let me show you what is happening. People have been following this rally. Take a look at this. This site is not spelled out completely. Look at this bubble right here. One week interbank rate. We are down substantially. 195. We were closer to 5 . All of these easing measures and rate cuts, you had some siskel support coming through as well fiscal support coming through as well. So far, it hasnt seeped into headline numbers. It doesnt mean demand will pick up the money that is available. Anna david, talk about what is happening on the stock market. There has been bold activity taking place. One yesterday. What is happening . David funny moves. Fairly extreme. Yesterday we had a solar company. Loss 19 million of its value over the course of 20 minutes. Today we have is a group of companies. Let me get it up for you. There you go. Down 46 . The reason we are watching this yet this group and another down roughly 50 . Two bestperforming stocks completely wiped out with the morning session. We dont know a lot. We dont know why this is happening. It is something to watch closely. Stocks are getting pummeled and jumping off a cliff. I will keep you updated. Anna thank you. David ingles in hong kong. Mark the climate summit. Putting pressure on companies. Bloomberg took a look at what is behind the push. Shareholders demand for action on the environment. At least 14 Energy Companies are facing resolutions in sustainability policy. It is part of a record push to raise concern about how executives are handling Climate Change. Environment base resolutions erect 88 . With shareholders are raising their voices . Why Energy Companies . There are growing concerns surrounding the burning of fossil fuel. Investors want to make sure it management meets the mission reduction goals. Governments are cracking down as well. Protecting the environment is becoming more of an investment risk. Management is now listening. The companies agreed to shareholders demands on environmental action. Mark lets get to francine. What can we expect from this summit . Francine good morning. We have more than 1000 executives gathered as we discuss how to tackle Climate Change. Were not expecting any concrete action or details. This shows this shift from an industry that was quite skeptic in general. For example, cosmetics. Industries want to focus on Climate Change. The shift has turned. There has been more investor pressure. We caught up with a ceo. He was talking us through some of the issues. He believes now is the right time to act. It is clear all of them can make huge progress. We are not heavy carbon. We committed six years ago. We have achieved it one year before. We are committing to reducing it by 60 and maybe go further. The results come quickly. Packaging is something you have to grapple with. Packaging would be part of the global commitment. I think it is pretty unique. It would be what does it mean . It means that every product on the market will have to demonstrate and we will demonstrate that it has it makes a difference. Packaging is definitely a large part of that. Either formula or packaging. We are making progress on both sites. Water is something you use a lot for products. That is something i guess youre focusing on also. Absolutely. The first side is we have committed to reducing gas emission. We are committed to reducing 60 our use of water. We are also working because it is important in our business to find a solution so that consumers could use less water when using our product. A typical example is shampoo. When you shampoo your hair depending on how much hair you have [laughter] you general use five or seven liters of water. We are working on formulas in the chilling need to use when leader. That makes a one in which you would only need to use one liter. That would be very important. Francine it is a difference when you sell millions of products. He says he will go further. We dont have an industry level details of how they will combat lucian boy up to hear more throughout call that solution, but we hope to hear more. The french president hopes well get the First Agreement on gas emissions for all countries around the world. Coming up, great interviews. I will speak with at least five ceos. I will speak to the side arabian oil minister Saudi Arabia Oil minister. Mark thank you. That was france serene francine lacqua. Manus Deutsche Bank and todays general meeting their cochief executive will take up the reins for a niche energy. Shareholders showed up. Hans nichols is in frankfurt. It is all showdown at the Deutsche Bank. Talk this through the changes. Hans there appears to be more power for the coceo. It took over the strategy and operational unit. He was the cfo. He will no longer be the cfo. If you takes over he takes over the operations of the noncore unit. This doesnt seem to be getting a whole lot. There are some Musical Chairs and some departures. Heres what we have. We have the coceo of asiapacific. Never another who is the we have another. And another this big strategy review by Deutsche Bank may have to trim some losses. A costcutting plan. They changed their target plan. They wanted 12 . They want to make it 10 . Remember the last quarter. 3. 9 . They did have a good last quarter, but they also had that 2. 5 billion headed do with the industry. This is a bank that will be facing their shareholders today. Well see how contentious it is. Manus hans, they will say that face tough challenges from some of the big shareholders. What do you think todays meeting will be . Open confrontation . Hans expect there to be a fair amount of heat. He mentioned a slowdown. This could be a long process. We could get the vote later on this evening. We will see how deep this opposition is. Last night, there was an Advisory Group who announced their opposition. They control about 5 of its whole shareholders. This is what we heard from them. We formally express our strong concern about a range of issues and our lack of confidence in that management board. Lack of confidence. They joined they had concerns about the legal issues. We have two big groups that are potentially owing to draw their members along and oppose this leadership. We dont know how much actual support is out there and whether or not this will be cosmetic. Manus i suppose it is one of those ironic moments. Opportunity of a lifetime or a poisoned chalice . Anna breaking news. We talked to david at the top of the hour with movement in the hong kong share prices. A chairman says he is confident that two Companies Operations are normal. Financials are stable. The search goes on for a reason to explain why those two businesses have seen share prices plunge more than 60 in hong kong trading. This is following yesterdays unexplained plunge. Interesting news in hong kong. We will look for more details. Anna Federal Reserve officials signaled they are unlikely to raise Interest Rates in june. The minutes of the april meeting showed the central bank is leaving open the auction of tightening later in the year. The fed expect growth to pick up after stalling come even as officials worry about spending. Anna six of the World Biggest banks will be paying and five agree to plead guilty to charges tied to a currency probe. They agree to plea guilty of conspiring to manipulate the price of u. S. Dollars and euros. A settlement was announced in washington yesterday. Anna the biggest u. S. Retailer of prescription drugs, cvs, is in talks. That is according to people with knowledge of the matter. They are still finalizing terms of the deal. No deal is certain. Anna George Osborne has said to save by 2017. Speaking at last nights dinner the u. K. Template emphasize the importance of business. Backing business is not about abstract Economic Policy. Jobs and opportunity for the working people of britain. Others predicted unemployment would it was you who created the new jobs. Anna and bloomberg tv will bring you for coverage of George Osbornes delivery of the latest u. K. Budget. Anna u. K. Prime minister David Camerons administration is preparing new laws to punish illegal workers and step up duplication step up duplication step up deportation. Mark join the conversation on twitter. Tell us what you are following today. Manus lets remind you of todays diary. Preliminary index figures from markets. 8 a. M. London time. Then it is over to germany at 8 30 a. M. And figures for the eurozone at 9 a. M. Anna coming up, the fed. Stay with us on countdown. Mark the Federal Reserve says it is unlikely to raise Interest Rates in june while leaving open the option of tightening later. Lets discuss this and other key Economic News with our guest who is a chief economist. Good morning. June seems to be off the cards. Does that make september the favorite . Philip we think september is the favor. Favorite. June has been off the cards for a while. In the words of several fed reserve officials, the Economic Situation is murky. We havent really emerged for them to start heartening tightening. We have had a couple of signs of economic activity, nothing that convincing. On the plus side, we have had better news from housing. Sales have disappointed. With any luck well have enough clarity. Anna what is the weakness in consumer driven parts of the economy . What do you put that down to . Are they emotionally scarred from the financial crisis . Is the consumer a different beast . Philip i dont think its that different. The reduction of gas has put money into their pockets what it should have been. Its not exactly clear. Most Consumer Confidence numbers have been strong. Over the first four months of the year, generally it has been strong. There is a big debate at the moment as to whether the First QuarterEconomic Data is accurate. The adjustment officials used to see the variations is accurate. Even the feds have an internal debate. They disagree. It is possible something technical going on. We cannot be sure. Manus it were not sure what is happening in the u. S. , china has numbers this morning. Still contracting. Should we be worried . Philip i think we should be concerned certainly. The pmi certainly went below the 50 level. Im not sure that indicates manufacturing has contracted. It is have a big growing less than normal. Manus right. Philip it is not a given the chinese authorities will get their gdp target. Manus does that feed into the stagnation argument . Do you worry about that . Is that what were looking at . Philip at least halffull. Not three quarters full. For example, the u. S. , banks are supplying credit. Things are more capital constraints and liquidity constrained because of regulations. We are a different world. Absolutely. Manus Larry Summers it dropped out of my head. Mark looking ahead to todays eurozone data, the citigroup economic index has drifted lower since its peak in march. Meaning unbalanced. It is a minus figure. The data has been slowly declining. Is that cause for concern . Philip yes. You have to watch what is going on carefully. It is gauged expectations has been pushed up. If you try to look at an absolute gauge, the more you will see you had that first rise in gdp for about four years. You are seeing a gentle pickup. Will that continue . We suspected it probably will. It is still competitive. Anna philip, thank you for much. Manus coming up, cvs in talks to buy omnicare. Stay with us. Yeah manus looking back to countdown. The market wasnt that short. Easy street. My summation is that the spirit is willing but the body is weak. There is still a great deal of doubt on the ability of the American Economy to handle higher rates. Td wrote that the threshold to raise rates is very low but the bias is high. Concerns about greece china. They didnt spend the dollars and that is not playing the game according to the Federal Reserve. 95. 41 is where we are. The euro. You are just paring back your losses. Lets show you the overall momentum. You can see the bloomberg does the analytics a lot better than i do. Go through that level and you will seat stop losses take you down to about 1. 1066. Break that level and you are off and running to the 50 Day Moving Average of 1. 0927. Also bloomberg have done a great piece this morning saying the bond market route is over. The bearish bets on bonds to bullish bets on bonds is narrowing. I will pop those numbers out later elan later on on twitter. Mark the Federal Reserve unlikely to raise Interest Rates in june. The minutes of their meeting show they are open to the option of tightening later in the year. Chinese manufacturing missed its estimate, the preliminary number comes in at 49. 1. The number is underscoring the lukewarm response to a slowdown. Shares of gold plunged more than 60 in hong kong trading earlier. The trouble follows a mysterious 47 lunch yesterday which wiped out 19 billion in market value before it was suspended in the trading remains suspended today. And a girl the European Central bank improves approves the smallest rise and tensions are high between Alexis Tsipras and the nations creditors. Lets go to hans nichols who has been following the ongoing greek drama. What is it the greek banks get from the emergency liquidity assistance . Good news for a little while. Hans it may be good news if you think the ecb did this because that is how much they thought the greek banks needed to the number is 200 Million Euros. Earlier we reported that what they actually wanted was 1. 1 billion euros. So this increase is on the small side and wont give them much breathing room. On the other side, there wasnt a decision made on what sort of haircuts to impose on collateral. There was a great deal of discussion and yesterday there was a long and intense discussion on just what they were going to do about collateral and they decided not to take that move. With the current rules you can see up to 95 billion in ela. If you change the rules, you shrink it quite a bit. Even if the bank keeps raising the ceiling they will run out of runway once there is adequate capital in greece. Anna tell us a little bit about the progress being made. They said yesterday the Real Progress was being made, what are the current sticking points in terms of negotiating a deal . Hans it looks like there is this big holdup on tension reform. Creditors are really pushing for greece to reform their pension system. That may mean there could be a little bit of again on labor market reform and increasing the minimum wage. Mr. Tsipras and madame merkel me tonight at that summit. One of the things to note is that mr. Tsipras does intend to implement a new sales tax proposal after his first one was not passing muster. It could be a late night. Anna thank you very much. Live in frankfurt. Manus a deal is almost done in the u. S. Pharmaceutical sector with cvs Health Getting close to buying omnicare. Caroline lets check in on what these companies are. Cvs is the number one retailer of prescription drugs in the United States. Omnicare is a nursing home provider and pharmacy. 9 billion is how much omnicare has as a market valuation so interesting to see what the price tag will be but we understand the deal could be struck as quickly as this week. Omnicare shares rallying on the back of the news they jumped almost 9 . They put themselves up for sale earlier this year loring what their options were working with bank of america and these partners to explore options, one of which included a sale. What about pharmacy benefits . Pharmacy benefit management is in vote. It is a real theme building in the m a space. We have so much desire to manage your costs that we are seeing fuel for demand in companies that manage that for you. Basically they help clients and companies and individuals get discounts from drugmakers for very expensive medicine. The demand has really been ramping up. This is actually fueling the consolidation we are seeing. Theyre all trying to get a bigger piece of this growing pie. When you look at cvs, it is already a key player within pharmacy services. They handle drug plans for Health Insurance and the employers and it is their Fastest Growing unit which is why they want to make the acquisition. If you dig into it we are seeing not only interest coming from cvs but also express scripts. March, Unitedhealth Group bought catamaran for 12. 8 billion. Right eight did a deal rite aid