Im guy johnson. And i am anna edwards. We had to the world pizza championship to find out how to. Ake the Perfect Pizza pie definitely thin, always thin. Then versus mosquito. Physicists taking on the worlds deadliest bug. Huge qeith that seems to be the overriding factor. Let us not forget that greece thesuccessfully reentered debt markets after years in exile. Toela merkel is jetting in athens for talks with the greek minister. Our european editor joins us now. David, what a difference 18 months makes. Last time Angela Merkel was there she saw herself in an ss uniform. They were burning effigies. What kind of reception was to get this time around . It was incredible last time. We have some pictures of that trip, of the crowd, last time as well. Our member being in a taxi and hearing this dj just blasting Angela Merkel, calling her a nazi, saying that germany was trying to invade greece again. It is not like she is more popular there now, but i dont think you see anything like that sort of reception. One of the reasons for that is that critics are better at crowd control. They have 7000 police out on the road here they will lock down that entire area around the square and the areas where she will be. Ive got to say that things have improved. Look at the 10 year bond yields back in october 2012 when she was last there. Now it is below six percent. We have seen this very successful bond sale going off yesterday. Wall street journal reporting that black buyers. One of the big she will be meeting with small and mediumsize businesses and some start up people. Then there will be a formal meeting with some rs with to look out for is a think she will have a suitcase full of goodies. One of them will be an announcement of a Development Greece germany investment company. If you had a look at what is been going on all week, guy has been talking about the quantitative easing. That is one of things is pushing it. Look what is happened in ireland, italy. Notes, portugal as well. All these yields have been coming down. Speculation of quantitative easing. There has to be something more than that. Remember when we saw a downgrade of a peripheral nation, theyll be running to get in front of a camera to talk about it hurt now we hardly talk about the positive news. Fitch hasng that raised its outlook for portugal. The point is, it is still below Investment Grade heard even if there was quantitative easing, it is questionable whether the European Central bank would be allowed to buy portuguese debt. Were still seeing those yields falling. There could be plenty of other issues as well, like not financing governments. We will get back to base. David, thank you very much, indeed. The imf and world banks Spring Meeting in washington. Growing as Russia Threatens to halt gas supplies to the country. For more, henry mayer joins us now from moscow. What can the west do to stop president putin from turning off the tap . Meetings. Is holding there is an expectation that they will Reach Agreement on an aid package for ukraine of up to 18 billion, which in turn would unlock International Financing of up to 27 billion. That is a significant amount of money. Is the first time that western countries come a which are backing the new government, are actually putting money in the table. The problem is that the russians are continually upping the ante. President putin sent a letter to european leaders in which he threatened to cut off the taps if ukraine does not pay its gas bills. He put the total debt owed by ukraine to russia at around 40 billion. Of which 37 billion is related to gas. Even if this package is agreed, it may not prevent that happening. Will it accelerate the prospect of the aid package happening . Could we see that this weekend . It is anticipated that that agreement will come this weekend, yes. The director general of the imf said there was broad consensus within the imf on making this decision. We will leave it there. Henry meyer joining us from moscow. Lets talk tech. How are you doing . My heart rate has dropped from 170 254. Devices becomeed its divide available today. Caroline hyde has the details. Way to talk about the market. We are offering a bit of a tech selloff. Once again were seeing tech stocks under pressure. Jonathan ferro is covering all of that. Before we get onto the tech, lets talk tech stocks. Beenthis theme has bubbling for some time. Theres probably a reason behind the drop off. Put it into context. How should we look at this . Of stuffeard a lot about this. Theres no agreement on what is behind this selloff right now. Or as fives in my hand. If you look at some of the companies that have followed over the last couple of months, of facebook, google, twitter over the last few months has been remarkable. Theyre coming off alltime highs. Theyre not coming off 2014 highs, that is what is really key here. If you made the chart of the longer, if it wasnt two months, if it was two years, what would the selloff look like in the context . This would be nothing but a little blip third is the key art of all of this. Is this selloff a correction that we have not had for a while , or is this something that is a little bit more than that. It will get a little more aggressive around the corner. We are linked. We are synced up today. Hes wearing a device that you can monitor. I know. If only i could make him walk around the building. What is is i can analyze what his pedometer is like. This is the s five. Is currently hooked up to your gear fit. Is a goodlooking piece of equipment. It has some nice features. A fingerprint sensor, a heartbeat sensor. It has a longer battery, a bigger screen and water resistant, always necessary. But not as good as many people wanted. It is not a revolution. Theyre throwing money at the situation. 600 worth of features. Free applications and paypal vouchers. The fight is on to remain top dog in terms of market share. These two stories linked together in my mind. Yet the amazing evolution of the smartphone which is gone from a really clocking difficult device , the final form factor of a device were looking at. You have is really aggressive rise up. Look at the stock prices and now theyre struggling to make headway. They are sacrificing profit. If you look at the stocks that have taken a hit, it is stocks that are based on highgrowth. , they areonal stocks not the stocks that have been hit over the last couple of months. If you have a debt on highgrowth you just normally is so to freebies with cereal boxes and washing powders. Discussing a portfolio. Look, he said, what will the e in the u. S. Q have any effect on how many twitter users there are . These are high risk stocks. That is why the selloff. It is not because they are linked in any typical way to what the market is doing in that way. I dont if facebook are selling out because of their fundamentals. What may be selling off more is a likes of the companies that i inc. Are at their saturation point. Now the struggle is on two can they innovate next . It is on the wrist and with wearables at the moment. The mobile sector has grown incredibly. A forceds is just break. Maybe our great us to come down i am more concerned about wearables. I know people who went out and bought the fuel band when it came out and guess what . They dont wear it anymore. Check out ebay, the amount of galaxy gears on it are enormous. You can pick one up for 60 or 70 pounds. To do these people want them anymore . , many of these devices samsung is a good example, they would try to sell you into an ecosystem. It is a real trend of the technology space. There tried to keep you hooked. The ones that are attractive are the ones that dont. The galaxy gear was not as much of a success. It is because you have to have the tablet or the smartphone from samsung. That is a big problem, i think eric lg has one. Except your smartphone, but it doesnt matter what it is, regardless of whether it is android or ios. Maybe that is the microsoft view, if you cant beat them, join them. Jon, thank youjo very much. Were going to play some music now. Inflation coming in below the governments 3. 5 target. That indicates room for chinas premier to boost economy with the bitter stimulus. Recalling 156,000 vehicles in the u. S. Theyre calling back cards with inline six cylinder engines because of a defect that could potentially damage the and in the engine. Their recalling vehicles that at 2012. T between 2010 Stephen Colbert will replace David Letterman next year as the host of the late show after lettermans 33 years on the show. Cold air is best known for playing the character of a staunchly conservative host. He will drop the character in the new role. We will see just how much of the character disappears. How much do we know the real man . Are we on the verge of three bubble . G another we will discuss that next. I would say that when the United States withdraws come everybody loses. When the u. S. Engages and exercises legitimate leadership, things improve around the world. I would say to exercise that leadership. I would say do exercise that leadership. That taperingned is having some negative side effects. Our next guest says that lagarde has not learned a key lesson from the financial crash. Talk about tech stocks this morning. Strategist at socgen. He is been bobbing around the world for the last month very probably has a good take about what is going on in the four corners of the world. The four corners are coming together in washington. Theyre all going to kick around what is happening. What conclusions should they draw . What should they take away from what janet yellen is saying and what lagarde is saying. . During that. , until last may, you saw a massive appreciation by lots of emerging market currencies, anything with yields. Was,e general complaint are currencies are too strong, or Interest Rates are too low, or housing prices are going up too much. A bit of normalization, a bit of correction, quite harsh. That is was saying scary. Lets go back to the dovish thing. Here we come in the last few days with markets pretty frosty again and some of those currencies going up. I give them eight out of 10 last summer for managing to get interestrate expectations to a better place, for taking air out of some very frothy asset prices. And yet i certainly see adam saying, christina is youre going a bit crazy. Wereyellen is saying very accommodative. Then you get to asset markets were the only thing that stops him as a publicist big that the you think the central bank will stop wrapping . We from falling over are moving toward normalization of monetary policies. Returning away from the exceptional policies weve had in place since 2008. What were being told is there much more scared about doing that to quickly than doing it to slowly. The u. S. Is running a policy which is going to help us with prices and keep the dollar weak and boost flows of money into emerging markets again. If you do this for too long, you undo what i think of as a good workout ill see normalization. Kickstartll they normalization in europe again . If we have a Banking System where we have more equity, less leverage in the banks, then a securitization industry that gets money to those who want to borrow it more efficiently through things like and there is cutie as well, which is kind of nice. It all helps. The question is, how much is this going to do for house prices in germany and bond prices and griese echo relative to what it does for bank lending, economic activity, unemployment, things that matter to real people. You have been traveling, 20 flights in 12 countries in the last few months. The would we do topics at forefront of most investors minds . More qe from japan . Has it been china and growth . What are the worries . China growth is a big worry. What investors want, and a sense, are safe harbors where they can earn yields. That is what they want in this worlds most of all. Theres also some of that is you have overinvestment in the company. We have overinvestment in the Corporate Bond market or peripheral dread. Is, ancert everybody has hard landing in china would be disastrous. I think with uncertainty about how serious about how u. S. Monetary policy will play out. With an adjustment from zero Interest Rates and low Interest Rates finally happens. Fewer and fewer concerns about a financialpe and market senses,. The economist barry very growing, but it is taking a long. Along. Gtaking a lagarde has been banging that drum a little bit. What were doing in europe now is the other side of what we did at the start of europe. We have deflation in the countries whose real economies got to hide. Theyre having an adjustment without the currency moving through deflation. He of house Price Inflation in is only a tiny echo of the inflation we saw in spain back of the start of this. This is how an internal adjustment happens. Yes, the right interestrate in spain italy is just much lower than this. Although there are high fives all around for the greek bond yesterday, the reality is that debt is much higher than the nominal gdp growth rate of the greek economy. Thank you very much. Lend us your ears. Music streaming services are fighting for subscribers. We will take you through hits the right note. See you in a moment. These are todays hotshots. This is called Team Fighting championship third that brings together groups of mixed martial arts fighters and what can only be described as an organized our fight. The sport will be hitting screens quite literally in the next few weeks. A woman in brazil was mugged on live tv while she was giving an interview about increasing crime and a lack of Police Officers on the street. The thief rocher gold chain necklace, but didnt manage to make off of it. That must have actually been quite painful. Funny how the markets are doing. Ferro, over to you. Is pretty rough out there. Guess which industry is taking the hit today . Tech stocks. Down inwall street, asia, down in europe, here as well. If you look at something else, want to show you something. Lets look at bond yields. Boring . Not quite. Look at the spanish tenure. Australia why this is significant. Look at the u. S. 10 year. Was hundreds of basis points. You see ryan going with this . Greece borrowed at below five percent paid candies yields in spain and italy actually go lower . It is a question people are asking. Elsewhere, let me tell you what qe is not raised in. The euro right now is one dollar now 1. 38. 1. 30, the closer to dollar needs to get stronger. It is about the u. S. Economy. That is what is going to trade and drive these crosses. Thank you very much. Well take a break and after that well be talking about pizza very here that . Pizza. T do you hear that . Will come back. We are live from bloombergs European Headquarters in london. There are the top headlines. Our down worldwide as the tech selloff intensifies. The dow jones is off four percent and the nasdaq was off five percent, the worst in three years. Are worried about over valuations. Chinese inflation believe remained below the governments projections. Theyre still a reason why the Company Gross said Media Coverage has been over the top. This whole past two months has been breaking news. Quite rob ford or Lindsay Lohan types of headlines. The Critical Link in terms of what you talked about it with is thatcle talks about it wouldve been helpful from my standpoint in the companys standpoint for my hobbit two of spoken out and my hobbit mohammed to have spoken up. Quite frankly, that is an extreme disappointment. We move on. We have a new structure edited deputy cio structure that does better than what we had in the past. Spoke about the developments prompted some introspection. That over to the fact the past two or three months should cause one to reexamine yourself. The Michael Jackson man in the mirror in this particular case. Are you the person you thought you were or are you the person that others thought you were. What is your answer to that . Part, i am the person i thought i was. I am willing to say that in this environment and this new our dci owes, i was less of a strong leader and an inclusive type of leader. I look in the mirror and i like my hair. It is nice and thick as the article suggested. It can be a different style or trams at a certain level. What would you change about yourself . And temper it a little bit. At certainthat points i have raised my voice. Is that a bad thing . Not all the time. You dont get a perl unless you ofe a little bit of grain sand in the oyster. A little bit of sand, little temper, it is incumbent on a leader to promote that. Not a lot. Baby can bring back the mustache that he used to have. That is what is missing. That is a moment that needs to return. Maybe you should bring back the mustache . My heart rate is rising. Italian Prime Minister is in top Level Management nominations from a key italian firms. We are joined now by alexandra. Becky very much for joining us. From an inside perspective it is exciting how very ordinary it appears that the Prime Minister is appointed these people. The government have stakes in some of these industries. That is right. The government has large stakes in many of these. It is about 30 and the top ones. That is why they have such say. It is a process. First of all, the government nominates and says who they want. The board and shareholders will vote. In theory, there is a process with the shareholders deciding. Agms voter seen the different than the government nominations. It is a very italian thing. Whichever government gets to nominate, the nominations are for three years. These last longer than many highend governments. Do we have any idea at this stage who is going to be out or in . Let us start with any of the biggest companies. The current manager may not make it. Theres still a chance. He had some legal issues. We think he is number two his number two will replace him. He is right now running exploration and production. He would be a great choice. The power company, he has a good choice. It he has done a pretty good job. Renzi wants a new come i