tv Worldwide Exchange CNBC November 25, 2015 4:00am-5:01am EST
of our brothers. >> authorities identify a new suspect linked to the paris terror attacks. meanwhile french president hollande and u. s. president obama agree to step up air strikes in syria. >> a tale of two units. hp inc sinking in after hours trade while hp enterprise jumps on a solid profit forecast. uber's global head hints at how the ride sharing firm could be carrying more than just passengers in the future. >> it's part of who we are and this logistics platform is capable of doing more.
>> welcome to worldwide exchange. a lot to get through. great conversations coming up julia live in brussels. first let's give you the latest on this story. now the turkish president saying his country will not escalate tensions with russia following the downing of a russian military jet by turkish forces. speaking within this last half an hour he said turkey had shown restraint and didn't know the downed jet was russian. the turkish president also defended the actions of his forces. >> we don't have any intention to escalate the situation. >> what we want is to defend the right of our security and the right of our brothers.
there's a wave of frustration at our borders. >> just giving their side of the story there. important also to know it that it's not the first time that you've seen russian jets or russian military planes flying in over turkish air space. >> that's right. and the president of turkey is saying this wasn't meant to escalate tensions. well, we have a lot to answer for. an assistant professor of international relations here in istanbul. tell me about this. was this just a shot across the
bow? >> well, it wasn't planned. you can say that. but it wasn't an accident either. it was long and coming. we had repeated violations of russian aircraft sort of dotting into turkish air space and we received apologies from the russian side for that. they didn't want that to happen but given the course, the collision course of the two countries over syria it was bound to happen. >> you described this as a game of chess. you said he is perhaps a more volatile member of this game of chess. tell me about that. are we going to see more tension going forward? well, as far as we're concerned she received it with president
obama's response yesterday evening so russia wouldn't push it but we should expect economic, diplomatic and coert retaliation. >> a freeze out? >> yeah. less russian tourists. more problems and shipment of natural gas to turkey. >> and also when you're talking about the idea that president assad may or may not go when it comes to what's happening next
in that country? what does it mean for turkey now that they upped the ante. >> this particular incident also relates to the population just south of the turkish border. which is a strong hold of assad and new to the russian air base there. it's particularly sensitive and leading in that. cultural ties and the russians are particularly sensitive about the fate of foreign fighters lighting along side them against the russians and assad regimes. putin doesn't want them to come back to russia. so they want to get rid of the foreign fighters. the turkish side is sensitive about what they're doing to the population there and of course this also relates to the strategic debate about what will
happen to the corridor the area between the territory in northeastern syria and the territory controlled by assad at the coastline. so that corridor is of strategic significance to both parties. >> so upping of the tensions as well. thank you so much for joining us. guys, back to you. >> hadley, thank you and we'll be crossing back out to you within the next two hours. so more to come from turkey. speaking in germany, the german chancellor says that every country has the right to defend itself but turkey should do everything it can to deescalate the situation building with russia. christopher is the managing director of trusted sources and he's with me. good morning. >> good morning. >> just having spoken here within the past half hour or so giving his version of events.
what happens now? deescalation happening. is it going to get worse? are they going to be able to stop here and try to mend things before they get worse. >> i agree with all the points. very good expert there in istanbul from the russian side. from the russian angle. in my opinion the russian response will be to put the ball into nato's court. they will say we're going to continue with our operations very important detail in the briefing yesterday evening from moscow from the deputy chief of the russian general staff is russian ground attack sources will be accompanied by fighter jet protection. these will be much superior so if there is a further threat there will be a russian
retaliation. so in other words the russian stance is to invite turkey to back off and it's very interesting that chancellor merkel you just mentioned there that although the nato allies in turkey of course are playing a straight bat as we say here in england in the sense that they're affirming their ally's right to defend it's borders, even from president obama in the official read out of his telephone conversation it's very much on deescalating don't provoke russia. what a contrast with the western rhetoric over ukraine where it always begins with blame for russia. you don't see that this time. that's a distinction not highlighted as much as it could be. >> what does this mean for the peace talks? they promised to do more about this. is that going to happen now? >> it's well-known that turkey
and certain other countries in the region are hostile to a peace process in syria. their goal, it's no secret who they are as well as turkey. it's saudi arabia first and foremost because of its overarching rivalry with iran and other gulf countries and so on. their goal has always been to see the governments of russia and assad overthrown and replaced by a sue any government where as what the peace process in turkey is a bosnia-typesetelment where the country will legally remain a country but in reality is going to be sped up and fighting for territory. the whole of the province where these communities live just close to the turkish border, this is the potential spark causing a risk of great power conflict now. that has also got to be a
non-sunni part of turkey. just think bosnia again. compartmentalizing the country. so that's really as i see them. >> i'm beyond bosnia at this stage. it's so messy. >> yeah. >> what's in the step after this? the ball sbak in nato's court? what happens from now on. >> the russian strategy will be to outflank turkey by appealing to the senior nato partners. obviously russia's relations with the united states which is the only nato partner they have is really tense. so that's difficult but as i mentioned the united states position is quite balanced in reality wean turkey and russia. but france is the key the major
na, to ally with president holland due this evening and the russian strategy will be to freeze out bilateral relations with turkey. regarded as a traitor. and try to get over their heads and to get some new accommodation with the head of nato. the headline of the country of nato. >> i saw on twitter briefly someone saying quote neither nato nor russia care too much about the syria turkish border zone air rights. if this were the baltics at a moment of high tension in europe i wouldn't be like that about it. does this go back to your point on ukraine? do they really care -- >> obviously there's no threat to the international order. there's no territorial complex. that's precisely one of the reasons the russians are so upset.
how can the turkish authorities claim there's russian ground attack jet was any threat to them. even if you leave aside the question of whether it just got inside that little bit of turkish territory or didn't. so the geopolitical stakes are not territorial. it's not a question of the european order. it's the sort of thing that exercises germany in particular. it's all to do with the geopolitical interests around syria. >> very good point. thank you for being with us. managing director of trusted sources. now another suspect who allegedly helped coordinate the deadly terror attacks in paris has been issued with an international arrest warrant by the belgian authorities. he was captured by cctv footage along side the man believed to be the ring leader two days before the incidents that led france to declare a national state of emergency. let's get out to julia in
brussels. so we're looking at this from many angles at the moment. the turkish angle, the russian angle, the brussels angle and nato angle as well. what are you hooking at at this point? >> we're focused on exactly what you just said there, actually. the manhunt going on just expanded. not only are we now still looking for that first suspect but we're also now looking for a man called mohammed. now he was seen two days prior to the paris attacks together with him. now they're focused on two separate hunts for these two men. now at the same time, what we saw yesterday was a separate raid in germany on a tipoff that the police there got that the first suspect crossed the border and there's rumors about this at the weekend. we talked about this on monday. nothing was found but what it does mean if the suspect is in germany, he managed to evade
40,000 troops and police here in belgium which raises all the same questions about how capable the authorities are of cracking down on this extremist threat. at the same time of course we continue to operate under this highest security alert level but there is a sense of trying to get back to a level of normality here and the metro stations or many of them today have reopened. we went down there to get a sense of whether or not they feel secure. just how happy they are to see things returning to normal and ultimately whether they think the last two days and the authority's response was an overreaction. >> i'm feeling okay. today i decided to take the metro because i think it's okay. >> yeah, but i have a problem. like i don't know how to go to school. so i have a problem. >> i think it might have been a little bit over the top just because i was under the impression that there was some
concrete action to be taken. they arrested 16 people but released 15 yesterday so it just makes it sound like it was a little bit overall. however i think a lot of people were scared and ultimately it's good to reassure people and try to take action to prevent future danger. >> it wasn't just the metro stations and schools and universities impacted here. it's also been shops and restaurants and museums. the mayor said this cannot go on. it's costing the city hundreds of thousands of euros each day. he said it's like operating under a islamic regime. it gives you a sense of how points higher lit sized it is. for now two suspects being pursued here in belgium. we're still operating under high alert security levels but at the same time a return to normality. back to you. >> thank you very much. as said previously we'll be
checking back with julia as well. more from brussels and istanbul throughout the show. let's just return to the markets here heading into the break and show you what we're seeing here. europe this morning. we were called flat to higher. we saw the u.s. higher yesterday. wall street driven up by higher energy pulls among other things. the stoxx europe 600 hanging on to sharp gains. we'll get you more of the break. good morning you're watching worldwide exchange. join us on twitter.
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good morning, everybody. good morning, good morning. you are watching worldwide exchange. if you're just joining us, let me just show you what's going on in the fx markets. we saw a little bit of a softer dollar here over the next couple of hours. maybe a long weekend. so maybe people cutting some of the positions that have been on some of the long positions and right now we're seeing the euro moving lower against the u.s. dollar. reports out that the ecb is discussing a two tier bank charge. they're looking into that. two tier penalty charges and broader bond buying as well. the euro falling just a tad ahead of this and of course this is before the ecb's next meeting coming up swiftly here in december where we will be getting some type of decision on whether or not we're going to be
expanding or extending quantitative easing. possibly also at the deposit rate. some speculating 5.2% or 5.1% as well. that's taking place. also the aussie dollar moving beyond the one month high against a lot of the other currencies out there. the governor dampening expectations from the reserve bank of aus trail wtralia. the price of oil being strong in yesterday's session. we're somewhere around $43 or $46 barrel when it comes to wti and brent as seen here. both trading off a bit along side with gold and silver. let's check in on the markets out of asia with sri in singapore. a bit of weakness coming from you overnight. or from you guys as well. >> yeah, well, i'll tell you this, not a great deal of conviction in these markets and that's down to the very uncertain global security
landscape. so we saw a dip in the relative safe harbor of the japanese yen. elsewhere the sentiment is taking a little bit of a hit also because expectations effect normalization. still trying to price that in. on the positive side of the ledger, at shanghai, the mainland china equity markets did keep their head despite the volatility we're seeing elsewhere and it's upsetting the broader weakness against the banking names. all in all the markets over here on edge because of the security situation and that's where we stand right now. >> all right. many of you use this service. uber made headlines with a divergence from its core
business as it's expanded it's operations in 35 cities this year from four cities just the previous year. that's just one of a number of different initiatives and it's also looking at things like delivering food and even at one point puppies. we spoke to the head of global operations for uber as part of our tech transformer series to see what plans uber has beyond carrying people. >> it's a promotion that's interesting and with the right partners we can make something special happen and it became a huge value. 42% of the people we delivered the flu shot, had never gotten the flu shot. they said getting to the flu shot was a pain. bring it to me and i would be interested. i never would imagine uber being able to deliver something like that. uber eats is in a dozen markets
now. hit a button and get a hot meal. that's grown well. you'll see things that we can layer on top of this platform as we can bring a car to you in a couple of minutes. what's to say that car can't have what you want. >> is that the advantage then to all of these on demand services whether it's food or flu shots is the competitive advantage that you guys just have this vast real time logistics platform? >> wrayeah. one advantage is scale. we think about it as liquidity. the same driver can be busy more of that time. if they're busier they'll be earning more and those are natural earnings that is a competitive advantage. as they look to our platform versus others. they'll say if i'm going to make more uber then i'll probably be a part of uber. >> so i'm living in san francisco. i can use uber now to order a car, order a sandwich, flu shot.
how do you think about prioritizing those businesses? i mean, where are you most interested? does it come down to margin potential? market potential? some of both? >> certainly focus is a huge theme of what i preach here and there's value on continuing to stay focused. these are going to be interesting opportunities we can layer on top of the platform. it's making sure that that reliability can increase and safety can increase and we can continue to bring uber to more and more people and if that opportunity still exists in san francisco think about the 300 plus other markets we only recently launched. i just think there's a huge, huge opportunity for us to still stay focused on the core business. >> you're really lucky because you can check out the entire interview to see what else uber
has planned for the future on our website. head on to the tech transformers special report page on cnbc.com. lots of information on there. be sure to check it out. now i want to mention to you some flashes just coming through. this regarding the shooting down of the russian war plane over turkish air space. supposedly russia's president putin saying they'll be forced to respond to future incidents after the downing of su-24 and putin stating that turkish authorities intentionally support radical islam in their country. now, let's move on. we preview autumn statements with a big boost expecting to come from the country's home builders. you can find us either on e-mail email@example.com or on twitter.
>> hi, everybody. welcome, you're still watching worldwide exchange. >> i'm wilfred frost outside the houses of parliament in london. >> well, russia's defense minister says a missile cruiser is ready to destroy any threat to russian war planes. that as president putin says that turkish leadership supports radical islam. >> turkey's president also
denying the downing of the russian fighter jet yesterday was a direct proef kags as nato members scramble to deescalate the tension now. >> you don't have any intention to escalate the situation. what we want is to defend our security and the right of our brothers. >> counter terrorism likely to be protected. a fiscally restrained autumn statement. >> and a tale of two units. hp inc down in weak hp sales while hp enterprise jumping on a solid profit forecast. >> good morning. welcome back. this is what we're looking at here in europe. slightly higher markets. just over a percent and a
quarter from the cac 40. the ftse 100 and we recall back from higher. following gains state side. slightly mixed markets in asia overnight and in europe this morning that's what we're waking up to. when it comes to what's going on in geo politics tensions are very crisp at the moment. just hitting our wires via dow jones we have dow jones quoting mr. putin saying that they'll be forced to respond to future incidents after the downing of su-24. turkish authorities intentionally support radical islam in their country. the defense minister of russia talking about how they now have a missile cruiser positioned off the syrian coast. that coming through and the russian defense minister saying the cruiser is ready to destroy any threats to russian war planes. now the turkish president is
saying that his country will not escalate tensions with russia following the downing of the russian military jet with turkish forces. he said that turkey had shown restraint up to that point and did not intentionally know that the downed jet was russian. the turkish president also defended the action of his forces. >> we don't have any intention to escalate the situation. what we are really is to defend our security and to defend the right of our brothers. in the region, with global migration toward our borders and we are trying to protect our kin. our brethren. >> speaking in germany, the chancellor angela merkel says every country should have the right to defend itself but the
turkish should be able to deescalate the situation with russia. >> both nato and the united nations are calling for calm after a russian fighter jet was shot down. the exact details of the incident still remain unclear although a u.s. official told reuters that the plane was shot down while in syrian air space. this happening after nato said that the plane had been in turkish air space during it's flight although just for 17 seconds. nbc's richard engle filed this report from istanbul on what's behind turkey's actions. >> the question here is not necessarily did the russian plane violate turkish air space. the government said that it did. it's showing the flight path of that and the u.s. says that yes the jet did violate turkish air space but an american military official said it violated just
for a few seconds. it just briefly passed right through turkish air space. so was that enough to prompt this response from downing a russian jet. firing and downing a russian plane and sending the pilots parachuting out. one of those pilots has been killed and a rescue helicopter pilot was also killed and that is raising many questions about was there another motive and many analysts i have spoken to including u.s. officials believe there is another motive. that turkey was not just firing on the russian plane because the russian plane happened to very briefly do this border infraction. the kind of thing that happens in this country quite a bit but it was because of the targets that russia was hitting. russia was targeting syrian rebels that operate in that border area in northern syria
and they are predominantly turkman rebels. they are ethnically cousins of the turkish nation and turkey has complained repeatedly that moscow and the assad regime have been targeting and pounding these turkish rebel areas and this time it seems this border crossing may have been something of a pretext for turkey to act in order to send a message both to moscow that it won't accept the bombing of its fellow turkmen and to alert nato that it needs more help. >> looking at the micex in trade. a little bit higher. so just coming back a tad from the 4% but it was off yesterday and we're looking at the ruble and the lira this morning. slight gains coming through from the dollar against both of these. still a bit of weakness continuing in both of these currencies. now let's get back to the u. k. let's get back to budgets. the u.s. chancellor george
osborne will have to dig deep if he is to get britain back in the black by 2020 but as he is promising to protect certain departments along with the counter terrorism budge a fiscal surplus is not going to be an ea easy feat. what is going to happen today. people might not know what the autumn budge is. >> exactly. this is the autumn statement and second budget we get this year. it's an important moment for the chancellor and the governor to outline spending plans not just for the next year but longer term, for the full government and of course the headline for that that we expect is to try to commit once again to balancing the budge by 2020. as you said, no lean feat. let's discuss it further. i'm joined by the government's lead nonexecutive director and chairman. has the chancellor placed too many restrictions on himself in
order to be able to balance the budget in a way that doesn't hurt the economy? >> no, i think he has set out two things really. one is we have to continue to reduce the deficit. there's no way around that. everyone would agree with that. the second bit is that he also said he wants it by 2020. he set out originally with a 10 billion surplus. i think the timing and the amount of surplus is probably where he has enough flexibility. so the attention today will be on the shape of that deficit reduction. how fast, which years and critically the detail. which of the detail points that will impact over the next two or three years and there's a lot to come as we see the analysis today unfold. >> the detail as you said is going to be crucial. in terms of where he makes the cuts, certain sectors like education, health care and defense are protected. they account for three quarters of the total budget. there will be sharp cuts announced today on certain areas. the business department might see 50% of a budget cut.
is that workable for a department to make a cut of that size? >> you've actually seen analysis out today showing the rate of budget cut over the next five years. you have communities over 50%. so the percentage amount isn't really the question. the question is what is the priority of the government spending. so things like the house building initiative talked about today. the detail on things like business rates, it will be probably more important than the absolute departmental impact. so i think you can always say what do we want to do and what do we not want to do? we're aware does an elective government make the choices and the choices over five years will be important today. >> when we look at the economy in terms of whether there might be some boost, is this infrastructure commission, is that something that you welcome and do you believe in the rhetoric behind it? is it actually going to deliver? >> first of all, we welcome the continued infrastructure
investment and it's quite specific things. what about the railway infrastructure and certain roads as well as the broader area so things like broadband and hs2. the question is how effectively we can deliver. i don't think there's a doubt about the willingness to do it. it's our ability to do it in the way we delivered the olympics. so it's got to be the right thing to do. it's a question of how we go about it. >> i can't let you go without touching on the issue of brexit. where do you stand on your reference of how that goes? are you concerned of the events in the last ten days in terms of paris and related pressures in europe. do you think that will have swung the pendulum to the u.k. being more likely to leave than months back? >> clearly and that makes people worried about security and immigration and they start to be confused potentially with the european question. i'd almost argue the other way around that we need to be in the
right type of european union to allow us to be strong on. he has to negotiate and let's see what the deal is. but i'd be arguing that we actually need to be together. >> thank you for joining us today. for now i will send it back to you in the studio. >> wilfred, nutmeg or the team there, they tweet separate to this and they say about the autumn statement 2015, it's not actually autumn. in fact, it's winter. since 2003 it's taken place in december. >> i can occur. it feels like winter rather than autumn. >> you can get a nice coffee and we'll see you in an hour's time or so. >> exactly right. thanks lou. >> thanks wilfred. u.k. viewers stay tuned for live coverage of the autumn statement and spending review at 12:00 noon today.
that's coming up here on the channel. in corporate news, well s a&p i lowering it's out look on yahoo!. s&p citing prospects for weak revenue growth and rising cost for acquiring web traffic and says it could cut yahoo!'s rating if it continues to lose market share in it's display and search business. yahoo! a little bit lower in german trade today. hewlett-packard's final earnings report shows the challenges the two new firms are split into but they're really there. commercial software and tech services fell in the fourth quarter. a bright spot though, hp enterprise saw an increase in sales of servers. david faber sends this report from new york. >> hewlett-packard showing it's final quarter.
split into hp ink and hpe a few weeks back. the big takeaway, hpe, perhaps a bit better than some were expecting in terms of seeing actual revenue growth at least in constant currency while the competitive marketplace for hp inc which sells pc's and printers is strong right now. it's not having the easiest of times. down 14% in revenues in the personal systems group and in the printing group as well at hp inc. the stock of which since it was actually split off has been performing far better than it's sister company hpe. we'll see how that goes though this morning on these results. overall the company reporting $25.7 billion in revenue. 3.3 billion in free cash flow. which was a bit less than had been anticipated largely as a result of weakness in the personal systems group and printing part of the business.
the japanese given the relative weakness of the yen taking advantage on the pricing not to mention overall the impact the dollar had on enterprises and hp inc's business overall given how much of it takes place outside of the borders of the u.s. back to you. >> the hp enterprise ceo will be on squawk on the street just after 9:00 a.m. eastern time today. bringing it back to europe, metro shares trading sharply higher this morning after it raised it's full year dividend pay out ratio. the german retailer is citing lower net debt on a positive read across from restructuring -- the restructuring program that's been taking place. metro higher by almost 5% on the back of the dividend hike this morning. thomas cook up by about 10% today. skyrocketing after striking an optimistic tone for this year and for next year. this as the travel company posts underlying profits up 11% to 310
million euros during the 3rd quarter defying the recent terror threats and here you have shire a little bit underwater. they're getting ready to reed by according to reuters as they're looking to bolster their rare diseases portfolio. four months ago the u.s. bio tech firm rejected shire's unsolicited $30 billion offer. and last but not least, lufthansa getting a bit of a boost after the main cabin crew union decided to cancel their planned strikes this week. the union though is saying more work needs to be done in order to prevent more strike action taking place in the future. now coming up here on the show as india sets their sights on becoming a manufacturing super power. what is it doing to fend off competition coming from china? we'll find out after the break. find us on e-mail firstname.lastname@example.org get involved or twitter.
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>> when china's biggest hand set maker announced it was going to assemble phones in india many saw it as a smart move. and a boost to india's dream of becoming a manufacture hub. >> while you manufacture them in india this reduces from four to five weeks to two to three weeks and that helps capital. going forward, obviously our plans are to expand this manufacturing capacity and to bring more into the manufacturing fold. >> modi's big idea is to push the industry to the forefront. the objective is to kick start india's luggish manufacturing industry. it accounts for a little over 10% of gdp but india hopes that will climb to a quarter in the short to medium term. >> india's sweet spot for manufacturing could be right in the middle.
it still forms the backbone of india's city. >> it contributes most strongly to economic growth in contributing companies and creates jobs but companies will stay away from investing if there's overly restrictive tax, labor and land regulations to grapple with. >> it's one issue. if gsd is brought online it would definitely save a lot of costs. now it's very difficult to buy land. and it's also very expensive to buy land. so as an industry if you want a large piece of land to learn a large facility the inherent cost is so heavy. >> india's ailing infrastructure is also a big stumbling block. the company still doesn't have enough modern roads, railways and ports to transport goods efficiently. >> if you think about the logistics, trying to manufacture
things in india and then export there i think the first step, the logical step has to be make for the local market which is fast growing and can increasingly absorb production. >> the good news is the government appears to realize the scale of the task at hand and has moved to fix some regulatory and taxization issues that hurt sentiment. but the pace of reforms is key and india has to work faster to roll out business friendly measured or risk letting rhetoric get ahead of results. >> all right. let's talk crude. oil prices, they have been giving back some of yesterday's gains. this after wti posted the biggest one day jump in over three weeks just in yesterday's session. boosted by the geopolitical instability between nato and russia. attention soon though turning toward opec has taken place next week. investors looking to see whether
saudi aarab i can't will be cutting production. he is with me. >> good morning. >> how are you? >> i'm good. we have got them trading off a little bit. gain coming through in yesterday's session. higher by 2 or 2.5% or so. is the geopolitical risk factor baked into the oil price? >> we had quite a volatile weak. the saudi comments which were taken at face value by the market and later discounted. it's interesting because positions of the markets flipped from the last two weeks. fairly neutral and now if you look at crude and products and it's increasingly a lot more short. so with the geopolitical angle now you can see the nervousness creeping into these shots also heading to the union. so i think that the price moves over the next few days is going to be reflective of that positi
positioning. >> but the shots are still there? >> yeah. in brent for instance the levels are aat the highest we have seen this year for instance and it's getting to a place where investors are not increasingly convinced there's a bit more down side. >> when do you know when it's a crowded trade or not? often times when everybody goes short then you need to go long. >> no, it's getting to the point where, again, the investment -- the investment community is now not only short but products as well. surprisingly gasoline as well despite the fact that you have a strong gasoline season over the summer but back to your question on geopolitics, in terms of how the market needs to factor it in just because we have a lot of inventory, 3 billion barrels, the way the oil market factors in geo politics changed relative to last year just because of the capacity level is a bigger metric and now it's stocks that
are getting the attention. >> and opec, saudi giving off the ecb line, we'll do whatever it takes to keep oil prices stable. how am i supposed to interrupt that? >> they said they'll be happy to cooperate with non-opec members. the issue has always been it's never been that big of a result. whether it be russia, mexico, et cetera. they'll hold the same line but they know that their strategy is working from december. it takes time to work. they helped them grow. supply adjustments are in the pipeline. the u.s. production numbers we're seeing, month on month declines are coming. we need to wait it out and see how things go. so we'll be looking for language in the opec meeting.
>> and look out for the headlines. they will be raising their targets. and it's rather than boosting production. >> so what's the key then to be looking out for? >> the key would be to communicate whether they say all right this is our target and we expect members to strictly oblige to it or whether they need it again like last december where they say we just maintained our target and there's no strict message there today. >> thank you very much. is it raining outside. >> slightly. >> it's always raining slightly in london. always. thank you very much for being with us. oil analyst at barclays. now just to mention that we're
just getting pictures of vladimir putin meeting with the representatives of oil factories in the euro mountains. that's happening right now as well and of course we've been looking closely at what's been happening here over the last 24 hours especially since the downing of the russian fighter plane supposedly over turkish air space. president putin saying they'll be forced to respond to future incidents after the downing of the plane and also that the turkish authorities that they're intentionally supporting radical islam in their country. this coming through via dow jones. the russian defense minister stating that the cruiser is positioned off the syrian coast and ready to destroy any threats to russian war planes. let us know what you think about everything that's going on. it seems that syria is just become ever messier and maybe also becoming everybody's dumping ground unfortunately.
let us know what you think. european closing bell at cnbc.com. you can find us on twitter as well. the euro is moving just slightly lower on a report that's been through this morning as well. from reuters that the ecb is looking into two tiered penalty charges for banks or expanding it's bond buying program as well. they're mulling ways to kick start the economy and prevent on going low inflation ahead of the central bank policy meeting that's taking place next week. for more on the ecb stay tuned because we'll be bringing you the board's financial stability review. that should be out at 10:00 a.m. this morning. so in just a couple of minutes. and the ride sharing giant uber has a valuation of more than $50 billion. can you believe it? net revenue expectations north of $2 billion and that's been achieved within six years. $50 billion valuation in six yea
years. we spoke to the head of operations as part of our tech transformers series and asked them about our strategy. you can check out the interview if you head on to our website. they're doing all kinds of things. they're delivering puppies. i wouldn't mind puppies. strong words in the aftermath of the downing of a russian plane by turkey. we'll talk more about this. find us on e-mail email@example.com. see you after the break.