tv Mornings With Maria Bartiromo FOX Business January 21, 2016 6:00am-9:01am EST
board. take a look. the damage continues there with the carnage looking like this. nikkei down 2 and a half percent. hang seng almost 2% and shanghai in china down 3 and a quarter percent. kospi in korea down just a quarter of a percent. checking the markets in europe, stocks move to go positive territory. we are seeing some relief from the massive selling that we have been seeing so far in 2016. ft100, up, breaking news this morning, a british judge ruling that russian leader vladimir putin quote likely approved the murder of the kgb agent back in 2006, the former spy died after ingesting green tea spiked with radioactive palonium, the judge is saying, yes, putin did, in fact, approve the killing. presidential nominee bob dole in
the donald trump-ted cruz battle. blasting ted cruz calling him extremist while questioning allegiance to the party. trump is a deal make they're could work with congress. jeb bush on the other hand, releasing a new campaign ad that claims nominating donald trump all by guaranties a hillary clinton victory come november. >> with almost
all of the vote now actually we can project that hillary clinton will win. i'm watching hillary clinton receive the victory tonight. >> they look at donald trump as the greatest gift from heaven, an easy person to beat in the general election. >> then she will become the next president of the united states. >> maria: pharmaceutical ceo has a new problem on his hand. the committee is investigating several companies for drug price increases. as you know the 32-year-old was
arrested last month in new york and charged with
security's fraud. the entire east coast bracing for what is projecting to be a major winter storm on the way, as far as north carolina already seeing snow this morning. we are expecting it in new york come friday. meanwhile the president's motorcade slipping sliding in the snow as the storm moved into the capital in dc. the five major cities bracing to a foot of snow this upcoming weekend. get ready for that. meanwhile concerns over the global slowdown and slump in oil prices sending stocks plummeting this year. all the major averages with sensitive transport and technology, nasdaq down the most. here in davus the sentiments seems to be fairly positive on the economy despite market selloff. >> this will adjust, which is why you have to take a breath.
>> i don't see anything near that we had in 2008 other than valuation issues that may be in the marketplace. >> look at 2016. it's going to be a year of growth but a lot of differences from china and the united states. from one side, japan and emerging markets. >> i don't think the situation is a repeat of 2008. >> maria: you don't. >> of course, there's a combination of things can go wrong in the global economy, but in order to get a global recession and global financial crisis you need the collapse of china, a collapse of their currency, a collapse of currencies in the markets, recession in china and trade will be through financial. >> maria: joining me right now global head of markets and fox
business senior correspondent. gentlemen, good to see you. thank you for joining us. what's changed over the last three years? >> well, it's china and the rest of the emerging markets that rely on china. on china when it comes to china, i think it's nontrivial. it's going to be the largest contributor in absolute dollar term. the largest trading in the nation, largest consumer of commodities and also happens to be an emerging markets of institutions point of view. you need to take a face in their ability to execute a massive transition to the global economy.
>> maria: anything that happens, is this an overreaction? >> when he mentions fate and china that's where it gets scary. they're doing well but we don't really know what their numbers. do you believe it's 7% growth? there's no counting system there. that's the big problem with china. u.s. investors are saying, why should we believe what comes out of china and why should we believe that government bureaucrats can manage this thing right? they never really do. i will say one other thing, i've been reading in the press this morning about markets and i saw some of the commentary about how the u.s. economy is fundamentally strong and all of this stuff, i will say something to investors, keep this in mind, markets are forward-looking. what is static now may be 2% growth u.s. but markets are starting to price in these potential problems in china and other places and they're saying, wow, there's a problem there. that doesn't mean they're right
but that's what's going on right now. >> maria: markets predicted three of the last several recessions. so to charley's point. the markets are telling us something. >> if you take a step back, there's clearly the context of the revolution, not structural changes going on right now. if you talk about earnings potential, you have to ask where is growth is going to come from and also dependent on the base rate of interest and you have to ask what would be the part of the fed. both of these are uncertainty and as we get information on a daily basis we are jittery. >> maria: what about his comment? do you believe in the 6.9% economic growth that we saw this week? >> every economy in the world is now being managed. there's a huge, you know, monitoring program.
>> maria: that's true. central planning. >> u.s. government manage the economy to a certain extent but they are doing more than that. these a group of european -- excuse me, economic bureaucrats. >> maria: communist country, sure. >> i'm just saying that the history of those guys of people doing that well isn't very good. >> whether china has a hard landing or soft landing, it's easy to find soft landing and even countries like australia that export to china to have a bit of a bumpy landing. they are rotating away from growth that used to be on fixed asset investments. >> maria: i understand that. not only that, china was the jewell -- jewel of the world.
let me ask you about strategy right now. what are you telling clients? the market has lost $2 trillion in value year to date, are you finding value or are we going to see further decline? >> so there's the strategic and tactical aspect to investing. the first thing is to take on what's going on and you have to be on the lookout on what countries have the political countries that have fiscal room and room to grow credit from here on and you go that way. europe is where we are on. europe is going to perform well. the dollar is going to continue to strengthen. >> maria: you don't think the rally sort of hit a peak? >> what do you see the growth?
>> 2.6%. >> that's on the optimistic side >> certainly you've got good fundamentals. >> maria: it sounds like you're pretty positive on economic growth for the globe, does that mean that you think that the market is overreacting here? >> the base case is constructive. we are positive on europe and the u.s. the risk factors remain whether it's oil and high yield in the u.s. or when it comes to europe even though we are positive, the risks are all to do with the state of the union in europe, is migration going to bring it together, potential exit of britain, where is that going to go. so the risk factors remain. the market is right to feel edgy but the developed markets we are -- >> maria: i'm glad you mentioned oil. that has been the underlying issue. is there any reason oil goes much higher from here? >> what scares me about oil is
the u.s.-consumer impact has been nothing. >> maria: more of an indicator than a catalyst. >> remember in the past we had low oil prices, we always had an economic benefit, gdp benefit. we are not having that now. that strikes me as very odd and structural, something structurally wrong with the u.s. services. >> you're spending on -- >> we are saving. >> yeah, you would rather rent my ipad -- >> maria: of everything. >> rather than go and buy it. >> our wages are so low. >> as opposed in the past it would have been merchandise, capital expenditure. you're absolutely right, there's something structural going on right now. >> maria: great to talk to you both. coming right back. weather across the state causing
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federal campaign finance records conducted the investment banks and employees are top contributors to campaigns of jeb bush and marco rubio and also has a long alliance hillary clinton dating back to senate days. some good news this morning for wal-mart employees, hourly workers in its stores will get at least a 2% pay bump. it will affect 1.2 million employees at the companies wal-mart and sam's club stores. domestic carriers including american, united, delta, southwest and jet blue are bracing for the winter weather storm and offering travel waivers and refunds for customers traveling to from and through cities affected by the expected snowstorm this weekend. now for the customer this could mean changing your flight without paying that fee or the
airline refunding your trip for purchase entirely because you don't want to leave your home. maria, back to you in davus. >> maria: yeah, i don't know. even if i'm getting a break or fees paid, i would rather not have the snow and not have the trouble traveling. >> cheryl: we go you go through this weekend, that's for sure. >> maria: thanks, cheryl, cheryl casone, top technology minds predicting that 2016 will be the year of connectivity. just ahead i will sit down with the ceo to talk about what's next in the evolution of mobility and the internet, we will find out where the growth is in this economy and then later a mysterious new planet has just been discovered orbiting our sun. you have to stay tune, back in a moment ♪ ♪
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>> we need a clinical trail. >> maria: we are live from davus, switzerland. technology in the 21st century and the growing of cloud. thank you so much for joining us. you have enabled companies to move to the cloud, it's such an easy and effective way but you are applying that same technology to now health care in
a big way. tell us what you're doing. >> s&p is an unbelievable fast platform so if you think about the issues with health care today, how you sequence that at breath-taking speeds so you can look at dna, right therapy or remedy to eradicate cancer, if you think about personal electronic medical record, you think about all the great researchers and medical scientists out there that are working on a cure, they've all posed amazing research and insight and all that can be available to patient. we work with stanford university, the school of medicine and the american society of clinical oncology to develop a link that helps patient. this is a major and fundamental
change in the healthcare industry. >> maria: 20 years ago when we had geno map, today the cost has come down and we are getting ahead of that. >> and it can come even further. one of the big issues that we talked about with vice president biden and his panel is the notion of the data and why should a person in asia or europe, for example, not have the same access to the best medical research as somebody in america and the idea is how do we share collaborate and aggregate the data and use common standards on a technology platform so that everybody can get the massive benefit. >> maria: health care is one of the major concerns.
you have all the data out there but you don't want the personal information to get to the wrong hands. >> let's talk about that. if you think about the process for a patient is very difficult because the patient has to constantly repeat the same story to a number of doctors, surgeons because the electronic medical record system is basically difficult to use and there to create a billing event and probably compliance event so you treat each patient with the right level of standard so you can defend it if you have to. instead, why don't we take your social security number, give you a private file and a secure cloud and to the extent you want people to access that data, they can do it on demand and this way when you apply for an insurance policy, you don't have to repeat the same story to the insurance policy and order on every doctor
you've seen. when you don't digitize it is on paper and it's floating around on unsecured hands. there's always going to be debate on security and the individual's productivity and where they get the most benefit. i think you have to digitize this process. >> maria: i think it's a great point. that leads to growth. i want to switch over to growth here because i know that the healthcare area is a big growth story for sap. but here we are in a day that once again we are expecting the markets to open lower, we had the market meltdown in 2016, s&p is in how many countries? >> 188. >> maria: 188 countries. you have firsthand, front seat of what's happening around the world. what do you see? >> i just got back from beijing and singapur, there's a difference between the capital markets and their reaction in
the global economy right now than what's really going on in the streets. so, for example, if china is growing 5.6% it's over a larger base and still a lot of growth. so they are doing very well, and they're thinking about the industrial revolution around the digital technology, smart manufacturing, smart cities, how do you automate everything to be relevant in a global economy and take advantage of the internet of things. if you're a technology company and highly innovative you can speak to that and grow your business. america, yes, it's slower growth and there's liquidity questions which i think in a rising rate environment with slower growth in natural. europe is actually pretty robust specially in our business. as we look at the global economy for a technology-market leader by sap, there's a perfect correlation between how you innovate, drive customer value and that's why we are growing triple digits in the cloud, 20%
in the core and double-digit profitability. >> maria: there's a bit of disconnect in terms of what is going on in the broad economy and how the markets have been reacting. >> i absolutely believe that. i met since i've been here in davus at least 25 ceos that have indicated the same thing, that there's the capital markets and the headlines and there's the business and i have not noticed anything different. they all want to innovate, they all have to take a digital approach to how they are going to run their business and they are looking for technology as a way to do that. >> maria: real quick on the liquidity issue. that's one concern that you had. >> it's not a concern that i have. it is a concern that the shareholders or capital markets have because, you know, in an environment where the united states is quote, unquote, allegedly not going to grow as fast, i think that might impact stock prices a bit. but do i think it's going to impact the way customers invest,
the answer is absolutely not. in fact, if anything, they have to accelerate to get digital and get growth and no deaccelerate. >> maria: i love it. futures indicating a lower opening. nonetheless, we are looking at a lower opening. we will be right back live from davus. stay with us. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be. i thione second it's there.day.
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2400 points right now. up about 24 and the dax in germany to thursday 1%. he points higher. breaking news this morning cleared british judge has ruled russia and later vladimir putin likely approved the merger of one-time kgb agent in london back in 2006. you may remember the story. a former spy died after ingesting green tea which had been spiked with a polonium. the british judge is saying yes, vladimir putin actually okay then approved that murder. the internet of things in the world economic forum and the amount of interconnected technologies grows, so does security concerns could the electronics manufacturer flexeril that an overwhelming majority of information technology veterans believe government technology infrastructure is drilled in the private sector by more than seven years it might not merit,
good to see you. thank you for joining us. basically what this study says has the government is lagging the private sector when it comes to securing data? >> the whole digitization the economy is lagging. it is not really alarming because private sector will go faster. they'll innovate, invest. they are going to create the business models that are real breakthrough and real innovation and disruptors. government is going to follow it little bit. the problem is you don't want to get to be too big. it is incumbent on private industry to help government understand the changes occurring in a digital economy and bring it along and close the gap. >> what is most important in terms of getting the government at this aid and peoples data in general? >> a large part of the conference has had a private and public work together to enable the transition. the transition can create
trillions of dollars of value. it can improve health, environment, perfect dignity of people. i think it is incumbent upon private industry to work with government and the government has to listen. private has to bring along government and quite frankly government has to bring a lot of the people. >> me ask you about the whole debate now given the terrorists out there in the idea that technology companies really need to be working in terms of tracking the bad actors. what is your take on the spiritual technology companies be snooping on people's communication so they can effectively affect terrorism? >> i don't think that should be private industry. it needs to secure the data appeared we need to find ways that admit to the digitized economy, we have to find ways to secure the data so we don't have to worry about those things. three macs are now back to you. basically if you have a backdoor
you are allowing government to snoop on people's communications. the bad guys will find it as well. >> they really will appear the solution is not the backdoor. the solution is by someone please kick to it. that's all we need to work on. >> when they get your take on where we are in the world because these markets have been brutal. is it justified? what do look like to you? >> we have a broad view. as you know, big business is like 10 different industries. we see a broad cross-section and quite frankly it's a little slower. you can see that in the gdp numbers and for caspian it is not falling off the cliff like the market suggests that the market is out of whack with business today. maria: when the lookout were europe, how do you see europe right now? >> europe is a little bit better. again it is slow. what is better, 0% growth or 1% growth, not a big number difference. we see a broad cross-section of
industries. you know, maybe a little dish lower. the stock markets seem to be over react to what we see. maria: and the u.s.? >> doing the same thing. probably the best economy right now. maria: mike, good to see you. thank you for joining us. mike mcnamara, ceo of blacks. worst day loss since september. i am going to take you live to check on entergy. at these prices come in the field there'll is actually more expensive than the oil inside. according to our friend at gas ready, phil flynn is that the cme group. how do you like that? the steel barrel is more expensive than the oil that it holds. >> i know that will ruin the list of investments. he was talking about right if
you barrel to put in the office. you have to get oil back to $100 or $129 to make it worthwhile. it is interesting because the storage of oil is becoming a big issue. please i report yesterday from the american petroleum institute report that shows supplies rose to a new all-time record. the places to put oil are becoming more and more expensive because we are running out of time. storage is an important thing so it is very interesting when you put it in the context what is happening in the real world. oil prices are still the crisis of confidence. that is actually lower yesterday in a settlement in the actual physical market. it is really out of whack. back to you. maria: thank you so much. oil at $28.6 a barrel. dagen mcdowell in new york. let's talk markets for a moment. crude oil they thought there was imported 27 in yesterday 26 and
change. what are you hearing? >> you need to see a drop in demand before you get in a stability because we have seen a code of supplies. the world drowning in crude oil. there was a report from a consulting firm out yesterday and i will point to this that china's oil demand growth for the next 15 years is going to be 56 per at lower than the growth in the last 15 years. so if you see that kind -- if you see the weaker global demand in the coming years, particularly china will delay any recovery and the cost of crude for the next year and a half. you will see production cuts here in the u.s., but you've got the iranian crude on the market. outside of opec, production cuts there will be offset by the increase in output from iran. you don't have the kind of necessary decline in production and you are not seeing a weakening demand you need to see
in order to get it here on oil. maria: weakening in demand. oil has been indicating a weak demand story. the main weakening of the playa? dagen: weakening and supply, but we want to see demand for oil to also pull back the china's demand last year but still growing. they were filling petroleum reserves, even though the economy was slowing. if you see production cuts in demand pulling back, that is when you get a floor in oil could be a year and a half from now. maria: already. we will be watching that. we will check back in a few minutes. in the meanwhile, we'll take a short break. the force awakens putting pressure on the next installment, where disney is in "star wars" episode eight is far, far away. back in a minute.
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michigan still in trouble with the water crisis in flint. right to cheryl casone with the latest stories and headlines. >> good morning, maria appeared governor rick sander releasing 250 pages of e-mails that relate to the water crisis. showing how officials responded to the growing concerns about toxic lead contamination in the tap water. governors calls for resignation still being heard. more on that today. former attorney and pharmaceutical martin's college subpoenaed to a congressional hearing next tuesday. the house committee on oversight and government reform investigate several companies including pharmaceuticals were exterminated drug price increases. that galaxy far, far away just got even further away. "star wars" episode eight has been delayed until december 2017 supposed to be replaced more of a weekend of that year. finally, speaking of outer
space, a ninth planet of our solar system may have been found and it is huge. scientists at the california institute of technology believe it's about 10 times the mass of earth or about 5000 times the mass of pluto. this would also take the plane at approximately 10,000 or 20,000 years by estimate to make one orbit around the sun. a lot going on. back to you and someone. maria: cheryl, thank you so much. talking about the economy and market morning. asian markets suffering losses overnight following wall street's big selloff yesterday. the large drop in oil prices and the fact that as a result we have seen a market laws of $2 trillion in 2016 and that is three weeks. the obama economic adviser as per the economic strategist gene sperling. good to see you. thank you for joining us.
now that we have all these worries about the economy and the u.s., some people expect perhaps we could see a recession in 2016. how do you see it? >> i have had concerns about the u.s. economy, but my concern is more steady as opposed to strong. i worry the laborer market is not as tight would indicate. and the weak trading partners being hampered on exports and manufacturing. you still have extremely strong job growth. you have -- maria: extremely? >> well, yeah. the wages have been so-so and not as strong. and if you look at kind of consumer big gag, it is actually quite low.
i don't wear this in the u.s. economy comes in. i understand the concerns that we may be growing 2%. i didn't think the fed should raise right now. from a risk management point of view we ought to be waiting more. i think for those who think this is indicating a recession, the economic numbers in the fundamentals of the economy is just a side other than this dramatic almost 10% selloff. maria: we know some of the issues are global. we know china is part of days. i've got your former colleague around christmas, jerry jack lew. he was saying the same things you are. when you talk about concerns out there and that is the fact we are a 2% growth since the wages
of such a stagnant situation. to i.d. which you both of those things? >> first of all, the united states is facing what a lot of countries are facing right now and that's a great challenge of our era, which is amazing globalization and technological progress. advanced countries, the cases to a broadening or narrowing middle-class families. you are still off the worst session since the great depression. even a 5% unemployment, when you have involuntary part-time workers, is dramatically better but still not the tightness you seen. it was moderate when we need to see real strength.
this is at least a 15 year if not longer challenge. >> we are scratching our head to figure out why it is oil prices have come down 50%. gasoline prices below $2 americans are not spending the money they say that i got him. number of executives say it's because of obamacare because people say $100 at the gas pump and they have to spend 100, $200 for their families. how much do you blame obamacare? >> i don't see that at all. obviously a lot of families doing much better because of obamacare. but i do think that it is important to remember if oil prices stay low for my dad is a positive for the american can zoom or and if you -- a lot of the falling cap in the energy there, that is happy and in it drove down overall investment numbers. a lot of that it happened and i
think if gas prices stay lower, more americans might start to internalize that it may last for longer. that may actually lead some of them to increase their spending. maria: let's not forget a 5.6% savings rate. the balance sheets are much better. you wrote about the federal reserve. you are against them raising interest rates. can they actually raise rates fixed a knowing all of these worries that there's predictions we will see a recession? >> they would still suggest because there's a basis point. even to the degree the market is increased. that would reply we are moving this fall. many people can better a certainty.
now it seems like a low probability to me. maria: it would snap off any traction. >> i think they thought it was good risk management to leave early because it would prevent them quickly. the right of risk management is to know it's always easier to move up and want to move up, you are either have to reverse. i don't think they want to get more in front of this. i hope they are more certain before the next time they move. maria: thank you. sperling. we will be right back.
story. over to you. >> yes, love it. buffalo bills making history as they become the first team to hire a woman is a full-time coach. katherine smith has been named rex ryan and will serve as the bills special teams quality coach. she is by no means an nfl rookie, simply another employee promoted from within having worked for rex ryan under the last seven seasons, one in new york, one with the bills, you may wonder if the cardinals hired the first in a coach this season. they did. jen welter was a preseason intern who worked with inside linebackers. it has been 30 years since goldie hahn showed moviegoers in wildcats that women can be successful football coaches. she got the job done. the pass and the also sarah wallace, the nfl's first in a referee. women hold staff positions in the nfl major that they fell in the nba. the nhl, our loan blake has not hired a female coach. what is so important about the
bills hiring kathryn smith? hundreds if not thousands of girls can go to school today and tell their friends i want to be an nfl head coach or an assistant coach and it can be a dream that becomes a reality. what a great story, maria. maria: it really is. great story. next up, virgin group founder sir richard branson in the house joining us with his take on the global story right now. the economy and its outlook for a year. we will be back in one minute time. stay with us. business incentive, the lowest taxes in decades, and university partnerships, attracting the talent and companies of tomorrow. like in utica, where a new kind of workforce is being trained. and in albany, the nanotechnology capital of the world. let us help grow your company's tomorrow, today at business.ny.gov
marcoto criticize him fornfair missing votes.
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switzerland. we are looking at a lower opening for the broader averages in the u.s. crude oil the culprit, oil is searching for direction this morning after settling yesterday near a 13-year low. we are expecting a lower opening, overnight in asia red on the screen. pretty much across the board. you did have selling overnight in china as well as japan. oil down one and a quarter percent just breaking $28 a barrel. as you can see, that's impacting stocks across the world today. i don't ever night shanghai composite down 3 and a quarter percent. hang seng and kospi both under pressure. european markets, however, seeing strength today. we have fractional moves to the upside but nonetheless a little
bit of a relief in european markets after the major route that we have seen so far in 2016. the dax index in germany up two-thirds of 1%. breaking news this morning, a british judge ruling that russian vladimir putin, quote, likely approved the murder of one-time kgp agent back in 2006. he was the former spy who died after ingesting green tea which apparently was spiked with radioactive polonium. the british judge is saying putin approved that. presidential nominee bob dole jumping into the donald trump-ted cruz battle. the senator blasting ted cruz calling him an extremist while questioning his allegiance to the republican party. dole claiming the trump is a
deal maker that could work with congress. jeb bush releasing a brand new advertisement campaign that claims nominating donald trump all the guaranties
a hillary clinton victory come november. >> with almost all of the vote now, hillary clinton will win. >> i'm watching hillary clinton receive the victory tonight. >> they look at donald trump as the greatest gift from heaven. an easy person to win in the general elections. >> and then she will become the president of the united states. >> maria: martin has a new problem in his hands. he has been subpoenaed to appear before the house committee, the committee is investigating several companies for price increases. he did increase the price of hiv by 5,000%. he was arrested separately in new york and charged with securities fraud.
the entire east coast projecting a winter storm. the president's motorcade last night slipped and slid in the snow and stuck in washington traffic as the storm move booed the capital. the five major cities bracing to up to a foot of snow this weekend. get ready for that. the state of the global economy taking stage in davus this year and investors everywhere. my next guest has businesses in mobile to space travel. right now virgin ceo, richard. let me get your take as we have the massive worries and markets are training now that china is a lot slower than what you thought. based on the airline business, what do you see? >> we have seen very good business and i think the markets are as they often do
overreacting. the reason that oil is priced at such allow level is excess -- excess supply of demand and -- and that's a good thing and the oil $25 a barrel, it's going to be wonderful for either for the consumer, t either going to be wonderful for for most businesses. the only people that have began to suffer from it are obviously producing-nations and oil companies, and so, you know, i think it's a great mistake. i think there are enormous amount of companies out there that are going to be big beneficiaries from low oil prices and helps stimulate demand. >> maria: it's interesting, it
makes perfect sense. when you're saving so much money at the gasoline pump, you're saving so much money as an airline operator, you you would think you have the money to invest and spend in the economy, why do you think we haven't seen that way to a more substantial way? oil is down 50%. >> richard: people overtalk about china. america and europe do not rely that much on china and the fact that has only grown by 5-6% rather than 8-9%. it's not a big deal. i think the markets have overreacted to china having a slight selloff. i think the far bigger picture, story are commodity prices across the border low and that is an enormous benefit, and quite quickly, i think the benefits of low oil prices are going to start being seen -- will be seen in many companies,
obviously some airlines, for instance, will have hedged and therefore won't see the benefits immediately, but the hedges will fall away, and i personally think that it would stay low for years to come and then you the clean energy revolution that's been agreed in paris coming a long and -- and you could see a situation where, you know, oil never really goes above, you know, forty dollars for many, many years to come if ever. >> maria: yeah, certainly the price of oil has real impact to the transportation industry. have you seen an impact at virgin so far? you have to have felt over the last year, this is now about a year that we have seen oil prices down 50% in. >> richard: the airlines where i manage to persuade not to hedge are smiling, the ones that took
cautious approach. oil only has one way to go and -- and, yeah, i wouldn't name specific airlines but we have airlines that are beginning to do very well out of low oil prices. now, if you look at the stock market everything is being marked down. airline stocks have been marked down with everything else. i think that some of those people who are investing in stocks are not thinking through the consequences of what's happening. >> maria: you don't worry about day-to-day moves in the stock market? >> richard: not at all. we have a number of companies that are public, but it doesn't really matter to us. we think long-term and i don't see the end of the world happening right now. i think, you know, two or three
years from now we look back and opportunities will -- opportunities always come out and -- and that's how people actually make a quite bit of money. >> maria: second spaceship two will be revealed to the world next month. what should we expect? >> richard: a beautiful spaceship. steven hawkins is doing the unveiling and the team worked day and night since the accident to get -- to get it back on track and, you know, we are very proud of the job they've done, so we are very much looking to showing it off to the world. >> maria: yeah, i think the fact that steven hawkins is doing it and people are looking at this as real promise in terms of turning this into when do you actually expect this turning into a situation where citizens can go into space?
>> richard: well, i'm not going to give dates. >> maria: no, i understand that. i'm not going to push you on that, of course not. >> richard: when we are ready we will be doing it. once it's unveiled we will have test pilot testing it many, many times and when they say it's ready for you and i to go into space, i hope we will tempt you up there. >> maria: i love it. i love the idea that you partnered with virgin galactic space apparel. >> richard: everything about it needs to be right. if you have to go to space, you might as well look good, and so, yeah, we have partnered with some great designers there and they make futures astronauts look great. >> maria: wonderful to see you, we will see you soon.
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>> maria: welcome back, republican presidential candidate jeb bush releasing advertisement targeting donald trump. cheryl casone in new york city with the other headlines this morning. cheryl, good morning. >> cheryl: good morning, maria. on this new ad the florida governor offering himself to a solution to defeating hillary clinton. with the ad bush posting a tweet, quote, if donald trump is the nominee hillary clinton will be elected president. also, this morning, guys, british parliament spent day
debating on donald trump because of stand on muslims. 43,000 petitions were signed in the uk and in davus, switzerland talking about that debate. >> he may disagree with what he says. i don't know. in any event, let me tell you, we are all watching your election in the u.s., we have a lot of interest. i would say a little bit of anxiety. [laughter] >> cheryl: i'm sure you're hearing that on davus. that interview is going to be, of course, broadcast today. count on the closing bell at 3:00 p.m. eastern time. also this story today, domestic carriers including american, united, delta, southwest and jet blue bracing for the winter storm that's approaching the
east coast and offering travel waivers traveling to and from by the expected argagedon snowstorm, that's what we are calling. if you want to just, i don't know, stay home and stay warm. maria back to you in davus. >> maria: that's the best advice, cheryl. liz is also talking with the president of ukraine as we saw in the graphic. russian president vladimir putin likely responsible for approving the fatal poisoning of the former kgb uk intelligence agent. next one i will joined by one of putin's critics, bill with us live. back in a minute. ♪ ♪
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>> maria: welcome back, we are live from the world's economy forum. we are talking about all of the worries as well as oil prices hitting russian markets hard as the russian slumped to a new low for a second session in a row. that is the steepest two-day decline in about nine months. joining us right now capital ceo, the single largest investor in russia, bill, good to see you. thank you so much for joining us. i want to start with the story about vladimir putin, who, of course, is now the news headlines of the morning because a judge has ruled that the russian leader approved of the murder of the former russian spy, kgb agent. what's your take?
>> we all knew that putin was behind this since it happened. what's so remarkable about this is that you have a true unimpeachable character that putin in the head of sfb, russian police were behind the whole thing and state sponsored and to put in perspective to everybody, this was an act of nuclear terrorism. they took this nuclear material and poison this guy and they had to test 700 people for radiation exposure in london. it went to arsenal stadium where they played soccer, restaurant, it went to all over the place. this was like a public health terrorist attack that took place in london. >> maria: that's unbelievable. putin here this morning is ruling that i approved it, he doesn't care. what should happen now in --
what should britain do? >> we must consider diplomatic issues as well as these issues. it was one of the mumbling nothing is coming out of the british government so far. what the british government should do at the very least is use the power that they have over russia which is economic power, they should freeze the assets and probably a dozen of other people. the united states government did this and passed the magnizki act. his money -- he may be doing horrible but his money is outside of russia. >> maria: so you think then putin also approved the murder of your lawyer? >> i don't think he approved the murder of my lawyer but he was involved in the cover-up of the
murder of my lawyer. >> maria: you basically got to the border of moscow, you were the largest investor in russia, they stopped you and said, no, you're not coming into russia. then what happened? >> maria: they expelled me from russia, they raided my office and seized all my documents. they stole it from the russian government. i had a young lawyer, investigated, exposed some of the people involved, he was then arrested by some of the people and killed six years ago. i've been on the mission for justice from my murdered lawyer ever since which led to the passage in america which freeze it is assets and ban the visas and britain should do the same thing in this case. >> maria: russia has inserted itself in the syrian crisis. basically doing air strikes when america was there trying to lead
the situation. and, you know, gary has been on the program, oil has plummeted, putin has to do something to look like the leader of the country and just trade in conflict. >> yeah, so basically, you know, his popularity ratings for start to go diminish because of the economic situation wasn't good in russia. how do i dye extract everybody from a bad economy? he started a war in ukraine and he couldn't back down from the war on ukraine, he bombed his way to the negotiating table in syria, well, now we need to work with putin. it's a truly cynical, cynical man. >> maria: you don't think secretary of state hillary clinton reset worked? >> oh, my god, it encouraged him to do all those types of stuff. there was a famous man from britain who is appeasement in the nazi area, that is what we
crude now 2815 down three quarters of 1%. asia also in the red. you see selling of equities in asia. of course yield weakness on wall street yesterday. shanghai composite down three and a quarter of a percent. meanwhile in europe, stocks are higher. we have some strength in european markets. if we take a look at averages, we see some stability. 27 points in the cac, dax up 41 points. dagen mcdowell is in new york checking out markets this morning. cheryl casone also back at new york headquarters. ladies, good morning. dagen: good morning, maria. the fact that stocks look expensive over history which would keep buyers on the
sidelines. s&p sam sobol came out with a note yesterday looking at and arguing in one way that stocks look reasonably applies, but if you look at the trailing s&p right now, it is still expensive relative to where it has been in the 11th time since world war ii the s&p fell 20%. the s&p only down 13% from the recent high last year. a lot of these measures suggest stocks have more room to fall. maria: what is the price to earnings ratio you are looking at. fans cobalt as it is built to ask answers. 15, 16 times even before the big crash. what is it now? dagen: you are right on the money. 15.9 times the trailing valuation on the s&p 500 and compare that to 13.8 times for
the 11th time since world war ii the stock market had gone into -- the s&p had gone into bear market territory. the market also looks expensive on a forward and trailing races if you look where it was during the 2011 correction low. again, those are the more recent measures that people are looking now. maria: cheryl, how about you? cheryl: to fall in crude has been the market story. there's an interesting point made already today about the impact of china on oil. i think china is continuing to be a demand driver. if we see demand that would be good overall for oil production, good for overall energy companies. we might see some stability. stability in oil is the best thing we can hope for an all these earnings coming up watching as well.
maria: fourth-quarter earnings expected to be down 5.9% according to s&p. executives this morning and all week we hear things do not look as bad as these markets are indicating. let's get friends right now over at fox and friends in the studio in new york. joining us right now, brian, kelley, steve and bernard. good to see you guys. it's been a good to see you. she is doing her show, we are doing our show appeared maria, you did not have to leave new york for snow. it is coming, baby. maria: i know, i'm traveling back on saturday and i hope everything goes okay. it is going to be really a major storm. >> or rhea, i don't know what your weather department looks like, but ours is lurching and pulsating. maria: look at the gorgeous sunshine behind you. >> it almost looks real.
maria, tell us right now the rich of the rich, the billionaires of the billionaires, what are they saying about what is going on with markets? maria: do know what, it is funny because i have been speaking with everyone from the ceo of the largest hotel company, marriott in the midst of acquiring starwood to the ceo of nissan renault, and not a maker doing well, too stock strategist. i keep hearing the same thing that the world is coming to an end and it is just not that kind of doomsday scenario. of course we have seen a slowdown in china, but why the market is so focused on the happenings of china so much to this extent that we lost $2 trillion in market value in 2016 seems a mystery to me. most people did miss the story of 2015. they did miss that the economy was a lot weaker than people
thought. but i don't think that it is as bad as the markets are indicating. that is what i'm hearing from most of my guests here. >> they want to hang out in way. i want to ask you about the issue of iran. the country now awash in cash after we gave them a bunch of money. they are really excited about the prospects of getting the money, buying products and doing infrastructure products in iran. what are folks talking about in europe? maria: for sure, heather. people are looking at iran as an opportunity from the corporate level. when i spoke with treasury secretary jack loup recently, he said american companies have to be careful because they can't go and set up shop because there are still sanctions that may very well be not consistent with american companies going. not talking about european companies that american companies doing regular business in iran. i think there is still some
issues in terms of any company going bare and thinking that they are just going to open up shop. having said that coming are talking about $100 billion. iranian oil coming onto the market. all of the supply of oil on the global market has pushed prices down to 13 year lows. that is caused job cut and has called capital expenditure cuts. more oil is probably going to add to the supply. not a good story for the price of oil, but maybe at some point it helps consumers. >> you iran davos, switzerland where it is so beautiful. i don't know if you can have your camera manual vote for a bit so we can be. it does look like a norelco ad. it is so pretty. look at that. maria: this is the ceo of cisco. sitting with you right now.
you are gorgeous. what can i say. we are going to talk about his business. you agree with my assessments? >> generally. we have been watching this unfold while we are here. our latest view is we are in a quiet period right now. maria: we are going to talk about that. we are going to get into it in terms of cisco and what his tv entrées being brian, steve and heather. >> when you're done, build a snowman. maria: i will do that and then i will go sleep in my closet upside down. >> that would be great. bye, you guys. >> thanks, maria.
maria: i am sorry, chuck. i didn't want you to go -- good to see you. thank you for joining us. that was just a light situation. i did want to put you on the spot in terms of talking about your business right now. thank you for playing with us. that was a lot of fun. chuck robbins, ceo of cisco joining us to talk about this. what do you think about the global story right now? is that as bad as so many people are suggesting? >> obviously as i said earlier we watch this unfold over the last couple of weeks since you have. if you go back to our last quarter, you know, things were generally good in the u.s. we have europe was doing okay in the emerging market was a complete mix and the irony for us is at a time where everybody's talking about china having challenges in the last
quarter was our first growth quarter in china in over two and half years. it is a very mixed environment. maria: this makes it go in front of export led economy to a consumer economy doesn't happen overnight. do you feel bad doing business in china that transition? >> the market is huge. what we have done with ours added she is we have begun to diverse via two different geographic areas. we diversify across state owned enterprises as well as commercial customers. we still work and smart cities and public areas. it is a huge economy and if it is still growing 6%, it is still not bad. maria: i have been hearing europe looks better than we thought. >> the irony right now is the whole theme of the davos, the fourth industrial revolution, the leaders actually understand and get that. they are thinking about the implications, what does it mean for jobs, how they need to drive
some element of policy change, and the european union level to be more competitive. we see europe trying to make all the right moves and in general we have seen it relatively positive. >> here we are at a new year. the budgets have you have to have technology to enable growth for companies. you see budget increase and more monies and done things like that? >> if you get back to the transition happening and we talked about this the last time we were together. every country, every company is going to embrace. it is about growth could also the next generation of product dignity, efficiency, enabling capabilities they have never had before. companies now believe technology is completely integrated into their business strategy. they don't necessarily view it as an operating expense.
maria: that is a really good point. i may get your take on this debate we are having in america about government, security and tracking terrorists. should telecom and technology companies love government to snoop on people's private communications that the government has been needs to so they can track terrorists better? >> there is clearly not an easy answer to this one. depending on the most recent circumstances going on, people have different islamic. we talked about it this morning and a session we had here that there needs to be a balance between privacy rights and national security. it is something business needs to come together with the public sector and policymakers to figure out what the right answer is. maria: tim cook from apple says if you have a backdoor for government it is a backdoor and the bad actors will get in on the backdoor. >> i'm not suggesting we should
have backdoors. it is a discussion we had to have and the technology companies in silicon valley policymakers should come together and figure out what the balance is. the citizens want those and they want privacy but they also want safety. maria: what about securing data? right now this is data overload. what are the answers on what is cisco solution? >> if you think about data, companies think about data almost like they would in a valuable asset on their balance sheet. they need to protect it in similar ways. around the world, we have to build systems of trust around how data moves between sovereign nations, how data is used with strategic partnerships and i think it really is going to come down to is creating an environment where there is trust that comes from not only technological security, but also policy and agreement how we will operate together.
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maria: welcome back. features still indicate a lower opening. we are looking at a market off of the lows. nonetheless showing a decline of 67 points on the dow industrial. weakness across the board this morning in asia, the european markets are slightly higher. joining us right now is wpp ceo martin saurav. >> we arrived here in the davos. >> exactly. is that how you see it? >> before the end of the gear i sell 2016 is going to be the same as 2015. i still sort of fear that.
our industry benefits from things like the olympic games, european folk championships, the quadrennial every year as we get these events. having said that, the mood here is a little bit depressing, but the world as you know, maria, is slow growth, no inflation, no pricing power. clients are very, very cautious. you saw her second largest client with good results but they said 2016 is a tough year. they are facing strong currency and the cap reported results. one cfos said they look at their result in order to balance their profitability is. obviously logical. having said that, they are reacting that way. it is not a great environment and we have these geopolitical risks. maria: when you look at the euro zone, the economy here is getting better.
the ecb keeping rates unchanged. not a surprise because people were not expect in an increase in stimulus right now. >> if they increase rates, we would be in the market. but the dollar strength, the pound this weekend, which for us is now a current detail when because the dollar's strength outweighs the euro weakness whereas last year was the opposite. we had a head wind, even though we thought we were going to get tailwind last year. the geopolitical risk whether it's oil, china, middle east, crimea, ukraine, russia, whatever, all of these things add to the uncertainty. there'll be some black swans that they don't even figure out. it happens that way. >> you and i were on a panel yesterday. i thought it got quite feisty between you and paul singer. but talk about that for a second.
>> i know you'd like to build it. maria: you're a hedge fund activist pressure companies for short-term gains. >> i perceive to. but the way a soul that you remember it is an appetizing campaign to change that perception because the perception is reality. theories about it, there are the transformers, disrupted businesses like huber and airbnb. the other end you have been zero-based budget and in the middle you have the activist investors. they are perceived as short-term. maria: some of them are. >> we had a session where you heard from larry seem to have further ideas. the rest of the chairman of the s&p 500 telling them what they should do to focus on the long-term. he's got new thoughts coming out in particular that he is going to develop that will come out in time. obviously, the long-term is a and is worried about health and business. you asked the previous, chuck
from cisco, whether people are enlisting. capital investment is down. we talked about that on your panel. companies are not investing in the short-term view. the other thing was the structures that go against good corporate governance, those where you have kids, i think rupert and the murdoch family can take a long-term view because their shareholding has a disproportionate control. that is a good thing. obviously having said that gives them the ability to build for the long-term. maria: and not be forced to be under pressure situations. let me ask you about one pressure situation because there was a lot of talk that twitter could become a takeover target. what is your take on social media right now as it relates to advertise them in your business? do you think twitter will go to choir? >> interestingly it went for
150 million to 225 million. we did about 2.5 billion with fox and with new score. the average for legacy media is about 750 to 1.75 billion. so that gives you rough orders of magnitude. twitter obviously it's going from a tougher time. actually from a usage point of view for my pr medium rather than branding. but from our point of view, we have strengthened our position and we are using twitter more effectively than before. from a real business, this might be another example of the disconnect in the market from the real world. do you see a lot of the media in this area. is it worth 50 billion? some people say yes. maria: is google worth 70 billion? >> the other thing, is viacom
worth 15, 16 billion? if cbs -- there's a lot of questions being asked about the valuation. one of the things that markets may have gone wrong, the hedge fund managers see value in the linear tv companies whose stock has been not time warner. rupert didn't make an offer for time warner. it is now underwater for that price even on an unjust basis given the fox -- back in play. you see big ships. there's one other thing interesting. there were a few people starting to say because the problems of measurability, robot and things like that, the automated viewing, maybe traditional media offers better value than we think. so the interesting thing in the margin. maria: good to see you. mark 10 sorrell, we will be right back.
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maria: welcome back. a check on oil right here. we've been back worth between 28 and below 28. thirteen dollars -- phil flynn with the cme group. it's really been an issue for global markets. good morning. >> it really has been. the word confidence in the markets seem to get a boost after the ecb decided to keep interest rates unchanged. at least they are not panicking right now about what is going on in the global markets. of course the games were very modest. later today the market will focus only on mario draughon d., but oil inventory. based on what we saw from the american petroleum institute yesterday, it could be a whopper. we saw supplies held by $4.7 million, gasoline by 4.6. could be another record day. back to you.
maria: thank you so much. phil flynn at this cme group this morning searching for direction on the price of oil. we are watching global market today and once again a lower opening for the broader averages in the u.s. europe is higher. a lot of positive commentary for them here. back in a minute. iall across the state belthe economy is growing,day. with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. like in the hudson valley, with world class biotech.
maria: good morning. welcome back. i am maria bartiromo coming to you live from someone, switzerland. it is thursday, january 21st. with me this morning is fox business dagen mcdowell and cheryl casone. it is 8:00 a.m. on the east coast. here are your top stories. 2:00 p.m. in the sub one. stock prices opened this morning after yesterday's triple digit row. but cannot we does, however the
market is bouncing a bit in the last hour. we are well off of the lows of the morning. a 50-point decline at the opening of trading. the question is have we seen capitulation in this market yesterday down 550 points. crude oil around $20 a barrel settling her 13 year low yesterday ,-com,-com ma bouncing after the news we just heard the ecb has left interest rates unchanged. nothing but read on the board. selling inequities in asia and the top session yesterday on wall street. the nikkei average in japan 2.5%. shanghai composite down three and a quarter% in hong kong and korea under pressure. in europe, stocks have been higher. positive territory in european averages here we see money moving into equities. the dax index in germany up about 1%. markets have strengthened in the last few minutes on the news that the ecb has in fact left
rates unchanged. breaking news this morning. a british judge's ruling that russian leader vladimir putin likely approve the murder of one kind kgb agent alexander bennink go back in 2006. the former spy died after he ingested green tea which was spiked with radioactive polonium. turning to politics in the united states. bob dole jumping into the donald trump ted cruz battle. the 92 euro former kansas senator blasting ted cruz, calling him an extremist while questioning his allegiance to the republican party. bob dole claiming trump is a deal maker who would work well with congress. jeb bush released this brave new advertising campaign that claims nominating donald trump all but guarantees a hillary clinton
victor come november. >> with almost all of the vote now actually projecting hillary
clinton will win. >> they look at donald trump as the gators gift from heaven. >> shall become the next president of the united states. maria: farmer pharmaceuticals ceo martin should crowley has a new problem on his hands. he has been subpoenaed to appear before the house oversight committee next tuesday. the committee is investigating several companies for exorbitant drug price increases. he did raise the price of his drug by 5000% and also to 32-year-old was
arrested last month separately in new york and charged for securities fraud. the entire east coast bracing for what is projected to be a major winters term as far south as north carolina already seen snow this morning. the president's motorcade reportedly slipping and sliding in the snow and stock in washington traffic as the storm moved through the capital.
the five major cities along the i-95 corridor bracing for up to a foot of snow this weekend. the negative headlines are everywhere you look. china opposed its growth numbers earlier. the slowest annual growth in 25 years, oil prices near the lowest level in her teen years in global stock markets in correction mode posted month is to begin 2016, the worst beginning to the year of any year. talking about that and the impact of that campaign right now. i want to bring in my special guest, neil ferguson joining us. professor of history at harvard university. hoover senior fellow. thank you for joining us. what is your take on all of these headlines in the global economy traveling the world, speaking to so many people. >> let's take a step back because we are focused on the short run. think of this as sequential. the u.s. crisis in 2008-2009. that was more or less dealt with
by the fed and there was a year of some crisis which blew up somewhat later. more left by the ecb. now we have a crisis spill into the global economy. it is not just the growth number which in any case we probably shouldn't believe. it is much more about capital. the chinese are pessimistic. there is massive outflows of a great ball of money trying to get out of china and that brings the risk of a significant appreciation of the chinese current day. that puts it on other emerging markets, the risk of a currency word in oil has felt the pain from a chinese lowdown. that is what i think we are seen, the third of a sink with prices back to 2008. maria: we look at the chinese yuan being devalued because it makes the products coming out of china that much cheaper. >> what is driving this is not so much competitive in export markets. they love to be less reliant on
exports as part of the transition they tried to achieve. the key issue is the chinese have been talking for some time about having a liberalized account and to converse about current the and the chinese currency kind of competitive with junior partner for the dollar. that is all very well, but if money was to get out of china and you can't stop it because you're liberalized in the capital account, the exchange rate is going to side and they have been trying since august is lowdown massive intervention. at some point that is going to crack and we will see a further depreciation of the chinese country. coming up to the chinese new year, and looking ahead to the spring you could see further action there. the other part is the effect of the chinese lowdown on commodity price is, especially oil. maria: and of course the commodities complex doesn't completely collapse to all those things used to make houses. it does feel like an aggressive reaction in the global market to
figure out a global markets are thinking when they put it in context. >> a lot of these commodities are they putting in in the u.s. market. running enormous deficits. just take saudi arabia that did about 25% of gdp. the budgets depend on expensive oil. right now back in the $20 to $30 range creating huge fiscal roles for the commodity exporters and that is why you see selloffs. part of what we see is outflows of money to buy distressed sellers the commodity countries. maria: meanwhile, you've got the situation a geopolitics. how do you characterize things right now? you got the new upset between the saudis and iranians for the saudi's have cut diplomatic ties with iran and several other countries follow the saudis lead. >> i can't say i'm surprised by this. the arab spring began here.
i said this is not wonderful news. this is an escalating crisis in the islamist to be the beneficiaries of the authoritarian regimes. conflicts have escalated steadily almost exponentially in fact those regulations in egypt and later libya and syria in these countries have collapsed into civil war. they are saying we are alternately on the road to massive regionwide title for power in a post-american middle east. the president, president obama announced effectively the u.s. is no longer the global policeman, was no longer going to be hegemonic and the middle east. the race they are on for power at the u.s. is no longer the dominant player in the region and as a race between iran and saudi arabia between shiite and sunni and they will get worse before it gets better and afraid. maria: what should the u.s. be doing, a real debate in terms of big u.s. position within the
middle east that you have ice is getting stronger and the upside and other terrorists getting stronger. what should the u.s. be doing? >> the next president will have to move review, probably reverse the obama administration because the policy has been to gamble on a relationship with iran that i think is ultimately going to be a big disappointment. sanctions have been lifted. the iranians are now able to sell oil by the way another reason oil should be headed down. the u.s. is going to get the payoff in terms of some kind of more liberal iranian regime on the country. hard-liners don't have a lot of power in the country and some of the money will go straight into the sectarian battles we see being waged as far as syria and yemen. the next president will have to say this is a huge wrong turning. don't we need to put our support into traditional allies in the
region, like israel, like egypt. after all, since 2011, maybe 2009 in his cairo speech, president obama has essentially switched sides and moved away from allies and got closer and closer to iran, which since 1979 has been the principal antagonists. i think this will turn out to be the major wrong turning, whoever the next president will have to change it. maria: it if they had scratcher when you consider all of this. iran has been the biggest supporter of terrorists. >> the president tried to explain himself in an interview where he said he wanted equilibrium between sunni and shiite powers. i said at the time is not going to give equilibrium. he would get a major war. in a situation like that come you make an escalating conflict and i'm afraid the iran deal of nuclear arms ultimately set a timeline for a showdown because
by eight years time, the iranians will be on the point of being a nuclear armed power. the race is on to make sure they don't become the power the region and that is where the president made a fundamental strategic mistake. train to their party said they have one, we want one. you have an arms race at all levels, the local terrace level all the way up. maria: so good to see you. niall ferguson joining us. we are taking a look at the east coast bracing itself for the first snowstorm of 20s eckstein. we will bring you the details and how it impacts your travel. back in a moment.
maria: welcome back to "mornings with maria." back to davos in a moment. big news in the sport world to tell you about. buffalo bills providing catherine smith last night to the position of agile teams quality control coach on rex ryan's staff. this makes her the first full-time female coach in the nfl. smith spent the season as an administrative assistant or the coaches. good for her. a galaxy far, far away just got even farther away. "star wars" episode eight has been delayed until december 2017 with no explanation from disney. the movie was released memorial day weekend and now we look at december. speaking of outer space, an ice planet -- the ninth plane of our solar system may have been found in it huge. the california institute of technology believes it is 10 times the mass of earth, 5000 times the mass of pluto.
finally domestic carriers including american, united come as doubts west and jeb blew already bracing for the winter weather storm and offering travel waivers and refunds for customers traveling to, from or through cities affected by this weekend's big no storm. with that now to the fox weather center for a look at how about the storm is owing to be. the latest in the fox weather center. good morning, maria. maria: good morning, cheryl. all sorts of problems because it's not just the conditions across the mid-atlantic, but a risk for severe storms with tornadoes possible throughout the day today in the overnight hours in tomorrow morning anywhere from eastern texas to the panhandle, the greatest risk area highlighted in orange across louisiana, part of mississippi and alabama. not only do you have risk for tornadoes but damaging windows and storm that developed later today. ice is another concern across the carolinas where we could be
up to an inch of ice accumulation. we ought to look in across kentucky and into parts of arkansas. it will be a big concern. strong onshore winds from our storm system potentially over 50 miles per hour will be bringing a threat for coastal flooding, beach erosion a number of watches in effect across parts of southern new jersey and delaware. very widespread winter storm warnings and we even have blizzard watches for d.c., baltimore and the new york city area because of the combination is wrong when with the snow that will bring in whiteout conditions. as far as the heaviest snow totals across the mid-atlantic like d.c. and baltimore. they concede two feet of snow, maybe even higher amount. it is going to be a tough forecast for new york city in areas surrounding the sharp cut off the snow. we lookup you updated.
cheryl: thank you. we have snow boots ready. parental growth and we'll talk to the ceo of the company coming up next. dow chemical ceo andrew labyrinth. stay here for more "mornings with maria." when a moment spontaneously turns romantic, why pause to take a pill? and why stop what you're doing to find a bathroom? cialis for daily use, is the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night.
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maria: welcome back. despite the recent market turmoil and the u.s. and global economies, my next guest right now has managed to secure and grow improving the lives of his employees by his abeche and an extended parental leave policy. we will talk about that. the dow chemical company granting new mothers a minimum of 12 weeks paid leave. joining us now is the ceo, andrew liveris. thanks for joining us. we see a change in terms of the benefits and corporations which
i'm going to get to in a moment. first the talk about the global economy considering this is front and center. how do you see things? >> maria, the oil price scenario through 2015 and the general commodities issue that has occurred is heard in emerging economies in terms of revenue streams. we have always had the portfolio should initiative from low-priced commodities if we have value add input/outputs, which means technology and products people buy no matter what happens to the economic situation. we see that. they are low commodity prices. it is slower than what would otherwise see. clearly, a big chunk of the gasoline price went down into savers pockets first, but it's coming out of the pocket now. maria: i have been trying to track this and it doesn't feel like people are spending money they saved. >> talk to the car manufacturers, furniture and bedding manufacturers who we
sold two. this is a global conversation i'm having with you. we see a pivot of very large export economies, notably china and some of the other economies like the southeast asian once to internal consumption drivers benefiting from this low oil price, low commodity environment. the stimuli we would want to happen through low-cost input from as low as it has been to cannes in our view, the real economy is doing fine, thank you very much. maria: the real economy is not necessarily in step with what the global markets are telling us. $2 trillion in market value, worst year ever in terms of beginning of the year. >> if someone told me when i first got the job, the worst thing i could do with eeo is follow the stock price and look at the yahoo! chat boards on the messaging system. so you run a company, not a stock. equity cycles -- based on fast money and money move into and
recalibration of p.e. ratios it may be that is happening right now. maybe there will not be as robust as they rise so we will recalibrate the p. ratio for 17 to 15. so there could be some of that. that is what money does is the recalibrate future. i want to remind everyone is all prices consider high at $30. we were having crisis meetings because oil had gone to $30. just a second here. just back off a bit, look at the fact you got low-cost inputs around the world to some very economies that have been consumption economies like china, like europe they need low price and pose. demand will come in as long as demanding fair, the the real market should be just fine. maria: you have to believe at some point this would be a huge positive. one group that is focused on
short-term iraq to those who were successful in pushing a combination. people are looking at this combination to own over the long-term. what are the best cases out of this combination in the pc growth coming from? >> as has been about yourself, you may have read or seen this is a 10 year mission to get the industrial logic of peace to great historic iconic american enterprise. if you could figure out a way to put lichen like together for the benefit of growth in customers, this is the way to do it. dupont has been on a march to become the number one agricultural science company for a long time. we do science business people talk about, why are you earning it? it belongs somewhere else. they've always said that is true. the combination we create, the logic of putting them together,
getting the energies of the combination and very quickly a pier at play to become the number one company in the world. value creation that can have literally everything they want in the pantry in terms of agricultural science capabilities. we toured last week. they are fantastic. state-of-the-art technology for farmers. they have become the new data. materials for packaging, transportation, construction, infrastructure, very focused company. that is the new dow. we have been talking about this for years. what has enabled it is bringing together these two companies. shareholders are demanding change in our interpretation clear and including the act of this definitely would say that. it took literally to ces to check their egos at the door and say what is the best thing for shareholders for the long-term.
employees, customers and the growth of a compromise. maria: when you expect the growth to start showing up? >> job one to win three run the business as if the merger will not happen. get it to close this fast as possible weekly working on this at daily meetings and a lot of things together with our teams. get to the spins within a 12 to 24 month time frame. during that period of time, business as usual. after we joined together, get this thing is ready business as usual. let's call an end of 17. the companies are growing and the bases. maria: and dominating force within the industry. >> how about category make her comic category builder, a company that will dominate in the sense of the number one provider of technologies for this market. tree into global leader in certainly historic.
good to see you. maria: good to see you always. maria: andrew liveris right there. we will be back with two of the leaders in this space. back in a moment. ♪ in new york state, we believe tomorrow starts today. all across the state the economy is growing, with creative new business incentives, the lowest taxes in decades, and university partnerships, attracting the talent and companies of tomorrow.
>> welcome back, i'm maria bartiromo. coming to you once again from the live forum in davos, switzerland. we're covering global markets. look what occurred in the last half hour, the dow jones industrial average and the s&p 500, back in positive territory. the european central bank, about a half hour ago reporting it's keeping interest rates unchanged. no major stimulus although the
ecb said it will be there depending what the euro zone needs. crude oil hovering around $28 a barrel, one of the issues for markets, certainly, but this morning, we see oil at 28.12, down 1%. look at equities in europe. money moving into equities. take a look at the dax index and text, in germany we're at the high of the morning, cac quarante at 1 1/3%, dax index higher. jobless claims coming out 10,000, 293,000. another major topic here in davos is the technological to keep us healthy and living longer. and no better to ask than cleveland clinics dr. toby cosgrove, and mayo clinic ceo
dr. john noseworthy. what's going on ahead of disease, do we have anything new in this regard in terms of getting ahead of disease where we're using technology to really do that? and i know you had a session with vice-president biden during this trip. what came out of it? >> well, i think what he's doing is bringing together a lot of disciplines, we're now seeing geonomics playing a major part and causing cancer and also the therapy of cancer. we're looking at immunotherapy and he's bringing the other big data. and big data was a major topic of this entire gathering here about how it can help bring new understanding to health care. maria: many i'm going to ask you about big data. toby, i think you and i were having a conversation a year ago and you said to me, what are the main things that lead to sickness, number one, behavior-- i don't know if this is the order, number two, where you
live, and number three, genes. do i have that right? >> well, i think that the main one is behavior. smoking, lack of exercise, obesity, those are the three things as behavior, and then geonomics is a distance second. maria: and where you live. >> a major influence, yes. maria: i think that's fascinating. >> and your economic status. maria: john. >> you were talking about getting ahead of cancer and prevention and early detection and we've talked about using dna technology to detect early colon cancer, especially in vulnerable groups that don't access health care very well. and we're working on an innovation that's exciting to detect the number one gynecological cancer, en endometrial cancer and women who are harboring endometrial cancer with that technology.
maria: do you feel we're closer than we ever have been in terms of, a cure is obviously, really positive thinking. i mean, there are certain cancers that we're nowhere near that, but how would you say, in terms-- what would you say in terms of where we are towards that regard? >> i think that understanding the nature of cancer and the various cancers and there are several hundred different cancers, as dr. cosgrove mentioned, there are genetic predispositions and life style predispositions and the entire industry is coming together to share the data how to detect it and how you treat it and the speed with which those interventions and collaborations are happening is really quite stunning. and there are drugs now that we didn't have before that in combination are controlling more cancer, so i think we're making strong progress. this is not going to be a short journey, however. maria: yeah. >> i think the other thing we have to remember, it's always better not to get cancer and the number-- a couple of things you can do to prevent it, first of all, smoking, we still have 22% of the united states that smokes.
maria: 22%. and europe, that number is much higher, right? >> and going up, scarily in the united states. and the other thing that we had is obesity, which is now contributing to all kinds of cancers. >> colorectal cancer, breast cancer, et cetera. a major influence on getting cancer. and early screening. right now we've only got about 60% of the people who get their regular colonoscopies and there's a disparate depending on your economic situation with people who are less disposed to get those things, who are lower in the economic chain. >> are we at this disposition largely because of the mapping of the genome and that we know much more? i think for starters, we know so much more and we know at that smoking causes cancer, so we've stopped smoking although this is troubling that you say the numbers are going up again. we know that heart disease, the number one killer, and so we've changed our diets. we don't know as much about the brain.
and i'm wondering if we are on the cusp of something with regard to things like autism and alzheimer's and park kinsons. you mentioned the basic science, the president's initiative with mapping brain networks and each of these in science leads to new mechanism, predispositions and how we treat them. we've talked about the force and multiple things that are working together. what i see more so than the last four years is the coming together of all the different health care sectors to work together to speed us forward. so i think that's a very positive thing. we saw that today in the governor's meeting with the health ministers and the different approaches that are taking place in the developing nations, first with the developed nations, sharing that information, learning from each
other and i think that's all very encouraging. maria: and how does big data fit into this? >> well, big data is clearly going to pick up things we've never seen before. we've seen, for example, the effect of hypertensive drugs on various cancer we never would have expected without looking for that with big data and you would have never done the study in the conventional way, so, now we're seeing incredible correlations that we have anticipated before and we think we can move drugs faster through the approval process using big data. maria: with all the innovations and success you're talking about, there's a pressure on cost. are you still seeing that kind of pressure in terms of on the hospital level and this need to get scale because of the cost pressure? >> absolutely. and what we heard repeatedly today and throughout the week is this move to value based health care. that's better outcomes with lower cost and your point about big data is terribly important.
in the lab innovations that we've put together, we have 20 partners from the life size companies, the policy makers, the pharma companies all coming together with the big data to try to mine the data and understand what works in health care and what does it cost so that we can get better outcomes and lower costs. so, it's the big data, it's a step to get there, the analysis of big data to get there. we're going to see big changes. >> one thing that we're concerned about, particularly in cancer, the cost of drugs for treating a patient for one year is $100,000. maria: wow. >> we've seen a huge escalation of our pharmaceutical bills over the last year, 19% increase in our cost in our pharmacy. and this is not going to be sustainable and if we're going to control the costs we also have to control the cost of pharmaceuticals. maria: what is the answer? >> one of the upsides of that, we now have drugs that are more effective than they used to be and i think most of us would
agree, if a drug changes a patient's life style, quality of life, longevity and so on, it's okay to price it appropriately, but there is some predatory pricing, i know you've talked about before. that doesn't add much. the fact that we're having the discussion about pricing, we can get that under control. it's nice to have something to be paying for that actually makes a difference. >> sure. maria: okay, i don't know what you would charge for an alzheimer's cure, for example, or a cancer cure. i mean, these are the realities, but what is the answer to this? >> i'm not sure we know the answer. this has been a part of the discussion that's gone on across the country and it's been prominent in congress. but there's been some pricing that is unreasonable, but there's also, we owe a big debt to the pharmaceutical industry, they've brought in an enormous amount of great drugs for this, which is enormous. back to alzheimer's, alzheimer's is really gotten to be a huge problem.
if you get to be 65, one in ten people over 65 has alzheimer's disease and it's now the sixth most common caught of death in the united states and we really do not have anything effectively that has changed the course of that disease. maria: which is why i raised it and why i say, i don't see capping the price of it if in fact this is what we need. dr. toby cosgrove. thank you very much. good to see you both. >> my pleasure. maria: and we are going to show you some highlights from this morning's show. don't forget that mornings with maria begins every weekday at 6 a.m. eastern on fox business network. here is a look at fun moments from today's program. >> i would say this, when he mentions faith and china, that's where it gets me scared. yes, they are a big consumer of goods. they're doing well, but we don't know really what their numbers are. maria: phil, how do you like that? the steel barrel is actually more expensive than the oil that it holds. >> i know. i've had concerns about the
u.s. economy, but more of my concerns have been that it would be more steady as opposed to strong. maria: and the buffalo bills made nfl history, hiring the league's first full-time female assistant coach. with the story. raising the roof for this one, jared, over to you. >> it's a reaction, you can see a situation where oil never really goes above $40, you know for many, many, years to come, if ever. maria: you don't think that the secretary of state then hillary clinton's reset worked? >> oh, it encouraged him to do all of this type of stuff. >> welcome back to another tennis channel court report. a special presentation for fox business. andy murray is a four-time finalist in melborne and
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>> welcome back. the gdp of china and growth in the country highlighting global economic concerns after seeing the slowest growth in 25 years last year. the gdp out earlier this week as the co-founder, and my next guest is tapped into the pulse of the chinese company. joining me is soho china, characterize what you're seeing right now in china? >> so what i see now is there are two sides of the china story. on the one hand, you see on the media, there's just endless negative news almost every day is coming out and then on the other hand, you know, we work
and live in china, we're seeing the economy continue to grow, not as high and fast as before, at a slower space, but it's not collapsing. maria: it's not collapsing, but you are the largest developer in beijing and shanghai. you see in terms of the real estate business better than most. in terms of real estate, take us to the highs and lows. how have things changed? >> so for the last 20 years, most of us, all we needed to do was buy a piece of land and build a building. and that's when it urbanized. the chinese transition from led to consumption, it means that developers were no longer building as much. instead, we're managing the buildings and providing better service, hopefully that the rent will continue to go up. so in that, i would say that while the activities of construction have come down,
significantly come down, the leasing of the buildings are actually going quite well. and so, especially in where i am in beijing and shanghai, we're seeing the new buildings coming up. we have new buildings coming up almost every other month and we're seeing who are the ones taking up the new space. are mostly internet companies? mobile companies? technology companies? they're really driving the new growth now. >> yeah, and the last time we spoke, i guess it was about a year ago, it was a couple of times ago, you were saying, look, everything is expensive and you wouldn't-- and you're a big developer and a buyer in new york real estate as well, by the way. how do you feel about it right now? are things continuing to get away from us in terms of prices, too expensive still or do you think that things have come in? >> so china, again, this is two very, very different scenarios, this is like a decoupled scenario. if you just look at the stock market, all of the chinese real estate developers are treated
to a huge discount. but on the other hand, because of the credit easing of the lowering interest rates and more, just more money in the system, the assets price is actually going up. when you just look at the stock market and the exit price, this is a hugely decoupled market. >> what about the u.s.? >> the u.s. is reflecting what the economy is and it is high. maria: so it's still expensive what i'm getting at, in new york. what about the chinese securities market. people were upset because the government stepped in and halted trading because the stock market was down so much. is there had a look at putting money in and halting trading? >> the stock market to the longest time of my memory was
doing nothing and suddenly it went up a lot. and 75% of the market is based on retail investors. small, you know, individual investors and it's sensational driven, sentiment driven and rumor driven, almost. so the market went up like crazy high. and then you saw like the market crashed in the summer and the government went in. so, that's created a lot of volatility. i think that people are now so focused on the volatility that i think people are neglecting what really is the fundamentals of the economy. so i'm more worried about this because it's everyday trading is just driven by noise, driven by, you know, rumors and then, you know, that's not helping. maria: so the fundamentals look better than what trading is indicating? >> i think that the fundamentals are better and more importantly, the
government needs to focus on long-term commitment which is continuing to develop the economy, rather than just, you know, focus too much on the short-term noise. >> makes a lot of sense, good to have you on the program. zhang xin. we'll be right back. the only way to get better is to challenge yourself,
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some of the newly identified e-mails found on former secretary of state's home server are so sensitive not all lawmakers on the committee have high enough clearance to review them. the viewers who handled the special access had to sign additional nondisclosure even though they had the highest clearance. thus cutting hillary's claim that those were harmful. much more from davos coming up after a quick break. no one way of driving on each and every road. but there is one car that can conquer them all. the mercedes-benz c-class. five driving modes let you customize the steering, shift points, and suspension to fit the mood you're in... and the road you're on. the 2016 c-class. lease the c300 for $399 a month at your local mercedes-benz dealer.
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the worst as well. earlier we were looking for a gain of 100 point after mario dr draghi left key interest rates unchanged. that announcement and commentary from draghi did move markets. made it clear that the ecb will use all the tools they have to aid in economic growth. but right now things are progressing well so he left interest rates unchanged. at that moment the markets reversed course. we initially came in and saw a down market at the open and then we saw the markets suggest 100 point rally at the open and now we see we've got fractional gains for start of trading, none of the less, real volatility in these markets is being led by the slowdown in the economy as well as crude oil. there it is at 28 a barrel ap we see that trading higher.
today's session will be critical, we'll being watching and have the latest. thank you to all all of our guests tomorrow at davos. we've got our davos coverage including the chairman of ubs, and the chairman and ceo of merck, meg whitman and larry fink, blackrock and an interview with queen rania of jordan. about the crisis and terrorism we're talking about every day as relates to isis. "varney & company" is up next and charles payne taking the wheel from here. >> thank you very much, maria. don't look now, but stuart's return is around the corner. there's a lot and maria talked about it. the big turn around in the dow, a 300 point reversal off the lows. we'll be sng