tv Mornings With Maria Bartiromo FOX Business October 24, 2017 6:00am-9:00am EDT
right now. >> life from saudi arabia, here is maria bartiromo with the special edition of "mornings with maria." maria: good tuesday morning, everybody. thanks for joining us. tuesday, october 24th. 6:00 a.m. on the east coast. earnings to this morning. caterpillar, and donaldson united technology. all of the numbers and will have the analysis as they come in. what do the numbers mean to you? markets looking higher this morning. take a look at what we've got at the moment in the sun. dow industrial 45 points, nasdaq, s&p 500 in positive territory. stocks are searching for direction this morning. the europe, ft 100 off just a fraction in the cac up a quarter of a percent do so. asia overnight markets closed
mostly higher taking its cue once again from the u.s. through the shanghai composite, nikkei average and kospi. the hang seng lower by half of a percent. the saudi ipo is on track. the managing are getting some hopes to big investors that the oil giants public debut is on schedule for next year despite the speculation that we are going to see some private investors on the steel like the chinese, which may very well will be likely. the push for tax reform back in the u.s. president trump set to head to capitol hill to encourage republican senators to move forward on tax reform. first daughter ivanka trump spoke about the importance of getting the reform passed. watch. >> the tax reform is so critical. we are doing it administratively, and the regulation ever really feeling
entrepreneurship in the state in terms of optimism, stock market. i would hear it in every conversation i had with the people through the course of the day. so that is what fuels them and that is what we are fighting for. as maria: the very latest is the house prepares to vote on the budget this week which will lead the process forward. uranium one, the dealer question. a house investigative reports this morning that an fbi informant was blocked by obama area attorney general to read allege from testifying information that russian nuclear officials were involved in fraudulent dealing back in 2009. why he was reportedly threatened with criminal action. we are honored this morning. the quest for amazon, technology giant has received 238 bid for the city is hoping, looking to host the second u.s. had orders. the inside track coming up. first, coming to you live from
saudi arabia to future investment investment initiative here this morning. up 2500 delegates are here, all looking to get a piece of this action. something of a revolution going on in saudi arabia right now. starting from scratch hoping to build in the streets from tourism to medical devices to all sorts of things people want, basically every weekend a lot of saudi's lead this area and go elsewhere to have some entertainment. they go to dubai, they go to qatar, other places other than saudi arabia. we want our people to spend money here and foreign investment. you are looking at an environment where you've got the titans of business here on the ground and riyadh hoping to get a piece of the build up your build up an infrastructure, medical technologies, tourism. the area is absolutely beautiful. they are creating a new city that is going to be on the
border of egypt and jordan right on the water and change in terms of culture and a change in terms of perception. that is why we are here today getting an a look at what is happening in all the names we will be speaking with today to tell us what specifically to expect as this country goes through dramatic change in the next five years. we'll tell you all about it the program this morning. i'll be talking with the sovereign wealth fund. the public investment fund. mohammed and saw monoxide. i i spent some time yesterday as he explained what is taking place for his royal highness has a vision blessed by the king of saudi arabia and they are putting a vision to work. that is why has attracted so many dignitaries and delegates from around the world here this week. speaker was former chairman and ceo crime fell during the on stage along with the chairman and ceo of softbank group
macchiato shoes on who will of course talk about how is allocating capital. he's got a $100 billion mission fund. everyone wants investment from that vision fund. he will talk to us about why it's so important to invest here. the saudis gave him $45 billion as part of the $100 billion pension fund. stephan schwartzman will join me coming up as well. he's on stage with me coming up along with boston dynamics ceo mark rehberg, basically talking about robotics. they will get robotics, drugs come a whole host of new innovative technologies working on the ground here. we would hear about investment opportunities from this group coming up. when i sit down on stage momentarily we will bring you that conference live as it happens. first from new york this morning, fox business network taken the towel, kevin kelly and the blaze tv host lawrence
jones. great to see everybody. dagen: great to see you, maria. you look fantastic as always. true to hear we are in saudi arabia. you can't believe the number of people here trying to get a piece of the action basically because there's turning to scratch this completely changed idea in terms of what saudi has been a closed society. the question is are they moving too fast? will they feel to change the perception and get foreign money coming into the country? >> a front-page article about that very thing today. so amazing you are there. this is such a huge shift in terms of moving from the investment funds that invested in this saudi arabia and economy, investing in only domestic interest, banks, fish farm at one point, is now trying to shift from being solely and
on oil to technology investments. the general points out that $3.5 billion investment in goobers sometime last year that didn't go that well with the ceo of that company recently. but i think that the amount of money at stake and the attendees at the conference is proof of how much money saudi arabia is going to be investing in decades to come. maria: yeah, you're absolutely right. the saudis gave softbank $45 billion kevin kelly of the $100 billion. alibaba was a big portion of the performance of that fund. are there others out there in terms of really heavy unit. >> was pretty interesting and unique is they actually go a safe and conservative routes.
another one that is norway, and they are very conservative. they have almost a trillion dollars in this shows you the different katsumi to duel in the environment. the saudi's are getting into venture capitalists, on the edge of technology which is so important today because we have such a dynamic shift happening in the marketplace. i think it is important to note this is a smart move. in 2015 they realized they needed to have dependency on oil. for 40 years they were solely focused on it. in 2015 they got aggressive and smart and decided to diversify. that's what they need to do. there is another alibaba there. can they do it with softbank? if history is any guide they will have a good chance. maria: can we talk about tech for a second? what is going on with this
rollover? we saw the worst week for stocks like google, alphabet, amazon, going into these earnings have amazon and now for amazon and now for better news, stocks are rolling over. what is going on with the broader market trading up in trading down. >> usc and a set of trading. a pretty significantly in technology has led that covers the people get into other areas. financials took the leadership after they had a great earnings season but it's important to note there's a lot of regulatory risk on the rising for technology companies when you started to see facebook ads came into effect. there is talk about amazon and whether they need to be broken up. we did hear about that before and that weighed on big tech titans like ibm in the 60s as well as ibm in the late 90s. the regulatory effect is that is worried investors right now for
putting new capital to work. dagen: maria rilke come in terms of earnings wrote quick with what dovetails where you are in the upcoming ipo, the energy sector for the third quarter is trending up the most in terms of earnings growth. earnings are expected to be up 136% from one year ago. that is up from 129% growth just one month ago. a big rebound for energy earning and expectations are going up as well. maria: baptistery. one of the biggest headlines so far was actually on track. the public investment fund managing your company oil giant public debut is still on schedule for the second half of the year. the sovereign fund is one of the world's largest investors in the journal story today points out that the fund already had some
trouble in terms of lackluster performances like uber. you have got goobers bear, this fund looking for the big highlights in terms of where the growth comes from next. they are all setting sights on innovation and technology, things like drones. what's on your radar this morning question or >> when i look at my radar, it is this stuff with russia. the clintons have something going on at the congress didn't know about them and the fbi knew about and now they are trying to conduct an investigation. that is problematic for me introducing what will come out of it. maria: we will have more coming up on that in the program. i interviewed john podesta about this subject a long time ago and we pointed out there's something about russia as a democrat talk about not exactly the administration but we are
investigating both sides. a lot of earnings on the table. as soon as those numbers come out, we'll bring them to you. of course all the anticipation of the tech earnings "after the bell." the house investigating reports that an fbi informant was blocked from testifying information. nuclear officials involved in fraudulent deals back in 2009 under hillary clinton's watch as she was secretary of state. let the games begin. from coast to coast coast-to-coast, cities big and small. find out how many cities are battling in trying to get amazon's attention for new headquarters. all of that coming from new york alive this tuesday morning. ♪ you know who likes to be
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the president expected to call for tougher vetting rules for the trump administration's 120 day refugee band expires today. programming note for all of you. president trump of lou dobbs tonight for exclusive interview tomorrow at 7:00 p.m. eastern time right here on fox business network. don't miss that interview. secretary of state rex tillerson in pakistan today. he told reporters he will pressure pakistani leaders to stop support of the taliban and terrorist groups they receive in the country. >> we have made some very specific request of pakistan. this is a conditions-based approach in relation pakistan which is also condition based on whether they take action we feel is necessary. pakistan needs to take a clearer idea of the situation they are confronted to in terms of the terrorist organizations that find safe haven in sight
pakistan. >> pakistan still denies a safe haven terrace. amazon says 238 cities and regions for a second headquarters. cities include new york, boston, atlanta, nashville, even osten, texas and puerto rico. amazon will make a decision on the location at this point next year. technology have been thinking. earnings due out thursday "after the bell." of course will have them for you on fox business. delta airlines putting up a help wanted sign. looking to hire about a thousand for next year. no shortage of applicants. 125,000 applications received so far. delta shares for 2017. delta is ditching microsoft in favor of apple. dell does 30,000 crewmembers look at typepad and iphone's
camera reversing the deal announced four years ago. does your headlines from new york. back to you. maria: thank you so much, cheryl. we are looking at this market, continued momentum. then again, lauren, kevin, what are they going to do at this point given we still have been the policy but it feels that the president is trying to move up the move up a taxi firm deadline. how do you see it? >> this market does hinge on what comes out of washington at this point because the stock's closing at an all-time high on friday with the dow, nasdaq and s&p 500. one thing people are draining the possibility of a new federal reserve because again, a fed that is taking monetary policy with higher rates, but also trying to unwind and begin to unwind the balance sheet,
there's a lot of unknowns in their day people are not really facing at this point. and then you have foulups like the 401(k) contribution limit that the gop was talking about dramatically cutting and president trump had to come out and say no empathy asked me on that. trade to incredible point you're making. when i spoke to the president at the end of last week, he basically merited down to two players as well as janet yellen. he talked about jay powell. it looks like those are the two favorite pics. >> i think one thing that came really across well in that interview is that was very presidential of donald trump to give kudos to janet yellen and say that he likes to appreciate the sitting fed chairman and that's very important because
you want a nice continuity. should he not pick or at least it was a great signal to the market and that's why he sought the market not sell off. when we were talking about the market, i don't think tax reform is as important and one of the reasons people are talking about how global growth is doing well. look at the price of copper. over $7000. almost there is late 2013 peak of $7430. global growth is strong in these companies are benefiting from it. it is icing on the cake. maria: this is a great point, yeah. >> berea, people of the markets optimistic about tax reform, but all eyes are on the senate. a lot of people are worried when it comes to the senate. americans in the market are optimistic that we could get something done. this is something democrats and republicans should be able to
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informant to offer more details about the deal bodies under a gag order that prevents him from testifying before the congress. the lawyer questioned the legality of the order of lou dobbs program last night. watch. >> if it does and it is unconstitutional and invalid, if it prohibits my client from giving information to the legislature. the executive cannot say to people you can't give information to another body of the government. he can tell with all the russians were talking about during the bribery payments were made. maria: house oversight committee member ron desantis here on fox news over the weekend. he called for the justice department to remove the nondisclosure bribery scheme towards congress.
>> this informant wants to tell this story that is currently under a nondisclosure agreement that would sign with the eric holder justice department. he came forward in 2016, was threatened with reprisals from the libretto lynch justice department, clearly in the public's interest that this individual be able to tell the story to congress. maria: meanwhile, during my exclusive interview at the end of last week with president trump, he told me special counsel robert mueller should start probing the uranium one deal. >> uranium situation, they better look into that. that's looking like a serious situation. that is said to them, but i can tell you some senator grassley wants to look into it and others do. that is to be a very serious charge. maria: lawrence jones, let's talk about this for a second.
because for years, before the clinton state department, for years the russians want to buy uranium. let's call this what it is. uranium is used in make a nuclear bomb. he wanted to buy uranium in president after president said no, no, no, we are not to sell uranium. although senator hillary clinton state department, he approved the u.s. stockpile of uranium and then she gets $140 million sent to the clayton foundation. >> a lot of shady business. we don't know if there is evidence of wrongdoing, but a lot of smoke should have been investigated. particularly concerning that congress didn't know anything about this, but a lot of people within the department for eight years knew this was going on and we've had leaks on everything. no leaks on this particular problem. what we did know concerning this
was that obama knew as well. he knew this and still didn't tell congress, didn't notify the pop proper channels and i think that's problematic. true to well, looks like a quick pro-quote going on. by the way, we should point out the company that bought the uranium is a government-backed company that wanted the uranium. >> that's correct. we also know now because of the more justification that the russians were also trying to influence hillary clinton as well. that is more development we got out of this particular story, particularly friend to heal. it wasn't just donald trump that all of these stories were trying to influence. maria: we also should point out that around that same time, bill
clinton, former president clinton was getting paid half a million dollars for his beach in moscow when he was getting other money. >> exactly. maria: that's apart from the 120 million. >> they were supposed to notify to prevent this wrongdoing from happening and it looks like they knew and didn't say anything. >> called this exchange of money and we're still talking about exclusion with the trump administration. incredible. we will take a short break. when we come back, and they said a vision for spectacles, not so clear. the fall classics may have to get a new name this year. why the world series may be higher than ever, but not for the reason you think. we arees on it. stay with us.
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>> here again is maria bartiromo with a special edition of mornings with maria live you ryad saudi arabia. maria: we are live this morning, tuesday october 24th, we are coming to you from riyad. we've got general motors, caterpillar, united technology, a few of the names due out before the opening bell, that is what's going to set the tone for markets today, we will have the
numbers as soon as they hit the tape, eli lili now at 87 and change, earnings expected to drive markets today. pretty good firmer tone. dow industrials set to open about 55 points. that's a quarter of a percent higher. in europe stocks are searching for direction. take a look at european indices request ftse up 5 points and cac quarante a third of a percent, 16 points higher, and dax in germany 24 right now. in asia markets closed mostly higher. best performer nikkei average in japan. real momentum going on in japan. hang high come -- shanghai
composite high as well. president trump taking tax reform to the hill today. he talked about chances of getting this through in my one-on-one exclusive interview this week. >> i think we have the -- we have the votes, health care i was told it was tougher but it was close. so far i would say it's not even a contest. maria: yeah, we are going to break down the timeline for tax reform, it could happen sooner than you think. we will tell you what we know now. reducing the reach, facebook is testing few feature, social media response to controversy coming up. not sorry, ms. jackson, why the nfl is banning janet jackson, remember the wardrobe malfunction a couple years ago?
tonight's game one could be the hottest start to the fall classic you've ever seen. we will have a preview of astros-dodgers showdown in los angeles coming up this morning. but, first, coming to you live this morning from the future investment initiative in riyad, saudi arabia, chairman of the country sovereign well fund, public investment fund, pif, royal highness. i met with his royal highness yesterday and explained to me what the goal is, how they are trying to get new money to the country and create some of a tourist spot in saudi arabia, top stories right now this half an hour, tax reform on capitol hill, president trump is set to meet with republican senators at the weekly publish lunch today, that's the policy lunch at the top of the agenda a tax overhaul. this as ivanka trump touted tax
plan in pennsylvania. watch this. >> this tax reform really couples two things that are really core values as a country which is work and supporting the american family. there are many elements of the tax plan that, i think, are squarely targeted at creating jobs in this country, creating growth in this country and offering relief to our middle-income families. maria: joining me right now to talk about that and the impact on business, the engineering and infrastructure company ceo michael burke, good to have you on the program. >> thanks for having me. maria: i i want to ask you why u would come to an investment conference like this. first, though, you think big opportunity of infrastructure is in the united states? >> sure, the opportunity is clearly in the united states, there are many countries around the world, sovereign well funds
like the kingdom of saudi arabia here today that's looking to invest their capital in infrastructure in the united states, but additionally we are working on projects here in the country like the metro system. maria: which is a whole new cultural change that's going on here, but, first, in terms of the u.s. and tax plan and infrastructure plan, do you expect -- when i asked the president about this this week, i am going to do infrastructure plan in 2018, you wanted to see it sooner rather than later obviously? >> i was hoping for it to come much sooner, i thought it would be the top priority of the administration. we have broad bipartisan support in washington on both sides of the aisle on capitol hill and we have administrative support and we had really a strong, strong support and i thought it would have been top of the agenda, but that's not the course that it took. maria: where do you see the
opportunity in the u.s. in terms of infrastructure, what do you want to see done? are you talking about roads, bridges, what's the big -- big idea? >> yeah, transportation is probably the single area that requires the most focus, to reduce the friction on the economy but we also have an outdated water infrastructure system across the country, we have rural broadband that's way behind the urban environment that needs infrastructure support and i really think the big idea is incenting the private sector, you hear in riyad. maria: how big of impact is that going to have on business and economic growth? >> tax reform is critical, as you know, we have the highest corporate tax rate among all the oec companies, the u.s. to be
competitive from a business perspective and ultimately gdp growth will contribute to growth. we need to have economy going and that will produce jobs, gdp growth. maria: do you think they'll be caught up on debate, state and local, tax deduction, a lot of people are saying, look, i'm not going to vote, yes, for that, that means tax increase for some of our constituents, is that going to hold up tax reform? >> many challenges of tax reform. right now we do have both sides of the aisle who are interested in lower corporate rate but state and local taxes is one of the items on the table and somebody has to compromise significantly to get this across the finish line and i expect they'll get it done by december. maria: tell me what you're doing here, what you want to do here,
grand grand ambitions, turn it up, create to infrastructure that doesn't exist in some cities, is it doable, can they pull this off? >> i think they can. it's an exciting time. they set forth the long-time 2030 vision. that's the start of the plan, they are focusing on diversifying away from oil and they have the right vision and we are working with great ideas, the country to develop new cities and they have to have not only a difference but differentiator, we are looking at city that is will bring in robotics, whole new host of technology that is will differentiate them, we are looking at new cities that will bring entertainment into riyad. maria: people leave every friday and they want entertainment and
the saudi leadership is saying, why are we doing this, why are we allowing all of our money to live? >> the red sea has beautiful, beautiful beach fronts and developments are aimed to keeping saudis in the country when they want to take holiday. maria: michael, we will be watching, thank you so much, michael burke joining us there. remember janet jackson? there's a new super bowl con troughers say right now, the nfl is issuing statement about the super star 14 years after the wardrobe malfunction with justin timberlake, find out why, hungry for good news? the company reports earnings after the bell, we tell you what people are expecting after a tough period for that stock back in a minute right here. whoooo.
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maria: welcome back, i'm maria bartiromo, thanks for being with us this morning, happy tuesday, live from riyadh, saudi arabia, highs at the morning, dow industrials set to open up 60 points. a couple of names we are watching relate today earnings, we are watching the companies set to report before the open today, analysts are looking for shares. also chipotle, had a rough year, analysts are looking for 1.63 a share, the stock down better than 23% over the last year. facebook meanwhile downplaying a test on the news feed, you have to hear this one, cheryl casone with the details in new york, cheryl. cheryl: it's interesting, maria, that facebook page removed to a
separate page called explore and hard to find and binge mark in traffic in six different countries, bolivia, test is over. the company is experimenting with splitting news feed in two separating commercial posts from personal news, there's the stock in the premarket up slightly. snapchat parent company snap reportedly is stuck with hundreds of thousands of unsold spectacles because demand quickly fell after last year's holiday shopping season. snap let off a dozen employees, that happened just last month. taking a look at the stock, snap down about 40% so far since the ipo, 40%. all right, now that justin timberlake is performing at super bowl, everyone is wondering whether janet jackson
has been banned, it's been almost 14 years, speculation was rising that the nfl had banned her, the nfl is saying in a statement, nonsense, there's no ban, we are not going to comment on any speculation regarding potential guests. there maybe no guests along with pepsi we are excited to have justin timberlake, super bowl 52 february 4th in minneapolis. baseball is hot right now literally, los angeles is in the grips of a heat wave just as world series is getting underway in los angeles, forecasters calling for temperatures to be near 100-degrees at game time, the world series record for the hottest first pitch temperature was 94-degrees, that was set in phoenix, arizona during game 1 back in 2001, we shall see. first pitch tonight 8:00 p.m. eastern time and, of course, maria, the game is going to be on fox, back to you. maria: cool, all right, cheryl,
thank you. we will take a break, when we come back companies such as memphis meats, they want to revolutionize the way we eat and the way we invest over the next 50, millennials and social investing, that's next. six in the morning. she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it.
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behind venture capital firm 50 years which would have global impact for the next 50 years and beyond. 50 years founding father zeth bannon. thank you so much for joining us. >> thank you. maria: we were talking about how millennials don't necessarily care about making money, they want a purpose, they want to make sure they are doing the right thing and most people want to make wealth and then commit to solving the world's problems, why do you think you can do both? >> millennials think they can. if you ask any other generation, what's the purpose of business, the vast the purpose to make money. if you ask millennials did and a study of 720,000 millennials, what's the purpose of business, plurality 47% said a version to improve society or protect the environment. millennials also think that they should make money but they want to have it all in careers, our fund believes that companies
that they want to recruit and retain, top talent will combine values with careers. maria: how do you do in terms of just that? >> plethora of ways to make money and do good. we are facing climate crisis, problems throughout the world, all represent massive industries where you can build business that is both make billions of dollars a year and do a lot of good in the process. maria: who is doing it well? >> i turn to portfolio, one of the companies that's been in the news recently memphis meats, they produce meats without the animal. it's crazy that in -- maria: i don't get it. >> they farm directly. you can sort of think of it this way, a cow is essentially being used as piece of technology to take plant protein inputs an
convert them into output that is we like to eat drink or wear in this case meet. inside cows there's processes happening that are causing tradition, what if we took the processes and brought them outside of the cow to get the same delicious meet just without the animals. maria: richard branson and bill gates have invested in this company, right? >> they did. even more interesting, largest players in conventional meat invest and ceo was here and talked about clean meat. maria: i was laughing when i was looking at research, well, not laughing, you're part of the vegan mafia in silicon valley. is that what they call it? >> yeah, it's broken from top to bottom. one of the largest problems is animal agriculture, animal agriculture considers more to greenhouse emissions than
planes, boats combine, worst than all transportation, it's failing to see the world. factory farming has reached limits of scale, so the vegan mafia believes there's interesting solution in plant-based alternative or clean meet or cellular agriculture to help solve the problem. maria: what's the next big wave of technology companies that you see taking form in silicon valley right now? is this part of it, do they have vision to combine, tell us who is hot right now and where the next wave of growth is in. >> we are bullish on technology, space tech, we are bullish on medical devices, machine learning is showing its face in every industry, the single industry is cellular agriculture, along the same lines, a new crop of companies that are making the product that is we all love from animals just without the animals, we invested a company doing it for meat, later, milk proteins, other
companies doing it for eggs, fish, even for spider silk, most impactful and profitable technology revolution that is the world has ever seen. maria: fascinating stuff, good to see you, sir. zeth bannon joining us there. coming much more for the future investment initiative in riyad h, saudi arabia, royal highness, crown prince will join me on stage along with steve. we will talk about the new ambitious plans coming out of saudi arabia coming up next, back in a moment. at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value.
>> live from riyadh, saudi arabia, special edition of mornings with maria. maria: good tuesday morning, everybody, welcome back, thank you so much for joining us, i'm maria bartiromo, it is tuesday october 24th, top stories right now 7:00 a.m. on the east coast. earnings on wall street, big week for third-quarter earnings, among the big names set to report this morning, general motors, caterpillar, mcdonalds, this will likely set the tone
for the markets, we will check stock right here. it is at 120.89, we will tell you what it's doing in premarket. futures indicating a pretty good rally at the start of trading today. we have the momentum for stocks and that continues, dow industrials up 60 points, nasdaq, s&p 500 also in positive territory this morning. in europe stocks are searching for direction a bit, ftse pretty much right around the flat line, now down 2 points, cac quarante in paris are up fractionally. in asia overnight, markets mostly higher, shanghai and china up a quarter of a percent. hang seng was lower. public investment funds managing director giving hope to investors saying the view is on
display. certainly they are expecting to go public. a lot of wall street firms want in on that deal, that's for sure. meanwhile in the u.s. push for tax reform, it's heating up. president trump is set to head to capitol hill today, he's giving pep talk to encourage republican senators to move forward on tax reform, they have to get it done, he says, first daughter ivanka trump spoke about getting reform passed last night. >> my mission now, job creation through economic growth is to empower as many americans as i possibly can. tax reform, you know, is so core to our goal of fueling the economic growth in this country, we need a tax code that's reflective of the modern realities that our workforce look like. maria: very latest as the house prepares to vote on the budget later this week, that, of
course, will move process forward. the quest for amazon, technology giant has received 238 bids from cities across the country looking to host the company's second u.s. headquarters, who will amazon pick, details on who is the inside track, coming up. please series sending whirlpool shares down the drain, why it's no longer selling the appliances, don't break out christmas tree just yet, target is listening to customers, pushing back on christmas creep, more of the major change for the holiday season this morning. coming to you live from future investment initiative here in riyadh, saudi arabia, 2500 delegates coming to get a piece of action, the leadership, the king as well as the crown prince, future king has set the
tone, we want foreign money to come in, we want to create tourist attraction, i've spent some time this week with the royal highness, the king has a vision called 2030 and as part of that vision, he's talking about creating new cities, turning them into tourist attractions, getting foreigners to come into the country to help with all sorts of infrastructure projects, we will be talking about that this morning when i get on stage with the royal highness as well as masoyoshi son and virgin hyperloop ceo rob lloyd, we will talk coming up about all of the above, meanwhile joining me from new york, dagen mcdowell, kevin kelly, and the host of blaze tv
lawrence jones, good morning, everybody. dagen: good morning. kevin: great morning. [laughter] maria: obviously we are in riyadh and we are looking at big hitters, titans in wall street firms, dagen, they've all come here, they want to figure out how they are going to get on the ground floor of what seems to be a cultural revolution happening, a complete change from what we know about saudi arabia. dagen: right, four decades of domestic investment in saudi arabia to now opening up saudis to the world in terms of where they would invest, we talked about 3 and a half billion dollar investment in uber which seemed in hindsight ill-timed, this is an investment fund that will amount to hundreds of billions of dollars in investment and will ultimately be after ramco ipo, it's not
surprising that all of those investment professionals are there and quite frankly if we talk about the stock market like this helps our stock market, short-term and long run. >> yeah. you watched oil, kevin, oil prices have come down, hanging out at 50 or lower, around $50 a barrel, the saudis say, look, we need to diversify, we need to make sure to capitalize on the resources here in saudi arabia and they've got, you know, the red sea which is absolutely spectacular, creating cities right there on the coast to create a tourist attraction, will they be able to pull it off? >> i think they will and you can see they really had this turning point when they were looking at their economy when they saw oil go from 100 down to $25 a barrel back in 2015 and they realized they need to diversify and i think it's important to note
here that basically the saudi ramco ipo will happen, they are definitely going list on their own exchange over there in saudi arabia, but are they going to be able to list it on the london stock exchange, the new york stock exchange, are they going to have other sovereign wealth funds come in and buy chunks, they are going to continue to diversify, so this will happen, it's just in what fashion, today we keep talking about the price of oil, opec is going to meet today to talk about an exit strategy on the curbs that they have on production, so that's actually pretty telling, when you look at price of oil, you will see opec wanting to start to ramp up, the ipo does need to happen and you are starting to see that here in the united states from 2007 to 2017 we have seen domestic production go up 70%. we used to just do --
7 million-barrels a day or more and exporting a million a day, this is critical to the saudi economy. maria: yeah. it sure is. how about the u.s. economy? what's critical is tax reform, lawrence jones, because the president is continuing to pound the table because they think they will get this done by tend of the year. i think the president is trying to push it up. he's meeting with senators today at weekly policy luncheon, republican lawmakers reportedly looking to talk about tax reform, white house adviser ivanka trump says that rolling back regulation is also key, here is what she said last night. >> there is some good regulation but it's gotten way out of control and things that somebody in washington thought in principle was a good would have unintended consequences to millions of people. tax reform, you know, is so core
to our goal of fueling the economic growth in this country. maria: yeah, economic growth and jobs, lawrence, that's what the president has been talking about since he won the election, in the campaign trail, that's for sure. >> we know it's the president's strength when you talk about the economy but we also know that this is what the american people want, the question is will congress pass it and i think no. if it was just the house, yes, if we were talking about the majority of senators, yes, but the republicans -- the republican senators right now that want to object everything that the president proposes and so i just don't see them getting on board. remember, i told you the last time, over 200 bills passed from the house that eventually died in the senate. what i see happening is if republicans cannot get tax reform done, in the midterms are
going to be difficult for them, maria. dagen: maria, i want to add something -- maria: no kidding, for sure. dagen: what republicans are working on, to be clear, this was not fake news, this is in the wall street journal, it was in the new york times, republicans in congress were talking about dramatically limiting the amount of money that individuals in this country can contribute to 401(k) plans, that's pretax money, right now $18,000 a year, $24,000 a year for people over 50, the number they were floating in dc was $2,400 a year. you want to talk about creating a stock market cruish u hurting americans who are trying to save for their retirements and a bunch of republican who is won't fix social security, in order to save money for tax cuts for somebody else, you can't fix social security but you are going to discourage people from investing in retirement years,
the greatest tweet that donald trump put out as president, there's going to be in change to your 401(k) plan. he put the line in the sand. maria: yeah. he tweeted that, right? he wanted to go directly to his supporters, directly to the american people and say, here, here is where i stand on this? kevin: maria, the president needs to make it tax cut is for low-income earners, every time the democrats come out and say, this is tax cut for the rich, this is the tax for the lowest-income earning americans here thai. are going to 10% from zero. we are getting rid of taxes. that shows how complex the tax system is today that when they try simplifying, it ended up increasing taxes for the middle class. donald trump needs to stay on message and done a good job specially when it came to janet yellen.
dagen: kevin brady who you are being interviewed, he's being coy about the changes, the president's tweet didn't change his panel's plans, i'm not going to elaborate what the retirement policy changes will be. listen, you want to watch a stock market crash and individuals in this country lose their mind, go ahead and cut their contribution limits. maria: and why would we discourage putting money away from retirement and getting the match from the company? why discourage it? we know that very few people have enough in retirement? we are not saving enough for retirement? why would we further, you know -- dagen: i agree. [laughter] >> i don't see the president caving on this. he needs to get back on the road and sell this plan. he has to go right directly to the american people. that's the only way we are going to put pressure on the senators. maria: all right, we will keep
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maria: welcome back, i'm maria bartiromo, i'm coming to you live this morning from riyadh, saudi arabia and we are talking about investing in riyadh and throughout saudi arabia and the world. president trump will meet with gop to talk about tax reform. joining me right now alan shwartz. >> great to see you. maria: we want to is you your
take on tax reform and how important is it that they get this done? >> i think it's very important and i actually think they will, obviously health care was not what they wanted it to be, i think tax reform is going to be very important primarily corporate tax reform, i think the challenge is when you put in personal taxes along with corporate it gets much more complicated, i think there's a consensus around corporate reform and i think they'll get it done. maria: what area of the markets benefit most, you see corporate rate at 20% and pass-through rate at 25%, are you looking at small and mid-cap companies as the largest beneficiary here? >> no, small and mid-cap have reasons to recover anyway. i think that you saw defensives out, both with global recovery that's going on now and if we get tax reform, i think you'll see that it's really the globals that are doing well. maria: you have locations all across the world, tell us why
you are in saudi this week, what kind of opportunities do you see in terms of deals that were investment opportunities? >> right, i think that's coming in the future. i think the conference that we are here at is an incredible event and i think the crown prince and everybody is really announcing that they are changing the whole nature of the way they think about this economy and this culture and so that's a tremendous opportunity. we have a partner kbbo on the ground that we started, joint venture three years ago because you kind of sense that this is really an opportunity for saudi arabia to really move forward in a lot of areas outside of oil and i think they'll do it on a global partnership and cooperation way, and so there's some opportunities now in health care services and areas like that but in the future they'll be a lot of opportunity. maria: when i spoke with royal highness yesterday, i couldn't believe how passionate he was, we have to think about our
country and growth here, he's pushing back on extremist and instead saying we want saudis to spend money in saudi, we want foreigners to come in and say, this is an area for infrastructure, for medical devices, for all sorts of industry. >> yeah, i think so, when you look at where the gulf is, if you think about a pick up in global activity which could see, they're very well placed geographically and they have a younger demo than a lot of the developed world. their demographic is much younger. i think if they take the reforms that they are talking about, this whole gulf coast and saudi as the leader they'll have a real revival going forward. maria: i think you make such an important point in terms of the youth. 70% of the population under 30 year's old. >> exactly. maria: that's incredible. >> incredible when you compare to population of the united states, europe, japan, china,
you have a demographic that's getting old so it's a balancing opportunity to have a younger demographic that you can tap into. maria: let me ask you about -- you've been the king of deals your entire career and i want to see what your ideas are or thoughts are on mergers and acquisitions in this moment and time? >> when you talk to any investment bankers right now i think that everybody is very, very busy in discussions. i think there's a lot of merger activity and joint venture activity being considered. but i think it's different this time around than it's been for quite sometime. it used to be much more about consolidation within sectors. once people started thinking about coming together as companies, generally the times that it would actually happen were pretty high yield. now, as people are looking outside their core competence and thinking how the world is
changing, i think there's going to be a lot more deals thought about with lower yields than actually get done. i'm optimistic we will still have a strong deal environment. maria: are you expecting cross-border deals? expect u.s. in terms of sectors or u.s.-china, u.s.-saudi? >> i think they'll be cross border, i think the bigger trend is cross industry and cross capabilities. you know, with this whole thing, you see somebody like amazon coming in to whole foods, the different ways that old industry models are being disrupted, if you're in one of the old industry models, you have to think about getting new skill sets and going out into own lane. maria: real quick, dodgers-astros tonight. you know, i didn't realize you are actually a former pitcher drafted by the cincinnati reds? still playing baseball? >> that was in dead ball ira. mark walter, todd and johnson
said the dodgers are going to win and they are never wrong. i'm going with them. maria: good to see you, enjoy the conference, alan schwartz, live from riyadh. stay with us. today, smart planning is helping the new new york rise higher than ever. as the world leader in unmanned aerial systems, we're attracting the world's best talent to central new york. and turning the airport into a first-class transportation hub. all while growing urban areas into vibrant places to live and work. across new york state, we're building the new new york. to grow your business with us in new york state, visit esd.ny.gov.
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maria: welcome back, i'm maria bartiromo, we are coming to you live from riyadh, saudi arabia, we are looking at all sorts of infrastructure plans happening here. we are also taking a look right now at changing the way you travel, virgin hyperloop one is disrupting the transportation industry using new technology to allow passenger vehicles to move at speed of nearly 700 miles an hour. today the company is meeting with the colorado department of public transportation to conduct a feasibility study in that state. joining me right now virgin
hyperloop one cofounder and ceo josh, along ceo of hyperloop one rob lloyd, thank you so much, congratulations. rob, you raised $85 million in few funding, let's talk about that. tell us about the company's progress and how that money will be used. >> we have been raising money to build a technology and obviously as we go through that first phase of building of prototype, we have proven it works, we are going into a phase of commercializing the technology, working with government, regulators around the world and that's really one of the reasons we are here because the opportunities to take the technology from what we have proven that works to real production systems that exist around the world and we think one of the huge opportunities is right here in the kingdom. maria: for sure. i could understand the opportunity that you have here. but the opportunity is really across the world, right? what are the challenge that is
you have seen so far in terms of hyperloop one? >> one to have biggest ones that we have seen is getting into the conversation. we've had traction in colorado, missouri, texas, getting in conversation it's easy because they don't have technology and they can move with technology. maria: when you look to working here in saudi, you're really starting from scratch, aren't you? >> infrastructure needs to be developed and, in fact, across the entire there's not original network and we are not dealing with same infrastructure that many countries invested a century or two ago to drive industrialization. when you look at the agenda here, vision 2030, trying to align infrastructure, new cities, new manufacturing jobs in an efficient technology, underlying is transportation,
hyperloop is one of the element that is will allow the transformation. maria: how do you get the right people to work on the projects? >> that's one of the reasons that we have been attracted in the area, there's a push in 2030 for jobs, manufacturing and connectivity, so this next generation workforce, high-skilled laborers learning how to build hyperloop next become the next portable skill for the whole region, the hub of the area. maria: there's also the regulation, though, as you mentioned earlier. the regulatory environment, will it encourage this? >> so there is no regulation for hyperloop. maria: you have to make it up as you go along. >> as regulators struggle with those, most attractive partners are those who want to collaborate to write the regulations. we are starting to see that emerging in some of the more progressive states, in texas, in colorado, recent announcement tbis governor of missouri,
bringing hyperloop to that state to attract second office of amazon and obviously the work that we have done in the region, emirates and uae, let's write regulations for something that needs regulation but doesn't fit exactly the rules that we have today, those that help us do that, are probably going to be where we end up with the first project. maria: how long does it take from dream to reality? >> from dream till now, it's only been three years. maria: wow, that's fast. >> here in a couple of weeks three-year anniversary from sitting in a garage and now we have 300 people and we built the test in the desert, just a couple more years. maria: that's incredible. i like it. gentlemen, we will be watching, congratulations, thank you so much for joining us, we are going to take a break, when we come back, mcdon daldz gearing
to report third-quarter earnings. at 8:00 a.m. i will be hosting a panel here in riyadh, saudi arabia big names on stage, we want to bring it to you, stay with us, we have the head of softbank and 100 billion-dollar vision fund masayoshi son and, of course, royal highness the royal prince. stay with us in two minute's time and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be.
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trading. earnings to drive markets futures, to look at dow s&p, nasdaq 100 right now gains across the board, after a bit of a pullback yesterday, the blue chips losing 50 on almost 55 points debrief major loser for the dow 30, over in europe, stocks are searching for direction, we have mixed markets just a slight loss on 5100 moving deep into that trading day, and in asia overnight, markets there mostly higher the hang seng and hong kong was off by half of 1%, but, again, it has been an incredible market run, really around the globe, let's focus on earnings, what is your take on earnings so far we see this morning. >> this highlights the global growth story that we have been hearing about, and vr company has been talking about especially this year, we've got out of the earnings recession if you look at gm up
40% from lows of this year, up 12 percent past month in premarket, this is really a focus on thank you automotive technology space done very well, got subsidiary beat top line buy-in expectancies high delivered taken leadership from technology caterpillar had expectations as well chinese construction soared a big push in china for affordable housing has been a top policy priority, for president xi jinping so you've seen it play through in price of copper so they delivered, this is going back into why investors have continuously put money to work we have seen low volatility stocks industrials doing well globally growth story intact, so we will have to see what comes later at&t after the bell going to want guidance ontime warner. >> at&t directv critical
there. >> yes and they did preannounced subscriber losses, had worst day over 5% down, the worst day they've had on record since 2009, so going to be pretty telling so there is a lot happening in this market, but it seems that the investors gm caterpillar doing well this bodes well for the dow talk dow 22000 may hit dow 25,000 by mid next year. >> lockheed double miss revenue missing coming in 12.17 billion expectations was 12.81, earnings also coming up short, $3.24 a share the actual the estimate two cents higher, than that number, so to point out kevin because you mentioned china i do want to bring up everybody wants to know why is why is the market still going great guns except for yesterday again, all three major market gages closing all-time highs on friday, you have every developed country in the world, 45 developed nations, about the economies
growing simultaneously first time in a decade, and 33 of those 45 countries have economies that are growing even faster than they did last year so it is -- it is growth that is completely sync does that give correct me if i'm wrong room to foul up on tax reform and have our markets still -- >> i don't i don't think so one of the reasons why is fed so important that congress is -- does not mess taxes up because federal reserve governors have begged for fiscal policies right, they are monetary policies are over right, they have stopped and they stopped purchasing bonds, and growth in that, they are scaling it back from 80 billion a month to 60 billion, looking to raise rates that is why all the nominations that donald trump has, is going to have an effect on the market. >> on that note let's listen to what president trump on verge of making a decision
about who is going to name next fed chair, interviewed aub in of candidates, talked to janet yellen currently the fed chief. her term expires in -- in february. maria in her exclusive one-on-one interview with president trump he touched on a few possible candidates listen to president trump. >> mr. president who do you want to see running the fed. >> well as you know you have been seeing a number of people most people saying down to two mr. taylor, mr. powell, i also met with janet yellen who i like a lot i really like her a lot. so i have three people that i i am looking at there are a couple others, i will make my decision very shortly pretty shortly. dagen: do you have insight out of the white house of how they are making this decision? the "the wall street journal" points out that -- he goes by j., j. powell janet yellen one
and same in terms of how they approach monetary policy john taylor weven warsh did factual to vice president mike pence would be kind of a change forfeiture fed in terms of how they view the role. >> -- going to be a change, i think from happening what i am hearing from people inside white house there is a lot of advisers asking the president to keep janet yellen, and so i don't -- this would be a big deal for the president because say establishment has the amount of influence on the president. but i can see him keeping yellen in there. >> pretty interesting about this that he was very, very critical of janet yellen. >> he was. >> on the campaign trail one of the things also critical of dollar weakness wanted to make it stronger yet policies have not played out i would not be surprised if he kept janet yellen, but what is interesting if you look at the betting markets they see powell being in there so they
see a hawk and dove -- mar aa asked about that. >> are we seeing powell and taylor that is what we are going to see we have to see it play out, the interesting note though is that the fed wants to tighten right, so that is why we have to go walk to fiscal policies, to stimulate economic growth, we have seen the fed's policies, meant to have investors put capital to risk we have seen that happen we have seen 10 year treasury come down we have seen the stock market go up, we need to see now real economic policies to move the economy past that 3% gdp that we had it was first time we've had it that had to do with deregulation, as well as investors sentiment and consumer sentiment up but we do need these a fiscal policies. >> kevin warsh met with vice president pence the same day president trump was talking
about janet yellen. he is an interesting guy was on the fed board from 2006 to 2011, and proponents of him being named fed chief say he would tolerate faster growth he wouldn't raise rates too quickly. hover you -- however, he was against eeks money policies meant to support growth a lot fed is facing, this giant task and really stairing into the abyss into unknown, in terms of what is really going to happen with the bond markets with trading with the stock market, as they try to unweb sited 4 1/2 trillion-dollar -- >> i think a great point with kevin warsh didn't want federal reserve to we have seen in free markets that was a big contentious issue never, ever, ever had that happen like this was completely unprecedented, but what happened after the federal reserve did it guess who did it? ecb went in did it then you
started to have talks, could the federal reserve start to purchase stocks here? because guess what the japanese are doing the japanese are actually one of the largest shareholders of all the companies trade over there, so any time you have artificial market manipulation whether from a federal reserve or from another entity that is not good. that is what kevin was for he wants the markets to stay out. dagen: i want to bring up idea that was -- and i want to be clear again this the reporting on the limit on 401(k) planned contributions it wasn't fake news, okay this is something that republicans on capitol hill are talking about. that is why it was in the journal that is why in "new york times". >> doesn't surprise me though that they were talking about this. i was happy to see president shoot it down. dagen: is too. >> i think he has drawn a line in the sand this is not going to happen, if he -- he is not
gonna go for it i do think -- the squishy republicans are on -- dagen: they are looking for tax breaks to limit or repeal right so if you limit the amount of pretax money that can be put into a 401(k) plan or retirement plan, that will come up with revenue and help fund a tax cut bigger than 1 1/2 trillion dollars that was set aside in the budget deal. that was passed. but, again, if you are not going to if you are not going to pick social security you need to continue to encourage americans to save for retirement if you roll this back you are going to upend the economy and stock market. >> never, ever, ever stifle investment we saw obamacare capped on investment 3.8%, that was not good, let's get back to some other plans they -- >> republicans -- couldn't pass -- >> correct, but also the biggest issue i have is look at border adjustment tax,
where are policies coming out of washington? they are really bad policies. dagen: and kevin brady being coy about what a they are going to do -- >> democrats i tell you. dagen: making my -- won't say. maria: growing tensions with north korea japan officials new warning that hermit kingdom nuclear threat has grown to an unprecedented efl end of era sears is billing the plug on pipelines amid hundreds of store closings, that is ahead. ♪ ♪ i will be loving ♪ ♪ whoooo.
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cheryl: that is right. so the japanese defense chief also says that u.s. south carolina -- so you can korea have to demonstrate different responses to kim jong-un regime president trump said washington is ready to do whatever it takes. >> we are prepared for anything, we are so prepared like you wouldn't believe, you would be shocked. to see how totally prepared we are. cheryl: a second aircraft carrier entered the waters of the western pacific u.s. said theodore roosevelt joins uss ronald reagan in that regional sears whirlpool going separate ways after more than 100 years doing business together the "the wall street journal" blaming did split on pricing dispute he sears struggling with sales and difficulty retail intierm whirlpool has issues of its own cut earnings 2017 nearly 10% due in part to
problems in europe that news hitting shares of whirlpool hard premarket stock down more than 9%, then there is target. attracts apparently life-threatening to xhefrz pushing christmas creep like at halloween target is going to easy into promises this year focus more on okay thanksgiving not going to offer 10 days of deals promising but a new service to allow customers to send gifts via e-mail if you want to start early also starting free shipping next month for anything which is crazy target down more than 14% so far this year. >> a nine-year-old tennessee boy is learning about good karma, he gained attention sent 3 dollars to president trump to help cover cut in salary supposed to go to a
mandolin he was saving the young musician's education foundation heard about little boy's sacrifice repaid him giving him that mandolin. >> -- a lot of money to a little kid. most kids. and for him to sacrifice that and send that money to somebody about who he thought really needed it, and that meant an awful lot to me. cheryl: they also gave picks springs a tuner because of his good will, dagen. dagen: i love this story number one cheryl i am so stirred that he is tleerng play mandolin one might have favorite people on planet earth in addition to being a drummer fantastic singer sound writer angel on eatery made mandolin, don't give money to the government.
-- don't they are going to take it anyway don't send money to the government send it to thank you know -- your local animal shelter or something like that. >>. cheryl: president trump maybe send it back 10 years for college. dagen: you know like please don't send to the government. coming up cities mail in bids for the next amazon headquarters the other crazy stunt performed to woo the tech giant next. e needs more ca. she wants to stay in her house. i don't know even where to start with that. first, let's take a look at your financial plan and see what we can do. ok, so we've got... we'll listen. we'll talk. we'll plan. baird.
on this amazing story number one story top story "the wall street journal" today. >> it is bids are in competition is stiff for amazon's h-22 says 230 cities regency from 54 states provinces districts territories applied to become the location amazon -- secretary headquarters cities including new york boston ten 70 austin, texas applied new york city empire state building lit up in orange last week mayor of tyson, sent amazon ceo bezos -- there it is, last week mayors tulsa, oklahoma and danbury kent on show pitching why their cities should be picked, listen. >> there is no city in america that combines our quality of life in tulsa with the world population base the ease of mil american city clocks
proximity to 750,000 people in this region that work in today businesses, and professions amazon will need for this headquarters. >> plenty of space willing to do this access to all the mass transit things all things look forking to be successful we believe in our application, look at the end of the day we're you miss 100% shots you don't take we are taking our shot we want this 05,000 jobs economic -- 50,000 jobs spin-off incredible trans form connecticut. >> more uncoupled included puerto rico devastate by hurricane maria last month and canada, 7 u.s. states did not apply, montana wyoming north and south dakota hawaii amazon will make a decision next year meanwhile, in other amazon news, amazon wine shutting down end of the year because of existing loss surrounding alcohol sales amazon has
unsuccessfully tried to change working with regulators wine will continue to be offered through amazon fresh prime now and market, of course,. >> which city should amazon pick my house is close -- again, why did ge move headquarters. >> because they were getting slapped by taxes. >> nobody is really talking about is why is amazon doing that doing this, and one of the reasons why is because one of the worst places to do business, okay they want to tax success, and so i think amazon is using this as a negotiating tactic. >> you know where i would put it pick nashville.
>> know personal income tax -- amazing very reasonable, it has a booming business environment. >> about located. >> wilmington, north carolina beautiful you can fly into raleigh but -- >> you got to have -- mississippi west of mississippi. >> there you go. >> tax breaks for companies. >> yes. >> good to see you ahead, maria bartiromo hosts a panel at future investment initiative in riyadh saudi arabia featuring giant names including royal highness prince abdulaziz al saud next on "mornings with maria".
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just go to lendingtree.com, or call now to find out how much you could receive for retirement. lendingtree. when banks compete, you win. announcer: live from riyadh, saudi arabia here is maria bartiromo with a special edition of "mornings with maria." dagen: maria bartiromo about to host that special panel, in saudi arabia with the crown prince at foout investment initiative in riyadh, we will bring you thatly,as soon as we possibly can i am dagen mcdowell sitting here in new york city, some top stories 8:00 a.m. eastern time. earnings blitz on wall street, among the big names reporting today already this morning, general motors caterpillar mcdonald's just how the earnings per share a slight miss revenue came in a little
bit higher than expectations we will dick in-- dig into expectations we want to look at u.s. sales a driver of mcdonald's business, solid earnings numbers from other big names this morning, caterpillar 3m driving futures higher, begins a caterpillar was a beat on revenue and earnings, general motors was a huge winner so far and you see what is happening in dow futures 131-point gain on dow futures after a 55 point loss -- almost 55-point loss on blue chips yesterday. in europe stocks looking for direction, this morning, as they move into their trading at a tuesday but we have green across the board at the moment in england france german in asia overnight similar story market hire exception hang seng suffered a half 1% loss.
back here at home, the push for tax reform, president trump set to head to capitol hill today, for a pep talk to encourage republican senators to move forward on tax reform. first daughter ivanka trump spoke about the importance of getting that reform passed. >> tax reform is so critical, we are doing it administratively, deregulation, really fueling entrepreneurship in this country you see in terms of optimism we see it in he did in terms of the stock market i would hear it every conversation i had with people through the course of the day and in the room, so that is what we aheading for. >> the house prepares to vote on budget later this week, sets the stage, and moves this process forward. for the unveiling of a tax reform tax cut bill whatever you want to call it, maria bartiromo is live in riyadh
saudi arabia, at future investments initiative in a matter of moments she is going to be moderating a panel on behinds cities of the future in saudi arabia around the world on the panel with maria chairman of saudi arabia's sovereign welt funds republican investment funds royal highness princess salman bin abdulaziz al saud with chairman ceo steve schwarzman there softbank chairman ceo masayoshi son and former iconic chairman ceo kleinfeld, also mark going to be an incredible lineup we are just waiting for everybody to take their seats we will take you there live one of the biggest headlines to come out of the conference so far in saudi arabia is remain -- aramco ipo on track public debut on the
secretary will unlock the board and the members will proceed to vote half next year poised to become one of the largest investors in the world, according to "the wall street journal" this is front-page story the fund is already about troubled by lackluster investments like upper questions about accounting has not been utterly completely clear, kevin kelly how much money is in the fund? but the point is that it is going to be a major investment for -- it is already, but even more so after this aramco ipo. >> this is growing pains this just starting in 2015 if you go to some other big sovereign wealth funds predicated on oil back decades ago norway back in 1990 this is going to be a force to come what is their influence going to be on public market? as well as the private markets you can see they did a big vote. in uber 3.5 billion dollars
deal. >>. dagen: before -- they ceo. >> before you out of the they support theed travis a o bourt se they got a board seat for that part of the situation you get into venture capital a long run in markets we have seen ipos not go so well, blue apron comes to mind carvana, technology company lock up up on 25th you have had snap not do well, so this is going to be pretty telling but they are long-term investor so it will play out over a very long time let's see tuber one didn't work out uber then went into saudi arabia and undercut domestic ride-sharing problem they had a stake in time will tell i think it is food we know that oil there is a glut of it so they do need to
diversify their kwun. dagen: what about healthy of energy if you look at quarterly earnings in united states energy as a sector trending up of most expected year-over-year earnings to be up 136%. and that is even up from 129% one month ago the expectations are getting even better so we are all we are kind of seeing the worst at least in the short run for energy companies. maria: yeah. i glad we are talking about this earnings up so much one of the things that happened we saw oil go down cuts across the board but also what you saw is the efficiencies that they are getting out of the reserves finding more reserves getting more output per oil rig telling, the cost of a barrel has gone down from 40 dollars a barrel to 28 dollars a barrel, that you can see
here, domestically making more money. >> talk oil a little bit, because we were talking about commodities earlier talking about copper a sign of -- the global economy firing on cylinders what united states is doing i am going to ask about this as well the united states ensuring energy independence gives us actual security and it gives us leverage around the globe in terms of dealing with countries that hate us. whether it is whether if iran or even venezuela what we are the world's largest exporter of refined product right now, a lot of people don't know, and next year,dale production in united states will be at new all-time highs, for the united states. just incredible development
and it does give us leverage. on only the world stage. >> not just a win for mayor that is win for the president as well, because this is what a he wants, this is what he has been talking about, all along he wants flexibility at negotiations table and now they can't necessarily use oil against us as americans like i said the president has been pushing this america first agenda, and energy independence a step forward for the policy. >> not only for the united states, it also has to do with our partners abroad in western europe. dagen: i want to point out looking at this live shot from riyadh, saudi arabia, we are waiting for maria bartiromo to take the stage, with a host of huge name, at this future investment initiative this is sponsored by the public investment firm there what we were talking about earlier. maria is going to be onstage
with steve schwarzman if blackrock also crown princess salman bin abdulaziz al saud oversees this public vote. fund will be with these aramco goes public allergies sovereign fund in the world, masayoshi son in terms of influence on world stage chairman ceo softbank, as an investor, huge influence there and boston dynamics ceo we're waiting for maria to take the stage in riyadh saudi arabia. we will take you there live as soon as we possibly can. mcdonald's caterpillar united technology general motors before the bell kevin winners for the most part mavericked came up a little bit short earnings per share. >> one of the interesting aspects third quarter u.s.
4.1% that was off national beverage and value promisiotion working one initial one all day breakfast same-store sales rise, investors concerned was that temporary? actual not they are continuing to progress and keep those customers and grow them because they are launching other ones like mic-pic 2 value. >> international sales up, break out high growth areas 6. %, china was a big push, so we will have to he see, you know if they can continue this the stock had a monster year it compromises 5% overall dow you see companies expectations really high caterpillar in dow exceptionally well talked how
china's economy doing well copper up over 7,000 -- >> one thing going to point out a nerd so we can talk about this when ge came out had a horrible day in terms of of the stock performance yesterday, as well, ge came out with earnings, on friday morning, ge despite huge drop in the stock, didn't have that much of an effect the dow closed record high on friday, because the sheer price of ge was so small. so because a price weighted income tax lower share price less impact it has on dow, so you look at a stock we were looking at mcdonald's for instance because such a ge i think has lowest share price in the dow 30 at 22 dollars below 23 dollars a share, so that is why you've seen outperformance in a stock the size of mcdonald's in terms of of the share price why you see futures take off like that. >> important point the dow is a priced weighted index. >> i am just being a nerd that
is what do i -- >> 3m reporting 3m one of the largest members of the dow under 7% would influence price of the dow performance more than general electric you really want 3m outperform, caterpillar did well apologetic i can tell you what all companies have in common big, small, sfrooil fast-food giant technology huge corporate tax reform out of washington not just small business owners but marriage corporations you don't think it is going to get done. >> i don't think i want it to happen because, it is going to help all millions of people people don't realize that this is something that could balance these businesses, especially since obamacare crushed a lot of small businesses, 30-hour rule, that mandate i think this is -- >> health care mandate republicans have not been able to reverse, despite some best
efforts over in the house. >> excited masayoshi son of softbank there is saudi arabia, maria there with public investment finished one of the reasons why because they are going to put 45 billion dollars into his 100-billion-dollar vision fund so i can't wait to hear what they all have to say. dagen: what are you listening for in terms of where dollars are going one thing looking at this morning the expectations for financial stocks have been coming down in terms of of the quarterly estimates. i think that they have had the biggest decline at least in expectations in last month or so -- >> right this goes back to tax reform. you have seen every banking analyst talk about tax reform, is going to be critical for the banks to increase their earnings next year, so if we do get at the tax reform we're looking at big domestic operations here that impacts banks the most because of the
taxes they pay here, in dollars, and so you could an 8% rise next year off tax reform attracts -- of tax reform attracts lone j.p. morgan almost 100 dollars a share. >> get it done the president is on capitol hill to implement his lbj strategy give the senators house members space let them know i am going to your district if you don't come i am going to -- [laughter] i am not sure about the most effective strategy but hey, that is all -- dagen: given the fact he has campaigned for luther strange, luther strange loved in runoff. >> against steve bannon's candidate so that is going to be interesting to see play out in 2018. who steve bannon backs, and goes on campaign trail against, because you know, steve bannon booked tacked pres to get elected. >> i think they made steve
bannon boogeyman republican senators should look in mirror if they passed what they said they were going to pass would have had a record to run on. dagen: i lost my mind over repeal and replace the fact had so long individuals senators, even shelley moore -- didn't come to washington to hurt people that is borrowing language from democrats' playbook president trump tweeted he is going after -- >> republican senators we talked about right? dagen: part one, because they are going to be multiple parts let's see, bob corker who helped president o, president obama give us the bad iran deal couldn't get elected dog catcher in tennessee, is now fighting tax cuts. . i'm going to be following on twitter feed did bob corker run for dog catcher?
again, he is -- i think that part of the strategy that we have seen with president trump and you can speak to this to separate himself from the republicans on capitol hill and there has been that discussion it works politically but there has been discussion of how much do you want to put the hammer down on some republicans do you need bob corker to help you?. >> what the president is doing right now is trying to protect himself when it comes to his reelection remember, after that honeymoon phase being elected president going to re-elects reelection saying republicans have not given me anything to sign i think that is the pressure not share frustration, we have a lot of senators that voted for the legislation, when obama was there, all for him to you know to veto now they have a president that can sign that legislation, and they don't have fines to vote for them as --
>> you are bringing up one of the best points because president is trying to distancing himself from that who has lower approval rating than him? congress, congress so i think that is important, and another thing that he harped on is that get rid of these rules archaic rules govern, the american people want to see progress on your agenda. and he is pushing back congress saying these rules are ineffective. dagen: i am not like texting -- i am watching twitter feed see what president trump feets next maria actually asked president trump about his fighting with bob corker in one-on-one interview with him president trump said it helped. >> i am not sure it helps when it comes to passing legislation. but i think that it is with his base to show president is not getting too exclusive with
politicians in washington a lot of people were upset with president endorsing luther strange not opponent that steve bannon did, see has to play back-and-forth with his base to let them know -- is still outside guy. dagen: very clearly i don't think i am going o out the on a limb saying this, there are clearly some particularly republican senators who are acting in a way simply because they don't-like the president -- they are not it caning about constituents not thinking about pro-growth agenda for all americans they are thinking about themselves. >> completely you obvious. >> i said can google roll out map to high road nobody can find it. >> the senators in congress, are acting childish as well president sometimes tweets do it for us don't do it for the president you promised us that you were going to get tax reform done you promised us that you were going to repeal
and replace. and they haven't done anything. >> campaign promises some -- got elected said we will lead change on -- dagen: waiting for maria bartiromo to take the stage all participants in maria's discussion are taking their seats there, in riyadh, saudi arabia. the crown princess who oversees investment fund the future investment initiative in riyadh saudi arabia investors from around the world this is where she is ma maria is going to moderate a panel on buildings cities of the future in saudi arabia and around the globe, this is really will be incredible inventory chairman ceo of softbank there in terms of investment power, that is the around the world we're tuning into that kevin i asked you
earlier, would you what do you expect to hear from this? could this be a market moving panel? i think this can be a market moving panel if you look to see who is there you've got ceo of softbank what is he also? he is also one of the biggest shareholders in sprint so we are talking about private investment in companies also talking about leaders that have big access to a lot of those publicly traded corporations what they are going to do especially deploying, talking about cities of the future infrastructure taxes, they see are people that have the power of the purse to deploy that capital where they are going to put it so i think, if you look at some of the deals, sprint going to have a tie-up with t-mobile? who knows? that is certainly out there, there has been discussion. how is that going to play out in united states as well as
globe. >> ladies and gentlemen. dagen: let's go to maria bartiromo. taking the stage right now. announcer: maria bartiromo ♪ ♪ ♪ . >> ladies and gentlemen, it is honor to be with you this afternoon. as we kick off a very special part of the program right now. as we watch something of a revolution happening here in saudi arabia. as the kingdom looks to growth. let me introduce the vision behind that growth story. please welcome to the stage ladies and gentlemen his royal
highness prince mohamed salman. >> hello your highness, thank you. >> now, our other panelists please welcome steven schwarzman chairman ceo cofounder of the blackstone group masayoshi son, chairman ceo of the softbank group of japan, mark, ceo boston dynamics of the usa, the former chairman and ceo alcoa from president and ceo of the usa. ♪ gentlemen thank you very much
all the people human power. to people and for the human power. [applause] . >> the people of saudi arabia are living in this desert we have many -- some level for this coming, translator: the second one, to lift everything reach everything with these convindicate today we have a people that is convinced working together very strongly to reach -- with all projects and programs to new horizons in the world. so in order to conclude the different this could happen in
the city and beyond is different between this phone and this tonphone what you are going to chief at neon. >> your highness you have the demand we know that the people [inaudible] translator: [speaking in native language]. >> many things talking resources location is undoubtedly, has enough sunshine to create any energy that we want solar energy those wind factors considered to be best location in middle east with -- we can extract 200,000 oil barrels and this
location, other than gas deposits in this location, i believe that the majority has reviewed the piece of news today, and what are sectors we concentrate on to establish inside the zone. so there are many opportunities that we're working on we're trying not -- to be -- work only with dreamers, this place is not the place for conventional companies this is a place for dreamers. that want to create something new in the world. [applause] . >> you will be ceo. >> -- translator: [spkeaking in native language] klaus two-thiry
what on earth can this happen you look at the job up here you say 70% of all people all around the world can be here in this space and no more than -hour flight time, 8-hour flight time transit routes, all transit through canal a telecom routes going through there put all things together you say wow then you start and say what have we got here the kingdom has oil and gas we know kingdom has best with new oil and gas which is coming, right, and we have been blessed on top of it. so we can create something, that is pretty regionally -- we actually think that we can export from riyadh onshore going to talk more about it going to help put this vision into reality. now. you know, so this is this is very exciting.
then when you pair with idea as you know maria, i've got two daughters, you know, 20 -- 23 and 28 you know when i listen to them and their friends it is a different generation there is a different view of how future should look like sustainability plaiys a big role they will you a want to be part of the technology revolution going on bring things together to create a place where you can life very well very, very well. well in a way that more back to where humanity came from pair with technology to help with this accelerating it into a future that makes the human more makes economic benefits puts human in, that is inspiring to me that is why i am very much inclined to put everything up helping every
day on it and every night. >>. maria: your highness you have incredibly beautiful country you have the resources but you are having radical ideas some might say recently you have been asked that you will soon allow women to drive you are allowing foreign investment in your beautiful country. why now? what triggered this change in thinking? >> first of all, i don't want to get out of this topic and discuss politics, outside the scope of today but i just be very brief, saudi arabia has was not like this prior to 79 saudi arabia and entire region we have awakening project after 9 for many reasons today is not the right at a to discuss them, we were not like this in the past, we only wanting to back to what we were, the moderate that is open to the world, open to all
the religions. [applause] . >> 07% saudi -- 70% saudi people less that about 30 years ago we are not wait 0 years of lives if dealing with extremist ideas. [applause] . >> we want to live a normal life a life that translates our moderate religion our good customs we coexist live with the world this is one thing that steps that are tan taking the path on clear i believe we will eradicate rest of extremism very soon we will present the moderate change in principles of islam and we've
the right the right is on our side, and everything, items i think that we're concerned. >> thank you masayoshi son you are investing in saudi electricity company you see opportunity herein tell us about it. >> i think fantastic vicinity, convince immediate -- convinced me to get involved in the beginning i did not understand, that when i visited the location i said wow! and -- also talking about the future we cannot clear one more new city we have to clear different city so that we can
expand, expand the wealth and happiness of the kingdom. and so we can make it happen with the technology and high-tech more human like living in with great technology, with a great, beautiful ocean beach clean and great, so we discussed that well, if you have the vision and this make it happen. make it happen let's make it happen together. i said okay. i will make a commitment. so this afternoon, we made a commitment and announced that
certain fund to invest, stake investment in the saudi electric corporation, company, and we will make through investment into saudi electric company we make it into the next generation with new unreasonable of the solar using the sunshine. i don't know why but god keep on giving the gift to the kingdom, and sunshine, and the sun. [applause] so not only we import technology of progress but we're going to create from the
-- from -- to ingots, from razor to the solar panel, and solar panel generates electricity so from the sun and sunshine, we get we make all of it one hundred percent using the nature of the kingdom. [applause] and saudis the great makeup we will create two more mecca. >> -- mecca is now an example -- an example -- for --
emergence. [applause] . >> what are we -- we are technology. [applause] that is what i really mean. we will create the largest solar power generation in the world. [applause] >> one more thing. is the largest and most advanced generation in the world. [applause] so all the engineering all the engineers developing
technology about the solar part generation, all those engineers will come and show their technology, brought technology together in this. all the engineers from all over the world they will all come and bring their new technology and create fantastic next generation, so as said this will be the first city at any earth more robust than corporations so therefore i would say that the passion the new excitement will happen from this new city. >> this is a very important point that you make we want to
talk about that, in terms of robotics but steve schwarzman let me go to you because the blackstone group owns and has invested in and so many companies, do you see an opportunity to bring companies to neon tell us how you see it? >> well, the answer is yes. but first i wanted to just share conversation that i had with the crown prince which is a year and a half ago he was in new york, and he was talking about three new cities actually, in saudi arabia and this was the first time i had met him. and he was to passionate and so visionary so unique that i had never met anybody in the world who had a vision of this
type. and who i could tell by force of personality was going to make it happen. and this is this is very unusual. and i would say that from being older than i used to be also going around the world, that great leaders create great outcomes. [applause] by the same token terrible leaders can take wonderful places make them into a complete mess. and we've yet to see those of us who go around the world examples of both, and i am really struck by the transformational elements that are occurring in saudi.
it is really quite astonishing which is why many of us are here today. now, as to -- i was in chicago, illinois in united states last weekend. because one of my nieces was getting married they have a river that flows through chicago and i had nothing to do in the afternoon so i took the river tour which is designed to show the architecture of chicago. toward the middle of the tour they were talking about the fire of 1872. which was probably the worst fire in u.s. history. and it burned two thirds of the city. and all the places that were
important. this is a huge tragedy. but as it worked out, was the best thing that ever happened to chicago. because they got a chance to start a new city. and at that time they had new technology much like this time, in history but what they had was the invention of the elevator, now those of us here take elevators for granted but at one point there were no elevators, so what happened in chicago was they ended up building the tallest buildings in the world, because they had the technology to do it, they used their land more efficiently, and chicago became the second he largest city in the united states with
great prosperity. >> now in saudi you have the advantage you don't have to knock down an obsolete city those of us who live in the west call it the developed world we have incumbent cities they have enormous amounts of issues. that face them. buildings that are not as contemporary standard, difficulty in adopting technology, those of you who travel know sometimes it is almost impossible to get around. traffic although you have your own share here in riyadh i must say. but all of those problems as well as some other new problems which are involved
personal safety. and sustainability and scalability a very difficult to make work in incumbent cities and this is the advantage of knee ownneon you ce it right like chicago did use most modern technology firms like ours big exposure in hole business you need hotels able to use entertainment centers something we do there will be light industry that comes in, and i think the opportunity to create this new city and attract people from around the world first from around the region then from around the world is really an enormous opportunity. and i think that anyone who is
in the presence of this kind of new vision has to really be in awe of what they are attempting to do with assurances that it will work so congratulations. [applause] maria: your highness this is a very important point, and here you are beginning from scratch. you have -- foreigners foreign businesses watching. what do you need most to make this a reality? >> translator: unique thing this is -- concentrate on today the plan city with technologies of tomorrow. there are things that we cannot start unless we start from scratch, like what are cities going to be -- friendly city, today there is no existing city that can use drones because they lack the
infrastructure like -- need to be friendly so there are many things that would be taking care of designing the city transportation plans today we don't know if city will have cars, or driveless cars or enough cars different ways of mobility this applies to all secretaries of state so the-- t all the sectors this is starting from scratch, steve mentioned, nobody will be able to build something like neon except in to demolish existing city rebuild it but no other city in the world can change to become a neon in the future. >> have you ever seen anything like that all your investing getting in truly at the very beginning? >> this is fantastic
opportunity. as said, because of the region because of the location, because of the people in the kingdom, we can make it happen. and, of course, it requires a lot of investment but investment was with a great return is a good investment, investment requires -- we are making investment in many, many opportunities and i will not invest if i don't think there is a good return. and i am excited. i am excited because we can design the whole city from the from zero and where future design we can make it happen so that every can participate in process make it great
process, a beautiful life diningcom people young generation they can the future and beautiful and great family relationships with great business relationships with the rest of the world i think a fantastic opportunity so all of the cities will have the so there is no traffic jam, and all the security is designed from the beginning. i think this is a fantastic. so that let's get specifics from the practical standpoint how do you see robotics working in neon. >> before i get to that i would like to say you know i have been technologyist for a long time i love technology there is another important ingredient one is money.
and i think we all know that to really make progress in the technical area you have to have money. i don't think that is the most important ingredient. another ingredient is talent, we all know talent is very important. but i don't think that is the most important ingredient either. i think big dreams is the most important ingredient for making big progress. and i am really glad to be on this panel with all these dreamers, his majesty, may be a universal scale, big dreamer, masayoshi son, of course, it is really a pleasure to be involved in the project like this. beyond that, i am excited by this opportunity which is really an opportunity for robotics which is my specialist because it is a two-way thing, i think we can use robots to build the city,
which i will help a lot i think robots will populate the city perform a wide variety of services so it is a different kind of place. where robots are helping, of course, the security also things like logistics for moving things around maybe delivering things to your home. so that you don't have to have people doing that. i think that robots can also help in emergencies, but i also think they will help take care of people. health care, is a big task and i would say around the world the populations are aging, and right now it falls on limited resources to take care of aging people and there is no reason why robots can't help do that. i am looking forward to the at a when rather than being a burden on my children, robots are helping take care of me.
and, finally, that is all in how robots are going to contribute but i think this neon is going to contribute to robotics because it will provide resources for and pull for development robots can't do all the things we need them to do yet and project like this, world scale project like this will will help pull technology ahead. finally i think to help cultivate the tech base, in have neon robotics is a focus will provide a ecosystem heart of one a big impact built on population neon all mankind contributions to robots other technology. >> we saw video it is absolutely beautiful i understand the opportunity for you tourism, and the hotel industry, what other industry your highness are going to
mystery growth as a result of this? >> translator: we concentrate on number of sectors. part of which addresses in our economy the other, is our share what goes around middle east the third is targeting the new sectors that we would like to be pie owners in supporting and establishing neon. so there are conventional sectors entertainment, but we try to present them and neon differently, because we encourage in this field there are sectors that are unconventional like biotechnology, and neon, so we target nonsectors. like i mentioned some conventional some new, we want to have a share of what shape is going to be in the future. to have a good share and the
future of the world. maria: would you like to add to that? >> think of it not just as empty piece of land but also think of it as an invitation to everybody in tech industry masayoshi son already, big announcement today, neon is going to be the leader in solar, also anybody around the world who is working in this -- a lot going on technologyically will have a beautiful space where to come corroborate with best and brightest make it happen think from regulatory point of view we have a regulatory similar that is most in tune with what they need, and we have a discussion about drone -- one issue regulatory side pretty much much everybody getting a system started with you find
that in almost each one of the new technologies, because when you go to medicine how do you did he tech existing strurgz struggling with it one of the opportunities we will assemble leaders in the innovat. on what is best regulatory system one hand they standards at the same time accelerates speed in which we can move forward i think this ingredient, all, and make what you mentioned which i think is essentially here, is talent this will become magnet for talent for people who really want to be part of a vision to reality. >> so then your highness the regulation will be different? >> indeed. translator: the project today does not have any population so the regulations maybe
formed in a way that encourages the businesses this is the first time in the world where regulations are designed by businesspeople to encourage them encourage their business, so this is the first such experience in the world that serves businesspeople to formulate their own regulations and laws but serves them. >> a huge point, enormous point. masayoshi son a moment ago you said there will be more robotics, than people. explain that. where will we be seeing the most robotics. >> i would say 30 years from today the number of population in the world will be about 10 billion people. number of robots 30 years from today i believe will be about 10 billion robots.
on earth. because that is driving today is driving intelligence drive by yes, it is it is the robot the drone, that thrives that is a robot, the drone that -- also robots giant robots microrobots, all kinds of robots. they will have the intelligence thank you there i about power of contributing the speed of communication, that has improved one million times. if you think consider today 30 years from today will be one million times today.
so if you think already it is going to be season so much -- smart that goes into the robot, they can start many, many job or things that we are struggling today. so if those robots come to help our life better happier, if that is coming any away why don't we in the kingdom in neon take leadership? >> that was maria bartiromo moderating a panel future investment initiative in riyadh saudi arabia chairman of the sovereign wealth fund royal highness princess salman bin abdulaziz al saud tomorrow maria will sit down with steve
mnuchin at that investment conference first on fox interview thanks to kevin kelley lawrence from the blade, it is all about mr. stuart varney right now "varney & company" take it away. >> thank you very much we will. talk about strong profits, huge. and just watch that market go. profit is not a dirty word on wall street good morning. the big names laid out their financial performance and looking really good. general motors caterpillar three mcdonald's improving big time we show you movements in time we show you movements in all them up sharply. that's why the dow will open with triple-digit gain completely eliminating yesterday's pullback. trump rally continues. today it's fueled by ongoing surge in profits. but do not ignore the push for tax cuts, today the president