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tv   Street Signs  CNBC  May 19, 2016 4:00am-5:01am EDT

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hi everybody, good morning. you are now watching "street signs." i'm louisa bojesen. >> and i'm nancy hulgrave. >> a egypt air flight disappears with 66 people on board. the prime minister of egypt says he can't rule anything out. >> travel stocks fall with thomas cook at its lowest level since march 2013. the company issuing a cloudy outlook on slowing demand. >> this highlights the kind of very disruptive environment that
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thomas cook has been operating in over the past 12 months. it's tough out there but i think we're doing pretty well in the circumstances. >> bio shares slump to a two and a half year low after making an unsolicited bid for something. >> and june is live. that is the verdict from minutes of the fed showing a rate hike as soon as next month is still on the table but as always it is dependent on the data. >> good morning everybody. welcome. our top story today. reuters reports that egypt's prime minister has said it is way too early to say what's happened to the missing flight and nothing can be ruled out at this stage. as associated press reports that
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unnamed egyptian officials have said that the plane has crashed. >> egypt air confirmed its flight from paris to kay row disappeared early this morning with 66 people on board. the airline has said that 30 egyptian, 15 french, and 1 british passenger were among the nationalities on board that flight ms804. greek officials have confirmed that one of its frigate ships and two of its aircraft are assisting. egypt's civil aviation ministry is due to give a conference on the flight at 12:30. >> the french authorities are closely following the situation. >> we've been in contact with the egyptian civil and military authorities.
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egyptian authorities are already sent air reconnaissance teams to the site and france is ready to participate if asked. unfortunately we know for sure there are several of our compatriots on that flight. >> as the officials have been saying all morning, nothing can be ruled out at this stage. as we don't know the exactly circumstances of the event, nevertheless fears running high and you can see some of the fears weighing on travel stocks in europe. red arrows cross the board there. >> all of europe trading lower as seen here on our market map. all of our european bourses down somewhere in the region of a percentage or so. some a bit less. a lot digesting what's taking place with regard to the fed
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minutes as well. seems they have become a bit more hawkish and that's putting a damp ner on some trade this morning. gold and corps sepper selling o. and oil down as well. >> the nikkei just closing up in positive territory there. taking direction from a stronger dollar. that's good news for the exporters in japan. otherwise a mixed flat day. shanghai composite slightly negative. s&p, asx off .6%. >> and as said we did have the surprisingly hawkish minutes. >> some were surprised. lot of expectation when you look at the strong data and other comments from the fed but nevertheless probably surprised
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when we look at janet yellen's statement we had most recently. >> and the jobs number. but the april minutes suggested june rate hike could still be on the table if the data holds up. it would likely be appropriate for the committee to increase rates in june if economic growth picks up, the labor market strengthens and inflation continues towards that 2% target. >> on that news t major averages swung into negative territory after the release of those minutes although financial, outperformed. because they of course see another increase. the dollar index as you would expect saw a big gain. its largest daily gain since february. and nick, thank you for joining us.
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as we debate the live event. what is your take following the minutes yesterday? >> the fed did a great job. so if you think about it before. the risk was too one way. the market wasn't pricing a fed rate hike until september of next year. that is plainly ridiculous. so what the fed have done is they have brought it back to home and they have injected two way risk into the market. that is exactly what a central bank should be doing. as you say it is data dependent. what it means is we need an epic job number though for a june rate hike because of course the may number was so disappointing. it puts june or even july in play. >> and some commentators on the floor of wall street saying one of big risk factors that could keep -- yes it is that but also the brexit risk. >> the mechanism there is through financial market
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connotatico connotati connotation. at the moment it is limited but it's got to be a factor. what happen knocks the fed off course in september 2015? those very big dislocations in chinese markets. so in a world that is very integrated and globalized that mechanism through the markets can be very very rapid. >> there is no way we're going to hike ahead of june 23rd. wouldn't they just at least wait until july. >> let's watch the data. that is what the fed is saying. what they have done is priced or repriced the probability of that hike from 6% to about 30%. so you have got more two-way risk there. you mentioned china. and when looking at the prospect for rate hikes, you have to think that emerging market, they are the ones that are shaking at the moment. that they would be looking at their second rate hike. and they are still coming to terms with weakness coming off of china.
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isn't that the center of risk really for the initial rate hikes? >> that is one of the centers of risk. but remember it is quite balanced. because you get fed in play. you get a rate hike that. should translate into a stronger dollar. if you have got a stronger dollar it is clearly weaker merging markets currencies so as a package it could be okay for emerging markets. >> how this plays out in europe. you have said european high yield is potentially a bright spot. is that when you look relatively speaking to u.s. high yield? >> it is both. on an absolute basis. remember that backdrop in europe. negative yields. 40 percent or thereabouts of government bonds with negative yields. increasing amount of corporate bonds with negative yields. so the pick up is about 3.5%. against a backdrop where the european economy this year could
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outgrow the u.s. economy. that is remarkable. and a backdrop because of that where you have more company upgrades relative to downgrades. so you have bonds yielding, 4.5% to 5%. that is pretty good in this environment. >> and sovereign debts? you like sovereign debt at the moment. >> we do. there is a few that really stand out. staying with europe it is spain and italy. and yields there could easily contract by half a percent over the next few months. that is down to aggressive ecb buying. and elsewhere in the world australia is the stand out. ranked every government bond in the world, 95% yield less than a 10 year australian bond. >> nick, you are staying with us. by all means get involved. join the conversation. it is always nice to hear interest you. e-mail at "street signs" euro europe we don't bite.
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and we're also on twitter. >> @nancycnbc. >> and @louise isabojesen as we. >> showing you live pictures coming from their agm here. and called for a revolt of sorts taking issue with the bank's conduct fails and remuneration policies. other shareholds representatives have asked for investigation into deutsche's legal finds. we'll bring you any news as it comes out. and if you are just joining us an egypt air flight vanished from radar early this morning. we'll provide you the details ne next.
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hi everybody, welcome back. we're watching very closely the development of the egypt air flight that disappeared off radar in its flight between paris and cairo. what we know so far is that at 2:55 local time this morning. egypt air ms804 entered greek air space. and you had pilots communicating with the pilot at 3:05. and approximately 15 minutes after that air traffic controllers attempted to communicate with the pilot but to no avail. the story is still developing. at 3:26 the flight left greek air space and at 3:29 the greek
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air controllers lost the flight. 7 miles into the egyptian air space at that point and egyptian authorities were notified on the back of that. the story is still unfolding, people trying to figure out what exactly has been happening. and we're actually just getting some breaking news through. an airbus statement just coming through. on our wires. dow jones news wires. saying that the missing egypt air airplane was made in november 2003. a lot of speculation about whether or not it was a faulty flight. faulty aircraft. >> i think airbus coming out right now and saying first and foremost our thoughts go out to those affected and hence we must been tremendously careful. all the families trying to get more information. and of course airbus saying we regret to confirm the loss of
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egypt air ms804. >> the navy t air force, coast guard all involved in the search for the missing plane now. greece also. the aircraft also was pretty new. it wasn't an older aircraft and the captain has some 6,000 flying hours. that is seen as the lot in the industry. >> they call it the workhorse of the skies the, a 320. >> we'll bring you up to date when we get more news. >> meanwhile up. up to speed on corporate movers here in europe. bio shares off 8% now. this after the drug and chemical producer confirmed it's made an unsolicited offer for man santo. the merger could create the largest seeds and pesticides
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producer and monosanto's board is reviewing the proposal as this time. rival bsf is trading lower as well on the news. the reportedly already explored a tie up with monosanto as well. and we've been watching this area for some time. a bit of the high school dance when everyone else has a dance they start looking for themselves. musical chairs. we know head wee had the tie up with san gen that and --. here we have bayer. >> i want to know the prices. what is the price? monsanto is worth 43 billion.
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bayer --. monsanto being the number one in seeds followed by dupont closely after. but it does seem this high inventory picture and lower commodity prices are spurring this action in consolidation. >> we knew it was coming just a question of which players team up. bayer currently makes up about 22% of their business and it's dominate with monsanto is to combined group about 40% would be agriculture. >> that was the crop science unit that monosanity was interested in initiallysanto wa interested in initially.
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technip is merging with fmc. the combined company would have an equity value of $13 billion. the chairman says the firms have complementary skills, technologies and capabilities. thomas cook has reported the 5% drop in summer books due in part to weak travel demand to turkey. the uk holiday firm doungded for the year but stuck with its dividend. >> we'll been this year able to remix our holiday program from the eastern mediterranean, rebalanced the holiday program to take about 1.2 million customer books out of their areas and shift those either to spain or to other locations or
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to long haul. so we're seeing destinations such as the canary islands. and others up as well. so there is a response that we have that we're managing. >> net profits at german pharmaceutical company merck more than doubled in the first quarter. sales were up 21% mostly on the back of integration with lobtry equipment producer sigma aldrich. and there could be 10 million deaths each year by 2050 if nothing is done to tackle antibiotic resistance. speaking to cnbc i had the chance that ask more about this report and he explained.
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>> they are crucial to the supply of new effective drugs. no one else can do that other than the pharmaceutical companies. if you can find somebody else to do that it that might be an easieasy er thing to do. and we thought about that but you can't. these guys have the technical expertise to do it. so you need too wrote re ward those those who are prepared to go through the very time-consuming highly cost consuming exercise. in terms of getting the money as to how you finance those rewards, there is a number of options. it could be you and i being taxed. it could be part of existing budgets. it could be part of existing
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international financial mechanisms. another alternative, which is one that we think is worthy of serious consideration, is the pharmaceutical industry collectively pays those within it who the produce the new successful drugs. because they are the ones that know how to do it. and very importantly they won't be able to do a lot of other things they earn enormous income streams from in the future unless we get new drugs so we think it is very worthy of consideration. >> from the pharma's consideration, the time and money behind this, one of the reasons antibiotic development has been unloved for so long is the shear cost and time. it takes about 23 years to turn a profit in some cases. are they going kick and scream at this idea? >> we can't solve the problem if everybody went get out of the
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comfort zone. it is true for the companies, the policy makers. true for doctor. one of our other big suggestions is about diagnostics for prescription. it is true for everybody. what is important to emphasize is a significant number of top pharmaceutical companies have given us very supportive quotes for our final paper. and we are very grateful for that. and we've spent a lot of time working with them. it is important they follow that one their own appropriate response in how is the best way for everybody, policy makers, taxpayers. as well as themselves to finance the money that is needed to get new drugs. and i'm pretty hopeful that the pharma company will -- pharma industry will play as well. >> fascinating. the whole industry of
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antibiotics and that. >> so much work to be done and those proposals are extremely ambitio ambitious. but they need global coordination. i think that will be the uphill struggle. >> and i've spoken to jim before and other people looking at that and one of the things they are really pushing is that within very few years we could become even more immune to these antibiotics we intake. through our food. through meats and etc. >> the cost of some people say are too high now. >> moving on. the shares in publisher bloomsbury have been trading lower despite year over year in crease in pre tax profits. nigel newton is ceo of bloomsbury. welcome. talk us through the points you think stand out. >> it's been a good news story. revenues are up 11% in the year and profits are up 8% and the
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dividend is growing and growing. so i think the reason for the share price, that simply reflecting actually another good news story, which is a major initiative we announced today to launch a dramatic expansion in production of digital resources for academic libraries. we're calling it bloomsbury 2020. and by the year 20201 we're planning revenues of 15 million pounds from this single new business area and profits of 5 million pounds. so what's in store for our shareholders is pretty attractive indeed. >> how big an area is digital going to be in the future? how large a percent do you aim for? >> we are say iing 40% of the o total turnover which should be well up from the moment. what's really interesting is the
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size of the market itself. in these digital resources to explain that, that means for us things like winston churchill's archives. which we digitized 800,000 documents. if you are an academic library for princeton, say, you buy that and it's available to all your researchers and scholars. if you look at that market annually it is $5 billion annually spent by academic libraries. it is a big prize and we're very well positioned to grab a piece of that. >> do you expect to keep that growthing oringly or are you constantly looking at acquisitions on the children's side digital? >> absolutely. first we are an acquirer. we've made 25 acquisitions in the last 15 years spending a hundred million pounds largely
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generated by harry potter. we plan to license in content from archives that haven't been digitized yet and use the considerable wealth of material in bloomsbury academic and professional to be the foundation for them. >> you mentioned harry potter and it continues to reap rewards. you have some illustrated editions coming out. also the play to hit london. the script itself a copy of that went o another publisher. were you -- >> harry potter has hundreds of publishers all over the world. it is such big phenomenon. and we were incredibly happy this year to bring out the first illustrated edition of harry potter. and the artist working with j.k. rowling has produced this
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fabulous volume which has sold in the millions around the world. we have eua new one coming out just after the play on the 5th of october and a range of other harry potter books. >> and you're teaming up with the arabic publisher as well for translations. so congratulation. nigel, thank you very much, nigel newton the ceo of bloomsbury. >> we want too give you a check how bonds are trading that the stage. a big move in u.s. treasuries. the 2 year yield especially, which is so sensitive to --. still with us is nick around the desk. let's talk a little bit more about the european impact here
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from what we're still waiting on. the ecb's corporate bond purchase program. because you have talked about high yield but that is not included. so looking elsewhere what do you expect when this kicks off in two weeks. >> super powerful what the are ecb is doing. what you are creating for corporate bonds and government bonds is net negative supply. with a kicker. the kicker of course is that negative deposit rate of minus 40 basis points. so that will keep yields low. and some obvious beneficiaries of that. the likes of spain, italy, other periphery countries should see their yields at decline. and when you look at the corporate side that should further drive those yields lower. >> the european financials, has been one of the main --. we have spoke on the quests on
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this show recently saying there are values to be found in pockets. one talking about value in the french banking sector he thought. is it time now to buy into these banks given all the stimulus the ecb is pushing forth? >> it is. banks in aggregate look good in europe. europe is now growing. banks in aggregate are still deleveraging. still being forced to raise lots of equity. the big concern of course was how do they cope with negative rates? the ecb very cleverly neutralized that at the meeting. reduce the rate but lent to banks at the negative rate. so all in all banks look pretty good. >> italian banks and we know regulators are constantly looking for ratios to come even higher. could that still be a drag there. >> it could. and across the european
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landscape, not all banks are equal. let's face it. so that will be an environment where thereby a fair differentiation. >> energy prices. today on a back foot for crude prices but when you see it the recovery they have had it's been quite strong. do you think it holds? >> certainly things like crude initially it was a demand or lack of demand story. what's happened more recently is the supply side has come into balance with that. so you look at oil. it hangs in and around $50 a barrel for future. >> retail sales for the uk. because in april the retail sales on the month are much stronger than forecast. growth around 1.3%. that compares to reuters poll of 0.5%. annual basis as well surging by 3.4%. compared to 2.5% forecasted for
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reuter. spiking now against the dollar up .3%. here we have retail coming in stronger than many expected. >> year on year in the three months too april, versus the first quarter you are lacking at the weakest level since december 2015. they point out pour weather weighed on clothing demand in april but discounts helped to boost volumes. due to late data out there clothing sales down 6.3%. biggest fall since 2012. >> and something we see continually, as to what extent they are being forced to discount. >> nick we've got say goodbye to
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you. thank you very much for being with us. have a good day. come back and visit with us soon again. back to our top story. later on the show we'll have more on the egypt air flight from paris to cairo which vanished from the radar early this morning. more on that after the break.
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good morning. and welcome back to "street signs." i'm nancy hulgrave. >> i'm louisa bojesen. these are your headlines. >> egypt air flight from paris to cairo disappears radar other the mediterranean sea with f 66 people on board. the prime minister of egypt can't rule anything yet. >> travel stocks fall with
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thomas cook at its lowest level since 2013 issuing a cloudy outlook on slewing demand. >> this highlights the kind of very disruptive environment that thomas cook has been operating in over the past 12 months. it's tough out there. but think we're doing pretty well in the circumstances. >> bio shares slumped to a two and a half years low after the german company mace a bid for monsanto. june is live. minutes from the fed show a rate hike as soon as next month is still on the table but as always it is dependent on the data. welcome back everybody. egypt air has now confirmed that its flight from paris to cairo
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disappeared earlier this morning with 66 people on board. reuters reports egypt's prime minister has said it is too early to say what's happened to the missing flight ms804 and nothing can be ruled out at this stage. >> we also know that greek's officials have participated in the search and rescue. now a statement from the greek army general staff said reports by the appropriate civilian authorities with regards to the aircraft greek armed forces have deployed the following means to certainly and rescue operation 130 nautical miles south/southeast of the kield of karpat karpatho. in addition one c 130 is an stand by in crete. a frigate is also in route to the area of the incident. two helicopters as well have
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relocated to an island nearby. and there are some officials deployed in the area already. we'll have more once we know it. >> meanwhile joining us is a dai whittingham on the phone. d dai, thank you for joining us this morning. based on this what you know what are investigators looking for at the moment? >> firstly they will be trying to find the aircraft. the a-320 are very widely used. and it is a fantastic aircraft. so clearly the airplane is down. it's disappeared from radar and there are only a couple of things that can do that. one is safety related and one is
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security related and it will take some time i think to find out what has done that. the good news, if you can call it that, the good news for the search and rescue operation is they have a much more confined area to look in. but it is still very difficult. it is actually very hard to see an airplane in the water, wreckage in the water and particularly people in the water. it is very difficult from the air. >> dai we're also hearing via reports that there was a distress signal sent out. although some are saying that it could have been an automated signal sent out by the aircraft. in your experience do you think this was an automated signal? >> if there was a signal i think the authorities would have mentioned it. the airplane was in radio contact with the traffic control system. so you would have expected if there had been a problem of the sort that the pilots were able
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to deal with it, then you would have had a formal may day call would have gone out. it sounds as if this might be an emergency locater transmitter that's gone off. it operates on a different frequency. and that will be one of the means that the authorities have of locating any wreckage and if it's subsurface. >> and dai could you shed more light on what you know about the specific air space. how common is it to lose communication with an aircraft here? because we know as the very busy air corder. >> yeah. it is and loss of communication with aircraft is reasonably common and typically it is a problem with, you know, something just as simple as getting the wrong frequency dialed up in the cockpit. so it does happen. but what doesn't happen in the same way is that you lose contact for a significant period of time. and particularly the indications are this airplane was actually
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showing on radar initially. you will always call when you cross these boundaries. so entering egyptian air space. they would have talked to air traffic and would have been identified. it all ties in with the flight planning system so the air traffic controllers know who is where and where they are going. >> i just wanted to ask you how common flight emergencies are mid flight. so while they are on cruise control essentially. as opposed to take off and landing. >> yeah. emergencies sadly can happen at any time. but this is a fantastically safe airplane. and commercial aviation generally has just had its safest year on record. one fatal accident per five million departures. that is phenomenal. your individual risk per passenger in this part of the
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world is 1 in a hundred million. you are at more risk crossing the road going to the airport. accidents are very very rare. and when there are limitations with systems there are always back ups. it is very, very unusual for pilots to actually lose control of aircraft or have the thing come down through events beyond their control. the one thing that will do that of course, and it is the thing that everybody will be worried about because egypt is a security issue with a bomb. >> thank you for joining us dai with your perspective. we wait for more details. dai whittingham. and again our thoughts go out to the families waiting more information. we're also watching market impact here on europe and we want to give you a view of travel stocks which tend to feel nervousness in these situations. red arrows across the board
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here. thomas cook the clear underperformer today. off some 18%. >> i would say that the travel stock moves that we're seeing now are inline with what we're seeing -- >> absolutely. that is the down day here in europe and we can give you the move of the broader moves in europe. the major bourse is won by one here. the xetra ftsi and dax both off. we saw some softness a flat day in wall street overnight. this is the picture for u.s. at the moment. futures pointing to a softer open the s&p called lower about 9. dow jones lower about 67 and the --
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here in the uk houses prices could fall an average of 2300 pounds and as much as 7500 pounds in london by 2018 if britain voted to leave the eu. this according to the national association of estate agents. lower levels of immigration could reduce future house prices. >> policy chairman of city of london corporation with us now. good morning. welcome. what do you make of these figures with house prices? >> based on a number of assumptions about what would happen to immigration you are going to see all sorts of forecasts like that for particular sectors. people are i think having struggling to look at all of the various forecasts and figures and analyses. certainly if britain leaves the european union one would expect there to be a reduction in immigration and that would
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presumably have some effect on house prices. very brave to put a figure on it. >> is this going to be an increase? >> difficult to see why it would be an increase. we've been a member of the european union many years. and i should add that net immigration from outside the european union has been higher than inside the european union. so it is not about the european union. >> and we have heard estimates up to a hundreds of thousands of jobs tied to the city that could go. other repercussions for the city. when you listen to those in the leaf they say don't believe the number because europe need ours financial center more than you need them. what do you think? >> doesn't mean we're all complacent about what would happen if britain left. there are other centers around
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europe that would love to build tupir business. and we have no great expectation that if britain left, the other members would be really keen to give us free access to their markets when they are not selling us financial services in exchange. and that is why they believe britain needs to be a member of the european union. >> do you think some of this is getting lost in the rhetoric between the sides? and do you think voters are simply confused over the data? >> there are extreme claims on both sides. which is a pity but the notion there is some real data and hard fact, well there aren't. this is a matter of judgment based on analysis and evidence. i took part in a great debate last night. we need more debates because the public is entitled to hear good quality debates, t not extreme
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cases people not making up information. so better quality on both sides would be appreciated. >> -- he's very much in the leave campaign. and he was saying for him it is about democracy. that it is about taking control back from brussels and bringing bait to britain and making decisions more on a national level with regards to parliament. couldn't that potentially benefit the financial sector? >> i think that is a perfect good argument on sovereignty. but if we are in a global economy and we wish to benefit from the global economy, we have to work with others. on financial services there is no expectation that if britain left the european union there would be any diminution in the strength of regulation and financial services. the government's made that clear. the regulators have made that clear. indeed financial regulation in britain is more onerous than
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that required by the european union. that is british government decision so there is no belief or expectation at all that if britain leaves all of a sudden financial regulation would diminish. >> mark thank you very much for being with us here this morning. policy chairman of the city of london corporation. >> before break we want to bring you live pictures of paris. french foreign minister is due to to arrive why relatives of the passengers on that egypt air flight are awaiting more information. expected to make a brief statement and you can imagine tensions are running high there. we've been told that about 15 french nationals were on the flight. more information after the break.
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>> reporter: 66 people on board and one of two non stop flielts per day to cairo. right now there are conflicts reports but at this point nothing's been confirmed. and egyptian authorities have slammed the social media and press reports for miss reporting already. and they are expecting a press conference in a few hours from now with the minister of civil aviation in cairo. airbus retweeted an hour or so ago regretting the loss and said it disappeared off radar around 2:30 egypt local time today over the mediterranean. search and rescue operations are under kay out of cairo. and the french foreign minister expected to meet with the families in just a few moments from now.
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louisa? >> thank you very much for that. elon musk's tesla looking for new capital to speed up car production. there is no stopping this man. >> right. >> prices currently worth almost
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$600 million. earlier yesterday before the deal was announced goldman's analysts upgraded shares of the stock. the timing could still raise a few eyebrows in this case. shares up about 3%. last three months, up 26%. and it's been much more can it meet the supply questions as opposed to is the demand there for stock. so raising capital. as for broader markets u ended flat yesterday despite fears of a rate hike. right now the dow is called lower by about 50 points. watch out for speakers from the fed today.
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stan fischer and bill dudley. and also walmart reporting earnings in the retail sector. >> amazon and netflix are both facing new rules. companies could become subject to same regulations as european broadcasters. george, just the latest report here of onerous eu regulations here -- investors seem to be shrugging off some of these eu regulatory concerns. are they right to be? >> yes. good point and this is another story about the fangs. i think what we're sighing about from the eu is this attempt to stretch existing technology into
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the video on demand world. fairness enough work around here in terms of consumers will react to it and i can't help thinking the last thing the eu wants to do is stifle creative industry. that said, anyone traveling to france turns on the radio and finds every other song is one they don't understand at all. be ware. >> we've also had seen google face problems here in europe. in u.s. the conference there plowing ahead with new innovations. particularly with ai. what is your take away here. >> absolutely the focus on is google here. particularly on the back of the conference. and aside from your previous story there is absolutely a lawsuit from the eu going on in the background as well as regarding android. in terms of last night my takeaway going on. google is not pushing the envelope. we saw a lot of existing stuff. they are just cranking the handle a little bit more.
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the other side though is that what it is doing is exuding a new confidence at google. it does not need to come up with a new moon shot. what it's doing is sending a strong competitive story to the developers of the other products. >> do you think apple is going to become a car company in part? with this venture into china and backing one of the bigger car services apps? >> so notably apple is not the a in fang. in fairness, apple would probably look i'd say in terms of a fang context a little bit a toothless beast at the moment. what we've got is a tim cook world tour. he was in china. woke up the following morning, had left a billion dollars in his ride share. last night. he was in india and he's credit
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4,000 jobs what. tim and apple really need to do is go back to basics. when in india try and find your guru, tim. because you have lost your sense of direction at the moment. >> george thank you very much for being with us. the french foreign minister though. >> right. just getting live pictures in paris where the relate i was of the passengers are waiting for information on this terrifying incident. that's it for today's show. i'm nancy hulgrave. >> i'm louisa bojesen. have a good day. p?p?h
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break news. an egypt air flight from paris to cairo vanishes. 66 people aboard. the latest coming up. walmart set to role out quarterly results this morning following disappointments from many other retailers. three o things to watch for that. >> and monsanto has received a takeover bid from bayer. could a mega merger be in the works? may 19th, 2016. "worldwide exchange" begins right now. ♪ >> good morning and welcome


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