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tv   Street Signs  CNBC  March 9, 2018 4:00am-5:00am EST

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. good morning welcome to "street signs." i'm sri jegarajah. the u.s. president signs his steel and aluminum tariffs into law but excludes neighbors canada and mexico from the restrictions >> many of the countries that treat us the worst on trade and on military are our allies, as they like to call them so we just want fairness we just want fairness.
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brussels hits back europe's trade chief says the block is not a national security threat to america and should be excluded from the trade tariffs. a landmark moment in international politics president trump accepts an ini ha invitation to meet kim jong-un. and asian equities close out the week on the green over optimism on those talks, but the tariff trade heaps pressure on auto and industrial stocks let's get to our top story president trump has pushed ahead with his tariff plan slapping a levee of 25% on steel and 10%
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for aluminum but sparing canada and mexico trump offered exemptions to the two as nafta trade talks continue and opened the door for other allies >> this is not merely an economic disaster but a security disaster we want to build our ships, we want to build our planes, we want to build our military equipment with steel and aluminum from our country and we're taking action to correct this long overdue problem. >> let's get out to willem in brussels now it's down to whether washington carves out exemptions for its allies in the eu, a lot will come to the meeting over the weekend with mr. lighthizer and his counterparts in europe >> they will be meeting here tomorrow morning in brussels
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getting more updates from cecilia malmstrom, the european commissioner on trade. she's talking to my right inside the building here at the brussels forum she's saying one concern they have is the europeans will need longer than the u.s. might to try and kick start any retaliatory tariffs. the u.s. will take 15 days, the european union may take up to three months she thinks this move is deeply unjustified. to give you an update on what she said in terms of the concerns about steel itself, let's have a little listen to what she said about the overcapacity in the steel sector >> we share the concern of overcapacity in the steel sector this is not the right way to deal with it it's not the right way to exclude europe in that we're friends, we're allies. we work together we cannot be a threat to
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national security in the u.s we're counting on being excluded it's not crystal clear what was in -- in what the president said yesterday. we will have to seek further clarity. we have scheduled a meeting tomorrow with u.s. ambassador lighthizer hopefully he can give us clarity. >> there's been focus the last few days on the approach that the european union would take with its allies, they say they're not buying this pretext that this is about national security we also heard from robert zellick talking about that himself. he's the former president of the world bank and was u.s. trade rep over a decade ago. he said the concern is if europeans criticize the use of this national security reasoning for these tariffs, it could lead to members of the administration
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like wilbur ross turning around and saying why does the world trade organization have any right to dictate what's in our national security. he is concerned about opening a pandora's box, and also concerned that a number of people being put forward as possible candidates for the appellate body there have been blocked by the obama administration and trump administration, and he sees that something they're doing on purpose, they want this transactional relationship in all their bilateral trade deals, that's something that by undermining the wto could come to fruition. >> if the eu doesn't get the carve-outs they're hoping for from washington does that mean brussels will activate this black list of retaliatory actions that will encompass everything from florida orange juice to kentucky bourbon?
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and if they do so, does that mean tit-for-tat action in washington with tariffs on eu cars >> cecilia malmstrom is making clear she will be working hard tomorrow in a previous scheduled meeting with robert lighthizer to get clarity on if these will be directed, these measures, at the european union if they are going to avoid calf-outscarve-or the eu, she seems to have the support to push through tariffs on those targeted things cecilia malmstrom said she wants to avoid escalation, but based on what we're hearing from the wous there would white house there would be further measures if this went forward. >> willem, thank you very much
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for that later on we will be speaking with u.s. treasury secretary steven mnuchin at 16:00 cet. we will also sill down with the canadian finance minister to discuss the tariffs and their impact on nafta, that's at 12:30 cet. let's pull up some boards and just give you an idea how the markets and stocks are reacting to this narrative on protectionism and steel tariffs over here in europe. as you can see, salzgitter is down it 2% arcelormittal is down. and thyssenkrupp is absorbing this early round of trade tensions the downstream sectors, this is
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important. this is what i was talking about in terms of the sectors that stand to be affected if this gathers momentum and if we see a worst-case scenario with washington pushing back on the eu if it does activate brussels -- if brussels does activate its own list of tariffs. the car industry has a lot of skin in the game so there is a reaction here. rolls royce is down by 0.7%. volkswagen off by 1.2% rex tillerson says that president trump made the decision himself to speak to north korea leader kim jong-un tillerson also said that talks between washington and pyongyang will take some weeks to arrange. those proposed talks have been welcomed by sergey lavrov and china's foreign ministry and would be the first time that a sitting american president ever met with a north korean leader
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trump said he is planning a meeting with kim jong-un on denuclearization he also praised recent talks between kim and south korean officials but the administration is firm this sanctions will be in place until an agreement is reached. the news came as south korea's national security office head and other officials met white house counterparts to talk about their meetings with kim. trump spoke at the white house after meeting with the administration >> kim pledged that north korea will refrain from any further nuclear or missile tests he understands that the routine joint military exercises in the republic of korea and the united states must continue and he expressed his eagerness to meet president trump as soon as possible. president trump appreciated the briefing and said he would meet
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kim jong-un by may to achieve permanent denuclearization the developments at the white house came after the two koreas sought better relations in the build up to the olympics in pyeongchang many questions remain over what relationship trump and kim will have they both traded barbs since president trump won. kim has threatened the state saying it's within range of north korea's recently developed weapons. for his part trump referred to kim as rocket man and threatened to meet any reaction from pong you pyongyang with fire and fury he did tweet last night that a meeting is being planned nancy, if this is a move towards
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compromise, the asian markets are running with this, but is this a break through diplomatic moment or is there a risk this all descends into farcical incriminations >> investors are holding out, waiting for more information on this one you can sense the relief in the markets today. when the announcement was made that the white house was open to the meeting with kim jong-un we saw a reaction to the upside, especially with the nikkei 225 it was higher by 2%, it did come off those highs, but momentum across the board the south korean market closing higher by 2% let's look at some of those. hyundai elevator is higher by
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22%. that indicates relief. nevertheless there's a degree of skepticism out there, considering how fraught the relationship has been between the u.s. and north korea listen to what my guest host on capitol connection had to say earlier on >> i think it's clearly too early. we've seen so many events in the past where there was some agreement to meet, but then it was offset again so i rather want to see that both are really meeting in person an see some financial outcome or at least some decision to be made before you can call this resolved clearly too early. >> so there's the message, too early to call geopolitical risk over on the korean peninsula,
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but the possibility of a break through here is better than no indication >> it's going to be headline driven wait and see seems to be the response here. nancy, thank you very much for that bringing you across some changes and new appointments within the german cabinet this is according to an spd official social democrat olaf scholz is to become the finance minister in the new government. he will also take the post of vice chancellor in the new government coming up, bye-bye easing bias we get reaction to the ecb's latest decision when we return on "street signs." but i'm not standing still... and with godaddy, i've made my ideas real. ♪
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welcome back let's look at the european markets and bring up the stoxx 600 as well as the heat map. broadly not a great deal of commitment in these markets until we see the shape of the
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non-farm payrolls and the trade tensions are not really going away so we need to see what commitment is made from the u.s. in terms of the carve-outs and exempt shicions and trading par within the eu. the security dimension is important. the other factor to bear in mind that's probably propping up the markets is that mario draghi, despite the ecb dropping the easing bias seems to be inclined on the dovish side of the policy outlook, given the fact he made quite a few mentions of protectionism being a risk to global economic growth let's look at the individual european markets on the defensive broadly speaking, xetra dax off by 52 points as we round off the week. the cac down by just 6 points. the ftse 100 is relatively stable at 7,208. let's switch the focus to the
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sectors. once again the autos are under the cosh today the underperformer there, as you can see, off by almost 1%, and remember the clear and present danger is about retaliation. so if the u.s. does decide to turn the heat on the eu, autos could be at the sharp end of things that's one of the reasons why the downstream sector is affected and why autos are underperforming here in europe let's talk about central bank policy and mario draghi addressed the implications on jobs and economies at his press conference on thursday he warned about the dangers of protectionist measures >> we are convinced that disputes should be discussed and resolved in a multilateral framework. the unilateral decisions are dangerous. also there is a certain worry or
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concern about the state of international relations because if you put tariffs against your allies, one wonders who the enemies are. >> the ecb also dropped its easing bias by removing its promise to extend and expand qe if necessary initially your ro draghi down pe hawkish move >> it's a backward looking decision without signals or implications for either our expectations or reaction function we still expect to -- expect the key ecb interest rates to remain at their present levels for an extended period of time, well
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past the horizon of our net asset purchases. it also has not changed our reaction >> draghi fielded a number of questions about his tenure as president. he was quick to remind everyone he was not going anywhere just yet. >> you keep on asking questions as if tomorrow i'm going to leave. i still have quite a time before my mandate expires we can -- i may be answering -- i may be willing to answer questions about myself at the date which is closer to the end of my mandate than it is today >> let's bring in thomas ross now from genis henderson investors. let's address that last point. it is important. yes, his term does expire in 2019 the ecb is at a critical
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juncture in its policy stance and the outlook. who succeeds him does carry great weight >> he makes a great point. he wants to down play that fear in the first point, he's got lots of other things to deal with in the first instance i think that's really important. he was very quick -- your ro sold off at first, but he was quite quick -- sorry, rallied at first but he was quite quick to bring the dovish tone after that to bring the euro back down. he's trying to push that off it'sunclear exactly how that will play out for the ecb. he will be downplaying that as much as he can >> there's been talk that it could be jans weinberg, bzut as understand it they need a
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consensus builder. >> the market has gotten ahead of itself as far as going ahead of that hawkish tone it's amazing how the market turned around when draghi started talking dovishly again it depends on how the market is positioned at the time and how that impacts -- how that impacts things going forward as i say, i'm not necessarily sure we can read too much into any of that yet. he still has a long part of his term left to see out and other issues to deal with. >> what's your take on why he took such a dovish stance, is it this new dynamic of trade tensions he spent a lot of time warning about protectionism and the risks involved to the global economy. >> i think that's the right thing to do. he we have shots fired by the americans, it's right to sort of be firing back and be sure that's something we don't just lie down and assume that they
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can carry on with this without their being repercussions. i think it's good. overall there were dovish comments afterwards. we are excited about the idea that we are taking small steps towards a more normalized central bank policy within europe we've been in an environment of excessive liquidity for so long, it's exciting to get back to a market where we will see good and bad companies both on the equity and credit side >> one thing stood out during the press conference draghi said we cannot declare victory on inflation that suggests any unwind will be carefully calibrated he put another measure around
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protectionism. they had to take some of that rhetoric away, they're running out of assets to buy any way and they'll be increasing the proportion of corporate bond purchases relative to government bonds, simply because this tall -- this part of their toolkit is running out of ability to have an effect going forward. >> just quickly, your best case on when we see the first rate hike by the ecb? mid 2019 story >> there's a chance it could be at the end of -- potentially the end of this year with them going back to neutral rates and getting away from negative rates on the deposit rate side at some point in 2019. it might be depending on how the economy is going, how inflation moves. we don't think inflation will get too out of hand. with that in mine maybe we push back that first rate hike until sometime in 2019 i think at least we're moving in the right direction.
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negative rates is something that's been an experiment. i think it's good we're starting to at least maybe start to get away from that >> we'll leave it there for now. we'll get back to you later on in the program the u.s. non-farm payroll numbers for february is due out later today. big risk event for the markets with analysts expecting around 205,000 net jobs created in the month marginally higher than january's 200,000. unemployment rate will tick lower to 4%. hourly earnings are forecast to slow slightly to around 0.2% growth let's pivot back to thomas thomas ross from janice hennerson investors. it's fascinating, it was the non-farm payrolls that really upset the apple cart and caused this spike of volatility in the markets.
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will we see confirmation of wage inflation in this data set and will it do the same thing in the markets? >> possibly, but i think the fear will always be worse than when it's first really hits. yes. we might see more confirmation of that in this number but i don't think -- i don't think the markets will get us that worried about it our expectation of global growth peaking at q2. that will keep a lid on inflation in the short to medium term with that view we need to look at the next couple of numbers before we start getting fearful that inflation is getting out of hand >> if we see a push higher in wages and wage growth, how much volatility will we see in the bond market? does the ten-year yield make another move higher? >> possibly. there's a chance that lots of people talked about that sort of
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3% figure. lots of investors are saying we're buying into rates. i think it's something we will have to monitor closely. i think there's a chance we could start to test up to those levels again at the same time the market is willing to buy into a selloff as well i'm not sure we see any significant spike unless the number comes in much greater than expected. >> thank you very much for that. >> thank you chicago fed president charles evans will join the "squawk box" team at 14:40 cet watch out for that one - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers.
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welcome back to "street signs. i'm sri jegarajah. here are your headlines. the u.s. president signs his steel and aluminum tariffs into law but excludes neighbors canada and mexico from the restrictions >> many of the countries that treat us the worst on trade and on military are our allies, as
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they like to call them so we just want fairness we just want fairness. brussels hits back europe's trade chief says the block is not a national security threat to america and should be excluded from the trade tariffs. >> we go to wto with some other friends, and we are preparing with the member states a list of rebalancing measures that could possibly enter into force. a landmark moment in international politics president trump accepts an invitation to meet kim jong-un. the first meeting of its kind as the isolated nation tables denuclearization and asian equities close out the week in the green on optimism over those talks, but th tariff trade heaps pressure on auto and industrial stocks
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some uk data just in january goods trade balance recording a deficit. that deficit widening to 12.325 billion pounds the poll was expecting 12 billion. december's revised figure was 11.771 billion sterling. let's look at reaction in the pound. pound sterling, 1.3801 down on cable marginally against the u.s. dollar in reaction. we'll bring you more on the sterling reaction as the markets digest this data uk trade deficit widens slightly in january european markets sorry, dollar/yen, 106.74.
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tl dollar getting some traction there. euro against the dollar, 1.2310. after the dropping of the easing bias we did move higher only to come down lower, below 1.24 after mario draghi injected quite a bit of dovish commentary into the press conference. european markets, the fact that draghi was dovish in his commentary seems to be something holding up these markets in the face of increased trade tensions, which draghi also referenced and a degree of caution in the markets globally, including europe ahead of the non-farm payroll that takes us to u.s. futures. that implies a degree of a
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higher open. all right. president trump has pushed ahead with his plan to impose leveespe into the states, but that has come under fire from members of his own party criticizing the news >> after days of confusion, the president put forth his plan >> steel is steel. if you don't have steel you don't have a country >> the president said tariffs are necessary to counter cheap goods from countries like china the plan will impose 25% tariffs on steel and 10% on aluminum
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canada, the biggest supplier of steel and aluminum to the u.s. and mexico will be exempt as those countries renegotiate nafta with the united states mr. trump indicating other countries could be spared. but stressing american workers come first >> the works who powered their souls into this nation have been betrayed that betrayal is over. i'm delivers on a promise i made during the campaign and i've been making it for a good part of my life >> tonight opposition from any top republicans who warn it could spark a trade war. >> i'm not a fan of broad-based across the board tariffs you will have a lot of collateral damage. >> reporter: the tariff plan has split the white house. while proponents celebrated today, top economic adviser gary cohn resigned over the issue today the president singling him out during his final cabinet
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meeting. >> he will go out, make another couple hundred million then he will maybe come back >> the plan set to take effect in 15 days willem is in brussels for us for the reaction from the eu the fact that trump trade policy and the national security justification especially, how bad has that damaged relations with the eu? >> if you listen to what cecilia malmstrom says, it is not damaged beyond anything at this stage. she will be hoping for more clarity on how this will apply to the european union. cecilia malmstrom did say this morning that she was worried about the global steel industry. it was something that she was looking at
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she didn't think that this is necessarily the correct approach listen to what she said. >> we share the concern of overcapacity in the steel sector this is not the right way to deal with it it's not the right way to exclude europe in that we're friends, we're allies. we work together we cannot be a threat to national security in the u.s we're counting on being excluded it's not crystal clear what was in what the president said yesterday. we will have to seek further clarity. we have scheduled a meeting tomorrow with u.s. ambassador lighthizer hopefully he can give us clarity. >> so malmstrom saying there's not a huge amount of clarity on a pan el with her here in brussels was robert zellick,
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former president of the world bank he said it was obvious what the u.s. was trying to do. he said this was about distrack sh distraction, and that there were bigger fish to fry he said if there was retaliation from the european union, you could see further retaliation in the u.s., and nafta being resolved, you could see the unraveling of the world trade organization appellate system. ze zellick commenting about the way the white house has gone about this approach but he thought more would come. >> expect more it depends on the blow back they get, but the underlying ideology is that this is the first shot of what we'll see as an increasing volley. >> he talked there about his political base the republican party has been
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critical of this policy proposal from the trump administration. i had a chance to catch up with mike rogers, the former chairman of the house intelligence committee, i asked him whether he thought this approach when it came to steel tariffs and the european union was a good idea >> we tried this-t, fwsgeorge b tried this back in 2002, and the outcomes were not good there are some frustrating tariff hurdles, barriers to free trade, but tariffs in a blanket form is not the right way to do it >> you sound a bit like paul ryan, the speaker of the house, yet it seems like voices like his are not being listened to in the white house. we've seen gary cohn depart, partially because of this issue. we've seen other high profile people in congress say they don't agree with the approach what do you think it will take for the u.s. administration and this president to potentially
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reverse course or change course slightly on this >> one thing the president has been enjoying is a good economy in the united states we roared back in a good way peoples 401(k)s, you open up that statement and it's a good day, thank you, donald trump when you see that slipping, eroding away, and it will happen if there's a ramp up of a trade conflict, europe has already talked about orange juice, targeting orange juice from florida as an example, those kinds of things have real consequences to a robust economy, it starts costing more, costs jobs, real people real money at the grocery store that's a time when people re-evaluate how beneficial the broad based tariffs are. >> when you analyze some of those products like orange juice from florida, harley davidson from wisconsin, bourbon from kentucky, there's a pattern that
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emerges seemingly targeting largely republican constituencies do you think that's a reasonable move by the european union >> they say all is fair in love and war. if you're going to engage in trade barriers for the sole purposes of political consumption in your home country, united states, it's hard to argue they should find a way around it. their way is cleverly going after and by the way kentucky is also the home of the senate majority leader as well. so i think they are thinking through how can they apply pressure without escalating a trade war. i don't like it but it seems clever on the eu's part. >> that's mike rogers, former chairman of the house intelligence committee a leading light in the highwaou representatives until a couple years ago saying president trump is playing to a domestic political audience with this introduction of tariffs on
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aluminum and steel >> on saturday lighthizer meets his counterparts from the eu and japan, from what you are hearing from trade officials and diplomats, can we expect any kind of break-through moment here >> cecilia malmstrom seems confident, based on all she said today and the last few days that she will get clarity, and she seems to think, based if you read between the lines about some of her comments that she does expect there will be a bit of a separation for the european union. what's interesting to note is when she was asked whether she thought there would be separations between different european countries, and this was in the context of britain and brexit, she said if so that would yun mine the entire concept of the european union as a trading block and that was something she could not accept >> how likely is it, willem, that the eu is going to pull the
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trigger on the retaliatory black list >> everything has been prepared in terms of that list. the draft has been brought up to all 28 member union states they all signed off on it. the question is about timing the u.s. can introduce these tariffs within the next couple of weeks, the european union will take three months to get this off the ground. that gives them a much greater window for the u.s. to drop some of their demands, stop the targeting of the european union when it comes to steel and aluminum so that breathing space, that window might mean things can dial down in the months to come. >> we'll leave it there. thank you very much for that willem marx in brussels. shell and blackstone are working up a $10 billion bit for miner bhp's u.s. shale assets. all three companies declined to comment on the report.
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several potential bidders could be in the mix for the world's largest miners, american shale operations investors pressured bhp to sell the unit. and inmar ststat reduced its dividend profit after tax fell 25% due to lower ebita and higher depreciation c coming up on the show, it's a pay day may day for some we'll look at the concerns over the pay packets of elon musk and bob iger that's coming up but i'm not standing still... and with godaddy, i've made my ideas real. ♪ i made my own way, now it's time to make yours. ♪ everything is working, just like it should ♪
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welcome back it's been a volatile week for bitcoin with the cryptocurrency seeing its value below $10,000 the move came amid fears of new regulation the fcc said cryptocurrencies must register with the agencies.
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it seems like the regulators are constantly playing this cat and mouse game with the platforms as they have to, but at what point will they realize this is a movement they can't stop and that they have to join what we've seen from several regulators from around the world, they seem to have been slowly becoming more accepting of the cryptocurrency, particularly the underlying technology, the blockchain which we'll separate off, but they understand that cryptocurrencies are here, they're growing, more people are getting involved in them so they're not trying to absolutely hamper them you have seen markets like china and others crack down hard on them, but other markets have been fairly open what you're seeing now is not so much concern about perhaps some of the larger currencies, but these icos, initial coin offerings, these are new coins coming into the market, perhaps they don't have any product behind them or backing behind them or anything they're worth perhaps less than
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a cent they're like penny stocks. that's the concern where you have seen investors jumping into these new coins thinking they can get 3,000, 4,000 percent returns like they have with other cryptocurrencies, and that's the danger. often those coins are on more unregulated exchanges, exchanges that sit in more gray areas that are not as big or widely used or don't have as much regulatory oversight as larger exchanges out there. that's the movement we're seeing here it's not let's ban all cryptocurrency and tightly control it, but more about how do we control those more rogue parts of the market. that's where you see regulators move to. >> the fact of the matter is, you and i, if we had the infrastructure, if we had banks of computers where we could mine cryptos, we could start our own platform >> we could. >> there is the problem. >> that is part of the problem what the s.e.c. was saying you
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guys are trading securities, we believe cryptocurrencies are by definition securities, therefore they should be regulated in the same way as other securities are. we want to bring those platforms into our view. why you have seen the price reaction is a lot of people in the market enjoyed this for a few years before we saw the big boom in bitcoin and they were like this is not good for us, we managed to avoid tax and any oversight for now and get away with what we wanted. that's why you've seen the negative reaction rather than the positive but long-term this should be good for the space >> shaking out some of the more shady operators, if you will excellent. thank you very much for that ubs says it will merge its british arm with its german headquarters and european bank as the swiss bank says it will take a decentralized approach to relocating staff after brexit ubs is increasing the capital
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set aside for litigation and regulatory measures to 2.4 billion swiss francs net profit was at 1.1 swiss francs in 2017 the annual report from ubs shows sergio ermotti got a raise with his total compensation for 2017 hitting 14.2 million swiss francs the bonus pool at ubs grew 6%. tesla shareholders have been advised to reject elon musk's pay package. iss has described a proposed 6 $2.6 billion ten-year package for the chief executive as unprecedented and too rich up the plan, musk would not get a salary or cash bonus, but he would be rewarded based on the auto rising to 6$650 billion ove the next decade. tesla shareholders will vote on the 21st of march on the
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proposal. disney investors voted against the pay plan that would have given bob iger $48 million a year half of the stock hoeinvestors d the pay package. the pay package is tied to closing the deal of acquiring the film and tv assets of 21st century fox. women in the uk work 6 7 days a year for free, at according to a new report from the tuc. the labor group called on the government to require employers to carry out pay audits. our next guest says progress has been made on improving gender imbalances but mostly at the board level, but now the challenge is to grow the female talent pool at the executive level. let's bring in sandrine.
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nice to see you today. 309 women serve on ftse 100 boards that's progress clearly, but more needs to be done to ensure women are not held back in the workplace. >> that's true that's huge progress we are going in the right direction, that direction is led at the top we had targets to have more women on board, 33%, but also more women at executive level. and having those targets will create more momentum towards this >> how do we achieve that? this surely must go beyond quotas and ticking boxes it requires a whole mindset change, a change of culture and dna of the workplace that's a moment to us shift, right? >> yes it is true what we have proven and we
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launched a study on this, the presence of women on executive committee has direct correlation with the profitability of the company. so if we start from that, i think that the perception will be actually we should bring in more women in the workplace. >> so there is a business case for gender equality. >> exactly once the women are here, we have seen the work force, individuals in the company quite enjoy having a different approach to things with women. they create role models. to answer your question, how do we make sure we have more women going up the ranks, there are a few things one is to have more role models. this is bis what we're doing fo targets we set for leadership of women and at board level that's one thing we need more role models we need more support, supporting women throughout their careers, not just when they're having
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children we need to make sure women are going to have mentors. opportunity to speak to senior leaders, to talk about their careers, what they want to achieve. >> unequal pay is the number one factor contributing to gender inequality in the workplace. what can companies do to close the pay gap? >> i think just awareness was the first point. we have created awareness. it's a first step. the frc is also pushing companies to actually mention the gender pay gap >> more transparency >> yeah. more transparency, people will do something about it. this is not acceptable >> final question is about the future world of work, the world economic forum suggests robotics and automation will face women twice the rate of men, that means a greater emphases must be
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placed on upscaling and retraining is that happening? >> a fair answer would be to say not yet. it will happen i think the rival of technology and ai is in the workplace we need more training. it will happen but it's still in the infancy. >> we'll leave it there. thank you. pleasure talking to you today. before we go, a quick look at the u.s. futures. they are implying a slightly positive open for all the major indices. that's it for today's show i'm sri jegarajah. "worldwide exchange" is up next. jimmy's gotten used to his whole room smelling like sweaty odors.
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president trump agreeing to meet with kim jong-un. details straight kets are reactg to the news. and a sign of the times for retailers, as toys "r" us is moving closer to shutting down u.s. operations. it's friday, march 9, 2018 "worldwide exchange" begins right now. ♪ good morning a very warm welcomto

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