tv Mornings With Maria Bartiromo FOX Business October 25, 2017 6:00am-9:00am EDT
cheryl: obviously she said the word paper and then her shot went down or froze a. finally, we understand what makes sense to us. i understand the word paper. going back on purchases. lauren: thank you for joining us. "mornings with maria" starts right now. >> five for more yacht, saudi arabia, here is maria bartiromo with a special edition of "mornings with maria." maria: good wednesday morning, everybody. thanks for joining us. i maria bartiromo. it is wednesday, october 25th. top stories right now. 6:00 a.m. on the east coast. jeff flake is out. the senator will not run for reelection while his term expires next year, jeff flake tennessee colleague bob corker. aberrations and undignified
behavior by president trump is the reason behind this decision. the white house was quick to respond. >> the president is focused as he went to the hill and met with republican senators to talk about tax reform that pushes legislative agendas of others that these individuals they are speaking and pretty loud volumes i think that they were not likely to be reelected and i think it shows that the support is more behind the president and it is the two individuals. maria: decisions come as the gop pushes for tax reform. the commander-in-chief of made a decision on capitol hill yesterday to rally the party to get this done. speaker of the house paul ryan also waited insisting intentions would not hurt the effort. and i'm hooked on wall street among the top names today. going in coca-cola today. we will bring you the analysis of numbers and tell you how they impact markets. markets are flat right now. features indicating a flat
opening or dow industrials down for point. as you see there in europe, take a look as we get earnings. indications here. the cac in paris 12 in the dax index rake event. asia overnight markets close mostly higher as you see here with the exception of japan half of 1%. controversy the dossier that targeted president trump during the election now we find out reportedly funded in part by the clinton campaign and the democratic national committee. more than a shocking news just ahead this morning. total devastation. new satellite images from nasa revealing the extent of the amount damage left behind by the california wildfires. we've got that for you. all the highlights of the world series gets underway in los angeles. all of that coming up.
plus, coming to life in saudi arabia once again. day two of his investment initiative and we ought. people are praising his royal highness the crown prince. yesterday you saw my panel and i spoke the crown prince about what is trying to do a mean up to foreign investment as well as allowing women to drive that doesn't sound radical to us but an idea here in saudi arabia. in fact, this crown prince is not afraid to attack the issues important to the world. he is trying to reduce extremism in saudi arabia to less than 5% in the next two to three years. some 20% which is what we are seeing here. he is seeking returns between 6% and 9% annually. looking at six ports of investment hoping to get the value of the fund up to
$2 trillion by 2030. behind closed doors it is a joke that is 2 trillion looking to exceed $2 trillion. we know the saudis gave softbank in their vision for a $5 billion. 45 of the $100 billion a softbank fund which is investing in technology so aggressively. that is one of the sources of revenue for the pim here. the fund house though invested with the blackstone group. a big infrastructure funds looking to invest in infrastructure around the world. also hoping to privatize things here in saudi arabia. they want to privatize the rail system, airport, a lot of infrastructure there expect them to bring big returns. they are talking about oil prices that they just cannot rely on the price of oil where it is right now so they are looking to diversify. real fundamental change in saudi
arabia. i can't tell you what i've learned cannot hear that there is serious change in saudi arabia. that's why you have so many here from across the world getting a piece of the action. exclusive newsmaking interviews it among the big names, treasury secretary stephen mnuchin with me today. see how blackstone group steve swartz then. global chairman and ceo mark white river. see how the london stock exchange and you roll a hand steve case. fox business network dagen mcdowell come and see if with doubt and economics professor at king's college, ryan renberg. good morning, everybody. great to see you. >> good morning. maria: a lot to talk about. what's on your agenda. dagen: hillary clinton and her team and the dnc were behind the controversial discredited dossier put together. i hope they own it and i hope
the humor comes down on everybody associated with that dossier put together against president trump. maria: it's incredible, dagen. how long have we been thinking on this program collusion between the trump administration and russians this not exist. here we are the king of the other collusion with democrats. it's just outrageous. >> your compass on this story for the first breath. everything to do with russia and hillary clinton, her campaign and the dm beat camille pin spot on for a moment one. i can't reiterate that enough. maria: thank you so much. a lot to talk about. a republican authority feud on capitol hill. two senators taking aim at president trump or the president renewing attacks against bob corker after the tennessee senator said the white house should labor to congress to decide how to pay for the tax cut. parker fired by questioning his
own support for the president. >> the beginning of this administration who supported the president. do you regret that now? >> what do you think? people, look, many people, i was one of those that hoped he would rise to the occasion as president and lead our nation of dividing it. it is obvious his political model in governing model is to divide. >> meanwhile, just like announcing he will not seek reelection next year. facing a tough race as the date of the criticizing president trump. once again slamming the president. >> reckless, outrageous and undignified behavior as they become mixed used in countenanced as telling it like it is when it is actually just outrageous and undid her five.
with such behavior emanates from the top of our government, it is something else. is is dangerous to a democracy. maria: house speaker paul ryan insisted that these tensions going on would not hurt efforts to pass tax reform come as something the president echoed when i sat down with him late last week. >> i don't think it changes our efforts on tax reform. bob who supported the budget and tax reform. the president wants tax reform. >> he's got fantastic policies. we want to see this through but the bickering and feuding gets in the way. obviously the feuding with senator corker come a personal thing going on between you and senator mccain. do you worry this agreement and feuding gets in the way of your agenda? >> know, sometimes it helps to be honest with you. i think actually sometimes it
helps. sometimes he gets people to do what they're supposed to be doing. maria: special interview, norstar executive chairman thomas barrett junior is with me. great to have run the program this morning. thank you for joining us. you are a longtime friend, adviser to president trump. using tax refund can get past even though we've got all of these fights happening? >> absolutely. the necessity for everybody. it is not a misfire by president trump. it is boys playing in the sandbox spam the sandbox. with economic business and do the right thing. tax reform is the key to corporate restructuring and the average american pocket will be meaningful. they have to get it done. trained you think this will move to be delayed due at the
president is hoping it will do in terms of creating jobs? >> growth in production are the only two components that can move the needle. growth is very difficult in an environment like this. increased production is the answer and increase investment to get the production is necessity. maria: with the senators arrived , some of the senators probably were ready for a show. watch this got to get your reaction. >> do you envision any problems that that will be there, senator corker? >> i don't believe so. i'm going to bring some popcorn. interesting to watch. turn to senator thom tillis tweeted out this photo as well. according to reports there were not any fireworks at that meeting. how would you recommend -- how would you advise the president here that he proceed with the senators, specially flay, corker while trying to get a stunning needs their votes?
>> is proceeding with this team. he is two of the best individuals capable of monitoring this and secretary mnuchin and gary kong. these politicians know that the necessity for them on behalf of their constituents these to get something done in stop occurring. nobody toys with president trump. he is very well-equipped to handle himself. it will get done well. >> you don't think the pushback of the state and local tax deduction will get in the way of passage? a lot of people like other new jersey and new york senators, congressmen are saying you can't vote for this because constituents will get a tax increase? >> you will have concessions everywhere. when you think about it, that's an easy thing to give away if you have to. at the end of the day, the consensus of what can dunlop and on the last day. maria: let me ask you about the
news of the day. even the "washington post" reported this, which of course they are hard-pressed to report anything against the clinton campaign. the democratic national committee helped the now infamous dossier with allegations about president trump allegations to russia. what do you make of that? >> what i make of it is the same issues that have alienated america to drive to elect president trump. everybody is fed up with it all. we are ready for some e-mails. president trump is done not. i think that is all there is to say about it. >> president trump was voted into office because they are sick and tired of not understanding where the fairness is. >> there is no fairness. maria: let me turn to colony. one of the biggest names in hollywood, harvey weinstein
talking about the terrible situation for the women. more than half a dozen women have now accused weinstein of sexual assault. more than 50 women have publicly detailed the range of inappropriate behavior. it has been recorded picture private equitythey want to buy the company. >> miramax was a weinstein creation that disney had owned for almost a decade. miramax and disney was a great investment for us. the weinstein company had some of the same elements. video library, tv production, a lot of work in it. the weinstein name is finished. harvey's actions regardless of what are unacceptable, inappropriate and despicable. the company needed a k. h., to
stop the bleeding while you could evaluate what is left of the pieces. whether it's successful or not but it's not the weinstein's. it is trying to salvage the pieces of the company so the production group to go forward. >> are very good assets. the >> regardless of what else, one of the great independent filmmaking companies ever in history was at the hands of the weinstein's. that's the good news and the bad news. in an era where content is everything making content more valuable, the library harvested correctly can be of great value. what happened to the good people of the good product and the company and i do sometimes an art form. trade to the negotiation right
now, is it overpriced? >> know, it's over what it is. trade to gaffney said a minute ago the weinstein name instead. how could you go on after what has happened. the >> you can. maria: could have you on the program. program. we'll take a break. to fidelity to find them. program. we'll take a we give you research and data-visualization tools to help identify potential opportunities. so, you can do it this way... or get everything you need to help capture investment ideas and make smarter trading decisions with fidelity for just $4.95 per online u.s. equity trade. fidelity. open an account today. ♪ 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
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details. >> good morning. shocked viewers could not believe what they were watching. a distraught father in turkey upset that his daughter got engaged without his permission committed suicide on facebook live. the violence unfolded as he was speaking directly into the camera before he pulled a handgun with his left-handed signal to fire a shot into his temple. facebook has removed the video from the site. president trump allowing refugee admissions to resume after the administration's 120 day bad an refugee admissions expired yesterday. the president has also ordered refugees from 11 countries that pose higher risk to u.s. national security to face even tougher screwed me. the administration has been identified those countries. congress voting to overturn a banking role from the obama administration that would allow them to raise to bring class-action lawsuits against their bank or credit card company. vice president has with the final votes to break a 50/50
tie. the baking industry pushing hard to roll back the legislation that came from the consumer financial protection bureau years ago. the trump administration republicans say the rule harms the free market. the president now expected to sign the measure into law. earnings season in full swing. and come out with better than expected third-quarter adjusted earnings of $2.65 a share. slightly ahead of expert patient the man alaska airline out with a profit of $2.24 this year. two cents below the estimate of the stock is down 11% so far year to date. there is the one year charts a while as well. chipotle came out with disappointing quarterly numbers. the premarket maria down more than 10% from hurricane. higher price of avocados. factored into the negative
numbers out of chipotle. the singer had mine. trade two wow, 10%. big affair. thank you so much. we should point out these reported earnings and revenue better than good. we will see if the stock moves on that, but rather to a four-point a billion, better than estimate earnings as well as the news right now. stock is up about 2% right now higher. we will take a break. when we come back, mixed signals on health care after the president and his subsidies to the insurance companies. they got rich off obama cared. how the industry is reacting. an exclusive interview in riyadh with john stringfield coming up. amazon giving businesses the prime treatment. two-day shipping for for some deliveries, but it will cost you. that story coming up.
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maria: welcome back. berger among bad this morning for the future investment initiative in riyadh, saudi arabia. washington republicans told congress still looking to deliver on health care but senate majority leader mitch mcconnell putting the responsibility back on the white house. >> when i'm waiting hear from president trump what kind of health care bill he might sign. if there is a need for some time
up in arms to to stabilize the market, we need to build the president will actually sign and i'm not yet what the president is looking for here, but i'll be happy to bring the bill to the floor if i knew president trump would sign it. maria: joining me right now it fosters this exclusive of podesta financial, john strake spelled. thank you for joining us. we think of the uncertainty of what the president wants to replace obama cared with come impact the industry overall, uncertainty over the tax package. are these pieces of legislation going to impact the markets if we don't see closure soon? >> i don't see the help are having a big impact on that. the uncertainty about what the tags can be linked to other policies as well. maria: because you really have to see it move in and economic growth anything bad happens. >> that can happen with tax
reform in certain public policies are important to be reflected in the tax reform as well. maria: let's talk about prudential for a moment. it's not health care. you've got a huge asset management, wealth management division. $1.2 trillion. how are you investing today? how are your clients viewing this market which is obviously records settings? >> it takes different forms in different places. in our particular case with large insurance company, large asset management. 1.2 trillion. about two thirds of thought are investors such as those here the saudi kingdom. everyone has a different active in terms of what they are trying to accomplish. many are apprehensive about what is going on in the marketplace and how they match up with the obligations in front of them. trade don't want to ask you about retirement because it came off a couple weeks of uncertainty in what the administration might do with
401(k) plans. there'll be no change to your k. what was your take on that? >> i was a good conclusion. aging population, shrinking government safety net, corporate employers plan less generous than they once were and people living longer. when you combine all those together, a big challenge for people to maintain their quality of life in retirement. the more we can do to have public policy in the large object is that achieving that is really critical. maria: you don't want any change of policy and terms of k. already looking at a situation where people don't have enough money in retirement. you don't want a change of 401(k) weren't employees able to get a match. >> absolutely. we need to have more encouragement along the way. not only that, many people have their retirement risk. whether it's saving for the risk
of knowing. none of us know whether we'll live to 72 or 102. it's difficult to know how we can save for that. our parents generation had a pension check show up. we don't have that today. people have to address that individually which is a much harder way to manage risk. true to you are here. you've got clients included the kingdom. i thought it was really interesting with the crown prince has been cited terms of the private investment fund. $45 billion investing in infrastructure fund. where else to think there's opportunity for an international investor like the saudi kingdom? are they looking u.s., europe? >> what they've historically done is exported a lot of capital, and made investments in two other regions of the world. some of the examples you mention
are with the crown prince is talking about yesterday also added investing were extensively. maria: saudi is changing. >> what's fascinating about his efforts reflect to get your panel yesterday was his desire to link public policy with the subject is. what effects those other country should replicate as well. the public policy is an enabler. clearly he is focusing on public policy. >> is incredible you want to get that private investor fund about $2 trillion in assets by 2030. >> that's a big number. it's quite achievable given what they've done. which is what we've heard from in 20 years. they are thinking very long-term.
and the use of public policy to enable things. so much time on graduating verse says enabling us a real opportunity there. maria: one of the reasons the rollback regulation. john, good to see you. thanks for joining us here in saudi. coming up next, incredible new images of the devastating california wildfires in there from space. nasa released into revealing pictures in the l.a. dodgers taking on of the world series, but the real winner may be the team's right fielder. dodger blue ticket to a whole new level. stay with us. is 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.
>> here again is maria bartiromo with special edition live from saudi arabia at the future investment initiative. maria: welcome back, i'm maria bartiromo, it is wednesday october 25th, happy wednesday to you, everybody, thanks for joining me, top stories 6:30 a.m. on the east coast. mark cuban means business. billionaire sits down with fox news to talk about a possible white house run in 2020. how cuban claims he would help the middle class if he decides to take on president trump, coming up. meanwhile earnings expect today drive markets once again. we are in the thick of earning season, coca-cola and boeing are
both due in next hour, we will bring you the numbers as soon as they hit the tapes, delivering solidifies call quarter results for visa, we are breaking down the numbers coming up. stock is already up 2% as expected to tackle on 15 points on the dow at the open with 2% rally in visa. futures meanwhile indicating a flat opening so far for broader averages as you can see. take a look at the european indices right now and ftse down 10 points and cac quarante 15, dax up about 8. fractional moves there. best performer hang seng in hong kong up half a percent. california charge nasa releasing stunning new satellite pictures revealing the true scope of the damage left behind by the massive wild fires still raging in the state.
twitter getting transparent, how the company is fighting back amid revelations that russia used social media to meddle in the u.s. election. plus, the dodgers scorch the astros last night, hottest world series game, game one on record, watch. >> left field and it's deep and it's a two-run home run. gonzález runs out of room, turner runs around the bases and the dodgers take 3-1 lead. maria: wow, hay lights from the summer-like start to the fall classic starting off this morning. live at day two at the future investment initiative in riyadh, huge titans from across the world coming here because saudi arabia is in the midst of fundamental change.
i will be speaking coming up with treasury secretary mnuchin and london stock exchange ceo. first tax reform in 2020, billionaire mark cuban seems to be setting up a primary challenge to president trump during interview with fox news host tucker carlson, cuban slammed trump's tax plan and weighed in on how he would help the middle class. >> the first thing we would do decrease payroll taxes, i would focus on creating technology solutions, i think there's a way that we can reduce the size of government, the size of bureaucracy that deals with health care but it's going to take somebody who understands technology to find those solutions. maria: joining us right now and
first on fox business interview is revolution ceo and chairman former ceo of aol, steve case. steve, great to see you. >> great to be back. maria: your thoughts on this mark cuban will run for president? >> three more years to go, i love that mark is throwing ideas to help the middle class. maria: so far divisive innocence the country. what do you think about the policies coming out of this administration having coming out so far? >> they have tried to help with tax reform, i have talked to gary cellular cohn. we have this growing divide in the country where a lot of innovation and wealth creation and job creation is happening in the coast. there are a lot of people in the country that feel left out and
left behind hopefully it would be inclusive innovation economy. we need to make sure everybody everywhere has a shot to the american dream. maria: you're one to have first people to get on the longevity bandwagon, where do you see growth in the world today? >> the big opportunity is what i call the third wave, get everybody connected that we started aol and people online, last 15 or 20 years the second wave app services, facebook, google, but the third wave is now happening, integrating the internet throughout health care, energy, food, agriculture, transportation, a lot of things are up for grabs in the third wave but require policy regulatory issues more important and i will believe they will tie
because expertise and a lot of sectors like health care and farm asking in the middle of the country. if we back the entrepreneurs that are close to industries, that's where it will break out. people talk about peak oil, i think we are peak silicon valley and will continue to be strong and vibrant, we will see inclusive innovation economy within the united states and globalized really all around the world. maria: you make a good point. when you were first obviously with aol, a different moment in time, we were on the doorstep of a new revolution if you, will. today it's a different tool. >> i was in columbus a couple of weeks ago, ohio, indiana and michigan, states like that. columbus one the smart city's challenge. match that with $500 million, a model of smart city which is
exciting. it's not just about the technology, it's not just about the software, how to you partner with other companies, ge are partnering with the start-ups to create smart cities and there's tough privacy big brother issues, risk around cyber terrorism bringing down smart thinks so third wave innovation won't be just about coding and writing apps, it's dealing with fundamental aspects of how we stay healthy and move around cities and doing -- partnership can other companies and understanding growing importance of policy and therefore you have to interact and engage with government which entrepreneurs are resistant of doing. is this part of your discussion, you're here, you will be doing a panel, world 2030, creating value with richard branson? >> that's talking about what's happening in 10 or 20 years, i will talk about a third wave and why it'll require different approached entrepreneurship, the rise of the rest, encourage more
entrepreneurship in more parts of the country, more parts of the country and talk about impact investment, we are hearing the theme at this conference and having business not just focus on profit but also focus on purpose, having a broader impact, resinating with a lot of young people who want to work for companies, stand for more than short-term profit, do business with companies as well as invest in the companies. the third wave innovation will be a big thing, the rise of the rest and more regional entrepreneurship and impact investment. maria: it's interesting that so many large technology companies have investment arms and they're acquiring some of the start-ups, companies that don't wanting to public because they don't want to deal with regulatory environment, you the arm of google, investment arm in amazon, buying up some of the companies. >> this is actually great, a good way to drive forward and innovate interesting becauses something like google has and great example in indianapolis, exact target for nearly
$3 billion, they doubled the size of that company, so 2,000 employees in downtown indianapolis and the founder scott has gone to fund investment. second largest outside of california is now indianapolis and that's a perfect example of this idea to have rise the rest. there's more cities that are rising where people leaving the slowing, talent, we need to follow the venture capital. anything we can do to get more entrepreneurs will result in much more inclusive innovation economy, a country where everybody feels optimistic about the future, not fearful. maria: this is really fascinating. steve, i will be watching that panel. thank you so much. steve case joining thrus. twitter's big reveal, social media company says it will become more clear when it comes to who is posting political ads on the platform in the wake of the surge of fake news during the last section, plus more big
earnings out this morning including walgreens, health care debate affecting the company? we will be right back. thank you so much and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. and at $4.95, you can trade with a clear advantage. you'dreamt about it, it, maybe you should just go ahead and do it. we're legalzoom, and we've helped over a million people just like you start their own businesses. legalzoom. legal help is here. with some big news about type 2 diabetes. you have type 2 diabetes, right? yes. so let me ask you this... how does diabetes affect your heart?
it doesn't, does it? actually, it does. type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke. and with heart disease, your risk is even higher. you didn't know that. no. yeah. but, wait, there's good news for adults who have type 2 diabetes and heart disease. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit. jardiance is proven to both significantly reduce the chance of dying from a cardiovascular event in adults who have type 2 diabetes and heart disease and lower your a1c. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. do not take jardiance if you are on dialysis or have severe kidney problems. other side effects are sudden kidney problems,
genital yeast infections, increased bad cholesterol, and urinary tract infections, which may be serious. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. tell your doctor about all the medicines you take and if you have any medical conditions. so now that you know all that, what do you think? that it's time to think about jardiance. ask your doctor about jardiance. and get to the heart of what matters. how much money do you think you'll need in retirement? then we found out how many years that money would last them. how long do you think we'll keep -- oooooohhh! you stopped! you're gonna leave me back here at year 9? how did this happen? it turned out, a lot of people fell short, of even the average length of retirement. we have to think about not when we expect to live to, but when we could live to. let's plan for income that lasts all our years in retirement. prudential. bring your challenges.
maria: welcome back, i'm maria bartiromo, coming to you live from riyadh, saudi arabia, we are watching major changes in saudi and markets, of course, that are expected to open fractionally lower this morning. we will see what happens after earnings come out. general dynamics one to watch today. analysts are expecting earnings of 2.44 a share. the stock is up more than 40% over the last year. pretty-good looking chart on general dynamics, sirisxm, earnings of 4 sents a share, up nearly 30% this year. nasa releasing satellite photo
which revealed destruction of massive wild fires in california. cheryl casone with all the details in new york, cheryl. cheryl: yeah, maria, images are incredible. vegetation is in red, burned or areas appear dark gray. firefighters are still trying to fully contain the fires, 42 people have been killed. well, twitter says it will make its ads more transparent in attempt to stay ahead of potential regulation, people and groups that advertise on twitter will be listed on website which will include details on how long the ads have been running, russian-backed accounts planted in twitter and facebook in an attempt to influence the 2016 election. well, amazon prime is now available for businesses. the service started for companies who want free two-day
shipping for certain things, so far it's only available to businesses that are based here in the united states or germany, companies are going to be charged annual fees based on the size of the company. shares of amazon under pressure a little bit, down a quarter percent in the premarket. well, the heat was on literally in los angeles last night. the temperature hit 103 for day one of world series making it the hottest ever. no sweat though for the dodgers, chris taylor smacking hope run giving dodgers 1-0 lead. there it is. kershaw masterful, by the way for the dodgers, he erased all the postseason demons and big blow coming from justin turner. >> turner ball to left, it's hit pretty well. it is gone. 2-run shot justin turner, dodger stadium erupts as they take 2-1 lead in the sixth.
cheryl: four homers, and dodgers went onto beat astros 3-1. check this out, yasiel puig showing true colors, dying his hair, mohawk, here is the color, pure dodger blue, maria, big night in la. back to you. maria: thank you. i've heard of highlights, dagen mcdowell, but blue, i don't know that's a new one? dagen: by the way on the tv it looks vikings purple. [laughter] dagen: i think you actually have to bleach your hair white first and to get to color like that. not that i know anything about hair dye.
maria: i know that you have lindsey sitting there. i don't know what you're looking at as far as more important this earnings period but what is it looking like so far? you said overall expectations was profit growth of 4%, not so hot, are they exceeding the number? >> yeah, well, earnings now looking at 3%. i used s&p capital consensus estimate, that's come down. ge had a lot to do with that. weak number on friday, i'm looking more to hear from industrial and aerospace companies today. we will get big tech giants tomorrow and that's going to be huge because the stocks have run into the report. it could be a challenging quarter for them to see the stocks continue after that report. maria: but the important thing is on the plus, we have the dossier -- go ahead, lindsey. >> the top line sales are beating 71% of companies, that's huge, usually 55% so that's a
good sign for corporate america. maria: dagen, we have to talk about the other major story, take a short break, when we come back, maybe we should start calling tit clinton dossier, stay with us tirement squirrel f. i represent the money you save for the future. see? we're putting away acorns to show the importance of being organized. that's smart. who's he? he's the green money you can spend now. what's up? oh you know, gonna pay some bills, maybe buy a new tennis racket. tennis racket for a squirrel? he's got a killer backhand. when it's time to get organized for retirement, it's time to get voya. i had severe fatigue, went to a doctor. became diagnosed with hodgkin's lymphoma. i had to put my trust in somebody. we recommended chemotherapy, and then a stem cell transplant. when his disease progressed, i thought that he would be a good candidate for
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maria: welcome back, i'm maria bartiromo, coming to you live from riyadh, saudi arabia, we want to look at investment happening here and across world. we kick it off in washington, yesterday president trump had republican leadership cast informal vote between jarome powell and taylor. brian brendberg, let's talk about this. he did really narrow it down to
taylor and powell, our sources say that when he asked who would like to see john taylor as head of the fed, it was almost unanimous. >> i think it's an interesting question, if the president goes with taylor, the question is will taylor do what taylor will do is raise rates much more than janet yellen has done. that's a big question, maria, others say even if taylor ends up in this role, once you get into the seat you moderate views a little bit because you're in a decision-making role. there's a big question there. i think that's going to create uncertain any the markets. maria: what do you think, dagen? >> i think that the markets given the kind of jubilant market are not factoring in the potential unknown of a fed
chief. you get into this guessing game as brian was pointing out, who would do what, kevin's name was out there, powell, is it going to be janet yellen, if you get a new name in there particularly john taylor you will have potentially months of uncertainty and maybe not cause market crash but could cause volatility that you are not seeing today. maria: yeah. well, and what brian said, a guy who has voiced his feeling that rates have to be much higher. john taylor, when i asked the president who he we wanted to see running the fed, i'm looking at taylor and powell. he basically said, he didn't mention gary cohn or kevin welsh, two different people and we don't know if the whole experiment is going to work whereas as they're wining down
the balance sheet. meanwhile so far earnings have been the story driving market action. >> when it comes to fed chair, what does trump want higher rates or lower rates. earnings so far are supporting the market right now. one thing i will say, we have seen 2018 estimates, 12% growth, it hasn't moved too much and while that doesn't include any reform in there, it'll be interesting, the reform is priced into the market. maria: so 12% profit growth for 2018? >> correct. maria: okay. we will be right back, much more from the future initiative in riyadh.
♪ ♪ >> live from riyadh, saudi arabia at the future investment initiative, here is maria bartiromo with a special edition of mornings with maria. maria: welcome back, and good wednesday morning, everybody, thanks so much for joining us. it is wednesday october 25th, happy wednesday to you, top stories right now 7:00 a.m. on the east coast. earnings split on wall street among tape names reporting there third quarter this morning, boeing, visa, coca-cola, coca-cola hit the tape, slight beat, revenue stopping
expectations, stock is up 1%. we know that visa is up 2% as well also beating expectations this morning. earnings have been driving the market action but today we are looking at a flat showing, dow industrials up about 5 points, partly because of visa, dow component and s&p 500, nasdaq are fractionally lower this morning. checking european indices, mixed market there as we see the ftse down 8 points, cac quarante up 18 points and dax up about 9 points. a third of a percent higher in paris. in asia overnight, markets mostly higher at the close with the exception of japan higher with hang seng best performer one half of 1%. could gop in-fighting stall tax reform, concerns now growing as yet another republican senator arizona's jeff flake says he will not seek reelection. undignified behavior from president trump as a result of the decision.
friend weighed in on the fight last hour with me right here. >> what we have witnessed is not a boys playing badly and the politicians know it's a necessity for them on behalf of constituents to get something done and to stop bickering. maria: very latest as the speaker of the house paul ryan also is insisting this morning that the tensions will not hurt tax reform efforts, he says they will get it done. bankrolling controversy, the dossier that targeted president trump during election was reportedly funded in part by the clinton campaign and the democratic national committee, more on the shocking new claims ahead this morning. plus mcdonalds rolling out a dollar menu, will consumers love it. here in riyadh, saudi arabia where global investors have
descended on riyadh. yesterday i spoke with royal highness, prince salman, the next king, the public investment fund is what he runs as well, he addressed the strategy to eliminate extremism and the answer went viral. listen to this. >> we want to live a normal life, a life that translates our moderate religion, our good customs, we coexist and live with the world and contribute to the developing country and the world. steps that we have taken in the past that are clear. i believe that we will eradicate the rest of extremism very soon. maria: meanwhile the other big names include steven mnuchin, steven is with me and mark wineberg was with me and ceo of
london stock exchange group will be here. also mohamed el-erian. joining me from new york, college's business and economic professor brian brendberg, fox business dagen mcdowell, investment strategy lindsey bell. good morning, everybody. dagen: good morning. [laughter] maria: we've got -- i thought there was a little bit of a delay. dagen; you mentioned earlier the top stories that you're watching, give us a treat to what's on your radar today. give us a hint. dagen: certainly the top story in the wall street journal we should point out and you have been covering it in-depth the risks among republicans with senator jeff flake openly criticizing the president in a speech saying he's going retire, that the latest bob corker getting -- what you asked the president getting hit on twitter
and still focused on the fact that this negative, discredited dossier that was put together by the firm fusion gps on now president trump was funded by hillary clinton, by the dnc and i love the quote from the dnc on this story that its current leadership had nothing to do with this firm. who was behind it? debbie wasserman schultz essentially is what the implication is there. i just think that that is appalling, i think that the response from some of the clinton cronies is also laughable and i can't wait to see what happens as a result of this report. it was in the washington post but also fox news reporting that. maria: yeah. it's incredible actually, what a story, really, what a story. meanwhile here in saudi, i cannot tell you how impressed people have been with the crown prince, his royal highness, he's going to be the next king.
he's all about changing the culture of saudi arabia in terms of like he puts it, living like normal people, wiping out terrorism, trying to get foreign capital into the country, he said that they -- right now extremism in saudi represents 20%, is what he said. he says he's going -- it's less than 5%, he's attacking about investment, sovereign well fund here, seeking 6 to 9% annual profit in that fund by 2030, he wants to get it up to $2 trillion, they're investing all around the world, $45 billion to softbank, vision fund, money to blackstone group to invest in infrastructure and privatize things, privatize rails, infrastructure, hundreds of billions in value, a lot of activity in saudi arabia, that's why there are so many investment managers from across the globe descending this week on saudi
arabia and that is our top story this hour, companies looking for growth opportunity here at the future investment initiative in riyadh, joining me right now bob diamond, great to see you both, thank you for joining us. did i characterize that right? let's talk about why you guys are here, what do you see happening in saudi arabia, bob? >> well, this has been a profound event. i feel very lucky to be here, i think really two things have happened from investment point of view, maria, i think saudi arabia has become a more important destination for investment and i think saudi arabia has also made it clear that they'll diversify more investments outside of the country. maria: what do you think? >> it's quite interesting that the world of finance and business, the god and the great are all in riyadh this week and it's quite fascinating because for your viewers, you should be seeing that this is a trend,
globally emerging markets, what people refer to them, global growth markets, accounts two-thirds of global growth in the next two decades. countries like saudi arabia and across the markets beginning to become more important both as investment destination and sources of capital. maria: i want to get your both approach to allocating capital, bob, you've been investing in africa for a long time now, how long has it been? it has to be five, seven -- >> well, this initiative five years but before that with barkleys for 85 or 90 years barkleys has been invested. maria: this was a new, you know, a new line of investment for africa, where are they in that regard? >> i think if you believe about the demographics, urbanization, the ability for technology to leapfrog progress, if you believe about progress in africa, financial services need
investment. financial services are going lead to that kind of economic growth and job creation and we have witnessed in the last four to five years, many global banks pulling out because of post crisis affects of lack of synergy and capital. i think we both believe that the opportunity for regional player, financial institutions that are truly african is enormous. maria: you're investing in merging markets? >> that's correct. the way fact speak for themselves, the average age across market is 26. average rate is 14. all you want to do is spend, spend, spend. it's a fascinating statistic lu last year 10% of global spending
turned no global market and that really speaks to volume and they understand that and are investing heavily. maria: even here in 70% are 35 year's and below. >> that's right, people that are affected most by progress. maria: also developed markets. >> the opportunities in continental europe right now, hard to believe ten years past the financial crisis but there's getting nonperforming loans off the balance sheet and investment opportunity in financial is important. to go back to reset, when we talk to investors that want to invest in africa and saudi arabia and many of the markets, they want to know that there's the expertise, the on-the-ground
expertise that can run the business. that's what we both try to bring. maria: what's your take on the u.s. right now, have things gotten overvalue or strategy or strategy that you see more elsewhere? >> your perspective first. >> the euphoria that we are seeing in stock market is something that's relatively irrational yet it keeps going up and everybody keeps warning of cig -- signals and sign that is it's going to slow down but it doesn't. let's recognize the fact that all the stock markets are quite aggressively priced, the opportunities in our markets are not affected and continue, and therefore allocating capital, you can't ignore the president that's present across global market. >> even from the u.s., maria, we just did a 200 permanent equity raising fully under written by fairfax in canada, almost 95%
was u.s. and canadian investors investing not just in africa broadly but focused very much in nigeria. there's appetite for investments outside. strong number. maria: great to see you, gentlemen, arif, bob, always a pleasure, thank you, gentlemen, we will take a short break, when we come back, hillary clinton is in the spotlight this morning, her campaign helped fund dossier that targeted president trump during the election. the fallout next. president trump searching for next federal research chairman, the surprising way he asked senators to vote for their preference, straight ahead.
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when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. maria: welcome back, i'm coming to you live from saudi arabia in future investment initiative in riyadhd, wall street journal reporting that hillary clinton funded famous dossier about
president trump's allegedly connections to russia. blake berman in washington with more, blake, one that many people expected, actually. blake: washington post to report on this, hillary clinton campaign, democratic national committee that helped fund the famous dossier by firm fusion gps and possible connections between his campaign and russia, many associated with the clinton campaign, maria, for a while now had said that there was absolutely no connection with the campaign and this dossier, however, top spokesperson brian fallon reacted on twitter. i regret i didn't know about christopher hiring who worked on dossier, if i had, i would have volunteered to go to europe to try to help him. no reaction so far last night or this morning from president trump though he did tweet last
week that the fed should release who, indeed, paid for the dossier, last hour you spoke with tom, close friend to president trump and he reacted this way. >> the same issues that have alienated america to drive them to elect president trump, everybody is fed up with it all. it's not one side or the other. we are ready for something else. blake: separately on capitol hill, maria, the house intelligence committee is now looking into the sale of a treasure role of uranium to russia, that was a project that was green lit by clinton state department, she has reacted to the new fe cows of this deal which is now they said under investigation by the house calling it, quote, bologne. maria: dagen, something that we certainly expected.
they are talking about the whole collusion story with the trump administration when in fact, the collusion has been right in front of our noses the whole time, snag we have been discussing very much. dagen: you put your finger from day one. christopher steel, former british intelligence officer who was the person essentially in charge of putting this dossier together, he eventually shared this with the fbi during the general election campaign because the bureau was looking into trump possible ties to russia and then steel was also working with intelligence agencies on the allegations by the fbi that russian agents were trying to help the trump campaign. so, again, the relationships and are so dirty when it comes to
this and how this individual was working with intelligence agencies, i just think that there's got to be a lot more done in dc to get to the bottom of this. maria: yeah, as i've said 100 times, you and i saw this take place as it was happening at the democratic national convention. so there we are in philadelphia, we get to the dnc, we are about to do our show live from the democratic national convention and what do we hear? we hear breaking news of all of those emails that were released of debbie wasserman schultz, it's her convention, it's day one of her convention, a big deal, she is -- she is forced to resign, step down from the chairman of the convention because her emails showed that she was in the tank for hillary and what did they do? okay, we talked about her resigning for about three seconds and the conversation immediately turned to russia and potential collusion. that's how i knew it.
wait, debbie wasserman schultz just stepped down, this is her convention but they were so effective in changing the conversation to something that was nonexistent when, in fact, the wrongdoing was on their side. it's outrageous, i understand why people are upset. it's not right. dagen: it's not right and i think americans deserve a bigger answer than we've got so far. maria: yeah, for sure. this morning you're seeing it all over the papers. the washington post, you know, did not want to write the story and it's one of their top stories. dagen: i absolutely agree. this is that moment because there's so much discussion and president trump has always said fake news, fake news, this is a moment where you do have a newspaper stepping up and printing this and just like the new york times printing the harvey weinstein allegations, he was a liberal lion who arguably raised more money than anybody, any individual for democratic causes, liberal causes and
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maria: welcome back, we are coming to you live from the future investment initiative here in riyadh, saudi arabia this morning, we are talking about investing globally and battle for tax reform. now, the president had lunch with the senate republicans, he's trying to rally support for this tax overhaul, joining me right now is mohamed el-arian, mohamed, always a pleasure to see you. >> thanks for having me. maria: how important is tax reform getting done for the market? >> very important and very important that it be done as part of a package that includes
deregulation, infrastructure spending and also some focus on acquisition. we need all that not only to boost actual growth but also to boost potential growth so it's very important. maria: do you think it will move growth? >> i think if done in a package, it will have a very positive impact on growth, but it's important that the message keeps on going out that it's a progrowth program and that the administration and congress can get things done. maria: for the first time in a long time we are looking at fiscal policy versus what has been dominate bid monetary policy, the central banks of the world easing so long. we have an ecb meeting tomorrow and the u.s. federal reserve, some uncertainty there. the president asked senate republicans yesterday who do they want to see in charge of the fed and apparently we are being told that the majority was unanimous that they said john taylor, what would a john taylor federal reserve look like?
>> first it would be federal reserve with a strong on its head and very important to get vice chair as well because -- because dan has stepped down. importantly, i don't think that the market is correct in reacting in the way it has react today various indications of fed chair for simple reason that fed policy when it comes to reduction of balance sheet and interest rates it's pretty set for next six to nine months. beyond that, yes, but we have seen too much emphasis, i think, on hawkish, i think that the fed is embarked in this beautiful normalization, more important is this handoff to other growth policies. going back to tax reform, deregulation, infrastructure. that's critical. maria: what about ecb? what do you expect in ecb tomorrow? >> if everybody is worried about central banks, it would be the ecb. ecb faces difficult situation. recovery it's not as advanced as
the u.s. it's trying to make policies for 19 countries that are very different. it has its own transition coming up and leadership and don't underestimate the challenge facing ecb. tomorrow i suspect we will get announcement of gradual reduction and try to make it conditional, if they make a mistake, that is going to have a huge impact on the yields, on the dollar, and on markets. maria: is that expected in markets right now that they'll be gradually take it down at this point? >> yes, i think what the market expects is that they will reduce the pace of purchases by half from 60 million to 30 million a month and that they won't do anything on interest rates and that's critical. that's what the market expects. i suspect that's what the ecb will deliver. maria: what's the risk here? you have the risk of the federal reserve, 4 and a half trillion dollar balance sheet. these two things happening together at the time when markets at record highs. >> that speaks to fundamental issue. the market has understood that one central bank can normalize
in and orderly fashion. what the market doesn't know what happens if more than one central bank. we have potentially four central banks, fed, ecb and bank of japan and bank of china. maria: right. >> that's going to be absolutely critical. maria: what do you want to do as far as allocating capital right now? >> i think you have to be more -- what i mean by that, appreciate that we are in a wonderful journey but the market has delivered great returns and rightly so but that we have run ahead of the policy implementation. so if you continue on this journey, remain highly liquid, be sure that you diversify into market exposure and continue to buy the dip because the conditioning of the market has been so strong that we will continue to fade any correction. maria: wow. fade correction? >> yeah, the market has been conditioned to believe that any dip is a buying opportunity because guess what, it has
proven incredibly profitable. [laughter] >> a major shock to shake the conditioning. maria: mohamed, great to see you, thank you so much for weighing in. coming up earnings earnings, coca-cola releasing third-quarter earnings, we will break down the result. stock right now not moving, down half a percent. the rise of 3d printed shoes, wait till you see this story, closer look at new industry trend. 3d printing, back in a minute. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day.
lie from saudi arabia. welcome back. we're happy you are with us. it's wednesday october 25. your top stories right now at 7:30 a.m. on the east coast. three components are empowered many of them are moving markets. they are just reporting that quarterly numbers and they are better than expected. $2.70 per share. revenue coming at $23.4 billion.
coca-cola and boeing despite better-than-expected numbers are actually trading lower back about third of a%. all of them are better than expected. they take a look at where they see and hear. what has been an incredible performance for this market. they are all pulling back from yesterday's close. check on the european markets right now. as you see the ft 100. it's all flat. the best performer was in hong kong. president trump wayne and the reason corker dropped out of the senate race they had zero
chance of being elected. still hurt and wooded the president is putting this tweet out momentarily. he said the meeting with republican senators yesterday outside of flake and corker was a love fest. the president gives a bit of a pet talk yesterday. there try to get tax reform over the finish line. boeing is just releasing the third-quarter earnings. are you surprised by these numbers lindsay. >> boeing has only missed expectations one time going back to 2011 this is a good report. i want to know what the deal is with guidance. they raise their guidance. we also heard lockheed market --dash mike martin.
that with geopolitical changes. a good airplane cycle. earlier you you said that the earnings estimate broadly speaking have come down. that 3% growth is what you're looking for. and given the reports at that you're getting today 40 companies will report. we will get a lot more companies reporting tomorrow and friday as will is next week. we will deftly have a better pulse and corporate america's health. for the next two weeks. in terms of revenue what is your reference for revenue growth. for the quarter it's expected to be 5.4% which also has pulled back slightly but it's hanging in there a little bit better you are seeing strength on the top line.
they are beating the topline estimates. that is better than a historical average. a very positive currency. growth expectations on the bottom line for the s&p 500 that does not include any reform packages. i'm not -- i am surprised there is not a bigger one. with the international airlines. during that contract signing. most importantly it's about 75,000 jobs.
70,000 in this country. the president as always pressuring or suggesting companies to get job creation in america. what is your take. it's not 70,000 new jobs here. supporting 70,000 jobs in the u.s. they're providing parts to make this. you look at what boeing is doing here. that will support travel. the geopolitical risk. but for companies like this. at that opportunity. both of the big businesses here you see good things happening. that is a kind of thing that can smooth out earnings over time.
a lot of good things working in favor of boeing right now. we want to bring it right to you right now. great support from so many sites. in terms of tax reform. there try to give these guys a pep talk to vote. at some point, i think we can all appreciate the president optimism about getting this done but again time and again with the gop and the members of the house of some of these ideas that they had been putting i keep ringing bringing up the fact that they were thinking about were talking about dramatically reducing the maximum that you can contribute to a 4o1k plan each year. it seemed to come out of nowhere if you well.
it's even idiotic for them to do that. you want to encourage them to say that. president trump have a come out on monday and say this is i can happen. it shows a lack of direction. i think it shows a little bit of stupidity. they people that are not helping them out. there are half a trillion in overspending. they are looking for more money to pay for the tax cuts and they do not know where they are to get it. the pressure to not eliminate the state and local adducts
--dash mike deduction. boeing stock is up about 70% so far this year. you want to be careful with the step where it is. look at that chart. just what you mentioned. where the growth is and where the expected to be. it is the use of technology and that is where the growth is coming from. technology to change lives for the better. it's good to have you on the program. invested early on in alabama.
some of the areas where the chinese are going to be benefiting. you still own ali baba. >> yes. i think it used to be viewed as a chinese company. they just met with the philippines. with a like that to have the technology which cannot be available for them. i spoke with the have of the softbank and he said that the investor he put $20 million into the company.
how is that for return. eighteen years. it teams up with adidas this is incredible. will you show the sneakers. these are made by 3d printing. how the heck is this done. one has a traditional 3d printing technology. the traditional 3d printing is layer by layer and what happens is it's very slow and fragile. they can only watch but not be used.
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welcome back shares of triple day taking a tumble this morning. we are looking at triple take much lower in volume. ten and a half% sell off. what are you seen on the floor. there is a big seller. ten and half percent. what's looking with the stock is near a five year low. we had nine of them cutting the price target. and what is really happening with chapultepec. and on the latest numbers disappointing for sales and profit they are going to say
it's can be much longer until you see a recovery and down 14% year-to-date and then you tack on today's moves by the end of the day. now the doubt component it was slightly to the upside a moment ago. exhibits doing now. we did see profit jumping 38 percent. and taking some market share from pepsi. and back to you thank you so much. nicole pet illini on have a lady on the floor of the new york stock exchange. asking gop senators their views on the finalist. tracy with the details there. apparently looking for a little input.
as you said during a lunch meeting yesterday with the republican senate readership. the president ask for a asked for a show of hand votes. who what they would would they would like to see nominate. when the term expires in february. the president did not indicate who won the pole but some believe it was taylor. who do you want to see running the fed. >> as you know i've been seeing a number of people and most people are saying it's down to two. i also met with janet yellen i like a lot. i had three people that i'm looking at. there are a couple of others. i will make my decision very shortly. the president has indicated he will release the name of his nominee on the next foreign trip. they will sit down in an
exclusive interview tonight at 7:00 p.m. eastern. a programming note for you. thank you so much. so how did taylor and foul make the top of the list. the longtime economic advisor gary cohn's name was floated but interesting lee in the interview he did not mention it. he did not mention kevin either. in my interview and yesterday asking for a show of hands to tailor for the senate republicans. i'm guessing that janet yellen still has a very good chance of keeping her job given the fact that president trump brags about the stock market all the time with an all-time high. he will not do anything to disrupt that. but i love him taking a poll
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maria: welcome back, live from riyadh coming to you live from saudi arabia. at thank you future investment initiative conference where really the world's biggest investors have descended, the family of rockets over 500 slights in orbit the premier slight launching company joining me is ceo of -- stephan israel thanks for joining us this morning. >> thanks for your invitation. >> tell us about the company
tell us where you see the opportunities. >> we have a lot of opportunities, in -- you know, we are european company for europe for u.s., japan more and more for asia pacific americas -- give you an example, in -- saudi arabia there is we have launched 10 very latest since 1958 global competitor. >> focus shift from traditional satellites to consolation tell us about that why that move what opportunities does that bring. >> new engine for the market we used to let to launch a lot of gee stationary satellites, and more and more launched satellites, to give connectivity to satellites these can be consolation they
can be satellites new application we are really now the market shaken by the need for connectivity everywhere, about about mobility, everywhere, and for that we have now a new satellite tradition. >> they turn into private spyings race we cover that all the time private companies have been launching rockets into space since 1980s increased privatization elon musk jeff bezos entering how changed. >> competition increasing, competition is good because it shakes the market it shakes the business, you are you are you have to move what in europe, to have -- the name of this focus is we have begun with one now six focused as as
opposed to 5 adapted to wholly market broaderer market we will launch mid july 2020 from -- >> fantastic what are you looking to do at this conference? are you looking for perhaps investment from the saudis? >> we are very interested by the initiative of the forum because we have global investors very strong emphasis on the kingdom for space and there is a willingness to have in capabilities related to space, if we can match this need we will see what we can do. >> great to have you on the policeman we will be watching thanks so much, brian great to see you, sir see you in new york thanks for joining us this morning brian, we'll be right back.
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saudi arabia future investment initiative here is maria bartiromo with a special edition of "mornings with maria." maria: welcome back, good wednesday morning, everybody thanks so much for joining us this morning, happy wednesday, to you. it is wednesday, october 25th top stories right now 8:00 a.m. on the east coast. earnings blitz on wall street top names reporting third-quarter earnings boeing, visa coca-cola all three topped expectations with quarterly numbers only one trading up is visa up one and
a quarter percent boeing coca-cola lower despite beating estimates on both the top and bottom lines boeing shares up 70% last year futures meanwhile, looking like this flat on the session we are expecting a flat opening start of trading, earnings driving the activity this morning, dow industrials down about 16 points, nasdaq down about 11, and s&p 500 right around break even right now checking european indices this morning a mixed picture to report, ft 100 down 28 points lows of the morning right here, in london down a third of a percent the cac quarante up a quarter of a percent, dax index down 8 points in asia overnight, markets mostly higher, at the close take a look at asian indices hunger henning up a half per cent best there nikkei average down half a percent in japan. could g.o.p. infighting stall tax reform? we are on it this morning requesting the question concerns are growing as yet another republican senator arizona's jeff flake says that
he will not seek reelection, blamed outrageous undyingfied behavior unquote by president trump reason behind decision white house quick to respond. >> history is going to look at this president as somebody who helped defeat isis built an economy stronger than it has been several decades brought unemployment to a 16-year low, who created over 1. million jobs -- 1.7 million jobs not petty comments from senator corker senator flake a lot more concerned about big policy initiatives this president is driving including historic tax cuts. maria: very latest as president trump begins to tweet on this issue this morning, we will bring tweets coming up, first bank rolling controversy fallacious dossier targeted president trump during the election remember that? it was reportedly funded in part by the hillary clinton campaign and the democratic national committee more on shocking new claims ahead this
morning, plus the battle for aramco the ceo london stock market on his plans to the hill anticipated initial public offering of saudi arabia oil company going to be largest ipo ever everybody wants in why you've got so many investment managers here going to talk with london ceo about that ceo of thelon stock exchange. >> brater up world series gets under way in los angeles, i am coming to you live this morning from the future investment initiative in riyadh saudi arabia this morning i cannot underestimate the magnitude of what is going on here, the fact that tr leadership of saudi arabia the crown prince his royal highness princess mohamed, he is basically opening up the country to foreign investors allowing people to drive his royal high on ns prince
mohamed bin salman spoke with me yesterday talked about seven wealth fund trying to get up to two trillion dollars by 2030 six pools of investment seeking 6 to 9 nerzual profit in pif it is called by 2030 already given 45 billion dollars to softbank that is part of the 100 billion dollars vision fund at softbank also given money to the black stone group so that he can participate in the infrastructure projects around the world he wants to privatize the rail system airports infrastructure going to be a big part of the growth here in saudi arabia, but what he told me yesterday in terms of stomping out terrorism he said that he wants to reduce extremism in saudi arabia down to 5%, in the effects two to three years right now at 20% it went viral the conversation we had onstage yesterday, a lot of people are talking about it, and he is being seen really here in saudi arabia as an incredible visionary turning this culture around
another big day of conference interviews this morning coming up this morning i am going to speak with treasury secoretary mnuchin. >> swooef schwarzman talked about infrastructure fund the largest infrastructure fund the ceo london stock exchange trying to a get a piece of saudi arabia ipo going to be as i mentioned the biggest ipo joining me from new york to talk more about that fox business network dagen mcdowell, cfra investment strategist linde bell one of the big stories. >> a lot of companies beat stocks are not reacting too positively to that that is what we have seen all earnings season long, is negative reaction to beat and raises, while the downside even worse it is a late stage thing as far as -- for these companies. maria: the estimates have come way down, from first quarter of this year, we had
profit growth 14% now expecting profit growth 3%, really estimates have come way down so that is big story as well but dagen probably the big story of the day in news is that dossier, that now we learned for sure we are told reportedly the clinton campaign was a actually behind it, this is something the "the wall street journal" has been outraged about bringing up. dagen: absolutely hillary clinton campaign democratic national qe under current leadership -- dnc pointing out we are were finished behind funding salacious days yea on candidate trump now president trump. but, again, the individual that is former british intelligence officer steele, responsible putting it together working with u.s. intelligence agents last year, has been in contact with
robert mueller special counsel i just think raises a host of issues, about the witch hunt against president trump that now continues. and what is going to come of that what are lawmakers going to do to snuff out what is real what is phony, and the clintons still basically pulling strings in washington. maria: yeah, wouldn't it be interesting dagen, if you know, here we have all of the you know the levity he aggressively trying to push mueller to investigate the president. and potential collusion between president and his campaign the russians we knew from the beginning was nonexistent, a in the process, they trip over the fact that it is the democrats that have the collusion, right trip over. -- it is very well put. but what are they going to find when they get to the bottom of it who is going to
make sure that robert mueller is not being -- manipulated by clinton cronies if you will, a very is disturbing scenario is disturbing last year even more is disturbing now. maria: it sure is there is this two republican senators are taking aim at president trump this morning, he continues to push for tax reform. despite the feuding the president renewed attacks begins senator bob corker this week, tennessee senator said who is a should leave it to congress to decide how to pay for tax cuts, corker fired back, questioning his own support, for thep jeff flake launched his criticism against president after he announced he would not be seeking reelection next year, watch this. >> the beginning of the -- the do you regret that now. >> i don't -- anything, look, i think, i think people look i think there are -- many people that hope that he would rise
to the occasion as president, and aspire to lead our nation instead dividing. >> it reckless outrageous undyingfied behavior has become compulsived countenanced as telling it like it is when it is reckless outrageous undignified from the top of our government is something else dangerous to a democracy. >> president trump, fired back this morning, he tweeted this, the reason flake and corker dropped out of the senate race is very simple he said they had zero chance of being reelected. now act hurt wounded the meeting with republican senators yesterday outside of flake and corker was a love-fest with standing ovations great ideas for the usa, and, finally, he says, working hard on the biggest tax cut in u.s. history, great
support from so many big winners the middle class business and jobs joining us right now in new york global chairman ceo mark weinberger thank you so much for joining us this morning. >> hi, maria. >> what do you think? is this fighting fighting with corker fighting with mccain fighting -- now with flake does this hurt the chance for getting tax reform done. >> shocking that people in washington would be fighting right maria? but it is a distraction. maria: in any case true good point. >> a distraction the blim bottom line last week senate put for ward budget resolution house has to pass quickly when they do as early as november 1 going to start to see details committees will go to work the bottom line they got to get this done less than 30 legislative days left in fact calendar year, i think they are focused on it i don't think it is a big distraction for the committee's actions, and i think they are going to
do everything they can, every vote counts to do everything they can to get tax reform done this year. maria: you know what it is interesting, because they are not just looking at republicans, they think dagen one of the issues here, is how many votes they are going to get are they going to have votes to actually get the tax reform package passed? they are counting on senator donnelly, counting on senator heitkamp two states north dakota indiana president trump won. >> it is a great point maria first of all, the fact using the budget reconciliation process means they want it done minute 51 votes don't have to get to 60 doesn't mean democrats are includexconcluded package end of going to focus on middle income tax cuts no. >>. >> what the what you have seen the heard from doubling more than schooild credit doubling standard deduction provisions in there you will also have a major obviously desire for small businesses to have a lower tax rate you are going
to have corporate rates come down to more dpef rate, and international system more dpef, all of that is good for the economy good for jobs good for wages. >> no kidding, what about the state and local tax deduction? you know we have talked in the past and highest earners pay 07% of the tax we know -- 70% top 10% in terms of earners pay 71% all tax when you eliminate that deduction, of state and local about income taxes going to mean higher taxes for some people you have congressman peter king tweeting out that yesterday, of you got others talking about it andrew cuomo governor new york basically saying everybody in new york is going to get a tax increase do you think they can live with tax plan without eliminating that deduction. >> first of all you and i talked a lot about this in the past you have to look at whole package not just one provision there is going to be lower a rates for pass-throughs lower rates for many, remember 70% of the people united states
don't temperaturize when they double standard deduction 09% will not itemize not take the deduction for state and local taxes, so large portion americans are not affected by this, 90% who take state and local income tax deduction own, earn 100,000 dollars or more, they can clearly figure out a way to as working bill through congress protect those that are in the middle of income lower income, and not have them lose some deductions, taken away from higher income people can make this work pretty easily. >> so for expect a more than xyz you can't deck if you make less conduct debbieing something like that seen that across the board lots of different ways they have the ability when math comes down to make that work get the votes they need, so that lower middle income people won't be hurt by that. >> always a pleasure thanks so much. >> great to see you you your
halfway across the world. >> mark weinberger in new york reminder lou dobbs interview with the president catch it here fox business network 7 pm eastern time allow will talk with the president about that dossier story the clinton campaign will come up we will be right back. real-time analyti, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.
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over results from three dow components cheryl casone in new york over to you. cheryl: a lot of numbers coming in right now let's start with boeing, they reported earnings per share revenue that came in better than expected, they also raised the profit forecast for the entire year but shares are down in premarket, little more than one and a quarter% right now we should add overall, this stock is up about 70%, year-to-date. a little bit of pressure on premarket. well, people using visa card more last quarter visa did beat estimates on top and bottom line updates volume the total dollar value up 10% from a year ago, investors liking this trading higher premarket coca-cola, posting better-than-expected numbers thanks to higher u.s. sales on sprite, some of the noncar. >> gaining against pepsi coca-cola backing the forecast
for adjusted earnest per share stock to watch. >> heat on in los angeles the temperature hit 1:1503 for game one of the world series making it hottest ever, no sweat for the dodgers creates taylor smacking a home run, off the first pitch bottom of the first gave dodgers early 1-0 lead, and kershaw masterful erasing postseason demons big coming from justin turner. >> fly ball to left it hit pretty well, it is gone! [cheers and applause] two-run shot justin turner dodgers stadium erupts as they take a 3-1 lead here in the 6th. >> urban theer has four homeers postseason dodgers beat astros 3-1. tonight another game check this out puig showing true colors on his head before the game, prepared for the series
dig his hair, mohawk, very special color blue here the final revealed yes dodgers blue, and you can't miss this. the famous baby hippo, watching a couple's engagement at since at the "zoo" so happy there special day back in january after this hippo making a surprise appearance, for this happy couple. >> those are headlines out of new york this morning. maria: all right. thank you so much, coming up next laying groundwork for infrastructure plan ceo blackstone group steve schwarzman here to weigh in on the promise to rebuild nations roads and bridges, back in a minute. six in the morning.
maria: welcome back. i'm maria bartiromo coming do you live this morning from riyadh, saudi arabia. the country looking to the future as public investment fund commits to new opportunities, including contributing reportedly 20 to 40 billion dollars for the blackstone group in infrastructure. a big infrastructure push i believe we're going to talk about that right now joined by the ceo of blackstone group steve schwarzman cofounder chairman thank you so much for joining us. >> good to so he you -- >> i think infrastructure important to president of the united states really important here you've gotten money from saudis in terms of infrastructure fund looking for this to be the largest
infrastructure fund. >> we've -- announced that we are planning on raising the 40-billion-dollar fund we can't comment on fund raising fcc makes us unable to do that purpose of the fund to put most money in united states. and there are different types of infrastructure, that we could be facilitating, and it may be that the united states at some point will be making improvements in terms of approvals to do infrastructure projects, when the government is building things anything that touches government in united states stakes between 10 and 15 years to get approved. on average. if you are doing the same project in were germany or canada takes two years. maria: that right that -- short -- >> i would say we have a long way to go as a country. to make ourselves as efficient
as other major countries which themselves are concerned about environmental issues as well. >> so where do you see the big opportunities i mean the president has talked about infrastructure plan obviously, he wants to put an infrastructure plan in place, get through tax reform first you are talking about bridges, highways all the above where are the opportunities? >> the opportunities for the most part are in the private sector because you don't need approvals some for pipelines, other types of energy, things power plants utilities, telecom, there are a variety of things that you can do. where virtually all monies that we raise can be deployed. there is a bonus if you will that the government can reform and i think politically the democrats are very in favor of expanding the infrastructure
spend. i think there are chances to have public/private partnerships where governmental units that have assets with cash flow, sell those assets federal government adds a bonus payment to encourage them, then the money is rehe invested for infrastructure roads bridges other things that need to be improved. >> you are looking largely at u.s. in terms of this infrastructure because i know here, you know the crown prince yesterday was talking about new city that they are developing neom from the ground up they are going to need everything that opportunity as well how much of the fund will be u.s. versus international. >> u.s., this fund will be primarily u.s.. with ability to do some outside the u.s. but it is -- it has been it is being raised and is geared for u.s. >> let me ask you about the
company black voen group has been incredibly successful you are the largest investment manager almost 400 billion dollars in assets in every management congratulations where are you seeing the big opportunities for the next five years. >> well, we are seeing a lot of opportunity all over, what we're doing as a firm, is we have been in the highest upcoming products in the world. whether it is private equity whether it is real estate, whether it is rescue and what we have learned is that investors want different levels of return. someone less risk, less return, and so we're fiending that we can now create products to the average investor gives them a 70% return that is a potentially very large market. there are other types of investors that like products that yield in the 10, 112, 12
area high performance products historically have been in the upper teens to 20. so what is has happened we have discovered to just operating our business and talking with investors that the there are much larger markets than just high performance funds at the top, so we're very systematically logically developing is offering those types of other products, and we can take those products geographically as well as in united states. >> in terms of looking at the segments that you find growth, i mean is it -- do you find that you want to be you know even -- more so in real estate retail sector where do you think at this point represents value? >> well value is different than us expanding so i thought you were talking about where
is blackstone going. so blackstone has very substantial space to grow the firm as we go to different types of investors now this volz going to retail investors as well as institutions. in terms of asset classes, prices are higher now than they used to be but the economies of the world are all expanding one of the few times where everything is going well. maria: that is -- scary comment. >> it is a scary comment. but about observationly that is what is happening. and earnings are supposed to be accelerating. and this has led to higher prices, so we find that there is still interesting things to do in each of our business areas. but there are typically less opportunities to look at.
because the prices are higher. but we are still finding significant number of things where we can deploy capital. >> so what do you do you just want to do as many as possible when prices obviously at this level or just want to sit on dry powder what are you do when we've got public markets where they are even private valuations where they are. >> it is interesting that realizations are close to records, but we are also deploying this year somewhere in the 35 to 40-billion-dollar range about the top for us what we find maria if we invest where there's rally right now u.s. is pretty fully valued europe fix has been very interesting place to put money as has asia, so over half our investments now are going outside the united states just because that is where the value is, these
things move around. maria: that is why i asked about value, steve great to talk with you i hope you come back soon thanks for joining us. >> steve schwarzman chairman cofounder ceo blackstone talk with steven mnuchin next secretary mnuchin will join us live look at whether republicans infighting will mean trouble for the tax code overhaul we are back in a moment. the alerian mlp etf can diversify your equity portfolio and add potential income. bring amlp into the game. before investing, consider the fund's investment objectives, risks, charges, and expenses. read the prospectus carefully at alpsfunds.com/amlp chevy, chevy, chevy trucks. we think it's because chevrolets are the most dependable dependable dependable trucks.
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announcer: maria bartiromo with a special edificatition li from riyadh, saudi arabia future you investment initiative. maria: great to have you with us coming to you live from riyadh happy wednesday, everyone, wednesday, october 25. i am maria bartiromo top stories 8:30 a.m. on the east coast. could tax reform stall concerns growing this morning, as infighting increases with yet another republican senator arizona's jeff flake saying he will not seek reelection flake blames quote outrages undignified behavior by president trump as reason. >> longtime friend and adviser tom barrack joined me earlier weighed in on this fight last hour. >> politicians now that it is necessity for them on before constituencies to get something done, and to stop bickering, and nobody toys
with president trump, he is -- he is very well equipped to handle himself in battles, and i think it you will will get done will get done well. maria: the very latest as speaker of the house paul ryan insists that will not hurt tax reform efforts. >> blitz in business top similar to third quarter numbers boeing better than expected, overseas ae better than expected coca-cola better-than-expected all three companions with strong numbers for the quarter, the stocks mixed in fact boeing shares down a percent, visa way off the highs still up three 3/4 of a percent coca-cola flat on the morning futures meanwhile, flat to look what we are looking at opening of trading this morning, this wednesday morning, dow industrials expected to be down a fraction, as is the s&p 500 and nasdaq,in europe, stocks mixed european indices like this ft 100, right now lower by 34 points almost one half of one percent low of the morning in temperatures, cac quarante up a quarter of a
percent dax around break even in asia overnight, markets closed mostly higher, as you can see, here with exception japan down one half of 1%. bank rolling controversy salacious dossier targeted president trump during election reportedly funded in part by clinton campaign, and democratic national committee more on shocking news claims ahead this morning, and the battle for saudi arabia's largest oil company aramco i talk about ceo london stock exchange on plans to woo largest ipo ever first day two of the future investment initiative here riyadh, saudi arabia this morning. topping the amuse, this ha-- the news bitter battle over tax reform joining me treasury secretary steven mnuchin good see you thank you so much for joining us this morning, i want to get to why you are here, in a moment, but first we got to talk about tax reform. and what is going on, where does the tax bill stand now
mr. secretary. >> we are very excited with progress, on tax reform, as you know there is something we have been working on since the beginning of the year. we have the budget pass with reconciliation instructions expect bill to come out quickly get this to the president to sign this year. >> can you live with this bill without eliminating the state and local tax deductions? . >> i think two most important issues that the president is focused on is the 20% corporate rate to make our business competitive and middle income tax cut driving this what we are going to be focused on. maria: in other words, you want to make sure to eliminate that deduction? because that deduction hits middle class doesn't it? >> maria fundamentally as i have said before we think the right thing to get the federal government out of subsidizing the states, having said that, the priority for the president is the middle income tax cut we want to make sure whatever we end up with there is a
alley tax cut there that we don't have middle income people paying higher taxes, because of the way we changed the system. >> hypothetically speaking you could actually put a cap in place whereas if you make i know, 300,000 dollars, or 400,000 dollars, or below you can actually deduct it but above that anybody you won't be able to deduct it. >> not getting into hypotheticalthetical. >> i am trying to write the bill. >> thank you for helping. >> sure. >> i will say this is discussed he real time in both committees,treasure we are working with the committees running lots of numbers, going to make sure whatever we do can be paid for, and make sure this gets passed i am confident we will have this in next week or two. maria: okay. we will be watching, when that sort of bill is written, and what happens next, let me ask you about the budget, because obviously this budget was half a trillion dollars over spending next budget 19 looking half a trillion
dollars overspending from your standpoint when does it become a priority to start getting your arms around the debt i know the people have been saying how do you pay for the tax plan you have been pushing back saying we've got to getting growth, jobs get growth moving will help pay for it but when do you start saying okay. we need to put a knife to entitlements start pulling in, our spending? . >> maria our focus right now as you know, is growing the economy. and despite what certain people have said about my assumptions it is factual if we get extra 1% gdp, which we it can is doable that is extra 2 1/2 trillion dollars a lot of money that scenario will pay down debt what we are focused on growing the economy number one thing we need to do right now. >> 1%, in gdp two and a half trillion dollars a big number. >> a huge number. >> i know the president has been talking about that, meanwhile, you got the dems pushing back right?
this morning, senate minority lead chuck schumer waging words begins you -- >> i did i was kind of shocked saying a that about me or any secretary of the treasury i restrained myself look factual if we get the growth will pay down debt we can debate whether the vote or not but i was quite surprised at his comments. >> i am radically right here told politico i don't know if the man is deliberately lying but it seems so his statements are outlandish he seems just to wantuse this word i think i think i am suck up top trump response. >> i have been working with the president fort last two years, during the campaign, i have known the president for 15 years, i am focused on economic growth, that is good for the middle class good for business, good for creating jobs, and what the democrats need to realize is they are telling us that is what they want also well let them work with us, on these issues. maria: you know when i
interviewed the president last week i even asked eliminate this question as well are you getting bullied they have a war of words with you here we have you schumer telling "politico" stuff about you questioning whether or not you are lying we knew what talking points were going to be even before your plan came out we knew left was a going to say that is tax cut fortrich did you get blewullied with idea another higher bracket you want to raise tax on highest earnings then you say oh, no, we are going to take this deduction away is that why you have all these ideas to make sure to stick it to highest earners. >> maria not at all not at all the president down the get bullied i don't get bullied these are sound principles we have been working on as i said, both during the campaign, and all year with the senate and house leadership, and if we come up with an extra bracket it is all about creating a larger
middle income tax cut as president said not looking to lower taxes on rich we are not looking to raise taxes on rich but the focus here is middle income tax cut we have been consistent on that all along anybody who says that there is inconsiftency i don't know what they are reading. >> highest bracket would that be a million dollars earnings and up or what -- >> that hasn't been decided as you know the issue if we get rid of state and local taxes it impacts different states differently. okay? senator schumer has been complaining about ts since the beginning othe ye. and i undersnd,ecause a 600 basis point increase in taxes on new york california new jersey, we are sympathetic working through issues. >> does the president want to pick up phone call mayor de blasio call governor andrew cuomo say cut taxes. >> maria we had a very good
meeting bipartisan meeting with the senate finance committee we listened to a lot of ideas we will continue we are working on this, but the other thing i want to talk about is why i am here, please go ahead. >> we are here to open the financing targeting center signed memorandum of understanding one of my priorities to fight terrorist financing thrilled to be in saudi i looked at three builds today ready to be opened, we are launching the center here with saudi with us, we will come out with sanctions this afternoon on joint basis, and something we are are proud of moving forward with. >> how do you do that secretary? we were talk he go earlier actually with people in the crown prince's office, extremists represent 20% he
want that 5% next two to three years how specifically are you going to stompo stomp on the extremists with the center. >> moderate ideas something we very much support terrorist financing targeting center about finding people using the financial system to fund terrorism, and terrorist activities, and we have our intelligence agencies working together, and this is a multicountry approach so for the first time we will have multicountries here in the gulf doing sanctions with us, and as you know we think this is very effective the reason why i ran came to the table -- iran came to table to negotiate, the president thinks we need a better deal these sanctions work and they are a terrific economic tool to combat terrorism. >> we have not seen a president be as tough against iran, as we have seen president trump be.
maria: welcome back busy morning coming live from future investment initiative riyadh, saudi arabia this morning, we are now learning hillary clinton campaign and the democratic national committee reportedly helped fund research that resulted in infamous dossier about president trump's alleged connections to russia blake burman covering the story from white house has the very latest, blake, good morning to you. reporter: good morning to you first reported by "washington post" last night bombshell from them in fact, that it was the campaign of hillary clinton and democratic national committee that helped fund this now infamous dossier, that was produced by the firm fusion gps included
some very salacious allegations against president trump and possible connections to russia, you will remember, during the campaign, and afterwards that it was the clinton folks many of them said they had absolutely in connection to this now reporting is otherwise, the top spokesperson for hillary clinton's campaign brian fallon rathed this way on twitter last night he said and i quote i regret i didn't know about christopher steele's hiring pre-election he is linked to dossier fallon says if i had i would have volunteered to go to europe try to help him no direct response from president trump, on this one. the president though did say last week though that he wanted to feds to look into who funded this dossier, rand paul had this assessment a while ago. >> well you know campaigns all do opposition research on both sides, the problem is that distracting whole country spending millions and millions of dollars, on committee investigations special prosecutors because hillary
clinton can't admit she lost because she was a bad candidate. reporter: maria i suspect we will hear from white house at some point throughout the day, what this does, is now gives them an outlet orally to take russia story whenever brought up say look focus should be on the democrats they have been trying to make that case quite sometime now maria. >> they insure of our audience new better so did this program blake burman, white house, this morning, we turn to earnings blitz on wall street, top names reporting this morning boeing, visa coca-cola all three companies top expectations with numbers this morning, and joining me toaway in on that host of "varney & company" stuart varney. getting set for his show top of the hour hey stu. >> maria i am beginning to wonder even if we did not get a tax cut package this year maybe market would hold at near record levels as you pointed out the profit reports that we are receiving this week, yesterday and today in
particular, have been spectacularly good, since profits are the baseline for stock prices why shouldn't we hold at these levels that we are at right now even if we don't get a tax cut package? that is the question wr asking this morning i think a valid question maria. maria: it sure is i guess they are expecting 14 or 15% earnings growth for the year. because third quarter is not as good as earlier quarters this year. maria: . >> that would be spectacular indeed would it not third quarter not as good as previous quarter i will take 14% for the year any day! maria: [laughter], me too, see you top of the hour "varney & company" begins every day 9:00 a.m. eastern, right after man, ma"mornings wi maria" we will be right back, more to come.
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morning, at day two of the future investment initiative riyadh, saudi arabia. investors are watching the saudi aramco deal going to be the largest ipo in the world. of the this is saudi arabia's he largest obviously oil company state owned oil company ceo confirmed yesterday the state oil giant is on track, to go public through second half next year, and this morning we heard as well, from the crown prince's office it is on track looking at new york london tokyo hong kong looked for a about partial listing ebb everybody wants o a piece of deal enormous. >> ceo london stock exchaij with us great to see you. thank you for joining us it is good to see you. >> love your recording studio. >> saudi arabia how do you like that, what are you doing in london to land this major ipo? >> well, i can't comment on any specific business but
london remains the most international financial market in the world, clearing, a trans action that have size to be decided decisions yet to be made nationally would track interest participation. >> they want to raise for ipo going into investment fund their sovereign wealthy fund going to fund so much here in saudi arabia. what are the implications of this ipo? i mean characterize this why is this so important. >> i think has to be looked at in connecticut of vision 2030. this is a major long term strategic plan, yesterday we heard for example about the development of neom, a new tourist area size of a you know, middle ranking european nation, 36,000 square
kilometers attracting investment modernization of saudi arabian economy has a huge potential, it is a real academy debt of industrial manufacturing service businesses so i think this potential trans action needs to be look in context of overall strategy of he effectively he promoting the growth of saudi economy, overtime reducing having its reliance on and so forth of hydroinvesting industrial activity to provide jobs for a very, very i don't think population as we know the median age 28 years old, a lot of young saudis as they come out of their education, and their academic program at universities are looking for jobs, modern jobs. >> you are right 70% of the people in saudi are below 30
years old incredible, so there was speculation that chinese wander in on this deal could they go public, in london, and new york, or whenever else as well as sell shares to chinese or do you think that is off table. >> would not be appropriate for me to speculate, it is a decision for shareholderslon stock exchange is very competitive, very, very high standards of global governance regulation also very international, very flexible market so whatever decision that is made in the end the solutions, that are picked we can accommodate them. >> how big can this deal be? what are we talking about in. >> well i think speculation in the price in region 5%, then of course annually and investors will apply various valuation standards and metrics. what i can say though from personal experience standards of operation of that company are world class this is not something that i think
investors have picked up already the level of technologically integration pipeline shipping in particular, its reputation high quality on time delivery all things that, of course, investors would look at as they would look at any large international ipo, to factor in, of course, about what the appropriate multiple should be. >> it is not going to be sort of trading in step with oil prices there is a lot more to. >> it obviously strong correlation to oil prices but the company the management, advanced levels of achievements that it particularly in the area of production and export i think means that a company of that caliber would have to be part of any global unreasonable portfolios. >> good to have you on the program. >> thank you. >> we will be watching this you so much, all the best roletee ceo london stock change thanks for joining us
live from riyadh tomorrow we talk with ceo and president of the new york stock exchange thanks dagen mcdowell lindsey bell in new york "varney & company" begins right now, stuart take it away over to you. >> thank you let's call it the greatest story never told that is the growing economy and the booming stock market. >> good morning, everybody. if not bad for trump, the media won't report it that is why the success of growth agenda goes largely unreported we do things differently here we are going to tell you about the extraordinary profit and revenue gains being reported, just heard from boeing, visa coca-cola all doing very well, and looking to even better times to come, this is why the stock market rally keeps rolling we don't ignore the return to prosperity on this program, and we're not going to ignore this either. 145 million dollars was funneled to