welcome to "worldwide exchange." i'm ross westgate. investors shouldn't fear black cats or broken mirrors. historically, stocks do pretty well on friday, the 13th. gm bails out peugeot citron. it's selling its 7% stake. shares plummet for the second day in a row. the ceo of the london insurers quit after issuing

another profit warning. details of emerging of a capital shortfall in its irish business. which is poised to exit its bailout program? is it cause for cheers or concern? the prime minister tells cnbc the time is right. >> it's a great sense of achi e achievement attached what we set out to do almost three years ago now. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. hello. welcome to the last "worldwide exchange" of the week. what a week it's been. plenty more, though, to come in the final two hours of the good stuff today. on today's show, an uncle of the north korean leader has been executed after being branded worse than a dog in the state

media report. we'll get the latest from seoul. and will gold finish the year having suffered its biggest slump since 19811. we'll take a look at what's taken the shine of the precious metal this year and whether it's time for investors to come back or not. disney's animated film "frozen" has kicked the hunger games out of the top spot. we ask if it can win the battle of top christmas movies. and the cyber crime unit of britain's national crime agency has warned that the digital currency bitcoin is fueling a new wave of online illegality. we'll take a look at the challenge for those trying to improve web security. that's all coming up. but first, ireland will be the first eurozone nation to exit its international bailout program this sunday. there are still kinks that need to be worked out.

irish banks are the most vulnerable in the eu according to moody's. let's get the latest from london. julia has been speaking to the finance minister. jules, great that they're coming out. what risks remain? >> it's a crucial question, ross. if you look at their debt profile, actually, they're now seeing debt at around 123% of gdp. that's higher than it was before the crisis. we've got unemployment above 12%. there are still concerns about the banks, as you just said. there are concerns about them being the most vulnerable in the eurozone. yes, it's coming a long way. now it's going to be a really concerted work in terms of boosting work and the recovery profile begins for this country. when i spoke to the finance minister, i asked him whether there's excess pressure on ireland to be this symbol of recovery in the eurozone. and what this means for ireland.

listen in. >> there's a great sense of achievement of having completed, a task which i set on out to do almost three years now. this was a very limpy and detailed program and we worked in cooperation with the imf and the european commission and the european central bank and completed 270 separate pieces of policy. and it was very intense and some weeks we -- several policy changes to make the economy productive again and to get it growing and to create jobs, which was the primary objective of the program. >> do you think there's excessive pressure on ireland to be this symbol of recovery in the eurozone, particularly given the social costs here in ireland? >> i don't think that was the approach. i never got a feeling that we were being used for symbolic

reasons. we had a major economic and financial crisis which needed to be addressed. and we addressed it by a series of preventive measures which we implemented on the time frame. we're at the end of that process now and actions amounting to 270 are completed and we've gone down all the finance which was made available to us. we're back in the markets now, our ten-year bond and the second year americas is trading around 3.5, which is lower than spain or italy or portugal and many other countries. and our economy is growing now again for the last three years. we're creating very large numbers of jobs, over 1,000 jobs a week. that is about an increase of 375% in a 12-month period. so we're doing quite well. >> another critical element here

is the country's level of debt. i noticed that the imf recently suggested they would leave the door open for potential capital levellies if the debt doesn't increase quickly enough. should investors be concerned? >> i doubt it's going to peak at 124% of gdp this year. but then it will go down. but it's not the size of the debt only that people should pay attention to. because what is equally important is the majority of the bar reeing and the interest rates at which -- the interest rates we're paying on the debt. so when you look at that, you get a different take on the irish debt because the average maturities are now 12 years. as well as that, we carry over 20 billion in cash buffers. that's about 2.5 times our deficit. so we're fully funded out into 215, but there's an accountant clerk which you wouldn't use on the balance sheet of a company.

and the cash assets which we have, the cash buffers, we can't offset those against the debt. so we're holding those in cash. but if you were to offset it against the debt, well, then our debt levels are much lower. also, we are going to have a significant instruct the turl -- this year or next year in 2014 in our budget. >> there is optimism about tending of this bailout program, but there is acknowledgement that there are risks and plenty of issues to address. but when you're raising cash at 3.5% and you're raising cash at cheaper levels than when you had a aaa rating, you can't quite argue, really, with that. now, coming up later on in "worldwide exchange," i'm going to be talking to the head of pac services, a crucial issue to track the investment, the low tax rates here in ireland. we're going to be the talking to the head of the industrial

agency, the body responsible for bringing in fdi, record levels for ireland last year and they're expected to beat those numbers this year, too. we'll be bringing you that later on in "worldwide exchange." >> thank you. we'll catch you a little bit later. good to see you. european officials hailed ireland's recovery, a vindication of their strategy of internal valuation. but if there's anything that ireland are doing that can be successfully replicated elsewhere? >> well, you know, i think the key here is wonderful. if we think about it in terms of ownership of the reform program, that is certainly something that could be replicated elsewhere. plus, if you look at the fact that, you know, polls actually are looking quite positive for the governing coalition in ireland now that the troika is about to leave the town, that is serm something that portuguese politicians are going to look at going into 2014. >> yeah. one thing is ireland is a very

competitive export base. they lured in american text, pharmaceutical companies, part of the reason why they have a financial services sector. >> at the same time, we've seen adjustment there in the spanish economy, for example, if you look at port competitiveness. so there are positive signs. you still don't have to buy into the troika, agreeing that this shows the strategy is fully working. but nevertheless, it's positive that you can show two voters in germany, as well. >> i was going to say, there's even less reason for them to advocate burden sharing. >> that is true in terms of mutualzation in the context of the banking union, for example, certainly. on the one hand, it's positive news. you are able to go out to german voters, to members of the

bundestag and saying, look, this recipe is working. it is positive in the sense that you can see the strategy is working. >> stick around. we'll come back to you. right now, let's bring you up to speed with where we are with global markets. we saw falls in the u.s. overnight. advancers outpacing decliners on the stoxx europe 600. we saw a 100-point decline on the dow. right now, the ftse is absolutely flat. the xetra dax is up around 12 points. the cac 40 up 6 points and the ftse mib is up 0.5%. we would stop this week's run of losses if we stay like this. simon lee stepped down as chief executive of rsa, the stock down 17%. that's not why. he's faced scrutiny since the head of the irish unit quit over

alleged accounting disputes. psa, peugeot citron down another 10% after being down 7% yesterday. the industry minister declined to see whether the government will buy into pleasure, this after general motors has announced the entire stake. and do you have ya bank is up despite the fact that the bank regulator in germany is reportedly asked for documents relating to the problem into the possibly manipulation of benchmark gold and silver prices. we saw them particular higher. that's where we stand at the moment. the dollar generally has gotten stronger. dollar/yen, 103.53. euro/dollar, hit 1.38 on

wednesday. we're currently at 1.3756. but the fact that the yen is weaker, has helped the markets out. let's head to singapore. hi, sixuan. >> japan is among the top gainers today. overall, it's a mixed trade for markets. but a stronger dollar against the yen helped exporters gain some ground. the nikkei 225 added 0.4%. the shanghai xotit fell 0.3%. it's down 11.8% for the week as investors took profits in some recent winners. the hang seng index ended marginally higher. after surging 26% in its market debut yesterday.

elsewhere, seoul shares ended down by 0.25%. in australia, rebounded 0.7%. still lost nearly 2% for the week. meanwhile, five banks sold negotiable certificates of positive today marking another step for relaxing controls over rates. that's a look out of asian markets. back to you, ross. >> thank you very much, indeed, for that, sixuan. now we're doing something a little different today on "worldwide exchange." it's always been a part of civilization since the beginning, but pa pie russ to paper is a whole new level. we have going to have the entire two hours of "worldwide exchange" scribed by this young

lady here. you've already started. just explain what it is. we're taking a graphical representation of everything we talk about on the show today. how do you do this? >> so it's mainly getting to the main points, summarizing bits, simplifying all the information and trying to catch those themes visually, focusing on the -- >> we started off the show and we've already started here. so we talk about ireland. just explain what you've written there. >> while you've got to think about the key points and then -- >> and then find the visual metaphors that would represent that. on a drawing. i would convey the main points of that information. >> that bit of the gmi, you've started subscribing a bit of the gmi. >> not really about going into the detail, but capturing the big picture and making it a memorable overall picture at the end of the show. >> because by the end of the

show, this entire board, what will it look like, do we know? >> not really. but it should be full of pictures and a summary of everything that was said during the show. >> it's great to have you. you say everything we talk about today will be scribed by amanda. at the end of the show, we will have a graph can representation of the whole two hours of "worldwide exchange." fernando, we'll keep coming back to you on the show. and at the end, you'll be able to see exactly what we talked about, as well. still to come, as well, while the business world is scribing, we'll talk to the founder of innovation arts about how this gets used in the program, as well. but that's happening throughout today's show. >> so the next topic for

fernanda to scribe is we'll talk about germany. this weekend, the social democratic party will unveil results of a party ballot on whether to form a grand coalition with angela merkel's christian democrats. >> what happens now? >> well, we're going to get the results on sunday and then also the cabinet list. so we're going to have clarity over the next cabinet. >> what did the spd get? >> probably going to get foreign affairs and something like a super ministry as the german call it for the german economy. >> it's what used to be sort of the number two job.

why has it become less than important? >> well, it's the eurozone crisis. if you look at the way he's managed that crisis in europe, domestically in germany here, but it's essentially turned the finance mip industry into's finance ministry. >> we had a euro group earlier in the week where there was a sort of road map for the eu banking union, put it like that. what do you think german position is on that? we seem to have a stage process. we're in the first instance of nationalization. and some way way back is a possibly of a rescue fund. >> if anything, it has become more hesitant when it comes to mushlzation.

we talk about using public banks. with the party joining the government in germany, that has become even more unlikely, really. so it is the liability that we're seeing and potentially with this deal emerging next week, i think it is very unlikely that we're going to see any role for the year next year. >> although discipline did talk about there would be a single resolution fund. >> well, there would be a single resolution fund, but with national chambers as it looks for now until that 20 years down the line when a bank levy has filled up the resources in this fund. >> it's a single resolution fund made of different components which aren't at all connected. >> exactly. and the story here is that market pressure is off. and as long as market pressure is off, we don't see germany moving towards mutualzation on that front. >> thank you so much indeed for joining us. and we also are seeing pictures

on twitter at the moment of what appears to be the first snowfall in cairo. there you go. for the first time in 112 years. don't forget, of course, we'll keep you updated on how the live recording of "worldwide exchange" is working, as well. we have our very own scribe today from innovation arts. she's going to record everything we talk about on the program, as well. that is and more still to come on today's issue of "worldwide exchange." [ male announcer ] the new new york is open. open to innovation. open to ambition. open to bold ideas. that's why new york has a new plan -- dozens of tax free zones all across the state. move here, expand here, or start a new business here and pay no taxes for ten years...

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north korea's state media says the uncle of the north korean leader has been executed. he was once considered north korea's number two leader, was guilty of treason. a white house spokesman says if confirmed, this will be another example of north korea's brutality. let's get more of the reaction in south korea. chery kang is in seoul.

>> hi, ross. i guess the question now is what does his execution mean for north korea in the future, down the road? there are two different ways to take this. one, the young kim is confident enough to do this with enough power consolidated sort of signaling that, hey, i can do the job on my own without you, which means a stability in the regime. or two, kim was not confident enough and that was sort of a mission of intablet in the regime, we are having troubles and that's why he had to cleanse any challenge to his power, even if it means his own uncle. some are saying this is more likely given north korea's heavy campaign on this execution, on this story, sort of seen as a move to give out a stern, strong message to those who might have worked with his uncle. now, the second analysis could be more dangerous, too, because

that would mean jim jokim jong . very much inline with these concerns, south korea's government came out with this announcement a couple of minutes ago, that it is watching the situation as something of gravity and that the military here is hiking up its monetary for -- i actually quote -- north korea's potential provocation against south korea. or any possibly terrorism in related developments. so that's the reaction out of seoul to this development. ross, back to you now. >> okay, chery, thanks for that. i don't know how they hope to get foreign investment, but we'll have to see what happens. now, our next guest meanwhile is a fund manager who has spent some of his time time to convince u.s. regulators to

further fill. explain your fund. it's for u.s. investors, but not necessarily just u.s. stocks. >> correct. we're pitching to the u.s. investor base and saying to them, there's a big world outside the u.s., aa tractive opportunities internationally. trying to explain that we have the fund for them. >> why would a u.s. investor invest outside the united states? u.s. equities have led this year. they don't have the currency. don't have to have the currency issue. i know the nikkei has been up 50% for them, but then you have to take out what happens to dollar/yen the. >> well, i think you sort of answer the question yourself in terms of the way you face it. in other words, the u.s. housing is a great place to be. it's been the best overall developed market in the world trading at all-time highs. whereas the rest of the world, and internationally, the biggest chunk is europe, europe has gone through some issues.

but the high in europe is 2007 and we got 30% to go before we reach europe's own all-time highs. so i think there's a whole host of potential which is starting to become evident. what is going to drive that? because it's -- have we not already priced in the marginal change in growth from recession to a small amount of growth, albeit france and italy is still clearly adding negative growth? >> well, i think we passed the worst. that much, i think things are certainly getting better in many instances across the european region. i think what happens now, and admittedly the last earnings season was quite disappointing in europe. but we think recovery is under way. it started and we think it has further to go. and i think as we go through 2014, you'll see stronger points and more cyclical recoveries in key areas. we have cartels in the u.s. are back to all-time highs. europe is still knocking on the -- sometimes of light. we think the better economies

are coming through. we're not expecting rapid growth. but valuations, opportunities, we think there's something to be done. >> well, we can't get more rerating. if we're going to get any levels, it has to come from earnings. well, i think you're right. i think we will see that. as i just said, the third quarter is being more difficult. the other fact you have to keep in mind is leverage. i think analysts tend to underestimate operating leverage. copies are well positioned and we think that -- >> do you have a sector? >> no. there's pure stock picking. we have regional specialists who are responsible for the segments of the portfolios. we give them freedom to pick the best opportunities.

so it's pretty diversified rather than having all our eggs in one basket. >> thanks so much. still to come, we'll be back in dublin and hear from the head of taxes right after this break. and we're going to keep you updated on how the live recording of "worldwide exchange" is progressing. we've got our very own scribe, fernando, here throughout the day with a graphical representation of what's going to be on the show. so we have a picture of it. see you in a few moments. just by talking to a helmet. it grabbed the patient's record before we even picked him up. it found out the doctor we needed was at st. anne's. wiggle your toes. [ driver ] and it got his okay on treatment from miles away. it even pulled strings with the stoplights. my ambulance talks with smoke alarms and pilots and stadiums. but, of course, it's a good listener too. [ female announcer ] today cisco is connecting the internet of everything.

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global equities try to break their skreek of bad luck this week. investors shouldn't fear black cats or broken mirrors. historically, stocks move higher on friday the 13th. gm has sold its stakes in peugeot citron. the ceo of the london insurer quit, it has issued another profit warning. investors have been told to expect a hit to the dividend.

which ireland is now poised to become the first country to exit a bailout program. but is that cause for cheer or some concern? the finance minister tells cnbc it's the right time. >> it's a great sense of achievement of having achieved a task that i set out to do almost three years ago now. >> welcome. you're watching cnbc's "worldwide exchange." we're half an hour into the show today. that is our scribed vision of "worldwide exchange." fernanda is here. are you all right? doing all right? >> good. >> yes, okay. we've got the latest discussion these already up. should u.s. investors be investing in europe? there we go. that's what's happening. meanwhile, european equities today are trying to move a little bit higher. there's our own original fwraficcal representation of what's going on. the xetra dax is up -- not nearly as good, no.

up 0.1%. the cac 40 up 0.2%. the ftse 100 fairly flat after being down 11% yesterday. as far as bund markets are concerned, yields have nudged higher. ten-year treasury yields, 2.89%. the high is 3.01 in september. gilt yields 0.29%. we had retail sales yesterday, although jobless claims were more than we thought. so they sort of cancel each other out in the taper debate. and on the currency market, dollar/yen hit a five-year high during the session today. we got up to 103.88. and that did help the nikkei out, the fact that the yen was a little bit weaker. meanwhile, simon lee has stepped down as the chief executive of rsa. he's faced scrutiny since the head of the eye wish unit quit over alleged accounting irregular layerties. troubles at its irish unit will hit 2013 earnings. our associates as a result down

a rather chunky 18% in london trade today. meanwhile, ireland has agreed to the sale of energy including a sell to centrica. it will be the largest privatization under the country's bailout. the irish minister confirmed the group includes power and shares. that news comes on the eve of ireland's exit of its three-year bailout program which takes place on sunday. julia is in dublin. already spoken to the finance minister, julia. what does it mean for other businesses and the wider economy? >> it's a great question, ross, and we'll investigate that. i have to tell you that the heavens have just opened and no one is raining on finance minister noonan's parade today. he was saying it's a great

achievement for the economy, but obviously a lot of work needs to be done. i'm joined by the head of tax services at pwc. thank you so much for being here. does this really mean anything as far as businesses here are concerned, this prosecutes of ending the bailout and moving forward now? >> at one level, no. there was, three years ago when the troika came in, there was some element of disquiet among foreign investment. but over the last 2 1/2 years, these companies know ireland works. so it's an important symbolic day. but in terms of attracting more business, we've done very well over the last 2, 2 1/2 years. >> you've done well because there's been a lot of focus on the likes of facebook, on the likes of apple coming here not necessarily for the innovation and the r&d, but the ability to illegally evade taxes. was your views on that? >> it's not just about the tax. you don't just cooperate to find over 100,000 people employed. they're not coming just for the tax.

they're coming for the poor business environment, the poor u.s. sentiment that involves here. it's not just all about the taxes. >> so you had record levels of fdi last year. what are the risks here, the limitations? >> the risk for ireland are the global economy. we've always done disproportionately. it's very important for our global economy and in particular the u.s. economy continues to grow in the next couple of years. >> are the same benefits given to irish entrepreneurs as are given to foreign companies that are investing? >> absolutely. the minister for finance released a paper to international claim, almost, saying ireland operates a translucent based system.

you don't do tax deals in ireland. you will be treated the same way by the revenue authorities. >> do you think other countries could learn a lesson from the tax rates here in ireland? >> i think the lower tax works. the 12.5% rate which we have held on to sent a very strong beacon that low taxes create employment and that's certainly a model right across the irish political spectrum from the right to the left except that low tax works. >> can i ask you whether the highest scrutiny over the level of taxes a company has paid is complicated or even if it's just about perception? no, actually. and, in fact, in the global debate that's going on at the moment, there's a proper debate going on at the moment that says we have a tax system in the last century and the business models that are a emerging in this country and our company is paying their fair share of taxes and that's a perfectly appropriate debate. and countries are approaching that debate and i think we see the global tax environment evolve significantly over the next two or three years. that's at the play at the

moment. >> and what about you specifically? you're sitting in the middle of that debate. you're advising governments on how the tax system should work. at the same time, you're advising companies on how to legally see the loopholes and benefit from them. how does that work for you going forward? >> ireland is trying to make itself an attractive location for fdi. as you talk to the revenue companies, we all have a common goal. make ireland the most attractive place for foreign direct investment in the world if possible and get more companies here paying more tax and employing more people. that's what we're all about. >> we've heard that forbes has now said ireland is the best place to do business. what does that actually mean? >> i think it means the ease of doing business. there's an environment in the various government agencies that's aimed in the same common direction, creating economic growth, creating economic wealth for all, all pointing in the same direction. it's a commonality of approach

and commonality of vision which makes ireland a great place to do business. >> later on in the show, i'm going to be speaking to the head of the industrial development agency, the body responsible for bringing in these fdi flows. ross, back to you. >> of particular interest to the american business community. and they've been rather successful with that. jules, for now, thank you very much indeed. the german bank regulator bastion has reportedly asked for do you have ya bank documents. the regulator interrogated do you have ya staff during several on-site inspections over the last few days. do you have ya stock is not really impacted pt. its up around 0.5% with the broader market. the board of monte paschi is disagreeing with its largest investor to delay a capital

hike. the board of bmps added the delay would cost $120 million euros. shares are down almost 20% over the last six months. and the japanese government is planning to increase its defense budget over the next half decade to counter china's growing military spending. we have more from the nikkei from tokyo. hi. in hi, ross. the government plan toes spend about $237 billion over the next five years. a jump of 5% from the current medium term plan made by the previous japanese government three years ago. the new budget plan still comes up short of what the defense mip industry wanted. but the defense minister and the finance minister taro aso reached a compromise to free up funds for the nation's program. the increase in spending shows the attempt to respond to china's military budget and

north korea's nuclear threat. china recently announced a new air defense bill. with this new budget plan, the defense ministry plans to buy osprey transport planes, global hawk spy drones and fighter jets. it will increase the number of its vessels that are capable of intercepting ballistic missiles. there will be an am fishus unit. the cabinet is expected to approve the new plan next tuesday. ross, back to you. >> thanks for that. have a great weakend in tokyo. we have another rate hike hanging in the balance in india as november benchmark inmragz is due. the rbi governor says he wants to see the wpi readings before making next week's policy decisions. we're expecting november f did i figures as well as hsbc's december flash pmi. in japan, we have the bank of

japan's quarterly tankan survey, a big survey, that one gauging business sentiment. that's coming next week in asia. still to come today, we look at how scribing has evolved into a problem solving talk open business. we'll check in with fernanda. she's providing was our own graphical recording of today's cnbc "worldwide exchange." more when we come back. keep going, fernanda, doing a great job. hi honey, did you get the toaster cozy?

yep. got all the cozies. [ grandma ] with new fedex one rate, i could fill a box and ship it for one flat rate. so i knit until it was full. you'd be crazy not to. is that nana? [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex. open to innovation. open to ambition. open to bold ideas. that's why new york has a new plan -- dozens of tax free zones all across the state. move here, expand here, or start a new business here and pay no taxes for ten years... we're new york. if there's something that creates more jobs, and grows more businesses...

we're open to it. start a tax-free business at startup-ny.com.

now, all that glitters is anything but gold, it seems. spot gold down more than 25% year-to-date. when it comes to commodity webs only corn, coffee and silver have had worse performances. the prospect for the fed, the dollar and u.s. interest rates. joining us with his view, john mayer. john, thanks for joining us. is the bear market going to continue, do you think, for gold? >> it's really difficult to say from here. but i think most of the u.s. tapering is now built into it

gold price. and it probably looks like it will pick up from here going forward, i would guess through next year. it just encourages users to get out of that trade, get out of it and put money elsewhere. >> investors start bailing out last january, last february. we saw that accelerate last june and the momentum carried the gold price down yet further. still good physical demand in india and china. the problem with india was the government was so worried about its balance testify sit that they actually banned imports of gold or they raised the taxation for that. so they effectively banned it. and i think pakistan follows suit, as well. so that knocked physical demand for a while. the smugglers are now regaining

that pace. now india is looking so much better, but quite likely we'll see -- >> even with that support of china and india, there hasn't been enough to offis he the selling for etf. >> gold is a bit like bitcoins. if everybody sold their gold futures, there wouldn't be enough gold to cover those bails. there is cold in the world. gold producers are jarlly under water at these prices. the gold prices are forcing their price back down. there is a lot of room for improvement. >> basic resource sector has been the underperformer of the eurozone in terms of stocks. now, if china grosses better next year, is that going to change things or not?

>> definitively, yes. we had the change in leadership, then there was a period of stagnation and indecision. they started knocking corruption in the cup. nobody dared to wear a smart gold watch in china for a while. if anything, they seem to be coming slightly back on track. >> so what is the investor case for stocks this year? are we down to the point where there is value if things are okay? >> there's value in the sector, quite a lot of m&a activity. loads of apps bubbling under the surface. big room for margin improvement. we saw gold producers cut their -- quarter on quarter. >> is that going to knock that all out or not?

>> it does. although the u.s. might do better, you know, they're changing the form of quantitative easing. on tho although they're going to taper and adjust what they're doing now, they're still going to be helping the u.s. economy. they're not out of the woods yet. >> john mayer, thank you for that from sp angel. here is a bit of fun. the world's biggest water park has just opened in sydney. it's the latest to join the wet & wild franchise. it's our very own matt taylor checking it out. ♪ >> it's the latest to join the global wet'n wild franchise. complete with 40 attractions,

they officially opened its gates to the public this week with the enviable title of the world's biggest water park. >> the more scary, most thrilling water rides in the world. we have the best technology and we've taken some of the big rides from the united states and tweaked them and made them even more exciting. >> reporter: located about 40 kilometers from the cbd, the park is hoping to take advantage of sydney's huge population. the park is expecting to generate around 500 media in turnover in the first decade and can accommodate 25 visitors a day. season park sales for this park have been fabulous. given what we've experienced in sales in the last two months, we have big expectations for this park during the course of the summer. >> village roadshow is hoping the low australian dollar will encourage people to may more domestic trips rather than heading overseas. the park has given the world's biggest and bodes some of the

tallest and fastest water slides on the globe. >> this is the speed racer here at wet'n wild. you race your friends from start to the end. 250 meters, 45 kilometers an hour and it takes about 8 seconds from here to the end. here goes. awesome! >> the park also set to provide a boost to the local new south wales state economy. >> we're in the business of going up. and people will always want to go out. and you can't replicate on the internet the thrill of a wash down a ride. you can't do that.

matt taylor there. now, we have some flashes coming out from the mark carney bank of england governor. he says the impact of the financial crisis is not yet over. he sees risk in emerging market banking systems, as well. so we'll get more on those comments from mr. carney. meanwhile, as you may now know, we are to date scribing, getting a graphical recording of what's going on with cnbc's "worldwide exchange." fernando is busy here doing this as well. david christie, we look at this screen which we'll take a shot of. why do we do this? i think it's fantastic. what is the point? how is it used in a corporate sense or a problem solving sense? >> well, we understand that complexities increasing in the world, there are interactions that we're not necessarily sure of any more, intervening entities and so on and so forth. so we use scribing to try and makes sense of all this

complexity. essentially, she uses a decision making tool either for capturing conversations live, as they take place, or in an off-site setting where we can analyze information and data and make it more accessible so that people can make informed decisions. >> so rather than just taking lots of minutes down and having to flip through them, you'll capture the essence in one sort of screen shot. these were the ideas we throughout, these were the solutions to the problems we were talking about. it's an accessible format. >> it's something like that. it literally is there as a decision making aid, if you like. essentially we're trying to map out a system. but it's allowing people to understand the entities, the relationships between them and how you can affect change within those systems. >> this is just one of the tools that you use as a business. you're attempt to go be a multi national organization or i guess

ngos to how they come to solve problems. how do you get them to do that? you believe that they already know the solution. >> yeah. we kind of have a hybrid design agency. and the point is is that the interaction that exits between most organizations is there and the imagine. so i guess in a way, i believe if you don't need consultancies to come in and tell you the answer. all you need to do is tap into both that intellect and that imagination and make it work. we do that through design thinking and the three design processes so that essentially the whole organization can intie boo their own solutions. they're not being told what to do. >> which is the key essence and is a big market. well, it's a growing market. i think most organizations used to -- as i said before, being told that they need that external device. and it's slowly becoming more accepted. we do work as well as economic reform and also kind of at the

other of that. so we're starting to get out there. >> let's take a look here. what skills do you need to do what fernanda is doing. you're hearing the conversation and you've got to put that into a picture, right? that's quick analysis. >> well, practical recording, scribing, is known as graphical facilitation. so fernanda has amazing lisping skills, but it's also the ability to filter information. what really is the essence, what is requisite to what people are talking about? >> and here we go. she has been scribing our conversation. that's probably the first time she's had to scribe herself. is that right, fernanda? >> pretty much. i tend to listen, not really talk. >> now you've got to scribe yourself. thank you very much for that explanation. we'll keep you scribing, as well. what have we got here so far at gold? there we go. let's go back here. ireland recovery in the

eurozone. yeah. okay. we've got it all. i can't wait to see how this looks. do you want to see how that progresses? we're getting shots of it, as well, on cnbc.com. now, meanwhile, 12 years and a slave and an american household with stars christian bale as legendary con man led the way in the hunt for golden globe awards. both pictures earned 12 votes each. the announcement kick starts a busy holiday season for the holiday studios with no fewer than eight studios being released between now and the christmas holiday. we want to know what's the best christmas movie ever? give up, fernanda? do you prefer the classics or is -- more to your taste? let us know the conversation here. e-mail us, worldwide@cnbc.com, you can tweet @cnbcworld or even

direct to me @rosswestgate. the best christmas movie. got any views on that, david? "it's a wonderful life." >> that's the one that goes down for everyone, as well. >> and we'll be talking movies later, add well. still to come on the show, wave good-bye to 2013. say hello to a brand new year with even better growth prospects. that's according to standard chartered. we'll discuss its outlook for the month ahead coming up. and we'll see what fernanda gets up to, as well, as we get into the second hour of today's daegz of "worldwide exchange." ya know, with new fedex one rate

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this is "worldwide exchange." investors shouldn't fear black cats growth emerge. historically, stocks do well on friday the 13th. shares plummeting for a second day in a row. rsa, the ceo of the london listed insurers quit after the firm's issued another profit

warning. details emerge of a capital shortfall in the irish business. and talking of ireland, it's poised to become the first country to exit its bailout program. but is that cause for cheer or concern? the finance minister tells cnbc it's the right time. >> it's quite an achievement to complete a task which i set out to do almost three years ago now. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. all right. welcome to today's edition of "worldwide exchange." we'll talk about this lady here in a few moments. fernanda is scribing the show for us today, a graphical representation of everything we're talking about. still an hour to go and u.s. equities did particularly well

yesterday. the dow down 1100 points, the first back to back triple digit decline in three months. for u.s. equities today, we're trading above fair value. the dow indicated at the moment about 50 points above fair value. the nasdaq around 16 points above fair value and the s&p 500 is nearly 7.5 points above fair value after being down 6 points yesterday. european equities are also firmer. the ftse 100 yesterday was down 1%. down 62 points. flat at the moment. the xetra dax is up 0.25%. cac 40 is up 0.2%. ftse mib is up 0.5%. rsa down 18.5%. the chief executive stepping down. he's been facing scrutiny since the head of the irish unit quit over alleged accounting irregular layerties. and those troubles means that the firm has warned that 2013 earnings are going to take a

hit. a profit warning this morning. deutsche bank is up 0.5% despite the fact that the regulator has reportedly asking do you have ya bank for documents relating to a probe into the possible manipulation of benchmark gold and silver prices by france's bank -- by germany's bank. and france's industry minister meanwhile has declined to see whether the government will intie into peugeot. general motors has announced the sale of its entire stake in the carmaker. stock down heavily for the second day. stephane has more on the details out of paris. stephane. >> hey, ross. general motors walked away from peugeot citron. it sold its 7% stake at the bottom of the range that was given by traders. general motors will get roughly 240 million euros from that sale. much lower than the 320 million euros it invested two years ago. general motors wanted to sell

its stake in the french carmaker before the expected capital increase, otherwise, it would have faced an important dilution. general motors was incompatible with dongseng because the u.s. carmaker has a partnership with the competitor of general motors of dongseng in china. now that gm has walked away, peugeot citron cannot afford to fail its negotiations with dongseng, as the ferchb carmaker confirmed yesterday that they were in negotiations. speaking to the rnc, it would depend on the negotiations. didn't say where the money would

come from, but probably the french stake would buy the government, would sell some of its stakes in another company. but in the meantime, the stock is trading 10% lower after a 7% decline yesterday, ross. >> stephane, do you like drawing? >> do you like -- sorry? >> drawing. do you like drawing? >> i'm not that good, but -- >> yes, let's explain. we have an expert in the studio today. and what she is doing is basically going to -- providing us with a graphical representation, a scribe of today's "worldwide exchange." this is fernanda from innovation arts. and everything we talk about today on the program, she's going to do a graphical representation for us. so at the end of the show today, what we're going to achieve is a snapshot of all the subjects that we've talked about. i presume she's scribing what stephane was talking about with peugeot and gm. fernanda, are you okay? >> i'm good, thank you. >> all right.

i can't wait to see the end of that. plenty more to come on fernanda and her scribing. we also have plenty more to look at today, as well. the u.s. house has passed the two-year budget plan by an overwhelming margin with lopsided numbers of democrats and republicans supporting the deal. the agreement will avert another government shutdown in january and ease some of the sequester cuts. the senate is expected to pass the measure next week despite the reservations. democrats aren't happy the bill doesn't include an extension of unemployment and republicans don't like the cuts. and the house has passed a one-month extension of the farm law as lawmakers try to finish work on a new five-year bill. the move would help avert the so-called dairy cliff or the potential doubling of milk prices. democrats oppose a stopgap measure and chances of passing

the extension in the senate are low. and a new year could signal a new chapter for the world economy. a pick up in global growth helped by improvements in europe and more outperformers in emerging markets. malik, what is going to -- what is the principal improvement going to come from next year? >> good morning. thank you for having me on your show. we are looking for a better 2014. we're looking for growth at 5% from sub-3% this year. and the primary drivers have improved growth in the u.s. and the eurozone, really. the emerging markets will continue to show robust growth. part of this is because you had a purpose of deleveraging that's coming to some sort of a completion now over the next couple of years. it's going to start easing off. at the same time, the level of fiscal austerity is starting to ease off. so you should see growth

starting to improve, investment improving, consumption picking up. and most importantly, some of the political uncertainty is starting to ease off. so overall, we have much more constructive in 2014 than we were in 2013. >> what's going to happen to asia? strong by not boom. what is your forecast for china? >> we're looking for growth around 7.4%. only marginally below where it is this year at 7.6%. and, really, the focus will very much remain a spawn pushing through reforms, making sure that growth is sustainable over the longer term, rather than just looking at trying to reach double digit growth. so next year is very, very much about how much of the implementation of the first set of reforms can be done. what's going to happen in terms of financial sector reforms, opening up the capital account, allowing the exchange rate to become more flexible and also in

terms of streamlining the state-owned enterprises. so the focus will be on reforms. but still we are expecting 7.4% growth. >> what does that then mean for the investment outlook? you talked earlier this year about the great rotation. and it was in your view household deposit into equities rather than some fixed income into equities. what happens in 2014? >> we're looking for continuation of the same, really. we are looking for a slightly more constructive em drive as you believe that we are going to continue to see this rotation from household domestic deposit into equities. you'll see more going into the emerging market space because you are seeing some sort of stabilization in terms of the growth and a lot of the concern surrounding fed tapering and the impact of that have already been factored into the market. so really, that's all we've done. and, you know, we have to remember that if the fed does

start tapering, that means it's because the growth outlook as improved and that will be generally supportive for emerging markets, as well. overall, our expect age remains what we talked about of a rotation from strong deposits into equities will continue. of course, there will be certain countries that will have their own local issues to confront, india and indonesia where you have elections coming up. but overall, it remains em positive and equity positive. >> thanks for that. still to come, ireland is breaking free from its bailout shadows. we'll have the latest in dublin and speak to the head of the ida about investment in the country. and we continue with our very own live scribed edition of "worldwide exchange" here in the studio. to ambition. open to bold ideas. that's why new york has a new plan -- dozens of tax free zones all across the state. move here, expand here, or start a new business here

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avoiding the prospects of a government shutdown in january, friday the 13th ends with what has been a bit of a horror week with stocks on track for the worst seven-day performance since august. and ireland gets ready to become the first eurozone nation to exit its international bailout program this weekend.

ireland will be the first eurozone nation to exit an international bailout program this sunday. julia has been speaking with the irish finance minister and asked him whether he felt pressure for the country to be a symbol of eurozone recovery. >> i never got a feeling we were background used for those reasons. we had a major economic crisis which needed to be addressed and we addressed it by a series of progressive measures which we implemented on a time frame. and we're at the end of that process now and actions amounting to 270 are completed. and we've got down all the finance which was made available to us by our lenders of last resort. we're back in the market. our economy is growing again. we're creating very large numbers of jobs, over 1,000 job

a week. that is about an increase of 3.5% in a 12-month period. >> ireland, of course, a big summit for us today. we have been scribing as part of today's edition of "worldwide exchange." we're scribing the entire show. julia is in dublin and she joins us for more. jules, one of the things that's made ireland more attractive is its ability to attract international investment. >> absolutely. it's amazing how stable that has been throughout the financial crisis. we're going to talk more about that with the agency responsible for bringing in this fdi flow. why? why has ireland's fdi been so stable and record levels last year? >> i think the secret is really, if you look at this from when the crisis came in 2010, it was predominantly around property and the barnging crisis. market nationals don't need irish banks for financing their operation. they came to ireland because

could you get the talent pool? was there a good track record of investment? do we have a good tax rate? all of those remained intact. but because we resolve our capacity then in the country, it was a price readjustment and ireland became more competitive. and you can see it now, not only is it the world's largest multi nationals are investing in ireland, but a whole host of strong eye growth companies, particularly from the u.s. square space as zinga, all of those type of players. >> i've been asking this question all morning. is that because of the quality of the staff and the benefits of being here in ireland or is it down to your low tax rate? >> so i think when you're looking at this investment decision, if you can't get the talent, think about the tax rate. go to singapore, switzerland, other european countries. it's the combination of the tax and the talent and the track record that scores well for ireland. >> so we know ireland has a strong relationship with the u.s.

you are there several times a year. but what a asia? what about china? what's the progress of ireland there? >> so we get 73% of all foreign direct investments from the united states. 20% from europe. we have a lot of infrastructure now from china, india, singapore, etcetera, but it's a slow burner in the sense that the ireland brand is well recognized in the u.s., very well recognized in europe. but, of course, if you're in china or india, it's for a lot more work. if you ask somebody in ireland what they know about ireland, they know about river dance in china. so we have a lot of work to do there. >> exports in davos over there to send the message. more broadly about ireland now, a lot of the people i've met here have been asking me what the international perception is of ireland. does it exit of the bailout program change anything, do you

think? >> once 2011 came after about march, the tide began to move in the right direction. intel, google, and amgen announced major investment here. so that gave a lot of confidence. since then, we've been building and even this year now we've seen a resurgence of the big european coffers, people like sap and do you have ya bank, n sanofi, the big giants investing in ireland. >> one of the key questions was about investment rating. i know you're raising cash at better levels than you were when you have a aaa rating. but is this going to make a difference for investment here in ireland? >> well, i think again, the foreign direct investment that we attract into ireland is the mobile investment people with projects say they want to implement somewhere around the

world. they don't look at the raising. they look at the capability of the cup. can we from an operational point of view deliver? of course, the other side of it is there's a lot of international money chasing asset sites or loan box or property assets. so there is a combination interest level. so, therefore, i don't think the rating is having any negative impact at all. >> really interesting to speak to you. ross, back to you. >> julia, thank you very much for that. that's the latest out of on ireland. a great set of interviews there. we have been scribing our conversation today on "worldwide exchange." fernanda has been doing that. she just captured our live conversation, as well, for a better 2014. that's what standard chartered was saying, as well. fernanda, are you all right? we're going to talk cyber crime coming up, okay? >> okay. all right. >> and what that means, it's a big risk, but are virtual

currencies really fueling online crime? we'll assess the claims and see how fernanda draw that's discussion. see you in a few moments. ♪ [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. every weekend worked, every idea sold... ♪ you deserve a cadillac, the fastest growing full-line luxury brand in the united states. including the all new 2014 cadillac cts, motor trend's 2014 car of the year.

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the european banking authority says high volatility and a lack of regulation makes

virtual currencies potentially dangerous for consumers. so far, bitcoin value has saturated between a value of on 240 an$240 and $1,240. the eba says it's going to investigate the currency further to see whether it should be supervised or not. it follows a support, as well, from the security software firm mcafee which highlights the virtual uses inside the crime. we're joined by the cto of mcafee. roj, thanks very much indeed for coming in. how much do we know bitcoin is being used for things like money laundering or virtual currencies generally? how easy is it to use virtual currencies for things like money laundering? >> well, we know virtual currencies have been used for money laundering. so we know virtual currencies are used for money laundering. >> and is that because of the

anonymity that they provide? >> there is no verification whatsoever. so you can sign up to an account and have an account name of russian hackers and say you're transferring money for cocaine use and that wouldn't raise any flags whatsoever. >> what needs to change? well, we're already beginning to see law enforcement and certainly the regulators beginning to put more onus on anti-money launder iing legislation on the exchanges themselves. >> and the european central bank has been pointing out the different between virtual currency and electronic money schemes. just clear it up for us. >> absolutely. so, you know, there are two categories here. electronic money are using traditional currencies, such as dollars or, you know, pounds or euros. when we talk about virtual currencies, they're invented currencies. so bitcoin would be within a virtual currency. >> what are the risks, then, for

users, normal users of digital currencies in terms of their exposure to criminal activities? >> well, i think if you're a bitcoin user, there have already been attacks. is so, for example, people have been attacking individuals and looking to still bitcoins from them. >> do they hack your digital -- is it like having your digital wallet hacked? >> exactly, yes. so there have been those instances. sort of more broader, one of our concerns is the perceived anonymity is driving a new types of services on the internet. so the ability to provide drugs, buy guns, stolen passports and so forth, as well. >> how should the -- how should the inventors of digital currencies, then, although to launch them, respond to this? what should they do? >> well, i mean, here is the thing. people believe that just because you're using virtual currencies

or you're working on the dark web that you're safe from law enforcement and you're not. we've already seen, for example, the person behind -- having been arrested. dark market was another example where law enforcement do have access into the hidden internet. so i don't believe, for any stretch of the imagine, that just because you're running on bitcoin or just because you're in the dark market, that you are completely impervious to law enforcement. >> yeah. i get that. are we starting to see the first moves towards -- i mean, does this need to be something that needs to be talked at at the global level, the g8, g-20 agreement? >> certainly with regards to cyber crime, absolutely. no single law enforcement agency can deal with private crime. it has to be a global effort. >> thanks so much indeed for joining us from mcafee. now, 12 years of a slave

lead the way for nominations. the announcement kick starts a pretty busy holiday season for the studios, no fewer than eight movies being released between now and the christmas holiday. but as the battle heats up, what we want to know is what's the best christmas movie ever? do you prefer the classics or is it off beat more to your taste. slade tweets "die hard 2." jorge sweets, "it's a wonderful life." more to come on "worldwide exchange" in just a few moments time.

this is "worldwide exchange." today, global equities trying to break their streak of bad luck. but investors shouldn't fear black cats or indeed broken mirrors. historically, stocks do okay on friday the 13th. peugeot shares from gm sold. shares down heavily for the second day in a row. the ceo of the london insurers quit after issuing another profit warning. investors told to expect a hit

to the dividend as well as details emerged of a capital shortfall in it's irish business. and talking of ireland, it's poised to become the first country to exit its bailout program. is that, of course, a concern? the finance minister has told cnbc now is the right time. >> it is a great sense of achievement of having completed a task that i set out to do almost three years ago now. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> you're watching cnbc's "worldwide exchange." if you've just joined us in north america, a warm welcome to you. very good morning. if you wonder what this lovely lady over here is doing, fernanda, she is scribing the show for us today. we're going to get a graphical representation. i'm going to have a go at scribing the end of the program, as well. so it will be me in a competition with fernanda.

so keep your eyes on that. great stuff. all the conversations put into a graphical form. might become a feature. might do it every day. meanwhile, might take your minds off of what happened to u.s. equities yesterday. the dow down 100 points. the first back to back triple digit decline necessary at least two months. things look slightly better this morning. but features have come back from an earlier better position. we're currently around 30 points above fair value for the dow. the nasdaq is around 10 points for the fair value. the s&p was down 10 points. it's currently around 5 points above fair value. european equity markets have been trying to move a little bit higher. but, again, we've just come back from the session highs. now down to the flat line. the ftse 100 is down three points after falling 62 yesterday. so still rather twittery markets today. so what are investors to do as we head towards the fed meeting next week? and, of course, the hole die

season. here is a recap of some of the thoughts of some of the guests we've already had on the show. >> i just think anywhere north towards 140 is going to be a little bit too strong euro and start to see some dovish rhetoric from the ecb and potentially some action from mario draghi. >> i think anywhere in the 2, 288 or 278, 3% era should be the blind zone. we're in the range for the funding, which is 2.5%, 3%, and i don't see that going away. i think the important thing to remember here is that real yield in the u.s. at the low level that it is, actually represent quite a good value. but by comparison with three to four years. >> i think our key concern for the markets, wheel we're still positive on it, is advising to

be overweight stocks. we've had all the expansion in the multiples. >> some of the thoughts we've had, we're going to get more now from larry hathway. larry, good to see you. >> happy to be here. >> biggest question for you, for investors is what happens with the fed next week and how do we react to it? is that the single biggest question mark we've got? >> for sure, between now and obviously -- the holiday season, that is the question or if you're a bit schizophrenic about it in the sense that they ought to rejoined the fact that the u.s. recovery is picking smup momentum as indeed the world economy is. but they seem to be fretting in the consequences that the u.s.

taper will take place next week. if you go back to the press conference that ben bernanke held when they made the decision not to taper in mid november, he said two factors, one, higher bond yields in the u.s. might slow growth and two, the prospect of a physical impasse. both of those seem to be off the table now. the u.s. economy doing better and we seem to have an agreement in washington. >> this would be the first step, the very, very first step to right sizing monetary policy, getting back to a normal monetary level policy. how filled with potholes and risks is that road? and actually, when on earth do we reach the end of it? >> first, it is a very, very long road. the first step is simply to reduce the rates of asset purchases, never mind stop them or even reverse them. my suspicion is this is going to take the better part of years. it will include adjusting interest rates back to more normal levels. lots of potholes along the way. the fed could move too fast, it

could move too slow. bearing in mind, the federal reserve is not the only central bank that has this task in front of them. the european central bank, the bank of england. >> and why the ecb accelerates before it starts reversing? >> it might. but the one that's more likely to accelerate first is the bank of japan, which is most certainly going to increase its asset purchases next spring when the consumption tax is reduced. >> but are those efforts likely to be swamped by what the fed got? >> we saw sort of a picture of that last summer when emerging equity markets, emerging bond markets encouraged these and other parts of the capital markets had to go through some dislocations when the taper talk began. it clearly is the fed that drives -- >> and if monetary policy is one side, we've got to right size fiscal policy. at least we have a budget deal in the united states is one thing. and actually, what the state is proving is if he get growth

rights, in some ways, debt start to take over themselves. >> that's undoubtedly true. you raise the second issue. there's going be enough things to talk about here i think and certainly fiscal -- >> we've got a lot of programming to keep filling up. >> absolutely. but fiscal policy right sizing will be a big job, as well. that is well under way. but to your point, the improvement in the u.s. economy over the last year or so has delivered a marked position in the system. there's some one offs there like repayment, back to treasuries, but overall, the improvement has been impressive. >> stick around, more to come. it's a squeak well that's a big deal, but with "anchor man 2" take the top spot at the box office? we'll take a look at ron burgundy and some of the other

contenders, coming up next. ya know, with new fedex one rate you can fill that box and pay one flat rate. how naughty was he? oh boy... [ male announcer ] fedex one rate. simple, flat rate shippin with the reliability of fedex. ya know, with new fedex one rate

you can fill that box and pay one flat rate. how naughty was he? oh boy... [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex. [ male announcer ] fedex one rate. stick with innovation. stick with power. stick with technology. get the new flexcare platinum from philips sonicare and save now. philips sonicare. recap of the headlines today, the u.s. house of representatives to approve a

two-year federal budget deal avois voiding the prospects of a government shutdown in january. friday the 13th ends a horror week on stocks with the u.s. on track for the worst seven-day performance since august. and ireland gets ready to become the first eurozone nation to exit its international bailout program this weekend. and we have the final product from our live scribing of "worldwide exchange." i will challenge our very own in-house scribe fernanda to a draw. we've got the final picture, coming up. aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus

with investment information, risks, fees and expenses to read and consider carefully fore investing.

open to innovation. open to ambition. open to bold ideas. that's why new york has a new plan -- dozens of tax free zones all across the state. move here, expand here, or start a new business here and pay no taxes for ten years... we're new york. if there's something that creates more jobs, and grows more businesses... we're open to it. start a tax-free business at startup-ny.com. 12 years a slave and american hustle, which stars christian bale as ir rin

rowsenfeld leads the way in the golden globe awards. 12 nominations each. the announcement kick starts a pretty busy season for the major studioses. there's no fewer than eight movies being released between now and the christmas holiday. larry hathaway is with me in the studio, as well. eight films are now being released in the next two weeks. do these movies pay? >> yes. this is probably one of the most important box office times of the year for hollywood. that's why you're seeing this christmas crunch. it's a major movie going season. a lot of people are out. a lot of people go to the cinema. and that is why you have so much competition and so many great movies going to the multi plexes now. >> "the hobbit" and "anchorman 2," are these going to take the

bulk of the ticket sales? >> yes. "the hobbit," probably going to open around $80 million this weekend and continue to play through the holiday season. "anchorman 2," if you're here in new york city, ron burgundy is everywhere. they are papering the city, they are papering the country. the and that headed towards a 50 million or so debut next week. those are going to be the two big contenders. but there's some other movies, as well, that are going to try and go in there and take advantage of families who are off from school and looking for various kinds of entertainment. movies like "saving mr. banks "i, "lone survivor," there are a number of major titles out there in the marketplace. >>. >> 27 romans, is this going to be a problem with this film?

>> well, right now, the tracking is dismal. you're right, it comes with reports of production delays, re-shoots and a budget that is between $175 million to some say $200 million. it's looking like it's going to open in the $10 million range. that's a huge, huge turkey for hollywood. >> yes. we'll move on from that one. and what about "wolf"? >> "wolf of wall street." that arrives with some great critical notices. martin scorsizi, apparently at the top of his game at 71. a lot of it depends on him getting some serious awards buzz. and it comes with a fairly large production budget of $100 million for a movie about immorality and high finance.

you need those critical notices to get people into theaters. last year, there was a domestic record of -- for the states, $10.8 billion at the box office. are we going to surpass that? >> well, right now, the box office is essentially flat. i think it was down just a little tick there last weekend. they are hoping to have a big finish to the year like they did last year. so we'll be up internationally thanks to growth of markets like china. domestically, it will depend on how much movie goers really, really like anchorman and the desolation of smog. >> we'll see what happens. larry, anybody in the hathaway family visiting the movies in the next few weeks? >> it's usually a big event for us to see at least one film.

>> out of those? >> usually i go retro. i try to see the grinch that stole christmas. >> a rerelease in the studios? >> the grinch that stole christmas. shows where you're at. brent, thanks for that. joining us from new york at the wrap. the obama administration, meanwhile, has fixed some of the problems that plague its health insurance website in october and november. now it's turning its attention to 2014. that's when thousands of people will flood the system with new insurance plans. bertha has more for us from cnbc hq in the states. morning, bertha. >> the obama add mitch administration is trying to stave off some surprises for americans. this includes a one-month extension program for people

with chronic illnesses. the government is asking insurer toes be flexible with rules when patients see their existing doctor and refill prescriptions in the first few days of 2014 in case their new health plans haven't kicked in yet. that is the big concern here in what they're trying to stave off. consumers now have until december 23rd to sign up for insurance plans on the exchanges that began for these plans that will begin on new year's day. and the obama administration is encouraging insurers to start that coverage, even if applicants miss the deadline by a few days in terms of their payments. that's the big deadline extension. they are now giving people up until december 311th to submit a payment and encouraging the insurers to go ahead and have their coverage start on january 1st. that's a really tough turn around with that payment coming in just one day before it's supposed to start. they pay their first month's premium, maybe a few days after

if insurers want to, they can retroactively give them coverage starting from january 1st. some companies have already started making changes to accommodate the stalled enrollments on obama care because of the website problems. lena is considering being more flexible as people wait to sign up until after december 23rd. molina is going after the lower income folks who might go back and forth between their plan and their medicaid plan. so they're trying to be as accommodative as they can as they try to gain market share. the government said this week, it's starting to see an uptick in enrollment for november. more than 137,000 people had chosen a private health plan via the federal health exchange, healthcare.gov. that's up from around 27,000 in october. states running their own exchanges are really starting to see a ramp up in terms of the

pace of enrollment. but in california, which is the largest state run exchange, nearly 159,000 people have now enrolled at least through december 7th. those are their latest numbers. and they are looking at a pace right now of about 7,100 people a day in california. still, the numbers suggest people buying new coverage are predominantly older in the golden state. they said 58% of enrollees are age 45 to 64. only about 22% are in the younger demographic that everybody is watching very carefully. that's something that people are going to be watching over the next few months, whether we can get enough os those young people

to sign up. ross. >> there is so much there, bertha. we'll see what happens. thank you so much for that. now, do you suffer from the fear of friday the 13th? friday the 13th tends to be slightly positive for u.s. equities. the nasdaq closed higher. the s&p 500 up 57% of the time. i don't know how you saw those statistics are. todd horwitz, do you follow stats like that, todd? >> good morning, ross. today might be lucky for friday the 13th for the bulls. it looks like we've got a little bit of a move higher here off of on some pretty huge support around the 1770 level in the s&p. i don't know that friday the 13th will have any major effects

on today's americans, but certainly it looked like we might have found, you know, a little bit of base here. and i think really what you're looking at is really into a -- probably fairly quiet trade. trading has been a little bit quiet. everybody is waiting to see what ben bernanke and the fed are going to do on wednesday. >> do you get a sense of we're topping out on some of the big names or not? >> well, i think -- you know, i thought we had been tapping out for quite a while here. i think that you've got -- you've seen a lot of switch from a lot of the higher names, toilet paper, toothpaste .some of the drug stocks. that's where i think the action is. i think you've got a big play on the retail market who has been out for five years and finally decided after a 50% rally that it was time for them to get back in. and that usually typically is a sign that maybe the markets are reaching their pinnacle for a while and i think we're probably due for a pretty good correction here. >> larry, are we going to get

earnings growth next year to take us further or not? i don't think there'sing going to be a particular robust earning in the united states. we are at pretty peak margins. earnings growth in double digits is clearly possible there. >> larry, good to see you. thanks so much indeed for inning us. stick around because i'm going to see something at the end of the show, a bit of drawing. todd, thank you. have a good friday. todd, as you know, we have been scribing the show today on cnbc "worldwide exchange." fernanda is doing that. so for the end of the program, i'm going to have a little challenge with fernanda. you've just been scribing that discussion, fernanda. very skaef. so what i want to do -- can i put a little bit of -- all right. before the end of the show, you

and i are -- what we're going to do is have a little scribe off, right? look at what we've got for the entire show. this is where we started. eurozone recovery, a better 2014. we talked about the german coalition vote, cyber crimes down at the bottom here is what we looked at, as well. the film, we talked about the films, the golden globes and the consensus for next year. this is a standard chartered discussion, a slow recovery, but slightly better in 2014. gold had the worst year for 30 years and u.s. investment as well as obama care. so the entire discussion on the show has been put for us here. so let's now scribe the good-bye. what's coming is a show called "squawk box." what do i have to do? ready? where are you going to do? >> i can go here. >> shall i go here? let's do it. let's just start drawing. okay.

okay. i need a different color pen. 55 seconds to go. right. and there we go. all right. all right. this is it. that's it. "squawk box" is coming up next. can i draw me? let me see. i don't know if i can draw me. there we go. a big smile on my face and we like it to be profitable. that's what i normally say. profitable day. what did you write? coming up next. i think i'm slightly more avenue genius, fernanda. thank you very much indeed. although yours is clearly much neater. that is today's "worldwide

exchange" on a graphical representation. coming next is squawk. whatever happens, have a profitable day. good-bye for now.

good morning. the dow having its first back to back triple digits declines in months. directv exploring the idea of an online video service and a twitter revolt changes in the blocking function creating a major uproar in twitter verse. that's news to me. it's friday, december 13th, 2013 and "squawk box" begins right now.

good morning, everybody. i'm becky quick along with joe kernen and andrew ross sorkin. less than two weeks of christmas shopping left. how will this impact the retail sales? we have a lineup ready to answer that question. we have steve tanger, brendan hoffman, mipdy grossman. they're going to tell us if golf equipment sales are making the cut this season. our top story this morning is instead of embracing the taper, the markets are showing signs of fear. investors are locking in profits before the end of the year, as well. the dow falling another 100 points to close at a one-month low yesterday. right now, the index is on pace for its worst week since august. the s&p 500 hadts