♪ ♪ hello everybody! good morning! welcome. you're watching worldwide exchange. here are your headlines from around the world. indeed. european markets opened a bit lower today. prime minister alexis putting his government on a collision course with europe pushing ahead with plans to abolish austerity. >> but greece tries to divert attention as g 20 finance ministers meet warning italian debt is unsustainable ahead of the meeting finance ministers from the u.s. and britain called for global reform to boost

growth. >> putin warns kiev is on the wrong track as they meet in brussels. as the united states now is considering whether to arm ukraine. >> and we were wrong. hsbc shares opened lower as a lending amidst of failing al the swiss subsidiary. good morning everybody. >> good morning. >> how was your weekend? >> good! i had to take advantage of the fact i'm our and do the touristy things. >> i went to the wallace museum. >> i've been there. it's great! it's a hidden gem. >> it is. not too many people know about it. >> yeah. >> it used to be the house

important and transformed into a museum. >> right. how about yours? >> fantastic! i saw friends. i brunched. i lunched. i brunched more. i had cake. >> now you're ready for a jam-packed two hours here. >> totally ready. >> hope you are as well. hope you're with us. we are happy to have your company. markets in the red across the boards. investors seem nervous this morning perhaps about the prospects agreement on greek debt before the bailout program expires later on this month. in his first major speech in front of parliament the greek prime minister laid out his reform plan. once again, rejected an extension of greece's austerity bailout program. ending the country's humanitarian crisis was a top priority and initiatives included raising the minimum wage and reinstating pension bonuses. >> greece seems to be trying to shift the worries elsewhere.

the kbreek finance minister warned italy's debt is quote, unsustainable. in an interview the greek finance minister said if his country were to exit the eurozone other nations such as italy and portugal would follow. spoking to cnbc at the g 20 meeting secretary general played down fears of a greek exit from the eurozone. >> i do not feel there's a chance and do everything i can in order to avoid it. i don't think it solves any fundamental problems. >> taking the opportunity to discuss what they think is the best plan for greece going forward. let's check with steve who is live in istanbul with the latest. steve, over to you. >> quiet an extraordinary spot on the eve of the g 20. g 20 of course about growth. about implementing the plans. the grandiose plans we saw. a couple of trillion dollars and

a couple of percentage points on gdp. which was supposed to be added to the economy by 2018. we ended up in a spat about greece. a whole host of concerns about the tiny country in terms of global gdp, which is not in the g 20 and the ramifications from the negotiations going on at the moment between the new greek government and ores. as we mentioned, the finance minister trying to detract and say if we go everyone goes. the house of cards in the eurozone. the euro will be under pressure. the italians will suffer contagion as well. the italians said don't bring us in it. we're the pragmatic ones. we spoke to the first tv comments from the italian finance minister. we've been talking to him about the ramifications of this and whether there was a misunderstanding. i spoke to peaier about that and the spat. the fact is between greece and

italy. what greece can mean. the gentleman starts by what happened in the dispute between him and his greek counter part. >> we have an excellent relationship. there was some misunderstanding. >> the misunderstanding goes on toward him saying it's a house of cards in the eurozone. there will be collapses elsewhere if greece were to fall including italian debt level. saying it's unsustainable. >> the italian debt is sustainable and getting stronger going forward. there's no house of cards in europe. there's a strong witness to joint decisions and we will listen to the proposal of the greek government coming forward in the next meeting and we'll agree on the solution that is good for greece and good for you. >> when we've come through the crisis to this point and contagion and sentiment among investors is key. do you feel the comments are

irresponsible or just misplaced? >> i talked to him more than once and his office i understand the new government with a stronger gender needs to find a common language. we are all in favor of finding together a solution beyond the language. >> why do you think they are singling out italy saying italy is $2 trillion debt load is unsustainable? >> italy has a large debt but this debt is getting the most sustainable going forward. this is testifying by even by the recent estimates on the european commission. it's getting stronger because there's going to be more growth and the structure will intensify. and also things like the pension system in italy are among the strongest in europe. >> do you feel that there is a concern that italy's 10-year across the board has gone as low as it can.

and there could be concern about contagion from greece. having come down we're both remember the days of 7% on the italian 10-year. do you fear contagion? >> absolutely not. if it is anywhere in the situation of a financial crisis and appropriate measures on the source of contagion can be taken. >> how do you see it on the greece issue? how do you see it resolving itself? italy has been pretty pragmatic. do you see greece getting some form of restructuring? >> i think that greece has the ultimate need greece is facing is to have a strong critical structure to make growth sustainable. once we have growth then that problem comes -- it's solves itself. >> reporter: i thought he was pretty pragmatic about the issues, but absolutely steadfast

in saying there was no risk of contagion that the italian debt level was sustainable. that they have a strong reform process that was not being derailed on any issue as well. they were sorting out the issues in the banking sector. it was pretty confident and the italians set to show some growth, we think, in 2015 after zero and negative growth. they're expecting .5%. but of course this ties into the greater issue we're going talk about over the next couple of days and that is where is the growth. where is the enactment on the promising promises. where is the coordination? every country is allowed to go their own path. there's great concerns and great statements about $2 trillion euro and $2 trillion on the global economy and plus a couple of percentage points. there's concern it's big talk and little plan in place. over the next 24 hours we'll try

get a gauge whether there is a cunning plan. back to you. >> steve, good stuff. thank you very much. we'll be checking with steve throughout the show live from istanbul. incidentallily make sure you tune into u.s. later on. steve has an exclusive interview with the u.s. treasury secretary jack lew. it happens at 12:00 cst. eemma strategies joins us this morning. david, good morning. let's kick off with greece. we have the prime minister laying out plans to dismantle this austerity program. the cruel austerity program as he calls it. the prime minister also reversing reforms that have been imposed including mass layoffs, changing of the pension scheme back to the pensionists who were losing out. it is not looking good in terms of finding some type of a bridge between europe and greece. >> no.

right now it's definitely not looking good. and of course the ecb is fresh on greece last week. we would think the next few weeks is likely going to continue to be further tension and likely market negative headlines. but our medium term view and medium term i mean two or three month-view is ultimately common ground will be found. we think both sides could have a strong interest in finding common ground. they made a lot of progress. we have to view that. for greece it makes sense. because at the end of the day they have to leave the european union. not just the eurozone. you have to run the same austere policies as before. otherwise you'll get involved in inflation. so therefore it ultimately have to find a common ground. >> how would common ground look. especially given the comments last week? >> yeah.

well, you know, most comprising would have to be done on the side of the greek government. there is some scope for common ground. you look what they have been saying for some time, they thought it was too much austerity. so maybe there is that there a little bit. and remember that they want to create more taxes and that could be used potentially for -- and time and again there has been debate in the european union even on the german side. a year ago about potential to some point to actually use interest rates for greece. obviously it's not only the table as of today. on the greek side. here you can see light at the end of the tunnel potentially merging. right now it looks very bad. we think in two months time we'll see it. >> let's talk about the whistle

stop tour taken by greek leaders. as a journalist it was exciting to watch. it failed to win the support of various european leaders. would you agree? >> yeah. i think that's a statement. we need to remember at the end of the day because greece wants to change the pours of the program. in the beginning it is almost -- the program as it stands leaves little to negotiate for greece. greece needs to gain some ground to be able to negotiate. and that means they have to start off the confrontation naturally from which you can readily fall back. >> that deadline is coming up. will cyprus reach an agreement? >> it doesn't look like at it at the moment. they're still going to have some scope to get on for a few more weeks. but it's going to be the critical period. toward the end of february we

need to see some light at the end of the tunnel. otherwise it's going to be a pragmatic period. >> investors growing impatient. david hunter thank you very much for your time. of course, coming up the focus will be on the u.s. we have that exclusive interview with jack lew. that's coming up on squawk box. for a market update. thanks. it sounds so official. indeed it is. our european markets this morning opening slightly lower. we're called down a tad after the greek developments and the latest comments out from the finance minister as well as from the prime minister in greece. the stock 600 lower now down by almost 1.5%. we're only just starting the session. but a lot of trade happens within the first hour of trade. and the last hour of trade as well. that's what we're seeing so far here in europe. when it comes to some of the

main moving indexes out there the stox 50 lower by a half percent or so. over the past month having gained closer to 7%. we have seen a positive start to the year net despite the greek worries. when it comes to the main european markets and some of the markets this morning as said we're trading lower across the board. the footsie down by a shy 1%. we did have a dire close in asia and wall street as well. despite the fact stronger than anticipated payroll data on friday. we had the chinese trade day which has been pretty weak. that just leading to concerns about the pace of growth for the world's second largest economy. exports by 3.3% and imports down bay whopping 19.9%.

almost 20% on the month. a lot worse than anticipated. let's talk about the individual stocks we're watching this morning. hsbc appearing behind me like magic. up 1.5%. confessing to failings in the swiss arm. the london enlisted bank help the rich clients avoid european taxes. other european banks have been under pressure as well. you're looking at bar clays and ubs trading lower after the ft reports they're being investigated by u.s. authorities. via doj is looking into whether the banks failed to give full disclosure on profits they were generating. over here you've got areva down around 1.5% or so. on the cac 40 after a french newspaper report that nuclear company could be looking to post full year losses north of 3 billion euros.

stephan has more. all my text sphered. i was about to tell people things. i think you should tell them the details of the story. what is going on with the company? >> it's the report from a sunday newspaper, which reported that a four-year loss of more than 3 billion euros. that's to compare with 1.1 billion euros. they declined to comment on the report but last week the company shed a profit warning because of the provisions in assets. areva did not specify the reasons for the provision. it seems to be linked to the reactor. the new generation of reactor which is well beyond scheduled. it's not expected to be up and running until 2018. almost a decade behind schedule.

the final cost would be higher than expected. three years ago they estimated the final cost at 8.5 billion euros. given the profit warning last week the final bill could be around three times the original budget of 3. 2 billion. they will not publish the four-year earnings until the fourth of march. we probably have to wait a bit to have confirmation. we're expecting the company to add on new strategy and financial road map. it's going implement significant cost reduction from 2 billion euro in asset. as we can expect market reaction is negative. >> stephan, lovely seeing you. thank you very much. let's switch focus to chinese. came below expectations for january showing a 3.3% slump in exports year over year. it's the first negative reading for annual exports since march

of 2014. imports fell 19.9% marking the sharpest decline since may of 2009. let's take a look how asian markets clocked in today. you can see the n -- and it seems like now data comes out of china. the focus on central bank intervention expected to stimulate the economy. >> it's interesting after what they did in cutting the reserve ratios as well. it was a big deal. >> it is. and following the interest rate cut in november which was the first time in two years. >> yeah. i like how we get one print and immediately everybody says they're worried about slowing growth and then good print and now -- >> bad news and good news in some ways. something happens in the u.s. as well. >> they're looking at 7% growth. >> true. that's the thing.

we talk about slow down. it's growing double or triple of what we're seeing in the u.s. coming up on the show. more on china. it was also a star spangled red carpet in los angeles for the music industry's biggest night. the grammy awards! the best album award went to a rather unlikely candidate. we'll bring you all the details coming up next. >> also is your tv listening to you? find out why samsung warned consumers about the eavesdropping technology. after the break we're live in athens where the country's new prime minister continued to reject the bail out program. we asked how sustainable this is. that's coming up next.

welcome back. his first major speech in front of parliament. the greek prime minister laid out the plan and rejected greece's austerity program. julia is in athens. julia, sip russ saying ending the quote, unquote, humanitarian crisis is the main priority for the government. >> absolutely. he took a hard line stance here.

he reiterated all the promises he made before the election as far as minimum wage, as far as pensions are concerned. he's arguably taken the hard line and said these are things that need to change in this country. we're going stand and fight for these things. what are you going to do about it? we heard the same message we can describe the eurozone and the house of cards. if the greek card leaves then others will follow and the whole thing will collapse. going into the meeting as far as ever apart. can we see comprise when he said it's not going to be a bailout extension. let's get greek thought. i'm joined by the president leading commerce over chamber of commerce commerce. do you agree with the stance the government is taking. i can't feel we're fighting other scrapped details as far as austerity is concerned.

>> whether i agree or not, the government does otherwise. it was elected on a specific agenda. the agenda was minimum agenda of the 60% -- and one-third of the european countries. i think we're missing the point. the discussion right now is being about justice. if you notice the most important answer that the minister gave the doubt. when asked about what can germany do? he reiterated the part about one has to give his own -- nobody can understand how a neighborhood can be clean when nay neighbor is throwing his own rubbish to the other neighbors backyard. this is what it is to greeks. where we're seeing the

discussion right now is about solidarity solidarity. about dignity. or about the spot runs on -- it's about justice. >> we could argue you're missing the point here. people are concerned about kickbacks. actually, greece is being pushed closer and closer to an exit by not reaching some level of agreement. isn't that the risk here that the agreement between the new leaders and greece has taken out their hands and the ecb has to make a decision. it might not be positive for greece. >> whoever stands and greeks feel they have nothing more to lose. maybe this is a mistake. but feel they have nothing more to lose. they have been in austerity for six years. the gdp is down. there's no investment. greeks want to work together. for instance we have a 200 euro

check -- the issue about germany or ecb as lenders is they have nothing to lose by giving the government a chance. an extension to put together another plan. what we're asking not just give greeks a chance, give europe a chance. the government needs some time to prepare. europe has nothing to lose by it. greece has everything to lose by not doing it. >> a passionate plea more time for greece to sort out their own situation right now in the country. they want to pay back their debt it's just going to take time to reform the economy. a lot of people i think, would argue why would the government succeed where other governments have failed? well, that continues to be a question. we wait. there's a check here waiting for

you. >> wonderful! fantastic. >> excellent! >> julia, see you soon. thank you. all right. we have david strategies and economist at merle lynch with us. is greece a big concern or russia and u.s. provide military support to the ukrainians as they negotiate a deal with russia? >> the bigger risk for markets and say both are potentially very big risks. if greece leaves, there's no doubt it will have impacts on global markets. i think it's safe to say that. and at the same time of course the russian situation becomes worst then we can look at pressure on the european wealth and the european banks. we would think in both cases, ultimately reasons will prevail. things will be bad between russia and ukraine. we do think there's currently a

significant amount of effort in trying to stabilize the situation. i think western europe is concerned as merkel's shows. deeper recession in russia and potentially banking crisis there could have a negative implications for europe. but we cannot rule that out that things can get worse. >> thank you very much. >> we'll continue our discussion around russia. as the death toll rises any ukraine. is there any hope that leaders can find a diplomatic solution? all of that after this short break.

hello everybody. welcome back to the "worldwide exchange." here are your headlines from around the world. >> european markets opening slightly lower. the prime minister putting his government on a collision report with europe. >> greece tries to divert attention as g 20 finance

ministers meet warning italian debt is unsustainable. ahead of the meeting finance ministers called for global reforms to boost growth. >> the russian president warned that kiev is on the wrong track as he and foreign ministers meet in brussels. the united states considers whether or not to arm ukraine. >> we were wrong. hsbc shares opened lower as a lender admits to failing at the swiss subsidiary. after reports that the arm helped clients avoid tax. and investors keep their eye on what is happening in greece. take a look what is happening in european markets now. it was a down week last week. but right now the sell-off continues. the ftse 100 down almost 1%. we're watching the developments out of washington where angela merkel meets with president obama to discuss if there are

any peace options on the table regarding russia. right now we're looking at the italian markets down better than 1.5%. what is happening in the bond market? >> we're flirting with multiyear lows when it comes to yields. we're looking a the the yields moving a tad lower this morning on the 10-year. 1.9% treasury. in italy you're seeing yields a little bit higher. interesting to note. nothing new but the finance minister in greece is talked about if greece is forced out of eurozone other countries would follow and indicated that italy could be among one of the countries to suffer in bond markets. when looking at the cross, we saw the stronger than anticipated print on friday. that lead the dollar a bit higher. we're looking at a bit of selling against the yen this morning.

the euro dollar hanging on to 1.13 and movement in the aussie dollar. after the trade data. exports lower and imports falling off a cliff and that lead to selling in the aussie dollar. greek jitters hitting investors. greece is trying to divert attention away from the own problems. as said the finance minister warned that italy's debt is quote, unsustainable. earlier steve spoke to the italian finance minister and began by asking him about his dispute. >> i'm fine. we have an excellent relationship. there was some misunderstanding. >> now a senior european economist joining us this morning in the studio. good morning. how are you? and how are we supposed to head into this week? are we feeling less optimistic

now fwichb the latest comments from the prime minister of greece? >> well, it plays out in an negotiated game the way i'm seeing at a moment. i don't think it is helpful. it is crunch time this week. we need to see some real progress on backing down on some of the positions. because in the end we think it is a lose-lose for any. so i think, unfortunately, what we saw last week is hardining of positions and especially coming to the end of the week where the german line became very clear there's little room for negotiations. so i think to sell this unless the greek government wants to go back to the electorate which would be a euro port l. whether greece wants to stay or not. they need to show some comprise in the coming days. >> what are you expecting in the short term. last week was a tough week for

the prime minister. this week could be particularly tough for greek leaders. the confidence vote is due tomorrow and the european summit on thursday. >> the summit, i think, i mean, i think we can't exclude that europe comes up with some kind of a -- that buys a little bit of time. >> they're going play hardball. >> i think they will play hardball. i think it's difficult to backtrack on the issues like the restructuring. but the question is how long do we want to have this discussion going? i think you can probably push this another month or so beyond the expiring of the program which is the end of this month. but greece is asking for four more months until may/june and that's -- >> you're not sure they're going to get it. >> why wouldn't they as you said, it's in the interest that greece stays, right. it's in the eurozone's interest. and after they've had such a hard line stance isn't there going to be feather puffing now and they'll take it to the 11th

hour and maybe even ask for another month of extension. >> it's an issue of whether they need more money for to scare have the period. i mean, if they push their own finances very hard maybe they can get it until may. from the ecb side provide liquid to banks. that's probably possible as long as we have a discussion going. but the discussion needs to be realistic. ecb already made it clear they don't see the current proposals from greece as realistic, and therefore they basically excluded the collateral. >> in looking at this with the eyes of ab economist and having seen contagion in the past do you think there is truth to what the finance minister was indicating that, you know -- >> other countries -- >> yeah. that italy might follow greece. >> of course. we're seeing high debt levels across the board. it's not only for governments. it's also private sector. and there's a lot of debate among economists about a sustainable level. normally we talk about 85 to

90%, maybe. and italy is also above that. you center to look at the factors. especially the financing conditions. italy has a very different situation than greece. and therefore, i think it's very difficult to say that this is not on the table. what we like to point out is growth would be the best way to deal with that. and so far we don't see enough reforms to create growth. >> okay. and you're staying with us. >> get involved! get your questions through if you have any or comments. you can find us on twitter. and you can find our personal ones on screen. we want to hear from you and what you have to say about greece and the ongoing negotiations. >> yeah. precisely. in other news hsbc admitted to failings at the swiss subsidiary after media reports that the swiss banking arm helped wealthy customers avoid

taxes and hide millions of dollars of assets. responding to the agencies they said they acknowledged and, quote, accountable for past compliance and control failures. the justice department reportedly examining certain currency-linked investments. the ft said the investigators are whether the bank sold so-called structure profits. they're investigating other banks over similar disclosures. take a look how the banks are trading in today's trade down just about 1 to 2% in today's trade. big u.s. banks say a proposed fed rule requiring higher capital hurts them the dollar remains strong against the euro. they say it would make their dollar denominated assets look bigger relative to the european peers. it would take effect next year. officials say they voiced their concerned in the meeting with

the fed the last month. and nissan performed well for the first nine months of 2014. good morning. >> good morning. the nissan's performance for december of 2014 looked good in all key lines. net sales were up by 11%. operating profit by 39%, and net income by 24%. they said that most of these good results were due to strong sales of new models in the u.s. and western europe. continuing cost e fresh si moves and more favorable exchange rates. revenue is expected to come to more than 11 million yen. up by of.6.4%. they sold 8.5 million vehicles for the year which is a record high for the group and also

marks the fifth straight year the number has grown. by sales volume nissan is now fourth place after toyota volkswagen, and general motors. with a weakening of the yen nissan will tap unused production capacity in japan to supply foreign markets. the road compact suv is set for export for fiscal year 2015. and nissan's stock increased by roughly 15% since the start of year fiscal 2015. that's all. back to you. >> thank you very much for that. and switching focus to tech news. keep your voice down. the tv may be listening. samsung samsung's smart tv could be ease dropping on your private conversations. that's right. the small print in the company's privacy notice said the tv may capture voice commands and text to help improve your viewing experience. it warns if it includes personal information, that will be captured and passed on to third parties. samsung said does not retain voice data but only shared if

consumer's consent and use the voice recognition feature. they're basically warning investors, hey, excuse me consumers. if you buy the tv don't discuss personal matters in front of the tv. that shouldn't be too hard. >> do you ever read all the small print? >> not always. unfortunately you clearly should be doing that. >> look, i mean we all know that nothing is private that you're doing. but at home? in your living room? >> but you get the tv. it's worth it. >> i rarely watch tv which might be a good thing. we're always working. but let us know what you think about this. these developments -- are you worried about your privacy being comprised at home while you're watching? should more be done to safe guard people with the advance of smart technology. it might be a good thing. it means we would be able to

hear all your comments. you wouldn't have to write in. we could talk. join the conversation on "worldwide exchange." still to come. an interesting study on sustainability. according to research from arcadia it is likely to be in europe the most sustainable city. find out more after the break.

welcome back. angela merkel is set to meet president obama in washington today in a bid to secure a peace plan for ukraine. it comes ahead of crunch talks on wednesday between germany, france ukraine, and russia. however, president putin cast doubt on the summit saying it will only go ahead if a number of points are agreed on at first. u.s. secretary of state spoke exclusively to nbc's meet the press where he was asked how soon the u.s. would be providing more security assistance to ukraine. >> i have no doubt that additional assistance of economic kind and other kind will be going to ukraine.

and we do so understanding that there is no military solution. the solution is a political diplomatic one with president putin has to make the decision to take an off ramp and we have to make it clear we're absolutely committed to the sovereignty and integrity of ukraine. no matter what. >> hadly joining us from brussels. are leaders supportive of u.s. military support to ukraine in brussels? >> reporter: well, it's interesting an interesting picture here. it seems to be a mixed bag of opinion. basically what we're hearing the big question will be will the americans add fuel to the fire by arming ukraine? now of course secretary kerry refusing to allow arms to ukraine and interviews over the weekend. and the bigger question will angela merkel visiting the president can change his mind. she's in favor of a diplomatic solution all the way. she's not in favor of arming ukraine. and i got the chance to ask

u.k.'s foreign minister. i asked him do you support u.s. weapons to ukraine? should the u.k. get involved? >> the u.k. is not intending to supply lethal weaponry to ukraine at this point in time. we understand the u.s. is considering it. this is a decision for each individual nation to take. and actually every nation has a role to play in maintaining the pressure against russia. the u.k. has been one of the leading forces in europe arguing for tougher and stronger sanctions. we'll continue to do so. everybody has their role to play. we're happy that the germans have taken the lead in the direct kremlin. we think that's the best channel of european union has. we intend to continue to use it. >> reporter: so the u.k.'s foreign secretary there refusing to be drawn out as to whether or not the u.k.'s foreign policy is irrelevant at this point. i had the chance to speak other foreign ministers and it was a mixed bags in terms of their

opinions. take a listen to the lit lit lithuania foreign minister. >> i don't know. so far we all expect that there would be some agreement. we expect a diplomatic solution. but question only judge on the developments on the ground. so everything would be decide edd it will change the situation otherwise i do not see any possibility to even see any improvement. >> reporter: so lithuania's prime minister saying this is perhaps the most logical solution to the problem. but, of course as i mentioned there are differing opinions here. we have 28-member states and 28 different opinions on what to do and how to implement. what is the best plan going forward? i spoke to the foreign minister

of slovakia. >> it's an urgent thing right now. it's being discussed. i personally am not in favor of sending arms. sending arms to one party inevitably pushes the other party to get more arms from other suppliers. and it is not favorable. it looks like we're having a moment. they were supposed to talk about the threat of the islamic state. they were going to talk about africa but ukraine wiped that off the agenda. they'll be the main focus of the discussion. we heard from the e.u.'s foreign policy chief. she failed to come to cameras today and give her opinions. she did say over the weekend that the e.u. wouldn't have a rift with the united states if they decided to go ahead and send arms to you crane.

>> hadly, thank you very much for that. joining us life out of brussels. here in the studio an economist is still with us. a european economist. russia, obviously, suffering not just from sanctions but the lower oil prices. it's having an impact now. what is the impact on europe do you think longer term. can we put our basket -- put our eggs in the basket? is it going to be a good thing for european growth? >> at the moment i think most workhorses are optimistic both under corporate but much higher real disposable income. i think that will be a positive together with a weaker euro. the ecb's qe program. the geopolitical uncertainty disturbed growth before. it's uncertainty shocks that a

lot. it depends a little bit how far it goes. we've said we have ordered it taken off quite a bit last year and this year due to the geopolitical situation. but we also consider that as long as it doesn't escalate further especially on trade sanctions. the moment it goes into the energy field it would be more hopeful for europe. >> thank you very much. coming in to kick off a fresh week with us. switching focus. where is the most sustainable city likely to be located? well it is probably in europe. that is according to the consult firm. topping the list of frankfurt followed closely by london. simon rolllandson joins us. i want to know why london make the top list? >> there's one specific reason. which is in terms of the right

deals with its pollution the solid waste management. frankfurt is a zero city by 2030. it's well ahead on the particular agenda. >> does that change. any of the ecofriendly policies put in place. will it change depending who wins the u.k. general election? >> in terms of the u.k. it has the reduction trajectory toward 2020 and 2050. a lot is about investment. transport, education, and the such. we know it's that a big political battle ground around how it is funded. >> what is the top city? asia. the top city in the u.s.? >> the top city is asia is hong kong. -- i'm sorry seoul. in the states it's toronto followed by boston. >> not my hometown portland oregon. >> i'm afraid no.

it is a very green city. >> it is. >> the criteria are what? >> we look to the classic triple bottom line of equal profit and planet. and what we did is look to the whole range of different metrics. 20 different metrics. i want to articulate how complex they are. look at one particular bit green cities and such like. here we're comparing education. we're looking at waste management. transport, we're looking at ease of business. >> i'm surprised that switzerland is not in here. >> they did not fall with our noncriteria noncriteria. we were looking at global cities here. >> we know global warming concerns, of course one of the big reasons that a lot of cities in asia have been pushed to put together more policies that then reduce carbon emission. how has that impacted your research?

>> i think the real finding of the emerging asia cities is one of the issue of population growth. so if you look at the ten month dynamic cities, they're all down toward the bottom of our index. they're facing around population and education. the kons keshl issues -- >> tell us how the research should impact investors or should it impact investors way of looking at a city or country if they want to invest in the companies based there. >> i think from the perspective of the developed world, what you can see these are cities that need to invest significantly near infrastructure to maintain their competitiveness. these are cities that are looking for investment. in the developing world, you can see there's so much to be done there. >> but copenhagen is on here. i'm danish. i know, there's a lot of green but i just got back from zur

rich. >> had ha a high profind green agenda. it's a city you can learn from. they have great lessons. cope hagnhagen is a strong one. thank you very much, simon. for sharing that with us. head of the strategic research. >> all right. coming up next we're going to talk more about finance warren buffett is facing krit sfrichl analysts that cover berkshire hathaway over the call thequality of the company's financial disclosure. buffett is dismissing the criticism. he tells the ft berkshire

communicates all relevant information. he said he prefers to talk directly through shareholders through the news letter. >> did you watch the grammys? >> of course i caught the highlights this morning. it started at 11:00 p.m. >> a lot of talk -- >> and taylor swift. we'll get you the looks coming up. it was a star spangled red carpet in los angeles. the grammy awards. the best album award went to a rather unlikely star. we'll bring you the details after this.

and welcome everybody to "worldwide exchange" on this monday morning. >> good morning everyone. these are your headlines from around the world. >> we have to start with futures now. u.s. futures pointing to a lower open as greek jitters and european shares lower. prime minister sip russ putting his government on a collision course with europe pushing ahead plans to abolish awe austerity. >> greece is trying to divert attention as they meet in istanbul. washing italian debt is unsustainable. finance ministers called for global reforms to boost growth.

>> russian president warns kiev is on the wrong track as e.u. foreign member steers meet in brussels. merkel flies to washington as the united states considers whether to arm ukraine. >> and we were wrong. shsbc shares opening lower. after reports that the arm helped clients avoid tax. welcome back. i thought we were going to chat a bit. i was wondering what you were looking at. >> there was a survey from telegraph. the most attractive accent is the british accent. >> in the u.s.? >> i think.

>> unfortunately we do not have a british accent. >> what would you say yours is? you grew a little bit in the u.s. >> i grew up in denmark. >> you also grew up in seattle. >> no. i grew up in denmark. 18 years there. >> oh. tell me about the relation to seattle. >> my mother is from seattle originally. it's a muddish accent. you end up gathering of every word. >> i would call it a global citizens accent. but apparently if you're from the u.k. you're british, go to the states! you'll automatically you're a hot toast! women love the british accent, from what i hear. u.s. futures speaking of america. let's take a look at markets. it was one of the best weeks for the dow since 2013 i believe. a lot having to do with the stronger than expected jobs report. but right now the dow reversing its gain down just about 87 points in premarket trade and

nasdaq down 21 and the s&p down about 10 points. just premarket trade. of course, we had the disappointing data out of china. that might be weighing on investor sentiment. when speaking about the jobs report. focus on whether the fed will raise rates soober than expected. some say it will come down to the meeting in march. we'll put our focus on janet yellen to see if she takes out the language. it so that indicates that rates will rise in june or sometime thereafter. taking look at the index, it's down the global cnbc global. 00 down about 20 points. switch focus to europe. investor discussion has been dominated by the ongoing negotiation between greek leaders and european policy makers. it will be on a gloat of confidence in greece. and whether the bailout plan will be extended. that deadline coming up on february 28th for greece to pay out the debt.

the xetra tax down. the cac 40 the french market down about 67 points. the ongoing discussions around greece. that resulted in a little bit of nervousness among investors. we've been seeing it in the bond market. take a look at the equity market. it's down about 4.9% after what was a tough week in general for greek stocks. chinese trade data dame in below expectations for the month of january showing a 3.3% slump in eximportants. it is the first negative reading for annual exports since march of 2014. meanwhile, imports fell 19.9% marking the sharpest declines since may of 2009. so the situation not getting better. at least at this point when looking at china's economy. betting on central bank intervention. that's keeping some investors

involved or exposed. we're looking a the shanghai up about 6/10 of a percent. the now in this first major speech in front of parliament greek prime minister laid out the reform plan. he said that ending the country's, quote, mumt humanitarian chris was a top priority. greece seems to be shift the worries elsewhere. they warned italy's debt is, quote, unsustainable. in an interview if he said if his country to were to exit the eurozone other nations like italy and portugal would follow. looking at greek debt. we've seen yields moving up substantially here over the last week. especially now looking at the 15 year around 10%. the 10-year closely followed.

some 11%. the short end has moved substantially higher here. the 2 year and the 3 year. some significant moves in the bond market. pressure growing on greece to reach a deal with international creditors. let's stick with the story. finance ministers and central bankers are gathering in istanbul as turkey takes over the presidency of the g 20. ahead of that meeting jack lew and british finance minister george osborn penned a joint open ed in the wall street journal arguing that structure reform was a coachrner stone of the strategy. they said it is important for the country to implement a credible and comprehensive approach to reform recovery and economic growth. out to steve who is live in istanbul speaking to various individuals what about to expect. steve, over to you. >> yeah. thank you very much.

what jack lew and george osborn said is nothing particular new. i've heard about structure reform. we've all heard about it for the last decade or so. it is only the 2009 london meeting where we actually saw any coordinated action on structure reforms. what they laid forward and that was in november of last year from abbott of a set of grandiose plans everybody would have a form of shock investment in growth. then by 2018 all $2 trillion. the global growth story. everyone was allow god their own way, of course. and no punty of action. no one could enact it. it's about the imf mystery. jack lew is worried seeing the dollar -- it is sending the

dollar higher. it is reducing the trade for the u.s. companies. the current reporting season the dollar is beginning to hurt. so i'm wondering if they're the start of a intervention special verbally. of course they want structure reform. they want greece to have structure reform. greece has cast bit of a shadow. there is great concern about contagion contagion. the finance minister of greece has been talking about others who have problems include the italian italians. the unsustainability of that. the italians spoke back robustly. i talked to the italian finance minister. let's listen in.

knocking the bat out of the park when told italian debt was insustainable. identity will has enormous debt. 2 trillion euros. they are enormous reforms politically and institutionally. just one point on italian debt. it is enormous. around about 130% debt to gdp. it's always been enormous. it was over 100% at various times long before we had the crisis. italians and debt are running large amount of debt. they have a big savings as well. back to you.

>> steve, thank you very much. once again steve joining us live from istanbul. let's give you a rundown what to watch the trading day. no direct economic data. mcdonalds reporting sales at 8:00 a.m. eastern. fell by more than 2% in december. a rent survey doesn't show much improvement. also, as earnings look for results from the toy maker has borrow los, dputer sciences. joining us from orlando, florida is michael easten. president of the fellowship financial group. michael, good morning. good to have you with us. what are you watching in particular this week? >> i think greece is on everybody's behind as we see what is happening and we speculate what about is going on in the world. the funny thing is, when i look

at greece. it's reminiscent of a movie my kids used to watch when they were younger called jimmi neutron. the kids hope that the parents would go away so they can rule. until it actually happened. greece -- the government over there is acting like some spoiled brats, unfortunate will i they're not sure what they're doing. it's a scary thing. i'm not as concerned about greece itself but the copy cat effect from other european countries. we'll have to see. my concern about greece by themselves is they take over and continue stiff arming the e.u. they're going to run their country into bankruptcy. >> i hear what you're saying and i understand your points. i have spoke ton a number of peoples who take sides with the new greek government and say there's bright people. and b, you have to realize you cannot continue with the amount

of austerity measures that the greek people are dealing with now and you have to look at it from a humanitarian perspective which was exactly the point that the leaders there were making this week, i mean pensioners lucky to have 100% payout suddenly have 70% overnight. this is in the middle of hardship. you can't go on doing this for a long time and anticipate that growth is going to come out of nowhere. >> i understand that. that's a good point. the reality is the austerity measures are working. greece has a little bit of a surplus right now. there certainly should be some credit given for what is being put in place. >> switch focus to the u.s. the better than expected jobs report grabbing the headlines on friday. does it push the fed janet yellen to raise rates sooner than expected despite inflation well below the tral bank's target of 2%?

>> that's a great point. and, you know, i have to admit that the jobs numbers there is some good shining light in the jobs numbers. it's nice to see a number of different factors that go into growth being positive. the thing that is important to realize is that 270 is a good start. 240,000 jobs is what we need to keep space with the new employees comesing into the market. my concern as we look at the big picture, i think there are a lot of other items that the feds are looking at in order to make a decision about whether they raise interest rates. and candidly my thought that the fed is looking for reasons not to raise rates but push it off a little bit down the road. base order a lot of things going on. not to mention greece but a number of of other factors averaging global and domestic economy as well. >> yeah.

the big question going forward. when will the rates event. >> you know up in the u.s. and how it will impact broader market sentiment. >> we'll leave it there. president of fellowship financial group. thank you. make sure to tune into u.s. squawk box later on. steve has an interview with jack lew. that's at 12:00. >> let's take a look at the other stop stories. the united steel workers union said a u.s. refinery strike expanded to two more plants due unfair labor practices by oil companies. walk outs and bp's refinery in indiana and ohio began sunday morning. workers on strike at 11 u.s. plants including nine that account for 13% of u.s. refining capacity. >> u.s. west coast ports are set to reopen to shipping today following a weekend shut down by terminal operators heightening labor attentions. they were idle at several ports adds a number of ships remained

anchors offshore. the decision to shut down the 29 ports affected not only retail goods but u.s. agricultural exports. a shut down could cost the economy around $2 billion per day. the big night for sam smith at the grammys. the british singer -- ♪ ♪ >> there you go! we don't need him! you can sing it for us. sometimes so you to hear it. >> i think he's young. i think he's 22. took home three of the top four awards. smith won best new artist and song and record of the year for his hit "stay with me." he to give song writing credit to tom petty after the song sounded like "won't back down." beck won album of the year despite selling fewer copies.

this was the big surprise. the fact that beck stole the show. it wasn't beyoncè. she's been getting a lot of credit for most recent album. >> i'm into pharrell. happy. >> gust of wind. a little known secret compared to happy but check it out. >> congratulations to this guy! >> u.k. artist. >> he's got to come out with something even better. >> the pressure is on once you're at the top to hold on to the top. >> all right. we were mentioning this before the british accent is the most attractive in the world. that's according to an international timeout survey which french is no longer the language of love. the british accent topped followed by american irish, and australia. french, being relegated to fifth. i'm surprised. an american french accent seemed very romantic. >> we have a producer david he has a scottish accent.

>> i don't want to try to attempt. you'll make fun of me. >> which accent to you like? >> i like the american accent. i'm an american. hot dogs. go usa. the british accent from growing up in america is seen as very attractive attractive. >> i love the southern accents. oh. >> yeah? i do. >> so you to go to atlanta for that. >> there's just something. southern europe. >> oh! southern europe! >> no. we're talking italians mediterranean. like middle eastern. asian. i love the accents. they're beautiful. go to atlanta. >> they have wonderful accents as well. >> come with me this summer. >> i would love to! go to rome and atlanta! i have never been to atlanta!

>> okay. good you should. coming up being criticized for not being that forthcoming. we have more on analysts beef with buffett. that's coming up next.

welcome back. these are your headlines.

putin warns that keyiev is on the wrong track. german chancellor is set to meet president obama in washington today. in a body secure a peace plan for ukraine. coming ahead of crunch talks on wednesday between germany, france ukraine, and russia. president putin cast doubt on the summit saying it will only go ahead if a number of points are agreed on. >> reporter: are the americans

going to supply arms to ukraine. what do the europeans think about that. we'll get more information as merkel meets with president obama later in washington. she'll be pushing her agenda which is a diplomatic solution with no arms sent to ukraine. of course, we take it back a couple months from the midterm elections. we understand of course that with the republicans taking over congress sending arms to ukraine became a real possibility. now they are trying to do exactly that. and fact that u.s. secretary of state has refused to rule out the possibility is very interesting. i got the chance to speak to the u.k. foreign secretary. does that mean the u.k.'s foreign policy is basically irrelevant? take a listen. >> the u.k. is not intending to

supply weaponry. we understand the u.s. is considering it. this is a decision for each individual nation to take. and actually every nation has a role to play in maintaining the pressure against russia. the u.k. has been one of the leading forces in europe arguing for tougher and stronger sanctions. we'll continue to do so. everybody has their role to play. we're happy that the germans have taken the lead in the direct discussions with the kremlin. we think that's the best channel of european union has. we intend to continue to use it. >> reporter: so the u.k.'s foreign secretary there refusing but every country has to make their own decisions. certainly a lot of differing opinions here. >> thank you. a lot going on out of brussels. now warren buffett is facing criticism from analysts who cover berkshire hathaway over

the company's financial disclosure. the financial times interviewed five of the six analysts who noted the difficulty in modelling the results based on the quarterly filings. buffett is dismissing the criticism. he said that berkshire communicates all relevant information. yeah. coming up. >> more to come on show. we'll talk about u.s. markets and the consumer discretionary sector. more on u.s. markets coming up after the break. the future of the market is never clear. but at t. rowe price we can help guide your retirement savings. our experience is one reason 100% of our retirement funds beat their 10-year lipper averages. so wherever your long-term goals take you we can help you feel confident. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. call us or your advisor. t. rowe price. invest with confidence.

welcome back. u.s. futures pointing to a lower open as greece jitters they spook investors in europe. the first major speech in front of parliament the greek prime minister laid out his reform plan and once again rejected an extension of greece's austerity bailout program. julia is in athens. if you were state side or just join us give us the latest. what happened? >> reporter: we sawed in the last few hours coming out in parliament and reiterating the proptss he made in the election to raise minimum wage raise pensions. no more privatization. putting him in a district collision course when they meet in two days.

that's the backdrop here. it's caused some pressure as far as greek shorter term bonds are concerned. a real sentence here. as far as e.u. -- on coming to some agreement right now. the question is can we see some closing of that gap over the next couple of days? it seems greece is taking a hard like stance and doing what the people want him to do and that's fighting back for greece. the question is he hasn't given any kind of time line as far as the new policies are concerned. the question is whether or not he can backtrack or climb down slightly on these to reach an agreement and make the promises for the future. we wait to see what happens on wednesday. back to you. >> clock is sick as investors await a deal. greek stocks moving lower. the bond market resulting in yields moving higher. more on greece coming up. in the meantime, who lives in a pineapple under the sea.

>> stop talking about yourself. >> also a mechanizing mo gull? that's sponge bob square pants. more on the film coming up on this show.

and it is 5:30 a.m. in new york. thank you for joining us. you're watching "worldwide exchange." >> good morning everybody.

time to get up. these are your headlines from around the world. >> let's start with greece. u.s. futures are pointing to a lower open as greek jitters and european shares are lower as well ass european futures. putting his government on a collision course with europe pushing ahead with plans to abolish austerity and reject a bailout extension. >> greece trying to divert attention as finance ministers meet in istanbul. ahead of the meeting finance ministers called for global reforms to boost growth. >> russian president putin warns kiev issing on the wrong track as they meet in brussels. merkel flies to washington for talks with president obama as the united states considers whether to arm ukraine. and we were wrong. hsb consider shares admits to failing. after the arm helped clients to avoid tax.

welcome back. take a look at futures. keep in mind in on friday it was a big market day. the jobs report boosted sentiment but the stocks that fall. concerns over whether the fed will in fact start to ratzs now we're seeing a sustainable acceleration in job creation. futures pointing to lower open despite the dow witnessing the biggest weekly gain since 2013. taking a look at european markets. the investor discussion dominated by the negotiations. or lack thereof taking place between greek leaders and european policy makers. we should note that earnings will continue to be a big part of the discussion. a lot of oils and gas majors reporting this week. this could help or hurt the ftse

100. 13% of its waiting based in oil and gas. the declineing oil prices has been a major head wind for the oil majors. speaking about -- i was talking about greece. we should note the athens index is down about 4%. the greek bond markets continue to see a lot of selling pressure. that's resulting in yields. take a look over here. it is training at 761 down better than 5% talking about greece. let's get you up to speed on the story. in the first major speech in front of parliament. greek prime minister laid out his reform plan and once again rejected an extension of greece's austerity tide bailout program. ending the country's quote, humanitarian crisis was a top priority and announced initiatives including raising the minimum wage and reinstated pension bonuses. turkey takes over the presidency

of the g 20. ahead of the meeting u.s. tissue i are secretary jack lew and the british finance minister penned a joint open-ed in the wall street journal arguing that strarl reform was the corner stone. they said it's important for the country to implement the credible and cohesive comprehensive approach to reform recovery and economic growth. steve is in istanbul where the meeting is takeing place. what do they need to know about the meeting? >> reporter: this year from december 1st last year to the start of december in 2015 is all about turkey's implementation of the grandiose promises we had in november of 2014. under tony abbott they said we're going put $2 trillion into the world economy by 2018. two extra gdp percentage points

on global growth as well. we're going to put hundreds of millions of people back at work. huge promises. but the fact remains is -- it's the last one of those and everyone has the greatest concerns about. as the skeptics have said for many years it's well to stand up and say we're going to do this and this. we promise that. they did come forward in a coordinated fashion. very interesting. jack lew and george osborn to remind everybody. i can't help but thinks that are beginning to get a little bit nervous. not only the u.s. is global growth engine but about the strength of the dollar. that's great. it keeps treasuries low and keeps refinancing an $18

trillion economy. but the high level of the dollar is beginning to hurt u.s. corporate's. i'm wondering if this is a of something we thought about and talked about. i think it's beginning to get a little bit worried about their global engine being the only one but more specifically about strength of the dollar. back to you. >> steve, thank you very much. steve mentioning jack lew there. make sure you tune into squawk box later on. steve has an exclusive interview with u.s. treasury secretary jack lew. that's at the top of the hour. german chancellor is set to meet president obama today in washington in a bid to secure a peace plan for ukraine. it comes ahead of the crunch

talks on wednesday. however, president putin has already cast down on the summit saying it will only go ahead and f a number of points are agreed on first. u.s. secretary of state john kerry spoke to nbc's meet the press where he asked providing more security assistance to ukraine. >> i have no doubt that additional assistance of economic kind and other kind will be going to ukraine. and we do so understanding that there is no military solution. the solution is a political diplomatic one with president putin has to make the decision to take an off ramp and we have to make it clear we're absolutely committed to the sovereignty and integrity of ukraine. let's get to the managing director of hamilton place strategy as well as krshs nbc contributor. good morning to you.

german chancellor is bringing her peace plan to washington. do you think it will work? that's an open question. we'll see how the talks go. you get a sense there's a little bit of bad cop good cop to the meeting with chancellor merkel stressing diplomacy and potentially president obama having some discussion on providing lethal assistance and that may strengthen merkel's hands going into these talks. that is if the talks actually go toward as you noted. it's not entirely clear they'll go forward and have a chance to be productive. i think this meeting with obama and merkel comes in a perfect time for them to try to stress some unity. >> e. at the end of the day is it just politics the western leaders trying to show the rest of the world they're willing to negotiate and put together a peace plan because before the u.s. potentially gets involved

in the war in ukraine? >> yeah, i don't think president obama will want to take the knees out of merkel going into these talks. so that unity really is important. but, you know, it's important they show that, you know there are next steps should the talks not succeed in implementing. what we're talking about is the peace plan. t not really a new peace plan. it's forcing the existing peace plan. they're able to do that and show they're unified in this and they go to putin with that strength if they break down they need to present additional options. much more force of the sanctions at the very least and potential for lethal assistance for ukraine that ukraine desperately wants. putin has time on his side. if he's not willing to be committed to the peace process. he can supply the rebels in

eastern ukraine. >> maybe they can can figure out a plan together. that smacks a bit of cold war once again. there's no not a lot of support right now for the u.s. sending weapons to you crane from is european allies. >> no. i think it's a very difficult decision. i didn't see a lot of opening in secretary kerry's remarks they were very very seriously considering it at this time. it's a big decision to fight a proxy war in the ukraine. it sounds like, you know, it's an easy decision to arm ukraine and put them on better footing with the russian backed rebels but you have to commit to the long-term to that. it would be essentially a cold war sometime proxy war that could go on for years as long as

both sides can arm both sides. at the end of the day it will have to be a diplomatic solution. and i would love to see much more, you know more discussion about strengthening sanctions on russia. >> sure. thank you so much for getting up early to talk to us. making director from hamilton place strategy and cnbc contributor. >> germany holding out because one of the biggest trading partners with russia. they want peace. >> yeah. i think most everybody wants peace. >> absolutely. we don't want to go back to cold war scenario again. >> let's take a look at the other top stories. hsbc admitted failings after media reports that the swiss banking arm helped wealthy customers avoid taxes and hide millions of dollars of assets.

the justice department is examine -- the investigators are looking into whether the bank's so called structure products without disclosing the profits they made from currency trades. they're investigating whether banks over similar disclosures. and movie news. ready? >> i am. >> sponge bob square pants may live under the sea but he's also a merchandising moble. the famous animated sponge is the king of the box office. his second movie took in $56 million in the u.s. and canada this weekend. knocking american sniper out of the top shot. it might be a good one. it's doing well in the box office. >> if you had to make a movie tight for a children's movie what would it be? >> dream big.

>> like noisy broom crazy ears. >> what kind of movies did you watch. crazy ears. >> i didn't know that. i'm sorry i didn't know that. es where chipolte is apologizing after hackers took over the twitter feed this weekend. they replaced the avenue draft with a swis can and sent out several tweets with obscenities and racial slurs including some directed at president obama. which poll they de they deleted the tweets. speaking of twitter, take a look at the company's shares. twitter stock having the second best day ever on friday. soaring 16 more than% after a blowout quarter. the social network giant reported doubling revenue. they outliked some of the challenges on the way for users. >> do you think there are going

to be big challenges? every time they challenge you have to figure out where is the thing to send the message. >> i think they need to really capitalize on the hashtag. if you look at the giants out there that's one of the features that twitter has that facebook and others don't have. they have hashtags but twitter is the one that owns it. >> do you think facebook or twitter will grow more? >> from what i read it seems like facebook is obviously winning the race especially with the acquisition of instagram. that's been great. >> smart one. there was only critics who said you're paying second degree ing$1 billion for the instagram. clearly it's been good. >> more fans of twitters. journalists are. >> yeah. you learn a lot of twitter. up next looking at the impact of a prolonged strike in several refineries and escalating attentions between port operators and union workers.

welcome back everyone. growing tensions between union workers and management at several u.s. ports and oil refineries could soon result in a significant intake on the

economy. landon is at cnbc headquarters. >> good morning. the united steel workers union said a strike is expanding to two more plants. wackouts a the bp refinery and the joint venture began early sunday morning. that brings the total to 11 plants and 5400 workers. nine of those facilities account for about 13% of u.s. refining capacity. the strikes began on february 1st. the union cites unfair labor contracts. shell said it's unaware of any charges filed against it with the u.s. labor department. the sticking point in the negotiations include wages and healthy safety issues. oil companies have been keeping all but one plant operating with temporary workers.

u.s. the temporary closure comes amid -- on a new contract. even before the weekend the pacific maritime association which represents the ports said a 14-week slow down by dock workers has clocked up dmers. ships are waiting for days for an open berth and longer for cargo to be unloaded. decision to shut down the at 29 ports including los angeles, long beach, and seattle. a mort shut down could cost the economy $2 billion a day. comes at the time when retailers aren't as dire of a need for america dice. union workers among those of the highest paid. averaging 147d,000. they made a five-year offer boosting wages. >> thank you very much for that. and on to the grammys. it was a big night for sam smith

at the grammys as a british singer took home three of the top four awards. he won best new artist and song and record. in a surprise beck won album of the year for release morning faith despite fewer copies of queen bee, and pharrell. >> the tv guys may be listening. the tv may be listening. \samsung's smart tv could be ease dropping on your private conversations. that's right. recording your living room chatter. >> this is crazy. it's absolutely crazy. enough! enough is enough. >> we've been asking people on twitter to depend. we've been getting some in. >> i know. are you worried about your privacy and whether or not it's

being surprised? sitting in your own home watching your television. you can still find us on twitter. back to the headlines. >> back to russia. russian president warns kiev is on the wrong track as e.u. foreign ministers meet in brussels. greek prime minister stands his ground pushing ahead with plans to abolish austerity. and u.s. futures signaling to a lower open as a fears ss ss -- send europe, shares lower. we're back with more in a bit.

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welcome back. take a a look at u.s. futures pointing to a lower open. the question is will the fed in fact raise rates sooner than expected. joining us now to discuss president at ruin hill partners.

a pleasure to have you on. aside from that stronger than expected jobs report. another bright spot was wage growth up 12.2%. the highest seen since august. in addition to lower oil prices enough to provide a boost to consumer spending? >> well, it clearly is enough to help boost consumer spending. you'll see that start to work the way into the market over the next three to six weeks. enough to make the fed come to bat and raise rates in the near term? probably not. we'll need some type of sustained number at least on the payroll side going forward where that's going to come into play. i think the market forecasted early you would see june of this year and pushed out to september. now a lot of feedsability looks as though it's might be year end. i think those are the type of snare yous as you mentioned on the components where it would be warranted for the fed to step up and start to see the rates rise. nothing in the near term. >> nothing in the near term.

the u.s. economy, how strong is it at the moment in materials of justifying a potential hike? >> well, i think if we want to make it comparative on a dwloebl perspective, it clearly is. but that being said i think sustainability on the united states side at least, i think, when you're in this zero rate zone for so long. you set a frame work from where the launch pad begins and we're nowhere near that. and i think one of the reasons we're starting to look at that is from a trade perspective as mentioned earlier in the programming. i think the dollar has been so strong for not necessarily so long but a short period of time that right now it seems like 154 and 114 are key levels on sterling and euro is the basis point. >> thank you so much for joining us. futures pointing to a lower open. that does it for us on "worldwide exchange." >> have fantastic day. we'll see you soon.

the good morning. a new week. a new list of worries for the global markets. weak economic data from china. a defiant speech from greece's prm prime minister. and questions about russia. and we've got a cnbc exclusive. jack lew saying the u.s. economy turned a corner. and a change at the pump. not a welcome one for consumers. gasoline prices jumping 13 cents. following months of declines and somebody is watching you. yes, this is true. scary new information about how your smart tv could be eavesdropping on your living room. it's monday, february 9th 2015. and squawk box begins right now.

♪ ♪ >> this makes me happy! i love this song. welcome. i'm becky along with steve who is in for joe today. huge night at the grammys for sam smith. the 22-year-old brit was nominated for six awards and he won four of them. including three major ones. best new artist new song and new record of the year. if you went to sleep early you missed interesting pairings and performing including a collaboration by rihanna, kanye west and paul mccartney. we'll bring you the highlights a later this hour. mcdonalds will report january sales this morning. expected to decline by 1.1%. sales risin