. welcome to worldwide exchange everyone. i'm seema mody. here's your headlines from around the world. credit suisse beats expectations despite a lackluster for formans from from the investment bank. >> we want to increase the activities of the investment bank. >> currency head winds hit syngenta with sales falling 10% but the ceo telling cnbc the

firm has no intention of tlashing outtlash thrashing out a takeover deal. >> there's nothing to negotiation. >> unilever too sales rebound despite emerging markets. the ceo is planning on another year of growth. >> overall results 2.9% underlying growth. this is the 7th year in a row that we have top and bottom line growth. strong internals as well. >> and welcome everyone to the show. a number of earnings out of switzerland to cover. first, credit suisse beat expectations in the second quarter with profit of over 1 billion swiss francs.

earnings continue to suggest weakness in the investment bank. let's get more with carolyn froms urich. >> as you said numbers were better than expected but the credit doesn't go out to him. he's only been on the job for a couple of weeks. yes he might have been very well prepared for that job but we're talking about the second quarter here and that credit obviously still goes out to the outgoing ceo and i'm a little surprised to see that the second quarter shaped up better than expected because remember the second quarter seasonally is never as strong as the first quarter and second of all we did have more macro concerns and difficult trading environment and that was also reflecting in the u.s. banking earnings season. so against that backdrop numbers from credit suisse were pretty strong and net new asset

flows of 14.2 billion swiss francs and finally i want to talk about capital. that will be key going forward. that's a little bit better than expected but in comparison to the rest of the industry that's still pretty low. you have a print of 13.7% for ubs for example. so that's certainly where credit suisse needs to do some work. the new ceo is very much aware of that and there's been much speculation as we know about what the big master plan will be. it wasn't unveiled today. it will be unveiled sometime later this year october, november, or december but i wanted to know whether he could give us some clues about his vision. >> i am running a very very

consult consultative process. we really engage a number of work streams. those on the team are each accountable and actually volunteer which is something i always try to achieve because for strategy to be well executed people have to be in and it is my vision and something we will collectively develop and believe in. so capital is yes very important. after capital intensive. absolutely. it's better to be in capital-like businesses. they're less volatile and on higher multiples and in the end we want to drive the company up. it's a very attracting investment story today.

we want to rebalance the wish for private banking and we said that we want to increase the activities as opposed to the investment bank but we need to look at the asian model we have of one bank where private bank and investment bank work together and we have good results. it's providing customer with value and creating value for our customers. >> will a capital hike be part of that plan? >> i cannot answer that question today. i want a business model that's capital interactive because i know it's stating the obvious but it's so important in business. now there are issues that we need to address. famous non-strategic unit has been a drag on our results and

that will take some capital and there are restructuring costs as chief of strategy and we need to look at that but fundamentally i'm a great believer in self-help. self-help is made of cost cutting disposals and these are things we need to look at. then we need to get our needs for growth and that equation will determine where we need to call for additional capital but i think i have a track record of generating capital and any capital they'll get back many times. >> i'm sure you read yesterday there was a report about you signing out big investors. about potentially bulking up in asset management. can you confirm that? >> some of the down side of the method i have adopted which is to consult and go at a considerate pace is that there will be speculation. there will be speculation and it's not helpful for me at this

point in time to start confirming or denying as people speculate. people will speculate but we know what we want to achieve and we are focused on going on with the right answer. >> credit suisse up 4.9% in today's trade. roche confirmed it's outlook after a first half sales. it's striking an optimistic tone on its ability to stay ahead of the competition with new cancer research into alzheimer's drugs. it's taking a toll on abb. they reported an 8% fall in profits in the second quarter due to a slow down in demand and shares as you can see right here up by around 3.3%. meanwhile, take a look at syngenta. it posted sales of $7.6 billion

in the first half. roughly in line with expectations. we caught one the ceo of the firm and asked why they wouldn't discuss opening books to u.s. rival. >> we gave a clear example that there's no negotiating table to sit down to. it failed at every level in order for us to go further. so no i don't think negotiation is the step right now because there's nothing to negotiate. >> let's get out to carolyn for more on the syngenta story. >> what we see in the shares this morning is we're down roughly 1% in syngenta. numbers were better than

expected. net profit of $1.22 billion. that was better than what analysts anticipated but what's happening today is profit take because shares in syngenta had a phenomenal rally since we heard they might be making a bid and then a rally when we saw the two bids coming through so syn gerks nta was trading at aan all time high. some investors taking profits but also a little disappointment that syngenta isn't budging. this isn't a viable proposal on the table right now. they said repeatedly about how the offer undervalues our prospects, specifically in emerging markets and they say we're in a soft spot and they're obviously afraid of the regulatory hurdles. they think that this is not

going to get clearance from the regulators. it's worth noting that we're just getting some comments from the head of monsanto. he made a serious proposal that would provide shareholders will premium and further potential. he says the syngenta results confirms the swiss firm does not have a long-term vision or plan that would create the same value as a monsanto tie up and it's saying it's clear from extensive outreach to share owners shareholders, that there is broad support for a strategic rational. this is the direct response this morning. so the war of words is

continuing. the question is whether monsanto makes a better offer but it's also about the security for regulatory clearance. their investors are supportive of the strategy. >> i was just going to say it's a story that continues to get more interesting. monsanto is not backing down. they have broad support for the strategic rational. we'll come back to you with more. in the meantime let's get the war on earnings. richard joining us in studio. what do you make of earnings season so far? >> it's mixed. that's telling you something about the u.s. economy. it's growing nicely put we're probably past the peak point in

margins. employment costs are picking up so it's very much now the bottom line, the volume line which is coming through to earnings. it's not the margin expansion that was enhancing earnings earlier in the cycle and at the same time there are head winds and currency effects and things coming through. >> we see it impacting the euro zone. >> it's picking up momentum at the moment. they pulled back the results of the crisis in greece. what you need to look at is what people expected at the start of this year which is about 1% growth and what they're predicting now and the strength is taking people by surprise. >> but you would say it's the stronger dollar and as well as

lower oil prices? >> there's currency effects in there. you need to look through those pause they can come through negatively one quarter one year and then positively in the next period and you really need to look at the under lying picture but there are currency effects in there. you just need to be warware of those. >> a lot is being driven by better than expected data as well as m&a. >> that's right. look at health care and technology and banking but what you're seeing now is much more stock specific effects. some are doing well and some are finding the environment more difficult so it's peculiaring a more stock oriented market for awhile. >> apple a great example of that. we saw the cascading effect around the world. asian suppliers and chip suppliers in the u.k. acting negatively. >> of course. apple's earnings were not that

bad at all. just a little bit of concern about the future sales growth i think. >> stick with us. let's take a look at how markets are trading on this thursday. yesterday we did see european stocks close to the down side. a lot of that having to do with disappointing earnings from apple and the fall out from a lot of the companies in the tech sector plus the commodity sell off impacting the energy and you till till sector. one of the reasons we saw the ftse 100 as the key underperformer. plus mpc meeting minutes suggesting a rate rise discussion is picking up momentum. here on thursday though after yesterday's move to the downside we're higher across the board. xetra dax up about 15 points. french markets trading at 5,090 and seeing a gain in the italian markets. one of the out performers with a gain of 62 points.

bonds got a bid yesterday after it kept investors in risk off mode but minor moves in terms of yield. 2.3 or 2.2% as it was earlier this week. the bond at 0.74%. what about currencies? that's a big part of the discussion. yesterday the story was the stronger dollar on the back of the better than expected existing home sales data. that reinforcing the view that they may raise rates sooner than expected. maybe september is still on the table. today slightly weaker. the euro at 109 and now 110 against the u.s. dollar. >> coming up after this break, the drop in the price of oil is only short-term but how low can it go before we see a rebound?

we'll discuss that after this break. are you moving forward fast enough? everywhere you look, it strategy is now business strategy. and a partnership with hp can help you accelerate down a path created by people, technology and ideas. to move your company from what it is now... to what it needs to become.

>> historic news broke last week. well we're getting the first signs of business. we're just hearing that from the

iran deputy finance minister that iran has in the past couple of weeks approved projects by european companies in iran worth more than $2 billion. this raises questions as to what type of projects these are and when they will come to market. in the meantime the deputy finance minister saying we already approved projects by european companies and they're worth more than $2 million. >> japanese exports jump 9.5% year over year in june. slightly below analyst expectations but still the fastest pace of growth in five months. however, analysts express concern the slow down in china could impact the data going forward. the out break in south korea had a big impact on the country's economy in the second quarter according to the latest data. gdp grew at 0.3% in the second quarter down from 0.8% in the previous three months. let's get more on how asian markets are trading with sri who is live in singapore.

hi, sri, how are we looking? >> let's start with south korea. the q-2 number was the worst print in system six years. the mers impact was to blame here. so it begs the question that as to whether the central bank is going to be more commentive. so some very modest gains there shrugging off a q-2 number and expecting more rate cuts. the shanghai composite was the run away leader today. we have seen six straight sessions of gains here and it's because beijing continues to reaffirm it's commitment to suring up the market and suring up market sentiment as well. this number of 4,150 has been thrown about as a so-called bailout target. that could be the number at

which perhaps the authorities start to back away because they feel the market generated enough upside momentum and perhaps this recovery in stocks is self-sustaining at that level. it's not an official target. we'll have to wait and see when we cross that whether the accommodation and very aggressive health and support from beijing will start petering out. nikkei 225 solid day as well. 90 points to the good at the close and it's really down to the earnings numbers. they had a pretty solid report. stock was up by 10%. we really hit the full stride for corporate japan's earnings season in the middle of next week. that's where we stand. back to you. >> thank you so much. let's take a look at commodities because yesterday we saw wti break below $50. a level it has not been below for a couple of months now. gold also selling off. in today's trade a bit of a relief rally here. at least in gold.

up about 1% or $11. brent crude hugging the flat line and a similar story for wti crude still trading below $50 barrel. richard jeffrey, chief investment officer still with us here on worldwide exchange. it's interesting richard, it seems like every asset class so far in 2015 has been a victim to these massive swings. you remember the currency market earlier this year thinking the euro would trade in parity with the dollar and of course the bond market in june where we saw the applied volatility here in europe and the bond market hit a two year high. it now seems hike it's the commodity markets turn. >> it does. i think what you're seeing is a number of factors. the key thing is growth in a crucial area of the world is slowing down and that's asia and

they're finding it's much tougher into western economies. even though we have better momentum than people thought it's a much harder investment environment for countries like china and their demand is falling. there's reduced commodity demand and that's essentially what you're seeing in commodity markets. >> i would just think we already knew about the weakness in china. so what's the reason behind the massive move in commodities over the past couple of days. isn't it more about the stronger dollar and fed policy and the lack of inflation driving commodities down this time around? >> i don't think it's a lack of inflation. if anything there are are signs that inflationary pressure in the west is building up a bit through labor markets and wage growth and what happens in commodity markets. they tebd tond to move and stabilize for awhile and jerk again. we have seen one of those and

it's essentially supply conditions are fairly easy for a lot of these commodities and there's a weakening demand if you're invested with a would your recommendation be? sit tight and wait this out or cut your losses and get out? >> it's simple. you should have sold it six months ago. >> if you haven't what do you do now? >> i'm not here to give people investing advice. i'm here to talk about the fundamentals driving the markets. when we look at the economic and strategic backdrop there's clearly the potential for instance for gold to move lower. i thif what gold is responding to is the fact that actually risk in the world economy is gradually diminishing and some of the geo political risk also seems to be diminishing so the reason for holding gold is disappearing. >> seems like investors are

finding new ways to find safe hachb or safety given times high uncertainty. >> well, bonds look a bit more attractive than a couple of weeks or months ago but i don't think they're an attractive investment. when you're looking at the yields they're not even compensating you for what the likely inflation rates are going ahead. but as far as gold are concerned -- people coming out of gold aren't looking for other safe haven assets. they want to take on more risk and that's encouraged by the fact that economic momentum is gradually building up. >> absolutely. spot gold back above 1100. 1104. we'll leave the conversation there. thank you for joining us on worldwide exchange. and still to come here on worldwide exchange the central bank that has cut rates more than any other said enough. we bring you a round up of the

emerging market rate decisions coming up after this break and how that could impact your money. don't go away.

it's super earnings thursday. welcome you're watching worldwide exchange. credit suisse beat expectations despite a lack buster performance from the invest ltment bank. >> we want to rebalance the swiss for private banking and we want to increase the wake of those activities in the investment banks. >> currency head winds sit syngenta with first half sales falling 10% but the ceo telling cnbc the firm has no intention of thrashing out a takeover deal with the u.s. rival monsanto. >> there's nothing to negotiate. >> it's a beat for unilever too as sales rebound despite weaken in emerging markets. the ceo tells us he is planning on another year of volume growth. >> overall results are good.

2.9% underlying growth. overall growth 12%. this is the 7th year in a row that we have top and bottom line growth. strong internals as well. >> daimler swerves. a slow down in china with a 54% in operating profit. the german car maker expects a significant rise in sales this year. >> welcome to the show. you're watching worldwide exchange. u.k. june retail sales with an unexpected fall. forecast of 0.4% on the month and up 4.9% on the year but as we just said u.k. retail sales for the month of june coming in lower than expected. sales of negative 0.2% on the month and 4% on the year. so that's the data coming out of the u.k. in terms of retail

sales number. yesterday slightly hawkish mpc minutes suggesting that the rate discussion is picking up steam. we're looking at the currency falling after the u.k. retail sales data disappointed to the down side. we should put this move into perspective. over the past couple of weeks sterling has been gaining steam against the u.s. dollar. >> moving on shares trading higher despite the company cutting it's full year outlook. warning about tougher trading conditions in both the u.k. and latin america. let's get more on this story with stefen. >> we had a mixed message this morning, the company posted a stronger than expected revenue for the second quarter up 38% mainly because of the integration of the u.s. digital group however the organic growth for the quarter was below expectations. only 1.4% and that's because of

tough market conditions in the u.k. and latin american countries. still the ceo of the company is confident that the second half of the year will be stronger than the first one and believes they'll out perform the global advertising market in 2016. >> it will be better than last year and the second aspect is that fact that we're picking speed and resuming growth in many of our agencies. so we feel good about the second half of the year and as we said since now more than six months we will be in line with the market. we will not be above market. we will not be below market we'll be perfectly in line with what the market will be delivering. we expect that 2016 we see publicis out performing the market.

>> is the integration bearing fruit? >> it is first going extremely well and the chemistry with the teams is almost a dream, perfect. the first result in terms of combining it with some of our older operations are great and we are seeing a lot of very good response coming from our client and as regard to the classic integration, it is bearing fruit to the point that we are revising next year from 60 -- from 50 sorry, to 60 million euros. >> some of your big clients including general mills and procter & gamble are going to review their advertising budget. are you confident that you'll keep these clients? >> there is a lot that are

organized currently. some on which we are defending our position. some on which we had some great opportunities opportunities. so it's difficult to say where we are. we are confident that we made some very good proposals and we'll see the outcome between september and november. we are confident. we have great teams. solutions which are quite unique. so we're feeling good obviously we don't expect to win everything and we do hope that the balance would be positive. >> and these negotiation with the big clients are a significant challenge for publicis. they'll pitch for 10 billion euros and will have the answer for its clients between september and november for the allocation of this advertising budge so that of course will

have an impact on the long-term outlook for the french advertising group. back to you. >> interesting. thank you so much. shares in the green after operating profit jumping 54% to a quarterly record high in the second quarter. the german auto maker ceo is also shrugging off a slow down in china saying he expects the momentum to continue. shares trading higher after the swedish company beat expectations on operating profit and order intact. the builder also striking a positive outlook on its construction business despite some head winds. it's down .4%. unilever one of the best performers on the london market after it delivered higher than expected second quarter sales. nancy is joining us around the desk. investors like what they see. >> they do. that's because they manage to be on the top and bottom lines here but it's the underlying sales growth figure people are looking at. we have about 2.9% growth that

compared to 2.6% so people happy with that figure but you realize that the growth really comes from price chg ising which is a trend we have seen. there's concerns that they're trailing in volume growth particularly in the food segment which is basically flat. so increased competition in that space with heinz and kraft and a move toward more organic products so they're encountering them there but i caught up with the ce of unilever and asked if he was concerned about slow volume growth. >> results are good. 2.9% underlying growth. overall growth 12%. this is the 7th year in a row that we are top and bottom line growth. strong internals as well. top line growth such as 2.9% overall bottom line again 50 basis points margin improvement. that's a very good thing as we try to balance in a tough economic environment both top

and bottom line growth. volume growth is perhaps slow right now in the world. you saw the imf lowering the overall global forecast but as you can see in these results, they are better than previous quarter and better than the quarter before so i think there is a movement in the right direction for the company. >> there you have it. the ceo of unilever saying some concern about volume growth but it comes down to globally and there's some segments that need to catch one rivals. you talk about the global growth picture and you think about it and i asked if he was concerned about china's slow down. >> a lot of people have either seen the savings wiped out or they doubt about their potential to participate in a stock market in the future and the government has supported it but is that support enough long-term? we have to be mindful of it but the underlying growth in china

is still 6 to 7%. the population is there and there's a huge opportunity if you go west or go into the smaller cities. we've had a adjustment of our chinese business and we expect the second half to be stronger. >> and there you have the ceo of unilever weighing in on the fact that it will have some impact on consumers but overall quite confident on the long-term and he's talking about a population outside of the big cities. looking to step up their presence in the rural areas and they're doing that through a relationship with alibaba. an agreement to reach out to real customers directly so they're hoping to see increase in distribution throughout that agreement. we'll have to wait and see. >> they're getting their hands into everything. not just technology and e-commerce. there's reports about them striking a deal with a smartphone player in india and

now also consumer goods. >> for these consumer giants they need partners domestically as well. >> in order to grow and seek penetration. >> absolutely. >> thank you for bringing us the details there and the interview with the ceo of unilever. i want to draw your attention to the retail sales number. it was quite the disappointment. volumes dropping by 0.2%. 4% growth in the year. the slowest growth since september of 2014 basically undershooting all of the forecasts out there ahead of this number. let's see, we're looking at u.k. retail sales impacting the currency right now. sterling right now trading lower against the u.s. dollar. definitely a different story here given that over the past couple of days we have been seeing an appreciation in the currency thanks to better than expected data and expectation of a rate rise sometime this year. bank of england governor saying last week that perhaps we could see a rate rise in 2015.

we'll see if this changes the story at all. in the meantime let's take a look at how other currencies are trading across the world. the euro has been gaining steam against the u.s. tlar today. did break above 110. right now at 109. we did see the u.s. dollar strengthen on the back of better than expected data in the u.s. we were decisively lower at the start of the day but as you can see we've come off of the lows of the day zetxetra dax up fractionally. and the cac 40 seeing a gain fractionally at the day as well. moving on they're holding firm versus the dollar as the country's central bank stepped in to curve speculation on the currency earlier this week. the central bank will hold rates steady at today's meeting with a move more likely in september but that's not it. the rand is under pressure after

inflation came in below expectations. investors bet the central bank is less likely to hike rates at today's meeting. the turkish central bank is also expected to keep it's powder dry as it grapples with low inflation. the lira is also under pressure due to the uncertain political climate. a lot of decisions and actions there. always great to have you on the show. a lot of big decisions coming up this week. what's the most important for investors to focus on? >> all of them: everybody is looking to the fed meeting in september. everybody is prepared to keep it dry now. nobody really wants to get rid of that. the central bank is holding on today and looking to september to see what the fed does. so a little bit of volatility that we'll continue to see now

in july and definitely more as we get into august. >> how do you think the recent volatility will impact central bank decisions? specifically in the emerging markets. many of them rely on oil as well as gold. >> very true and you have three central banks meeting today that have absolutely completely different side of the spectrum as far as oil prices are concerned. so turkey lower oil prices are the best thing that could happen to them. just as for india. and for nigeria it's bad news. it's hitting the sentiment on the currency and why the central bank may have to react at some stage but it has real interest rates which are about 4% so it's quite high. >> oil trading below $50 barrel. we're looking at prices moving to the downside. how does this impact russia's central bank decision going forward? they have been cutting rates for the past couple of months now. >> the interesting thing with russia is they can afford to intervene on a daily basis to build it up.

so they'll continue do that but at the same time they're going to make sure with the finance ministry that the rouble doesn't get too weak. it doesn't want to go too much weaker than that but on balance inflation is heading down. we see another 250 basis points of rate cuts in russia. >> those countries that import oil is this a big gift for them given the drop in oil prices. >> amazing time particularly for india. both countries that you know new governments last year they have reform impulse and young populations provided them with this reform impulse. the message to get things done on the infrastructure side. what better thing could happen for them? importing commodity prices for india which is a net importer and also importing things like cement. china had been using huge amounts of cement in the last several years. more than the u.s. used in 10 years before. this is very good news. >> absolutely. we'll see if he cuts rates in

the future. >> meanwhile, hungary central bank ended a rate cycle this week. they cut rates five times this year. more than any other central bank in the world. this is prompting questions as to whether we'll see further rate cuts going forward. >> hungary remains the one question mark in the whole of emerging markets are they going to cut rates anymore? we think that's it. we think they're holding them now on to these 135. the 15 basis point rate cuts. the economy is doing well. you have growth rates now and is most important thing now that needs to happen is for the euro zone to get their act together and make sure that things don't blow up. >> how would you assess the health of the euro zone given that greece is fading into the limelight? still some concern as to whether they'll implemented the reforms they say they will but the focus is shifting back to to ecb policy and the weaker euro and

how that's a win to the exporters here. >> you're absolutely right and ecb policy the main driver for the european central banks and i think that -- let's not forget greece, the whole issue will not just disappear. politicians bought some space for august. everybody needs a holiday now including poll situations that spend the whole night in rooms until 6:00 in the morning. the greece issue has not disappeared. that will come back in september. >> it's been certainly a very interesting summer. typically this is when volumes are low. traders take a seat back and vacation but given the greek crisis and the volatility in asia with the chinese market with the rapid rise and fall is making the summer to be a very interesting time. >> you're going to go to vacation sometime this year. >> i am. i hope a lot of other people too. >> when do you see greece coming back into the forefront of the discussions? >> it's interesting because

investment funds have a lot of cash at their disposal and they're looking to invest this cash now in coming months so we're starting to see some of that back in september. >> all right. we'll see if you're right. thank you for joining us. have a good time on your vacation. head of em research at commerce bank. still to come on worldwide exchange. move over silicon valley. we hear from israeli's chief scientist about the country's thriving tech scene. that's coming up.

welcome back. israel earned the nickname of the start up nation thanks to its success in nurturing companies. this thanks to the government research and development. let's talk about where we're seeing opportunity in israel with israel's chief scientist. thank you for joining us here on worldwide exchange. >> good morning, glad to be here. >> there's data that shows this israel is the biggest spender beating out china as well as the u.s. the question is is this capital yielding the profitability results for israel in terms of jobs and innovation?

>> as you mention correctly, it's risk and development like the other nation. it's absolute dollar numbers or bounds. i would say and this is not economic nearlytheory that it's what the government can do. if you look at the indicator of the economy you see a very high robust never in all parameters. >> israel is currently home to more nasdaq ipos than any other country outside of the u.s. and canada. do you see that as a badge of honor for your country or does it tell you that israeli companies need to raise capital and reach a certain milestone in their growth profile that they need to go outside of israel to achieve that success? >> well i think it represents first and foremost the high

quality and also quantity in this kay of the israeli high-tech. i would add to that number the fact that over 300 multinational companies chose it as research and development centrals and over 80% of the venture capital money comes from foreign capital. it's a presentation that israeli companies are not limited to the local market which is obviously very small but it's to implemented their products globally and this includes the financial resources as well. >> what else needs to be done to ensure that private companies are given the support they need in terms of raising debt for example? >> well as you very well know the tech companies are capital intensive. in all stages in the early stage where is the risk is high and also in the growth stages is something that's needed. we have been blessed or

fortunate and capable to have private equity for the later stages and the public market. these are all great drivers of the tech scene to go forward so a lot can be done as the tech market matures and more companies go to the later stages. we need to be more creative about how we can finance the companies. >> experts i speak to say that geopolitical tensions how would you say geopolitical strife as well as political uncertainty is weighing on the entrepreneurial spirit? >> i think again -- i spent all of my life in the private sector and it's very obvious that it's shown very very high robustness

and our region has a few of those. so certainly it's not something good for business and never good to mix science or business with these issues but it's very certain to say that the sector keeps to be strong. we have high involvement of international players and in central i would say if you're in the innovation business the most important thing to remember is that collaboration is key. within israel as government and private sector that collaboration with international partners has always been a cornerstone of our policy. we're proud members of the program, 60 bilateral agreements worldwide and my company funds these projects every year. so i would obviously like to see a very stable and prosperous region and area the impact is very limited if at all. >> we'll leave it there. thank you so much for walking us through what you're seeing in

terms of entrepreneurial spirit and the opportunity there. >> now on to tech news. qualcomm trading lower after announcing plans to slash jobs by 15% as it delivered it's third profit warning this year. the chip maker has been facing the heat from competition. josh lipton takes us through the story. >> qualcomm has been under real pressure heading into this latest earnings report. the stock was down more than 10% this year. nearly 20% over the last 12 months but now the chip maker is taking steps to try to address concerns. qualcomm now reached an agreement with activist investor jana partners adding two members to its board of directors and a third director consented will be added shortly. the company will cut $1.4 billion in cost and also agree to review structural changes. they asked to explore whether

splitting it's chip and licensing businesses makes sense. that's a matter of some debate. analysts say that a split while theoretically possible would also be what they call value destructive. analysts point to broad worries for qualcomm on the chip set side samsung is now doing it's own chip and there's a lot of competition from low end rivals. on the licensing side in china the growth is in low cost phones. that means lower royalties for qualcomm. looking ahead, guidance was disappointing. qualcomm guided for q-4 eps between 75 and 95 cents on sales of between 4.7 and $5.7 billion. that missed what wall street wanted to see and the company cut it's full year guidance now expecting revenue of between 24.5 and $25.5 billion. for cnbc i'm josh lipton in san francisco. >> all right.

let's take a look at the price action in technology shares yesterday. qualcomm down about 4.3%. what does that mean for the tech heavy index. it was the underperformer yesterday because of qualcomm but the disappointing results from apple sending the stock down 4 to 5% so mixed earnings so far from the tech sector. of course google has been the bright spot on friday gaining about 15% in one day. new york major bill de blasio postponed a vote to curb uber's growth in the city. he is announcing plans to study the impact that the ride sharing service is having on traffic. uber has been sharply criticized for taking away business causing congestion and underpaying it's drivers.

uber has been airing tv and radio ads in recent weeks defending it's service. lebron james is taking his talents to hollywood. the super star and his production company signed a deal to develop movies tv shows and digital content. it comes on the heels of his co-starring role in train wreck where he got good reviews. he had several entertainment projects including tv shows for disney. we unveil how lindsey graham tried it back on donald trump as the presidential race got weirder and weirder. that story coming up don't go away.

welcome to the second hour of worldwide exchange everyone. hope you're having a great morning. i'm seema mody and here are your headlines from around the world. monsanto and syngenta try to weed each other out. they say it proves a take over makes sense but tells cnbc it's not worth the risk. >> i don't think negotiation is the step right now because there's nothing to negotiate. >> super earnings thursday. they lift the swiss market after beating expectations despite a lackluster performance by the

investment bank. he tells cnbc about his strategic plans. >> we want to value the risk for private banking business and we want to increase the wake of the activities as opposed to the investment bank. >> a number of banks cut their price target on qualcomm after the chip maker issues another profit warning and it's now considering breaking itself up. >> new york makes a u-turn and postpones a vote that could have limited their growth after a vigoroused advertising campaign. and if there was any day you wanted to tune into the markets today may be the day. we have about 50 companies reporting earnings today making it the busiest day of the

earnings season and now ahead of the kick off today futures with a higher open. the do you up 36 points. nasdaq in for a rebound after moving lower due to disappointing results yesterday. s&p 500 up about 3 points although we should point out that overnight he said that the markets poor breath and narrow leadership makes u.s. equities look vulnerable. so earnings a big part of the discussion but valuation and the narrow leadership at the top concerning investors out there. still up about 4% so far this month. a lot having to do with the underperformance in tech stocks. that weighing on the u.k. index. the ftse 100 given the high

exposure it has. in today's trade slightly higher. ftse 10 up about 11 points. important data coming out. u.s. sales seeing an unexpected dip. weakness in household goods. volumes down about 0.2% of course raising questions as to the health of the british consumer so keep an eye on the u.k. index as investors digest the latest retail sales number and active discussion around boe and the rate timetable they're dealing with. a quick look at the xetra dax up about 13 points. it's something i'll get to in just a second. the french markets up about 7 points. let's take a look at the bond market. yesterday we did see bonds get a bid as the sell off in tech and the massive move in the commodity market sent investors

into more of a risk off mode and now the ten year yielding 2.3% in the u.s. in germany yielding at around 0.73%. interestingly enough investors not as worried about the greek crisis as they were just one week back. that's something to factor in when looking at the fixed income trade. currency is still a big part of the discussion. as i was saying we have been seeing the euro trade in this narrow range throughout the greek crisis even when uncertainty was high and there was a discussion if greece would leave the euro but that doesn't seem to be the big concern at this point. see press tsipras passing the second round of reforms last night. it was at 110 about 20 minutes back. asia, let's see what's happening over there. let's get out to sri to who break down the biggest movers. >> well the leadership seems to be coming from the north asian markets.

looking at the 6th straight session of gains for mainland china equities. 4,150 is the key level that some people have been talking about referring to it as a bailout level really. that could be the level. it's unofficial at which the chinese authorities really start to stop backing off in terms of the support measures for the broader market and here and now beijing has been reaffirming quite strongly it's commitment from keeping the market sured up so we're seeing confidence returning. in the market now we're up by 2.4%. strong buying in the caps through to the hang seng as well. gain at the settlement. the weaker yen helping but the other factor here is we're going to be hitting our stride in the corporate earnings season in the middle of next week so that will be critical with the market front running some optimism in terms of the earnings number.

so overall a fairly positive day. we started in the negative column broadly for the markets but reversed that and we have seen pretty steep losses by down 1.4%. that's where we stand. back to you now. >> thank you so much for that. look at asian markets. now let's move on to deal news. the war of words has escalated. the ceo of the u.s. seed company has come out in the last hour to make clear why he thinks a deal between the two agri giants still make sense. once again taking the fight to shareholders says the latest earnings confirm that the swiss group's plan does not provide the same volume monsanto's offer would. shares have fallen to the bottom of the smi. that's the swiss index on the back of a 10% drop in first half sales. the ceo spoke to cnbc earlier today and he told us why he continues to fend off advances.

>> they have an incomplete strategy and what they see is a protection business and i think that they have some tools in their tool box but it's very narrow and geographic focus and very narrow in terms of technology and syngenta is an immediate answer to their really long-term problems and i don't think it's incumbent on us to solve their strategic problems. >> carolyn now joins us. we conducted that interview with the ceo of syngenta. doesn't seem like a deal is going to happen any time soon. >> no to be honest i don't see this really heated exchange going anywhere unless seema, monsanto goes hostile but last week the ceo said we have no plans to do that and i don't see this deal going anywhere soon in the near future unless monsanto

improves the price offering they have got. i think syngenta wants a much higher offer because they said monsanto's offer significantly undervalues the prospect of our firm and exposure in the emerging markets and we're seeing commodity prices and this is depressing the stock market value. i also think if this deal were to go through they would seek a lot more assurances on the regulatory front because this is something they were significantly afraid of during those talks to be honest but they didn't want to accept a break up fee. they say no the regulatory uncertainty of this deal actually happening is so incredibly high we don't actually want to take the risk. but as we pointed out. we have seen that rebuttal this morning to the rebuttal this

morning, they remain ready to discuss with syngenta but the ball is still in their court which is a full and fair offer which would provide a premium for shareholders. shares down by 1.6% off the session lows but i think what we're seeing here is a little bit of profit taking because as a result of all of the speculation and two bids has risen to a record high and disappointment that it isn't budging on the take over front. >> another company is credit suisse. it's one of the best performing stocks in europe after it beat expectations in the second quarter with profit of over 1 billion swiss francs. the earnings continue to suggest weakness in it's investment bank. what did you make of the

interview. >> the numbers were better than expected and easily beat expectations. that's a really good report card for the second quarter but it's crucial to say this credit doesn't go to him. he's only been on the job a couple of weeks but that credit still goes out to the entire firm but also the prior ceo but what we see was strength in the wealth management business and other strategic businesses. that is something jp morgan analysts pointed out this morning and that's very positive because under that new strategy this is something that the new ceo will want to work on. we did see weakness in the investment bank but equally this is something where credit suisse will continue to pull back. that's the most likely fact. i asked him this morning what will your vision look like. here's what he said.

>> won't be my vision. i am running a consultative process. we have two days next week in zurich. they're accountable and actually volunteer. which is something i always try to achieve because for strategy to be well executive people have to feel invested. it won't be my vision. it will be something we are collectively going to develop and that we believe in and in-turn will exit well. capital is very important.

we want to rebalance the private banking system and we want to increase the wake of the activities but the key thing to understand is to look at the asian model we have of the one bank where private bank and investment bank work together with very very good results for customers which is what drives it again. it's about providing our customer with value and creating value for our customers. >> will a capital hike be part of that plan? >> i condition answer that question today. capital is very porn. i want us to have a business model is that capital generated because the best course of capital over long-term is to operate profitably. i know it's stating the obvious but it's so porn in business. now there are issues that we

need to address, famous nonstrategic unit has been a drive on our financial communications and results and that will take some capital and there are restructuring costs as new chief of strategy so we need to look at all of that but i'm a great believer in self-help so it's self-help. it's made of cost cutting disposals and these are things we need to cut. >> that was thiam the new ceo of credit suisse. shares are out performing today in part because hopes for that new strategy are driving fantasy of investors and also acquisition rumors. there was a report saying yesterday that he has been sounding out big investors about potentially bulking up through acquisitions in the asset management space. i wanted to know whether he could confirm or deny that and he said soria do that just yet.

when we have the news we'll let you know but right now he's still pretty cautious. >> thank you for that report and for that interview. sticking with a banking sector bank of america shaking up management and replacement cfo bruce thompson a week after the bank reported it's biggest quarterly profit in nearly four years. thompson will be replaced in august by the cfo of consumer bank and wealth management business. you can see the stock up about 1% here in europe. still to come on worldwide exchange, all hail uber. we bring you the latest twist in new york city's attempt to regulate the firm. stay tuned.

>> you're watching worldwide exchange and here are your headlines. a war of words breaks out between monsanto and syngenta as he tells cnbc he won't negotiate on a deal. crude also steady but below $50 barrel and anthem is near a deal to buy rival insurer signa for roughly $48 billion. >> let's get you a run down of what to watch this trading day.

it's a busy day for earnings. weekly jobless claims are out with unemployment expected to drop slightly from the previous week. the busiest day with about 50 companies reporting before the opening bell. we hear from caterpillar, come past, eli lily and gm and mcdonald's. we'll talk about today's trade with head of fixed interest. how are you doing this morning. >> good morning, seema. >> what would you say investors are focused on this week? central bank policy decisions or is greece still the big story. >> going forward from here the real story of the market will be interest rates in the u.s. and more recently in the u.k. people looking for the next interest rate rises. and then we're really focused on the corporate earnings season. >> that's the number one risk clients see right now?

is it earnings season or does it have to do with the sell off in the commodity market? >> so commodity in the u.k. has a very large effect but steing back i think the big thing that's going to happen is we have an interest rate rise in the u.s. it will be the first since 2006. many people haven't seen that before. we don't know how markets will react to that. >> but at this point the fed has been slow to act and behind the curve. what gives you the confidence that they'll raise rates when economic data is very mixed. >> it has but stepping back from that the wider data is much stronger. i think the fed wants to raise rates because it wants to have the opportunity to decrease rates in the future should economic conditions deteriorate. that's the most important thing. >> in a raising rate environment how do you recommend clients to raise money? is it trading in defensive sectors or do you want more progrowth sectors like

technology to invest in? >> we're short duration and underweight bonds. we think they'll move higher. we're keeping with our blue chips which is our side of investment. they're very much looking at long-term earnings growth. >> absolutely. we got some signs of that in today's trade. stick with us. new york city major postponed a vote on a proposal to curb curb uber's growth in the city. instead there's the impact the service is having on traffic. uber has been criticized by taxi drivers for taking away business causing congestion and underpaying it's drivers. they have been defending it's service. lindsey graham has a sense of humor. now a day after donald trump insulted the south carolina senator and gave out his personal cell phone number at a rally graham responded with this light hearted video published

online by the independent journal review. ♪ >> or if all else fails you can always give your number to the donald.

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trading. up about 2.3% where as cigna up about 9% in europe. >> ups is in talks to buy coyote logistics. it arranges freight transportation for 12,000 shippers in northern america through contracts with outside truckers. ups owns it's own trucks and flames. coyote reportedly had been planning an ipo. ups down about three quarters of a percent in yesterday's trade. but let's look at u.s. futures. stocks did end lower due to disappointing earnings but we could be in for a rebound. the dow indicating with a higher move by 37 points and s&p 500 up about four. i want to draw your attention though to what's happening in the currency market. the car of course strengthening yesterday due to better than expected economic data. right now it's the euro that's

been in charge right now at 109. slightly higher by around .4% against the u.s. dollar. head of fixed interest in wealth and investment still with us. it seemed like earlier this year it was for the euro to trade in parity but now people are backing away from the call saying perhaps the euro goes higher from here. >> so two views on that. one is the european economy is doing better. so from a fundamental point of view euro has room to get stronger. on the other side if we start to focus on interest rate differentials the u.s. is to be the first major economy in the world to increase it's interest rate and the u.k. might be after. so we've seen it at its highest level now for about 12 years. >> and your thoughts on sterling because it's falling sharply on that disappointing u.k. sales number that came in much below expectations. >> it did but what we need to

focus on is earnings growth in the u. k. and we've just come off the strongest run in retail sales since 1996. it may be weaker today but the overall trend is likely to be stronger. it's at the forefront. >> we're going to leave it there. thank you for giving us your perspective on markets. head of fixed interest. still to come on worldwide exchange, charge it. visa is expected to report higher third quarter profits thanks to a boost in spending by u.s. consumers. we preview the numbers. that's next. don't go away.

5:30 a.m. in new york. it's 10:30 here in london. welcome everyone you're watching worldwide exchange. i'm seema mody and here are your headlines. monsanto and syngenta try to weed each other out. they prove a take over makes sense because they say it's not worth the risk. >> i don't think negotiations is the step right now because there's nothing to negotiation. >> super earnings thursday. credit suisse beats expectation.

new ceo tells cnbc about his strategic plans. >> we want to rebalance private banking wealth management business and we want to increase the weight of those activities. >> a number of banks cutting their price target on qualcomm after another profit warning and admits it's considering breaking itself up. >> anthem could announce a $48 billion takeover of cigna as early as today. >> if you're just tuning in thank you for joining us here on worldwide exchange. u.s. premarket trade suggesting that stocks could open higher. earnings galore today. amazon and mcdonald's are among

the 50 odd companies making it the busiest day of the earnings season. let's take a look at european markets. they're shrugging off the sale out of european markets. plus we have some better than expected earnings that investors are chewing on including credit suisse. a lot of this has to do with the stabilization we're seeing in commodities. at least in today's trade. gold is back up and copper as well. right now holding on to a gain of 35 points. the ftse 100 up by a couple of points. let's switch focus to commodities. gold at a five year low. gold moving lower yesterday as well. slightly higher today up by $8. right around 1100 which is a see level that traders watch. copper continues to move lower. down about .9%. brent crude at 5611 but more focus on wti crude breaking

below $50 barrel for the first time in three months. right now at $49.26. a lot of that having to do with the stronger dollar. that is pressuring commodities in general. let's talk about earnings shall we? earlier we spoke to the uni lever ceo and he summed up what quality prices mean for the company's bottom line. listen in. >> the reality is that some of the drops you've seen in commodity prices are offset and we also have to look at the currencies. when the currencies weaken you have to offset the pricing. so it's not necessarily that these lower commodity prices go to the benefit of the consumer. you have to look at it by country and what you'll see is that taking the effects of the currencies and the lower prices the overall effect for us. >> now switching focus to economic data really catching the attention of investors over here in europe. u.k. retail sales showing an

unexpected fall in the month of june weighed down by household goods. sales volumes in june were at the lowest level since september of last year. this was interesting because there's been an active discussion around whether the bank of england will raise interest rates before the federal reserve but of course this data questioning the health of the british consumer. sterling moving lower coming off the lows of the day. still trading against the u.s. dollar. corporate news in focus today. american express trading lower after hours as the credit card issuers revenue took a hit from the rising green back. kr, n cnbc's mary thompson has the details. >> cost controls and share pie backs helping the giant to beat on the bottom line even as the firm missed analyst estimates and fell short of 8 to 10% for

revenue growth. earnings were 10 cents ahead of forecasts. revenue fell to less than expected $8.2 billion. revenue rose 5%. the company is expected the impact to be similar to the 4% hit it took in the second quarter and is forecasting the impact will lessen in the fourth quarter. in a statement calling it a solid quarter despite the impact of the stronger dollar. client spending was 6% and that was in line with what many on wall street expected. while expenses drop 4% in the second quarter the company is planning to ramp up investments in the second half of the year in order to grow it's card member base and various venture. rose 4% in the quarter fuelled by a 7% increase in u.s. loans. american express reaffirming it's outlook attorneyings that are down slightly but given that they're up in the first half of

the year the company is forecasting a decline in results in the second half. the company is the sole credit card accepted at costco and said it slowed in the quarter and impacted us. spending along with a decline on gas prices. cfo jeff campbell called the u.s. economy uneven. back to you. >> now our attention returns to visa. the world's largest credit and debit card company is forecast to earn 59 cents a share on revenue of $3.3 billion. visa is benefitting from a boost in u.s. consumer spending thanks to lower gas prices and the improving job market. let's talk more about visa with the managing director. great to see you this morning. american express's numbers not that great. second quarter earnings dropping 3.7%. does that shed any light as to what we can see from visa today? >> i don't think so. you know the models tend to be much different because you've got, you know much broader

acceptance across visa and a lot of the pressures that visa had seen earlier this year will start debate. we spent a lot of time on the fuel dividend and how that's missed pretty good core growth. across the revenue the last three or four quarters you had two to three things that impacted the revenue negatively by about 500 basis points so you've got fuel and foreign exchange and the issues in russia impacted them anywhere from 5 to 600 basis points. a lot of that will start debate in the back half of this year particularly around the consumer. american express had very specific challenges. you mentioned costco in prior remarks. that's business that visa is going to pick up in the back half of the year. so we're very constructive on the name. one other thing we highlighted is fx volatility. let's wait on the earnings. they have been able to process that and make incremental spread all of that. we'll look for a source of upside in this quarter and we

will look for the company to reaffirm if not talk about improving trends over the back half of the year. >> the stock up now about 30% over the past one year. if visa is able to beat expectations where do you see the stock headed from here? >> i tell you, i think it continues to work. and you make the point that if they're able to beat -- this quarter, which will be their q-3, this will be the first quarter in almost two years where you have seen accelerating revenue and earnings momentum and as growth investors start to look at that and put more of a multiple on the stock we think it's worth 78 of our 2016 estimates. if there's 10% upside to noubs i would add that to the current level and it's a very full multiple off of earnings given what the incremental opportunity is. a much different market set opportunity relative to american express as you think about american express being a closed loop network for visa which is open and you think about opportunities in china as that

starts to open up. these are all going to be avenues of growth that the company will enjoy and we they will push the stock clearly over $100 as we look in the out years. >> are they doing enough in mobile to hold on to market share in that space as we see more consumers transact online and over their mobile phone? >> i think so. one of the most important events that happened for visa and mastercard was apple pay. not that they adopted the mobile technology but the fact that they opted to sync up with the networks visa and mastercard as opposed to creating their own network. as you think about the collaboration it underscores how durable the models are. i think people appreciate the opportunity in terms of the mobile shift in the u.s. but the real opportunity in my mind is international and that's where they're putting a lot of their effort as well is the international opportunity on the mobile side because the way the networks are billed out there's going to be no physical ib from a structure in developing

countries. it's going to go right to mobile. so their opportunities are abundant as we look forward and that's one of the real growth areas of the stock and why it continues to enjoy the multiple it does. >> we'll leave it there. taking us through a preview of visa ahead of result deuce later today. qualcomm big story saying it may break itself up as it issues a profit warning for the third time this year. >> the mobile chip maker announcing plans to cut 15% of its work force. lower cost by $1.4 billion and boost capital returns in cooperation with janna partners. revenue fell 14%. the first quarterly decline in five years and it's cutting it's full year outlook. shares falling 2% in after hours trade. here in europe you can see shares of the semi-conductor company trading down by 3.2%.

let's take a look at today's other top stories. bank of america shaking up it's management replacing cfo bruce thompson a week after the bank reported it's biggest quarterly profit in nearly four years. thompson will be replaced in august by the cfo of b of a's consumer bank and wealth management business. the cfo tapped thompson to be cfo shortly after he took over and he had been seen as a potential successor. during his tenure he paid $70 billion in legal expenses and fines. it's one of the bright spots in germany up about 1%. the new york stock exkangchange and nasdaq agreed to back up each other's closing auctions. it's key for mutual funds and institutional investors as it sets benchmark prices for stocks. it's also the best time to pull off big orders without having a

major effect on share prices. very interesting. all right. still to come on worldwide exchange merger announcements aren't just reserved for monday anymore with another big deal possibly coming today. details after the break. here's a hint, it may be in health care.

>> welcome back. there were rumors this week that pearson was exploring the sale of the financial times. well according to sources at reuters they're reporting that pearson is to announce that it has decided to sell the financial times newspaper to a global digital news company. that of course according to sources at reuters. pearson believes the time is right for it to focus solely on education. a spokesman declines to comment on the sale but according to sources at reuters pearson is to announce that it has decided to sell the financial times newspaper. in response we are looking at shares higher on the day by around 2%. pearson trading at 1229 flat on the week. keep you updated on that story as we learn more. in the meantime m&a activity in the u.s. is just about as hot as the summer temperatures were earlier this week with two more big deals possibly in the works keeping bankers very busy this

summertime. let's get out to landon live at cnbc headquaters. >> good morning to you. it's been a very busy summer. anthem is close to a deal to buy cigna for roughly $48 billion as soon as today. reports say anthem has slightly raised it's cash and stock offer to $187 a share. a deal would create an insurance giant with more than 53 million customers vaulting anthem to the number one position ahead of united health. reports say issues that kept the companies from reaching an agreement including price and the role for cigna's ceo has been revolved. he will be number two behind anthem's ceo joseph swedish. this latest combo would come three weeks after etna announced it was buying humana for $37 million. they are claiming being bigger will help them negotiate better prices with doctors and hospitals and cut costs under obamacare. they're likely to attract

antitrust scrutiny from regulators regulators. anthem is up 2% while cigna is up about 12% today and ups is in talks to buy coyote logistics for $1.8 billion. they act like a travel agent for shippers arrange freight transportation for more than 12,000 companies in north america contracting without side truckers. coyote which is backed by the private equity firm is reportedly abandoning it's plans for an ipo but analysts are questioning whether the firm is fit for ups which owns it's own trucks and planes. they're trading down nearly 1% in europe today. back to you. >> thank you so much. i want to get everyone caught up on another story we're watching. the eu filing a formal antitrust charge against six u.s. film studios which includes disney nbc universal paramount pictures. we'll keep you up to date on this story.

the eu says clauses may be a serious violation of eu rules prohibiting anticompetitive agreements. lebron james is take his talents to hollywood. the nba superstar an his production company signed a deal and of course you can see right there, lebron james getting more involved with content. apparently he wants to get involved with movies tv shows and digital content. it comes on the heels of his co-starring role on train wreck where he got good reviews. he already has several entertainment projects including an inspirational tv series for disney and comedy for the stars cable channel. before we go to break, here are your headlines. a war of words breaking out as the ceo of the swiss giant tells cnbc he won't negotiate on a deal. >> gold clings on to slim gains with crude also steady but still below $50 barrel and reports suggest that anthem is near a

deal to buy cigna for roughly $48 billion. you're watching cnbc first in business worldwide.

>> welcome back. the shenzhen composite continues it's rally. it follows a roller coaster ride with the central bank stepping in numerous times to try to stabilize the market. the question is is it enough? let's talk more about this with the ceo and co-founder, pleasure to have you on the show. you are the head of a company that has high international exposure. one of the big concerns of the volatility in the chinese market is if this will have a negative impact on consumer demand. what are your thoughts? >> so i would say that every day

about 40 million americans use nonstick coatings in their kitchens when they cook but we do a tremendous amount of business in china in the local market for rice cookers and woks and as of yesterday we're up 15% year over year. that's ahead of our plan and above our budge and it's got durable purchasing power and who is not running for the hills because the market is sold off. >> so business is doing well for you despite the massive moves we're seeing in the chinese stock market. why do you think the consumer is still buying? is it because the pboc is stimulating the economy and helping the consumer out? or is it something else? >> i would say that what i'm most concerned about is my month to month sales and what we're really obsessed with within our company is that. if i take you back to the third quarter of 2008 when the great

recession was upon us we saw within a matter of three or four weeks our demand fall off a cliff and that has not happened here. it is not like 2008 which is what i read a lot in the financial press. our month to month sales are good and frankly it's back to the point i made earlier which is you have a real middle class in china. a lot of people think there's so much fabrication and nonsense but we don't see that. we see this say real country with people that want to buy real things. they keep eating healthy. >> you have exposure to india as well. this is one of the priethbright spots earlier this year. but it's quickly changed. investors have run out of patience with modi and his made in india campaign. >> i'm a big fan of modi. i located my factory in india because of policies he enacted. we bring in materials from europe and we get a slight break bringing those into india. that slight break in a business

as competitive as mine can be the difference between making money and losing money. second on infrastructure modi made it easier to get goods in and out of the port and if there's a monsoon and a road goes out modi's policies get the roads fixed faster. finally for us is the technical talent. india is an absolute well spring of technical talent. we can hire ph.d.'s and masters students. they're so smart and all creative and speak phenomenal english. >> were you born in america or india? >> i was born in chicago. my folks came over i think in 1969 from mumbai. >> so we're the same thing. u.s.-indian americans watching the growth story in india. but interesting to get your perspective. pleasure to have you on the show.

a bunch of news breaking over the past 30 minutes. let's bring you up to speed. first one is pearson. reports according to routers they're reporting that pearson is imminently to announce the sale of the financial times newspaper. pearson to sell to a digital news company. the source of course is from reuters. they say that pearson believes now is the time to focus on education. you can see shares up by around 1.8% on this report. we'll keep you up to date on that story. in the meantime another flash just coming out on greece. the greece government officials says greece wants bailout talks to be concluded by the 20th of august. also saying it will decide next week when the athens stock exchange will reopen. saying that the primary surplus target for 2015 will be lower than 1% of gdp. this after tsipras passing the

second round of reforms. back to our top story, the war of words between syngenta and monsanto escalated. once again taking the fight to shareholders says the latest earnings confirm that the swiss groups plan does not provide the same value monsanto's offer would. shares dropped to the bottom of the swiss index on the back of a 10% drop in first half sales. so keep an eye on those stocks. monsanto and syngenta. european markets less focused on greece. shifting back to the fundamental story and here in europe we're looking at stocks -- we're higher. session highs you about 10 points and dax up about 20 and in the u.s. we could be in for a rebound. keep an eye on the corporate

giant's earnings. we'll be back to recall. see you then.

>> ready or not here it comes. 50 companies set to post results on the busiest day of the reporting season. plus a management shake up at bank of america. the financial giant replacing it's cfo and wealth management chief and this is something, a china bull no more. hedge fund legend changing his tune and now warning investors to steer clear. he fears that recent swings in chinese stocks will have broad and negative repercussions. it is thursday july 23rd 2015 and squawk box begins right now. ♪

>> live from new york where business never sleeps this is squawk box. >> good morning, everybody. welcome to squawk box here on cnbc. i'm becky quick with joe kernen and andrew ross sorkin. mayor de blasio to limit the number of uber cars allowed to compete with taxis. instead the city says it will wait and study the effect of the uber app on traffic. we'll have more later this hour but uber was showing people on the maps exactly how long they had to wait additionally because of the proposals and they got a lot of push back. >> we had the uber guy on yesterday. we were pretty