red -- rebels with a cause. they're expected to say no to the greek bailout. >> on the hawk fences, investors look for clues on a rate hike with fed minutes due later today. investors asking if china might change their thinking. >> carlsberg goes flat.

the shares dropping to the bottom of the ftse 600. >> the ftse at a low. glencore with a quarterly loss but beats low bar expectations. hi, everyone, i'm seema mody. coming up, guess which stock is up over 1,500% from the ipo price. here's a clue, the company went public 11 years ago. infidelity confidentiality. and a fire nado whips through shooting flames up to 100 feet in the air.

german lawmakers prepare to cast their vote on a greek package presented on friday. this after 60 lawmakers in the conservative block voted against or sustained in a test vote. that's according to reuters. >> fitch upgraded greek debt one notch. they say risk to the deal's success remain high. i suppose all eyes on the german vote. it's the key one in terms of significance although other votes still take place around europe as well and, in fact, the dutch one most likely to be that way. >> people said this is going to be a test for angela merkel's conservative blog. it's not. this vote is going to go through. it could be a little bit hairy if we're seeing more than 60

people vote against it but according to the test vote and routers around 60 people have done that. it's going to go through. 67% of the germans are against this bailout. so yeah, public opinion is opposed to it but it's going to go through but the real question is still will the imf get involved? because the finance minister this morning ahead of the vote, he is trying to campaign for the vote to go through and he said of course we need the imf's involvement but we haven't heard anything in the last 48 hours about that. >> that's the big question mark hanging over investor's heads is the imf's participation in the greek bailout deal. they want to see follow through of the reforms and that's perhaps going to happen in october and then the imf will step up to the plate but two important votes coming up. >> and the hair cut is key. or do they just want an

extension? they don't want the nominal hair cut. >> no, that will make more of a difference in the long-term. probably likely to pass most of the parliaments across europe and then we can move forward in the short-term at least. let's move on. as sinking commodity prices continue to weigh on energy and mining stocks glencore ceo says the company will pull back production to support markets if necessary. this comes after the firm reported a quarterly loss and cut it's guidance although overall results just about in line. let's have a quick look at share price action so far today. as you can see the market taking these results pretty poorly down 3.75% and over the last three months off some 43%. let's discuss further with the chief geologist at vsa capital that joined us in the studio. good morning to you. >> good morning. >> so overall the market selling off quite sharply these results. how do you take them yourself?

>> these were pretty much what we expected. particularly when we saw the production numbers as far as how much volumes they were producing last week and we knew that the prices in these commodities were down a lot. we would have expected better outlook as far as paying down the debt but they didn't get that much of the debt paid off either. >> this set of results highlight the issues of a trader moving from an asset-like model to a slightly more asset heavy model? because traditionally traders can operate irrelevant of what they're doing but they added more assets to the balance sheet the last couple of years and the share price correlated with the other miners and more broadly.

>> that is an accurate assessment because they're more involved in the direct production costs, liabilities, and responsibilities of being miners. it means they can't be as nimble as they otherwise could be as far as changing the market positions. >> everyone just really talking about the bad impact of dropping commodity prices but what about some of the better impacts of that route? lower exchange rates in south africa and australia for example and glencore operates in these countries. doesn't that benefit them on the operational side at least. >> it does. but the commodities and the demand, in other words the amount they're able to sell is moving faster in the wrong direction than the adjustments are being made. by the same token a number of their mines and operations are not in those of particular companies that can as easily benefit from those currency differentials. >> the key outlook is on capex.

they said it won't be any higher than $5 billion. do you think that look at other miners this is a fairly conservative outlook? do you think they need to cut it further? do you think this was the kitchen sinking when it comes to capex? >> we would like to see more improvement on that but what we really need to see in the marketplace for all miners is much more production restraint in order to get the market back balanced with the actual demand that's out there. we're not seeing it yet. >> well, the stock has been creamed over the past one year. there's investors betting on a rebound. harris now has a 4.5% stake. do you think they'll push for some type of change in the company going forward? >> he will if there isn't a significant improvement here in the next two quarters and particularly if the chinese picture as far as the sell off going on there as we speak -- >> what do you think that could be? spinning off assets as one of

the other commodity giants? >> they need to idle production. idle or reduce production. >> big commodity sell off. would you be recommending clients get exposure to the sector again? is glencore the way to do that? >> in this particular situation the debt level in glencore is a problem. we like other players a little bit better. >> i want to talk a little bit about m&a. because the big purchase a couple of years ago, that looks pretty ill fated now because they're taking a lot of write downs and selling the assets they require. there's been a lot of talk last year about acquiring or splitting them up. do you think that bid would still make sense? given the low prices now? it could be bargain. >> the situation with anglo american is still one which is

influx at this point. it isn't clear that they have their ducks in a row as far as operationally and the kind of margins they should be able to sustain going forward. i would suspect it's ill timed or would be ill timed at this point. >> okay. so no m&a for glencore right now. paul, thank you for that. chief geologist and mining analyst at vsa capital. wilf, how are the markets looking? >> let's have a look at them carolyn. we saw europe and the u.s. end slightly down but not too significantly. today we opened much more meaningfully in the red. as you can see. we're now down the best part of just over 1%, in fact. having opened down .5% and we weakened over the first hour or so of individual trade. let's look at the markets and you can see it's across the board we're seeing the declines. ftse 100 down just over 1%.

germany down 1.3. france down 1.2. italy just shy of 1% of a decline. let's look at the big individual movers here in europe as well. carlsburg shares lower after a disappointing forecast and they cut the profit outlook after a 19% drop in profit before special items. down some 8%. raiffeisen bank is up 8% which posted an 11% jump in second quarter profits topping estimates. the transformation program is making good progress but some asset sales are being postponed. vestas wind is off 2.2%. stronger than expected operating profit didn't offset other disappoidi

disappointments. so we're down 2.2%. earlier on cnbc we asked about chinese growth opportunities. >> china is and will continue to be a big market for renewables and of course both the need for changing the mix and tremendous energy consumption and the government has been very supportive on the infrastructure and has been very supportive on renewables. we expect that to continue. you had market share but an overall small smarkt share in china and the scenario which we are addressing. >> let's look at bond rates as well. we've been range bound between 2.2 and 2.15 for the last couple of years. we have a technical analyst at 10:50 london time with interesting points of view. also sort of range bound for the other markets. germany 0.64% today.

forex, the euro crossed above 111 and then two days of declines for the euro dollar. just bouncing back from monday and tuesday's declines today. 11065. otherwise not too significant moves today in the forex markets but sterling had a nice leg up following better than expected inflation data. 0.1%. that pushed us close to 157. we're at 15683 today. >> now, coming up on worldwide exchange, as authorities scan for clues into the deadly bombing in a tourist spot of bangkok we cross live to a reporter in bangkok with the latest on the ground.

. welcome back. the u.s. federal reserve will release the minutes from its latest policy minute at 19:00 cet. now cpi will be in focus with analysts expecting inflation once oil is stripped out. it puts the probability of a 25 basis point hike in september at 59%. >> meantime, jeff says it would

be, quote, a bad idea for the fed to raise rates next month with junk bond prices near 4 year lows. he tells reuters if the fed does move it opens the lid on a pandora's box of a tightening cycle. selling pressure and commodity prices driven by worries should have a big concern. last year he correctly predicted u.s. bond yields would fall because inflation was nonkpexis ta nonexistant. everyone is wondering is this going to keep the fed from raising in september. >> i think because they were two weeks ago they'll be more positive on outlook than they might have been and therefore i think they'll definitely telegraph a rate hike at some point this year and keep september open as a possibility. but we'll have to wait and see

on that point. i think they should wait and do what the bank of england is doing. release everything at once. >> that inflation number is seen as the final piece of the fed puzzle because the labor market has been improving growth. it's been coming back. not strong but good. the last thing they need to see is a pick up in inflation. economists are expecting a jump but given the renewed drop in the oil prices what does that mean going forward? that would be the big question. >> what if they do decide to move in september? when are they going to telegraph that? janet yellen is not attending jackson hall this year coming up at the end of august. would we have to see something in terms of their communication at the start of september? those one or two weeks are going to be crucial. i don't think they would surprise the market at the meeting in september. >> no, i'd say that is fair. consensus is probably still this year. but probably not september. i still think september is in play as a possibility because i think the fed wants to test what

25 basis points increase does to markets. yes things aren't the strongest for any type of rate hike but a very small one and if things do get slightly derailed they can pause. but they won't be able to test it if they wait and things get worse. if things are reasonable to do 25 basis points. that's why i think september remains in play. >> of course in the meantime we have to watch the external factors. china a big part of the story even though the fed says they have a dual mandate and they're data dependent, this was a impact on the currency role and something they have to factor in. >> i think it hit the nail on the head for that issue, had a fed meeting been in the week that september announced that surprise move that probably would have delayed a rate hike. fundamentally does that move by china mean that much for the fed? probably not. the volatility and uncertainty that was immediately after it, if we were about to have the

decision, might very well have delayed it. that alone won't make a difference for the fed. china's gdp outlook is more of a longer term issue than in the last week. >> treasury yields are still incredibly low. just bumping around the 2.2% handle. let's take things back to the boe. the turning point in u.k. interest rates is coming pretty soon according to one policy committee. he is more confident about the state of the u.k. economy than at any time since he joined the mpc in 2009. telling the bbc a rate hike is not, quote, anything to worry about. >> interesting perspective this. so far the last month or two the data out of the u.k. has been much stronger than out of the u.s. particularly that cpi yesterday. wage growth much better than in the u.s. which might suggest we get the u.k. to move forward

first and one thing to continue to make us think that we're anchored is people just expect why would carney want to go before the fed? so we just wait until next year. i don't think that's necessarily the case. >> do you think they talk on a regular basis and have these midnight calls? you go first? you go. >> in our geworld i wish that w the case and it probably is secretly but they can never talk about it publicly. >> there has to be some communication when you think about these two economies and global assets. >> it would have to be secretly because their mandates are very much not for international conditions. it's for domestic conditions. i bet they have this epic what's app group. mario is in there as well. >> i think the -- >> maybe it's snapchat so they

don't want to be caught so they can send snapchats and they're gone. >> that's true. or they have protected phone lines or they might be worried that the nsa or someone out there, not suggesting anyone should be listening. >> could we move on? >> i've been told to move on. i thought that was a great chat but we're going to move on. a man wearing a yellow t-shirt with a backpack police say is a key suspect in a fatal bombing in a tourist zone in bangkok on monday. let's get the latest on the ground in bangkok. sri is there now for us. sri? >> this is all about restoring confidence. restoring confidence among the thai public and foreign investors and investors more broadly here. the thai finance minister made it very clear in the immediate aftermath of monday's unprecedented attack and he did say that this is an attack on the thai economy.

the negative feedback loop is is going to be through the tourism industry. so firstly what the govern. has to do is really answer to who this is. who was behind this attack and why did they do it. and what were the motives. so the investigation is running it's course and we can only speculate on the motives. whether it was intense and external. so the market wants to know, ordinary thais want to know what happened here and let's wait for the dust to settle and this investigation to run it's course, number one. and number two, what we can say with some certainty is the thai industry is going to take a short-termed hit. whether it's a sustained hit is the open ended question here. what's worrying is that thai tourism industry was the one relative bright spot in an otherwise very gloomy economy

being besieged internally. it was sluggish because of what the currency was doing and also because of a china slow down as well. so bear in mind consumption was sluggish as well. and now monday's attackers added another very unsettling dimension. we don't know what the ultimate impact will be until the end of the 4th quarter. that's when the tourism industry, the winter arrivals from the northern hemisphere, from russia, china, western europe, really quick into high gear. so the 4th quarter will be the test and we'll see how resilient the tourism industry is. the factor here is that there will be, depending on the hit that tourism takes, the second round effects on the broader economy and where is the bank of thailand in all of this? is it possible to see preemptive action? i put that question early on to

the country head of clsa and he told me there's the distinct possibility that this does build a dovish case. there may be some kind of rate cut or action around september or october. there's other variables here. fed normalization and of course there's a new governor of the b.o.t. in september. so clear implications for thai tourism. they represent almost a fifth of overall thai gdp. a lot of questions we have to answer. the mood here is still very tense. this is a city on edge. that's where we stand. wilf, back to you. >> thank you for that. moving on. around 300 local residents attended a memorial service to remember those that died in tianjin last tuesday. so far 114 are known to have died in the two explosions 8 days ago with over 700 injuries

and 57 still missing. an investigation has been launched by china's top prosecutor into the disaster. >> meantime, yum brands appoints a new leader for the china business. the ceo of kfc will take over the position today. he was instrumental in making yum the biggest western restaurant chain in china. they posted four straight quarters of same store sales decline in china following a food safety scare last year. however, sales have turned positive this quarter. yum rose 2% in after hours trade and frankfurt up by 1.8%. >> target and mastercard are work on a settlement over the data breach. target could pay up to $67 million to reimburse card issuers from the costs occurred during the massive hack attack in 2013. in june, mastercard rejected a $19 million settlement saying it didn't come close to reimbursing their losses.

let's take a look at how shares are trading. slightly lower while target is up fractionally on the day. >> walmart slashed it's outlook as second quarter net income fell 15%. courtney reagan has been checking out the numbers for us. >> walmart and home depot are dow components and retailers and while there's small merchandise values in common they had vastly different earnings. sales up 5.7% in the u.s. and the home improvement retailer again raising it's guidance though in part due to the acquisition of brands and stock buy backs. giving credit to the improving housing market and better spending among higher spending consumers in the first quarter. the highest average ticket since 2006. walmart, however, turning in a mixed quarter. the discount retailer gave earnings that were short of analyst forecasts but stronger

than anticipated revenue and for the fourth straight quarter positive u. s. comp sales growth as well as increased traffic. lowering it's guidance to $4.70 a share. that's down from 470 to 505. increased hours and now higher wages for check out and stocking associates. lower reimbursements from prescriptions and higher shrink. walmart explains that shrink does include theft and damaged goods which can be perishable grocery items like produce. they also reinstituted the shrink school. it's a training program and it may take 18 months to at least rectify that issue. back to you. >> back to all things greece. you're looking at a live shot of a german parliament debating the

greek bailout. there was a test vote and in that test vote only 60 voted against the deal or abstained. that was seen lower than what was anticipated. 10 parliamentarians. if that number is also repeated in the actual vote that would see a good sign as a fair amount of support for angela merkel of course but in every bailout vote over the last couple of years we've seen that number has been rising ahead of the vote the german finance minister said it would be irresponsible not to help greece now but he says there's no guarentee that the greek bailout will work and he reiterated that we need the imf on board in this third bailout package but no can can idea what sort of hair cut we're looking at. >> all right. still to come, sinking bricks.

we'll take a look at the emerging market outflows as investors eye the fed minutes. don't go away. we're back in two minutes. 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.

is. rebels with a cause.

>> on the hawk fences, investigators look for clues of a september rate hike with fed minutes due later today. asking if problems in china might change the fomc's thinking. >> carlsberg goes flat amid weak sales in europe and russia. the shares slumping to the bottom of the stoxx 600. >> the ftse reaching a 6 year low. glencore reports a quarterly loss but beats low bar expectations. >> you are watching worldwide exchange. let's take a look at european stocks at this hour. the ftse 100 the underperformer trading near a six week low. shares of the heavyweight mining companies continue to get hit by the drop in commodity prices. you can see the ftse 100 down better than 1%. the xetra dax down by 1.5%.

the french and italian markets also seeing red across the screen. euro stoxx 50, interestingly enough we haven't been seeing a lot of movement over the trade. lower by around 1.3%. >> let's have a quick look at bonds. the u.s. ten year remains incredibly range bound by 2.15 and 2.2%. we're at 2.18 today. i wonder whether the fed minutes will lead to a big move in that. whether they're outright hawkish or dovish we'll have to wait and see. the ten year in germany is pretty range bound. 0.63 today. quick look at forex. the euro strengthened crossing the 111 handle on friday. it's bouncing back for monday and tuesday's declines today. it's at 11057. up 0.35%. sterling yesterday a nice leg up after descent inflation.

1568. >> let's get back to emerging markets. they're feeling the pressure from investors as a surge of capitals leading those economies hurting currencies. the outflows have risen to nearly $1 trillion over the last 13 months. that is almost double the amount of money that left emerging markets during the whole of the financial crisis. various geo political issues coupled with chinese market moves and a possible u.s. rate hike are dampening investor rate hikes. joining us now is the director of emerging market strategy. always a great pleasure to have you on the show. what if anything can stop that flight out of emerging markets? >> i think currency environment is as bad maybe as 1997 during the asian crisis. we see china fears and fed fears and a significant slow down in

growth in the emerging markets. so this is all very negative and i don't see a change over the next couple of months. what could turn this around is maybe the fed hike and this could maybe give some comfort for investors to invest in high yielding currencies. >> that's an interesting point. a fed hike would mean that the global economy is growing and the fed feels comfortable enough to do that. it should be in the emerging markets. similar picture when it comes to the devaluations. higher exports coming from china. shouldn't that also boost demand for other emerging markets? why is everyone so gloomy? >> the problem is this fed hike comes in an environment where we don't have strong global growth. looking at the history.

this is a fed hike which comes and environment with weak global growth and this is why everybody is so concerned. what's the implication of the fed hikes in this environment and this makes investors nervous especially into high yielding currencies and emerging markets. >> you said the sentiment is as bad as it was in the peak of the asian financial crisis. the fundamentals, are they as bad as well? >> the fundamentals are not good at the moment. you see countries like russia, brazil, in deep recession. you see problems in credit. problems in demand. especially from china, some of them fixed the problems but it's come to the end and profited emerging market currencies

significantly has come to an end and this is an additional problem for emerging markets and currencies. >> i just want to touch on the chinese devaluations as well. we've seen a lot of other asian countries reacting to that. one might have expected the likes of the other north korean exporters to react in line with china but we've also seen some of the southeast asian consumer lead currencies react as well. why have they sold off so sharply. >> yes, that's absolutely right. i think it's very sensitive to commodity prices and oil prices. there's a high correlation between oil prices and it losing ground. so it's a global sell off, especially in asia and this is impacting also the current sis of the countries you just mentioned. >> do you think there will be further desire to liberalize the

currency exchange regime if the recent action proves to be meaningful and has an impact on domestic demand? >> i think there's an incentive to further devalue the currency. we moved to a more liberal system. if you see positive impact we see impacts of weak currency but i see further incentive for a weaker currency in china. especially as export machine is a big problem in china currently and the big devaluations had weak export numbers a couple of days before this move. >> give us some trade recommendations. you have been pretty well with your trade recommendations. >> we have started basically china, driven currencies, also the mexican peso starting in

may. posting profits of between 10 to 25% and i reiterate mexico, brazil, chile and south africa. >> no bargain hunting anywhere? >> not at this point. >> not even india? >> not even india. i think poland maybe. so we pretty much like poland due to fundamentals and you see they have done pretty well in the sell off. if you want to escape and slide to have the gain effect on something positive it would be the polish currency. >> thank you for your time. emerging market strategist. >> egyptian authorities detained a senior hamas official at cairo international airport. this according to reuters. on monday egypt reopened the border crossing which allows

palestinians to travel in and out of the strip. this comes two days after the egyptian president approved tough new counter terrorism laws which includes penalty of life in prison for financing terror groups. it also targets journalists operating in the nation. joining us is hadley gamble. hadley, this new counter terrorism law, how significant is that? >> the big question is is this law going to make egypt safer and safer to do business in? that's something that the president is concerned with. in the short-term it will make things a bit safer. long-term probably not. we're talking about a population of over 80 million people. if you clamp down this hard for that long there's problems. he's trying to get the economy in egypt back on track and for him it's more about a sustainability approach and

having bombings and trouble in the sinai and cotrouble coming t of libya and helping the saudis in yemen none of these things bode well in terms of increa increasability. >> journalists that contradict official reports can be fined up to 40,000 pounds. >> exactly. if you look at what happened in the last couple of weeks, the united states just reinstituted military and financial aid to egypt so it seems like a slap in the face. secretary kerry going there and hoping for greater, not just stability in the country but also in terms of opening up in the country but they're saying that journalists are going to be fined so people i have spoken to said this is a bit over the top but if you look at the position that egypt is in now and how they're regime is playing this, they're saying they're under threat and this is something that they need.

>> thank you for that. moving on, russian president vladimir putin hit daring new dips as he took a trip period under the black sea in a mini sub marine. he used the vessel to check out a ship wreck some 80 meters below the surface. >> all right. still to come on worldwide exchange, we're searching for unicorns. we're going to talk about start ups with the president of tech u.k. that's coming up next. don't go away. before earning enough cash back from bank of america to buy a new gym bag. before earning 1% cash back everywhere, every time and 2% back at the grocery store. even before he got 3% back on gas. kenny used his bankamericard cash rewards credit card to join the wednesday night league. because he loves to play hoops. not jump through them. that's the excitement

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google is celebrating 11 years as a public company today. their shares have risen over 1,500% on a split adjusted basis since hitting the market on august 19th, 2004. shares opened at $85 that day and ended up 18% with a deal size of $1.7 billion. the wall street journal did a little bit of work. they said judging by the ge ratio google is less expensive today than ten years ago. today it's currently trading at 20 times last year's earnings. that number is 52. the stock has been rallying ever since but earnings grew even faster. >> absolutely.

but of course this follows many quarters of disappointing earnings. the question now is with alphabet on the table what this means for google going forward. had a $1.7 billion deal size compared to gofacebook when it went public in 2012. >> i think that is key to remind ourselves. this has transitioned into a mature company but it's potential growth rates are still up there with the likes of some of those listing and yet the valuation is massively compre compressed since then and if you're looking for exposure to this sector, do you want this or exposure to the private sector where we have valuations. >> off the chart. >> on huge levels and we have google with a hugely strong balance sheet and lots of avenues to explore into. >> you're right. >> you have to always remind yourself of that given that also on top of that the nasdaq is up

8% year to date when a lot of mature companies are down in other sectors. >> but i didn't say that google was cheap now. it is cheaper than it was ten years ago but 10 times the pe ratio right now. facebook, 46 forward pe. yahoo! 27 is the multiple. apple 16, microsoft 16 as well. >> but do you think it's stronger than when it listed? >> it's a more diversified tech company so you get exposure to solar and advertising and health care by investing in google but the investor these days, specifically in tech, wants specific focus on whether the social media and mobile does have company. >> but the markets are far more defined. we're far more certain there's growth coming. >> do we know that? we don't know that. >> we don't know that for the car but we know that it's starting to dominate video advertising. that youtube completely dominates search which is very much a part of everyone's life

every single day and people paid out more then. >> we're talking about the self-driving car and apple tv and what else is going into everything really. it has so much cash on the balance sheet we don't know about that. do you really think alphabet is going to be continuing growth company? who knows? >> we'll wait and see. if you like the tech space and the on going smartphone penetration story it's a great way to play it without getting too caught up on whether smaller individual focus companies are the one hit they can be. >> maybe. facebook is just right behind it getting a lot of market share when it comes to advertising an video as well. we'll see what happens to google. >> all right. let's continue our discussion

around tech but focus on the u.k. the u.k. fostered more tech start ups than any other country in europe but even the u.k. still lags behind the usa when it comes to producing blockbuster tech companies. let's bring in the president of tech u.s. joining us here in studio. a pleasure to have you on the show. it's clear that u.k. created a lot of successful start ups. specifically in the thin tech space but what will it take for the u.k. to rival the big companies in silicon valley? >> the technology economy is key to the economic environment in the u.k. it's probably worth about 100 billion pounds to the u.k. economy today and i think what we're going to need is to create the conditions for change so a great talent pool that extends into the diverse areas. let's think about women in tech. we're cutting out 50% of the work force by not inviting them

into that economy and also connecting cities outside of london. we have a great business. if you look at the number of workers in london, it's actually more than san francisco and new york put together. so if you think about that we should share that halo effect across other cities in the u.k. to really help that and across other tech industries as well. >> what do you think lit take to retain talent and ensure entrepreneurs don't move to some of the other tech hubs in europe like berlin and amsterdam? >> we need to make sure that we have flexible work sing so that points to the government helping us with smart immigration. making sure we can retain the rightal lenlt fr right talent from anywhere in the city and other cities across the u.k. but we need to make sure that we have great employers that also have a culture of flexible working. work is where you are. it's not a place anymore. we need to try to create that

inside our tech culture. >> do you face a battle to convince others that you're not stealing jobs from existing areas as technological advancements happen. goog uber is the most famous one. taxis up against it. >> i see that but i think evolution is part of the growth plan. if you look in the guardian yesterday there was an article about how tech created more jobs than it's destroyed. so in spite of things like even non-tech industries like the drinks industry, four times more jobs in pubs and clubs than -- and you wouldn't think that in the wake of pubs closing. and lots of innovation has time for more creative sectors so people are spending more

currency. more hair dressing and that sort of thing even which tech enabled automation in manufacturing and so on to create more ledger time spending so creating jobs in those sectors as well so i would defend that stat and say tech created more than it destroyed. >> time and time again you pointed out the need for the government to play it's part in supporting the tech industry. is the current conservative government, is it doing enough? what more do you want to see? >> i think we could do more. certainly we talked about our smart immigration policy where we want to see great talent invited into the u.k. in the tech space. that's something our members are keen to explore and i think we need to make sure that the conditions for red tape in terms of our eu participation and not constricting the tech industries too much. >> thank you so much for coming in.

president at tech u.k. >> now all this week we have been investigating the much talked about millennial generation. what makes them tick and how businesses and organizations can interact with them. today we're talking millennial masters. the influences driving the opinions of the generation. who do millennials trust? people their age. 65% are more likely to volunteer, for example, if a peer already does so. they're also much more impacted by online ads. get their news from news sources like twitter and youtube and check their smartphones some 42 times a day. no surprise that in a recent survey state side u.s. millennials were more influenced by famous youtubers over traditional mainstream celebrities. i don't know who any of these people are. >> come on. >> i don't know any of them. >> zoella. >> they're huge youtube stars

and a big factor driving internet consumption is millennials and their desire to watch what they want when they want. that's speaks to why netflix and hbo go and hulu have done well. another reason youtube has done well is it allows you -- it gives you the ability to share that con tetent with your socia media community. >> what do they do? how do they shape our generation. we're millennials too. why don't we know about them? >> you're not cool enough guys. >> because we're 30 going on 47. it's fast nating the way millennials are the bigger cohort which is relevant but to me it's fascinating how we consume content. checking smartphones 42 times a day. that seems low actually. consuming news as well. bite sized video clips. not full length programs.

texted information much rather than learning about stuff on traditional broadcast television and it's relevant for people to take note of. >> absolutely. goldman sachs has done a lot of research on millennials and had a couple of interesting points. they say we're the generation of researchers. we're not accepting the i don't know answer. we want to know everything right now and in this very instant so i think that's very noteworthy. they also say in terms of the influence, usually in the past it's come from parents but now we're the ones that influence our parents in terms of their consumption and how they behave, what they do, what they consume. those are the key points. >> we actually had the research team on last week -- earlier this week to talk about millennials and they say they're the most influential population right now in the world. bringing it back to finance, what this all means for business, it's interesting because a lot of advertisers are now linking up with youtube stars to promote their products. you also have google prefer which had is a program that

allows advertisers to buy into the top 5% of lifestyle and entertainment video sites. >> we're very powerful apparently. >> i'm just looking at stats and i picked out taylor swift as one example. guess how many mentions -- i'm going to cover this -- guess how many mentions she's had on social media in the last several days. >> a billion. >> way to mess with a great fact. over 100,000 mentioned. >> higher than kim kardashian by the way and higher than my boyfriend cristiano ronaldo. kidding. >> only 17% came from females. so clearly that soccer star -- someone spelled his name wrong

in this document. that's disappointing. do get in touch with us if you have views on that topic. >> coming up on worldwide exchange, it's one of the last big fed days before mid september. we'll preview the fomc minutes released after this break.

welcome to the second hour of worldwide exchange everyone. i'm seema mody. >> i'm wilfred frost. here are your headlines from around the world. >> let's talk about greece. 60 lawmakers are expected to say no to the greek bailout. >> on the hawk fences, clues for a september rate hike. investors asking in problems in china might change their thinking. >> mastercard sets it's sights on