>> it's time for lift off. >> the underlying economic data in the u.s. warrant a rate hike. the u.s. economy can stand it. >> a late stage rally sending chinese shares sharply higher posting their best single day

gain this month and fuelling speculation that the government has once again intervened in the market. >> a shining performance. all three stocks jump on better than expected earnings despite weakness in china. >> up to 30,000 jobs are set to go at hewitt palett-packard. cnbc speaks to meg whitman later today. >> let's get straight to markets as susan said in the headlines there. a late rally in asian trade. really only in the final hour seeing the shanghai composite close up by 4.9%. also hong kong as well as you can see up about 2.4%. it had been so far pretty weak in asia. especially in china the last couple of days but a strong

finish today fuelling speculation that the government may have intervened. also possibly playing catch up with europe and the u. s. the volumes have been subdued. the 10-day average volume in shanghai has been steadily falling all through september. it was the last week of august where we saw volumes spike. let's look at european markets. quite a surprisingly positive start to the weekend. last week was strong and of course we have the uncertainty ahead of the fed meeting. another descent day today. germany up the best part of 1%. france up just more than 1%. right. as we said, the big rate debate is on and we're continuing to talk about the fed. interesting move yesterday. bonds sell off, yields spike, in particular, let's look at the two year note. 0.78. it's highest level since 2001. is that pointing to the fact that people are expecting a hike this week? perhaps.

that is an aspect but let's also point out that we had descent retail sales data out yesterday. that allows u.s. equities to rally. clearly the corresponding normal move is the opposite direction. ten year note 2.26%. it's day one of the fomc meeting and now 49% of respondents believe the central bank will hike rates for the first time since 2006. steve looks at how much the world has changed since the fed last raised rates. >> it was 2006 the last year the fed raised rates. no iphone, no ipad and no twitter to tweet about the decision and much of the economic data painted a different picture. today it is highest at 5.1.

the participation rate raises questions about how much slack there is in the economy. around 3% in '06. far from 2.67% today but there were big differences in the inflation numbers and those are the ones the fed is concerned about. the fed is running at 0.3% compared to a real 3% back then. core prices were rising by 2.4% compared by half of that now. far from the zero rates they maintained for nearly 7 years. stock market bulls have a strong run. the dow closed over 11,000 points. about 5,000 points below where it trades today. >> rates futures are telling us maybe there's a 30% probability that they'll hike interest rates this week and before this summer's wild market swings most analysts were forecasting a september lift off but then you throw in china and after china

helped spark that global sell off and with inflation stuck below targets many economists pushed out their expectations. deutsche bank is one of those saying that janet yellen may pull the trigger in october. halloween, the markets are still fragile in their view and at multiyear highs. now goldman sachs, morgan stanley, some of those that also pushed out their view as to when we'll get a rate hike. they're saying maybe december. might be closer to christmas time saying there's a 90% probability that the fed will even avoid lift off this week and it's still 50/50 in 2016 and then barclays thinks we'll wait until march 2016 so see any sort of move and any sort of lift off from the federal reserve so you can see there a lot of divergence and opinion there. >> it's nice to see a lovely

spring view there in march given that we're already in winter. one policy maker turned bank chairman told cnbc the fed should pull the trigger tomorrow. let's get out to carolyn roth who has more on that story for us. >> absolutely. good morning to you, wilf. the chairman said to me in an exclusive interview that he thinks that the u.s. economy is ready to with stand first rate hike though at the same time he said it doesn't matter whether it's in september or october or december but what's really more important for the markets and the fed is for the fed to get it's medium term communication right and for the typing schedule to be some what modera moderate. we talked a lot about china and ubs. they have been pinning their hopes on u.s. pacific. they have around $275 billion in assets undermanaged from that

region. that's 10% of their total asset base. they want to increase that share to roughly 30% in about ten years time but then you have to wonder naturally, to what extent are they worried about the recent slow down in the economy and volatility at markets? >> we're at the point where we'll see the turning of u.s. monetary policy and that's always been a moment for the world economy but the world economy has gone through some volatility so i think most of what we're seeing at the moment in the market is a global reorientation of markets around the fed which is the largest central bank in the world and of course the slow down in china is noticeable but it was by design. the g-20 asked china to rebalance growth from being externally driven to being more domestically driven and china is going through a policy

adjustment. the central banked eased it and it's likely to ease further. i'm not concerned about china. there was some recognition lack and we've seen some major changes happen since then. so i think the situation will be stabilizing. i'm not that concerned. >> what does it mean for you as the biggest wealth manager in that region. would it be a big mistake to pull back from that region now because of the weakness we're seeing this summer? >> absolutely. and that will give us a much better chance in the future. we live in a world now where the world will be moving from a 7 billion to a 5 billion world and we're at 7 billion now. we will move into 9 billion in the future. most of that population growth and economic activity is in

asia. and long-term, already four out of seven people globally live in asia. going forward it will be 5 billion in asia and 2 billion in africa. the clients will increasingly be in asia and this short-term set back that we're seeing through an adjustment of policies in china and rebalancing of growth in my view is medium to long-term healthy for the economy. >> you can't deny how they're managing the volatility and the credibility of the data. do you trust the data and the officials? >> it's much less important whether it grows at 6% or 7%. if you're micromanaged and excessively focused on 7.0 versus 7.1, there are doubts but the chinese economy will be growing well in excess of 6%.

it's growing more than twice as fast as the chinese economy. china is already half the size of the u.s. economy and it will continue to catch up with the american economy. so i'm not overly focused. i have a medium to long-term perspective. i'm not concerned about the current correction in the market. it's a healthy direction in the market. it is needed. you cannot have a stock market that grows around 100% within half a year. that is not a sustainable growth and the correction we see now brings that market back to a more sustainable market and that's the right picture and we stay focused on that medium to long-term picture. >> he was talking to me earlier about china and why he's not worried about the slow down there. let's talk a little more about what ubs's clients are doing.

>> here at the conference you're talking to a lot of family offices. how concerned are they about what's going on? about china and whether and when the fed will hike? >> it's a fantastic event and i find it fascinating to be able to come to one place and get a propered by on how 350 of invested assets are speaking and they're staying the course and continue to be risk on, a reference for euro zone equities. less love for japanese equities. people are looking to edge concerns in china. underweights or shorts and there's been a lot of focus. >> how do they differ from the typical retail investor that we talk about so much?

the ones that are a lot more fickle? >> i think the clients we have here are distinct from the rest of our client base. they are institutional investors at the end of the day. they have been set up in professional set ups much like many fund managers and because they're focused on wealth transfer and being able to keep this to the next generation or multiple generations after that, themes get paniky. >> they're really not doing trading. >> i wouldn't say. it depends on the market. generally they're staying the course. so while we had panels here on implications of interest rate hikes a chairman spoke clearly here the majority of the panels have been around things like energy. battery storage, technology and one of the themes that resinated is oncology. something we have been spending a lot of time on.

>> we talked a lot to guests in the studio about whether there's any potential bubbles in the market. where do you see bubbles? where do you see opportunities? >> emerging markets. despite the underperformance we remain cautious on. but there's pockets that are quite susceptible should interest rates rise on thursday. >> where do you see value. >> we continue to like euro zone equities and japanese equities and within this oncology cancer treatment and cure is something we're spending a lot of time on. >> simon thank you for your time. appreciate it. we'll hear plenty more this time

about why he thinks that the fed will likely hike rates as early as tomorrow. that's coming up in the next hour. don't want to miss it. >> thank you for that. you can also head to our website for full write up of his comments exclusive of course to cnbc. just want to bring you flashes coming out of indonesia. a magnitude 6.3 earthquake had struck indonesia. at the moment no immediate reports of causalities. >> hungary has taken the migrant crisis into their own hands shutting the eu border. the hungarian police have launched criminal proceedings against 35 people on tuesday for illegally crossing through the serbian border. also we're hearing from hungary that they received 94 asylum

claims on tuesday in two transit zones of which they say 19 have been rejected. 7 are being appealed at this point. >> speaking of refugees they're trying to find new ways into europe. a wave of migrants are showing no signs of abading. people are walking through serbia's cornfields in order to get to croatia. they registered a number of people and are taking them to reception centers close to the capitol. you're looking at a live shot now where migrants and refugees are blocking the main highway connecting the two countries after being refused entry to the hungarian side after being sealed on tuesday. >> meanwhile, google donated 1 million euros to nonprofits helping the refugees. the company also pledged to match the first 5 million euros raised by it's users. >> we'll get a break here on

worldwide exchange but coming up next let's talk about computing and computing more cuts. a whole lot of them from hewlett-packard as they're scaling back their work force. but is it enough? and the question is how much is a good reputation worth these days. we'll reveal the company with the best reputation in europe. any guesses? also facebook gives a thumbs up to the thumbs down. we'll explain right after this. oh, look. we have a bunch of...

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saudi arabia has assembled the building firm after the crane hit the grand mosque in mecca. 137 people died and 238 were injured. hadley brings us the story now. >> hey, wilfred. this is about the kingdom holding someone responsible for the tragedy that happened over the last several days. this is the bin laden group. they're a major multinational firm. they're one of the company's really credited for building modern saudi arabia so it's a big blow to the company but also

about convincing the saudi people that someone is going to be held accountable for this. they have been banned from traveling outside of the kingdom and the finance minister will be looking to see if they're complying with safety regulations going forward and you have to also remember this is a major company involved in some of the biggest projects happening right now inside of the kingdom including the kingdom tower. that's out there as well as the king abdullah economic city and they are banned from taking on future projects until this investigation is completed. >> thank you for that. let's move on to talk about general electric. ge is planning to move around 500 of these u.s. manufacturing jobs over to europe and china and because of the closure of the bank. the u.s. export-import bank which will limit the firm's access to financing. the vice chairman telling cnbc

that the company doesn't have a choice but to move it to countries that do support exports. >> the u.s. is going to be an important place for us forever but the fact is that we're going to have to make decisions about where we make things based on what we need to satisfy our customers. it's not a choice that we make so it's good for the world if the u.s. has a strong manufacturing base but if they require expert credit financing we're going to have to make it somewhere else. >> ge will be moving 400 of these 500 manufacturing jobs over to france. let's get out to paris. stefen joins us with more details. >> that's great news for the french government at a time its trying to improve the labor market and convince

international investors to invest more on the country. it's not going to improve significantly the labor market but it sends a very strong signal to a foreign company. at the time there's an increasing debate about the french competitiveness and it's not only about the cost of labor actually in that case. they were able to provide credit services. it's about not being able to offer certain services or jobs. ge says the announcement is not part of its commitment to create more jobs in france. general electric said that it would create more than 1,000 jobs in france over the next three years and also for people who were reluctant to sell the french company to a foreign group sometimes it's a better deal to be part of an international group which can create jobs in the country than

trying to remain french at all costs so yes that's great news for the french economy and of course it's great news for the french president. >> they get to enjoy france and two month breaks in the summer. thank you, stefen. >> it's true, isn't it? that's a nice summer to enjoy. >> it's a lovely place to enjoy the summer. a agree with that. >> let's talk about apple ceo tim cook. he's fresh off the launch of the new iphone 6s last weekend. he got to enjoy an appearance on the late show with steven colbert on tuesday night. they talked about the phones new features such as a 3-d touch and live photos as well as cook's former boss steve jobs of course. cook was answer thing around the comments from uber ceo that apple is working on a car but he did take one question from one

hard working apple employee. can you guess who it is? siri. >> i asked in a tweet if she would come up with some questions for you and what nobody knows is that y'all did it. there are questions for tim cook on siri in that anyone in the world can access but nobody knew they were there. so i'd like to do one right now, okay. if we have a moment here, can i have siri ask a question. >> please. >> siri, what should i ask tim cook. >> do me a favor, ask him when i'm going to get a raise. >> that's a great question to ask. >> i like that. credit to colbert, that was a nice moment. >> maybe if we ask siri we'll get a pay raise maybe he or she will give us an answer. >> let's do it after the show. >> let's talk about social media. facebook is giving the thumbs up to a dislike button. at a town hall meeting on

tuesday mark zuckerberg saying the company is working on such a feature. although he wouldn't say whether or not it would be called a dislike button and when it will be rolled out. he says it's in response to user demand but he did resist the idea for several years because he wants to avoid the reddit style system of up or down voting on posts. zuckerberg says that people want the button to express empathy beyond just liking a post. >> obviously he's hoping this won't just be people insulatisl people as being bad ones and they might want to interact without clicking like but if a dislike button comes out we can be crocidoliitical of people's photographs. >> is there a bad photograph of you. >> because this feature is coming forward we picked out a photo each to see which of you

is disliked more and i have to say sadly there's no competition here. i definitely, definitely lose or win. i don't know what you say, lose or win but i dislike mine more here. i quite like yours suzanne. that would be a positive response from me. it would be a like. it's warm, it's endearing and funny. mine is just offensive. i did have a full beard and i thought for one day it would be amusing to try to blend in. it didn't work. >> i'm speechless. >> you have been speechless for a minute. >> that's an interesting look. >> so there we go. >> our question, would you hit the dislike button if it was out and which would get the strongest dislike from you? e-mail us worldwide@cnbc.com. give us your views on facebook's plans to bring in a dislike.

let's get back to markets a strong finish for china. that came late in the day's trade. possible government intervention but we don't know that for sure. strong finish in asia's trade. >> let's check in on u.s. futures since we do have the fed kicking off their two-day policy meeting. we did see a rally yesterday which was interesting. the implied open, we're looking at fair value. maybe the s&p is down one point or so but not so much movement across the picture. we'll take a quick break here on worldwide exchange. stay with us.

european stocks see green. the fomc meeting kicks off. he tells cnbc exclusively it's time for lift off. >> the underlying economic data in the u.s. warrants a rate hike. the economy, the u.s. economy can stand it. >> a late stage rally sending chinese shares sharply higher posting the best single day gain this month and fuelling speculation that the government has once again intervened in the market.

>> a shining performance. all three stocks jump on better than expected earnings despite weakness in china. >> up to 30,000 jobs are set to go at the enterprise business sending shares down in after hours. cnbc will speak exclusively to meg whitman later on today. >> let's check in on european markets and how they're performing after the rally we saw on wall street as we have the fomc entering the two damon tear policy meeting. let's check in with breaking news coming in from the employment figures. >> sterling hit days high of 1583 at the moment. u.k. unemployment data has come in. average earnings coming in at plus 2.9% which is where it was forecast to come in as well. let's just bring some out of

these other numbers: the average weekly earnings plus 2.9%. adjusted jobless claimants coming in. it was forecast at 2.3%. let's just find a couple of these other numbers. unemployment rate stable at 5.5%. it was 5.6% last month so that has slightly ticked down while wage growth has come in at 2.9 and sterling performing well off the back of the session high. it's off a quarter of a percent. >> let's check in on european benchmarks and how they're perform ago head of that decision. gains across the board after the rally on wall street. up three quarters of 1% on the ftse and the german dax higher. let's take a look at the 50 biggest companies around the euro stocks 50 and this chart is

telling us we're in rally mode today on this wednesday. >> let's have a look at bonds as well. we've seen them extend losses after that positive response in the wage data which put the sterling higher as we just discussed. the ten year note 2.26% we saw yields rise in the u.s. yesterday ahead of the fed meeting but also off the back of strong consumer data. let's look at forex rates as well. the story of the last month has been the u.s. dollar pricing in no hike in rates against the likes of the euro and the yen and things not too volatile today only sterling moving off the back of the data. ending the session up nearly 5%. the companies said three executives were under

investigation for suspected insider trading. let's check in on markets in asia more broadly. sri is in singapore. >> first of all, it's a big black eye that insider trading probe for china's biggest brokerage and let's not forget as well it's really very much been in the front line of beijing's effort to try to stabilize the market. they have been doing service by buying stocks to insider trading probe hurt the share price. it did stabilize and it doesn't seem to have blunted the resolve of beijing to try to intervene in the market. to stabilize the market and emotions b there was the late session surge we saw on the shanghai composite. a lot of people are saying that beijing clearly is in this market buying stocks. stability is the watch word and currency as well for that mat r matter. but broadly, this is very

interesting. that's lifted the spirits over here. so a risk on really ahead of the fed. perhaps the markets here are running the idea that zero interest rate policy can continue for longer in the u.s. in other words, no change exp t expected by the fed tomorrow. that's what the markets are reflecting in the firing line. especially malaysian so if they do move it's those two sorg sovereigns that are the most vulnerable. >> thank you for that. let's look in on currencies. china's yuan will devalue by 15 to 20% next year. that's according to research house idea global. of course the pboc took markets by surprise just over a month ago. depreciating by nearly 3%.

>> hewlett-packard expects to cut around 30,000 jobs as it's trying to adjust to this reality of falling demand. they're splitting enterprise units from its pc business in november of this year. the cuts will come on top of the 55,000 already announced and it will come from the company's faster growing corporate, hardware, and services operations. they will be global but hp didn't provide more specifics. the cuts will result in a $2.7 billion charge in the fourth quarter this year. hp shares is down 1% in after hours upon the rehe's of this announcement. don't forget, david will be sitting down with meg whitman in an interview at 15:00 cet on squawk on the street. >> microsoft will hike it's dividend. it will be paid out in december. reporting a net loss in the

latest quarter as it broke down the value of its nokia phone business that they just bought for close to $7 billion. shares rose from 2% on tuesday on the back of that announcement. another .5% in after hours. they're trying to protect their reputations right now aren't they? >> indeed, they probably are and let's stick on that topic because a new survey by the reputation institute says bmw is the most reputable company in europe. it's one of four companies that recognizes having an excellent image along with lego, sony, and samsung. joining us is the director of the reputation institute. thank you for joining us. >> you're welcome. >> good morning to you. how did you come up with these rankings? is it survey based or hard data? >> it's the largest public perception data scrape of corporate reputation perceptions across europe. so it's 15,000 cases but the

beauty of the model which is academically grounded is that we subsequently cross reference. we have been doing this about 20 years with what's going on in the data base previously. you can see how reputation might build overtime. >> this is based on consumer perspective and not shareholder analysis of performance. >> obviously consumers are a really important stakeholder for a large number of the firms we represented here and you can do the same around institution investors and might shape the destiny of the people playing more in the business, business space. >> let's get to basics then. what makes a great reputation? >> it's a fascinating question because what you can find is that it's based on the emotional, the response that people might have toward companies. but it's also grounded in the national dimensions. now from academic research we found that there's four critical

questions. whether or not people admire, trust, respect or have a good feeling about a company and then look at those 7 rational dimensions afterwards. >> so great reputation. does it necessarily translate into greater profits? >> fascinating question. what we looked at over the past ten years or so is if you took the top ten within the survey and treated that as an index. those reputation, top ten reputations out performed the markets almost twofold, certainly since 2008. it's quite the savvy thing to look at and certainly to invest in for companies. >> so we got bmw number one. what particular factors make that stand out. >> wholistic reputation. you start out with the basics in terms of delivering outstanding product and then interestingly some of those dimensions kick into play. so innovation, so what they're doing within the electronic car space. self-driving cars for example but then critically around

corporate and social responsibility and the focus here is on corporate governance. so what bmw have done through their style of being open, transparent and fair in the way they conduct business they have opened up things like bmw velt which had 3 million visitors and then they also engaged other stake holders. their dealership really opening up the border there is to have an active dialogue because in this these days, the reputation economy is linked with what we have just seen from apple, from facebook, for example, so unless companies are really diligent about managing their reputation, particularly from a corporate perspective it's not enough to deliver outstanding product and services. >> what i found fast nate as good that people don't care about corporate social responsibility. the good that a company does. 62% aren't even aware of what a company is doing in that regard. >> it's not so much that they

don't care. to your point, they're not aware. so people need to invest more in terms of communicating in an effective manner what the initiatives are. take bmw. they invested in communicating that in an effective manner and it's landed but toward the opposite end of the spectrum they need to invest in their reputation substantially. >> the reputation institute, do you only look at corporates or do you rank the reputations of others as well? individuals, the like, politicians. >> we're asking for some advice? >> based on your photographs maybe you could have a look at your unique reputations but we apply this to cities for example in terms of the best cities. who has the best reputations to companies but also to countries as well so you name it. the beauty of the model is its

extendible beyond that. >> what's the best city to live in. >> we'll have to tease that because we're going to release those results at the end of october time. >> that's great. >> best country, canada. >> good choice. >> well, the best city better come out as london. please do come back before it comes out. >> before we go, can we bring up our facebook dislike pictures again? >> whose reputation is most damaged. >> who do you think needs more of your help? >> i flip it around and say full marks for transparency. so that's a good tick in the fairness and citizenship box. i think in terms of innovation bhab t maybe the one on the left is more applicable than the one on the right. >> i would disagree because i would say wilf's facial hair is very innovative. >> retro. >> i was in mexico at the time. you have to factor all the details in. >> this is based on a sample

size. >> very diplomatic. thank you for joining us. director of the reputation institute. >> he was good. >> now fiat chrysler has struck a tentative deal with the queue nighted auto workers union on a new four year contract. the two sides aren't disclosing terms but the pact will eventually end the controversial two tier pay system. the uaw will brief members in the coming days that will vote on whether to ratify the deal. let's look at price action. up 1.4% in milan today. >> all week we have been talking about the sharing economy and airbnb has been rapidly expanding across the globe but what are experts saying about it's investor appeal? nancy takes a closer look. >> you no longer have to be a

tech salve vvy traveller to recognize this logo. they help them find accommodations in 1.5 million listings around the world. the site speaks volumes but is the case as compelling for investors? the latest funding round gives airbnb a estimated valuation of $25.5 billion. it's tight lipped about revenues and costs though insiders suggest they're far from a profit. >> it is this peer to peer platform which is driving the economics of the sector. whether or not it ever goes public at that valuation, whether or not it would stay at that valuation in the public markets is a completely indifferent issue. >> one of the risks threatening to bring down that valuation is the rapidly changing regulatory

environment. but some policy experts suggest that threat could be overdone at this stage. >> i think airbnb's business model is likely to be resilient. the reason i say that is already they're working with local cities and countries to make sure that they are in compliance with local laws. >> but i think the business model and demand is so that they can continue to scale. >> management could confront an even bigger challenge from the changing competitive landscape. >> they're completely discounting those -- it's more than just hotel chains. there's a whole series of traditional businesses. they're assuming that in no way, shape or form did they figure out how to compete in a market of exponential growth which is with network effects. they're completely discounting that the empire strikes back.

>> airbnb continues it's theme of sharing. this time with china as it looks to get a piece of its growth story but will it pay off? head to cnbc.com to find out. >> still to come, we'll take a look at one luxury company intruding on airbnb's market share. that's coming up in a couple of minutes after the shortstop break.

. welcome back. let's have a look at the biggest individual movers in europe today and kicking off with prada which is close of 10% after the net income came in higher than expectations. this despite a 23% drop in first half net profit as the luxury group contend with the slow down in asia, particularly the earnings also giving a boost to other luxury stocks like lvmh up 3.4%. burberry up 2.5. dior up as well. >> meanwhile, swiss conglomerant richemont is up thanks to strong growth in europe and japan that

offset weakness in asia pacific markets, the middle east, and americas. also lifting swatch by virtue of strong performance. that's up 3% itself and sticking in the retail space zara owner inditex rose 26%. up 2.78%. all in all a wonderful day for retail here in europe. susan. >> well, as you mentioned, latest retailer results indicating the recent volatility that impacted even the most resilient chinese shopper. courtney reagan takes a look at how the turmoil effected consumer depending dynamics. >> global retailers, particularly high end brands and fashion houses have long kounlted on tkounlcounted on the chinese consumer for growth.

while most are counting on china recent economic slow downs and market volatility caused some concern for retail executives. the bad news is retailers results seem to reveal chinese shoppers are scaling back shopping in certain areas of chi china. good news is they're still buying while traveling outside of the country. a 23% drop with revenue down in constant exchange rates in china. hong kong failed to show any signs of recovery. however, prada's european revenue grew 5% thanks to sales in tourists. gucci also notes continued weakness in hong kong with mainland china conditions remaining unsteady. but strong growth from chinese tourists. it too saw weakness in hong kong

stores which began actually in the second half of last year but the high end jeweler also says a number of chinese tourists shifted their traveling and shopping to other world markets. just on friday, the ceo told me that his sales in china are okay but chinese shoppers in milan, paris, and tokyo are buying so he considers his chinese business strong. >> staying with the high end stuff they're bringing a new angle to luxury travel offering high end home sharing at 5 star prices and as part of the package the company offers a greeting service to welcome the guest to their temporary residences and housekeepers keep things spike and span. joining us the innovator of this idea. it's with us around a london desk.

so this idea came in 2009 when greg was walking home in london looking at these empty apartments and saying someone should be enjoying this luxury. >> exactly. when you walk around london you see there's a lot of people in london that travel a lot and it's a shame that these apartments are staying empty but what would bring the owner of a nice apartment in london to want to have paying gas at home. the only way to do that is provide them a full service accommodation. they need anything and basically we make it a full service offering. >> there's already a sight that does that with much more selection and they also have high end stuff too. >> i'm not sure it's about price point or high end. it's more about service as opposed to being a marketplace. you have a place for ebay where you put people in touch and they do business with each other and you have a place for macy's and

sacks 5th avenue. >> so you're going after people at a would typically stay in hotels as well simply because you're adding this level of service. are you managing to get success in that area? i would think that a hotel offers a different sort of service and different level of service than you're able to do because of lack of immediate in what you can offer. >> we do have the same guests but we don't have the same trips. a business person might be traveling to a hotel for a business trip and coming back to stay with us to the family when they need to go see museums. so it's not the same case. >> you're for holiday makers rather than business travellers? >> yes, we're build on leisure. >> i'm not sold that you're any different from airbnb. i can go online and pick a

thousand dollars a room night as well. what makes your services and stuff different. what are you offer me? >> the best thing is for you to stay with us. we're not inventing anything new. we're coming back to the idea of hospitality. you like to have a friend in town taking care of you. if you want advice or want anything you can call us around the clock. if anything is needed in the home we stand behind our brand and we don't tell you to deal with the owner. you never talk to the owner. >> i got it. so some of the offerings you have there is, what, an apartment that goes for $1,000 a night in brooklyn. >> yes. >> how big is this apartment. >> new york is pretty expensive but the bigger apartments we have tend to accommodate larger families and we try to give them an experience where you wake up and you can have breakfast with the kids around the kitchen table instead of going down to the room where everybody is reading the financial times because you're in a business hotel.

>> amenities, services and larger spaces and luxury apartments, that's what you're offering basically. >> exactly. >> thank you so much. good talking to you today. one fine stay. >> thanks for having me. >> let's talk about facebook. we're going to be talking about this all program long because they are giving the thumbs up to a dislike button. at a town hall meeting on tuesday, mark zuckerberg saying the company is working on such a feature now though he wouldn't say whether it would be called a dislike button and when it will be rolled out. so he says in response to user demand but he did resist this idea for many, many years because he wants to avoid the reddit style system of up or down voting online. they want to express their empathy beyond just liking a post. >> it's more than that. it's not just about empathy for posts.

>> freedom of speech. >> how often are people like another picture of someone's pet cat or something like that and you want to be like boring, no? >> you want a boring button? >> yeah. for that sort of thing when you want to be critical. >> people should have freedom of expression. they don't have to like everything. >> exactly. >> we welcome it and we decided to be open as well. >> transparent. >> and share a couple of pictures that you may well dislike if you'd had the opportunity if you had followed us on facebook or instagram and here's a selection. so we want you to get involved. would you welcome the dislike button and which of those two photos do you dislike the most? we'll be back to discuss this and much more on worldwide exchange after this short break.

good wednesday morning and welcome to worldwide exchange. >> here are your headlines. >> i'm wilfred frost. here are your headlines from around the world. >> u.s. two year treasury yields are spiking as the fomc kicks off. telling cnbc exclusively that it's time for lift off. >> the underlying economic data in the u.s. warrant a rate hike. the u.s. city can stand it. >> up to 30,000 jobs set to go at