a very warm welcome to you. this is "worldwide exchange." >> these are your headlines from around the world today. zurich insurance abandons a 5.6 pound bid to rsa. vw investors are looking at red. the german investor halts the sales of certain cars as there's an investigation into whether

they cheated. no longer hackable. apple has been hacked in china. >> the gamble pays off. alexis tsipras emerges as the winner. he got 35% of the vote. also coming up on "worldwide exchange", voted for a hike. james bullard says the time is right to raise rates. catch him on "squawk box." the focus is on go pro. find out why barons says they could lose 1/3 of their value. "game of thrones" wins at the emmys. they win the most awards in a single year.

and jon hamm finally gets his best actor emmy. there you go. let's get to the markets first off. we have rsa shedding 1/5 of its value on the market today with zurich insurance in the red. this is after they drop 5.6 billion pound bid for the u.k. insurance rival. zurich says it's no longer in a position to follow through. they lost 2.5. it's interesting after they made the 5.6 pound bid. after the explosion in china, also losses in the third quarter from automobile insurance and the like in the u.s., they said, we've got to walk away from

this. it doesn't seem financially viable for us. >> that's been dragging on all summer. those losses are what's weighing on the stock this morning. in fact, a lot of people are concerned the deal is hugely overpriced. there's better use of that cash. there's a sentiment from the deal being left from the zurich perspective. rsa is up some 20% because it would have been beneficial for their share prices. the bernstein analyst that was on "squawk box" before us saying that he, in fact, would have thought share prices would have been up more than they are, up 2%. he was expecting 4 to 5%. the fact that there's going to be 3 billion in cash rurnds to shareholders might be keeping the share price only off 2%. >> 21% down for rsa insurance. it makes you wonder about the insurance business right now. margins are slim. people are looking for growth. revenue is hard to come by.

how do you do that? you buy companies. >> we've got an analyst coming up at 9:35, half an hour's time, to discuss that. the what a lack of a fed rate hike means as a whole. the u.s. environmental protection agency is accusing volkswagen of half a million devices to cheat emissions tests. they issued an apology on sunday saying they've called for an external investigation into the matter. v.w. will halt affected sales. the research team published a note saying this is not a usual recall issue and could impact earnings by up to 35 euros per share. let's have a look at price action. off 17%. we did open around about 10% down. we've continued to lose ground as you can see throughout the trading session. this is, susan, quite an interesting issue because the note, the bernstein note we just

referenced points out that when you do have issues with safety, with recalls, usually it can be pointed to an accident. we didn't mean to do it yet. this looks very, very calculated on the part of volkswagen. that's why shares are so negative this morning. >> cheating on these tests. in fact, what i found interesting is the software was able to detect when the car was being tested and then when they actually went on the road they actually emitted 40 times the emissions they produced this those test runs, right? what are they looking at, $18 billion possibly if you go by per car charge? i think i would pay a little bit res than that, i think. >> exactly. terrible, terrible issue. for their brand image, for how regulators will treat them going forward. you know, if you think about the pr disaster that toyota's endless recalls have been in the u.s., this is going to be clearly much worse because it

looks much more calculated. i think they have a big issue on their hands. >> this comes off takata, the airbag with the largest global recall in automotive history, it makes you wonder about the standards of testing and just safety right now for a lot of these vehicles on the road. i should also point out that kia and hyundai recently also had to settle a $300 million settlement because apparently their emissions tests also overstated the fuel economy of their cars as well. in this case, luckily it's not a safety concern per se. is that fair to say? >> yeah. >> because at takata there were some deaths unfortunately associated with the airbags. >> right. which is clearly taking things to a different level. no deaths here, this is emissions, but still, looks very calculated on that part. big movers. volkswagen, rsa, zurich as we've already discussed. let's look at equities overall in europe today. the reaction post that fed

meeting has been negative. friday we saw a big selloff in european equities although we did in fact end the week flat last week in europe and today we started negative. just recovered a bit of that ground, a mixture of green and red. the gains only around 10 or 20 basis points depending what we're looking at. athens off .4%. that reaction much more muted than perhaps it could have been had we had a closer result to this election over the weekend. >> yeah. so some relief for those looking at greece with greece's leftist party. alexis tsipras is now said to form a coalition government. let's get out to athens. jillian. >> reporter: coalition government already formed. it's exactly the same as the

government we faced seven months ago when we had elections back in january. the independent greece and the ser lisa party back again. a tougher third bailout deal. they slipped by seven seats. better to have a leks sis tsipras. i was on the streets to get a feel for what people think. >> half the faces. >> do you trust alexis tsipras to do that? >> yes. i vote for that and i trust personal limb and then his party. >> reporter: why, because he signed the fed bailout deal, didn't he let you down? >> yes, but he tried. the other parties, i think they

wouldn't try at all. and say yes to everything. at least he tries and he has greek people with his side. >> reporter: what do you want to see in greece now going forward from this government and do you trust alexis tsipras? >> i'm not expecting too many things anymore because we saw seven months nothing happened. so i don't -- i don't expect something great, something good. >> reporter: do you think it will get worse? >> worse, no, but the same. it feels exactly the same government. mr. tsipras. i like them. i don't like the other men. this government doesn't work. >> reporter: do you trust alexis tsipras to do a better job the second time around? >> even if i did, i wouldn't

trust the -- his co-workers. for the past six months people can see and understand we're dealing with a small liar. >> reporter: the newspaper pointing out that the new government will be sworn in tomorrow. that's record timing. if you look just below the headlines, they're all saying now the government has 95 days to enact 56% of the reforms attached to this three-year bailout program. the creditors. they front loaded this bailout. all the sticky issues that we struggled with just a few months ago are going to come up in the next few months. the benefit is if they can agree to reforms, it will unlock qe, the debt negotiation, something that the tsipras government in the past has really tried to

push for. so this could be a very, very positive course. of course, emphasis on the could be. we have to wait and see how these negotiations go and whether or not this government can pass all of the measures that are required. guys, back to you. >> julia, thanks very much for that. a quick question. clearly the results much better than expected for tsipras. nonetheless, he still requires a coalition. he's opted with the far right party with independent greeks. mr. schultz, the head of the european commission earlier saying this story the head of european parliament, that he was did ace pointed with the choice to go with the same coalition partner. the outlook could have been worse on the coalition front, couldn't it? >> it depends. the new democracy that they ruled out pretty stringently or the centrist party.

they thought they would pull the party to the center and that would be a positive benefit. the likes of barclays are pointing out this is actually better. this is broader coalitions, coalitions of more than two people are just not that stable. at least with these two perhaps they can go forward. you know, i think the point, the leader of the independent greeks said last night in the victory speeches that this government now is going to throwout bailout deals. we're hoping this is a slip of the tung. quite frankly, we have to watch the space and see what they're quite possible of. syriza may have thrown out that faction. there's 53 mps that are saying they're not going to vote for certain things. he knows that he's got one heck of a struggle ahead, whether it's outside issues with the creditors or still with factions within his own party. it's a tough one. >> julia, thank you so much for that. let's talk about fed policy and in san francisco fed

president john williams saying the timing of a rate hike really depends on the fed's better understanding of the global economy and its influence on the u.s. speaking on saturday williams says he still sees a rate hike sometime this year, although he declined to say whether it was going to come in october or december. which one would be more appropriate? he refused to answer that question. meanwhile, we heard from the u.s. fed president, james bullard, he's concerned the u.s. paid too much attention to the market volatility. he'll be on "squawk box" for a full hour starting at 1300 c.e.t. >> i don't know if we're being too harsh. china plucked an issue out of the air. they allowed janet yellen to be positiontive and not hike and blame it on china and any old excuse not to hike. >> they're going to hike at some

point during the year. 64% in december. and as you mentioned in the press conference, it's not about when, it's about the trajectory and the speed of the increases. so, you know, i guess the market wanted to hear an all systems go rhetoric but in some ways she's standing pretty cautious on the global economy. >> globally. it's clearly a negative reaction in terms of risk/asset and yet we didn't get the hype. markets listening to her caution towards the global economy than the fact that we didn't get global tightening. >> it was quadruple. there was a lot of factors at play. futures contract expiring. people rotating options and the second highest volume day of the year. yeah, there was a bit of disappointment from the federal reserve. let's talk about apple because this is a stock we'll be watching when wall street kicks off. apple is owning up to a rare,

unusual cyber attack on its app store forcing it to pull some of the most widely used mobile apps in china. now these include ten cent mobile chat service wii chat which dominates in the market of china. ride service d.d.quide. apple confirming several infected apps. excode is what did it. apple isn't commenting on how it got through the screening. apple shares, not seeing much reaction. this news comes just in time as chinese president xi jinping is about to make a state visit to the u.s. of course, as apple suffers its first major hack attack, will investors and consumers turn sour on the tech giant? that's the question we're asking you today. do get in touch with us.

e-mail us. worldwide @cnbc. our personal handles on the screen. from a personal view as a consumer, our pcs we've had to face having antivirus software on them. i personally have thought of smart phones liable for that type of everyday general attack. disappointing. >> the malware attack comes from a seepage into the coding which is very rare and highly sophisticated. wii chat dominates china whether it's finance, whether it's communications, all of it. if you're attacking 500 million users you're bringing down this app, what does it say about the sophistication of it? who is it targeting? >> i couldn't agree more. if this was like uber, everyone uses those apps. it would be a total shock. i agree, this is a worrying

thing on the consumer point of view and apple will be a stock there. >> we're calling it the x code ghost, the program. meantime, speaking of china. china and the u.k. have agreed to expend and expand the pound swap line. george osborne says he wants to help beijing internationalize the currency. let's check in on markets on agents. >> we're joined from singapore. sri. >> hi, susan. emerging assets haven't lost very long. we're back through the global growth concerns, read china, slower growth. with the exception of main land china, we're down by 3% if you look at all of the equities as a guide. a real cyclical end to the market. they're getting clobbered today for bringing down the benchmark

5,000. could crack that if it continues tomorrow. now one of the reasons why shanghai composite was up was only one of the own outperformers. they have a small cap and also on very thin volumes. as a caveat there. i think china will be the theme and the main narrative for equities in this part of the world. we get pmi numbers, manufacturing numbers on wednesday. that will be a big test of send imt in the chinese markets and broadly globally as well. that's where we stand. back to you. >> sri, thank you so much. for that, still to come on "worldwide exchange", it's being called the biggest upset in the history of the rugby world cup. we've got all the pictures from japan's thrilling victory right after the short break. female announcer: sleep train's best rest event

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france is talking about potential trade deals with iran. this as the government leads a delegation of more than 100 french firms to tehran. stefan is in paris and nbc's ali rootsie is in paris. let's if to ali first.

>> reporter: that's right. they sent a delegation that includes most of the cac companies including oil giant total, plane maker airbus and car maker peugeot. other enterprises include wide ranging enterprises such as agriculture, finance, luxury goods, pharmaceutical, transport. they've been accompanied by the french trade and agricultural ministers here. france is trying to claw back the lucrative share of the iranian markets. it fell to 62 million euros in 2013, from 1.7 billion in 2011 and france's reputation in iran has been heavily criticized because of the tough stance it took during the nuclear negotiations. peugot has taken a hard hit. used to be the leading car maker in iran. a bruptdly pulled o l-- abruptl.

they're trying to make lucrative deals and not let others creep back into the market. >> will fred? >> ali, thanks very much. stepan, give us a french perspective? >> well, you'll see it's not going to be a walk in the park and everyone in france is aware of the situation. france would like to regain its share in the market. because of the french position during the negotiation it may be difficult for some french companies. that being said, plenty of them are in a good position. peugeot, it used to be the largest car maker in iran with 450,000 vehicles sold in 2004 in iran. it hopes to resume its business there. it was in talks with its former partners in the country. same with propel. it never cut bridges with iran. because of that special relationship it hopes to get a

part of the piece of the iranian market. back to you. >> stefan, thank you very much. if you noticed london is a bit busier this week, that's because the fashion week has kicked off. they gratesed the front row of top shops london fashion week show this weekend. tanya briar was there. >> london fashion was there. you saw some of the top shop. the only high street brand to show during london fashion week. i caught up with sir phillip to ask him how the markets are going in asia for him. >> in the shop wise, we've got work to do. we're learning what they want in atlanta. they don't want in l.a. so we've got to learn about the different cities.

we're just going carefully. nordstrom is in touch with our business, on fire. their customer understands that we understand their business. for example, here, we saw this product, this product will go to nordstrom where historically it didn't. there's been a conversion. their customer, mother/daughter. if you went out shopping with your daughter who's close to you. we're now over that barrier. we've been growing very, very well. big double figure growth. >> what about i shall a sharks phillip. are you worried by the downturn in china? >> we are not -- we are not really exposed. we've got no -- we've got hong kong which is tough due to the issues going on locally. we've got no shops in china. we opened two weeks ago, three weeks ago in lafayette, china. outside of that, it's all online. it's growing. we're sort of being careful. we're not going to do crazy

things. we're just about in germany to start there where our competitors have hundreds of shops. there's a lot more to do closer to home is where we are really. >> well, we heard him talk about the u.s. first. i was there when he opened a fifth avenue shop last november. a top shop right in the heart of new york. obviously that's going to be a big market, big watch for him. he's of course famously sold bhs earlier on this year for one pound. >> tonya, another pressure situation this week? >> yeah, i'm off to see burberry. >> i'm sure she'll pick something nice and he will, too. let's talk about the emmy awards. it was a big night for hbo. the network picking up top

honors for "game of thrones" as best drama and peter ziglich. julia louise dreyfuss winning. in its final go around, don draper, finally, finally, finally jon hamm won best actor while viola davis became the first african-american woman to win the best actress in a drama with "how to get away with murder." i'm so excited for jon hamm and john draper. more to come on that front and the market front here on "worldwide exchange." in particular, we'll be talking about apple. it had a hack attack over the weekend. more details coming up on "worldwide exchange." oh, look. we have a bunch of...

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volkswagen investors see red. the german car maker halts u.s. sales of certain diesel cars as an investigation is launched into whether it cheated on emissions tests. zurich insurance abandons a 5.6 billion pound bid. apple admits to a rare attack on some of its most popular apps in china as xi xing pink is meeting president obama.

alexis tsipras is securing 35% of the vote. after a dismal week last week with the dax in bear market territory, we have never seen the dax in a bear market territory, we had a bit of a recovery. german dax falls. we're lower by 3/4. in france down by .3. let's check in on the euro stocks. ftse had its worst session on friday in two weeks time seeing a little bit of recovery. up by a near .10 of 1%. >> what did we see post the fed meeting. a little bit of yield compression in the u.s., 2.15%.

does the decision not to hike mean the strong u.s. dollar story continue? it has been pretty soft since august. today not much movement. let's get to that too close to call vote in greece. after all, it wasn't too close. greece left its party syriza to secure a victory by alexis tsipras. let's get out to athens. julia has been busy all weekend long. julia. >> reporter: susan, as you quite rightly pointed out in the polls, the polls underestimating alexis tsipras yet again. he's expected to be sworn in with a coalition government including with the independent

greeks tomorrow. the question is, what did the business sector and the economy mean. thank you so much for joining us. >> thank you. >> as i just mentioned there, a lot of damage brought upon you in the last seven months. it will be the same government. how concerned are you as a representative of the business community. >> the last 16 months greece is in a pro election mode. this election mode damages the economy so it's time for the new government to implement. >> reporter: key word is implement. even if you believe the proportion of the opposition parties that will help the measures over the next month pass, implementation is always a problem and you're smiling. you agree with me? >> yes. i agree with you but i have --

have put-back all this anti-mou, pro-mou support and clearly 80% of the world say that they love, it's the only way for greece to prosper. i hope that now the program is going to be implemented. >> it holds alexis tsipras to account. the problem is just shy of 50% of the population didn't vote because they're tired. they're sick of this. they're weary as you quite rightly point out. >> this is a big issue but let us forget about it because several regions happen. sometimes there are financial issues. to this extent i do support 80% of the election. they are looking pro european. >> i want to ask you about

businesses in particular as well. i've had a number of conversations with representative businesses here that they're going to move their headquarters. they're trying to get out of greece. what's your sense of that? how resilient have businesses been? >> we have businesses here, our families here, our roots here. moving our businesses are not the first thought of the greek businessman. there are some parts of the economy that they can much more attractive places to move out. i don't believe there will be a serious moving out of the country unless something serious happens. >> very quickly, are you in favor of people paying more taxes? >> i'm in favor to a fair society where everybody can pay their taxes.

to this extent, our federation is very much supporting the combat of tax evasion and corruption. we can do it by digitizing the economy. >> a lot of focus on that from alexis tsipras. the hope is that he does that. guys, back to you. okay. let's get the very latest on the migrant crisis 267891,000 people crossed the border into austria over the weekend with the government warning that it would send migrants back to slovenia and crowation yeah. there's a riff between european states intense si fieg. yesterday 13 people died off the coast of turkey as they attempted to reach greece. u.s. secretary of state john kerry also weighed into the migrant crisis announcing the u. states would significantly increase the amount of

immigrants it takes over the next two years to 180,000. >> while in london, john terker criticized the buildup of russia's military arsenal in the country. >> clearly the presence of aircraft with air-to-air combat capabilities and air-to-surface missiles raised questions which is precisely why secretary carter talked to them yesterday and that is precisely why we are engaged in answering the questions and deconflicting the russian activities. >> let's switch focus. rsa has shed 1/5 of its value on the stock market this morning. zurich insurance in the red down

1.5% compared to some of its earlier losses. this comes after the swiss insurer dropped its 5.6 billion pound bid for its u.k. rifle. zurich says it's not in a position to complete the sale. it's expecting losses of $2.57 billion. we're joined now by marcus ravalli, executive director. good morning to you. >> good morning. >> thanks for joining us. let's look at the zurich side of the market. it's off a couple of percent. >> yeah. >> perhaps could it have been off more? there's negativity in the statement. >> the statement breaks down to number sections. the numbers you just mentioned are expected. that's what insurance companies are there to do. it's clearly a very significant issue in stocks. i think when you look further down the statement, that's when

investors get a bit more notice. if you look at the comments around continuing higher than expected large losses, i think zurich insurance business again has been a problem both in q 1 and q 2 this year. they're going to continue into q 3. they're a bit nervous about that. secondly, also the reserve issues, 3.1 billion. they're adequately reserving the losses. we've got the ongoing strategic review, the general insurance business. there's uncertainty about what that will lead to. >> when this bid was launched some people thought that zurich was already overpaying for rsa, 5.6 billion pounds. in this type of environment, you know, they thought that was too much. >> they had a pretty bad price actually. when you look back at the rsa situation in a minute, i think there's substantial overlap.

in the u.k. how rsa pays through reinsurances, i think that's potentially available there. i think that deal actually made sense from a zurich perspective. you know, i think it was fair. >> by walking away from the deal does that just reunderline one of the attractions for zurich which is a very strong balance sheet that's even stronger with apple. >> i think the key is investors are still attracted very much to the zurich dividend. there's no expectation today that zurich will be looking to cut that dividend. it's got 6.5% yield. it has a strong balance sheet. you have cash in the holding company to pay that dividend. i think that will continue to underpin the stock. >> rsa of course down 20%. are people worried that during the due diligence they didn't

like it or is that not an issue? >> i think that's a bit of an over reaction this morning. i think it's comforting to come out of zurich or rsa. that's very comforting to hear. something rsa will remain a bid target. who else can find the synergies that zurich were able to find. there's a similar price target. >> a low rate environment, i'm wondering about interest rates. insurers you have to pay out long term payments, up front premiums, is it a concern that we're in such a low rate environment still with more stimulus expected from the global economy? >> absolutely. that is a major concern. something, too, a new regulated environment in europe. that is very sensitive to

interest rates. it captures economic risks insurance companies are running. it's dated with high investment guarantees. it's really crystallizing those risks. yeah, absolutely that is a top area of concern. >> which stocks should we buy this morning? >> personally i'll be buying rsa. >> marcus, the executive director of credit and equity analytics. let's check in on apple because apple will be a top story today when u.s. markets open up. apple is owning up to a rare and unusual cyber attack. it's pulling some of its most widely used apps. ride sharing service, apple confirming reports by several cyber security firms on sunday and it says infected apps are created by developers who use a fake version of its software

version. it's not sure how the infected apps got through the stringent screening. >> the breach at apple comes as the u.s. and china have been engaged in talks on the cyber security deal. "the new york times" says it could be announced when xi jinping arrives in the u.s. on thursday. this will likely fall short on espionage and technology. let's bring the discussion back to apple again. we've been asking you so far today as apple has suffered its first hack attack. will investors and consumers turn sour on the tech giant? get in touch with us. interesting on this. i wonder whether the bigger issue for consumers or investors?

>> wii chat, has 500 million users, the ride share has 5 million. i'm concerned because they hacked these actual apps. it was more the coding software. somehow they seeped in this software that can detect passwords in the future, that can, you know, trace your cameras. i think it's a pretty scary event. >> i couldn't agree more. in the short term more so on the consumer side than the investor side. nonetheless, despite the share price it's one to watch at the open. >> i should point out that ten cent has now said that they have made a completely secure version of wii chat available on the app store. so they've already fixed that issue which is a big deal since not only did people use wii chat but they used it for finance shifting and a lot of other stuff. news, facebook, et cetera.

let's talk about amazon because we're still on this tech theme. amazon's web services which provides large computing capacity to companies in the cloud suffered a major outage in north america on sunday. it took out several well known websites for hours, netflix, red it, tinder. amazon instant video. amazon said the problem was likely data issues at the oldest cloud facility in virginia. amazon is seeing gains up to close to 4%. let's talk go pro which could be a stock to watch today. ba barron's is negative. they say go pro shares could fall another 30% to $35. the market you're watching.

my greatest with the go pro. more of that to come much later in the show. this is a really interesting one. it was such a darling of the market initially. it has seemed to struggle to diversify away from that product. >> one trick pony. everyone is making this wearable camera. they're making a go pro camera and selling it for cheaper. >> i haven't had a reason to buy a go pro. >> really? >> rather boring video. sad thing, i have a diesel powered gulf which is perhaps polluting more than i ever expected. i do think that they are incredibly expensive for what they are. >> yeah, they're $200. top of the line rate. yeah because the shaw me made go pro camera is $60. which is quite a discount than

the actual go pro itself. >> one to watch after barron's has been negative. the first weekend of the rugby world cup is behind us. we've already seen the biggest upset in the history of the event. japan stunned perennial powerhouse south africa, 34-32. that was an epic match. trying in extra time to secure the country's ever world cup victory. south african coach called his team's performance unacceptable. saying, i have to apologize to the nation. what a shock that was. meanwhile, the champions new zealand, your pick? >> i think so. yeah. >> well, they did win their first game but having to fight back from a halftime deficit to defeat argentina, 26-16. they trailed 16-12 until aaron smith scored new zealand's first

trium triumph. now i have to say, england, we did win our opening. >> england. >> disappointing. we were pretty weak i thought. >> you thought? >> you were there for the opening match, right? >> no, no, i didn't go to it. i watched a little bit. yes, we were a little disappointed but we won so at least we got things off. >> i'm so happy for japan. japan's team represents all of asia and the fact that they beat one of the powerhouses of rugby says something to me. >> absolutely incredible, incredible result out of japan. hopefully that boosts the interest in japan to watch a bit more of the tournament. these guys deserve the credit. >> it's a smart choice? >> it's a smart choice. >> we have to learn it. >> a few weeks. >> we'll see if we can do that. still to come on the program, we're going to have a tailgate party of sorts y. not? hot off the grill.

the man behind london's smoke house 160 is coming our way right here in our london studio. he's lighting up the studio with some of his sizzling creations. we'll get a taste after the break. it's more than the cloud. it's multi-layered security and flexibility. with centurylink you get advanced technology solutions. including cloud and hosting services - all from a trusted it partner. centurylink. your link to what's next. hey! hi! our cloud - it's a platform based on awesome-ization! really? can it keep our data where it needs to be no matter what country we're in? integrate with our systems to help keep transactions secure? combine customer data with likes, tweets, the weather, to predict trends? that would be awesome. tote? now there's a cloud that understands business. now there's the ibm cloud.

okay. so we're just coming up to 10:00 a.m. maybe the end of breakfast time, but i'm still a bit hungry. are you, will? >> absolutely. it's basically lunchtime i think here. >> let's talk about food and high end food with a man that operates restaurants here in london and now a new smoke house in london. david moore, good to see you. since we are in the midst of nfl season, we're talking about rugby, right. we have this thing in north america called tailgate parties. would i be finding something as high end as this at tailgate parties? >> i'm not sure. this is really simple food and if you know your smoke being technique, your barbecue technique, you could be doing this at home. >> simple to cook but it's still high end for the target market. >> absolutely. >> what was your spread of customers? mainly english people? supported by foreign markets.

>> my markets are a global clientele. the 160 brand which i'm showing. we're open in west ham stead. we're a solid 100% local residence, local workers. great quality because you want them to come back. >> so you've been very much a signature part of the london restaurant market for some time. >> 25 years. >> 25 years. tell me about the correlation for that part of the market with what the general economy is like. did you see a big turn down in '08, '09? what's it like now? >> when we had the crunch there was a bit of a stutter. the hospitality industry has pushed on through the recession and the hospitality industry is responsible for the u.k. coming out of recession. we never really faultered. they love eating out. it's no longer a luxury. it's a necessarytive. >> the turnover of 5 million

pounds per year. does that differentiate from year to year? >> it bounces up and down. >> i guess it depends on each environment. >> i've gotten you two signature dishes from 160 -- >> i'm going to start cutting into one. you just need a fork on that meat it's so tender. >> okay. >> 160 is the temperature that the meat breaks down. it's the temperature that the collagen breaks down at. the rib here takes eight hours to cook.

>> you must have gotten up early. >> i had a bit of a sweat on early. >> that is fantastic. you managed to bring it to the studio. what do you think of apps like deliver roo. is it a threat to your market or not? >> i don't think. you can take it on board and work with it. doing delivery stuff can be tricky. certainly you can get deliveries of 160. we have done it at both restaurants. >> i'm trying to elegantly cut this up. will you do it for me? do you just -- >> that's -- that is very aggressive. is this british style though? >> david, we're going to have to say thank you. as i say thank you.

david moore, restauranteur. air bnb is often seen as a business targeting vacation travelers. the co-founder of bnb is able to do so well because it offers customers numerous choices. >> there's a lot of chinese who are -- it's a younger generation who are not going as part of a tour group but are booking independently. they speak english and they want to experience the world. many are leaving for the first time. i actually hosted with you women in my house. >> from china? >> from china. they found me. i have to admire the courage of these two women who were leaving a country for the first time and experiencing something very different. >> often when we talk about disrupters in business we cite air bnb, uber. now i was speaking with the ceo of a hotel chain earlier this week.

i asked him the impact of air bnb on his business. he said, no impact. there have always been vacation homes for rental. it's not impacting our business. first of all, what's your reaction to that? do you believe it? secondly, what would you say to someone in the hotel industry who says air bnb is not really a player within the industry? >> the first point i certainly agree with. when we talk about disrupters it often sounds like substitution. by disruption i think people mean innovation. what we're doing is offering consumers more choices, different choices, something that we've come to offer is clearly resonating, that's why we're seeing all the growth. specifically i think that's the ability to have more local experiences, more personal hosz pi talt at this. that's something people want. so i think the hotel ier is quite right. they're having record occupancy rates for the hotels. hotels continue to grow and do

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good monday morning. welcome to "worldwide exchange." i'm susan