a very warm welcome. here are your headlines from around the world today. >> a record 6 billion euro loss at deutsche bank. they take a massive write down and may strike it's dividend. >> strike averted. fiat chrysler reaches a deal to avoid a stoppage sending it's shares highest. >> they miss profit forecasts on

losses. >> hillary clinton takes on president obama saying she does not support his transpacific trade pact as she outlines her plan to take on wall street if she becomes a democratic candidate. the story of the day. let's check in on european lenders and they paired back their losses at the start of the session. this is because germany's largest bank stunned investors by announcing a record 6 billion euro loss and in an exercise in what they're calling kitchen sinking we have him outlining a slew of charges and write downs that may cost the company it's

dividend for this year. total charges could top 6.2 billion euros and this goes back to a lot of missteps when it comes to corporate banking. >> right. most comes from a 5.8 billion euro investment charge on the investment banking side and private client business as well. bank also set aside more funds for legal provisions and a write down on china's bank. those factors all coming together to surprise the market and carolyn has more on that. >> an interesting share price reaction this morning. currently shares are up by 1.7% gaining more strength throughout the morning trading session. first thing this morning they were down by as much as 3%. why are we seeing this turn around? a couple of things. first of all, we saw the shock this morning.

we knew that a write down of some sort was coming at some point. we didn't know it was going to come today. we didn't know it was going to be that big of a write down and that's what many analysts are saying. this is definitely a negative surprise. also the fact that the dividend might be scrapped for 2015. currently what we're expecting is a 75 cents per share dividend for 2015 but this may be scrapped to preserve capital. here's why the shares might be rallying now. why that dividend cut it is more likely that deutsche bank may not be able to raise capital. do a capital hike because after all of these exercises of writing down some of the assets they will still have a capital ratio. that's not too bad. it's not great either. they would still be lagging other competitors but it may not be the end of the world. so with this dividend cut they might be saving around 1 billion euros so that might be the

silver lining here. >> i think as we were looking at seeing shares up almost 2% overnight when we had it called down by almost as much as 10%, clearly there was a big overreaction although markets hadn't opened yet but there's also a big aspect, susan you said it, but the term kitchen sinking. let's flush out all the bad news so that i can build on something that's able to grow rather than constantly having to revise forecasts. >> but isn't it a tough banking environment as well? when you're facing tough regulatory environments you have a crimp on earnings and notably the business is not performing like it used to. >> but that's not news. we've known this. they have all been in this environment including the uk banks and they took the necessary steps years ago. at ubs -- >> like, for instance, in the u.s., jp morgan having to set

aside legal charges. >> that was two or three years ago. ubs did this overall three years ago. credit suisse was a little bit behind the curve but they're going to unveil a big strategy at the end of october. litigation is a big problem. we don't know what's going to be hitting the banks next but they are a little bit behind the curve when it comes to turning around their business but back to the point wilf that you made before, credit suisse put this in the note this morning. they say it could be interpreted as a sign of management willingness to move on with the proposal and be more forth right about future management actions. that's a positive too. >> i'll bring in one other point made by jp morgan's bank analyst that comes on the show a fair amount. he's saying the underlying performance, if you take away the write downs the underlying performance is probably better

than expected. he says this write down is the first brush stroke of john cryan's strategy which is to focus on capital build and a clean up of the balance sheet and that's one move toward doing that. we're now up over 3%. >> i'm wondering why they haven't sold their stake yet? a lot of people expected that to be disposed of earlier and they haven't made an announcement of when that's going to happen either. >> no, we just saw this write down. they can't be in all the markets all the time and can't be everything to everyone. they're going to have to pair back in the businesses where they're not profitable or it doesn't make sense having a big presence. we also saw an announcement about scaling back their operations in russia. >> carolyn, thank you for that. good stuff. the latest on deutsche bank. check in on the markets for us. >> let's point out what the rest of the european markets are doing. they're just above flat but the

intraday trade is sort of similar. open down rallied over the next rally which takes us above flat on the stoxx 600. let's have a look at how that evens out. ftse 100 is just below flat. continental europe doing better than the u.k. france up about 0.3% and of course the focus mainly today on minutes from the european central bank and also the triple whammy of press conference interest rate decisions from the bank of england. perhaps that's why they're a little bit uncertain this morning just below flat. let's have a check in on markets in asia. what do we see today? >> josocks and jocks and that's fast retailing because the profits came in below expectations. let me connect the dots to you as to why this has implications

for bank of japan policy. fast retailing gets 80% of its revenue from unique low. 47% of the business is in japan. it gets the rest from emerging markets. this is something of a proxy on the japanese economy and what the forecast tells you is that the japanese consumer is not firing on all four cylinders so that does arguably build the case for more dovishness and perhaps asset expansion of the balance sheet from the boj. october 30th is going to be the critical date here. that is when the boj will review their gdp forecast. they may downgrade them. they may downgrade the inflation number as well and they could very well pull the trigger on more policy support. in the meantime, nikkei 225 snapping a six session winning streak so that momentum stalling. we are down at the close by 1%. the hang seng coming off pretty

lofty levels we saw last week. cashing in the chips. shanghai composite back in action after the hiatus that was golden week and there's still a lot of leverage in the system so that spells more volatility although it's probably unlikely that we'll see the momentum slide that we saw in the third quarter. stable at the close at 5,210. that's where we stand. all eyes on the boj at the end of this month. >> great stuff. thank you very much. all eyes over here on the boe because it is seen as holding rates steady at its policy decision later today. no surprises expected with a repeat of next months 8-1 vote. there's clues as to when the bank will start hiking. there's sterling before the decision today. 12355. it's flat today. joining us is adam cole.

good morning to you. thank you for joining us. now one big data differential between the u.s. and the u.k. over the last six months or so has been wage growth where it has been pretty descent in the u.k. do you think it will continue like that or are there signs that it has started to slip a little bit and thus we're further from a rate hike than perhaps a few months ago? >> no, we don't expect major slippage and i think in the u.k.'s case the chemos that kind of set the tone for the year ahead are the january and april wage rounds. it's unlikely we'll see major slippage in earnings growth from here. so i think that component of the domestic interest rate story in the u.k. is fairly secure and our own view is still that the market is far too senquin. >> why do you think the market has that view? is it because mark carney simply

cannot move before janet yellen even if the data is all there? >> that's one way of looking at it. equally the domestic story in the u.k. hasn't mattered that much over the last 7 or 8 weeks. what we have seen is global markets generally taking interest rate expectations lower in every market and they moved most in those markets where we're furtherest from the zero bound and that includes the u.k. so what i think have happened since the shock to risk appetite in mid august is that the u. k. has been so caught up in global trends that the domestic story hasn't mattered. if we come back to focus on it then the rate story is a positive one for the currency. >> well, everyone is focused on international. you heard from the federal reserve citing china as a main reason for them not to hike in september so i guess the question and the debate is can the boe hike before the fed does? >> i think that's -- i don't think they will. but could they in principle?

i don't see a strong reason why they shouldn't. if they were -- had a major concern that could stop them if the u.k. was first to raise rates and would push the currency a lot stronger. but i think as long as sterling is behaving in an orderly fashion the outright level probably isn't a major concern at the moment. could they in principle? yes they could. will they? probably not because we think the fed will move before the year is out. >> lots of political focus in the u.k. over the recent weeks. what do you make of announcements by the labor party that they considered revising the single mandate that the bank of england has. do you think it's working fine as it is or is that a sensible suggestion? >> relative to the u.k.'s history you have to say that the current regime is serving the u.k. well. so i think markets would worry about a revision to the mandate given the u.k.'s history of

policy errors and the apparent success of the inflation targeting regime we've been in since '97. so i can't see a strong case for tinkering with the mandate as it's serving us reasonably well at the moment. >> cable higher or lower by the end of the year? >> table around where it is. if you want to play the sterling strength story you play on the crosses. stronger view for me would be euro sterling lower. a lot lower from here. >> thank you for joining us. head of currency strategy at rbc. we'll bring you the boe decision and breaking the ecb minutes live. that's on decision time with me at 12:45 cet today. >> great picture. >> great picture. >> it's a terrible picture. we need to update that one. >> let's get the hair going. let's talk about hillary clinton. she has great hair as well but she's trying to run for the white house in 2016 and hillary

unveiling a plan to try to curve what she says are the abuses on wall street and it proposes everything from raising the amount of fines that regulators can impose to requiring executives to bear some of those costs. also the democratic presidential hopeful also says she doesn't support the tpp, the transpacific partnership deal which was reached this week rejecting a centerpiece of president obama's economic agenda, the pivot to asia. during a campaign stop in the state of iowa clinton is concerned that currency manipulation wasn't part of this agreement and drug companies got the better end of this deal than patients did and hillary when she was secretary of state working under her boss, u.s. president obama called the tpp a gold standard when it comes to trade agreements but i guess when you're trying to run for the 2016 white house vote, i guess you have to go with more

with the populous and that's what she is trying to do. >> there's an element of a political u-turn in here in terms of winning votes to try to make sure that they don't have such a stark policy difference to attack her on. on top of that to give her credit this deal has changed and morphed. but there's a political element in there. interesting to touch on the other story as well where there's a political element to this attack on wall street. i wonder whether banker bashing is still order of the day and whether that's going to be as cheer of a vote winner as it was 8 years ago. >> in her case it has to be. people have said she has been too close to wall street. her and her husband bill. and also if you look at bernie sanders catching up in the polls, he is considered very progressive, left winging, socialist from vermont and in the primaries, some say to win the primaries you have to lean left. to win the presidential vote you

have to go back to center. so that's her strategy and tactic. >> it's an interesting thing to watch that. i know the u.s. is a different beast than the u.k. but in the may general election here it didn't workout. the anti-capitalist message. it looked like it was going to be a populous measure but didn't workout well. we'll have to see what happens there. >> wryeah and speaking of labor hasn't that gotten more progressive. >> it has. interesting developments in the political space. now let's just about stick with politics but on a different note, a republican presidential candidate john kasich is taking fire for dismissing a university of richmond student that wanted to ask a question with a taylor swift joke. >> i don't have any tickets for, you know, taylor swift or

anything, or, you know -- go ahead. i know, you were just so excited. >> he went on to answer a question about immigration but the student wrote in the school newspaper, quote, that kasich came to richmond to pander retired republicans. he could gain political points by belittling me and my peers. he came out with that taylor swift line which has not gone down well. >> not if you're trying to get the young vote. he didn't do well in that case. but also you know the lesson we should take away here, you don't diss taylor swift. >> i've always been a supporter of taylor swift. >> i can tell. >> yeah. now on that note we want to hear from you. what celebrity should you absolutely not make fun of when running for public office?

e-mail us worldwide@cnbc.com. >> i was thinking. >> there's an interesting political one though and i wonder how it's going to play out in this presidential run. what about bill clinton. he's still thought of highly in the u.s. >> i think he's fair game though given that he's the husband of a contender. >> but when he comes out and starts campaigning for its wife it's going to be more tricky for them to attack him than hilary, isn't it? >> well, the clintons have a lot of history. >> of course they do. >> it's open season for both of them i do. >> but that's a more difficult person to attack than for example if george bush comes out and starts campaigning for his brother. >> okay. >> very different brother. >> but celebrity. >> well, they're both celebrities. >> you're too serious for this question. >> give me more light hearted ones. >> we'll come back to this question and we want to be hearing from the audience as well. but let's talk about dell, more m&a activity. open season as well. the largest tech deal in

history. how dell can put itself in the history books with a rumored acquisition. >> plus the changing face of oil. we go under the hood to look at a new development in engine technology that will keep you a bit cleaner after your next oil change. >> an icy celebration for vladimir putin. he celebrates his 63rd birthday not with cake or champagne but a game of ice hockey along side veteran players and managed to secure 7 goals. no assists. no help. >> what a surprise. you wouldn't order szechuan without checking the spice level. it really opens the passages. waiter. water. so why would you invest without checking brokercheck? check your broker with brcheck.

. fiat chrysler and the united auto workers union reached a deal averting a strike today. talks went down to the midnight deadline. uaw local leaders will meet in detroit on friday to discuss and vote for the deal. fiat chrysler is up 4% off the back of this news. >> let's get the latest on volkswagen and the u.s. chief of vw is expected to admit that he knew about the company's admission issues as long as maybe 18 months before vw told regulators. let's get the latest from nancy who joins us. and i guess it's part of the

witch hunt. who knew what, when before this was announced. >> that's right and michael horn, the head of the unit in the united states was the most candid saying i'm sorry we screwed up and now we need to restore trust. trust is the keyword but the revelation here with the statements due to be released in congress today when michael gets to capitol hill that they knew about emission problems dating all the way back to 2014 will be a concern and we have to be specific here. what they said was we knew there was a compliance with the problem we mission standards. there was a discrepancy between the laboratory tests and what the cars got on the road. they're not saying they knew about the device. i'm sure they'll say which engineers knew and who knew at the top. for now we heard none of the executives are to blame and it was a small group within the company. another is whether or not false statements were made to the government because we know that

volkswagen for several years had been campaigning to allow diesels to be considered clean and by that they would get clean credits for users to get tax rebate incentives to buy their vehicles. so if they're saying we knew about this and lobbied to have them considered clean they could be in real trouble with the lawmakers. >> what about the tone? what tone are we expecting today? it's going to be pretty heated. >> very heated. especially if there were lawmakers that were part of that lobbying effort. there's a bit of embarrassment there too considering that they felt they were being tricked into thinking these were cleaner than expected. they think they have to answer that customers that say we bought cars much more fuel efficient. whether or not there was cheating or you can prove that there's still a real sense of if you knew that the emissions standards were far off why didn't you tell us. what took you so long to get

that out there. >> stick around. we'll talk more about autos and castrol has a new system for changing the oil in your car. it involves a cartridge. richard was a former head of rnd at ford. >> that's right. >> we would be remiss if we didn't talk to you about the emissions scandal and vw. what does it say to you about the culture of volkswagen. >> it's not really my place but i think it does show the importance of environmental responsibility and getting new technologies out there that deal with the environmental risk and issues that it imposes on the rose and that's exactly what this technology does. >> we'll come on to that in the next question. let's round off volkswagen quickly.

if your experience having been head of rnd at ford would you have known about everything going on in terms of the engine and would your bosses have done as well. >> i would know an awful lot but you're not going to know everything. if you have 33,000 engineers and scientists working at your organization. >> the heads have been fired and suspended so they have taken a lot of the blame so far. is that fair? >> i have no idea. you used to be the head of rnd, can you maybe extract from your experience? >> i can comment about what i know about. but i can't comment on what i don't know about and the industry continues to invest in technology which is going to improve the environmental impact of cars and all this has done is escalate the importance of doing that. >> moving away from the business of culpability, what are we

talking about the threat of competitiveness having to let these people go. does this put them at a strategic disadvantage to their competitiv competitives? >> i don't think from a talent or depth point of view. they had a huge depth of talent in technical and leadership terms so i think the issues are more reputational and back to the issues of making sure that you have the competence to develop solutions from these problems. that's what they're doing. >> tell us about this issue oil cell. it's for liubrications of engineers. how significant is that? >> quite significant. we have been changing oil. it's pretty messy. it takes about 20 minutes. it's quite time consuming and convenient. where as this little baby, that is your oil change.

it's a cartridge. it has the right oil in it and also downloads the information from the engine into the cell and all the oil is then taken back and safely recycled and this is important in developing countries where there isn't the infrastructure in place to deal with oil. >> it reduces carbon dioxide emissions. who needs diesel when you have that. >> it's a more efficient way of using the lubricant and warming it up faster in the car. it's a win-win-win. three advantages of the system. one, faster and simpler for the customer, two, safe co2 and good control of the value chain. >> thank you. we have to leave it there. pleasure to have you on. chairman at the nexell advisory board. still to come here, a sober warning from ratings agency

fitch. it placed abi and sab miller on watch as they consider a major merger. details after the break. that's fast. my analysis shows your major themes are that time passes. and love fades. that sounds about right. i have never known love. maybe we should write a song together. i can sing. you can sing? do be bop. be bop do. do be do be do. do do do be do. good. very good. you see something moving off the shelves and your first thought is to investigate the company. you are type e*. yes, investment opportunities can be anywhere... or not. but you know the difference. e*trade's bar code scanner. shorten the distance between intuition and action.

e*trade opportunity is everywhere.

deutsche bank shares rally out of the red. they take a massive write down and warns it may scrap it's dividend. >> strike averted.

fiat chrysler reaches a temporary deal with the united auto works union to avoid sending shares higher. >> not so fast. they miss profit forecasts on impairment losses. >> hillary clinton takes on president obama saying she does not support the transpacific partnership pact as she outlines her campaign to take on wall street if she becomes the democratic candidate. we're looking at more green than red. the ftse 100 seeing declines. not going anywhere yesterday. way down early by what was happening with deutsche bank shares. the ftse mib down.

>> let's also dive in on european banking stocks as susan already pointed out deutsche bank opened down by 2 or 3%. having been called down by 10% overnight. it has rallied. it's now up .9%. it was up as much as 3% about an hour ago but we're still trying to find the fair value after those announcements overnight but they haven't been taken as badly as some period in tfeared middle of the night. up 1%. >> day after day there seems to be a deal looming and this time it comes from the world of technology with dell and private equity firm silver lake in advanced talks to buy up emc. a deal that could be reached within a week would be the largest tech takeover ever because emc is worth about $50 billion although a large part of that is from the company's 80% stake in vm ware.

emc rises 8% in after hours. in germany both shares trade and look at emc going along with the wall street advance. we're up some 9% on the takeover discussions and vm ware not seeing much movement today but yeah it looks like emc has been under pressure to boost it's stock prices last year since elliott management took a 2% stake in the company so it kind of makes sense. if you're combining two companies and right now both in slowing industries why not combine the two and see if there are maybe more advances. >> yeah. exactly. both of them have been struggling so it's not an ideal deal on the face of it but it would also cement dell's transition from having been a consumer based technology to one focused on technologies from corporates but this would cement it. interesting how they're going to finance it. dell now a private company so they can do what it wants but it still has quite high levels of

debt. this is a big deal. it's a massive company so an interesting one and clearly emc is the one that's benefitting most from it. >> apparently they're considering several options in financing this deal according to the wall street journal. so yeah, we'll see how this works out but we'll talk about m&a here as well in europe because we have been talking about this deal for the last, seemingly for the last few weeks since it was announced on september 14th. fitch now placed ab inbev and sab miller on negative watch. the move reflects an expectation of higher leverage for both if i recalls. and it follows sab millers rejection of ab inbev's offer this came yesterday with abi's ceo not commenting on talk of the bid going hostile because sab thought about it and said no. still undervalues our company. >> still being stubborn.

that potential deal would deliver another boost to u.k. m&a levels with inbound deals already up 230% so far this year. a new report from emerging markets shows the u. k. has lead the charge in europe's overall m&a activity so far in 2015. joining us to discuss is global research editor. good morning to you. thank you for joining us. let's talk about this huge story in m&a activity. it's inbound deals. is that right? >> that's it. we've seen inbound activity and regional activity as well with a other proportion of that coming from the deal. >> outbound deals much lower. has that got something to say about the domestic economy? >> it's the u.k. searching for something they do have in the u.k. the u.k. is still really strong. it's in full recovery compared to other countries in europe and

they're building up their companies and we see large deals happening this year. >> how does the m&a pipeline look if the boe does raise interest rates soon? >> so far we're not seeing there's going to be any slow down and speaking to experts as well they don't expect that to happen. it could be in the long-term maybe if we see a brexit but even that as well would have no effect. >> we have a big rush of deals it seems. there must be a large part of that down to the fact that this could be the last year of having very low rates and loose liquidity. surely that's a big factor? >> it could be because for the u.k. it was slow last year and lagging behind other european countries so this year we've seen the confidence and speed to get the deals announced and that pick up compared to last year. >> i'm just wondering which sectors are you seeing more deal making in? because i would say the u. k., great britain, has been probably hooked at by a lot of

pharmaceuticals for aversions and the like. you know maybe you can highlight the trends for us. >> we're seeing a drop for pharma and that comes from a reduction after aversions are being closely looked at since last year but for an inbound perspective, financial services and business services are highly looked at as well as technology as lots of different sectors are looking for new technologies as well. >> if he we stripped out the bi one would it look much less impre impressive? >> yeah, that deal particularly effects the energy mining utility sector of course. it's been a vast slow down in that sector. >> i'm looking at your break down and the first quarter to the 3rd quarter of this year, for some reason, energy mining utilities is up 1,000%.

1,000%. is this consolidation within the specific sectors? >> it's mainly because of the bg group deal. if you strip that deal out of the energy mining utilities activity it's the second lowest year. >> commodities have been in a slump so i was wondering why mining and energy saw m&a. >> let's touch on another interesting point i saw in your notes. which investment bank has been the winner of all of these deals? >> mostly goldman sachs. >> is that a trend going for awhile or any specific reasons for that? >> they continue to play really strongly with being on the highest value deals so for the bg group deal that's the highest deal we've ever seen for the u.k. so it's going to substantially help it's position. >> i wonder where db stands on that global rankings list. >> thank you for joining us. we have to leave it there. >> still to come on the program, we're talking about the jet set. it's known for placing the largest single order in aviation

history. we'll be speaking to vista's jets founder and ceo right after this short break. i just had a horrible nightmare. my company's entire network went down, and i was home in bed, unaware. but that would never happen. comcast business monitors my company's network 24 hours a day and calls and e-mails me if something, like this scary storm, takes it offline. so i can rest easy. what. you don't have a desk bed? don't be left in the dark. get proactive alerts 24/7. comcast business. built for business.

let's take a look at the top corporate stories in france. stefen joins us live in paris. >> it's all about productivity. they would like to increase the product activity of its french workers between 20 and 25% according to trade unions in order to reduce the gap with it's factory located in eastern europe. the company will hold two rounds of negotiations with the trade unions by the end of the month. in a statement they only negated that it would like to preserve the competitiveness of the french operations but they indicated that the management would like to discuss working time and organization although it's not planning to reduce wages and the number of days off for the french employees. sanofi is not the only company trying to increase the

competitiveness of the product activity of its employees. air france, as you know, is still negotiating in order to increase their product activity. today the main union of pilots will hold the meeting and is due to make some new ones to the management of air france. in the meantime, employees of klm urge the french workers to start constructive dialogue. they're worried that they could be the collateral victims of the social conflict at air france and yesterday the employees started a petition to call on their french colleagues not to carry on more strength and it's been very successful because in just a few hours this document got more than 1,000 signatures. >> stefen, thank you for that. >> let's talk about the jet set and the jet set life style because you need a private jet for that. vista jet which provides private

aircraft flights just announced a 17% increase in overall flight numbers in the first half of this year being boosted by traffic in north america which is up some 159% and this is being driven partly by strong growth in cuba as they try to normalize their political relations. let's talk through this. joining us in london, the chairman and founder of vistajet. good to see you. >> how are you? >> second half numbers are strong and a number of passengers from north america are up 146% in the first three months of this year. where is this coming from? just to visit cuba? >> we have seen growth in international traffic. our think global strategy is paying off. we see increased traffic to the united states, from the united states to asia. especially the west coast. the tech companies are flying to asia and with our market entry 18 months ago into the united

states we have now captured u.s. traffic so our business model is working in the u.s. making business aviation simple. we're not selling shares. customers don't need to buy shares. just buy the hours they need and they fly with us and that works now in the u.s. very well. >> what about that plane order? you issued the largest plane order for private jets back in 2012 the world has ever seen. $7.2 billion. that's the sticker price at least for, you had additional options for 86 of these but you're taking on 50 or so. how many of these planes have you taken on and are you taking on the additional options to buy more? >> we have taken delivery of over half of that already. >> half of the 56? >> more than half of the 56 we have already taken delivery of. we have a global fleet of 57 airplanes around the globe and we continue to expand with that traffic increase and with the demand for our product we're really seeing that this order

was the right order to be placed back in 2012 and we'll now continue to take delivery of new airplanes. >> so great growth continuing for you thomas. is it corporate lead or high network? who are your main customers? >> it's the corporations and i think what corporations are realizing more and more is buying an airplane is a very expensive exercise. if you fly less than 500 hours a year it makes no financial sense to own an airplane. buy ours from us and use our fleet anywhere in the world. if you buy a small airplane you can't go nonstop to the destinations you might need to go. if you buy a big airplane it's too big for small hops. with us they buy access to a fleet. that's the success point of the company. >> let's talk about your geographic expansion. your expanding there and what do you get a sense of the growth rate? >> despite the news about china and the slow down we don't see

that. in the end it's in the numbers. a 35% traffic increase, revenue increase. number of flights, et cetera, and that's mainland china, flights in and out of china. flights from america to china increased dramatically and southeast asia is very, very active. just another word on that resource, you know, slow down around the world. we recently signed up a very large international resource company flying 500 hours per year. rather than buying an airplane, the need for flights is there and then they turn to us. >> why not fly commercial? that's what i say? your 14,000 an hour? >> what is porn is people only pay for the minutes they're on the airplane. so there's no positioning cost. no empty legs where the plane has to fly back to the

destination where it came from and today we cover over 80% of the world with what we call one way pricing. so if you're in new york and you need to go to beijing you just pay for the leg on the aircraft. >> how much is that? 250 grand. >> it's not only the major hops. it's the remote locations. a resource company they need to fly efficiently to remote locations and come back. go on road shows. that's the client base we're having. >> thank you for joining us today. chairman and founder. >> i was wondering when was the last time thomas flew commercial. must have been decades ago. years ago. >> that's a good question. >> you can't remember. that's the problem. >> that was the helicopter, remember. >> well that's still not bad. as commercial goes. >> first world problems i see. >> thank you so much. >> let's move on. british defense minister has

condemned russian military action in syria saying it's making a dangerous situation more dangerous. he said russia should stop using unguided missiles and urged them to use their influence over bashar al assad to quote stop him bombing syrian civilians. >> as this vladimir putin celebrated his 63rd birthday and showing off his sporting prowess in a game of ice hockey. putin scored 7 times during the match in sochi as a crowd chanted happy birthday. the icing on the cake, you get it, icing on the cake, putin's team won the contest 15-10 allowing the president to celebrate his big day by holding an even bigger trophy. >> fancy that. can you believe he won and scored 7 goals? extraordinary. >> it's a surprise.

on top of wrestling bears and going deep sea diving, he also plays ice hockey and he's pretty good at it. >> i love this story. if that happened in the u.k. if you had david cameron playing in the rugby match, no one would be nice to him. he would be absolutely crunched but clearly that doesn't happen for mr. putin. >> i thought he does play rugby. >> my point being is i don't think he would get the same kind of supportive treatment that the russian president gets. >> are you saying that they went easy on him. >> i might be imlying that. >> and he may not have scored 7 goals against nhl stars. >> i wonder whether everyone was playing to their full ability. >> happy birthday, putin. happy birthday. >> let's move on and focus on cyber securities. hackers backed by moscow has been carrying out a seven year campaign to steal intelligence information from western governments according to cyber security researches f-secure.

joining us is the chief research officer at f-secure. good to have you with us. thanks for joining us. let's talk about overall cyber security and you have quite a different opinion of what russia is doing to for example what china is doing. what is the way that russia approaches this particular issue? >> russia is very targeted in their attacks. we want to look at chinese cyber operations they seem to be targeting everybody and anybody. they're interested in commercial information. they're talking companies. they're talking ministries. defense contractors. russia is much, much more targeted than most of the attacks over the last five or six years seem to be building information for them to support their diplomatic decision making. >> and china and unfortunate s. in the spotlight with recent meetings. is china much more proactive in cyberattacks than the u.s. is or are the accusations from the

u.s. unfair on china? >> the first operation we ever analyzed was 12 years ago in 2003 and that was the chinese targeting defense contractors in wrur europe. we see them coming from various different governments. this has become something that pretty much all capable governments are doing. >> what about corporate espionage? do you track that? china is promising the u. s. we're no longer going to do cyber hacking, or cyber espionage for corporate benefits. >> we'll see because president xi was saying we've never done this and now we will stop doing it. u.s. and china promised not to hack each others companies.

they said nothing about hacking each others governments and nothing about cyber arms. we're speaking only about spying here. this is very often mixed with each other. we have attacks which are all about callty information which is just espionage and that happens at all times and then the problems of cyber arms. the destructive attacks that could be done during crisis. we don't have many examples of that but we will be needing some sort of rules of engagement for real cyber arms. >> i just wondering also the signs of, you know, is there a trend among how china hacks as opposed to how russia hacks or the u. s.? >> one interesting thing that we notate about this operation we believe is run by the russian government is how bold they were and how the attackers felt that they were untouchable. this operation has been going on for seven years now and many of

the individual campaigns have been outed and made public yet the attackers don't change their operations and that tells us that they feel that they have nothing to fear. they will not be caught or if they are caught nothing is going to happen to them and that tells me that they are working for the government or they are part of the government. >> edward snowden is in russia. >> maybe he is giving them some hints. >> i don't think so. i don't think he's not that close to the russian authorities working with espionage. >> okay. well i wonder why they let him in the country. >> he was on transit because he didn't have any choice. >> well, the country, russia had a choice. anyway, good to see you. take care. chief research officer at f-secure. >> right. you can read more about the cyber security landscape and geo politics on our website cnbc.com

and our tech transformers special report page. now let's get back to our viewer exchange. republican presidential candidate john kasich is taking fire for dismissing a university of richmond student that wanted to ask a question and he dismissed it with a taylor swift joke. >> i don't have any tickets for, you know, for taylor swift or anything or, you know, lincoln -- go ahead. yes, you were just so excited. >> did i hear lincoln park. >> exactly. he took a bit of a swipe, didn't he? foolish move. >> but that's like old school now compared to taylor swift. >> indeed. but the lesson being that pretty crazy to take a swipe at these type of much loved celebrities. >> you don't diss taylor. >> so the question we have been asking you today is which particular celebrity is it crazy for a politician to try to go head to head with where they can

only but lose? so we have been thinking about it. it's an important thing as to who the big celebrities will endorse. >> celebrity power. that's -- some people argue that's how obama got into office. the power of popularity but i have been thinking about this, which celebrity would you avoid dissing because you would look bad in the end. what do you think about mr. t. >> everybody loves mr. t. >> and he personally could probably cause you damage as well. that's a good one. continue to get your views on this question and we'll discuss that more after the break. also still to come, we'll be exploring japanese retail brand. we'll be back in a minute. can it make a dentist appointment when my teeth are ready? ♪ can it tell the doctor how long you have to wear this thing? ♪

can it tell the flight attendant to please not wake me this time? ♪ the answer is yes, it can. so, the question your customers are really asking is, can your business deliver?

good thursday morning. welcome to worldwide exchange. >> here are your headlines from around the world. >> deutsche bank shares are rallying after a record 6 billion euro loss. germany's largest lender takes a massive write down and warns it may scrap it's dividend. >> a deal for dell. rumors swirl the pc giant is in talks to buy ecm in what could be the largest tech deal ever. >> hillary clinton takes on u.s. president barrack obama s