aircraft investigators are 90% certain that a bomb that crashed. the president of emirates tells cnbc the incident will have a lasting impact. >> the airline has been in its 30 year history so much like this. what happened in egypt last week is almost of a game changer. and u.k. prime minister david cam rop takes to the stage in the reports. he's preparing to make a report on a possible e.u. exit. god morning, everyone. here's how we're looking this monday morning. friday up 0.3%. today we're dragged just a touch lower by the auto sector. energy prices are rebounding.

that means the energy sector is giving us a little bit of a tail wind. the dax is down. in the currency markets we're seeing the dollar losing a little bit of strength. what is this? maybe a little bit of profit taking after we saw the dollar extending. we got chinese trade data slumping once again. exports dropping nearly 7% in october which is the fourth straight month of declines and well below forecasts. imports falling 18%. meantime, the nation's oldest investment bank, cicc, in its debut. the ipo trading above the issue price after listing in hong kong. this comes after china's regulators said on friday it would lift the band on ipos which is a sign of confidence in the markets following the recent

ral rally. sri is standing by. when you have the chinese authorities lifting the ban on ipos it shows they have confidence and maybe this bull market has a ways to run. >> yeah, we're in bull market territory. despite the fact as you referenced we did see some data on the trade fronts especially on the external side over the weekend from china. you're quite right. the market is focusing on the ipo. we saw strong debut from cicc and hong kong was very appropriate as well. it coincided with them lifting the ban on ipos. it supported the banks, financials and the brokerages lifted the shanghai composite. elsewhere after the payrolls, they knocked it out of the market. 17% probability of a december

rate hike. a lot of markets over here quite uncomfortable with the prospects of a higher rates environment despite the fact that we have seen this repricing of assets over here. i think it underlines that. you can see the currency price here. it's struggling against the u.s. dollar. arguably that's what's ahead of us if and when the fed does move. that's where we stand. >> in san francisco fed president john whalen said now that the u.s. is closing in on full employment and inflation is likely to rise to target levels, the next step should be to gradually raise rates. they say it, quote, makes sense. he seems close to janet yellen. when asked if he's leaning

towards a december move, williams declined to say adding, quote, he expects a lot of data between now and then. a lot of data? following the surprise jobs data we got on friday, investment banks, not surprisingly, have bins been updating their calls. they expect the fed to move in december and any data between now and then will determine the future path of rate hikes rather than the initial hike itself. citi also saying december is, quote, all but certain at this point. barclays is moving the call forward to december citing the payrolls data, lower uncertainty and the changes in fmoc communication. i think it all dovetails back to the blowout we saw for october. revisions upwards for september and this really blew the lights out, right? weren't we expecting 183 k? we came in 100 k above that level. all but certain given that we have the unemployment rate at 6%, pretty much at full

employment we'll get a rate hike. first time in ten years. >> also average earnings, rather, were up by 2.5 year on year. that's the biggest annual increase since 2009. that will point towards inflationary pressure. not something the fed is wanting to see. now obviously the debate is shifting. goldman sachs coming out with a note over the weekend that they're seeing 100 basis points in tightening next year but the market, the market is only discounting 60 basis points of hike. >> it will be gradual, right? >> yeah. >> i think from all consensus that we're still going to be below that 2% normalization rate when it comes to it. i have to say inflation is a little bit of a concern because it's pretty much not there. .2% or something like that. >> i think the core rate has been higher but the headline rate has been lower because of the commodity price story.

also we're seeing that housing prices are depressing, inflation rates, wages obviously as i pointed out. in the past they've been depressing inflation rates. the other story, how quickly do they want to move in terms of tightening? now we've seen the dollar move higher and that in itself is tightening the financial conditions. >> i would say wages haven't gone up as the fed would like to see. it's only up .2%. >> 0.4%. >> is that something to write home about? 2.5%, the biggest annual percentage increase, i think it is noteworthy. >> i'm not sure about that. participation rates haven't really budged since that point. i still think that's a concerning point to watch for. yeah, it seems like everyone is bracing for a move. how fast they'll go, i think that's still in question. let's show you what's happening on cnbc.com. we're going to get more analysis

with what the fed is doing. it's coming back to the rising green back and what the fed should do. why should the fed learn to live with the strong call it -- dollar. lufthansa is going to strike today. it will affect 100,000 people. this is the latest strike to hit the german airliner as it looks to cut costs further and that pressure from budget airlines. the company did recently raise its profit outlook but it's still at loggerheads with a number of unions, most recently a pilots union at its low cost carrier germanwings. 113,000 passengers are going to be affected, susan. so far the strikes have cost the company around 130 million years. it's a big challenge for the company. obviously we're seeing so much over capacity in the airlines sector right now. they're really trying to stay in the game.

they're trying to stay competitive against the likes of easy jet, rhine air. then on the other hand, the gulf carriers. this doesn't bode well. >> lufthansa, there are trouble areas especially as we're battling the open skies agreement, whether or not there are unfair advantages for gulf carriers namely in the form of government subsidies. also they don't have to contend with worker unions, right? that's the other thing with asian airlines as well. some say you don't have to deal with unionized workers or as highly unionized. >> they always say people don't strike in germany. that is such a myth because over the last, what is it, 18 months we've seen 13, 14 strikes on par with lufthansa whether it was the pilot's crew, the cabin crew. those unions. >> it was a myth. >> wow. >> well, they said only the

french would strike but not the germans because they're so efficient. >> okay. everyone wants their pay, i think, right? let's talk about nestle because nestle has done something with making noodles. yeah. so they've put noodles back on sale in india. the swiss food giant says the decision comes after the government accredited tests showed that the highly popular food was okay to eat. they found dangerous levels of lead. volkswagen is getting ready to sweden deals this week. vw has been struggling to gain trust since september. they're going to have a number of goodwill gestures to customers as early as today. this comes after a number of engineers admitted to rigging c

o2 tests. meantime, continental has expectations in the third quarter. on the back of an 11% rise in quarterly earnings. they benefitted from strong car demand and north america. shares in the company down by 4.6% dragging down the overall auto stocks. credit suisse may curt bonuses this year. they're aiming to write down assets following its takeover of the investment bank back in 2000. business reports suggest credit suisse could see significant impairment charges in the fourth quarter. the bonus reduction would be in accordance with rules set by the swiss authorities. wall street bonuses are expected to 2kr507 to 10% this year according to a report being released by a compensation and consulting firm johnson and

associates. it's the first year that bonuses for the entire industry are expected to fall. global market turmoil has hurt returns for money managers. that's also forcing some companies to delay their ipos affecting pay for bankers who underwrite those deals. bonuses for fixing the traders are expected to drop as banks deal with new regulations. i'll tell you who's benefitting this year. it will be another bumper year for mna. record year in 2015ment. >> at least since the financial crisis. mna bankers can expect an increase by 10 to 15%. that's according to this report. other workers who are going to benefit are those in private equity industry seen by 5 to 10%. that will be the fourth consecutive year they're lifting bonuses. if you work in other industries, debt trading could see a decline by 10%.

equity could stay in a flat liner. >> i just think in this day and age that if you have a job you should be thankful given that we're talking about uni credit. 10 to 15,000. how many at deutsche bank? >> deutsche bank, 36,000 was the number. >> if you have a job in this environment, i think you're doing pretty well. >> yes, then on the other hand, i'm not saying i'm feeling sorry for the bankers, but a large part of their pay is actually bonuses and a large part has been deferred. if they're cutting even the deferred part, the question is why would you go into banking in the first place and then that begs the question for the big companies, what are they going to do to retain talent? >> because the industry is narrowing and retracking, i think less people entering the field makes sense. supply and demand. equilibrium. so we're going to talk about unicredit. as i mentioned, this day and age we are talking a lot about job

cuts, unicredit being the latest to announce a radical strategic overhaul that could reportedly include these 12,000 jobs to be cut. the italian bank is under pressure to strengthen its balance sheet and it's hoping to avoid a capital increase. according to several media reports they are looking to sell a number of assets including their retail operations in austria when it releases results on wednesday. in the hotel space ihg intercontinental hotels group says it's not considering a sale or merger of the company. the statement follows recent speculation suggesting that the hotel operator was exploring its options. shares in the company are trading lower today but have gained recently on speculation of a deal. this comes off the back of star wood trying to sell itself off and a number of purchasers and buyers putting in bids includes a lot from china. hayat has thrown their hat into the ring.

sab miller is preparing to sell the u.s. business for more than 10 billion this week. they would sell the 58% stake in miller coors to help the takeover of sabmiller earn regulators' approval. both deals are expected to be completed on wednesday. now german exchange operator deutsch boerse has been on the move. they've seen volatile financial targets and reporting a stronger 21% rise in operating profit. shares are up 51% in the past 12 months. late last week i got a chance to catch up with the new ceo of deutsch boerse. i asked them whether those new acquisitions ushered in a new era for the company.

>> while i started in my role the first of june i was at the firm from the beginning of april and prior to that for a number of months i had very fruit fall interaction with the incumbent that is very helpful and active to the overall drive that the company is developing. clearly the sector that we are in is extremely dynamic. you can see that from some acquisitions. some announcements in the sector today actually so there is a lot happening in the sector. so for us it is important to do what is necessary to solidify our position. so the stocks' completion from 50 to 100% was something we had to do. the electronics platform in our backyard was something we also had to do. we might have surprised a few people that both of these things happened so quickly but they

were opportunities that we couldn't pass up. so we'll look at inorganic inner growth but organic growth function is fully deployed and we are doing a lot of work around that, too. >> do you still want to remain the acquirer rather than the company being the acquirer? >> i think it's not a matter of choice many times but, yes, we prefer to be the acquirer. coming up on the program, the donald shows us some new moves. gives "saturday night live" a boost in its ratings. we'll explain and show you the highlights after this report. [ male announcer ] whether it takes 200,000 parts, ♪ 800,000 hours of supercomputing time, 3 million lines of code, 40,000 sets of eyes, or a million sleepless nights. whether it's building

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welcome back to the show. a quick look at commodity prices. we saw wti down 5% last week, but we're seeing a little bit of a recovery in wti currently at 44.57 up 0.6% in part because the dollar is trading somewhat lower. brent crude seeing a little bit of recovery up by 0.9%. investigators say they're, quote, 90% sure that a bomb caused the russian jet liner to crash in the sinai peninsula according to reuters.

a noise heard in the cockpit recording is believed to be from an explosion. this as 11,000 russian tourists have left egypt in the last 24 hours according to the ria news agency. meantime, airline executives have convened for the dubai air show this year where security concerns still top the agenda following the crash of the russian jet liner. let's get out to dubai. hadley is standing by. hadley, i'm curious as to what some of the executives are saying. >> reporter: given the political temperature, susan, it's no surprise that security is one of the main focuses on the agenda, not just for airline ceos but for military ceos as well. i had a chance to catch up with the president of the emirates airline. i asked him, is this a game changer? take a listen to what he had to say. >> these are difficult times. the airline has been in its 38 years been through many times such things. what happened in egypt last week

is almost a little bit of a game changer, i'm afraid to say, because the way that the industry is going to look at what's happened over the last two or three years, malaysian 370, malaysian 17, this will be driven across our industry not by us but the states, not the united states, the ko members who see this as a problem. geo politics, we're kind of toughened to it now. we've navigated the airline through 30 years of difficulties, particularly this part of the region successfully. we've expanded our business profitably. i suppose we'll continue to do that. >> when mh 17 crashed you thought it was comparative that everyone got to the bottom of what happened. do you feel like you've made any movement towards that? >> in terms of malaysia 17, the jury is out in terms of who did it. what caused it, i don't think there's any doubt. the fact that we wanted to have

a kind of assimilation of data, a collection of data throughout the industry when people had information that they could share with other members of the industry even though they may be competitors, of course, that it was a good thing. we've come and we've lifted that now. there is quite a lot of interaction with airlines when there are threats and risks but not as good as it should be in my view. >> reporter: now one man who has a view on just about everything that has to do with the aviation industry is the ceo of qatar airways. i asked how worried are you about this hitting your bottom line? >> diverting aircraft from sinai will not make really a very large impact on airlines. as a matter of fact, we still fly a lot over egypt and we will continue to fly over egypt.

we were not relying on sinai anyway except two flights that was going to cypress and to lebanon and we will just have to make a slight detour to avoid that. but i'm sure that as the investigation progresses, things will be more clear and that the air space over sinai will open up again. >> reporter: qatar airways are telling me that he's not worried about rerouting flights and how that's going to impact the airlines' profits. many travelers flying back and forth often having to make the trip from dubai, jordan, they're going across the area, syria, the sinai, places where many of these flights have been rerouted. this is going to add some serious time for them. they're looking at airlines that are not necessarily rerouting flights as an alternative. guys. >> busiest airport there in the world, dubai. thank you very much, hadley gamble. we weren't expecting any

huge airplane, aircraft orders but we got one from saab. this is worth about $1.2 billion. the uae announcing the saab deal at the dubai air show. the saab order existing uae surveillance planes. we're looking for orders of two of those global 6,000 early warning aircraft. so there's something. 1.27 billion for the uae defense ministry. the deal with saab. let's talk about apple. apple has defeated a class action lawsuit brought on by retail workers in california over the company's bag search practices. employees sued to being reimbursed for the time taken by apple to go through their bags to ensure that they weren't stealing any items. at least two workers complained directly to ceo tim cook that the searches were demeaning and degrading. the judge ruled that employees can choose not to bring a bag to work and, thus, wouldn't be

subjected to the search. apple shares over in german trade were lower by half a percent. so the question we're asking you this morning, would you let your employer check your bags? do you think it's a necessary security precaution or simply a step too far? join the conversation on worldwide exchange. get in touch with us at worldwide cnbc.com or by twitter or our personal handles. there's nothing you can take away. you can't take away the cameras, nothing. >> not really. >> staples. >> they don't really fit into my bag. >> no, i disagree with the ruling of the judge. if i was bag searched i would feel like this is an invasion of my privacy. >> yeah, it is. >> are we not allowed our own personal goods and territory. >> it says a lot about the trust that apple is showing their employees, doesn't it? >> but the judge is saying if you don't bring a bag then you won't be searched? what if i need to bring a bag. what if i'm a new mother and i

need to do something -- >> completely agree. >> -- for the young child, right? ridiculous. let's talk about the movies and 007 had a license to thrill and kill at the box office this weekend. the latest box office spec tore took the top spot with an estimated $73 million in box office takes. that's the second highest debut for bond behind "skyfall" in 2012. "spectre" has taken in 223 million but they're behind "skyfall." we're going to go to break. breaking up is hard to do. more from david cameron at the cbi conference after this.

it makes sense as the fed's promised goldman citi and barclays to bring their rate rises until december. almost 1,000 flights canceled and more than 100,000 passengers affected. the union strike grounding lufthansa strikes in frank further, dusseldorf and munich. a new report suggests that investigators are 90% certain a bomb caused the crash. they say the incident will have a lasting impact. it's difficult times.

the airline has been in its 30 years through times such as this. what happened in egypt last week is a game changer. u.k. prime minister david cameron takes to the stage behind me amid reports he could make his strongest warning over an eu exit saying that brittain would remain successful even if it left the european union. okay. let's check in on the european session so far. after six straight weeks of gains on wall street. here we go across the board. we're looking at -- well, it looks like mostly declines now. the ftse 100 is seeing a small advance. but the rest of the boards including the german dax, cac 40, france has been on a six-day winning streak. looks like we are down there

by 1/5 across the board. it has something to do with concerns about the tightening from the federal reserve possibly next month. we have mixed trade data to contend with. in germany, the export numbers were better than expected and in china, remember that the export numbers once again disappointed. in terms of the bond yields, we saw that jump on friday on the back of the jobs report. the ten year treasury note at 2.33%. all eyes on the two year yield the highest in ten years. the 10 year gilt down. currency markets we're seeing the dollar give back some of its gains that we saw on the back of the jobs reports. 107.69 is where we're trading. the dollar not too far away from its seven-month peak. they've ramped up pressure on brittain's leading business lobby saying that the confederation of british industry is biased in favor of

europe. the cbi is downgrading the cap. the employer's organization now expects brittain's gdp to grow 2.6% in 2016. that's down from the previous forecast of 2.8%. now will is at the cbi conference in london. will, we're expected to hear from david cameron in a short while. what are we expecting to hear from him exactly? >> well, it's going to be a speech, of course, covering british industry and british business as a whole here at the cbi conference in london, but it's certainly a lot of focus and attention on the whole brexit issue. an important issue for the whole issue. he's supposed to send his letter to donald task tomorrow and we're likely to hear more rhetoric surrounding what exactly he wants from europe both today and tomorrow. it's not just a controversial issue, the brexit issue.

it's an issue for the host of today's conference, the cbi themselves. we've heard about open europe and boris johnson the mayor himself criticizing the cbi for not being impartial enough, for being too pro brussels. they cite how in the past the cbi had come out in favor of brittain joining the erm and the euro suggest that go that particular view is discredited. i called out the director general of the cbi earlier today. i asked them to clarify the cbi's position on europe. speak for 190,000 businesses. i don't claim they all have the same view but i do know that an overwhelming majority of them want to remain in the reformed european union. a couple of hours we'll welcome the prime minister here. the prime minister has a reform agenda. we're behind that reform agenda. when he's brought home the bacon we'll ask our business members again whether that's the europe they want to be part of. >> so that's the cbi view there. of course, now the focus turns to david cameron. he's due to speak on the stage

behind me in ten minutes' time. of course, rhetoric over the weekend from the foreign secretary, phillip hammond, has increased. it's likely the rhetoric, the strength of that rhetoric being possibly against the eu is likely to increase today from david cameron. he's meant to be saying that brittain is likely to be successful regardless of whether it's in the eu or not. he'll frame the question of saying where will brittain will be most successful which clearly he still maintains will be within europe. brittain can be successful either way. it's crucial for him to maintain that threat that if he doesn't get the response he wants to get from the eu in the negotiation, he's willing to leave. we're going to hear from him in a couple of minutes on all of brittain's business. top of that will be the european union's decision. >> will, good to see you once again. let's talk about what's happening in southeast asia and myanmar's ruling party has conceded defeat in the country's

first free democratic vote in 25 years. the national league for democracy led by an saw su chi needs to win 2/3 north to form a party vote. the nld is set to win 70% of parliamentary seats. the full results are expected later on today. meanwhile, indian prime minister modi has admitted defe defeat. they won 58 of 243 seats in an election which has been widely viewed as a referendum on modi's program. if the pm party fails to win, he will not have full control of the parliament. we are off by half of 1% in mumbai. let's get to the historical meeting that happened between xi jinping and mai ying jo.

a lot of press and flashbulbs. this was the first meeting between the leaders of both nations since 1949. i want to say both sides since, you know, sovereignty is a big question still between the two, let's get out to eunice yoon who joins us from beijing. the two misters getting together because they couldn't address each other as president given the sovereignty questions still looming. >> reporter: yes, definitely. mister was much more politically palatable than president since there's a lot of question about those sovereignty issues, but as you said, this was a very historic event. over the weekend mainly because it was the first time that we saw the political rivals meet face to face and arguably it was also the first time where we saw some level of acknowledgment on the part of beijing that taiwan was seen as an equal partner.

so at the meeting both leaders were standing side by side. they were literally hand in hand showing that they both promoted peaceful relations. the handshake took over a minute and even though nothing really concrete had come out of this meeting, there was a very important message sent by the chinese president to taiwan's voters. taiwan is heading into election in january and so mon jo, the leader of taiwan, is only going to be in power for the next couple of months, but what was very important was how the chinese president was really trying to solidify to the people of taiwan that during ma's tenure the cross straits relations flourished and that economically it was good for both sides. so his message to the taiwanese people was that don't rock the

boat because if you rock the boat, bad things happen. and that sentiment was reflected in the official state media over the past couple of days. the state news agency here said that history tells us that tensions and confrontation lead to misery whereas peaceful development leads to an economic beneficial relationship for both sides. so that's the basic message that the chinese president wanted to send. guys? >> very well encapsulated. thank you very much. unit yoon in beijing. as we head to break, u.k. prime minister david cameron is set to take the stage at the cbi conference in london. we'll bring you his speech live. we'll be back in two. don't go away.

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nch has been in the u.k. for 120 years. now it employs 125,000 people at its r and d centers. they have reduced the targets as the slowdowns in china and russia hit hardware sales.

software was a bright spot with revenue rising 1%. it's a pretty interesting time for the sector with the number two and number three looking to tie up as they look to buy german firm. joining us is andy heyman of ncr services. great to have you on the show. how does a company like yours in the sector, how do you stay relevant given the fact that there's so much movement towards the cash flow society, so much ecommerce, apple pay is making a big splash? >> well, it's a great question. in terms of our business, we've been in business for 130 years. we've seen a transformation or two of the industries we serve. banking is one of four segments. we also serve the transportation and travel segment. the hospitality segment and retail segment. in terms of the transformations we're talking about now, it really comes down to vision and culture. for us, we've seen both within our customer base and the technology providers, if you

black vision or if you can't make the cultural transformation, you end up in an existential moment so when you look at companies like blockbuster, you look at companies like barnes & noble and borders, these are companies that suffered because they didn't have the right vision to make the transformations necessary and allowed companies like amazon to step in and take over. that's what our job is is to make sure that doesn't happen for our customers. >> let's not beat around the bush because your people are going to the atm machine and taking out money because they're using their credit card or they're doing online banking. the pie overall for the three big players, two of them are hoping to merge is getting smaller, isn't it? >> if you look at the industry atm perspective, globally atms and cash coming out is growing. however, when you look at the trends, especially in developed markets like the uk, like the united states, those concerns that you're mentioning are morell will he vent. so for companies i think it's really important that

transformations are going on for the technology providers. we within ncr are different than some of our competitors. no longer look at ourselves as atm company. atms are a very important part of what we've done, but we've really transformed the business through organic and inorganic means and become much more of a digital platform. >> you know, andy, with any cash point, something like apple pay, something physical like an atm, people are concerned about security, preventing attacks, people stealing i.d. theft or cash theft, you name it. >> i agree with that 100%. >> how are you preventing it? how are you making sure that people's money isn't being stolen? >> yeah, it's a really important point. first of all, we're leaders in the security space in the physical channel. if you look at theft as a percentage, the money that's coming in and out of these machines, ncr is known as a leader. we put a lot of intellectual

capital behind security. in addition, as we look at where the security is heading, which is much more in the digital and virtual worlds ensuring that you've got up to date encryption and that it's applied correctly within the customer base throughout the world, that becomes really important. >> okay. >> it's a collaborative effort through the ecosystem of how we serve our customers. >> you're based in atlanta? >> i am. >> you have 1200 employees out here. i'm wondering would you be as bullish in employing as many people in the u.k. if the u.k. is not part of the eu anymore? >> that would not affect our outlook in terms of the u.k. when we look at the u.k., first of all, in terms of the size of business we have in the u.k., it's a multi-hundred million euro business for us. we look at it from a global perspective where we have tremendous r and d centers in done de, london, edinboro, where

we are building in a digital space globally. from an r and d perspective we're bullish in terms of talent. >> they say u.k. exit from the eu, that will impact the economy. i mean, i don't know if that's going to impact, you know, the labor supply or whatnot, but i assume that might have wider ramifications. >> well, i think there's the macro economics and micro economics. from a macro economics, i believe it could have an impact. from a micro economic perspective, we look at our customers. when they have head winds that are facing them, they typically need to change faster. change is a good thing for a technology company if they are positioned to address things. driver transform, retail network that they have to have to serve their customer base and become more digital and efficient as they do that. we view that not as a threat. >> finally, m and a, do you think that tie can work? >> first of all, i think this is

a clever move on both of their fronts. if you look at their businesses in terms of challenged growth rates and difficult operating margins, i think the fact that they are two traditional legacy atm competitors coming together is a move that makes sense for them to make. so i think from that perspective it makes a lot of sense. from our perspective, we look at this as something that could be healthy for the industry. >> you want to stay independent? >> oh, absolutely committed to our independence. >> thank you so much for that. andy heyman, president ncr financial services. global business leaders are taking advantage of the potential of mobile technology with device saturation and closing in on 100%. really? according to the mobile elite survey that tracks business executive use of mobile devices across asia, the u.s. weekday mornings are the most

popular time for executives to access news conference. the influence of mobile technology has increased both at the office and at home with almost four in ten global executives claiming to use their mobile device to operate appliances within the home. okay. u.k. prime minister david cameron is now speaking at the cbi annual conference. let's listen in. >> always spoken truth to power, someone who i work with very closely, your great leader, john. thank you very much. [ applause ] let me welcome caroline ferber. i think it's great that the cbi is going to tap into strong female leadership. great job. carol, i welcome what you're

saying this morning about global ambition. i think that is exactly right for brittain, not the least in the week when we welcome the indian prime minister and can i welcome what you're saying as a scoring brittain fan. as an aston villa fan, scoring will be a very good idea. thinking about what to speak about today i went back to what i said to you in 2010 when i stood on a stage like this and i said i wanted the next five years to be amongst the most dynamic and enterprising in brittain's history. i'm not standing here and saying we've solved all of brittain's economic problems, but we are in immensely a stronger position today than we were five years ago. you can see that in the 900,000 more businesses there are operating in brittain, you can see it in the fact that we employ 2 million more people, but i also think these have been years where the entrepreneurial

spirit has really got going again in brittain. i'm not going to dazzle you with statistics, but it is notable that we've got unicorns. you might think what the hell are unicorns. i first did. but a unicorn is a startup business that's already reached a billion pounds in value. four out of ten unicorns in europe are based here in brittain, businesses like shazam, like justique, like asos. you can see it compared with 2010 venture capital is investing ten times more in brittain than it did five years ago. you can see it in the fact that in the last five years 191 new companies have decided to headquarter here in brittain, far more than any other country in europe. these have been years of enterprise. go to tech city. it is an extraordinary thing that five years ago there were

250 businesses in tech city. there are now over 3,000. it is europe's tech hub. so i think these have been years of enterprise. they are years of dynamism. i want to say where we are, identify what the next challenges for us to tackle together are and then mention two of the biggest challenges, the deficit and europe. then i'll very happily take your questions. in terms of where we are, we've gotten to this position of a stronger economy, deficit down by half, the fastest growth in the g7. we've done it through partnership. you were very clear about what you wanted from government. you wanted lower taxes and we've cut our corporate taxes to the lowest in the g20. we're now heading for 18% corporation tax. you said you wanted regulation lifted off business. we've taken 10 billion pounds of regulation off business and our rules on regulation, if any minister of mine wants to

introduce a regulation, they have to cut two regulations. that, i think, is working well. you said you wanted planning reform. we've reduced thousands of pages of planning with just 50 key pages so brittain starts building again. you said you wanted infrastructure prioritized. we haven't solved all of them by any manner or means, but we're about to finish the biggest project in europe. we've given the green light to hs 2 and we've set up not just an infrastructure plan but now a cross party, all party nonpolitical infrastructure commission to make sure we build for our future. i haven't managed to accomplish everything but taxes, infrastructure, red tape, planning, skills, in the last parliament we trained 2 million predecessors. we're beginning to deal with brittain's skills deficit. i think we have come a long way, but we've come a long way based

on partnership. i hope that this organization under its new leadership will continue to work with us. we want to be the most business friendly, the most enterprise friendly government anywhere in europe. that is the goal to help us to achieve that. one of the ways we can measure progress is through the international definition of the best place in the world to do business and we've just moved to sixth out of the entire globe. this is the sixth best place anywhere in the world to start and run a business. first point, keep working with us to deliver that. second thing, what do we need to do next? well, i would say the problems that remain, we're still not exporting enough. we still don't have a balanced enough economy and we've got a particular issue with some of our infrastructure, including broadband. so let me say some of the things i think i need to focus on and, dare i say it, some of the things that i hope you will focus on. in terms of our focus in government, you're going to see

a real drive for more of you to export. we still have a situation in brittain where 11% of our exports. we want to drive that up. you will see a big advertising campaign to encourage that. we still need to do better on skills. you're going to see to us for the funding for 3 million apprentices in this parliament. as i said, a big focus for us is going to be broadband. if you're a business or an individual or a household and you're not connected to broadband, it's like not being connected to the road network or not being connected to the electricity network. today i can say what we're going to do next. we're taking this country from 2010, 45% of homes passed to now 83% of homes passed. we're on track to get to 95% of homes passed in 2017 but one of the ways we're going to get to that next step and go beyond it is to treat broadband in the same way that we treat telefony

and electricity which is to have a universal service obligation. we're going to consult with how best to deliver it, but i'm absolutely determined that that minimum guarantee of 10 megabits a second to every household, that should be delivered through a universal service guarantee. that will be a major focus for us in the months ahead. for us, the focus on exports, the focus on skills, the focus on broadband and crucially the focus on evolution. our economy is more balanced than it was. we've seen unemployment fall in every region. we've actually seen exports and manufacturing grow faster outside of london in the southeast than inside it. there's much more we can do. i'd really encourage you to work with us with this devolution revolution where we divulge the uniform business rate to local authorities. this is one of the biggest changes in the way we've run or

country in years. >> okay. that's eu prime minister david cameron speaking at the cbi conference. so far he hasn't talked much about his efforts to redraw the relationship with the eu. he's been talking about bridge businesses and the need for broadband. we'll bring you the highlights a little bit later on in the show. susan? we're going to go to break here on "worldwide exchange." a bonus short fall for wall street. a new report shows that bonuses could be reduced for the first time since 2011. what will be the impact and who gets to earn more? we'll discuss in the next hour.

hi, everyone. good monday morning. welcome to "worldwide exchange." i'm susan li. >> i'm carolyn roth. these are your headlines from around the world. more fed talk and a hike makes sense. john williams after the solid pay rolls reading prompting goldman sachs, citi, and barclays to bring forward their rate rise expectations to december. putting pen to paper. they will buy plumb creek for $8.5 billion. a timber giant will own more than 13 million acres of u.s.