meantime european stocks are powering higher today with all sectors in the green and this is after the japanese nikkei closes at a high and crude wallowing into the red. >> this on reports of attention to spin off it's property holdings into a real estate investment trust. >> check this out, rajoy gets punched in the face at a campaign event days before the country's general election. >> let's get straight to a rate

decision out of norway where it says it's keeping it's key policy rate unchanged at .75%. to be honest going into this rate decision that was going to be a very close call. jp morgan, for example, expected the probability of action to be around 40% but we got no change in the main interest rate but let's have a look at some of the commentary because the outlook for the norwegian economy is a drop in oil prices just over the last quarter and also the outlook for the economy. now the norway central bank, household consumption and private sector investment expected to be lower than expected and also lower investment in the oil space. but look at how it's fairing against the euro. it's weakening and that means strengthening in the crona.

so that was a close call and maybe a little bit of disappointment here that they did not move just yet but many analysts out there now expected them to cut rates by 25 basis points at the march meeting. >> let's check in on the survey and we're looking at declines at least for the month of december. as for if november read we're looking at 109 but when it comes to the outlook for the month of december we're looking at 108.7 which has underperformed below the consensus forecast and looking for 109. current conditions are a little bit disappointing looking forward for the german economy. >> all right. we have lift off. the federal reserve has raised rates for the first time since 2006 in a unanimous decision.

it marks the end of a seven year period of the most accommodative monetary policy in u.s. history. reading the dots, the fomc still sees four hikes next year. no change here. the median forecast is 1.375% but there was a change for the 2017 outlook, 2.375%. they took away one hike. the market for next year only predicting two or three hikes while the fed is forecasting four hiex. so we'll see whether that can actually close. let's have a look at how european equity markets are responding to the first hike in almost a decade and we're taking queues from the u.s. session and asian session. the cac 40 up by 2.5%. similar gains for the xetra dax and what the markets like about the first fed rate hike in almost a decade is the fact that we have certainty. finally we know that we have a

lift off. quick check on the asian trading session. we did see a surge in those shares too. shanghai comp and nikkei higher by 1.6%. in part because the yen weakened against the u.s. dollar and the hang seng up by 0.8% and the hope is for many asian, especially emerging asian markets is now that we have the first rate hike by the fed we'll see stabilization in the flows. >> but then if we have u.s. debt looking more attractive with higher yields does that mean it's more attractive for international investors and taking out money for the asia pacific markets as well. >> true but you would hope it's priced in. we have been in anticipation. there's been so much selling in the emerging asian space specifically in the likes of indonesia and malaysia and the hope is now there's a relief rally and flows will stabilize but we'll have to wait and see. >> let's check in on the yield curve because with the first

rate hike in close to 10 years that means we have a boost in rates and when it comes to the yield curve. this might make it look more attractive since you're getting morer is sen tajhs for your dollar. that's the front end of the curve which is probably the most sensitive to an interest rate hike and 30 year note moving up as well. the dollar index, we hit it's highest in close to a week's time. oil by the way not getting any reprieve when we have a strong u.s. dollar that makes oil less attractive. west texas, declines of 1.3%. $35.04 barrel and we're pushing closer to the lows of 32.40. still no reprieve for the oil pricing there and let's get more on this historic fed decision.

future rate rises will be gradual. he's raising rates in order to have amo and cut them later on and signaling that the economy can with stand these kind of rate rises right now. >> we recognize that policy is accommodative and if we do not begin to slightly reduce the amount of accommodation. the odds are good that the economy would end up overshooting both our employment and inflation objectives. >> for a gauge of how the fed might raise rates you can look at their summary of economic projections. the fed's own forecast for how rates will rise. it sees a 40 basis point rate at the end of this year. 140 at the end of 2016. 240 at the end of 17. at 218 3.25.

fed chair janet yellen also talked about what a gradual pace of tightening mean. >> gradual does not mean mechanical evenly timed equally sized interest rate changes. so that is not what the committee means by it. my guess is that the economy will progress in a manner that is not sufficiently even. that we will decide to make evenly spaced hikes. >> we'll wait to see how the markets react and whether or not the expectations for the fed are in line with their views going into the meeting but with stock markets soaring and bond markets relatively well behaved the fed delivered pretty much what the market expected. >> let's have a look at the global fall out. monetary authorities followed the fed's lead. hong kong upped it's base rate for the first time in nine years. it moves in line with the fed as

it's currency is pegged to the u.s. dollar. saudi arabia also raising it's key rate by the same amount even as the pressure on its economy continues to intensify due to the slump in oil prices. all right. let's talk all things fed. joining us is richard kelly. head of global strategies. what an eventful night or maybe it wasn't because the market reaction was quite mooted. was this the best telegraphed message that the fed has ever sent? do you give them an a for their communication? >> they could not have delivered the message better. they could not have had it absorbed by the market better. they'll be happy with the fact that there wasn't a lot of turbulence or volatility. interest rates lower and the dollar shorter, the message they wanted to give came across. >> was it really a dovish hike? because for me, they still point to four hikes. that to me sounds like a hawkish

hike. >> this is what we were arguing going into yesterday is i think a lot of the dovish hike commentary is people afraid this was the first hike coming on. this was going to explode the world somehow and the fear got people in there and the fed had to come in and if you're hiking you can't hike from weakness. you have to say we're hiking because we're confident in recovery and growth. they still provided areas to suggest it will be gradual. they put that in there twice. they talked about a reinvestment for a longer horizon so they try to reassure the market but you still want to exude a sense of this is the start of a cycle. >> but wouldn't you say it's been there for awhile now? and it's not a surprise that they haven't moved? it took so long. to me that doesn't sound hawkish. >> there's lots of expectation they were going to cut it across the board. not just 25 basis points but 50 basis points for some of these

things. by leaving it unchanged with everything happening in september. >> i think my point is they've been there for awhile and to me, they've been so slow in moving on the first interest rate it doesn't seem to me that they indicate as to where exactly they want to take interest rates in the next 12 months or so. >> that's true. this is where we see the market undershoot wrg that is and the issue there is this is still a risk for the market. i don't think the market should be pricing itself because that's sort of the perfect scenario. it's highly unlikely the fed will go more than that. even janet yellen the first time she starts hiking she talks about cutting rates again. the chances of us getting to it will be a perfect world. >> the portfolio manager at black rock manages billions and billions and he said that the fed has been late to the game and maybe they delayed this rate hike and potential growth in the u.s. has pressed in now. >> i push back very much.

i don't think they needed to hike yet. i think they could have been more patient. what people are going to be surprised at is how little inflation there is in the world and whatever strength and growth you're getting in the u.s. from a gdp perspective i don't know if it's going to generate that much inflation yet. >> you're going to stick with us. thank you for your time and we'll check in in just a bit. head of global strategy t.d. securities and later today steve will be speaking to the man that helmed the federal reserve for many decades, alan greenspan. that's coming your way 14:00 cet. >> russian president vladimir putin is holding his annual news conference answering questions from russian and foreign journalists. we'll be back with plenty of that after a short break.

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but can't yet say just how much. let's bring in eunice yoon who joins us with the latest today. >> eunice, well, we'll check in with eunice in just a little bit. we're having audio issue but the yuan we've seen it's on shore weakness at the lowest in four years and i don't think that changes with a quarter point hike from the federal reserve. >> probably not but the bigger fear is more devaluations going into next year. anyways goldman sachs is saying the price will remain below $40 a me trick ton in three years. it came about a year earlier

than expected and sees the price at an average of $38 a me trick ton in 2016. it sites a slow down in china as the reason. fed chair janet yellen is surprised by the continued decline in oil prices but says the fomc does not need to see prices rebound. yellen added all they need to do is stabilize. there's some limit below where oil prices are unlikely to fall he expected it to be higher a year from now. he says sometimes you can have too much of a good thing. >> i think the market is concerned that the price of oil and the price of commodities generally are forecasting some kind of deflation nary outcome in the economy and, you know i like ice cream but too much ice cream you get a belly ache so

buy and large i come down the size that the lower price of oil is a positive for the consumer and the economy. if you get too low it will create problems but the lower price is positive but we're setting up for a turn in the price of oil. >> i don't think you can ever have too much ice cream. let's get back to richard kelly. head of global strategy at t.d. securities. do you think janet yellen is right in being relatively relaxed about the low oil price? it does have a major implication on the fed's inflation outlook. >> it does but not on the core prices they're trying to target and what it does have a positive impact is on their growth expectations for the u.s. >> where do you see oil prices heading in 2016? this is the one camp and they're hoping they're going to

stabilize and raise by 10 or $20 barrel. the other says maybe they'll be stuck at 35. the supply glut is not going to improve. demand is not going to pick up sustainably. >> we have been flagging a risk of getting down with 30 or $35 change for sometime. now that we're here it's harder to see a push much deeper. you have much more balance if not upside risk. by the end of next year you get back to above 50 if not a $60 range for oil. it takes a big global demand shock now to get you lower. it takes saudis in terms of the price of oil. >> did i hear you right. did you say we could get back up to 50 to $60 barrel. by the end of next year. >> putin said an oil price of r $50 is optimistic. >> he's trying to down play it

now. >> it's perfectly reasonable. if the fed -- if something has gone wrong and the fed reverses course obviously they're not there but if we're talking about the fed hiking three or four times over the course of next year. >> even with iran coming online. >> we have gone through in the last 12 months of a big lack of supply lack of demand. we're still growing at almost twice potential. with the warm weather that's certainly another down side on the front half of the year but demand side it's positive and emerging markets are turning the corner. >> you're an optimist on oil prices. that's a bit contrarian. i appreciate that. good to see you today. let's get back out to beijing. eunice, can you hear me? >> yeah i can hear you just fine. >> so here we go, the fed

finally hiking interest rates for the first time in ten years. what's the fall out in china? >> well, the chinese commerce ministry has come out and said that they expect to see an impact on trade and they're currently reviewing and studying what the extent of that impact will be and they're looking at two things. one, the impact on the global economy and two, they're going to be concerned about what kind of influence that decision is going to have on it. there have been many concerns about the possible impact of a u.s. rate hike on a global demand, at least here because the economy is slowing down. a lot of the businesses here are struggling. on the other hand, there's also been some concern about the imact that a u.s. rate hike could have because it would put upward pressure on the chinese yuan to depreciate and that's a good thing for the exporters

here but at the same time the big risk with that is it makes things so much more complicated for the chinese authorities trying to really manage the currency. they want to make sure that they're firmly in control and that they don't see any dramatic swings in the currency. >> eunice, thank you so much for that. meantime i'm just looking at more commentary coming through from the russian president mr. putin. he says that the oil price of $50 barrel is very optimistic. he says that the peak of the economic crisis has passed and that the russian official reserves are very solid. investors started to show interest in the russian economy, he adds, and russia will further revise the oil price expectations but overall his message is we have passed the peak of economic crisis and of course they're hoping that 2016 will be an easier year and the government won't rush to revise the budget as oil prices are simply too volatile.

joining us now to talk all things russia is the portfolio manager at brent asset management. what do you make of those comments? do you think putin is realistic about where oil prices could be heading and what impact that could have on the economy? because this year so far, we look at the last two or three months the ruble held up well against a further decline in the oil price. >> from my perspective i think that the ruble is the balancing factor a lot in the budge. if you look at even in this year where the economy is contracted obviously oil price is still well off where it has been over the last few years. the current account hasn't really suffered that materially. you still see wage growth at least in ruble terms. obviously in a dollar context that's much lower so i do think that actually oil price is too low.

>> had anyone told me at the start of the year that russian stocks were going to out perform emerging market stocks. they're up 22% to date. they were turned 30% year to date. i would have never, never believed it. what's actually behind it. >> a lot of what we're seeing is currencies and one of the main issues that we have seen from a currency perspective is russia took a lot of pain in 2014. with the fall in the ruble price, well, fall in oil price and ruble there was more or less a one to one correlation between the two. because a lot of that pain, we're sitting at levels more or less where we were at the end of thex year so not much has changed. what we're seeing is a lot more currency devaluations. we're at an interesting deflection point in the world that helped yurussia this year t it's an interesting place because of the fed. >> vladimir putin speaks for a

few hours. that's some stamina in this annual press conference but i'm wondering about the gdp forecast. from what i see, putin is more bearish than you are. he expects growth of .7% next year. 1.9%, 2017. you're looking for one? >> the expectation from economists is actually a bit more bullish. i think it really depends on where we see the oil price. as well as there's been a lot of adoption within the current and there's a lot of small and medium sized manufacturing that showing up in gdp but isn't quantifiable and that often surprises. >> so would you say that you would be, i guess, tactically bullish on russia, next year,

2016? >> i think russia is very interesting. in emerging market context you have to look at the countries that have been incredibly beaten up and where currencies have been beaten up. if you look at em currencies across the board those that are not pegged are sitting at 15 and 20 year lows. that's the turkish lyra, that's the ruble and now that we're post fed where we have a relatively flat curve what's been happening over the last five or six years is em has been tightening and there's a chance that will will be easing coming through which will prove positive. >> what's your best bet? will it be four hours? like you saw a couple of years ago. last year was three hours. >> i would put it in the three to four hour range. >> well, you know, chavez used to speak for 12 hours straight. so four hours for the man that goes and hunts bears in the russian country side. that's a little weak, don't you think? >> you might need to tell him

that. >> we'll see how much stamina he's got. we appreciate it. >> speaking of the strong man, really in a historic special edition of running wild with bear grylls the commander and chief in the u.s., yeah, bear takes president obama on an adventure in the alaskan wilderness and we'll see the commander and chief as we have never seen him before. they walk across a glacial outwash. so from wild salmons and cat skins tea to s'mores, they roast marshmallows together, bear gives the president a true taste of alaska. >> i have one favor to ask. >> go ahead. >> i promised my wife. i said i would get you to sign something for her. the only thing i could find at the airport. >> this is the classic. this is the classic obama bottle

opener. >> it's amazing. >> the thing is you look ripped. >> i am pretty ripped actually. and you couldn't do that with winston churchill. >> i'm fairly cut but it's possible that that bottle opener is a little dated. i notice, for example, there was no grey hair on the obama figurine and clearly the presidency has taken a little bit of a toll. but michelle tells me i'm holding up okay. >> there you go. i think he's holding up pretty well. i can't keep a straight face when he says personally how cut and fit he is. ripped, obama. >> you want to see him wrestle with a bear and then we'll see how fit he s. maybe we don't want to see him wrestle with a bear. usually humans are the losers. he made that special and walked around with bear grylls for a week or so. that was for his efforts to

combat climate change. >> i want an obama bottle opener as well. where do i find one? ebay. we'll go to break here on worldwide exchange but still to come on the program. >> the trials and tribulations of at the election trail. we check in on the spanish prime minister as his opposition looks to land a knockout punch ahead of the weekend's electionsme. stay tuned for that.

the federal funds rate is likely to remain for sometime below levels expected to prevail in the longer run. >> checking in, european stocks are powering higher today with all sectors in the green and this is after the japanese nikkei benchmark closes at a one week high. crews still wallowing in the red. >> vladimir putin says a $50 oil price is too optimistic but the worst is over for the economy.

>> and the spanish prime minister gets punched in the face at a campaign event of days before the country's general election. >> let's get straight to u.k. data. november retail sales easily beating expectations. we have a print of 1.7% month on month versus expectations of only half of 1% increase and 5% increase year on year versus a forecast of 3%. so clearly u.k. shoppers really flocking to the stores and the christmas spending period. maybe it was also all the heavy promotions that we saw during black friday. quick look at sterling dollar and we've seen quite a big jump. we're still below the 150 level at 149.67 and still down versus a very strong dollar overnight but limiting some of those

decliens off by -- declines off by .3%. ftse 100 up by 1%. xetra dax up by 2.7 and many of the cyclical stocks are doing well because the fed hike is clearly a vote of confidence for the u.s. and the economy. the cac 40 up by 2.3%. in the currency markets, yeah, it's all about the strength of the u.s. dollar. sorry we have the bond yields here. the 10 year note is at 2 -- what are we doing, euro dollar is at 10858 off by .5%. so euro dollar dropping below 109 and that tells you just how strong the dollar has been over the last 12 hours or so. the dollar index off by roughly 0.8% and we have the japanese yen against the u.s. dollar, 12242. so a little bit of yen weakening and that's helping some of the japanese exporters.

>> they're getting excited because it took ten years to raise interest rates for the first time. let's talk about the spanish elections. rajoy had a tough day on the campaign trail yesterday. the spanish prime minister getting punched in the face by a young man at an event in his home region. a spokesperson says he was not hurt in this incident but rajoy later appeared with a deep red mark on his head. it comes three days before spain's general election where the people's party is expected to win the vote over the week d weekend. julia is joining us from brussels. it's combative already. >> it's been combative before. we can clearly say that's one man that probably won't be

voting for the people's party in that election on sunday but we keep making this point about spain. for all the recovery we're seeing there's still plenty of people disenfranchised. there's going to blame him for the pain they've been through after the last two years. >> i never punched a prime minister before. >> check, do you think this helped him? >> it was interesting. we were talking about john prescott and his poll numbers went up. it does generate sympathy. does this contribute to his perception of being weak. no doubt the pictures are out there. the video is out there, it's going to have an impact on the

election. >> and come up here as well when he arrive with a big black eye as well let's move on. why is he talking about migrants and immigrants and payments. we're talking about 530 million pounds. >> this is the question you hear from other countries repeatedly. there are issue of benefits to eu migrants that the dutch are concerned about and the germans are concerned about. they have polish workers coming into germany so they were to be found on europe on this issue but not for employed people or if they're for employed people issues like sending your benefits back home to poland, there's ways to find allies on this. for some reason he has chosen an issue that's discriminatory to everyone else in the eu and violates the very principles of the treaties so he can't find allies in this. >> it's just another huge

blunder that he done understand how brussels works so you understand that everybody comes in here and they make a statement and they compromise and everyone sells it as a victory. how do you sell this as a victory. >> the words you hear is he was badly advised and lawyers told him he can't do this. you change the british welfare system or you change the treaty which is no one else is willing to do. he boxed himself in and everyone else says what we need tonight is to find out which way to go. he has to figure out another way to get around this. all other revenues have shut off. what everyone is expecting is the lawyers have all set around the table and said this is impossible. you need guidance on high. a total cult-de-sac here.

>> come out across the dinner table here tonight. >> i find it very unlikely or that's plan b. >> plan b on the agenda. >> he hasn't said any prime ministers yet. >> that's very reassuring to know. meantime in connection with that i want to bring you comments from the european commission president. he says we want a fair deal with britain and for the rest of the eu. we'll find a way out of the complicated situation with britain and we're ready to work for other options than britain's welfare proposal and convinced we will find an answer. >> let's get back out to julia. jewels, what do you make of those comments. they really want to find an agreement but really on the eu's terms. >> this is the point.

this is the point. they don't want to have a talk but the question is how do you get around this? and when we're talking about something so fundamental as their freedom of movement and the freedom of people to move around in europe it's very difficult for david cameron to come marching in here and make these kind of demands. i'm sure there's going to be a lot of discussion over the table. and there's some kind of break. if you do get a huge influx of migrants you say hang on a second this is not working and we want a break. that's going to be useless to david cameron if it requires the agreement of the other eu countries so at this moment it's like a check mate. we have that a lot in brussels so we wait to see what they come up with. >> you're used to that. thank you for that. >> today marks the 5th anniversary of the most tunisian protests. it's many of the northeastern

countries. they took from 2010 onward and our next guest is the fund managers can still generate returns from their investments in the middle east as long as they're selective. joining us today in london, managing partner. let's first start with the federal reserve hiking interest rates. is there going to be an impact there in the north afternoon middle eastern regions. >> there's been an impact on the gulf states. the impact is really more from the withdrawal of government deposits from local banks which have pushed up bank rates significantly, at least 100 basis points. so the fed raising rates isn't that big of an issue. >> i find that interesting that interest rates and environment where is oil prices is at the lowest since 2009, what does that mean if their economies.

>> i woen have said they would be purposefully hiking rates. they have three forces of funds they can borrow from outside. they can sell on foreign assets and draw on their domestic deposits so they're doing all three. >> is that a good economic, i guess, situation to be in. >> it's not the best situation to be in and they have significant budget deficits as you know so you have to finance that and to do that exclusively to push up the region more. >> we've seen so much volatility over the last five years. and now we have the complications coming through isis. it's very, very hard to find any returns there, is it? >> i wouldn't say that, no. the region has been historically a very volatile region politically. most of the investors in the region are from the region so

they're used to that. and the thing is that the region isn't homogenous. there's oil importers and exporters. most think of it as saudi arabia and kuwait but, in fact, there's egypt, there's tunisia, lebanon, palestine. a lot of countries benefit from the decline in oil prices. and it's through fx and is it through tangible investments. what's the best way. >> fixed income is very small. part of the capital markets, real estate and many of the gulf states reserved just for locals so you really have two choices. either you invest in businesses, private equity or enlisted

equities and most people do the listed equity roots including the locals. >> is iran going to be the game changer for the region in 2016. i'm looking at $850 billion over the next five years and investment coming from iran alone. could that really lift the region. we have two types of conflict in the region. and it's versus everybody else and the impact of, i think, the nuclear accord with iran is that it will reduce the fuel being thrown on the sectarian fires. and it's starting to be impacted by or suffer from the isis

attacks. that's together with the iran developments would mean fewer sectarian conflicts so that's a good very important development and probably one of the most important developments in the last decade. >> thank you for your time. appreciate it. managing partner at nina capital. >> we'll go to break here on worldwide exchange but still to come on the program investors are checking into hotel stocks in today's trading session. we'll tell you why, after this.

>> hilton worldwide is seeking approval to spin off it's hotel properties. this move will hopefully be tax free and the company is already pursuing a blessing from the irs. this will involve most of the 147 properties the hilton owns around the world. in act it raised it's full year guidance. hilton by the way spiking as much as 11% on the back of this news over in frankfurt trade. more muted gains up 1.5% so far. staying with hotel news and shares in other hotel news are moving higher on the back of the hilton news. that improves accor making gains up over 4% in paris and it might

be splitting off some of the assets as well. now also airbus is in the news. >> airbus has short listed carlyle group and kkr for its unit but has shunned an offer from the german defense giant. let's get out to stefen in paris. shares were rallying on the back of this. >> that's according to people trying to comment on the report but the two u.s. investment firms for the defense unit also claims that two have been told that they didn't make it to the short list earlier this week. they did say it would make decision by the end of the year regarding the sale of that unit. it spotted a global plan to dispose 2 billion euros worth of assets. airbus is currently selling some parts of its business to refocus

it's defense division on missiles and satellites. last week a source family also reports that airbus was exploring the sale of its maintenance units. it could raise more than $800 million from that disposal. all in all depending on the outcome of the disposal plan, airbus also plans to launch a significant share buy back program at the beginning of next year for a maximum of 1 billion euros. >> fed ex shares are rising in after hours trade. this is after the delivery company second quarter profit beat analyst estimates. morgan looks at the numbers for us. >> fed ex on the top and bottom lines reporting earnings of $2.58 a share adjusted. better than expectations and $12.5 billion also better than expected. reaffirming full year 2016

guidance driven by e-commerce growth through restructuring of its express unit and despite weakness. saying the current quarter which is also known as the peak shipping season has been record breaking in terms of holiday shipments so far and that that quote explosive growth in e-commerce isn't just limited to the u.s. >> despite contraction in u.s. export deuce to high u.s. dollar and low world gdp and trade growth the overall market for international door to door express continues to increase also driven by e-commerce. >> fed ex continues to see moderate growth with a forecast of 2.8%. also seeing a shift in trade patterns. that's due to the stronger u.s. dollar, increased imports and falling u.s. exports. shares of fed ex soaring in after hours trading higher on

the heels of the better than expected results. >> we also have earnings from oracle and second quarter profit falling 12% being hurt by the strong u.s. dollar even as the cloud business is gaining momentum. still better than what analyst hearsay predicted and the revenue is in line with estimates. oracle says that it's profit was only down 3% and it's revenue was flat. the company expects the cloud business to grow more quickly in the next two quarters but oracle slipping by .5%. also holding steady in flat trade in frankfurt. >> european banks have rushed to obtain a dodd frank web address that they're requesting not to make. this follows 4,000 u.s. banks to sign up with a cost for a address, about $1,500. joining us now is ben crawford.

and great to have you on the show. i hope it's not too early or too late for you for that matter. why do they want to have that dodd bank domain. >> we're not the company behind our bank. it's actually owned by a group of banking associations including the american banking association and so on. get through all the compliance issues in order to get the domain name and the reason for the domain name is essentially that millions of dollars lost every year, the domain name is only available to banks and gives the security of knowing that if they get to the website it's not a fake website, they can trust it. >> am i correct in saying that

you are behind that domain and that alphabet has started using that when they renamed google to alphabet. how big of a boost has that been for your business? >> it's an amazing business. and it's by american entrepreneur and he's an amazing guy and taken together and taken xyz to be the number one top domain name. it's the only contender to be in the future.com and a lot of the secret behind that is we're focused on the emerging markets but emerging markets particularly don't have any loyalty to the old domain names. for them, they're looking for something new. it had the same kind of excitement in the 90s. >> it wasn't a good birthday party. >> he's a hard worker.

we're in the office. >> you have a lot of competition. go daddy.com is one. >> i don't think you have super bowl commercials on that. >> we're growing quickly. we're trading in line with market expectation which is means our profit this year would be equivalent to our revenue twos years ago. we're growing rapidly and emerging markets makes it quite difficult from the go daddies of the world. and in countries like china it's the biggest market. >> on the aim, is there any earnings in cash. especially if we go up against go daddy tnch. >> the business in our business is when people buy domain names they pay up front. so cash always proceeds revenues

for us. we did just ask complete a race to an acquisition though. based in new zealand. a fantastic company which is going to help us get into some of these emerging markets. >> good seeing you. ben crawford there. >> a panel of copyright judges is hiking the rate streaming services such as pandora must pay record labels and beyond. it could ease concerns artists have about being paid fairly for music streams. they're raising rates for free services from 14 to 17 cents. less than some people expected. pandora says the increase is balanced and can work with. and germany up 20%. >> it's been 26 years today. this is the anniversary of the first episode of the simpsons

that aired in the united states on fox. so the adventures of homer, bart, lisa, maggie and the rest of the springfield university. and 583 episodes over 27 seasons making the simpsons the longest running u.s. sitcom and scripted primetime tv show. i love the simpsons. stay with us. the flu virus.

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hello, everyone. good thursday morning. welcome to worldwide exchange. i'm susan li. >> market master class, the fed finally, finally raising rates for the first time in close to a decade. the dots show that the fomc sees four hikes next year. >> the committee expects that economic conditions will evolve in a man thaer will warrant only gradual increases in the federal funds rate. the federal funds rate is likely to remain for sometime