. welcome to "street signs" live from the world economic forum in davos, i'm julia chatterley. >> i'm louisa bojesen. >> the boss of barclays tells cnbc why the bank refused to settle with the department of justice over mortgage backed securities but admits banks have to pay for their wrong doing. >> we believe banks need to atone for mistakes and transgressions made coming into the final crisis.

barclays is prepared to pay that price. we wanted to be treated fairly. >> the ceo of deutsche bank, john cryan, refuses to rule out the need more more capital but says he is comfortable after a hefty legal bill to the doj. >> i've been in there role before. it remains to be seen what those uncertainties are for us. >> wilbur ross stokes the trade war fire, branding china the most protectionist major economy in the world. we talk about the president-elect's plan to dismantle nato with the secretary gem. and ready to take off. shares in zodiac aerospace takes off after safran agrees to buy them for $9 billion.

a warm welcome to "street signs." we are talking banks this morning. let me start with the top story, that's barclays in focus. barclays is one european bank yet to reach a settlement with the department of justice over the misselling of mortgage backed securities ahead of the final crisis. cnbc spoke to the ceo, je jes staley. >> we believe the banks need to atone for mistakes and transgressions. we believe barclays is prepared to pay that price, but in our view the price needs to be fair. we've all seen the settlements u.s. banks reached with the department of justice. the line for us is we wanted to be treated fairly and

consistently with other banks, and we couldn't get there with the department of justice. >> is there a feeling from share shoulders, you can't move on with the rest of the business, you can't move on fully while this is hanging over you? you're looking backwards and forwards at the same time? >> i think barclays is almost done with the restructuring of the bank. in 2017 we will finish with that restructuring. we are looking forward. we think we had a productive 2016. we'll deal with the department of justice and we'll be fine. >> regulators, have they gone over the line? have they pushed this too far trying to make the banks pay for past indiscretions? >> what level is fair or not fair is for others to decide. except for being treated fairly with the other banks. the settlements that they reached with the u.s. banks are very clear and transparent to everybody. and if we can get a settlement,

which is aligned with how the u.s. banks were treated, barclays is here to talk. >> you understand price. what is the right price? what is the right number for you to pay? >> are a lot of numbers that go around. it's not just about price. but let's see how that plays out. >> but it will be for the shareholders who want to know what the impact will be on earnings going forward. >> the irony of this thing, the share holders who have done a lot of work understanding the settlements that the u.s. banks negotiated with the department of justice, and they've imputed that settlement into barclays. our stock is doing quite well. >> from barclays to deutsche bank. and never say never. that was the message from the ceo of deutsche bank, john cryan, when he was speaking to cnbc in his first ever tv interview about the need to boost the lender's balance sheet. we asked him whether the bank

would have to raise fresh capital as a result of its $7.2 billion settlement with the department of justice and consider disposing of further assets. >> we always said our strong preference was not to raise fresh capital, there were lots of other things we intended to do any way. we have been shrinking our perimeter a bit, reducing profits, we exited some markets. we have disposed of a lot of businesses in the past 12, 18 months. many were in the noncore business. we have not produced results yet for the fourth quarter, but it's an open secret that we achieved our target of running down the noncore books. we had a special operating segment, and we got that to below the 10 billion risk rated asset mark in december. so we wound that up. it's in the process of the remaining assets going back to

the ceding divisions. there were two principle uncertainties, one is we're not sure about prudential regulation. we thought we might have more certainty today. but a critical meeting at the beginning of january has been postponed. now we hear maybe march. don't know yet. so there's critical uncertainty for us on some of the rules on capital requirements. it's not just litigation and regulatory matters, but generally our legacy positions in which we've done a tremendous amount of work. >> on the disposals, we did dispose of a lot of businesses, many in the noncore business. many were not financial services businesses. but we sold, for example, our stake in the chinese banks successfully. we're pleased with that one. we sold our life insurance company in the uk. we announced that -- it closed between christmas and new year.

we have a number of other smaller businesses we intend to offer for sale over the next 12 months or so. none of them merits preannouncement, but we just want to get on and do them. they're a part of this tidying up, sort of this footprint reduction but making the place simpler and more focused. >> so, just very clearly, no capital hike at this point? no inen it shun to do that? >> i've been in this role and the cfo role before, so i know never to say never. it remains to be seen what those uncertainties hold for us. once we assess our capital position from a regulatory perspective, once we assess we will consider how to manage the company's resources. >> the challenges for the european banks continue. i make that almost eight minutes where we have not mentioned

donald trump by name. oops, i just did it. we can't go far without talking about him. he made some firebrand comments over the last weeks and months, nato included, saying the body is obsolete. but what does the secretary-general think of that? how does he see the outlook for 2017? find out. we'll speak to him after the break. stay with us.

welcome back to this special davos show? once again covering davos in great depth all this week. in europe, still checking in on the european equity markets. lower at the market on the stoxx 600, off two percentage points. we have big things happening later in the session. among other things, the ecb meeting. no change anticipated. it will still be watched. janet yellen is speaking again. she caused some stir in dollar

trade yesterday with the dollar initially dropping on the back of some of trump's previous interviews over the weekend, how he is concerned about the effect of a stronger dollar in the long term, but the dollar rose on janet yellen's comments yesterday that we're ready for a path of gradual increases coming from the fed this year. let's check in also on some of the main stories making the rounds today. france's safran has agreed to take over zodiac aerospace for 8.5 billion euros. the emerged entity will create the world's third largest aerospace supplier with a combined 21 billion euros in revenue. silvio berlusconi's son said he has not received a new proposal from vivendi but is hope to a deal to boost growth for the italian broadcaster. >> let's move on. the president-elect's choice for u.n. ambassador, nikki haley,

broke with trump on a number of issues during her confirmation hearing. she criticized russia and reiterated the u.s.'s strong alliance with nato. u.s. vice president-elect mike pence has said nato will remain an important check on russian aggression. joining us now is the secretary-general at nato. good morning. thank you very much for joining us. the noises that come from the future administration are disconnected. do nikki haley's comments here comfort you? >> absolutely certain that the new president and the new administration will be strongly committed to a strong nato. because strong nato is important for europe, but it is also important for the united states. two wor stability and peace in europe is also important for the united states. the only time nato has invoked article five was after an attack

on the united states. and hundreds of thousands fought in that. >> have you spoken to the president-elect? >> i had a phone call with him after he was elected. that was a good conversation. he reconfirmed the strong commitment of the united states to nato, and this is something which is not only words, but also deeds, because we see the u.s. is increasing its presence in europe with a new brigade. this has a new strong bipartisan support. >> did he use the obsolete word with you? do you think he has justification? the message here from those close to him was nato was formed at a time when we were fighting communism. now the big issue is islamic states. so the treaty, the setup needs changing. do you agree with that? >> nato is the most successful alliance in history because we have been able to adapt and to change when the world is

changing. for 40 years was a collective offense after the soviet union. after that, we went to the balkans, kosovo ending conflicts there. afghanistan and africa. now nato is coming back to europe, we are seeing a strengthening russia. so a successful nato is we have always been able to adapt. the president-elect is focused on the importance of europeans paying more. i totally agree with him. i welcome the fact that european allies have now started to increase defend spending. >> but more is needed. >> there's a long way to go. but after many years of decline of defense spending in canada and europe, the trend has shifted. we are seeing increased defense spending in europe. that's a movement in the right direction. i think i look very much forward to working with donald trump on pushing that forward.

>> but you disagree with the obsolete word? >> the important thing now, is that we come together, to sit together with the new president. we'll have a summit in brussels where the president will come. we can sit there together around the table and agree how to continue to modernize and strengthenize na iznate to. >> the defense minister yesterday said russia is no friend to the eu. then we have a situation where the president-elect says he will take vladimir putin and angela merkel on an equal standing at this moment. he says that after brexit the eu will lose other members. the kremlin agrees with him. does that strengthening or apart strengthening of a relationship between the united states and russia worry you? >> i believe in times of turmoil or uncertainty we need strong substitutions, strong

international stinstitutions li nato, but also a strong europe, strong european union. what we've seen is a more assertive russia. >> the u.s. appears to be supporting that. >> i think the important thing is that we -- we -- nato also wants dialogue with russia. >> so actually the president-elect could be a way to facilitate that? >> russia is our biggest neighbor. russia is there to stay. we cannot isolate russia, nato doesn't want a new cold war. we don't want a new arms race. so therefore we are striving for a more constructive relationship with russia. that has to be built on strength, a firm and predictable approach from nato. as long as we stand together and are strong, we can also engage in political dialogue with russia, try to defuse tensions and create a more constructive relationship. >> do you think the world is a less safe place as a result of the rhetoric that we're hearing

from the president-elect at this moment? >> what i think is that the united states will remain strongly committed to the transatlantic bond, to the close cooperation with all european allies, because it is in the interest of the united states to have allies, friends as nato. especially in times of turmoil and uncertainty. >> thank you very much for speaking to us. the secretary-general of nato. louisa, back to you. >> thank you. you're standing outside in the freezing cold once again. not far from where you are inside at the world economic forum in davos we have claus schaub making some remarks there. and we're waiting for uk prime minister theresa may to deliver her speech in davos as well. this, of course, just coming off the back of the speech that she gave here in london a couple days ago. her much-awaited brexit speech. the market had a massive

reaction in the pound off the back of that speech, with the market taking it to mean we're heading in that direction and it's going to be a harder brexit versus a softer brexit. she was particular in terms of wanting to take back control of the borders. she wants to ensure also that relationships are maintained with current and made with new trading partners as well. it will be interesting to hear what theresa may has to say in davos. in fact, just watching her walking on to stage now. shaking the hand of claus schaub there and taking to the podium. let's just listen in to the uk prime minister theresa may in davos. >> thank you, professor schaub for that introduction. thank you for inviting me to speak here at the world economic forum this morning. this is an organization that is, as it says in the very first line of your mission statement,

committed to improving the state of the world. those of us who meet here are all by instinct and outlook optimists who believe in the power of public and private cooperation. to make the world of tomorrow better than the world of today. and we are all united in our belief that that world will be built on the foundations of free trade, partnership, and globalization. yet beyond the confines of this hall those forces for good that we so often take for granted are being called into question. the forces of liberalism, free trade and globalization that have had and continue to have such an overwhelmingly positive impact on our world, that have

harnessed unprecedented levels of wealth and opportunity, that have lifted millions out of poverty around the world. that have brought nations closer together, broken down barriers and improved standards of lives and consumer choice. forces that underpin the rules-based international system that is key to global prosperity and security are somehow at risk of being undermined. and as we meet here this morning, across europe parties of the far left and the far right are seeking to exploit this opportunity. gathering support by feeding off an underlining and keenly felt sense among some people, often those on modest to low incomes living in relatively rich countries around the west, that these forces are not working for

them. and those parties who embrace the politics of division and despair, who offer easy answers, who claim to understand peoples problems and always know what and who to blame, feed off something else, too. the sense among the public that mainstream political and business leaders have failed to come prehelped theprehend their concerns for too long. this morning i wanted to set out a manifesto for change that responds to these concerns, and shows that the politics of the mainstream can deliver the change people need. i want to show how by taking a new approach that harnesses the good of what works and changes what does not, we can maintain indeed we can build support for the rules-based international system.

i want to explain how, as we do so, the yunited kingdom, a country so often at the forefront of economic and social change will step up to a new leadership role as the strongest and most forceful advocate for business, free markets and free trade anywhere in the world. for that is the unique opportunity that britain now has. i speak to you this morning as the prime minister of a country that faces the future with confidence. for a little over six months ago millions of my fellow citizens upset the odds by voting with determination and quiet resolve to leave the european union and embrace the world. let us not yunderestimate the magnitude of that decision. it means britain must face up to

a period of momentous change. it means we must go through a tough negotiation and forge a new role for ourselves in the world. it means accepting that the road ahead will be uncertain at times. believing that it leads towards a brighter future for our country's children and grandchildren. while it would have been easy for the british people to shy away from taking such a path, they fixed their eyes on that brighter future and chose a bold and ambitious cause. they chose to build a truly global britain. i know that this and the other reasons britain took such a decision is not always well understood internationally. particularly among our friends and allies in europe. some of our european partners feel we have turned our back on them. i know many fear what our decision means for the future of

the eu itself. as i said in my speech earlier this week, our decision to leave the european union was no rej t rejection of our friends in europe with whom we share common sense and values, it was no attempt to become more distant from them or cease the cooperation that has helped to keep our continuent strong and secure. nor was it an attempt to undermine the european union itself. it remains overwhelmingly and compellingly in britain's interest that the e usu should succeed, it was simply a vote to restore our parliamentary democracy and self determination. a vote to take control and make decisions for ourselves. and crucially to become even

more global and internationalist in action and in spirit, too. that is who we are as a nation. britain's history and culture is profoundly internationalist. we are a european country and proud of our shared european heritage. but we are also a country that has always looked beyond europe into the wider world. that is why we are among the most racially diverse countries in europe, one of the most multicultural members of the european union. that's why whether we're talking about india, pakistan, bangladesh, america, canada, new zealand, countries in africa, asia, or those who have a home in europe, so many of us have close friends and relatives from across the world. and it is why we are by instinct a great global trade nation, that is set to trade with countries not just in europe,

but beyond europe, too. so at the heart of the plan is a determination to pursue a bold and ambitious free trade agreement between the uk and european union. but more than that, we seek freedom to strike new trade deals with old friends and new allies right around the world as well. i'm pleased we started discussions on future trade ties with countries like australia, new zealand and india. countries including china and brazil and the gulf states have expressed their -- >> we'll just pick up -- actually we just have theresa may back again. >> that help to build a better

world. for the challenges we face like terrorism, climate change and modern slavery don't stop at national borders, nor do they stop at the boarders of continents. the challenges and opportunities before us require us to look outwards in a spirit of cooperation and partnership. that is why as i said in my speech on tuesday, i wanted the uk to emerge from this period of change as a truly global britain. the best friend and neighbor to our european partners. a country that reaches beyond the borders of europe too. a country that gets out into the world, to build relationships with old friends and new allies alikement and that is exactly what we are going to do. we are going to be a confident country that is in control of its own destiny once again. it is because of that that we

will be in a position to act in this global role. because a country in control of its own destiny is more, not less able to play a full role in underpinning and strengthening the multilateral rules-based system. a global britain is no less british because we're a hub for foreign investment. indeed our biggest manufacturer t t t tata is india, and you can't get more british than jaguar. we derive so much of our strength from our diversity, we are a multi racial, multi ethnic, multi-faithed democracy and we're proud of it britain is no less british because we led the way in multilateral organizations like the u.n., nato, imf and the world bank over many years.

membership of these bodies magnifies all the members ability to advance the common goods of peace, prosperity and security. i believe strongly in a rules-based global order. the establishment of the institutions that gave effect to it in the mid 20th century was a crucial foundation. and the tragic history of the first half of the last century reminds us of the cost of those institutions absence. the litany of follies of their time are mistakes that we should never forget and never repeat. so we must uphold the institutions that enable the nations of the world to work together. and we must continue to promote international cooperation wherever we can. one example of that is modern

slavery. a scourge of our world, which we can only defeat if we work together. changing attitudes, rooting out such abhorrent practices and prosecuting the perpetrators. that is why at davos this year i convened a high level panel discussion to continue our coordinated effort to safe those many leaves which are tragically being stolen. international cooperation is vital. but we must never forget that our first responsibility as governments is to serve the people. and it is my firm belief that we, as governments, international institutions, businesses, and individuals need to do more to respond to the concerns of those who feel that the modern world has left them behind. so in britain, we have embarked on an ambitious program of

economic and social reform that aims to ensure that as we build this global britain we are able to take people with us. a program that aims to show how a strong britain abroad can be a better britain at home. because talk of greater globalization can make people fearful. for many it means their jobs being outsourced and wages undercut. it means having sit back, as they watch their communities change around them. and in their minds it means watching as those who prosper seem to play by a different set of rules. while for many life remains a struggle as they get by but don't necessarily get on. these tensions and differences are increasingly exposed and exploited through the expansion of new technologies and the growth of social media.

if we are to make the case for free markets, free trade, and globalization as we must, those of us who believe in them must face up to and respond to the concerns people have. we must work together to shape new policies and approaches that demonstrate their capacity to deliver for all of the people in our respective countries. i believe this challenge demands a new approach from government and it requires a new approach from business too. for government it means not just stepping back and as the prevailing orthodoxy in many countries has argued for many years, not just getting out of the way, not just leaving d businesses to get on with the job and assuming problems will fix themselves, it means stepping up to a new active role that backs businesses and

ensures more people in all corners of the country share in the benefits of its success. for business it means doing even more to spread those benefits to more people. it means playing by the same rules as everyone else when it comes to tax and behavior. because in the uk, trust in business runs at just 35% among those in the lowest income brackets. it means putting aside short-term considerations and investing in people and communities for the long-term. these are things that i know the vast majority of businesses do already. not just by creating jobs, porting smaller businesses, training and developing people, but also by working to give something back to communities. and supporting the next generation. businesses large and small are the backbone of our economies.

and enterprise is the engine of our prosperity. that is why britain is and will always be open for business, open to investment in our companies, infrastructure, universities and entrepreneurs, open to those who want to buy our goods and services, open to talent and opportunities from the arts to technology, finance to manufacturing. but at the same time as promoting this openness we must heed the underlying feeling that will are some companies, particularly those with a global reach, who are playing by a different set of rules to ordinary working people. so it is essential for business to demonstrate leadership, to show that in this globalized world everyone is playing by the same rules. and that the benefits of economic success are therefore all our citizens. this work is absolutely crucial

if we are to maintain public consent for a globalized economy and the businesses that operate within it. that's why i talked a great deal about our country delivering yet higher standards of corporate governance to make the uk the best place to invest of any major economy. that means several things. it means businesses paying their fair share of tax. recognizing their obligations and duties to their employees and supply chains and trading in the right way. companies general wuinely inves in, becoming a part of the communities and nations in which they operate and abiding by the responsibilities that implies. and all of us taking steps towards addressing executive pay and accountability to shareholders. and that is why i welcome the world economic forum's compact

for responsible leadership that businesses are being asked to sign up to at this conference. it is this change, setting clear rules for businesses to operate by, while embracing the liberalism and free trade that enable them to thrive which will allow us to conserve the ultimate good that is a globalized economy. i have no doubt at all about the vital role business plays. not just in the economic life of the nation, but in society, too. but to respond to that sense of anxiety people feel, i believe we, business and government working together, need to do even more to make the case. that is why in britain we are developing a new modern industrial strategy. the term industrial strategy has fallen into something approaching disrepute in recent years. but i believe such a strategy that addresses the long-standing

and structural weaknesses in our economy is essential if we are to promote the benefits of free markets and free trade as we wish. our strategy is not about propping up failing industries or picking winners, but creating the conditions where winners can emerge and grow. it is about backing those winners all the way to encourage them to invest in the long-term future of britain. about delivering jobs and economic growth to every community and corner of the country. we can't leave all this to international market forces alone. or just rely on increase in overall prosperity. instead we have to be practical and proactive. in other words, we have to step up and take control to ensure that free trade and globalization work for even. at the same time we have embarked on an ambitious agenda

of social reform that embraces the same principles. active, engaged government that steps up and works for everyone. because if you're someone who is just managing, just getting by, you don't need a government that will get out of the way. you need an active government that will step up and champion the things that matter to you. governments traditionally have been good at identifying if not always addressing the problems and challenges faced by the least advantaged in our societies. however the mission i have laid out for the government i lead to make britain a country that works for everyone goes further. it is to build something that i have called the shared society. one that just doesn't value our individual rights, but focuses rather more on the responsibilities we have to one another. that respects the bonds that

people share, the bonds of family, community, citizenship, and strong institutions. and that recognizes the obligations we have as citizens, obligations that make our society work. it is these bonds and obligations that make our society strong and answer our basic human need for definition and identity. and i'm absolutely clear that it is the job of government to encourage and nurture the relationships, networks and institutions that provide that definition and to correct the injustice and unfairness that divides us wherever it is found. too often today the responsibilities we have to one another have been forgotten. as the cult of individualism has taken hold.

the globalization and democratization of communications has encouraged people to look beyond their own communities and immediate networks in the name of joining a broader global community. to say this is not to argue against globalization, nor the benefits it brings. from modern travel and modern media to new products in our shops and new opportunities for british companies to export their goods to millions of customers around the world. but just as we need to act to address the deeply felt sense of economic inequality that has emermed in recent years, so we also need to recognize the way a more global world can loosen the ties that bind our society together leaving some people locked out and left behind. i'm determined to make sure that center ground mainstream politics can respond to the

concerns people have today. i'm determined to stand up for free markets, free trade, and globalization, but also to show how these forces can work for everyone. to do so, i turn to the words of the 18th century philosopher, edmond burke who said a state without the means of some change is without the means of its own conservation. that great conservative principle, change in order to conserve, is more important than ever in today's complex geopolitical environment, and i feel it is of huge relevance to those of us here in davos this week. it is the principle that guides me as i lead britain through this period of change. as we build a new, bold, confident global britain, and shape a new era of globalization

that genuinely works for all. as we harness the forces of globalization, so that the system works for everyone, and so maintain public support for that system for generations to come. i want that to be the legacy of our time, to use this moment, to provide responsive, responsible leadership that will bring the benefits of free trade to every corner of the world, that will lift millions more out of poverty and towards prosperity and that will deliver security, prosperity and belonging for all of our people. thank you. >> theresa may just speaking there in davos. steve will speak to the uk prime minister. you can catch that interview at

17:30 cet. we'll be right back.

hi everyone. welcome back to this special davos program. we just heard theresa may speaking, the uk prime minister, taking to the stage in davos and delivering her speak there days after delivering her brexit speech here. julia is in davos and was listening.

i thought two things stood out. she was determined to keep center ground mainstream politics, that they can respond to the concerns people have. and the second message about how britain needs to develop a new industrial revolution phase, which to me sounded like pandering towards the chinese, that was one of the messages from the chinese president when he spoke, we have this new revolution going on, we need to find growth elsewhere. >> i actually loved that you picked up on that. i couldn't agree more. that idea that they also -- theresa may, the uk also wants to be very much focused on free trade, to protect all its own businesses and be at the same time global, but also use it as a way to strengthen our economy. i also liked on the trade upon the she said, look, we're having discussions with new zealand and australia. we know that donald trump, the president-elect, said he is keen to sign a trade deal. lots of elements of strength there. i'm not surprised we've seen a

gain. the market just gently comforted by this idea that the uk can be global but we have plans on the back foot here as well should we need them. also positive on the eu. for all the eu countries very important. not only for spain in particular, that's where i will focus now. enjoying an impressive run of data the latest spanish employment data saw its steepest fall on record, around half of the 3.5 million jobs lost during the recession have been recovered. joining us is francisco gonzalez, executive chairman at bbva bank. thanks for coming on. the spanish economy, pretty resilient in the face of what was a long period of time without a formalized government. how does spain feel right now? >> spain is doing well. 3.3% growth rate last year. this year probably 2.5%. the good news is the government

has done the hard work and the government is strong today. i hope spain will play a big role in the liberty of europe.s. >> do you feel that europe needs strong leadership? one of the concerns in davos is many leaders were absent and we have the populist threat from all sides. >> europe needs definitely needs leadership. i hope germany, france, spain, italy will take these issues, because now we are facing a lot of elections. i hope europe will put some plans on the table to go forward. >> what do you make of theresa may's comments? do you think she's more reconciling with the eu at this stage? trying to come up with a better agreement? our central bank governor, mark carney, suggested that a hard

brexit scenario could be worse for europe than it is for the uk. that's going to be a problem for the weak banks in europe. >> yeah. this is an open question. there are a lot of opinions. my view is that brexit is not good in either form for uk, not for europe. we will see what's happening. it's completely different. i hope things will go in the right way. you know, in terms of things, it's not good for europe. >> what we've seen in the last 24 hours, two big european banks settling huge fines with the department of justice. the president of the euro group said to me recently, as fast as we raise capital in europe, it goes out the did or to the united states in the forms of fines. do you think that's gone too far now? >> my view is the worst is over as far as the european banking system. those firms have settled their claims.

now italy is doing their home work as well. so the worst is over. i don't think capital will be a problem in the european banking system. bo >> bold statement there. thank you. >> thank you, julia. just a reminder that steve will be speaking to the uk prime minister, theresa may. we just heard her speak in davos. you can catch that interviews at 17:30 cet. we'll be back with more.

welcome back. the ecb is widely expected to keep interest rates unchanged in its first meeting of the year. this after last month's decision to extend the bond buying program until late 2017. we'll be live for that ecb rate decision today at 13:45 cet. tune in for that. also don't miss our big banks panel that takes place at 11:00

a.m. cet. so very soon. in about five minutes time, featuring the bosses of bank of america, lloyds, jpmorgan asset management, ubs and vtb as well. that's just about to start. i know the guys are getting lined up in davos for that panel. it doesn't end there. we have davos programming back-to-back throughout the rest of the day, from our crew on the ground and our u.s. colleagues on the ground as well. we'll continue into tomorrow as well. we have the data out and janet yellen speaking later today. be sure to stay tuned. we'll be back with the banking panel imminently on cnbc.

good morning. the new world order, investors look to process earnings, global economic data and the incoming trump administration. we'll turn to carlisle founder david rubinstein for guidance. >> earnings alert. net flex soars amid new subscriber growth. ait's thursday, january 19, 2017, and "worldwide exchange" begins right now.