jitters, and south korea says they'll deploy launchers calling it quits steps down as ceo of novartis after 8 years at the helm. the chief drug developer, lawrence sim a

and telling us about economic reforms are urgently needed >> during the last 20 years, did not have the courage to change the things good morning, everyone it is monday, glad you're with us once again. unfortunately it is another monday where we're going to have to discuss the latest nuclear test out of north korea. we all sound like a broken record here's how the mashlgts are taki -- markets are taking it. this morning is off. investors taking money out of the table, moving out of equities, into safe havens gold at a ten month high and treasuries as well european indexes one by one. red at this point.

let's have a look at the sectors one by one autos down 0.2%. they have not received offers for the company yet. banks down this is cyclical 06 by 8% and oil off.3% gold producers in light of the news, south korea is deploying remaining defense systems as reports surface that north korea is getting ready to launch another missile that coffuld have intercontinental. initial confirmation backs up the claim. jim mattis had a stern warning for the regime >> we have many military

options, the president wanted to be briefed on each one of them we made clear we have ability to defend ourselves and our allies, south korea and japan from any attack and commitments among allies are ironclad any threat to the united states or territories, including guam, or our allies will be met with a massive military response. the response both effective and overwhelming kim jong-un should take heed, united nations security council unified voice. all members unanimously agreed on the threat north korea poses and they remain unanimous in their commitment to the denuclearization of the korean peninsula because we are not looking to the total eye anyway ladies and gentlemen of a country, namely north korea, but as i said we have many options to do so >> meanwhile, china's foreign

ministry says it has already contacted north korea to voice opposition to the latest nuclear test beijing says north korea is clear on the view it should not be testing nuclear weapons russia's foreign minister says the only way to resolve the crisis is through politicaland diplomatic means this as south korean president agreed to pursue stronger u.n. sanctions against the rogue nation want to get to south korea's border with north korea again, sherry, we hear about sanctions time and time again. they don't seem to be a major deterrent to the north though. >> reporter: exactly north korea's message is clear, it wants to be recognized as a nuclear state and it does not have any plans at this point to back down and denuclearize against that backdrop, we are seeing a lot of world leaders, especially of relevant countries like china, japan, russia as

well as south korea and the u.s. really scrambling for better solutions in their realization their play book that's been in place many years is just not working. of course, when we talk about reigning in north korea's bad behavior, we often talk about china's role in all this, especially with the trump administration really being vocal about that and here comes the potential idea of oil embargo, just because china supplies 90% of north korea's crude oil demand, here is your asia group scott seeman with this idea. >> north korea's economy is fueled a lot with coal if you look at transportation or certainly looking at the military, they have to have oil to run that. if china decides to cut off that vital supply of crude oil going

into north korea, it will have an immediate and pretty costly impact on the economy. of course, china has been reluctant to take that route because it fears doing so might destabilize the kim jong-un regime >> you're asia group sees a possibility of china temporarily reducing its crude oil exports to north korea, just to ramp up that pressure on pyongyang meantime, a lot of updates out of south korea's defense ministry as well as intelligence agency talking about the possibility, detection of signs north korea is getting ready for another intercontinental ballistic missile and they're ready to go at any point. >> we were reading donald trump's tweet with high interest

throughout the day, lashing out at everyone, even the south koreans for how they're handling the north. what kind of reaction did that draw >> reporter: certainly it is a tweet of concern for the south korean government, especially when the country relies heavily on its trade as well as national security just today coming out of the south korean presidential office talking about the need to bring in more u.s. security defense to south korea, including that anti-missile defense system. it is critical for seoul so yes, certainly the administration that has been more willing to engage north korea through dialogue is in a bit of a squeeze with washington saying quote uchb quote

appeasement is not going to work, while it still wants to engage pyongyang with dialogue >> thank you for that update as always. meantime, let's get back to the markets, see how the safe havens are performing. spot gold, up 1% trading at a ten month high. the yen is rising against the u.s. dollar, up by .75%. and the swiss plmaking head way against the dollar james, we ask our guests time and time again, what do you do in the face of geopolitical escalation do you take off risk, take it off the table, or not change the portfolio because it is difficult to look through what the next aggression could be

from north korea >> this is as you said an on-going situation, we have been dialing down risk for awhile we don't think it will escalate too much still think there's a diplomatic solution but sensible not to be fully risk on in this moment there are various risks around, this is one of the most acute. >> you want to have cushion on the side, even if you want to reduce risk. you want some money in cash, for example, in gold, in anything that isn't highly correlated to the markets. >> yes that's very sensible at the moment, its valuations force us into places like cash because it is quite hard to find things to invest in. for us, makes sense to have a high level of cash gold, time and time again proves itself to be a good hedge against all sorts of things. geopolitical risk is one of the

main ones. >> you like gold when it comes to bonds and equities, you like neither this is a business of a predicament. when it comes to equities, there's a tina acronym. >> where we're long, we're long. emerging markets we're long. we get that geopolitical edge again, but also we invest, we like hedge fund strategies, giving money to managers with the flexibility to short stocks. cash and gold are useful, shorting at the moment the s & p and -- >> we'll come back and talk more about those calls in a short

while. january us henderson now, angela merkel appears to have weathered a challenge from schultz in a televised debate, the only one ahead of the election in three weeks time she was pressed on the stance on refugees, turkey and president trump. several polls found her to be the most convincing candidate. speaking on turkey, tough stance on ankara's bid. >> i believe the only statement the government in ankara will understand is enough is enough their stance is the germans will never dare to quit the talks, that's why they're treating our citizens the way they do i am certain if you start to talk clearly now, define no further payments as the german position in the eu, i am sure

mr. erdogan will think of his next steps. >> the german chancellor defended her position on refugees and migrant deal she struck with turkey. >> using water can nones against thousands, we have a border 3,000 kilometers we need to start at the root of the problem. we need to control and organize. we did install border controls but leaving austria and other countries to deal with this by themselves, eu treaty was heavily criticized for it, but i still think it was the right way to go. >> annette, there was criticism of the tv debate going into it the last couple weeks, it was heavily managed by the merkel

camp. >> reporter: not only heavily managed by the chancellor, it was also heavily criticized in the aftermath for asking questions which were just backdated, just looking at the past and not the future. so i think the whole setting might be in question for this debate yesterday, but anyway let me introduce my next guest, ask him about his impression deputy leader of the green parliament group thank you for joining us what's your impression >> you could see the big coalition talking to itself. yesterday, it is a self sufficient alliance. you have to imagine they have 83% majority in the parliament, and that's not very healthy for parliament or for democracy. and the sense of it, you could grab it yesterday in the debate

and see it >> in other words, you're saying it wasn't really debate, it was like a duet? >> it wasn't to us on some occasions mr. schultz tried to criticize a little but at least the same amount of occasions he said well, i totally agree, miss merkel so you can see they are not enough for each other, and i think there's a high possibility that they are working on the next great coalition between democrats and christian democrats again. >> if we look into other coalitions, potential coalitions, would you be willing to form a coalition with the cdu, the greens, personally with the angela merkel's party and perhaps liberals. >> well, we say we don't say just no to anything, we are open

to discuss everything. but for us as a green party, it is very important that where it says green on the outside, there has to be a lot of green inside. so this is the thing that's for us the most deciding thing and we need good outcoming of election for the green party to get such a contract, but we are open to discuss it. >> looking at the topic of climate change, given the debate surrounding the german car industry, how important do you think it is for germans to have green topics >> i guess we are talking about the future and things that are changing through digitalization and other things and mobility is changing through digital development and for my party it is very important to look ahead

and try to think what comes behind the next corner, not only do what is absolutely necessary. this is something where the coalition is absolutely the opposite you could see it in the debate, nobody was talking climate change or digitalization all the future topics were not there. i guess this is a big chance for us as well >> i wish you good luck for the upcoming election. thank you very much for your time carolin, we see as i was saying in the introduction of that debate, yesterday was mainly preoccupied with events in the past, devoting a huge chunk of time to the refugee crisis and how to deal with donald trump and the likes. so i think what has been missing was the debate about how germany in the future could look like. back to you. >> maybe the greens will play a role thank you for that still coming up on the show,

in a surprise move, novartis ceo will retire in january of 2018 details after the break. don't go away. where the heart beats warm and true, that's texas. where we always welcome you, that's texas. where we always find a way, that's texas. ♪ 40 million americans are waking up to a gillette shave. and at our factory in boston, 1,200 workers are starting their day building on over a hundred years of heritage, craftsmanship and innovation. today we're bringing you america's number one shave at lower prices every day. putting money back in the

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welcome back to the show private equity firms looking to take over stada bid. they'll offer higher compensation to minority investors, giving in to pressure from elliott management. they'll pay 74.4 euros a share, 12% premium to their takeover offer. fiat chrysler hasn't received an offer and is not working on a deal, according to the ceo. last month, their share price

surged when the great wall motor expressed interest in a deal currently down 1.3% this morning. and former racing driver considering a bid to buy back subsidiary after the merger six years ago. air berlin, second largest airline filed for bankruptcy last month. and this is big news in switzerland. novartis ceo announced he will step down from his position at the swiss drug maker in 2018, replaced by chief developer in february he became ceo in 2010, leaves after successfully securing u.s. approval for new leukemia treatment which is expected to help offset declining sales. the company's pipeline puts it on a strong path for the future. reiterated confidence novartis will return to growth next year.

speaking to cnbc in july, he was positive on the future of novartis >> business seems to be turning. i've said at the beginning of this year that we're reviewing that business for all options, including capital markets exit you can imagine that the business would have to show good progression for us to be able to execute a capital markets exit so i think the turn on the business now creates full option alternate rou ality, second half of the year is important we are pleased with the current momentum but need to see it continue. >> you like the health care sector is it because of its defensive qualities or because there's growth potential >> both. they have those defensive qualities, not trading demanding

valuations, all the negative tweets from positions in the u.s. election, come to nothing that was appealing to the electorate then on the biotech side, i think what you get is a sector with real growth that's not trading with particularly demanding valuations. >> any particular names or stocks you can share with us >> we're not stock raters. >> let's revisit the call on equities you're not fond of equities but you have to hedge yourself, pick the right ones you like the emerging markets and europe and japan when it comes to europe, what we saw in the last three months was underperformance, the currency got too strong 14% against the u.s. dollar year to date. how does that not worry you? >> that is a concern, but currency is volatile

will overshoot monetary tightening priced into the euro the dollar is weak and data is quite strong we don't necessarily think that's something that will persist. at the same time, europe has pretty strong fundamentals at the moment, and not trading at stretch valuation as the u.s. >> your clients are mostly retail how fickle are they, they tend to follow the markets. what we have seen in the last week, seen worst outflows or redemptions in european stocks in six months. this comes back to argument of the strong hero. do you think your investor is quick on the bandwagon or this time they're more patient with the story? >> my investors are quite patient. you look at the strong euro,

this is bad for you. our investors sit titan loght ak at the fundamentals. >> you say european equities have further to run. what about u.s. equities, you're a bit underweight, not too excited about them, no one really is. yet at the same time we see them go from not record highs to record high but delivering a strong performance nasdaq up in august. defying all odds, isn't it >> incredibly resilient. i think what we are waiting for is proper shock to the market. and the market is only pricing 30% of another rate hike no one knows what will happen with tightening. could have major impact or not at the same time, u.s. is

trading at high valuation. if we see risks, possibility of multiple contraction when interest rates go up, that's a sign not to be too invested in that area and in fact we're short in some things >> janus, thank you for talking with us. multi asset fund manager at janus fund investors. battle lines being drawn david davis calls the criticism silly, but the british side needs to pick up the pace. that exclusive interview coming in a few minutes ♪

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welcome back to "street signs. i am carolin roth. these are your headlines north korea latest nuclear test sends jitters through european equity markets south korea pledges to deploy four remaining missile defense launchers. calling it quits stepping down as ceo of know var 'tis, handing the reigns to ross sim on. and chrysler says they have not received offers nor is it work on-going any deals sending

shares lower all right. let's kick things off with a little data on this side of the break. uk construction pmi, 51.1 in the month of august versus 51.9 in july as expected, it is falling somewhat this is a one year low, according to markets once again, construction pmi is slightly underperforming we expect a print of 51.8. we were expecting an even level compared to the last one this is a little disappointment. sterling dollar changing hands at 12943 show you what european equity markets are up to. the ftse is off by a quarter of 1%, dax off 0.6.

keep in mind, u.s. markets are closed for the labor day, we're not going to get too much in terms of volumes in the afternoon trading session. we are lacking direction apart from the north korean threat the yen outperforming, the swiss outperforming, this is the usual safe haven whenever we see missile tests out of north korea, japanese yen up by three quarters percent against the green back and euro up against the dollar well below the 120 levels we saw last week. that was a two and a half year high let's talk about brexit. the chief negotiator says the british people need to be educated about the consequences of brexit. speaking at a forum, he said we intend to teach people what leaving the single market means.

meanwhile, britain's brexit secretary david davis hit back at eu criticism of the negotiations' progress >> looks silly, plainly were things we achieved, but could be the commission i like him, known him 20 years but the commission puts its own position, says nothing to be done when there's really important things we have people before process. they do process before people. >> sat down with the french economy and finance minister and asked him what the european union will look like without the uk >> i don't see any contradiction between stronger europe and more integrated -- if we want to improve the situation in europe, we need first of all to have

more integrated euro you mention decision taken by the british people i deeply regret the decision by the british people, but this is the decision of the british people now we have to put into force the decision taken by the british people the question is not to have hard brexit or soft brexit. the question is how do we do that brexit without jeopardizing the whole europe, without weakening the british people we need a fair brexit. not hard or soft, we need a fair brexit in the interest of the british people and of the european community >> if i may repeat part of the question, sir, is the european integration process better off without the british involved is it more likely? >> i am very pragmatic

what we have to do without the british people that's the decision of the british people i deeply regret it, but i am pragmatic. i have to take into account reality. the british people decided to go out of europe. we would have to make europe stronger without the british people that's it. >> let me quote mr. davis, i am sure you know what's going on, are the british being black mailed you talked about 100 billion euros as exit. are they being blackmailed >> there is no blackmail there's negotiation and fully trust in be that difficult task and challenge. but there's no blackmail there's a decision taken by

british people, they decided to go out of europe, once again, i deeply regret that decision but you know, you cannot rewrite the past what has been decided has been decided and has been decided by the british people there will be no blackmail but decisions. we need decisions. >> i cannot give any figure on the bill but there will be a bill, of course. >> speaking exclusively to cnbc on the sidelines of the forum, said negotiations were not going well and the uk needed to speed up the process >> time for the british government to step up the pace talked about the reality check before, but that's still a process. i say it with regret because both from a eurozone perspective and from dutch perspective, i think we need to sort this out

i think we both have great interest in having a sensible relationship getting out of the conflict mode we're not very successful so far. >> i read it again and again it says with regard to future relationships. how can you blame the british single handedly when the constraints mean he can't talk about future relations surely the eu is to get something as well. >> you can't, i don't know whether you've been in a divorce, i luckily haven't, i think it is the right order to first make sure that you separate you try to do that in as nice as possible way we all realize how difficult that is. that builds trust and on that trust you can discuss how are we going to manage the kids from now on and between the eu and the uk, going to be the same you need to sort of try to do the separation first with as little damage as possible if there's going to be damage then you can try to find a new

basis to talk about the future. >> i have been through one >> very sorry. >> i am through that now future payments going forward at the same time, the finest assessment for what we have. i think you cannot have the financial settlement talk without thinking about future contributions. >> i think you have to realize in the process of separation that there will be a future relation and that you cannot walk away from it. i think the trade relations, political relations and areas of defense and security, they're a huge interest for both of us but we need to go through this phase first. let's make this phase quick as possible with as little damage as possible. let's change gear. governor of texas estimates that hurricane harvey caused up to $180 billion in damage kate rogers looks at the cleanup bill from hurricane katrina,

what economists say is different about the clean up challenge this time. >> some ways, new orleans is still rebuilding a decade after katrina, left in its wake massive job and population losses for the city. some 90,000 fewer live in new orleans, and in the first ten months after the storm, 95,000 jobs were lost, along with $2.9 billion in wages, mainly from private sector. the city also had a job vacancy rate 12.5% one of the highest reported in the u.s. according to analysts. >> one of the biggest challenges after katrina was trying to get people back in place to do rebuilding because of geography of new orleans, it is surrounded by water on almost all sides. only a couple of major highways in and out it is hard for workers to get back into the area if they didn't have a place to live. >> during the months, more than 22,000 jobs were lost, 3500 in

port services and 13,000 in health care. construction thrived in the recovery, adding nearly 5,000 jobs something economists say will likely happen in houston post harvey there's one silver lining, it is a different city than new orleans, more than 2 million, houston is the fourth lanchergen the country and growing before the storm hit. they had a population of 450,000 and it had been declining. >> one of the benefits houston has is the geography, the sprawling nature of the city just outside those flooded areas, there are places people can pick up empty rentals, stay temporarily in vacant hotel rooms. it will be better low jes particularly in terms of positioning aspects and work force to get in and rebuild quickly. >> there's a strong diversified economy in houston and the population much wealthier. all of this makes it more likely people come back home after the

storm instead of fleeing the city the way so many did in the wake of hurricane katrina. kate rogers, cnbc business news. want to take you back to the impact on the oil market we have seen a little premium in wti. currently down 0.2% on the day it is impacted on the events in north korea. 52.12. co-head of european equity research at goldman, sachs joins me how detrimental is the impact harvey had on the petroleum industry in the gulf >> if you look at the impact that the hurricane had, it hasn't been that much on oil and gas production yes, about one million barrels a day initially shut down. we think now part of it is coming back. it will come back quite fast production was barely effected and the real impact has been on

refining 4 million barrels of refining capacity shut down if you take similar examples from hurricanes, impact downstream before like katrina, rita, ike, we would think it will take about two weeks for the bulk of capacity to come back then there will probably be a lasting impact to 5 to 10% of disruption continue for a few more months. all of that taken into consideration means higher refining margins across the globe, probably higher margins on property and also wider -- all of that to the benefit of global refineries. big oil and refineries outside the u.s. and any refining and petro chemical system that is not effected in the gulf coast. >> i need to correct what i said wti is not trading at premium, trading at a discount against

brent because of what's been going on in the gulf we have seen that spread widening to a two year high. when do you think that's about to close >> close again when the refining infrastructure in the gulf comes back what happens is wti is stuck unless it can get to gulf coast, i think as refining infrastructure comes back, we koc come back as well. >> step away from harvey you look at the global energy space and oil makers, you think they're in pretty good shape what makes you say that? >> i think there's something counter intuitive that is when the oil price was high in 2010 to 2014, it was actually dreadful time for big oil because everybody was eating the land the competitive position was destroyed by the government raising taxes, by service

increasing costs and oil companies bidding for assets big oil will fair better because there's competition for increment being deployed offshore that means lower production taxes, lower production costs and easy access to resources, bringing the best combination of free cash flow and growth since the 1990s. >> that's counter intuitive. i wonder to what extent, given the low level or mediocre level of oil prices, these big oil makers can continue to be as profitable, will it only come through cost cutting and asset sales? >> mostly by cost cutting, it is increased efficiency, simplification, standardization. means going back to a more manufacturing like process, like

these companies had in the '90s before the up cycle. and also the impact of the gulf of mexico. led the sector to overengineer, overcomplicate, put way too much redundancy on every production system all of that is unwinding and we think the cost to develop new offshore fields in 2018, '19 will be less than half what it was four or five years ago >> all right you liked a couple of stocks chevron, shell, for example. many of these are very impressive dividend payers, like shell. chevron has a new ceo. he has a refining background is the future going to be in downstream rather than upstream? >> if you look at downstream, it is a business that's been through a dreadful down cycle for almost ten years and recovering in 2015 whoever managed downstream knows

what it means to cut costs, to bring operation and efficiency to 90% plus, and these are key things we need applied to downstream that's why we feel that the companies where a ceo is coming from downstream has taken over have probably started to lead with change toward cost efficiency it is likely to continue through to the end of the decades. finally in terms of today's news flow, how worried about north korean impact on brent it is pronounced is that just abse sentiment fac? >> it should have a positive impact on brent. currently we live in a healthy spare capacity, political premium is likely to be more reduced. i think any sign of global instability overall should be supported. >> as always, thank you for

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welcome back to the show the european commission is reportedly preparing to hit google with another multi billion euro fine for using android phone smart software to stifle the competition brussels may fine google as soon as this month for breaking antitrust laws, forcing mobile phone manufacturers to preload google apps on their devices neither google or european commission commented on that

report steve sat down with european competition commissioner on the sidelines of the forum over the weekend, asked if she was anti-u.s. technology companies >> if you achieve success, that is a challenge, to see how good you can do if you're in the basic of that work and i think it is a challenge. but it is not necessary to challenge innovation, it is a challenge of funding a lot of companies have difficulties finding investors it is a great encouragement that the european parliament and council passed legislation to enable venture capital to reach some small and medium size businesses, to allow them to

grow you have the people. they are skilled, bright, creative entrepreneurs need the capital -- >> is there a chasm to what is fair playing field and what you believe is fair playing field? >> well, that may be so, but the thing is in europe we have a rule book, goes for me and ceos of these companies no matter what we think or feel, these are the rules. it is our job to make sure everyone plays by the rule book. fly any flag, you can be public or privately owned, but that's in the european union in single market, we play by the same rules. >> you had big successes, in terms of apple, google as well you have investigations into a

lot of technology from the u.s seems to be a repeat problem are they offenders for a reason? >> no, i don't think so. actually, i think going back in history you find some of the same patterns. when we find illegal behavior now, you find errors -- the history that now i made it i don't want competitors to challenge me the way i challenge those that were the big ones before i became big myself this i don't think is special to silicon valley or any other, it leads to -- this is a decision about illegal behavior they

should and can correct in other respects, google is a wonderful company, they scored innovation that changed our life i remember the world before, trying to find something on the internet i would be the first to appreciate. >> in other news, the chinese president made no reference to north korea in a speech to business leaders at the summit the president said they must promote trade, liberalization and open world economy officials plan to discuss a plan that could see additional countries gain entry reports from the bric summit >> reporter: north korea casting a shadow over the summit this was meant to be a time to present as defender of globalization, and show case china's growing leadership role in the developing world. the north korean test is an

unwanted distraction business leaders and officials are discussing the planned agenda, improving cooperation economically and financially for the five countries that makeup 40% of the world's population. what to do about north korea is weighing on people's minds >> follow the situation of course with a lot of interest as a human being, as business man i believe everybody is worrying about the detention going on we hope these countries will be more pragmatic approach. >> north korea's economy is fueled a lot with coal however, if you're looking at transportation, certainly if you look at the military, they have to have oil to run that. if china decides to cut off that vital supply of crude oil going to north korea, it will have an immediate and costly impact on

the economy. china has been reluctant to take that route because it fears doing so might destabilize the kim jong-un regime. >> president she and putin said they would deal with pyongyang's test both countries called for restrapr restraint. pyongyang will conduct nuclear and missile tests, no matter if the timing is embarrassing for the president or not before we wrap up the show, that's it for the show i am carolin roth. where we always welcome you, that's texas. where we always find a way, that's texas.

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ican greed," to adoring ohio state buckeye fans, art schlichter was once a gridiron great. wagner: guys wanted to be him. girls wanted to be with him. he was captivating. he was charming. narrator: but off the field, schlichter's been living a secret life. he was a manipulator, and he could persuade people in doing whatever art wanted. narrator: schlichter's also a compulsive gambler who lies and steals hundreds of thousands of dollars to keep the bets rolling. schlichter: i've conjured up every way possible to pay gambling debts off.