hello and welcome to "street signs. i'm scare owe lynn ross and these are your headlines current crude prices are the sweet spot and $100 a barrel would be an aberration. >> really low oil prices geo politically is really hard and bad for some countries, so i think getting the price of oil up in the 50, $60 range is good for the world. middle east tensions run

high but not dampening deal making at the dubai air show boeing gets off the way with $15 billion order while rifle airbus is left waiting. >> if we do order some more, we need to know that they will not cancel the program so getting them across the line with regard to the commitment they would have to make to support the line over the next 10 or 15 years is vital to us. sterling stumbles on a report that 40 mps will sign a letter of no confidence in u.k. prime minister theresa may eight votes short of triggering a leadership contest. and a double digit haul. alibaba raking in $25 billion making the tiny festival the biggest shopping event trumping america's black friday and cyber monday combined.

good morning, everyone it's monday. glad you're with us once again want to show you how european markets are doing roughly on hour into the trading session. we are actually trading close to session lows we're off by 0.2%. there's no major economic data to speak of. you have edf, disappointing. we'll come to that but by and large the tone across the equity markets hasn't been the greatest that's when the stoxx 600 closed town by 1.8% that was the sharpest loss in roughly three months that came from disappointing earnings coming from some of the corp rates let's show you how the european markets are fairing one by one the footse 100 is up and this hs to do with the weaker pound which is leaker on the leadership struggles the xetra dax is up by almost

one point. when it comes to the sectors one by one, this is the picture. financial services, retails and banks under performing on the up side is food and health care and technology showing a slight outperformance. the ceo of bp has told cnbc that crude prices between 50 and $60 a barrel are a sweet spot. speaking with steve at the meeting at abu dhabi, he said sharp moves to the up side or down side would be a, quote, aberration royal dutch shell is selling a chunk of its stake in royal dutch production shell will have just under a 5% interest in wood side after the deal completes let's get back out to steve who is in abu dhabi and has more people -- very important people to talk to >> thanks very much, indeed, carolyn. it's really interesting. talking about the portfolio

adjustment that is still going on when you have $28 a barrel everybody is looking hard. you wondered if the pressure was off at 64 1/2, 63 1/2 brent, and that's not the case. that's interesting recent decline is very much in people's psyche. let's get another view from david dixon. what does that mean in the real world? what do you do at mcdermott? >> our role at mcdermott is building off shore infrastructure our role is supporting our customers to develop the off shore facilities. >> and just for our viewers, saudi arabia is absolutely key play for you so you've been monitoring everything going on at the moment. the saudis are 80% of your business or something? >> roughly 60% of our business is with saudi a ram karamco

we've made a big effort to really support aramco as they like to develop further. >> how do you feel about the aramco ipo i've spoken to mr. nasser and the other players. they think they're very much on track for 2018 is that what you're hearing? >> obviously i speak with saudi aramco quite a lot that's the target in 2018. regards to the ipo, it doesn't affect what we do as a business. >> i think it does in some ways. i'm sure you can tell me not it must be all consuming for the management, getting the books up to international standards, working out where they're going to ipo as well working out which assets are going to be disposable with an international listed company publicly as well

no hint of distraction >> no. as a matter of fact, the group that we work with at aramco is all about developing the field for them to what we call maintain production, maintaining north of 10 million barrels a day, but also looking at how aramco can expand their production longer term as we look at obviously growth in the energy market. so as far as the company, we don't see any impact on the project development group that we are working on today. >> are you happy with the mix? 60% exposure overall to saudi as well, do you feel you need to off set given everything that's going on at the moment we have a lot going on politically as well? >> we looked at it as a company. mcdermott is a company that's been around over the last four years. in the middle of '14 when you saw oil prices move, we set a strategy to areas where there was predominantly national focus. we focused a lot of effort in areas such as mexico, trinidad,

middle east and in india where we've had a lot of success over the last couple of years more recently we were very successful with the new contract off the east coast of india. that has been our strategy we'll stick to that plan. >> how do you feel that the spending environment looks right now? he's been bemoening the lack of investment, the investment that needs to be done on maintenance and the longer term stuff, anywhere near where we should be on spending levels >> in our view we have a significant amount of spend to capture where we were before i think if you listen to some of the ceos of someof the major companies, they're talking anywhere between 1 trillion to $2 trillion of underspending cap ex at some point that has to have an impact on our industry.

it will be calling front end engineering. that's a good indicator maybe in the next one to two years we'll see an update in capital expenditure. >> what about the attitude of investors. your shares have had a turn around third quarter eps is 33% a share. it was 6 cents a share earlier the turn around is in place as well do you think there's too much around the sector at the moment? do you think there's more m&a? where do you think we're at? >> i think it's difficult to say. at mcdermott we've been working on the turn around or customer's focus on balance sheets. coming out of that point, have a good feel about oil price today. start to see some indications of that market coming back. i think it's very difficult to say what's going to happen in terms of the m&a space, but certainly you could see a couple

of years of growth >> a company in houston has a large amount of growth how does it feel in houston that mr. trump is such a big backer of hydrocarbons. is it going the right way or is it something amiss >> when i look at it from our business, i haven't seen any difference or any impact. >> not impacting your business at all >> our business today -- 95% of our business is outside of the u.s. we don't participate in the unconventional president trump from our side hasn't really had any impact on what we do as a company. >> david, nice to see you today. thank you very much for joining us there's an accent there. when you realize and remember you got it by birth, you can pick it up fantastic. david dixon who's the ceo of mcdermott.

for now, carolyn, i'll hand it back to you. >> i was the same. i couldn't quite replace the accent now he's scott that makes sense. have interesting comments to bring to you from the uae min nis try. hadley has been talking to him in abu dhabi, the ministerial session. the uae energy minister has said on the oil opec agreement that there are 25 committed countries standing firm and they will continue he also added, this is quite interesting, there's also the potential for an extension so an extension of the extension, is na what he meant will others join that? he said they are welcome to join and a healthy price for oil is not for us to decide is what the uae minister of energy told hadley. in other news, sterling is

extending losses theresa may is reportedly facing a rebellion in her own party 40 mps are ready to sign a vote of no confidence in the british prime minister that's eight short of what is needed to treg ger a revote. now we're back to 130 handle let's get out to the story all morning long theresa may's had a really rough couple weeks at home and abroad given the brexit impasse, two cabinet resignations in the last couple of weeks. can she survive this politically? >> reporter: absolutely, carolyn. as you say, you know, the big question is whether or not she will be able to survive it of course, onto the next phase of brexit negotiations so far what we've heard is that there will be no leadership contest. as you said, they're eight members short of the number of votes needed in order to hold

another leadership team. we heard from david davis. here's what he has to say about last night's news. >> i would be really surprised the prime minister will be here through brexit to my retirement. >> that's. >> david: son essentially ruling out the leadership contest when it does come to brexit and one of the reasons there's so much backlash against theresa may has been precisely the lack of leadership when it comes to the brexit negotiations. yesterday they did send a secret message addressed to theresa may saying she does need to take on a more sterner stance when it comes to some of those negotiations that really spell out what the plan is going to be and if there is going to be a

traditional deal to make it finite at the end of 2021 as they also eluded to the fact that there seems to be a lack of energy on the part of the government to push forward the negotiations theresa may's survival, a lot of questions about her deputy at this point in time questions about whether or not he can continue on there have been two other cabinet members that have had to leave. a third one would be a blow. there's the eu withdrawal in the comments this week some of the remainers are looking for voting on the final brexit bill. again, if that gets shut down then that puts even more pressure on theresa may. of course, finally, we have the december make or break summit when it comes to the brexit negotiations so really a lot of things to

watch out for in the next couple of months. >> a lot of things to do for theresa may and the brexit team. i want to pick up on one of the points that you mentioned which is maybe the new found bromance. they're joining forces again, michael gove defending him and in an interview yesterday quite publicly what are they planning here? is there a coup that they're planning or are they trying to solidify his position within the cabinet? >> reporter: i think it's an interesting question if you look at a survey that was conducted towards the end of september and there they asked all story members who would be the favorite to replace, in the past month a few other things have happened. they've made quite controversial

comments as you say, but it seems as off now they're joining forces he was actually defended yesterday by michael gove and it appears as though the two of them really want to see and continue to represent the hard line brexit approach which would actually ring quite well with the rest of the party. essentially they're positioning themselves to be the number one candidates in case that leadership contest does arrive he's still holding on to his job, but many other people, and we heard from others, the mayor of london said it's time for him to go. whether or not theresa may wants to pull the plug, we'll see. >> e-mail the show if you have any questions, comments on anything that you're seeing today. the address is "street signs"

europe @cnbc.com you can find us on twitter we are going to go for a quick break, but still coming up on the show, willem takes us inside the gathering that's drawing all of the top execs of the airline industry. >> reporter: coming up after the break we'll be live from the dubai international air show eye etg for business in an increasingly difficult region stay with us on cnbc

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welcome back to the show let's get you some corporate news this morning. shares in edf went to the bottom of the stock 600 that's after the french firm lourtd its ebida outcome they expect lower availability of some reactors next year and set the low end of its target at 14.6 billion euros below 15.2 billion. energy has booked a 480 million charge they said the move reflected a

tougher environment and they're going to merge and power with sse as a group as a whole they reported a near 9% rise in six month ebit. taylor wimfey says they have rebranded. emirates has struck a $15 billion deal for 40 boeing jets scoring the first big win at the dubai air show the middle east's largest carrier said the 787 planes will be delivered starting in 2022. the order up stages an expected announcement to buy airbus aircraft this is a big blow to airbus >> reporter: yeah, it is, carolyn. they are essentially reliant on

emirates for the sale. emirates has 100 of these aircrafts now. they're the only game in town. they spent $25 billion developing this aircraft so they've got a lot to lose if that program doesn't continue. i asked the president of emirates a couple of hours ago about this challenge that airbus has and why he decided not to go with airbus so far in the air show and instead opted for boeing i asked him what they need to do in order for emirates to make an order of these a-380s. >> keep it going keep the line going. we need confidence if they order more that they will not cancel the program. getting them across the line to make the commitments not to close the line in the next 10. >> 15 years. the only shift in mind here, my bosses will not sanction any further acquisitions unless they know that the line is going to

be continued and they have a full understanding of what would happen if there was a cancellation >> so your concern there is that there's a symbiotic relationship between you and snem. >> more by accident than design, that is the case it is incumbent on them doing a better job at selling the aircraft and so if they continue the line i would hope they would revitalize it and get more into the carriers that already have them >> in popular fashion, why do you think it's fallen out of favor? >> i think that because of the things we've talked about, the global economy, geopolitical problems, terrorism, et cetera, et cetera, there is a risk

averse board around me in the airline community. i have concerns about their ability, their commercial team and their management ability to fulfill the orders for these planes as far as airbus is concerned, they have to get across that particular line. in the case of emirates, we are a classic example of how well the aircraft can be used we have 80% seat factors we have 100 of them. in some respects that is a worry to many of my competitor groups around us. if you look at this and you have a belief in what you can do with regard to the funneling of flows from multiple pairs into something as big as this, it's not such a difficult proposition. but i believe that the management and the board are concerned about size and that's something when you go forward

into the next case and you look at the congestion not just of airports but air space, the united states, for instance, the demand for an aircraft of this size is something we've been able to take for the next 15 years is going to bite them quite hard in places they wouldn't want to be bitten in the future there's the answer. >> reporter: carolyn, one of the things he's talking about is the distinction between the strategic options, choices that have been made between airbus and their major rifle boeing boeing has sought out the point-to-point style of air travel they're looking at the second tier sitting routes to grow aircraft sales meanwhi meanwhile, airbus put a huge amount of emphasis on the hub and slope. they put a huge amount of money and resources into these jumbo jets, these a-380s

they haven't seen positive sales. they have been around for a decade they've been returned to a german leasing company one is sitting on a tarmac in southeast france they haven't had much luck in the secondhand market. 30 to 40 aircraft would be positive development for them, but that is not guaranteed tim's being very coy with me about the likelihood of that happening. >> willem, the reason you're in the middle east as we've heard left, right and center is a difficult position given all the geopolitical risks going on with the proxy wars between saudi arabia and iran. it's fair to say that's going through some turbulence? given that on the one hand you

have these geopolitical movement which is supported for the region. >>. >> reporter: that's one of the challenges it's all about fuel efficiency the dreamliner is a far more fuel efficient system and there are some options for that when you look at the oil prices that have been until quite recently very, very high. tim clark from emirates saying to me he doesn't see that as a major concern. he's looking at global footprints, many other major airlines are as well that's something that boeing's international president i spoke with yesterday, mark alan, is not too concerned about. there may be concerns in saudi arabia right now or in the gulf, they're looking at up to a decade this is not something they're too worried about. in terms of weapons management,

we spoke with raytheon's john harris they're seeing missile sales and they're excited. >> willem, thank you very much for that head to cnbc.com for our special coverage from the dubai air show. still coming up on the show we'll be speaking live from copp summit that's coming up on "street signs" in two minutes. ♪ [vo] progress is an unstoppable force. the season of audi sales event is here. audi will cover your first month's lease payment on select models during the season of audi sales event.

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hello and welcome back to "street signs. i'm carolyn ross and these are your headlines the ceo of bp tells cnbc that current crude prices are the sweet spot for the oil industry and $100 a barrel would be an aberration. >> really low oil prices geo politically is really hard and bad for some countries i think getting the price of oil up in the 50, $60 range is good for the world. middle east tensions run high but not dampening deal making at the dubai air show

boeing gets off the ground with a $15 billion order from emirates. >> if we do order them we need to know that they will not cancel the program getting them across the line with the commitments they have to make in order to support the line in the next 10 to 15 years is vital for us. >> sterling stumbles in the face that they're 8 votes short of triggering a no vote confidence. >> riyad is calling on the arab league to meet over tensions in iran good morning, everyone if you're just tuning in, let's

show you how u.s. futures are shaping up for today the dow jones looking at another loss for today, at least when it comes to futures we're seen off by 20 points at the start of trade the s&p 500 off by 2 and the nasdaq could fall by just 1 point. let me tell you the s&p, nasdaq and dow jones they all fell between 0.2 and 0.5% last week this is base of a quick and easy tax reform deal were pretty much dashed because we had the conflicting bills or proposals from the senate or the house that will pretty much drive the ratings. we get numbers from walmart and home depot as well as inflation numbers. when it comes to trade on this side of the pond, this is how we're looking. very mixed the ftse 100, that is one of the very few green spots out there we are up by a quarter of 1% this has to do with the weakness of the pound sterling giving a

leadership in the u.k. kpet tra dax is way down as well as the cac 40. we're coming off a pretty sharp loss last week 1.8% for the stock 600 that was the biggest drop in three months quick look at the currency markets. big story, pound sterling off by almost 1%. 130.63 given the report of the weekend saying that a group of them, 40 to be precise, has reached a vote of no confidence in the british prime minister. delegates from nearly 200 countries have been gathering to defend the 2015 paris climate agreement. official at cop23 are hoping to strengthen the landmark deal which is under threat from donald trump vowing to exit the pact former u.s. vice president al

gore is heading up an unofficial group of players gore, a long-time climate activist said the world is on the brink of sustainability revolution and that investors are poised to benefit. >> the investors around the world are now seized of the opportunities that are present in the switch over from carbon-based energy to renewable energy this is one of the most impressive and astounding technological revolutions in all of history in fact, i think the evidence is pretty clear that the world is now in the early stages of a sustainability revolution. >> now government officials are not the only ones stepping up. business leaders are taking action after reaffirming their commitment to climate change we're now joined by the ceo of

that company who joins us from ban. thank you for taking the time. a big announcement with exiting of coal-fired capacity i know you've spent 90 billion euros in fighting climate change over the last couple of years. i guess you would argue that you've done your part. where do you think the industry needs to do more >> well, strategies with the start of the year 2000 in which we took seriously everything related to climate change. that's why we decided to close all of our coal plants this moment there are only a couple of power plants, that is the last to close. meantime, we've been already investing heavily.

it makes altogether close to $100 billion invested in the last 50 years. i think what we are making, our emissions are 70% less than they were 50 years ago. we are committed to even reduce our emissions -- specific emissions by 50% by 2030 but i think you take action. that is one of the things this moment in my talk with the secretary for climate change, we've been talking about i think it's time for action 195 countries signed a protocol, but now it's a time for everybody to commit to do things to achieve the target. when you say everyone needs to take action, the business community and the regulators said you were part of a letter to regulators who were asking for more suspicious questions

and do you think they were not taking it seriously and they should be doing more to encourage this >> well, i thinkwith the package to the european union last week and our office in brussels, and i wasn't in front of most of the people of the european administration probably has the most ambition plan in may. it's related to climatic change. related to energy efficiency related to energy in the home. they're already committed to reach at least 24% of renewables in the mix by 2030 so we, the utilities already write a letter asking for 35, which is allowing it ambitious plan for the mix of power generation, for moving

from coal and policies i think the european union is doing it now that the european has to be done i think that's what they have in the country to take already plans to achieve all european parties need to make plans for how to achieve what they have already signed. european union, european commission is doing its job. in some cases they are doing all that's been necessary for achieving this. >> mr. galan, you say the european union is doing its part but we know the elephant in the room, the u.s., wants to pull out of the paris accord. how much momentum in the fight of climate change has been lost due to this? >> well, i think i'm always optimistic i've attending different summit,

different cop in the past couple of years everybody recognized that the problem exists and everything agreed to do things in order to achieve certain targets by 2030. so this cop 23, they're trying how they can implement what's already inside including climatic change and sustainability is there. so i am optimistic that there's movement in towns, cities, states, industries, corporation, et cetera. we are moving in these directions so i think it's time to boost certain politicians to move as well in a longer view for achieving the target that is already committed. >> mr. galan, i have to ask you about spain given the recent ongoing crisis in the country you operate in in regard to the

referendum push by catalonia how has this impacted business given that the utilities are very much regulated, have you been asked to stop supplying the region with energy >> well, i think we are not -- our company traditionally has not this much business in this part of the country. we have not much in catalonia. nevertheless, that is something which we have to recognize the history. i think the history of spain, we have the constitution. this constitution is the result of a consensus a consensus after 40 years of dictator ship. most of these families approve

this by more than 90%. i think a constitution is a constitution and has to be respected. now when somebody is not respecting the law, i think the court have to act. that is what's happening at this moment it's working around it would be true and common sense. >> what about business in the rest of spain? you say that your exposure to the catalon region is pretty small, but how does this reverberate across the rest of the country? have you seen a dip in economic growth in demand for your product? >> as far as demand, lek tis city demand is concerned, demand is growing money is being used. i think we are beating record of employment in the last three

months international company continues. the number of people that we have finding jobs in the last months is already huge, 11 more than half a million people has already created new jobs in the last ten months. so the rest of the country is doing well going through certain period of uncertainty. that will change most of catalon are people with a strong belief in the democratic system and the rules. it will move back to the situation that has already been in the country, especially this part of the country would continue in good shape for the last 40 years. >> all right want to thank you so much for your time. really appreciate it the ceo of iberdrola. u.s. president donald trump has backed away from previous

comments of russian meddling in the u.s. election. he said that putin denied any influence over the 2016 election speaking to reporters, president trump said, quote, he says he did not meddle every times he sees me, he says, i didn't do that, and i believe, i really believe when he tells me he really means it. anyways, those are mr. trump's words. earlier this year at the arctic forum we asked president putin whether the allegations of meddling had any grounds >> translator: all this is being used for the domestic political agenda in the u.s. what do i mean by this the anti-russian card is being used in the interest of certain different political forces inside the united states in order to improve and consolidate their own positions inside the united states. >> so, mr. president, i just want to be very clear about

this you and the russian government never tried to influence the outcome of the u.s. presidential election and there will be no evidence found? >> translator: ronald regan once said to the american public during a debate about taxes, he said, read my lips, no. staying in the u.s., the head of the umpt s. house of representatives task writing committee will not accept a state term the wrangling continues, tracie. >> reporter: right the house and senate have different versions on how to overhaul taxes in this country one of the biggest differences is, as you mentioned, whether or not to roll back property tax deductions, local tax deductions that are a big deal in high tax states like new york and california the senate bill gets rid of them

entirely the house bill allows up to $10,000 in deduction then that's something they'll have to work out finally, there are four tax brackets in the house version, seven in the senate version. several things they have to try to reconcile to make the end of the year deadline. >> tracie, thank you so much for that. u.s. president donald trump is back to using twitterto taunt north korean leader kim jong-un. he responded to remarks which called trump an old lunatic and says he would never scare the regime or stop its advance karen brasan said why would he call me old when i would never call him short and fat when asked if they would ever be friends, he said it would be a possibility although he said that would be a very strange

one. trump has been working to rally global pressure against north korea on this trip to asia he wraps up the final leg in manila. and forget black monday or black friday and cyber monday. china's day shopping record has smashed its own record with shoppers spending $25 million in the biggest shopping event. >> reporter: single day smashed records. they rakd up sales of $25 billion. rival jd, 19 billion the day originated as an anti-valentine's day in china. a day to celebrate single life it's a massive shopping agenda there are some interesting trends that emerged. alibaba said they took part more

than ever. 60,000 international brands took part the top selling nations are the u.s., australia, germany, and europe where they did well was in fashion, household appliances and cosmetics. for j.d., their model is different. they end up selling directly to customers and they said that specialty items did very, very well they sold more than 20,000 tons of fresh food. that 2 million crabs luxury items did good. single day is not a way just for sales. it's a way for companies to reach customers, experiment and for alibaba it pushes new retail alibaba's jack ma said they're going to be leveraging their technology and online platforms and users into physical stores this is what he had to say. >> i think online and offline

retailing should be 50-50. i think online retailing will definitely surpass 50% it makes sense to wipe out the online retailing we should help the offline retailers become new retailers that is what we want to do from the very beginning to me, 50%, 60%, 70% of new retail in china should be new retail i don't believe a position of retail should stay the same. online sales face the same situation. >> the idea behind the concept is that alibaba wants chinese people to go into stores using their mobile phones scanning information about each product and also ordering online, eventually having those phones and then when they go to the checkout counter

at least in the part of a supermarket chain would be allows to have them pay. eunice eun, cnbc business news beijing. as lebanon struggles, we speak to the governor of lebanon's central bank stay with us, that interview is coming up on "street signs" in two minutes. some air fresheners are so overwhelming, they can...

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learn ba niece prime minister harari has vowed to return in days the first talk since his surprise resignation he wanted to create, quote, a positive shock he denied he was being held captive and dismissed rumors that the leadership forced him to resign. we're joined by the governor of lebanon. i'm looking at comments coming from the president he said the return from the prime minister has brought positive results and the

comments that he made in sending his resignation are positive as well the word positive has been used many, many times in the last 24 hours. what do you make of the latest developments >> the international backings of the statements from the united states and europe and also the fact that the prime minister hariri appeared on tv, the efforts of president to maintain contact in the international community, i believe we have a -- reached a point in the crisis where there will be level of if a built into the kriss. >> but, still, the entire crisis, that's very worrisome. are you not concerned about the fact that once again after years and years of calm lebanon once again finds itself at the center

of a war, a power struggle and basically mr. hariri has been used as a puppet by the saudis. >> i wouldn't say as a pup bet, but the conflict between saudi arabia and iran created a could he lateral damage for lebanon. we had previously many cabinets resigning and prime ministers resigning. what triggered some fear is the fact this resignation is that this happened from outside of lebanon. we hope with the prime minister coming back to lebanon and have talks, we hope things will get to normality we don't see a short end to the crisis. >> do you think that a war can

be avoided at this point and the economic costs, the human costs, more importantly, can come with it can something like 2006 be avoided? >> i believe so. i don't think we are in a situation where there will be a war on lebanon lebanon hosts 1 million and a half syrian refugees and there is no point be in having a war that would create economic problems that are already in a country that has the burden of a million and a half syrians and create another humanitarian situation that europe will have to cope with, i believe. so i think the international community would put enough pressure to avoid any war in lebanon. >> how frustrated are you that given the economic picture for your country it brightened

considerably the last couple of years. now with expected growth of 2% are you? very briefly, we only have a few seconds left, that this will be destroyed by the political prices. >> lebanon is resilresilient the lebanese pound will remain stable we'll have no worries about the credit capacity of the government and the banking sector. >> all right riad salami, thank you very much for your time. >> thank you. >> that's it for today's show. i'm carolyn ross "worldwide exchange" is up next. l e you at the same time tomorrow bye-bye. the average american home value has increased $40,000 over the last 5 years. but many don't know you can access that money without refinancing or selling your home.

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wall street looks to kick off the new week in the red with earnings and tax reform front and center. >> breaking overnight, general electric reportedly set to announce big changes to the core business details ahead. and a big deal for uber. the company reaches a deal with soft bank. it's monday, november 13th, 2017 and "worldwide exchange" begins right now. good morning welcome to