♪ welcome to "street signs." i'm willem marx. these are your headlines switzerland's biggest bank hikes its dividend reveals a massive sell buyback and makes move to streamline operations. ubs talks to cnbc. >> if we can grow our business we can also announce as we did today clear strategy on capital returns. it's mega merger monday. as an $11.6 million deal to into

a varitek on a bid on bio technique and treatment. >> ocado, oh canada. the retailer pushing it sending shares to the top of the european market. we talk to the ceo of ocado solutions in just a moment and no deal. the u.s. senators remain shut. it's still not clear if there's enough support for it to pass. and our session across europe, we can now see a little bit more red on the board than green. pretty flat open so far. the stoxx 600 flat right now as we look tesk at the effectsf

driving that in the markets. looks like energy stock is doing well, up over 0.fi75%. telecom looking tour pretty strong so far this morning with travel and ledger down 1% travel is not doing particularly well let's talk one big story ocado shares sending the market higher to develop its online grocery business the agreement with the second largest canada food retailer comes as there are opportunities in the north and american market the ceo of ocado joining us in the study know let's talk about north america canada is quite a different market is that something that you're finding it difficult to crack when you these sales meetings.

>> the north american market is actually very interesting. it's growing slower. gross online line is about 1.5% in sales versus 7.5% in the uk with loans in the somewhat tougher market in the uk to develop the technologies today, the north american market is really waking up and the deal with sobeys is a great example of that. sobeys is very ambitious they know it's going to happen and they wanted a willing solution so what's happening today with sobeys we believe is happening in the u.s. as well. >> you talked about so bchbeys a couple months ago. why are the big groceries so far behind warehousing and delivery and efficiency when it comes to trucks getting around the country? >> grocery is an credibly complex thing to get online.

unlike something on amazon where they're typically ordering one or two things at a time. in grocery, you're ordering 50 things at a time some of them flash, some of them ambient, some of that frozen and when you get it to the home on time, that's supercomplex and requires great technology. that's what ocado has done the best technology. >> why do you think they technology has not come to that point? >> technology is a highly complex thing to get right we've invested a lot in people we have 1,200 developers, software develops in our business and 300 mechanical engineers working on just this it would be very difficult for a traditional retailer to be able to bring that talent together to focus just online to build the best solutions in the world. >> let's talk about cap rates.

my understanding is you guys haven't spent a lot of money i presume that's going to change >> we have spent a good deal of business developing our business and today, signing of these deals, because we participate in the building of the technology and market, we do invest in the cap. >> that's kind of a new line division for your business, is that right >> yes >> do you think that's something you'll increase in termes of costs or generate that from the business >> we've obviously got all of that in place. and going forward. these deals, of course, for us in the long term are going to create a lot of value for us because we invest in the short term, but as the business builds we don't get returns on it >> one of the complications from where i sit, you guys spend a lot of money developing your own model here in the uk, do you

promise to use that success for other companies inside the uk and outside of uk? how do you have a chinese war with your own success and selling groceries in the uk? >> it's slightly different than with our relationship with international partners of course, it's in the uk and therefore, we don't talk to them about how they trade their business that's their responsibility. of course, we provide the infrastructure the i.t. infrastructure, the warehouse infrastructure and distribution infrastructure. >> surely, you're going to find giving your best practice to one of your competitors, that's going to help compete against you? >> uk is a large market. we're very successful. if you look at idg data, the two competitors in the uk who gained shares in the last two years have been ocado and morrison >> are you down your model >> absolutely. >> getting your foot in the door

in north america, what is the downside you talked about the low penetration when it comes to e-commerce and grocery where do you see those players moving as an outsider that's going to get you together again? >> i think everybody in the u.s. is going to need a solution. both going to deliver great customer service and economically available some of the solutions that have emerged in the u.s., insta cart that picks it up in the store and delivers to the customer, they're adding at the same a customer model the difference is we build effectively a different supply chain for the customers therefore making it economically viable and delivering a great service. >> thank you so much good luck in canada. that's luke jansen from ocado.

now share in ubs are down in early trading this after at swiss lender saw a fourth quarter loss from recent tax reform weighed on earning. ubs proposed a dividend increase of 8% impaired to the previous year of .65 swiss banks per share. the swiss bank planning a buyback program worth to 2 billion swiss francks. all of this accompanying the ubs fourth quarter results adjusted pre-tax jumped 90% to 3.6 billion swiss francs jeff, that's a lot of news to be digesting, isn't it? >> reporter: yeah, absolutely. so, let's begin with the payout, 2 billion over three years, the sheaho shareholders have been asking for some time to see either a

special dif denvidend or some tf increase to payout to the buyout the bank is delivering here. i know some feel they could have been more generous 550 billion in 2018 and they say up to 2 billion. they could leave themselves flexibility to reduce that if necessary. as i understand, there are still those in the market who would like to see the commitment be a little higher. streamlining of the wealth operations, again, you know, the bank is proposing that as a logical step to reduce costs by integrating the north american business with the global business again, you know, not everybody satisfied with that approach some suggesting that a stand alone u.s. operation would be more attractive to those seeking home for their assets to be managed. but that's where the bank is taking us. and then there's a nudge and a

tap here and there around some the other divisions. perhaps worth noting, no major real strategy announcement on target i guess, i wonder if that may have also disappointed they had a 2.1 billion swiss franc cost reduction program. that ran its course. they retreated through 2017. and they are not restating a new tax reduction program going forward just to suggest through technology and some of its streamlining they will be able to reduce costs and increase efficiencies so to the conversation wisergio amat amat amattywe covered this in our chat now that basel 3 is becoming more transparent. let's here what he had to say.

>> we welcome that under basel 3 back in december and in 2017, we managed our our portfolio, we are now in a position to continue and implement our attractive and capital return policy, with an increase of dividend and announcing share buyback program which will be partially executed in '18. >> we've also adjusted the target going forward for capital gain can you explain that to us will it result in any lower payout to shareholders? >> absolutely. i think it's just an evolution and a convergence of a recognition, you know, of what happened since 2012 since we initiate our targets in the meantime, we have much more clarity about regulatory requirements and not only on the cost side of the equation, on a day-to-day cost base but also on funding requirements in the new regime for loss of

capital. we in the meantime have reduction of costs around 2% we are running by now with our tangible book, our tangible liquidity, around 20% of the pre-tax. and we are taking consideration of that in setting our targets which are ambitious, but at the same time, realistic for the environment we are facing. >> how do you think the management business is going to do over the next six to 12 months? >> i do think wealth management businesses are set to continue to grow at double digit levels it's set to continue to grow twice, at least twice gdp growth, so around 8% a year and we as a leader, we are in the right position to capture superior growth. which is reflected in our targets. where our ambition is, as i say,

to improve our pre-tax profit margin around 10% to 15% per annum. >> and what's the structural reason for the combination of the wealth management businesses >> it's an evolution of getting of what, in the last five or six years, we started a journey of restructuring, repositioning our position in wealth management to the new paradigm and to set ourselves to growth in the last couple of years we started to integrate more capabilities globally. and our funding capability and our product services in a more informal way now we can go to the global base to the best services and we can also be more focused in diverging our resources and in a nutshell, increasing global leadership >> you talked about clarity you

now have around basel 3. is that primarily a cost driver or do you see that as a benefit now? >> the complete benefit is clarity. because clarity a year ago was not necessarily the right set. now, we have clarity, we can set ourselves, sharpen our focus more on growth i think clarity on the relate to regulatory front is very important to plan. as a bank we have to plan three to five years we just can't plan trying to assume what capital will be. now we have clarity, we can grow our business, we can also announce as we did today, a clear strategy on capital returns. >> and can i ask you, obviously, you have talked a bit in this state about the low volatility still for financial markets and its impact on you. you've also talked a little bit about the low interest rates still being a bit of a headwind

in europe. do you see either of these things improving in the early part of this year? >> yeah, a little bit of headwinds when you talk about mega rates in switzerland. it's an understatement i do think the lower rate environment is going to stay with us for the next three to six months it's important to see how in switzerland we get out of that environment i do think in the u.s. we may see some hikes we expect a couple hikes but to some extent they're priced so there's always an upside and the volatility, i do think the volatility to go up a little bit particularly in the second pat of the year. this is very normal. now, we will see what the quality of that volatility we have to pay attention to what we are wishing for here. i think if volatility is traded by submarket changes in the

environment which we don't expect but more particularly by geopolitical events that would be be a welcomed volatility. >> yeah, that point about market volatility, i think is key for the fortunes of the trading investment the investment bank. like all of the other banks we've seen through this earnings season so far. ubs not getting any real benefit from the current interest rate environment we have in europe. and clearly it feels like they're going backwards to a certain extent on interest rate product trading right now willem, let me send it back to you. >> geoff, thank you so much. good luck in davos >> the u.s. has made big bet on barclays "the new york times" says tiger global management has invested more than $1 billion in the bank and the firm built up the bulk of that 2.5% stake during the month of november.

if you have any comments about to make, e-mail as you at, address streetsignseurop streetsignseurope @cnbc.com. and tweet me directl directly @willemmarx coming up in the show, shares of the foot maker william hill more on that when we come back any object. any surface.

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signs signs" r iche mont has offered to buy the shares it believes the deal will boost its online presence. claudia has more details from milan this morning good morning, claudia. >> yes, good morning well, this is certainly a big announcement that comes today. the stock is higher by 24.45%.

of course going towards that 38 euro per share price which is the price that richemont has put out. the reasoning behind it, they were already owning 50% of the company. they had only 25% building rights so up until now did not have extreme influence the market and founder and ceo of the group has been managing the group for the last 20 years, it was listed in 2009 and had a big marriager, big acquisition in 2015 when it acquired the met aporte group since then have continued growing strongly they have revenues that reached $2.1 billion last year and a growth of 11%. this internet growth is very strong very interesting for riche mont, they're very active in brands like cardier and they believe

they can sell the high-ticket items like watches and jewelry, 7,000, 10,000 euros per item on internet they feel they can do better than actually the company. and come up with some other type of setup and relist a portion. that is what the analysts are talking about this morning still, of course, not anything official but that is the intent. now, the value of the deal is 2.8 billion euros. the offer is 38% premium on friday's price and 27% premium on the last three months average price so, a good strong deal, according to the analysts. something to adhere to, both ceo of the company yook and richemont positive about the future >> claudia, thanks for the update

another deal, is sanofi looking to buy bio verativ, to plug revenue debt. sanofi said that bio verativ would boost its sales in treatment and drugs associated separately, shares in gambling firms including william hill are under pressure this follows a report on this week "the new york times" stakes on betting shops will be lilted to two pound sterling. regulators have expressed concerns that these so-called fixed terminals are especially addictive. dixons car phone tightened its profit reporting a 6% jump back in the christmas period strong demands your iphones

helped boost the market. performance strong in other markets including norway and greece that seems like the time to bring in mike ingram, a chief strat jieft gis strategist you don't see bullish on uk profits? >> no, that's been brought out in the performance to date i was interested to hear when suggested the worst of the brexit fears are actually behind us in fact, i feel very different in fact, the politicians in the uk say nothing is agreed until everything has been agreed this is an economic process with economic consequences. even though the market responded quite positively to the end of the first phase of negotiations in terms of the so-called, again, of course bill. such as the irish board completely shoved aside. we said no hard board between

north ireland and particularly no hard board between ireland and the irish sea. that suggests sort of a norwegian end game or indeed no brexit at all. both of which would have significant political ramifications in both the uk and eu so, yes, i remain a skeptic, and i believe that skepticism is widely shared in the market. we've seen investors firmly under weight >> how do you look for the opportunity here in the uk sector in particular >> well, i think the quite sensitive exposure to the consumer at the moment, that's been, i think, reflected in a whole host of corporate earning results that we've seen pot christmas trading. it's very clear that retail is suffering badly. food retail looking better but again if you break down the numbers that's just falling inflation. and the bigger picture is that

the consumer continues to be under stress yes, it does appear that the wage inflation is picking up a little bit in the uk. >> but not enough? >> but not enough. and none of this has been supplemented by very cheap consumer credit. that's been going at double difficult rates until recently and in the bank has shown concern over that. >> with currency, sterling and brexit surely has pointed to that recovery recently as something to be happy about. but if you look at euro, it's not nearly such a pretty picture. i just wonder do you expect more volatility for sterling this year >> yeah, cable should be up because the cable index was down 10% and it's continued to be weak in the early pat of this year i'm guessing the current u.s. government shutdown isn't helping. it was only up 1% on the trader basis last year. what i'm interested in the powers immediately running up to the uk referendum, i had a ring

side seat. people would say you had cable trading 159, 160, this is proof it's going that way. at the time i was pointing out what was going on in the as a matter of fact and a massive skew in terms of investors wanting to buy protection, downside protection to sterling. >> well, what if they look at the market right now >> well, clearly, they're worried 12 months out and that makes sense because presumably this october, this year, we will have clarity on what the end game on brexit is going to be. it's very clear that the u.s. market is skewed for buying that protection for sterling. >> do you see more volatility, every time there's a movement in the trade negotiations last year, over the last nine months, we saw a spike or dip. do you expect that to continue this year? >> well, i mean, i think the problem is that there's no volatility anywhere in bitcoin in markets and anytime there's been even a small move, it very quickly got

stamped down and right now, the markets seem to be taking a glass half full approach to brexit and indeed you have to take risk against capital markets. >> that was mark ingram. german politicians move closer to forming a ground coalition government we'll go live to frankfurt for the latest jimmy's gotten used to his whole room smelling like sweaty odors. yup, he's gone noseblind. he thinks it smells fine, but his mom smells this... luckily for all your hard-to-wash fabrics... ...there's febreze fabric refresher. febreze doesn't just mask, it eliminates odors you've... ...gone noseblind to. and try febreze unstopables for fabric. with up to twice the fresh scent power, you'll want to try it... ...again and again and maybe just one more time. indulge in irresistible freshness. febreze unstopables. breathe happy.

welcome back to "street signs. i'm willem marx. these are your headlines let's start with switzerland's biggest bank hikes its dividends revealing a massive share buyback and making moves to streamline operations. sergio ermotti talks to cnbc about the buyback of basil 3 >> the impact is clarity we can announce as we did clearer strategy on economic returns. angela merkel and the vote

to move ahead. and oh canada for ocado, the online retailer pushes in north america with a sellout of sobeys luke jensen tells cnbc the grocery market is right for construction >> deal with sobies is very ambitious. they know it's going to happen and they want a willing solution no deal. the u.s. government remains shuts as senators refuse a vote over the weekend another vote is expected today but it's still not clear if there's enough support for that to pass. back to that conversation with mike ingram with whr. let's take a quick look at currency market this morning

we're talking about cable. you cansee the pound again slightly stronger against the dollar up two-fifths of 1% the weakening of the u.s. dollar, the euro a quarter of the u.s. again the dollar weaker against the yen and the swiss franc. so that is the main theme there. we look at european markets this morning, we can see that the ftse 100 is up very slightly whereas its main experts, indices in germany, france and italy all trading slightly down so far this morning. the cac not doing too well, 0.15%. as we take a look across u.s. futures. a few hours before things open there. not a pretty picture we see the dow jones down 66, 67 points there the nasdaq and s&p 500 looking to expect a bit of a soft open that may, of course, have something to do with one of the major stories out of the u.s u.s. lawmakers have now gone

home after the senate failed to reach an agreement on ending the government shutdown. but the senate is expected today to provide a bill to provide funding for the federal government later this afternoon this as democrats and republicans try to break an impasse in a law for immigrants that came to the u.s. as children and our colleague from nbc, tracie potts, joins us from washington tracie, give me an idea what you're expecting today in d.c. on capitol hill when it comes to the senate remeeting >> so, there is a midday vote. and the bottom line to reopening this government is whether or not a handful of democrats will go along with the compromise that was crafted over the weekend. we actually thought that they might do it early this morning, but it was postponed because democrats needed more time to chew on this they're afraid if they go, republicans won't follow

through, vice versa. the plan on the table is to reopen the government just through februarile 8th giving more time to buy some time for work on issues like the border wall that the government wanted funded. they say immigration if they can't come up with something by february 8th, then right after that, they will immediately start to work on that. democrats not quite sure they're trusting that promise. the majority leader said it's the intention to do so after february 8th so the job this morning is for senate and minority leader chuck schumer to try to convince democrats that that will actually happen. they only need a handful, because two republicans who voted with them are willing to do that. the real impact is going to be felt today because so much of the government was already closed over the weekend. but this morning, the doors really don't open on monday morning, it puts a lot more

pressure on them to come up with a compromise >> democrats looking to define the intentions of mitch mcconnell. germany, social democrats narrowly voting in fair of coalition talks with angela merkel's conservatives exploratory talks show a preliminary blueprint of what a deal would look like the martin schultz expressed his view of the vote but warned formal votes to be just as hard. annette joins us from frankfurt. annette, some of those things we that announced after those talks, as things that had to be included in the agreements do you really think martin schultz is going to be force the cdu to stick to those? >> well, actually if angela merkel wants to have a stable government she has to move on certain points to help the spd

be happy because the spd has a clear vote ahead the big vote when the party base, every single member of the social democrats will vote on the contract i and we born yesterday and i have to say the mood was really intense and very emotional and i really thought they would vote against it. because the majority like -- like the applause, et cetera, came when people were speaking against forming a grand coalition. when people were speaking about the topic for essentisocial dems one to put forward so they have to bring home at least some of that, at least when it comes to the next coalition contract in order to get its party base to vote in favor of it. if he's not managing to do so, i think we're going to have to repeat election in germany because i think the social democrats will not vote in favor of a coalition contract where they don't see any content from

the social democrats in it so, having said that, the new time line the coalition , and coalition contract, will be ready by mid-february, so three weeks to probably carry it in which the big vote will take place from the spd members and eventually, we eventually might have a government but there's still room a new government is not granted. back to you. >> and that's annette weisbach reporting from frankfurt we're joined by george dyson george, we heard we've got a few more weeks from that next spd vote on the coalition agreement if indeed there is one that is made this is a huge amount of pressure for angela merkel because she's going to have to concede knowing that vote makes the coalition make or break? >> absolutely. with angela merkel, with the

concessions for the spd, she knows going into the election, the sense, she's got the panel in her hands >> again, the disruption from another round of elections we're now four months from the last time the germans went to the ballot box i mean, that's not great in terms of stability for the markets for business, is it? >> well, actually in terms of business, things aren't all that bad. because it's such a seemingly needed situation for germany, the environment is what's going on but on the ground in germany, not much has changed the situation is doing pretty good the government is functioning well through that period but in that sense, it's nothing to worry about. but in terms of merkel, absolutely, she promised a speech to deliver a government

effectively. so the heat is on. >> let's talk about spd here because of course they got pretty extraordinary concessions during that set of preliminary talks in terms of things that ss spd and cdu agreed to in terms of energy. if you're a member of the spd, you've seen your poll number slide under the next coalition what's in it for you and do the policies mean enough to you to subrogate that popularity? >> i think in the next term, with the angela merkel -- it will be in one hand, survival of the party. >> as opposition as well >> even as of opposition even if they go to the election, there's a chance it could crumble or fall back into place. at the same time, the government

can get across what they want to get done and sort of, from the preliminary agreement, that started in january, it -- for the spd, i'm not sure coming away looking so good in taxation and health care they still haven't gotten all of that nailed down. >> let's talk about europe more widely, president emanuel macron pushing on the policy that he's been a proponent of. merkel has her plate full in terms of coalition talks does that leave macron in a position in terms of driving an indication, that she's going to take a more backseat too >> i think whatever happens going forward, we'll probably see a new government that we haven't quite seen within a few months once she's back in the driving seat with a proper mandate i think then she did do something, a series of visits to reinstate her positionto show that she's still decisive

leadership and cdu and spd, they're both parties that will play a strong role in europe so, i think the question now is this isn't such an issue right now. really when merkel finally steps back, who take over. that kind of process will then it take a leadership role who then comes in to fill the place of merkel behind her that's an interesting think to look >> now, looking at the wider political situation in germany, we've seen the alternative for both to do relatively well, they've got a bit of a showing, 13%. so, that obviously, puts a better pressure on merkel's partners from southern germany to try and stay to the right they're now in the conversations with cpd that wants to pull to the left

does the spd have to stand back? or do they say no, this is what matters to voters or things like immigration? >> i think for the cdu, what they're going to try do do, they need to be showing to their banks that they're doing something about immigration. interestingly, it looks like immigration, conversely, this issue that has dominated politics, of the last six months, a year, two years, has dominated these coalition negotiation talks, and it's the elephant in the room the whole time actually may not be such a high point on the agenda within a few years. >> thank you so much for your comments that's george dyson, he's an analyst for germany at control risks. coming up on the show. heavy snow disrupt operations. president trump will actually join them at davos

welcome back to "street signs. a two-day terror attack over the

weekend in a hotel in the afghan capital of kabul has left more than 30 people dead. officials say that number could rise as security forces continue to sweep through the damaged intercontinental hotel looking for survivors. all five attackers were killed when security forces stormed the building after a 12-hour siege the taliban claimed responsibility having mounted a similar attack in 2011 this is the latest series of assaults in the afghan capital to roil the government and the u.s. launches strength, in turkey had threatened to crack down on a stronghold the coalition gained strength after helping the u.s. with coalition by islamic state kurdish protesters were meant by

pepper stray in accra following the attacks. saying the unilateral action by the united states in syria for having ended in turkey and the parliament election will be held until iraq. they had pushed back the date to allow thousands of war displaced citizens to return home. prime minister abadi seems to be the favorite to win. south korea says the decision to allow north korea to take part in the winter olympics would ease tensions on the peninsula. it comes as music officials came south of the border to inspect sites at the olympics. seoul has been criticized how allowing the north korean

athletes to compete. lester holt is in the capital and has more on the thawing relations. re traveled about four hours east of pyongyang to watch ski events over the north and south over the winter olympics we're told this is a place where athletes from north and south will be training together. we were also invited here, i would expect, because this is not what people expect to see in north korea. a model ski resort it's got patriotic music and videos playing on the screen here and a lot of families out enjoying themselves. we've spoken to some of those families people expressing a sense of optimism that the two countries are speaking together. a sense of pride that they will be competing together in the winter olympics. and also some expressing a sense of greater security given a chance to ratchet down some of the tensions none of this, of course, erases the issues of the nuclear

program here that has drawn the attention and criticism from around the world certainly the crippling sanctions is that have caused so much hardship in this country. not evidenced here, obviously. but something that they are dealing with here. >> that was lester holt, the anchor of nbc's "nightly news" in north korea the ski resort where athletes will be training side in the winter olympics. netflix is looking to grow it's grow rate in 2018 the fourth quarter results show that >> reporter: when netflix reports earning, it's the company's subscriber number that draws the most interest. a key indicator of just how fast netflix is growing with investors hoping the company will top its own forecast in 6.3 million new subscribers in the fourth quarter. over 5 million of those from overseas >> we thought they would have peaked out in the united states

a while go and continued to go faster than anticipated. internationally, it's still early days, still many years from saturation internationally. >> reporter: with netflix shares up 60% in the last year up 10% since the company's last earning report the flesh is on your netflix to keep up its growth. an lifts predicting revenue will grow one-third from the prior year while earnings predicted 175% over the same period. netflix investors and analysts will be looking for guidance on what to expect in terms of growth both in users and margins in the years to come and when the company plans to invest more in content than up to $8 billion it already announced will spend >> what's happening their originals, netflix originals are now driving the growth in the service. that's making a sense that the competition that netflix is

facing doesn't really matter >> reporter: and netflix is facing more competition than ever as amazon continues to invest in content. new reports that jeff bezos is focused on finding the amazon equipment of game of thrones and netflix plans to invest in hulu raising the bar even higher for netflix. julia bornsatin. and the leaders in davos say many will attend however a question mark over when president trump will go due to that u.s. government shutdown i'm happy to say we're joined with richard summons when it was famoused phrased e

phrase davos man mr. trump, do you see him becoming a davos man >> well, of course, the davos man nomenclature you're using is a caricature i think the more important question is what's the message he will carry here and to what extent will he engage in discussions with a wide range of leaders from governments and business and civil society and academia on some of the big issues of the day. it's essentially a platform for cooperation and dialogue trump's dialogue and i think we're eager for him and other important leaders to try to come here and make concrete progress together >> you've been in a position before to advise presidents on economic policy in the clinton white house. i would wonder what would the advice be to president trump, to steve mnuchin, coming with him this week, when it comes to winning over the davos audience on trade

>> i think there are some legitimate concerns in different areas of trade policy. and i think there are -- there is a great interest here, from many parties to understand better the reasoning and the likely path forward for u.s. policy in this area. in many respects it seems that that policy is still being constructed. so, this provides an opportunity for people to understand better the motivations behind some of the changes in policy. and what the practical implications might be. >> now a report is out more billionaires in davos than ever before with a new billionaire created every couple of day. davos famously is the playground of billionaires. i wonder what you think as billionaires and government leaders they're meeting with can do to try to tackle that huge gaping chasm of income and

equality >> knacin fact, you're essentia characterizing who comes here there are about 350 public officials, ngos, faith leaders, labor leaders and a wide range of abocademics and in addition to others. what we're doing with policy, today, we're issuing a new m matrix for performance most citizens don't evaluate the success of a country's economy by the gdp statistics printed in the financial nations of newspapers they evaluate essentially how well their household's living standards are improving. this index increase in wealth index provides an alternative and metric and vowed a more balanced scorecard that people measure as

their bearometer of success. >> thanks. for more from davos and to find out why global leaders may need to be in listing mode there. head online to cnbc.com where we have you covered this week make sure you join us 1600 central european time when we kick off our live coverage of the economic forum in davos. we've got leaders lined up leaders of intercontinental hotels let's take a look at futures it looks like a pretty negative start for the day of the three din da cea indices there. orwi ehae"for our show "wlddexcng coming up next your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain.

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government shutdown, day three. the senate fails to strike a deal in time for a late night vote but will try again this afternoon.the latest from washington what wall street wants futures under pressure this morning. we'll talk about what a stalemate in washington means for your money coming up. and what carl icahn wants at xerox. it's monday, january 21st, 2018. "worldwide exchange" begins right now. ♪ good morning, very warm welcome to "worldwide exchange" on cnb