welcome to "street signs." i'm willem marx, these are your headlines. the spread between italian and german bond ten-year yields hits the highest level in years. italy's bank stocks are some of the biggest losers on the stoxx 600. new data shows investors pulled a record 3$380 million from italian equity funs last week amid worries about the new government. european equity markets largely ignore geopolitical

tensions after president trump cancels a landmark summit with his north korean counterpart >> if and when kim jong-un chooses to engage in constructive dialogue and actions, i am waiting. and france's richest man tells cnbc why he thinks president emanuel macron's reforms have been working. >> i traveled a lot, i see a lot of desire now for people to come and work in france, which was not the case five years ago. it's been a positive start to the morning across europe more broadly the stoxx 600 is looking to be up almost 0.25%. the individual markets behind those numbers, you can see just the ftse mib in italy the laggard there. the ftse 100 up about a quarter

percent. the dax is up about a half percent. looking at individual sectors, basic resources, oil and gas in the red. travel and leisure up 1% real estate up also. the big story is italy, the five star and lega parties are pushing president mattarella to push a euro skeptic economist as labor minister reuters reports that mattarella does not want to approve the appointment. as a kobs squeconsequence, italt are being hit by concerns of this new government. investors withdrew a record 3$30 million from italian equity

funds last week. italy's ftse mib is down in early trade and bank stocks weighing heavily on the index. the spread between italian and german bond yields has hit 200 basis points eu finance ministers have urged italy's incoming government to stick to european budget rules in a tweet ahead of the summit, the slovak finance man center warn minister warns italy risks going on a suicide mission if it moves away from the eurozone this is a central issue there. what have people been saying to you. >> absolutely. we went into this meeting. this the first meeting euro group since the italian government was put together, in

essence it has not been fully formed yet that aside there are a lot of questions about how the rest of euro group will be dealing with the prospect of an italian government looking to breach some of those fiscal rules by reducing income when it comes to tax and increasing spending on other matters like the universal basic income many analysts estimate that the proposals put on the table could set them at massive odds and push spending to well over the 3% limit so clearly other people in europe are look at that closely to see whether or not those proposals will get implemented in the first place the reaction from european policymakers varied. we heard from the french finance minister last week sending strong words to the italian government saying they have to respect the rules or it could create financial instability in the rest of the eurozone, to

which mr. salvini responded don't stick your noses in our businesses you were talking about the reaction in markets, italian assets underperform, italian bonds underperforming, but a lot of focus has been on italian banks. up until now that's been a positive story for the eurozone. i had a chance to speak to the dutch finance minister, i asked whether or not we'll see any positive results when it comes to the banking union, also whether or not the italian government's measures to repeal some reforms would derail some italian bank deleveraging. let's listen >> we'll have the meeting in the next couple of hours, if you want me to comment what seems to be on the table, from a risk perspective, that looks good i'm satisfied with what's on the

table. >> italian banks have some of the largest nonperforming loans in the eurozone. are you concerned with the new italian government could derail those efforts and derail the process of further integration in the banking union >> just to be clear, this is a first step on the banking union. the whole discussion on mpls is a discussion we'll have later on, that's not on the agenda now. as for the italian government, i think we should judge it on its deeds. so there will be a government in the near future, let's see what it actually does >> do you anticipate europe will give fiscal leeway at all to the italian government given their program agenda entails more fiscal spending? >> we have been clear on the necessity and the logic behind the rules. the rules are not imposed on member states because of brussels the rules are rules that all

member states have committed themselves to for the simple reason that they believe it is in their own good and in the interest of their own countries. so that is a logic, and a logic that is sound and it will continue to be perfectly sound >> that was the dutch finance minister saying rules are rules and meant to be respected. but actions speak louder than words, let's see what the government comes up with when it's finally formed. i caught up with the luxembourg finance minister and i asked if he had any message for mr. conte. >> we look forward with working with the new prime minister of italy designate. we noticed he has mentioned europe many times. he wants good dialogue with europe, we should take that for face value, and look forward to working with him >> are you not concerned that

some of the proposals put forth by the italian government could break some of the cohesion and the future plans to bring eurozone closer together >> one thing is -- the things that you say, before the elections and another thing is what you do afterwards when you are confrontedwith facts and realities. so let's focus on the facts that will happen in italy, it's a founding member of the european union, always a faithful partner and i'm sure it will be in the future >> the luxembourg finance minister saying he's looking forward to having a dialogue with mr. conte mr. conte did give a speech a few days ago, he said he as well would look to have a dialogue with the rest of europe. it's a new chapter in italian history. as they both said, actions speak louder than words. a lot of questions on whether the government can implement half of these policies back to you. >> thank you very much

i'm joined by didier jurie actions speak louder than words. nobody who studied italian politics can be surprised at uncertainty in italy that's nothing new what is different are some of these policies do you think the market is fully aware of what those policies could mean >> i think this is a bit of an unknown territory, but already the market reacted to this opportunity. what we are seeing these days is that the new italian government is strongly framed by the outside. and that's something totally new. we can thank the european system for that we are seeing a selloff in

assets, a selloff into the bond. close to 2.5 on the ten-year as soon as we see them in action they have to take into consideration the remarks from outsiders, and the risk will start to tame and then represent a buying opportunity for the investor very soon the banking union may come around and create another later of protection. >> we have data this morning showing how significant outflows are from equities. do you think that will be a significant buying opportunity if so, when? >> the banking sector, the banks are solid entities, they have a growth agenda, they are part of the -- probably part of the

quality assets in europe so it may represent opportunity for the banks. >> we'll have further conversation, but stay with us >> president trump canceled a meeting with the north korean leader, kim jong-un, that was set to take place in singapore on june 12th the white house released a letter saying pyongyang broke several promises and that recent comments from the north korean leader were negative the president said the cancellation of the summit was to the detriment of the world. >> north korea has the opportunity to end decades of poverty and oppression by following the faith of denuclearization and joining the community of nations and i hope that kim jong-un will ultimately do what is right not only for

himself but perhaps most importantly what's right for his people who are suffering greatly and needlessly all of the korean people, north and south, deserve to be able to live together in harmony, prosperity and peace that bright and beautiful future can only happen when the threat of nuclear weapons is removed. no way it can happen otherwise if and when kim jong-un chooses to engage in constructive dialogue and actions, i am waiting. >> worth noting north korea had been dismantling one of its nuclear test sites, it claims, just hours before the announcement in its official response to the summit cancellation, the north koreans expressed regrettable surprise

pyongyang said it hoped for a trump-style resolution to resolve tensions my colleague, chery kang, joins us from hong kong. the north koreans may have been surprised but they have not responded with much anger. >> exactly i think that's what's surprised the market and stewed the market, too. so north korea saying they were surprised and saying they're still open to resolving issues with the united states even after president trump decided to cancel the summit that was supposed to happen next month. so i would say that's quite uncharacteristic of north koreans that we know of, especially given what we saw with the trump administration in washington last year north korea says it is still -- it wants to tell the u.s. once more they're open to resolving issues, however and whenever so pretty open attitude coming from north koreans i think the thinking is that

yesterday's development, especially with the demolition of one of its nuclear testing sites, they were supposed to come out with stronger leverage going into the negotiating room in singapore, but of course the trump administration, president trump really trumped that kind of expectation with his three-far grathree three-paragraph letter addressed to kim jong-un to go back to what happened overnight with the cancellation of the singapore summit, president trump said -- talked about a great opportunity that north korea with still achieve here take a listen to what he had to say. >> the dialogue was good until recently i think i understand why that happened >> why was that? >> i won't say that. some day i'll give it to you, you can write about it in a book i believe we have a great opportunity.

we'll see whether or not that opportunity is seized by north korea. if it is, great by them, great for the rest of the world. if it isn't, it will be just fine >> so we've got pyongyang saying they're still open to dialogue, we've got president trump saying -- talking about a great opportunity that can still be seized by the north koreans and also south koreans are working hard to keep this momentum alive. though they looked perplexed and confused, disappointed this morning in their reactions so perhaps these elements in these three different countries, and also china calling for some kind of momentum to be kept on the korean peninsula perhaps that's the reason why we still see some north korea experts who are not changing their best cases, saying the summit could be delayed at this

point. back to you. >> chery, back to you. on a related note, gold prices have eased a bit, but rose above $1300 on the back of this heightened geopolitical tensions they settled at $1,304 an ounce. the best daily performance in a few weeks. we're still joined by did yeie didier duret we are seeing this summit canceled, all this geopolitical risk, is it something the markets are aware of do you think it's priced in? what do you think will happen in the next few weeks in terms of market reaction? >> if we look at the volatility, it looks like geopolitics is not really relevant, if you look at the vix around 12, there are plenty of people ready to buy and to benefit from the market

we have seen a north korean peace dividend sort of withdraw, but it may be reconsidered i think the north korean story is not over. what we can see on the gold, gold is not really reacting horribly to the risk now there are a lot of negotiations going on, so it leaves open a lot of development in the future, even the iran deal, they are reconsidering between france and russia and also china and it's really a lot of negotiation that is going on in order to shed the future and probably the future is more peaceful than what we left a year ago for instance. >> is it the case then that essentially the market is

looking at the white house and saying we should expect the unexpected >> yes there is a recognition that it's a complex environment for geopolitics, but it has always been, by the way we live in a multilateral world where china plays a bigger role, also russia wants to claim its role as a power. it's not a bilateral kind of cold war where we have two protagonists i think the complexity, but more or less the complexity is happening in a world where the world is growing we are moving away from systemic risk on the financial sector even the emerging market, we've seen a shadow of a crisis. it was not full fledge emerging markets will recover from little skirmishes so in the short-term we can

expect to come back to the market and see a positive way for the market volatility is low. the biggest move on the dollar has already happened so we can expect some form of stabilization that would enable people to put money on the stable especially because they've been left in the first part of the year didier, thank you for your time this morning coming up, our team at the st. petersburg international economic form will sit down with dmitry konov next.

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the price of oil has fallen back slightly after alexander novak suggested that production curbs could be softly eased. oil prices have increased in recent weeks on supply concerns in venezuela and the threat of impending u.s. sanctions on iran russia has lost market share to other producers having withheld supply since 2017.

geoff cutmore and hadley gamble can perhaps talk to us about that situation in russia >> yeah, absolutely. we have the perfect guest to start off a chat about where we're going with oil and the oil price here dmitry konov is with us, ceo of sibur. he's in the gas processing and petrochemical business good morning >> good morning. >> while we've been here, we heard energy minister novak suggesting there could be a change in the current agreement with opec, maybe a little bit of a lifting of the restriction on output what would the consequences of that be as far as you're concerned? >> minister novak, the current agreement with opec, what they call opec plus russia and other non-opec members will continue,

but the target will be changed, because mostly what we've seen in the last several months is lifting prices, which was a bit too fast potentially, now opec is more worried about supply rather than demand so we've seen some interruptions in countries like venezuela. seen less supply to the global markets of oil, and now opec is worrying about trying to lift production quotas a bit to give more supply to the global market speaking about petrochemicals, we are using byproducts for gas production so more production basically means more stock for our business >> i think it's interesting you're agreeing to work in saudi arabia we were speaking about this off camera, one of the stories i follow intently is this russia

slr sa and saudi arabia relationship, but you're telling me this is about technology >> in our case it's about technology so we're talking about a joint venture in saudi arabia with not even necessarily the saudi companies, but it will use the stock from refining complex in saudi, and we'll use our proprietary technology and produce some chemical, which is not currently produced in saudi. and we're one of few licenses and producers of this particular product. it feeds the strategy of how saudi is developing the petrochemical industry they would like it to be more downstream, and in this respect i think we're a reasonable fit for them we've had a much closer relationship with saudi arabia and russia on energy, as this opec plus deal shows

>> just on the economy, how you are finding the pace of growth in this economy now? there are encouraging signs. i spoke with the central bank governor, she seems pretty happy with the direction of travel, but not cutting interest rates aggressively inflation seems to be coming off the boil some what what do you make of that. >> we've seen reasonable growth last year. we would be happy to have a high number for this year it's still a bit mixed between the industries to which we sell, and we are supplying to a number of russian industries. we see housing and construction, but clearly we've seen that it has bottomed out and started to grow, though this growth is not that encouraging as much as we would like we have some indust res like food processing and food packaging which has been growing outstandingly in the last five

years, since 2014. our numbers show they grow more than 10% annually for the last four years so there are pockets of growth in the russian economy some industries we supply are growing fast in some of these industries we don't yet see enough growth. the lower interest rate would help >> when it comes to geopolitics, i have to ask, with so many companies here, there are hundreds of american countries represented as well, they're flying under the radar what is your take on what's happening today between the united states and russia and how that's playing into the economy? >> to be fair, united states has never been a major partner for us as a company. it's russia first, then european markets, then a bit of asian markets, we've never been supplying to u.s we do use some american technology, but we still use it.

we have some equipment manufacturers, catalysts that we purchased from the states, so it's still going on. going on at a reasonable pace. speaking about new projects, we have seen european companies and asian companies more active than in the u.s here you can see u.s. businessmen walking around, i personally have had several meetings with u.s. companies it doesn't seem any specific focus is put on that when you watch tv and political shows, it's much more hidden >> it's been a pleasure catching up with you. thank you very much for coming to see us. dmitry konov, ceo of sibur. coming up next, we'll hear from the european boss of uber love from viva tech.

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signs. i'm willem marx. these are your headlines the spread between italian and german ten-year bond yields hit the liehighest level in a year. italy's bank stocks hit their lowest level in nearly a year, and new data shows investors pulled a record 3$380 million from italian equity funds last week amid concerns about the new government european equity markets largely ignore increased geopolitical tensions after president trump cancels a landmark summit with his north korean counterpart >> if and when kim jong-un chooses to engage in constructive dialogue and actions, i am waiting. and as new european data laws kick in, mark zuckerberg takes to the stage in paris to insist that protecting users is crucial to his company's strategy >> gdpr adds some new controls,

and some areas we need to comply with, but overall it is not such a massive departure from how we approached this in the past. >> bring you some final revised gdp numbers for the uk for the first quarter of 2018. they are exactly as the preliminary numbers indicated, 0.1% increase on the previous quarter. you can see cable weakening by around a fifth of a percent on the day. those numbers first released at the end of april this is the final update on those, 493 billion pounds for the first quarter of this year in terms of gdp. that was a tiny increase of 0.1% that was the lowest growth rate in the uk for the last five years. these numbers could be politicized once again mark carney told parliament that brexit cost the uk gdp around 40 billion pounds moving on, let's look at

currencies more broadly. the euro weaker slightly against the u.s. dollar. the dollar strengthening against the yen. cable as we're talking about, weakening by more than a tenth of a percent, and the dollar slightly stronger by a tenth of a percent against the swiss frank. looking at european markets generally, those four major indices, just the ftse mib is the laggard. the ftse 100 up about a third of a percent. the xetra dax doing well, strong performance, up almost 1%. and in paris, the cac 40 is also up more than half of a percent we're still a few hours from the u.s. open. let's look at futures there. an interesting day on the dow yesterday. you can see there it's looking to open positively s&p 500 similarly and the nasdaq as well looking to open up more than 28 points a federal investigation into a fatal crash involving a self-driving uber in arizona found that the vehicle's

emergency brake was disabled a report issued by the u.s. national transition safety board said uber anticipated that a human driver would intervene, but the autonomous system was not built to alert that driver the cash marked the first pedestrian death involving an autonomous vehicle speaking at viva tech in paris, dara khosrowshahi touted self-driving cars. >> self-driving cars at maturity will be much safer than human drivers. people talk about self driving displacing drivers, but there's over 1 million lives lost every year in automobile accidents in the world. 1 million lives. this is a technology that will be saving thousands of lives every day around the world >> karen tso is at viva tech in

paris this morning interesting conversation with mr. khosrowshahi >> there's been a change with the ceo, but not having luck with regulation and with workers, drivers, the pay and conditions those drivers were achieving. so the company is keen to turn up and be part of tech for good message in europe and in france in particular. i thought it was interesting that at the summit they unveiled a slightly beefed up healthcare policy for shom ome of those drs in france, versus the job creation stories from ibm and others the company is now broadening out its presence from north korea. that's its physical presence we knows there a huge digital presence, but it hasn't come with bricks and mortar now uber is creating the

advanced technology center, the first outside of north america this is around lofty plans to take uber to the skies so i asked the head of uber here in europe about what those plans were in europe >> tech for good for us is about figuring out how large tech companies can think about the responsibilities that comes with serving so many people around the world. this resonates well for companies like uber having gone through a lot of the internal challenges, and controversy that you know about over the past 6 to 12 months with the new ceo we have now, we have taken a deep look at how we have done business and set a new direction putting technology at the core of everything we do. doing a better job listening to drivers, what they're after. this is what's behind that and making sure we do a better job engaging with the cities and countries we deal with >> 20 million euros for research

and development, primarily around uber elevate, which some viewers may not be familiar with, but basically lefty plans to take uber to the skies, vertical takeoff and landing >> that's right. uber elevate is a program we started in 2016. the idea is how do we actually take transportation from the two dimension it has today to the third dimension which is the sky. we think this will help with congestion our cities around the world are overcrowded. this will not get better because more and more people are moving to those cities. we're convinced that technology and new technologies around batteries, for instance, are making those activities exciting and making them well suited to urban transportation this is what we want to explore and dig into it with this advanced technology center we're opening up in france >> uber can barely keep cars on

the road in europe with all the regulatory concerns, how do you think you can get them in the sky? >> regulation will be a big part of how we actually eyeball to put cars in the sky. this is why he would thought having a base in europe was important to us, to work with cities, with program officials, with the adaptation of the release to figure out and work together on how regulations will make that possible one thing i want to stress, this is not about uber on its own putting cars in the sky. it's about uber being a thought leader and trying to bring a lot of partners, public and private partners alongside us to figure out how we can actually crack this market and bring mobility that we have in mind to the cities and for the better. >> as you can hear, he was good support about my question around regulation don't forget uber's license in london has been suspended. they have an appeals hearing coming up. he is hopeful they will achieve

that license still and that it will go through and there won't be problems. i want to move on to another company. there are a lot of tech companies here that have been doing good for a long time many of the new tech companies have been i guess pushing forward with their plans, but disrupting so many industries,cn working behind the scenes with relief around certain earthquake or damage in certain countries, putting money into training centers. so it's been quite a different scenario to what you're seeing around some of these start up companies. big changes coming for the likes of cisco, which is trying to tackle data security i spoke to chuck robbins, the ceo of cisco, about some big issues they're facing. >> it's exemplary, we can -- everybody can debate details, but i think that it's been a very positive process, and for us we've been ready. we've been helping our partners

and suppliers prepare for this you know, i applaud what's going on here. we're happy we're prepared for tomorrow >> so you deal with a lot of data, the problem is if you use that data inappropriately there are big fines that come your way now. how do you make sure you're not running the risk of being tangled up in those fines and your clients don't get stuck with huge fines in europe. >> we established a -- we have a security and trust office. we have a chief security officer dealing with this issue. they spend time making sure -- this is not only compliance issue we have on a global basis. so we're good at understanding how to manage our way through. >> do you think europe has gone too far in regulation? is it time to pull back? is it stifling innovation? >> i think right now is what's happening is the technology arena is moving so quickly we need the regulatory environment to continue to move.

it will need to move at the pace technology is moving it's difficult for all of us in the room to keep up with the change, is that are occurring in technology at the pace they're occurring. it's even more difficult for regulators to understand the different elements and then move at the same pace that's really what i think will be required that will require all of us in the tech industry to probably spend more time educating nks mae ining and make know what's going on >> that's similar to uber where they think they need to work closely with regulators to come up with the right rules given how quickly technology is evolving just in terms of data, we spoke about it from more the hacking, the data breaches that facebook has been facing lately but one other factor that's not come up is that 80% of the data

that exists out there is behind a firewall it's not searchable on the internet that tells you how much data companies have, that they're working with security around data is a pressing issue but also around the learning curve for those companies, they can learn from that data. that's a conversation i'll have with ibm watson later on today on the same taj. it's about tackling data from a number of different issues i think one of the messages coming through from this conference is not just one issue that corporates are tackling when it comes to technology, there are so many complex issues that companies need to get up to speed with straight away that can be positive for revenue, negative for revenue or negative for the image. there's probably a huge mission for a lot of ceos to try to accomplish at this point in time back to you on that note >> thank you very much for br k

bringing us those interviews karen has been quite busy at the conference she also spoke to bernard arnault. >> tech is important in how we do business. one of our companies is doing a lot, it's the number one site for beauty products in the u.s., sephora. we are always in touch with new ideas, with newcomers, and we try to find the best, find some innovation at viva tech and get an appreciation for startups we chose 30 of them, and among the 30 we will choose one, two, or three that will be announced

tomorrow we think they'll be the most promising for the future >> how do you blend that start up culture with your company, a company that has a big brand and star power but one you don't want to lose control over. >> for us, it's a way of life. almost all of our brands were start ups. if you take dior, it was started from scratch in 1947 we tried to keep the same spirit, which is the spirit of being close to the founder, and close to movement and new ideas, and also i must say that the startup we see today, the goal is not to stay a startup forever. they want to grow. the goal of a startup is becoming a large company if you take facebook or

microsoft, they were a startup at one point, now they're quite big. we tried to help the startups that we chose today to become a big success. it's the goal of the startup it's not always easy. netflix has become the world's most valuable entertainment company. the market cap has reached 1$153 billion as shares surged more than 80% this year that means it surpasses walt disney for the first time. stay with us on cnbc - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers.

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back to "street signs. 15 people have been injured in a restaurant explosion outside of toronto. the two suspected bombers fled the scene after allegedly detonating an improvised explosive device inside the

restaurant eu data protection rules are being rolled out today the gdpr gives the eu citizens the rights to see what information companies have about them and the right to get that information deleted. companies face fines of 20 million euros or 4 % of their global turnover for not complying. while those rules are eu specific, european authorities are encouraging other countries and other areas to adopt similar regulations. joumanna bercetche sat down with the european commissioner of digital single market and asked if gdpr was just the beginning of further regulation. >> we go on with e-privacy regulation today we have e-privacy directive, but this directive was implemented in member states differently. once again we would like to harmonize our approach that's why we proposed this

e-privacy regulation proposal, which will be directly amr applicab applicable 92% of european citizens, they said that they would like to be absolutely sure that confidentiality of communication will be protected also, will be current, when they are using platforms. so our aim is to create a level playing field. our aim is to protect everybody's privacy. our aim is to protect confidentiality of communication, whatever means of communication people are using >> europe has been at the forefront in terms of using this regulation, europe are leading with gdpr which could be a new

template for the rest of the world. do you think that because of that europe is placing itself in a disadvantage versus the rest of the world because tech companies will be less incentivized to operate on the continent? >> i'm absolutely sure that for tech companies, for investors more generally, legal certainty and predictability is definitely needed for global service providers it's important to know about those rules about different dividing lines, and they can adapt. for our people, it's a real need to pool those fundamental rights and privacy is one of those fundamental rights >> we're joined now by steven bonnet from the cyberservices

team in deloitte in london we heard about this idea of expanding regulation if you look at mifid ii earlier this year, one of the consequences of that was the reaction outside of the european union. when you look at these kinds of regulations, do they force non-eu players to comply, does that then force those other regulatory jurisdictions to follow suit? >> it absolutely does. we're seeing not only other jurisdictions around the world taking lessons from gdpr and starting to apply them as they did over the last 20 years, so our expectation is eventually there will be a common standard around the world and it will be close to the gdpr standard, and some key tenants within gdpr is that organizations handling european data outside of europe unt still have to meet those rules >> here in the uk, the information commissioner said that they won't be trying to issue large fines immediately.

they won't be cracking down any time soon. >> that's one of the challenges with the banks they're used to a certain set of regulators, a certain type of regulation and this is different. the french regulator, their president was speaking in new york a few weeks ago, she said if you have privacy in your heart, we won't come hunting sanctions. that's a different approach than some financial service regulators would take. >> and a different standard. >> particularly the bankers i worked with, sometimes they don't always have a heart, so it can be a stretch to see. but what they're trying to get across is this is about trust. trust is not achieved by a checklist. it's achieved by being transparent, by being straightforward with people and treating them with respect that's what a lot of this rule is trying to get to get people to engage with that, regulators are not threatening a big stick, they are saying there's benefits of

achieving gdpr compliance. >> data is global, isn't it these days, is that especially so for banks >> it is many of them have service centers that spread around the world to give them 24/7 service and having to make sure each of those operate at this level to make sure they meet compliance >> one other question is about contractors. other banks and businesses in the uk and across europe use subcontractors is that a challenge? >> similar constraints are there today that already exist about sending data outside the eu and making sure right contracts are in place to manage that. that's an area to refresh across organizations, generally banks are good at that they understand the supply chain, they put in the controls to make sure they can share that data >> if you look at the banks and finance firms, how do they measure against other businesses >> one of the easy ways to see

the huge difference, i'm sure you've been receiving many e-mails, the fascinating question is how many came from banks? how many came from financial services organizations very few does that mean banks are not taking this seriously? absolutely not most of those e-mails are not necessary and done by organizations that are worried they're not already within existing rules there's five key areas, accountability, corporate commitment, security, training and all of which banks do well the one area where banks have work go is understanding where all the data is because of those global supply chains >> steven, thank you very much that's it for today's show "worldwide exchange" is coming up next.

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