they were her world. that's all for this edition of dateline. i'm natalie morales. thank you for watching. good morning welcome to "street signs." we are live from the london studio i'm joumanna bercetche with julianna tatelbaum at nestle headquarters in switzerland. these are the headlines. a 28% jump in stan chart and announcing a new $1 billion share buyback. 2023 will be another strong near according to the ceo >> we upgraded outlook for 2023 and 2024 we have the right strategy

we're on the right track the economic environment feels good and it sounds like we should keep going full speed ahead. the germany lender caps off the second straight year in the green with strong growth in 2023 nestle misses expectations for full year profit despite price hikes. i'll speak to the ceo in 30 minutes time and full-year net income at renault falls by half as they take a hit from the russia exit. it is still offering dividend is i'll speak with luca de meo at 11:00 cet.

good morning, everybody. welcome to "street signs." let's get a check on markets and how they are faring. the focus is on earnings we have a lot to get through it is a sea of green every indices is in the green. the stoxx 600 is back at levels not seen in years. ftse 100 up through the 8,000 mark 8,023. we will talk about standard charter through the show cac 40 is up .20%. and at the top is the telco company up 5 points after r reviewing the strategy for the year at the bottom of the cac 40 is

ren renault. dai dax is up in germany we are seeing good news from commerz bank we see it is up 7 points worth keeping in mind that the hand over was positive despite the u.s. retail sales number was very hot i guess the inter tfatterpretat good news. and media is up leading the charges and telco is up 1% oil and gas is down .25% healthcare is down .20%. oil has been volatile. we speak with the iea and they

upgraded forecast for the year that is a positive for the sector european banks with the general completion standard charter up 2 points commerz bank up 7.4. tomorrow is interesting for commerz bank we will see if it is back in the dax. they will make an announcement tomorrow credit suisse is moving along nicely today up 2 points we rebounded ubs is up .50% let's talk about standard charter. it is the one p we have been talking about. the bank profit jumped 28% this year the ceo bill winters said it was a strong period overall. >> a bumpy road out of covid, but we made steady progress. good growth for the year up 15%. we managed to keep costs under

control. still somewhat below what we expect to be normal through economic cycle that has allowed us to post really good profit growth and announce a return of $1 billion to shareholders through buybacks >> the earnings parade continues and we have reporters behind me across the continent covering the numbers. charlotte is in paris on renault's full year results. let's kickoff in switzerland where julianna is looking at nestle the staple is price pressure with higher energy costs >> reporter: spot on, joumanna that is all what 2022 numbers show nestle is facing a cost inflation and it is eating into the margin for 2022, 8.3% growth which was

driven by price hikes of 8.2% p. volume is still positive, but 0.1% p the margin number is where the focus is for investors it dropped 30 days points to 17.1%. gross margin dropped more significantly. they given guidance. they will focus on restoring margins and looking at a 17.5% margin target for the year organic growth of 6.5% they confirmed targets for 2025. 17.5% to 18% that is far away the question on investors minds this morning is to what extent will they raise prices in 2023 they have not given guidance you break it down by region and you see howreacting. in north america, 11.6% of

increased pricing. volumes came down 1.3% margins remain high at 21% in europe, however, nestle has not been able to push through that kind of pricing they are looking at 6.4% volumes are positive clearly that says price -- the cost inflation is absorbed by nestle in contrast to what is happening in north america in terms of the growth engines, the pet care business is holding up well it is the largest growth for 2022 the coffee is the other growth engine they have seen a pull back in nespresso. no surprise given the strong many comparisons with covid driving a boom in at-home coffee joumanna, back to the point for nestle and food sector, the question is volume elasticity

if prices are continuing to rise and will consumers continue to buy. we will speak to mark schneider in 30 minutes. >> it is interesting with margins and north america, nestle were capable of hanging on to the margins. less in europe you have spoken to a couple of consumer companies you spoke to unilever last week. what is interesting is the target for the organic sales growth and nestle has 6% to 8% next year. unilever less with 3% to 5%. what can they do to achieve the sales growth with price increases? >> reporter: that is the key question how resilient will demand be if prices rise? if you look at nestle's

portfolio, it is huge. tens of thousands. i have seen an estimate of 100,000 sku. they are trying to pull back on what they offer as they try to save costs in north america, specifically, you mentioned margins are holding up well. they can see a substantial volume part of the that came down to portfolio reductions that is one element for the outlook for 2023 that we will speak about with mark schneider. how does that feed into the prices and how will consumers react? >> very good we will come back in 20 minutes time moving to the auto space renault swung back in the red last year after the exit from

russia the group operating margin did top expectations charlotte joins us with more we are seeing adverse reaction, charlotte, it is down 1.9% the exit from russia was quite costly >> reporter: we knew the cost with the exit from russia was 2.2 billion euro hit they announced when they exited in april looking at the fundamentals and stock opening in the green on the back of the result the fundamentals with the operating margin of 6.4% that was double the operating margin that it saw last year that was signaling the shift that has been happening at renault with the volumes for the year and all about margins that was the shift of strategy there that seems to be bearing

fruit. free cash flow of 2.1. they have a book of 3.5 months that order book withes success -- with the success with the ev the first ev in france which was the third in a year. they are restarting the dividend this is symbolic with the fundamentals are stronger at renault and they are confident although with the comments from the ceo said he expect that 2023 will be a difficult year for the automobile industry. he talked about the ev unit that they tried to spin off from the business at the time, they were looking at doing this in the second half of the year. they hope to do it by the end of the year

indicating it could be pushed back more depending on market conditions all of this is happening with renault changing and shifting alliance with nissan the 24-year-old unhappy marriage happening there. a few days ago, they announced a change after negotiations and nissan to change the structure of the alliance. at the time, renault owned 43% stake in nissan and nissan owned 15% of renault they changed that. it will be an equal shareholder of 15% more equal alliance there. we see nissan will invest in the ev unit of renault we will discuss all of the aspects and shifts happening at renault with the ceo luca de meo. we have the interview at 11:00 cet. airbus is targeting 720 new jets this year an increase from the 661

delivered last year. airbus ceo blamed the adverse environment for the supply chain snarls revenues at the planemakers rose to 59 billion euro helped by higher delivery and a stronger dollar standard charter reported a 28% rise in profit the lender announced a share buy back of $1 billion of key performance forecast for the year upgrade and the return on target approaching 10% of 2023 the ceo bill winters said the current macroeconomics forecast is helping the banking sector. >> the outlook looks tough in the west we're expecting china to grow 5.8% this year coming back from a difficult covid period

hong kong is doing well. india is relatively booming. when you look at the markets we operate, it feels different from london than the u.s. the u.s. economy with a bounce in january is a good thing for economic activity. not a good thing for inflation cen central banks will have to be vigilant longer. >> i'll take you away from earnings because of the noise with the abu dhabi bank. i know you shot down the comments if the interest is genuine or not walk us through where you are right now. >> we have no engagement with prospective bidders and don't need to. our business is growing nicely and independently. we obviously upgraded our outlook for 2023 and 2024. we have gone beyond that to say

it continues with returns after that the most encouraging thing to me is we have a benefit from higher interest rates which most banks or all banks did over half of the growth, strong growth, came from things other than interest rates. all of the other parts of the strategy are working well. against that back drop we look and say we have the right strategy we are on the right track. the economic environment in which we operate feels good and overall, that sounds like we should keep on going full speed ahead and don't get distracted on one side or the other >> that is what the market is trying to do with the premium on that stock we look at the comments about a complex beast with standard charter. we look at the operations in hong kong and southeast asia and what this means in terms of security and sovereignty having financial markets operate

smoothly how do you describe the complexity and why it is difficult for another competitor to take over your bank >> the challenge with any bank is regulation. and following the financial crisis and it has gone local each country operation has its own regulator. they weren't as focused on the local business before. anybody who wants to do anything strategic with buying something or merging a division, we need the approval of the regulators they are not inclined to do so because they want to know what they need to do back home. given the breadth of our activity, you have a lot of regulations. >> what happened here? the level of he ddetail was

extraordinary. this was called silver fox trot. it was the planned and worked on by a team and so on and so forth. the story had so much detail that the market bought it. what do you think was happening here was somebody out there trying to push standard charter stock up is there a play going on >> i have no idea. dare i say, i don't care we are focused on the mission at hand the mission is to grow the income and with the expenses under our control and have the measure of capital grow slower than the overall assets. that is what we have been doing the last four years. bill winters speaking to geoff and karen about the rumors swirling with first abu dhabi bank and a notion anything would

happen any time soon. commerz bank profit rose to 472 million euro the germanlaid off thousands of employees and closed many branches it sees a pop in the share price up 8 points. we have remarks out of the chinese commerce ministry i want to bring to you. what they said is they are banning companies from engaging in china related trade activities those companies include lockheed martin and raytheon. the u.s. defense companies they will include those companies into the unreliable entities list from today they will ban the companies from making new investment in china they will ban the company's

senior management staff from entering china they will cancel work. this is an interesting line. it says they fine the companies twice the contracted amount arms sales to taiwan. they are not citing the reason for taking these steeps, but there is an association with taiwan and the companies with armed sales to taiwan. a sensitive geopolitical point here very stark words from the chinese commerce industry. coming up on "street signs," coca-cola with a 37% jump in operating profit we speak to the cfo coming up next

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joins me are you pleased with the results? profit up 37%. revenue up 26% solid year >> a great year. obviously the numbers you have also reflect the fact that we did an acquisition last year where we bought out the business in australia and new zealand and pacific and indonesia. if you look at the comparable basis, we have 15% revenue growth the good part there is the bounce back in volumes volumes are up 9%. we got a benefit of mixed away from home and travel and tourism and people going out and consumption channels. it is nice to see the volume growth and share gains we had. >> interesting that ties in and i don't know if you watched julianna talking about nestle results the pressure is on whether or not you can go for that volume growth at the time of increasing

prices it is interesting to see a company like yours which deals with the packaging and bottle thing, you are seeing growth in the area what is the outlook for 2023 >> 2023 might be more of a mixed gain we expect to see volume growth as well and we expect to see share gains as well. consumers love or brands we are doing well to get the products stocked on shelves which is great for customers we have been the number one revenue growth generator across fmcg in europe for customers it is great they win as well as long as, you know, we can continue to supply them. >> had you not been hit by any of the lsupply chain issues we have been talking about the last two years and inflationary

pressures? >> absolutely. that is reflected when you look at our margins our margins are down in terms of percentage i'm focused on absolute euro margins in terms of cash margins. ulti ultimately, we have to manage the business for the long term this is not pricing something through. it is ensuring to remain relevant our brands resonate. it is about getting the balance right. it is a multiyear journey. >> who has the pricing power >> we typically price to the customer and they price to the consumer we look at elasticity across the brand and packages we offer a range if you go back ten years, you were able to buy large pt bottles or multi-pack cans we have a small pt bottles and

mini cans. you are hitting prices across different occasion needs and consumer segment needs >> to go back to the margins how much of the upside going forward is back on price versus more efficiency gains which is something you have been talking about in the last year >> absolutely. it is imperative on us to continue to ensure we strive on business over time, with the efficiencies and mix of volumes continuing to grow, as well as the fact we will continue to take price at a measured pace to manage the affordability and ref adlevance. for now, it is more about ensuring we remain relevant to consumers and our customers continue to be able to grow ma margins. >> talking about remaining relevant companies are focused on

sustainability packaging and bottles. it uses minerals and resources how much of the focus for you is this drive toward a more sustainable product offer? >> critically important. i would say we actually see that as an integral part of the strategy as opposed to something separate from the strategy if you think about the carbon footprint, half of that is packaging. our focus is on how do we ensure we drive use of recycle d pt we support deposit and you can use recycled material. we look at reusable packages in france, we moved to returnable glass bottles we are looking at the content of

recycled aluminum. we have to work with our supplier base as well. our missions are critically important of reducing our focus on the 2040 ambition of net zero. >> it is an important one. not just for investors, but the world. nick, thank you. the cfo of ccep. julianna is standing by because she has a special interview coming up. >> that's right, joumanna. i'm three coffees deep right now. i'm at nestle's headquarters in switzerland. when we come back, i'll speak to the ceo mark schneider about the ru results for the quarter and what is in store for nestle stay with us

welcome back to "street signs. we are live from the london studio i'm joumanna bercetche with julianna tatelbaum at nestle headquarters in switzerland. these are your headlines

standard charter povests a 28% profit and announces a $1 billion share buyback. bill winters says they are looking strong >> obviously coming back from quite a difficult covid period hong kong is back to life. india is booming it feels different in the markets we operate than it does in london or the u.s commerzbank p tops strong growth in 2022. nestle passing on price hikes. i'll speak to the ceo of nestle mark schneider in a moment. full year net income by renault takes a hit as they exit russia, but posts a full

dividend in four years we'll pspeak with luca de meo a 11:00 cet. let's get straight to nestle reporting 9.3 billion swiss francs despite efforts to make up for higher raw material costs with price hikes as you see the stock down julianna has an interview with the ceo. >> reporter: joumanna, thank you. i'm joined by mark schneider the ceo of nestle. wonderful to speak with you. >> thank you for having me >> looking back in 2022, 8.3% organic growth majority from pricing. describe for us how you think

about the dynamic with volumes and pricing and what you saw to close the year >> this was a turbulent year inflation spiked more than anyone would expect at the beginning of 2022. the team responded to that flexibly in the u.s. and up to now, we have been able to start the necessary pricing to offset inflation which hit us hard, but at the same time, we came in with a positive emphasis of volume and mix with negative territory. >> do you think we're last peak inflation? >> that is the $64,000 question. at this time, calling out peaks can be an issue. increases are not as steep as they used to be. the number of commodities are trending down. where it will go for 2023 is

anyone's guess we are watching with interest a few markets whether the inflation which was largely energy and commodity led or if it transfers into the wage inflation. many countries negotiate the contracts at the beginning of the year >> i want to come on to north america in a moment. first in europe, europe was the main drag on margins you took about 190 basis point margin hit with underlining margins for the year not able to push through pricing you pushed in the u.s. what is happening in europe? >> i think north america started pricing earlier. that was not just the situation with us, but some other peers that we're looking at which had a lot to do inflation hitting north america earlier in 2021 for different reasons. europe saw the spike in inflation and energy after the invasion of ukraine.

clearly some of the negotiations were already done and it was harder to initiate pricing action after that. nevertheless, proud of what the team has accomplished. especially in energy and security which is where our cost base was hit harder than other parts of the world and what the flexibility of the team has shown. >> will you be able to push through price hikes this year? >> we agreed it will go into effect now and then as we go throughout the year, we will see how flexible the situation unfolds. >> north america now in q4, you did see a significant dip in volume as you push through higher prices. volumes holding up at 21%. what drove the decline in internal growth in north america in the final quarter >> there were a number of reasons. some had to do with the base

i think it is too simplistic to create the push-pull relationship with the pricing volumes. some had to do with sku rationalization. that is focusing on higher margin and marketing sku overall, i'm not concerned with 2023 generally, the volume demand in light of the pricing that happened is holding up well and the consumer continues to be strong. >> when it comes to the sku rationalization, where are you in the process how much more can investors see? >> this is something we focused on with the press conference today. it started as a tool to offset some of the impact of the supply chain constraints. we are focusing in the face of consumer surprising constraints with the highest rotation.

we saw we have that exercise with value in it value that helps consumers because they seek the most and it helps retailer with the highest rotation items it also reduces our operating cost that is why we significantly ramped up that project in the fourth quarter and will continue to do that in 2023. >> are you seeing any sign or evidence of down trading across the portfolio? trading down to lower cost brands >> we have seen p ththis on a selective basis in asia and africa with the dairy products generally, the consumer is holding up well. we have a number of brands at different price points in many categories we may miss at the higher price point, but get them at a different price point. >> let's ask about pet care and

coffee what kind of growth rates can we expect if we are heading into the environment where the consumer is facing pressures in all areas of their life and weakening economic environment >> important question for us because coffee and pet care are our growth trains and the size is significant with the categories the good news is that both this time and also in any other downturn in the past and clearly these categories are holding up well clearly, your favorite cup of coffee is part of your well being. that is something people are spending on. we see pet food premium and usually those trends do not stop during times of economic uncertainty. >> never seems to fail to amaze me how much people spend on their pets thank you for the insight. that was mark schneider talking through the results for 2022 and

what is in store for 2023. it seems to be anyone's guess as how the inflationary outlook will evolve and how much pricing we can expect to see in the food sector >> joumanna, thank you i'll pivot to comments coaling from the white house official -- coming from the white house official at the munich security conference which is likened to the davos defense. many will meet vice president kamala harris is flying over and she is expected to meet with germany's chancellor olof scholz and the uk primary rishi sunak for the security conference. this is per the white house official she expected to met with finnish and swedish prime ministers to discuss the process and in the meetings, the u.s. vice president is going to discuss, of course, the war in ukraine and the effort to impose costs

on russia. we have it from the white house official we know that the u.s. vice president kamala harris will head here for the munich security conference tomorrow it spans the weekend expect a lot of comments from the next few days. also coming up on "street signs," charlie munger weighs in on the a.i. chatbot battle and talks about his favorite stock pick ever. we'll be right back.

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before we went to break, we talked about the fact that the u.s. vice president kamala harris will be attending the munich security conference here are live shots of the plane. she has officially landed in munich and expected to exit the plane and shortly before break, we were just citing white house official comments saying that she is expected to have some meetings with the german chancellor olof scholz and the uk prime minister rishi sunak. she will also be addressing

relations with china in meetings with foreign leaders and it is interesting with everything going with the balloons and objects flying over north america. she is also expected to discuss support for ukraine and efforts to impose costs on russia as well it is not just that, but expected to meet with the finnish and swedish prime ministers to talk about the nato concessions. there is a lot going on at the security conference. worth pointing out that russia and iran were obviously not invited to the munich security conference this time around. this is a live shot of the u.s. plane that is carrying the vice president kamala harris. she is expectedto walk out any moment now to tattend that conference also where, tesla will open the u.s. super charger network for the first time as part of the white house plans to boost ev adoption. u.s. drivers will use any charge

point as the biden administration makes $7.5 billion in federal funding available. the white house unveiled new rules on the country's charger network requiring them to be built in the u.s. immediately and with more than half of the costs coming from u.s. made components by next year. this is a quick look at tesla. the stock is up 2.4% today elon musk is certainly a busy man. and charlie munger says tesla pales in comparison to the byd which is berkshire backed. >> tesla reduced in china twice. byd increased prices we're direct competitors we are so much ahead of b -- byd is so much ahead of tesla in china. it is almost ridiculous. if you look at byd, which most people never heard of, if you

count all of the manufacturing space they have in china to make cars, it would amount to a percentage of the manhattan island >> interesting munger weighed in on the buzz around a.i >> artificial intelligence is very important, but also a lot of crazy hype on the subject. a.i. will not cure cancer. it will not do everything we want done. there is a lot of nonsense in it, too. i regard it as a mixed blessing. artificial intelligence. >> speaking of both warren buffett and charlie munger, they are weighing in on a.i a quick look at cryptocurrency bitcoin is up to a six-month

high the technicians out there are saying this a bullish start to bitcoin for the year it has been sensitive to markets and price action nasdaq up as well. that is a beat on cryptocurrency. venture capital valuations in europe were robust last year, but exit valuations retreated from the record highs of the previous year according to the report from pitch book here to help me make sense of the numbers is the lead capital analyst from pitchbook talk through the vc activity in 2022 we talked about the pullback in valuations for tech stocks in public markets how has it translated to venture capital markets? >> it has been divergent across

venture capital. we saw a 30% range and 40% range with vc valuations in europe the early stage increase of 20% with vc valuations the late stage increased also. we saw the decrease at the venture growth stage with companies mature and been around for seven years and raised six rounds of financing. that is why we saw 17% decrease >> do you think that is a direct consequence that ev activity will have an effect? >> i think vc valuations are liquid not market associations. they are more tied to funding around we are seeing a decrease at the later stages of the ecosystem. that is natural. these businesses are closer to public markets in the financial

metrics and size we also have seen recently vc backed companies listed and share prices have decreased in recent months. such as delivery and companies that were previously vc backed and now valuations have come down we are seeing that among the later stages >> absolutely. because of what is happening with the volatility of the public markets having an impact as we suspected. that is something positive to take from there. what sectors have vcs focused on >> i think energy is the top of mind it has been more negligente nec dplekt -- neglected. clean energy and renewable energy is top of minding

considering what is going on in the world with macroeconomics events longer term with the sustain ability will come into the fold. >> i want to mention just to jump in here the u.s. vice president landing in europe. she officially landed in europe and walked off the plane she is having a conversation with -- we will find out who that is shortly. she is here now in munich. she will attend the munich security conference. we'll be there over the next couple days and has high level meetings planned with european leaders. kamala harris. vice president of the u.s. let's go back to the conversation with. vcs and talking about the fact there is more investment going on in the energy space what about healthcare? healthcare has been one that we have been focused on in the last couple years because there has

been more consolidation in the space in the public area. >> correct i think energy due to covid-19 and the spotlight of costs and healthcare and efficiency and how they short through problems is moving through the environment. the healthcare generates through the sectors. we are seeing an increased investment vc is a long-term strategy and long-term options looking to use the industries to become more efficient. >> one thing that stood out in the report, the valuation in france has grown at a higher component rate than uk or ireland. is that brexit related >> potentially we don't know. there are a lot of unknowns with brexit there are agreements that need to be hashed out

there have been interesting comments from brexit a lot of people thought it would be a drastic decline and brain drain and talent lost. it hasn't happened 30% of vc value in the uk. i think where that growth has occurred is potentially growing with activity. valuations are high in the uk. it is interesting to see these ecosystems evolve and try to take the market share from uk and ireland. we have seen it in germany where we are having countries like germany and france eat into the vc market share that uk has. they are well positioned to take advantage of that. ultimately business will be scaling in europe to have offices or invest in the areas definitely an option to take advantage of the brexit. >> one thing i should ask before

with sectors is hype and interest in a.i. as well >> i think everyone is talking about chatgpt at the moment. a.i. is something that is top of mind at the moment i think it ties in with web 3.0. the fact that a.i. will drive innovation going forward vc is a long-term strategy assets held on for five or ten years. as a.i. evolves and gets better and becomes more efficient and drives more efficient uses, we will see increased activity. >> something to watch out for. thank you for joining me on the show the lead private capital analyst from pitchbook. let's look at u.s. futures we had that bumper retail sales number yesterday u.s. retail sales doubled e expectation in january surging over two months of declines it is one of the largest monthly

increases in the past two decades. it indicates the resilience of the american consumer with still hot inflation and rising interest rates so that came as a surprise yesterday. especially on back of the prior months which were negative yesterday, we had the strongest retail sales print in the last two years pointing to resilience and consumer confidence. we had so many data points pointing to the health of the u.s. economy or strength of the u.s. labor market and payroll prints we had the sticky inflation cpi print and in addition, it is worth pointing out that finance conditions are loose in the u.s. looking ahead, the fed has the ability to stay slightly more restrictive. that will be a focus for investors going forward. let's look at european markets it is a day of green today

you see all of the indices trading positive a couple of earnings we are watching with standard charter at the top of the ftse 100 up 2 points. cac 40 as well at the bottom is renault speaking of which, we will have an interview with the cfo of renault coming up shortly. this is the round up of what we see today in european trading. we are going to wrap it there. that is it for the show. i'm joumanna bercetche "worldwide exchange" is coming up next.

it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. stocks pushing higher, but this morning, sounding the alarm for a pull back ahead. first it was supply chain issues and now apple facing issues with the mixed reality headset. why early adopters may have to wait longer. no topic off limits for charlie munger hi