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good morning, and welcome to "street signs" live from d a vos and london. first a cnbc exclusive. >> i think it's a very smart approach to the matter of trade because blanket tariffs are not necessarily giving you the results that you are expecting. >> president christine lagab reacts to president donald trump holding off on tariffs for now also saying the european central bank is on track to meet targets. >> we do not see ourselves behind the curve and if our baseline holds, i think the -- the anticipation that we have will put us on target. plus, a $500 billion plan.

president trump cheers a massive ai infrastructure project backed by soft bank and openai as shares in the japanese firm soar. >> this monumental undertaking is a resounding declaration of confidence in america's potential under a new president. and spanish prime minister pedro sanchez backs europe's stance on tech regulation telling cnbc transparency is key. >> all of us have to be worried because of the concentration of power in a few hands. second, because misinformation is one of the biggest reasons and challenges in all our democracies. nato allies facing calls from president trump to increase defense spending and poland's finance minister also telling us his country's investment is protecting the continent. >> we spent the highest share

of those defense spending actually on buying and modernizing our equipment. we are doing really well and we are protecting actually europe by our military spending. don't miss steve's conversation with the president of poland later today. >> great to have your company. great to have your company this hour welcoming to the program and first a cnbc exclusive. acb president has told cnbc that europe must be prepared and anticipate the potential trade tariffs of the newly inaugurated u.s. president donald trump. speaking to our correspondent here in davos, the aim to bring manufacturing home is a questionable strategy and chief also said she's confident euro zone inflation will be around the 2% target over the course of the year and she sees just

gradual moves in rates. cnbc began the conversation by asking about trade policy and whether trump's decision not to impose tariffs immediately represented a reprieve. i think it's a very smart approach to the matter of trade. >> because blanket tariffs are not necessarily giving you the results that you expect. and i'm not sure exactly what result is expected whether it's a transactional tool. whether it's going to be a pure trade tool. but i'm not -- i'm not really surprised. but it doesn't mean to say that it will not happen. i think that it will be a moreselective focused development that we will see in the next few days or weeks but i think what we need to do here in europe is to be prepared and anticipate what will happen in

order to respond. >> europe has been striving to keep its borders open and not just as a moral principle. because it also benefits from trade and particularly with the united states. we look at the surplus. it was almost 1% in 2023. thanks to strategic important areas that have been identified by some banks, for instance, from chemicals to farmer. to that point, does europe have leverage in its trade negotiations with the united states? >> one point first. you mentioned rightly so the lowering of barriers in europe. and that was the initial project of the single market. we created back then a single market that was the intention where, you know, nearly 400 million people could consume travel, transact but we did not finish that job. and i think that that's one first lesson that we should draw from the current situation. we have this very large sizable market with plenty of consumers

that are prepared to activate their purchasing power and use their savings. >> karen also asked her at about the policy outlook and whether the central bank risks falling behind the curve. >> risk is to the downside when it comes to growth and we will have to be very attentive to the data that we are receiving and collecting and analyzing to see what needs to be done. but we are on this sort of, you know, regular gradual path. disinflation is coming through and we'll be looking very carefully at services and at wages and at the sort of what we call the late comers like insurance and things like that to see whether the early months of '25 deliver the reduction in service prices that we anticipate. gradual, slow, but declining trend. that's what we are anticipating. >> it does feel as though that heat in services is still hampering the ability to move forward. and at a faster pace with rate

cuts. if that data point magically changed, could that mean that ecb is behind the curve with rate cuts. >> with ifs you cannot predict anything. yeah. and our focus and capacity is now significantly improved and we've had, you know, regular repeated forecast in terms of inflation. and we have not revisited forecast very much in the last i don't know -- five set of projections so we are more confident. but we do not see ourselves behind the curve. and if our baseline holds, i think the -- the anticipation that we have will put us on target and, you know, our target is 2%. medium term sustainable and we want it to be sustainable and i think that we are well positioned for that at the moment. >> you have been listening to karen cho's exclusive weighing

in on the outlook for europe and the global macroeconomic picture for 2025. let's continue the conversation here in davos. greg case is the ceo of aeon and joins me around the desk. welcome to the program. great to see you today. >> great to be with you. thanks for having me. >> threat talk about the macroeconomic and business outlook for 2025. you lead conversations on the grounds here around davos walk me through what you are hearing about the outlook. are you optimistic or neutral or pessimistic for '25. >> the conversations have been pretty consistent. there is i would say cautious optimism. everyone is looking for a positive path forward to make a difference but in every conversation there's the overlay which is around a set of challenges and a set of sources of volatility that maybe as great as we've ever seen before. for us, we call them kind of the four megatrends if you think about sort of what's going on in trade all global supply chain and the issues around that. technology, you know, beyond

generative ai and all the implications of that. but weather of course now climate more than ever before and for the first time really around work force and talent. so it's this cautiousment mitch looking for the bath with a recognition more volatility to manage than ever before. if you can navigate opportunities, it's real. >> where are the best business opportunities in 2025 and as we see president trump returning to the white house, obviously there's a lot of policy uncertainty globally right now as well. how is that going to impact a business like yours. >> from our standpoint, we live every day to support clients and essentially trying to understand their sources of volatility in every aspect you can imagine. all the traditional sources and property and all the things that protect their people. and we step back and go to first principals. what's really foe -- their focus on how they grow their businesses and what are the things that can change that and what's the source of volatility and you come back to the trends that i described before but our

view is this isn't just about protecting the house. if aquatic steps forward, you have an opportunity to grow your business and really make advances that are really going to be distinguished and sustained so for us, this is what we do. and, you know, we've recently made a billion dollar investment to advance that not just again generative ai and its application but truly the client experience and we're strengthening that so they can do what they do best which is grow their business. >> also very critical. a key topic of discussion here in davos. ask you about this in a moment but just specifically on the growth path, are there sectors or geographies where you see the best opportunity right now? >> listen, we come back, we -- privileged to serve really the global economy. large companies medium size small across all sec fors and there are paths everywhere. some better than others but in every situation you are talking sitting across the table from a company and they see a path forward to grow and build and

we see opportunities to support them. not hedging. there are opportunities everywhere around the world. they are evolving and they're unique but they're meaningful. >> the role of ai as well and obviously within your business sector. a transformative tool but also has quite significant risks. how are you thinking about addressing and utilizing this technology with your partners? >> for us, again, back to the opportunity is real and meaningful. the challenges around vol tillty is meaningful and real. again analytics and consent and insight. got of the that. this is generative ai and its application. we've been working there for many, many years. the investment i described before really never in our industry you know, someone invested a billion dollars to advance around a specific set of analytics to really help clients make better decisions and we have to go further and faster in order to make that happen. we see applications everywhere. and not just on the content. but also on the service and the capability to support, you know, their supply chains. and in essence one of the

pieces for us is fundamental. if you think about risk in the world today, we access the insurance pool and this is a $4 trillion pool which is great. these are great partners. but the analytics are opening up other sources of capital. sovereign, pension, high net worts. for your listeners a $4 trillion risk pool but against a $250 trillion capital pool. when we do parametric or specialized instruments that actually help clients make specific decisions we're accessing a broader group of capital. generative ai helps us access that to really address some of the challenges more effectively. >> how disruptive is this technology going to be particularly in the insurance and reinsurance markets? >> we think about it as acceleration. and so disruption if disruption is access to greater capital, if disruption is a better set of solutions that help you address wildfire on the west coast or help us, we recently

created a platform into ukraine which really helped private capital access rebuild and ukraine during time of war: this is unheard or. this is analytics and content. for us we love it and in essence we need to move further faster with better solutions as i said before and not just through us, with our partners and with public-private partnerships as well. this is the unlock we're really betting around. >> one of the other interesting thing here's is when we meet this time next year and have a similar conversation, the story around ai would personally have changed quite significantly because the reality is, no one really knows where this technology is going or how disruptive it's going to be. just an interesting food for thought there. but before you go greg, what's your take on the outlook from here from a risk perspective? it's a question i have been asking all the guests through the course of the week. what's the biggest risk in 2025? >> it's scale. on your first point. so listen the proof cases are happening. it's how they scale.

and how they actually transform business over time. i will have to have the conversation in here and see where we come out and the biggest risk is we're sitting back and watching as opposed to taking action. our view is we have to take action on behalf of our clients and we have to make invest 789s because they have to have better solutions to do what they do. the run faster program is not enough. it's got to be run different for their business. this to us is a risk we see all clients facing. and addressing. and it's been fundamental to the conversations here in davos. >> indeed and run or get left behind i think at this point greg. leave it there. really appreciate the conversation and thank you for joining us around the desk here in davos. >> thanks for having me. >> that's greg case there the ceo of aeon and of course stay with us here on cnbc and catch all of the latest news out of davos on our cnbc live blog so to check out it. meanwhile a market update. sylvia amaro in london with the latest. >> hi. what a strong session thus far for european equities and let

me hoe you how the different boards are actually tracing. we have the 100 up 0.3% but more importantly though we're actually looking at it hitting a record high for the fourth consecutive they. a lot of bullishness here for uk equities but also in germany where we have the dax actuallytrading up by more than 1% and also hitting record high earlier today. why, what is driving this performance for european equities? on one hand we have less investors more concerned about potential trade tariffs from the united states. donald trump has not imposed any sort of tariffs on european countries for the time being but perhaps more importantly there has been -- there have been a lot of messages from european companies over the past 24 hours and that's been very, very strong. a different sector too so we can talk about what's happening in the corporate world too. we have health care among the

best performing sectors and up by more than 1% and one of the reasons behind this is the performance of novo nordisk. 1.3% higher in industrial. in terms of the worst performing sectors. let's get a check on that too. telecoms is down 0.4%. food and beverages also under a little bit of pressure. however, not, you know, not sufficiently lower for the time being. but over now though back over to you, dan. >> thanks for the update. coming up on the program, we are going to hear from the swedish finance minister and bring you that interview live next for you right here from davos.

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welcome back to the program. president trump has said he would sanction russia if president putin fails to participant in negotiations on ukraine also telling reporters he plans to speak to him very soon. also called for greater action from european countries. >> the european union should be paying a lot more than they're paying because under biden, i mean, we're in there for $200 million more. now it affects them more than it i affects us, we have on ocean in-between, right? one thing on that. they should lift their number. not to 2%. but to 5%. nay to should be at 5%. not 2%. 2% is ridiculous. >> the president also repeated his suggestion that the european union could face fresh tariffs. speaking to reporters he said they were the only way to ensure fairness accusing the eu

of quote, being very bad for us. we have also spoken to eiu policymakers here in davos about how the continent should respond to the threat of tariffs. >> he's not brand new. we know donald trump. during his first mandate president emmanuel macron worked with him and quite closely actually. he's a -- still -- for the thing to say. europe and united states are friends. but we have to be realistic and pragmatic. if there are some threats, if there are some new tariffs, we would have to respond. >> i believe that the trade war is not in the interest for each other. neither for the u.s. or the european union. trade war is kind of a -- symbolism and a game. and i think that we need to focus on how do we strengthen

our transatlantic relationship which is nowadays more important than ever. >> if there's a need to defend our economic interests, we will be responding in proportionately. >> let's continue the conversation now with more high level insights for you on thstate of play and elisabeth svantesson joins us live now. she is the finance minister of sweden. ma'am, wac to the program. great to see you. >> thank you so much. great to be here. >> what's happening right now in the united states? let's begin. how should europe respond to the threat of the trump tariffs in your view? >> first of all, i mean we have to respond together. but i think it has been a lot of focus on the tariffs is bad if they get higher. but i think europe has their own problems that we have to solve. i mean, we can take our destiny in our own hands. so tariffs bad. what we do, we have to do together.

but honestly, europe must be better. >> so tell me exactly what you mean when you say europe must be better. what concerns you the most right now? >> i mean europe is a rich continent. but we are getting behind u.s. i mean, this is just -- latest years, been so for quite long. we have too low roads and too low productivity and that's our problem. we have big needs and we can be richer. but we have -- we don't focus enough on the things that can make our economy grow. >> yeah, i think the long-term criticism against europe has been that it is regulate first and innovate second. so what is the appropriate response? you run a large sophisticated economy. what can you do to stoke animal spirits across the continent? >> i try to remind us all. i mean sweden is a very -- i mean, we're very dependent on export. i mean, our economy is not the biggest one in the world. but we are -- we explore a lot. so of course if more and more countries get more

protectionism or higher tariffs, it's bad for us but it's also bad for the global economy. and that's -- it's not to good for u.s. if they -- if now they will have high tariffs when it comes to canada for example or for europe. >> i also get the sense that we are at an inflection point in the war in ukraine. this is going to be a critical year ahead for europe. particularly when it comes to not just addressing the trump question, on ukraine, but also how europe is going to move the needle forward here. how do you think president trump's return to office is going to impact u.s. foreign policy to ukraine, especially considering his previous skepticism towards nato, for example, of which sweden has just joined? >> i mean, first of all, i think it's -- when u.s. wants us to do more with defense spending i think that's fair because we have to do more in europe. but when it comes to ukraine, that was maybe -- existential question. because ukraine's -- they fight

for our freedom. the whole of europe and the world all that we have. so i hope that america won't back -- still be strong but if they do we have to do more. >> indeed and if trump was here sitting with us in this conversation he would say nato countries are taking advantage of us and should contribute 5% of gdp. sweden is increasing nato spending as i understand it to 2.6% of gdp by 2028. realistically, i mean, let's be realistic here. are you able to actually achieve that number and is it enough? >> first of all, we have to -- i mean, it's a -- so it's a very strong discussion about the 2% or 5% but the question is from my point of view, of course we have to do what we need to do to defend ourselves and have a strong nato. but it's also here also it's a question of growth.

how? 2% or 5% is less than -- 2% of 1%. so -- or the other way. i'm the minister of finance. anyway, it depends on the growth. how is your economy? is it big or small economy? first of all we need growth and europe and then of course we need to know what do we need to know to do when it comes to military spending and how can we defend ourselves? how can we be strong members of nato? i think it's a fair i mean, biden and trump has pointed out europe to do more and i think that's fine. but we need to do it together. of course. and many countries in -- for example, they don't reach 2%. so more countries with greater and bigger economies, sweden needs to do more. >> i think you make a fair point as well but the unique problem that sweden also has is for the last few months you have been seeing significant

recessionaryforces and of course the issue of inflation is something you have been trying to address as well. how do you contribute nato spending at an increased level when the economy is in recession? >> about -- we are getting out of recession this year. we will recover of course and i'm focusing a lot on growth in the short and long-term for sweden if eu doesn't do it we need to do it ourself and take our destiny in our hands. that's very important and also prioritize. so in the budget, the budgets that i put into the department, we have prioritized defense and we have triple -- from 2020 to 2028, we tripled our expenses actually. so it's a -- it's a second highest expense in a budget. i think america's second is higher -- paying rents. >> okay. interesting. and i mentioned the risk bank as well. accelerated policy easing last year obviously in response to conditions on the ground. falling inflation and weak domestic demand have been pretty critical issues. what's your view on the inflation outlook for the year

ahead and can swedes expect lower rates moving forward. >> i'm so happy we have finally come under the target and i mean, the fiscal policy has been many years that we discussed inflation, when it comes to fiscal policy but really hold back even though we had a recession. now with low inflation we can do what we need to do to get the wheels spinning and we do. and we got taxes and we have the lowest -- taxes since '75 actually and still duo a lot on defense and other areas so you can prioritize and you can go for growth. and i think our economy will have quite good years ahead. >> on the question of lower rates, is that something that investors should expect? >> i mean, the -- has been quite clear. will be more. they will owe a little bit more but, you know, i can't tell them what to do. >> of course. >> but i mean it will -- sweden, so many people have high debts on their -- their houses. and adjustable rates.

so when the rent went up, the cost will soar. could triple and in a very short time. households have been to be very sensitive. now when the rent is coming down. it will be more consumption and more spinning the wheels and then we have of course on securities. we can do what we can. but i mean, i hope that germany will -- they are important to france and they will come up on their feet when it comes to productivity and having a government like -- work strong. >> indeed. all critical issues and ma'am i wish we had more time. but thank you for joining us around the desk here in davos. >> thank you. >> enjoy the week ahead. that's elisabeth svantesson sweden's finance minister. and we have plenty more ahead for you. stay tuned to cnbc for our conversation with the egyptian minister of planning and economic development and international cooperation, that's rania al mashat up next on the other side. we are back in two minutes. stay with us.

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pro now. >> you're watching street signs live from davos and london i'm dan murphy with your you are watching "street signs" live from davos and london. i'm dan murphy with the headlines. first a cnbc exclusive. >> i think it's a very -- smart approach to the matter of trade. because blanket tariffs are not necessarily giving the results that you expect. >> president christine lagarde reacts to u.s. president donald trump hold off on tariffs at least for now. also saying the european central bank is on track to meet its targets. >> we do not see ourselves behind the curve and if our baseline holds, i think the -- the anticipation that we have will put us on target. >> plus, a $500 billion plan, president trump cheers a

massive ai infrastructure project backed by soft bank and openai as shares in the japanese firm soar. >> this monumental undertaking is a resounding declaration of confidence in america's potential under a new president. >> spanish prime minister pedro sanchez backs europe's advance on tech regulation telling us transparency is key. >> all of us have to be worried because of the concentration of power in a few hands. second because misinformation is one of the biggest reasons and challenges in all our democracies. >> and nato allies face calls from president trump to increase defense spending. poland's finance minister telling cnbc his country's investment is protecting the continent. >> we spent the highest share of those defense spending actually on buying and

modernizing our equipment. so we are doing really well and we are protecting actually europe by our military spending. >> and don't miss steve's conversation with the president of poland later today. great to have your company this great to have your company this hour. discussion of europe's response to president trump's return to the white house have dominated the conversation here in davos. take a listen to what some of the european policymakers had to say. >> too many firms are holding back investment in europe. because of unnecessary red tape. we need to act on all levels. continental. national and local and we want to lead the way at the european level. >> we must, for example, find a way to renounce, to all this

regulatory burden for our own european countries. we have a lot to do to be more flexible. more simple. for our companies. that make international investors invest more in europe and develop our own economy and export more and being more united. >> eu's economy is also undergoing a big traps formation and there's also lots of investment going to the -- sector including ai in the eu. second, from our side, we are willing to continue this conversation also with u.s. as you know. we have eu and u.s. trade council and where we are discussing among other things exactly developments in technologies including ai. and obviously we can achieve more if we work together in a

cooperative way. >> let's bring you more high level insights on the ground here in davos and very pleased to say that rania al mashat is here. she is minister of planning and economic development and international cooperation in egypt joining me around the desk here in switzerland. minister, welcome. great to have you here. thank you for joining us. >> thank you very much. >> let's begin with the situation in the region today and i know you have been following this very closely from davos. israel and hamas finally agreeing to a cease-fire after 15 months of brutal war. would you consider that a win for egypt and for the region? >> i mean, pushing towards peace is definitely a win for everybody. and we take this as first step. a good beginning and we hope that it holds. definitely having a cease-fire that is lasting, sustainable. is good for the region and definitely good for egypt. we have been also affected negatively from what's happening in the red sea. suez canal.

receipts coming down. but most importantly for palestinian people and the importance of peace. but also for it to be lasting and we need to think about the day after which the reconstruction. so much that still needs to be done and it's through joint efforts from the region and the international community that we will be able to see this through. >> indeed and international corroboration is going to be critical on the next steps for gaza. but also in the more short-term whether or not this cease-fire will actually hold. are you optimistic that it will? >> i mean, it's been a struggle for a long time. we have to be optimistic because all of us want to see this come to a resolution which creates hope for the people and for the region. >> indeed and minister, can you update us on the situation at the rafah crossing? is aid getting to where it's needed most. >> if you have been watching, aid is getting there.

but now with this agreement, there are trucks coming in. also today there has been an office setup to follow-up on all the elements within the deal so that as you mentioned we see through this towards the end and making sure that it's a sustainable peace. >> egypt is also commitmented to ensuring that aid continues to flow through the border crossing there. >> absolutely. there's nothing that we would hold back in terms of effort or logistic support to be able to see this through. >> let's talk about the state of the economy as well. because this is something you have been actively working on for many, many months now. you mentioned that tensions in the region, the war between israel and hamas, and of course its war in lebanon as well, has impacted investor confidence and it's impacted investment flows. what is the situation for egypt as it stand today and when you assess the growth outlook, what does it look like? >> we've been very focused on

restoring macroeconomic stability. march last year was very important for us and a mix of fiscal and monetary policy where we were able to, you know, bring back alignment in the foreign exchange market. a lot of the blockages or pile- up of products and imports were freed. this was reflected in gdp and the readings for the first quarter of our fiscal year is 3.5% growth. and what's very important is the type of growth. we see the manufacturing sector moving forward and this is very important because it's 14% of gdp and shows reflects private and foreign investments and this is a very important update. the second is tourism. tourism is doing well despite the situation in the region. the highest number of tourists to date and then finally we've been doing a lot on taming public investments. and this has also allowed for an increase in private invest

789s which are seen in seen in numbers in the first quarter. >> talk to me about the private sector investment piece as well. we speak a lot and i still get the sense that there is perhaps some trepidation and perhaps some skepticism even about the government's commitment to reform and speed of progress so far. to that you say what? >> to that, i would -- ask everybody to take a deeper look at the numbers because the numbers speak that we are seeing more private sector investments and another important indicator is concessional finance that's directed to the private sector. for the first time, 2024, we've seen concessional finance go to the private sector at levels which are higher than the government. and these are sectors such as renewable energy, such as manufacturing, pharmaceuticals so it's quite diverse. so it wouldn't be international institutions providing finance for the private sector if

they're not seeing a future. they're not betting for an outlook which is better than where we are today. so there are several indicators which are positive. we are working very hard on implementing structural reforms for macrofiscal resilience for the green transition and also improving competitiveness. very focused on that and the new government which came in at july is very much reform minds and working as team to make sure that we deliver on many of the reforms that we promised. >> of course reform has been central to your agenda as well. you have been in negotiations with the eu and other international partners on the second phase of budget aid and investment guarantees. can you update us on those talks? >> yes. of course we -- our relationship with the eu is elevated to comprehensive and strategic last month and that includes the financial package. there's $5 billion of macro fiscal assistance. but there's also $1.8 billion of investment guarantees.

so the $1.8 billion can be leveraged through ifis such as eu and others and this is where this -- this mix of private sector investments coming in is possible. we're seeing it already and we want to use the tool going forward. on budget support we have the $4 billion and we're negotiating the detailed structural reform measures currently. but of course on elections in the eu, april is a very important month for them to get the different elements ready and then we will have a timetable that we can announce. >> can i ask you about cooperation as well with the gulf states. >> the uae has been actively investing in egypt as well. what do you need to see from the gulf in order for the investment flows to continue and should anyone watching egypt and its economy expect the gulf to continue to pour money in as it stands. >> i think the relationship with the gulf definitely is very strategic and important. but when you take a look at the investments, these are investments which make sense from a business dimension.

so if you take a look at fertilizer sector, if you take a look at the pharmaceuticals and you take a look at the health sector, so you know, whether it's from the gulf or from other countries, also on renewables we have european companies and we have companies from the gulf so the idea is any investor from any country is welcome and there are opportunities and what we're trying to do is to make those clear by two ways. making sure that macro economic stability continues. remains. policies predictable and then trey and open up the different potentials for the economy on a sector level. and that's what we're seeing particularly on the renewables today. >> minister. great to have you here today. wish we had more time but we'll finish the conversation there. that is minister rania al mashat there. the minister of planning economic development and international cooperation in egypt. let's get you a market update now. silvia amaro is standing by live in london. >> that's right what an

exciting morning so far for equities in europe. let me show you how the different boards are trading at this stage. we had two record highs and one here in uk for the fuzzy 100 and one over in germany where it's up by more than 1%. this as the investors are still very much digesting of course what's happening everything that's happening on the political front but for the time being taking comfort and relief from the fact that the u.s. didn't yet impose tariffs on europe. but on the other hand, the other market driver today is of course all of the corporate earnings we have been seeing. let me show you how the different sectors are faring at this stage. we have industrials at the top and we were up by more than 1%. i want to take you to health care. where we're up 1.1% too. because there we are seeing strong gains for novo nordisk as well an important story to monitor also ahead of earnings next month. in terms of the worst performing sectors. how those are trading at this

stage? we have pressure on telecoms down almost half a percent and food and beverage also lower by about 0.2%. i want to show you how u.s. futures are shaping up too so we get a better idea of what's likely to happen. hate suggest a positive start to the trading day on wall street. we had the three major indices ending the day on positive ground. however today's session worth keeping an eye on are the earnings season and of course that's still very much underway. and on top of that of course what's happening at the white house. we continue to monitor everything that donald trump is telling us at this stage. i want to bring you back to europe and tell you about some of the corporate stories we are also following closely today. starting with easy jet. the company narrowed its operating loss in the first quarter amidst stronger demand for travel over the festive period. the budget carrier grew its passenger revenue by 11% and reported a low factor of 88%.

slightly ahead of the same period last year. shares are down more than 3% are among the worst performers today. in other corporate stories, 63.1% jump in first quarter sales revenue driven by more than 70% rise in cocoa and bean prices but volumes dipped more than 2.5% in the period. the chocolate maker says it's secured extra financing to manage the cash impact of the surge in bean price but lowered it sales volume guidance amid what it said would be further market volatility. investors not happy about that announcement with shares down almost about 6%. in terms of adidas the company posted better than expected fourth quarter results reporting a 19% rise in revenue on the year while full year revenue came in 12% higher. this marks a significant recovery for the german

sportswear maker which has focused on retro trainer styles and after posting an annual loss in 2023, it was its first in more than 30 years. back over to you dan. >> really appreciate the update again. thanks again for joining us. and up next on the program, we're going to be speaking to europe's commission of four climate net zero and clean growth. that conversation live for you next in two minutes. stay with us. (music) >> i want. i want, i. want one.

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>> davos 2025. andrew ross sorkin and sara eisen sit down with world business leaders on the geopolitical outlook and key global economic issues. the ultimate power summit special reports all day cnbc. >> welcome back. the future welcome back. the future of global rate path is a key focus here in davos. our steve sedge wick caught up with the s and b chairman and began by asking why they those

to cut rates. >> in december we cut rates. the reason was inflation came down in the last month and also inflationary pressure has eased in the short term because of energy food prices, for example. and in the medium term this let us to have to rate cut by half a percentage point. >> you can catch more of steve's conversation with the smb chairman later today on cnbc. meanwhile, president trump has unveiled what he calls the largest ai infrastructure project in history. it's a $500 billion jv between openai and soft bank and oracle to build data centers across the united states. the project dubbed star gate will see an initial $100 billion investment in big tech infrastructure rising to as much as half a trillion dollars over the next four years. shares in oracle and soft bank

both up on the news. meanwhile the ceos of all three companies appearing alongside the president at the white house as he hailed the new investment. >> together, these world leading technology giants are announcing the formation of star gate. so put that name down in your books. because i think you are going hear a lot about it in the future and a new american company that will invest $500 billion at least in ai infrastructure in the united states. and very, very quickly moving, very rapidly, creating over 100,000 american jobs almost immediately. this monumental undertakings is a resounding declaration of confidence in america's potential under a new president. >> let's get more reaction to trump 2.0 and the impact worldwide. wopke hoekstra is here andcommissioner for climate net zero and clean growth at the european commission. >> thank you for having me dan.

>> president trump withdrawing from the paris climate accord and your reaction? >> it is unfortunate. not completely unexpected. but it is unfortunate. also given the pivotal role the u.s. is playing at a global stage. it is the largest economy. it is the most dominant power and it's the second largest emitter. so losing them in international diplomacy as far as climate is related is unfortunate. yet at the same time, they will ask for more assertiveness from us and of course we will continue to engage with our american partners. >> can europe carry the torch on global climate goals if the united states has left the building. >> look, they will be missed and we would have loved to keep them on board. and again, we will continue to engage with them. but the problem will not go away. we all see the devastating effects of climate change all across the globe. we see the huge costs for our

economies. and unfortunately, that will go up rather than down in the years to come. we don't have ha choice. we don't do this out of luxury but we will have to deal with the crisis in a way that's wise and viable for climate itself and for our economies and for the middle classes and all across the globe. >> of course, you are not the only one who has suggested this is bearish for multilateral cooperation on clients. who is going to lead this in europe if the u.s. is knotting part in the conversations furthermore? >> we will continue to be very closely aligned on a range of negotiations with our american friends and partners. this always has been a relationship second to none. we will continue with that full stop and yet if someone certainly a power of this magnitude, retreats, says we're no longer going to be part of

it, that leaves a vacuum and the question always is who's going to fill that vacuum? and certainly we as europeans will need to show more leadership and more assertiveness but you can count on others to jump into that arena as well of course. >> a recent plan you put forward. the eu plan to hike airline taxes certainly getting a lot of heat in the industry. you want carriers to pay more by 90% by 2050 under the eu's green deal. can you tax your way to cleaner air? >> you need to do much more than that. by the way the 90% number is a number for -- the continent as a whole. not for a specific industry. in my view, what you do need to do is a couple of things. one is indeed drive down emissions from airlines because it's one of the sectors where emissions actually have gone up. secondly, and that's an ask from european airlines and it's absolutely fair i think, there needs to be a level playing field. what we ask from these airlines

we should also ask from others. third, if there is money on the table, for example, through taxation, then we do need to fuel that back into the industry and we need to fuel that back into innovation and to make sure that we actually all sort after arrive at a situation that is beneficial to these companies but also beneficial to climate. >> director general willie walsh said here it was complete bs. so that you say? >> i'll leave that completely with him. i didn't see the comment. but it is crystal clear to me that we have to continue with this transition. and there's not a single sector that can be -- that can be off the hook in that quest. and yet at the same time, and that's the one thing i keep stressing, this should not just be -- the conversation should not just be a climate strategy. it should be also a growth strategy. if you think about the future, if you think about, you know, our -- the likes of us sitting

here in another 20 years, we will have entered a completely different situation in terms of a decarbonized economy. the big question is how soon do we get there and those who will arrive there sooner rather than later will probably have the business advantage. that's the big thing we're looking at. >> obviously business and in particular the aviation carriers are up in arms where they are already taxed. isn't there more effective ways of addressing this issue rather than adding the burden to those carriers who are already seeing razor thin margins and cost pressures? >> but just carefully look at what it is that i'm seeing. one is this is a sector globally that needs to do more. because if you look at -- look at cross sectors, even a difficult sector to abate like heavy industry, you see that overall the numbers certainly in europe are going down. so i think it's a fair ask that

everyone chips in. that's one. secondly and that's where i think many of these carriers, particularly from europe, do have a very fair ask, there needs to be a level playing field. currently that is insufficiently in place. they face unfair competition from many corners of the world and that's something we will have to deal with and third together with them, and working together is the keyword here, we need to embark on much more innovation to make this possible. i think if you have all these three elements then you arrive at success. >> an interesting conversation and interesting plan. we have to leave it there. thank you for joining us today. >> thanks dan. stay with us here on cnbc. we have plenty more from davos. >> hello. welcome to t-town. >> black men over 40 everywhere. these guys experience a drop in testosterone. >> don't worry. it happens to all. >> of us. >> some guys took my. advice

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continue in this country, but there will be a shift in ownership. >> the main thing is not just. >> cutting costs, but getting rid of. all the regulations. >> i will very simply put america first. >> the trump impact on business and the economy for the first 100 days and beyond. cnbc. it is. it is 5:00 a.m. here at cnbc global headquarters, welcome to "worldwide exchange." here is your five at 5:00. president trump launches stargate aimed at a massive ai investment here in the u.s. trump asked china to his february 1st tariff target as the ec b's christine leg guard weighs in on day three of donald trump # 2.0. record user growth and new price hikes plus the race between nvidia and apple takes an unexpected turn and why tiktok's future in the u.s. could ben