held woman to "on the money." i'm becky quick reporting from davos, switzerland, where leaders from the world of business, philanthropy and government have gathered. cheryl sandberg and melinda gates, why they're teaming up. and we talk interest rates, the economy and oil prices. a couple running charter schools in africa. how they say they can educate kids for $5 a month and still make a prophet. what's andrea bocelli doing here? "on the money" starts right now. here's a look at what's making news as we head into a

new week. a massive new stimulus program for europe. european central bank president mario draghi announced a bond buying program to hold down interest rates and put cash into europe's banking system and the economy. the long-awaited 60 billion euro a month program was more aggressive than analysts expected. it sent the euro lower to an 11-year low and the dollar higher. it helped push u.s. stocks up on twhurz the dow rising more than 200 points after a choppy week, but the markets fell on friday. earnings seasons continue with a mixed pick which you are of its own. morgan stanley mixed expectations, ibm came in ahead although its revenue fell short. american express, netflix and, bay beat estimates. the software giant unveiled windows 10 nicknamed spartan. lid come request two browsers, is tablet and touch friendly and will be available this year. bank of america is the second-largest bank in the united states and it touches nearly half of the u.s.

population in some way. what bette thor to find out what the all important american consumer is thinking and doing. we spoke to ceo brian moynihan to get a better idea. >> well, it's been an interesting late winter in the sense that you had the oil start moving, the rate structure move drad gnatally but it's moving around based on economics and as we look out the world we see the world growing next year not as fast as people would like it. we see the united states picking up growth and everything sorts that. at the end of the day it will reflect people's view of economics and everybody will start pulling back. then you had some examples of reallien usual things in this country and a few days ago and that moved the markets around and now they're settling back into that new reality. >> obviously there have been a lot of volatile markets. oil. what's bank of america's exposure to loans that have been made to any of these oil companies that could be in trouble at this point. >> we have a $900 billion loan

portfolio and our exposure in oil is around $40 billion that we disclose but a big part of that is to very large companies that have different revenue sources of which oil and remitted products is one. but as you looked a it and we look at in the the u.s. especially, off plus and minus so both from a macro sense and company sense we stress oil down $30 and hold it there for 18 months, it's part of what the regime out of the last crisis was to keep stress testing yourself. so we run these stresses consistently, have been running them and it doesn't have a huge impact on us. the question is why is it falling and what that broader effect in the economy. if you look at the consumer side it's been remarkable in that just looking at the data from last week, oil spending effectively is down over a dollar a gallon and so the consumers are spending that money plus more and that means consumers are benefitting by spending the money which is good for the broad economy. in a company lik our which is has more consumer exposure than oil company exposure it will be the benefit long term.

>> i wanted to ask you about that. your view of the consumer is a very good one. bank of america, obviously, what do you have, half of all households that you see in one form or another through banking, through loans. we looked at retail sales and it was a shocker to see retail sales were down in december. i know that's because of lower gas prices but what's the consumer feel like to you? >> well, we didn't see any break from the headline number in november, december and into january so far of about 3%, combined spending on debit and credit cards. if you didn't is v the oil down -- that's compared to a year ago, if you didn't have the oil cost downdrafted it would be 4.accelerated. so far we've seen consumers spend more money. so this data is getting -- it gets done in a way which it gets restated and thought through but what we see in consumers is they're spending more money than last year by about 3%. >> does that make sense to you, then, to look at the tenure and look at yield of below 2%, maybe

1.8%, 1.7%? >> i think's a lot of market activity going on based on the view of the rate structural rise and that has to do with unemployment. that continues to improve and the question is is it improving fast enough? there's wage pressures and people can earn more money. and i think that debate will go on until the fed does do something. and so each time if you watch we sort of come into the year with optimism and it deflates then picks back up. this year will be no different as we look through it. but everything we say you would expect that the economy or experts are 3.5% in the u.s. versus 2015 versus two four last year. and last year year was flat. next year we look for it to increase again. that means that everything we see is constructive and for growth and that ultimately means it will raise rates. the question of when will depend on the factors they talk zblbt it means the fed will raise rates. if y listen to the consensus they'd have them do it by the

middle of the year. but if you look at what's happening around the global, if th raise rates what would that mean for other dislocations of the market and do they watch those things? >> they tell us what they watch. i think predominantly what they've been focused on is u.s. employment and they want to see the wages and things have pressure. the unemployment rate is down. the underemployment rate is down. if we were here a couple years ago we'd be talking about the underemployment rate. we see in the our work force, the job openings turn over very quickly. i think that's what they'll look at more. then the impact they have to take into account other impacts but the key one is the u.s. labor economy in the shape that they'd like it to see to so that they'll have that sustained spending and consumption. >> we spoke with lloyd blankfein recently, he spoke with us a week, week and a half ago. he said, look, you have to look at it as a risk manager and for the fed if they -- he's fine with them keeping rates lower for longer because it's about

making sure you don't get yourself in a bad position. would you agree with that. ? >> selfishly as our company we'd make more money if they raise rates but for the good of the american economy which long term is better for our company, let's think about it. they ought to raise rates and they will when the economy is going strong enough to absorb it to slow it down. if you go back to chairmaner be tank inky, the unknown of having inflation and other issues, figure ago way out of that is tricky. i think as lloyd would say we're to the risk of let's worry about the upside instead of getting overheated because it's such a big economy. with the rest of the world not growing as fast the world has become dependent on the u.s. and that creates a risk factor to make a mistake. i'd assume they look like there's a risk manager. that's whey that all do. >> thanks to brian moynihan. up next we are on the money. cheryl sandberg and melinda

gates are two of the most infll women in business. they join me together here from dav davos. and it takes a village to raise a child. how one charter school in africa is using technology to make a profit and gave quality education for $5 a month. right now, though, as we head to a break look at how the stock market

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welcome back to davos. the world economic forum brings together top world leaders and business executives. we spoke to two of the most influential women in business. sheryl sandberg is facebook's chief operating officer. melinda gates is the co-chair of the bill and melinda gates foundation. i asked about leadership and how they figure out who what to tackle next. >> it's a tricky issue for anybody leading in any arena. the found sedation actually in

about 24 different topic areas if you take them from vaccines to family planning to trying to lift and empower people. what i do is i go where my passion is and i follow the data. so we're very datacentric organization and i look to see where the greatest need is but i also listen very carefully when i travel and soy travel to developing words a lot, i go in as an anonymous woman from the west in a pair of khakis and a t-shirt and i listen to women and what i hear from them when it matches the global data, i decide that's where i want to act. >> what's an example? >> contraceptives. i was going in over and over to talk to women about vaccines and if i stayed long enough they would say to me "but what about the shot in my arm that i used to get" which is the predominant contra septemberive in africa. and they were literally saying to me "it's a life and death crisis. i go to the clinics, it's not there, why not?" and i started learning the global statistics and understanding we had a crisis on

our hands. >> chersheryl, what about you? >> there's so many great ideas, but we only can do a few really well. and so at facebook what we focus on is how people share and making that sharing experience better. and, you know, that's taken us from all text to a news feed to photos to messenger to video. but pra whwhat really matters i happens with people's lives. when you can start a business online without needing a store front. when you can express your views about your government. when you can remember a family member's birthday there a way that's different, that brings people really together. look at what happened over the last week with bill and melinda's annual letter, right? you've published it for a long time but they published it, it's on facebook, i know i posted it, i know a lot of other people posted it and as we post we add our voices. >> melinda, let's talk about your letter. you're looking at the advances we've made over the 15 years since you started the

foundation. >> so bill and i write about the fact we're making a big bet and we're betting the lives of the poor in the next 15 years will improve more than in any time of the history of the world. it's because of the amazing innovations that are happening and that are being delivered on the ground in countries all over the world. and when i go out -- people will say to me but this is hopeless or there's that crisis. but when i go out, the global statistics actually match what you see on the ground. so an example is childhood deaths have been cut in half, basically, in the last 25 years. bill and i fundamentally believe it can be cut in half again in the next 15. >> sheryl, what do you think -- you have been so in the forefront in terms of advocating for women with lean in and everything you've done. where do you think we are in the battle place at this point, essentially? >> i think and that i believe no two countries run by two women will ever go to war. and if you look at what's going on in the world, more displaced people than at any time since

world war ii, terrorism and real conflict and so much displacement of humanity, let's get some women to the table. there are 17 countries out of 195 that are run by women and someone made the point that he's been through a lot of negotiations in a lot of territories, there's never been a woman on either side of the table. the thing to remember is that leadership for women has stalled in the world. we've been at roughly 17 world leaders for ten years. we've been at roughly 5% of the "fortune" 500 for ten years. >> what needs to happen to jump start that? why are we stalled out? >> well, we have to be committed to doing in the the first place and we have to unlock the barriers women face. so in the developing world, women are less likely to be educated. they are relied upon for endless domestic nuclear weapon the we brothers aren't. >> it seems like it needs to happen on a broad scale but also the small scale, too, even at home. you're both parents, i'm a parent, too, and i think part of it probably comes from what you

end up teaching your kids along the way, right? >> definitely. >> oh, yeah. >> and what you do with your spouse together. role models for kids what it should be at home. you have to make sure that you have discussion, you split pieces out in a way that feels eck it with to believe the whole family. >> if you are 14 and see your father washing dishes and laundry, you can say to your daughter "you can do everything" but unless she serious doing your share, we need to tell men how important it is for their families for them to do more at home. >> what's the first thing you do when you wake up in the morning? >> meditate. i spend quiet time every morning. it's fundamental to my day. >> gad for you. >> that's my new year's resolution. i'm three weeks in. [ laughter ] >> it takes a while. >> i don't feel it's honest to say meditate but i'll try. >> my thanks to sheryl sandberg and melinda gates. up next, we are on the money, how technology is being used in

some of the poorest classrooms around the world to help take the costs out of getting an education. and andrea bocelli has brought opera to the masses for two decade

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welcome back to davos, switzerland. one of the global issues taking center stage here is education and new ways to get children in poor countries a chance in the

classroom. joining us right now are the co-founders of bridge international academies, dr. shannon may and jay kimmelman who were named world economic forum social entrepreneurs of the years. they found a way to give thousands of school-age kids who live in poverty a quality education for the price of what you might pay for a gallon of milk or a cup of coffee. thank you for being with us. >> thank you for having us. >> can you tell us about this? you guys are the largest chain of private schools in africa. how does the whole model work? >> so it starts by putting the parent first as a customer and treating them as a customer. and then building a business model around that. then we heavily leverage technology so we change the way teachers teach and pupils learn so we can transform the education opportunities for hundreds of thousands of children right now across kenya soon to be uganda and nigeria and india. but we're changing what you do in the classroom and using technology to make that a very different experience. >> to put in the context, we should tell people that this is in areas where people make an average of about $2 a day. they can do this for $5 a month

to send their children to the school? >> that's correct. what we've done is taken a systems approach and looking at all the different parts of the educational process and saying what parts of it do you need to transform so you can essentially deliver world-class quality education but at a price point where the customer is spending that $5 a month and gitding ig experience that you can get anywhere in the world. >> and how do you use technology in the classrooms? how is the curriculum set up? this is called a school in the box type of model. everybody's teaching the same curriculum. >> one of the hardest things as a teacher is being alone in a classroom and having to prepare all of your lessons by yourself so we try to support our teachers with a really robust system where we prepare all of their lessons for them everyday. so instead of doing that themselves they open up their tablets, they have the lessons ready to go. we're also able to see when our teachers arrive, it's an attendance system so we're able to use that with positive reinforcement and disciplinary procedures to ensure our teachers are always teaching.

a child who's three or six or eight can't use a nook to learn how to read. they still need an adult so they need technology to deliver content but also to get information back on teachers' attendan attendance, pupils assessments. >> i assume these are teachers who don't need a college degree if you can hand them the curriculum and everything that goes with it? >> so our teachers are -- some of them are university graduates, some are high school graduates, many have never taught before. they're able to rapidly become excellent teachers through giving them the support network, by having the lessons prepared for them. so instead of expecting them to be specialists in science, social studies, mathematics, they can specialize in being a classroom leader and have the content produced by pedagogical specialists who publish that for them. >> and, jay, just going back to the cost again, $5 a month is a lot of money for somebody making

$2 a month but if they go to free school in africa what kind of education would they be getting? >> across most of the areas we work, 47% of the time teachers aren't in the classrooms teaching. you need a teacher in the classroom in order to deliver the quality of education and families are already spending a lot of money on education out of pocket whether they go to private schools or government schools. so as long as you can bring that so it's affordable. in our context families are spending up to 15% of their income on education because they know it's the key to getting their family out of poverty. so as long as you can keep the price point under the line now they can afford to send all their boyce and all their girls to school unassisted. >> that's great. i want to thank you both for joining us today. we appreciate it. >> thank you. up next on the money, a look at the news for the week ahead and andrea bocelli is in dove vos for an award but it's not for his singing. stick around, we'll tell you what we're talking about

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technology that's with you always. this is our promise. it's never been better to wander, because wherever you go, you'll find us doing everything we can, so you can. for more on our show and our guests, you can go to our web side, otm.cnbc.com and you can follow us on twitter. here are the stories coming up that may impact your money. more earnings are coming, microsoft, 3m, procter & gamble, boeing all report. on tuesday durable goods orders for december. also on tuesday new home sales for december. on wednesday the federal reserve's open market committee ends its closely watched two-day

meeting on monetary policy. wednesday is also the date of the 57 years since lego received the patent for its interlocking toy bricks. and on friday we'll get the first reading for gdp for the fourth quarter of 2014. with more than 80 million records sold, andrea bocelli is the biggest solo artist in the history of classical music. and he has two albums out right now. he's in davos to receive a crystal award for his charity. speaking to us along with his interpreter i asked if he'd have a favorite song. he said it depends on the moment. >> translator: there is never one song that is a favorite song. it depends on the time of the day. it depends on how you're feeling. it really depends. >> that's an honest answer. i know your first love is opera and with the release of opera, the ultimate collection, i just wonder how important is it for you personally to bring opera to the masses? to make sure other people

appreciate. >> translator: honestly, my whole objective the that i'm nourishing my soul and music is food for the soul. >> the other recording you're releasing is puccinis mano lesco. that's a sad story. >> it's true but opera in general is so sad. there are not many titles with a happy story. >> can we talk about your charitable foundation? i know that's why you're here. >> translator: in one word, what my foundation would like to do is help and first in poverty. we are working in the field in haiti where there are people that are desperate and then we also work in the technology

arena. we have a collaboration with the m.i.t. in boston and we are trying to produce a device that is a radical solution for all blind people. >> grzie to the great andrea bocelli. that's the show today. i'm becky quick. thanks so much for joining me. next week, we'll down lead to best apps to help you keep track of and grow your money. each week, keep it right here. we're on the money. have a great one and we'll see you next weekend.

i'm peggy bunker. >> and i'm terry mcsweeney. costco members in gilroy are being warned that they may have been exposed to measles. a possible exposure happened last sunday between 4:00 and 6:00 p.m. this is the gilroy costco. that patient also visited a walmart and restaurant in the south bay. they are not disclosing the name of that restaurant at the moment. more in half an hour.