bill dudley speaking in just about 30 minutes. we will bring you the comments live in just a few moments. want to listen to what bill dudley has to say. plus, a hedge fund actress and manager, john litt. an energy secretary ernest moniz. i love the hair. first, here is a look at the top stories. representing the creditors, the bond at a crisis stage. the selloff is now in the seventh day. three your notes are at an all-time high, 27%. won't send more bailout money until they are sure it will be reformed. the next move is up to greece. >> we want increased to grow, to recover an ability that lacked for years and years. there have been policies that have been hard but the sluice into the greek situation wrote -- lies with greece. betty: you yet -- european finance ministers. china passes economic stimulus plan boosting stocks. rules took effect today after said its economic growth rate is at a six year low, 7%. breaking just now, a surprising revelation in a new biography on elon musk. the book claims the tesla founder had a deal to

bill dudley speaking in just about 30 minutes. comments live in just a few moments. want to listen to what bill dudley has to say. plus, a hedge fund actress and manager, john litt. an energy secretary ernest moniz. i love the hair. first, here is a look at the top stories. representing the creditors, the bond at a

andy, let's talk about what bill dudley said. it was a speech to new york people. he said temporary softness maybe, but the fed needs to determine whether that softness in the labor report foreshadows more substantial slowing. give me your assessment. june rate hike or not? >> no june rate hike. as much as it is necessary, it won't happen now. dudley, i in my opinion implied that the numbers weren't correct. they won't reverse quick enough. we pushed our rate hike back to september. that's what we're looking at. >> september june or next year? >> i think some are looking at september -- >> next year. >> what about you, scott? >> i think it's going to be next year. because the only number that hadn't fallen in line behind all the other bad economic indicators was the jobs report. and it finally fell in line on friday. i don't think there's anything out there that will give us the confidence in the economy. i say, if they are independent, they won't have the data that will give them the bullets to be able to raise the rates like i think they want to this year. >> let

you hear from bill dudley today.ing the same thing, you know, that there's a sense they can't wait to begin this process. they're anxious to start. don't you think they'll begin maybe some people think june. bill dudley said today it's on the table. maybe september. just throw one canary in the coal mine and see what happens when they raise the rates that first time. >> well remember the fed has been anxious to raise rates for the past five years. in fact they've been telling us that next year is going to be the time line for rate increases. again, since 2009. so when we think out to 2016 with he have to remember we've been sitting here anticipating liftoff for the past five years. and just going back to the previous point, i think the fed certainly is giving some push barq from the more hawkish members but we have to remember that the voting committee is decisively dovish with only a single hawk sitting with a vote currently in this committee. so a unanimous vote to keep rate increases off the table in march i think

bill dudley said very shallow. that is the word he used we should have shallow cuts or hike. i mean. >> i agree with that. liz: quarter point? >> raise eventually 200 basis points over three-year period would be my answer. liz: okay. >> over that same time period we have to get to rate normally. we'll be japan. japan tried to keep interest rates down, down, to stimulate demand. guess what? 2 1/2 decades and 2 1/2 decades of lost jobs. low interest rates put economy in stupid. -- stupor. cut corporate income tax rate. recent work by guys at aei, even government is suffering from the high corporate income tax rates. revenues is suffering. we're on the right side of the laugher curve for corporate income tax rates. if we cut tax rates even government revenue will rise. liz: michael what would you do about the banks? the banks have a great deal. they can park money at generous rate at federal reserve instead of lending it to people with all that risk and possibility of people foreclosing or failing on loans. would you eliminate that great deal that the banks have right now parkin

we had these remarks from bill dudley this morning.guy out of the fed to come and say, well you know, maybe i'm not going to be so explicit about us raising rates. is that what this rally is all about? >> it's the old hollywood adage, nobody knows anything. even bill dudley. >> is that an old hollywood adage? >> i think it is. if it's not, it's an old wall street adage. bill dudley basically came out and said you know what? i kind of know as much as you do. temporary factors, who knows really what's going on. we need another month or two of data to really figure out what's going on. he sounds like somebody on your panel talking, kelly. he's the head of the new york fed. he's supposed to know what's going on. i think what's most interesting right now is basically stocks today, interest rates, and oil moved against what -- and the dollar moved against consensus. consensus was dollar is going to parity against the euro. guess what -- >> it's a new quarter, new trade. >> oil was up 6%. come on what is that? >> all this tells me, evan is we

fed titan bill dudley is about to give a second key note panel of the week.ind out why he's explicitly targeting the economy, but also what you might call the bubble in the bond market. hour two of "squawk on the street." i care deeply about the gulf. i grew up in louisiana. i went to school here. i've been with bp ever since. today, i lead a team that sets our global safety standards. after the spill we made two commitments. to help the gulf recover and become a safer company. we've worked hard to honor both. bp has spent nearly 28 billion dollars so far to help the gulf economy and environment. and five years of research shows that the gulf is coming back faster than predicted. we've toughened safety standards too. including enhanced training... and 24/7 on shore monitoring of our wells drilling in the gulf. and everyone has the power to stop a job at any time if they consider it unsafe. what happened here five years ago changed us. i'm proud of the progress we've made both in the gulf and inside bp. the pursuit of healthier. it begins from the second we're

the president of the new york fed, bill dudley spoke this morning. he is the first big fed guy to speak since last friday's less than stellar jobs report for which steve liesman was here. working on friday on good friday. >> it's going to be important to determine the softness, whether that foreshadows a more substantial slowing in the labor force than i currently anticipate. >> the march labor market report is another indicator that the first quarter is likely to be quite weak. >> it could lead to further decline in investment and it could mean a meaningful drag on economic growth. dudley gave no explicit hit on how the weak jobs report would affect his outlook on when the fed should first hike rates. the first time in nine years. except if it persists it persists, it would clearly push out the date. as it is he repeated the mantra, the fed is both data dependent and the rate hikes once they start should be shallow. middle eastern slope on the increase there. wall street economists mixed in their reaction to how the jobs report affects fed policy. >

bill dudley making some downbeat comments on the economy in the first quarter. >> tesla sales set expectationsting a new record a 55% increase, despite the weak rollout in china. >> and what's missing from samsung's new phone has qualcomm shares moving lower in the pre-market. first up this morning, the march jobs report adding concerns about slow economic growth. payrolls up by 126,000, the fewest since december of 2013. the unemployment rate stood at 55 but average hourly earnings were up 3%. oil prices are on the rise. some analysts believe that iran exports might take several months to ramp up. oil did tumble about 5% on that news. >> i think we're all kind of stuck looking at the same thing, which is that the numbers kind of confirms what we've been seeing from the industrials, which are weak. i was looking at emerson's numbers. emerson being the quintessential control company. a lot of oil, a lot of dollar. and the numbers are horrible. you could say there's a huge percentage of the market that's horrible, but i see oil coming back a little. so you'll see oil coming back into those. this

bill dudley repeating the remarks, saying yes, there were a lot of things going on. if the financial markets don't handle fed tightening very much they'll go a lot easier. of course he gave the usual suspects but what what we knew the usual suspects weeks ago. why repeat that? again, coddling the financial markets. >> jeff kilburg, the volatility we're seeing right now, down sharply on fears about greece on friday up sharply with china on monday. should i be asking what traders are smoking? did you see what i did there? >> it's a great point to illustrate. here in chicago, i want to allude to the way my grandfather used to drive his car, two feet one on the gas pedal, one on the brake. that's what it feels like here all due to china. they cut the reserve requirement by 100 base points. one of the biggest cuts since the crisis. that flooded the markets with 161 billion or trillion lewan, if you will. it represents 20 trillion of the 70 global trillion in stock markets. it moved it up over 1.25%. the math doesn't add up. the emotions are high here in chicago. that 161

and then new york fed president bill dudley said chill, when the fed does raise rates, he said it won't be that bad. >> the likely task of short-term interest rates after liftoff is as important as the timing of liftoff. i anticipate the path will be relatively shallow. the headwinds in the aftermath of the financial crisis are still in evidence particularly the diminished availability and the tough returns we see for residential mortgage credit. >> add it up up and the dow jones industrial avera rose 117 points closing at 17,880. the nasdaq was higher by 30 and the s&p 500 was up 13. >>> that's how wall street felt. but there's no way around the fact that the jobs number last friday was not a good one. as hampton pearson tells us wall street and main street often see the economy very differently, and for good reason. >> reporter: in march, the government says the economy produced only about half the jobs expecte and when combined with revisions for january and february job growth for the first order of this year now stands at 197,000 per month compared to 269,000 for all of 2014. now t

bill dudley, head of the new york federal reserve, he is optimistic. he said it a rate rises needed this year. stimulus a plenty. we are seeing a reduction on the u.s. the dollar is up almost zero .5%. euro weakness. down goes the euro. will we see a reduction? we are seeing weaker currencies first of the dollar. aussie dollar trading lower. the central-bank comments saying cuts could remain. central-bank divergence. that's what we're seeing. the equity markets let's check in on how steps are performed. credit suisse's of 0.3%. brady dougan was manus cranny's last interview. his last set of earnings. he went out on a high. trading approved especially in the bond market a fixed income. we are starting to see improvement. they are cutting their cost cutting targets. after regulatory charges so a bit of holding off in the surge of the stop. you will be speaking to the chief executive. third quarter sales. in dollar terms, 14%. a beat. the chip designer, go look to the new iphones at samsung, more bang for their buck. this quarter could see a calendar shak

new york fed president bill dudley says he is confident the fed will raise rates this year but he is positive. dudley spoke at an event at bloomberg's headquarters this morning. policy makers have been split over whether to raise rates in june or later this year. dudley said the economy is not where policymakers would like it to be. >> the unemployment rate is still too high and the inflation rate to low. because the economic outlook is uncertain, i cannot tell you when normalization will occur. the timing is data dependent so we will have to see what unfolds. stephanie: dudley also said there are some downside risks saying the stronger dollar could reduce growth by more than half a percentage point. it may be a sign of growing desperation. in greece, the greek government has issued a decree that forces local governments to transfer all caps balances to the central bank. the move could raise more than $2 billion greece could use to pay bills such as the payment owed to the imf next month. the boston marathon is underway for those of you sitting back watching tv and doing zero exercise

bill dudley did say when the fed does start to tighten the pace is likely to be shallow.s so much. i'm here with carl riccadonna lisa abramowicz and a market strategist and portfolio manager who oversees $170 billion. let's get to why we are seeing the triple digit rally. really good jobs report, solid services data. >> it all turned around when bill dudley started to talk this morning. we were coming in expecting a softer open on the back of the jobs report. as we began to get commentary from the fed acknowledging obvious things weakness in manufacturing and retail and the jobs report, it is pushing up the expectation for the great increase which what was doubling the markets for the last six months. >> janet yellen has to be careful when she speaks. a lot times we get clearer insight into the inner circle of the fed when we listen to the other members in agreement with her worldview. we heard a very dovish dudley focused on the dollar. this is something a lot of fed policymakers have shrugged off. he showed more concerned about weakness in the energy markets the strong

caroline: that is bill dudley. and of course, european equities there record highs.tors stick to them or take their money and run? that's what we will discuss with our next guest. cio we were just hearing from bill dudley, the president of the new york federal reserve talking about how he a quick and see inches rates going up. it was in the spotlight a you pulled back from the rest of the world. are you expecting a rates rise of this year? guest i personally am not. outside of the employment david -- data double much more relaxed approach to interest rate rises. mark: what does it mean for u.s. stocks? will it continue to lag in europe? chris: the problem is the dollar. we'll probably see a four point 5% decline the year which is significant. most from the dollar is sign for the oil industry. that is a problem worldwide. the dollar is the main factor. the numbers should be about september and continued to say year on year declines in the u.s. earnings. caroline: you are more trusted to the european side of the equation. even though we have the headline broken by bloo

brendan: bill dudley spoke yesterday at bloomberg's headquarters about the fed's policy. : decisions on monetary probably such as the timing of liftoff will depend on how the economic out look involves, in particular to the labor market and inflation. tom: i saw you doseze off during that speech. brendan: bill dudley has talked a lot about for guidance. what has been your experience of the fed's sometimes fumbling sometimes adequate experience with for guidance? ira: i think a lot of it tied their hands. they were not able to do what they hoped, for example, end quantitative easing. a lot of the for guidance experience have worked on keeping volatility in the rates market low. that tends to depress the level of yields. and all of that was designed to help the economy. i think the economy -- if you look at the level of the economy. 3% gdp growth, 1.5% fccore inflation. the last time we were at those level, the funds rate was at 1%. that was the early 2000's. tom: not there. ira: rates are still low. brendan: i want to make sure understand this. you think that for guidance w

we will be listening to comments for new york fed president bill dudley.s a huge earnings week with 40% of the dow and a quarter s&p reporting. we hear from morgan stanley, halliburton, m & t, royal kraeb and sun trust reporting. >>> we want you to bring you what's happening in the european bond market resulting in a rally in german bonds, sending yields to a record low. we're looking at the german bund moving closer to zero. a yield of .07%. speaking to us on friday low interest rates in europe are truly harming pension funds and insurance companies. julia asked drghi for his thoughts. >> it's being designed according to our mandate which is to ensure price stability, and that's in a sense the given the presentation situation, we believe that's the best service that we can make to the economy and to both consumers and savers. >> also speaking to julia at the imf meeting, ubs chairman axle vava was much clearer about the impacts. >> insolvency and some of the defined benefit schemes that are still out and almost predominant in europe are finding it very ve

so many people are saying, bill dudley of the new york fed making those comments in newark, new jerseyf all places. it will be shallow. that's the new word. not patient. but shallow. thank you for joining us. we love our floor show traders. closing bell, 49 minutes away. full of american fair. the us central bank ramps up its stimulus program, should you load up on french food, spanish tapas and german soup? we have a bull bear debate. how many ceos complaining about the weak euro and the strong dollar, but not the ceo of fedex. he pulled a move that capitalized on both. ♪ >> we have a fox business stock alert. one ceo has just turned all that strong dollar weak euro whining right on its head. fedex figured out a way to cash in on it in $1.5 billion move. the package delivery giant seeking to buy t&t express for a billion dollars. it will give them access to t&t's network. rival had tried after european regulators blocked that deal. so far, that does not appear to be the case. it doesn't look like an obstacle for fedex. the ceo of fedex telling fox business today he did not shy away fr

ugly day after friday's weak job reports but this morning's comments from federal reserve chairman bill dudley sent a reversal of about 1.5% on the session. >> it was all sessions go. 9630, which is a little on the dixie on the way down. as it's been weakening, it's been running out of steam. some attribute it to the euro. at the end of the day risk assets are still alive and well. look at emerging market, 41-50 are levels it's been difficult to get to. we talked about this april window. it's a seasonal time. the dollar still has ammunition to go lower. >> pete najarian, what did you make of the volume? >> today we're under 13 million in terms of option volume, been averaging closer to 14 all the way up to 16 million over the last couple of months. that part stuck out to me. the fact that the volatility did get pushed down to 14, i i would say anything under the 200-day moving average is a buy in terms of volatility. i'm not talking about buying the vix, i'm talking about buying buying protection. when we get underneath there, that's when you want to buy that protection. >> and you have done t

we just recently had one of the fed speakers say that it's -- bill dudley earlier -- it's going to bec growth. many ceos come out and say it's a drag on profits. and so it's really changing things a lot out there. >> you know what that means, more dollar stories to come. thanks, steve. >> sure. >> when we come back gtech fine i'lls its $6.5 billion act si acquisition. what will the new company look like? the ceo joins us live on the set in a moment. it took tennis legend serena williams, fencing champion tim morehouse and the rockettes years to master their craft. but only moments to master paying bills at chase.com. depositing checks at the atm and transferring funds on the mobile app. technology designed for you. so you can easily master the way you bank. there's nothing more romantic than a spontaneous moment. so why pause to take a pill? and why stop what you're doing to find a bathroom? with cialis for daily use, you don't have to plan around either. it's the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis trea

that is what bill dudley told us earlier this week. that's kind of the operating assumption of the fed at this moment. one other thing they augmented -- some of the guidance they have given us on how they are going to raise rates, they say they will target a range in the 25 basis point range. they will go maybe 25 to 50. they will not pick a specific number. the repo rate they use to sell securities back into the market take some cash out of the market, will be the bottom of that rate and they will expand the repo program for some time in order to mop up excess liquidity. mark: the minutes also showing the officials are split on the rise. michael: most of them felt it would be too early. some of them felt it would be appropriate at that time, but this was before the march payroll report that disappointed everyone. the consensus view is they are probably going to go much later. mark: michael, thank you so much. again, we are awaiting word from federal court in boston, massachusetts. the verdict in the boston marathon bombing trial -- yo

bill dudley, new york fed president was out speaking today, he said, yeah you have to think odds of junest because of gdp but payroll numbers were soft last week. we got minutes of fed march meeting came out. what we saw even before this week, data we've been getting, there was split at the fed. some people said june would be the right moment. but a lot of people on federal open market commit see saying later this year or even 2016. there were a lot of divisions before we got the weak number. the these weak numbers. now getting more weak numbers. looks like odds are moving towards september actually. liz: people who are leaving, charlie plosser, richard fisher said we should have done this yesterday. >> yeah. liz: they're speaking freely now. i begin to wonder if a window wasn't missed already? now there is a bit of a weakness or soft patch we're hitting and we can't do it now, like warren buffett predicted on fox business in february? >> the fed is in a tricky spot. if it plays out the way it did last year. we had very soft first quarter. the economy comes roaring back to health in the

why bill dudley you should read every word out of his mouth he talks about preventing that again. >> do you view the market as we sit here today? the valuation of where we are, where you think we could go, when the fed will raise rates and investors want to be, irregardless of the conversation about a crisis or not? >> so at lot of points there. one is that we've seen a lot of short-term volatility not just measured by the vix but in the day to day swings. january especially was volatile, february settled down, march shaky economic data and see huge market swings. our perspective we'll see that a while longer and probably until we've reached a point where we get an interest rate rise. if we get one the recent weak data has pushed that date out to late july meeting or mid-september meeting rather than june. but in the meantime we probably will see more volatility. longer term we continue to believe this is probably going to be a positive year like last year, but the bulk of the returns will probably come in the second half of the year. >> interesting you like consumer staples, more of

following comments from bill dudley said the pace of rate increases is likely to be shallow once the fed starts to tighten. when it will it begin tightening? that is the million-dollar question. bonds are lower. the 10 year leave -- 10 year yield at session highs. there has been some deals. it is a monday morning. the biggest transaction this morning was a real estate investment trust. it is buying ardent health services for $7.5 billion in cash. the purchase will add eight to $.10 in the first full year after it is completed. that is good for a gain of 5%. tesla is the second most actively traded stock by value. just over an hour into trading more than 5 million shares are changing hands, which matches a full day average. first quarter deliveries rose 55% versus the fourth quarter, beating its own forecast. airlines are falling. investors not too excited about the airline shares. l to airlines falling by more than 2%. american airlines at a one-month low. down almost 3%. brendan: scarlet fu, thank you so much. we will be talking about tesla in just a little bit. i'm waiting for the

new york fed president bill dudley said -- charles? charles: that was definitely a shocker.nel ralph peters weighed in. he said the russians have a leg up when it comes to security. >> don't blame the russians, why wouldn't they looked at insecure networks if we allow them to? all nations spy. all nations that have the wherewithal to do so, and we would love to do this to the russians, but putin's administrative networks are much more secure than the white house. charles: ellen mcgeorge alex, how is russia able to crack into the white house. the way you read the stories, one of the things, a run-of-the-mill effort and they got right in there? >> sure, team's technical sophistication is often not an indication of how skilled they are. in this case they used the simple tactic that really worked. previously compromised the state department network and my theory is that they sent using back compromise they sent e-mail as someone from state department to somebody in the white house, maybe an aide, someone with access to the president's schedule. once they had that access they wer

bill dudley says the fed is going to be accommodating, went up 135 points. of the qe central bank trade. it will be good as long as it's last. it reminds me a bit of '07 and '08. saying there's a turn coming but i'm confident that i can get out as i see the turn. i'm not so confident i will see the turn coming. turns happen quite quickly. we are in the midst of this central bank trade. it has been incredibly filling. if you're going to play it right now, play it abroad where central banks are much more active than the united states. play for the currency and through relative beta exposures opposed to outright beta exposures. >> all right, mohamed, thank you. your two best friends are me and michelle. that's opposites attract, isn't it? >> he likes me too. >> it's weird that you're closest to the two of us and yet we're so far apart on philosophy. >> except the national league and the designated hitter. >> right. exactly. >> he agrees with you. >> and i feel your pain with the jets and you feel my pain with the bungels. thank you. >> he agrees with you on the

the answer bill dudley. >>> bill dudley. what a career he's had. i had no idea. that's amazing. you see that? first number one draft pick to go into the football hall of fame. now it's like the federal reserve hall of fame from new york. >> wonder where you were going with that. >> what a career. >> very versatile guy. >> unbelievable. really incredible. i guess he might have been a punter or something. anyway, the post positions are set for 141st running of the kentucky derby. trainer bob baffered. the two top contenders in this year's race. drew the 18th position and santa anita derby winner post eight among the other favorites. bluegrass stakes winner carpe diem landed in the number two spot. and and drew number three. post time right when they start 6:34 p.m. on saturday. but part of watching it is watching all the background stories that make it such a great event. coverage begins at noon on sports network and then switches over to the mother channel at 4:00 p.m. and two and a half hours later you have the post. >> still running. >> it's cool. i hope it's a great day. you k

betty: if i read between the lines of what you have been saying -- we had bill dudley here yesterday.e expressed confidence that the economy is going to improve. first quarter, kind of hard but it is going to get better. it sounds at your saying that we may not get an interest rate rise this year? prof siegel: i think the probability is yes. the market is putting a little over 5050 on september. fed funds at 25 to 50 basis points which is a one and done situation is not going to scare me. i don't think it's going to scare investors. that long-term interest rate is more important for investors than the short-term interest rate. it looks like that 10 year bond is going to be around 2%, likely this year and maybe well into next year. that is not scary for investors. betty: great to see you as always. professor jeremy siegel at the wharton school at the university of pennsylvania. we will be back in two minutes. ♪ betty: you are watching "in the loop." i'm betty liu. chipotle halted sales of pork at hundreds of its restaurants. what makes chipotle's pork so special? julie hyman traveled t

bill dudley said last week that in this case we don't think we should see disruptive outflows so i don expect something a little more tame from that perspective. alix: atul what do you think about the low rate keeping zombies alive? there was another reason why there were some of the issuesat japan. u-- there were issues with japan. atul: there'll be repercussions of the carry trade and sensitive assets, assets that rely on funds. that involves higher credit, and most important, they world -- will be expecting an emerging market crisis. alix: along with what kathyrn is saying, no, it is more calm. atul: it has been fueled by cheap u.s. and witty, and you're seeing a huge amount of debt up. we can argue about september. this basically ripped out the floor of funding from all of these. kathryn: if you do expect something more aggressive than what i expect, i do agree of the new normal. i think the inflation rate are lower. it is displacing low and even higher skilled labor, but i think the fed will ultimately only increase the federal funds rate to 2.5%, and i think you'll start seeing

bill dudley one fed official bracing for rate hikes this year.ake of the analysis they are getting? joining us rick rieder blackrock chief fundamental officer. the fund recently won an award at the u.s. investor manager's awards. congratulations. >> thank you, sir. >> what are you telling clients? >> i think the fed, it's time to start moving. we think they will move clearly this year. they discussed many times this year is the time for lift-off. base case now is probably september. i don't think june is off the table as most people suggested. they are going to be very deliberate in terms of how they do it. >> does may 6th become the big flag in the calendar now when next we get an employment report? is that key? >> you've got two payroll numbers coming up that are going to be significant. two parts to that. are you going to reverse this march number? if you get another number that confirms march was an aberration, because you had literally 12 to 15 months of strong numbers, that's going to be important. the focus on this average hourly earnings

bill dudley speaking now giving a speech. we could tell you what it says.-- fed official to speak since the disappointing jobs report saying the jobs slowdown was broad based, in his opinion. and raising questions about whether that report indicated a more substantial slowing in the economy. he says q1 is likely to be weak around 1% in his estimate. and he said the surprises we've seen so far are temporary factors though there is some downside risk overall to growth from oil and the dollar. want to give you specifically comments on the oil and the dollar. says the dollar rises likely week to week trade. the strength means significant shack to the economy. oil's decline will lead to further drop. and will create meaningful drag on the economy. on policy he says the rate hike path is likely to be relatively shallow. and he talks about the fed funds rate at 3.5%. a dovish dudley this morning. though i will say he's not necessarily ruling out an earlier rate hike. just saying it's data dependent. right now it looks weak to him. back to you. >> okay steve. thank

brian sullivan is joined by bob dudley the ceo of bp, bill. >> we should also note it's been five yearster horizon oil spill. >> this is a cnbc exclusive, ceo of bp, bob dudley. five years yesterday, from the deep water horizon spill. how has bp changed? do you feel like you've won back the public confidence and trust. >> we keep working on it every day. yesterday was the fifth anniversary, the company has completely transformed, how we're structured we're focused on safety. the standards we brought in. a huge commitment to the gulf. >> you've come in and made a number of sweeping changes. how many have been directly related to that? >> we changed the structure of our whole global organization in terms of the way we run our upstream business we put safety standards all around the globe. we work with governments all over the world to bring the learnings from it. the u.s. government just came out with new drilling standards in the gulf. it's more or less changed inside of bp. i'm proud of how everybody in the company have worked to push through the changes. >> some have said those changes