rio tinto, glencore, bhp billiton. they produce the subsequent economic activity. guy: this is the frustration i get with paul here. he probably believes the valuations should be similar. can i compare and contrast on a valuation-basis? paul: i think the valuations for the mining company should be higher. you take facebook out of the world and you still need rio tinto. the world is still fundamentally predicated on steel. we have never left the iron age. everybody talks about the silica on age. we never left the iron age. so, yes, when i look at it, i see the relative price to cash flow is to mining stocks. if you look at the dollar of cash flow in the hands of the mining companies, it is worth about 60% of the cash flow in the hands of any other stock in

but so much in common eighty that we saw made no distinction to be a commune you could certainly billiton resonant that was a very important factor of communication for us that there were and i think something quite remarkable took place there you she said pretty near what the core of the image is that. the intensive diplomacy i'm secret negotiations finally pull fruit. in one thousand nine hundred five the spies scientists and politicians of both sides gathered in a washington d.c. to seal a formal agreement to begin working together and what was initially cold the special initiative and later the environmental working group. good morning everyone and thank you for participating in this joint us russian environmental seminar i'm jim baker i mean administrators of the national oceanic and atmospheric administration and i'd like to thank the organizers particularly linda zali and ned austin so for their hard work in getting us to this point

billiton has been leading with this story, which... story, which... awkward, it feels we are airing thety linen in public. dirty linen in public. large market between the different broadcaster. broadcaster. but it is less now than it was, is the argument. it was, is the argument. few options for television news... for television news... men and women, and it is a bit of navel—gazing. navel—gazing. provisions, bbc as a rival, so it is a bit of a punchbag. a bit of a punchbag. about the bbc as well, the bbc matters. so, it is something of a totem. totem. pay, interviewing bosses on air about wanting more pay! it is bonkers. collective nervous breakdown. breakdown. and by carrie gracie, thejournalist who sparked this off in some ways. who sparked this off in some ways. the only thing i would question, every three years? every three years? are now doing better in proportion to younger women. to younger women. are giving these pay rises to 200 people, of whom the majority are... men! one third of those presenters are women, two thirds are men. women, two thirds are men. so you can certainly

we're going to billiton are not only using chemical weapons but they also have their own technological and manufacturing capacity to synthesize toxic substances for military purposes. of the united nations security council and his remarks he emphasized that while allegations against the syrian government regarding chemical weapons continue to be the focus of western leaders at the same time extremist forces that want to topple the syrian government aren't. possible to develop and use chemical weapons while i'm working on british leaders are there envoys to the united nations they repeated the same old saw the syrian regime has repeatedly used chemical weapons against its own people the syrian regime have repeatedly used chemical weapons in syria regrettably it has been russia that has gone to great lengths to prevent the assad regime from being held accountable of course the u.s. and british envoys were referring to the. last april while people will remember that in the aftermath of the tick tock we heard u.s. leaders immediately blaming the syrian government. yesterday morning. we awo

australia hurt by ratings cuts to bhp billiton and telstra.the gm and come one of the biggest movers is the rally , hittings index multiple highs. it is trading 3.2 times book value. weakness down by a point 3%. the other major story is the movement in the chinese yuan, the highest level since december 2015. analysts clamoring to define the line in the hand -- sand. mizuho says they see the level at 6.4 percent. we have seen brent impacting some of the airline players, particularly china. you have seen weakness in china southern and air china a shares. this is the lunchtime price there. betting on a further rally in crude prices as we continue to see the uptrend. the overall energy sector is coming underayers pressure and materials weaker, but generally an upward trend from regional equities. the regional index at a fresh record high, and volumes strong as well, with the exception of india and japan where volumes are lower than normal. yousef: thanks. let's get back to the rising regional tensions and claims made that qatari jets intercepted t

tencent leading the gains when you look at index points, also a solid rise from bhp billiton in sydneygest loser when you look at movement points. i mentioned some of those semiconductor makers. at geelyng looking down 2.5%. it is well in the morning session with strong december sales, and a lot of analysts upgrading estimates for earnings . it has come off a little heading into that lunch break. over all, a good session from the regional index, up .3%. black astor in the equity momentum continues again today. yousef: the bears out of luck. thank you for that. lots of moves from the kingdom. when don't we have a lot of news? the founder of the country's is among ary company group of 11 princes detained last week. his two sons were arrested for what authorities said was an unlawful protest against the government's decision to stop paying utility bills. our sources say jp morgan, hsbc, and morgan stanley are expecting to be named as global coordinators for the saudi aramco ipo. company at $1 trillion to $1.5 trillion. it could be finalized this week. let's bring in our guest to talk abou

data look at bhp billiton, rio tinto. you have got the consumer staples stocks down as well.as the winning side of the ledger, total is up there, royal and shel. oil stocks are gaining this morning and you have a couple of other banks on the upside this morning, barclays on the upside. banco santander on the upside as well. it's just hsbc that is dragging on the stoxx 600. lawmakers in the u.s. have failed to negotiate an end to the government shutdown, leaving the market without a resolution for the situation. in europe, equities have open pretty flat. david, what do you see as far as market reaction, typically the markets do not care that much about a government shutdown. they only care when it gets into the possibility of a debt default. david: correct. typically the government shuts down a maximum of two to three weeks. you normally see a little bit of a risk off and a little bit of lower equities and lower body else. really, it lasts just for the period of the shutdown. those losses are normally quickly reversed and the market reverses the usual trend. i think the debt c

you have anglo-american and bhp billiton in the red.uropean oil majors like stat oil, total, bp, royal dutch shell, they're in the red today. >> the earnings front, phillips moving lower after dispinlting quarterly results despite an increase in orders for the hospital equipment but swatch, that's one of the lone bright spots to dafrment the swiss watch maker posting profit growth for first time in four years helped along by recovering deplanned from shoppers and, of course, china that is the biggest market results, swatch says they'll expect very positive growth, john, in 2018. back over to you >> thanks. and when we come back, what investors need to watch whether president trump delivers liz first state of the union address. we check the stocks and we're having the biggest two week drop for the dow and s&p 500 since last august. the dow down 293 points. jufr ov just over 1% see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at

these companies are taking away index points, as are the oil asducers total and shell, are bhp billiton the miners. again, you see on the gaining side of the ledger asml still adding the most index points to the stoxx 600. you do see glaxosmithkline there as well. red today,ies turned pulling back from the record high. the dollar is that to rise for the first time in six days. talk to the head of the u.k. rate strategy at ubs. equities have been on a tear. we are in a situation where we are trying to figure out what the rate story will look like for the rest of the year. you are not an equity guy, but i'm curious as to what your take is on the broader market. seems to havement shifted away from the bond story. equities have been on a tear. what is that telling you? >> well, it is reflecting a clear pickup in sentiment generally, where the economy is the inflation expectations, too, to a degree. there is a compelling underlying story here, which has been drawn. that said, when we look at the bond market moves, we do not think this is the beginning of a material rise in yields. the pace a

billiton and anglo american rising as well as glencore. you see some of the mining stocks rising.he energy stocks adding to the stoxx 600 this morning. we are waiting for the big event later on this afternoon. mario draghi faces a currency problem in his first address from the ecb of 2018. along with the rapidly approaching euro, the bank will have to factor in america's overtly protectionist trade policy. and steve mnuchin's comments about the dollar. some have been expecting a quicker exit from quantitative easing to be announced, but the most pressing question is will draghi talk down the euro? frankfurt, paul gordon. paul, draghi cannot really today, andeuro especially, i wonder what he has to say about mnuchin's comments. i'm sure he will be asked in the queue and a period. it seems the u.s. treasury secretary was pretty overt. yes, that's right. this is one of the key issues for the ecb at the moment. the euro dollar exchange rate is now the highest since late 2014. --t may be ok around the 124 125 level, but it is the pace of n which concerned some policymakers. it may reap

vale may take full control of bhp billiton.the talks from melbourne. what else to we know about these discussions? relatess you said, it to the sum marco --samarco iron ore venture. it was the site of eight disastrous spill, several people killed and communities engulfed. since then, it has been suspended, been without licenses. those bhb and vale have been engaged in the legal ramifications. ony have also been focused winning those licenses, getting the thing restarted. the basis ofout operation going forward. what we understand from people familiar with the discussion, they are talking through an option that would see bhp exit the 50-50 joint venture. and vale would assume full control of that operation. it is seen as a sensible course because it is likely it would be easier potentially to restart operation under vale's full control. in the long term it will be easier for vale. owns could be used by the joint venture in the future. hasne: that samarco mine been closed two years. what progress is being made on getting the mine

billiton has been leading with this story, which... story, which... awkward, it feels we are airing therty linen in public.