tom cole and francine laqua fantastic in davos.m quoting from the finance minister around unicredit's takeover attempt or at least building up that steak and commerzbank. you competitiveness with ukraine and of course the elections and the politics domestically of germany as well. plenty of interview still to come from davos today, including with the ceo. u.k. chancellor rachel reeves as well. ukrainian president volodymyr zelenskyy will talk to us. the president of jpmorgan chase in conversation with bloomberg. nasdaq ceo adina friedman as well as former u.s. secretary of state, john kerry. you won't want to miss any of those interviews. coming up, commerce bank ceo says the german lender has eyes on various potential smaller deals to create value for shareholders. but speaking to us at the world economic forum in davos, the bank won't do anything stupid to fend off that potential takeover by unicredit. >> what do we do, we really focus on our own strategy. we deliver the results, we are now heading our capital markets at february

we are here in davos. nearly 3,000 business titans, politicians and heads of state gathering from all over the globe. as we mentioned, president trump's speech was closely watched here. becky, with some trepidation from those outside of the united states. the more american ceos that i spoke with last night, i would put in an accommodation of hopeful with a little bit of anxiety and skittishness talking about let's hope for the best and plan for the worst. what will the worst be? questions about what the red line might be. if you are outside of the united states, there is -- dare i say, a palpable fear. the tariff piece is part of it. i actually sat next to somebody at dinner from outside of the united states who made a fascinating comment who said we love the united states being the leader of the world. it's different if america has to be the winner because for america to be the winner, that means there has to be losers. >> right. >> it was interesting articulation at the table of what the issues are in te

conversations at davos continue this hour.will discuss president trump's energy demands on europe with the ceo of french utilities company engie. this is bloomberg. ♪ the way i approach work post fatherhood, has really trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families like my own. in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. tom: good morning this is bloomberg daybreak: europe. i'm tom mackenzie in london. happy thursday. asian shares mixed after china urges insurance and mutual funds to buy more stocks. the latest support for markets in the face of donald trump's tariff threats. billionaire elon musk says, show me the money to companies that promised president trump billions for ai infrastructure. openai sam altman pushes back saying plus is wrong. plus, in our davos exclusive conversations, vol

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 conse

i'm joined from davos now by david bach, president of imd business school.ts but also rolling out executive actions which would essentially make it easier to ignore environmental rules to help get business deals done and how much of a concern is that for certainly outside of the us companies? it certainly outside of the us companies?— certainly outside of the us companies? certainly outside of the us comanies? , , . ., companies? it is very much a concern and _ companies? it is very much a concern and in _ companies? it is very much a concern and in many - companies? it is very much a concern and in many ways . companies? it is very much a i concern and in many ways being here _ concern and in many ways being here in— concern and in many ways being here in davos is a split screen experience and doubles epitomises globalisation with people — epitomises globalisation with people talking together on challenges of cyber security and biodiversity and the responsible roll—out of ai and on the — responsible roll—out of ai and on the other side of the atlantic you h

tell me about what you are going to be talking about what you already discussed on panels in davos.of the biggest that we've leaned into the question everybody's mind is how do we continue to grow, our economy, whether that is united states, or individual states like arkansas, so, we are sending a message we are open for business, and we are looking for new investment, we are home to fortune one retailer you probably heard of walmart a great success story not afraid of selling that story we are looking forward to building on that success take it to next level. >> great stories to tell as launching 2026 reelection campaign tell us about it. >> i have been governor two years thanks to the opportunities president trump gave me in white house, i was able to step in, serve as that role in the last two years still youngest governor in the country getting older other candidates getting younger for now holding-to that title we focus growing economy helping aid securing the border where federal government was not a stepped in including opening energy sector in arkansas education, workforce d

the parents of donald trump later at davos, albeit| trump later at davos, albeit virtually, what is your- quite the appearance. i am at the tap _ -- quite the appearance. i am at the tap of _ -- quite the appearance. i am at the top of the _ -- quite the appearance. i am at the top of the mountain - -- quite the appearance. i am at the top of the mountain in l at the top of the mountain in davos, snowy davos, because the legendary was giving a concert appear to try and re—double efforts around climate change. we know what is happening in the states, we know various corporate leaders have taken their cue from what the us president underjoe biden was saying about climate change. there has been some degree of erring back here and some concern from campaigners about that. most focus in europe as regards the us has been on the fear about a tariff trade will, it does seem as if the rhetoric from the us is focused on canada and mexico for now. but in my interview there, you heard him try to make an argument that, well, yes, we have a good surplus, basically sending lots of cars over to the us,

gathering of davos is obviously nervous. kicked off the annual con fab by trying to reassure attendees that they still run the show the world faces edges stream. misinformation and disinformation. divisions within societies. within countries. the future is shaped by us. particularly shaped by us here in this hall. >> laura: shaped by us in the room. warnings of disinformation can't make this up. this is the epitome of ininformed arrogance. but is he just another globalist mastodon on the verge of extension. still, let's compare the response to trump at the world economic forum in his first term to how he was received today. it was quite something to behold. >> , i'm aware that your strong leadership is open to misconceptions and biased interpretations. therefore, it is so essential for us in this room to listen directly to you. the importance of american leadership and your personal leadership is fundamental and paramount. we are here to hear your mission and policies related to revitalizing the economy and addressing the gl

no one was talking about that and davos has been place for the davos man to talk about how this needs to be a more equitable place. it was this interesting shift capped off by president trump's speech underscoring how he feels about that and the animosity he has towards it. scarlet: out of the zeitgeist with president trump in office. thank you very much. lisa abramowicz in davos doing fantastic work all week long. we look forward to her return to new york. for more on trump's remarks and how the international community is reacting let us bring in tina. she is the founder of fordham global foresight. i want to start with the remarks because in hisq&a he treated -- he said that the europe was treating the u.s. unfairly and e.u. regulators going after u.s. companies. from where you sit, is his thinking or approach to foreign relations and geopolitics consistent with what he took in his first term? is there anything new with how he is presenting his vision? tina: listening to his speech was a remarkable experience. i think that he is coming into his second term really finding his mojo in

welcome to davos.s great to see you. >> thank you. >> that is the standard charter chairman jose vinals with me at the desk. you can check out the latest on our blog. head to our web site. >>> we will hear from takeshi niinami from ry. stay with us. we're back in two minutes. for nearly 200 years, big beverage companies have been selling us billions of single-use sugary drinks. using the same old one size fits all playbook. until now. meet cirkul, the beverage platform of the future. these fully adjustable flavor cartridges let you customize your water with the exact amount of flavor you prefer. transforming water into your favorite beverage. finally, water is your favorite beverage. cirkul - your water, your way. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our inco

and davos will close. president trump has been looming over every conversation.today , he will speak directly to the group and take questions from santander, bank of america, blackstone, and tou thao energy. i am alone now and it's not because jon drank too much last night, decided to go skiing, or is looking at the snow. he is hosting a panel. we will speak to two guests on his panel. in the meantime, you're stuck with me. the u.s. and european stock markets hovering near all-time highs with the s&p posting the best start to a year so far since before the pandemic. you're seeing markets pullback attached, but this is off of the record close that we saw yesterday on the s&p 500. the focus on big tech. can they lead in the yield space? a little take higher -- tick higher. emory, what did we learn from the interview last night with fox news and president trump? what do we expect to learn today in his discussion with davos attendees? annmarie: we have a change of heart from this president when it comes to the

you are having a good wednesday, wednesday, january 22, we are live from the world economic forum in davos switzerland the talk of the town is america's new leadership on president donald trump and impact will address world economic forum tomorrow a 25% tariff expectation on mexico and canada he says this will happen on february 1st, state of the global economy in focus of course, as always, in davos the international monetary fund he projecting global growth 3.3% inflation expected to did he cline to 4.2%, the chief economist expects u.s. policy to have distant impact the international monetary fund managing director great to see you. >> welcome to the practical we try to catch up to get a kens what you are seeing in the global economy, what is your expectation for the u.s. and the rest of the world? >> so a u.s. is doing pretty well we expect will continue to outperform the rest of the world we actually upgraded projections for growth in u.s. by half a percentage point from 2.2, to -- 2.2 to 2.7% big number what we see is that the outperforming is productivity growth in united states, pr

davos. we bring you interviews with key leaders. happy tuesday. wrongfooted, whipsaw, take your pick. this is the name of the game, volatility for the markets. european stocks pointing lower by .3%, close to .4%. lines on potential tariffs for mexico and canada but nothing concrete on the tariff front and china so far out of the crosshairs. so far. we will see how that changes. ftse 100 futures pointing to modest losses of about .1%, s&p looking at modest gains of about .1%. you have the dollar up, yields down. we will see to what extent that divergence continues. treasuries are big, yields are down. the pound in focus, 1.22 as we lead up to jobs data at 7 a.m. u.k. time. wages expected to go up but not the real plans for the boe. the pound currently weaker by .4%. brent $80 a barrel and bitcoin dropping below the record high of 108,000 yesterday, currently at 101,000 dollars, down 1%. donald says he plans to announce tariffs of as much as 25% on mexico and canada as soon as next month. he s

manus: good morning to you and davos. -- in davos.netflix account of the fourth quarter. not only did that beat by nearly 50% the estimate, but more price rises to come through and netflix, that is what you call elasticity of pricing. was it squid game's, carrie on, or live football on christmas day that you and the crowds? this is where netflix is going. it is more about the live event and will you spend extra. they will spend $18 billion on content this year. that is a vacuum cleaner being switched on in terms of competition. oracle, the personification not just of the deal in ai, it is called stargate, and the trifecta between softbank and larry ellison and oracle and sam altman. access to the deal, access to power, access to being in the room and access means everything. being one of the protagonists they get your hands on tiktok usa. that is what you call access to power and $48 billion of market cap added to the company in the past we four hours. we were up 10% at run point. united air. premium international travel. internationa

it's really snowing here in davos. but but i mean, i can say at least one of our guests to come and at least a couple of them have been on this morning saying we're staying the weekend, we're going to ski. and they're just rubbing their hands with glee because it takes that layer of ice off the top of under your blades. you just got that little bit of powder and they're going to love it, aren't they? it's been getting a little bit icy out there, hasn't it? because the sun's been out. it starts to melt and that freezes over at night time. slush on the lower slopes. this is heavy isn't it? this is great. should be staying for the weekend. well, why don't you? i may do, i'll cover monday. really? if you want. this is a negotiation. no transactions, not negotiation. do it. speaking of a transactional negotiator here, let's talk about president trump. he's repeated calls for tariffs against a european union, countries saying the measures are needed for fairness. we've been speaking to business leaders here in davos about th

ron kruszewski in davos with me. adding 19 million subscribers in the fourth quarter surpassing 300 million total paid memberships it will raise prices on some streaming tears between one and $2 a month netflix a double beat on fourth-quarter earnings, recent 2025 revenue and announce a $15 billion stock buyback shares are up 15% in 76% in the last year, stay with us a quick break were back at it you're watching "mornings with maria" live from the world economic forum and davos switzerland. we'll be right back. ♪ your loved ones are getting older, and they need your support. care.com is here to help. it's an easy way to find background-checked senior caregivers in your area. and some piece of mind. see why millions of families have trusted care. go to care.com now the way i approach work post fatherhood, has really trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families like my own. in the average hous

now, davos phantoms, especially the e.u.nd the nato cabal, well, they believe it's time to keep rearming ukraine so they can defeat russia in this endless and stalemated war with. thankfully, mr. trump has an entirely different vision. he wants to end the war: he wants peace talks with putin and zelenskyy. he doesn't want to spend any more american taxpayer dollars on ukraine. in fact, he's mocking the nato countries, because most of them won't pony if up 5% of gkdp if for their -- gdp for their defense budgets. president trump argues that saudi arabia and opec should increase oil production in order to get prices down. and, of course, his drill, baby, drill policy at home also geared towards more production and lower oil prices. instead of $80 a barrel, something like $60 would be a good target. that was roughly the average during mr. trump's first term and, frankly, for many of those years oil was well below $60. and mr. trump correctly argues cheaper oil will damage russia because putin and company have a one-horse econom

let us wrap it up with lisa who is out in davos. what was it like to be there and what did you think about the statements and questions being made? lisa: i will say and thank you for having me. the line outside of the congress center where he will be broadcast was the longest i have ever seen in my years coming to davos. there were people standing there for an hour and a chance to be in that room which gives you a sense at a time, the last day when a lot of people are gone of how important people would be -- thought this would be to listen to. the fact that he did take the time the message was very interesting in terms of international outreach. in terms of the main takeaways, for me at least respect to your question about what the main questions were, he wants lower oil prices and he will ask saudi arabia for a $1 trillion investment in the united states and he wants opec to lower prices and he wants to quickly remove some of the constraints around regulations and permitting for energy projects. number two he wants lower interest r

trump tells davos he wants opec to cut oil prices. we bring you reaction from the world economic forum as well as conversations with the ceos of suntory and pharmaceutical giant merck. asian equities gained as donald trump tells fox news you would rather not impose tariffs on china. the u.s. president urges the fed to cut rates, saying he will speak with jay powell at the right time. >> good morning, happy friday. we will check your markets but before we do that, a redhead crossing the terminal confirming bloomberg reporting that monte paschi will end is in the process of buying in an all-share medio banker. more consolidation in the italian banking space. the details then, monte paschi offering to buy it in an all-share deal, offering 23 new shares for 10 shares. monte dei paschi offering 23 new shares for 10 shares. the offer is just over a 5% premium from the close yesterday. confirming bloomberg's reporting that monte paschi is exploring that deal to take over medio ban co. we will get details on this story for you. monte paschi i

i looking forward to hearing the president later live in davos? it will be interesting to see where the president is, just days after the inauguration. i certainly hope that he will talk about cooperation, the importance of alliances, especially between the united states and europe, and their importance for global stability. and i at least hope he will strike a tone to wear we can provide more reassurance to the world and especially to our allies about how critical these relationships are. i5 these relationships are. is that a vain hope, given what we mostly hear from the president, which is about america first, which is about america first, which is about the potential swingeing tariffs on key trading partners, if he doesn't feel america is getting the best deal? i feel america is getting the best deal?— feel america is getting the best deal? ~ ., , ., �* best deal? i think what you'll see is the — best deal? i think what you'll see is the president - best deal? i think what you'll see is the president having . best deal? i think what you'll| see

this is a different davos. >> it is.rowth is topping the agenda and practical approaches are topping the agenda. it is a different year. jonathan: what has changed? at head of this event we saw some various companies coming -- pulling back from de i initiatives and distancing themselves from espn at zero. what is the hind that, one man and one shift? becky: it is a shift on how people think about the workforce. the truth remains, diverse talent joint -- drives better results. i think as we talk to companies they are saying that we will not lead with it in terms of marketing but we will still do some of it behind-the-scenes because we still need workers in the workforce and we are not getting a new population. lisa: there is a question about immigration and how much of that will up end what you track, a labor market in the united states, how much of that is top of the agenda for people you speak with? becky: really not at the top. if you think about the labor, it is a lot of jobs that were historically not tracked in bls

we'll be live at the world economic forum in davos to get reaction from the body's head of artificial also in davos — chasing growth — the chancellor rachel reeves is there with the message that britain is "open for business". welcome to business today. so let's get started and once again the business news is dominated by the announcements coming from the white house. president donald trump has unveiled major new investment in artificial intelligence by the private sector. the chief executives of open ai, oracle and the japanese investment fund softbank were with the president at the white house on tuesday afternoon to announce they will work together and raise hundreds of billions of dollars for building data centres for artificial intelligence across the us. called "stargate" donald trump said the joint venture is a "declaration of confidence in america". let's explore this more now with cathy li, head of ai, data and metaverse at the world economic forum. she's in davos this week, mixing with opinion formers — business leaders and politicians especially. let's start with the announ

from davos, here's our economics editor faisal islam.ald trump's address to the world economic forum was extraordinary. it was a collision of two worlds, and one in particular, here where you have global chief executives, financiers and european leaders and other world leaders — they had hoped that some of the campaign rhetoric, some even of the inauguration rhetoric we heard from the us president would not have actually made it through to actual policies or the way in which america is going to act on the world stage. and so we had this curious duality from the trump speech — charm offensive in the most real sense of that phrase. charming — come to america, set up your factories here with tax breaks, buy into a booming technological miracle. that will be the america under the golden age of donald trump, as he sees it. and i imagine that would have been fairly seductive to many of the executives here. but charm offensive — also saying that if you didn't happen to want to set up your factories in the us, that's your prerogative. but in a m

and all the best from davos. >> thank you. thank you very much. thank you. >> you've been listening to president trump who appeared via live stream at the world economic forum in davos, switzerland and back with us to break down what we just heard, nbc's kelly o'donnell and christine romans. so, christine, first, a lot there. any obvious fact checks we need to get out of the way? >> well, he's talking a lot about inflation in the united states. and just just a fact check, their inflation was much higher in the 80s when donald trump was in his 30s. that was 14% inflation. we're back down to 2.9%. but the sting of inflation is one of the things that really got him into office. and he's pledging that his policies will lower inflation. he's he's asking opec to start pumping more oil to lower gas prices. he said oil prices that would that would end the war in ukraine. that would lower prices of just about everything. so you're hearing the president talk about his plans on a global stage. also, he would like to cut, you know, corporate taxes in the us a

our editor in christmas eve john micklethwait was able to sit down with zelenskyy in davos.listen. >> it's great if we will have talks, but they have to understand that the talks will not be in the center of the capital. they will not have relaxed time. yes. it's very important because i -- some allies said that yes, but it's ok. we can be the center of the city, no, no, we don't need such contingents. yes, with our people, of course. yeah. because this meant security and that's it. but it can be. it can be without the united states. i will explain to you why. even if some european friends think it will, no, it will not be. first of all, nobody will risk without united states. the second, that's what can divide nato, divide e.u. and u.s.a. that is a goal and dream of putin to divide this unity. >> you mentioned china. how important is china in these negotiations? i mean, china is the backer of russia. they seem to have an impact on things like putin not using nuclear weapons, those sort of things. can china push putin and do you have any contact with the chinese? >> i had so

and ask her about davos and she said davos is a dump, jesse. she said the food is terrible.rman. and the skiing is mediocre. and i thought it was a junket for her, but she said it is just a mess. it used to be a place where all of these financial elite would go to the biggest tax haven in the world where they hit nazi loot during the holocaust and dictate to what people would do. we are not doing that anymore, globalization is over and we're taking davos down with it. trump went to davos and dictated to them, boost spending on defense, cut corporate taxes, because he is establishing a new world order. america is no longer duty-free, no more mass i gratian -- no more mass migration, no dei, and it is coming at the perfect time, new sheriff in town, because china is dying demographically, russia was already dying demographically and now they are bleeding out on the battlefield, and so samsung just announced they are moving factories from mexico to the united states. the saudis just announced a $600 billion investment here. so we are flexing our economic muscle just at the righ

cnbc davos 2025.sen sit down with world business leaders on the geopolitical outlook and key global economic issues. the ultimate power summit special reports all day cnbc experience the power of cnbc pro. track your portfolio from every angle on one optimized platform. become a smarter investor with the power of cnbc pro. go to cnbc.com slash. get pro now. >>> welcome back to "worldwide exchange." one more check on u.s. stock futures in the green across the board taking a look the dow up about 75 points right now, up fractionally, the s&p up 27 points, under a half a percent, the nasdaq the best performer up 182 points over three quarters of 1%. let's bring in drew petit. good to see you. >> good morning, frank. >> so i just want to get your take on the first day of trading under the new administration. what were your thoughts and the fact we saw industrials lead? >> look, i think we were still pricing in a lot of the good news here, especially on the trump policy front, deregulation definitely in th

did you hear what happened in davos today?uring the bank of america ceo about debanking conservativesesome we got the scoop of what a that's -- what that's all about. and ask john hart, he's a guy who knows everything about how much dei cost you, the taxpayers, the billions of collars. he knows where it is. to see owe of open the books, john hart. dagen:man nick bell itch from alaska, newly elected congressman, on lowering inflation by unleashing alaskan oil. that is exactly what president trump is doing. and victor avila, former i.c.e. agent, on putting power back in the hands of those in law enforcement and booting illegal migrant criminals out of this fine country. amen. top of the hour. ♪ i know. is this what he's doing now? as your host, i have some rules. first, no showers longer than 5 minutes. this isn't a spa. no games. no fun. yes, coach. (♪) meanwhile, at a vrbo... when other vacation rentals make you share your turf with a host, try one you have all to yourself. patients who have sensitive teeth but also want white

how do you think the folks in davos receive it? >> better than in the first term.s come back in with tremendous momentum. obviously this huge win in november. since then you've seen industry and world leaders and celebrities and all the people going to mar-a-lago and white house going to meet with them and he just unveiled this $500 billion private investment in ai. i heard this morning, $600 billion saudi investment in the country and softbank investment announced from the japanese country last month and people are lining up to bring cash into the country and watch it grow with more favorable marketing conditions. brian: tough to top like $600 billion. that's real money. >> it is. brian: listen to what president trump said about his mission to fix what he thinks went wrong over the past four years. >> showed us that the radford dallas cowboys left, their philosophies and poll -- radical left policies and philosophies are horrible and don't work. they're all solveable problems. >> i agree. >> they're not easy but with time, effort and money unfortunately. they're s

mr trump was addressing the world economic forum in davos, the summit of business leaders, in davos,the summit of busi you willders, in davos, the summit of busi you will have to pay a simply you will have to pay a tariff, differing amounts but a tariff, differing amounts but a tariff that will direct hundreds of billions of dollars and even trillions of dollars into our treasury. around the world and across the uk. this is bbc news. let's look at some other stories making news. the met office has issued a rare red weather alert for northern ireland and the central belt of scotland for storm eowyn tomorrow. affected areas could see gusts of up to 100mph and "flying debris resulting in danger to life". an amber warning is in place for the rest of scotland, northern england and north wales. and yellow weather warnings will cover the rest of the uk. nhs england says that flu cases in hospitals were lower last week than the previous week, though still double the number of this time last year. but officials have warned that cases of the winter vomiting bug norovirus are the highest for th

was a pause. i in davos their own there was a ause. ., �* .., in davos their own there was a ause. .won't comment on speculation — pause. i won't comment on speculation but _ pause. i won't comment on speculation but this - pause. i won't comment on - speculation but this government is determined to bring in trade and investment into britain and we will— and investment into britain and we will look at all plans to bring _ we will look at all plans to bring in _ we will look at all plans to bring in infrastructure to build _ bring in infrastructure to build investment in britain. are — build investment in britain. are you _ build investment in britain. are you saying the growth argument now trumps the three tests on the environment at heathrow? i tests on the environment at heathrow?— tests on the environment at heathrow? i am not going to speculate — heathrow? i am not going to speculate on _ heathrow? i am not going to speculate on tests _ heathrow? i am not going to speculate on tests for - speculate on tests for something that we haven't set policy — something that we haven't set

andrew wrapping things up in davos. phenomenal last several days that have been there i hope you get some well-needed rest maybe in a little bit. >> it ain't over. we got we got president trump in two hours from now. that's right. i'm actually going to go do an interview right now with the governor, sarah huckabee sanders and andy beshear. so a lot more to come. stay tuned and we'll see you tomorrow. >> that's right. right now it's time for squawk on the street. >> good thursday morning. welcome to squawk on the street i'm carl quintanilla with jim cramer david faber at post nine of the new york stock exchange premarket fairly steady following wednesday's intraday high. and that brief trip above 6100. corporate earnings dominate today. jobless claims at a six week high. the president does address davos in a couple of hours. our road map begins with stocks trading near that record territory as investors digest another big batch of earnings reports. plus. >> elon musk and sam altman continue their online feud on x this ov

i'm sarah eisen live from davos, switzerland. you again. >> nice to see you. >> i was talking about the optimism that i think is palpable here on the ground around a new trump administration. for you, did you expect it to yield higher kump er consumer confidence? >> i think the trump administration is going to be pro growth. it's going to help consumers feel better. i think consumer confidence is a factor. and also for us as companies, deregulation will help us, hopefully, you know, there's a reduction of taxes, as well, that would help us operate more efficiently in the u.s. the u.s. a critical market for us. everything that happens in the u.s. impacts pepsico on a grand scale. >> where do you think deregulation will help? >> i think deregulation in general is good for business. we're having too many bottlenecks for expanding our business in some particular areas, from permitting to others. i think reporting is also an opportunity as we simplify our company. so we believe that deregulation will help us be a more efficient compan

whenever world economic issues are discussed at davos, a lot of attention would be on china. here taking this opportunity i'd like to share with you some of the major trends that counterrice the chinese economy. the first major trend is that high quality development is making solid progress. this is a big highlight of the chinese economy. over the past year, the chinese economy made steady progress while maintaining overall stability. china's g.d.p. grew by 5%. one of the fastest among major economies. in response to the head winsdz and challenges krobtsing china's economy, we stepped up measures and in particular intensified efforts to introduce a package of incremental policies that effectively boosted the stock markets, improved market expectations and restored public confidence. as a result the economy has rebounded and turned for the better. the headwinds encountered by the economy of china are due to both the external environment and temporary pains brought by our own economic restructuring. we have persistently promoted high quality development, new business sectors, f

jamie dimon out there in davos. latest voice to once again say the market is trading at a very lofty valuation. are you concerned about that. >> you know. >> i'm not sure. >> a. concern is the right word. i mean. >> we're. >> certainly paying attention. but but lofty valuations have to. >> be you have. >> to be deconstructed. if we're. >> talking about something like the s&p 500. and you know, if you look at the mac seven you know those are you know those those have price earnings ratios or multiples that that are in the 30s. look at. >> the. >> rest of the market. you know those multiples are like. >> in. >> the teens. and so you know like overall like you know it seems like the market has a very high valuation. >> but if you break. >> it down into sort of component parts, it makes sense. why why the mac has such a high valuation and the rest of the market is. >> sort of normal. >> so, you know. >> i think we're watching it. >> but but i. >> don't think concern is the right word. all right. what do. >> you think ab

we will be live at the world economic forum in davos all of this week.ng the key guests joining our coverage include central bank policymakers, the south african reserve bank governor, the bank of france governor, the bundesbank president close cannot --klaas knot, they smb chairman, all the movers and shakers right here on bloomberg tv. here on bloomberg "daybreak: europe", coming up, legal ai startup luminance is hoping to continue the momentum it started in 2024 by expanding its presence in the u.s. we will speak to ceo eleanor lightbody exclusively next. this is bloomberg. ♪ lizzy: 6:46 a.m. in london. i'm lizzy burden in dubai. this is "bloomberg daybreak europe." welcome back. cambridge-born legal ai company luminance has seen its corporate customer base more than doubled since the start of the year. the firm is announcing new offices in san francisco and toronto after tripling its u.s. headcount in 2024. i'm pleased to be joined now exclusively by eleanor lightbody , ceo of luminance. great to have you with me. you have just opened new offices in

the world economic forum in davos this week as donald trump settles into the oval office in washington. speaking in davos, the european commission president, ursula von der leyen, said europe has entered a new era of harsh geostrategic competition, with president trump playing a protectionist game. last night, the president suggested 25% tariffs on the united states�* neighbours canada and mexico. he also confirmed the us will pull out of the global paris climate agreement. ms von der leyen criticised the move. the criticised the move. paris agreement continues to the paris agreement continues to be the best for all humanity. so europe will stay the course and keep working with all nations that want to protect nature and stop global warming. let's hear now from trade expert allie renison. she is associate director at sec newgate and formerly a government special adviser and head of eu and trade policy at the institute of directors. good to have you here. there is so much i want to talk to you about about what we have heard from president trump. your focuses trade. what did you hear, if

who came together here in davos. we look forward hearing first from you, and a follow-up discussion with business leaders, moderated by my colleague. ladies and gentlemen, the president of the united states, donald j. trump. [applause] president trump: well, thank you very much. and hello to everyone in beautiful davos. this has been a truly historic week in the united states. three days ago i took the oath of office and we began the golden age of america. the recent presidential election was won by millions of votes and all seven, every one of them, all seven swing states. it was a massive mandate from the american people lick hasn't been seen in many years and some of the political pundits, even some of my so-called enemies, said it was the most consequential election victory in 129 years. that's quite nice. what the world has witnessed in past 72 hours is nothing less than a revolution of common sense. our country will soon be stronger, wealthier and more united than ever before. and the entire planet will be more

has been a major focus here in davos.t return on a.i. projects within the first year, 41% of the large cap ceos expect returns over 1 to 2 years, paul. talk about that. what are you expecting in terms of investing and the returns you're getting. >> sarah said to you, it's the a.i. era. so the data points you raise are correct. also interesting, almost 100% of public company ceos surveyed are maintaining or growing a.i. investments this year and the expectation is they will get an a return probably the two year timeframe. investors are demanding greater or shorter wrapup to that roi. i think what i'm finding also in conversations in davos right now, there's an expectation that the promise of a.i. and the application build is going to lead to a hockey stick appreciation for opportunities for companies to take more commercial advantage of the a.i. weave so i expect this -- wave so i expect this time next year we'll talk about the a.i. era having kicked into a more aggressive time. maria: you're talking about a very fast turn

mike: that was sarah frier from davos.ing up, margaret o'mara, professor of american history at the university of washington will join us to discuss the ties between tech and policymakers here in washington. this is bloomberg. ♪ ♪ the future of cool, comfortable sleep is here. introducing the new sleep number climate cool smart bed. the only smart bed in the rld that actively cools and effortlessly adjusts to both of you. sleep up to 15 degrees cooler on each side. it actively cools by drawing warm air away from your body, to keep you cool and comfortable throughout the night. our smart sleepers get 28 minutes more restful sleep per night. and now, save 40% on our new special edition smart bed. shop a sleep number store near you. (♪♪) caroline: this is "bloomberg technology." check out the "bloomberg technology" podcast on apple, spotify, and iheart. this is bloomberg. ♪ >> one of the things we shared his we are moving away from the way we were utilizing third-party independent fact checkers and moving that to a community

we're coming to you from the world economic forum in davos switzerland.four hours from now where immigration becoming a big topic of discussion. i spoke with imf managing director on how illegal migration is hurting the global economy. >> for aging societies, good immigration policy is a must. countries in europe simply don't have the people to provide for the older and living longer generations. maria: that's a good point. >> so they have to think about a good legal way of tapping into skills and capabilities elsewhere. what i see here in the united states the focus is on illegal immigration. maria: yes. >> because if you have a legal channel that contributes to labor markets in the united states, as i heard also president trump commenting, that adds to the vibrancy of the u.s. economy but illegal immigration causes problems. maria: and it's causing problems across the world. italy is also dealing with it. back at home, trump's mass deportation operation is underway. i.c.e. agents arrested more than 460 illegal migrants including those with criminal hist

(take sot) who is in davos. of the talk here has been trying to divine exactly what the us administration and donald trump will on trade, because the consequences of the tit—for—tat trade war are very severe. but he suggested originally that may be the trade tariffs he planned would be certainly slower in coming and less than expected. that has led to less apprehension than you might expect but there is generally uncertainty. on the other hand, there is big optimism about what the us economy can do, in particular the big tech giants and their massive investments in artificial intelligence that are spreading out across the economy. some despondency about europe and how it is behind, in terms of those big tech investments. i've been speaking to the european trade commissioner about all of this, and he was trying to be very diplomatic about donald trump, despite such provocations as the us president saying that he had eyes on greenland, which is of denmark, which in turn is part of the eu, so some diplomacy require

showed up on stage in davos. the idea that the ceo will be here to bed is something to look forward to, think about with all of the issues going on. a.i., and watching what goes through with all of that. the whole idea of the technology companies trying to work with this administration, try not to get left out, and being in the room for the decisions, that is pretty important. i do want to tell you quickly about breaking news that is just out. johnson & johnson is room ordering the quarterly reports. the company earning $2.04 per share, better than the street estimates. revenue came in better than expected at $22.52 billion. and the healthcare giant is giving earnings guidance for 2025. this is a range for operating guidance that falls above estimates. they're looking for profit for your $10.50 to $10.70. that compares to the consensus forecast. this is the operating earnings would be 1075 to 1095, when you exclude the charge of about $.25 due to an unfavorable effects impact due to the rapid strength of the reev

we have more from the world economic forum in davos. so much of— economic forum in davos.o much of the _ economic forum in davos. sr much of the talk here has been trying to divine what the us administration of donald trump will do on trade. the consequences of a tit—for—tat trade war are very severe, but he suggested originally the trade tariffs he planned would be certainly slower in coming and less than expected. that has led to less comprehension than you may expect, but there's general uncertainty. on there's general uncertainty. on the other hand, there's big optimism about what the us economy can do, especially the big tech giants and their massive investments in artificial intelligence. some despondency about europe and how it's behind. he was trying to be very diplomatic about donald trump, skype such provocations as the us president saying that he had eyes on greenland, which is obviously part of denmark, which in turn is part of the eu. so, some diplomacy required there. as donald trump focuses on canada, mexico, and china first. but also in terms of some discus

i want to talk about davos cinnamon it, can you talk to us about your outlook for a.i. trump of administration. >> thank you for having me on i think first and foremost everyone that i'm talking to the tech community and myself included seen this firsthand is extraordinarily excited by president trump addressing and drawing attention to an energy crisis that not many people were talking about before yesterday when he announced this is a real big problem in different want to win the race on a.i. and defined what the future looks like on robotics we have to make sure we take this very seriously right now. >> what about the idea of this position that's been created is that a good thing for you and your industry? >> this is the first time as silicon valley has headed to d.c. in such a long time and what's exciting i was with david sachs talking at the summit in september and we talked about the technology and how it's changing the industrial and government spaces and david sachs is the right person that we need right now he's well-balanced thoughtful and wise he will draw a

let'sfr start again from davos, switzerland and uphold the right process.m open inclusive developments and then pestering the best feature to concluded i wish that any reading posting stuff and thank you. [applause] [applause] [applause] [speaking in native tongue] >> insights into chinese policies and statements of china economy. the me follow-up with one or two questions.s. first, we are now in kind of a reshaping. ... does china actually fuel its role in shaping the global order among the rising tensions which we have? and what would be actually the consequences of a world falling apart the world is falling apart into two different systems short-term and long-term what should be done to such a scenario professor, your question reflects the international communities interest in china's role also concerned may spread your two separate systems that an international order what a person says and does tells you what that person is. what c chinese leaders and chine people have said look at what the chinese people have done after that major country and the build

>> all right. >> let's listen. >> in davos. this has been a truly historic week in the united states. three days ago i took the oath of office and we began the golden age of america. the recent presidential election was won by millions of votes and all seven. every one of them, all seven swing states. it was a massive mandate from the american people. like hasn't been seen in many years. and some of the political pundits, even some of my so-called enemies, said it was the most consequential election victory in 129 years. that's quite nice. what the world has witnessed in the past 72 hours is nothing less than a revolution of common sense. our country will soon be stronger, wealthier and more united than ever before, and the entire planet will be more peaceful and prosperous as a result of this incredible momentum and what we're doing and going to do, my administration is acting with unprecedented speed to fix the disasters we've inherited from a totally inept group of people, and to solve every single crisis facing our country.

this hour the ceo of bank of new york live with me here in davos.een a big outperformer over the last year, better than nearly every other bank. and later laura alber, ceo of williams sonoma. we're back in two. totals fund management platform. so we're finding new efficiencies and multiplying margins. >> so. >> you can mind your. >> business so you can mind your business. >> no, that's not what. >> i meant. you all. >> should. >> be laughing harder. >> your cardiovascular health impacts everything. >> and we. >> mean everything. blood pressure. circulation and energy production for starters. so here's a radical new approach to cardiovascular health support from the brand, with more five star ratings at walmart than any other beef brand. it's super beats by human. the number one cardiologist recommended beat brand. discover how super beats cardio powered ingredients support so much more than heart support so much more than heart health and for a l finding the right path takes experience. as a national leader in municipal investment banking and wealth

same thing with davos. once a year, the financial elite gather in a tax haven, hire escorts and stroke each other's egos, then dictate how the rest of us are going to live. brain implants, bugs for dinner and willy nilly windmills carries, usually falling off his bicycle. and al gore is screaming about rain bombs or misinformation. this year, though, was a little different. the newly minted president zoomed in as a symbol of disrespect and told davos they aren't dictating anymore. >> ladies and gentlemen, the president of the united states, donald j. trump. >> well, thank you very much, klaus. and hello to everyone in beautiful davos. this has been a truly historic week in the united states. three days ago, i took the oath of office and we began the golden age of america. what the world has witnessed in the past 72 hours is nothing less than a revolution of common sense. our country will soon be stronger, wealthier, and more united than ever before, and the entire planet will be more peaceful and prosperous