you have one business which has leveraged more than 50% ebita for the last 20 years.think you have lots of business or industries which have delivered more than 50% of ebita. so there's nothing wrong with the iron ore business. quite the opposite it's a world class business and we're proud of it. if we can diversify in the next ten years, we will do it for us, it's all about value creation for shareholders. if there's good options in copper, in aluminum, then we will pursue them for us, it's all about creating value. once again, a good example of it is the 7$7.2 billion of cash returns we've disclosed. >> no one wants you to repeat history with a large acquisition going perhaps into a downtown which impacted the company last time around. let's ask about the outlook. already prices have come off are you concerned that there is a turn down coming, whether triggered by central banks or by a trade war being waged by u.s. president donald trump >> are two key driver's for the mining business. one is gdp growth, one is world trade. for us, we see the outlook for g gdp growt

the sale value is more than 16 times the 2016 ebita and whitbread's ceo says that price tag is significantly higher than anything the company could have achieved through a spinoff. john cox joins us now to talk a bit about this deal. thanks for joining us. i have to ask you, is this price good value for money for coca-cola? >> i would say it looks a rich price. i would say it is good for whitbread shareholders the multiple was a couple points above what we were expecting the deal came through quicker than we anticipated. we must admit we were not even thinking coca-cola would come in for the business coca-cola wants to pay top dollar you've seen the multiple above what nestle paid for the starbucks food services business so coca-cola thought this was an opportunity to get into the hot beverage side of the coffee market i presume they will then look to expand that brand on a global basis. >> just lay out for us, what are the pros and cons of this arrangement from where you sit >> yeah. i think if you look at the overall coffee market, it's 1$10 billion plus typically growing mid single digits

the stock took a dive wif wynn macau, the operating revenue was down 18% casino revenue, property ebitadown wynn palace in macau and vegas revenues grew but not enough to offset the losses. on the call, the ceo blamed the world cup which took attention away from gambling but also other operators. >> our competitors neglected the vip market during the downturn many of them got back into the game in the last six months with new rooms, more credit, creating competition. >> though maddox did not mention then by name, las vegas sands reported strength on vip gambling wynn stock rebounded somewhat on the outlook for the third quarter macau numbers. caesars is another company that got hammered yesterday by investors following remarks predicting flat to slow growth in las vegas because of competitive pressure on room rates. then wynn's ceo mirrored those comments, the expectation that revenue per available room would be flat in the third quarter shares of caesars turning slightly positive in premarket trade. another name caught up in this, mgm. it closed down 9% ahead of its earnings report bef

. $10 billion of net debt, 24 billion of ebita, this is not a geared company there's no financial stresshe balance sheet. they can afford to give that back to shareholders, that prom mess of that return is a significant positive >> which of the top names in your view offer the most value in terms of distributing cash to how old shareholders here? >> i think rio tinto leads the pack we saw what they were able to do in the mid-year reporting. significant payout from asset disposals. they got rid of some co-assets there's maybe more they can do with portfolio structure, but also the core engine which is their iron ore business, generating significant dividends for shareholders, enabling them to pay out large payout ratio. again, same story for rio. reduce the net debt on the balance sheet, reduce the gearing, reduce forward looking cap capex. >> those tweets that you refer to, we have to leave it there. >> that was paul gates from alliance bernstein >>> australia's prime minister survived a leadership contest. malcolm turnbull won the cabinet vote 48-35 the challenger has resigned. speaking

ebitae kept our organic guidance for 2018. matt: thanks very much for joining us.ppreciate these explanations. merck. of german mark -- less than 25 seconds until equity trading opens here in the u.k. and across the european continent. let's look at futures. they have now turned down with the exception of u.k. futures. ftse futures still everywhere else in europe with the exception of stockholm, we see futures down. the market just opening up, the equity market just opening up here in the u k and across europe. let's take a look, first off that what we are seeing in stocks. i will pull up my monitor. actually, i have a copy of guy johnson's monitor here on the desk. the ftse opening first and then the dax and smi trail. the ftse down 0.3% this morning in the first traits of the gate. the ibex is opening up down as well, slightly less. the ftse performance there, even trailing that of the cac although ftse futures were up. we can see it will be a negative trait across europe, and if you take a look even more closely into the market at the industry groups, you will s

they take a bigger stake >> there couldn't really be debt because there's no way to pay it down or ebita would roll in and have -- >> scott, we have tweets to go on and a board statement, and i'm reading from a jpm report this morning, either funding is secured or it not secured and tesla's ceo says funding is secured. scott thoughts on that >> well, you know, i think that it's a pretty interesting time to be in the automotive industry and really the idea of taking tesla private is a very, very straight forward concept that will free up the company to focus on getting to profitability. right now the overhead, the time and average that's spent being a public company is a distraction for the company. and there's other companies that look like tesla a but keep in mind, tesla is a remarkable, just record breaking company, it's generating right now about $16 billion in cash flow, but it's got a five-year, 90% compound annual growth rate, compared to other automotive companies. it's doing something that nobody's ever done before which is producing an affordable electric car for the masses. >>

they trade at $385 per share today on that discounted value, 14 times, 15 times ebita still significantly higher than most auto companies, but they'll have substantial growth opportunities ahead at that point. >> appreciate it >> thank you >>> earnings just out from dow dupont they were at 24.24 a billion versus the estimate of 23.597. the stock is up about a percent or so in the premarket >> the cfo there making some comments, talking about how broad-based consumer strength continues to drive economic expansion and the underlying business growth. if you're looking for broad clues about what it may signal for the economy, they see consumer strength. >>> barclays second quarter pretax profits soaring after avoiding heavy restruck surestrn legal kocosts. jes staley sfopoke it our colleagues in london >> we're really clear of all the major impediments. there's no major litigation issue hanging over us. there's no more cost to achieve. no more noncore. there's no more restructuring costs. this is one of the first clean quarters for barclays. >> barkleys also hiking its dividend the shares are