george magnus. stay with us.ere are so many yields all in further, lower, and into negative territory. we will also speak with the swiss national bank president, thomas jordan. what it feels like, what he can do to move swisse. is it. german and? -- is it. intervention? ♪ .om: guy johnson is in zurich he will speak with thomas jordan. if he adapts and adjusts to he directly addresses the brexit and makes very clear negatives part of rights. he is supportive of the philosophical negative rate debate. later this hour, thomas jordan with guy johnson. let's go to our business flash. the u.s. government has been given another week to work out a settlement in the cheating case. a federal judge delayed a filing deadline citing what he called the highly technical nature of the matter. billion toarked $10 resolve civil claims in the u.s. the scandal might still be hurting vw shares. the market share fell the most last month since december, below 24% in may. while european auto sales rose 10%, the vw rate was half of that.

joining us is george magnus, and economic advisor at ubs. great to see you.ld w b 1992 redux -- now be 1992 redux? >> no. they are trying to remind us that there is nothing wrong with depreciation of the pound, we have done it before and made good. i think this time it really is different. then, the pound was horribly overvalued, interest rates had to be raised to 40% to defend it. suddenly it was like a dam broke, the pound to last, world growth was pretty strong. we were on the cutting edge of the information technology boom. things are very different this time around, both of the united kingdom and european economy. a long way after a possible vote to leave. this is a sign of basically confidence evaporated. that time saying at in the early 1990's, there was all this growth ahead of it, the pound was overvalued. what are some of the conditions right now in u.k. that would make a boat to leave any possible pound collapse much more damaging? -- therest important are a number of important things. first of all, we do not have concrete proof that the weakening

referendum on eu membership, please be to economist and author george magnus on what a brexit could doxperimental zika vaccine will soon begin testing on humans. will speak to the pharmaceutical companies this hour about the vaccine. >> we begin with our market minutes. but it was not with a lot of conviction. we could have seen some back-and-forth trading. nevertheless, when you look at where the index is

we have george magnus coming up later on.that should be a fantastic discussion and we will talk about the economics of a possible brexit and what it means for the pound and the politics of it. i'm looking forward to that conversation. scarlet: he says there is a 10%-20% drop in the pounds of value? alix: he said that might be optimistic. he outlines what it could mean for sterling comparing it to 1992 and why it would not be a good thing like it was before. joe: how stunning to see the headline that sterling was at its highest level since brexit was announced. alix: we will catch you later at 4:00 p.m. $4ebook bought instagram for billion and it looks like that is paying off. instagram has doubled in two years and now reaches 500 million monthly active users, 300 million daily users, 80% of those numbers are users outside the u.s.. scarlet: emily chang sat down with the cofounder in menlo park, california. he says this is a tremendous benchmark. >> i think the last time we talked, we had a couple of million users on instagram