players like heineken globally are extremely well-placed.ut there's no rest bite for oil companies are commodity players. -- no respite for oil companies. they are very significant in terms of sentiment and they have a significant knock on to capital expenditure and the whole of industrial cycle. francine: what is your smartest play for 2016? james: not to be adventurous. to recognize that equities are way too cheap relative to cash and bonds. safety first. francine: thank you so much he stays with us and we will talk more about the oil majors and i will ask about dividends. up next, the oil rout . by bhp billiton is writing down five billion dollars of its u.s. onshore assets. ♪ francine: welcome back. we are getting breaking news from jean-claude juncker saying he's basically talking about fact thatequest, the david cameron has been trying to renegotiate ahead of the vote on the referendum on vrex -- on brexit. saying all u.k. requests are difficult was. cameron will try to negotiate open borders. saying that "are's are crucial for the cen

. >> looking back he began his career at heineken rising up to chief operating officer by 2005. the following year he took on the top job helping the struggling super market turn around. in may 2010 he moved to become the ceo at marks and spencer but it's been a tough time for m and s in the non-food division. this morning christmas trading update saw disappointing general merchandise sales. joining us on the phone is the senior food and retail analyst. tony what's the biggest surprise to you? the fact that he's stepping down or the fact that christmas was simply disappoint? >> a surprise to be honest. the christmas trading figures from general merchandise have been talked about for a few weeks now and a lot of discou discounting and that's why it's sales are disappointing. so far as markets concerned there's been rumors that he was going to leave at some point fairly soon and so that wasn't a surprise either. his successor, there was a few internal candidates and steve is the strongest. >> is he actually the strongest? he lead the non-food division and that's why we saw major w