javier blas: i think they will get it.hey can sell more access a huge networks of pipeline they could sell. really appreciated by private equity investors. the measures could sustain the dividend. if you look at the dividend you are gaining, look at 7%. interest rates at 1% or even negative in some countries. some investors looking at big oil and winking this is a very -- and thinking this is a very good deal. in general, the view is -- jonathan: a tough question. do you respond -- do you prefer spanish 10 year or shell? christopher mahon: you will get dividend cuts at some point. very difficult for them to continue to run when you have oil at the $60 range. very tough. and iran, although people expected that to be something any a years time, all the evidence suggests it will be quicker. jonathan: consolidation, where is it? javier blas: other than bp and shell, we have not seen anything. people have told me evaluations are too high and people holding for the next leg goes down. prices have come down and we operate below $

javier blas. francine: back later. manus: there you go. javier blas. francine: that brings us to today's twitter question. should all ceo's prepare for a prolonged downturn? that goes back to a deeper question of, do you need to be in these markets where we are seeing growth around the world just a little more careful, not calling it a done deal just yet? manus: they are cutting costs. that is the first thing the oil companies are doing. lower energy costs have an impact for everybody. here's a look at what else is on our radar. deutsche bank says second-quarter profit more than fell.d after its tax bill 796income came in at million euros. co-chief executive john cryan who replaced anshu jain is pressing ahead with the bank's plan to bolster profitability. has posted a second-quarter profit. net income came in at 293 million pounds. the ceo is selling assets and cutting thousands of jobs to return the bank to annual profit. manus: bnp paribas is considering a reorganization of its securities unit. that may bring the deepest cost cuts and's the financia

jon: javier blas, thank you for joining us. andrew wilson is with us for the next 20 minutes. coming up, here on bloomberg tv earnings from across europe. over 70 companies on the stoxx 600 reporting. we will break down the key ones. up next, we speak to the diageo ceo. do not miss that. we will also breakdown earnings from rbs and deutsche bank. i said we have not forgotten the fed. the path of least commitment. no rate hike and very little as far as clues. i will be putting that question to andrew. join us back in two. ♪ jon: good morning. this is "on the move." it is quarter past the hour. let's get you up to speed. facebook beat analyst revenue estimates as it crossed the $4 billion mark for the first time. on a conference call, some analysts asked ceo mark zuckerberg about how the company is making money from instagram and whatsapp. zuckerberg urged patience and said the focus was still on expanding users. shares dropped more than 3% in after-hours trading. siemens reported third-quarter profit that beat analyst estimates. the dollar's gains across the euro helped. siemen

blas. have year, thank you for joining us. in terms of the earnings whatever learned? have year: the -- javierthe company is going to try to cut costs. it is lowering spending. [inaudible] it is going to be above $20 billion. i think management of bp is giving maneuver. they haven't been down themselves to a number. if things continue, i think q3 and fourth quarter will be getting lower numbers. francine: -- manus: if we look at the dividend for the next couple of quarters, bp, of course is a slightly different story. they have a boost from trading. those things are the way. it is been hit on all sides. >> what bp's real agenda is to maintain growth and dividend. the other is to grow net assets. i endorse the company's reduction in. we'll see a shift from upstream to downstream. francine: do you own bp shares? >> certainly. there are too many excellent companies to choose from. the dividend paying capability of bp -- it is not a great story. let's be clear. we anticipate that bp will be an underperformer. manus: y d continue to hold that stock? james: i only like the stocks, it is about trying