mastercard is having a major four day expose on inclusivity and diversity in the global economy. so there programs are going on. i have been going to their stuff. when i have not been on stage i've been over there. i'm just joking. i've been here all day. he is going to join us and we are going to have this great reception. i asked her to take off her ambassador hat and to put on her previous minister of finance had and to talk to us if you can imagine a world where ukraine is post-conflict. we don't how we are going to get there, what it is going to look like but there has been a lot of debate about the solvency, the legitimacy, the level of corruption in the ukrainian economy. it has been a big topic in demos in this town. i would like to give you an opportunity to share your thoughts on that discussion. >> thank you for having me. thank you for paying attention to ukraine. this is the most exciting topic to discuss about what we are going to do after we been. what is it we are trying to build and we are doing it now. while we are fighting on the front lines. there is a lot of

seems more interested in the ongoing wave of companies raising guidance today, honeywell, american, mastercardmerck, and meta guiding above last night our road map begins with the economy, though, expanding slower than expected and this earnings deluge, comcast, caterpillar, big pharma all crossing the tape. >>> plus shares of meta are surging. in fact, they're getting close to a one-year high the company forecasting a resurgence, an acceleration of revenue growth >>> and the ceos of service now and southwest airlines are going to join us this hour we'll be discussing, of course, those companies' quarterly results. >>> let's begin with some suigns of an economic slowdown. the government's initial reading of first quarter gdp coming in at an annualized rate of 1.1%, and expectation fzs of about 1. or 2%. atlanta fed was right "onon the money. >> atlanta has been great. i was surprised because it's not really jiving with the hiring. including today's jobless claims there's just this -- a slowdown, and people still being hired at higher wages, so if i were the fed, i would say, you know what, we

mastercard, i looked at their earnings.solutely a resilient consumer, but that that resiliency or that more picky consumer, it's still a shift into services and experiences, not goods. so inflation goods are absolutely deteriorating, but a focus on services and experience is where we see that consumer spending, and that's not in amazon's business model. liz: that's interesting, or daniel, because jessica is looking at another company to deduce its sort of if then. if mastercard is seeing people not spending on actual goods, then perhaps amazon is going to strug until that area. how do you counter that as a bull? >> i think think the results from mastercard and visa suggest that the consumer is in reasonable shape. sure, there's potential for them to the shift away from certain more discretionary items, but i think if we step back and look at what's going on, this longer term secular trend towards electronic commerce, towards the selection, the speed, the delivery, the value, the choice for buyers and, of course, we can't fo

. >>> and the fresh read of data from mastercard. you see first on cnbc as we see the impact of inflation pressures on spending habits. >>> amazon looking to further tighten the finances amid concerns around the economy. taking an axe to compensation for workers. it is thursday, april 6th, 2023. you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." i'm frank holland. let's kickoff the hour with the check on the u.s. stock futures. looking at futures, a bit of a mixed picture. s&p is flat and dow is up slightly and nasdaq is flat as well this is on the back of the adp payroll raising worries of the economy. nasdaq shedding more than 1% with the s&p dipping lower dow with a slight gain yesterday. nasdaq and s&p poised to snap the three-week win streaks we also want to get a check on the bond market. yields this morning. we start with the 10-year treasury 3.28% this morning the 3-month bill with the spread of the 2 -year note something we are watching as a possible recession indicator >>> w

e mastercard visa cuts back from e, swift's payment messaging systems, but we're practically not here, we haven't felt it. yes our company, a certain one , faced limitations, but made its own uh, swift's own analogy we have our own central bank financial messaging system. spfs. e mastercard visa is the russian world and the payment system works and all these visas are still serviced in the old way. we didn't feel anything. this was all done beforehand. ah, the central bank. and uh, the financial bloc of the government. a lot of work has been done. this is also one of the elements of financial sovereignty, and the third position is technological sovereignty. yeah you know in the past we don't always u have to know attention was paid to certain key sectors of the economy, without which today's existence. uh, an independent state is impossible. children are the same radio electronics, chip processors. for the last decades after the soviet union , we can say that we have practically developed this direction, because we expected that the global economy would develop and further we will buy

copresident for international markets at mastercard. let's get to the first word news. cycle in which rick crossed paths with new zealand two months ago could cost the country $6 billion in disaster relief. finance minister ron robinson says he wants to minimize any additional borrowing to fund. he is due to deliver his annual budget next month as new zealand struggles with high inflation. >> really a lot of different conversations going around here. the big picture is climate change but also geopolitical issues. for me, that always remains the biggest risk to new zealand. it is important for me that we diversify our economy, make sure we are selling more goods to different places, we develop services, and all of those things. the international environment will dictate a lot about what happens. that is my number one risk. haslinda: is on acosta dismissed early rate cuts in an interview. even as the central bank president recognized the highest borrowing costs in more than two decades was set to slow stubborn core inflation. they were among the first economy in the regio

including big names like visa mastercard. how will that change the landscape for things?here were other changes as well. consumer discretionary names are now consumer staples. all of this is important stuff as you try to balance your portfolio. so the had's bring in kaltbaum capital management president gary kaltbaum. gary, i want to start with technology. lots of major name changes in technology. you know, i know you're sort of a tech guy. i think it helps these sectors like financials. if i have got, i have got for instance, visa in there, if i got mastercard in there, paypal in there i feel like it helps them how does it change the way people should look at their own portfolio? >> when they set things up and look at the s&p 500 a lot of managers have to match up with where stocks go. so mastercard, visa go to financials, the two greatest bookies on earth. nothing wrong with that. not so sure paypal which stock has been crushed is any help. this is the normal course of business. it happens all the time. i'm a little goofed out how target goes into consumer staples when

google and mastercard, uni leave, i and deloitte. these are a few of the major companies with operations and uganda, that unannounced sing the latest anti l g b t q plus legislation passed by the countries parliament. they are part of an international coalition of leading firms called open for business. they argue the loss will damage uganda us economy by curbing investment flow and deterring tourists. it puts business is in an impossible situation. either violates the law in canada, on the abilene international asked hundreds of corporate responsibility as well as human rights laws. all the countries in which the i had the bill, which is still awaiting the president's signature, criminalizes identifying as lesbian, gay, bisexual, transgender, or queer. it also imposes the death penalty for same sex relations and requires businesses to report stuff they perceive to be algae b t q plus open for business, says the vol would ona my and the ability for companies to recruit a diverse and talented workforce. it cited its own study, which f

we talked to pepsico earlier this week, i looked at the mastercard numbers, we will talk to hurts later on, those numbers look superstrong as well. our u.s. companies getting the consumer about right and are riding a strong wave that is driving decent topline gains? kriti: this isn't about the consumer at all and that is where what you see on the surface mismatches the economic data. look under the hood. on the top line we are seeing margins increased, we are seeing a consumer that's able to weather the storm, but a lot of the company gains are a function of price hikes, cost efficiency, layoffs, or even buybacks. that is what's holding up the earnings and yes corporate america has done a good job holding up in this environment, but look under the hood. i will give you a great example. caterpillar came out with earnings. they may construction and tilling equipment for customers around the world. they have china exposure, 23%. the stock is down despite they reported that profits are surging on the machinery. on the topline things look great, so what's the problem? you are seeing stock dr

economist at mastercard and steve liesman.at to have you both along for the ride steve, before the cp ireport, 70% odds over a rate hike. where are we now if >> 73% pretty much the same i'm really not that impressed. i have seen all this stuff about the cooling nflation i'm not buying it. i see that the headlines come down, but partly because of energy and what's happened to energy in the past month it's gone the other way. there was a negative number on used car prices, but used car prices as far as i know have gone the other way so the thing is, the core, which is the one that the fed chair powell is watching, the year over year actually went up you had a 0.4 increase there so i'm not sure that the fed looks at this and sees look, we're entering an all-clear zone yeah, the headline was good, but we know why it went down it's good that food prices look to be under control. that's significant but if it's the core, and you're right to point out housing that is the one ace in the hole for the disinflationist. that if housing com

ajay banga, the former chief executive of mastercard, is the most likely candidate following his nomination the bank's largest shareholder. there has been a lot of discussion around what lies ahead for the world bank which is also under pressure to focus more on global public goods like climate change. earlier i spoke with stephanie siegel, from the centre for strategic and international studies, and she told me the world bank isn't the only multilateral development bank facing this sort of pressure. there is a lot of pressure on notjust the world bank but on all of the development banks to really increase their work and their efforts on so—called global public goods and the two that really are kind of front and centre are pandemic preparedness and also climate change. so how exactly the institutions do that, i think, is a big question. beyond just the mandate to do more on global public goods is the question of how additional work on that front is financed. so how much should we expect going forward or depend on multi—development banks like the world bank for financing when it comes to thi

. >> mastercard, have they reported yet >> they come in tomorrow morning.ilar results from mastercard. >> you know, the two of them -- during the whole block chain defi boom, there was a moment i remember asking about it saying, wait a minute, could they finally be disintermediated. could the duopoly of the 2010s be ending here did that tide recede as the teed and crypto and those hoping to disrupt didn't make it across the finish line? >> what they've done effectively over the last couple of years is really separate the core payment infrastructure from the value added services that they provide on top of that things like fraud detection, things like those alerts you get to your phone. you know, spending management. all of the kind of consumer protections around your cards. and you'll hear more and more from them talking about value-added services, et cetera, because what they're doing is they're separating kind of how they add value from that core underlying infrastructure which is being modernized through things like block chain, really stable coin networ

monster, 46 cents, 66 cents, american airlines, dollar 10, guidance, honeywell, mastercard, these areig time names, the solid names, core really of our economy. still though, there is this sense that we're heading, what we are obviously in the second quarter of negative earnings. we're actually have three quarters of earnings. a earnings recession. the big question right now how do we deal with all of that. meanwhile always casting a shadow over what we do is the federal reserve. right? so they look at information like this morning's gdp report which goes back for the last three months. it is really, really old. they hash that out to make decisions that will impact all of other lives. that is why i love this tweet overnight from elon musk. the data which the federal reserve is making decisions is much too, it is too much latency. so really key critical stuff, this is a frustration that i have had for a long time. i want to bring in ria advisors cio lance roberts. lance, let's start with earnings season. you have to be somewhat impressed so far? >> i am. i call it millenial earnings se

the payment system mastercard reported on the results of its russian subsidiary, the net loss of theny pyros, used amounted to almost rub 1.5 billion against profit in 21 at 7.5 billion. revenue decreased by almost 80%, falling short of 5 billion rubles. negative results associated with the suspension of the provision of services to russia in connection with the sanctions , the document says, while the decision to liquidate the legal entity has not yet been made , the parent company estimated the loss of leaving our country at $30 million. mercedes-benz left a loophole to return to the russian market autoconcerts retained the opportunity to return through a share buyback. if the sanction is lifted, inform the german newspaper handelt, according to its data, the company agreed on the relevant conditions with the buyer earlier, all the assets of the automaker in russia, a plant near moscow and a company that was engaged in leasing and insurance of cars, were acquired by a dealer avtodom , the publication also noted that similar return scenarios, when the geopolitical situation stabiliz

china helped russia completely bypass them and in an easier is talking about not using visa and mastercard and the entire global south. now talking about the dollarization. well, i think the important thing that china is doing this part of the world really deals with the belgian road initiative and where the united states is missed. the boat is in walking away from trans pacific partnership and trying to block the asian infrastructure investment bank. the china setting, so the idea that the united states thinks that can contain china because it contain the soviet union, the so, you know, it was a very weak state. the soviet union was like a 3rd world country that happened to have nuclear weapons. so maybe they contain them, maybe the soviets contain themselves, but you're not going to contain china. and this belief in containment is something that i've been very critical of over the past 2 years of the board and ministration . there's no doubt about that. you can contain a power, a strong and economically powerful as china. and we should give up the ghost because countries of ozzy on the 1

didn’t even think about it before, we proceeded from the fact that all our partners and visas and mastercard-politicized, it turns out that they are subject to very strong, and political influence, pressure and immediately cave in under this pressure. and we did not create our own national settlement system, as the japanese did in ours. this is a complete dependence on these partners, and now we have gone to the practical implementation of the creation of e national payment system, despite the expectation of the enemy. we didn't break anything. everything is working and the map of the world is working and the financial system is functioning and the banks are increasing their capabilities. and if other systems are modern, there was nothing like that in the fourteenth year. we want to survive and fight to change, by the way, for the better and our economic structure to be more independent to go through this or we want our skins to be hung on the wall there. here we have a choice and crimea has nothing to do with it, after 9 years. now, after the public confessions of merkel and the alants that

microsoft, hp, cisco, mastercard, visa, ford foundation, melinda gates all said yes. we put together a billion dollars, 7 billion which is focused on climate. and one billion on the women's inclusion peace. it is not only u.s. investment. african private sector leaders are a part of this. because let's be clear. there are very successful private sector leaders on the continent who have already been doing the work and we are partnering with them on this engagement and so it culminated with having 30 of them represented at a meeting that we had on the last day. and we had a two hour meeting where we talked about a number of things. we talked about the importance of digital inclusion, but let's make sure we are making it affordable and accessible. let's talk about human rights and continue to make it a point of emphasis because it is critical if we are talking about equitable outcomes. and making sure nobody is left outside or behind much less depressed. we talked about the importance of the analysis of our effectiveness. back on the piece about women, this is not only a

they'd rather travel so, i don't want -- the reason is because i look at the mastercard survey, peoplere still spending i mean, they're just not spending on what they were spending on, and i think that there's a bad mix shift going on in the whole country where people thought by this point, no one would be going anywhere and people would be hunkered -- no they just are neglecting their home they're neglecting putting new stuff in their home, and we're going to see that, and they're going away still at record rates, so i want to just be careful. i just say, the misallocation, where you thought -- rationally, they're taking money out of the market they're going away they're not buying hard goods. and that's not the mix that america's based on that's not how we do things in this country so, that's -- in other words, i'm saying, no canary, but an actual mix shift to where money's spent. >> sure. >> the mastercard numbers, boy, i love that spending survey. >> yep, yep. >> those guys are fantastic. it's like they must have your credit card or something they really see it and i just think tha

he has more than 30 years of business experience having served in various roles at mastercard and the boards of the american red cross among others. banker has also work with the white house as co chair of the partnership for central america and initiative aimed at increasing private sector investment in the region to try to stem the flow of migrants to the u. s. he was nominated by president joe biden in february. there were no other publicly declared candidates when nominations closed in late march. while the banks president is traditionally at american nominated by the united states, the organizations largest shareholder. if officially approved by the world bank sports directors, banker will replace david malpass who's stepping down nearly a year before his 5 year term was due to expire. now pass was publicly rebuked by the white house after he said, he didn't know if fossil fuels would driving climate change remarks for which he later apologized or re vamping. the institution was top of the agenda at the world bank and international monetary funds. spring meetings this week, the b

31,150 tons of bitumen went on the board and 748,000 tons of iron ore concentrate, vacuum baton and mastercard and supply, which on saturday also more than 172,000 tons of products with a value of 1,300 million were sold in the commodity exchange. the value of these transactions is more than 1300 billion tomans in this period of time, 410 million nine hundred and fifty five 1422 funds were traded in nine active funds in the field of gold and two active funds in the field of saffron, the value of the gold and the transaction of 363 million 381 thousand units reached 1233 billion tomans . and saffron with two forty-seven million and seven hundred and seventy-three thousand units has a value of more than 77 billion tomans. the minister of economy said that out of about 900,000 babies born in 1,401 , parents of 113,000 babies have their children's information on the allocation of tradable fund shares in the national window of smart government services, setting up and requesting them according to mr. salmani, this section of the youth law of the population has been implemented since may 4th, after

there are some pictures floating around all social media spectacular thunderstorms near re add a mastercard that brought them. that generally speaking, it's not a settle time the year at the moment. this looks like a bit of a, a cold front, the wind coming down behind it, so it's got showers for western turkey. significant ones are knocked, attempt back in socrates or overnight temperatures. but by day you'll find the wind then goes into newton olden egypt and right across from the bank, which means temperature coming down by anything up to 10 degrees. big change was big, rain likely in the eastern side of turkey and northern syria as well. now, the showers in saudi arabia don't because extensive or violent on thursday is the worst we say on wednesday, or even tuesday, with a silver particularly full stop in the mountains of western saudi. quite looking weather in dora, rather warm, 35 sheep degrees. very similar in queue weight. now we have seen significant rain recently in somalia, thus backing off equally. it's been pretty heavy rain. nissan hands near again that is not as heavy as it wa

he has more than 30 years of business experience having served in various roles at mastercard and the boards of the american red cross among of us. banker has also worked with the white house as co chair of the partnership for central america and initiative aimed at increasing private sector investment in the region to try to stem the flow of migrants to the u. s. he was nominated by president joe biden in february. there were no other publicly declared candidates when nominations closed in late march, while the vice president is traditionally at american nominated by the united states, the organizations largest chair, hold up. if officially approved by the world banks, board of directors, banker will replace david malpass who's stepping down nearly a year before his 5 year term was due to expire. now pass was publicly rebuked by the white house after he said, he didn't know if fossil fuels would driving climate change remarks for which he later apologized. we're revamping the institution was top of the agenda at the world bank and international monetary fund. spring meetings this wee

this includes bmw, john lewis, avi, mastercard, virgin media, lloyd's of london, schroders.hese have either paused or cancelled their membership completely. the business lobbying group has been at the centre of all what only could be described as varying degrees. there really has taken a toll on the organisations. we've seen its share resigning, stepping down. a new chair is do to take over, but we have had a lot of companies who rely on the cbi to not only lobby for them, but also to give best practice for businesses, to advise businesses on what is best practice. we've seen one of those companies who are really the bread and butter of the organisation, leaving the organisation because of fear. a little bit earlier on, we spoke to brian mcbride, who spoke to the bbc a few days ago and so the group had not previously been aware of the most serious allegations. they were working closely with police... this was a statement from the cbi. " the cbi shares the shock and repulsion of the events that have taken place in our organisation have taken place in our organisation have pas

mastercard is having a major four day expose on inclusivity and diversity in the global economy.e programs are going on. i have been going to their stuff. when i have not been on stage i've been over there. i'm just joking. i've been here all day. he is going to join us and we are going to have this great reception. i asked her to take off her ambassador hat and to put on her previous minister of finance had and to talk to us if you can imagine a world where ukraine is post-conflict. we don't how we are going to get there, what it is going to look like but there has been a lot of debate about the solvency, the legitimacy, the level of corruption in the ukrainian economy. it has been a big topic in demos in this town. i would like to give you an opportunity to share your thoughts on that discussion. >> thank you for having me. thank you for paying attention to ukraine. this is the most exciting topic to discuss about what we are going to do after we been. what is it we are trying to build and we are doing it now. while we are fighting on the front lines. there is a lot of efforts

kind of like a mastercard system for companies. they are not going to replace that infrastructure that easily. for the dollars to be the global currency, there has to be a place for people to store dollars. thanks you can trust and bonds. if you are general motors. let's pick a foreign country -- a foreign company. would you feel comfortable with your money in a bank with chinese bonds? if the president is angry with you, he doesn't get on tv and accuse you of jacking up prices, you just disappear. it is like the mafia. we had a major banker over there just disappear recently. or you wake up one morning and they decide the company cannot sell stock and they deflate your company like they did to a lot of some of the tech companies. it would be like ted turner waking up in the 1970's and bill clinton saying i don't like what i saw on tv. you are gone. people like that are not going to establish a global currency system. the united states is a pretty reasonably trustworthy place when it comes to money. host: in michigan, different cre

john lewis, mastercard, bmw, some of the other names who have terminated their relationship with the, the likes of shell and virgin media, lloyds and astrazeneca, they say they are pausing their engagement with the group for the time being of this represents 190,000 businesses, across the uk, the cbi, and it seems like they are losing faith as a team behind it. we are trying to find out who is doing what but the list is growing at the moment and some of the businesses say they are deeply concerned and they are not sure if the cbi is the right organisation to represent them. a second woman has a claim she was raped when working for the cbi. they have many offices around the world and we don't know when and where this happened but it was in one of the foreign offices and she said she had been out with colleagues for a night but she woke up colleagues for a night but she woke up with two male colleagues in the same room as her. she said she had not consented to any sexual activity but she said from the physical signs it seemed some had taken place. the cbi have said the claims are appar

virgin media, mastercard, john lewis and should exert are the latest to pull out.nd herself in a room with a couple of other male colleagues and she said she hadn't consented to sexual activity, but physical signs indicated to her that she had been raped. she reported that two cbi bosses, but was not given any support. the cbi said the allegations are abhorrent but they have only just been made aware of them and they say they are working with police to bring the perpetrators to justice. city of london police are already investigating the allegations of another rape on a summer boat party on the river thames. lawyers are looking into a range of claims. there are claims of sexual harassment and drug—taking and bullying at the organisation over wrote some years and this investigation is ongoing and some employees have been suspended. this all adds up to an existential crisis for the cbi. they have $100190,000 business members. we should get some details of that early next week. the board have said they will respond to that set out plans to bring about wider change, an