still waiting for repsol to op en.: let me take you to the market open and show you what is happening. the ftse 100 is up i .5%. .2%. still waiting for the dax to open. let's see how europe fully opens for me get that dax price through. the cac is down. patrick armstrong is still with me. are long european equities, short the food and beverage companies. because it is too expensive? patrick: the most crowded part of that is you have risks in europe by the best companies in europe which is nestle, the beer companies. non-cyclical, and analysts have profit margin growing year after year because their commodity prices falling for the last five years improving growth margin. i think that has run its course. any precipitous falls, i don't think it will spike higher. but analysts have consensus seven.rom 5'5" to over four times book value, it is a very expensive quality play right now. guy: dax just opened up .2%. talk to me help him be this summer will be for europe. what is the story there? patrick: we are short euro stock

nejra: repsol beat analyst estimates. they compensated for low oil prices.st quarter adjusted net income dropped to 572 million euros, down from 928 million euros from the year-earlier. shares behind although repsol is the worst performing european oil stock over the last year. shares in bpr higher effort -- after it reported -- earnings before interest, taxes, depreciation and amortization rose 14%. the figures were bolstered by the acquisition of mobile offerings, britain's largest mobile network. the company's finance director told us that it is investing in higher-speed broadband. >> unless we got a degree of regulatory uncertainty, we cannot spend that sort of money. i cannot look shareholders in the and say we will invest but were not guaranteeing relationship between investment and regulatory outcomes. we will spend the and for structure and by that, improve the quality of the network. bradford howard will daily-- they liquidity and not charge a performance fee. the fund is a partnew oa unit. a former ubs executive who joins them in 2016. that is the

just like other oil companies we have seen, read excel -- repsol profit ahead of estimate.retail on your mind. w a morehave, indeed. send is fighting back. these numbers are big. fighting back. these numbers are big. the estimate was for a rise of 0.2%. first quarter number, the total numbers, dropped by 1.8%. the market was estimating 2.3%. they are targeting debt of 1.4 billion pounds by the end of the year. beat. comfortable the second straight quarter you are seeing a nice move on these like to like sales. of what theyerms do with amazon? they are up. we spoke yesterday. shoppers are not spending their petrol money yet. numbers.the bp anna: take a look at what they are spending their money on. let's look at the numbers. $2.08 billion. revenue of 5.6 billion. up 22%. they are telling us interesting things with regard to their broad sand -- broadband ambitions. they have anng -- fiber optic broadband, look at the story. 2 million homes and businesses would have copper wire replaced. bt has not been that keen to do in the past area that has been the allegation from their r

employees't have any now the epa logan county repsol money or spend hours watching pornography and so forth? they either left or resigned? >> there are in place of an resign, or been terminated. and there are employees have been disciplined and other means . some of them are still at the agency. >> discipline. in what ways do distance him but he liked that? >> there is a wide range of actions that are available to an official based on all factors. the severity of the crime come as a writer misconduct, and they include all the way from reprimands to suspensions for. the time, to a reduction in grade. >>'m assuming that you change some of these policies to make sure that this type of activity does continued future? yesterday we have change night number of policies. i think the staff came up and briefed the committee staff on policy changes we made specifically with respect to the hearing of pornography. so yes. .> thank you very much fo >> if there's enough for the business. i think the witnesses. for their pants today. this committee since adjourned.