is anything similar to that on the cards for rwe? >> no.e have explicitly addressed this issue very often these days and we have said that we consciously stick to our integrated business model because we see the synergies of that still outweighing the benefits of a split but as we also announced recently that we keep our options open as you may remember at the beginning of this week, we announced that we will significantly restructure our businesses across the whole group and merge lots of legal entities in germany which we no longer lead but we will keep the generation units legally separate to keep the option of a future split open to us if the conditions should change. >> you faced some unexpected technical problems at your u.k. supply business. how is that going to impact profitability going forward? >> we maintain the guidance for this year but if you look specifically at the u.k., we would expect that it will effect both this year's numbers and we have accordingly lowered our guidance and said there will be only a slight operating pro

of rwe and they think that 2013 dividend will be slashed in half.-- when the big shareholder is talking down the dividend, the rest of the market listens. rwe one of the worst stock performance today and on the in the green, leading the charge as the italian company finds what they call a supergiant natural gas field offshore. even though we are seeing oil gas commodities continuing to deteriorate it seems that this company is outsmarting the market. pleased to say we can bring in the ceo of eni, right here, right now on the phone. just to begin, that's get a timeline for production. when does this come online and when do we get the first production from the field? guest: who will try to do our best. we just finished the operation soon we will try to start by the end of this year and chilling in -- drilling in january or february. time to market and a couple of years so -- jon: funding the development -- how do you intend to fund that? do you have the cash or do you have to rivet? guest: -- raise it? guest: these developments will not be very expens

own.ave the utility rwe d it really looks to be across the board.erforming stock, henkel, consumer products manufacturing company, they are down 1%. negative across the board. we will see what volumes do throughout the day. an important part of the story. francine: hans nichols in berlin kongnda curran in. hong today's twitter question, where do you put the money? manus: my best response has been "mattress asset management." of hermes the head equities. is the worst past? talking about how across the board be selloff has been. of what we've seen in the last few months has been a recalibration of expectations. at the beginning of the year, everybody was optimistic about growth. to what wet stack up were seeing on the ground. everybody was typhoon about the dax was going to power to new hi ghs led by export growth. external demand in the emerging world is slowing. the euro has fallen in value, but so have other currencies. there's a missing element, where was the demand? europe's story has been a domestic recovery. francine: you have qe in europe. you

rwe, the trading statement came out this morning.2, down almost one set after the company saw losses in the second quarter due to shrinking margins at their power plants. let's bring in the seat fl. -- let's bring in the cfo. a number of different things the market seems to be disheartened by. i want to get a sense, profitability is down, the market is changing, are we near a flaw in wholesale energy prices? they've dropped over 9% over the past year. is this as bad as it gets and pricing for electricity? bernhard: good morning. it is always hard to predict prices, especially going forward. prices, we must know that the recent drop we've seen that you mentioned in your question was more driven by the growth in fuel prices, essentially call. development of the electricity price will be much influenced by what happens to coal prices globally, which are hard to predict given the influence of chinese demand on the sectors. clear that this must be a flaw. prices drop, electricity prices would drop further. china,you just mentioned their d

it was down 4.5% and energy aboutn of rwe also down 2.5% on the day.rrencies, we have seen the euro gain on the dollar up about .6 of 1%. looks like some dollars that have been betting the federal reserve would raise interest rates in 20 15, shifting attention to selling emerging-market currencies. he see the euro and the yen rallied from losses earlier in the year. we also sought german factory growth, so pmi numbers came in better than expected. they lifted the composite across the eurozone, pmi to 54.1, it was 53.9 in july. it is close to a four-year high reached in june. the french index still not looking all that good, down to a four-month low. quick note on government debt, greek of 17 basis points and -- investors are concerned about the political uncertainty and that, on this friday afternoon, i send it over to julie. julie: thank you, hans. you've got to be relaxed at least it the market is selling off. you've got to feel comfortable if you are along the market because we are seeing it accelerate. we had some starts in the session that was ove

and you just wish, "yeah what woo rwe doing there? don't go there." >> rose: he was a sad man in the end? >> oh, i think so. the person i saw-- every now and then he'd tell a story-- and he was a great storyteller, and then he'd get all excited and he'd get all buffed up. and the story might not have been true but it was funny nonetheless. and then you'd see that side of-- i remember he told me about his great-great grandfather dying at the battle of the alamo. and i said that's amazing and i next day i found out he didn't die there. he just wished he had died there. so you never knew what was true or not. except for those moments when he would get excited or when he was talking about the past and we'd walk from his ranch to the little birth house where he was born, and he would be waiting there for people to come. he wanted more people to come to his birth house and the l.b.j. library than were going to the kennedy library, except for those competitive moments much of the time i think there was an overlay of sadness. >> rose: what di