you are saying that underinvestment in bigger projects over the last couple of years, because of thespike knowing forward? for a potential oil price spike knowing forward ? —— for a potential oil price spike knowing forward? —— selling in the seeds. —— sowing. knowing forward? —— selling in the seeds. -- sowing. ithink that is knowing forward? —— selling in the seeds. -- sowing. i think that is a risk, and nobody would benefit from that. you would. i don't think so. it isa that. you would. i don't think so. it is a popular belief, that this is good for oil companies, but i can tell you that it isn't. what is important to us as a relatively predictable market, a relatively predictable market, a relatively predictable outlook for supply and demand, prices, et cetera. because look at what happens, if oil prices drop down from over 100 to less than 30, you know, there in mind every $10 in the oil price is like $5 billion of cash per year for me. $10 in the oil price is like $5 billion of cash per yearfor me. —— bearin billion of cash per yearfor me. —— bear in mind. so the amount of impa

then you have this underinvestment where they have not got the systems they need.ll meant for the right reason is for but people caught up in this it is misery. and you have the bea systems pressure on top of it. akimbo in barcelona recently announced wandering fan site had apparently but it was a real q. and there was no particular explanation except you have to have all this stodgy going to the electronics in your eyes and all that. people were doing it faster they could but there simply when enough machines and there was enough people. there were so many people travelling, the thing is to travel when other people aren't travelling. the school holidays eve ryo ne travelling. the school holidays everyone is time to go over that. the telegraph says that ministers, british ministers, ignored the aircraft warning that they were too late to ring counterparts. animal the criticising the government, you know that, but i think this is a stretch what are we supposed to do from the spanish border control? also airlines uk other body responsible for registered carriers we r

overinvestment and underinvestment.y people have not made money in overinvestment, and it is hard to invest in things. but it has been established again and again, when money is scarce and there are a lot of think to invest in, people make a lot of money. right now, you should find great opportunities. i'm not worried about the uncertainty, although i think the uncertainty is impacting. emily: so what are you up to right now? >> one of my up to? i just joined the board recently at richemont. they have a little bit of tech investing they are doing to try to see how the industry transforms. i spent some time with some of the unicorns in the valley, helping their founders and management teams. emily: like who? >> i and not at liberty to discuss -- i am not at liberty to discuss. but i spent time with my two young kids. emily: are you still investing, personally? >> sparingly, yes. emily: where will we see you next? what is next for you? >> i don't know what is next for me. i will continue to support various entrepreneurs i

. >> a lot of americans are underinvested in international ek given the troubles that europe has had. give some advice on that. >> yeah, you know, very true. everywhere i go, people are very focused on their whole market. this year, i guess performance speaks for itself. euro stock 600 index is up 18% in dollar terms. what an amazing return for u.s. based investors. missing out would be disappointing after so many years of seeing relatively lackluster in europe. >> is it too late to invest there? >> good question. no, i don't think so. what we're seeing is very strong earnings growth. remember, there have been a couple of recessions in europe since the last one in the u.s. they're earlier in their business cycle and earnings cycle than we are here. earnings more upside there i think and certainly, toks have not yet gotten back to piques in europe. so there's more opportunity there. >> you also make that europe in general, every country certainly is different. but europe generally is overweight the financial secto compared to the u.s., which tends to be more overweight of technology. >

do you see what opec is doing as being effective board do we have to wait for the underinvestment intor? do we have to wait for that to take hold? alex: we had in era of oversupply, we saw four years of high oil prices that created a supply situation and that has exasperated by the u.s. it has an impact for sure. we see a strong demand, we have seen demand in excess of 1.5 million barrels of oil for the coming years which is stronger than average. we are stating to see inventories coming down. my view is that this last three years the industry has underinvested and you will see the impact of that. there will be a more balanced supply and demand which will lead to our higher oil price. thans taken perhaps longer what the industry has expected to recover. manus: some people have to deal activist low and investors. are they going to remain the -- rolling owner of london lundin petroleum and? -- we are are creating a lot of value for shareholders and we are in a country which is producing barrels in an efficient way when you think about the environment and the emission of gas. the family

that causes times of overinvestment and underinvestment.people have not made money in overinvestment when valuations are high and it is hard to invest in things. because everybody wants to invest. but it has been established again and again, when money is scarce and there are a lot of things to invest in, people make a lot of money. right now if you find great opportunities, i would not worry about the uncertainty. although, i think the uncertainty is impacting. -- is not impacting the valuation in the stock is moving private valuations. emily: so what are you up to right now? nikesh: one of my up to? i just joined the board recently at richemont. it is different from tech, a luxury good segment. they have a little bit of tech investing they are doing to try to see how the industry transforms. i spent some time with some of the unicorns, or decacorns in the valley, helping their founders and management teams. emily: like who? nikesh: i am not at liberty to it is many ofut the names you are aware of. and i spend time with my two young kids.

and that causes times of overinvestment and times of underinvestment.le have not made money in times of overinvestment when valuations are high and it is hard to find things to invest in because everybody wants to invest. but it's been established again and again, when money is scarce and there are a lot of things to invest in, people make a lot of money. that's if you take a contrarian bet. right now if you find great opportunities, i would not worry about the uncertainty. although, i seem to think the uncertainty is not impacting valuations based on the way the stock market is moving. emily: so what are you up to right now? nikesh: what am i up to? i just joined the board recently at richemont. which is different from tech, a luxury goods segment. they have a little bit of tech investing they are doing to try to see how the industry transforms. i spent some time with some of the unicorns or decacorns in the valley, helping their founders and management teams. emily: like who? nikesh: i am not at liberty to discuss who. but they are names you're aware

he says that's because we've had years of underinvestment — which will start to reduce the global supplys not good news for the oil companies themselves. you can see that interview by our business editor simonjack in 20 minutes‘ time. thank you, sally. we cross to houston now to get the latest from oui’ houston now to get the latest from our cbs news correspondent, menegola. —— meg 0liver. i understand there are real concerns about a chemical plant at the moment? david, this is a tense situation. authorities are keeping a close eye on this ammonia plant. it is about half an hour away from houston and it could catch fire or explode any minute. authorities there have evacuated a mile and a half area around the plant, and people have left, but as you can imagine there are a lot of concerns if something happens here. this plant is actually submerged in water, so nobody can get in to try to keep things under control. so right now it is a wait—and—see approach. another cause for great concern. we were reporting how the numbers of those who have lost their lives is rising. it has been rising sh

there has been historic underinvestment in the railway going back decades, and some of what is goingekend, notjust at euston, but at waterloo, london bridge, and elsewhere on the rail network, is about putting that right and actually providing better and more reliable services. euston isn't the only station affected in london. work will also be happening at waterloo, london bridge, liverpool street, and paddington. roads are also expected to be busier than normal, especially on monday. traffic is going to build through the course of the weekend, it is actually going to pick on monday with around 5 million leisure journeys on our roads. that is people headed back after the school holidays ahead of the new school term starting but also people looking to enjoy day trips. passengers on roads, railways are in airports are being advised to give themselves plenty of time to travel to avoid disruption. 0ur correspondents adina campbell is at euston station and dan whitworth is on the m6 near knutsford. and our correspondent adina campbell is at euston station. euston is going to be closed, b

change people's outlook in the short-term and that causes times of overinvestment and times of underinvestmenthave not made money in times of overinvestment because everybody wants to invest in them. but it has been established again when money is scarce and there are a lot of ways to invest, you will make a lot of money. right now if you find great opportunities i would not worry about the uncertainty. although, i don't think the uncertainty is affecting the -- of my conversation with the cash of aurora there. coming up, apple is said to be thrown down the gauntlet when it comes to programming. but with other tech giants investing, will it be too little too late? this is bloomberg. ♪ emily: apple is out to make a splash in hollywood, they plan to spend $1 billion in programming over the next year. they are creating a new la-based team and hiring new executives. the move comes after apple intensifies efforts to complete -- to compete with amazon and netflix. joining us is alex webb. what do we know about their plan? alex: very little. we know they have an office in l.a. and from apple music th

there has been historic underinvestment in the real be going back decades and some of what is going onbut what lou, london bridge and elsewhere, is about putting that right and treating more reliable services. euston is not the only station affected in london. work will also be happening at waterloo, london bridge and paddington. roads are also expected to be busier than normal, especially on monday. traffic will build over the weekend and it will peak on monday, with around 5 million leisure journeys on oui’ around 5 million leisure journeys on our road. that is people heading back over the school holidays, also people looking to enjoy a date trip. passengers are being advised to give themselves plenty of time to travel to avoid disruption. adding that give us this update from euston station. this is what the bank holiday friday rush hour looks like. queues of people building as they look at the information board is hoping to make their way home tonight. notjust is hoping to make their way home tonight. not just commuters is hoping to make their way home tonight. notjust commuters but

there has been historic underinvestment in the railway going back decades, and some of what is goingekend, not just at euston, but at waterloo, london bridge, and elsewhere on the rail network, is about putting that right and actually providing better and more reliable services. euston isn't the only station affected in london. work will also be happening at waterloo, london bridge, liverpool street, and paddington. roads are also expected to be busier than normal, especially on monday. traffic is going to build through the course of the weekend. it is actually going to peak on monday with around 5 million leisure journeys on our roads. that is people headed back after the school holidays ahead of the new school term starting, but also people looking to enjoy day trips. passengers on roads, railways or in airports are being advised to give themselves plenty of time to travel to avoid disruption. our correspondent dan whitworth is on the m6 near knutsford. what's expected there in the coming hours? the rac is forecasting that between three o'clock this afternoon and seven o'clock this

president's view infrastructure is really important to america, our infrastructure is crumbling, underinvested. we can go into that if that's of interest to you and what we're going to talk about. >> so he sounds a little different two weeks later talking to the "financial times" but had an opportunity to say what was on his mind then in front of everybody in that moment. >> yes. the greatest moment of, wow, if i could have that over again, what i would have said, the french expression for that? stairway thoughts? >> exactly. >> clear with it. >> and remember, he stood, if i'm not mistaken, he, mnuchin and chao stood next to trump when he made those controversy remarks. god only know what's he was thinking in the moment. as someone who, we in the media, i didn't heep a lot of criticism on cohn and others for not speaking out, leaking anonymously, i was really upset about that. you have to give him credit for speaking up forcefully on the record today. is it too little, too late? he was in a very difficult situation. we' going to work for donald trump we are learning at the senior level puts yo

you can't build self-reflection, unfortunately, and he think the legal practice dramatically underinvests in thinking lawyer development, but tremendous research has been done out there and i'm happy to go off line and equate where to begin on that. the tests are used. >> talk a little about the role that the bar exam plays in this process, the correlation between bar exam passage and lsa and the extent we've built in our own piece of the puzzle that we may need to unravel. >> yeah, well, i'm not sure i exactly know where you want me to go on this, but i'll go with what i know. the lsat is a pretty good predicting of ultimate bar passage. sometimes six more effective is your law school grades. your law school grades should be a function of lsat, but when you use one versus the effect of others, your law school grades are about six times more important in ultimate bar passage. so, independent of lsat, what would predict your law school grades? motivation, all the kind of character factors that judge corliss referred to. i always take attendance in my class and every year the same results,

there has been historic underinvestment in the railway going back decades, and some of what is goingekend, not just at euston, but at waterloo, london bridge, and elsewhere on the rail network, is about putting that right and actually providing better and more reliable services. euston isn't the only station affected in london. work will also be happening at waterloo, london bridge, liverpool street, and paddington. roads are also expected to be busier than normal, especially on monday. traffic is going to build through the course of the weekend. it is actually going to peak on monday with around 5 million leisure journeys on our roads. that is people headed back after the school holidays ahead of the new school term starting, but also people looking to enjoy day trips. passengers on roads, railways or in airports are being advised to give themselves plenty of time to travel to avoid disruption. with the disruption on the railways there's expected to be increased pressure on motorways. earlier our reporter dan whitworth sent us this update from the m6 near knutsford. i must mirror wh

we did feel that the prospects for the eurozone were being materially underinvested.s quite a strong euro position. we pulled that back. in the ecb, they do suggest there's the potential for some continuing momentum. that is certainly possible. what is going on in the eurozone at the moment, they are still that europeenerally is set to continue and to enjoy a period of above trend growth, whereas earlier in the year, the consensus seemed to be that euro was going to break up. manus: matt, will's point is that french manufacturing is at the fastest pace since011. matt, jump in. matt: we see in the pmi you are referencing their, we do see economic growth for sure. thewondering if draghi goes , we're going to taper regardless of a lack of inflation route, or if he uses that bazooka to bring it about. what do you expect? william: there's no great rush at the moment. inflation is not putting much pressure on central bankers. that doesn't mean they don't .ant to get a move on the world looks more normal. it is time for emergency monetary policy to be removed. the fact that

you can't bill self reflection and they dramatically underinvest in thinking through the development, but there's tremendous research that's been done and i'm happy to go off-line and equate somebody with where to begin on that inquiry. those tests are being used. >> talk a little bit about the role of the bar exam and what that place, the correlation between bar exam passage and else that and the extent that we have built in our own piece of this puzzle that we may need to unravel. >> i'm not sure that i exactly nowhere you want me to go with this but i will go with what i know the lsat is a pretty good predictor of bar passage but your law school grades are about six times more of a factor. your law school grades are about six times more important than ultimate bar passage. independent of lsat, what would protect your grades? motivation and character factors that the judge was referring to, showing up. i would always take attendance in my class and i've always struck, every year i get the same result. you come to fewer classes and you get a lower grade. some of those people have hig

talking about how people are not saving enough for retirement, and we keep hearing how people are underinvested at the same time, are they >> they are. and we've continued to ever since we've been a public company which is now, since 2013, grow in and encourage people to save even with that, our company and all other companies that are in our business, it's still occurring. there needs to be a continued education, continued information, and all of the appropriate incentives, balancing all the discussions that are occurring that are needed to help americans save more to be prepared for retirement >> and real quickly, how much better would your earnings look, performance, et cetera, if we had higher interest rates. >> interest rates we talked about this the last time interest rates matter for americans for voya and companies like ours. so certainly, a increase in interest rate over a period of time would really make a difference >> to say the least. rod, good to see you again >> good to be with both of you >> joining us here at post nine. >> we have less than 40 minutes to go. dow sitting at 22,0

this is about putting right historic underinvestment and catering for the huge growth we have seen bothhat. we just want to see the work done, it is never the right time to do it, we want to see it done on time and keep passengers informed and up to speed about what is happening. the work isn't just about what is happening. the work isn'tjust happening about what is happening. the work isn't just happening in about what is happening. the work isn'tjust happening in london, there are improvements in many other parts of the country as well, what kind of impact, what kind of benefits will it bring? we hope it will bring real upgrades in the amount, the frequency of services and also in the quality of services. however, we still want to see the government reinstate some of the work they have talked about dropping. particularly outside london, in the midlands and the north of england, which have had historically very little investment in their railways. we need to see that investment put back on. we are hearing different messages from the government. theresa may saying she wants the upgrades

i don't think you can stand and make the caisse that in general the world is underinvested in equitiesrotation in. >> and you might also argue that sovereign wealth funds are not early, shall we say, when it comes to a market trend. so, yes, there's support there's high liquidity out there. there's a dearth of easy returns in other asset classes does that mean that money is going to flow disproportionately to u.s. equities i doubt it. >> david real quickly because you mentioned alibaba and tencent, names which have run up big and cassandra would still be a buyer. the big f.a.n.g. numbers in general, netflix being one of them >> facebook and google can do things no one else can do and make real money. amazon, you know, they have a great business model not making a lot of money. netflix we think is a paper tiger. we think that's a bomb waiting to explode haven't made money in a being lo time the expectation is baked into the stock price that they will grow profits at 30 compound annually for 20 years. >> i'll come back to alphabet but salesforce earnings are out. let's get to these with

get a lot of people that say in other parts of especially the south—west they say we are really underinvestedg invested. the department of transport are saying they are committed to the whole northern powerhouse project. it was the old regime, george osborne and david cameron who announced it, there was concern about whether the northern powerhouse thing would slide away so this meeting is important for that. the government saying they are still committed to it and they are pretty millions into it already and they are waiting for plans to be submitted so they can get cracking with faster routes are across the pennines. see you later. did you watch the bake of? did you watch last night? i am, but! watch the bake of? did you watch last night? i am, but i didn't. -- bake 0ff. last night? i am, but i didn't. -- bake off. there are loads of spoilers here but we are going to talk about it! the great british bake off was back on television last night for the first time since its move to channel 4. nervous viewers tuned in to see if the proof was in the pudding, hoping the recipe for the hit show had