tv Street Signs CNBC January 25, 2018 4:00am-5:00am EST
. welcome to "street signs." i'm wi i'm willem marks here are your headlines. currency confusion steve mnuchin said he is not concerned about short-term levels of the green back he joins a panel in an hour's time. french president emanuel macron warns against a race to the bottom on taxes and regulation using a passionate davos speech to question trump's
policy >> i think we need more cooperation. that was my message, that's why i believe in this new global pa pact u.s. tax reform is a big deal for barclays says the bank's ceo jes staley saying yus europe will need to keep up to stay competitive >> on one level it's clearly changed or will change the dialogue around how countries are coordinating globally both in terms of how to deal with business as a function of r regulation and tax. and diageo sales up. >> diageo's strength is about
top-line growth and efficiency i call it the perfect blend. i'm akiko fujita live in davos. we have heard from u.s. treasury secretary steve mnuchin again saying he thought his comments on the dollar were clear he said he is not concerned with the greenback levels short-term. this after the dollar fell further against the euro on his opening comments in davos, saying that he supported a weaker currency. geoff will speak to the treasury secretary on a panel, the remaking of global finance at the forum today, which also includes philip hammond, larry fink, and christine lagarde. you will want to tune in to that that kicks off at 11:00 a.m.
local time our u.s. colleagues sought to get clarification from wilbur ross as well as getting opinions of those on wall street. some of the biggest names weighing in on those comments in davos. >> i was there with steve when he said what he said i don't think that's exactly what he said i think he said the dollar market is like the bond market, a huge market, not something we worry about day by day i think that's the intention -- >> so he was not advocating a weaker dollar? >> no. he was not advocating anything he was saying it's not the world's biggest concern to us. >> what you have today is a strong u.s. economy and an even stronger than expected japan, europe, china. so very often the value of the dollar relates to relative strength
i think it's fine if it's weak in the short-term. >> provided the weaker dollar is happening for the right reasons, makes manufacturing, exports, the u.s. economy more competitive. the other side of the story is it coming from fears of protectionism, from fears of pending or looming trade wars. that's much more concerning if that's the reason the dollar is underperforming. speaking earlier, jes staley noted a positive fundamental in the equity market but issued a warning about volatility what gave me concern yesterday is asset values such as the stock market are at all-time highs. every major index last year grew by more than 20% volatility is at an historic low. almost more concerning than that, a lot of what's driving that low and volatility is people are selling short volatility if you have a lot of short
positions at an all-time low level, something snaps, the velocity of recovery could be quite something to watch given the level of debt levels across the world, the emerging markets, dollar debt has grown dramatically since the financial market if interest rates were to move quickly, volatility were to move quickly t woushgs quickly, it would be interesting. >> depends on where the volatility is, that's fine, it will disappear if it's on the down side, it may exacerbate a condition and maybe snowball i think you're saying mark carney maybe needs to be more aggressive you have enormous tension here, haven't we >> yes i think it's a fascinating issue. >> carney needs to move more aggressively >> i'm into tnot saying that, be central banks will be in a challenging position over the next year or so if the economies continue to accelerate as much
as they are. if we start seeing real inflation, what the inflation rate in the united kingdom is past 3% f that starts to have legs to it, we see inflation here, wage pressure in the u.s., given economic growth, monetary policy, if inflation moves, it will be a challenge. >> just one more on that if the central banks do move more aggressively, is this a plea for nims? your nims are great. there's nothing wrong with the m nims despite the low rates >> no, we want to be diversified. we are a transcontinental bank we have a wholesale business which we like, a consumer business which we like we don't want to be overly concentrated in unsecured credit in the uk. we don't want to be overly concentrated in investment
banking. we have a good balance if we're going into a period of greater volatility and less certainty, you want a diversified business model going into that. >> coming up on "street signs" from davos, we'll speak to german defense minister, ursula von der leyen and also the prime minister of denmark. and we will bring you theresa may's keynote speech live at 2:00 p.m. local time >> let's bring you news on some stocks moving this morning diageo is backing the fiscal year 2018 outlook as it saw an increase in sales, but says foreign exchange rates did weigh on sales growth. johnnie walker whiskey reported a rise in operating profit to 2.2 billion pounds earlier cnbc asked the diageo
ceo about the impact of rising commodity prices on earnings >> numbers are strong right through the b & l. we grew the top line organically, 2.4%. underlying that growth is a broad based performance. global brands like johnny walker, guinness, captain morgan, they all grew 5% as a group. reserve brands, the high end of our portfolio grew 11% each region around the world wasn't growth. to your point in asia we're seeing terrific growth in china, both on chinese white spirits and in scotch whiskey. india is solid there's been some external disruptions in the market, but business continues to go from strength to strength the u.s. has performed solidly europe grew 4% the beer business is in good health i'm pleased with the broad based momentum of the business >> are you concerned about the
uptick in trade tensions that we've been hearing about particularly with the u.s. and china seemingly butting heads on trade issues to what degree could that hurt the outlook for you at diageo? >> well, i hope not much diageo is the -- we're a classic global exporting trading company. johnny walker is consumed and enjoyed in 180 countries around the world. we've worked through trade arrangements over the decades and the centuries. i remain confident what we're seeing in the world today is improving gdp growth. the emerging markets are improving. through europe we continue to trade nicely so i remain confident that our business and scotch whiskey in particular, which is our main category, that will have a fair runway to trade around the world
and continue to prosper and grow >> if the economic fundamentals globally are looking good, can i ask you a question on pricing power? have you got it? does it mean this synchronized global expansion that we are seeing means that you can charge higher prices for your whiskeys and your guinness? >> well, the phenomenon that's really working in our favor is people around the world are drinking better. so if you look at the united states, johnny walker blue label, which is over $200 a bottle is growing double digit the same is true in europe and the same is true in china. in these results, where we grew 4.2%, volume grew about 2% then we had over 2% of price and mix benefit. we do take price i would expect price and mix equal drinking better to continue to be a very positive force for us
>> that was the ceo of diageo talking to cnbc earlier today. shares in sky are up slightly after the company says a growing customer base lifted its first half revenue by 5% to 6.7 billion pounds it says it is confident in the long-term strategy just two days after uk regulators said rupert murdoch's bid for the company is not in the public interest shares in swiss irish baker aryzta are trading at the bottom of the stoxx 600 after they issued a profit warning. they say like for like earnings may fall 15% thanks to continued weakness in europe and the u.s the latest forecast means the company could report the lowest operating profits since 2010. clariant is trading lower after white tale sold its shares in the group to sabbic
this gives sabic a stake in clariant, and they insist the investment will accelerate its move towards specialty chemicals. coming up later, we will hear from the defense minister of germany that interview at 10:30 central european time. we'll be back after this break some air fresheners are so overwhelming, they can... send you and your family running. introducing febreze one for fabric and air. no aerosols. no dyes. no heavy perfumes. it cleans away odors for a pure light freshness... so you can spray and stay. febreze one, breathe happy.
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welcome back quite a busy day at zurich airport with davos not far away. we expect president trump to arrive there at some point soon. you can see one of the plane there's with a number of passengers being offloaded probably headed to davos by the looks of those nice vehicles moving away from it. president trump will board marine one, the helicopter from zurich airport for a short flight out to davos lateron. speaking of embattled presidents, brazil's bovespa surged after a court uphold
lula da silva's krip shcorruptin conviction brazil's finance minister was asked if he was considering a run for president in this your's election >> i will make that decision late march, early april. when is the deadline according to the law that a minister should decide whether or not he or she stays in government or leaves to run for office that's where and when i will take that decision and the idea also is to be fully focused on the recovery of the economy until i take a decision. >> that was the finance minister of brazil. earlier this week, the mayor of sao paulo was asked about his chance to run for president.
>> lula was a disaster during 13 years in brazil. and i hope with the democracy, so with the vote, the brazilians will choose the right way to brazil, not the old way. >> you sound like a presidential candidate to me. is there a reason why you won't say to me that you want to run for president? >> i want to help my country i love brazil. i love my country. i love my people if i can help, i will do that. former british prime minister david cameron says brexit is not going as badly as he expected. dam ron w cameron was caught on camera making those comments in davos >> everyone is talking about brexit >> yes it's frustrating i keep saying, it's not as much
of a disaster. >> don't hurt london, that's the message coming from luxembourg's finance men center whinister whn the impact of brexit on the city >> weakening london as a financial center to make sure it's not the first financial center in the world anymore is weakening europe let's not have london drift into the atlantic let's make sure we have a working relationship with london, all european financial centers. it's to the whole benefit of europe there are specialties in london that nobody else can do. let's work together. in an exclusive interview geoff caught up with bill winters of standard charter bank and asked how his bank is preparing for brexit and the impact he believes it will have on the uk economy. >> the brexit negotiations are ongoing, it's a mystery to me, as it may be to most people,
maybe even including those involved the challenge for a bank like us is to contemplate the various possible outcomes and prepare for the worst case, which we've done as every other bank has, because we have to we have to be prepared for the hard exit, whatever that means precisely. as i've said before, that will be costly, it will be an inconvenience, but not the end of the world not the end of the world for the banks, not the end of the world for london or for europe which is something we have to cope with. there does seem to be rationality creeping into the debate on both sides, the divorce bill having been substantially settled is encouraging, meaning the two sides can talk i'm encouraged by the prospect of something reasonable over a period of time i think the likelihood of a fundamental impact on the european or global economy is low. i do think there will be challenges in the uk, but the uk is a resilient place >> interesting that we have the
finance minister of luxembourg here who says there is a misunderstanding on the eu negotiating position that by taking jobs away from the financial sector in the uk, that you take those jobs to paris or frankfurt or dublin. the point he was making is damaging the uk as a financial hub will just damage europe more broadly. do you subscribe to that >> he's right. there's other markets outside of europe that are competing for that concentration of talent, which is what london represents. it's a bringing together of strong rule of law, language, excellent time zone, and a talent pool that's attracttive, and a good standard of living. that's not going away. i'm not worried that london will disappear. we have places like dubai, singapore, hong kong, new york, well outside the eurozone, that offer some of those things and
in some cases better for re regional business. so it's not a zero sum game by any means, but london has been an effective financial hub for europe it would be a shame if we dug too deep into that the eagle has landed that's air force one, you can see the united states of america emblazoned across that sizable aircraft, it just landed in zurich airport president trump will catch a flight on to davos with his marine one helicopter. he will be the first sitting president to attend the world economic forum since bill clinton. we will keep track of his movements today. he will be giving a major speech tomorrow, friday, at davos one of the other interesting conversations that's come out of davos is one in which tanya b
bryer sat down with the queen of jordan and asked about the state of education around the world. >> one crisis that has not made it to the headlines is the education crisis we have over 15 million children in my part of the world who don't attend school because of conflicts and displacement, and those who do does not mean access ensures quality so they're getting an education that's not relevant for today's job market, let alone preparing them for the future. when you think of crisis, you think of a life threatening situation that requires urgent action i believe that is what this is we cannot wait for our ministries of education across the arab world that are already overwhelmed, underresourced and bureaucratic to take the measures that need to be taken while we wait for generations of children that are growing up in darkness and being susceptible to extremists thought and hopelessness you know more than i do that
jobs and opportunities and hope are the strongest antidotes to extremism, and education is a prerequisite for home. so we need to take urgent action because we can't wait, we need to look at some tools available today. innovation, applying innovation to education is something i'm focused on in my foundation. that's why we set up an open, online platform for adult learners but we realize that we need to get to children from a younger age. so we're dropping it to become a platform that gives children access to free, quality world class education from the age of kindergarten to grade 12 so we'll have curricular and learning resources online for those children i think that could make the difference that we need to make. as i said, it is an urgent issue. with education, because it's a long-term issue, sometimes people want to deal with urgent,
things related to shelter, health, and they forget that, you know, education maybe reaps benefits in the long-term. but if we don't take care of it now, if we think the arab world is a dangerous place today, imagine what it would look like when these young kids come of age. so we need to take urgent action now. >> your majesty, you're talking about the urgent action needed you are going ahead with your initiative to tackle this. so why do you think governments are not doing more >> you know, i think in the arab world, as you can see, there's a lot of turmoil a lot of war, conflict in different countries, i think our ministries are overwhelmed, they are slow moving. as i said, when people are just very preoccupied with the politics, and sometimes when there are interventions, humanitarian interventions, education goes down the priority
list but for me, it is the most important thing. it is the game changer >> that was queen rania of georgia. as you can see, we've been following the movements of president trump. he's arrived on air force one at zurich airport he will be catching a flight on marine one, the helicopter up to davos. he will be the first sitting u.s. president to attend the world economic forum since bill clinton. we heard over the last couple of days quite a great deal from his cabinet members, including steve mnuchin, the u.s. treasury secretary seeking to clarify comments he made yesterday about the u.s. dollar. steve mnuchin saying this morning he was concerned not so much about the short-term but long-term dollar value we'll bring you more on president trump's visit to the world economic forum a quick break now. stay with us on "street signs.
here are your headlines. dollar confusion steve mnuchin said he is not concerned about short-term levels of the green back he joins a panel in an hour's time. globalization in crisis. french president emanuel macron warns against a race to the bottom on taxes and regulation using a passionate davos speech to question trump's economic policy. >> i think we need more cooperation. that was my message, that's why i believe in this new global pact u.s. tax reform is a big deal for barclays says the bank's ceo jes staley saying europe will need to keep up to stay competitive the tax policy means a lot of things to a lot of people
on one level, it's clearly changed or will change the dialogue around how countries are coordinating globally both in terms of how to deal with business as a function of regulation and tax. and diageo shares move up. the world's leading distiller blames forex rates for low growth, but the ceo says he is optimistic >> diageo's strength is about top line growth and efficiency i call it the perfect blend. ♪ welcome to "street signs," i'm willem marx in london. we have a quick look at the markets, a positive open for all three. the dow jones up more than 28 points the s&p 500 and the nasdaq looking for a slightly positive
open let's move back to europe. let's look at what the markets are doing here the xetra dax down into negative territory. the ftse 100 up 0.1% the cac currant up 0.5 let's look at the currency markets. that weakening of the dollar seems to be continuing the euro stronger as well as the pound, up almost a tenth of a percent against the u.s. dollar. the dollar weaker against the y yen and the swiss franc. >> a crisis of capitalism is emphasizing the negative aspects of globalism that's the message of emanuel macron who called on delegates here in davos to do more to come together and improve the global
economy. >> translator: when i look at dynamism in the world today, we have a form of dynamism which in tax and social issues is continuing to do less. that's what we should be doing we should be reducing tax. there's no limit a race to the bottom people are saying same thing for social benefits if we don't establish a standard for international cooperation, we will never be able to convince the middle classes and the working classes that globalization is good for them >> our own karen tso caught up with mr. macron after that speech asking him whether he was prepared to do the same on a global stage >> i think we need more cooperation and more ncooperatio which is the message of my pact.
we have to finance we have to deliver a new message to our middle classes and working classes. without this consistency, it's impossible to deliver. that's our commitment. we're reforming france, and that's making it much more competitive, at the same time we want to build a new global leadership in that direction angela merkel also delivered her keynote speech in davos yesterday where she spoke out against protectionism. >> translator: germany and all of the talks that i currently hold, that i will continue to hold, germany wishes to be a country that will lend its contribution also in future to solve the problems of the world together we think shutting ourselves off against the rest of the world, isolating ourselves will not lead us into a good future
protectionism is not the proper answer we are now joined by germany's defense minister, ursula von der leyen welcome. >> good morning. >> i would love to start with the coalition negotiations that kicked off this week it seems like there are several sticking points, whether it's fixed term contracts, healthcare or the protection of refugees, how close are you to reaching an agreement? >> we stepped forward last weekend with the party convention of the social democrats. now we are in the process of coalition negotiations so i'm pretty positive we'll have a new government around easter >> around easter >> yes >> so you're optimistic that the option of leading a minority government won't be on the table here because both sides can reach an agreement >> exactly >> okay. some would argue the process of building this coalition has in some ways exposed the limits of
the german chancellor. there's "new york times" tha had an op-ed out that said ms. merkel was not able to get those into the fold here, and that was a sign that perhaps her power was fayin ifading is that a fair assessment? >> i don't think so. when you seen her in davos, she gave a strong speech on germany, on europe. it was fascinating to see and to listen to macron that both of them said what we are looking for is to build a new europe that has taken on its responsibility a strong call for multilateralism, a strong call for open societies, and both said we need a human centric digitalization so both are looking at the new european agenda, this is a chancellor who wants to step forward. >> let me ask you specifically about defense. germany recently became the first country to ban exports to
saudi arabia you are looking to have other countries follow suit? >> we have a clear regime on exports, this is not main topic for us to look at exports, but the main topic for us is to take over responsibility in defense matters in nato to build the european defense union, to be active within our alliances, to be active in the fight against terror so there is our emphases >> but in taking that leadership position, is the hope that there are others that will follow suit >> well, you were talking about the european defense union and nato yes. we hope to take others along, but we build up the structure we have on one side, which will always be for collective defense. on the other side, us, the europeans, we have to be organized in a better way. we have to solve our problem in our neighborhood, as europeans
therefore we build up the european defense union >> you talk about the european defense union. global security is one area where you said you can lead, especially in light of questions about just where the u.s. presence is globally when you look at a majority of eu members, they don't meet nato's defense spending budget can the eu have the capability to take on this type of role, especially without the uk in the fold >> this is why we have this process now over the last year to step up to have an ambitious, inclusive 25 european countries framework for the european defense union. european defense fund from which on we are building capabilities we need to build up the structures, to have the forces that are deployable when a crisis hits. just to have the structures and procedures to be faster, to be able, if the political will is there, it's often there in europe, to act sufficiently. >> is the option to bring on a
third party like the uk into the fold, as it relates to the european defense union, is that still on the table >> we want to have very good and strong relationship with the uk and security matters we will always be side by side where nato is concerned. this will always be collective defense. but also in a bilateral way we will have a strong relationship with the uk. they are very important for us >> we've been talking about the comments we got from french president macron as well as the german chancellor. you know, she soak about the ne spoke about the need of advance global stage >> we have aclear philosophy, we learned our lessons from the last century
the philosophy is no country on its own is able to handle the global problems like climate change, like migration, like terror, like poverty together we have a fair chance to create a better world and to tackle these problems. this is the call for multilateralism. this was the lesson learned from the last century now it's our generation who has to build for the future. the future is open societies, multilateralism, and joint solutions. >> we have to leave it on that note ursula von der leyen joining me here at davos. coming up, we will be joined by the prime minister of denmark. that's in about ten minutes time >> i want to show you some pictures out of zurich airport some sight there of u.s. helicopters. i don't believe that one is marine one but we've seen another helicopter that looks like marine one behind that swiss aircraft that will be taking president
trump up to davos in a few moments time we'll continue to bring you the latest on that throughout the day and his big speech will be tomorrow the ecb will make its latest interest rate decision, that's later today. investors will keep an eye on the timing at the end of the central bank's asset purchase program. joumanna bercetche will have reaction and analysis, and mario draghi's press conference. that's at 1:30 cet today
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. just bringing you live pictures from zurich airport you can see that helicopter center frame, that's marine one and will likely be taking president trump from zurich airport where he just landed on air force one up to davos and the world economic forum he will be giving a major keynote speech there tomorrow, the first sitting u.s. president to travel to davos since mr. bill clinton back in the late 1990s. president trump there looking to disembark from air force one and likely get into that marine one
helicopter i will pass it back to you in davos for more of the latest news >> thank you very much we are continuing to see the dollar under pressure on the back of those comments coming from treasury secretary steve mnuchin. he did try to clarify his comments on the level of the greenback. many of our guests are trying to figure out how the weak dollar will impact europe >> we see nothing which is absolutely out of control. so -- but we need to be vigilant watching it. we need to strike the right balance between the dollar and the euro >> europe is in good shape, spain is in good shape as well in terms of the economy. so they will perform well, not just financially but with information, so i think it's going to be a great year
>> we are joined by lars lokke rasmussen, the prime minister of denmark. he joins me on set at davos. welcome. >> thank you very much >> there's been a lot of commentary here coming on the back of those comments from secretary steve mnuchin about what a weaker dollar would mean for the european economy it does appear that the economy in europe is a sweet spot. we're talking about low inflation, interest rates, yet there are some pockets of concern, whether that's in unemployment or low productivity what's your sense about how much long their can go on >> i totally agree we are in a sweet spot generally speaking. and then the situation is different from country to country. in my country we expect to bring employment to an all-time high record this year very low unemployment. we have regained growth. but in some -- basically perhaps
southern european countries you see problems linked to youth employment that's why i always advocate labor market reforms the model of security. i know the new french president has been inspired from the scandinavian model security for the labor force and flexibility for the companies, because if we introduce that system, you could decrease the structural unemployment rate. >> i know you are hear specifically to push forward this sustainable development when you look at the danish economy, how big of a growth driver do you anticipate that to be >> it's huge if you look at our figures in terms of exports, a lot of it is linked to our competences in this idea of bringing the global economy, in wastewater management, renewables, et cetera i had the honor to chair the
u.n. general assembly, and i participated in paris summit where we agreed in the paris agreement. if we meet these targets, it comes with a huge price tag but also a big business opportunity. many jobs in danish industries are linked to this that's why we tried to export this concept we just announced a new initiative partnering for global growth and greener growth. we have brought on board seven different countries, south korea, ethiopia, mexico, i will meet with colombia today, we signed a memoranda of understanding. and the idea is to promote partnerships between the public and private sector in order to meet the stgs and creating jobs at the same time >> let's talk about the refugee crisis in europe
denmark tightened its border over the last several years, it does look like it's discouraging asylum seekers from coming requests down 4% in the la84% i two years. do you think the refugee crisis should be shouldered by all european countries or dealt with unilaterally >> should be solved in solidarity among european countries. that's why i've been advocating from the beginning we should protect our external borders, and find root causes we have brought our numbers down to the lowest we've seen for the last nine years. but that has also given us the opportunity to expand our activities in africa so we have now the biggest aid budget we have had in terms of humanitarian assistance.
we're trying to establish a partnership with certain african countries, because we need an attitude where we invest more in africa, we give hope for the youngsters, invest in infrastructure, good governance, and then ask these countries to accept the return of their own citizens if they move to europe without permission to move to europe >> broadly speaking, you heard this criticism before, exactly how denmark dealt with this issue. we are looking at refugees coming in, and i wonder if there's a more humane way to deal with this issue >> we are dealing with it in a very humane way. there was a lot of misunderstanding linked with this initiative. it's due to people not really understanding the scandinavian society model. our model differs from the
american model, for instance we pay very high taxes, but then at the same time you have access to free kindergarten, free education, free healthcare system it's based on some kind of contract between citizens and the society. you offer your work force -- you work for society, in return you receive all this and that model is challenged if we receive too many without the necessary skills to be active citizens so that's why i have done a lot to decrease the number at the same time i have made three agreements in denmark with partners so that our business community are more willing to accept refugees in the companies. so we have triple the number of refugees who earn their own money in denmark after spending three years in denmark compared to the situation two years ago so there's no easy solution.
we have to bring down numbers, invest much more in africa, and denmark is among very few countries in the world, i guess five or six, who meet the u.n. criteria when it comes to aid assistance >> we're out of time i appreciate you stopping by lars lokke rasmussen joining me here we will continue our coverage from davos you can follow that on cnbc international's social media platforms. >> thank you very much lebanon's leader says the country's relationship with saudi arabia now is at its best. speaking in a one-on-one conversation with hadley gamble in davos, he explained he rescinded the earlier announcement because all the parties publicly agreed to a policy of disassociation from regional conflicts hariri, who is a lebanese saudi citizen said the controversy around his surprise resignation
has led to positive changes. >> for me, what happened on the 4th of november, it's in the past it brought us some positive things this policy of disassociation, and i think this is the way we need to move forward, because this is the only thing that will benefit lebanon. if we think we can meddle into the affairs of other nations, we will pay the price >> hadley asked about the role of ire ran in the region >> iran is a country that we need to deal with. each nation has to take its own interest how to deal with iran as a prime minister, i wo like to ha would like to have the best relationship with iran, but not
having somebody tell me on this issue, like hezbollah or others. we believe if anythings talk na each other and look at the benefit of the country, this makes things sound iran presents a challenge in the region maybe, but dialogue also is a part of resolving this issue. i think this is something that we look forward to >> prime minister, when you look at what happens over the next 12 months, i asked what your hopes were in terms of lebanon specifically but in terms of the middle east, those relationships between saudi arabia and iran, the nuclear agreement of course comes up often, president trump is very so vociferous in his condemnation of that, do you think we will see some approachment between iran and saudi arabia >> i don't know where this is going, the nuclear deal. i think that there are things
that need to be resolved like the issue of the war in yemen. iran cannot medal in yemen, like -- >> like they meddle in lebanon >> for saudi arabia, yemen is like when the kurds decided to do a referendum in iraq, the iranians didn't like it at all if you ask the iranians in this referendum succeeded, believe me, the iranians would be somewhere else they would be going into kurdistan. therefore, why we need to understand the importance of what's happening in the region yemen has to be resolved iran has to stop meddling in yemen. i think the dialogue will open people need to understand their limits >> that was the lebanese prime minister talking to hadley
treasury secretary steve mnuchin plays down his dollar comments he is set to address the world economic forum in minutes. and president trump says he is willing to speak to the special council under oath as part of the russian investigation. and it's decision day at the ecb. we'll tell you what the global markets are looking to hear from mario draghi it's january 25, 2018. "worldwide exchange" begins right now.