tv Street Signs CNBC December 1, 2017 4:00am-5:00am EST
hello. welcome to "street signs." i'm carolin roth >> i'm joumanna bercetche. these are your headlines >> european stocks in the red failing to pick up the baton from wall street where the dow crosses 24,000 capping its monthly longest winning streak since 1995 >> u.s. investors cheering progress on u.s. tax reform as republicans secure the backing of senator john mccain the bill hits a fiscal hurdle forcing gop leaders to rework the legislation. investors loading up on
altice and sell two swiss assets as they look to unload their debt pile. and one of the biggest names, sir paul ruddock tells me there's one asset class investors should be concerned about. >> credit is an area to be concerned about at the moment. there's been a huge boom in credit over the last ten years that's one area to be concerned about. good morning it's friday. let's get straight to macro economic data in the form of eurozone manufacturing data for november we're seeing 60.1 versus a forecast of 60 this is a rise from the october figure of 58.5 november was the best month for eurozone factories in over 17 yo17
17 years the german manufacturing pmi came in close to a record. the spanish pmi rising at the fastest rate in more than ten months the strong french numbers as well, best month in seven years in the month of november those are stunning figures we get some instant reaction over the summer there was a concern that we would see a leveling off of the eurozone activity i guess that was overdone. >> in hindsight, yes, it was definitely overdone. when i look at the figures, not just in the eurozone, but also in norway, sweden, even the chinese numbers, they keep beating expectations on average. this is setting up to be a good start for going into 2018.
>> what could stall this what could trip this up? is it the strong euro? we saw that over the summer, it didn't have a lasting impact is it geopolitical what would it be >> as far as the eurozone is concerned, i doubt it will be a strong euro. the euro has been undervalued. even if it appreciates, it will be converging closer to fair value. it's unlikely to have a significant drag on growth you have the political risks that's always the big unknown. we have elections in italy next year on the whole i feel comfortable with these risks going into 2018 >> can i just ask you about ecb policy the numbers have been strong we saw the strongest numbers in whatever it is, x years, coming out of eurozone. the ecb is still stimulating, they extended the asset purchase program. do you think they'll get into
trouble by keeping rates for too low for too long given how strong the economy is? >> strictly speaking the ecb has a price target mandate to that extent, as long as inflation remains further away from that target which is close to but just below 2 %, the ecb has incentive to maintain relatively easy policy >> you will stick around for a bit longer we have a lot to talk about including what's in store for the dollar first, how are we looking for november when it comes to the major indices? >> it's the first day of the month, let's look at how things did for november dow this month, another record month. we broke through the key 24,000 mark yesterday for the month, up a good 3.83% so that tells you that, you
know, u.s. stocks are continuing to move higher despite all of the noise we're getting with the political back drop. s s&p, 2.81% in line with what we've seen in dow jones and another strong performance in u.s. equities of course, that jives with what we've been seeing in european equities let's look at nasdaq as well nasdaq for the month, also up quite a lot. of course there was a lot of focus on tech stocks again, that differentiates quite significantly with what we've seen in europe carolyn? >> let's get back to one of our top stories, the senate republicans have delayed voting on their tax bill following an 11th hour setback. procedural problems over a fiscal trigger left lawmakers weighing new options in order to win the support of bob corker, a deficit hawk republican senate mitch mcconnell said senators
are reworking the legislation and that votes will continue today. the delay came after a break through in the form of john mccain support the arizona senator, who earlier this year helped sink the republicans plan to repeal obamacare said he will vote for the bill despite its imperfections. ylan mui reports on a pretty busy day in washington. >> reporter: republicans are closing in on the votes they need to pass their tax bill in the senate they got a boost when senator john mccain of arizona said he will support the tax plan. he has been a crucial swing voter, but he said in a statement that even though this legislation is not perfect, he does believe it provides relief for american families. another key supporter, lisa murkowski of alaska. even though she didn't support the healthcare bill, she said she's getting behind the tax bill this means that republicans are closing in on those a votes they need to get this legislation
through the senate however, there are still three prominent senators undecided, senator ron johnson, senator bob corker and senator susan collins. all three say they are working with leadership on concerns. for senator ron johnson, republicans have already agreed to increase the deductionfor pass-through businesses from 17.4% to 20% for bob corker they're working on a fiscal trig their would raise taxes if federal revenues fall below a certain number. and for senator collins, they are working to stabilize health insurance markets and keeping a $10,000 deduction for property taxes that would match a proposal in the house version of the bill this is an example of some of the horse trading that is going on here in capitol hill, but republicans are hoping for a final vote soon.
i'm ylan mui, washington hca healthcare surged as jpmorgan singled it out as a tax play they said the plan could boost hospital"operatoin odyssey dawn" r earnings by 30% >> the banking sector is kind of a gold mine. it's an indicator of the health of the whole economy what people think -- i cannot comment whether this goes through, but if it goes through, it's a positive for the u.s. economy, earnings and banks. i think the market is being rational in reacting like this >> let's bring back in the head of global fx strategy at unicredit research what does this whole tax reform in the u.s. mean for the u.s. dollar we've seen a run up, but then so
much back and forth, so many dlin brace deliberations going on this morning the dollar index is down by 0.2% is it a clear-cut positive for the dollar >> no, in short it means nothing. look, i think that the two aspects we have to approach, it's the short-term angle and the noise that politics generates around them and the fundamental long-term angle. as far as the short-term waangl is concerned, i think eventually we'll be getting a bill passed the republicans and the u.s. administration has to pass something. it's been a completely wasted year as far as policy and implementation are concerned it may boost for a short-term period the dollar. but the reality of the matter is this is a tax plan that does not address fundamental issues like the slow productivity growth rate by recent estimates by the joint
committee for taxation, which is along the lines of our own estimates, the boost, the long-term boost to gdp will be really minimal from that per spktivsp perspective you won't get a fair increase of the dollar >> can i ask about how the composition of the fed plays into your dollar view? jay powell more of the same, but also other vacant seats at the fed that have to be filled do you think that president trump may lean towards dovish candidates because it gives him cover on the fiscal side >> again, two things here. first of all, i have to take into consideration my estimate of the dollar being overvalued which means that even if the fed pushes the brakes harder, still the dollar cannot justify current levels now, the second aspect of it is pretty much what you said. from the very beginning it is true this administration in the
u.s. has hinted that it does really want relative accommodative monetary policy. from that respect, you put the valuation argument together with the outlook for fed policy, and you conclude that the outlook for the dollar remains bearish what is the playbook then for major currencies bearish on the dollar now. the euro and pound sterling in there, they recovered quite a bit, because we had easing of the political worries. will that last longer? >> as far as the eurozone is concerned, i think it goes far beyond just an easing. we're talking about a broad based growth with a very, very small dispersion, meaning that the growth rates in the eurozone and individuals are converging to higher growth rates, and you're talking about a significant shaving of politicsful so shgpolitic s. >> pound sterling? >> i think we're in a bit of a weird situation in which right
now whenever the uk makes a step backwards, many think it is capitulating and this is seen as a positive for sterling because it reduces the risk for a disorderly brexit. this is where we'll go to. i think we'll rise against the dollar potentially we'll fluctuate against the euro in the end, we'll find a solution >> always a pleasure speaking with you thank you very much for that now, another shake up potentially in the white house u.s. president trump is reportedly considering a plan to force out secretary of state rex tillerson within weeks multiple media reports suggest that tillerson who has publicly clashed with trump over a range of issues would be replaced by cia director, mike pompeo. tillerson's exit would be the
latest in a series of top-level departures in the trump administration both the white house and state department have denied those reports. and a new deal for oil, we'll be going live to vienna where steve is getting the lowdown on opec's latest moves okay, i never thought i'd say this, but i found bladder leak underwear that's actually pretty. surprised? it's called always discreet boutique.
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>> welcome back to "street signs. it's the first day of the month, it looks like european markets are not liking it. ftse 100 down 0.2% xetra dax down 1%. ftse mib down 1% it's been quite a soggy start to the trading seg this morning let's take a quick look at how individual sectors are doing sea of red behind me every single sector in the index is down. some underperformers, autos down 1. 1.7% technologies down 1.4% industrials also a big losers today. altice agreed to sell its swiss
telecom solutions and data center operations units. this as they try to cut the 50 billion euro debt load the business is valued at 2$217 million. altice's share price has halved since reporting weak results last month german airline lufthansa could sacrifice some routes to push through a deal to acquire assets of air berlin according to reuters lufthansa was preparing to submit the concessions to european officials the deal has come under close scrutiny as consumer groups and european regulators voiced fears that lufthansa could dominate german air travel. shares in airfrance-klm have fallen back after surging 2% earlier that came after deutsche bank upgraded the stock from hold to sell. and shares in fiat chrysler moved lower after trading resumed.
the stock was halted after falling 5% the italian carmaker is at the center of diesel test cheating the new agreement for oil will see production capped for january and a review at the end of june to assess the market steve is in vienna the day after, just a question about these reviews. you made the excellent point over the past couple of days that they do reviews any way so how much do we read into this official review put on the agenda >> i don't know. that's a good question i want to dismiss it, but -- here's the thing if you're a compliance department at the bank, you don't wait for the big ecb stress test to work out if you have too much risk on board, you do it every day. if the oil price is going
upheavally, you c lu up heavily, you can afford to put more oil into the market it's good for those who maybe are concerned about the exit strategy, so it is important, but i wouldn't put much thought by it. the jmc, they can meet whenever they like throughout the year. and they are due to meet in january any way. let's get back to the russia slr sau sa russia/saudi story talking to the two most important mean at the meeting, they say we are perfectly aligned, and even on getting out of this we are on the same page as well, though they don't actually have an exit strategy for putting this 1.8 million barrels back on the market at the end of 2018. when will we get rebalancing they are getting down global inventories. they have them from 3 30 million barrels above the five-year average to 140 million
when will we be rebalanced in the best guest for mr. novak is the following. >> translator: you know, there are various different assessments and a great many factors that might affect demand how the economy will grow. how it will grow throughout the world as a whole and in many countries. what sort of circumstances might occur. at present we believe the third quarter could be the period when the market might rebalance however at the moment, this is not precisely predicated on hard proof. >> i thought that was interesting he said third quarter. when i asked the question i thought he might say earlier, bearing in mind that the russians pushed for the review to potentially get out i thought him saying third quarter was interesting. that lines him with broader opec opinion. the ills of this trade, the extension to the end of 2018, what are they? you put a floor under the price, that encouraging the likes of
shale to carry on producing as full tilt as they can, knowing that opec will sacrifice market share for price, which has worked well for them over the last year or so. but the problem is what happens with shale are there too many ills for the russian oil industry and the russian economy? let's listen in to what mr. novak said to me about the ill effects of this deal yesterday >> translator: well, we believe we would have been even more greatly affected if the agreement had not been in place. even despite the fact that we understood with the corresponding collaborative actions, we would have the capacity to produce more oil than other countries all these risks and balances are taken into account, and we would have a positive effect i'm asked this question every interview and i already answered it many times. this is not news for us. for some reason when people ask this question, they seem to
believe shale oil wouldn't grow. either you underestimate us or you think we lack professionalism. if you think we're professional, you need to understand we're including all of this inc calculations >> i don't doubt that but i also understand you have strong businessmen, and i wonder how much pressure they're putting on you to say unleash us, let us grow >> translator: if it wasn't beneficial to us, we wouldn't be involved in this cooperation it's clear this process will not go on forever, and that at some time it will all come to an end. so therefore we need to prepare ourselves for this today we understand that we need to see this process to its conclusion >> high oil prices do not encourage economic reform in the russian economy. lower prices meant russia looked at other forms of income,
diversified. higher prices are not beneficial to russia. how do i look at that scenario >> i think our economy already adapted to low oil prices and diversification is already taking place in the economy along with our dependence on oil prices even with low oil prices our economy is feeling confident this year we're seeing growth of 2% and inflation is at a low level of 3%. and you know, even if prices go very high, we have a mechanism for saving surpluses and reserve funds, this will allow us to continue to diversify. our objectives are not dependent on the volatility of prices on the markets. >> that was the russian energy minister sitting down with me after the key meeting yesterday. i think opec has gone as big as they can i don't think they can get bigger getting deeper cuts would be difficult as well. putting oil back on the table will be torturous as well because it will create
volatility but the russian election in the first quarter, plus the saudi aramco ipo, for the moment the alignment of russia and saudi is real and has great economic rational behind it whether it lasts the course of 2018, that's for us to decide i'm sure i'll be back here to discuss that in the middle of the year >> i'm sure you will, steve. thank you very much. moving on to kazakhstan, halek bank is looking at becoming involved in china's one belt one road infrastructure plan, this as they raise the profit guidance for the year the ceo of halyk bank joins us today. it looks like kazakhstan economy has been picking up, estimates for growth next year is as high as 4 % some thoof is heof that is helpe rebalance in oil prices. are you seeing a pick up in lending activity as well on the banking side >> yes i can say this year in
kazakhstan we are seeing 4% nominal growth of gdp, and 10% lending growth in banking sector but at the same time we have to look at how this lending rate is derived. when we look at bta bank, the part of kkb, it was removed from the banking sector, it shows the decr decrease in banking sector but for the healthy lending portfolio, yes, it's growing already this year. >> i believe the chinese-owned bank has a stake in the bank you already own. i guess that gives you a competitive advantage when it comes with trading with china, trading in yuan dominated
currency >> china is a big neighbor for kazakhstan as you know, kazakhstan is the oil and gas economy. the last initiatives of the government and the bank to diversify the economy and move to more non-oil industries, this gives us new opportunities i think the big part is the agricultural sector and the infrastructure one belt one road gives us again a new foreign direct investment into kazakh economy, especially from chinese investors and citibank is one of the examples when the non-oil and gas industry investments are coming into the banking sector we signed the 60% sale agreement of shares in our subsidiary, alton bank, and they will have
the direct correspondence with the central bank of china, which gives us opportunities for the transactions weekend we see the increase in trading exports, export goods from kazakhstan to china >> all right we are going to have to leave it here we're running out of time. thank you so much for your time. coming up, the northern ireland border issue has the potential to endanger the good friday peace process that's according to one of ireland's leading politicians. more in a few moments. happy anniversary dinnedarlin'
hello. welcome back to "street signs. i'm carolin roth >> i'm joumanna bercetche. these are your headlines >> european stocks in the red failing to pick up the baton from wall street where the dow crosses 24,000 capping its monthly longest winning streak since 1995 >> u.s. investors cheering progress on u.s. tax reform as republicans secure the backing of senator john mccain
the bill hits a fiscal hurdle forcing gop leaders to rework the legislation. investors loading up on altice as the troubled teleco unloads more assets and sell two swiss assets as they look to unload their debt pile. and one of the biggest names, sir paul ruddock tells me there's one asset class investors should be concerned about. >> credit is an area to be concerned about at the moment. there's been a huge boom in credit over the last ten years fuelled to a large degree by quantitative easing. that's one area to be concerned about. i rarely get excited about uk manufacturing pmi maybe this morning i will i know this is not the biggest sector in the economy, but i want to show you what's happening with pound sterling. we're seeing a nice spike
against the u.s. dollar on the back of better than expected uk manufacturing pmi. it's the best month since 2013 so the manufacturing pmi came in at 58.2, versus a revised october figure this is the highest print since 201 2013 >> i want do mormon-end analysis there's been so much focus on cryptocurrencies in the past month, let's look at bitcoin for november, up 56% for the month of november. clearly a lot of volatility there. i wonder what the ratio on that one looks like a lot of focus on bitcoin. let's look at how oil has done a lot of focus on that going into the opec meeting. we have the results of the opec meeting. for the month, brent is up a bit, but only up 3% relative to
the expectations that were built in to the meeting and the fact they did end up extending for the full-year of 2018. surprising brent is not up more. foreign exchange for the month, euro/dollar up 2.2%. we hit through the 118 and 119 level, almost back to the 120 level, which if you remember a couple meetings ago for the ecb made a few investors nervous about the next steps one to keep an eye on. >> now, i think you spoke exclusively with the co-founder of lands down partners paul ruddock and asked what asset classes investors should be cautious about let's hear that. >> we had a 35-year bull market in interest rates. i'm still of the generation that remembers the prime rate going to 14% sorry, prime rate 20%, fed funds rate 21% long bond rates of 14%
when you look today at low bond rates in the low single digits, deposit rates a half percent or so, it's an extraordinary environment that nobody could have conceded of 20 years ago. going back to the bubble, credit an is area to be concerned about. there's been ahuge boom in credit over the last ten years, fueled by quantitative easing. that's one area to be concerned about. it's inconceivable that interest rates will not go up the question is the rate at which they go up i suspect it will be a slow rate because of the concern about putting the brakes on economic growth i think going back to what i was saying earlier, the leverage being deloied in ardeployed in areas like private equity, you have to be cautious where you deploy capital in private equity today, compared to seven, eight years ago. >> going back to your own career, you launched a hedge fund at a time when there was
very little money invested in long/short equity funds. landsdowne has shachanged over e last few years do you think it's more difficult to achieve returns >> we started with$3 billion i equity hedge funds, today it's hundreds of billions of dollars. the competition then was the traditional asset managers, it was also easier in the '90s when you had a bull market in equities to make money i think it is a tougher environment today. it is a tougher environment if you have a headwind of rising interest rates it's a tougher environment because the competition is greater. valuations are more stretched than seven, eight years ago. i'm a great believer that absolute return vehicles are interesting places in which to invest, because at the end of the day, for the endowment that i chair, our goal is to make real rates return over a long period of time
we need to deliver a significant excess over inflation. so we not only can maintain the real assets of the endowment but pay out a dividend which funds education, research and et cetera i'm still optimistic about the ability that absolute return vehicles like hedge funds can bring for long-term investors. >> being a big contributor to london and in terms of its museums and other philanthropic work that you have given in addition alongside your financial experience, when you think about london, are you concerned about the future of the city in a post-brexit environment? >> i think london is an extraordinary place. we are a melting pot of talent from, you know, tens if not hundreds of countries. and we've always ban magnet for that talent. i am concerned if we enter an environment that is difficult for companies to hire talent
from around the world. i'm also concerned if there's restriction on cal tapital flow. it would be, i think, very bad news for the capital if those were reversed. i think the city has been a major contributor to the wealth, to the talent and to the tax base of both london and the country. >> now, lawmakers charged with examining the uk's exit from the eu are unable to see how the irish border issue will be resol resolved hillary bend says the uk's plan to return to a hoaard border is inconsistent with its withdraw from the customs unit. willem joins us live from cork on his final day of his irish
tour willem >> thank you very much that uncertainty is something people here in ireland, when it comes to business, they are concerned about. to help me understand a bit of that concern, i'm joined by the ceo, brendan keating we've been hearing a lot about this concept of regulatory die verbal jens wh divergence when it comes to brexit when i look at this city, a lot relates to transport, logistics, trade. how concerned are you about that >> we are quite concerned about it if for no other reason than the costs it brings to bear on the businesses of the region, particularly the smaller business so it's an issue, one of concern to us. >> one thing you read about, you read impact studies done by the city of cork they talk about the word decline, population decline, industrial decline they're looking to spend about a billion euros on this place.
given the fact that your largest trading partner is the united kingdom and there could be restrictions on that trade, how concerned are you about building a world class port here? >> again, as you say, we are concerned, but having said that, we are equally optimistic about the future and, you know, while we will lose market share in the uk, there's no doubt about that, there will be opportunities for irish businesses to open up new trading opportunities, particularly in spain, france, and northern europe. as well as mediterranean europe and across the world >> talk about that how do you goabout trying to forge new routes you have this huge back and forth with the united kingdom. it's been around for decades how do you and your business partners go down to places like france and spain and say here's what we're looking to do >> our approach has been to link up initially with spanish ports and french ports, develop a
relationship with them, understand the markets that operate in their particular region, explain to them our markets. collectively we work together and seek to attract shipping lines. and we have been working very, very closely with some of the ports in northern spain in recent weeks and we're about to embark upon a similar campaign, a work program with the ports in western france yes, there are challenges, pu equally there will be opportunities as we face into 2019 and beyond. >> the point there is that the customs barriers between you and france, you and spain, they are pretty minimal those barriers might be great for the united kingdom we heard from representatives of the uk customs and border force that they don't have a huge amount of preparations done when it comes to a hard border. i wonder whether you with your conversations with colleagues feel they have done any preparation work for that. >> i suppose at the end of the day, the decisionmaking on these
particular issues are decisions of our government. so -- i would have a sympathy for the people working in the irish customs. they have to waste resolution on particular issues. once there's a degree of certainty, it's possible for them to make arrangements. but the businesses in this region and across the island of ireland are making alternative arrangements now the boardrooms, decisions are being made as to how new routes will have to be developed to get their product to market. >> we're expecting there will be a bit of clarity early next week we understand the british prime minister will be meeting in brussels with jean-claude juncker, maybe tabling an offer. do you think this insistence by the irish government on regulatory convergence and consistency across the border with northern ireland is a way to force the rest of the united
kingdom to maintain that regulatory consistency >> it's difficult for me to answer that question we are moving into a political territory. all i can give you perspective on is on business, our customers and how they're likely to be affected any impediments by way of increased controls forever the movement of goods across the island of ireland will have additional costs for southern business people and for business people in the north of ireland the least number of regulatory controls, customs controls that exist or prevail from 2019 onwards, the better for business that's the only perspective i can give you >> brendan, thank you very much indeed that's brendan keating, the ceo of the port of cork here this is our final morning in ireland. thank you for the coverage from out here i will see you next week,
hopefully. >> fantastic week. appreciate it. the line dropped just in time. for more on the concerns of irish dairy farmers north and south of the border go to cnbc.com. we have a few flashes out of russia let me read these out. russian parliament will bar all u.s. media from accessing russia's lower parliament, house of parliament. the ban will come into force next week. it is a retaliation for u.s. actions against russian media. i should tell you a couple days ago the u.s. state department said that this new media law would pose a threat to free press. the uk and the eu reportedly agreed on a financial settlement according to reuters, the two sides reached an unofficial compromise under which westminster has agreed to pay a set share of eu budgets after britain leaves the bloc. the uk had more than gudoubled t
offer to the eu to roughly 50 billion euros. >> and geoff spoke to tidjane thiam about this >> we are in paris, we are in madrid, luxembourg significantly, we have enough of a footprint in the eu that you should not expect any strong discontinuity from us. we can move resources around freely this is why we have not made big pronouncements we don't need to open a new location we have optionality, if i can use that word. that said, maybe i'm too trusted by my former career as a public official, i have sympathy for people who have to drive those conversations under the glare, scrutiny of commentators i won't add my voice to theirs
speaking at a conference in luxembourg, d ishijsselbloem sad the eu still needs to deal with nonconforming loans. and there is a race to replace dusselbloem as finance minister portugal is seen as the front-runner for the job, a decision on the role will be taken this coming monday that job once was very high profile. during the great debt crisis, i don't know if it holds as much sway >> i think the big one people are vying for is the ecb president job as mr. draghi steps down. coming up, melinda gates tells cnbc that the giving pledge comes with great responsible. >> i feel a responsibility not
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welcome back the biggest gift ever given, that's how bill and melinda gates have described warren buffett's $30 million donation to their foundation a decade ago. tanya joins us now she is such a big name when it comes to philanthropy. >> incredible. good morning melinda gates is extraordinary she was voted the third most powerful woman behind theresa may and angela merkel, now it may shift around, she may become the most powerful woman. she is up there. on the philanthropic stage t doesn't get bigger than the bill and melinda gates foundation she's a woman that not many people know about her story. so when i went and caught up
with her, i got an inside look into her background and what made her want to dedicate most of her life to giving back of course, they started the foundation in the year 2000. but it took a turn in 2006 when warren buffett, the oracle of omaha came on board. i asked what difference that made and was it a game changer >> when warren buffett's money came along, his assets in 2006, that's when we skral escaled up agricultural program i think warren sees both our skills he sees we do this as a partnership and that we both have unique skills and talents, but that we merge those together, and bill and i talk a lot about the foundation we probably talk as much about the foundation as we talk about our kids that's saying a lot. we take long walks on the beach
to talk about the foundation, what we're thinking, where we're going. warren sees that we bring different perspectives to the work but we have so much respect for one another's opinions, that where we do have differences of opinion, we listen closely and we work it out we figure out how those differences make the work better so i think war rep sees the equal partnership. he likes that. >> critics say the foundation is too powerful, you set the agenda there's no accountability, you have too much power. what do you say to them. >> we'll get criticized. we are doingthings that are hard at times. so i -- i listen to the criticism, bill listens to the criticism. we decide whether we need to shift. is there something we've changed. you actually learn from criticism at times, right? but here's the thing the things that we're working on in global health are set by the united nations so the united nations set the goal
193 nations saying they wanted to have childhood mortality. we looked at that and we said we believe that, too we're doing the technical pieces of what the world has set for a goal that's not our goal. we're not saying to the world you will cut childhood mortality. we're saying you set that as a goal, we believe on it, too, so we'll work on it same with maternal mortality and malaria. we're doing the best we can with the resources we have. >> do you feel pressure of are we doing the right thing with the right partners? do you feel the responsibility >> we certainly feel a responsibility i feel a responsibility not just from the wealth from microsoft but from warren buffett's wealth if you feel a responsibility giving your own wealth away, try giving away someone else's money. it means all the more you're thoughtful, responsible and careful about that >> there we go they got a big responsibility, she's saying, not only to look
after their own, but when warren buffett gives you the equivalent of 31 billion, you feel it even more every year they publish a letter to set the agenda. this year it was called dear warren this is where your money has gone and what it has helped. what they achieved in the world of philanthropy is inl credible. when asked what she was most proud of, she said the vaccines and the reduction in child mortality. now she's a big voice for women and girls around the world she wants to use her voice not many people really knew her. she was so private, obviously everyone knew about bill gates, but not about melinda gates. because of her passion to help women and girls around the world, she has stepped forward into the spotlight >> you know, i'm quite interested in hearing about her background i had the opportunity of
interviewing sir paul ruddock yesterday, he went into education from a fill lphilanth angle, because he went to a state school, and from that he wanted to give back to the education sector i'm curious to hear if melinda gates has her own story. >> you're right. where is the motivation, where does it start? with her, it was her family upbringing she was brought up in texas. her father and mother instilled in her and her siblings about community spirit giving back. she was also schooled by nuns. i think that was a big influence in her also to give back really she came from a very normal background. when she went to college, she got a degree in computer science, economics it was when she went to microsoft, where she did extremely well before meeting
bill and marrying him, that she had already set her own agenda for her life it was interesting i -- not many people know her background or her story or what gave that. she said when she did meet and marry bill, her parents were quite worried about that and they went to africa together when they were engaged, on holiday, but she said when they went on that trip, they saw the inequality of what was going on around them, she knew and he knew that they had to dedicate the rest of their lives to closing that gap >> tanya, thank you very much for that sounds like an exciting interview. tune in to the full episode tonight. you can catch that at 11:00 p.m. cet. now, one more thing as we say good-bye, there will be a change for "street signs" next week carolin roth will be preparing for a special event of her own we wish you all the best we'll miss you on the show >> thank you
>> i'm hoping will you be watching "street signs" every day from your maternity leave. >> i know i'll be up in the middle of the night at all times. i don't know if i'll be up at 9:00 in the morning. >> you may wanted to take a little break >> or maybe the baby will want to watch "street signs" and scream so much >> i'm sure he will. of course. >> absolutely. >> good wishes >> thank you very much, ladies i know "street signs" will be in good hands i look forward to being back soon >> we'll miss you. everyone will miss you >> i'll miss you, too. >> that's it for today's show. i'm carolin roth >> i'm joumanna bercetche. "worldwide exchange" is up next. >> quick look at u.s. futures. this is how we're setting up for today's trading session. slightly negative picture there. we'll see you on monday. i won't see you monday joumanna will. bye-bye.
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new this morning, a big setback for tax reform as senate republicans delay a major vote that delay could have an impact on the markets, futures pointing to a lower open on wall street will the setback for tax reform derail the record run? and there are just 24 shopping days left until christmas. we'll tell you which retailers are best positioned heading into the holiday rush it's friday, december 1, 2017, "worldwide exchange" begins right now. ♪