User growth is slowing. And german carmaker daimler posted jumping quarterly profits, telling investors to expect Significant Growth this year. We catch up with the chairman first on cnbc in just over an hour. Youre watching Worldwide Exchange bringing you Business News from around the globe. The countdown into daimler, also on todays show, danish lender bankia bank has plans to pay out a dividend in seven years. Well speak to the firms cfo. And animated hit movie frozen helps disney serve up hot profits sending shares higher in after hours trade. Can the giant continue to outperform . Good movie. If you havent seen it, go and see it. Also, hes known as the man who invented glass art. We meet up to find out about his smashing exhibition in london. That is all blown glass. Extraordinary. But first, policymakers at the European Central bank face a challenge after falling inflation brought the eurozone closer slipping into deflation. On the lawn outside the ecb headquarters in frankfurt, jeff and annette, plenty of calls today from analysts, journalists, all sorts of people mainly in the anglosaxon world saying theyre going to have to think about ecb fairley soon. Im sure theyve been thinking about it for quite a long time, ross. The problem is, its not within the purview of the European Central bank just to go out there and start buying up government debt. Giving the impression if you like that it is monetizing the debt crisis that the eurozone has had. So as usual, they are caught on the horns of a dilemma here. But i dont think its all bad for the ecb at this stage, is it . No, not really. If youre looking at the pmi, theyre surprising on the up side. We have some surprising signs that growth is picking up there, but it still needs time. And that is what mr. Draghi is saying, as well, all the time. And its an uneven recovery, isnt it . Clearly, but evidence of a pick up. And you only have to look at that pmi number yesterday. I think it was the fastest growth rate since june 27. That will give some cause for comfort here. Particularly in the wake of this emerging market wobble which will cause some concerns, because these are economies that have been major export markets for the eurozone. And mr. Draghi wont be that please the for the likes of india, turkey and china admitting Slower Growth because that would away a door closing, if you like, for this green shoot recovery. Another big topic, of course, is deflation and the risk of the deceleration of inflation because the recent numbers, as well, have shown that wasnt just a glitch in december, that its a trend, probably. But as well, market expectati expectations, in march, we will see a lot of people. But its like last year thinking that the ecb will wait, but we dont really know, do we . As we were pointing out on an earlier conversation here on squawk box, the analysts would probably have a clear he sense of what was going to happen if it wasnt for the november meeting where everybody said there will be no action, no movement, and then we got a surprise rate cut. So in terms of communication, i think mr. Draghi is in the Old Fashioned central Banker School at the moment just leave them confused and that way you wont get it wrong. Back to you. Yeah. They call it draghi ecb, right . Draghi ecb, yeah. I do like mr. Draghi, actually. Thanks for that, guys. Plenty more to come from geoff and annette, of course. Weve got that Rate Decision coming up at 12 45 london time and then, of course, the news composite at 2 30. And the global head of Asset Allocation at ubs now joins us on set. Hes going to leave the market confused. Thats not the policy of a good central banker, surely. Yes. You have to remember that the ecb will publish the data forecast next month. Probably thats a very good tool to communicate problem of deflation if you believe there are deflation issues. And then thats a good avenue to do something and probably another way. That is very simple, but probably what happened. But i dont think there will be a big and are there disinflation issues . January 7, he waved away the last printers of 0. 8 and said it was a problem with german data throughout. Its true. Just to give you one example, the cpi is a hundred components. You have 15 components in deflation right now, which is more or less a longterm average. So you dont have the sign of broad deflation in europe. But were very close. So a central Case Scenario is deflation will start to pick up gradually from where we are. But the risk is its selffulfilling deflationary. That is certainly not helping, you know, the indebtedness as the peripheral. Thats a very important point. One thing we look at is inflation expectation. The real problem in deflation is when youre, like, in japan expecting price to go down, etcetera. That is not the case if you look at so what at the central market, but thats not the case for the time being. 0. 7 is not a very big number. So were very, very close to the borderli borderline, i think. Stick around, stephane. More from you. Some of the biggest corporates are reporting today in europe. But first, lets take a look at one of the main corporate stories in asia. Sony is once again awash in regulation. The Electronics Business now expects a 1. 1 billion loss for the year instead of the 300 million profit it had previously forecast. Care horry enjoji joins us now. I know youll take us through the numbers, but can you explain just whats going on and what was said about the restructuring plan. From what i understand, even if they sell off the the pc business, were still talking about 4 billion to 5 billion worth of revenue. I really think, julia, that you have to put this into context. When you consider the cultural difficulty in laying off people, getting rid of businesses here, selling unprofitable businesses, this is a huge step for sony inc. And its breaking a lot of cultural taboos. So i think it goes to show how much the restructuring process needed to happen at sony. There are a lot of things happening at sony. First of all, this is the pc sale. There will be no vaio left to sell in sony after this spring. I think that was well expected move by the markets because there was so much speculation earlier on in this week. The other big move is that theyre basically spinning off their Television Operations into a separate unit, kind of like the separate unit that they have, the first sony play station, which is Sony Computer Entertainment. Kas serai, now entering his third year, this is by far the boldest restructuring move that he has made in his tenure as ceo. To quote, he said, i he hope that this kind of scale of restructuring i will not have to do again. However, it might be be on the scale, but we have to continuously reexamine our portfolio to see if its the right mix and readjust as times warrant. I think hes trying to adjust to the concerns that maybe these moves were long overdue. Because the tv business and the pc business were always the trouble spots at sony. Kaori, how much is this shift in strategy do you think is down to investors like third point and shareholder activisms . Its not what they were pushing for, but how much is that activism actually made them think about they need to do something . I think that would be a nice story to tell that one shareholder came in and changed everything, but i would think that that is too much. That would be an exaggeration at this point. I know youre referring to dan loeb and the meetings hes had recently in particular and the letter that got a lot of media attention. But this is a company that has thousands and thousands of employees. The deal to sell off their pc business like this would have been months in the making, possibly even before these overtures were made. I think more important is the Television Business has been losing money for four quarters. Its basically an admissimissio the company that theyre never going to be able to turn that program into the black. And, you know, a net loss of 110 billion yen is not insignificant. But i think you have to give this restructuring a little bit of time because the cost savings arent going to kick in until a few years later. When they do, it will be saving the company about 1 billion a year. Kaori, thanks for that. More to come later. Meanwhile, here in europe, were just over an hour and 10 minutes into the trading day and we are up for european equities and Doe Jones Stoxx 600 just about 8 2 advancers currently outpacing decliners. Ftse, very slim gains. This morning, up 17 points, about 0. 3 . The xetra dax is up 0. 5 . The cac 40 up 0. 3 and the ftse mib up 0. 75 . The nikkei just down 25 points. Dollar yen, not Huge Movements in the currency markets. Well get to that. The hang seng is up 0. 7 . The kospi up 0. 8 and the asx in australia is up 1. 2 . Keep an eye on treasury yields. 2. 58 . A little higher on the yield, 2. 66 . We did nudge up on the session yesterday. Tenyear bund yields, 1. 674 . Lets talk about the currency market. Still below 1. 63 for serlg. The move below that yesterday was just a nudge weaker than where we thought he were going to be. Aussie slo aussie dollar, still around the lows at. 8949. Euro dollar, 1. 3524. 1. 3477 was the twomonth low that we hit at the beginning of the week. Jules. Stephane is still with us from ubs. Youve mentioned in your note this week that investors are still very concerned about what the impact of emerging markets will be. On developed markets, you say theres not going to be a big issue, theres not going to be contagion effect. Everybody is saying that. First of all, i do agree that its a consensus view. Again, to make it clear, we do not think its big enough to contaminate dm. But let me give you two numbers. If you look at the size of the yen in the 90s, it was a third of the world economy. Now its about half. So problems are much bigger. But the exposure and the link to the yen is much bigger than it was before. So we all look at this story and say, look, digestment is not big enough. But again, thats my central Case Scenario. But i dont think the confusion is that straightforward. Based on what youre saying there and what other analysts are out there saying right now, this is a great opportunity to buy u. S. Equities, to sell u. S. Treasuries and to sell gold. Yes, definitely. Thats exactly our position. Unfortunately, we had this position a few weeks ago. Did it hurt . A little bit, to say the least. But i do think that the right position we do have that confirming the yen recovery. Again, it should be a central Case Scenario, in which case yes, i agree. And treasury are very expensive from my point of view. Yes. Cheap doesnt mean they get more cheap or more expensive, do they . No. I would agree. Fair enough. More from you. Now, up next, fast cars in the slow lane. Aston martin recalling nearly all the cars that it made in the last seven years because of a part that was made out of counterfeit plastic. Why is there plastic in there, anyway . Its an aston martin. Well have all the details, next. [ park sounds, sound of spray paint ] we asked people a question, how much money do you think youll need when you retire . 500,000. Maybe halfmillion. Say a million dollars. [ dan ] then we gave each person a ribbon to show how many years that amount might last. I was trying to like pull it a little further. You know, i was trying to stretch it a little bit more. [ woman ] got me to 70 years old. Im going to have to rethink this thing. [ man ] i looked around at everybody else and i was like, are you kidding me . [ dan ] its just human nature to focus on the here and now. So its hard to imagine how much well need for a retirement that could last 30 years or more. So maybe we need to approach things differently, if we want to be ready for a longer retirement. All right. The bank of england is meeting today. Theyre not far away from their unemployment threshold of 7 . So what will they be talking about . Helia is outside the headquarters. Hi, helia 37. Morning, ross. How are you . Yes. Today were not expecting a rate hike change, but what we could get is a statement later today from the bank of england alluding to the Inflation Report next week. And its all about how fast is the uk recovering because its recovering a lot faster than our Canadian Bank of england governor and resident has expected. So far, unemployment has fallen, as you said, very close to that 7 threshold. So he may have to eat humble pie as he widens the scope for Forward Guidance and waits for productivity to return, whether he looks at wage inflation. But what is sure is that he does want to keep Interest Rates low, historically low. Wait until next year, we think. And yesterday, we had a warning from think tank, the institute for fiscal studies about the fact that even despite the recovery in the uk, weve got a lot more pain in terms of austerity to go. However, they were saying in terms of their macro outlook, that it could be possible that the recovery has gained enough pace that the cost of living crisis that labor has held on to would recover would be sick much faster than expected. I spoke to the director of the institute of fiscal studies. Lets have a listen. The economy certainly does look like its recovering nicely at the moment and the best estimates are that that will continue over the next few years. Whats really uncertain is about how long that can go on for before the economy hits its capacity. If the budget of responsibilities is right, then you would need to do everything is government is saying it needs to do to fix the problem. But if some of the other independent forecasters are right, you probably need to do less. The problem is we wont find out who is right for some time to come. What should the final take away be inspect on one hand, we might not need austerity quite to that point. Theres still a lot of spending cuts in the pipes. On the other hand, theres still an awfully long way to go in terms of spending. Another thing we had from the institute of fiscal studies yesterday was about the kind of recovery. Remember, much of the growth that we saw last year in terms of gdp was fueled by consumer spending. And they were predicting that actually that might slow down this year. We might get a bit more of those balanced recovery this year. A lot of corporate spending. So interesting news from the ifs yesterday. Might be a bit interesting, finally, with a statement. But the big news from the bank of england will be next week, ross. Back to you. Helia, thanks for that. Plenty more to come from helia. Well have that bank of england Rate Decision at 13 oclock cet, 12 00 london time. Given what weve seen in the markets in the last few weeks, the outflows, in emerging markets in particular, youve seen them flowing into europe and to japan. Yeah. I was very surprised. We wanted to see going back to your question, contamination, etcetera, obviously one of the usual suspect is japan. Very high cyclical market. The japanese market went down a lot. We thought it would be flowing from japan. The second highest from europe is thats foreign inflows . That would be foreign, essentially. So, again, that is actually an encouraging signal because it tells you you dont have a broad based selloff. Its very much an em story for the time being. Given what were seeing with the nikkei over the last what is it, two weeks . The correction that weve seen there. And it is talking about all these inflows, foreign inflows by etf. Well, the foreign inflow would not be big enough to counterbalance the selloff in the nikkei, for instance. But the point, i guess, is that we have a debate on whether its a global problem. And if etf flows out of em products central pm . Yeah. Equity, yes. But what is very interesting is investors and fixed income in em has been very sticky, much more than we had expected. Just to give you a number, about 15 of yen debt was held by foreign. Now its 35 . The risk is obviously at the same time you have an overreaction and then a story about an em adjustment becomes the full balance of payment. Its not happening. I wonder now whether people just decided its either equity or its solid sovereign debt which is treasuries. And actually forget about the em to a degree. Yeah. Thats probably true. But you also have to keep in mind that some of the yen debt, not all, but some of the yen debt has suggested lots. You get paid 11 fees on the resident yield. Thats 7. 5 rate. Will you get paid in spain . I would not have the same argument for clarity, for instance. But in some cases, actually, i think a big part of the adjustment, at least in terms of Interest Rates, not fx. I still believe the real has to go down. But in terms of Interest Rates, you get paid presumably well. Now, if you drive an an tin mart yip, like you do i wish. Jules has to take hers back to the showroom. The luxury carmaker is recalling 17,000 of its cars, over a possible defective part. Aston martin says a chinese supplier was thought to be using a fake plastic material in part of the accelerator pedal. Now, the recall includes all of its drag models built since 2007 and all right hand drive models built sips may 2012, which affects nearly 75 of the cars around that period. Its not a mechanical issue, just a bit of plastic that you stick on is part of the accelerator was not the piece that it should have been. So there we go. Aston martin retail up with, of course, 200,000 which makes a recall even more surprising. So we happen to know, do you think aston martin is overpriced . What would be your dream car . Let us know. You can get in touch with us get in touch with us by email, wor worldwide cnbc. Com, or tweet us cnbcwex. They came out with a really small model, an aston martin mi mini. That sort of thing is its in the shop for a day, a morning, and then its out, i imagine. Weve been speaking to ceos all across europe and weve been asking them about the challenges facing their businesses. This is what some of them had to say. You know, Great Companies like this, and they are really as we are called to the business, they are a key lever to develop our business around the world. So i think there is a mixed balance. But its clear that the taxation in the eurozone is unofficial in france is not really in favor of companies performance. Weve seen the impact in term