The table so that when we meet we can talk about our business. Shares in syngenta jump on the news that the ceo will step down months after turning down rival monsantos take over bid. Paul ryan throwing his hat in the ring for the race as the House Speaker saying he could run if certain conditions are met. Welcome back. Hi nancy. Hi louisa. Fancy meeting you here. Weve never done this before. We established in the first hour that its ferrari wednesday. Ferrari red day. Its red markets day. It is. Its post office listing, post office ipoing in italy at a which is red. What else is red. But really a consequence actually. Lets take a look at the futures and see if theyre carrying on the pattern but theyre not. Breaking the red theme here. All major markets up slightly in positive territory and this comes after the major markets dipped into negative territory breaking a three day winning streak here but not a lot of conviction holding below that. 5 mark and digesting earnings disappointments with the likes of ibm. A big drop there weighing on the dow yesterday and yahoo also missing. We get another check as well. Lets see how european markets are trading but still red is dominating here on the day the xetra dax in positive territory today and the italian ftse mib off. 3 and still the focus on earnings as well but still wondering whether or not mario draghi will hint at further stimulus down the road. Even though some of the lending suggested that qe is starting to work on the lending front so doubts over just how much he will say about additional stimulus. Lets look at how the asian markets are fairing. The shanghai composite off 3. 5 . Now really before lunchtime this market was up just slightly and then down just about. 5 so were seeing a major sell off in just the later hours of trade. Some concerns we have been hearing about capex were the large industrials but also some of the securities firms taking a hit in the trading day there as well and keep in mind in that Hong Kong Exchange is closed for the holiday. I want a look at the nikkei 225 because we got data out of japan showing worries about growth with export growth slowing far more than expected and some due to a downturn in exports but thats spurring hopes of bank of japan easing. Im just looking at flashes were getting through on the wires with regard to the latest ruling on starbucks and essentially the eu has now ruld that the deals are illegal. There was speculation that it should come. That was the finding. Theyre also coming through with various fines as well and theyre fining both starbucks and fiat between 20 and 30 million. So unpaid taxes between 20,000,030 million for each company. They say the precise amounts had been determined by the dutch authorities based on methodology and that the tax deals in each case are officially lower taxes paid by the companies. The eu stating that the two tax deals tonight reflect economic reality. Thats speculation that the find could have been quite a bit higher than this. 20 to 30 had been a number bantered around for starbucks. So thats what were hearing this morning coming through from the eu. Now yahoo posted quarterly results. Josh has the details from san francisco. Yahoo might have missed analyst expectations. A disappointment from investors but an agreement with a big rival is making the headlines. Specifically yahoo announcing a search advertising agreement with google. Google will provide yahoo with search ads on desktop and mobile platforms. Google will pay a percentage of the Gross Revenue from ads displayed on yahoo properties. In a statement theyre saying this agreement is going to give the company greater flexibility when it comes to choosing suppliers of search results and ads. Yahoo reported adjusted eps of 15 cents on revenue of 1. 23 billion. Analysts wanted to see 17 cents on revenue of 1. 26 billion. Thats mobile video native and social ads jumping 45 to 422 million. Thats important because those are the areas where the internet ad dollars are flowing. Display revenue better than expected at 405 million. Search though continuing to struggle clocking in at 391 million down some 13 . As for guidance, light. Yahoo saying to expect q4 revenues 1. 16 to 1. 2 billion. Analysts wanted to see 1. 3 billion. For cnbc im josh lipton in san francisco. Joining us next from new york is the principle. Good to see you this morning. So yahoo coming through in earnings per share miss. A revenue miss as well. They did announce the deal at google over search ads. Whats your initial reaction to what were hearing . Its a difficult situation to be in and tough ship to turn around. Particularly in this quarter they missed as well as was mentioned and the google deal is interesting because its a clearer strategy for them to grow their share of the search market. Theyre at about 12. 7 of all searches today but its also interesting where its a clear shift in a strategy where instead of competing with google and facebook theyre almost resigning to the fact that having a partnership is a better way to go for them and i think thats telling of the longterm strategy. Another thing that was notable for me is the cost of the traffic acquisition has soared. More than quadrupled from the same time last year. That along with the google deal is just interesting where they have to spend money to acquire traffic which is advertising revenue. Its a challenging situation theyre in but interesting to watch. Changes at the top as well t. Marketing chief and head of acquisitions leaving you over the last two weeks or so. Marissa mayer has been at the helm over the last three years if theyre going at this big shift youre talking about how long do you think lit take before we see this streamline yahoo that we seem to be heading toward . People say its a multiyear effort. I think the three year mark is starting to wear off. Theres some to do with activist investors but i think in the next one to two years might be the end of that time line with which wed have to see some results of the strategic shifts she made but when i take a look at the big picture in the three years she has been at the helm, one of the major things is one they made progress in their strategy clarifying and focussing their strategy as a product company. They have done a relaunch, redesign, things like that. Theres been some progress, definitely a positive shift in the culture of the company and she has tun over 20 plus acquisitions. Many of them as a way, as a back doorway to get talent and deepen strengthen the bench strength of their talent in the company which is increasingly competitive and difficult in silicon valley. So some progress there but it hasnt translated into monetization or Revenue Growth at the moment and theyre heading toward being more of a streamline and a nic he recollects, player where they have still validity and a lot of traffic they get but it might just be the reality that theyre going to have to reset and move away from ambitions of being a mass dominant player at the scale of google and facebook because theyre falling too far behind. Marissa mayer saying its going to be delayed further than expected largely due to the tax arrangement theyre trying to get as part of the spin off. How much do you think thats contributing to the downturn weve seen in the stock and if this delay goes on longer are we looking for risks at investors in yahoo . Thats an interesting one. They might take a hit if the irs changes the laws of how spin offs are taxed and thats part of it and the other thing is its interesting that its setting up what the value of the core business remains once they spin off alibaba and even their other Major International assets with yahoo and japan. At the Closing Price yesterday the valuation is 38 billion and if you take out net cash and account for these spin offs of alibaba and yahoo japan their valuation would be at about 4. 5 billion so it sets them up as being more of a streamline business but calls into question what would be remaining once they spin off a big driver of their earnings with alibaba. Plenty of uncertainty still there. Thank you for joining us. Meanwhile chip designer arl posted a 27 rise in Third Quarter profits with demand for its latest offering being the main driver. Revenue rose 17 and the company has also reiterated its full year forecast of nearly 1. 5 billion. Arm said 63. 6 billi3. 6 billion shipped in the quarter. Thats a rise of 20 from a year earlier. Guess what. I dont know. Today, the day from the movie back to the future, today, 7 29 p. M. Eastern, that will be the exact moment where marty mcfly, doc brown, Jennifer Parker all travel in the classic 1980s movie back to the future part two. Theres flying cars, hoverboards, selfdrying jackets. The release of jaws 19 directed by Steven Spielbergs son max. Special events are taking place worldwide. You have been writing in. You can find us on twitter. nancycnbc. Loads of you are writing in about what youd like to see in the future. I like davids. He says i wish the cubs would win the world series. I happen to be a Detroit Tigers fan but i can sympathize with you there. A great team if only that would come true. Loads of people writing in talking about how the future is going to look but oil and gas in the future. Lots of inappropriate comments i wont say on air. Talking about how youd like to know what future investing would be right. We were looking at some of the calls for the futures that have been right. Video calls. They got that right. Facetime and skype didnt exist at the time. Video glasses. Lots of drones in the film too i believe. I didnt remember that. Selftying shoes. Selftying shoes. Which now kind of exist. Nike is work on it. They got it wrong that fax machines would be everywhere and of course the cars that feed on garbage. If only cars were flying. Forget waiting in line for planes. Interesting also people talking about the weather because susan li has been in the weather all morning long and slade says if you want to see nasty weather come from alaska between january and february. Youll love it. Keep your emails and tweets coming through. Fantastic hearing from you. Loads more coming up very shortly after this break. Welcome back. Youre still watching Worldwide Exchange. Big changes at Credit Suisse. If i move you can see him. Hes unveiled measures he hopes will overhaul the bank and boost profitability. Lets talk about these measures because the headline piece is a 6 billion swiss franc Capital Raising plan. It comprises of two separate hikes so you have a private placement on one hand and rights issue on the other hand. The purpose is to secure the Capital Position where the bank is currently trailing its rivals. Thats the capital side of thing but the bank announcing it plans to cut costs by over 3. 5 billion swiss francs by the end of 2015. They see some new faces on the executive board while others have been shown the door and the firm is also planning a partial ipo of its Swiss Banking unit. Now carolyn has been following all the detail of the story and speaking to the ceo he joins us live from zurcih. Hi there. Shares are down today. Why, maybe there is a little bit of disappointment that Credit Suisse didnt go further than what they announced this morning. Its a huge strategy overhaul but expectations were so high, werent they . Earnings were bad for the Third Quarter and thats in line with what we heard from the u. S. Banks given the difficult market environment. They did have a slightly better read on the net new assets coming from asia and this is what theyre pivoting toward under their new strategy and a lot of people say this capital hike 6 billion swiss francs was lower than many people had anticipated but what theyre doing too is theyre assessing the businesses that are not profitable anymore. One of them is a business in the u. S. I dont believe in across the board cuts. I think theres too many. Where you cut, you cut deep. We announced the sale of the u. S. Private bank. Its gone and also being binary. So i can move 2,000 people without any job cuts which i like. So clean projection, you know, it goes to a company that is more suited to a broker than we are so winwin. Those people from the u. S. Private bank are moving over to wells fargo and he hopes to minimize job losses as a result of that. Now overall, the challenge for Credit Suisse is to navigate in this new market environment which is a lot tougher. Specifically from the regulatory side with much tougher swiss Capital Requirements and leverage ratio requirements as well and ubs has started this big overhaul, pretty much the same about three years ago. Can Credit Suisse catch up . Thats the big question without losing profitability. Heres why hes so positive and confident about the new strategy. What i like about the numbers we put out today is these are not top down numbers but we need to worry about how are we going to generate 3. 5 billion of savings theres hundreds of ideas combined for 3. 5 billion of cost savings so its a very granular strategy. Also 1. 5 billion of investment. Something that was a commitment from me to the staff that were not just about cutting costs. Were about investing for the future and its to create head room to invest which is what we are doing. Its a good balance. We have Capital Raise because i wanted to take capital off the table. Just take it off the table so we can talk about our business. Its what were doing today. Were going to get to 12. 2 and 3. 5 leverage. The way its being done is positive they agreed to 1. 5 billion. A lot of numbers are red recently. A few more things, first of all hes very passionate about cash dividends. Thats going to be a vital part of the strategy Going Forward so investors should be happy about that and theres a lot of speculation whether this new strategy was going to include acquisitions. He said no, this is an organic strategy. Back to you. Lovely seeing you. Thank you very much. Well see you again very soon. If youre just joining us, these are your headlines today. Not the performance we wanted. Thats the view after yahoo misses earnings and revenue targets sending shares lower in after hours trade. Starbucks and fiat tax deals are illegal and paul ryan says that hell be running for speaker of the house if certain conditions are met. Well be right back with more from Worldwide Exchange after the break. Find us on email or on twitter where theyre happy to take your comments. Welcome back. The asian markets were hoer. Some reports speculating about capex and concerns about the Bigger Companies and bigger lenders. But its down to business for the chinese president and u. K. Prime minister as they prepare to sign a number of deals at 10 downing street. It culminated in a state banquet at buckingham palace. Susan. Hi, yes, were at 10 downing street today as we await a meeting between David Cameron and chinese president xi jinping. We were in lock down mode here for the last 30 minutes as David Cameron was leaving 10 downing street. But he will be back at noon and i should point out also starting this Early Morning we already have the protestors in tow. Followed by banners and supporters outside and there are the pro beijing supporters. They have already been bussed in this morning as well. The crowds are already awaiting the chinese president visiting the imperil college with the duke of york. Youre right its down to business here at 10 downing street. Were expecting 30 billion pounds worth of deals to be signed during this four day state visit. As you know the u. K. Has been courting Chinese Investment and that includes a one third stake. Thats what theyre expecting in the nuclear project. Also were hearing theyre going to reduce the cost tourist visas. Theyll be costing 85 pounds or so. We have seen chinese nationals take their tourism dollars here to the u. K. And also watching for possibly a high speed rail deal as well. Back to you guys. Susan, thank you very much. Susan of course is in the rain still. Very hon don rainy day. I hate to say. Still to come on the show, how will the return of carnitas boost chipotle. What is that . Some kind of work. Well boost the companys latest set of numbers coming up after this break. Not the performance we wanted. Thats the view of Marissa Mayer after yahoo misses earnings and revenue targets. A frothey fine for starbucks and fiat. Both companies benefitted illegally from tax deals in the netherlands. Out with the old and in with the new. Thiam takes the reigns at Credit Suisse unveiling a massive overhaul including a 6 billion hike. I wanted to take capital off the table. Just take it off the table so that when we meet we can talk about our business. Representative paul ryan of wisconsin throwing his hat in the ring for race for House Speaker saying he could run if certain conditions are met. Hello and welcome back to Worldwide Exchange. If youre just tuning in thanks for joining us on the show. Lets take a look at how markets are fairing ahead of the u. S. Owe. All three indices did break a three day winning streak yesterday but just barely in the red. Look at today gaining ground up in positive territory but slight gains pushing up about 50 points. Now ibm one of the biggest weighers to the downside yesterday after disappointing earnings but now a little bit of a rebound in the dow jones. Another big day of earnings with cocacola. Just a few of the blue chip names reporting for the earnings week. Lets take a look at how european markets are fairing. A bit of a rebound across the board. Earlier we saw them all dip in red over nervousness. But now the ftse mib is now strattling the line here. The xetra dax moving and the ftse 100 into positive territory. One of the biggest movers on the downside is negative guidance going forwar adrian and this is off they off loaded the economist division. It also took a bit of nervousness seeing the late day sell off in the shanghai composite. It appears that investors are gaining more momentum now but the focus will be on the ecb meeting tomo