Dollar bid for the swiss agri giant. U. S. Futures point higher after a roller coaster session yesterday sending the s p into negative territory for the year. We are waiting for a Volkswagen Press conference to begin. The car maker says it will bring us up to date on the diesel issue and reorganization of the group. Its due to start any minute now. We will bring you that live when it does start. The co2 part of the emissions scandal now as bad as feared but it was a much smaller percentage. It involves 2 billion euros that they set aside just in case so maybe they wont need to tap those reserves. We should point out that vw shares we are rising today in german trade up sharply following a surge. Its coming in better than expected than what they initially feared. Exactly right. Co2 is coming in better and it will be interesting to get this is the first Big Press Conference with the new ceo and the whole team lining up but well have a listen in now as the ceo begins to speak. Its good youre here. Thank you for joining us here. Two weeks ago we already announced when ever theres something that we think should be reported about were going to get a short notice event. Yesterday the Supervisory Board has met and we had also used the opportunity to arrange for a meeting here today. What were going to do at the moment will happen in blocks. First of all t chairman of the Supervisory Board will talk about the current state of play in terms of investigating the issues and then chairman of the board will talk about Customer Solutions but also will talk about the new orientation of the company. We have always said that we will be sharing with you information straight from the horses mouth and this is how were going to start. Thank you and welcome ladies and gentlemen. Im sure im not giving away any secrets when i say that the past 2. 5 months is something nobody has ever experienced at the Volkswagen Group. No one here could have imagined that our company, a company where so many give their best day after day and that is a source of pride to so many could end up in a situation like the one we have been experiencing since the end of september. Were not only deeply shocked but these events also put the group in a very difficult situation. We would like to update you on where we stand with regards to overcoming this crisis, what steps we have already taken and how the Volkswagen Group is driving its renewal forward. Ladies and gentlemen, volkswagen relies on the trust of its customers. Our customers not only expect to travel from a to b safely, comfortably and efficiently in one of our vehicles, they also quite rightly expect that the emissions produced by the vehicle on their journey do not exceed the thresholds set and we deeply regret this. Im speaking also here on behalf of the entire company. As a result we have lost trust. The trust of our customers, investors and employees as well as the trust of politicians and the public. Our most important task and our biggest challenge now is to win back that trust thats why we must continue to act with credibility and determination so that we can deal rigorously with the mistakes of the mast and make sure that Something Like this never happens again we owe that to our customers. Now given the circumstances that is not an easy task but we are optimistic we can make it with our team and in these efforts we must safe guard the groups future success. On one hand financial terms because the fall out will probably be considerable and on the other we must systematically continue with the on going change process to prepare them for the upheaval faced by our industry. This such is certain. We are in the midst of one of the greatest tests in the history of the group. It will take an enormous effort to pass this test and were all ready to play our part. It goes without saying that the Supervisory Board is supporting the board of management even more closely. The Supervisory Board has undertaken many initiatives of its own in recent weeks to take the process of clarification and realignment within the Volkswagen Group swiftly forward. It will be more efficient, faster and more dynamic so that the group will be able to leverage its enormous potential even more effectively. We have also speeded up staff reorganization in the group. Without this realignment the changes we invision would not work properly. We have not only recruited new Renowned Experts from outside the company but also given some of the best minds new responsibilities. Theres six members in early 2015. That shows how thorough this new realignment is. In addition there are new top conditions. Well give you it later on. Now in particular we need support and good will from outside our company just as urgently as we need the commitment of all of those in a position of responsibility within the group. We are soliciting support where ever possible. So the chairman of the advisory board. Well get back to that press conference. The last 2. 5 points have been without president for volkswagen. The company regrets its action and they have lost the trust of the public and of politicians. They need to win that back and make sure that Something Like this never happens again. Summing it up he says volkswagen is in the midst of one of the greatest tests of the history of the group and theyre all ready to play their part going forward. Not learning anything new at this stage. Well hear from the ceo shortly. Just to add that costs will be very significant according to the head of the Supervisory Board. Lets talk about other car makers. Chrysler paying 70 million in fines to resolve a u. S. Probe over failures to disclose vehicle death and Injury Reports. Reuters saying that the settlement will be announced by the national Highway Traffic Safety Administration later on today. Auto makers are required to submit massive amounts of data about vehicle crashes, about deaths, lawsuits, warranty claims and also other information. Fiat chrysler, were seeing a flat trading session today in line with what were seeing across the rest. The fund that General Motors set up to compensate victims of accidents involving ignition switches paid out 505 million and approved injury claims. In its final Injury Report gms costs now top 2 billion. Gm created the fund last year under intense pressure for failing to disclose it was aware of ignition switch defects in older cars for nearly a decade. Ford will update investors on future plans including developing alternative means of transportation and rethinking the vehicles it will build or sell over the next decade. After he talks to analysts and reporters he will be on closing bell on a first on cnbc interview at 4 45 p. M. Eastern time. Switching focus, glencore shares are trading higher after an optimistic update on its Debt Reduction plans. The company outlined a lower net debt target of between 18 and 19 billion for the end of next year. Along side this the mining and Trading Company also plans to cut capex for 2015 and 2016 as it grapples with the continued commodity route and shares performing well off the back of this. Up some 14 now. We were up more like 9 an hour ago. Clearly the market taking this well. The headline being on going plans to reduce debt and with that a bigger chance to hold on to its prized Investment Grade rating which if we think a couple of months ago seemed highly unlikely so they managed to turn things around relatively well. Relatively well is a very good word. So yeah theyre trying to hold on to that Investment Grade rate chg as you mentioned a few months ago they were pricing in a 50 50 chance of a default from fwlen core but is this any different than what we heard before . Theyre trying to get net debt down to 30 billion which is one of the highest in the industry and theyre looking at sales. Did they even mention an ipo of one of their agricultural arms. Absolutely right. Theyre likely to sell off that. Agricultural seeing lots of m a now. Theres nothing transformational but the market is taking this well. Glencore has shown the ability to reduce its debt. It did manage to raise equity. We made that comparison earlier and i think its got through the last couple of months even though we vn sehavent seen comy routes pick up. They have a long way to go and this isnt going to be a bullish area for the short material but they have got through the worst of it it seems which a couple of months ago is not what people were expecting. I would say his credibility and probably glencores credibility has been dented because earlier in the year he said regardless of where Commodity Prices are trading their trading arm will make 2. 7 to 3. 7 billion. They have reduced that now to 2. 4. I think probably on the high end of it so, you know, its obvious that you cant really buy into all the confidence that glencore always has. The trading arm should still be able to from a lower basis its the issues that we know that they did by becoming more asset heavy and come aing away m pure trading. Commodities have been the story so far this week. Were looking at close to 6 year lows still for oil pricing. Brent, you know, we were poised to crack below 40. Were looking at 40. 32 at this point. Wti crude, 32. 40 is the new baseline. That was the bottom during the Global Financial crisis for west texas contracts. But with wti below 40 and staying there now it doesnt bode well for the outlook, 37. 20 today for wti and in the face of that, in the face of low Oil Prices Chevron is cutting its spending by 24 . This includes a sharp drop for new reserves which will fall for 3 billion to 1 billion. Theyre also slashing spending on u. S. Production by 34 . The company says its priorities include completing large developments such as natural gas products in australia and funding higher shortterm projects and preserving longer term projects. Share price action in german trade down. 4 . Conoco phillips will be updating its own investors later today. One state in the u. S. That has kind of been reliant on energy has been alaska and now alaskas governor is proposing the first personal income tax in the Oil Dependent state in 35 years as he is trying to plug a multibillion budge deficit. It also pays residents an annual dividend check from oil revenues. Bill walker wants to generate cash to help finance state governments which would mean smaller checks for alaskans going forward. Do you think it might be pointed at former alaskan governors . Is this big news to reinstate this . Think about how big the population is and how interesting and attractive alaska is for people to go to live. Right. There we go. Still to come on worldwide exchange, another suitor for syngenta. Find out the details after this short break. The flu virus. Its a really big deal. And with fever, aches, and chills, mom knows it needs a big solution an antiviral. Dont kid around with the flu, call your doctor within the first 48 hours of symptoms and ask about prescription tamiflu. Attack the flu virus at its source with tamiflu, an antiviral that helps stop it from spreading in the body. Tamiflu in liquid form is fda approved to treat the flu in people two weeks of age and older whose flu symptoms started within the last two days. Before taking tamiflu tell your doctor if youre pregnant, nursing, have Serious Health conditions, or take other medicines. If you develop an allergic reaction, a severe rash, or signs of unusual behavior, stop taking tamiflu and call your doctor immediately. Children and adolescents in particular may be at an increased risk of seizures, confusion, or abnormal behavior. The most common side effects are mild to moderate nausea and vomiting. Antiflu . Go antiviral with tamiflu. While youre watching this, im hacking your company. Grabbing your data. Stealing your customers secrets. Theres an army of us. Relentlessly unpicking your patchwork of security. Think youll spot us . You havent so far. The next wave of the internet requires the next wave of security. Were ready. Are you . The group lost the Publics Trust and expects very significant costs from the emissions scandal. An optimistic update on Debt Reduction plans and facebook is looking to take on linked in by offering users and new profile page for work purposes. We saw the dow drop into lows and were in negative territory for the year now. A little bit of a bounce today. The dow expected to open up by 40 points and the nasdaq likely to open up by around about 16 points. Lets have a look at european trade. The ftse 100 despite glencore rising by 14 and taking with it the basic materials sector but the rest of the ftse 100 in the red. Continental europe up fractionally. Gains of 0. 2 off the back of what has been a pretty soft week in the face of continued oil price weakness. Now the Swiss NationalBank ChairmanThomas Jordan says another rate cut is not off the table. This after the Central Bank Left rates on hold lifting the swiss frank to a one week high do stay tuned because we have an interview coming up with the chairman Thomas Jordan. Well check in on shares of syngenta now because theyre jumping amid renewed speculation that the swiss Agri Chemical Company is close to accepting a takeover offer. Reportedly rejecting an offer just last month but the news website is now reporting that the chinese firm has come back with a revised 44 billion offer and a deal could be announced as soon as this friday. Thats tomorrow. Checking in were seeing gains of close to 6 or so and, you know, this goes back to remember when monsanto tried to buy up syngenta for 46 billion. Are they going to take a lower offer . Interesting. Lets tell you whats coming up on the program. Well take a breather and well be speaking to the global Vice President of Chinese Electronics giant xiaomi about whether he is concerned about the Smartphone Market and whether or not china is slowing down. Increase competition and tighter margin in the smartphone business is forcing companies to look elsewhere and as part of our tech transformer series, eunice yoon spoke to the Vice President of xiaomi and asked him about what he sees as the next big thing. I would probably say our tv. Our smart tv. So we started about two years ago building smart tvs. We shipped for example the worlds first android smart tv with a 4k display and at the time it was a 48 inch tv. Were now at 60 inch and with every new tv model we launch we make it more beautiful and thinner and faster reusing some of the fastest smartphone chip sets in our tvs which no one does and the reason we do that is we want people to have games and have 60 frame per second performance. Have the fastest graphics they can get and they won get on any other tv. So were now quickly becoming one of the leading brands in smart tvs here in china and also in the world even though we don sell our tvs outside of china, everybody wants a mi tv around the world. Interesting to hear them suggest smart tvs could be the next step as well. The apple smart tv disappointed the market and thats the next big step. The next leap that one of these Tech Companies can make is the firstperson to really change whats available to watch in terms of content and make it easier to digest. Theres still too many different sources. In the way the smartphone is more efficient tvs arent. I think its a very expensive proposition. Apple saying that its really, you know, the margins are so slim because you had to pay the content provider so much of the revenue but xiaomi is getting into appliances and action cameras, you name it. But there are concerns about xiaomi itself and how theyre losing market share right now to china in a slowing market thats their own home grown one by the way. And that push into other tech spaces is an attempt to try to stop that market share. The issue that we discussed earlier is they do still rely on google. They rely on android operating system and that makes them and samsung and everybody else too similar in the eyes of the consumer. They might be cheaper than samsung. Is it differential . Im wonnering when theyre going to ipo. They go back and forth every month. Its the most valuable private company in the world. If youre worth 50 billion, at one point maybe you need the cash. You need to hit up investors for it. Were going to go to break here. Still to come, World Leaders continuing to condemn Donald Trumps comments but will this mark the beginning of the end of the donls president ial run . Well be heading out to washington d. C. For the latest. While youre watching this, im hacking your company. Grabbing your data. Stealing your customers secrets. Theres an army of us. Relentlessly unpicking your patchwork of security. Think youll spot us . You havent so far. The next wave of the internet requires the next wave of security. Were ready. Are you . Investors cheer a new Debt Reduction plan from glencore as they plan to further cut capex boosting resource stocks across the board. Rumor has it syngenta jumping at the open on a report that kem china could be considering a multibillion dollar bid for the swiss agri giant. U. S. Futures point higher after a roller coaster session sent the s p in negative territory for the year. Can you believe its two weeks to go until christmas. Which is more exciting . I actually think the Federal Reserve meeting. But it is. Thats pretty exciting. Par