Back to shareholders. Shell divests its oil sands, investments for 7. 5 billions and agrees to buy Marathon Oil Canada in a joint deal with canadian natural. Cnbc speaks to Ben Van Beurden at 19 10. And altice shares move higher boosted by u. S. Growth. Well be speaking with ceo Michael Combes at 10 30 cet. Good morning. It is ecb day, the day before the jobs number in the u. S. Excitement and on the back of the super strong adp employment figure we had yesterday. Blew it out of the water. The fed hike next week is baked in the cake. It would take a lot for them not to hike. The jobs report tomorrow is about how many more hikes will we get in 2017. Thats the key focal point. Then we have some interesting news, akzo nobel shares soaring after rejecting a bid from Ppg Industries. They say they received an unsolicited proposal which undervalues the company. Akzo nobel says it is reviewing Strategic Options to separate its Specialty Chemicals business. It will consider alternative ownership structures. Shell is divesting its Oil Sands Investments for 7 7. 5 billion in a complex set of deals the oil major will sell a portion of its investment to canadian natural, while also teaming up to buy Marathon Oil Canada for 1 1. 2 billions. Shares in Dominos Pizza hit a threemonth low despite a 17 rise in fullyear profits thanks to a surge in mobile and online orders. The Strong Performance that prompted the fast food chain to raise its 2016 dividend pay joupayout by 16 . Dominos also purchased a norwegian chain for around 4 million pounds. Sounds yummy. This looks yummy, too. It did. Shares in domino down by 11 today. I guess you have not been eating your pizza. No. I home bake them, right . You do. I have to come over then for some homemade pizza. Noble nordisk says they are in talks with global blood therapeutics. We have a lot of talk on the m a front this morning. I want to talk more about the akzo nobel potential ppg deal. Akzo nobel says this would undervalue our company but never said no, we dont want this deal. We want to stay independent. The message is, yeah, were open to talks only if you up your offer. Thats why shares are rallying to the tune of 13. 6 this morning. Morgan stanley pointing out in a note that both Companies Face challenging fundabilitial outlooks for which consolidation would likely help to revive Earnings Growth. They say that akzo is the cheapest trading under 17 times earnings. And other analysts say it makes sense. The synergies make sense. You have the number one and number two largest players in the industry. Combining them there would be a lot of synergies in a fragmented market. On top of that, do remember that this comes at a really sensitive time in the netherlands for akzo nobel with regards to the political environment out there. You have an election coming up next week, the president ial election. And youre potentially looking at a skew towards the right, a much bigger skew. The dutch finance minister, who typically is quite liberal was quoted as saying the government should be giovernment should be given moref companies if its against national interests. I was surprised to hear or read that coming from his mouth given that hes so in favor of Global Growth but it is domestic politics. When you look close at akzo nobel, they have been on a huge ride. They v. Have a new ceo put in ple in 2012, under him they had cost cutting, and he said i earned the mark to do both on acquisitions now. So i think they might be coming back to the table. Lets have a look at European Equity markets. A little bit mixed this morning on the back of some big moves yesterday in the u. S. After you look at the price of oil. We saw the price of oil diving yesterday by more than 5 , around 50 after inventories ballooned at a record level, rising by 8. 2 Million Barrels over the course of the last week. Just up a bit on that dive we saw yesterday on both these contracts. Famed Hedge Fund Manager david tepper has told cnbc he is long european equities and short bonds. The owner of appalossa management said u. S. Stocks are not cheap but its hard to be short in the current environment. We are more long u. S. Stocks. This is all the same sort of bet if were short u. S. Bonds, were betting on a stronger economy. Right. Thats the bet. So were betting on strength one way or another here, strength around the world. Like i said, the only thing that is on the horizon, Different Things can happen, hopefully nothing happens political, but Different Things can happen in france. But once you get through there, theres nothing else in the year, you have smooth sailing. Were joined by chris wiley from conner broadly. You were listening to what david tepper was saying there. Essentially the message is the same from every guest we have on the show. When you look at valuations, u. S. Markets seem incredibly overvalued, but you dont want to go against the trend what do you tell investors going into the u. S. Right now . Well, the empirical evidence on valuation is strong, yes. Thats why everyone is coming to the same conclusion when we look at historical ranges, different types of metrics, they do point, you in the same direction, which is certainly not cheap. Theyre expensive. Are they unjustifiably expensive . There the debate takes you back to Interest Rates. All these historical ranges were using had a completely different Interest Rate regime in force. So we might be looking at completely the wrong ranges. If you look at dividend yields and compare them to yields available in cash and bonds, suddenly you get the opposite conclusi conclusion, which is equities are still cheap. You can go that far. Its a relative argument, then the u. S. Is less cheap than other regions. But thats why i think its quite nuanced. You do need to come back, you could say its the trend and the trend is supportive now. Thats important. But actually Economic Trend is pretty supportive now as well. There are times to worry about valuation in equity, and times to worry theyre always important, but times to worry a bit less. An when you have improving economic momentum which is underpinning earnings, maybe a bit of Earnings Growth the first time in years, thats the time to be less concerned about valuation and to stick with it. Give a bit more leeway. What about europe then . The other recommendation were usually get ing frting from gue the show is look through the Political Risk that is coming out of europe and put your money into europe. At what point does this become a trade thats too crowded . We certainly have a view that the Political Risk about europe has been overstated, and actually everywhere is probably overstated. We see people coming out with Political Risk indices and so on. Were all obsessed with Political Risk. We all know why. Theres been a tendency to attribute everything thats going on in stock markets to whats going on politically. I would . Because what we hear on the news is political. Cause and effect. We just written a monthly news letter to investors that we think that might be an incorrect assumption. When you look at what the Economic Indicator is doing and look at the correlation with equity returns, you say nearly all the moves in equities can be explained by Economic Indicators. I think its right to look through Political Risk. We think its probably pretty likely another misconception is that the pollsters got everything wrong. Thats not true. Last year they got everything right. People just did not believe the pollsters. The pollsters are saying Political Risk is not that high. Credit suisse this morning upgraded french equities to small overweight, updaded deutsche post, and said a le pen win is overestimated, but if she wins equities could fall 25 . It is a risk. If le pen pulls it off, thats a gram changer. I dont think what you see with the margin of victory an whats going on in france, its all about was the other guys are doing, whether their poll is rising or falling. Her vote hasnt really gone up. I dont think people wake up one morning and decide to vote for le pen. That is a wing risk. Its out there, but fairly distant. Do you buy europe now . Do you hold or sell . I dont think theres anything particularly wrong with europe at the moment. Its relatively cheap, but not one of our favorite markets because its still a volatile market. If you want cyclical exposure now, you get better value and more growth in emerging markets. Chris, thank you very much. Email the show. The address is streetsignseurope cnbc. Com. Let us know whether you think politics matters to the markets, your investments. You can follow us on twitter, streetsignseurope cnbc and tweet us carolincnbc. Or louisabojesen. Coming up, the ecb is back in the spotlight amid an improving economic back drop. Could Political Uncertainty affect the Central Banks plans . Well talk about that in a couple of minutes. Welcome back. Aviva has reported a 12 increase in operating profits last year bolstered by improving performance in its Aviva Investment unit. Well have a 50 payout ratio. We moved halfway through that range. We had that eps growth on top of that. The other thing for shareholders, we have built a good balance sheet. Well do something there. Give it back and maybe in the form of a buyback, this sort of yield as you say, a buyback looking attractive as well for us. Mercks net profit more than doubled in the Fourth Quarter bolstered by growth in the healthcare division. The drugmaker expects stable core earnings this year due to increased competition for prescription drugs. Carrefours operating profits fell by 4 in 2016 coming in shy of estimates. Weakness in the French Market where operating profits fell by more than 13 dragged down the results. Theyre off by 3. 5 this morning. They said that sales would grow by 3 to 5 in 2017 while at the same time kept its dividend unchanged at 70 cents per share. Bt has appointed rio tinto chair Jan Duplessis as chairman. Duplessis has served as rios chairman since 2009 leading the company through a volatile period. The miner saying it expects to announce the successor sometime in 2017. Eu leaders are gathering in brussels for a summit to discuss the economic and security issues. The council is expected to elect its next president. Nancy hungerford joins us from brussels. Thanks. The big test on the agenda first and foremost is the vote on the eu council president. The current president , donald tusk is widely expected to hold on to that position but is facing opposition from home. The polish Prime Minister is trying to build support to extend his contract to 2019. But the feeling on the ground is that he may have enough support throughout the eu 28 members to stick in that position. We will find out in a few hours here. The big guest on the scene arriving in a couple hours will be uk Prime Minister theresa may who, despite what some had hoped earlier on in the month, she will not be able to trigger article 50 here because of the hold up in Parliament Thanks to the house of lords putting amendments on table. We heard the triggering of article 50 could take place as soon as next week which means the eu leaders here, though they wont admit it publicly, will likely be discussing the negotiation stage whiplashing th and what they want to bring to the table. The eu negotiator wants to have a decision on whether or not they first ask for the terms, the big bill they want the uk to pay. So they could be talking about that behind closed doors. And its the also a meeting of the eu council before the election in the netherlands. Your last guest saying he thinks some of these Political Risks have been overplayed. I will be putting that question to the eu leaders as they come in. The dutch elections are seen as a bellwether for what happens in the french elections coming up at the end of april. Back to you for now. Nancy, thank you very much. Todays meeting of the European Central bank takes place against an improved economic back drop with inflation running at 2 and the Unemployment Rate falling. The ecb is expected to keep Monetary Policy unchanged. Speaking to cnbc in february, the ubc chairman explained why the ecb is seen staying on the sidelines for most of 2017ment. The ecb made it clear while europe faces all these elections, theyre done with the early decision last december, theyll be on autopilot for most of the year. I dont think theyll touch the buying program. I dont think theyll touch the Interest Rate level. Annette is in frankfurt. Its a funny one today. On one hand you could argue that they should have a bit of a downward bias still in their message. On the other hand, the economy is so strong perhaps there should be an upward bias. I think we are not going anywhere near was could be actually the what could actually be an upward bias. The most that mario draghi could do today is drop its downward bias saying they could cut Interest Rates further and expand the asset purchase program. They kept that stance still in january when it was clearly, i think, still yeah, in the forecast that inflation will pick up quite tremendously as soon as february. So. To put the record straight here, what mario draghi is probably saying today, theyre looking through that uptick in headline inflation once again, theyre saying its purely driven by the oil price. Once the oil price retreats, something which we are currently witnessing, then inflation will also come back again. They are now focusing on core inflation. Core inflation is very low at 0. 9 and has moved a lot as the Energy Prices are not in. On. Another big area is the new staff projections we are getting today from the ecb, meaning the estimates for inflation and growth for this year up to 2019, a lot of scrutiny will be on they hike the inflation forecast to the same tune as were seeing the headline inflation going currently. So i guess this will be a focus, also growth. And. Issue. Whether he will admit that a growing part of the governing council is asking for a sooner end to the extra measures, like asset purchases than previously. So i think many things will be discussed during the press conference. Theres room for marked reaction as always. Back to you. Annette, thank you very much. The head of global strategy from Unicredit Research joins us. Its about that point about whether or not we could be looking at the ecb hinting or indicating that tapering could be coming off the table at some point, whether or not thats a more hawkish outlook from the ecb. I wouldnt call it more hawkish. Potentially less dovish. I think there is distinct possibility that they remove the ratings in bias where. Has moved into a strong trajectory. Last year eurozone outpaced the u. S. Since 2006. The ecb should be reducing bond purchases by 10 billion euros per month by april. Is he getting ahead of himself . I think what really matters is with the ecb is going to do, and i dont really see them being in any tapering mode any time soon. From a discussion point of view this will start being circulated, hitting the news sometime the second half of this year. Having said that, from a market perspective, the market can move to start pricing that ahead of the event taking place. As invasion ticks higher, at what point will it be a credibility problem for the ecb if it doesnt move and looks at the political fallout from the elections in europe . Let me say this. Strik strictly speaking, the mandate of the secb does not state tha the core is theta inflation the should be looking at. As long as the developments in core inflation remain. Program, largely because we can say thee headline increases are being by in large driven by spikes in oil prices. Annette referred to the Market Reaction. Always plenty of scope for Market Reaction during p Mario Draghis comments during the press conference. Euro dollar 1. 0550, do you think there will be more of a surprise for hawkish comments or dovish comments . Strictly speaking, if hes more dovish that would come as a big surprise to me and the market. The market is gearing up for some slight subtle change in tone in terms of probabilities, i think it is more likely than not that he will sound less dovish in which case i could seu his remarks lifting euro dollar a bit. But we have to be mindful of thh Political Risk. What a burden on the euro at the moment. A all this strong data from the u. S. Youve got yields jumping as well. You have a dgap widening betwee u. S. Treasuries and the bund, for example. Can the euro hold its own in this environment . Oh, yes, i think it can. Largely because it is notably undervalued. And at the same time its got you know, what really matters now what is really important is that everyone talks about the t fed. We have to remember what matters for fx markets are real rates. In the u. S. We have already priced in tighter Monetary Policy. The opportunity now over the medium term is to look to places where Monetary Policy is to stay accommodative for pretty much ever. That will be a positive development for euro going over the medium term. Thank you very much for that. Write the show if you want to get involved. Moral writes in from south hamptha hampton saying he watches every day regularly. Thank you for the show. By all means send your comments and questions through. Gary, good morning to you as well. Check out World Markets live, itsve our blog that runs throughout the european trading day. Otherwise streetsignseurope cnbc. Com is the email address, or carolincnbc or louisabojesen on twitter. Hello, youre still watching street signs. Im carolin roth. Im louisa bojesen, your headlines this morning. Akzo nobel shares rally after getting an unsolicited offer from Ppg Industries saying the bid significantly undervalues the firm at 83 euros per share. Aviva Fund Management profits jump 30 boosting the top line, as the ceo says he is planning more capital returns. We have this high probability problem, 189 , and we have a fair bit of excess capital. We have to invest more in the business and give some of that back to shareholders. Shell divests its Oil Sands Investments for 7. 5 billion and agrees to buy Marathon Oil Canada in a joint deal with canadian natural. Cnbc speaks to Ben Van Beurden at 19 10. And altice shares move higher after reporting a 16 rise in core operating profits in the Fourth Quarter boosted by u. S. Growth. Well be speaking with ceo Michael Combes in a couple of minutes. Good morning, everyone. If youre just tuning in, a quick sneak preview of what the u. S. Futures are telling us. The s p 500, dow jones and nasdaq all seen higher by just a bit. The s p 500 up by 2 or 3 points. The dow jones up by 10 points, this is after the dow and s p were down for three straight sessions yesterday. Thats the longest losing streak since the end of january. One of the main culprits, that was the energy sector, give than we saw that 5 slump in oil prices on the back of a jump in inventories. Want to show you whats going on in the european session. A slightly down day for european markets, xetra dax off by 1. 5a f percent. Akzo nobel is up by roughly 13 after rebuffing an offer by ppg in the u. S. The currency markets, it is ecb day. So, were anxiously awaiting what mario draghi has to say. Ahead of that, youre ror dollar at 1. 0558, a tad higher. The dollar was strong in the trading session yesterday on the back of the blowout adp report setting us up for another strong jobs report out of the u. S. Tomorrow and that widely anticipated next rate hike by the fed next week. Were seeing the pound under pressure against the u. S. Dollar. It was at a sevenweek low yesterday after the budget. Speaking of that budget, lets recap. The uk chancellor, Philip Hammond is sticking to his deficit reduction plan. He announced cuts to the taxfree dividend allowance and hikes to National Insurance rate for the selfemployed. The obr warned of tougher challenges for the british economy after brexit downgrading gdp forecasts from 2018 to 2020 despite signs of stronger than expected growth for this year. Steve spoke to the communities and local governments secretary after the address and asked if the obrs forecasts were just guesswork given the uncertainty around brexit. What is important here, first of all, these are independent forecasts. These are not government forecasts. The independent obr takes all the information thats available to everyone. Secondly, brexit is something, of course, that has challenges. It will have opportunities, too. Thirdly, other countries in the g7, the g20, other major developed economies are facing significant challenges. What i would say is even with the challenges of brexit lying ahead, the obr Still Believes that britain will grow at a faster rate than any other g economy this year. Donald trumps revised travel ban will face its first legal challenge after the state of hawaii requested that a u. S. Court issue an order hauling the initial order. This replaces trumps initial order issued at the end of january. Irates have p fallen by 35 because of trumps travel ban. It was too early to tell what the impact of the revised order would have. This as emirates warned that the Financial Year ending this month wont be as good as last year. Disney ceo bob iger defended his decision to stay on president trumps Business Advisory council as an opportunity to voice opinions that will benefit the company. After facing criticism about his inclusion on the council, iger said he had no plans to step down from the group. The disney ceo did not endorse the president s policies and said i dont happen to believe policies that single people out by religion are fair an just. The former utah governor, jon huntsman has accepted president trumps offer to serve as the United States ambassador to russia. This, according to nbc news. Huntsman served as the ambassador to china under barack obama and as the ambassador to singapore under George Hubert walker bush. He also ran unsuccessfully for the republican nomination for president in 2012. Huntsman will need to be confirmed by the senate. On a programming note, cnbc will speak to scott pruitt, the president appointee to lead the countrys Environmental Protection agency. Thats at 14 40 cet. A Top Republican lawmaker in the house and senate have said they plan to introduce their own versions of legislation to repeal the Affordable Care act. This as House Speaker paul ryan said he is confident the bill will pass the house of representatives. Hallie jackson has the latest. Reporter after campaigning on his art of the deal everybody wants me to negotiate. Thats what im known as, a negotiator. Reporter the ultimate test now of whether he can close one. President trump hardselling health care with the bill he backs in big trouble even with conservatives. They understand that this is just obamacare with a different label. Reporter the far right, frustrated with whats in the bill, like tax credits. Moderates more worried about whats not in it, like keeping Medicaid Expansion longterm. But for the president , passing this is personal, after he spent months making this signature promise. Repeal and replace obamacare. We will repeal and replace obamacare. Were going to get health care taken care of in this country. Reporter so to sell resistant republicans, hes offering not punishment, but olive branches. Bowling nights for some conservatives, others asked to dinner, like one tonight with skeptical senator ted cruz. The bill as written is not going to pass the senate. Reporter its cost wont be clear until the official estimate comes out next week, with the white house preemptively working to wave off a number that could be too expensive for the gop to get behind. Lawmakers today officially started the process to pass the plan. No. Do you think theres going to be a lot of changes . No. No changes . No, absolutely not. Reporter that could be a problem. A gop source says the House Speaker is privately telling his members, the president has their backs. Both betting they can get this done together. This is an all hands on deck. We all ran on repealing and replacing obamacare. This is going to be Donald Trumps biggest sales job, because this is emotional, its personal, there are winners and losers. Michael flynn has registered with the u. S. Justice department as a Foreign Agent for 540,000 worth of lobbying work before election day that may have aided the turkish government. According to the a. P. , the former National Security adviser voluntarily registered for lobbying from august through november that could be construed to principally benefit the republic of turkey. Coming up here on street signs say cheese. Im excited about this story. I am, too. Snap shares staging a rebound. Well talk tech in a bit and hear from another app out there. Well be right back. Welcome back. Snap shares closed over 6 higher in yesterdays trade reversing a sharp selloff, this after the initial dash to sell the photo sharing app appeared to be slowing. Tommy, we want to talk about your company first, swing what is it all about . Swing is all about moving photos. We have a thesis that within a decade all photos online and offline will move. Youll be able to reach into them, touch them and bring them to life. Polaroid swing allows you to capture these living photographs on an app. You have licensed the polaroid name for Brand Recognition only. It has nothing to do with that old technology. Is there a certain nostalgia on the part of users which may make them come back to your product or are we behind the curve with this . Polaroid is the most iconic brand in the world. What we wanted to do was recapture the specialness, that feeling of magic when a polaroid picture came out in front of your eyes and appeared, we wanted to say what is the 20th century version of that on mobile. So its a combination of the brand heritage on cutting edge technology. Why do pictures need to move . Why cant they just take a video . Its a great question. We did a lot of studies on this took an academic approach to this in some ways. The human brain perceives the world not in stills, but in short moments. Your best memories are brief moments in time. So we allow you to capture that onesecond moment, the moment before and after. It has the composition of the photo but captures the vitality of life. You already have something out there, its less than a second, you see a bit of a movement, i forget where ive seen it. Youre doing a second before and a second half. Just one second in time. Youre right. Theres a movement now to see what is the space between photos and videos. Thats where we see the future. We think we nailed it with the pe perfect version of it. Polaroid known for their hardware back in the day. You brought that into the future. When you look at snap, they say were a camera company, they have wearable cameras. Where do you see hardware fit foog yofiting into your business . We are very much in the space between the physical world and the digital world. So later this year well have a hardware product, an augmented reality hardware product which will allow you to reach into physical photos and bring them to life. Shares of snap, as we heard, they have snapped back, if you will. Theyve bounced back by 6 yesterday. But still down 15 from the ending of the first day of the ipo. Are we at an Inflection Point when it m cos comes to valuatio the sector, where an ipo is not the panacea these Tech Companies have been hoping for . Snap is brave. Snap have done an incredible job. They have reinvented the way people communicate. Before snap, we communicated with words, its now with images. I just want to dig back into the hardware point. I saw a survey today with millennials saying they think the wearables are a bit weird at the moment. What will your hardware product look like . The problem in the past was wearables, they were a bit nerdy. They were not for everyone on the street. What weve tried to focus on is how do you bring the specialness of the internet into a core product, something which is aspirational and people want to see. No wires or weird glasses it has to feel natural, but with technology embedded in a seamless way. How do you make money from this . Do you charge people to use the app or our app is free to download. Were building a user base with that. Whats interesting about hardware, you can sell that for real money. Its so hard to capture whatever that next trend is. I wonder how do you differentiate between a fleeting moment that also would be a fleeting moment for users and something that has sustainability and something where revenue will continue to grow. I think thats right. The constant battle is to continue to innovate. Snap has facebook breathing down their neck, copying all their little features. They have to continue to push photography, so do we. Lets talk about trump. Major controversy around the visas. Is he good for Silicon Valley or not . Half of the Silicon Valley was founded by immigrants. Its critical for the states to support immigration. The u. S. Needs immigration very much. I hope we can be sensible on that. Tommy, thank you for that. Cofounder of polaroid swing. We have breaking news from the auto maker in germany, bmw, proposing a dividend of and revenues for 2016, 91. 4 billion euros. We are seeing the ebit came in at 9. 86. The ebit margin in automobiles is in line with their own targets. The margin is 8. 9 . Those are initial numbers from bmw. Now shares in altice have been edging higher after the french Telecoms Group reported a 16 rise in core operating profits in q4. Revenues grew by 2. 7 over the period with the u. S. Division accounting for more than a third of total revenues. Claire spoke to the altice ceo and asked whether he was aiming for more acquisitions in the wake of u. S. Success. We just entered into the u. S. Less than 12 months ago. We have been operating during the last 12 months, and in cable vision the last six months. Still early days. Were happy with the results were presenting today. Youve probably seen weve posted in q4 growth of 5. 1 compared to 1. 2 growth in q4 q4 and we believe we have lots of room of improvements in the coming quarters. Lets first focus on our existing operations, and for the rest well see later. Can you confirm that the revenue, you aim at 50 revenue coming from the United States and what is your horizon for that . Do you have a date . Its always what we claimed, we would like to rebalance the group between europe and the u. S. And we believe, thanks to our position in the u. S. And to the growth of the u. S. Market, not only from us, but when you look at the other Cable Operators, the market is growing. We believe we can really rebalance the group and reach this not giving any date. At the end of the day i want to grow my businesses on both sides of the atlantic. But in the next coming years we will see rebalancing of the group towards the 50 50 between europe and the u. S. You mentioned youre studying an ipo of a Minority Stake of the u. S. Business activities. Can you be more specific on that . No. Meaning that, yes, we are studying it. We will welcome you back in due course when we have anything to announce. That would be a way to finance acquisitions, since the debt is 50 million euros, twice the annual revenue. We have a level of debt which is consistent with the cash generation of the group. No issue there. I guess we are similar to the other Cable Operators in the u. S. Of course we have financed the group through the debt but in a natural way. In terms of potential ipo, we are to optimize our capital structure, but again i will come back in due course. For the time being we are just studying the potential. Could it happen 2017 . Well see. Well come back in due course. Lets talk about consolidation. Everybody in france agrees that four operators are too much and it is quashing margins and profitability. Is it a good thing for sfr that orange and blue telecom are talking about again . I dont know what youre speak being in terms of talks, but theres no doubt moving from four to three would be something good for the French Market, because it would give more potential for the remaining players in terms of investments. We will face those Big Investments in 5g or in fiber. As far as sfr is concerned, we have our standalone strategy. We dont need consolidation. We are big enough in the French Market. We have recovered from where we were in the previous years, meaning in terms of growth and profitability, and as i told you, weve rebalanced the portfolio of the group in between europe and u. S. So we are much more immune to the conditions in france. It would be great, but do we need it . No. Can the political context change things . A new president , can this accelerate consolidation . No, i guess we should not mix politics and economics. At the end of the day, what drives this type of consolidation is the economic interest, and that is about different companies, which have to decide when and how they might do it and if it makes sense. So, no change or no interaction with the politics on this. So, going back to earnings, the Fourth Quarter for sfr was somewhat disappointing with Revenue Growth but also losing 500,000 clients and net loss. Are you losing market share . I would present it in a slightly different manner. We have renewed with growth in france, the First Quarter where we renewed in growth since 27 quarters, out of which only 7 under the leadership of altice, which clearly shows the strategy which we are starting in france, investing in network, investing in experience, investing in content, that is delivering good results as we can post this growth. In terms of customer numbers, we have lost a few customers in the past few quarters. Because were not yet there in the marketplace. But as you have probably seen in q4, we stabilized our mobile customers, and we are also recovering, while not yet completely stabilized, but were on our way to stabilization. I strongly believe we are in the right direction to deliver a Sustainable Growth in the mid and long range. Your competitor posted a record year in 2016. They said next week they will launch a new offer that will not please competitors. Could it be an off their will trigger another price war, do you think . Well see next week. As in last quarter and again this quarter, they put on the market at different occasions offers in between 199 and 299 euros. I guess that any new offer will have some difficulties to be much lower than those levels. We believe that we have strong differentiators, we have the best network in town, and now catching up with orange and mobile content, where we have without any doubt the best proposition for our customers. We believe we can sustain higher prices in the marketplace and what we delivered in q4 is based on the real capabilities of our product. We didnt need this year to do large promotions as we have done last year. You have probably seen in the results the attitude of our customers has increased, which is different from the attitude of the other competitors in france. Were shooting for stabilizing the base and increasing the attitude in order to deliver a Sustainable Growth in the mid to longterm. So youre done with the price wars . We have clearly stated our mindset is to deliver more value to customers. Obviously if the marketplace is competitive, then we have to react from time to time. But we try really to drive quality of product, quality of services in order to make sure that the customers are pleased with the services we deliver. Claire is joining us after this interview. It does seem the altice ceo is still optimistic on the line that the company is moving towards. What were the other messages, would you say . I would say they were pretty pleased this morning to say that the u. S. Activities are driving growth, and that profit has come back or at least Revenue Growth has come back in france for the first time for sfs since over five years. Altice became an owner more than two years ago, its the First Quarter where it is actually posting a growth in its revenue. Sfr is the Second Mobile operator in france after orange. It has posted a rather disappointing result with a net loss of 138 million euros, mostly theyve lost customers. In 2016, 500,000 left sfr when all the other operators, orange and free on the contrary gained customers. But theyre pleased with their acquisitions in the u. S. Because its starting to pay off. Back to you. Thank you very much for that. I wanted to revisit shares of bmw, theyre now accelerating their declines on the back of the Earnings Release this morning. Lets look at the shares. Theyre down by as much as 2. 8 now. The company is saying that they expect the global, political and economic environment to remain volatile. Though do target further sales growth in 2017 with sales up on the previous year. They proposed a dividend of three years 50. I dont know what the single aspect is that is driving shares lower. As soon as we know, we will bring you that on twitter most pr probably. Coming up after the break, we will speak to lego ceo john goodwin. Stick with us. Good morning. Its decision day for the ecb. Well tell you what to watch when mario draghi starts to speak. Oil prices bouncing bang back a bit after plunging more than 5 . And the latest Healthcare Plan moves one step closer. Worldwide exchange begins right now. Amazing throwback thursday