She makes her first appearance since she got her new post. And the french president is set to talk trade and iran with barack obama as the two get down to business. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. A warm welcome. Miss yellen is on the agenda. In the spotlight. Its not officially called that, any more. Not the old hump. Other things on the show cat walk cash. That would be you . That would be me. We find out what the top trends are in new York Fashion Week. Glencore ex strat what has posted higher output. We got chinese copper prices down in twomonth lows. Well have a discussion on that. And were talking about this yesterday, nestle cuts back its stake in lori el. Well get all the details from paris. But first, barclays shares are lower after earnings came down to 5. 2 billion pounds in the Fourth Quarter. The bank says its still increased its bonus pool last year. At the same time, the bank says it will cut another 12,000 jobs. Heal ya, thanks so much for joining us. Presume onbly, all the focus this morning is on how much theyre paying out in profits. Up 10 or something on profits . Up 10 . And i think the reason for that is because overall profits are down 32 , 37 in the investment bank. But the bonus pool, thats tin sentive part of pay is actually up 10 , up to 2. 4 billion pounds. And the explanation, jenkins was completely unapoll gettingic this morning, anthony jenkins. He said, well, look, actually, our stance on pay is that we pay for performance and we pay competitively and its in the shareholders best interest that we do so. Have they performed . That is the question. A lot of shareholders cant understand that argument. They cant understand why less aggressive to cut cost cuts, which is the line that the bank can control, and actually youve had performance decline, why youre incentive United Statesing these bankers. So apparently they dont want a lot of people. They want a small number, quite a lot. What do you make of this discussion . Well, i think the first thing i have to say is that the premature report of the data, the fixed income current and commodity business is a little bit premature. Of course, thats over the years, the backers were down 30 , 31 , which is down with deutsche and some of the global american peers. But actually, if you look and take a longer term view, those have been pretty resilient. Of course, the market is a little disappointed in terms of more strategic information and more cost cutting target, but i think its all they will get this over time. Interestingly, quarter on quarter, if you look at the result, it was up in terms of revenue, kind of 12 . Bizarrely, they had a very bad key but a good recovery there. They had a 330 Million Pound charge, of course. The leverage ratio was a key focus for investors and that improved. Lets not take that away. Lots of good news. Actually, weve got a target of 3 by the end of june which they had committed to with the uk regulator, the pra. They got to 2. 79 now and what theyve said is theyre going to aim for 3. 5 by the end of 2015 and 3. 5 to 4 after that. So ahead of that. Never good enough. But its also a revenue question. They Say Something like pound revenue a million. They were talking about assets. And the problem is you only know after what, because its actually quite to cut the Balance Sheet this size. What do you do with the credit . I think its all some depreciation will be, especially in the new core. They cannot price for perfection. As we see more value, it will back it. Barclays is getting a lot of that kind is actually tastes good and goes down well, whereas these cocoas, 2 billion 06 which were issued. Quite interesting. I dont know if there will be any more like this. These cocoas that barclays has issued, they can suspend the coupon and pay dividends to shareholders. So completely realigns the capital structure and skews it. How about the pr exercise that happened in the last 48 hours thats previewing numbers that werent broken by the financial times. I heard you talking about this earlier this morning. Yeah. They were estimates from Morgan Stanley that were published a week ago. Anthony jenkins is a very he came in as the kind of soft face of barclays, but hes a very tough operator. On the media call, he wouldnt answer any questions about the fx probe, he wouldnt answer any of the details in terms of litigation costs and about those litigation provisions. We wanted to know where they come from, can you give us a bit more detail . No, he could not, we were told. So hes quite tough talking. Dominic, i noted in your notes you say that actually the European Bank for the achilles heel right now for europe. Expand on that for us, please. I think its a matter of capitalization. We saw it today in barclays numbers. Yes, theyve got the leverage ratio back up to 3 and two on capital i think is at 9. 5 . But both of on those numbers are still too low. So you still have a Banking System which requires more capital and is continuing to deleverage as a result. So what do you do you take the read through is there much of a read through in the whole sector . We had more comments out yesterday from david serra saying 50 billion in carpetal eurozone banks. Do you view the capitalization differently for uk banks to eurozone . Obviously, in the case of barclays, theyve still got more work to do in improving their capital ratios. But yeah, i think in the situation of lloyds, i think the capital situation is better. And i would say overall the situation was better. But i dont think that anybody should take too much comfort. I mean, the economy is improving in the uk. But im sure that regulators will want to see leverage ratios and Tier One Capital ratios continue to rise during this recovery. So when we enter the next recession, there is much greater buffer in terms of capital ratios than there has been in the past. On that final point, if were going to see a continued increase in capital ratios, does that mean actually were not going to see any meaningful increase in lending . Its a tricky one but, yeah, an increase in the Capital Requirement would lead to a decrease of stabilization on the landing growth. The question is the demand for the credit. Who do you work for, helia . Its a banking response. We have to say goodbye. Thank you so much, filipio and helia, dominic. Now, new york regulators are driving most Financial Institutions out of the empire state. Thats according to banking analysts and what he said to cnbc yesterday. They are driving them out of new york. Think about where bny melon is. Its been pushing people to india. Goldman sachs had to add new people. They did it in new jersey and utah. Citigroup is now the Third Largest employer in singapore with jobs all of which could be in the United States, although they have pushed a lot of jobs to south dakota. Morgan stanley is pushing jobs to japan and to china. And you can get more on that story. Where else . Cnbc. Com. Dominic, lets come back to you, actually. Were waiting for Janet Yellens speech today. At the beginning, you were suggesting you hoped yellen and the fed would stave off from tapering until the second half of this year. Where do we stand right now based on whats going on with the tapering and the Global Economy . I still think that the fed has every reason to remain accommodative. And i think today well probably see in yellen someone who is fundamentally dovish. The inflation outlook in the United States and elsewhere continues to be demine. And i think the one certain impact of the difficulties emerging markets are facing at the moment is that it is a deflationary event for the world economy. So more reason for the Central Banks to remain fundamentally accommodative. And that is what i expect to see fall the rest of this year. You say, dominic, the u. S. Economy is as healthy as youve seen it in the last 20 years. What are you basing that on . Therefore, what does that mean for the dollar and Equity Investment . What i was referring to was particularly the improvement were seeing in the between deficits. Both the fiscal deficit and particularly the trade deficit, which for once is improving during a period of Economic Growth in the United States. Largely due to the collapse of net shell oil. The one thing that was missing and had troubled me was the lack of productivity growth, and that indeed seems to be now beginning to turn into a very strong productivity number in the Fourth Quarter, which took the year up to 1 is. 7 for 2013. So getting to reasonably healthy levels. And, therefore, the outlook for the dollar, i think, is one of gradual improvement. Can i bring the china question into this, is there risk for the markets right now. You mentioned in your notes that the key risk is how the market deals with the potential deleveraging going on in china right now. So how does it deal for it . This for me has been a much greater concern than tapering in the u. S. What weve seen in the course of the last six to eight months is the rate in china has gone literally from 3 up to 7 . Most recently, its come back down to close to 5. 5 . What we are clearly seeing in china is a normalization of nominal Interest Rates which had been for a decade artificially low leading to an investment and property boom. The new authorities are in beijing clearly trying to gradually nebulize Interest Rates and see those rates normalize. That has a tail effect for the tail of the emerging markets. I think growth in china will continue to disappoint for this year and the emerging markets turbulence weve seen will continue, as well. Thank you so much for chatting with us this morning. Thanks for that, jules. Were just an hour and 20 minutes into the trading day here in europe. 8 1, nearly 9 1 on the stokes 600. This morning, were up 52 points on the ftse 100. Xetra dax is up 11 , cac 40 up 0. 7 , ftse mib, as well. Tenyear treasury yields up to 2. 69 . That yields are higher across the board, as well, in european trade. Dollar index has come down to a twoweek low, as well. 1. 3679 was the twoweek high we were trading at yesterday. Dollar yen, 102. 34. And sterling has reclaimed the 1. 6 4 level, as well, on the greenback. Thats where we stand right now in this european session. Sixuan recaps the day for us in asia and singapore. Hi, sixuan. Hi. Thank you, ross. The shanghai composite led the rally today. Shares were once suspended for trading after surging 44 . So hitting its upper limit before ending higher by 3 . This is the countrys second largest ipo since listings resumed last december. Japan is closed for a holiday today. Australia gained 0. 6 today. Now on to individual movers, chinas oil majors made a strong gain today after petrochina made one of the largest natural gas discoveries in china since 2001. Look at other oil measures, sinopec add 2 and cnoc added almost 5 . Ahead of the National Peoples congress, beijing has announced a series of policies. Ping an jumped to the highest in almost two weeks while china life surged almost 5 , as well, posting its best daily showing in more than two months. Thats a recap of asian markets. Back to you, ross. Sixuan, thank you for that. Still to come, airbus and boeing are battling it out at the Singapore Air show. Could chinese manufacturing create turbulence for the pair . Well bring you the latest from the ground in singapore, coming right up. [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the Aerospace Industry in the u. S. . At t. 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This is where the action will be forestry in the coming decades. And also in support. Sri is comfortly poised at the Singapore Air show. How big a threat do you think the a350 is for boeing in your region . Ive got to say this. That they are alloy confidence amongst air executives because theyre very bullish about the growth figures in this part of the world. Despite the fact that we are seeing this emerging market downturn, they brushed it off. They answered my questions by saying weve seen the asia crisis before and we didnt see a drop off in demand for new aircraft and well ride this one through. Hes confident that theyre not going to see any cancellations for airbus aircraft. Like i said earlier, lots of executives, airbus included, are very, very bullish about the growth picture in this part of the world. Despite the fact that there are a number of challenges. And a big theme or themes thats been coming up here is pressure on yields, purchasing power among the some asian consumers has been sit without hitting the front end of the cabin. There is concern about rising capacity. The Airline Industry all over the world needs more clarity with whats going to happen with the european emissions trading scheme. And whats going on on the single aisle stream, any information about that . Thats interesting. He said were starting to see some competition in that segment. Are they going to be a competitive threat over the next ten years . Probably not. Over the next 20 years . Maybe. But the threat, and this is interesting, is going to come from china. They are starting to ramp up production and start to go improve their own indigenous single aisle aircraft. He says theyre going to be contenders in the next 20 years. Are they going to be able to cut it in the International Markets . Thats the big question. Britain and the netherlands have filed a 4. 8 billion claim against iceland funds. Nokia will take aim at the emerging markets when it unveils a lowcost smartphone according to the wall street journal. The happened set Division Company will launch a smartphone running version of googles android operating system. It comes as the Company Enters the final stages of its acquisition by google rival microsoft. Shares in nokia up more than 75 in the last 12 months. And the british economy is set to grow rapidly, although levels remain well below the precrisis peak. And the cpi warns that uncertainty in the run up to the investment could risk further investment. The rivers thames has burst its banks. Many homes along the river have been evacuated and authorities have warned that thousands more homes in the southeast of england could be hit by blood water with river levels expected to continue to rise over the coming days. Wow. I hadnt seen those pictures. Yeah. Now, have you had breakfast . A little muffin. Okay. That does count. Because juicy details emerge in of french president hollande when he visits president obama in the white house today. The two heads of state will sit down to a carefully occur rated threecourse meal. Caviar, quail eggs, with rib eye beef being the centerpiece of the meal. Its a hawaiian chocolate dinner as well as fudge made from syrup. Yumm. That sounds great. Give us an invite. Because of that menu, we want to know what you would serve if you were hosting the french president. Let us know. Worldwide cnbc. Com, or tweet us, cnbcwex or rosswestgate. Home made soup. Very kind. Let us know about that. Still to come on this show, glencores copper production surges 26 . Our next guest says the Company Figures dont match their rivals. Well be digging into the details, right after this. Could save you fifteen percent or more on car insurance. Mmmhmmm. Everybody knows that. Well, did you know that old macdonald was a really bad speller . Your word is. Cow. Cow. Cow. C. O. W. E. I. E. I. O. [buzzer] dangnabbit. Geico. Fifteen minutes could save you. Well, you know. The headlines from around the globe, profits drop at barclays. Paying out nearly 2. 5 billion in pounds in incentives last year. Indias trade deficit narrows with gold and silver imports drop significantly. The countrys trade minister has recommended relaxing curbs on gold imports. Markets trade in the green ahead of Janet Yellens testimony. She makes her first appearance in her new post. And Francois Hollande heads to the white house, set to talk trade and iran with barack obama as the two get down to business. Were an hour and a half in this trading day in europe. Stronger gains than we had at the close yesterday. Ftse 100 up 0. 75 . 1 for the xetra dax, 0. 6 for the cac 40 and 0. 5 for the ftse mib. And in the bond markets, the u. S. Treasury heading above that 2. 6 . Gilt yield trading around 277 . Slightly wider for the periphery here you can see by a couple of basis points. Italy trading 3. 70 right now. The dollar has been down at a twoweek low. Dollar yen, 102. 33. Euro dollar, up to around 1. 3670, which is a twoweek high. Cable has reclaimed the 1. 64 level. Loreal said its agreed to buy back 8 of its stake from nestle. Hey, ross. Loreal is going to pay 8 for that stake. Plus, this 50 stake is valued at 276 billion euros, which makes a total transaction of 6 billion euros for loreal. All the share votes by the cosmetic giant will be canceled and that will have a positive impact for the shareholders. Its going to increase the earnings per share by more than 5 on a full year basis after this transaction nestle will remain the second largest shareholder of the company and the family will be the main ones still with the 33. 3 stake. Its fueling the speculation and that explains why loreal, after good, solid trading, is now trading lower on the french market. Its shares held by lori el as discipli diminished. And the market has reacted. Following this announcement by loreal and nestle overnight. The stock is down 2 right now despite some positive earnings that were reported after the market closed yesterday. Loreal posted a 5. 4 increase of its revenue on a like for like basis on the Fourth Quarter that was better than expected. Loreal will pay a dividend of 2. 5 euros per share, almost a 9 increase from 2012. So from an earnings point of view, it was very positive, ross. And michelins net income down 24 , but they are increasing the dividend. What are they saying about sales and whats the investor reaction . Well, the problem for michelin remains the negative currency effect and thats not a big surprise. If you remember back in october, the company said clearly that it canceled its target to maintain a stable operating margin for 2013 because of the weakening currencies in latin america. More importantly in brazil and argentina. Now, in terms of output, michelin says its on track to meet its target for 2014, but only based on the average Exchange Rate for 2012. Now, the company is targeting a recovery in volume sales this year, thanks to some fastgrowing markets, but thanks to the specialty tires, like for the mining industry. This is what the cfo told cnbc this morning. The targets are reducing their inventories, putting pressure on volumes. But at the same time, we are experiencing very good margins for those products. When this drop of inventory will be done, we will be back to very strong growth volumes as the demand for raw material is still there. The stock is up almost 2 because despite the 24 contraction of its net profit for the last year, the company is going to increase its dividend and that is boosting the share price today on the french market. Ross. Stephane, thank you. Now were joined by john baker, Portfolio Manager at jpmorgan. You said you liked valuations in europe equities right now. Is your attention focused on the periphery right now . Thats correct. We are finding a lot of opportunities in the peripheral economies of europe. I would have to highlight the economic recovery in ireland where austerity and supply side reforms came through strongly at the start in 2007. That now has led to a big recovery in economic prospects. Weve seen falls in unemployment. Going back 12 months, it was not expected. Were finding a lot of attractive ways to play that. Not least of all, bank of on ireland. And a lot of the stake now, the government owns 14 right now. Thats correct. The government has reduced its position. We expect its going to reduce its position further. Investors have snapped that up as weve seen what we consider important at jpmorgan is earnings upgrade and thats been driven by the improvement in the sovereign bond markets as that was recognized by the bond community. Brought down the cost of financing. I mean, you know, some places are now trading below that of the uk and u. S. Yes, almost, yes, absolutely. Theyre raising cash at better levels when they were better known as the celtic tiger. Thats correct. Ireland was voted the best place to do business in the world by forbes magazine, again, in recognition of that austerity and supply side reforms. And tax rates. That is one of on irelands natural resources. Does that extend to any other peripher peripherals . It does. Thats attracting in a lot of automotive manufacturers, for instance. Some of the large German Companies and ford are now expanding production in spain setting up new facilities. So export driven recovery. Were also seeing recovery in italy. Seems as though theres a lot of investment in the housing sector in spain. What about investment in the housing sector in ireland . The recovery in the dublin market is coming through very strongly and thats because after next to no new supply, there is now a shortage. So quality commercial property, residential, as well, because of google, facebook, twitter, all companies who pay high salaries, therefore, demand for high quality housing. Lloyds . Lloyds bank, great play on recovery in the uk economy. Just this morning, of course, weve seen a further positive revision in the economic outlook. The Housing Market recovers in the uk, thats going to benefit lloyds as the largest provider of mortgages in the uk. Interesting. John, great to have you on. Copper production, the biggest earner, jumped 26 . Joining us from hong kong is andrew dale, Division Director at mcquarry securities. Thanks for joining us, andrew. Production is up, but we have seen, of course, copper prices under pressure. How is that feeding back in . Yeah, look, i mean, the story on glencore here is really very much volume driven. The price itself has been i would say pretty resilient in the back drop of some uncertainty on the supply side. So im actually a little bit more constructive on the surprise and i think theyre able to generate good returns here. Maybe on a near term basis, the price could have a bit of downside risk. We do like the Copper Market is glencore is very well positioned in that space when you look at the diversified miners. You say you do like the Copper Market. Shanghai copper, thats down at the lowest in two months today. Yeah. If you look at the chinese supply market, theres a fair amount of uncertainty with the raw material versus the smelting capacity in china. I would say domestic chinas prices do look to be reflecting some of those supply concerns. But again, im trying to focus on the medium term. I believe things will start to improve into the back of this year and particularly into next year when you look at the cost of production, the cost of actually bringing on tonnage. As i said before, glencore is going to be a good beneficiary of that. Andrew, we got no update today on whether or not theyre going to manage to execute this copper mine to china. Identify seen a lot of speculation that they would prefer not to sell it. Do you think they are going to push this off now . Yeah. This is always an interesting topic when it comes to the sale of this asset. Were firmly of the view that they will have to divert this asset. Its always been a pretty big amount of money required. Dont think glencore right now wants to commit that amount of capital. Its probably a little larger than the chinese would want to buy, as well. However, passette is on the market and we will see some form of announcement over the next few months in relation to that. To their point, good assets are hard to find. You dont think thats why this is on a delay . They said they would do this by the end of the last year. I suspect theres probably some question marks around the valuation. Both parties are finding it difficult to come to a mid point in relation to that. I think if you look at other copper equities over the past sort of three months, you have seen a little bit of recovery in pricing. And i think valuations are starting to improve a little bit on the copper space. Hence the reason why were quite bullish on many of the copper equities out in the universe. How would you compare glenn to some of the other Companies Like angelo, bhp and rio, which on a production basis looked stronger . Yeah, youre right there. If you look at the performance this year, its quite interesting. Angelo has been quite the surprise. Its outperformed bhp and rio by as much as 20 this year. Glencore, internal we would say their production result is probably at the touch of the lower end of the big four. I wouldnt say by any means its a poor result, but rio and bhp delivered better. I think the real question mark at the moment for the big diversified is its no questions dense that bhp has underperformed rio and still the market continues to question iron ore prices and other large miners continue to lag the nonexposed iron ore miners. Thank you very much for joining us, andrew dale. In asia tomorrow, we have a slew of trading updates including those from the commonwealth of australia and we have japan stepping up with machinery orders and china in trade data for january. Still to come, india may no longer dig in its heels for trade imports. Well be out at mumbai for the latest on the trade figures. [ male announcer ] the new new york is open. Open to innovation. Open to ambition. Open to bold ideas. Thats why new york has a new plan dozens of tax free zones all across the state. Move here, expand here, or start a new business here and pay no taxes for ten years. Were new york. If theres something that creates more jobs, and grows more businesses. Were open to it. Start a taxfree business at startupny. Com. Welcome back to worldwide exchange. Eats talk about food again because details are emerging for Francois Hollande when he visits president obama in the white house today. The two heads of state will sit down to a carefully occur rated threecourse meal. 12 types of potatoes will grace the first court. Rib eye beef is the centerpiece of the main. The white house reveals the dessert, chocolate hawaiian ganache as well as chocolate malted cake. Do we have the menu wrong . I dont know. Maybe theyre having two desserts. Im sure there will be plenty. Im outraged that there isnt going to be hawaiian ganache. Anyway, if you were going to serve the french president some food, what would you give him . Email us or tweet us. I dont know. I love french soups. Now, a slump in gold and silver imports helps india narrow its trade deficits. For the month of january, the trade deficit came in at 9. 9 billion. Merchandise exports at 8 while imports fell 18 . New delhi is aiming to keep the current deficit below 50 billion in the fiscal year to march of this year. Now, were joined by rajiv biswa from ihs global insight. These numbers were helped by a 77 drop in gold im punputs. But i see the india trade minister is talking about dropping that right now. At a retail level, indians love goal. They have put this tight restriction and levies on gold in order to reduce the trade deficit and current account deficit. But what weve seen now with the january data is that trade deficit is down half of what it was a year ago. So i think there are signs of progress, reducing the trade in current account deficits in india. And knowing that its very hard to restrict this demand indefinitely, they probably feel its time to start easing back on the controls. But india still is vulnerable and fragile on its external account, so i think they will have to ease back carefully. Its surely not time to ease back. I think easing back somehow a huge concern. I think they still need to cut back on expenditures in q1, surelily, dont they if theyre going to meet this target . The deficit last year was 4. 8 of gdp. That was about 88 billion u. S. This year theyre aiming to get it down to 50 of gdp. They have made some progress towards that. I dont think they can completely lift all these restrictions on gold because gold made a huge contribution due to this 77 decline in gold imports that weve seen to narrowing this current account deficit. But i think they may take some steps to reduce controls for gold. For weddings and so on, its hard to maintain control because one of the problems you have is a lot of gold smuggling happens, so you divert it from official imports into, you know, smuggled gold coming in from the middle east. So there is that sort of leakage happening, as well, that theyre probably concerned about. But i think india is making gradual progress on the current account. I agree that you cant completely, you know, lift all these controls immediately. And india is still very vulnerable in terms of the rupee. But certainly the governor has made an impact and weve seen stabilization of the rupee in the last few months. Picking up on that, you seem to be suggesting, look, were not going to get knit strong recovery in growth. And how does the Central Bank Balance that with inflation . What will the quality be for now . The governor has been very, very clear that his most important priority is creating credibility for the central bank and controlling inflation. And hes switched the target much more towards Consumer Prices, running at about 10 at the moment. So based on that measure of inflation, theres really no room for easing. I think what weve seen in three rate rises, hes established credibility that they want to control inflation, but there isnt much leeway for much monetary easing, either. So we do expect inflation will edge lower in the coming months, but only perhaps down by a percent or so. Therefore, its not enough leeway for him to start cutting, given that his target for inflation is to bring it down to 8 or so a year. He surprised the market last time with a 25 point basis pike. Why not even if the inflation comes in at 9. 4 this month, why not hike again and get ahead of the curve . Because the economy is really struggling. Industrial production is negative. Auto production is down over 10 year on year. So the economy is already struggling. If there are signs of inflation stabilizing and coming somewhat lower, then i think even though they keep Monetary Policy settings tight, they may not want to tighten them further. One of the problems of indian inflation is that it is a lot of it is externally driven and its out of control of the central bank. Food inflation stays in the agricultural sector. He has done a lot of work to try to get credibility. Inflation should start to edge lower. I think he should stay on hold and see if inflation does edge down. I think its going to be very hard to get there in terms of Consumer Price inflation. I think were going to see relatively tight monetary settings and, therefore, relatively weaker growth in india and around about this 5 range that were seeing at the moment, rather than the 8 to 9 growth that we got used to a few years ago. I think you but i think india is entering a period of weaker growth. I think you just crystallized the real problem they have here between balancing inflation growth and the future outlook. Rajiv, good to talk to you this morning. In asia, shares of dongfeng traded flat. Theyre taught to be in talk with frances peugeot on a possible partnership. Peugeot negotiators were in china this week for a final round of negotiations. The flavoring company which makes soy sauce and oyster sauce, fo is shan, shares were temporarily placed on a trading hold after exceeding the daily limit. And some earnings were following out of australia, amz shares nudging higher after reporting a 13 high. Mcquarry shares were down after the group gave a cautious trading update. Annual profit was on track to exceed 1 billion australian dollars for the first time in four years, but only if Market Conditions dont deteriorate from here. And shares of cochlear tanking after a nut profit falls 73 to 18 million. Now, over in the u. S. , the Obama Administration is once again delaying the Health Care Mandate for Small Businesses under the Affordable Care act, giving them another year to comply. The employer mandate of obamacare was originally scheduled to take effect in january. But the white house granted a oneyear delay last july. The latest change lets companies with more than 50, but less than 1100 full time workers avoid a tax penalty until 2016 for failing to provide health insurance. Larger companies can phase in coverage Offering Health plans to 70 of workers in the next year and 95 in 2016. General motors says the new Ceo Mary Barra will be paid 14. 4 million in cash and stock this year, 60 than her predecessor. The bulk of that pay package, about 10 million, is from gms longterm Compensation Plan which is subject to shareholder approval. It was previously said she would get to 4. 4 million but released the updated figures to clear up any conception that she was being paid less than her peers. Gm trading up around 0. 5 . Thats nice. Clears that up, didnt it . We did like that story. Still to come, 12,000 jobs to go, but bigger bonuses for those that make the cut. Coming, were look at barclays latest numbers. Youre watching worldwide exchange. Im ross westgate. And im julia chatterly. Here are your headlines from around the world. Barclays shares extend their losses but that doesnt stop the bank from dumping more cash into its bonus pool. Indias trade deficits narrow. The countrys trade minister is relaxing exports on gold. Janet yellen is expected to comment on the recent weekly jobs data. And Francois Hollande heads to the white house. The french president is set to talk trade and iran with barack obama as the two get down to business. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. If youre just tuning in, thanks for joining us here on worldwide exchange. Let me give you a look at how the markets are fairing ahead of the u. S. Open. Stocks for the Third Straight day, we have both the s p and the nasdaq closing at the highest level in two weeks. All eyes on the feds yellen speech later on today. You can see the dow futures behind me indicating higher by around 60 points in trading to green across the board here. 15 points higher for the nasdaq and for the s p 500 were higher by around 7. 5 points so far. But of course plenty of hours trading. They are taking the message from what were seeing from the european markets, trading higher in the green. 0. 8 for the ftse 100. Were over 1 for the german markets, french markets 0. 7 higher and the ftse mib recovering a bit from the selloff that we saw yesterday, higher by around 0. 4 here for the italian markets. Quick check on where were seeing barclays trading after the results posted this morning. Investors are not happy with what theyre hearing there. We can see that stock down around 3 in trading today. Well be talking about that in the second half of the show, ross. The bonus pool up 10 . Investment banking profits down. Retaining staff. Its all about retaining staff. But theyre going to shed 15 yeah, 12,000 jobs. Who knows. Well come back on to that. Weve got position squaring in the bond markets. Tenyear treasuriace yielding 2. 67 . Were up to around 2. 69 on the tenyear. Yields are higher across the european debt markets, as well. Similar performance for the dollar this morning. The u. S. Dollar index is down to a twoweek low. Elsewhere, weve got euro dollar, up to 1. 3670. At the moment, thats around about a twoweek high. The aussie slorl, pulli doll from its lows. 0. 93028. Its all about janet yellen, her testimony in front of the House Financial Services committee. To recap whats happened in asia, if youve been sleeping overnight in the United States, here is sixuan from singapore. Thank you, ross. China markets let the gain necessary asia today, extending the rally since last friday. We had a very strong market debut for shanghai. In hong kong, the hang seng index had its best day in three months, ending higher by 1. 8 . Japan was closed for a Public Holiday and gains in south korea were capped before the new fed chair Janet Yellens testimony. Meanwhile, australia ended marginally higher, up 0. 6 . On to some big movers, chinas oil majors all made a strong rally today after news that petrochina has met one of the largest natural gas discoveries in china since 2001. And that stock gained 1. 4 . Sinopec added 2 . Meanwhile, cnooc jumped almost 5 . Aso i had from the energy counter, insurers outperformed as beijing announced a series of policies that may favor the insurance industry. Ping an and china life both juched over 5 in todays trade. Thats a look out of asian markets. Back to you guys. Sixuan, thank you. Have a good evening in singapore. Now, our next guest says now its time for investors to go on the hunt for equities. The current environment provides some opportunities. Joining us now, global head of equities at pimco. Nice to see you. Nice to see you. Weve had three days of gains for the u. S. Equity markets, the best since mid october after the correction that we saw. Where would you say were at . Well, i think were still into a phase of adjustment where i think, you know, im not saying you should jump on equities today. What im saying is over the next few months because of this transition phase that were in, and still this concept of fragmentation that youve heard me talk for a little while, but in terms of transition, we are at a very important point. I think investors are looking at action. Clearly, if you look at the u. S. , were going from qe to taper to normalization. Normalization at some point will want to have something in line with the economic trend. Whats important is how that differs from whats happening in the rest of the world. The desynchronization. Clearly, china is in transition. You have investmentled growth, reformled growth. By 2017, youve heard me say for many, many years now, well probably be around 5 growth. How we go from a to b is clearly important. Of course, emerging markets are also in transition because we have the tapering happening. So we have rising rates, slowing adaptation. Of course, europe and japan are in transition. In japan, were looking for, you know, the lead from the third arrow. We saw recently again mr. Abby saying wage growth must crease. You want to probably give some hints, but not force too much of on it. We have taxes increasing, Energy Prices increasing, the yen being weaker. Finally, in europe, clearly politically were in transition. Qe, we probably need more of it. Barclays shares extending their losses after earnings fell to 5. 2 billion pounds in the Fourth Quarter. Falling short of analyst forecasts. The bank still increased its bonus pool last year on, paying out nearly 2. 5 billion pounds in incentives. That jump of 10 . Barclays says it will cut to further 12,000 jobs this year. You were just talking about the banking sector, banking union. What do you think of the banks right now . The message we get from barclays still is that work still needs to be done in capital raising. Its a message that weve had from many of these banks. Absolutely. And i still think that you have restructuring in transitions. We have regulations quite new for the banking sector. As a stock picker, what i want to look at is do i find a growth stream that is not in the valuation . And i think that, you know, in europe, some of the financials are still quite cheap, but i would be clearly very careful about the underpinning of growth and earnings. Because we still have a lot of structural issues unfolding. You want to be so on we know, you know, Asset Management is a growing niche. You want to be in areas where you feel despite volatility, youll have something to hang on. I would think that the emerging market banks are actually very cheap. Im not sure its the time to buy them yet because of the transitions we just talked about. But on a pure valuation basis. So i think in europe, you know, the outlook for the banks is quite fair. But im not sure id be massively overweight at this point. But what about the contingent costs . What about the Foreign Exchange investigations and the how do you, as an investor, approach that . How do you price these stocks as being cheap when youve got all sorts of problems that could come with barclays over the even in the last 24 hours. Absolutely. And i think you have to plan for the worst and hope for the best. Thats really clearly what you have to do. There is an element of unknown, and i think it comes back to at what level of valuitions do you think the market is discounting more than what you believe will happen given a tight scenario. And i think you go back to very disciplined analysis of those banks because otherwise its very difficult. Youre obviously staying with us. For now. On cnbc. Com, i would draw your attention to that. Should bankers swear an oath to god starting next year . Dutch Bank Employees who swear an oath, optionally to god, commenting that they will perform their duties with integrity. Head to our website for all the details on that story. Follow us on twitter, cnbcworld. You put your hand on your heart for that, not over there. Or on a bible. I dont understand that. Anyway, whats on the agenda in the United States today . Moving on. Trade out at 10 00 on a. M. Eastern. Forecast to rise 0. 5 . In addition to Janet Yellens appearance on capitol hill, three other fed officials will be speaking today. We have philly fed president charles plosser, janet yellen and Jeffrey Lacker and richard fisher. Among the earnings report, cvs, mosaic, tripadviser and western union. General motors says the new Ceo Mary Barra will be paid 14. 5 million in cash, stock and options. More on that coming up right after the break. Barclays shares extend their losses. The bank says it will cut 12,000 jobs but the bonus pool still grows. Janet yellen makes mer first testimony to congress today. Jobs data is expected to dominate. And the french president Francois Hollande has dinner tonight at the white house. Lets take a look add todays other top stories on. General motors states new Ceo Mary Barra will be paid 14 14. 44 million in cash this year. The bulk of that pay package, about 10 million is from gms longterm Compensation Plan which is subject to shareholder approval. Gm previously said barra would get up to 4. 4 million this year, but released the updated figures to clear up any misconception she was being paid less than her peers. We like that kind of inflation. We were talking about this last week, talking about a difference again male and female pay. But now the question is how much shes getting paid from a company that laid off a lot of people, nearly went bankrupt. Theres a lot of issues here, isnt there . Clearly, we dont have the details of the longterm Compensation Plan. Im very happy people are well paid. But given the fact that the company was clearly nearly went completely bankrupt is just not that long ago, we need to understand how the longterm plan is structured and what kind of promise shell make. The other thing thats interesting is how we compare it with european Car Industries and that synchronization between the u. S. And the rest of the world at this point. But i think its a very interesting package. Gm has still got questions to answer . My view is they should put all the compensation down. Apple has lost its latest bid to block a monitor. A u. S. Appeals court has r jekted apples claim that its causing irreparable harm. The judge installed the monitor in october after finding am liable for conspireing to raise ebook prices. And Virgin America has reportedly picked barclays and deutsche to lead its fourth coming ipo. That offering could come in the second half of this year. The california based airline, launched by Richard Branson in 2007 may use the funds to double its fleece. Virgin america recently bought 12 slots at laguardias airport. La kwu inta has also filed for an ipo. Blackstone took the Company Private in 2006. It operates more than 800 hotels throughout north america. Still to come on the show, can the french president rescue his plunging popularity with a visit to the u. S. . Stay tuned. Well examine francoamerican relations. [ male announcer ] the new new york is open. Open to innovation. Open to ambition. Open to bold ideas. Thats why new york has a new plan dozens of tax free zones all across the state. Move here, expand here, or start a new business here and pay no taxes for ten years. Were new york. If theres something that creates more jobs, and grows more businesses. Were open to it. Start a taxfree business at startupny. Com. [ telephone rings ] [ shirley ] edward jones. This is shirley speaking. How may i help you . Oh hey, neill, how are you . How was the trip . [ male announcer ] with nearly 7 million investors. [ shirley ] hes right here. Hold on one sec. [ male announcer ]. Youd expect us to have a highly skilled call center. Kevin, neill holleys on line one. Ok, great. [ male announcer ] and we do. Its how edward jones makes sense of investing. The stockses have been up for three days in a row. This morning, futures are implying were going to go higher again. The s p is up 8. 5 points, the dow higher by 69 points and the nasdaq up just under 17 points. French president Francois Hollande kicks off talks with president obama at the white house today. Hes hoping to recesuscitate hi rock bottom popularity in france. Discussions on the menu include google, iran, trade. Stephane is in paris. Stephane, all the topics aside, just how closely aligned are these two politically . You have obama denying that hes a socialist and you have Francois Hollande trying to cling to his socialist roots despite his uturn. Obviously, we came a very long way since the Freedom Fries and all the media in france are very much aware of the single of a state visit. Its the first time in 18 years that a french president is invited for a state visit in the United States. But the view in france is that hollande has been rewarded for his position on syria, in iran and on the recent military action necessary africa. France led two military actions to tackle the growing influence of al qaeda and that is something perfectly in line with the strategy from washington. You know, the easy thing with france and the United States is that the two countries are almost twins in revolution. The french revolution was almost at the same time as the u. S. Independence. And they are very close historically linked between the two countries. And its obviously very easy to recall this glorious historical moment when you want to celebrate the relationship. The Good Relationship between the two countries. Now, economically, its a bit different, obviously, hollande is a socialist and a pro socialist policy. It doesnt really fit with what washington would like to see from france and from europe. Although the recent package of pro business measures go into the right direction, more literal right direction so that from the American Point of view. Perhaps hollande is going to be more difficult with u. S. Companies. You know that hes traveling tomorrow to the west coast. Hes going to meet the leaders of facebook, amazon, google and all these companies are under pressure in france because of their fiscal optimization policy. And im not sure that is going to be that easy for hollande on the west coast that it was so far with obama for the first day of the state visit. And also, you know, that tonight there is a dinner at the white house. This morning we were looking at the menu. Im not sure it will help hollande for his diet because its going to be very rich. Hawaiian chocolate ganache. Dont worry, ive memorized it. Thanks for that. Charles cob of the french Men Foundation joins us on the found now and charles, can i ask you, behind closed doors, as stephane was mentioning there, weve got the nsa snooping scandal to deal with, we have the tax optimization strategies and the likes of google. What kind of talk to you expect about those two issues . Well, i suspect theyre going to be discussed in the context i hope in the context of the broader context of the european u. S. Trade agreement. So i suspect knowing how these types of summits go, they will probably not get into the minutia of the actual policy, but i hope they will continue to set the broader context for the talks. Which i think will help Economic Growth and job creation certainly in france which have to be top on the mind of president hollande. How far are they going to get with the trade talks . My take right now from washington and the likes of harry reid is that obama is not going to get any fast track to negotiation this trade deal. Well, i hope harry reid has a change of heart on this. Weve seen trade agreements with republicans and democratic president s that they are good for the United States and theyre also good for our trading partners. So i hope that the senate will take a different view on this. Okay. Charles, great to talk to you. Well be watching those headlines avidly. What do you think, how big of a challenge for Francois Hollande . I mean, you know, a 16year high unemployment, no growth, well, in the past two years, even in europe, weve had some recovery, some growth. No political alignment. So alienindicatiatelienateing t. The may elections, the european elections. Are we going to have to slightly rethink how we rate the risk from politics in europe . My reading is if lapenn gets a much higher vote, this could be tricky because you could have some social description. Its really too bad. We have such a strong entrepreneurial spirit being capped, we have a Government Entity that is so large in france, larger than in china in terms of profit and employment and all of that, and so, you know, if, in fact, people by desperation vote more for lepenn, this is going to be something very serious, i think, and very sad. The best we can hope is a stalemate. Sentiment and just how depressed people are by the economy in particular with this uturn that hes tried to achieve. Its just too late. Well, exactly. And we discussed that when he was elected and what the measures were in all of this. And i think yes, it is too late. At the same time, if we had a charismatic leader who could put in place policies and bridge the gap and create a social contract in france, thats really what you need. I think you could still do something, but it would be very difficult for him to achieve that in such a short period of time. Would you make a better president . I think so, actually. You heard it here first. Heard it here first. Its day four of the sochi winter olympics. Canada atop of the medals table. Tom mackenzy has the details. The mens finals saw hamelin taking on the to finish just ahead of china. Russia claimed the bronze giving the countrys first ever short track metal. In the mens moelguls, bilodeau had a technically near perfect ascent on a slushy and unpredictable course. He becomes the first free style skier to win consecutive tiles. Bilodeaus gold helped move can do to the top of the leaderboard, but only just. I love the mogul skiing. You could do those slips. Ive seen you in action. I had to back out this year. Such a shame. Still to come its not just the jobs report that impact the stateside, the freezing temperatures are giving fashionistas a hard time. Snow and heels dont mix. No. Well look at the hottest trends later in the show. Welcome to worldwide exchange. Im julia chatterley. And im ross westgate. Barclays paid out nearly 2. 5 billion pounds in incentives. Indias trade deficit narrows as gold imports narrow significantly. And equity et in the green ahead of Janet Yellens testimony. She makes a first appearance for taking up her new post. And Francois Hollande heads to the white house. The french president is set to talk trade and iran with barack obama as the two get down to business. If youve just tuning in, thanks for joining us here on the show. Let me give you a quick look at how the markets are faring ahead of the u. S. Open. Stocks managing to rise for the Third Straight day. Lots of anticipation ahead of yellens testimony later on this afternoon. As weve got the dow trading higher right now by around 65 points. Weve got the nasdaq higher by 15. 5 points and the s p 500 higher by 8. 2. So green across the board right now for the u. S. Futures. A quick look at whats going on in europe right now. Weve got the uk markets up 1 . Lots of focus on barclays today. That Share Trading off around 3 after a weaker than expected earnings. Weve got the german markets higher by 1. 3 . The french markets higher by around 0. 9 and the ftse mib in italy higher by around 0. 6 . Andrew bailey, the Deputy Governor of the prudentan regulatory authorities ceo in the uk. And he says that the governor, the bank of england has launched a formal review of the allegations about a Foreign Exchange manipulation. He says theres no evidence that the bank of England Staff knew about Foreign Exchange pricing. And hes also going to say essentially that just the bank is playing that leading role in that investigation. Hes also going to say that he detected pressure to increase the sixth element of remuneration of banks to combat bonus camp and hes playing a leading role in the investigation, as well. Now, we also said earlier one of our graphics said manipulation instead of investigation, just to confirm, it is an investigation into alleged Foreign Exchange manipulation. Janet yellen makes her first trip to capitol hill today since becoming fed chairman. She delivers part one of her semiannual testimony to congress on the economy and the Monetary Policy before the house and Financial Services committee. Thats coming up at 10 on oclock a. M. Eastern. Yellen is likely to reiterate the plans despite recent weakness in data and the fed wont be deterred by that weakness in emerging markets. Meanwhile, the latest research from the San Francisco fed shows Bond Investors expect policymakers to start raising Interest Rates in march 2015. However, the report says exact timing are still uncertain. Less tats a look at where the tenyear is trading in that report right now. The cio at pimco is still with us. The key around what yellen says this afternoon is literally what she says. The first time we heard her, we can talk about Forward Guidance, what she says about jobs, but ultimately the real risk is how she comes over, isnt it . How she comes over. And i think its possible that she is a bit more balanced than people expect. Clearly the key things for us are going to be any comments on the emerging market situation as we talk about this location of this, you know, fragmentation in the world with the u. S. Moving one way and emerging markets, europe and japan, you know, being in a different part of the terrain, if she wants. So any comments on emerging markets are very important, comments on jobs, clearly unemployment, 6. 6 is very close to 6. 5 . And clearly on the on recent weakness that weve seen with some of the members. I guess the point there being whether its cyclical weakness or thats right. Is it shortterm exactly. And what weve seen so far from her is actually clearly on the tapering side and even slightly more. So that is why i think we shouldnt be surprised if we have a slightly more balanced view than dovish view from her. But clearly, well have to also listen carefully to the questions that are being asked because that is the big exposure, if you want, from that. Theres a lot of people talking about whether shell approach Forward Guidance, adjust Forward Guidance. If we look at cnbcs survey right now for market expectations, the market is pretty well aligned with what the fed want right now. Despite the fact that we keep talking about it, eats let of an issue surely than what it may appear based on what markets are pricing. Based on what markets are pricing. Clearly, our role or job is always to think about whats smart in the markets and could comment the street point. And, you know, here its more, you know, will the u. S. If, in fact, this is a soft patch, will the u. S. Continue on its tapering maybe faster than expected or will it actually pose light on this shortterm one question the fed will be looking at is what happens with wage pressures. Unit labor costs. Yes. And as an equity investor, youre going to look at that. If they do start to grow, thats going to have a massive impact on margins. Yes. Do you see that happening . Well, i think, you know, clearly were in that phase of transition and uncertainty. But i think, you know, its clearly something that well have to look at. And i think personally the risk is on the upside. We cant get any lower, can we . Exactly. Were at 6. 6 . If you drill down into the employment and the jobs data, you can see that these are being quite good. So if the soft patch is, in fact, linked to a weather disruption or something, you know, quite shortterm, and we have a resumption of this in the next quarter, 6. 6, awfully close to 6. 5. Do we have a change in the rules or do we just go on . The other thing thats really interesting, if you look at demographics and Participation Rate in labor over the next, you know, 10 to 15 years, you definitely have a shift which will create a bit of tightness in the labor market in the u. S. So that is also something, when you look forward, that people may not have talked about as much as i think we might need to. All right. Good to see you. Thanks so much indeed for joining us. Thank you. As models in new york take to the runway, fashionistas are battling through the snow. Has the Winter Weather put a chill through fashion week or did designers shovel in the dough . Well have your check right after this. How could a luminouscer ] protein in jellyfish, impact Life Expectancy in the u. S. , real estate in hong kong, and the optics industry in germany . At t. Rowe price, we understand the connections of a complex, Global Economy. Its just one reason over 75 of our mutual funds beat their 10year lipper average. T. Rowe price. Invest with confidence. Request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefull. Welcome back to worldwide exchange. Barclays shares extend their losses. The bank says it will cut 12,000 jobs this year as the bonus pool grows. Janet yellen makes her first testimony to congress today. The jobs data expectsed to dominate. And french president Francois Hollandes visit to the u. S. Continues with dinner at the white house. The Obama Administration has once again delayed a contentious part of the president s new Health Care Law that affects thousands of small and medium sized u. S. Businesses. Bertha coombs has more details for us at cnbc hq in the states. Hi, bertha. Whats not going to happen . Well, another delay. Essentially its not going to happen on time. Small companies will now have more time to comply with the Health Care Mandate under obamacare. The u. S. Treasury announcing a rules change on monday afternoon. Companies with 50 to 99 full time workers had been required to provide Health Coverage to their employees by 2015. Originally, it was this year it was postponed for one year, now theyre going to get yet another year extension before they have to be compliant. Larger companies will still have to offer health plans by next year, but they can actually phase in coverage, offering insurance to 70 of their workers in 2015 and then 95 by 2016. The employer mandate does not apply to businesses with fewer than 50 full time employees who work more than 30 hours a week. Its all very complicated, but this is one of the very big things for Small Businesses and medium sized businesses in particular. Even Large Businesses have been fighting that 30hour a week threshold. Treasury Officials Say that accounts for 96 of u. S. Companies who employ more than 31 million full time workers. The new for firms with 50 to 99 employees affects about 2 of all companies. Treasury says the new rules are being imposed to ensure a gradual phase in and to help assist companies to whom the mandate applies. The employer mandate has faced intense lobbying from business groups and the changes so far is drawing an upbeat response from them. Although the u. S. Chamber of commerce calls it more of a respite than a fundamental change. Analysts say this latest move could help democrats fighting for survival in novembers midterm elections. This would delay a potential wave of complaints from Small Business leaders. These rules finalize draft proposals in december 2012 and took into consideration Public Comments from businesses and congress. Its one of those things having people wondering whether down the line they might move the goal line altogether, ross, and maybe shift that kick in from 50 employees maybe to 100 employees. These are some of the things business groups had been lobbying for. Maybe they just like to paint over the goal line, eradicate it. Who knows what will happen. Its a shifting stand. Thanks for that, bertha. Have a good day. You, too. Fashion week is keeping up in the snowy streets of manhattan. 3 million tune in to see the latest threads hit the runway. Hi, alex. Hi. Give us the slowdowns. What trends should we see looking out for . Theres been a lot of tradition nappahoe detailing at tommy hilfiger, which showed yesterday. And i think the thing about new York Fashion Week is that its always very commercial. They have buying in mind. And you know that the designers there are going to have clothe that consumers will want to go. Shop for immediately. Victoria beckham has tailored proof wear. From girl to bona fide serious Fashion Designer has gone up another gear this season. So you are seeing kind of, as you said, this 360 viewing. Shes used a lot of ruffles and organza at the back to make it details and beautiful. Its a crucial industry for the uk. 21 billion back in 2010 and growing since then. What should we expect there . London is always known for being the capital of creative. So everybody is now blocking here to see new, exciting brands, new designers and new trends. And its really bold. Christopher kane is a hot ticket, urdam, michael vandeham. Weve got amazing names in this city. Very briefly, how much do these shows translate into sales and the bottom line, you know, Top Line Sales and bottom line profit . There are some collections which youll go and look at and they will be purely show pieces. When mcqueen shows in paris, they will be exquisite downs that you wont be able to walk into the store and buy. But there will be others that are a designers solution. Thank you so much. Jules, you should be at the fashion show. Im mittsing imissing my op now. French president farther Swan Hollande will set down with barack obama to a threecourse meal, 12 types of potato, caviar will be on the table. There is some confusion as to dessert. We would be asking what would you serve up if you were hosting the french president. Joshua has written in to say snails. Im sure hollande would like some cajun food, crawfish, okra and alligator. Why not. Let us know, worldwide cnbc. Co. Tweet us, as well. Janet yellen makes her first trip up to capitol hill today. What she she say . Well preview the testimony right after the break. [ male a] the new new york is open. Open to innovation. Open to ambition. Open to bold ideas. Thats why new york has a new plan dozens of tax free zones all across the state. Move here, expand here, or start a new business here and pay no taxes for ten years. Were new york. If theres something that creates more jobs, and grows more businesses. Were open to it. Start a taxfree business at startupny. Com. Were open to it. Fifteen minutes could save you fifteen percent or more on car insurance. Everybody knows that parker. Well, did you know auctioneers make bad Grocery Store clerks . Thatll be 23. 50. Now. 75, 23. 75, hold em. Hey now do i hear 23. 75 . 24 hey 24 dollar, 24 and a quarter, quarter, now half, 24 and a half and. 75 25 now a quarter, hey 26 and a quarter, do you wanna pay now, you wanna do it, 25 and a quarter sold to the man in the khaki jacket geico. Fifteen minutes could save you. Well, you know. Bashrclay shares have been extending in london today. The numbers yesterday were prereleased. But the Bank Increased its bonus pool from last year. Its paying out nearly 275 billion pounds in secenstivein. At the same time, its cutting 12,000 jobs this year. Also in this sector, regulators are driving banks out of nyc. They are driving them out of new york. Think about, you know, where bny melon is. Its been pushing people to india. Goldman sachs had to add new people. They did it in new jersey and utah. Citigroup is now the Third Largest employer in singapore with jobs all of which could be in the United States. Although they have pushed a lot of jobs to south dakota. Morgan stanley is pushing jobs to japan and to china. European equities, meanwhile, are near session highs after slim gains yesterday. Up nearly 1 for the ftse. Up 1. 3 for the xetra dax. Cac 40 up 0. 75 and the ftse mib up 0. 5 . U. S. Stocks are looking to add a fourth session to the three with straight gains so far. Adding around 61 points to the dow right now, 15 points for the nasdaq and the s p shy of 8 points. Janet yellen making her first trip up to capitol hill today since becoming fed chairman. She delivers testimony to congress before the House Financial Services committee. Thats coming up at 10 00 a. M. Eastern. Yellen likely to reiterate the feds tapering plans despite recent weakness in u. S. Economic data and the fed wont be deterred by that weakness on the turmoil in emerging markets. Joining us, susan white, chief economic correspondent at politico and a cnbc contributor too. Ben, whats the most important point about what shes going to say today . Is it going to be Forward Guidance . Is it going to be her interpretation of whats going on in the jobs or is it actually just how markets interpret whatever it is that she says . Because this is the first time weve heard her, isnt it . Yeah. I mean, i think some of it is just a learning experience for the markets with her style is like, how she comes across, what she says about jobs. I think will probably be the most critical thing. Obviously, in the u. S. , weve seen a couple of very soft jobs numbers the last couple of months. I think shes likely to at least nod to that and indicate that she, you know, realizes that theres a possibility that a soft patch is being hit here. But i dont expect her to waiver at all from the taper plans or to die verge at all from the last fomc statement. Shell say, you know, it could be a result of a number of factors that have impacted these two jobs reports. Still the underlying economy doing fairley well, likely to see improvement in the labor market later this year. And that the taper will remain on pace for, you know she wont go into specific figures, but theres a 10 billion range and i think shell stick to that. She backed ben bernanke heavily when he moved to start the taper. I think theyre on a glide path to get to zero on the purchases, unless we see several months more of really bad data. I wouldnt expect to see a change from janet yellen this morning. Shes very capable, very intelligent, a career academic. How does she view the political and media as speth pects of thi ben . I think she views them as a chore. Shell get some criticism from republicans this morning who dont like what the fed is doing. The press part of it we wont get a chance to see until march 19th when she does her first press conference. She comes from that academic world. She studies very, very hard. Shell be very well prepared as she was for her confirmation hearing. Unlikely that shell Say Something offthecuff. She spends hours and hours on proofing books learning about the members of congress shes deal with and i think shell stick to a limited script on what she has to say. Booefl, ben, what did we learn from the confirmation hearings about how we would have to listen to her . I think we learned shes very pleasant, shell probably joke around a little bit. But she is not going to give markets anything to really freak out about. Shes not going to make any big political mistakes. But i would expect what you think is going to happen, big taper. I would look for surprises. Ben, thanks for that. Chief economic cnbc contributor. Coming up on cnbc a little later, up next its squawk box. But from jules and i thats it. Have a great day. Where you think youre gonna go when your times all gone . [ male announcer ] live a full life. The new lexus ct hybrid with an epa estimated 42 mpg. The further you go, the more interesting it gets. Lease the 2014 ct 200h for 299 a month for 27 months. See your lexus dealer. Good morning. Welcome to squawk box. Janet yellen will take the stage today. What she says will keep the markets on edge all day. Another delay for the Health Care Mandate. You can see this as the first six lead stories on drudge or number 15 on the huffington post, below the three biggest lies of keystone. This time, medium sized businesses are getting more time to get their plans in place. And dumb starbucks gets a visit from the health inspector. Its tuesday, february 11th. Oh, boy, only three days left. 2014. And squawk box begins right now. Good morning, everybody. Welcome to squawk box here on cnbc. Im becky quick along with joe kernen and andrew ross sorkin. The bulls are battling back. Stocks now higher for three straight sessions, although the gains yesterday were very muted. The s p and the nasdaq logging their biggest threeday gains since mid october. Of course, there is still room to go from the recent highs. The dow is now down 4. 7 . The s p is off by 2. 8 and the nasdaq is down by 2. 3 . This morning, if you check out those equity futures, you are going to see green arrows once again. The dow futures indicated higher by about 58 points above fair value, the s p up by more than 7 points and the nasdaq up by more than 15. In asia, volumes were light with japan closed for a Public Holiday today. But for the most