Off more than expected. The spot is slipping below the offer price. And we are joined by telenors ceo live later on in the program. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. Hello, everyone. Youre watching worldwide exchange. Good morning to you, carolin. Its the end of the week. We made it through. Yes, we did. Weve got the speculation about shrine thats sending markets higher. And were still hoping for a miracle after yesterdays defeat. Down, but not out. Lets show you whats coming up on todays show. We have a jampacked show for you. Business success is putting cold, hard cash in their pockets. We look at how the region is giving a boost to scandinavian tourism. And are you too cool to cash . We look at the latest innovations that are encouraging us to ditch the coins and notes. And mobile. Rumors about the launch for the new smart wash as production is set to start next month. We take a look at the word on the street coming up later today. Lets have a look at the urman markets roughly one hour into the trading session. Keep in mind, we saw broad based gains in yesterdays trading session, not just in europe, but also in asia on the back of the fed statement. Were slightly more dovish than expected. Were seeing a continuation of these gains in todays trading session. Weve still got leading up higher. The ftse 1 is 00 is up by 0. 25 . The xetra dax holding on to the flat line. The cac 40 is down modestly by 5 points or so. Well talk about alstom in just a few minutes and the ftse mib is down 0. 5 . It looks like well be finishing this week with gains for the tenth consecutive week in a row. This is the longest winning streak since august 2012, believe it or not. Lets have a look at gold and silver, brent and nymex want we saw spot silver up by 4. 5 yesterday. Gold up by more than 3 . Why is that . Well, weve got the instability in iraq and the u. S. Sending 300 military personnel to iraq. And then, of course, we got the deafish statements from the fed, maybe concerns about inflag. Maybe theres some technical issues to look out for. Brent crude is just below that 115 level, down just slightly on the day. But it looks like well be finishing with another week of gains for brent crude, as well. Nymex up by 30. 2 . Quickly, a look at the forex markets where were seeing some dollar weakness on the back of the yellen statement. The dollar is seeing a little bit of strength recovery against some of the crosses here. That is because we have the philly fed index better than expected and jobless claims in line with expectations. The aussie dollar is modestly higher. And sterling, not too far away from those 5 1 2 year highs. Above that 1. 70 level. 1. 7052. Sri, how are we looking in asia . A little slu sluggish as we round out the week, carolin. We have had a pretty good run for tokyo equities. Were coming off multi month highs for the nikkei. 5, 49. The bigger question for the broader japanese markets is how much money is going to be deployed by the government Pension Funds into the stock market. A lot of talk they can take that exposure from the 12 to 20 . That could give the nikkei the next leg up. Carolin was talking about the price of gold. The 3. 3 jump yesterday. Yes, that is benefiting the gold mines broadly, but its clearly not enough to risk the broader s p asx 200. Profit taking was the order of the day because we saw a fairley hefty gain yesterday. I want to talk about our krnlz gold survey. We did correctly predict what gold would do over the course of the week. Bouillon is now on track for its best week in three months. The kospi is the loss leader, down by 1 is. 2 . Worst session in eight weeks, in fact, on track for a weekly loss. There seems to be a concern about the shape of earnings season. Carolin, back to you. The french Prime Minister says it is up to alstom to decide on the future of its power unit after it will convene its board no later than monday to review offers. Lets get out to stephane in paris for any indication from alstom as to which offer they prefer right now . No one clearly. The company said they would not make any comments until the board will make a decision to basically choose between General Electric or siemens mitsubishi. This is what the Company Announced this morning after the two bidders raised their offer within 24 hours. First, yesterday, General Electric revealed a new bid. They did not offer more cash, but made concessions to convince the states. Nuclear and renewable which is basically offering the french state some guarantees in terms of nuclear power. Its offering to bring its rate of signaling business in the deal and that was requested by french operatives. This morning, just a few houfrs later, mitsubishi sweetened their offer. They basically raised the cash property offer to see 8. 2 billion euros compared to 7 billion for the previous offer. Back to you. That you can so much for that. Uk Drugmaker Shire is trading higher in london after the news of a bid approach by abbvie. Shire rejected its latest offer to value the uk company at 27,000 pounds. Shares are shire are no longer ongoing. I have to say this, i dont know if youve seen lord of the rings. No, i havent. Theres one bid to rule them all. Whats the segue here . If you havent seen it okay. Its the tax rates. Its almost about new drugs coming to the market, but in the case of shire, it hired citi about two years ago to be an adviser. With the help of citi, theyre hopefully find someone. They just need the right price. We just dont see it yet. We shall see. Christine legarde seas she hopes the ecb will introduce qe. She says it will be needed if inflation in the eurozone remains, quote, stubbornly low. Julia spoke to madam legarde yesterday. Whats the need for bond buying given that yields are already at multi year lows. Whats the rationale here . And thats the crucial question, isnt it . I picked up on that exact argument with her. I said, when theyre trading at historic lows, where is the benefit for pushing yields lower, even at this stage . But its still asks the question of the relative yields, nominal yields between the likes of spain and italy and even the uk and u. S. Right now. Listen to what she had to say. We are delighted by the actions that the ecb has decided. And we are even more reassured by its statement that it could do more if necessary. Our view is that if inflation was to remain stubbornly low, then we would certainly hope that the ecb would take quantitative easing measures by way of purchasing of sovereign bonds. But, you know, if inflation is stubbornly low. Is it possible to talk about bond purchases, though . Aus mentioned, yields are at historic lows. Do yields in europe need to go lower . You know, if you look at the inflation, it is equally very low. And something needs to be done to kick start, encourage investment and reduce frag mentation. This is a measure that could be available. The point youre making is real yields need to be lower and, therefore, if that means nominal yields have to go lower, then so be it. Were looking at inflation as well as yields. Given all the work that youve done, does it make fundamental sense for the likes of italy and spain to be able to borrow more cheaply than the uk and the u. S. . You have to talk about the real rate, okay . You cant just look at the rates in you have to look at what the real rate is and, therefore, you have to look at inflation. It is true that if you look at the rate, for instance, it is lower than the rate that the United States has the benefit of. But then you apply inflation and you realize soon that the real rate is much higher than the one paid by the United States as a for instance. Is this imf fueling complacency here . We have a narrow window of opportunity and by pushing the ecb for further action, youre giving incentive to do less . Heck no, we dont want complacency. There is an opportunity. The financing is very benign. You have to take advantage of that to focus and target investment employment to make sure that growth is consolidated. Growth has picked up, but it is fragile and it needs to be comforted. On the idea of sovereign bond purchases, the imf is barking up a completely different tree. Theyre talking about some kind of securityized Asset Purchase Program at some point down the line. Even if its a huge on whether we see qe of the source of the asset bond buying pure chases. Later on well talk about the geoPolitical Risk and whats going on in russia and kiev, too. On that note, im going to hand it back to you and tell you i have seen lord of the rings and i love the analogy. You are a kindred spirit. Talking about retiring, ill still be here when im 85. Julia, thank you very much indeed for that. Lets move on now and talk more ecb. Following that interview, the European Central bank says there is to disagreement with the imf over the board members. Lets get more now with christine shore from barronberg bank. Christine, i cant help but think its premature to talk about qe at this stage when we are still waiting to see the cumulative impact of the latest ecb policy measures. Of course it is too early. The ecb itself has said at least for the next six months until the december meeting, theyll be looking at the impact, the tro is the targeted chief loans to banks will only be offered in september. The ecb does go lower. If there are cases for an emergency, then the ecb has to act. But whether quantitative easing, buying sovereign bonds is the right action or whether its better in bankbased Financial System to increase these targets which are now limited to a relatively small number, thats a debate that the ecb will have. One of the most boldest moves by margo graggy was negative deposit rates. At this stage, are we seeing evidence of bank lending again . Well, not yet. We will get new data in the coming weeks for me. So far, we only have the april data and the april data was weak still. I dont think that may will not that much better and that will be before the ecb actions take place. I do think the timing was very good. Thats when the asset kwaut is over, banks should have a certainty about themselves and each other so they can start lending to each other. There will be more liquidity injected. The negative rate policy will apply and make banks treat like hot liquidity to pass around to each other. The only thing that needs to be debated at this stage is whether 400 billion is enough or whether it needs to be more. I wonder if the price of oil is doing the job for the ecb. Down the road, well see higher inflation to cut towards the ecbs goal. Maybe we should sit back and relax. How are oil prices bad for the economy . Theres nothing good about it, even if the headline inflation figure goes up a little bit, i think Household Companies will look through that and see that its a temporary boost. Higher oil prices, its just bad. And still to come, a slippery slope is norways economy in risk of relying too hely in the oil industry . Weve live to hear from the central bank governor, coming up next. Spokesperson the Volkswagen Passat is heads above the competition, but were not in the business of naming names. The fact is, it comes standard with an engine thats been called the benchmark of its class. Really, guys, i thought. It also has more rear legroom than other midsize sedans. And the Volkswagen Passat has a lower starting price than. Much better. Vo hurry in and get 0 apr for 60 months on 2014 passat gasoline models plus a 1000 contract bonus. Im spending too much time hiring and not enough time in my kitchen. [ female announcer ] need to hire fast . Go to ziprecruiter. Com and post your job to over 30 of the webs leading job boards with a single click; then simply select the best candidates from one easy to review list. You put up one post and the next day you have all these candidates. Makes my job a lot easier. [ female announcer ] over 100,000 businesses have already used zip recruiter and now you can use zip recruiter for free at a special site for tv viewers; go to ziprecruiter. Com offer2. So what im saying is, people like options. When you take geico, you can call them anytime you feel like saving money. It dont matter, day or night. Use your computer, your smartphone, your tablet, whatever. The point is, you have options. Oh, how convenient. Hey. Crab cakes, what are you looking at . Geico. Fifteen minutes could save you fifteen percent or more on car insurance. Welcome back pop norways central bank has revised down its expected outlook. What sort of sense did you get from the governor to when a possible rate cut may occur . A possible rate cut may occur if they revise growth down even further. He was saying yesterday in that interview with me, i was sitting down exclusively with him and it was very much a surprise he was raising the likelihood of a rate cut. Nobody on the market had expected such a move and that is why we have seen such a big drop in the currency market. So essentially the reason for that easing bias, which they now have at a 25 probability is, a, that other Central Banks are moving further downwards when it comes to their rates like the ecb also the swedish bank and of course that the oil industry in that country is cutting down on investments. So i was asking him whether he envisioned a hard landing of the economy. Take a listen to what he had to say. Theres always the potential for a hard landing for an economy as always which has experienced such a strong growth for a number of years. But if i can go back to last fall, there are now prospects, we think, of a soft landing, and in particular to the Housing Market where the gulf of prices has leveled off around zero on a year to year basis. So the overall picture that we that you can see in our report is quite positive. Of course there are risks on many kinds. I think the broad perspective, the economy has benefited a lot. Still with the high oil price, the high revenues, and the fact that the patrolling industry is an enormous engine. If that changes, the situation is completely different. Talking about the oil industry, the forecasts are telling us that the oil industry is spending a lot less in the future so is that a huge risk in your assessment . At some point in the future, oil is going to come down from the very high level. And when that happens, and that will happen at some point, that will create big challenges for the economy. There will be need for in the economy in the opposite direction away. I dont think theyre now what is new in our report now since march is that if you take the near future, 2015, and you estimate that, in fact, we will instead of having growing, were going to have negative growth in the range of 10 . That is a major negative stimulus in the overall demand. And that explains to some accident that contributes to the lowering of our Interest Rate path in the present report. Ill be right back with the ceo of telenor in about 20 minutes time. And well speak about the impact that the frozen movie had on norway. Americans love that movie. And they have discovered the country for travel. With that, im sending it back to you. Thanks for that. Havent seen frozen. Still trying to work my way through mad gas gar 2 with the kids. Christine, you, me and carolin were talking about this off cam. If they remain elevated where they are, ninemonth highs, are going to benefit norway. Why is it that the central bankers are senting a note of caution on the prospects . It shouldnt be the current out post. Over the long term, if european demand remains weak, then who knows, the Oil Price May go back down again. It has been flattish, of course, for quite some time. Also, somewhat weaker euro maybe will have an impact on norways oil output and exports to the rest of europe. Who knows what the oil price will do. For the time being, i would completely agree and the companies should benefit norway. The indicators, i hope that there will be a bit of a bounceback next week. It wont be large, though. Christian, thank you so much. Christian schultz, senior economist at barronberg bank. Shares in Tsb Banking Group end green on their debut. Lloyds Banking Group says it has sold a bigger chunk of the listing because of strong demand. They have 260 pence each towards the upper end of the range and trading at 296. 08. Shares in europe trading just below the issue price of 20 euros. The stock market operator is being sold. We are currently at 19. 79. Here is one for our fourlegged friends before we go to the break. They say boots is in the eye of the beholder. Thats certainly true of the owners of these pet dogs. Hold your breath. The 26th annual worlds ugliest dog contest kicks off in california later where one pooch will be crowned the winner. Here are some of the mutts in the running. This is peanut. There he is. Rascal, a hairless chinese cresset and last but not least, this pooch quasi modo. Now, do you think your pet could compete or would it win worlds most beautiful . Here is a look at my dog, tiger. Its a beautiful german shepherd. He looks a little bit overweight there, carolin, because did you feed him too much . That was my mom. Breakfast in the mornings, scrambled eggs. Thats not good for a dogs heart, right . He was a gentle giant, he was a good dog. Sorely missed. Send us your pooch pictures or your muggies or your fish, whatever it is. Cnbc. Com, by twitter cnbcwex or directly to us. The deals keep on coming for the drug sector. Slier rejects a bid firm. And are we getting closer to an agreement for alstom . Shares rise as mitsubishi and siemens sweeten their bid with additional cash on the table. Lloyds spins off a bigger chunk of the group than expected. But the stock for euronext slipped below the offer price. Coming up, telenors ceo will join us. And weve got some data out for the uk in the Public Sector finances. Those show a bigger than expected headline deficit in the month of may. It has not flattered by these year ago comparisons. Theyre quite unfavorable. So on the underlying basis, it was relatively stable. Weve got Public Sector net borrowing at 13. 3 billion pounds versus 8. 7 billion a year ago. We were speccing a number around 11. 8 billion. So just slightly bigger than forecast. And, again, sri, what it does show is that the underlying tren in the economy is very good. We have 0. 8 gdp in the first quarter, but the public borrow, thats not as encouraging. How about the sense were getting from the private sector, as well. The contrast is another question round up. Absolutely. Lets move on and talk about these european markets. We are looking like this. We are pretty mixed right now. The ftse 100 is up by 0. 3 . The xetra dax pulling on to the flat line. Still about 100 points away from the alltime highs that we saw about a month ago. The cac 40 slightly under water and the ftse mib is down by 0. 3 . By and large, were holding on to the 6 1 2 year highs on the back of the yellen induced rally. Do you want to take a look at the bonds markets . This is a look at the u. S. Treasu treasury. Yielding 2. 63 . We are back above that marker. The tenyear german bund yielding just a shade over 1. 3 . Gilt at 2. 77 after the Public Sector borrowing numbers. And the tenyear italian bond is yielding close to 2. 8 . And, in fact, theres a Debt Exchange in italy and thats promising some investors to book profits so thats why were seeing yields ticking slightly higher. Lets have a look at the forex markets. The dollar is still on the back, but maybe staging a bit of a recovery against a number of other recoveries. The euro dollar, 136. 06. Sterling dollar, still above that 1. 70 level, 1. 7054 right now. But we got better than expected data points out of the u. S. We had the philly fed index, jobless claims in line with expectations. U. S. President barack obama has confirmed 300 military advisers will be sent to iraq to assist the government in its battle with insurgents. Obama said the troops would only provide intelligence and was adamant this was not a case of boots on the ground. American forces will not be returning to combat in iraq. But we will help iraqis as they take the fight to terrorists who threaten the iraqi people, the region and american interests, as well. In the meantime, turkeys Prime Minister has warned against the use of air strikes in iraq amid concerns about the use of Turkish Forces captured by militants in the country. Michelle Caruso Cabrera joins us now. Michelle, we are hearing some reports now that secretary kerry may be in baghdad soon. Is that realistic considering the security situation . If he does go, whats hesitate message to Prime Minister maliki . I havent heard those reports. Weve been out shooting all day. Whether he can get there securely, we havent seen attacks or the jihadists arriving to baghdad in any numbers. We have seen two car bombs this week that have left several dead in shiite neighborhoods. You would assume that if secretary kerry were to go, i think his message would be similar to what he spoke to yahoo last week and the interview he gave to Savannah Guthrie at cnbc this week, there has to be something done to make everyone feel included and this cant be just a shia government. It has to be a government for everyone in order to calm the situation down. When you talk to sunnis on the ground who are not jihadists, they are not necessarily sympathetic to the insurgents, but they offer no resistance and they really are happy that they feel they are not ruled by baghdad at this point. Michelle, well have to leave it there. Thank you very much indeed for that. Do stay safe. Pressure is growing on newly elected Prime Minister modi to take action over the kidnapping of 40 of the countrys citizens in iraq. The hostages were captured in mosul after the city fell to sunni muslim rebels last week. India said thursday it had learned the location of the construction workers and the situation now, the first serious Foreign Policy crisis from the modi situation. Joining us now is the executive director of the institution cop flikt of management. How do you think the Modi Administration is handling this from a diplomatic perspective . Well, you see, as far as the contact with baghdad is concerned, theyre following up very closely. The difficulty is that as far as the captives or host aemgs, whatever you would like to discuss are concerned, there has been no direct contact with any authority who claims to have control. So i think the success of diplomatic efforts at this juncture can be ohm very, very limited. At this stage, are they being used as bargaining chips if they are, in fact, hostages . No. Theres no suggestion whatsoever of any kind of demand or ransom. In fact, there is no clarity over who holds them. Everyone is assuming theyre being held by the isis. But that is not necessarily the case. A groups of tribal coalitions, for example, sheikh curves, those who represent the tribe have claimed that it is a Tribal Mission to hold them and it is incorrect to attribute this to isis. So i think we are not even absolutely clear of who precisely is in charge. And more demands has been made. There have been speculative reports. There have been reports suggesting that the groups have been broken up which, again, is not clear if theyre only to be held hostage what the purpose of this praekup is unless there is apprehension of a rescue attempt which i dont think is credible at this juncture. So i would like to just say at this juncture, no scenario has crystallized. Nobody knows precisely what is happening, except that these people are not in captivity and have not yet been harmed. The situation looks quite uncertain there. At this stage, do you get the sense the Iraqi Government is doing enough to secure their release, number one, and is there any suggestion at all from sources in the Foreign Ministry or within new delhi that Indian Forces could be deployed to secure their release . I dont think the iraqi juncture is doing any significant thing to secure these people. As far as indias capacity to mount a military or rescue effort, i dont think that is being considered. We dont have the intelligence, we dont have the capables to actually create the base and the operational foreign operational attack over there. Most incidentally, i think such an attempt may the potential for all sorts of flowback because this is not just a conflict in this area. This is now the entire region, backing one or the other conflicting party. And i think this would have a tremendous, tremendous policy and consequences if any of the in conceiconceived military atts made. We have to leave it there. Thank you very much for joining us. The norwegian government is set to Ask Parliament to cut its stake in the Telco Company telenor. The trade minister plans to reduce its holing to give them, quote, breathing space. We have a very important guest waiting in the wings with annette, the ceo of telenor. That is very much true. Im now joined by frederick bakstax. We were just reading out in the studio that the gooft vernment planning on cutting the stake into your companies. What is your response . We got the news yesterday that new government made its change to the printables. And that was in a way not a big surprise. It clarifies the governments position on the ownership. The government said they were not in a hurry for an immediate sale of shares. But it also gives opportunities for us to think in other terms. What do you mean to think in other terms . Do you think it gives you more freedom to act . It gives me more flexibility on potential transactions, of course. If windows of that nature should appear. Talking about potential transactions, theres a lot of talk about consolidation of the European Telecom vacation markets. Are you interested . Europe is in a way having a discussion on that topic, as well, on the regulatory statement of telecom in europe. It is that investment has been lagging and regulations have been too focused on end users rather than focus on potential for investment. And weve seen over the last five years, one could say, that the mobile broadband deployment has happened much faster in the u. S. Territory than in europe. And this has to do with the regulatory thing which is too on National Priorities and an eu that is to get their arms around a wholistic approach to regulation. Let me ask you about the russian markets. Telenor is very active in the russian markets and theres a lot of insecurity surrounding that market. Whats your take . Russia plays a more Important Role in the combination of what telenor as a company is engaged in. The russian market has control of the lpe for generation of mobility mobilities. So it is very important that the managers of the company continue to exercise this distribution of income among its populations to stimulate. And there is a Great Potential for Digital Services in the russian in economy, of course. Are you afraid more sanctions could hit the russian economy adversely . Well, i, of course, prefer dialogue and exchange and europe is a very interrelated relationship with the russian economy. Energy going on one way, manufacturing is going the other way. So the relationship between the russian economy and the european economies are very strong. And it will be subsequented both ways if sanctions should escalate. There is Political Risk not only in russia, but also, of course, elsewhere in the world. We were just speaking about iraq. You were active in pakistan. One quick last question. Is that a huge concern to you, uprising Political Risk in the far east . Weve been doing International Activities in socalled regular risk areas for many, many years. It started in russia in 1992. So were used to it. And there will be Political Risk on every corner here. But the beauty of our industry is that we empower. We empower people to get the best of their daily lives, communication. And with that belief in our mind, we feel that we can also contribute to the development in the right direction. That Political Risk that was there. Thank you very much for your time. Coming up will be an impact of what the kids movie frozen has had on the norway economy. People are coming to norway. And sri doesnt watch frozen, hasnt watched it yet. I love it. One of my favorite movies. One of my 5yearolds sons friends that are girls, not his girlfriends, loved it. The billionaire buffy made millions. Voice revenues are dying. In the next three to five years, i believe voice revenue is probably going to be 5 of profits of operators. Operators, mobile operators are going to become utility companies. Theyre going to become carriers for utility services. Voice revenues are disappearing in africa. Voice revenue res still a significant revenue, more than 60 or 70 . What does that tell you . The opportunity in services is tremendous. Small amounts, microfinance, and weve been able to reach 94 million customer necessary under two years. What does this mean for the hand set, offering more services and more content . What are the opportunities for the smartphonemakers . Is it in the low end, low cost models, the android topics, or is there opportunity from the likes of apple and samsung . There are like five tiers in the market. That is the biggest opportunity in the emerging markets because realize so many people dont have access to the internet. Using the operators network. And thats something which is growing, weve launched this now in five countries. And we provide content Services Like english courses, french courses. In zambia, 50 of the subscribers there subskrooip scribe. A smartphone doesnt have to be very smart to provide services. In could you corporate news, the takeover battle receives an offer for its energy arm. The updated offer is roadway vamped bid for mondays decision with ge as mondays deadline nears. It is ul to alstom and the firm itself says it will convene its board no later than monday to review the sxwrup dated offers. And more m a for you, uk Drugmaker Shire is trading higher in london after news of a bid approach from abbvie. Shire rejected its latest offer of more than 46 pounds a share, which would value the uk company at 27 billion pounds. Talks with shire are no longer ongoing. Still to come on the show, the stone has been in view this morning. Find out if tech stocks are back in a bubble, coming up next. Spokesperson the Volkswagen Passat is heads above the competition, but were not in the business of naming names. The fact is, it comes standard with an engine thats been called the benchmark of its class. Really, guys, i thought. It also has more rear legroom than other midsize sedans. And the Volkswagen Passat has a lower starting price than. Much better. Vo hurry in and get 0 apr for 60 months on 2014 passat gasoline models plus a 1000 contract bonus. Twitter now has a microcap of around 22 billion and more than 455 million users. Earlier this morning, the cofounder biz stone says valuations are misplaced. Values are nowhere the size of the dotcom bubble in the 90s. The called high valuations youre seeing is nothing compared to that first shake up. We were talking about hundreds of billions of dollars. In the dotcom bust. Now were talking about ten. And speaking about that, stone claims some measurements havent shown how important twitter is to come. I have current faith in the current executive bench there. We built that bench. And the reason i felt comfortable leaving was because we put that talent in place. Sew i dont think theyre missing anything. I think what is going on is that maybe were not measuring the right things. You know, i dont think you need to be able to code a webb page in order to use the internet. And similarly, i dont think you necessarily need to register with twitter in order to be considered a happy user of twitter. You can see tweets everywhere. You see hashtags on tv, you see tweets on tv, you see tweets everywhere you look. Maybe we should be measuring twitter more as you say as sort of a broadcast mechanism. Now, earlier this week, if you recall, they were talking about stamp collecting which i admit i did partake in. Im never going to live that down, am i . For all of you collectors out there, a new app has been launched to help you keep track of things. Joining us is the cofouper of snupps and his son, matt, also cofounder of the firm. Lets start with you. Whats the unique selling proposition here . If you were to archive all your stuff, how about a good Old Fashioned spreadsheet . It will do for some people. What were providing is simplicity. Its like taking a coffee, a starbucks, what did starbucks do so an ordinary cup of coffee . What did the ipod do for an ordinary mp3 player . Were simplifying accessibility to your stuff. Were simplifying connecting to others around your stuff. Its simplicity and being intuitive and youre literally going around snupping your stuff in a matter of minutes and having access to your stuff that you can pull down from the cloud. Let me bring in the son here. How do you make money . How do you generate revenues from this . I would to see how you could monetize this idea. Well, there are many different ways of using snupps. Its not only the organizer, but also a social tool. On a daily basis, people are socializing their stuff whether its taking a picture of what you like or what youre interested in. Monetizing would come in many different ways. And at this point in time, were not very worried about monetizing because were trying to make the easiest, most intuitive product possible for our users. Is this a marketplace where i can put my i dont know whether its stamps or watches or football memorabilia. Potentially. Absolutely. Is this the marketplace . Can i exchange it with others . It could become anything you want tight become. Right now were building the platform. Whether people use it to tag and flag their stuff in the event of theft or whether people are using it to deal with stamp and handbag collectors around the world. Youre rateling your cab driver, your hotel room on trip adviser. How about youre rating the favorite stuff you have, your wine, your stamps, your shoes, your handbags. Its peer validation on what you think of your wine is far more important to me than reading in a magazine. This is where we think the power of the community is going to become, where people talk about this stuff. Its not so much the connectivity. Thank you so much. Appreciate it. Still to come on the show, the credit card was seen as the great threat to cash, but is plastic now under threat . Coming up, well look at the hottest new payment acknowledges coming up on worldwide exchange. Welcome to worldwide exchange. Im carolin roth. And im sri jegarajah. The headlines from around the world. Shire rejects a bid approach from abbvie, sending shares sharply higher in london. And shares rise for alstom as offers from mitsubishi and siemens rise. And shares rise as lloyds spins off a bigger chunk of the group than initially expected. Euronext, the stock is slipping below the offer price. Twitter cofounder tells this channel the price res nowhere near the bubble territory seen in the late 90s. The sticker shock you may have is nothing compared to that first shakeout. We were talking about hundreds of billions of dollars in the dotcom bust. And now were talking about ten. Good morning, everyone. It is finally friday. Thank you so much for joining us on the show. Lets get you a quick preview of what you can expect in todays trading session. You are seeping a lot of fair value. Were expecting a slightly to muted softer start to the trading session after we saw another record high for the s p in yesterdays trading session. Even though the s p 500 was only up by 2 1 2 points overall. A quiet session. But for the week, were seeing some relatively impressive performances for the major markets. The dow up by almost 0. 9 the . The s p up 1. 2 and the nasdaq higher by more than 1 . Much of this obviously down to janet yellen. Lets have a look at the european markets, as well. Were seeing a bit of a mixed picture. The ftse mib is slightly underperforming in italy. But for the rest of the european markets, were seeing modest gains. The ftse 1100 up by 0. 3 . Its all about speculation on mp m a and the tech sector. Were still close to these 6 1 2 year highs. Sri. A lot of action wasnt there in the gold markets overnight. We saw a move of 3. 3 . Reflecting the safety bid amid the concerns and the deepening conflict in iraq. Also, the weaker dollar after that dovish stance that we got from the fomc. Remember, also, that we did call this move correctly, our own cnbc proprietary poll said that gold prices would end the week on a stronger footing and that is what we are seeing in the market as we round off the week. Elsewhere, the oil market continues to climb. We seem to have found something of an intermediate at around 115 a barrel. There is potential to move higher. But were also hearing that if we see material disruptions to the southern oil flows from iraq, we could see the price of brent crude off to the races. A lot of my contacts are telling me 120, 125 is a distinct possibly if that happens. Lets any flip the boards and show you whats happening in the currency markets. Euro, just a shade above 1. 36. Dollar yen, 102. 02. Aussie under a bit of pressure and cable at 1. 7055. Next week, carolin, will be interesting because we get u. S. Goods data, gd pt and the caseshiller home price index. We could see some further gains. Back to you now. Now back to one of our top stories. The french Prime Minister says it is up to alstom to decide on its power unit. June 23rd they will review updated offers from both siemens and mitsubishi. Stephane is in paris. Any indication who the frontrunner is inspect. No. And alstom said it will not give an indication before the Board Meeting which will take place on monday for the latest. The company will have to choose between General Electric and siemens mitsubis siemens mitsubishi. Yesterday, ge raised its offer. Et made a series of concessions to convince the stakes. Ge is now offering to bring its rail signaling business in the deal. Siemens this morning also raised its offer on mitsubishi. They raised the catch part of the offer to 8. 2 billion, compared to 7 billion for the original bid. Mitsubishi is offering to buy a 40 stake in the french company. And last but not least, siemens is looking to create a german venture. Its basically referring to its rail activity in the deal. The french finance minister said it was an improvement. Thank you very much indeed for that. Moving on, u. S. Drugmaker abbvie says shire rejected a bid fortover at about 46 million. Offers and discussions are no longer ongoing. They made an offer of 67 a share and its latest bid was about 78. Abbvie makes primera. Shire does most of its business in the u. S. , but has executive offices in ireland for tax purposes. So, thats what shires stock is doing right now. Off to the race webs as you can see. Up by almost 11 . Carolin. Breaking news, the russian Prime Minister is saying according to dow jones says russia is to sue the United States at the World Trade Organization over sanctions. He says according to dow jones that there are no legal grounds for those sanctions. Thats huge news, isnt it . Yes. What is tells me is that the sanctions are biting, theyre hurting russia and thats why theyre doing it. Moscow trying to communicate the message to the western allies and that they can, too, head off another round of sanctions, as were pointing out that the western allies of washington and europe are mulling over the idea of phase three, taking it to the next level. Absolutely. I covered the wta. These are yearlong negotiations and orb arbitrations. It could take forever. As the ukraine crisis rumbles on, the prospect of fresh sanctions against russia are gaining traction. Jack lew speaking in germany said the west is united. Russia must reserve course or face the prospect of deeper sanctions. To call on russia to support president proshenkos peace plan and to stop the division of arms and materials across the border. Speaking to julia chatterley, Christine Legarde said it were crucial that ukraine returns to some sort of normality. That is creating massive uncertainty and that is not conducive to investment decisions, to proposals. And clearly the economic actors have to be encouraged to do what they have to do, whether its by way of investment, whether its by way of creating jobs, whether its by way of taking the appropriate monetary policies. So we very much hope that stability will return. We participate in the offer to do that. We have put in place promptly a Financial Program for ukraine to restore its stability. We very much hope that the negotiations that are ongoing with that russian counterpart between gazprom and Natural Goods will continue and will be settled entirely. Assumptions have been made and plucked almost out of the air in order to justify your intervention. How do you respond . I have not heard that criticism with regard to ukraine. We have put in place the program for ukraine and im glad that we can do so very effectively and very rapidly. The Iraqi Government sad has said they feel as though theyve been abandon by the international community. If we assess the economic ramifications of a further escalation in the crisis and perhaps more broadly in the region, how should we proceed . Iraq is a members of the imf and we stand ready to help in whichever way we can. Weve seen International Companies assess the possibility of moving some of the employees out of the region. If we look at the potential for an escalation and perhaps an Oil Price Shock somewhere down the line, we also have janet yellen in the last couple on of days putting aside inflation concerns for stimulus. What is the risk further down the line of a stagflationary type scenario . Were particularly concerned about the enduring low inflation and thats the one that needs to be tackled in this part of the world, in europe. Japan is fighting inflation with some success. Arcels Fourth Quarter results fell and missed analyst expectations. The sales of new Software License key metric were plat. Executives are trying to put a positive spin on things. They attribute the falls to accounting rules. Oracle fell 5 e in after hours. 29. 39. Standing on fresh lows, as you can see. A u. S. Judge says shes concerned about approving a 320 million settlement involving the hiring practiceses of apple, google and intel systems. The companies were accused of conspireing not to approach each others works so they couldnt start a salary war in silicone valley. The judge says shes not sure the settle is sfusht. And looking to perhaps build a snowman . You have to sing the long. I cant. I cant sing. Youre not alone. Americans are visiting norway. We needed 30 new hires for our call center. Im spending too much time hiring and not enough time in my kitchen. [ female announcer ] need to hire fast . Go to ziprecruiter. Com and post your job to over 30 of the webs leading job boards with a single click; then simply select the best candidates from one easy to review list. You put up one post and the next day you have all these candidates. Makes my job a lot easier. [ female announcer ] over 100,000 businesses have already used zip recruiter and now you can use zip recruiter for free at a special site for tv viewers; go to ziprecruiter. Com offer2. These are your headlines. Russias Prime Minister says the country is suing the u. S. U. S. Firm abbvie has approached uk firm shire about a takeover. The cofounder tells cnbc valuations are nowhere near the 1990 bubble territory. Following the premier of disneys frozen, travel to norway from the u. S. Jumped 37 . The 3d feature is set in the scandinavian country. 350 internet sites visits increased. Is frozen also going to be a huge hit for norway . Yes, probably it is also a very, very important movie for norway. But im now joined by a man who knows that better than me. Thank you very much for joining me today. Americans have discovered norway as a destination due to the movie frozen. Is that true . What happens . Thats absolutely true. Of course we have an increase from the u. S. To norway this year in 38 . How much is it to go to norway . Norway is not really a lowcost country. No, its not. Most of the people norway. I think there is some costing about 5,000. But then you will see a lot of norway. Whether you have to go as a tourist if you watch the movie and now want to see the real sites here noo norway . You wont find the real sights, but you will find some of them. Bergen, also chunheim with the church. So its a different sort of norway. You wont find frozen, but you will find a lot of these distant places. Do you think that a sustainable thing with americans coming to norway or are they just inclined to travel here because triggered by that movie now so its one up or is it sustainable . It is sustainable. America has been a very important market for us since the beginning of 1930. And, of course, we have a big increase now. And were hopeful not only older americans, but younger americans and families. We know the families have been watching the movie and they want to go to norway, but you have to travel around. You have to see the shores and the northern part of norway. So, you see, carolin, theres a lot to see in that country. Unfortunately i cant discover that because i need to go home, as well. With ta, back to you. Thats very unfortunate, annette. Now i want to say, sri. Im sure we could do a frozen tour. Im sure. Making more money. Still to come on the show, the credit card was seen as a big threat to cash, but shaking up the way we pay for things. Time now for our weekly tech driver segment. This week were taking a look at how technology is shaking up the way we pay for things. For decades, retailers have been fighting over the fees from debit and credit Card Transactions. But now mobile is threatening mastercard and visa. I went to take a look. Cash has been around for a millenia, but the way we pay is about to get an overhaul. The process of mobile devices means a storm is brewing at the checkout. Mobile payment startups have jumped in the ring with established tech players like google, apple and amazon to discount existing powerhouses like visa and mastercard. And why wouldnt they . We expect the mobile payment business to arrive to 721 billion by 2017. Beyond that, Card Transactions in the u. S. Alone are estimated at more than 4 trillion in 20 is 13. Mobile payments would be dominated by Tech Companies and incumbents. The retailers themselves. Retailers like starbucks, in 2009, the Company Released a mobile app that merged their Loyalty Program with gift vouchers, an app thats now morphed into a digital wallet designed to speed up service and give insight to the customers themselves. Its incredibly fast when you get to the store. You pay and click your loyalty points. We can create a stronger connection, a stronger relationship with customeres. But if you think its only about the consumer and cutting wait times, think again. Payment processing is big business. With each individual transaction, everyone gets a cut. From the processor to the card network and the acquiring and issuing banks. But the coffee giant pay as you go platform is a onetime payment, cutting out all those middlemen without having to replace or upgrade their tills. We were able to offer a Payment Technology that was compatible with the scanners in our stores, but also pretty much any handheld device that consumers may have. The company says the mobile payment platform accounts for more than 11 of all its u. S. Transactions and in the uk, a quarter of its loyalty club members, features hard to ignore for other companies. In august of 2012, a group of retailers announced mer chat customer exchange, a platform that links up retailers app with a payment platform bypassing existing providers and Tech Companies working to control that space. Essential is a bit of tension between the retailers who want to set up sort of the boundary between themselves and the tech world while at the same time bringing technology to the hands of their own shoppers. So you have Something Like mcx, which is a consortium of big box retailers trying to replace your wallet. But now the consortium made up of everyone from walmart to the gap controls 1 trillion annually, after three years, the promise system has still yet to launch. Its hard to look outside of starbucks and see a ton of innovation that has worked. A lot of people in the space thought the promise of it would come to fruition sooner than it has. We will see over the next two to three years mobile payments in stores proliferate a bit more than it has in the past. Meaning the day you can leave this at home might be sooner than you think. Thank you. So we think square was sort of a darling of the space. Then there was talk of an ipo. Thats looking unlikely now. But in my mind, it looks liekts its a marriage made in heaven. What went wrong . We know the Purchase Agreement with starbucks was never really profitable. It is about size and scale. Because as a payment company, only you take a really tiny cut. Lets say 1 or 2 . That works if youre a big company, but as a small company, you cant sustain yourself on that. Some annists say now look at apple with its passbook and they have that huge base so they can profit from that. As a small one, its very, very difficult. The future is with the big super markets. The relationship hasnt always been smooth. No. I dont know what is going to have the last laugh here. Its just beyond teasing us with this new technology here. Yes. And, of course, make sure that you check back next week. We look back at how mobile, social and Cloud Technologies are shaping the New Enterprise at 11 20 cet next friday. Still to come on the show, the twitter cofounder has been in the set this morning. Find ow if he thinks tech stocks are in a bubble, coming up next. Fame, makes a man take things over fame, lets him loose, hard to swallow fame, puts you there where things are hollow the evolution of luxury continues. The next generation 2015 escalade. Fame welcome to worldwide exchange. Im carolin roth. And im sri. Shire reject aes series of offers from u. S. Pharma firm abbvie, sending shares sharply higher in london. Are we getting closer to an agreement on alstom . Mitsubishi and siemens tweeting their bid to the conglomerate putting 1. 2 billion euros in additional cash on the table. And the cofounder of twitter stone tells us valuations are nothing compared to the dotcom era. We are talking about hundreds of billions of dollars in the dotcom bust. Now were talking about ten. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. Good morning, everyone. Thank you so much for watching the show. This morning, its friday. Lets have a look at the futures. The dow, the s p and the nasdaq are all seeing opening to the softer side. The dow is seen down by just a couple points. But this is after the s p hit another record high in yesterdays trading session. Yes, it was only up less than thee points, but it was another positive close and well take that. It was the defenses that led the gainers, so well see what happens today. Lets have a look at the european markets, too, where were seeing a bit of a patchy picture. The cac 40 is in negative territory. The ftse mib is down by 0. 6 . Were seeing a Debt Exchange happening in italy today putting upward pressure on the yields. The xetra dax is higher by 8 points and the ftse 100 by 12 points. Its all about m a speculation in the pharma secretary perpendicular sri. Carolin, in the last hour, the russian Prime Minister says he is sue the u. S. Over the sanctions. Speaking in berlin, u. S. Treasury secretary jack lew claims the west is united in its view on the ukraine. Lew says russia must reverse course or face the prospect of deeper sanctions. We call on russia to support president pore shenkos peace plan and to stop the division of arms and material across the border. And it makes you wonder, why are they doing this . Is it because sanctions are actually biting . Or is it because they the to get a third party, maybe a neutral party involve. The wto is the main trade body. Arbitration is possible at the wto, but as i pointed out before, that could take years. You have to wonder whether moscow is trying to he the ante, may hard ball, or whether they are trying to head off another phase of sanctions. The west is talking about a level three now. But you sdpiand i were talking t this off camera. This is going to be stuck in the process for if not months, for years. Youve covered wto trade negotiations before. If dohar is anything to go by, it could be years before there is a resolution. It looks as though this is purely symbolic at this stage. Thats what im thinking, too. Next week we have maybe more sanctions in combination with the u. S. Shares in tsv Banking Group in the green, tsb has been spun off in the list lifting because of strong demand. Shares are now trading at 291. 75. A beautiful performance from euronext. The stock market operator is being sold by the ic, which is the intercontransnegligenental. 16 ipos are on the schedule for next week. Some of the big names repairing to list include service master, arts and craft store michaels and gopro. Lets talk to adam baker. He joins me on set. Lets kick things off with eu euronext. Do you think its a success . Its absolutely a success. Its valued the change at 1. 4 billion euros. Oi of the economics go on down exchange businesses in this nature. Et didnt price at the bottom. Of course, thats in contrast to tsc pricing much closer to the top of their range. So mixed views in terms of financials and Financial Sector deals just in the course of the last day. But i would still consider a 1. 4 billion valuation to be a very positive sign for Equity Capital markets, particularly in europe. With the Competitive Landscape that euro next is operating is in completely competitive. What goods differentiate that . This is a very competitive space. You have the london stock exchange, traveling the world to bring in frontier marketing issuers, emerging market issuers. What euroneck has to offer was a strong local base for offering. France was the Third Largest generator of Equity Capital markets over the course of the yeartodate. One of the home bases for euroneck. Portugal is in the top ten. Perhaps the netherlands, not performi performing quite as well for origination. But were working on a deal with that country. Euroneck is well placed in terms of being there on the continent. Lets talk about the ipo market in general. We have seen some profiting, especially here in the uk. But in the u. S. , were still bracing for the mother of all ipos, alibaba happening in august. Do you think that by then during the course of the summer ipo sentiment will have softened over in the use . Its hard to say. Its always been a deeper Capital Market for equities in particular compared to the compared to use. When the balance the two, the there is a much deeper capacity to absorb those bigger deals and markets have been waiting. Interest adam, were going to wrap it here. Thank you so much. Thank you. Lets take a look at the other top stories doing the rounds today. Bank of america has reportedly asked the u. S. Attorney general eric holder to meet with the Ceo Brian Moynihan in an effort to resolve differences over a multibillion dollar mortgage settle. Reuters reports bofa has to pay 12 billion while the Justice Department has suggested 17 billion. Oracles Fourth Quarter profit fell with revenues falling just 3 in what typically should be the best quarter. Both missed analyst forecasts and failed new Software Licenses which are a key metric. Oracles accelerated shift towards Cloud Computing contributed to the weak growth. But executives are trying to put a positive spin on the second lagz and the Third Quarter delayed revenue, im sure. Apple is expected to launch a wearable watch. Its already in trial production. Quanta will reportedly by the largest producer. Coming up on the show, carl icahn has a new in his pocket. The billionaire investor is calling for a sale. [ male announcer ] its one of the most Amazing Things we build and it doesnt even fly. We build it in classrooms and exhibit halls, mentoring tomorrows innovators. We build it raising roofs, preserving habitats and serving americas veterans. Every day, thousands of boeing volunteers help make their communities the best they can be. Building Something Better for all of us. Im spending too much time hiring and not enough time in my kitchen. [ female announcer ] need to hire fast . Go to ziprecruiter. Com and post your job to over 30 of the webs leading job boards with a single click; then simply select the best candidates from one easy to review list. You put up one post and the next day you have all these candidates. Makes my job a lot easier. [ female announcer ] over 100,000 businesses have already used zip recruiter and now you can use zip recruiter for free at a special site for tv viewers; go to ziprecruiter. Com offer2. Tap it here, Digital Insurance id card. And tap it here, boom, roadside assistance. Ontday ooklay, its axwellmay. The igpay . Otallytay. Take an icturepay onephay, onephay really, pig latin . [ male announcer ] geico. Anywhere, anytime. Just an aptay away on the geico appay. And these are your headlines. Are the sangs biting . Russia aps Prime Minister says the country is suing the u. S. Over the actions. U. S. Pharma firm abbvie has approached shire about a takeover. And twitters cofounder stone tells cnbc tech is nowhere near the 1990 tech bubble territory. Carl icahn has been pushing for changes in several companies in the past few years, including apple and dell. Now he set his sights on a big u. S. Retailer. Jackie deangelis has more on that story. Jackie. Good morning to you, sri. Thats right, icahn making headlines again. He is calling for family daughter to put itself up for sale immediately and hes threatening a proxy fight. Going directly to shareholders to get their support to replace the entire board, thats what icahn has been doing. Icahn is saying such a step would be a last resort and hes making clear that his preference for the companys future is clear. He directed it to a letter in Family Dollars ceo. Icahn is saying he wants three seats on the discount retailers board. They would make up a new committee tasked with exploring the sale of the company. Earlier this month, icahn disclosed a 9. 4 stake in Family Dollar, making him the largest shareholder. In response, the Company Announced a poison pill antitakeover measure which would Cap Investors at 10 . In his letter, icahn says he discussed Family Dollar overnight. He said quote although we appreciated the cordial nature of our discussion, it was apparent that we have a strong disagreement over the potential future of our company. He goes on to say Family Dollar has underperformed its peers on most if not all operate iing metrics, we believe the company has been in limbo far too long. In april, it was going to scale back expansion plans and slash pric prices. Le vine has an 8. 2 stake. Under his leadership, Family Dollar fended off a hostile buyout offering from nelson pelts in 2011. Pelts, icahn and nelson own about 20 outstanding. In a statement, peltz said, quote, we are always open to constructively communicating with our shareholders with the shared goal of enhances value. But it plans to push ahead with its plan. Today in europe, they are up about 1. 5 . Guys, back to you. Thank you so much for that. The microbloging Service Twitter now has a microcap of 255 million and over 250 million users. He says sauls are nowhere near the size of the dotcom bubble in the 1990s. Take a listen. Theres a thing called high valuations youre seeing, the stick egg shock you may have is nothing compared to that first shakeout. We are talking about hundreds of billions of dollars in the. Many burst. And now were talking about ten. I have complete faith in the current executive bench there. I mean, we built that bench. And the reason i felt comfortable leaving because we put those folks and that talent in place. So i dont think theyre missing anything. I think what is going on is that maybe were not measuring the right things. You know, i dont think it i dont think you need to be able to code a webb page in order to use the internet. And similarly, i dont think you necessarily need to register with twitter in order to be considered a happy user of twitter. You can see tweets where every. You see hashtags on twitter, on tv. Maybe we should be measuring twitter more, as you say, as sort of a broadcast mechanism. Its friday, isnt it . Speaking of startup successors, yo, yo, yo, no im not just saying hello. Im not trying to be hip and down with the kick. Im talking about a new messaging app that has been a surprise success adding well over 200,000 users in 24 hours. The i donyo app was set up as al fools app. It allows you to very simply send a yo message to other people. Finally, there we go. There are plenty of people that can use this. You could have yo mama jokes, yo yo mashi and even the r b singer nayo. Youre a funny guy. I try. Now, the big news in prices yesterday, stay tuned as we discuss that and the u. S. Trading day ahead. All right. Now they say beauty is in the eye of the beholder. How about the owners of these pet dogs . Brace yourself, the 26th annual worlds ugliest dog contest kicks off in california where later one pooch will be crowned the winner. Here are the front runners. This is peanut. He looks very scary, doesnt he . You wouldnt want to meet him in a dark alley, would you . Next contender. Hes not ugly. Thats fonzie. Rascal. Hes making a nasty face. I dont think the names match the pictures, do they . No. Looks a little demented. Quasi modo, now, there is a face that only a mother could love. Im sure ice mom loves his very much. Very fitting. Someone has a soft spot for him. I think hell get the top five. All morning weve been asking you, do you think your pets could actually compete or would it win worlds most beautiful . Sara tweeted to say she thinks her dog is the best in the world. Yorkie. Meet pudge. A dissenting opinion from peter, he says he thinks all dogs are ugly and its all about the cats. I agree. This is purdy who also says hates dogs. Dog hater. Here is a selection of the best including george, lola, fonzie and jack. That is quite cute, isnt it . Theres a lot of love. We all love our pooches, we all love our fish. My son, my 5yearold, wants to have a pet but i dont think hes responsible enough so im going to give him an egg to look after as one week. If he passes that test, if the eggs doesnt praek after a week, he can have a pet. Lets have a look at how the u. S. Futures are heading. A little bit of a change from what we saw just 30 minutes ago. This is after the s p 500 hit another record high in yesterdays trading session. And that takes us to, what, 20 record highs for the s p 500 so far this year . Another day, another record high, huh . Yes. It just keeps going. Lets take a look at the gold market. Because the feds dovish tone sends the money to face the dollar a little bit, arguably. And the goal is being propped up by a safety bid as the conflict deepens in iraq. Ltien is with us, a chief options strategist at bulls eye. Well see a mean trading forum. The korea size and position. Ooib looking at the earnings coming out after the july 4th holiday. Other than that, the market keeps going and going, making new highs. Its very resilient. Whats amazing to me are the comebacks and the power of the comebacks. The nasdaq had almost a 10 comeback, back to the highs. If you use a certain measured move technique, that when you come back to that level of the old highs, you add the instance in selloff. We still have about 10 in the russell 2000. So theres a lot more upside left. Youre an options man. What is the market telling you about the future trajectory. The visix is down here at sevenyee lows. Theres more downside in the vix and more upside in the market. Xle, it still has a very, very strong trend. Were trading at about 100 right now. But we have more upside there. Looking at crude oil, i think that 110 level is going to cap for the last three years. If it gets above that, we could see a quick 10 move to the upside. What i like right now in the nas exact. So from a risk reward level, i like that from a risk rebarred standpoint using openings. All allen, do you think this is sustainable as we head into the summer period . Summer a always like this. The price action is more important to me than the volume. And the resiliency has been amazing. A lot of people are not believing still in the marketplace. And the market will go the opposite of the psychology of most traders. And people have been fighting the stock market now for four years. Same thing with the euro and gold. It was a pleasure cohosting with you, sri. Me, too. Have a great weekend. Seeing the world in reverse, and i loved every minute of it. But then you grow up and theres no going back. But its okay, its just a new kind of adventure. And really, who wants to look backwards when you can look forward . Good morning and welcome to squawk box. Activist carl icahn is threatening a proxy deal for Family Dollar. In washington, looking to fill key leadership positions. And the major average is now modestly higher as we pri pair for the final trading session of the week. Its friday, june 20th, 2014. Squawk box begins right now. Good morning, everybody. Welcome to squawk box here on cnbc. Im becky quick along with Andrew Ross Sorkin and brian sullivan. Joe is off today. The major averages are trying to avoid back to back weekly losses. So far, it is looking pretty good for the bulls. The dow and the s p are both on fiveday winning streaks. And listen to this. Today its quadruple witching friday. I was waiting for the sound effect. It is the expiration day for stock Index Futures and options. Single Stock Options and futures. Maybe well see more volatility today. Check out the u. S. Equity futures at this hour. Barely budging at this point, but the dow looks like it would open up by about 7. 5, 8 points. S p futures up by less than a point and the nasdaq up just over 1. 5. Gold posting its biggest one day percentage gain in nine months yesterday. Look, its back above 1300 at 1,311. 50 an houns. Right now, gold is on track to post its best weekly gain in three months. Brian, welcome. Its great to have you here. Thank you very much