Diamonte says he thinks it is not the solution. It allows the Banking System to be safer and contribute to such information. But you cant really ask a Financial Institution or the system to be the driver of changes. The french finance minister hints back at criticism that france is not doing enough to revamp its economy in an exclusive interview with cnbc. For those who like to say all the time that france is not performing, france is moving, and it is because france is moving that i hope the recovery will be strong, solid and long lasting. And the nikkei newspaper sources say Larry Summers will be named the next fed chairman as early as next week. The reports help push the green back broadly high every against most currencies. Good morning, everyone. Youre watching a brand new edition of worldwide exchange. Ross westgate is out today. You get me today. This is whats coming up on todays show. Weve got a fantastic show for you. Our next guest warns the facebook disaster could still hurt twitters efforts to go public. Well speak to mike izak live from San Francisco in just a few moments. Meanwhile, speculation over berlusconis political future keeps italy on edge as yields hit multi month highs. Find out why our next guest says rome is risking a new snap election at the 1020 cet. Well bring you the latest on the Syrian Crisis as the u. S. Secretary of state john kerry warns the assad regime that, quote, words are simply not enough as the country vows to disarm. Well bring you analysis with cnbcs hadley gamble. Thats coming up. And is it the end of made in china . Find out why some u. S. Companies are reoperating operations as emerging market costs continue to rise. Thats at 10 40 cet. Twitter takes the First Step Towards going public filing for an ipo in a tweet. The post says weve confidentially submitted an s to the sk for a planned ipo. Twitter did not reveal any other details such as timing or ticker symbols. They filed under the jobs ad which allows companies with less than 1 billion in annual revenues work on its plans before make them public. Twitter is estimated to have 583 million in revenue this year. The information will have to be disclosed at least 21 days before the Company Begins its investor road show and twitter has been valued at about 10 billion. Sources tell cnbc Goldman Sachs will be the lead underwriter on the ipo. A couple stocks in tokyo got a big boost from the ipo. Investors piling into two japanese firms with links to the microbloger, digital garage and incubator internet firms rose by some 17 . It is said to have invested in twitter, by the way, while Digital Advertising firm adways which has an Agency Agreement with twitter is up more than 11 . Got. Something facts and figures for you regarding twitter. It has 200 million twif users. Tweets per day, 400 million. That takes it to around 1 billion tweets over 2 1 2 days. Its got some 40 million registered users. Remember, that was one of its bigger acquisitions over the last couple of months. And the most followed brand on twitter is youtube with some 33 million followers. Now, here is an interesting number for you. The cost of proon moted trend in the u. S. Is around 200,000. And this is crucial because this obviously is how twitter makes all of its money and this is going to be one of the key revenue drivers going forward. Right now, twitter is not profitable yet or at least it hasnt indicated that to us. Revenues are just r just shy of that 6700 million revenue. Im joined on the phone by mike isaac. Michael, thank you so much for joining us on short notice. The fact that it doesnt have to give us a lot of detail about its ipo under this jobs act, is that a good thing for twitter . Because it can, you know, work towards ipo outside of public scrutiny . That is exactly right. They basically had a year and a half to see what the process was like for Companies Like facebook or zinga or groupon who had to do a lot of what twitter is doing right now, which is hash out some of the fine points of going public end public with the s. E. C. And that means everything the public can see means the details they wont have to hammer down before they absolutely have to show us these financial details. Mike, the twitter ipo would come 1 1 2 years after that disastrous facebook ipo. What can twitter learn from facebook . Thats exactly right. I think there are a few things. I think that, a, it gives the bankers a chance to correctly price the tock to give us a sense for where the markets are now. Honestly, lately, facebook has been on sort of a tear rising at least 70 in two months on its share. Markets are sort of starting to get a renewed faith in Consumer Tech ipos, right . If twitter essentially going public within the next few months on, if twitter can sort of take that regained Investor Confidence and ride that to the top, then they can essentially come out on top on this. But, mike, is the timing is that right or is it a little bit too late . Because weve got all this Capital Market activity happening right now, obviously, a lot of people want to on lock in lower rates, want to lock in Investor Confidence before rates go even higher. Do you think there will still be plenty of demand for this ipo . Honestly, i think that, you know, at least wall streets analysts are the big thing, the big buzz word now is can Internet Companies make money on mobile devices . Right . And that has been a question for the past year. Facebook had not proved it until the past three months. And i think now that sentiment is shifting. That is, its looking more positive than ever before. Mike, thank you so much for those thoughts. Senior editor at allthingsdigital. Well talk much more about twitter over the next two hours. Lets take a quick check about how markets are doing and we want to start things off with asia. We are seeing profit taking after some asian markets. Saw this tenday winning streak, the longest in six years. Today we are seeing a second day of modest declines. The nikkei 225, up by 0. 1 . Earlier on this week, scaled to this fiveyear high. It is today up around 0. 5 . With metal prices coming down, were seeing the mining stocks coming under pressure. Overall, its been a fantastic week for these asian markets. Shanghai is on track for a 0. 4 gain. The asx is on track for a 1 gain this week. And indonesia, one of the embattled companies has been bouncing back nicely, as well. In terms of the european market, this is how its fairing. We are seeing a bit of caution across the board for these major markets. The xetra zacks off by 0. 3 . The cac 40 down around 8 points. Definitely a little bit of kaugdz in the markets ahead of the fomc meeting next week. In terms of the biggest gainers and losers on the stoxx 600, were seeing do you haveland up by 5. 6 . Now that the deal with vodafone has gone through, this is a takeover story by 11. 2 and raiff bank n is down 3. 6 . Vodafone says that 75 of the german Cable Company shareholders have agreed to the uk firms 7. 7 billion euro takeover. The uk Telecom School will publish details on monday on exactly how many shares have been tendered. Vodafone is buying germanys largest Cable Division in order to offer more phones and services. In the bond space, we are not seeing any major moves ahead of the fomc meeting next week. The tenyear treasury yield is sitting at 9. 2 . A dip below that 9. 2s level earlier this week. A little bit of caution in that is those markets, as well been sitting below those twoyear highs at 2798 . But getting closer to the 3 level again. The tenyear italian yield, this is the most interesting one this week. The yield shot above that at the tenyear spanish taper. This is obviously on the back of the Political Tensions that weve been seeing in italy this week. And is well talk much more about that with a guest in about 20 minutes time. Meanwhile, the dollar is climbing against the yen and the korean won on a report that the president obama is said to nominate Larry Summers as the Federal Reserve chairman last next week. Separately, john cornan of texas says he was vote against summers appointment. Dollar yen, you can see here, up by around 0. 1 . The aussie dollar seeing a bit on of a decline around 0. 2 . Once again, this is partly because were seeing some profit taking. This pair has had a big move over the last couple of trading games. Sterling dollar 1. 5810. Still to come on the show, secretary of state john kerry and his russian counter part are meeting. We assess whether syrias chemical weapons threat is a big deal. [ male announcer ] these days, a Small Business can save by sharing. Like carpools. Polly wants to know if we can pick her up. Yeah, we can make room. Yeah. [ male announcer ]. Office space. Yes, were loving this communal seating. Its great. [ male announcer ] the best thing to share . A data plan. At t mobile share for business. One bucket of data for everyone on the plan, unlimited talk and text on smart phones. Now, everyones in the spirit of sharing. Hey, can i borrow your boat this weekend . No. [ male announcer ] share more. Save more. At t mobile share for business. Todays Euro Group Meeting in lithuania kicks off over a fully fledged Banking Union. Julia is live. Julia, weve got one obstacle cleared, but theres many, many more hurdles to take here. The European Parliament signs off on that yesterday. This grounded to a halt in july when the European Commission said, hey, we have to be the pan european decider of when and how a bank is wound down when it gets into trouble. The germans, one of the biggest opposers of that, said thats going to require change. That was the message this morning, too. I did speak to the european president , president of the euro group this morning. And theyre pretty unconcerned about the legal requirements. Listen in. Weve had legal advice from the Council People looking at the issue, is there a legal basis . And i think the answer can be positive, so i think we can try and focus the debates on the governance of the resolution authority, the governance of the fund, and hopefully well make some progress there. Starting off today. So the president there seemingly unconcerned about getting this second pillar of the Banking Union signed off eventually, as if we all had to assume that there was going to be a delay based on the fact that weve got such activity to the germany elections. One of the benefits of these countries, given how quiet its been on the european front and the policy decisions, its actually that the deficit police have been pretty quiet, too. What weve heard in the last few weeks is that portugal with deficits, weve seen greece saying absolutely no more. And, of course, france, too, asking for a delay on the on deficit. So as far as the austerity police are concerned, carolin, i think theyll be back in the frame as soon as they can possibly post this election. Great point there. Stay with us, julia. Stefan is standing by in paris. Stephane, do the french think theyre going to get another extension on their deficit goals . Theyve gotten so many extensions over the last few years, that was it, thats what the euro group could be saying. They were planning to ask any further delay for the deficit target. I spoke to the finance minister and he was quite clear about the deficit target. Hes confident that france will meet the new deficit target. Its two years later than expected. If you refer to the 3 deficit, the 3 of gdp deficit, but still, its within the deadline that was set by the European Commission. The plan is to bring the deficit at 279 of gdp in 2015. The Economic Situation in france also was very much criticized recently by some european leaders at the ecb, but also at the European Commission. The Economic Reforms are not deep enough and they are not fast enough. That was the comments recently. Theyre rejecting the criticism france is reforming the economy and is doing it like never before. And regarding the Economic Situation of the country, even if the government recently lowered its growth forecast, theyre confident. We expect it to be much better in the fourth. Its not only about what happened what happens outside the country. Its what happens inside the country. If you look at structural reforms, we mentioned what we did as a government during the last months. We reform the labor market. Nobody has done that before. During the last 40 years. We reduced our deficits. We make a structural effort that nobody ever did before us. We are extending more than any government. Next year, it will be 15 billion euros less in Public Expenditures as well for the state and for local authorities and for Social Security and finally, we are reforming our pension systems. Well, i think thats quite a good record. And for those who like to say all the time that france is not reforming, france is moving, and it is beautiful because france is moving that i hope the recovery will be strong, sole on lid and long lasting. Well, he will have to convince his european partners. This morning, the European Commissioner ollie rehn says france will have to explain its fiscal target. Hes very keen to hear how the government will compensate the rising loss of labor as a result of the pension reform. Stephane, what was he thinking . Theyve got unemployment at 10. 9 , a deficit of, what, 4. 9 . What planet is he on . Well, he was referring to the recent forecast vote from the imf and from the oecd, the forecast of the French Economy would shrink this year. So if you look in that way, its forecasting this year 0. 11 of the gdp in france. Its better than what was expected just a few weeks ago by the imf. That was well above expectation from that. The main driver for the time being, thats the main reason why the friends government is confident for its outlook for the economy and for the growth, 0. 1 for this year. Slightly better than awful doesnt make something strong. Well, you can see that way. But in the meantime, the government is catching the public deficit. Not as much as expected, but as long as it goes into the right direction, thats significant progress. That was the message. Taxes have been raised, deficit is declining. Now lets start with sympathies, but if the pension reform is bearing fruit, then we will see the effects in the short on term for the French Economy. So lets, i think, give the french government, lets give them the benefit of the doubt, i should say. Stephane and julia, thank you for that debate. Joining us now, the chief european economist at barclays. He is actually down the line at his own offices, barclays. Antonio, we are going to be seeing higher public deficit for france. But thats a good thing, right . Because the government is now promoting growth policies. When we keep in mind public debt is going to be hitting around 94 of gdp. There is not room for slip. They must reach a deficit of 3 low by 2015. Previous to that will be the Public Expenditure cuts for next year, which are the most difficult ones. Sweef seen all this french dashing going on. Do you think that france is close to writing its detractors . Do you think it can push away the market and the rest of the eurozone that it is doing a lot in terms of improving its competitiveness . So far, investors have been for france and reform and fiscal consolidation. Theyre trying first with the labor markets. Remember the flex Security Model in the First Quarter. Now the pension reform, even if watered down are next the most difficult, which is the Public Expenditure cuts, 15 billion and 3 billion also in measures. So i think the truth lies in between, right . Its not that its doing zero. Perhaps theyre doing as much as it could do. So i think it may change at the margins due to france. Lets move on to italy. Thats been occupying investors minds this week. The Prime Minister has been speaking. I want to bring you one of his most important comments. He says the next months are going to be very important to show italy can stick to the commitments. Italy must show it is credible, serious and to be able to service its debt. And the Prime Minister saying it is taking a lot of effort to keep the government in place. Antonio, do you feel that despite this rise in the ten year for the italian paper . The market is still underestimate whag is really going on in italy. I mean, there is a real threat of this coalition collapsing, right . Indeed, theres a real threat. The question is what is faster. Is it a vacuum of power or is it a grand coalition that will move for snap elections next year . I think it will be the latter. If berlusconi decides to pull the plug based on what the parliament decides, then i think its lightly that the grand Coalition Forum will prepare for elections for april next year. That is not going to be welcome by the markets. But contain volatility. I think it will very much depend who is the candidate that will lead them against cdl. That will maybe shape Investor Confidence one way or another. Theyre really not in a position to deal with this investor sentiment. Weve seen the numbers yesterday for the month of