Opec. A secret candidate from nigeria refuses to admit she wants to be secretary general. I do not believe that countries actually lobby for that job. It is a consensus and consensus it will be. And uber extends an olive branch, offering to open up its platform to london black cabs now as they threaten to bring traffic chaos across major european cities. Youre watching worldwide exchange, brings you Business News from around the globe. Good morning, every. Hello. Welcome. Yes, youre watching worldwide exchange, very glad youre with us today. On todays show, weve got a packed two hours for you. His successor has not gone too far in the war against deflation. Find out what else the former ecb president told us in his exclusive interview. Well be showing you that today. We head out to tokyo to get the details of toyotas latest recall as they admit to potentially defective air bags. Find out what other carmakers could be up pacted by the same supplier. And questionable behavior is justified. We get the surprising results of surveys that show some of the worlds top executives think unethical activity is okay if it helps businesses get through difficult times. More on that at 10 45 cet. Shares s is in luftansa, t cite difficulties in both passenger and freight business as well. We are joined from frankfurt. Annetta, this profit warning coming out of the blue. It is coming out of the blue as what we were hearing from lufthansa over the course of this year. It sounded optimistic that theyre well on track with their Restructuring Program and that also the revenue situation is okayish looking at the state of the industry. That explains this wild reaction of the shares. Looking at what that profit warning really means, theyre taking away almost 30 of their operating profit forecast for this year and its almost halving it for 2015. Its a tremendous change in strategy. One could actually argue its sort of kitchen sinking here because they have a new ceo since beginning of may. Its not a stranger to lufthansa. Now hes on top of the company, whos planning on giving us more detail in june when it comes to restructuring. With that, back to you. Annetta, thank you very much for that. The militants seized control of the iraqi city of mosul. The white house pledged to help the largely shiite government in baghdad to push back against the sunni forces. Mosul has a population of 2 Million People and tens of thousands have fled since the fighting started. The city is situated near Key Oil Fields which hold an estimated 24 billion barrels of proven resources. This happening as the opec meeting is kicking off in vienna. Oil prices have been stable and many expect the output tarring tote remain unchanged, however, there could be internal wrangling for opecs top job. Steve is in vienna once again. Another year, another opec, steve. Its been many opecs and 30 Million Barrels a day has been the headline figure for the last three years. They produce what they like around there and try and keep the old price stable with saudi arabia what is interesting compared to last meeting, we were worried about shell and new production coming from outside and inside opec which could send the price lower. Now it is the opposite equation. Interesting to see the iraqi tensions you just mentioned add to that. The fact that we havent gotten a nuclear deal with iran yet. A temporary lifting of sanction on their oil may be an issue if they can get a full lifting of the sanctions. Libya is producing a couple hundred thousand barrels. They can produce 1. 6 million. The tension is to the upside in price. A lot of people in the industry are looking at 110 a barrel as potentially a breakout point if indeed we see more tensions ahead. A lot of question marks about the upside rather than downside, bearing in mind as well, one of the big internationals lowering their global institutions. A lot of issues about the ability of opec to meet the comply. Im looking over my shoulder now. I have a feeling that mr. Niami is the oil minister of saudi, the king pin of the oil market, many believe. Mr. Niami hang on one second, louisa is the market well supplied by saudi . There you go. We got nothing. Hes the gentleman at the front, the dou hes powerful, small in stature but enormous in terms of power. There are concerns that the roughly 9. 5 to 10 Million Barrels a day, theyll have to go up to possibly 11 Million Barrels a day as the demand continues to grow. Now we have a media scrum in the next couple of minutes, louisa. I should probably get on and have a look that the one. The other big issue is the secretary general role. The libyan has been trueing to retire as secretary general. They keep getting him back. They can find a candidate. Now it appears that the Nigerian Oil Minister put her name in the frame but she denied it flatly as you heard from our headlines on worldwide exchange. Im going to try and get a word from mr. Naimi inside and upstairs in the big media scrum. Well be hearing a lot more from steve throughout the next many hours. Here in europe, this is what were looking at this morning in terms of European Equity markets. Stoxx europe 600 down by 0. 3 at the moment. Selling, we saw flattish close taking place in last nights trade if you joined me for closing bell as well. The ftse mib over here just underperforming a little bit further, down by 0. 8 , having been a slight outperformer in yesterdays close as well. And a couple of the corporate stories include the following because weve been looking at the shares and the troubled italian lender monte dei paschi di siena, suspended this morning after continued successive losses on the third day of the banks 5 billion euro share sale. Bmps opened in the red. The shares briefly reopened within the last hour only to extend the fall to almost 21 as you can see. Shares in valiourec, the company warned that core profit will be 10 lower in 2014 as customers, including petrova off as well. Airbus, off by 3. 5 as investors react negatively by Dubai Airlines to cancel an order for some jets. Its not a financial bad news story either. Speaking first to cnbc earlier, jeff asked the ceo about the cancellation. This is something weve very cognizant of, the need for capital deployment discipline. Ive been in the Airline Industry for a long time. In essence, the one thing ive learn, the way to make money in the industry is to be very disciplined, particularly in terms of incremental capacity. I suspect other airlines are coming to a similar view, not to get carried away in terms of the global recovery. And to stay level headed. Now, better news for the spanish retailer inditex. Investors are welcoming a better than anticipated set of First Quarter numbers despite posting a drop in net profit. The retailer says it expects negative currency effects to lessen considerably by the end of the year. Switching gears from equities over to the fixed income markets, again, weve been looking at the yields following closely. Today were seeing a little bit of selling and the gilt pushing that yield higher. Italy seeing a sub3 yield. The u. S. Treasury hanging on to 2. 6 . The bund, 3 . The currency markets, fs markets, euro dollar, 1. 3537. Relative unchanged from yesterday. The dollar yen, 102. The aussie dollar, 0. 97 and the pound against the u. S. Dollar, 1. 67. We go to sri jegarajah. Talk us through whats been taking place on your side of the world. A little bit of consolidation in some of these markets. And some weakness but some resilience as well. The nikkei 225 settled now. We are up by about 75 points at the close. Remember, that we saw threemonth highs earlier on during the week. Some give back yesterday. Once again, some consolidation towards a close. Were looking at the automaker section. Earlier on, toyota said its extending a recall that it first announced back in 2013 to 650,000 further vehicles. This is down to a defective air bag. And nissan making comments on this area as well. Were watching the auto sector. Elsewhere, no great slack shakes in the shanghai composite. The Greater China markets will be in full focus this week as they have been for the past week or two. On friday, we get a big day to deluge, Industrial Production, retail sales and fixed asset investment. Amongst them, in my opinion, i think the retail sales will be the one the data point that investors will be gravitating upon. Theres a longterm story about rebalancing towards the consumer in the chinese economy but at the same time, the shorttomedium term, the domestic economy has been sluggish. We will have an idea of how the consumer is faring towards the end of the week. Elsewhere, the bond based sensex, give back there after, you scale fresh highs earlier on in the week. All these markets really in something of a Holding Pattern till we get leadership from the macro data from china. Thats where we stand right now, louisa. Back to you. See you in an hours time, sri. Here in the studio im joined by james ferguson, Founding Partner at the macro strategy partnership. Good morning. Awake . Just about. Talk to me a little bit about what were seeing at the moment and how you think the markets are performing and whether we should be dipping our feet in, whether we should be taking profits, waiting for volumes to pick up again . I think the most significant issue that we know is coming is the end of usqe and the tapering there of. The fed is starting to leak stories about how they might manage their Balance Sheet when that occurs. Trying to track peoples ideas and attention to the fact that treasury yields might go up. Qe has already ended twice. Qe 1 ended, qe 2 ended. It makes treasury yields go down, not out. It surprises me that they are responding by rising earlier than one might have anticipated. Usually the movements are closer to the timing of qe. Were way ahead of qe ending which is scheduled for around about this autumn, treasuries have quite a strong move. Thats reverseing. Everything is right with the world again. What target level should we be looking at for the u. S. Tenure . Well, you know, if we assume that it came from about 3 yes. If we assume we drift back up, were about 2. 65 or so at the moment. If we sort of drift back up, 2. 7, 2. 750, Something Like that, once the qe ends, depending on how long the question is, we have actually seen recently a strong spike in bank lending. If that continues, maybe the economy will pick up the slack. Assuming that it doesnt and we just lose that impetus from qe and all else is fairly in balance, the treasury yield could go down to 2. 5 or 2. 4. Ill jump in for a second. Were hearing that opec ministers are in agreement before the meeting to roll over the existing 30 Million Barrels per day output ceiling. That is according to reuters quoting venezuelaen sources. The Oil Ministers are in agreement to roll over this existing 30 million barrel per day output creeling that steve was talking about. It seems to be the magic number time and time again for the opec members. Im also looking at a couple of other flashes on our wires from the Iraqi Oil Minister talking about how the violence in mosul is not going to be spreading to the south of the country there are increasing worries with regards to what will happen in iraq and whether we could be looking at essentially a split of the country. Into a north part and a south part as well. Were looking closely at iraq as this opec meeting is taking place. Just beware were getting flashes through on our wires now. James, what do you think of oil, of commodities at the moment . Oil is in an interesting situation. Generally speaking, the recent news notwithstanding, the oil market is reasonably well supplied at the moment. And you know, all the pressure looks to be downwards on gas prices and coal is sort of leveling the mix. It all looks reasonably under control. But we have to remember theres very little ability to absorb shocks. Mosul news shows if we were to lose iraq while libya is also out of commission we could have a difficult situation on our hands with saudi always famously able to fill in any gaps. We havent had any data on Saudi Oil Fields and capacity now for decades. So no one is really sure just how much they can satisfy. What is the case, clearly, is that famous peak oil is not the concept we need to worry about. Whats actually happening is we had a peak on onshore light sweet crude, easily accessible, easy to get your hands on the oil. As oil gets more and more expensive, even as you look at the shale story in the u. S. , what that is is an enormous increase in the amount of money you have to throw at each field in order to get the oil out. Oils going to get more and more expensive in the long run. Just because you find shale, doesnt mean you find oil. Right . Absolutely. Youre with us for some time yet. Keep your emails coming through, worldwide cnbc. Com or worldwi worldwide cnbc. Com. Find us on twitter as well Louisa Bojesen. Coming up on the show, planning to catch a cab in paris today . You might have a difficult time. Protest against the appbased Taxi Service Uber will likely see you move at a snails pace. That story, next. Show em the curve. Its beautiful. Its more than that. Its perfect. Introducing curved Ultra High Definition Television from samsung. Thats keeping you from the healthcare you deserve. At humana, we believe if healthcare changes, if it becomes simpler. If frustration and paperwork decrease. If grandparents get to live at home instead of in a home. The gap begins to close. So lets simplify things. Lets close the gap between people and care. Lets close the gap between people and care. Fame, makes a man gap bettake things over are. 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 youre watching worldwide exchange. Good morning, everybody. Welcome back. Im Louisa Bojesen. Uber has extended an olive branch to the london taxi industry by announcing a black cab option for the app. This as taxi drivers Across Europe protest what theyre calling a lack of regulation of the appbase d service. In london, black cabbies will be convergen on trafalgar square. And in paris, the french drivers are planning whats being dubbed as escargot operations, a snails pace journey through the city center. Stephane is on the ground in paris and joins us now. Stephane were anticipating disruption in service. Theres perhaps less traffic behind me. Taxi drivers are blocking the main access of the main airpt as of the french capital. They are driving at a slow pace towards the center of the capital. You can expect more than disruptions later in the day. What are they protesting against . Uber as you stated. Not exactly for the same reasons as in london. In london, its the lack of regulation. In france, they call it unfair competition. Taxi drivers have to pay a license to operate here. Around 200,000 euros per year. Thats compared to almost nothing from uber, they pay a Registration Fee every year, nothing compared to the price of the license. The government promised it would regulate the sector but it wont address the real problem, which is the lack of taxi in france. There are not enough taxi in the french capital. Its not usual on the weekend to wait for up to one hour to get a taxi. But still, french people believe that the strike is the right thing to do even if they have to wait for a taxi, even if there will be significant disruption today. Based on the survey that was conducted during the last taxi strike in february, 56 of french people think that the taxi drivers are doing the right thing, which after all is not really surprising in a country where the strike is probably part of the french dna. Over to you. Stephane, thank you. Have you ever tried usen an app to find a car . No, i dont take so many cabs. Its much more convenient but when it rains. Are you like a harley, stephane. No, much smaller than this. This morning, theres also a train strike in france plus the taxi strike. Its quite difficult to travel through the french capital. When you travel on a motorbike, its much easier. Ill keep your image of you on a harley alive. Coming up later, jo bertram will be telling us about the olive branches being offered to londons black cabs. Thats happening at 11 20 cet. Let us no, do you use the taxi services, uber, halo or others . Louisa Bojesen is the twitter address. Find us on email, worldwide cnbc. Com. Of course read more about the uber revolt here in europe on cnbc. Com as well. Now be the cost of u. S. Sanction breaches could hit frances biggest bank, bnp paribas by as much as 10 billion. The cost for settling the affair looks set to dwarf previous penalties for comparable offenses meted out a few years ago to the likes of hsbc, ing and jpmorgan chase. James, i look down the line of the other banks that potentially could be looking at fines. Deutsche bank is being mentioned. Do you think well see more of this . Yes, the essential implicit background to this story is that when the authorities in america stepped in and bailed out the banks in the heat of the crisis, they bailed out all banks. Any International Banks operating in the u. S. Were given access to funds just as quickly as u. S. Banks were. In fact, the press in the states subsequently has made a lot of the fact that its actually International Banks who were featuring most prominently in the top ten beneficiaries. Whats happened in the states as well in the background is, as weve gone through the process of resolution, as the banks have gotten closer and closer to being fixed, theyve been Strong Enough to withstand the state taking some of its money back. Now instead of the perp walk and prosecuting individuals, whats happening in the states is the banks have been encourage, persuaded or forced to pay large chunks of the money back, through the fine mechanism. U. S. Banks were often fined for breaches of