devaluation in china. >> the american consumer is back. demand grew last month for everything from cars to clothing , boding well for economic growth in the second half of the year. >> thinks it is found a way to payingnder diversity nannies on business trips. scarlet: good morning. let's get straight to the markets. we will take a look at equities, u.s. stocks posting some modest losses. clearly, indexes are failing to build on yesterday's late recovery in which the dow raised the drop of a believe 277 points will stop if you look at europe,

stocks are holding onto their for the euro1.2% stoxx 50. u.s. stocks recovered after european markets covered -- closed. there's a bit of catch up now, especially with the situation in china a bit calmer. erik: showed look at the treasury market? treasuries are down. 216,ve now got it back to still well off where things were a couple of weeks ago. this flight to safety. we sell the gold strengthen after dropping below $1100 an ounce. it gives you a bit of a snapshot of where the appetite is now. let's have a look at what is making news. we will begin with americans, starting to spend some of the money they have been saving on gas perhaps. we tell sales grow -- grew in july, retail sales. sales of cars and building supplies led the way. june's number was revised

upward. sales decline electronics at department stores. scarlet: your turn again. erik: go ahead. scarlet: go ahead. erik: the latest on endgame, finish finance minister is just days away, alexander stubbs spoke with bloomberg. >> there are two options, one is we support and approve fully fledged esm program today and formally next week. the other one is we go for some kind of bridge financing after the week and in the eurogroup meeting on friday. these two options exist will stop i think both options entail a payment will be made at the end of the day. of course, it can be enough interesting crisis, but i just don't see that looming right now. erik: greece needs 86 billion euros, $95 billion in rescue money. it also needs it soon. it must turn right around and make a big payment to the european central bank just days

from now, august 20. the death toll is at least 50 in explosions that rocked the chinese port. 12 for firefighters. more than 500 people were in a warehouse that burst into a fireball. managers are reportedly being held for questioning. president jimmy carter will undergo treatment for cancer. he said it was discovered during liver surgery. it is in multiple locations. the former president is 90 years old. he says he will release more information as soon as next week. his father and three siblings all died of pancreatic cancer. initial jobless claims hovering the lowest in 40 years. rose by 5000 last week. they have not been above 300,000 since february, at sign a fewer firings and steady progress in the labor market. a matter of old media meeting new media. comcast is boosting its stake in that focuses on

sports, tech, fashion and food. comcast nbc universal is making a $200 million investment. they will create a partnership to help the network that are connect with younger audiences. they valuable millennial them a graphic. those are your top stories. markets, story in the no question it has been currencies. the surprise shocked the valuation by china led to germanic moves across the world -- dramatic moves across the world. scarlet: global stocks took a hit but recovering a bit today. the u.s. modestly down. joining us with more perspective on the currency markets, mark chandler. devalued, after china do we have any better idea of whether grand plan is and does it matter at this point? >> it seems like we don't know what the grand plan will be, but probably what it won't be. it will be the massive devaluation of argentina or russia's had. relatively small.

the central bank cautioned against expecting as much of a 10% depreciation which a lot of the market thought. erik: no currency war? >> no offense, probably driven more by the media and analysts and policymakers. look at the recent days. the imf said what china is doing is a good thing. u.s. treasury said the same thing. yesterday, the head of the new york fed said if the currency is going to float, given the weakness of the chinese economy and the federal reserve is likely to raise interest rates at some point, that means they are -- the chinese currency should we can -- weaken. scarlet: china was to be thelved or included in special drawing rights. connect the dots between what the imf did in terms of delaying china's inclusion and china school to internationalize its currency. >> i think you're reading too much bloomberg news. i am up never said that.

it was the imf staff paper that said they may propose postponing the limitation of a decision that could be made later this year. scarlet: but it is not happening now. >> imf will make the decision later this year. report,g they said in a they said essentially to china, you have done a lot of hard work. you still have to do more. among the work you have to do is make the currency more freely traded. let market forces have a bigger role. the following week, china says, we will weaken the currency little bit but now going forward, we will let the market forces have a bigger sway in it. what they did this week is a step closer to being accepted by the imf and the decision will not be made until later this year in october or november. erik: what would it mean for the chinese yuan if it were accepted into the sdr? plated of like a license that some have where they have the vanity license plate. vanity it is more of a thing, pride and pristine rather than a fundamental, economic

development. scarlet: pragmatically, it doesn't change much. >> some central bankers say right now the question is, should you have the chinese currency in our reserves? once it is in the sdr, it doesn't become if, but how much. erik: let's talk about levels. aboutan is trading at 6.4. where would you expect it to go in the next several months? look for modest appreciation, but not a lot. the chinese know they need to fill a stable currency. the chinese corporate bond market is bigger than the u.s. corporate bond market. many of the chinese corporations have road dollars. they know -- what does china do? basically import set my finished goods, finish them and export them. the actual value added being done in china denominated in rmb is modest. this will probably not help exports much. the real purpose i think is to do it before the federal reserve raises interest rates and do this to help get into the sdr.

i think we should expect some small drift lower, but not a lot. scarlet: i want to interrupt because we want to bring in been harvey from our is symbol bureau. the turkish lira fell to an all-time low after meeting between the country's two biggest political parties to agree on coalition terms only lasted for maybe two hours. aboutell us a bit more the lesson to our meeting. what is the conclusion that investors are drawing from that? ben: the conclusion that investors are drawing from this is it looks like we're going to ,e heading for repeat elections probably within about three months. that is not the result that investors were hoping for. right now you have the lira weakening against pretty much every major currency, the dollar, the euro, and the pound. erik: how much further do you

think the currency has to go? en: the next benchmark everybody is looking for is 3.0 to the dollar. we do have the central bank meeting next tuesday, so does have an opportunity to stem some of the losses by making a big move. it is expected to be an important meeting because they have announced beforehand they're going to be simplifying their rates policies to try to get ahead of the fed. so they do have some move to fight this. scarlet: getting ahead of the fed, a familiar theme. ben harvey, thank you. mark, i want to talk about the emerging markets. what about the ruble? after the china devaluation on tuesday, we saw an outside move in the russian ruble bigger than the chinese yuan, two point 1%,

if we can show the chart, versus 1.8% move in the yuan. theruble devalued by 2.1%, yuan by 1.8%. you can see that. what is it about china policy moves the catches everyone off guard? people were anticipating this. >> when you look at how the rmb traded in the month of july, look like the patient was dead and a flat line had hardly moved. isn't like myself. china going to do anything until they get into the sdr. the immediatenk reaction isn't so much about what it means about the chinese economy, but for the commodity crisis. so countries like mexico, russia , oil prices fell. it was already been offered market. when oil prices fell, it tested the old blows for march. it was the excuse people use to continue the pressure on the

emerging markets. in many ways russia currency is a proxy for oil. i don't think a lot of people are trading at right now. but the economy has weakened. the ruble has begun weakening. scarlet: i like the way you put that, a proxy for oil. how much longer is the united states going to become full being the only major currency nation with an appreciating currency? the british pound is still relatively strong, but it isn't appreciating the way the dollar has been. >> the challenges, the u.s. is not like germany or china or switzerland or finland, it 60% of gdp. 50%, the u.s. exports about 15%. the real way they do it is built locally, so locally. the cuts jobs from gm in china, not to choice. the u.s. is not want to be the only engine in the world economy and that is why we're encouraging other countries, including in europe, let's go

slower on austerity and get more stimulus. erik: thank you, mark. mark chandler of brown brothers. scarlet: coming, tesla has big expansion plans next -- and raising half $1 billion. what does it need the money for? ♪

scarlet: good morning and welcome back, i'm scarlet fu. erik: i am erik schatzker. scarlet: julie, you are looking at stocks. making a trading debut. what kind of company is this? >> a boutique investment bank having its trading debut this

morning and held its initial public offering. it is up about 5% as it gets underway this morning. it sold about 10 half million shares at $21 a piece, below the end of its expected pricing range. 43-year-old bank that provides advisory services on every thing from a group sees to mergers and a positions -- bankruptcies to mergers and acquisitions. i also wanted to look at the best and worst performer in the s&p 500 today. the best is news corp. i want to highlight this because it is such a different situation from when -- what we saw last week with a huge media selloff among so many companies that have reported earnings and reported declining and sales raise concerns about the future of cable television. news corp. is singing a different tune. even though it's ad sales were we, it looks like although its

earnings missed estimates, the shares are rising after the company said it is in the final phase of talks to sell and education unit called amplify. it is having its biggest intraday gain since it was split up. in june 2013. take a look at my terminal. you are looking at news corp. versus bloomberg intelligence index of entertainment peers for the year to date. that index is in green. it is down about 14.5% year-to-date. news corp. is down about 4.5%, so it has been an out performer on relative basis. in talking to the bloomberg intelligence analysts, it is in part because newspapers have been doing better than the rest of the media this year. and also that news corp. has been a little more aggressive getting into the digital business. it is doing a little bit better again today. the worst performer is kohl's, down 10% following on the heels

of macy's yesterday with its earnings missing estimates, even the lowest estimate out there, kabul sales only up 1/10 of 1%. we also got the retail sales report for july today. department sales -- stores were notably week with the decline. electronic stores also weak. the biggest gain was in vehicles n-stores. it looks like people were not shopping as much in stores. but it is back-to-school shopping this month. scarlet: thank you very much. more top's return a stories. donald trump leading by wide margin in the state were voters will go to the polls first, iowa. he is backed by 22% in a new cnn survey. ben carson is the only other republican with double digits with 14%. scott walker, the governor of wisconsin, faded in the third at 9%.

i was presidential caucuses are six months away. joe biden is reportedly using his vacation to think about his next job possibility. "the wall street journal" says the vice president is talking with friends and family about a white house run. it would be as third try for the democratic nomination. he will announce his decision either way next month. secretary of state john kerry will be and have an a to mark the restoration of diplomatic ties with cuba. he will raise a ceremonial flag at the u.s. embassy, which has reopened after 54 years. anti-castro dissidents won't be at the star money. john kerry will meet them later in the day at another even. scarlet: tesla thinks that shares rising up to the electric carmaker filed to raise half $1 billion in the secondary offering. elon musk says he will be one of the buyers. erik: he plans to use the cash

to expand the business by the suv it is introducing next month. for more, let's bring in our auto reporter jamie butters. -- how much of tesla's capital needs is this going to fund? >> it gives them a little extra cushion. they maybe could have gotten $1 billion or $2 billion, some expected it might be more. they say, the cfo says they will turn cash flow positive perhaps in the fourth quarter and suddenly by the first quarter when they're up to full speed making the model x sport-utility vehicle. how long that lasts when they have such huge other capital needs to develop, the model 3, develop their home and business energy storage business, building the so-called gigafactory new reno, nevada. they have so many capital needs. there is some since they may need to go back to the markets later. obviously, there are investors who still want to get into tesla

, so they are selling them stop. scarlet: why now? it would have made sense when the stock was about $280 in late july. you could argue they could cap the credit market because interest late -- rates are low. >> it dropped 15% to 60% since its peak in mid july. it would've been better to sell at $280 then $230, but still looking at a company that has no expectation of making a profit or a net profit on any regular basis until at least 2020. that is a really good valuation to sell at $230 or $240 steadily unprofitable building for the future. scarlet: what is the view on tesla and how has it changed over the last three years, five years? there is a generally positive view about tesla. whereas some of the new

technology cars, some of the alternative powertrain vehicles coming, say, from asia, have been really looked upon with derision or worse by detroit. there is a little bit of an appreciation of tesla because it is american perhaps or maybe because they are playing a really high and of the market, not as much of a direct threat as they a prius. we will see. as tesla grows and gets bigger and they start to move into vehicles that cost less than $50,000 in fees, it might become more of a threat to the cadillacs and link it to become more of an issue. so far, a tentative cheering, and appreciation of the innovation that tesla is bringing to the industry. scarlet: jamie butters, thank you so much. by the way, tesla is supposed to announced today plans to add more charging stations in manhattan as well. erik: an important proof point

for the company. in dense areas, it is harder to charge electric cars. parking lots don't offer that. tesla needs to introduce these things to prove buying an electric car is viable. still ahead, which company ceo makes the most money compared to his average employee or her employee? bloomberg crunched the numbers and we have the answer for you, next. ♪

scarlet: we are learning more about ceo pei. regulators requiring companies to disclose how much more the ceos make than rank-and-file employees. which company came out on top? they donald. the ratio is the highest. don thompson was making 644 times what an average worker took home.

right behind it, community health systems. clearly, william shatner not your average worker at priceline. erik: mcdonald's should not surprise anybody. that is why there's such big movement to raise the minimum industry.e food if in fact, because mcdonald's employees and other fast food chain employs don't get paid very much. scarlet: simple math. the enumerator will be pretty big but the denominator will be small when your workforce is frying burgers and flipping burgers and using the fry machine. erik: this is not the same measure the sec is requiring for companies. it is ceo pay to average pay as opposed to median pay. but he gives you an idea of what we might see once companies have to start meeting this sec requirement passed last week pulled -- last week. jpmorgan as a financial services companies figure highly in the

data we crunched for the ceo makes him 200 times what the average -- scarlet: 232 times, jpmorgan is 222 times. commercialretail and bank as opposed to an investment bank with the big trading business like jpmorgan. scarlet: jpmorgan also has a big retail presence as well. what the morgan stanley numbers. i don't have that come only the top 10. erik: i'm going to take this moment before i checked out and leave you alone to say thank you to my good friend ben, our producer, he still has one hour to go but i want to thank you very much. it is been truly great to work with you. scarlet: we will be back. ♪

welcome back. i'm scarlet fu. let's get to the top headlines. electric carmaker tesla filing

to raise half $1 billion in a stock sale. elon musk plans to buy $20 million of the shares himself. before today, shares of 7% for the year. ofy are well off their highs $280 apiece. apple has turned to business to reverse falling sales of the ipad. the wall street journal says apple is trying to make a tablet computer more appealing tool for work. apple is working with more than 40 technology companies, many of them make apps for accounting or sales presentations. apple is never been considered a big player when it comes to workplace technology and enterprise markets. promoted james quincy to chief operating officer. it sets up the 19 year company veteran as a potential successor to the ceo. quincy will have responsibility for all coca-cola operating units worldwide and report directly to the ceo. shares have dropped 2.3% this year. the use of drones is a controversial topic, but one species has come out firmly against drones and that would be

the eagle. this video shows an eagle attacking a drone in australia, knocking it out of the sky, bringing it crashing down to earth. the pilot to get this one piece of advice. if you see a bird of prey while flying, land. i have added that to my operating procedure. coming up on the market day, tech companies have been ratcheting up benefits as a way to hire and retain female executives. wall street getting in on the act. kkr will pay to fly nannies on business trips. shares of wayfarer on fire after reporting a jump in revenue last quarter, but is that level of growth sustainable? we will hear from the ceo. and look into what an eight foot long document dating back on 2500 years tells us about women's rights in ancient egypt. all that coming up later on this hour. u.s. consumers are stocking up on everything from cars to clothing in july. retail sales gain in the month ,hanks to rising employment

stronger finances, and cheap gas. a certain segment every tell -- of retail, missing analyst estimates, kohl's. let's bring in burt flickinger. he owns shares of most of the major retailers. and marshall cohen. burt, discounting and cost cuts for the takeaways from earnings number's, kohl's reaffirmed that or reinforce the idea. what segments within the department store business are doing well and what does that tell you about the state of retail? >> accessories are doing well, still sing some of the activewear do well. in a class i teach at cornell with the students worldwide, more the business is shifting to amazon. also if you look at luxury retail, go out to the hamptons, the designer stores are storeling while a pop-up

for new designers is doing well. doing moret stores than the department stores. scarlet: a lot of these stores are suffering from the west coast dock shipments. gap has blamed it as well. marshall, do those west coast delays hurt h&m, century 21? you don't hear them giving that as an excuse. >> it is not about the product shipment, it is about the consumer changing the timing in which they're going to be buying product. the late simmons, in some cases, helped some of those fast fashion stores because they did not have the merchandise on the consumerfloor when the did not want it. in other words, we are buying shorts when we where shorts, not buying them for months in advance. scarlet: why haven't the traditional retailers adapted to this? >> they are still working on it for picking up on marshall's

point, the late shipments will help the off price retailer's that are still doing much better as well as the h&ms and the other entry-level price point basic fashion retailers as well. scarlet: does that mean every company like looming dels or macy's, neiman marcus, they need an off price discount chain to go along in their portfolio? >> they do. macy's is starting up. it the on the channel has moved from the 20th largest online retailer to the number seven ranked online retailer. macy's is gaining momentum. with amazonnt, armageddon and years ahead, it is not going to happen next year, but if i'm to 15 years from now, it is a concern for department stores. scarlet: marshall, you focus on apparel. this quarter and next quarter or critical. back-to-school and holiday shopping. they do set a tone heading into

the all-important seasons. what is the tone? >> retailers are worried right now about momentum. the thing that is starting to happen is there is -- they keep putting themselves in this box. they use prices tolure rather than the product to lure. we are seeing the exact same thing happen in fashion. retailers are trying to be risk-averse and what they in up theg is basically bore consumer into not feeling the need to shop for new product. retailers, if you look at fourth quarter as the opportunity to put their best foot forward, but they need to start to change that. they need to be progressive, make second and third quarter more aggressive when it comes to fashion. the retailers doing well are the ones who of done that. traditional retail has been about sitting there saying, the jcpenney's of the world, they keep following the same formula. you are seeing macy's start a new product into play, new ways

of reaching the consumer. so using a more omnipresence rather than just on the channel. target during a very good job. they owned the dress market this spring. and probably will going into fall. look for them to have better-than-expected numbers coming through. they've done a great job with getting fashion back in the equation. we used to think of target is a fashion resource and lost momentum, but they have gotten it back. scarlet: brands are trying to appeal to more male customers. trajectory ofowth young male urbanites? another to make up from the loss from the female sales? >> no. womenver spend as much as will, at least not in our lifetime. when you add in active and kids and grandparents now buying for kids, and then the men speak of the puzzle, that will offset. so the full-line retailers will have an advantage going into it.

i'm concerned about specialty retail because that is where they are most vulnerable, trying to reach that one segment of the consumer make the -- makes it tricky. scarlet: when we look at today's retail sales report, the weak spots were electronics, department stores sales. we have a chart that shows it. you can see the vehicles did well, up 1.4%. and nonstore did well in addition to 1.5% increase. julie hyman was a nonstore means amazon. can we expect prime day is going to be something that amazon tribes out again and again? again?s out again and >> just like toys "r" us does christmas in july, amazon will probably do prime day every

month and maybe even more treacly. scarlet: every year. >> every year and probably every month. targeted a black friday sale and you are in marshall's point, target is shifting a significant amount of sales from all retailers, apparel, so it is wearable, mobile, consumer electronics, consumerable as well. sas target bounces back, as jcpenney gets more credit from spenders, penny and macy's to marshall's points have both levi's and nike featured as the main items in the as this week. quite a bit of overlap. in amazon is a winner because amazon's zappos is the academy of depth. burtet: thank you so much, flickinger. managing director of research group and marshall cohen of npd

group. ben carson climbing in the polls after the debate. has him in second place in iowa. ♪

scarlet: welcome back. we are one hour into the market day. we're going to begin with asia. there was green across this green. the shanghai composite gaining step nikkei up almost 1%. stabilized as the u.s. staged a late recovery yesterday.

look at the currency market. the chinese yuan fell for the third day. it was more moderate than what we as seen in the past. stephen engle file this report from hong kong. >> there is no basis they say for the yuan depreciation to persist in it will step in when the market is distorted. the central bank says the current exchange rate level is now consistent with economic fundamentals in the three-day long fx rate adjustment is "basically already completed." after tuesday's changing the with the daily fixing rate is determined, central bank vows to respect the market will also letting the government plates rolled. says it will provide longer term stability and is positive for the internationalization of the yuan . scarlet: that was stephen engle in hong kong. now let's head over to london where mark barton is standing by. >> after the biggest one-day drop since october and a two day

fall that white 433 billion euros from the value of european equities, stocks have rebounded today. investors are dwelling on china's devaluation, concerns seem to be somewhat debasing. forths -- ontrack for its biggest decline. those who have sunk most in the ,ecent days, the bmw, lvmh copies exposed to china, they are rising today. automakers clawing back some of the two day 28 billion euros of loss of value. the one sector that is declining, mining. the last three days, miners have fallen 7%, that is 17 billion euros of value. the sentiment is very much turned on its head in the last 24 hours. what is happening in the bond

market is the flipside side of what happened yesterday and the day before. yieldsn ball owned -- on are rising. as you can see, the biggest surprise of the day, greece. .8% ins economy rose by the second quarter. economists were expecting the economy to decline, of course, before capital controls were implemented in the greek economy. that was the shock of the day. the euro, after six days of gains against the dollar, the longest winning streak since april, has finally come to an and. by the way, economists expect the euro dollar rate to be 108 and the third quarter and 1.062 and the fourth quarter. time to come see you. take a look at u.s. stocks. a mixed picture, some indecision in the market will stop let's

dig deeper and figure out what is going on. .ake a look at the imap this gives you an idea of the push and pull, pretty much an equal amount of red and green on your screen. consumer discretionary doing the best today after we got some earnings reports that seem to be boosting those stocks. we talked about news corp. getting a boost as a sales's education -- as it says it will be selling its education unit. energy is the biggest dragger, down about 9/10 of 1% which has to do with what is going on with oil prices. we are seeing an uptick in oil volatility in recent days. oil once again is falling today, near the six-month low. the drop has been accelerating, right now down about 2.5%. take a look at the bond market today. we got the retail sales number, better than estimated. you are seeing a risk off situation today. that means a little bit of selling in the treasury market. that is also ahead of a big

auction of 30 your notes today. scarlet: thank you, julie hyman with the latest on the markets. to yesterday'son gains. let's could look at the top stories this morning. epa administrator june of mccarthy expected to visit farmington, new mexico, downstream from where millions of gallons of slime waste spilled onto a southwest colorado river. epa supervised cleanup crew accidentally unleashed 3 million gallons of wastewater from an old mine that flowed into the river. the wastewater was contaminated with metals including arsenic and lead. a wildfire in the rugged hills of northern california near lower lake has grown to at least 32 square miles and just 16% contained. come bytainment could monday. no homes have been destroyed, but a much larger fire nearby that started about to ask ago has destroyed 43 homes. firefighters have that blaze nearly surrounded. emirates is about to take the

title of the world longest airline route away from qantas. it will now fly nonstop from dubai to panama. that is a distance of almost 8600 miles, about 10 miles longer than the current longest route which is a qantas flight between sydney and dollars. the flight is scheduled to take 17 hours, 35 minutes. and those are your top stories at this hour. let's turn to politics. a new poll from cnn shows ben carson surging into second place in iowa behind donald trump. carson was in new york yesterday meeting with business leaders in harlem and spoke with our john who began by asking the only african-american in the race about whether america's police force is systemically biased against minorities. and think fear unfamiliarity creates problems on both sides. and the way you solve that problem is to create relationships.

it is not surprising, obviously, if you take people who may become from two different cultures and put them together in a naturally conflict in way, that you're going to have problems. that should not be as president of buddy. >> there are proposals to try to change police practice like body cameras. are you in favor? are the changes necessary? what changes would you like to see? are veryk body cameras important. it is a great technology. i love it. pretty soon, teachers may have to start wearing them, to. >> and presidential candidates. >> everybody. i think the thing that is more important or most important is introducing police into communities who are known in that community. there used to be beat cops. everybody knew their beat cop. his some humidity's, there still

are. i was big into an officer in baltimore. he says everybody knows him in the neighborhood where he goes. he says he never has to worry about dinner or lunch. people say, come on in and have -- i've got some fried chicken, whatever. that's what happens when you have relationships. thing on this topic, criminal justice reform. a lot of people are concerned about ben carson rate -- about the incarceration rates. should there be mandatory sentences? what about criminal justice reform? >> there are certain nonviolent crimes that probably could be punished in a way different then sticking them into criminal university where they learn to be criminals, where they learn to become violent criminals, or they develop relationships with the wrong people. clearly, that is something that needs to be looked at. the whole prison complex, the way it is growing and becoming an industry, which needs to be

said, that is absolutely the wrong model. we have 5% of the world's population and 25% of their inmates. that is a problem. we need to acknowledge it is a problem and we need to make the adjustments that are necessary. >> washington, where your party controls the house, speaker boehner, senator mcconnell, what is something the two of them as republican leaders are doing well now? leading i mean, they're their respective bodies. they are least able to bring some things to the floor. i would like to see them be a lot more aggressive. >> in what ways? instance,cally, for with the recent supreme court rulings on gay marriage. i would like them to come up with very specific proposals that will protect the religious freedoms of people so that they are not losing their careers, losing their shops because of

their religious beliefs. i think that needs to be done yesterday. >> even if the president would veto it? >> they should do it in such a way that the president would dare not veto it. scarlet: that was ben carson with all due respect to co-anchors, john heilemann and mark halperin. still ahead, wall street has long grappled with a diversity problem, lots of white men, older white men, kkr has a plan to attract and retain female employees. we will tell you all about it. ♪

aarlet: kkr is rolling out new perk to hire and retain women in its male-dominated workplace. allowing new parent to our traveling to bring a child caregiver paid entirely by kkr. whitney is devon.

what is the perk in terms of limitations? honestly, it doesn't apply if your kid is 10 years old. >> it allows a parent to bring their child in a caregiver on a trip between when the parent returns from leave, either maternity leave or paternity leave, and the child's first birthday. it is like a or nine-month period. scarlet: cynics would say this is just making sure anyone who comes back from leave cannot say, i can't do that because it doesn't work for my life. >> there are a couple of senate's i've heard from that say, look, a policy needs to be presented -- senate's i've heard from that say, look, a policy doesn't need to happen. to be careful has and make sure employees are educated about where it is safe to bring children. some of these still makers are traveling to places like africa or other countries where their child diseases so can't stay to be careful. is a veryide is, this

progressive policy and something that addresses a lot of deep-seated issues in an interest-free which, like you said, is sort of white male dominated. scarlet: you quoted george roberts to one of the founders is saying, too many sane people means too much same thinking. same people means too much same winking. embracing how to attract and retain talent. tech is gone further but as we know from high profile cases, it is not the golden land for women, either. , which george roberts addressed, is an issue in any company, in a corporation. we need diversity on boards and committees and management teams, just for that differs thinking is encouraged and companies, specially investment firms, think they can perform better.

scarlet: is kkr a trendsetter? will other firms follow suit? >> it is the first to make such a bold move in terms of childcare travel. kkr told me they hope others follow. they think making the industry as a whole more attractive will benefit everybody. obviously, they're the first mover and they may reap the benefits first. scarlet: do you know how many women the firm has? >> we're collected data in senior positions they have about 12%, 30% of senior people as women. scarlet: thank you so much. we will be back with much more on bloomberg market day. keep it right here. ♪

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p.m. -- is 111 a.m. in new york. pimm: welcome to the bloomberg

market day. what does turmoil in emerging market currency mean for central-bank policy? behind the headlines. why has china taken such radical steps to devalue it's currency? reading the tea leaves. pimm: and don't fear the reaper. why the death cross makes headlines, but is not necessarily something that you should bet a lot of money on. scarlet: good morning. i am scarlet fu. i am pimm fox. it lets take a look at u.s. stocks. a little bit of a mixed picture. the s&p 500 basically unchanged. the nasdaq moving about th