of arming teachers as a possible deterrent. people thatnded the do carry, we give them -- give them a bonus. would feel comfortable having a gun anyway did you give them a bonus. >> the president also called and thatf congress background checks. salvadoran immigrants filed suit against come today, arguing the administration's to and special protections shielding them from deportation is racially motivated. the lawsuit called the move a smokescreen for a racially discriminatory agenda. russia's you and ambassador is accusing the global media of a

massive different of -- disinformation campaign against .astern guida dozens of rockets have been launched into every area of the capital and fires locate themselves in medical and educational facilities. parents in eastern nigeria say that more and -- more than one of the girls -- more than 100 girls are so missing. today's announcement comes after government officials acknowledged that 50 young women remained unaccounted for. global news, 24 hours a day, powered by more than 2700

journalists and analysts in over 120 countries. >> live from bloomberg's headquarters in new york. have 30 minutes from the close on trading here in the u.s. stocks holding in the green, stocks a four-day win streak in the end yang high. >> the question is, what you missed? -- president donald trump is adding to his gun control approach. he calls for giving bonuses to teachers to carry guns in the

classrooms and supports -- the polls could be helping investors who want to get in on the cryptocurrencies. mixed messages from the white house. president trump he may have changes stance on gun control this morning and a flurry of tweets, advocating for raising age for purchasing guns to 21, banning bump stocks and stricter background checks. where the president will be speaking tomorrow. there's a somewhat information in there. it is a politically sensitive time.

what is the tone and sentiment like question mark -- like? >> president trump>> speaking earlier today and spoke after wayne lapierre spoke, the head of the nra. wayne lapierre doubling down on the policy proposal by the nra which is to arm teachers in the classroom. vice president mike pence not taking a position on that. -- fromuld raise the age people being able to get a weapon from age 18 to 21. he suggests that he supports what the nra and teachers have weapons, but really saying he

anticipates issues like mental theth and increasing national background check system. how much dissent is there in the room? how many are supporting the nra and other gun rights supporters are against? i was speaking with two strategists just before i came on and to be quite frank with you both are speaking in a different tone than other mass shootings. there does not seem to be some type of impotence to get a piecemeal legislation move and also the tone of the gathering is different from years past when i covered it. power, what are

we going to do with it? i think the tone is little more sober because you can't just attack the other party that is in power. we have to talk about what we have done and what we plan to do which is serious business because our problems are concerning. >> it is not just gun control that they are discussing. prominent things are the midterms and ways that republicans can hold on to all three branches of power. >> what is the main message that republicans plan to take? targeting nancy pelosi, believing she is out of touch with how she has attacked the republican tax plan and speaking with the former transportation secretary, they see an opening to get like that something like

infrastructure done. these particular issues dwarf so much in the room and with goal -- gun control at the forefront, lawmakers return next week and they have to also take on immigration, so the window for infrastructure, despite the white house statements we have , that window gets much more comew as the other issues to the forefront. >> i'm glad you have mentioned immigration is an issue. i was just looking at the speaker list. nigel, we know from u.k., but , what message pen is being push their?

>> it is a great question. at the fruit -- previous cpac that i covered, that populous streak has been nonexistent, so you really get a sense of how president trump is influencing the current state of the republican party by these on speakers who have been coming and are speaking at this form, so it'll be interesting to see how they are greeted and perceived by this traditionally younger crowd of conservative activists, but it will also be interesting to see how they mesh with some of the other prominent republicans who are running for office in some of the midterms and how they plan to adopt some of that rhetoric in their own messages in the midterms. >> thank you for being with us. -- lways

coming up, a discussion for optimism and growth after today's earning statement. from new york, this is bloomberg.

♪ >> time for bloomberg business flash. a look at some of the biggest stories right now. factors andid today distributors -- one of the largest providers of index funds, like rock has significant investments and gunmakers. stocks. to the best in

may containtt -- on more clues about the billionaires succession plan. in general, he named greg abel as vice-chairman. that led to speculation that they are the front-runners to be his next ceo. kumar got ultra was chosen to lead after the former chief lefty follow -- left the automaker after following an investigation. berkeley has paid its investment makers 14% less than men. also said 26% less than men. jes staley said the bank is

doing its part towards gender equality. that is your bloomberg business flash update. talk about that. i think it leads to some context. there are mormon. >> he says the men and women are being the same that's paid the same amount. of course, that gets to the question of why there are many more men and why they are at higher levels. >> if you go through all of the different professions, i have to wonder whether you will see a lot bigger proportion of men than women. an apples and apples comparison. joe's laughing at me.

>> there are some more men than women in another itself. that is a whole different angle. morning's on his report was released to investors. revenues fell less than expected . jes staley joins anna edwards and discussed how 2017 wrapped up. >> just for quickly. we closed 10%. we are very comfortable with. thebig news is we ended restructuring of the bank. 2018 with a clean operating model. also, very strong capital position. that is above our target in state and the first time we have done that in a long time.

what that is going to enable us to do is that in 2018, we plan 6.5% to rickd of that is more than doubled and will be paid in 2016 and 2017, so we feel good about that. the first part of january and february, volatility came back. marketsgood for the business, but way too early to give any indication. that, what are ?he talkedtations about tangible equity for the business as a whole. is that going to be a challenge or a stretch? >> i don't think so. of 5.76%.ed a return

points areasis really advantages we will have an refinancing liabilities of the bank. we have a lot of expensive liabilities. we have higher interest rates in both the u.s. and the u.k. and that will play into that number. non-core, very poorly is closed. we had to spend over 600 billion pounds in 2016 that will not be there in 2019. 75 basis points will come from reducing costs. that is well off the rate in 2017. we have very good visibility of where those cost reductions will come from.

roughly half of that will come .rom the consumer business our german car business is doing very well. revenues were up 10% and very importantly in our u.s. car business, they were up 12% in the year. we have great programs doing very well, so we feel quite confident. >> so you have some cost levers you can pull. what feedback are you getting from shareholders around her ability to close that gap? are they with you on the long haul?

we appreciate the support that we've got from our shareholder base or it i think another aspect of the story is they are looking for barclays getting into a position where we can return excess capital, so hopefully shareholders will take comfort from the fact we are increasing our dividends as planned a significant amount. we are also going to talk about -- the bank is going to start to look at buybacks. that is down the road. we had recognize we have an obligation to return excess return to our shareholders. >> that was geoff davis speaking to our own anna edwards. shares of avis are unexpectedly higher.

abigail doolittle joins us. while was driving this again? it is interesting for a reversal for a company that had 21%nished for a >> hundred in a big way. they did announce, but there were details that came around that there is from oppressing there for the company. there were also held back by a tax overhaul. there are huge short interest, not just avis, but also hurts. a 20%s, there is interest, so some incremental positives there, again, largely priced in now that it has come true, there are bears wanting to get out. >> that is a really interesting question. i don't know the answer to that. the idea that they added to the

fleet, so a lot of analysts were expecting it to stay steady and and showhey added there is a lack of discipline on the part of industry executives. >> i was wonder about ridesharing. -- on >> to a new city it is interesting that you are saying that. that is a piece as to why investors have been steering away from it. something else interesting is the companies have fleet of cars and why aren't they selling their cars to the ridesharing services or even renting them to the ridesharing services? perhaps.pportunity, up next, weight watchers getting the taste of the kardashian tumble.

this is bloomberg.

>> snapchat can't keep up with the kardashians. kylie jenner added to the company's woes, sending shares sliding with just one tweet. talk us through. it was going so well and all this optimism cameroon by kylie jenner. how? >> snapchat certainly in a very news ont spot, so any design troubles will cause investors to spook and run. that said, halogen or is a very inferential -- influential presence on social media -- figure on social media. the fear is by sending this

tweet, it can have a downside .ffect they feel others will do the same. >> i know that millennials are none too happy about this snapchat redesign. is she speaking for a lot of people? there was even funnier people getsigned a petition to changes reversed, but this is and over we see over again. it is a historical pattern for users to really lash out when social media platforms may change. we see this with twitter every month and if we use facebook and mark zuckerberg against making strong changes. in other words, twitter has

struggled to make sweeping changes to read because of that, they have had stagnant user growth grade >> what does this say about snap? tweet couldt one erase one point -- $1.5 billion in hours. it is not clear if it can expand its user base beyond this 24-year-old user base and attract older ones and get advertisers to sign on to this little bit ofor context, i publish the story reporting that twitter was --king on a snapchat tile style camera design. tos caused snapchat shares fall 5% that day.

>> when the facebook head of abs -- ads goes to twitter, is this part of why investors have got more excited about twitter? they realize this is where a lot of people go. >> i think that is a fascinating point. it is a place where a lot of influential people go to make their statements. toward are struggles with the problem of monetizing that sort of communication. seemoment she tweets it, we media outlets putting this tweet on to their cap form, so that does not encourage people to sign-up and logged in to twitter. twitter still is not making money.

the market closes next. this is bloomberg. ♪

♪ [applause]

>> -- the 10 year yield at.91% if youe weisenthal and are tuning in live on twitter, we want to welcome you to our closing bell coverage ever we do from 4:00 p.m. to 5:00 p.m. eastern how will give you a look at stocks perform. what we seem to be seeing is patent building here. we have to dow high and the nasdaq slip into some negative territory. whatever it is, it is turning into a trend.

we lose momentum in the second half of the session, but more broadly, flattening the yield .urve snap definitely is the first one. upres sinking today, wiping more than $1.3 billion. why? kylie jenner. she says she's is not open the app anymore. revenue projected revenues will fall short. the response seat and painful. more than 17% and avis had a wonderful day, up more than 14% because of short wagers. they did report more than expected earnings. stillie jenner did say i

love you snap. >> let's look at government bonds. yesterday was pretty active. today, we got a little bit of a -- >> the bloomberg dollar snapping . four-day win streak we did see a broader pullback that hit asian and european markets. i think we should bear that mine -- bear that in mind. the canadian dollar pulling to a most of18, reversing that. you can see relatively unchanged overall. we had sales unexpectedly

declining. the december report coming next week. climbing for tents -- 4/10. ae fact they haven't had government for so long is concerning their. see a steep drop for more than once. you were talking earlier about safe havens. >> finally, on those commodities , green across the board. oil up 1.5%.

still hovering over $1300 an .6% andd copper up those are today's markets. >> let's bring in some market moves. great to have you with us. give us your perspective on what we were seeing. >> the interesting thing is it has been a yield move. -- all this is also talk about inflation, but the data is not backing it up. perhaps there will be a lot more growth and there will be keeping it -- people beginning to or about the budget situation. agon hassett said minutes he was talking about how he could reach 3% growth. the you agree? -- do you agree? a it is not going to be

material difference. -- growth has been so weak. >> can the tax reform efforts, especially to the extent of which it accelerates capital investment expand the economy? drives the if it right incentives. if companies take an investment in employees or capital equipment, they try to make themselves moreductiv and of course, companies are always trying to make himself more productive. that is what competition does. i think it can help things. >> fresh work is into the workforce. >> we have seen the shift in

volatility there. the simple thing is volatility purity have some moving parts in the economy. you have the unemployment rate very low. all of a sudden, people realize that the level of volatility is not the right level. that just silly to have level of volatility when you have that many unknowns. >> could there be an earlier downturn in the economy and when do we see that? >> i don't think so. allow rate we won't

hikes, but if we do see that many, we are probably seeing a response to higher growth. wendy that hikes rate, what they're trying to do is maintain a long-term, lower interest rate . -- me about the u.s. consumer consent and -- sentiment. to what extent -- we're talking about wage gains, people anticipating benefits, despite the negativity going into it. are we underpricing the impact of stimulants? >> i think we are underpricing

the potential. if you look at the consumer sentiment numbers that came out, what we see is the first two weeks of february, consumers are saying there more confident in their ability to retire. becausedid not happen of the tax law, i'm not sure about the expedition. -- explanation. cycle speed up or slow down? think it extended it. if you look at the last two these are twory of the longest recoveries in history. is itk the easier answer is most likely going to extend the cycle.

>> thank you so much. >> some breaking news passing the bloomberg right now. see the adjusted the -- gps -- that is better than expected. 181 and coming in at 40%. in at 14evenue coming and a half billion dollars. .he estimate, 13.5 up personal systems revenue 18%. perhaps, no surprise that investors like those numbers there.

-- we have revenues higher in the byimate on that just higher $7 billion. 34.adjustment coming in at the estimate was that 22% gains in right now we are hired by more than 12%. as a mention, at the on the revenue line and on the adjusted . >> pretty impressive there.

rate.ing up, inflation or what has the biggest impact on market outcomes? we will see the impact right after this. this is bloomberg. ♪

trump called for paying bonuses to teachers who carry guns in the classroom, inc. bracing a controversial proposal to -- , theyhite house meeting discuss school safety in the present said you cannot hire enough security guards and teachers should carry concealed weapons and nobody would know who they are. he said that teachers would go

through training and could get a bonus. nra's when lapierre said to heighten the security presence to the level of sporting events and federal buildings. lucky are also took on the nra's critics -- >> they hit the nra and the second amendment. they hate individual freedom. in the rush of calls former government, they have also revealed them true selves. theelites don't care about school system and schoolchildren. , what theyly cared would do is protect them. wayne love here said to stop

a bad guy with a gun it takes a good guy with the gun. tensions in the middle east have increased since president trump recognizer islam as israel's capital. in the united nations, some have said the declaration washington has forfeited its role. >> they want to you that. they just need to change for me to help them more. who is going to take the united states's place when it comes to brokering between two sides. >> earlier this week, the u.s. comeation was in jordan over they met with the king. theresa may gathered her cabinet members today for a marathon meeting to find common ground. retreat outside

of london. the conservative government is divided between supporters who want a clean break and those seeking closer ties. global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. >> just want to recap some headlines. we saw some after our moves. let me take you through hp. they have beaten as far as adjusted eps is concerned. wasconsensus on that number $.22, but it is not about the performance we have seen. they have upgraded their forecast to the second quarter.

the consensus was 26 so for the foyer -- what about pushing some cash back to shareholders here? the hope is to worsen -- to return $7 billion. wife's hp has been met with hasticism because it concentrated on the industry which has struggling. it has been working. youe will continue to bring updates, but right now a solid performance in after-hours trading. prices have a stronger

relationship with core market outcomes. then, always a pleasure to -- always a pleasure to have you on the show. inflationat higher can lead to higher rates as the central banks tries to court the economy. they're not usually expensive. two talk us through possibilities here, the differences. are not bad for stocks historically. whereed at the instances treasury was 100 basis points or more. the biggest draw down was 2%. interest rates alone are not enough to knock down stocks. it is actually inflation and so

3%.ng inflation, it is over when inflation is rising, stocks falling.rse than one can cause the other, but it doesn't have to. want to talk about the extinction -- andinction between elevated rising levels of inflation. >> i think that is one of the realize we've had inflation since the 1980's, but it is just different. maybe that is the thing that catches investors off guard so that they typically hit back.

history, givenat the fact that people have been inflated dramatically by the low rate regime that have been changing. >> it is interesting because the levels are so much lower. it is uncharted territory so it is interesting when you see these rate moves, people -- -- ie are worried that certainly think this is a different environment than we have seen in the past. >> from a portfolio management perspective, obviously bond are an important part. maybe rising rates are bad for stocks, but if you can expand --

expect them to maintain their value, how do you rethink risk management? >> i think that is one of the reasons stocks do well. if you assume investors have to put the money somewhere, when rates rise, bonds get hit. i think that is why stocks tend to do well, but once the rates are reset to a high level, that means bond investors are going to get higher returns. settles,nce the dust people start to reallocate and think that there is maybe more competition and again, they're much lower than they have been in the past two decades, but its stock earning yields are lower, it can certainly put pressure on asset allocation. >> thank you.

that was really interesting. apple seeking to bolster its wearables business. right after this. coming up, right after bloomberg.

is seeking to bolster its wearables business with upgrades to its air pods headphones. what can we expect and when can we expect it? apple to expect sort of on air pods thecadence of the same as

eye watch an iphone. another one with water integration and deeper siri integration. >> when you say it is surprisingly popular, put it in context with other apple products that apple has launched in the degree to which air pods have been a success. >> they are wireless headphones and come in a charging case. on --n the have caught and they have seriously caught on. >> apple has sometimes struggled with supply chain and delivering the promises in the timeframe that they say.

>> that is a great question. the air pods, despite their are a textbook example of apples recent supply chain issues. the ipod originally announced was supposed to be live released in october 2016, but they were delayed into december. that might sound like a significant delay, for apple any delay is unprecedented for that company. it comes from the same divisions that release the homepod, which was delayed about a month. >> unlike you talked about the division because -- context ofis into the broader business. >> i look at this as apples

secret weapon. selle not going to billions of them, but they are the cool gadgets. the apple tv which is starting to catch on. -- apple silas -- .tylus mark gurman, thank you for joining us. we have some breaking news regarding the robert mueller probe into russian interference in the election. indictmentsthe against manafort and gates. >> a superseding indictment is dismissed because of illegal defect or grand jury.

we will discuss.

retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. leaving every competitor, threat and challengretail. euvered. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations.

every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. mark: president trump suggested today that a crackdown on extreme content in the united states could help stop school shootings. this book during a white house meeting with florida lawmakers. also videogames, i hear the violence in video games is shaping young people's thoughts, and then you go i further step and that is movies. andmovies are so violent, yet a kid is able to see a movie if sex is involved. president also

suggested a bonus for teachers who carry guns in schools. administration decision to an special protections shielding them from deportation was racially motivated -- the loss at six to block administration from ending temporary protective status for thousands of immigrants. the loss of calls to move in the white house a smokescreen for a racially discriminatory agenda. the red cross says it is shocked syrianviolence in the capital of damascus and is calling for access to civilians in the besieged areas. it has a convoy of food, medicines, and other says it -- the agency has a convoy of food. in the meantime, russia's u.n. ambassador is accusing the a massiveia of disinformation campaign about

the situation in the rebel held -- damascus,scaras calling it the inconvenient truth that several thousands of fighters are there, including affiliates of the al qaeda linked terrorist. that dozenscouncil of the lockets -- rockets have been launched. a longtime media adviser to israeli prime minister benjamin netanyahu appeared in court today over allegations that he attempted to bribe a judge and i change for dropping a corruption case against knocking out whose wife -- netanyahu's wife. she could be appointed attorney general if she dismissed a impending case over axis of household spending. global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg.

let's get a recap of today's market action. we did stay in the green for the dow jones and s&p 500 despite weakness on that asia session and european session, some risk aversion there. some of the stories we are seeing over the past few sessions, the survey in particular, weakness chopping in the second half of the session and a little bit of flattening in the interest rate curve, inch meant financials and it 8/10 of a percent lower in the sector. real estate is outperforming in the session, a little bit higher than 1.5% for the s&p 500 and utilities higher by 5/10 of 1%. now breaking news crossing the terminal about the robert mueller probe. facing new charges of bank fraud in the russian probe and indicted for a second

time a new charges including failure to report income tax authorities in a move that could increase the pressure on the property with the investigation by special counsel robert mueller. leverage of. discharges in order to get greater information with the latest, and very much tied to the russia investigation. manafort and gates and tens of millions of dollars of income as a result of the ukraine work and the scheme to hide income from united states authorities while enjoying the use of the money. we'll bring you more details as we get them. the cryptocurrency's and the legal patchwork to coin offerings is meant to regulate -- meant to be used to regulate other securities come about what these laws like in clarity provide opportunity for investors, potentially. --ning us now is peter van

great to have you with us come up just to be clear here, does any country have specific legislation that tackles this am and to go back to the point, how are they managing to regulate initial coin offerings as a result? i think a country with specific legislation that addresses initial coin offerings is the united states. we have aps of lot that was passed in 1933 called the securities and exchange act, and in most cases, it is important to distinguish that a cryptocurrency like bitcoin or token that is being sold is a promise of future value. oryou have a bitcoin something that is rather like gold or a commodity, yet these new ipos because somebody said, hey, buy this for me, i'm going to make it profitable. you don't have a thing special beyond a security, and securities are regulated under the 1933 act and there's a

flexible test the fcc uses when something fits into that act and a lot of i's fit into that act. joe: let's be clear, saieh company wants to raise money to be yet an ipo, is there a guaranteed route they could take where they can be sure they will not run afoul of any regulatory issues? or are even the most fully lawyered plans still in theory at risk? the safe approach, the most lawyered approach is going to be to comply with securities regulations as people have complied with securities regulations for 100 years now. what that is going to look like do a publicoing to fail and register -- basically an ipo, but that shares will be on a blockchain, i.e. tokens. because they ico

are coins. or, if you want to be a little bit more restrictive for who you sell the token to but want -- maybe you don't want audited financials are quite as much filing as registration, then you can comply to securities laws are doing a sale to accredited investors only and take advantage of safe harbors in our securities laws -- you can only sell to accredited investors or a plus filing with the sec we have to limit yourself with how much money you can raise for the sale of tokens. it doesn't matter if what you are selling happens to be token's that travel on the blockchain versus stock certificates. it might be good from a technology or liquidity standpoint because those systems possibly have less friction then say, the legacy stock exchange and stock markets. of them have

different characteristics, some have characteristics of security, as a regulator, they slip through the cracks. how do you force that ban? peter: you are right julia, they are different things there, but what i am talking about and what the chairman was talking about before the senate banking committee, is ico's. are a company selling a token, and that token, what does it represent? it is not a bitcoin, a bitcoin does it represent anything, you can trade it. it is just a bitcoin, whereas a a presentmight buy promise, the company's promise to make profits. that is a security in most cases.

there is a little wrinkle in that some people are selling tokens and saying in two years time, this will be like that bitcoin. you will have a token that will be like digital gold or digital fuel. aw and capt be a li in who regulates those digital commodities once they actually are properly centralized. i think the gap gets filled through licensing, which a lot of exchanges already do, but i think it is more interesting is that gap is filled by federal regulators. i want to get some perspective here, what is the volume of ico's to has been issued? and what percent you think are fully lawyered unregulated? [laughter] peter: so, i can't give you

total aggregate numbers, but i can give you anecdotal examples that are helpful to think about. token sale ongoing for something called telegram, which is an existing platform for encrypted messaging which, rather stunningly has already raised $800 million. >> on my god. if they are say adequately lawyered, and they are projected to raise as much as $1.8 billion in total, which is stunning to me. i started working at corn center, a nonprofit focused on bitcoin, and four years ago if you told me i would laugh at your face, i think it is crazy. --m another anecdotal protocol apps, they raised almost 200 million last summer and i think they have taken -- i am confident to say, a very safe lawyered approach. they sold focused accredited

investors in a filing with the sec. julia: we can read between the lines on all of those things. outstanding. techie more ahead -- 20 more ahead. this is bloomberg. ♪

julia: black rock acid managers said they will engage with weapons manufacturers and distributors following the latest school shooting in florida, joined us to discuss is peggy collins. what do they mean by engage? stock, what doof investors want and shareholders want? >> this is an increasing challenge -- for etf's like

black rock and vanguard. it was a myriad of companies across the u.s. and world and what they're saying is, we have to hold some of these stocks because they are in the index and we can't necessarily jettison them left and right when problems come up come up at the same time recognize that we are a powerful force and one of the largest shareholders, so they are using this word of we are going to engage, which means they're going to be talking to companies and company boards to pressure them in certain ways. >> how do you talk to a board when that is the business model of a company? pollution it is another thing, but if it is the product they are making? cases it is easier for them, diversifying barts, because they can speak to the people and you with shareholder proposals and use their weight on that front, but this business model, gas think they try to

engage and understand how dare to respond to a shooting like this, but you are right it is much to get in a situation when it is part of their business model. joe: i am pretty is with the black rock business model and if they continue to threaten to lose -- use leverage. >> they could change the indexes. dark orsay necessarily to change the index in the s&p 500 dancing there's a growing number of clients, particularly millennials and women were looking for indexes that may not carry some of these stocks. of indexes or indexes they can customize for an institution like a pension fund or endowment where they can strip those stocks. julia: they can also plug in the position in those stocks who don't want to take the exposure, but if they want a broader index to confide in the position for those clients. >> and that is where we are the traction, where you have institutional functions and

endowments in the past that have said we are not going to invest indexoxx neg to create a that passes rules that we can invest in them. joe: although there is a lot of momentum right now towards anti-gun stuff, this has to make them anxious about future industries where they might be forced or compelled to pressure. say companies involved in greenhouse gases or tobacco companies -- does this make them nervous about taking on a more activist role, thinking we just want to provide exposure to everything? we are seeing that across the board, not only with the black rocks of the world, but pensions and endowment are getting put this on a friday of things, time change, private presence, puerto rico, and how do you ask everything out? a note there were letters

to ceos, anything else we have gleaned from what engagement means? means talking to them behind closed doors, and because we're powerful we can make some change. lisa: but they can't threaten to pull their money out? >> the halfback shareholders more in the past then a passive shareholder who says yes to everything the board says, but in these cases it is very difficult to yank a stock out of an index unless you create a new one. you did momentum pushing right now, peggy, thank you. now, what did you miss? his deputyrt and rick gates have been indicted for a second time. this time on new charges of tax evasion and bank fraud. us,, great to have you with explain what is going on here

and what this provides to the mueller probe? >> when the first charges came out, it was a smaller number, $18 million -- this is a much larger one. is allegations of $30 million in money laundering, new charges of basically tax fraud and bank fraud. i think it suggests that prosecutors rushed quickly to put together the indictment a and given a few extra months, they are able to build new charges against manafort and gates. unusual for as an prosecutor to come with a simple charge and as the investigation continues it is superseded? time paulleft of manafort worked overseas, people were scratching their heads thinking if this is all that is there?

marker, and a superseding indictment is normal in a case like this. lisa: the sense we are getting, can we read anything to decipher wither manafort engaged the main subjects of this investigation were probably or is this a part of a much larger web? >> it is part of a larger web, a heavier hammer on both of them. there is talk of gates possibly changing his mind and cooperating. if either is inclined, this is further pressure to do that. lisa: so that means they haven't necessarily gotten to that? >> right now there is no deal. julia: based on them information we have now and collected on these two individuals -- a complex case that involves banks and individuals in the ukraine that one presumes

are not cooperating or providing anything. decent to be cooperating with one hand tied behind their back. we discussed last week the indictment of 13 russians for social media -- it was totally separate. this particular segment, which is what mueller started off with, the manafort and gates, has grown much larger. lisa: what is the timetable for an actual trial or plea process? >> in terms of a child, there was a date scheduled after the october indictments for april, but that is way gone and pushed by a few months, which is normal , and the superseding indictment pushes it further. it is not a near-term thing. collusion,estion of which is what a lot of people wonder if this is going to build to. in the either

indictments last week about the russians a different with elections or if it gives us any clue as to whether something on that front is coming. in the last few months we have seen a couple of other filings, particularly the one earlier this week that pleadeded is lawyer who -- who admitted to lying and didn't cooperate. there is a little vagueness there. we will see how it plays out, but he was in touch with rick gates and rick gates at them to speak this -- someone in the ukraine about. there might be more down this road. lisa: thank you so much for joining us and those good insights, and coming up, how tesla is helping electric car owners charge their vehicles at work. from new york, this is bloomberg. ♪

lisa: it is time for the business flash. massachusetts officials say the investigation around steve wynn and his resorts remains a priority. are examining what executives and board members knew about the sexual misconduct times against wynn. the company is building a $2.4 million resort just outside of boston. tesla wants people to charge their cars while at work, california-based electric car company once qualified and the stations

will only work on tesla vehicles. amazon plans to open six more cashierless stores. the e-commerce is considering locations in los angeles and its hometown of seattle with the first amazon go open last month. comes on to reinvent the way people shop, as it makes a play to the struggling u.s. convenience store industry. to win backping customers with a revamped loyalty program offering to dollar discounts. the chain will allow the store to use it towards any menu item. the new system expense to 29,000 u.s. and canadian location and chain iswich struggling. joe: coming up, what you need to know about tomorrow's trading day.

this is bloomberg. ♪

julia: a mixed bag for u.s. equity markets, to pick into negative territory, and the s&p released some interest rates. still lower into the

close. miss this, japanese cpi comes out, and inflation everywhere. yorkand lb watching new bill dudley in a monetary policy. ata: president trump speaks cpac. will be watching that with respect to anything with trade deals. that is all. joe: have a great evening. this is bloomberg. ♪

>> you are watching bloomberg technology. let's start with a check of your first word news. president trump suggested today that a crackdown on extreme

content in the u.s. could help stop school shootings. he spoke at a meeting with state and local lawmakers inside the roosevelt room. >> you have movies come out that are so violent, with the killing and every thing is, maybe that is another thing we will have to discuss arian -- discussed. fda -- : the theident drop asked the doj band rapid fire devices like those used in last year's massacre in las vegas. a ban to start a legal battle with gunmakers. paul manafort and rick gates were indicted for a second time. new charges include failing to them -- to report income the tax authorities and bank fraud. pressureput additional on them to cra