welcome to "street signs." i'm joumanna bercetche these are your headlines president trump says he doubts trade talks with china will be successful after meeting the vice premiere in washington as part of tariff negotiations. china has become very spoiled. the european union has become spoiled. other countries have become spoiled because they always got 100% of what they wanted from the united states. shares of richemont fall to

the bottom of the stoxx 600. levels up. shares of ubisoft hit records high as new titles drive full-year sales and boost margins at the video games publisher. and paypal pays big bucks for izettle putting 2$2.2 billin on the table in its biggest acquisition to date. good morning happy friday before we start the show, let's check in on markets. u.s. stock markets finished the day in the red last night after president trump did say that trade negotiations with china are unlikely to succeed, though we have seen a bounce in asian markets with most asian markets trading in the green you can see the broader euro

stoxx 600 is in the red this morning, down 0.3% let's get into individual markets. today the picture is one of weakness across the board. i would point out that actually yesterday in trading ftse reached its highest level since january. and the dax reached its highest level since february both coming off a bit today but managing to eke out higher gains for the year or where they were a couple months ago. ftse mib also continues to lag lots of volatility there lots of questions about government formation let's switch the sectors, we can see financial services are one of the sectors outperforming today. yesterday they did have quite a down day after the bookmaker announcement in the uk dragged down some big names there. seeing somewhat of a rebound underperforming. the major under-performance is telecoms, down 1.5%.

we have telecom italia dragging down the sector as well as altice those are two names to watch back to our main story today, president trump says he has his doubts over the success of the trade talks with china. his comments follow the first day of negotiations in washington between the chinese trade delegation and white house offici officials. this morning china's foreign ministry issued a statement describing talks as constructive trump had harsh words for his chinese counterparts saying the country and others have taken advantage of their relationship with the u.s >> china has taken out hundreds of billions of dollars a year from the united states and i explained to president xi we can't do that anymore it's a much different situation. but with all the years, and all

the years that you covered trade, nations, wars, everything else, you have never seen people come over from china to work on a trade deal now, will that be successful i tend to doubt it the reason i doubt it is because china's become very spoiled. the european union has become very spoiled other countries have become very spoiled. because they always got 100% of whatever they wanted from the united states. european union leaders say they're open to trade talks with the u.s., however speaking at an eu summit in bulgaria, donald tusk and jean-claude juncker said these negotiations would come with certain conditions >> if you're ready to talk about trade with our american friends, but only if the u.s. decides an unlimited exemption from steel and aluminum tariffs

we are ready under the condition that the exemptions will be permanent. we are ready to discuss how to best improve the market for products, as well as governme government -- let me repeat we will not negotiate with this hanging over our heads >> willem is at the eu summit. can you give us more color as to what the eu block are asking for here >> we heard this morning from the german economic minister that if the u.s. is going to put its economic priorities first, they should expect the europeans to do the same thing donald tusk inviting some leaders here to talk about the situation.

he seems to be getting full backing from those leaders the belgian prime minister reiterating something we heard again and again that they will not renegotiate trade under less they get permanent things. and i asked yesterday about this cooperate effort by european leaders and if it's successful >> european leaders collaborate closely. it's good they collaborate to find sustainable and best win-win solution on the brexit issue. when it comes to the relationship with the u.s., i think there are also no important important negotiations

going on on the trade side there are different opinions on the iran deal. one has to cope with this. we are in a situation where there's a more fractured world you have to incentivize closer cooperation. there is not enough cooperation and dialogue in the world today. there is geopolitical competition. that's a new reality at the level we're faced with now do you think that this u.s. administration has been largely responsible for the challenges in the transatlantic relationship >> the world economic forum is an international organization that is impartial and neutral.

i think we can add more value in bringing different layers together and try to address the issues than coming with this kind of very strong statement. i think we all have to work with the current u.s. administration. we have also president trump in davos this year. he gave a strong message on the economy. there is, of course, no huge interest in what will the outcome be of a summit with kim jong-un in singapore if it's taking place what will happen with the trade negotiations between the u.s. and china? the two largest economies in the world when vice premiere arrives

in washington, d.c these are the two biggest military powers and the two largest economies in the world >> really underlying the need for investors and business leaders to watch events closely in beijing, brussels and washington, d.c. >> now you talked about trade, you talked about tariffs i wonder whether brexit has come up at all. eluding to a report that was in the ft yesterday suggesting that mrs. may conceded that the uk will have to stay in a customs union after 2021 unless a backstop for northern ireland is found. has brexit come up at all in these discussions? >> there would not be a meeting if brexit did not come up. we saw a unified stance she took yesterday trying to project university ahead of future conversations about the iran deal

she met separately with the european commission president and donald tusk, and they talked about future security cooperation post brexit. she's in macedonia last night talking about the uk's relationship with macedonia. that was high on her list of priorities we also heard she said the commission's proposal on the backstop agreement to do with the border in northern ireland was not acceptable she said the uk will be putting forward an alternative proposal in the coming days that's something to watch closely for. she met talking about the continued agreement they seem to have right now, according to the european commission, none of the proposals are workable when it comes to a customs union that would really ask a lot of questions ahead of the late june summit in terms of solving that irish border issue an allowing those talks to continue on

>> absolutely. it's never easy. thank you very much for the latest from sofia. joining me to discuss is richard portus picking up on the trade topic, how much leverage does europe have i was looking at the numbers eu overall has 120 billion surplus with the u.s 7% wider than the year before. germany taking a part of that. what is the leverage they have in the discussions >> leverage provided by trade surplus is neither here or there. we heard this in the brexit debate that we the uk have great leverage over the european union because they have a big trade surplus with us. poor chaps no way i think that's really not a part of this story. there are sectors which are -- could be directly threatened by

the united states. in the industrial area, it's automobiles. but remember, there is a lot of production of automobiles in the united states by european firms. so, you know, do you want to cut off your nose to spite your face do you want to hit at european firms that are producing in the united states? that's not an obvious strategy >> the u.s. thinking on this topic is very much that surplus is good. deficit is bad that's a binary way of thinking about it. >> it's an old story in economics. sort of pseusued pseudo economi. we know imports are good for you. cheap imports especially, like imports from china have been in the united states have good for you. it's just a major fallacy, which

unfortunately is very well represented in the white house today. >> this topic of trade discussions, trade disputes, trade war, whatever you want to call it has been around for a couple months. it doesn't seem like much progress has been made there's a lot of talk. a lot of rhetoric from china, from europe, from the u.s. and latin america as well with the ongoing nafta negotiations, but almost none of them seem to come to conclusion any time soon. do you think the impact of sentiment and uncertainty as opposed to actual decisionmaking >> i think it will be very difficult to get a renegotiated nafta agreement through. you might give it a 50% probability. timing is tight. broadly the real problem is that we seem to be shifting under the impetus of the united states from a multilateral world to a -- what the united states wants under president trump, a bilateral world. we'll deal with you.

we'll deal with you. since we're big and tough and we control the international financial system, we expect to get out what we want >> what do you think that means over the medium term a world turning away from globalization, more bilateral. now times are good global economy growing at about 4 ha 4% what happens when another recession happens? >> it's very dangerous what we saw in the crash of 2008 was unprecedented collaboration among central banks, across countries, to mitigate the impact and to get us out the london summit of april of 2009, beyond the central bank cooperation was an immensely important event. it's hard to see how you could reproduce that now given the

political situations in the different areas. >> the irony, of course, is if you look at the trade data for the last month, the u.s. deficit with china has grown since he started talking about a trade discussion i wonder if using the currency is a better tool >> the united states does not -- the united states does not -- american treasury secretaries have talked this game for 20 years, since bob rubin -- more than 20 years, since bob rubin started the strong dollar mantra of course your currency appreciates, that tens to put pressure on your trade there was always a conflict between the strong dollar mantra and the u.s. position in foreign

trade. >> that puts the fed in an interesting position we'll continue this chat in a few moments. richard portus, thank you. get involved in the conversation any views on trade or on trade disputes get involved the address is streetsignseurope@cnbc.com you can tweet me direct directly @cnbcjou or @streetsignscnbc. coming up, pope francis takes aims at financial derivatives. more when we come back your by begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time.

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welcome back to "street signs. richemont missed expectations for the full-year posting profits of 1.2 billion a year, but sales rose 8% boosted by strong performance in asia and the luxury goods group said it could target strategic investments and divestments. richemont shares slumped to the

bottom of the stoxx 600 dragging swatch lower you can see richemont down almost 7% today. and ubisoft shares are at the top of the stoxx 600 after notching record profits. sales growth beat forecasts as the gamemaker reported a 1% jump in operating margins the french company confirmed both profit and cash flow targets for the year ahead astrazeneca shares are under pressure after the first quarter was hit after a fall in sales for crestcore and driving costs. the british pharmaceutical company ramped up investment in new drug launches. the company said it was on course for a return to sales growth in 2018 and here is an interesting one. the markets are not capable of governing themselves, a judgment not reached by regulators but

the vatican. a 15-page document has attacked the economic cannibalism of some financial practices and called for more regulation. in an apparent. >> refere recent market moves. they said some derivatives were a ticking time boom ready sooner or later to explode. in italy, italy's anti-establishment five star movement and lega party say their program for a coalition government would include the issuance of short-term bonds to pay money owed by the state. the treasury bills would be in the two parties joint plan we have some other flashes coming out from italy as well.

they're coming across now. i will read a couple to you. this concept is quite interesting and ties into one of the early proposals that mr. berlusconi made back in the -- when for zi italia talked abouta parallel currency. this is not a parallel currency per se, but they will issue short-term b.o.t.s for certain expenses that's worth watching. other headlines coming out is they've said that the sanctions against russia should be canceled immediately so we always assumed that this partnership would be russia friendly here it's coming out as a headline from their platform on the fiscal side, the program will include limited spending to

boost growth one concern is that they would open up off the covers and tip the spending program way over the 3% deficit target. here they're saying they're targeting a limited amount of spending they also said the program does not include asking the ecb to cancel debt. thereby dispelling any claims of request to cancel 250 billion euros worth of bonds bought. we'll keep an eye on those to see if anything else is shaping the markets. the economic program proposed in italy has drawn the attention of the ratings agencies ddrs warned the proposals from the parties could threaten italy's credit rating.

the agency doubts the proposed tax cuts and higher spending will be self-financing and could hurt the country's able to reduce its debt ratio. let's take a quick look at yields we had a selloff in the last couple of days ten-year btp is at 2.15. still lots of concerns about the program and i'm happy to say richard portis is still with us. how do you think about the development in italy are we in another greece situation where a populist anti-establishment party comes to power and eventually gets put back in line or will this be different because italy is so big? >> because italy is so big it would be very, very different. it's hard to interpret the noises coming out now about the program. they seem to change from day-to-day the latest story about issuing

b.o.t.s in quantity is a sign of danger, because you see the long-term spreads widening if a country moves to issue short-term, that is a danger sign it bodes ill for the medium term their complaint is that the markets are attacking them they look at the news, the people out there, there's no single individual called the markets. people out there are seeing potentially very bad news for italy and italy's economy and for italy's ability to stay in the euro >> there's some seismic shifts going on in europe in this circumstance we did see the anti-establishment populist parties win, but then they got close in france and very close in germany as well

do you think the face of europe will look different in ten years time >> we've seen ups and downs. marine le pen in the end didn't do that well the populist party did better than expected in germany on the other hand, in the netherlands, the populist parties had done rather badly. the picture is mixed the italian situation is different. you can see there an alliance between the anti-immigrations, z z zenophobic northern league and the southern based party with a

populist economic program. that that's -- the two together are a dangerous combination. >> ecb still negative rates, still has experimented with that, still in the midst of providing extra accommodation to the economy at a time when the european economy is looking better cyclicly. do you think the eurozone and the ecb have the tools to deal with the next crisis when it hits >> we all ask ourselves this question the fiscal space has been diminished the room for further monetary accommodation is limited if there was a nasty crisis, europeans, european countries would be in great difficulty in terms of how we could react. that's not limited just to the eurozone that would be the case in the uk

for example. so we all -- even the u.s. for that matter. >> the imf says you have to fix the roof when the sun is shining. we have to leave it there. could chat forever, but we have to move on thank you very much for joining us richard portis stay with us we'll be right back after this break. ahh... summer is coming. and it's time to get outside. pack in even more adventure with audible. with the largest selection of audiobooks. audible lets you follow plot twists off the beaten track. or discover magic when you hit the open road. with the free audible app, your stories go wherever you do. and for just $14.95 a month you get a credit, good for any audiobook. if you don't like it exchange it any time. no questions asked. you can also roll your credits to the next month if you don't use them.

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welcome to "street signs." i'm joumanna bercetche these are your headlines president trump says he doubts trade talks with china will be successful after meeting the vice premiere in washington as part of tariff negotiations. china has become very spoiled. the european union has become spoiled. other countries have become spoiled because they always got 100% of what they wanted from the united states. the italian market sinks as the parties struggle to an

agreement. richemont shares fall to the bottom of the stoxx 600. and ubi soft shares hit a record high as new titles driv full-year sales and boost margins at the video games publisher. we just had the italian headline crossing the wires. ftse mib has plunged a half percentage point has not responded that well to the headlines hitting. my personal takeaway is the idea they want to issue short data b.o.t.s will not be taken well ftse mib is down almost 300 points now

down 1.2%. >> let's check in on fx. the last couple of days we've seen somewhat of a giveback on the stri the strength of the u.s. dollar. to date the theme is one of a little bit of weakness, as far as euro is concerned, hovering at about 118 cable is 1.3490. lots of questions about whether the uk will stay in a customs union, not the customs union after 2021 >> let's see what the open is like in the u.s. for the last trading day of the week. dow seen opening up about 26 points higher. not that much to be honest things may change in the next couple of hours. >> elsewhere, nicolas maduro is

likely to win election in a vote over the weekend quh the intwhi international community criticized as unfair his two most popular rivals are banned from running. major latin american countries, the eu and u.s. have all disapproved of the vote with the trump administration threatening further sanctions on the country. the imf will provide argentina with an aid package, but the exact details of the program are under discussion, that's according to an imf spokesperson a potential run on the argentine pace to prompted a new loan to be sought from the fund earlier this month let's look at how some of the broader emerging market indices have been doing. em is on the week down 2%,

trading down 46.50 and msci latam down 44% for the week a lot of scrutiny and focus on what's happening in latin america. joining me to discuss is simone evans. it has been a difficult week for latin america. talking about argentina specifically, a lot of the people i talk to think that the imf involvement is a good thing. >> i think definitely it's a good thing it's interesting because the imf, if you look back to pre 2008 times, that's when imf lending fell to rock bottom levels. a lot of people had to leave the imf at the time. so i think the imf is happy now to be lending money and i think it's good for argentina. >> if you're thinking about it as an investor, you're clearly looking for details on what type of credit line they will get

do you think that's a determining factor on whether people jump back in again? >> yeah. >> also what time of reforms they're asking >> it's an important point let's take one step back the government, i think, and the central bank weren't really communicating well with the markets. when mr. macri came out with the credit line, nobody bought it. but a stand-by agreement and an arrangement is the classic one that will apply to a country like this. they could get up to 36 billion, $40 billion. it's up to the imf to decide how much they can get. ukraine got 800% of their quota. so about $36 billion. i think that's most likely but as you say, there will be

fiscal adjustments they have to stick to this restrict wage hikes. the government needs to do something to fight inflation as well >> if we look at the major pressure points in currencies, the peso is down 30% year to date also the turkish lira is down as well what is the risk of those two spilling out into the broader em spectrum as well i think this time is different mrs. rheinhart came out with comments yesterday there's a lot of sensationalism going around everybody jumps on board even the guys with the fixed exchange rates, they have adjusted their budgets to reduce the vulnerability to oil price

drops. there's a lot of adjustments going on we will see more spillovermarke. >> i wonder how you're hedging if you go for something like hedging and selling ten-year treasuries in case yields rise, you could be in a situation not only do those bonds rally, but also the spread of the emerging market bonds versus that u.s. treasury rises as well how do you hedge it? >> it's difficult to hedge except doing forwards on the currency side. you will get that hit on the currency side. on the credit side you're hedging through buying cds, whether you buy cds in countries

in asia or to protect yourself in argentina there are many different ways and also with u.s. treasuries. ultimately it is a u.s. dollar question >> do you think if the dollar stabilizes here that things will stabilize in the em complex? >> i think so. >> we have to leave it there thank you very much for joining m me >> we've just received more headlines, fatcy minute has reached a fresh one-month low. banks and utilities are weighing no surprise there, most of the weighting in the ftse mib is from banks and utilities there the italian index is not reacting well to these headlines coming out from the potential new government china has dropped an anti-dumping investigation into imports of u.s. sorghum saying

it's not in its interest the probe comes as top officials we meet in washington to discuss how to resolve their trade disputes. european leaders have called on the u.s. for permanent exemptions for steel and aluminum tariffs jean-claude juncker said the eu was ready to start talks with washington once exemptions were guaranteed however president trump told reporters that america suffered over a long period when it came to trade as his trade team met with china's representatives in w washington >> the united states has been ripped offer for many years. i don't blame china. i bleem tame the leadership of u.s. in the past an evacuation of wealth like no country has seen before given to another country that's rebuilt itself based on a lot of money they've taken out of the united

states that won't happen anymore. and karen spoke to the cio of gfg alliance at the global metals awards and asked whether steel and aluminum tariffs were having an impact on his company. >> i would say that's the flip side of what you were saying stability is a good thing. where it's unhelpful is uncertainty. as a businessman you need to make business decisions. having uncertainty over steel and aluminum is unhelpful for us on the flip side of that, our business is one of going downstream so we produce steel. we produce aluminum. we then are the largest private engineering group in the uk for example. we are consuming a lot of our own produced steel we're building a business in scotland to cast aluminum wheels we're producing aluminum and using it ourselves to some degree we have a level of immunity from international tariffs on raw materials >> what's the impact on europe

if cheap product finds its way into the market. you said the chinese are not cutting back into production if getting the product into the u.s. is too hard, surely the product arrives in europe, and that impacts pricing at the end of the day >> our fundamental view on tariffs is one that they're not helpful. whether increasing volatility and uncertainty or are impacting and distorting natural trade flows. yes, we're negative on it. if there's a dumping of material in a market it impacts us. i must admit from our reconnaissance that our concern is more on flows into the u.s. than more material being dumped in europe. >> do you think steel and aluminum is coming back in a big way in the u.s. because of tariffs? talking to other businessmen, they think it will create a limit of investment. do you see that happening? >> it created a lot of things

that have happened whether that's a long-term gain for the u.s., i think that's a different picture. the effects of the tariffs is passed on to consumers, so you're creating a pricing environment which is unnatural from an international perspective. when those tariffs are removed, you are not cost competitive it does not lead us to find businesses in the u.s. more appetizing the ceo of brady industries had a different view when karen asked about the impact of tariffs to him >> this is a controversial topic. yes, our costs as an aluminum rolling mill in ashland, kentucky will go up but our expenditure for prime aluminum will go up but overall this is a good thing for brady industries and all of our competitors in the united states because the price of aluminum generally is going up for the first time it's prohibiting subsidized foreign

competition. 22% of all the sheet aluminum in the united states that's consumed in the united states is imported from foreign countries, many of which have subsidies and come in at low prices. >> i wonder if you're fighting the tide america imports about 90% of its primary aluminum needs >> yes >> shouldn't trump just let it go, stop trying to resuscitate parts of the industry that can't survive and need to be on life support? >> that's a great question the answer is no >> why >> i'll try to tell you why in a way most people can understand it this year about 85% of the prime aluminum is imported that is the -- that is the time ingredient that goes into our furnaces by which we make aluminum for automobiles, for cans, for aerospace, for jet fighters, et cetera. with 85% of our country's

aerospace industry dependent on foreign aluminum, it's a national security risk we should never take meaning when your grandparents went through a world war, and their parents went through another world war, if we had one that could be due, who knows when the next one is, during the next world war if our aluminum supply got cut off, our military supply chain would be dead that's a security risk our country cannot take. >> it makes sense when you spell it out that way, but when you look at what's achieved now, it feels like it's about supporting commercial interest, economic nationalism not national security >> i think you're somewhat right on that. it's about jobs. in the end bhash, i think all o military allies will get exceptions >> even the europeans? >> even the eu i believe they will. i think our allies lend up at

the end of the chain here with exceptions therefore that's good. but what's going to happen is all of these parties are going to bring jobs to the united states what does the tariff do to prime aluminum that encourages those companies to build smelters in the united states i would like them to come to kentucky a smelter that came close to our mill would cost about 3$3.5 billion. it would employ 2,000 people and use up 500 megawatts of electricity. kentucky would love to have that that would solve our national defense issue. what is the administration doing? they're trying to get jobs, jobs, jobs in the united states. overall, that's a good thing elsewhere in some banking news, lloyds is selling its irish residential mortgage portfolio to barclays in a deal worth about 4 billion pounds the bank expects the deal to close in the second half of this

year and will book a pretax loss of about 100 million pounds. the sale will cut the lender's irish exposure as it focuses on becoming more uk-focused. barclays has reportedly seen its business model come under attack from an activist investor edward bransom is calling on the bank focus more on its capital markets business bransom wants the lender to drastically reduce its cash and fixed income trading business and instead prioritize m&a in an effort to lower costs and boost returns. coming up, the highlight of the program, prince harry is getting married. dust off your best has the, because the royal wedding is a day away we'll be live from windsor with the latest

welcome back to "street

signs. vivendi threatened to call a fresh shareholder meeting two weeks after losing control of the board to elliott advisers. citing a risk of dismantling of the telecom company, the vivendi boss made the claim during an analyst call his comments came after the telecom italia ceo said it was clear he had support to reenergize the company elliott has declined to comment. vivendi's ceo made the comments after the french company announced first quarter resultses. sales rose 3.3%. he said he's looking at all options for universal music group with an ipo and a minority stake sale among the choices the media group is reviewing a potential change in the shareholder structure. and bollore's first quarter revenue more than doubled thanks to strong growth

this despite negative currency fluctuations which cost the company 234 million euros. the french conglomerate is facifac announcing it owns 24% of vivendi. paypal has agreed to a deal to buy fintech startup izettle in a deal worth 2$2.2 billion it is the largest ever acquisition by the u.s.-based company. the acquisition will enable paypal to expand its presence to instore payments around the world. for more, head to our website, cnbc.com now there's only one more day to wait until the highly anticipated royal wedding of prince harry and meghan markle

preparations have been taking place all week with the royal couple expected to draw quite a crowd when they tie the knot in windsor tomorrow let's get out to jay gray who is standing in windsor. jay, your outfit is magnificent. hats off to you. how is the mood on the ground. >> well, joumanna, the outfit is absolutely something the mood on the ground is unbelievable it's building here the xhexcitement has all week as have the crowds. we expect 100,000 here by the weekend for the wedding on saturday there's already a brass band on the ground here playing. guests and visitors are getting their wedding finery altogether for the big day. the camping out just about over. the sidewalks lined with people all excited to get a glimpse of the royal couple after their

wedding when the processional moves through here there's been lots of signs of unity between the two countries as this wedding has come together here. a lot of american influences involved here as well. there will be a pastor that speaks during the wedding from america. an american gospel choir will be part of the music involved another show of unity was the wedding invitations. they were dye stamped on a machine from the 1930s here using an english cardstock but american ink >> it's all about the details. there's been quite a bit of controversy going into the wedding, vis-a-vis meghan's father do we have any idea who may be walking her down the aisle >> yeah. it looks at this point, though there's been no official word from kensington palace that it will be her mom that walks her down the aisle i know those two will check into

a hotel here today and spend the day and evening together before the wedding. there is some precedent in royal weddings for a woman to walk her daughter down the aisle it looks like that will be the case >> one final question. do we know which celebrities are going to be attending? there's some rumors that perhaps the sis girls may be there in their full capacity. >> yeah. i wish i had some solid information. here's what i can tell you it looks like at this point at least the entire group of spice girls, all the spices, may not be here. but we could expect a couple of them there there are other rumors that elton john may play during the ceremony here. he was very close to princess diana and the kids at that time. it would be interesting to see if that happens. there will be political figures from around the world. i would expected we'll see some of the hollywood stars that

meghan markle was associated with as an actress show up as well but they're playing it close to the vest as you well know. that's how the royal family tends to do things >> jay, thank you for that have a wonderful day if you would like to know how much the royal wedding is going to cost. head to cnbc.com where we have been crunching the numbers let's take one last look at u.s. futures to look at how the open will be dow is seen opening up about 40 points higher. nothing major here that could change in the next couple of hours. who cares, we only care about the royal wedding today. that's it for today's show i'm joumanna bercetche "worldwide exchange" is coming up next. ♪ most people come to la with big dreams. ♪ we came with big appetites. with expedia, you could book a flight,

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it is 5:00 a.m here are your top five at five cbs's board voting to slash the power of its biggest shareholder. china rebuffing reports that it voted to cut its trade deficit with the u.s. by 2$200 million. new evacuations ordered in hawaii as mount kilauea roars to life. and paypal shelling out 2$22 billion for start uup izettle it's friday,