a very warm welcome to "street signs. i'm steve sedgwick danske bank's ceo has resigned amid an alleged money laundering scandal as its probe into the estonian branch implicates customers from the russian federation. europe joins global stock gains shrugging off tensions even after china retaliates

tariff against the united states tariffs. beijing says they have the tools to deal with economic challenges but they will not resort to de-valuing the currency sending the yuan higher. and michel barnier says brussels is ready to improve its offer on the irish border ahead of a make of break leader summit in saltzburg let's look at european equities two thirds of stocks in positive territory. the key point from overnight is there was a measured response from china, ie the top end of tariff implications has not happened, and they have come in with the 5%, 10% bands rather than the high of 25% yes, there has been retaliation on both sides, but we are seeing perhaps a lessening of the worse

ramifications of this round at least, though there's some extraordinary comments coming out from various observers saying this one could last not weeks, not months, but years let's look at the european indices, which as we mentioned in the headlines are moving in a northerly direction. the london market which has had a drubbing as the pound strengthened somewhat on hopes of a brexit deal, those dollar movers moved in an inverse direction. 0.2% higher for the london market the ftse mib under a bit of pressure i wonder if some comments from mr. dimaio regarding the economy minister may be dampening sentiment for that market. individual sectors, we have basic resources moving ahead 1.3% higher after consumer discretionary was the test perfope bes

wer fo performing sector overnight in the united states. let me show you something that's going on danske bank is holding a press conference on the findings of an investigation into money laundering at its estonian branch the ceo has resigned over the allegations. we'll bring you the latest from that press conference as it happens. to recap the context, he's quit amidst a 2$234 billion money laundering scandal would you like that number again? nobody seemed to notice it from the 2007 to the 2015 period, thomas borgen quitting after most of the money floating through its estonian branch was

suspicious the fact it has taken this long to come out -- and patrick jenkins pointed out in "the financial times" that the profit or the -- or the higher returns on equity, the r.o.e. was more than 400% at this branch of the operation. no alarm bells there were noted. 400% bearing in mind the profit at other parts of the organization and elsewhere within the company were a fraction of that would you like to know the number return on allocated capital was 402% compared with 60% for estonia as a whole 16% for lithuania, 17% for latvia it's astonishing the returns on equity but of course that didn't raise alarm bells. we'll bring you updates from

that press conference. i'll refer to that "the financial times" copy. we have had issues in recent years. hsbc, bnp paribas, ing becoming embroiled as well, and then that unsavory affair with one of the baltic banks, ablv, latvia's third largest. would you like to know how many staff the anti-money laundering at the banking authority have? two. two staff. now it's up to ten quite appalling. let's move on, china has been quick to respond to the latest u.s. escalation in the trade war. according to a front page article in the peoples daily newspaper the chinese government says it will use the tensions with the united states as an opportunity to replace imports and promote localization the former pobc governor said exactly the same as this, we will change how we do business

that's the message coming from china. we will change who we do business with as well. that's a theme i picked up in barcelona the last couple of days this after beijing imposed a 5% to 10% tariff on $60 billion worth of american goods. over 5,000 products are targeted ranging from agricultural to industrial so next monday at 12:01 beijing time these will take effect. china's u.s. treasury hole g i -- holdings, i wonder if this is a red herring i don't think they'll go there on this one, but let's go through the story. china's u.s. treasury holdings have hit a six-month number. as of july beijing held 1.1$1.11

trillion worth of u.s. government debt. 1.171, but they did have 1.178 trillion in june that is among speculation that china could use the u.s. debt to retaliate against washington in the trade war by dumping their treasury holdings, or maybe not taking such a proactive part in forward auctions speaking alongside poland's president at the white house, mr. trump threatened further trade measures and said he would no longer allow other global powers to take advantage of the united states. >> you have to do something about it we have the piggie bank to the world. we have been ripped off by china. we've been ripped by, excuse me, mr. president, the european union, of which you're a part of wove been ripped off by everybody.

and i want to protect the american worker, the american farmer, the ranchers, the companies. and we're not being ripped off, you will see in a little while >> the chinese premiere li hit back at the u.s. in a speech saying unilateral trade actions will not solve problems. >> translator: it's essential that we respect each other and embrace inclusiveness and equal footing. it's essential we uphold the basic principles of multilateralism and free trade we believe that these rules have first and foremost benefited the progress of all mankind and for any existing problems they need to be worked out through consul take, no unilateralism will offer a viable solution. >> rod hunter joins us from baker mckenzie i don't want to go through your whole cv, but you're a former member of the national security

administration during the bush administration open question what do you make of the latest tit-for-tat? i thought it was measured. >> it was measured, but the president has been talking about this, declaring that protectionism will make for great strength this is what he said he would do from the beginning >> i see two issues here amongst others one is the trade imbalance the second is what is seen by many as perhaps more valid than that, the appropriation of the u.s. i.p. illegally. on the former issue, is it slam dunk clear that the world has been using the u.s. as it's piggie bank? >> that's the way the president looks at it. i don't think it's slam dunk clear. i think 99 out of 100 economists would say certainly not. >> what about 99 out of 100

american businessmen >> they would probably agree with the economists. >> why has a pro business, current businessman taken such a populist view with somebody that doesn't necessarily have a firm economic rational behind it. >> the president, as he said, has been thinking these views and had these views on trade since the '80s he's 71 years old, it's unlikely he will change his views on something which he views as central. >> i had an economics teacher in 1987, he said running a trade deficit, more fool for them allowing you to buy their goods, you're the one who is meaning. it was one economic view i'm sure in my book there was a counterargument as well. but american consumers will face inflated prices on various product. american exporters -- i just come back from an lng

conference, they will be devastated they'll just flair the gas instead, because they won't build the infrastructure but they won't be selling it across the pacific or gulf. so from exporters to those who consume, they will suffer. >> 60% of u.s. imports are intermedia intermediate so these tariffs are hitting them and the u.s. worker and the consumer bears the brunt >> that's one argument i think it seems the economists, the businessmen and yourself are on one side. the other side of the argument the president has a much firmer footing. this is where there are other instruments that could be used rather than straight tariffs the president is right in many ways that china has had a free ride on the back of american technology >> indeed. the wto system itself is not fully balanced the u.s. and europe have made substantial commitments, but china not as extensive on top of that, we know china

does not have a market economy and the technology transfer policy so there is a legitimate set of complaints complaints that are most effectively addressed working together with europe, japan and other trading powers >> indeed, the committee on foreign investment in the united states, something most of us had not heard of two years ago, but may i say -- it's not for me to dictate trade policy, it's for mr. navarro and others, but surely this is a very, very aggressive instrument. we won't let you buy our technology companies, and the role cfius is playing is extraordinary. did we need the other tool as well >> cfius has been around since the late '80s, it's been effective over the years it only became visible over the last couple of years because you had a strong uptick in china investment the same with europe, discussions in the uk about your own versions of cfius, and that

probably makes sense because the focus is national security i think there's a legitimate question on whether the president picked the right tools and whether he has a clear path to success >> there is this idea that because the u.s. imports a lot more from china than china imports from the u.s., that in the end game the u.s. has much more fire power as well. is that really the case. yes, we are the largest customer on the other hand we are -- a lot of our imports are for u.s. manufacturing. the competitiveness of u.s. businesses depends on getting inexpensive cheap imports to sustain this high paying u.s. job. so in a way it's like pulling out the gun and shooting yourself in the fun. >> that gun is pulled out, we go death con 5 on this story, how canicably for both

sides? saving face is an important factor. >> that's the biggest question what is the president trying to achieve and is what he's seeing as success within the realm of what's feasible for the chinese. it's not clear the chinese are prepared to make these market reforms that the president finds necessary. i think we'll look at this conflicting relationship for as long as the president is president. >> i was spoking to a man in british columbia about trade yesterday on a panel in spain. i said how is it you canadians have gone from the nicest, most harmless people on the planet to upsetting the saud dis and the americans so quickly does that end quickly? >> the president has been going on about nafta for a long time, too. >> the canadians won't accept a sunset clause, i understand. they will give ground on dairy,

but they won't accept sunset clauses. agree? >> i agree >> thank you so much let's move on. i talked about canada. canadian business leaders expressed their concern over a no-deal regarding nafta. justin trudeau said he will walk away from talks with the white house if necessary chrystia freeland will hold another round of discussions with robert lighthizer later today. would you believe i didn't know that read was coming up? coming up on the show, the brexit back and forth continues as the eu signals its willingness to approve proposals mmead of today's crunch eu suit food, your dentures may slip and fall. new fixodent ultra-max hold gives you the strongest hold ever to lock your dentures. so now you can eat tough food without worry.

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and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. welcome back the michel barnier says the block stands ready to improve its irish border proposal to the uk speaking in brussels barnier

said a legally operational backstop which respects britain's sovereignty was required but added border checks needed to be de-drama tizetized, adding next summer could prove to be the acid test for a deal >> translator: october is the key period, the moment of truth, we'll see if an agreement is within reach as the time for the objective evaluation that i will make by reporting to european leaders the state of the negotiations as we will bring it forward so it's necessary that before this european council many questions, particularly the irish question can be progressed and resolved this is the moment of truth, the month of october >> the comments come ahead of today's eu summit where theresa may is expected to call on eu leaders to demonstrate goodwill and determination in order to avoid a disorderly brexit. downing street says may will

urge counterparts to evolve their position so a successful conclusion to negotiations can be reached she is also expected to push back on negotiations that her checkers plan threatens the eu single market. the uk's former brexit secretary, david davis, played down expectations for today's summit speaking to the bbc, davis who resigned from his post after the checkers plan, said he thought a deal could be reached in november but warned negotiations could reset if there was a deadlock that's obvious bmw moved the date of its uk mini plant shut down -- it's the mini car, rather than a little one, to coincide with brexit the german carmaker hopes the decision will minimize disruption in the event that britain crashes out of the eu with a no deal bmw says it remains committed to

british operations but has to plan for the worst case scenario. hsbc announced the largest ever fund aimed at helping small and medium-sized firms the fund will be benefited in a way that benefits every part of the country. what is this fund and who does it benefit >> in the uk we have 5.77 million companies. of those, 5.6 million are smes it's 12 billion pounds that we have broken down into regional funds across all parts of the uk we are ring fencing for those companies looking to export more goods and some for the agricultural industry. >> what are these funds -- i'm a small business this is basically capital that is available to me to provide liquidity, i have to prove ca x capex? i've come in, you run a small

business >> a great example is a series of warehouses, they have expanded those warehouses using last year's money from the fund, now they employ more people in the local community. other companies have introduced new product lines or entered knew markets >> can i be really ignorant? >> please. >> why isn't this money available all the time if my business model is okay if i'm a small or medium sized business, i can prove my cash flow, my business plan, it's a good business plan, regardless of whether you have a special hsbc fund or not, why isn't that money available to borrow? >> there's plenty of money available. why have a special fund? >> so the regions know we're committed. >> you are committed, you're hsbc you're the biggest in the uk >> not yet we have plans. funding is one thing that smes need they also need good banking. we're offering free banking for

start-ups, and they need to expand networks overseas so we're helping them make those connections, explore joint ventures, collaborations >> i just promoted you to representing the whole of the banking industry, but my point is the banks, i understand from listening to smes, have let those smes down. they let them down over the financial crisis they sold them products they didn't need. guarantee products with no protection for them. the banks treated the smes appallingly even though they're the lifeblood of the united kingdom. >> i can't speak to the banking industry i can speak for the customers i see every day. they want more relationships with banks they want their bankers to understand their business. >> they want liquidity in the hard times >> they want liquidity in the hard times and we have grown our lending

book year after year after year in the uk and throughout europe. we're committed to that. hence we are looking at our agricultural fund and helping exporters achieve new markets. >> what will the bank do to help an exporter that knows its market inside and out. what can you add >> connections which professional partners to use. with our footprint we're well positioned to do that. but also working with the government helping to explore new markets and product lines, think about how to do that growth safely. >> so the various accusations -- i left new that promoted position, by the way, it's one about liquidity, two, they were sold bad products, three interest rates went through the roof when there was no rational for them if i was an sme coming to you i would want confidence in the rate i'm being charged and that i'm not being ripped off i keep hearing that nims are so

much better in an expanding interest rate. i look at those nims, and some of you are doing well regardless of the low rates are you offering them lower rates? that's what our viewers want to hear today >> we're offering a clear package, what customers should be clear in what they're paying. that's imperative. we're offering a fair rate lending is one of the lowest points in the cycle that we've seen if you have ambitious plans to grow and expand, now is a good time it's not always the right time for everybody, so i encourage everybody to talk to their advisers, talk to their bank and get the right package for their business at that time. and the right type of lending. we've been good through long-term lending, medium term lending. >> i was going to ask you a brexit question, but i won't for once i will ask you about branches. they're closing left, right and

center can someone speak to someone in the flesh today? call us, come and see us we have 63 offices across the uk come see us or log on to the website. consumer demands are changing and consumer tastes are changing the platform for the internet is there. >> that's for the old smes, not for me are you sure you don't want that role i'm fine as >> i'm fine as i am. coming up, we hear from bill mcdermott after the company strengthens its path with alibaba. they've been in china a long tialfthe'll talk us through the raon aer the break (sound of typing) (sound of exhaling) (sound of drilling) jimmy (shouting): james!

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welcome to "street signs." i'm steve sedgwick these are your headlines danske bank's ceo has resigned amid an alleged money laundering scandal as its probe into the estonian branch implicates customers from the russian federation. europe joins global stock gains shrugging off tensions even after china retaliates

with tariffs on u.s. products and president trump threatens a further escalation >> we have to do something about it we are the piggie bank to the world. we have been ripped off by china. >> in response, the chinese premiere, li, says beijing has the tools to deal with economic challenges but they will not resort to de-valuing the currency sending the yuan higher. and slowing revenue growth is weighing on adecco shares as the staffing company warns trading has become more challenging than expected. i feel like mr. miagi in the original "karate kid" wax on, wax off. rates up, rates down this is the conundrum that mr. carney has with the backdrop of his gloomy scenarios that we

heard presented to the cabinet about brexit u.s. august cpi up 0.7%. 2.7% year on year. these are big figures. make no bones about it hel pen pence -- hence why the pound is 1.32 you will recall that wage inflation in uk is 2.9%. so a bit more of a squeeze on wages compared with inflation. this is the highest annual rate since february you take out food and energy, because they apparently don't count, the core figure is 2.1% above expectations and hope for 2% the expectation this time around

was 1.8. rpi figure up. some are saying that's a rather useful measure big inflation data out of the uk, which will bring forward the conversation about rate hikes at a time when we are getting to the crunch period over brexit. you want to know about house prices you feeling poorer because of inflation? london july housing prices down 0.7 0.7% year-on-year. these are damning figures if you're a london property owner who likes to eat and use fuel. this is the biggest fall since september of 2009 with a surprise set of inflation figures on the upside. not good for some of you a press conference is going at danske bank on the findings of an investigation into money laundering at its estonian

branch the ceo resigned earlier this morning over allegations gdansk shows the importance of cooperation of final authorities and law enforcement agents we will study danske's reports -- did you not look at the massive profits? i'm not pointing figures, but they had a return on equity of 400% 400% 35 times more than what the bank was making elsewhere no didn't raise alarm bells the man in charge was promoted to the ceo now he's resigned. patrick jenkins, when i see good copy i will reiterate it, he says there are massive problems out here the anti-money laundering director has been rewritten five times over the past decade

you know only 5% of money laundering suspicions are followed up by authorities 5% what's more damning european banking authority gave the aml powers, they had two people on the team two people on the team they now have ten. we're trying to get confidence back in the european banks, we need more regulation on those fronts let's move on. the pound is 1.32. trading up on the back of those inflation details. higher inflation amid brexit concerns doll dollar/yu dollar/yuan, 6.8519. let's move on. s.a.p. and alibaba are teaming up to create cloud services for businesses in china.

bill mcdermott was asked about how important the deal was >> massive couple reasons for that. one is we moved s.a.p. to the cloud. fundamentally the cloud is the best way to scale in technology. and china is our second home this is a massively important market to us ali cloud gives us the infrastructure as a service to put the best most modern erp system in the world on top to serve customers. so they can serve their customers and create immense value. >> how much exactly does this deal bring to the table for you? >> we have not sized it yet because it hasn't happened yet but if you look at the size of this market, this is the second

largest economy in the world you are dealing with double digit trillion in economic possibilities. so we think this could be one of the top five partnerships globally in the short-term >> is there a value you can give me to the deal how much do you think it's worth? billions >> i think the most important value i can put on it is what will it do for the customers, their customers and ultimately the china dream. if you think about our technology, today 9 trillion u.s. dollar equivalent value is running on the s.a.p. platform in china we have lots of large state-owned enterprises rini ir s.a.p., substantial brands running s.a.p., but with alibaba we can take our brand into the mid-sized company and the small company so they, too, can be a

big company. you know, i've never met a small company yet that wanted to stay small. what a chance. get on the s.a.p. journey through the ali cloud and be big. it's exciting. >> it could mean billions of dollars for you. >> absolutely. we don't do things if they're going to be small. i spent the whole day really thinking about the possibilities with jack ma and daniel zhang, we see possibilities >> could this partnership move beyond china into other markets, like southeast asia? >> certainly >> where alibaba has been trying to build presence? >> certainly we also help alibaba because s.a.p., as you know, is the most global business offer company in the world, located in 193 countries with 400,000 major

companies running on our platform so i think we bring a lot of credibility and know how to the alibaba franchise and to the customers of alibaba if you think about the stack of the silicon to the data into the process, the way things are done, the experience economy, the way customers expect a world class experience, employees, the way you have to inspire them to take care of what's going on outside their building, not necessarily what's going on inside their building so much, plus the business networks where companies are doing business with each other in the cloud, all of that and more is now possible i absolutely agree with you that in this region of the world this is likely to be a home run >> let's stick with technology ibm announced a new technology to open so-called black box of artificial intelligence. the cloud-based software will

allow companies to monitor ai under the hood and detect bias in ai decisions. david kenny, nice to see you i will ask you some basic questions as well. new technology to open the so-called black box of artificial intelligence and look under the hood. what does that mean? >> our institute for business value surveys 5,000 ceos, 85% said they want to use ai two-thirds said they weren't for two reasons. one, they needed to know how the decision was reached if it's making a decision or recommendation on something around medicine, a loan, something around accounting, you need to know how did it come to that conclusion. that's been hard to see in a algorithms, so we unpacked how ai came to that conclusion so you can see all the factors that

drove it you can attest whether those factors are factors you view as unbiased and fair. this is an exercise in transparency why are the clients so concerned about this i hear about transparency in algorithms i hear it in the social media context at the moment. the president has been leading the way. how does it get to decisions about what is ranked where and what fees appear this is about avoiding legislation or regulation coming down the pipe or actually because the customers generally don't understand how you're doing things >> i think you use regulation when rules are not being followed or when there's a problem. whether there's regulation or not people need to know this answer in fact in many of our industries, because we focus largely on ai for business, they're already regulated industries regulated banking. regulated financial services, regulated health they need to explain how they

came to those answers and if they will use ai to make those decisions, they will demand equal if not better explanation. >> i noticed the word fairness is coming into this. a couple of times i've seen the word fair mentioned in your copy what does fairness have to do with business? >> i think all business wants to make a fair decision you don't want to factor in gender or race into decisions. you want to make sure it's a fair decision based on the relevant facts we can make sure the ai uses all the relevant facts with are we at in terms of the practical applications for those businesses you talked about? in certain trading scenarios for big companies as well, but where in the practical applications, turning this into product, you turn into your myriad of customers you say i have this, we have the open hood version. what can people do with this

practically in businesses? >> first of all, there's 16,000 watson applications already today. those are in 20 industries and in 80 countries. we're clearly helping to make decisions across a range of n g things bringing balance sheets to market, bringing the right answers to customers, helping to support physicians in making medical recommendations. in virtually every profession there are great applications of ai today and watson. >> how quickly do you feel the speed of progress as well? gosh, it was quite a few years ago, '97 where the computer, deep blue, beat garry kasparov in a game. that was 20 years ago. how quickly are we moving there or are we reaching a point where we're slowing down on the speed of knowledge >> no, i think we're speeding up the amount of data being developed is more than doubling

every year through cloud computing, this has gotten cost effective. quite honestly i think ibm has done investment in work flow, the way people have done their jobs to help ai people make decisions. in the business setting it's exploding. >> on the back of that, i hear so many people -- my children go coding is there point in anyone's children doing coding given what you said the knowledge is going up, and it's going up quick, they're working faster on computer speeds, putting more inputs in, beyond what many talented mathematicians could do? >> i think coding is still useful, but watson is helping coders code as well. i think it will all get much easier it's not going to be an elite number of coders in the future part of fairness is making it accessible, that everybody who needs to make a decision should have easy access to ai

what about profitability of the market wider margins to start and then they erode over time you need a newer version, better version. profitability is strong? >> it's driving profitabilities in our clients >> that's why you're doing it, for ibm. >> we're doing it for clients first and sharing in the profits. what are the margins >> we don't disclose them at the individual profit level. >> nice to see you fascinating. >> good to be with you adecco shares are under pressure after it warned of slowing revenue growth in the third quarter. it's the world's largest staffing company it said organic adjusted revenues were up 2%. alan dehayes is the cor eceo and

they were adjusting costs to reflect the environment. kingfisher sales are falling after the french business hit half year profits. the firm behind b & q in the uk said it was on track to grow its full-year margin britain's competitional authority referred sainsbury's merger to an in depth review saying the stores overlap in hundreds of local area the cma said shoppers could face higher prices or worse services where both chains had shops. nestle, unilever and coca-cola submitted bid for horlicks the unit is expected to be sold for around $4 billion with multiple reports saying the three consumer firms are among the bidders. a nestle spokesperson said we do not comment on market rumors

i didn't watch football last night, i was on a plane, but the more things change the more they stay the same in the champions league as a lionel messi has the trick helped his team. adam will be up next when bob barnett made the first commercial wireless phone call in 1983. yes, this is bob barnett in chicago. (john) we were both working on that first network that would eventually become verizon's. back then, the idea of a nationwide wireless network was completely unreasonable. but think about how important that first call was to our lives. it opened the door to the billions of mobile calls that we've all made in the last 34 years. sometimes being first means being unreasonable. i'm proud i was part of that first call, and i'm proud that i'm here now as we build america's first and only 5g ultra wideband network

with unprecedented wireless capacity that will not only allow for phones to be connected, but almost everything-- transforming how we all live, once again. (bob barnett) as you know, this call today is the first call that we've made on the cellular system.

a hat trick from barcelona forward lionel messi and a late winner ensured the champions league group stages got off to a thrilling start. i was in barcelona yesterday, i heard some football chants when i knew it wasn't english soccer fans, i went to have a look, and it was the psv guys. i have a soft spot for eindhoven as well. but despite their happiness before the game, it was messi being messi.

>> messi has a point to prove in this competition only the quarter time stagfinal far as barcelona has gotten the last couple of years, but he scores a hat trick in the champions league his eighth in the competition. he has 104 goals in the competition. >> how old is he now >> 32, 33. >> relatively yong he can have a career before mls or something >> in spain it's a different pace of football they can look after him for different games. he's been lucky with injuries. we are living in really good times to see lionel messi doing well >> let's move on to liverpool. i have always had a soft spot for liverpools >> lots of soft spots. >> i group up in liverpool, the great sides of the '70s. everyone who saw those great teams, but the fact is i loved

their coach. he seems like such a great guy, jurgen klopp >> if there is ever a coach that embodies the club it's jurgen klopp and liverpool. because liverpool is a club decked in european history you can only see those great images of the kop last night with the flags waving. the champions league anthem is well known around anfield as "you will never walk alone." it's a big deal. not many sides have bon twon th competition more than liverpool, only a few klopp really wants to win this he has installed belief in his side that has seen them win all of their opening games this year five in the league, one in the champions league they're in the midst of a tough run of games even when players are not fully fit. roberto firmino left wembley saturday afternoon against

tottenham only seeing out of one eye because of an injury he sustained. but klopp showed faith in him to bring him on the pitch with time running out when psg had come back to 2-2, and it was left to roberto firmino with one eye to score the winner >> an opportunity to bring in roberto firmino, no chance yesterday, no chance the day before, he came in this morning he said i'm fine i can open the eye again good, that helps >> great result for liverpool. neymar and mbappe, the two most expensive players in the world were subdued last night at anfield. liverpool really are going in the right direction. whether or not they can translate that into premiere title challenge is another question inter milan owned by the sushni

group, they came back to beat tottenham hotspur 2-1. tonight it's juventus and cristiano ronaldo coming into the fray he won the champions league three times in a row with real madrid, but now a juventus player juventus had a slow start with him. just got his first couple of goals in the league, this is a calculated move by juventus. he's 33. they know they're spending 100 million euros on a player of that age is not the best business decision. >> my favorite football story is n'go n'go n'golo conte, amazing individual. shares of ferrari are trading higher after the latest financial targets were released. they plan to release 15 new models the announcement comes following the death of former ceo sergio

marchionne earlier this year annette has more from italy. >> it seems ferrari is back to plan after the first appearance of the new ceo which led to choppy market reaction now it seems like ferrari is back on track. they are powering on all cylind cylinders. they are planning on adding a range of new products to the product family, sticking to the profit target and the profitability is planning to even increase from a high level to 2022. let's look at the products they're planning on expanding the product family to also attract customers who want a less aggressive ferrari. so planning to market their first suv ever, which then will

be called sorobrad, the name chan translated into english. this will attract customers who want a less aggressive ferrari but the same level of luxury product. so that is the product side and also additionally they want to expand into other luxury segments, but this potential earnings are not factored into the targets yet. so essentially it's a growth story and investors seem to like it for plenty more on ferrari's latest super cars, head to our website, cnbc.com. the u.s. department of justice is investigating tesla chief executive elon musk's tweets that he secured funding to take the company private. the doj asked the company for documents about that announcement describing it as a "voluntary request." the probe could lead to criminal charges and comes on top of the

s.e.c.'s civil investigation tesla said it is cooperating with authorities shares dropped more than 3% yesterday following the news and the company has now lost almost a quarter of its gains since musk's tweet what was he doing yesterday? looking at space tourists. head to our website to read why the former gm executive says tesla is headed for the graveyard. u.s. futures were positive last time i looked. they are still mildly higher dow seen 30 points up after its best day of the month. i'm steve sedgwick, we'll be back same time tomorrow. rain nay 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.

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it's 5:00 a.m. at cnbc global headquarters. firing back. kle kle china promising to outlast as a trade war heats up. shrugging it off wall street pointing to a higher open as investors brush aside trade tensions. and north korea said it will let in outside inspectors as the nation vows to dismantle its nuclear program. and we have tesla tumblinin