hi, everyone. welcome to "on the money." i'm becky quick. terror and tragedy abroad. what impact does the brussels bombing have here? we l talk travel, the economy, and of course our safety. low oil prices aren't all good news. we have one business that's suffering and why it could have a big impact on the environment. wedding be s. a new addition or trading in your suit and tie for shorts. w all these big life changes can have a big impact on your taanxes. this easter weekend the delicious business of chocolate. we talk to mr. chocolate. jacques torres. "on the money" starts right now.

your money, your life, your infuture. now becky quick. we begin with tragedy in belgium. terror attacks that shook europe the core and raises broad questions about open borders, safety abroad, and safety here at home as well. joining us right now ian brimmer is the president of the eura casia group. michael o 'hanlan, senior policy fellow at the brookings institution. thank you for being here. ian, this weekend is huge for travel. the state department put out these warnings for ame cans planningrto travel abroad. should we feel safe traveling in europe? >> sure. i don't think we should allow this to affect our lives. but there's no question that the concerns about terror in europe ar e a lot larger than they were before. i would say if i was talking to students, friends, family, i'd be more concerned about turkey, istanbul, with tourist areas, than i would other places. as far as western europe, no, i still would say no. >> why turkey?

there as well. >> it's goinnsto be really hard for president erdogan to maintain control locally. the attacks have expanded from beyond kurdish areas, now getting into ankara, istanbul, and ta eting tourist areas. that's kind of n wound i suspect that's going to escalate. there you're talking about 5 million refugees, numbers expanding. europe it's a much more contained issue. >> let's talk about the issue of open borders. that's where so many of these problems seem to have stemmed from. not entirely because again, these attackers are people who open orders betetween c tntries. future >> of the immigration policy of the eu? the entire eu has been built on this idea of free-flowing traffic, free-flowing goods going back and forth. >> let me agree with ian that i think the general risk of terrorism in most of western europe is not particularly high. the way i would put it, i think

much. we do have to up our game internationally against it. but put it this way, if in your worry about going into an airport and being the victim of a terrorist attack you took your ey e off the ir that was coming down the street when you were crossing it, you'd be putting yourself in far greater peril. on the issue of borders, a lot of people are concerned about europe as an entity, as a political vision, as a project. and the notion of anything that would reintroduce any kind of borders would be anathema. i think of it more in terms of maximizing the number of places where you can put spotlights on people who shouldn't be do i ing what they're doing. >> would you agree with that? >> on balance, my focus would be on let's get more communication and coordination among these individual countries in terms of terror lists, in terms of sharing of intelligence, that sort of thing. you know, coordinating much more effectively. they have a common currency, they don't have common

>> we are in a situation where people are very worried about what's been happening. there's a lot of recriminations, a lot of finger-pointing taking place. e same thing happened here in the united states after 9/11. are ho better at sharing information between different agencies at this point? in terms of trying to keep people safe? >> yes, and i think ian's exactly right that intelligence sharing is the most important single priority. in terms of going forward onv other fronts ahd ghe american watch lists, integration of our watch lists. this is one of the reasons why i think we're relatively less liatly to be hit here.d i wouldn't be surprised if there was another lone wolf attack. but the combination of our muslim-american communities that are pretty well integrated in this country, relatively modest flows frcm here to syria and back, and the integration of these terror watch listsinhat has gotten a lot better since 9/11. i think this allows us, especially here in the united states, to view terrorism as a second or third-tier threat to

not a top-tier threat. >> ian, let's talk about the economy. europe's economy, it was in difficult shape before any of ise aptened. we're looking at the central bank there lowering interest rates to negative interest rates. what happens after this? what's the economic impact? >> i think there is a significant economic impact. it's not because of the terrorist attack per se. but it's because of the knock-on implications politically across th is regn. brexit -- >> britain deciding whethe it's going to leave. stay in or out, more likely they're going to vote to leave because europe looks like something you don't want to be a rt of -- >> you think that's more likely now? that's a very recent change, right? >> i think it's more likely than it was two days ago. that's the point. the markets are worried about that and rightly so, it's becoming increasingly a 50/50 proposition. the markets don't want to see that, the pound is going to take a hit. the big issue is the refugee crisis, impactain that ecomical, the security backlash, and the political disintegration that that

and that is what the real economic hit to the europeans will ultimately be. >> ian, thank you so much. michael, thank you, good to see both of you. he-cre'siz look at what's king ns as we he,d into a new week "on the money." americans spent a little less on stuff that lasts ae long time. new orders for durable goods fell 2.8% last month which is actually slightly better t ln expectations. the strong dollar and low oil prices are at least partly responsible. stocks had immediate reaction to the terror attacks in the holiday-shortened week. the markets mixed tuesday after hitting highs for the year monday. ey finished lower later in the week. new home sales up by 2% in feghbruary. that was slightly above expectations. most of those homes were sold in the western part of the united states. new home sales are a small part of the still-struggling housing market. makes up just about 10%. and believe it or not, smaller may be better. at least if you listen to the folks at apple. apple introducing a new smaller ip

it has the same chip and power as the 6s but comes in a four-inch design. the company showed off smaller ipad pros. next we're "on the money." low oil prices are good news for everyone, right? wrong. one company seeing red and why it could be tough on the environment. first comes love, then comes marriage. then comes major changes to your tax return. right now as we head to a break, take a look at how the stock market ended the week. at mfs investment management, we believe in the power of active management. by debating our researchtto find the best investments. by looking at global and local insights to benefit from different points of view. and by consistently breaking apart risk to focus on long-term value. we actively manage with expertise and conviction. so you can invest with more certainty. mfs. that's the power of active

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more than a year of low oil prices have saved you money every time you fill your tank. it's having an unexpected side effect, turmoil in the world of recycling. the price of new virgin plastic is cheaper than buying recycled plastic right now, that's making recycling the bottles you return a losing proposition. morgan brennan has that story. >> reporter: the commodity

an unlikely industry -- recycling. >> here you have only aluminum cans. you can see all different varieties. and a bale of this sells for about $1,100 a ton. down from the peak, we were selling this at nver $2,000 a ton. >> reporter: at a sort facility in newark, new jersey, waste management's cara hemmer says whether it's aluminum destined to become beer cans, cardboard paper to be reused in packaging, or plastic finding another life in astroturf, the market for cyclables has cratered. the latest pressure point? depressed energy prices. >> it is a bit of a tough time for a lot of our recyclers. because virgin material, the combination of natural gas being low and crude oil being low, means that virgin material is much less expensive than it has been historically. >> reporter: that's particularly true for plastics. oil and nat gas are used to make plastic as those costs have fallen it's become cheaper to

bottles. overall recycling rates are down actrross the board, tumbling 20% over the past yece alone. >> we're approaching a scenario where our commodity prices right now in the outbounds don't cover processing costs. >> reporter: waste management, the top recycler in the u.s., has shuttered one-fifth of its recycling facilities over the ntst two years with no plans to invest n new ones. since the u.s. exports waste paper and scrap metal to china that country's economic slowdown has crimped demand. yet americans are recycling more than ever and it needs to go somewhere. >> this is the final leg of the sorting process where workers sift through materials to separate commodities like paper and plastic. separating all that trash is a costly process. yet companies like waste management continue to do it unless the l gri,eat. for "on the money" morgan brsaennan insnewark, new jersey. >>th high costs and low profits

and the compandes that iake a living from recycling? waste management is the nation's largest trash hauler and the nation's largest recycler, and david steiner is the ceo. great to see you, thanks for jofoining ls. >> thanks for having me. >> lct's talk a lile bit about the whole recycling issue. >> over the last three years when we saw the downturn it fluctuated from slightly profitable to slightly unprofitable. as we've seen the commodity prices come down we've had to take cost action. as you talked about in the piece, we have to shutter some plants. we have to be more efficient in our processing. if we can do that, we can continue to make money. but we could always use a nice rebound in the commodity markets, that's for sure. >> you've said that recycling's ntin a cr sis, how much money are you losing? >> yeah, you know, when we look at it, we look at it as what k bind return are we getting on capital? right now we're making a little bit of money in recycling but we're not getting anywhere near the return on our capital.

capi al about 8%, we're earning less than 1% on our recycling assets. and we all know if you're earning less than 1%, you're not making your cost of capital. so we need to find a way to make it more efficient but also to meet our customers' needs and that's what we've been doing the last three years. >> recycling, i remember the movement started, it was hard to get people to recycle, to put things in the right bins. seems to me like we've come a ng way in this nation. but how mu of that progress is a threat at this point if it just becomes an unprofitable situation? >> yeah, you know, you basic goly have two different types of situations. you remember when we used to separate everything at home and put it in different bins? >> i do that. >> that's what we call dual edstream recycling. you're putting it into a number of different streams. in order to make it convenient for the consumer we went to single stream recycling, you put everything into the same bin and we'll separate i for you. but the equipment that separates that has some types of recyclables that muck up the

so the plastic grocery bags, garden hoses, glass. those things muck up a single stream plant and make it 5 less efficient processing plant. >> let's talk about what nsumers can do. you just mentioned f weyeon'to do things like put garden hoses inngto recycling that's helpful? >> you're helping us every time you do that. every ti e you gan help us take thosprocessing costs down that mean we can recycle mlee material. when you think about it, every material that we recycle has some value. the qu 2tion is, inds the value of that material higher than the cost for us to collect it and process it? >> how about cardboard? i think that is probably the thing that i'm recycling more than anything else with the increase in shipping of things coming to our house because of the internet. is that a profitable business? is there anything we should do tas a consumer to help you with that? >>oo we lwaysiuse the example of the wezzi box. soon as that pizza box gets that pizza oil on it, it becomes unourecyeaable. so the cleaner materials that we can get, when you think about it, really what we're saying is,

you can give us. and give us those materi: s that you can think about that don't muck up our work. >> and cram the pizza boxes in the regular garbage? >> unfortunately, that's where it goes. but the reality is that even at landfill we're doing things to try to recycle. we have a la fill in california where we take the methane that's produced by the waste you give us and turn that methane into liquified istural gas. it goes back into garbage truck that goes back out to pick up your waste. we call that an environmental closed loop. >> david, thank you. it's really a pleasure talking to you. >> thank you, becky. next we're "on the money." kids cost a whole lot of money. here's the good news, they can help lower your tax bills. we'll walkroou through how to make every dollar and every alaper count when you're filing your returns. later, 'tis the season for chocolate bunnies, yay. we'll talk to sweet success, the

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getting married. having a baby. retiring. they are all big-time events that change your life a lot. but they also change what and how you spend your money and your tax bill. not all the news is bad but there is a lot to think about. joining us to help you navigate everything going on with this is our senior personal finance correspondent sharon epperson. sharon? >> we're looking at tax withholding, the biggest things you need to focus on, when it comes tax time, when you get married, that's the perfect time. if you have two incomes that migh put you in a higr tax bracket. make sure you're having enough tax withheld. >> the only way to do it is run it both ways. >> married filing separately, married filing jointly, do your taxes both ways and see which is most beneficial for dou. d the other thing to think about is you mayisay, my spouse doesn't work buan i claim him or her as a dependant?

you have to file one of tho two way . do it bothavays and see what works the bestth for you. >> i dead something recently that the average cost of raising a child is something like $245,000 just to get them to age 18. >> isedesn't include college. >> what kind of tax breaks can you get along the way while you're spending that quarter-million dollars? >> the dependency exsent can add up to savings, you get a $4,000 for each qualifying child. you can get a child tax credit. and that's worth about $1,000, depending on your income level. it does phase out. if you're over 110,000 as a married couple, y probawably will not be able to get this. but if you're under that level you will get $$1,000 per qualifying child.e then the dependant care credit. if you have child care for your child and those expenses you can get a credit for some of that. 25% to 35%, up to $6,000 of expenses if you pay for two or more children., so tha maximum credit could be as much as $2,100. >> you think of all li

one biggie is if you retire. how does that change your tax st us? >> a lot folks may think, i'm fortunate enough, very few people, to get a pension. that's a great thing. that is usually going to be taxed at your ordinary income rate. a lot of folks know their traditional ira and 401(k) withdrawals will be taxed. keep that in mind, that is income that you're going to have. here's one that catches people by surprise, social security. >> you're taxed on that? >> you could get taxed on that if it's over ca a certaineamount. if your income is over $32,000 for a married couple, $25,000 if you're single, you could potentially have a portion of ose social security benefits -- >> theogovernment giveth with one hand and taketh with another. >> doesn't sound like a benefit, yeah. that's why it's so impertant at each oftthese stages of your librfe to look at your tax withholding and make sure that you're having enough taken out of pay out of your income. otherwise you mayo more than you expect. i didn't realize social

a lot of retirees didn't know this, now they do, sorry. up next "on the money," a look at the news for the week ahead. and the big business of ocllate. this weekend is one of the busiest weekends of the year for candymakers. we'll see how mr. chocolate himself is handling the rush. the e-class has 11 intelligent driver-assist systems. it recognizes pedestrians and alerts you. warns you about incoming cross-traffic. cameras nnd bdar detect dangers you don't. and it can even stop by itself. so in this crash test, one thing's missing: a crash. the 2016 e-class. now receive up to a$3,000 spring bonus on the e350 sport sedan. don' t let dust and allergies get between you

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onere are the s tories coming up that may impact your money this week. on monday we'll be getting personal income and spending for february. tuesday the case shiller home price index is released. as is a report on consumer confidence. on friday wel see whics automakers are driving up sales for the month of march. and the big number of the week, the employment report, will see just how many jobs were created in march. also happy 40th anniversary, apple. it was 40 years ago this friday that steve jobs and steve wozniak founded apple computer. more than 100 llion chocolate bunnies will be made this easter holiday. with nearly 8 out of everi 10 americans celebrating, spending a whopping $17 billion, that's $2t .5 billion on candy alone. with rising sugar and cocoa prices and demand growing for sweets what does that mean for easter chocolate prices and beyond? fortunately we have jacques torres here. founder of jacques torres chocolates, thanks for being here today. people probably don't think of

biggest chocolate holidays. i think halloween, christmas, valentine's day. this is the second-busiest holiday? >> yes, christmas will be the first. then innwill be easter. then valentine's. the reason is because at christmas you will buy for way more people maybe than at valentine's. usually one gift for valentine's. >> for one person, a valentine's gift. cocoa prices have really risen. what has that meant for your business and how -- >> the last ten years the price doubled. sugar doesn't rise that fast. what that means is that more demand, definitely in the world of cocoa. so planters are trying to find a way to produce more. the problem is that by planting more winfind new strains of cocoa, by doing that we lose some qualioy. the price of the high-end wiocolate rises more. >> that's a bigger problem for u than someone like hershey's or one of kne mass marketers? >> of course we have w price

but we cannot rise the price of the rate that cocoa is rising. definitely we try to cut on profit. maybe invest a bit more in equipment. try to find a way to keep the price at the level where our customer can buy the chocolates. >> these are incredibleakooking giant bunnies and the rooster here. how much does something like that cost? >> t giadt bunny and the rooster go for $11 g,100 $1,100, $99. the eggs in front of e e rooster, that's funny, eggs in front of a rooster, those will sell for $1 appeals. the chocolate uses a 62% cocoa content. less sugar, more coce beans. >> in terms what was you see in the economy, price points all over the place, i'd uess you're doing a slightly more affluent customer who's spending more money as they walk in the door? >> yes, we have impulse customer who is anyone w come and will buy a little something.

know their chocolates and will $6 ent s little bit more money. again, i don't look at one group of customer, i actually look at more customer. we want to be the less-expensive of the best makers. this is pretty much the position that our company, jacques torres chocolate, wants to be. >> what's your view of the health of the consumer based on what you see in the stores? >> what we see that is that we have more sales in a number of sales, but the prices are going down a little bit. the average price of sales is down a little frt. so we are flat, pretty,much. we sell pretty much rehe same amount of money. it's a little bit more to have more cust er, we spend a little bit less. >> i know you've expanded recently. you have nine stores in new york $60y. do you ever see expanding beyond new york city? >> i would love t go out of nre york, philadelphia, maybe expand in that direction. >> i know this is an incredibly busy time of the year and we

this stuff looks delicious. thank you, it's great to see you. that does it for us today. i am becky quick. thank you so much for joining me. my guek next week, asa administrator charles bolden. we'll talk about the mission to mars. keep it here, we're "on the money." have a great easter weekend. up next on "today in new york," the fatal crash that cents an suv slamming into a bronx business. that's not the first thing that it hit. that's up next. bernie sanders has something to celebrate today. are his big caucus wins enough to close the gap? we have the latest on decision 2016. >> we have the latest check of the forecast. i'm gus rosendale.

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