jim: it is lng prices. that is the key thing. lng demand has been flat for a handful of years. supply is increasing. so it's got its own -- that's why we like it on the short side more so than the other inergy stories. because it does have its own dynamics playing out in this couple of years. to talk aboutike how you are short cheniere while longicahn and others are cheniere. i'm assuming you are doing your work and coming to your own conclusions. carl has been a successful investor. you have any misgivings about going short on any company that other investors are long? jim: what you have to understand is that every idea stands on its own merit. ideasybody who invests on because of names and not because of doing the work, i think takes additional risks. in this case, we have laid out our bear case. i would like to see their bull c ase, as a poster who it is. it's why that is important. erik: at the very least, carl claims to have played in the ouster of charif souki. was that good for cheniere? jim: once the contracts are signed in the construction was underway come i think pro

>> well, no, we are in a glut, and it is going to be worse because of the lng plants built around the world, and this is the case, that it a glut to continue for ample years and no glut over the pricing, and the fallout is diminimus, and you can buy lng expose sure or chevron or royal dutch at prices that are much, much cheaper than cheniere and that is what is so interesting, because people are playing up for pure play, and really in excessive amounts. in addition to the plants with the exception of one have not been built yet so you are at are risk for cost overruns for the next five years if they are built out, and we will see. >> and that may or may not manifest itself. >> right. >> and you have obviously done well in the stock, because it has come down, and making a long term bet, i guess, and maybe you are as well. s sueky is out, and carl icahn is responsible for him leaving the company, and does that change your thesis, sad to see him go, or happy to see him going? >> i have no opinion of him staying or going. >> the leadership did not factor in long or short? >> well, maybe a

it calls on countries to review existing practices for international trade and lng. contracts often ban relling t ird parties. japan is the world's largest importer of the fuel. it has been asking the ban be eased in order to help reduce prices. the g 7 welcomed the plan to set up a international lng market in the country for the first half the 2020s. >>> analysts in japan released the growth estimate for the january to march period of 2016. in the previous quarter the country marked negative growth. this time nine out of 12 think tanks believed the nation's gross domestic product has grown slightly. forecast for the first quarter range from 0.2% to positive.4%. analysts note that personal consumption was pushed up by the leap year day in february. exporters sold more vehicles and manufacturing machinery to the u.s. and europe. most of the analysts agreed that consumption and capital investment lack strength due to a murky outlook in china and elsewhere. they're pessimistic about new worries over the earthquakes in southwestern japan hurting tourism and manufacturing

and it is also the first company to actually deliver on its plan of holding a north american lng plantnd beginning exports. seven cargoes have already shipped, but it takes huge capital. going to move higher so when you look at the balance sheet, it doesn't lend itself to the traditional death of the interest coverage kind of diet metrics because it is an early-stage business. as you pointed out, it has never reported an annual profit, so that kind of makes matters a little worse. some see that $29 billion in debt is one of the reasons why some are so negative. where do you stand on the debt profile? is it a good thing because it helps them grow like a shell producer? pavel: well, i think it is ultimately a matter of judgment, but of course, leverage is the in of double side effect of this makeess model, which is to from the first two or three or four or five years of the energy plant construction, you will have zero revenue, and all you are doing is taking on debt to uild construction. it was is up and running, it becomes a cash cow. like i said, 18 months from now, it will begin to g

is ramping up lng exports pretty much at the worst time.ows the legal fight -- liquefied nationalural gas in the u.s. and the u.k. global prices have fallen and the difference between u.s., asian, and u.k. lng has shrunk. what does that mean? nicholas potter is here. why would anyone choose to buy u.s. mmg when the -- lng when they can get it in the u.k. or asia at the same price? >> in 2012, these economic looks great. you have three dollar gas in the u.s., 20's argos in japan. look at those spreads. you can see why people took the opportunity to use the gas liquefy it, and send it off to other markets. it seemed like a real home run. alix: take a look at the u.s. and u.k., that is where the dynamic comes into play. if you take a look at u.s. lng cash costs, what it costs once you look of fire, and send it to europe, versus the u.k. price, does this gap shrink even more? they used to move in tandem until about 2010-29. >> i think that is the big story out of all this and what we are telling our clients. northwest europe they are very disti

lng terminal. processes has commenced, they are one step closer to shipping out liquid natural gas and it's a good sign. but once again, a loss of $1.41 a share. scarlet: what kind of indication did you get that things would go on as planned, given the volatility we have seen in oil prices over the past year? alix: in terms of what is constructed, it is good. wait for a little while, but as of now, people have commissioned it. it's like a juicy dividend. scarlet: "what'd you miss?" capital outflows from china are tapering off. it's a sign of stabilization. still with us is the former head imf china division. what do you look at to determine if this kind of capital outflow stabilization is legit? guest: the sentiment about china has shifted since december or january when the sense with the chinese economy had no way to go but down. it can manage the outflows since they walked off a lot of the capital flight and some of the carry trade related to corporate debt and foreign currencies. surplus running

that is more of a spot market that is not long-term contract and levered to the lng price.have a back story? can you remind us why the founder, charif souki was ousted in december? alix: two words for you, carl icahn. carl icahn had a 13% stake in cheniere energy. the stock price did not do good through august. in november, sharif souki got the boot. carl icahn said that sharif souki had harebrained ideas and did not want him running the company anymore. he took a very activist stake in the company. what sharif said he wanted to grow cheniere energy very just on the, not export terminal side, but into oil. he wanted to diversify into oil expert terminals as well. carl icahn wanted to streamline it and make it more of a predictable business at the end of the day. i am pure phrasing there. when i spoke to neil shearer, the interim ceo, he said, the ceo and board run cheniere energy. my interpretation is that carl icahn wasn't and wasn't having day-to-day operational expertise. however, you can imagine that the new ceo of cheniere energy would not get his spot without carl ico

mitsubishi reported a net loss of $1.37 billion after booking losses in its copper and lng businesses. it saw a slump in its copper and coal businesses resulting in a $765 million net loss. it's the first time either firm has been in the red. >> translator: we urgently need to strike the right balance between our resource-related and other businesses so we can avoid net losses, even if resource prices plunge lower than we expect them to. >>> marubeni reported a net profit of $570 million, more than 40% lower than the previous business year, due to losses in oil and gas fuel development. itochu's $2.2 billion in profit put it at the top of trading companies. >>> china has released the consumer price index and the producer price index. officials at the bureau of statistics say the figure for april was at 2.3% for the year earlier. the numbers remain below the government target of about 3%. producer price index down 3.4%. it was better than the previous month and has also beaten market expectations. investors will be trying to figure out how the new numbers affect the central bank's mone

wanting to expand their lng operation and pop in new guinea. takeover will be completed in the third quarter of 2016. alibaba is determined to force office platforms, and it has the technology to help it do so. alibaba met the antique counterfeiting coalition after company suspended its membership. some say the company is not ack downough to cro on fakes. to arrest people and confiscate fake goods last year. has 440 8 million social comments a year, the same number of comments generated in one day globally on twitter. it byport found most of government agency workers, but found no evidence that they were paid for each individual post, contrary to popular perception. they are known as the $.50 party because they are believed to be paid for every social media post. the comments are said to be designed to distract chinese citizens from bad news and political debate. rishaad: on a website, australia taxing foreigners buying homes there. do have a look at that. bloomberg.com/asia. the big names behind the push to turn sydney into silicon valley. the

we would be sending to cargoes of lng every year.n enormous effort required in the transition from the development stage to the operating stage. we were in the end of the process -- we were in the process of doing this in the end of december. the question was what to do with that cash flow. i think mr. fusco has a couple of years. what i hear from the street and people who know him, he is respected and he is very qualified to do this and i wish them the best of luck. alix: tell me what happened in december when you are let go from cheniere. carl icahn claimed responsibility for that. what's your response to his comments? sure that a company that is almost bankrupt in 2009-2010 that wants to actually start a program that you invest $25 billion and become one of the largest exporters of natural gas in the world may seem harebrained. but at the end of the day, mr. cahn was prepared to -- it was not harebrained enough to keep him for making the investment in august. alix: those were pretty strong words coming from him, right? charif: it'

. >> golar lng. they're separating them from outperform to neutral.ce target is $30 from $20. they signed a deal with schlumberger to cooperate the development of gas reserves. the stock since then soared 50%. they think the best from this partnership is yet to come. golar which has been an lng shipper is now transforming itself into an lln mid player. this is an influction point for the stock and perhaps good timing. >> remember, we talked about a jeffries upgrade on the stock from april 22nd. i have correct you. you said the company name is wrong. golar. >> i forgot that. >> golar. finally, today's under the radar name, comm. north carolina based communication infrastructure company, they upgrade from a buy to a neutral. they see an 18% potential return. a $35 target. they say that small health, small self and -- let me try there again. small self for 5-g and fiber optic growth will drive the company. there you go. bottom line, goldman sachs likes comm. >> my mind has gone to swamp w that, we swamp out of "street talk." >> all right. try to clean up

big project coming online over the next two years that will contribute lng to asia.rlie: you have worked in one place? was at chevron all your life? john: i joined chevron out of school in 1980. i never thought i would spend 36 years with the company, but i have been given different opportunities over time. i loved it. i stayed. charlie: can you say to the american global population that we have done everything we can. everything that we can to address climate change and environmental issues? john: no. there's a lot more we can do. in fact i think today we are largely talking past one another on policies. charlie: explained that. john: we have a tendency to talk about one issue at a time. we will talk about we want low energy rises one minute, we talk about lower carbon sources in another. we don't talk about an integrated policy. -- germany,examples japan, and the u.s. are shutting down nuclear power plants. i'm not in the nuclear power business, but if your biggest concern were climate change and you shut this down? -- those down? because of the perceived risk? it

pending is a natural gas transmission pipeline safety rule and then you just announced something on lng safety work shops can you talk a little bit what you're looking for in sort of public comment and participation in both of those items. >> so we are -- we published our nprm on gas transmission. it is a very comprehensive rule making the agency has been working on fo are a lor a long . very proud that we're able to publish it. we put out an initial 60-day review period and we're looking to make sure we host some forums around the actually content so that people have a chance to come and share some comments directly with us. we've been trying to host -- schedule some webinars so we can collect feedback. i realize it's a dense rule. it's over 500 pages. we are looking for some comprehensive comments to come back. so those of you who are interested, i encourage you to submit your comments and please share them with us and then we'll look to actually hold an advisory committee meeting and resolve any outstanding issues through that public and transparent process and look for a final rule

power and we are now exporting liquefied natural gas and that's led to a dramatic reduction in the lngh is very good for our allies, particularly in europe vis a vis their reliance on russian gas. >> that was a key issue in the things with ukraine in terms of how vladimir putin had power over germany as well. want to go through a couple true/falses in terms of some of the things donald trump has said. oil is the lifeblood of our nation. that seems to make pretty much sense. true? >> absolutely true. >> all right. u.s. is the laughing stock of opec leaders and saudi arabia. that goes to the point you were just talking about. >> that's just patently false. the shale revolution has undermined opec and now opec can't make any agreement on what they are doing now because of the shale oil coming out of the united states. >> all right. so fracing will lead to american energy independence. >> false. i have written a whole book on the myth of energy independence. u.s. is very much integrated into the global market. we live in an interdependent world in energy and everything else. >> as we look

as the lng energy grows, we have to take a hard look at how the u.s. produces, uses, and stores l & g in this country. phmsa plays a role in setting safety standards in the way the facilities are designed, maintained, and operated. an emphasis on safety, again, is more relevant than ever. crude oil is also being produced domestically in unprecedented volumes. yearly, about 5,000 car loads are transported across the united states, and phmsa is working diligently to make sure these products arrive safely at their destinations. in 2015, in collaboration with the federal rail administration, we issued the high hazard flammable rail rule. they designed new requirements designed to reduce the consequences involved trains transported large quantities of flammable liquids including crude oil and ethanol by setting new regulations in speed, braking systems, rooting, and tank car design. this comprehensive rule directly addresses the risks associated with this growing and changing marketplace. advancing the safe movement of these products by rail. our role in th

they've been insistent from the very beginning that he should stay in this race for as lng as he wants to. what we saw today though, secretary clinton's surrogates really turning up the heat on senator sanders. senator dianne feinstein sending a message to him loud and clear saying on one of the morning shows that race is all but over. and not so subtle attempt to nudge him to get out of this race. but senator sanders defined today on "meet the press" saying he's not going anywhere. he's in this race until the very end. expressing a noelt of confidence about chances in california. now interestingly, when asked about running as secretary clinton's vp pick, he didn't rule that out. take a listen. >> you would take the call if hillary clinton asked you to be her running mate? >> well, right now, again, what i am -- here we are in california. i'm knocking my brains out to win the democratic nomination. that's where i am right now. what happens afterwards, we will, you know, we'll see. but right now my focus is on winning the nomination. >> and senator sanders vowing to stay in california u

it is the text of the lng permitting and transparency act sponsored by my friend from ohio, congressmanill johnson. this past in january of 2015 with nearly a vetoproof majority. nine members of the minority on this committee support the bill. the current export approval process works like this -- the energy regulatory commission approves onshore siding, overseas and environment assessment consistent with the national environment policy act. and other article reviews as required. only after the necessary permits and clearing and our mental reviews does the application reach the department of energy's desk. they then perform a public interest review and accepts or rejects the applications. i would to be clear about what this amendment is an but it does. my amendment only deals with the very last step of this process, .he final dod review my amendment says nothing to shorten or modified in any way existing full environmental review process is. my amendment, applies into law a 30 day limit for them to make a final decision on an expert application. it is also clear that the backlog of any

kasich has legislative experience, a lot of connections with folks on capitol hill and can help move lngsually that donald trump would be aible to sign. >> let's say marco rubio was the pick. do you think people would buy it? there was so much in about i think that's going to be one thing nation it difficult for him to pinpoint and to find a viable -- a viable vice presidential candidate. >> okay. let's talk about what happened in the california rally last night when hillary clinton took aim at donald trump and here's what she had to say about it. >> he doesn't think we need to raise the minimum wage. and i got to tell you, i ask myself all the time, who is he talking to? i have now talked with thousands of people over the last year and i know wages need to go up. and then of course he doesn't think much of equal pay for him because of course he doesn't think much of women it turns out. >> so, katie, where does this gender war go next? does it help either candidate? does it hurt either of them? >> this has been going on for a couple of weeks and it will continue through until the general

by streamlining the approval process for projects such as the interstate natural gas pipelines and lng export support, it will allow businesses at the cutting-edge of research to put the full scope of energy abundance to work for consumers both here and abroad. this allows us to provide and energy lifeline to our allies across the globe. provisions within h.r. 8 and others that have been included in the amendment under consideration today also seeks to capitalize energy sources that the administration has rejected. h.r. 8 priss much needed reforms to the hydropower licensing process as well, a clean energy source that together with nuclear provides some 25% of the united states' electricity with no greenhouse gas emissions. it's imperative that hydropower remains a vital part of any future. the all-of-the-above energy strategy means the future does not need to be a series of choices between the environment and economy. by introducing a 21st century regulatory reform that reflect our energy abundance and with the d.o.e.'s quadrennial energy review as a guide, this bill will help bring a

and then you just announced something on lng safety workshops. can you tell a little about what you are looking for and public comment and participation in those items? >> so we published our notice of proposed rule-making, nprm, on gas. very proud that we're able to publish it as an nprm. we put out an initial 60 day review period and looking to make sure we host some forums around the actual content so that people have a chance to come and share some comments directly with phmsa. we've been trying to host -- schedule some webinars so that we can actually collect stakeholder feedback moving forward. i realize it is a very dense rule. it is over 500 pages. very competenrehensive. but we really are looking for comprehensive comments to come back. those who are interested, i encourage you to submit your comments. share them with us. and then we'll look to actually hold an advisory committee meeting and resolve any outstanding issues through that process and look for final rule on gas transmission. same thing on the hazardous liquid rule. >> i promi

in honor of mother's day jet blue decided td help out group of moms lying lng from a flight from newrnia wither babies in tow offering uniqueofu way of making the triplets justs say a little less stressful forf everyone.ev take a listen.. >> i'm nervous because heer h doesn't like to sit still. sti i think the worse thing thathint could happen on this flight fli he'll get over tired whichedhi causes a lot of screaming and people devil give you dirty looks.s >> i'm most nervous about herrv having total melt down andnd having everyone around us really wishing we weren't on the planea o oh, boy. who hasn't been there if you'veu got a kid. everyone boarded this particulau flight the flight saying this would be the first t flight where crying babies woull be a good thing and every time a baby cried passenger boss get g 25% off their next jet bluelue flight.flig so that means four crysour cr equivalent to free round trip rt tickets. how brilliant is that? add is i titled fly babies stunt changeta the of one's attitudes aboutut crying babies instead of gruntss and groans when a baby criedcr

people are trying to figure figr out how -- they're letting lng some cars out but a lot of l people here trying to figureoig out how they're going to getg tt out this morning as thiss investigation continues.nues back to you. you. >> at least it looks like now at least some of thoseeast vehicles are getting out. hopeful that will help forl or more residents as well soon.l so >> sad story and it's just an inconvenience. all right. >>> okay. going to be nice today. >> beautiful. >> not going to say anythingg to make itng reverse. >> friday.>> fy. >> yes. >> sunshine. >> check. >> 75 by afternoon. >> and you got your exercise>> x early this morning. mning >> i rode my bike to work. w >> i can't believe you did this but we have video so i'm hagoing to believe it in a a second. second okay. association you just changedso d everything.hing. is that an escort that you have. ews vehicle.s vehn >> i had a photographer linedhee me following me, yeah. yea >> where are you coming from.ro >> he took the scenic route. >> hey, wait a minute.ey >> this looks like pennsylvania that you're coming from her

he likes their lng business which they got as a result of the deal with bg. david einhorn.aterpillar. not a new idea. >> how long has he had that? >> he basically thinks there is further down run. zach schreiber, he says short the saudi riyal. he thinks they are structurely insolvent to the tune of 5 trillion dollars. >> -- trying to sell a stake in the oil company. >> exactly becky. and he's using the -- valuation as the basis for his math. and jim chanos is short mtn group. long story short, africa to him is a commodity story. those economies particularly. and this company is going to suffer as a result. >> that's interesting. because he's been playing commodity related shorts for a long time. >> absolutely. >> very early with caterpillar. always interesting to see how he has this theses of the commodity slowdown and looks down the road to find links. >> and africa has is a place that has to mine and drill commodities and sell them and used to depend on russia and cuba and now moved toe china and china is lowing to slow down which is going to hurt africa and then tellco a