to $2000000000.00 for grab may just be the beginning just last week soft bank announced a $108000000000.00 investment fund focusing on artificial intelligence. let's go live to andrea hang our financial correspondent in singapore andrea what's in it for grabs and softbank well on the surface been it looks like greg just wants to penetrate and already a market that's already dominated by gold which is the local rival in indonesia grab is already present in 8 countries in the region and that's compared to go it takes 2 not in indonesia alone greg will be able to increase from this deal it's presence from 224 cities up to 30338 cities excuse me so this deal is going to go beyond just expanding and offering its right having services is actually going to go beyond that to expand indonesia's transport infrastructure as well as the digital economy with the largest southeast asian economy in its hand so it obviously has a lot on its plate grab and it sounds like it's gobbling up quite a few competitors along the way it could become quite a monopoly this ride hailing landscape in southeast asia fro

soft bank itself adding $38 billion.za without ever having to talk to another person. the company will be testing out a digital cubby system at one of its locations in hollywood, california. customers will be able to order a pizza ahead of time and pick it up in a cubby when they arrive at the restaurant. they say it's for time strapped customers. a sheriff's office hope the most wanted criminals are also the most vain. take a look at this flier. they are offering to retake mug shots for the top five most wanted criminals if they don't like the way they look. no word on if anyone accepted the offer. and a woman gets a sweet delivery for her birthday. this amazon box is actually a cake. emily mcgwire's husband thought it would be perfect since she gets three amazon packages every week, even the shipping label was edible, featuring the address, one, two, three, four, birthday lane. that's what's happening now. deirdre: that is great, appropriate for a lot of people. lauren: only three packages a week? i've got her beat. br

displaced in the region and now it wants to grow further one market it wants to expand is indonesia and soft bank the world's biggest investor and high tech is backing grabs ambitions .

empower the sector comes on stream and fact a lot of indian companies like doctors very law and even soft bank of japan we have already announced billions of dollars of investment into the indian solar powered sector that would enable parents i'm blunt here talking about that this investment is certainly going to get a lot of do it in the future because coal as a sector or school based power station is certainly not going to be the future of india's concern. jeff says gee that reporting for us from business standard in mumbai thank you so much. now japan has begun the process of downgrading south korea status as a preferred trading partner japanese cabinet officials say removing a south korea from the white list of $27.00 countries would be quote appropriate measure tokyo has increased export controls of a soul as part of a route of of japan's use of korean forced labor during the 2nd world war some south koreans have retaliated by refusing to stock or buy japanese products. 2 of the biggest names in silicon valley presented their figures for the quarter that ended in june and quarterly profit

toyota and denzo was about building autonomous vehicles at scale and then we also brought massa and soft bank as well. biggestoft bank is your single investor still? dara: yes. and : and they went in evaluated above or where you currently are? dara: below. it will get more decent with time. david: when was the company first started and who start it? dara: the company was started about nine years ago and it was gary camp, who is an entrepreneur. he's still on the board. unbelievably smart guy so he brought on travis -- who former c.e.o. and one of the founders as well, so garrett another one of our founders, ryan, really teamed up to build this thing. of the people who were there at the beginning, own a lot of stock, in fact, a lot in the company own more stock than you do. you're the c.e.o. ou think you're underpaid because you've taken it public and you don't own as much stock as people working for you. is that a problem for you? dara: i would never claim that i'm underpaid. -- you were u tell interviewing for this? dara: i did. very early, as you know, press over the place. david: you don't

media reports the 2 companies america's 3rd and 4th largest mobile phone networks says in japan soft bank which owns sprint rose on the news. this un says it plans to slash more than 12000 jobs over 3 years is 110th of its global workforce is with sales hit by scandal surrounding its former chairman carlos go on the japanese carmaker says it will also cut production by 10 percent. tesla has again pushed back to the end of this year. it's target for reaching profitability in our must company reported a 2nd quarter loss of $408000000.00 that was worse than expected but an improvement on the previous quarters loss of $700000000.00. is a hit record here in germany had no rain is in sight that's a problem for many farmers it's another year of struggling with jobs throughout many farmers are expecting a grain harvest the eastern state of bob hawke the situation is especially. it's hot and dry here in eastern brandenburg and it has been for weeks the farmers are now harvesting as fast as they can before their crops are ruined they've been at it for more than 12 hours. we have to start early and

so for starters, new man at this moment is the largest single shareholder in we work more than soft bankody else the 700 million sited by the "wall street journal" is existing sales and the last was in october 2017. so it's not that he is cashing out. he got cash about 300 million with sales of equity, about 400 million was loans against the value of his stock, some of which he used to buy buildings leased out to we work. it's also our reporting today that he does not plan to sell into the ipo itself. he won't sell shares in the ipo so his number will stay fixed. >> how odorous is it when they buy buildings and take the leases in the buildings he owns? in a way that smells as fish in to me sz getting out of an ipo. >> chesapeake energy was out there to buy a new gas field, by incredibly coincidence his family two weeks earlier had bought that priceless property it seems suspicious and today, you're the expert on this space but i don't know i'm a schoolteacher. i look at the arrhythmia ti they looked at the puffed up evaluation of $47 billion. $10 billion is from the son. i don't get how

for each of t-mobile or 0.256 t-mobile shares for each share of sprint and that's where it stands, soft bankf sprint that, remember, under moss had tried to get a t-mobile deal done early on and failed and tried again and now we are here. will own about 27% of the combined company, but the management obviously is going to be t-mobile's management, john ledger initially, mike seivert will take over in the not too distant future can they deliver and execute on the synergies they identified initially, for example, $43 billion net present value synergy number and what is dish's entrance into this market with the spectrum, boost mobile? what will it mean for competition overall for both t-mobile and sprint and for at&t and verizon given t-mobile/sprint has talked often about how it really was going to bring competition to those two >> i guess, david, that part of this is a question of is dish really going to be a viable smartphone-based wireless competitor i mean when they bought the spectrum a couple years back very few people expected them to actually be a full-fledged wireless carrier but now

i want to note as part of the deal with soft bank, the big investment before the ipo, they were supposed two seats on that board. that never happened because they did not get the government agency that approve's corporate deals for national security risk, they didn't get their approval guys, uber has come a long way and a long way back in a few years. it was a board that expanded and now shrinking. >> five basic seats is the tally? >> yes. >> who is left >> and the company had no comment so i'm not sure there's a timeline as to when and how they will fill the seats i would add these are more challenges for kazir shahu, whose honeymoon i think has ended since taking over. >> deidre bosa, thank you. for a company with corporate governance issues in the past, you want a full board. >> yes, you want a full board and people that weren't part of "the insider" group. that's the case. i think the issue here is still you have lockups, you have people affiliated with the company from a different life when it wasn't a public company with the rules they have now >>> a check on tesla shares. it is do

what happens to soft banks and investments.e going to have to do a public down round, maybe you do want to wait if you think you can afford to wait that's the other piece to say it's in a complicated position because they are burning through cash >> it has a lot of risks around it they haven't seen a bad market yet. interest rates have been low companies are doing well leasing has been easy. so i think in that sense, they haven't been tested. you can say that it's a good time to get out while the market is still good, but on the other hand, there's risk down the road there's a huge lease on the books. >> you think we'll see them as a public company >> i think you will. >> i think it's lower based on my calculations. it's too high. >> what calculation would you put it at? >> $20 or $30 billion. >> they have become a global player they have like the global dynamics play into them. it's not just about u.s. you can make a case, but it's high risk. at that point, your priced for perfection and you execute that. >> this vintage if we

morgan chase said revenue in its retail bank division surged by 11 percent but investors were concerned about slower loan growth tighter lending margins and soft capital market results net income still exceeded 9200000000 well ahead of expectations. the bank's c.e.o. jamie dimon said positive momentum in the u.s. economy was helping the banking sector but he pointed to geo political uncertainties as a reason for the dips and the banks market driven business. the results are broadly in line with the robust growth the us economy continues to enjoy at the end of july it would have grown from 121 consecutive months the longest hot streak since records began in 854. and over to europe the nominee to head the european central bank christine lagarde as n l shows stepped down as managing director of the international monetary fund in september the guard has already given up her day to day duties with the eye about which coordinates global monetary policy u.s. economist david lipton is serving as acting director the guard will join the e.c.b. in november if confirmed identifying her successor at the i.m.f. is likely to be a focus at a meeting of g 7 fi

they could open in you door for the index and we could expose are soft a bigger downside. banks the pressure point. about of the big banks have reporter numbers and have been the key cause of pain, they have disappointed the street and have given commentaries speaking of more pain in the future, which is not liked by the markets. that is the main crucial area causing damage to sentiment. today's session, keeping in mind how the rest of the asian market is trading we can anticipate, a slightly new start. david: i like that. ending on a good note. talk to us about earnings. a couple of names were out this week. what is in store for today? >> we start with the hindustan unilever. badly withot done so the volume numbers they have been posting. in trend with what has been happening with the rest of the pack america could achieve a higher number, considering this is one of the most favored stocks. bigother one is larsem, a engineering conglomerate. the key want to watch is commentary from the manager regarding revenue and guidance, and how they plan to tackle that. lastly, this hartli

to blow up some trouble even banking on those found him is he so soft. that hounded basically sometimes listening to the countless times. 15 minutes on d w. enter the conflict zone with tim sebastian germany's farai go position to be a takes its place in a new and expanded populist group believe european style of i guess this week is bad for its finished books i think of the a.f.p.'s column but the structure does you know it said that the apology needs to close out some of the highly controversial rhetoric conflicts of this few minutes on d w x. or. play . play. at about the. this is deja vu news live from berlin the struggle to rehabilitate fighters from one of the world's most violent of militant groups they have terrorized somalia for years killing many innocent people but now some al-shabaab terrorists are being offered a chance to leave the group and rejoin society d.w. spoke exclusively to some former militants trying to come to.

careful position around the fact fundamentally growth is slowing down and central banks, rather than try to engineer a softng are trying to push out the inevitable as much as possible. markets think they will be successful but it comes down to central banks delivering what they have marketed and implied. starting to cut interest rates aggressively. paul: how much more can central banks do? we had mario draghi complaining of fighting the war on their own. this is something we have had the reserve bank of australia's people saying over several years as well. with interest rates really low, is it time for governments to start spending? and on what? >> this is the difficult part. the australian situation is unique because we have gotten very lucky for a long time as it relates to our terms of trade and ability to manage a fairly solid fiscal position. if the global economy slowed down enough we would not be exempt from that slowdown. the economy will suffer like it is now and we could not expect the chinese to simulate -- stimulate and support like they did post year. with europe, it is a structural basket cas

banking system. maybe they will be soft, but i think it is one of the smartest -- stopped, but i think it is one of theest things they have done. caroline: david kirkpatrick and mark -- and max chafkin. record deliveries for tesla. how it is affecting the outlook from here. this is bloomberg. ♪ ♪ caroline: tesla has set a new record for quarterly vehicle deliveries. they had handed out 95,000 quarter,in the second beating estimates. this is due to accelerated shipments to europe and china and consumers in the u.s. rushing to buy model 3 sedans before the tax credit shrank in half. the musk told employees company was close to setting an online -- all-time record. quarter, beatingjoining us now is a tradg analysts. and from new york a bloomberg reporter. does this and the fears over -- nd -- does this reporter: there was definitely reason for people to sort of freak out about how much demand there was based on the first quarter numbers which were ugly but you heard elon musk make excuses about seasonality, early part of the year is the worst time of year for car sales which is true and also there was thi

banking revenue. we knew that was going to be soft. >> net revenue for investment banking, $1.8 million.s 9% lower than a year ago. it was 3% higher than the first quarter. within that financial advisory was down by 3% in the second quarter. they said that was an industry wide decrease seen with completed mergers and acquisitions institutional client services, net revenue. 3% lower than a year ago and 4% lower than the first quarter investing and lending, 2.53 billion for the first quarter and 16% higher than a year ago marty mosby is standing by and watching this. marty, what do you think of these numbers? >> well, goldman was our favorite money center bank coming into this earnings season they had the reputational issues last year which took a high quality institution and began to create it and it's trading around a tangible value which is like citigroup this cut is the inflection point where we expected an earnings beat of a pretty meaningful one, which we're seeing we had a little bit more in revenue which is probably coming from some of the gains out of the investing and lending are

banking system. maybe they will be soft, but i think it is one of the smartest things they have done.aroline: david kirkpatrick and and max chafkin. tesla hitting a two-month high. record deliveries for the second quarter. how it is affecting the outlook from here. this is bloomberg. ♪ caroline: tesla has set a new record for quarterly vehicle deliveries. on tuesday tesla announced they had handed out 95,000 vehicles in the second quarter, beating the average estimate of 88,000 units. this is due to accelerated shipments to europe and china and u.s. consumers rushing to buy model 3 sedans before the tax credit shrank in half. as ceo elon musk told employees last week the company was close to setting an all-time record. urging them to go all out in the last few days of june. joining us now is our trading analysts. only a $70 -- fears or are there seasonal factors? >> it puts a serious dent in concerns over model 3 demands. there was reason to people freak out assad first quarter numbers which were really ugly. excusesheard musk make about seasonality or the early part of the year is th

soft power. as you explain, money is power and libra could undermine the traditional banking system, the abilityanks to have levers, monetary policy, all of these issues. what about the big criticism that everybody comes up with when it comes to cryptocurrencies, libra included, that it can be used easily for money laundering, buying drugs, bad actors, to even traffic humans. what about that criticism ? actors, to even traffic humans. what about that criticism? that is, to some degree, true for some cryptocurrencies. for libra, because there will be centralised control, at least in the early stages, according to facebook, they can design it in such a way that they can put in anti money laundering measures, know your customer regulations that apply to banks and so on, they can apply it to this. anybody that signs up for a kind of wallet, libra wallet, we'll have to say who they are and provide evidence, and that kind of thing. we see this kind of buying and selling goods used widely in china, for example, with wichat. will the white house ever be convinced it is ok to go ahead? i think the us aut

banks a chance there. they want to have a soft pillow on the tarmac.sing rates and we're not in the raising rates environment even though they want to be they are concerned about the shape of the curve and that will be the trajectory of the economy the rest of the year >> and why are we seeing interest rates on the rise at least term?a lot of people had reposition and if you are looking at the tlt, proxy for the long end of the curve, that is so far away from its 50 day moving average, so i think that you will see the ten year note as long as we don't get any surprise out of the ten fed speakers this week and the q&a out of chairman powell, i think that you will see the ten year drift a little higher here. because we always talk about on a chart you have to have a back. need a breather going into the rest of the july >> jeff kilburg, thank you and that does it here for "worldwide exchange. "squawk box" picks up coverage and futures right now point to a 127 point drop on the dow. >>> good morning global stocks under pressure the jobs number just too goo

given that we think that data continues to be soft, that will make it harder for rates to reprice, especially given what the bankjapan and the european central bank and other banks are doing. i think it remains a burmese -- reasonable environment for treasuries. vonnie: andrew is staying with us. he will have more to talk about. guy: absolutely. 122, 17 is where cable is trading. punch in gtb go, it looks like this. it does fantastic job. some of them are related to the pound. that is all i will say. gtb go on your bloomberg. this is bloomberg. ♪ ♪ vonnie: it is time for the latest bloomberg business flash. london stock exchange jumped to --ecord after the company the deal is expected to be worth 27 billion u.s. dollars. holders receiving just more than a third. toomberg news competes provide financial news, data and information. exact sciences is an advanced acquire $2.8 billion. exact sciences focuses on early detection. commercializing oncology tests. quarterd a tough second profits plunging. net income tumbled almost 70%. buying a $69 million majority stake. that is your latest bloomberg business flash. guy:

seeing a lot of softness in the us and china and if they should suddenly implode or go downward, it is going to make nissan's restructuring efforts all the more difficult. the european central bankerest rates to tackle a slowdown in the eurozone economy. a weak manufacturing sector and uncertainty about brexit and trade threatened to derail growth in the block. markets have started to act in the face of a global slowdown with the us rate cut expected next week. the global economy is slowing and the eurozone is no exception. trade tensions one of the major reasons why. european central which sets interest rates for the countries which use the hero is worrying. it's president mario draghi said things were getting worse and worse. prolonged uncertainties related to geopolitical factors, uncertainties related to geopoliticalfactors, the rise of protectionism and vulnerabilities in emerging markets is dampening economic sentiment. notably in the manufacturing sector. interest rates have been kept on hold for now. they have been kept on hold for now. they have been kept on hold for now. they have been near zeros for years but it could change in september when the next policy meeting h

soft had to do that. much the hotshot up at a bank coolish tice a lot accomplished. hurt them in a cell with. and to chew on this and i had to get that off want. to do if. if. so i thought it. was a. or gummy had didn't believe the message out. there which. rests with on the what day indeed lena situation would soon turn even more serious her husband filed a police complaint against her with a sensational allegation he claimed lena and her relatives kidnapped him and held him for ransom for several days she discovered this after she went to the police to file a domestic violence complaint against him. i want to. talk i know him over can they. can i mean. i want to. know which out of the title couple. who would die when he saw the so wish to a whole recommend condemned to die when the hanukah tough to watch. a cartoon about the fact that he had a tough time with that about you i'll come sit on your head just a few beauty or a lot of lot of men. out of the house and now he or she love looked ahead to what they said we did darwin with a comment i had a house in cali b. i want to call couple had

soft as johnson gets pushback from the e.u. but absolutely stunning move by a ratekish central bank, cut of 400 when he five basis points. e action in the -- 425 basis points. the action in the lira wasn't huge. that is something to discuss later. silver a little soft as well. let's get the bloomberg business flash. debra mao is in hong kong. nejra, alphabet reported revenue beating expectations, calming concerns of slowing growth. second quarter sales came in just under $32 billion. the google parent also announced a plan to repurchase $25 billion of class c stock, the biggest buyback in the internet giant's history. warned investors that one-day delivery has a big price tag. the e-commerce giant's results were marred by a surge in shipping costs, which will strain earnings for the rest of the year, but it is leading to customers buying more, helping revenue growth rebound. softbank announced a second visiting -- vision fund looking to raise $108 billion, even bigger than the first. investors are expected to include apple, microsoft and foxconn. softbank will invest $38 billion itself. this is part of masayoshi son's bid

dominated by speculation about the us central bank's plans to address a weakening economic outlook, both at home and globally. oil prices struggle. adding to the soft wall street, which was closed for the independence day celebrations. oil prices edged down as traders fret over the impact of weak global growth on demand, which is overshadowing this week's agreement by opec and russia to extend their output caps. jeremy thomson—cook, founder, complete currency consulting is with me. good to have you on the programme. let's talk about the week that has been because it has been a funny week on the markets because america has had a public holiday and we are heading towards the summer. what is the mood light for investors? heading towards the summer. what is the mood light for investor57m heading towards the summer. what is the mood light for investors? it is balanced at the moment. look at equity prices and what is happening in bonds and yields particularly in europe. there is a balance of optimism with equities but also fear and the prospects of further losses in bonds moving forward. this is all balanced around the prospects of an interest rate cut b

your troubles were just beginning it seems like ok so what happened soft how did you do that then women. much the hotshot up at a bank to criticise of a had accomplished. so we could end on a kid. and to cheat. to get that off want one she. caught me on the memory timing and now she need to do if. you. so i thought it. was a. big message out. there which. rests. on the what day indeed lena situation would soon turn even more serious her husband filed a police complaint against her with a sensational allegation he claimed lena and her relatives kidnapped him and held him for ransom for several days she discovered this after she went to the police to file a domestic violence complaint against him. i want to. talk i know him over can they. can i mean. i want to. know which out of the title coupled with our favorite out of the ocean who would darwin. so wish to a whole recommend condemned to die when the hanukah tough to watch. a cartoon about the thought that he had a tough time with that about you i'll come sit on your head just a few beauty or a lot of lot of men. out of the house and now he or she love looked ahead t

thanks for having me >> let's kick off with the key factor of all the banks' earnings and interest rate environment and the relatively soft net interest income guidance what are you using as your base case for rate cuts in the year ahead and to what extent is there room to offset lower rates with lower deposit rates given that they weren't hiked that much during the rate hike cycle? >> that is a good point. as it relates to interest rate forecasting and what it means for net interest income, we have -- we run scenarios with these days between one and three moves by the fed and whether it is a 50 basis point and 25 or three 25s. some version of that fits in to our current guidance halfway through the year that feels about right. bigger picture though is the deposits and what we pay for them and what we're earning on the asset side as well in the second quarter, setting ourselves up for the rest of the year, we had a $6.2 billion worth of net income, we generated more assets, more loans and more deposits than we had a year prior a lot of business fundamentals are feeling really strong, so another part of this story is if th

there was a coup, soft coup, to eliminate the nefarious effects of the labor party, the workers' party. these are described by the world bank -- not me, the world bank -- as the "goldlden decade" in brazizil's history,y, with radicalal reduction of poverty, a a massive extensioion of incln of mararginalized populalatio, large parts of the population -- afro-brazilian, indigenous -- who o we brought into the society, a sense of dignityty and d hope for the population. thatat couldn't be tolerated. after lula's -- after he left office, a kind of a a "soft coup take p place -- i won't gogo through the detail, but the last move, last september, was to t take lula da silva, the leading,g, the most popular r figure in brazil, who wawas almost certatain to n the forthcoming elecon,, put him in jail, solitary confinement, essentially a death sentence, 25 years in jail, banned from reading press or books, and, crucially, barred from making a public statement -- unlike mass murderers on death row. this in order to silence the person w who was likely toto win t the election. he's the most i important political prisoner in the world. d

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jodrell bank was on standby as the uk's early warning system against any potential nuclear attack during the 1962 cuban missile crisis. the lovell telescope tracked the first spacecraft to make a softs first picture from the lunar surface. from 1967 it also tracked us and russian crafts during the space race. and then in 1969, tracked the eagle lander onto the surface of the moon. today the site's new accolade marks the end of a decade—long bid to gain world heritage status, following a 2010 application to be included on the uk's nominations shortlist. the a3rd session of the unesco world heritage committee is being held in baku where i am joined by teresa anderson, director of the jodrell bank discovery centre, and tim o'brien, professor of astrophysics in the school of physics and astronomy at the university of manchester and associate director of jodrell bank centre. congratulations first to you both. on behalf of all those associated with jodrell bank. on behalf of all those associated withjodrell bank. why on behalf of all those associated with jodrell bank. why were on behalf of all those associated withjodrell bank. why were you so keen to get this status and why does jodrel

jodrell bank was on standby as the uk's early warning system against any potential nuclear attack during the 1962 cuban missile crisis. it tracked the first spacecraft to make a softurface. from 1967, it also tracked us and russian crafts during the space race. and then in 1969 tracked the eagle lander onto the surface of the moon. today the site's new accolade marks the end of a decade—long bid to gain world heritage status, following a 2010 application to be included on the uk's nominations shortlist. live tojodrell bank — and our correspondent andy gill. ican i can see it behind you, what does it mean for them? they are absolutely delighted here, as you say this has been a long process, starting nearly ten years ago. you have to go through a technical bid first to make sure that all the fa cts first to make sure that all the facts and figures are correct, you then have to get the uk nomination and go forward. georgia today, it was announced that jodrell and go forward. georgia today, it was announced thatjodrell bike has a unesco world heritage site status, joining stonehenge, the giants causeway, the city of bath, the waterfront as a city of liverpool. delight

jodrell bank was on standby as the uk's early warning system against any potential nuclear attack during the 1962 cuban missile crisis. it tracked the first spacecraft to make a softunar surface. from 1967 it also tracked us and russian crafts during the space race. and then in 1969, tracked the eagle lander onto the surface of the moon. today the site's new accolade marks the end of a decade—long bid to gain world heritage status, following a 2010 application to be included on the uk's nominations shortlist. now it's time for a look at the weather with susan. plenty of fine weather to come this afternoon across the uk. a couple of exceptions, we could see showers across northern scotland and northern england with the threat of the odd sharper one for the pennines. later this afternoon and into early evening, a few showers drifting into lincolnshire and parts of east anglia. quite a nagging north—easterly breeze feeding showers into northern scotland and the north—east coast. 1a in aberdeen, 15 in newcastle, up to 21, 22 further south. a fresher story here on saturday —— mike ban on saturday when we got to the mid 20s. overnight, clear skies and quite chilly in sh

jodrell bank was on standby as the uk's early warning system against any potential nuclear attack during the 1962 cuban missile crisis. it tracked the first spacecraft to make a softd russian crafts during the space race, and then in 1969 tracked the eagle lander onto the surface of the moon. today, the site's new accolade marks the end of a decade—long bid to gain world heritage status, following a 2010 application to be included on the uk's nominations shortlist. our correspondent andy gill has spent the day atjodrell bank. it's been a long process, nearly ten years in the making. you have to do a very detailed technical application to the british government to make sure that that is correct. the british government then send it off to unesco, and finally, in baku in azerbaijan today, the announcement thatjodrell bank does now have world heritage status, putting it alongside the giants causeway, the city of bath, the liverpool waterfront, the lake district. the difference, i think, withjodrell bank is it has been recognised notjust for the historic and heritage science it does here, but also for the ongoing science, and that is something that the people here are

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bank of america says that china's app store revenue trends could be a problem. be a basis the slowdown in china sales could be due to a soft of apple. pepsico has taken a hold in south africa. that is your business flash update. >> i have to say, a week ago i was sitting here complaining about getting stuck on the subway for an hour and a half. we are staying within the power system great going back to talk about con ed and this heatwave that is going to come. it's going to hit upper 90's this weekend. i'm getting out of town. con ed says the system is ready. they don't see anything that should cause massive blackouts. you are looking at a live shot. >> there's nobody out there. you can't go out there you are sweating. >> what is your favorite ice cream flavor? >> chocolate. me, it's my dna. >> to this heatwave, we are entering a heat emergency. >> i did not know that but i do know that after that big issue with con adhere last week, there is a big concern about how prepared they are. not only in new york but other systems along the east coast. accumulated heat that's not just one day but multiple days, that's a heat map a

amazing is that every central bank on the globe started to get prepared for recession or slowdown, they started cutting interest rates already. we have seen some softness, right, in europe we have seen it in china a little bit. but they all reacted to it and it's going to be bullish. liz: are we looking, though, at what could be a self-inflicted wound? we will bring scott into the conversation. it was may of -- june of 2018, july 10th, i guess, that the administration laid out these plans to slap tariffs on $250 billion of chinese goods coming into the u.s. the institute for supply management tossed out one-month later last year and now we just got the latest reading for june and scott, it's at a three-year low. anybody worried about this? >> i think there are some individuals out there starting to worry and that's why i guess the fed is looking at cutting rates three times. right now, the market's in a tricky spot. everyone is talking about 2954 in the s&p. know what, we were there in september. ten months ago. we were there six weeks ago. now what we're looking at is can we get traction above it. i think people involved are having a hard time adding

soft environment in 2q. citi tends to be a bit less of a bellwether among the major banks. they're among the lead tables.urth in m & a. a global powerhouse in global fixed income one to take watch, but i tend not to look at citi as a bellwether for some investment banking or other areas >> stephen, thank you for joining us >> thank you >>> coming up, new contract talks between union workers and the big three american automakers are about to begin. why it could be a rough road ahead nor negotiations and we speak with michigan democratic senator gary peters on what he thinks american manufacturing can really learn from the national institutes of health it's a conversation you won't want to miss stay tuned you're watching "squawk box" on cnbc you run a business, that means a lot. we create financing options for your customers. to help them get the things they love instantly. our data provides insights into what your shoppers have already bought. so you can offer them what they might consider buying next. our financial and tech solutions are changing what's possible in all sorts of ways. so, how can we chang

stephen: the big problem with the bank of england is they themselves, they do not know what will happen with regards to brexit. frankly, i think the reason why the pound is so soft is not so much because of what is happening with inflation, it is because of uncertainties associated with how we end up leaving the eu, if we ever leave. the one big threat is the idea we could end up on the 31st of october with a new deal brexit. and i think that sterling is extremely vulnerable. now, in addition to the issue of no deal itself, the bank of england has been signaling that there is a, perhaps a greater risk than previously of being forced to cut interest rates aggressively in the event of a new deal brexit because there will be a fear that confidence will fall away quickly. we are back to this kind of, not so much project fear story, but a story by which of the bank itself is fearful of the outcome of a no deal brexit, talking more openly about pushing rates lower. and that undermines sterling to a more significant degree. vonnie: right, it has been holding in. buts a little weaker today, 1.25 versus the u.s. dollar, does it go to parity versus the euro in a no deal s

soft as well. there is nothing much going right for the korean economy so far this year. the bankready moved once. they have plenty of room to move again. i would not be surprised at all of korea lowers interest rates again before the end of the year, and that is reflected in the bond market in korea, which is looking for that. and the weakness we are seeing in korean stocks obviously adds to the picture. there is not much confidence in the direction of the korean economy right now. they could do with some help from the bank of korea. paul: thanks for joining us. from the market's reaction to the fed to exactly what jay powell did and said, let's get to our global economics and policy editor kathleen hays, who continues the conversation. the big moves across markets really same to hinge on a couple of things. trade is expected to send a stronger signal on future cuts. can we start with what the fed actually said? --hleen: another tough j tough day for jay powell. you don't want to start your press conference seeing stocks plummet, but as mark just said, the markets were expecting