after awinner is aig company said its naming a new ceo who has been at aig earlier in his career.about two thirds. julia: let's get more insight on the insurance sector. anding us is the cfo of -- ve vice president we know it is a challenging time. japan facing negative rates but where do you see the business right now? blessed -- roughly 70% to 80% of our earnings have been in japan where we have 25 million policies in force. the interest rate environment in japan has been challenging for two reasons. you mentioned negative rates and low rates but a relatively limited spectrum of yen-based investments to invest in. insurancelife companies and health insurance companies, we rely on the bond market. what we have been doing is being very disciplined. it starts by pulling back on the sale of products aligned more heavenly with yields and that cuts flows and lightens the load on reinvesting the money. we have an gradually diversifying our portfolio, investing in u.s. dollar assets, a tradition -- traditional spectrum of classes but hedged back to yen. some asset classes would include

. >>> the insurance giant aig turned a profit in the latest quarter, as stronger operating results in the company's commercial and consumer businesses helped earnings. aig also launched a $2.5 billion share buyback and declared a quarterly dividend of 32 cents a share. shares initially rose in afterhours trading. they ended the regular session up a little, that's a penny, folks, at $61.54. >>> uber is in court. and of all its recent controversies and challenges, some say this could be its biggest. the company went before a judge today to fight for the right to continue working on its autonomous car program. uber is being sued by alphabet's self-driving car unit, which has accused a former engineer and current uber executive of stealing trade secrets. if the allegations are proven, legal experts say uber could get hurt. its $68 billion valuation has been propped up in part because of its potential to be a dominant player in that industry. >>> coming up, why immigrant entrepreneurs are finding success in the windy city. >>> nearly $7 billion has been pulled out of a hedge fund in the fi

interesting to see what difference a quarter can make for aig.on kraft heinz to get to. >> we have a miss for kraft heinz on the bottom and top line. quickly through the eps. 84 cents adjusted lower than what analysts expected and pencilled in. this owes to organic net sales decreasing, falling 2.7%, more than analysts expect. the ceo himself has now admitted to a slow start to the year for kraft heinz. first report card since they pulled that $143 billion acquisition bid for unilever. particularly move to cheesecake factory. also missing on the top and the bottom line. this is first miss for cheesecake factory in eight report cards. comps, same store sales less than expect. back to you. >> wow. even cheesecake suffering this sort of restaurant recession, whatever we want to call it. interesting. down 4.5%, theirs after hours. facebook reporting first quarter earnings. let's check in on how the stock is trading after hours. it is barely higher right now. it was weaker at first. let's bring in fan seen line, kevin landis and james chutnuck with us

. ♪ >> a rocky decade for aig.ompany is starting to show some signs of stability this year. just in time as the company names a ceo. he succeeds peter hancock who said he would depart. who is brian? >> is a very well-respected leader. one analyst said he is the white knight coming in. >> there might be some ashes on the white knight. >> people are wondering if aig will bring another reserve charge. he said the reserves look reasonable. they also wonder -- aig has had an aggressive capital return plan. people are wondering if that will continue because he's coming in to invest. unlike carl icahn, who said in 2015 he wanted breakup of the full insured. he said he's not there to break it up. >> ford is cutting its workforce with plans to trim 10% of global workers. while still retaining tech talent. the move is part of an effort to boost profit in a lagging stock price. we know auto sales have been disappointing. they appear to have peaked. is this in response to the slowdown in auto sales? scarlet, autot, sales are t

we've seen in aig since 2005.an stability here after that higher costs andted claim quarters.s in seven >> joining us from london for javier the oil story is blas. to have the saudis and russia halfg out week and a before the official opec meeting is pretty staggering to me. to cuth they would have and how long to dent those inventories? at thehey continue current production level through the rest of the year and first of 2018, they are confident they'll be able to bring inventories down to five year arch. same thing they said last year.mber of six months we'll be able to do this. now they're saying we need do it. nine to it's all because of share production. depends on what oil producers are able to do. is quite skeptical on opec. seeink the market like to more evidence. six months,last u.s. shares wiped half of opec's cuts. much market share does opec and russia stand to lose to nine months?next >> we'll see shell oil the next six to nine months. be ther, this time could biggest enemy for opec we've seen. libya

. >>> aig holding a webcast to announce a new ceo. >> aig is moving higher this morning after alumnuse said he came on board to grow the company and not to break it up. also that priorities will include a kmutment to technology, focus on growth. and discussing the just announced expanded partnership with two cigna insurance as well saying it will put aig at the forefront of the industry. aig has signed a deal with united airlines to provide global travel insurance and inked a deal with uber for singapore. so far upbeat on the choice for him to lead the insurance giant. we've seen positive notes from analysts. if you look at shares of aig, they're up about 1% right now. back over to you. >> okay. thank you, morgan. now over to jon fortt to give us a look at what's coming up on "squawk alley." >> morning. we are digging out of this hack. we'll look at the impact on policy and on technology. also we've got joanne bradford to tell us why the lender might look like a consumer bank. all that coming up on "squawk alley." e playing. -what? -we gotta go. -where? -san francisco. -when? -friday.

aig's new leader next. this is bloomberg. ♪ mark: this is bloomberg markets.m mark barton in london. quinn in newvonnie york. it's time for the latest bloomberg business flash. insurance giant american international group has named its seventh ceo since 2005. he is stepping down as ceo of hamilton insurance. is succeeding peter hang cake because of lack of support from investors. aig is suffering from higher-than-expected costs and 4 losses and seven quarters. buymo fisher has agreed to a dutch maker. to $7.2 billion. thermo fisher is one of the roles largest makers of diagnostic and testing equipment. it has spent on to $2 billion and acquisitions over the past five years. the benetton company has agreed to by its spanish competitor that would create the world's largest operator of toll roads. the price tag was $17.9 billion. that is your bloomberg business flash. still ahead, four years, democrats and republicans have admitted the u.s. tax code needs to be rewritten and we will look at the biggest sticking points. how are things looking in european trading?

after the close, facebook, tesla, aig and fitbit will report. both facebook and tesla have been high fliers and have run up into the results. >> will they do an apple and slightly disappoint. . >> or an alphabet and am mason. >> uber and google will face off in court today. they're going head to head after waymo sued uber to stop its self-driving car. they accused uber of stealing trade secrets and infringing on its patents. we'll see what comes from that. >> we call them patents here in this country. >> i think most people in the uk would call it patents. >> deutsche bank has a new shareholder. the chinese conglomerate hna has taken over blackrock as the largest stakeholder. deutsche bank has been on a mission to increase funds after incurring losses related to misconduct charges and legal investigations. not a lot of reaction. is that a big deal? top shareholder change? >> i think it's interesting in the perspective of what was and still just about it is the top three sgloebglobal investment b having a 10% stake from a chinese company. particu

. >> a rocky decade for aig. the company is starting to show some signs of stability this year. time as the company names brian heathrow as ceo. peter hancock said he would depart. breaux? andi >> he is it well-respected leader. one analyst said he is the white knight coming in. >> they said there may be ashes on the white night. >> people are wondering if aig will bring another reserve charge. he said the reserves look reasonable. people are wondering if that will continue because he's coming in to invest. who said in hehn 2015, wanted breakup of the full insured. he said he's not there to break it up. >> ford is cutting its workforce with plans to trim 10% of global workers. the move is part of an effort to boost profit in a lagging stock price. we know auto sales have been disappointing. they appear to have peaked. is this in response to the thatown in that -- to slowdown in auto sales? >> auto sales are turning down after seven years of growth. there is particular pressure on ford and its ceo mark fields. the ford board of directors scheduled extra time to have fields explai

>> silicon valerie, some aig and black stone. >> okay. none of the big banks. >> we thought the best way we could take advantage of rates gone higher and pockets of growth, particularly on the west coast was being west coast centered. silicon valley bank and first republic high net worth. also pay a high tax rate and in terms of aig and black stone, those are diversitied companies, black stone covers whel wen it comes to being a beneficiary of global growth, u.s. growth -- >> do you think black stone will turn into a c corp. because if it does, that's a huge home run for investors. >> i think it should. >> do you think it will? >> i think likely at least a 50% chance. >> next up, unusual activity in the options market. one big name in retail about to take off. crude back above 50 bucks a barrel. this week alone is it time to jump into the trade? we'll debate that next on the halftime report. ♪ this is a story about mail and packages. and it's also a story about people. people who rely on us every day to deliver their dreams they're handin

that was the day we decided to intervene with aig, and it was an enormously risky situation. had been earlier that day to congress. i talked to a group of senators and representatives. they made it clear that we were on our own. of course, this was a couple days after lehman, and the financial system was in shock essentially. it required a unanimous vote, to take the actions we did, which was to lend $85 billion to aig so it wouldn't collapse. i could have stopped it. we thought it was the right thing to do, and we went ahead and did it. it was one of the darkest moments. from there on, things began to look better. certainly there were dark moments at that time. fancy remember the bloomberg chart, watching bear stearns go down in flames. we all have our individual moments here. whendid you know -- not did you know it was all clear, but from those dark moments, where did you get the confidence that the theory and foundation you have learned at m.i.t. and on your teaching career at stanford, princeton, and the others, when did it click in that you may get this right? mr. bernan

the americ pple have aig to knothtrh. there is reason toelve that thpresident's pander to ssia is endangering our national serity, r economy, and our decry. in a few days we'll mking the first four months the umadministration, the 20 m. nothg. nothing to show for . haven't seen any evidencef a jobs proposal. e esidenlos to talk abouthelecti. t that was about jobs. ows e jobs. eris his initiative? we were hopingo working with hionnfrastcture ll right. omheta. noigofne the presidens dg will be coming down. next week we'll seth presidt budget proposal d l e brok promises to t american people at president trump's budget rrents. instd catg good-paying bsinvesting in infrastructu, 'sansacking education and b aing, cutting the departntf trsportation with a dg thatasn peally cruel impact on rul mmtees. umpcare, which some pelere going the atpal bill, will be amplified by w tso n.i.h., medicaid, cial curity, disability benefit snap, and otr crucial social ervices. the president'cuguttinthe p.a. and slashing fundg r eang up hazardo

but finally, what we say in this bill, ben bernanke felt he had to bail out aig.federal reserve chairman of the future could do that. we made what he did in that situation illegal. i don't say it as a criticism. he had no options, i believe. but we have given him some options. if an aig came into the federal government now and said, we can't pay our debts and we're going to cause this great problem, they would be put out of business, first of all. they fail. >> barney -- >> but there's no such thing as too big to fail. >> because of your law this is what the president had to say. i have so many friends of mine who had nice businesses, they can't borrow money he says, they just can't get any money because the banks just won't let them borrow because of the rules and regulations of your bill, sir. >> is that right? >> two -- no on two grounds. first of all, again, the wall street -- i'm preaching to "the wall street journal" today it's my text. in their first major article about how goldman has gone into the lending business i read the following. goldman's lending p

let's start with aig q1 operating eps, well below estimates of $1.05.early 3% after-hours. one dollararnings of 40 one cents, versus $1.28. a return on equity of 5%. facebook slipping a little bit after hours. this is such a juggernaut. we have a david kirkpatrick talking about it, it is a steamroller. $.17 ahead of where the estimates were. 94nthly active users, 1. billion, beating estimates. overall, stellar numbers. but a little pullback for a company that has been on such a tear. tesla, that is the smallest mover of all of these. you would expect them to be the biggest. they are down slightly, keeping its delivery numbers unchanged. that is always the key metric. $2.7 billion. nots about the outlook, much reaction to its delivery estimates are capital expenditures. the company has $4 billion in cash on hand heading into the second quarter. julia: let me give you a look as far as what -- how square is concerned, surging in after-hours, up more than 5%. they announced revenues better than expected in the first quarter. 204 million dollars. million.ate

banks and credit card companies cover losses if your account is hacked, aig, nationwide and pure are among a growing number of insurers with cyber policies to reimburse additional losses, like in ransomware attacks when hackers demand money to unlock your data. they provide expert advice and cover payments. for other breaches, it covers consulting and helps restore lost data. cyber insurance benefits typically cost about $100 a year, roughly 10 to 15% of your homeowners insurance premium. in arizona, attorney martin galbot discovered his homeowners insurance included cyber insurance, after his identity was stolen by cyber criminals trying to get his tax refund. >> it's something beyond oh my gosh. it's like this is a really serious problem. >> reporter: do you really believe that cyber insurance can protect you from more innovative criminals? >> no, but they can help you solve the problem as it progresses. >> reporter: some peace of mind but one that experts say isn't necessarily for everyone. >> when you look at cyber insurance and decide if it's worth buying it, you really need to

other insurance companies from aig to beasley have reported similar growth, as more businesses seek protection in the case of a . the cyber insurance market is still relatively small. the insurance information jumped over $3 billion. but experts say it's poised to become the next big blockbuster business for the long struggling insurance industry with a market expected to triple by 2020. and it's no longer just about data breaches or theft of personal information either. now the policies include physical damage as manufacturing becomes smarter and machines become more connected. >> the most important thing is to get back online of the that's been our focus over the past couple of days, helping clients stop the immediate damage from an attack. >> also included, business interruption. a necessary component when a cyber ransom like wan a cry can cost a mere $300. but the impact from a frozen network, be it a hospital or factory floor, can cost millions. for "nightly business report," i'm morgan brennan. >>> computer networks and broadband are part of america's infrastructure. and today the transp

another major property insurer, aig, reports on wednesday. >> anybody else who's got any personal lines, homeowners insurance exposure, will have some of that. i think most consensus estimates factored it in already. >> reporter: home insurance costs are up 16% on average since 2014, due in part to catastrophic activity in the years just prior to that. and there's no relief in sight, as more dangerous weather is forecast tonight across the midwest and the southeast. the harsh weather in parts of the country is also sending grain prices higher. corn, soybean and wheat prices are rallying. the damage from the storm in kansas which is the top grower of wheat is still being assessed. but the early estimates suggest losses could exceed 50 million bushels. >>> coming up, entrepreneurial obstacles. >> i'm kate rogers in atlanta. on nightly business report quig, we're going to tell you which generation is on track to become the least entrepreneurial in recent history. the answer may surprise you. >>> here's a look at what to watch for tomorrow. as we reported, apple reports earnings along with

hank greenberg, who ran aig, said, why don't you come over here?ould go from sandy well to hank greenberg? you would have to have your head checked. a bunch of private equity folks. jeff bezos called me up and was looking for a president. i loved the guy. we have been friends ever since. i was thinking i would never have to wear a suit again. i am going to get one of those houseboats in seattle. i loved what he did. it just was beyond -- i spent my whole life in financial services. it is like playing tennis your whole life, then going to play golf. i love the guys at home depot. i went down to have dinner with bernie marcus and enter blank and ken mangone. i said, i have to confess to guys. until you called me up, i have never been in a home depot. a guy who i worked with said, jamie, you have got to go to one before you go to the dinner. they did not care. they said we want you the person. we are looking for the heart, mind, and spirit. we are not interested in what you know about merchants and stuff like that. a couple of other internet companies

. >> reporter: for years they aiged war against the regime of syrian president bashar al assad, but tonight these thposition fighters and their families lined up to leave, defeated. nearly 400 fighters, some with weapons still in hand, had boarded buses by sunset. assad soldiers monitored the departure under the watchful eye of their russian allies, all part of the deal to relocate the opposition to northern syria. what are you thinking about right now as you get on the bus? the rebel fighters did not want to talk with us, but in a video they shot, this young man explained "it feels like a stab ea the heart leaving homs, but god willing i'll come back one day triumphant." homs' governor, hom' talal al torazi, said the negotiations to get this far were difficult. "it's a truce for the time being," he said, but he warns the government would fight them again in the future if he had to. assad's forces used several different tactics to take back territory from opposition fighters. one has been to destroy entire neighborhoods. and so the shelling continues on the outskirts of the capital damascus

. >> it's safe to say we are not create aig movement, we are a movement many >> beauty counter is howa, passion and a real commitment to yourself and a world that you believe in is absolutely possible to make anything happen. >> we always say at beauty counter we have a once in a lifetime opportunity right now to build a great company that's financially rewarding, solid and sound while simultaneously having significant social impact. i mean it's the greatest job in the world. ♪ >> you may not recognize the name alfred, but your chapped lips may know his product. carmex, he started his company out of his wisconsin kitchen in 1937. little did he expect the worldwide distribution his invention has today. 80 years later carmex is still owned by alfred's family with his grandson paul running the show. we speak with paul about reaching out to experts for help and why you shouldn't rely on voice mail in this learning from the pros. ♪ >> reach out to experts for help, i'm an art major running a business. i had to learn everything. literally everything. i absolutely couldn't do my job without

news on one carl icahn and aig, the big insurer. what is going on?lately best known to be a trump economic visor. but what he is in real life, where he made his $20 billion fortune -- neil: is it that much? more than you? >> more than me. he affords better restaurants. he is activist investor. he has activist stake in aig, the troubled insurer that blew up during the financial crisis. it has been bailed out. it has been depressed. the stock has been depressed. carl icahn took 4% stake. wanted management changes. he got one. here is interesting thing, there is lot of press he doesn't like the new ceo coming in. carl icahn is telling people, telling -- we've broken the story today, au contrare. i like the new guy, brian dubrow, new ceo. he recommended him to be the new ceo of aig. he believes he will get the insurer back on track. neil: what does he want duperrepaul to do? >> cut, sell give back to the shareholders. neil: wasn't he doing that during the benmosche days? >> i think he is actually going to do it. i think it's a positive for the stock, ica

. >> aig. >> a major fill an throw miss over his career, still is is. 12 years ago, insurance commission in new york went after him on a matter to get it behind and offered to settle for $16 million. not thinking they owed him anything. we bowon billions. he says, forget about it. they go to trial. it's been 12 years at trial. he spent $100 million dealing with this problem. no one knows, only god knows what the government spent of tax pare money, but say they spent is $1000 million. they settled recently for $9 million less. settled for $7 million, for a man of his caliber, built the world's most profitable insurance company. world war ii hero. there's something wrong with the system. i know that not the sec, whether it's the sec, the insurance commission, there's a hostile attitude towards business. >> do you feel they tried to make an example out of you, where you are, how much money you make? >> used to make. whatever. i'm not a whiner. why did they not give me a chance to answer the questions? facts are facts, i'm not going to relive them. why did they ask initially, hoping it would

staffer calls regarding a pending investigation over antitrust >> as you know, senator the role of the aig is a law enforcement function the independence of the decisions made that is a serious one that should be free from any political influence there are procedures long standing in the justice apartment and how you communicate with the justice department of it is a handful of senior officials to cannot communicate through the white house cal's loss office -- council's office but as attorney-general to be reiterated politics will hobble of the antitrust laws. >> for those that have received criticism from the antitrust laws you wrote to the meat is brief can you describe the position. >> yes. that was an important matter with the legend and unity with us second circuit during my time that last for the views of the antitrust division as they would diverge from the sec the solicitor general at the time convened a meeting they authorized the second circuit that said they implied immunity would not be appropriate that the supreme court spoke in the eight / one decision it was supported of wha

aig delta fan amanda, anything that is non spirit related?outhwest one not talking about southwest one, i am kind of okay with them brawling because, you know this is the whole like, you know you board and pick your seat can be good thing if you are at the beginning. >> but terrible. >> not good if you are not at the beginning but towards end in two people brawl get he rejected two more seats. >> lock up. >> walk up hit them in the shoulder to they think it is somebody else start to fight my point is this is proof of how mundane successful air travel is, 70 years ago, people would be in awe of this technology this is why they all dressed up, this was a big deal getting on plane even if you were going to die, but they go now people show up in sweats and thongs because they are bored by it, they leave. >> -- >> thongs, sweats. >> up next, did betsy devos get booed in college commencement address if you said yes realize that no one can hear you. ♪ [applause] rter back. fountains don't earn interest, david. you know i work at ally. i was being ro

what is my purpose you have aig purpose. discover why did this and pursue it with everything you have. people whose support you and challenges of these words of encouragement are for each other you never know what they will do for somebody and it may change a life bad things happen to good people throw light as some point y'all have tragedies and hardships and respectfully say get over it. ultimately you are responsible for your own happiness the you have to move on. nobody said wife libby easy but play the cards to have been dealt in the end it all would have been worth it and never ever quit. [applause] [applause] [laughter] [applause] >> we cannot thank you enough for sharing data remarkable story. [applause] i know you have questions i will try not to take up too much time but do we have to issue up here?. >> standing up squeezes the snot out of you. [laughter] so to watching what can then sit down can you explain how that works?. >> as you see it is a replacement the bone and muscle up the hillside of my body mechanical

investment firms had toxics securities on their books and aig is not even a bank, it's an insurance companynd wouldn't have been regulated. joining me to discuss the comments is from the financial sector at rafferty capital. you heard my explanation. what's wrong with it? >> first off, i don't think it was the bank's trading activities that created the recession. it was lending on houses. that's what your traditional bank does. we lost one bank virt krully every day since 1987 that is a traditional bank. that doesn't work if you are trying to build a financial system that competes in the global markets. >> but they are or were most people agree too big to fail. the government had to save them. they are still pretty big. if a major institution failed, it would take down more than that financial institution today. >> that's true of every country in the world. it's impossible to build a global financial system such as we have in the united states and have small banks. you have to take rink and have large banks. there is no way around it. >> do you think there is any reality to the suggestion t

not fair to say that the 2008 on agile crisis demonstrates a non-diversified companies like lehman aig washington mutual as opposed to significant economic failing? >> i'm sorry well-wisher questioned? >> question and? >> another word for non-diversified institution seemed to be the most successful than the 2008 crisis. >> well in the case of aig they were diversified. they just took a massive amount of risk that they never should have taken and the same with lehman and others. i think i agree with you. >> would you just go back and you are saying that the breaking of the banks would have an enormous effect. can you give me an idea of what that would look like? >> again we are talking about breaking up the banks. one, they're people that just think banks are too big and they should be broken up into smaller banks. i would say our view is that what we should be doing is supporting and making sure community banks and regional banks can grow so we don't end up with big banks. if you're talking about separating investment tanking from commercial banking that's completely different than the

shares of parent aig are lower by 3%.here you can see the big drop. >> i've seen estimates of more compensation claims, more like 1$150 million. 75,000 passengers affected. 800 flight s canceled. >> there's pictures on social media. hours and hours just to get out of terminals. what a mess. >> i hope they sort it out. >>> a developing story out of north korea. the north korean official news agency reported that kim jong-un supervised the test of a ballistic missile. the latest test launched yesterday landed in the sea off the country's east coast. another crucial geopolitical area to continue to watch. >>> president trump mentioned reportedly planning a withdrawal for the u.s. from a landmark international agreement on climate change. axios is reporting that the president told members of his cabinet that america will exit the paris accord. the white house will hold meetings with energy executives this week. president trump who has previously called global warming a hoax did come under pressure from g7 leaders last week to

. >> weiss, aig has a new ceo.icon is happcan is happy. >> he used the work with hank greenberg. >> the most interesting new ss that everybody's heard of ensans, they decided to do with -- which is another fund out there. so figure out how to apply that trading to the policy issue. this company is quoigoing to mo ahead. it's a much bigger, lower cost production. as an swresing story. this is a change that should come in. >> up next, the missing link. stephanie with our post earnings play book. stick around. halftime report is back right after this. anthe urinary sympto. tell your doctor about your medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have a sudden decrease or loss of hearing or vision, or an allergic reaction,

aig not faring well after that fiasco at heathrow airport over the weekend. the banks are under pressure, given that deutsche bank cut the sector to underweight and banks in italy suffering from the fact that there might be early elections come september. when it comes to the fx markets, italian uncertainty weighing on the dollar. 1.1140, also drama when it comes to greek debt relief talks and a dovish message from mario draghi. french president emanuel macron met with his rug counterpart, vladimir putin in versailles. macron accused the country's media of acting like organs of propaganda. that sounds like a tense news conference. >> yes, well, it was pretty tough between the two men apparently even though the meeting was meant to be constructive it was the first meeting between the new french president and the russian president. emanuel macron wanted to put all the difficult questions on the table. that's why he talked about the conflicts in ukraine, syria, and also the gay rights in chechnya. and in the press conference emanuel macron appeared quite angry w

other insurance companies from aig to beasley have reported similar growth as more businesses seek protectione case of a hack. the cyber insurance market is still relatively small. the insurance information is pegged at just over $3 billion. but experts say it's poised to become the next big blockbuster business for the long-struggling insurance industry, with the market expected to triple by 2020. and it's no longer just about data breaches or theft of personal information. now the policies include physical damage as manufacturing becomes smarter and machines become more connected. >> when a company is a victim of a cyber attack, the most important thing is to get back online. >>> a local man shares a powerful story about a battle and recovery from opioid addiction. >> that's just one of the stories we're working on for 5:00 tonight. jim handly has more. >> this is a pretty incredible story. coming up at 5:00, we all around our region and the country. tonight, we get a personal look at the problem. we'll hear from a local man who says at the height of his addiction, he was taking the equival

. >>> aig planning to name brian duffero as the nceo. the company is still working out the final details of his contract and are close to a final agreement. an announcement could come today. >>> abercrombie & fitch says it is in deal talks, express and american eagle are among those talking. >>> the bank of england announcement at 7:00 a.m. eastern along with the monthly inflation report. weekly jobless claims and the april producer price index out at 8:30 a.m. eastern. bill dudley is at a conference in mumbai, india, to speak about the benefits and challenges of globalization. more retailers reporting today. kohl's, macy's, nordstrom, tomorrow, jcpenney. we'll have a lot to get through there. that's been a weak area in consumer spending. >> the market has been reacting to earnings, so we'll keep an eye on that. >>> counting down to a rate decision from the bank of england. we'll go live to london coming up. >>> as we head out, another check on u.s. futures pointing a bit lower by about 18 points. we're back in a couple minutes. . since

i'm hyped when we start win aig round.e's wednesday, may tenth wisdom martin alongside allison morris, steve schenn vehicle maureen umeh. lighter political news. have you seen this one president obama going vogue to a trip italy and the internet is going all in. we'll show you why social media was obsessed with the unbutton obama coming up a little later. >> he was in milan, right? >> he was. >> exactly. >> that's what you got to do. >> got thon dark suit. >> the weight of the world off my shoulders look. >> yeah. um-hmm. >> first up let's talk about the weather right now. we woke up to yet another cool morning. but today might warm up a little bit more than way we had yesterday we don't care about that what we care about is happening indoors tonight. in boston, up doors with the wizards, and in d.c. with the capitals because it is now crunch time for the caps. >> and our number one caps fan tucker barnes live at capitals ketler ice plex this morning with game day first forecast. waiting to go in, tuck? >> yeah, what you g

missing in manchester to post photos and names of those unaccounted for to try to get them circulate aignd the web which is terrible and hear heartbreaking to see. when you see the faces of some of those who have been missing and maureen leak you said when you were talking about kids who are not even tweens but in some cases very very young elementary school aged people who are still missing. but again, shows the good use of the internet out there and hopefully in the areas around manchester wherever you know these youngsters may be hopefully good samaritan perhaps suffered some help or someone knows where they are. many of the people who were hospitalized hopefully are in good enough condition they can be reunited with their loved ones soon. >> prayers to each and of one of those people. let's look at this image circumstance laying on social media this morning from an ariana grande fan. the girl named georgine in a was at last night's concert and sadly killed in the attack. she was a big fan of ari nan's two years ago she met the singer and posted this photo to her so this past sunday s

. >>> aig ticking higher helped by investment returns and cost cuts.lso a 2$2.5 billion stock buyback program. up 1.4%. >>> fitbit beating the street. helped by cost cuts. the wearable device maker said product launches for this year remain on track. >>> square's results topped expectations. the payment processing company is raising its full-year outlook. >>> avis reporting a larger than expected loss, citing higher fleet costs, pricing pressure and a late easter hol day alsid. >>> now to today's agenda. on the economic front, at 8:30 a.m. eastern, we get a trio of reports, initial jobless claims, international tradeity costs. at 10:00 a.m. eastern, factory orders. before the bell we hear from kellogg's, viacom and dunkin brands. >>> still ahead on the show, france's two presidential candidates face off for a fin time. but did the debate alter the race with just four days to go? we'll discuss with a polling expert straight ahead. you're watching "worldwide exchange" on cnbc. their experience is coveted. their leadership is instinctive. they're experts

. >> aig news, is that yours or mine? >> oh, it's me! okay. aig ticking higher helped by investment returns and cost cuts. the insurer announcing a 2$2.5 billion stock buyback. the shares are higher on the news. up about 1.4%. >>> kevin mccarthy calling for a vote on the gop healthcare bill scheduled for this morning. mccarthy said republicans have the votes to pass the bill. eamon javers joins us from washington with more. >> good morning. republicans as you point out are saying they do have the votes today for this other obama care showdown. we expect around lunch time a vote for final passage. do they actually have the votes? that is the big question. they passed three amendments through the rules committee yesterday designed to wrap up the last moderate votes here that they think they need to get this over the threshold this afternoon. here are the three amendments that passed yesterday. the changes to the bill that they think will get them the votes they need. an upton amendment provides billion over 5 years to help those with pre-existin

health care expenditures, national health care line items, it's a lot of big numbers beuse health caris aig portion of our economy. when i started looking through and trying to come up with that list of practical impact, it really seems to me, obviously if you're going after medicaid you're going after poor people, directly, by making it so you can charge old people five times as much for the same insurance you would offer to young people, that's going right at older people. and then, obviously, there's this big benefit for rich people. i mean, is there anything else that's going on here other than hurting the old, the sick and the poor and benefitting the healthy and the well off? >> look, primarily, that's what the law accomplishes. you know, we've heard paul ryan he said he was dreaming over cutting medicaid in college, he admitted that in the republicans for years have not liked this program. i think it's important for your listeners to recognize that even if they don't know the kind of low income families that benefit from obama care, the republican alternative would go much beyond cut

>>> they're back in the open walk aig round local neighborhoods but the people we found they're not soried about either the foxes or the bears. kathy? >>> in weather we are talking about not one round, not two rounds but three more rounds of rain and it's not knocking on our door. we'll time it out plus the holiday weekend update coming up. you knew when you cast it they'd lock you up. but that didn't stop you. you traveled far and wide, and others followed. mothers, daughters, sisters, lions. and because together you roared so loud, i know my voice matters today. this summer, come celebrate new york state's equal rights history. download our guide to plan your trip. chrit can happen to anyone.s a help is within reach. all you need to do is ask. vanessa: i was a full-blown heroin addict, selling my soul to get high. but i got help, and you can too. james: i just know i didn't want to feel that pain anymore. i got help. you can too. aj: most people think addicts are beyond help. when i see an addict, i see hope. chris christie: don't suffer. don't wait. call 844 reach nj or visit reachn

the deflation trade resurfaced, which mean money flows back to the insurers like aig, met live, and all-state. the biotechs always surge at this time, and this time is led by regeneron. did you see insight today? it reported a miserable quarter and still went higher. you know what that means. takeover buzz. medical devices soared, they always go up right now. it's always business as usual in these big names. and large pharmacatches up. eli lilly at 80, bye, bye, bye, they're buying it. these are staples. then we have colgate and general mills rallying, because last night kraft heinz reported a hisohi hideous, horrible, worst-in-show number, so they have to buy somebody, come up with a potential acquisition to save themselves. on the call, kraft heinz was asked if any company would want to sell to them considering their slash and burn methodology. given that warren buffet is a major investor, we know he doesn't favor hostile takeovers. i bet he talks about this. so the question is, who's going to sell to these guys? who would ever do it? after all, when kraft heinz went after unilever, not onl

that's why -- the ceo of ig -- notes are's ceo the aig -- this is really awhat significant or destructionf british airways to compete likes -- and make the money on the long haul -- >> thank you so much for your time. are minutes away from the open. next we look at movers in today's trading including akzonobel's and amsterdam court rejects elliott's bid to oust the chairman. this is bloomberg. ♪ trade ons away cash the european open. notes get to your stocks to watch. i sunoco's one of keep an eye on this morning. amsterdam court throughout latest bid to oust the ceo, anthony bergman. this does a couple of things for bergman command for xo. mainly, it strengthens their defense against the takeover by tpb -- they were both their takeover bench by tpg -- tpb just the latest has driven up the stock charged that you are looking at over the past one year. if it doesn't happen the investorss, how are going to react? we will that stock at the open. futures lower index for the index across the beard board. four minutes from the european market open. this is bloomberg ♪ ♪ welcome back to "bloomber

. >>> the white house is dispute aig report president trump asked former fbi director james comey toigating his national security advisor. comey was looking into michael flynn's ties to russia. the report says trump told comey in february, he's a good guy, i hope you can let this go. comey did not back down. flynn eventually was forced to resign and the president fired comey last week. >>> while meeting with the turkish president today, mr. trump ignored questions about shared intelligence with the russians. lawmakers and u.s. allies are now demanding answers. abc7 news reporter live in washington with the very latest. kenneth? >> reporter: larry, the white house has been in full damage control mode all day. they rolled out the national security advisor. they had an off-camera press briefing with the white house press secretary sean spicer. they both denied that the president released any classified information and of course they did not deny the release of that classified information. instead they criticized the leak that led to the bomb shell report. >> president trump, did you rev

well, i mean, in the case of aig they were diversified, they just took a massive amount of risk thaty never should have taken. same with lehman and others. i think i agree with you. >> would you just go back and you were saying that breaking up of the banks would have an enormous impact. can you give me an idea of what that would look like? >> again, when we're talking about breaking up the banks, i think there's, one, there are people who just think banks are too big and that they should be broken up into smaller banks. i would say our view is that what we should be doing is supporting and making sure that community banks and regional banks can grow so we don't just end up with big banks. i think if you're talking about separating investment banking from commercial banking that's completely different than the concept of breaking up big banks. >> i agree. and that is what i'm referring to. you test on community banks. and i know in your opening statement that you referred to community banks. i did hear you refer to regional banks earlier. and i know in the clear act that i believe is