. >>> officials at japanese automaker toyota have announced their first major expansion overseas in yearsthey will build new plants in motion co and china, an investment worth more than $1.4 billion. the plant in mexico will be located in the state and workers will assemble 200,000 cars a year for the north american market. it will start operating in 2019. in china toyota will build a new facility and work will begin by the end of 2017. officials say the factory will eventually produce 100,000 new models small cars a year. the company's production capacity in mexico will rise to 3.2 times the current level. in china, it will increase by about 10%. toyota froze building new plants after the 2008 global financial crisis. it instead improved productivity at existing facilities. but company officials say they decided to boost output on an expected increase in demand for cars in the u.s. and chinese markets. >>> chinese tourists are on a global shopping spree and one of their favorite destinations is japan. retailers here are more than happy to see the influx, yet they're somewhat in the dark

toyota seeing room for growth again. the automakernning new factories that would end a three-year freeze. toyota will's then $1.25 billion. pope francis watched the feet -- washed the feet of 12 inmates. roman catholics are observing good friday today. those are your top headlines. still to come the gap between the wealthiest 1% and america's most improv wrist -- impoverished is growing. everyone wants the answer to the question -- are we stuck in a 2% right? we will ask alan krueger. tom: good morning. michael mckee is off today. we welcome you. our special jobs day coverage. there will be the minutia at 8:30. the reality of falling behind. inequality is a loaded phrase. with us, anthony crescenzi and alan krueger. professor quarter, you are a leader on this. what is the distinction between a more left view of any quality anymore right view of any quality? if i got you and john taylor in the same room on any quality what would be the discussion? guests: the distinction is what should we be doing about it? there has been a convergence

ford, till yada and bw are among the automakers expanding capacity in china. -- ford, toyota and vw arehose six anding. fed policymakers have been split over whether to raise rates in june or later. mr. dudley said the economy is not where policymakers would like it. >> the unemployment rate is still too high. the inflation rate too low. because the economic outlook is uncertain, i cannot tell you when normalization will occur. timing is a dependent, so we won't see when the timing unfolds. mark: he also says there are some " downside risks." coming up on bloomberg television, education reporter janet lawrence has a bleak outlook for student loan repayments. at 2:30 analysis of president obama's meeting with the crown prince and war on terror. highlights of my discussion with central bankers from peru and colombia. that in more when we returned. ♪ mark: welcome back. the new york fed is painting a bleak outlook for student loans. more borrowers failing to make their payments five years after graduating. janet lawrence joins me with more on this board. why does the student loan balances

they are getting close to taking over toyota as the world's leading automaker. against that, the volkswagen brand, they've had some profitability challenges. they came in 2014 at 2.5% operating margin. their goal by 2018 is 6%. they've done a lot of cost-cutting. the retold those plants. they hope that some upfront investments are going to lead to better margins down the line. right now, it looks like mr. winterkorn has the backing of his board, but not the chairman. jonathan: let's talk about the public spat a little more. we see this stuff on wall street, here in london, how rare is it to have a public feud in germany? hans: for a family company, it is very rare. you rarely have these disputes. the only time we have this open dissent on boards is when you have an activist investor involved trying to get some seats on the board. we've seen it a lot in the states. this is the bill ackman model. what you haven't seen in germany is hostile relations even between family members. the people that are fighting here are both grandsons. they are cousins, both grandsons

toyota is ending a self-imposed freeze on building factories. the automaker.4 billion to build plants and china and mexico. toyota has not built any factories since the financial crisis. it is now facing a production crunch. aaron hernandez has been convicted of first-degree murder. a jury in massachusetts found that hernandez killed a man who was dating the sister of hernandez's fiance. at the time hernandez had a $40 million contract with the patriots. that conviction will be automatically appealed. erik: 6 billion pounds of food is wasted on farms every year because every vegetable that comes out of the field is entered into a beauty contest. cooking carrots -- crooked caret and dented apples get thrown away. they are just as edible and tasty. claire cummings is the waste specialist for a food service provider and catering service. we have been saying how you built a business out of this. claire: imperfectly delicious produce is a program -- we're talking about the shapely turnips. this is a program that we launched in partnership with our partner company

the first quarter toyota sold 2.5 million worldwide. the japanese automaker has been the world's top selling for the past three years. rounding out the top three, investigation wagon and general motors -- volkswagen and general motors. >>> the controversial comcast- time warner merger could be in trouble. the federal communications commission has recommended the proposed deal go to an administrative hearing. that is such a drawn out process that the regulatory experts believe this could effectively kill the deal. if it does combine, though, the merged company would control 40% of the u.s. broadband internet market. >>> home depot says it's remo76ving toxic deluge from its flooring. it's been banned in children's products in 2009 but still used in many other products to make them flexible. >>> if you are not sure where to recycle your old computer, best buy has qthe ant. the electronics -- the answer. the electronics giant is accepting e-waste. it claims americans don't recycle their old electronics because they don't know where to take them. very about ten t

ford toyota, vw are among the automakers expanding capacity in china. mf global -- there is a huge difference between the imf and mf global. former ms global ceo -- former mf global ceo plans to start a hedge fund. it would start with his personal wealth and a handful of other investors. he has capped a low profile since mf global, a man -- a commodity broker that went bankrupt in 2011, is still an -- is still under investigation for his role. corzine is also a former chairman of goldman sachs and as governor of new jersey. -- of goldman sachs and former governor of new jersey. matt: so he is still under investigation. stephanie: remember when i said he was going to start a hedge fund with his own money. he doesn't have steve cohen's money. i'm sure he has rich friends and he can get money from them. at a time when we are really seeing -- when we are only seeing hedge funds get bigger will go the way of jon corzine? matt: a lot of people lost their shirts on the incorrect see. stephanie: all those employees who were hung out to dry. remember the person

profits last year, and this year, the company under the leadership is set to surpass toyota as the world's largest automaker. that is one of the reasons why he did not win here. in the past, he pushed out people who were in a position of weakness. here, they were able to point to all of the things going well in the company, and other top people in the company sided with him. manus: as you said, the mystery will roll on. i am sure it will unfurl as we get a little more details. lack to have you with us. catherine: today is the greek day of reckoning with state employee payments due this week, and the country is scrambling to find the cash, but more aid to europe's most indebted state remains elusive after the finance minister met a wave of criticism last week. the euro area finance ministers insisted on less banter and more economic reforms, and the so-called brussels group of officials and creditors will hold a conference call today with german chancellor angela merkel and her greek and apart saying they would stay in contact throughout the negotiations. i bloomberg reporter has been following the developme

automakers are being spotlight spotlighting luxury models. more than 40 makers of brands are getting involved in the event. nissan and toyota unveiled suv. general motors and ford are showing larger sedans that have massage functions in the seats. more than 16.5 million units told. that is it for business news, i'll leave you with markets. >>> the market for pharmaceuticals is $1.2 bill a year. they are supporting private research on new medicines and they have looked to the u.s. as a model. takamoto reports. >> the command center for producing new and revolutionary drugs. it was officially launched on wednesday. >> the agency will be built from scratch. i want everyone to respect each other and feel free propose fresh ideas. >> reporter: the organization employs about 300 people. it has a budget of about $1.2 billion. that money was previously managed by a variety of industries. basic research was under control of the science ministry. clinical research fell under the health ministry and the m industry ministry was in charge of medicines. the organization is modelled on the u.s. national institutes of health. >> n.i.h. has always been a

market for a lot of japanese automakers and consumer electronics firms has really given hopes of a further boost to japan's economy. and according to analysts companies such as toyotaay actually expect to get all-time highs in some of their profits. earnings reports, which are due up in just a couple of weeks. ai. >> talking about corporate earnings, how is the season in the u.s. starting off? >> well the usual kickoff is aluminum giant alcoa. it did see shares actually falling in after hours. and that was after revenue forecasts fell a little bit short of expectations. we're going to have a whole bunch of earnings reports coming out across a lot of different sectors, but also i want to focus on china-related exchanges. let's not forget the hang seng rose 3.8% yesterday. the shanghai composite gaining as well. global investors really taking note of key sectors such as high-tech, transport, and consumer-driven shares. i'll definitely be watching out for those exchanges as well. ai. >> and in currencies we saw some volatility in the dollar after those fed minutes came out. how are key pairs trading now? >> definitely that pair was closely watched. 120.13 to 15 right

automakers. seems like the whole industry is in a lot of flux right now with the hybrids, electrics. if i had to play one, i would play toyotaz: toyota. let's move to jerry seinfeld. did you guys hear what he said? creator of what many believe is television's greatest sit come, makes a bold statement here it is. he said at the up fronts, which is the advertising opportunity for networks, tv is over. he was talking about network tv. is he right? i don't know, gary b., i look and this say, he has a web show on crackle, called comedians in cars. he has 100 million views. is this guy right now? >> he is, he is. everyone now adays has the ipad or a big iphone. everyone now is watching, most people, are watching video, via that way, rather than sitting down at the typical 8:00 or 8:9 and watching network tv i think the way it will go. the way society is going, completely mobile. liz: well, i would tend to agree. i feel networks were in denial about cord cutting but, adam, "ncis" on cbd -- >> bingo. liz: 16 million views. that is what people are watching live. that doesn't even count dvrs and tivos out there which are very valuable