he is the retail bank president for bank of america. [applause] >> i would like to on behalf of bank of america to thank everybody who is here particularly the mayor's office, supervisor kim, gail, and the long list of people all the way down. but a particular thank to mayor lee whose vision contributed to making this possible and that is his personal commitment from having grown up in public housing and advocating as a young layer. lawyer. the first time i met him the first thing out of his mouth was affordable housing and two things to make it happen. we have been in the bay area starting with the 1906 earthquake we were helping with the golden gate and the bay bridge and the ferry building. our partnership to help the community of san francisco has long standing and that is part of our strategy. we thrive because of our communities and our clients thrive because of the communities they live in and it stand to reason that it behooves us to support the community so that our kind thrives and we thrive. it is really an ecosystem and you c

thank the bank of america for making these conversations possible. l be hearing about the companies responsible growth strategy so our thanks to the bank of america. axios makes you smarter faster on the topics that matter seek and make better decisions. today we'll be taking up some of the biggest topics across our subject of business tech, politics. the guests will hear from in a moment, kim hart with the fcc chairman ajit pai. kim and the chairman run into each other at chick-fil-a on the weekends and so this time we will see that in a little more formal setting. our first guest was a federal prosecutor. he was a committee chairman in the state senate of my home state, california. in the house he has been a leader on foreign-policy, on the free press and is now the ranking member of the house intelligence committee it from the great state of california congressman adam schiff. welcome to axios. [applause] >> thank you. >> we are going to start with a quiz. i am going to describe a public figure and you're going to tell me who it is. one, very talen

bank of america is said to be tapping the brakes when it comes to -- bank of america has become more e. it is easing off in certain overseas markets after setting a record in 2017. bank of america advising on deals fell 27% in the first quarter. sign that, there is a it economic slowdown that began at the start of the year may be getting worse. a fourthrders fell for month in april and declined 2.5%. orders from the eurozone plunged 10%. americans have cut the cord when it comes to telephones. for the first time, a majority of u.s. households are wireless only for their telephone needs. 54% of homes have only wireless homes. fewer than 6% have only land lines. that is your business flash. coming up, it is the european close. mark barton takes the chair. we'll be following stocks. less than 35 minutes until the end of trading. some of the bond proxies falling today as we see yields widening war germany and france. stoxx leaving the game. german factory orders were worse than expected. france up by .10%. the euro has tracked higher. this has been providing headwinds for the european sto

there's effective ccar yields for wells fargo and citi ahead of other money centered banks like bank of americand jpmorgan, but really big returns there across the banks morgan stanley and goldman sachs had to reduce their initial plans while deutsche bank's u.s. unit failed qualitatively, and said they put widespread deficiencies in the capital planning controls. despite that, the ceo struck an optimistic tone speaking earlier to me today. >> if we can show that quarter by quarter that we get the costs under control and i'm very confident we get costs under control, that we have a stable franchise and go from a revenue point of view and that direction where we think we can go and will go, the sustainable profitability goes up quarter by quarter and revaluation. it depends on staustainable profitability. we took the right steps and confident we keep up >> more from that interview coming up in just a few minutes. overall, the bank index shows this a win for the sector up 0.9% >> can't turn the tide for banks. we'll see. >> we'll see tough quarter for sure >> gm, latest auto maker to warn about t

the bank of america is now saying they are going to moves in people to paris. s now becoming symptomatic of what is happening in the city. yes, and of course what is happening here is these are huge investment banks in numbers of different companies, they have very long—term plans and how they look at their business and how they look at their business and how they look at their business and how they looked to perform. and without any sort of clarity on brexit and we also like the broken record at the moment, i know, but theissueis record at the moment, i know, but the issue is without any information, without any clarity, without any idea of what post—brexit britain looks like, the absolute mess of how it is being handled, these companies are being forced, 110w these companies are being forced, now initially they came out during the referendum and just after that all of these companies are going to leave, and it was all seen as scare—mongering. leave, and it was all seen as scare-mongering. this is all about the rules, isn't it? they said because they are in the

i think bank of america, they think the stock remains relatively cheap a lot of capital if you think , kind of getting liberated from the banking system into the hands of investors in one form or another. i think it's going to be a good test tomorrow if the stocks can't rally on this news, something else is going on. >> we've got a news alert now. not done on fox. now the details. >> both disney and fox appear to have set dates for shareholder votes on that major acquisition offer. that is july 27th for both disney and fox for these shareholder votes, guys. so that is the latest we're hearing both on the same day having those shareholder votes for both disney on july 2th. >> a little bit of time left for someone else >> i think they needed to get it under the wire remember, by july 28th to get the votes in and sort of hasten the process. >> nike earning, the call's going to start everyone wants to know about china. how sustainable is this uptick we're starting to see in north america. speaking of buybacks, along with the banks. >> despite the wobble, all those shares are up. and of co

thank you, bank of america. >> responsible growth means to me is very straightforward. the four elements, it's got to grow, the right way with the customers, wright risk management and on a sustainable basis. the rule of banks have success. our job is to help the community to and be successful. whatever might be driving it. whether it's via text or traditional manufacturer or anything in between our job is to affect unity the successful. to up its housing markets grow. what we have is that each piece piece,. >> please welcome axios managing editor kim hart. [applause] >> thank you so much for being here. my pleasure to introduce fcc chairman ajit pai to the stage to apply the conversation about the internet. welcome. >> thank you. >> thank you again for joining us early in the morning. you had a busy week. some people in the audience may know this but you and i worked together at the fcc for about three years. i was the press secretary there while you were commissioner and now you are the ceo in charge. that's exciting. >> we miss you. >> thank you. >> thank you again fo

and dan makes a fair point, and i can't tell you the reason. >> being look, i own citibank and bank of america and j.p. morgan and the money center banks are the way to go and i completely disagree that banks have underperformed and haven't been part of thely yes, since the market's peaked january 26th, go back 15 months, you can do this easily at home, folks, graph the syf and spx, and which is what we're talking about. this entire market has been on a tear since elections and certainly in the last 15 months and there have been periods when wooe seen a kick-up in interest rates. bottom line is the fed is good for banks. the j.p.gan consumer boo cited and it's stronger andthe% economy. >> it's not good for stocks. >> they had record earnings and -- we know they'll return more capital to shareholders when z car comes out and why are aren't we running out ahead of that >> to tim's point, year to date, if you put it in the box of year to date, yes, underperformance no doubt you go back out, and the absolute outperformance, isn't there opportunity for the pause? >> we talk about it for a time yo a

. >> how complex are the banking laws that bank of america or goldman sachs? >> come monday -- incredibly complex thousands and thousands of regulations already in the books. i focused on international areas. so add the 50 states and all those additional as well. it is incredibly complex that it takes many years to understand what is going on. >>host: as a compliance officer with the federal reserve you were a government employee? >> yes. >>host: your focus was goldman sachs? >> correct. >>host: where we located? what work did you do? >> at the time the federal reserve assigned to work inside the building. >> that was a typical day? >> you get up really early first i would just hit the news. then afterwords go into the office to spend an enormous amount of time to go over all the policies and procedures in preparing exams and doing examination to see what is working or not working. >> were you privy to meetings? >> yes. we met with goldman sachs from different levels, mostly senior levels. >>host: what what happened? >> typically there were topics ahead of tim

wal-mart sits at number one at one point four billion then you have fed ex and half a billion bank of america wells fargo j.p. morgan chase state farm. these are all companies that we deal with even here in canada but we deal with a lot of these companies from this side of the border as well these a lot of these companies are international the biggest case that are the biggest payout so far has been thirty three million dollars that was against wal-mart and we're talking about eighty six thousand workers over a span of five years and that's how much money they got for this penalty nobody seems to be exempt here and i'm talking about these corporations and the fines themselves are they really working that is the. big question and that's what the study tried to look into are these fines a deterrent for these companies so that they stop doing this and it seems that it's just business as usual for them at this point because i don't know if it really works out this way because when you look at these places and they're making billions of dollars a year so this to them is really nothing anybody actu

joining us now is the cohead of asia rates and fx strategy at bank of america merrill lynch. i want to look at this price action and dollar-yuan in one week alone. which is less dramatic when you look at offshore yuan. the biggest decline since the 2015 devaluation. how do you play this? is it a safe bet to go long dollar or cny. you are quite right. the market seems to go from feast to famine, and famine to feast on sentiment. we have been forecasting dollar china to end at 6.6 in the second quarter and into the year at 6.8. a short position on afford basis. ais is an argument about required adjustment in the currency. the premise for this is a couple of things. we have seen some moderation in china data. we feel that chinese officials have tried to pull back on deleveraging, and allow for accommodative policy and increase liquidity. initiation of asio reserve. when you increase that liquidity, that amounts to upside on dollar china. talkther things i would about specifically is when you look at bloomberg's own monetary conditions index for china, that had shown the monetary

economists at bank of america, merrill lynch are actually putting a number on it. they predict the trade war could shave three to four-tenths of a percentage point from gdp in the first year of a trade war, which we may already be in, and an additional five to six-tenths of a percent if that were to extend into a second year. their biggest warning comes here: decline in growth coupled with a hit to investor confidence could lead to an economic meltdown, their words. to the floor show. guys, before it was kind of limited, china, mexico, canada with a little european union thrown in. treasury secretary mnuchin now saying you're all suspect. ing could bank of america economists be right on this? >> well, i think the keyword is -- oh, sorry. liz: chris. >> yeah, the keyword i think is could, with a capital c. if these guys really think it's going to happen then, you know, it's very easy to put yourself in a position to make a whole lot of money. if you think the stock market's going to lose 20, 30, 40% -- right behind me you can buy puts, you can get short the s&p and y

of corporate news now and bank of america is reportedly looking to move more jobs than originally planned from london to its new paris office it's shaping up to be one of the biggest shifts ahead of rex in the first wave of four hundred staff will move early next year the banks refurbishing enough office space to create a european trading hub once britain leaves the u. . and a highly anticipated merger is finally complete its german chemicals group buyer has sealed its takeover of u.s. seeds maker monsanto it's worth sixty three billion euros by year is already a giant and will become an even bigger global player the name monsanto will disappear but its brands remain including the weed killer roundup which contains the controversial chemical life o.c. . it took almost two years but it's finally done with its purchase of months by a becomes the largest agra chemical company in the world. it holds just over thirty percent of the global market that's ahead of the chinese swiss firm came china syngenta which has just over twenty eight percent. it's the u.s. business with seventeen and a half

the ft says bank of america is accelerating its preparations for brexit by relocating more of its senior its investment banking operations in the french capital. and finally, in the mirror, argentina football legend, diego maradona, may have become a little too excited following his country's win against nigeria in the world cup. the former barcelona and national team player had to be treated by paramedics in the stadium after appearing to collapse after his team's 2—1 victory. it so to those stories. with me is james hughes, who's chief market analyst at axi trader, a brokerage firm. let's have a look now at the story about phillip hammond, who basically says the british chancellor is issuing a warning to trump, he's in america and has gone on tv to say what? well, he has issued a warning. he is obviously not the first foreign minister to issue a warning oi’ foreign minister to issue a warning or the last problem be in this week toissue or the last problem be in this week to issue a warning to president donald trump. the issue of these trade wars is becoming such a massive issue going f

investigations include transactions that were handled by lenders including barclay goldman sachs bank of america cooperation and p. and b. reverse an initial dyckman are likely as soon as in the course of the year to expect we are hearing that the problem that the probe has been underway for about half a decade and it's picking up speed because several witnesses have agreed to cooperate with officials according to bloomberg a team based in cologne and also here in frankfurt is working with prosecutors and and they are trying to get more information well what does all of this about all of this started about fifteen years ago a big bank supposedly helped investors exploited interpretation of the tax code that seemed to allow two parties to complain ownership of shares and the right to get a real get a refund of withheld in taxes pays on dividends so yeah that's what it's all about and we're monitoring all of this here very closely tricky business definitely one to watch. covering it for us from the frankfurt stock exchange thank you. well the price of goods and services in the eurozone hit two per

alix: the bank of america is calling this the most important week of the year for the global economy.ies of central-bank meetings. argentina comes out with a decision to bar, fed, wednesday, thursday, japan and russia on friday. a central-bank policy divergence. the fed is continuing to hike is that yellow line. will that continue or is convergence of the theme? megan greene and neil dwane are back with us. what is the most important central-bank meeting of the week? >> it is the fed. seenthe problems we have in turkey, brazil, and argentina, the fed will be raising rates. it depends how hawkish they are. i think the most important thing the fed is doing is the quantitative tightening. ins is going to happen more an accelerated fashion in the second half of this year, which underpins the dollar and we see further strength. do and saygoing to nothing, particularly now that italy is back. david: picking up on this team -- seem of divergence versus con virgins, i ha chart, overall, -- burgess -- versus nvergence, i have a chart, the overall global pmi's are misleading. is that your take?

bank account. emails are the center of our digital life. imagine if you wanted to reset your passcode at bank of america. they will send it to your email. ial to into someone's email account and forward all messages to another account. you would never even see bank of america resetting your password. they are resetting everything. it could take as little as seven minutes from someone getting your password to taking your identity online.>> we've got 15 seconds left. how will someone know if they have been hacked after returning from russia to the u.s.? >> if they have a burner phone, trash that thing but if they have two-step authentication like a text message and watch the activity later on.>> okay. thank you so much. >>> you can be -- it can be the first time since the 1800 since a state has been broken up. the plan to split california into three states next.>>> another hot day out there. if you want cooling relief you will like the forecast. we will talk about the trend heading our way coming up. >>> a question voters will have to answer. should california be divided? >> we were discussing it. it would really be something. controversia

. >>> still to come, bank of america chairman brian moynihan. that's coming up next hour >> but up next, jim chanos will join us. we'll get his take on the elon musk purchase at tesla and so much more when "the closing bell" comes right back keep it here a bachelor. and that's how he intended to keep it. then he met the love of his life. who came with a three foot, two inch bonus. for this new stepdad, it's promising to care for as if she's his own. every way we look out for those we love is an act of mutuality. we can help with the fincial ones. lere or find an advisor at massmutual.com i'm not really a, i thought wall street guy.ns.l ones. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not

much higher in germany for italy are means below where it was upon euro creation this is via bank of america merrill lynch this is germany this is italy as you see this is the introduction of the euro they moved in lockstep together after the introduction of the euro but g.d.p. per capita since the financial crisis since these new regulations since the e.c.b. stepped into the markets and started buying certain bonds and and favoring certain participants over other germany has done well italy has done badly and. you know they're not if they're not for they are search google any old thanks times or germany saw strike and i'll explain exactly what's happening last five years as i predict it well we have to go to break but when we come back we're going to be doing a whole lot more so don't go away. in july twenty second team on an attempt a freelance journalist working with a. militant shelling in syria. to only his sacrifice quality has established a holiday memorial they will recognize the reporters who often risked their lives to the sake of the truth and through that peace you can submit to

bank eating, a deluge of eco-data. there are clues to growth and inflation in the top three economies. bank of americathe global economies' most important week of the year. charts.cencio has we are not short for headlines and events risk everywhere we look. ramy: there will be a deluge of eco-data. behind me, these are some of the highlights. june 11, local time, machinery orders coming out. we are expecting a surprise to the upside. june 12, the u.s. cpi, also a little higher. june 14, china's industrial production. this could be a mixed or murky picture. let's flip up the board. here is my first chart. you can look at these on the gtv low -- gtv library. japanese machine orders right now negative. we have not been positive the last year or so, but we are getting this to flip positive year on year and month on month. month on month expected at 3.8% and year on year at 2.4%. this is lending some credit to what analysts are saying in terms of a possible better growth in the fourth -- second quarter for japan. cpi,ew chart now, u.s. take a look at the right-hand side. looking at 0.2%. we expect tha

bank of america caps the break, they -- taps the brakes. us now is peggy collins who leads bloomberg's investment coverage. welcome and good to have you back with us. ubs, all of these banks are sort of tinkering. i think of it as wealth management. ubs iswe found out shifting away from asset management in terms of job cuts, at least 100 globally and some of them in the u.s. and new york. basically, they are shifting their focus toward investment banking and wealth management. asset management sits in the middle and the focus is really on asia. this is interesting because they see a lot of growth, but we have not heard as many banks say that is our number one priority. -- said we really want to go into china. i wonder, are they too late into the game. at this point, can they build up that business in china? has had ahink ubs presence for a while and they are one of the strongest banks when it comes to managing the wealth of billionaires. they have been looking at asia as a growth space. alix: if you do passive investing, that will be a lot

that's weighing on the banks i would say it absolutely is people, at least whether it's right or wrong, that's part of presence of jumping back in. for one year, bank of america is up 19% for everybody saying, geez, these banks don't do anything. they haven't done anything this year, that's true. but it depends on your time frame, too, mel. some of these names that we talk about each and every day, some of these names aren't just trades, they're investments. and they've been in portfolios for a long time. >> from where we stand we look at large institutional clients we're not talking about investing today or tomorrow. but uber economic cycles to your point, where are are we going? they should be up already. they're down 5% on the year. we think that the ccr is only going to emboldzen by the day. and with the ten-year treasury to get out of volatility in the short term but you've got to be there. >> why do you care about voltz tilt >> why do we care? we definitely care less than you do >> i don't care about vol at all. >> okay, my clients care about volatility >> less than you do. >> you only worry about the war of 1812. >> please don't. >> we care about it in

according to a report by the usgs, the office of senator dianne feinstein and former bank of america building could collapse if a quake as strong as the one in 1906 hit. last month, to make it mandatory for cities to create an inventory of seismically vulnerable buildings. how do y >>> we are joined for tonight's bay area proud. >> we first profiled eugene in a bay area proud story for reasons you're about to see. after the story, eugene went on the hunt for someone to give him a job being kind to others. he didn't find one. you can guess what he did next. three years ago, eugene pulled off a single, monumental act of kindness. really big. like climbing mountains big. >> i claimed several yes, i did. yeah. >> reporter: in 2015, eugene hiked the pacific crest trail, from mexico to canada. raising money along the way for a paraplegic man he barely knew at the time. arthur rentwitki. so that he could buy device to help him walk for the first time in a decade. when all was said and done, though, eugene was faced with a question. how do you top such a big act of kindness? with thousands of

america if the meeting goes well. geordie greig has been appointed the new editor of the daily mail after paul dacre stood down yesterday. the bank of america is to move 400 jobs from london to paris next year, double the number initially thought. a royal welcome: prince william meets the england team ahead of their final world cup warm—up match against costa rica this evening. 0n meet the author this week, my guest is the american writer kevin powers, best—selling author of the yellow birds, whose new novel a shout in the ruins moves from 1950s america to the turmoil of the civil war and the time of slavery a century earlier. good evening and welcome to bbc news. today marks another casualty on the high street. the department store chain house of fraser plans to close over half its shops, affecting 6000 jobs, as part of a rescue deal. the boss of house of fraser has told the bbc the decision to close is brutal and as tough as it gets. and the discount chain poundworld is in trouble, too, with nearly 5500 jobs at risk. our business correspondent emma simpson has more. it's the cornerstone of many a high street. this is birmingham

banks today. take a lookat the performance of just the big banks. jpmorgan, citi, bank of americain the red has underperformed the market this year. do the big banks have the big blues? tim, it's just around the corner. >> i do think the capital return between buybacks and dividend increases, banks are thirsty as well i think you can take any numbers you want and you can find plenty of opportunity to say banks have actually outperformed certainly since the election when trump came into office, regulatory environment changed for banks. they have outperformed the s&p by 10% they've been sideways over the last 18 months year to date they've underperformed i don't think holding banks has been so awful. jpmorgan in the first quarter had record revenues. the consumer banking department is doing well. higher rates on libor mean more profitability in home loans, auto >> i think it's interesting that tim brings up depending on what time period you look at. year to ate, as we've mentioned, they're underperforming. at what point do you say that outperformance is nice but i need to cut my los

have you ever spoken with citigroup or bank of america about their gun policies? >> no. >> okay, have you ever discussed any company gun policies with the sec staff? >> not that i recall. >> so you have never had any sort of conversation in regards tonyun policies -- >> i am thinking, because people have disclosure, they make disclosures, but -- are you asking, gun policy in terms of sec policy? >> absolutely. >> no. >> as i have stated before, a republican member of the sec, michael pete ward threatened citigroup, this was back in april, saying that because of their gun policies, but the bank lacked support for their agenda at the sec. not only is that unethical, it is illegal. so, i am asking you as the chairman. have you ever had that type of conversation? >> that report and that incident, i'm not going to discuss that. that has been the subject raised before, and as i said, the question of whether there should be an investigation is on the table, and it is inappropriate for me to discuss anything related to that subject, but as far as your other questions to me

joining me now is francisco blanche at bank of america merrill lynch, good to see you.tlight, russian president vladimir putin and mohammad bin salman meet on the sidelines of the world cup, russia had no problem on the field with a big blowout and on the oil front it was the saudi's that made the headlines. they say and output increase is inevitable. "i think it will be a reasonable and moderate agreement but nothing outlandish. what does that mean? >> we will find out the details next weekend in vienna. the action is clearly happening in moscow and it probably kicked off a couple weeks ago. discussions have been going on for some time and it is pretty clear that the cartel will increase production. we inspected increase from here to the end of 2019. it is a gradual increase. basically priced to bring the market into a better balance. right now, we are growing inventories probably at two faster rate. alix: the saudi's said 1.5, and this is what putin said, he said we are not interested in and in this rise in the price of energy and oil, we are satisfied with $60 per ba

america. speaking of buybacks, along with the banks. >> despite the wobble, all those shares are up. and of course some of the others like wells fargo up sharply. >> key test tomorrow >> if they can hold those after hours. great to have you back with us quest fast money" begins right now. >> "fast money" live from the nasdaq, i'm melissa lee. our traders on the desk. tonight on "fast," check out shares of nike, one of the best performing dow stocks this year, soaring after hours. the conference call kicking off right now. we'll bring you the latest headlines as they break. plus, pharmacy stocks just got am amazoned if history's any guide, these beaten down stocks could be primed to buy. we've got those details. first, we start off with a bank. it's a mixed bag at first. but check out some of the biggest players. now goldman sachs, goldman, deutsche banc, citi, wells fargo, all higher right now. >> that's right, deutsche banc's u.s. unit failed to receive approval from the federal reserve to move forward with its capitol hill plan and remaining 34 banks tested by the fed were approved

this happened at a bank of america in sunny valley mall last month. theuspe otto eventually turned himself in. police tell us that they can't say peterson died as a direct result of the injuries of the robbery. our own jody hernandez broke the story online. follow us. @nbc bay area. >>> now to a major milestone on the peninsula. the city of east palo alto is celebrating two years without any homicides. back in 1992, you may remember it had the highest homicide rate in the nation. police chief albert cardini's message to the community, you should be proud of the work you have done. >>> well, they want google to go before it even gets here. more than two dozen people attended a meeting last night to express concern about the tech giant's expansion plans in san jose. google wants to create what it's called a planned village near san jose deerdon train station. some say it takes space for housing and cost jobs. >>> 4:50. the rush is on in sacramento stop soda taxes from taking hike and holding on here in california for a decade. let me explain it to you. t

bank of america had sent them a check for the wrong amount! family..who had a tough decision to make. eric gabriel:"we freaked out, you know, you kind of jump up and down."eric gabriel and his family couldn't believe what they were seeing..this check from bank of america made out to them for one million dollars.eric gabriel:"i could feel my flesh say 'i want this,' but it wasn't it, it wasn't mine."he was expecting cash from the bank but definitely not that much. gabriel admits the thought of becoming a millionaire overnight was tempting. eric gabriel:"all these thoughts run through your mind like oh i can do this, i might not even have to work."but he ultimately gave the check back. eric gabriel:"we prayed about it and we decided the best thing to do is glorify god with everything we do so we decided to take it back."a spokesperson for bank of america confirms the incident has been resolved.gabriel says the mistake surprised him because several people had to sign off on the money before it came into his hands.eric gabriel:"they basically said

bank of america had sent eric gabriel a check for the right amount. to sign off on it but he admits the thought of becoming a millionaire was pretty tempting. a spokesperson from bank of america says the check was returned and the incident has been resolved. >> that wraps up kron 4 news. >> but our prime time coverage is just getting started. here is kron 4 news at 9:00. of smoke in antioch and pittsburg.crews finally have control of the flames..but there are still some hot spots burning tonight. we're live on the scene with the very latest.and dubs >>> we are tracking two big stories. the first in the east bay where a large fire at a junkyard is causing a lot of smoke in antioch and pittsburgh. crews finally have control of the flames but there are still hotspots tonight. we are at the scene with the very latest. traight ahead. ((vicki))plus...a cool and windy night across the bay area.meteorologist mabrisa rodriguez has your >>> the warriors just one win away from back-to-back championships after a thrilling come from behind win in game three of the

banks in any one country in the jurisdiction of that central bank so the u.s. intersection of the fed over the u.s. banks like j.p. morgan chase bank of america goldman sachs and in europe other banks for example the e.c.b. european central bank has jurisdiction over door to bank or u.b.s. the swiss bank and so forth so all of the biggest banks yes have colluded with the central banks by the central banks have also colluded with each other to keep the overall level of money available to these larger banks or larger corporations that they select in their various countries motivated by extra cash basically as opposed to using that money in any other purpose or simply not giving it to them right let's talk about the role of the central banks basically in terms of an overall relationship i mean really when we talk about the g. seven meeting sure the presidents will show up and kiss and shake hands but give the day this does seem to be a very tremendous financial implication and sort of motivation to a lot of the deals being made there from these major companies countries but. what strikes me is that we're talking now about trade war school going

banks in any one country in the jurisdiction of that central bank so the u.s. intersection of the fed over the u.s. banks like j.p. morgan chase bank of america goldman sachs and in europe other banks for example the e.c.b. european central bank has jurisdiction over door to bank or u.b.s. the swiss bank and so forth so all of the biggest banks yes have colluded with the central banks but the central banks have also polluted with each other to keep the overall level of money available to these larger banks or larger corporations that they select in their various countries motivated by extra cash basically as opposed to using that money in any other purpose or simply not giving it to them right let's talk about the role of the central banks basically in terms of the overall relationship i mean really when we talk about the g. seven meeting sure the presidents will show up and kiss and shake hands but they're the day that does seem to be a very tremendous financial implication and sort of motivation to a lot of the deals being made there from these major companies countries but. what strikes me is that we're talking now about trade war school g

have you ever spoken with citigroup or bank of america about their gun policies? >> no. >> okay. and have you ever discussed any company's gun policies with the s.e.c. staff? >> not that i recall. >> so, you've never had any sort of conversation in regards to any gun policies with any of these entities? >> no, i'm thinking because, you know, people have disclosure, they make disclosures, but have i -- are you asking, like, gun policy in terms of s.e.c. policy, vis-a-vis -- >> absolutely, yes. >> no. no. >> again, as i stated before, a republican member of the s.e.c., michael p. orr, threatened citigroup. this is back in april. saying that because of their private gun policies, that the bank lacked support for their agenda at the s.e.c. not only is that unethical, that'sllal. and so, i'm asking you as a chairman -- >> so, look, i'm not -- >> have you ever had that type of conversation? >> that report a that incident, i'm not going to discuss that. that's been the subject raised before, and as i said, the question of whether there should be an investigation is on the table, and it's

at bank of americly the a cites china's decision to suspend construction of new solar farms and to cut subsidies. price target now63 and that stock fell more than 5.5% to $58.24. >>> and bank of americas also making a call on weight watchers,pa rating the c a buy in new coverage. theou analyst says the stock rise another 20% from current levels. the price target is $95. the stock was up 8% to $85.93. petroleum ccidental were upgraded to buy from neutral at citi. the analyst cites rising oilpr eds.to the closed up a fraction. >>> the woman who created an iconic accessories empire that made her name synonymous with trendy handbags was found dead today in her manhattan apartment. designer kate spade was 55 years old. the cause ofth is being reported as a suicide. our courtney reagan now has more on her influence in the fashion world and the legacy she leaves hind. >> reporter: the retail and fashion industries are mosrning the of the designer known as kate spade. they've launched her original eupe eponous handbag. the brand was the first premium american handbag maker to use lon for its base material. kate spade, her husband, and partrs sold their majority stake to neiman marcus in 1999

stocks for like a minute >> some stocks i just like to hold for longer term something like a bank of america or citi, and we bring this up all the time, but from the valuation perspective, i think sooner or later they're going to, it seems to be latsure, buth up in terms of the multiple ofw and we look at some of the names and i still think those names have more upside and that's whwant to be >> we want to get to josh lipston in san francisco with a news alert >> breaking news here on lyft. dow jones is reporting that lyft has raised new capital that in fact doubles its valuation from last year to now billion, specifically lyft raising $600 million in a row led by fidelity as well as the capital g unit of alphabet, we remr that carl icahn, also an investor here more money for lyft as it does battle with its bigger rival uber, which remember, is valued at around $62 billion. back to you. >> josh, thank you josh lipton in san francisco here's what's coming up next on "the halftime report." >>> several big calls of the day. we're talking medical devices, big food, and big pharma picks from each

scarlet: bank of america merrill lynch -- the unit of bank of america has agreed to pay 42 million dollars customers. u.s. regulators say it routed customer orders to outside brokers while telling them that they executed the orders in house. merrill lynch has admitted wrongdoing. some of big tex early as investors are betting on a corporate credit card buybacks. targeted specifically at venture backed companies. the silicon valley startup announced it raised $57 million in a funding round that included paypal cofounders peter keele and jim. rather than focus on credit history, brexit looks at funding raised in order to issue cards to companies and employees to cover startup expenses. talkshow and media mogul oprah winfrey went through another milestone. she is one of the world richest people. he is theing chip -- first black female entrepreneur. she has over 494 on the list. julie: i would have thought she was there already. scarlet: she got bumped up thanks to weight watchers. this is bloomberg. ♪ his is bloomberg. ♪ scarlet. >> welcome to bloomberg markets. .e're live in new york over th

it happened at the bank of america in sun valley mall last month. peterson was hospitalized with a broken hip after that attack but we learned that she died yesterday. >>> if you need a place to cool down this hot weekend, a water playground at the popular water park in the east bay is set to reopen. we're talking about blue goose park in brentwood. it has the all clear to go ahead again. a section was shut down monday after an inspection from the health department. four kids were vomiting and had diarrhea after playing in the water playground on june 1eth. maintenance problems have now been fixed. h> f of start of the second half of the year, caltrains monthly passes will cost you more, adding an additional day to the monthly pass rate. the passes will now be calculated on 15 days of travel instead of 14 with those costs varying by the number of zones you commonly travel. july monthly passes went on sale eight days ago. >> all right, we've been mentioning it's friday. >> it is friday. >> it is going to be a hot weekend too. >> best way really to co

>> well, you think you'd know i was at bank of america yesterday, right very impressed with the momentumof growth, bank of america has it today, and it's really, expenses are not going up revenues go up 4%, and that creates a lot of operating leverage and good earnings >> guys, thank you all, great discussion just got, as we said, latest annual stress test results with more to come next week time for a news update >> the house killed a hard right immigration bill and gop leaders delayed a plan vote on a compromise until tomorrow. the conservative measures defeat, sets stage for debate on a second bill. a northern california utility expects to pay at least 2.5 billion in connection with deadly wildfires last october. some of them ignited by its fallen power lines they warned its liability could be considerably higher pope francis almost took a tumble celebrating mass in switzerland. aides were able to catch him you can see it there it appeared francis did not notice there were two steps to descend. it was the final event a close call >>> first lady boarded a flight to a facility housing m

the bank of america says it's the most important meeting of the year. head,. and on top of that, a lot of debt coming into the market, a lot of u.s. treasuries. have a look at asia. this is how we are looking across the benchmarks at the moment. you put everything together in the asia-pacific, data coming out of china, looking ahead to trade and retail sales. have a look at the bond space, potentially pushing higher in tn u.s. treasury's. -- u.s. treasuries. we are on hold given the fact that we have very important central-bank decisions. it's really the updated forecast that they have. the ecb, will they come up with the timing, when they plan to stop by, not expected to do anything, but it is a comment on the doj. let's flip this around and have a look at where we are in the other majors. 2.5%, dollar looming on the back of this fair from president trump, trade is not really fair trade with canada. dollar-yen pushing a little weher, which indicates that must get back into the market. we are looking at this chart which tracks for you the mood across sou

. >>> the analyst at bank of america says concerns surrounding the homebuilding ector are overblown. price target $3300. that stock rows $27.24. >>> still ahead, fire sa by the young california canabis history is offering a deep to discoun its customers. ♪ >>> california has now passed the strictest on-line privacy law in the country. this lawmives conss sweeping control over their personal data and grants them the right to know what information companies like facebook and google are collecting on them. the law tals effekes effect in . >>> also in california, new laws governorarning the cannabis industry take effect this weeken a. that mea lot of businesses are scrambling to sell inventorn that wt meet those requirements. a aditi roy in california. >> the lines are long because n the disc are deep. some cannabis up to 80% off. >> cdc used to be 20 to $30. green croas it over here for $5 an theig which is way better. it's not hurting my pocket. >> reporter: the reason? tsix months after thete of california legalized recreational marijuana, new regulations are scheduled to take effect,