and not everyone on my panel useful a ship that is for banking unions. sche bank has comments as well. sebastian: the president has ramped up the trade war with china. the u.s. will impose a 10% tariff on about $200 billion worth of goods on china next week. beijing vowed to retaliate paid if that happens, the u.s. bad to impose further tariffs. the president says china has been unwilling to give fair and reciprocal treatment to american companies. a russian altera common sense plane has been shot down mistakenly by syrian forces, and the kremlin blames israel. all 15 people on board were killed. high drama on capitol hill. showdownive public with a seat on the supreme court at stake. the white house's pick for the supreme court, brett kavanaugh, and the woman who accused him of sexual assault will testify next week. america's allies in the middle east are trying to contain the fallout of the president's attempt to rewrite rules that have underpinned piece talks for decades. bloomberg spoke with's foreign minister. >> it is on everyone to avoid violence,

he wants banking union to cut on npl's. with banking union, you have consolidation. bank, the running,ion sewing is is considering a tie up with commerzbank. so are people in berlin considering that possibility. let's get the thoughts of peter chatwell, head of rate strategy at mizuho. it's interesting in the abstract to talk about banking union, but i can't imagine the european union actually achieving this, because it involves shared responsibility, shared financial responsibility, which states like germany are not likely to take for states like italy. peter: it is a massive stretch. the banking system in europe is still extremely fragmented. you can see that, how the banks lend to each other, there's very little cross border activity within the euro area. the reason why the ecb and others really want banking union is because it would make the financial system that much more effective at passing on their monetary policy, but i think it is a hope. probably catalyst, another crisis for this type of rheumatic measure to actually get the political will to happen. matt:

in buying banking union but also lister strengthening [inaudible] despite. announcer for the concerning that he to you and round roaming. the high level of connection as not. is easy nonstop flights and it us. rational think a company is taking [inaudible] it's crazies frequent twenty ninth early in the season so hundred drinking the united states and also solicit her throat. do they were there yeah yeah yeah. the cc cream. seven surgeries how. markets the willful. filthy. price a sacrifice themselves when you're in a sense and almost a little. i sliced my says. just a little starbuck's coffee. is was my lessons and heard some reason i mean i've. been seeing someone. else's goals it how of all of us take cases where you want to change any time. soon no known as a sound. you can get our allies called coffee i dried drilling land and it is really. because because it's it's a different kind of coffee. will have lasting years later the demolitions also. known i was just really have had a us already ready. to billion dollars with my chinese imports donald trump t

it are safer notably the banks because we have reinforced the regulation, the credentials, a number of structural reforms have been made. >> since the crash, the european union establish the european banking authority to oversee lenders and conduct regular ensure banks can win or another crisis. institutions have been forced to increase their capital ratios. it also said of the banking union, a rubric for financial institutions in the eurozone to ensure a safer financial sector. despite these systemic changes eubanks last 10 years, reliance on bailouts persist. june $13 billion in taxpayer money has been permanently lost due to the bailing out banks. nonperforming loans are high across the eurozone, though these bad loans have decreased over recent years, the level is far higher than other major developed countries. years of eubanks and i have returned to precrisis levels and many are trading at a steep discount to the values of their assets. a healthy financial system is still far from reality for european banks, who fear another crisis looms. >> i feel are we are sleepwalking into the next government we either have the fiscal and monetary room to maneuver

it needs to be the last leg, the last pillar of the banking union.g quite honest i think in terms of risk reduction the last couple of years have been so successful that we need to put egis back on the agenda it's not popular in the netherlands or germany, but to be fair there is so much work done on risk reduction, time has come to strike a deal on a common european deposit insurance scheme >> do you think time is more crucial given the volatility we see in italy these days? i was looking at a chart from deutsche bank showing there's a 95% correlation between italian bank performance versus sovereign bond performance you can't really say that the banking system has delinked from the sovereign system yet >> certainly not in italy. though italian banks have started to reduce exposure to their own sovereign. after years in which it only increased. that has started it will take many years to come. i think italy is a case in ir itself the italian will have to save italy. the markets won't do it. europe won't do it italians need to at thes theirdr own iss

a banking union, single market, energy policy, comprehensive migration policy, and a union of safety and security. at least most of us undertook that. the social dimension in europe -- it shouldn't be in second place. it should be treated more seriously. all the initiatives that we announced in the commission in 2014 were put on the table. half of them were already adopted by counsel of parliaments. 30% are stuck in some difficult egotiations. i don't expect that the commission is responsible for the false of itself. there have been hortcomings. our faults are well-known, in particular when it comes to refugees and migration. they should be adopted and implemented. i want to allow in the future -- and i know this will happen, that the commission is made the sole scapegoat. scapegoats exist in all nstitutions. least of them in the commission nd parliament. leadership on a broad front is needed. this goes to changing our ecurity union. the europeans expect, quite rightly, that the european union protects them. the commission is proposing new rules today to counter terrorist propaganda

there was a large move your money day where hundreds of thousands of accounts moved from big banks to credit unionshich are banks that are owned by the people they serve. there is been a rise in interest across the country, especially in cities in worker ownership, allowing workers to become owners of the businesses where they are employed. this is increasingly moving into federal strategy. it is a surprisingly bipartisan opportunity. there is a quiet opportunity here to really make good on the failure of our economic system 10 years ago. juan: some might argue even some predatory capitalists are developing the idea of businesson among people. i'm thinking of airbnb ,uber, this sharing economy. taking a cooperative idea and standing at on its head in terms of making money. >> cooperation is the original crowdfunding, the o original sharing economy. thing most of us have was of to the fact this is not a real sharing economy, this economy of , but in airbnb extraction economy. a lot of what i've been following for the last two years is a group of people around the world who are trying to build real s

speculation has been swirling about consolidation in europe's banking sector, but the head of germany's banking unionnot be drawn on between a tie up of commerzbank and deutsche bank. i sat down with the ceo at the european banking summit in brussels and asked for his take on consolidation in the sector >> i think what's needed in order to enable cross-border mergers is for policy mmakers t take initiatives and integrate european banking markets the way the regulatory environment is set up, the fragmentation we have, i find the economic rational for large-scale cross banking mergers is limited we all need to work in order to create an environment, regulatory environment that allows banks to benefit being market leader and of being operational in more than a couple of eu countries we are not there yet >> what about domestically do you see room for consolidation in germany >> i find there is a lot of consolidation going on in germany. the consolidation i would focus on is not talking about the large banks, there are still a couple thousand small institutions there's a lot of consolidation going on betw

work together on the border european project that they think is very important to work on the banking unionn the european euro zone also the e.m.f. they want to see something like the international monetary fund but just for europe to basically further strengthen the backbone of the european economy which is of course euro currency so we didn't really know anything new here because it is of course before they go and sit down for dinner for a couple of hours she did the same with putin the other day here no means a back and there needs to go to hint of the friction that was going to be on the table ok not much that wasn't expected but what was there that i was kind of surprised by was all americans commitment to deepening euro zone policy in terms of financial issues and that's a no go vote or. go. discussed behind. this when they met a couple of weeks ago and mase about actually months ago no. i'm going to max actually did give a bit of ground with the first raise that issue of having this investment budget not the eurozone finance minister. cole would have liked to see she faces some stiff

and again, through banking union, capital markets union, and a digital single market. ussels needs to help this proceed further. >> are you saying we could see the big strong u.s. banks provide those kinds of services to european clients? because european banks can't do that, and then maybe we could see the u.s. banks by up these european banks. >> european banks can do it, they are doing it. you just need some support out of brussels. you need a consolidated single market with respect to capital markets. you need an underlying environment which is supportive of continental banking, rather than country specific taking. -- banking. i suspect non-european institutions will continue to pick up market shares. competition will provide better services for clients here. guy: we are 10 years on, coming up to the 15th of september, from lehman brothers. is the system safer now? you have talked about balance sheets. i'm going to paraphrase something i read a couple days ago. how much has really changed in the last 10 years? have $3 trillion in additional bank capital. we have a s

signing today rolls back to crippling dodd frank regulations that are crushing community banks and credit unions nationwide they were in such trouble one size fits all those rules just don't work. before trump's rollback all banks that had fifty billion dollars of capital had to take part in stress tests. under the new measure only banks that have two hundred fifty billion dollars or more are subject to the tests but many on wall street want the deregulation to go further they want more flexibility and in other words the freedom to take more risks critics say easing restrictions on banks could prompt the next financial crisis. and for more i'm joined by john jordan u.s. economist and advisor to multiple presidential candidates including the current us administration good to have you with us someplace tell me how healthy is the u.s. banking system ten years on from the crisis. well the u.s. banking system is much healthier as is the u.s. economy the next threat is going to come from a very different quarter and it's going to it's a very different nature than what struck the world in two thousand

the governing council urges specific and decisive steps to andlete the banking union the markets uniont your disposal for questions. >> yes, bloomberg news. mr. draghi, first question is, you decided to reduce bond purchases from october, but you still left the ending of the program and the end of the year open are dependent on incoming data. could you walk us through the arguments behind that decision, why leaving the ending of the program still open? my second question would be, based on the forecast you received today and the discussion you have had, would you say that the output in the or isne is already closed close to be enclosed this year or do we still have to wait for that to happen next year? answer to the second question is we have seen growth rates now for some time above growth potential. to the first question, basically, we have not discussed this. my reading to the second here, what is will reduce the monthly pace, and we anticipate that subjective and coming data. it would then end net here purc. that is what we have discussed it we have not elaborated on that. let me m

abu dhabi commercial bank and union national bank shares have surged by their daily limit after startingalks for a three-way merger. they say they are in export trade negotiations. the for dealing with upcoming split will reach $100 million. the uk's looming rupture with forth companies to duplicate regulatory efforts. pfizer said costs stem from transferring licenses and products to other countries and other preventative measures. buysche bank is set to noble group following a tender offer. the auction ended august 31. the german lender said it had offered to pay 45% of face value for the bonds. a deutsche bank official the client to comment on the offer. that is your bloomberg is the/. guy: thank you. emerging market on sales have collapsed the summer, issuers 50 billion dollars between june and august. that is the lowest for the time in five years. this is according to data compiled by bloomberg. emergings now is our markets reporter. let's talk about this, why the strong start, why the collapse in the summer? >> the summer months are usually not the busiest for bond is even but this

the institution that is most important in our financial relationship with the european union, or banking. well, today, frankly, he talked about continuity, but that is pretty much code for, thatis but that is pretty much code for, that is something else i don't have to worry about. you can put that to one side out of those three big issues now. the governor says he wa nts to issues now. the governor says he wants to help deliver a successful brexit and frankly, mr hammond is probably glad of that given the critics of the present system. but the big issue is now all he doesn't have to look for a new governor and thatis have to look for a new governor and that is a process that is run by the treasury. he does not have to spark that process until next autumn, well after britain is scheduled to leave the european union. thank you. there are more than 100,000 jobs that need to be filled in the nhs in england. that number went up between april and june by almost 10%. nhs improvement, which monitors the health service, says the staff vacancies are down to rising patient demand and more staff le

banks -- probably a good thing. will we see a capital markets union in our lifetime? , just like they have developed a single supervisor for the biggest 130 banks, i think they can develop a single securities market regulator and move significantly in that direction. your book, globalizing capital, are we now globalized? i bring this up in the terms of president trump's second speech to the u.n.. he says globalism is a plague. globalizing capital. what are those, and are we there yet from the dream that came out of world war ii? barry: know, we don't have a unified, global capital market. -- been moving in that direction since 2015 and so have other emerging markets. i think we are learning, slowly and surely through trial and managehow to international flows better. the international monetary fund had a more nuanced view of how to manage those capital flows than 10 years ago. so it is not a seamlessly integrated global capital market and probably shouldn't be. francine: how does brexit fit into this? barry: not comfortably. i'm of the view that brexit will the u.k., f

dhabi commercial bank and union national bank shares have surged by the daily limit after starting talks-way merger. a dcb said it is in the .xploratory investigations the potential tie up would corporation, the fifth-largest bank with $110 billion in assets. said.s. based drug giant the cost of dealing with the split will reach $100 million. the uk's looming rupture with the eu threatens a group of borders that are open and force companies to duplicate regulatory efforts. that is your bloomberg business flash. manus: thank you. equities continue to defy the rest of the world with the s&p posting another monthly rise in august. had you get the best value out of these markets? peter oppenheimer joins us from the banks leverage finance conference in london. always great to have you with us. we have the tightest trading bandwidth, that is the destination as well as your conference. the tightest band with since 1967. what does it take to make a break the u.s. market of were down, what is the linchpin to move this bandwidth, the calmest since 1967? peter: it has been extra ordinary and we nee

if it is a deeper relationship, very much intertwined with the european union, that means certain things for the bankhip, very separate from the european union, the bank would have different types of powers. it is very ha rd different types of powers. it is very hard in that situation, according to my whitehall sources, to encourage the right type of candidate, with international experience to take over that role. so, the treasury wants to delay the process slightly. that means mark carney to stay on. there has been some criticism over how long he might stay, the former member of the monetary policy committee of the bank of england says that this issue around the timetable for his departure is causing confusion in the market. we could at least see some clarity tomorrow. mark carney, his first appearance in public since the summer holiday, it will be in front of the treasury select committee. i am sure members of that committee will be asking him what his intentions are dumb and how long he might want to stay. -- what his intentions are, and how long he might want to stay. jeremy corbyn's leadership o

i would look to europe as well with the eurozone, where they still are working to put a banking unionplace, for example, to complement the monetary union. there is a lot of work to do. >> yet here in the u.s., after the financial collapse, we saw some mechanisms in place in order to protect the united states financial systems from that ever happening again. we are seeing more deregulation, an overhaul of the dodd-frank. is that a risk? paul: the lessons from the crisis had to a large extent been sort of encapsulated in institutional frameworks. mentioning dodd-frank, i think how do youcus is stop a financial crisis from happening? make sure the banking system is holding better assets, make sure they have enough liquidity, make sure they have enough equity. macro prudential policy. the other lessons were what do you do when you get into a financial crisis? the focus was much more on the idea of getting rid of too big to fail, orderly liquidation. do not have a lehman-type event. the lesson that was underappreciated was how important in a financial crisis it is to have a lender of last

but in making the choice of providing subsidies for, yeah, the banks, ubs, union bank of switzerland or deutsche bank and the countries and so forth involved, that's taking a pool of money from nowhere, it's conjuring money, and it's deciding to play favorites. and that has ramifications. it has ramifications in europe between the weaker and stronger countries to begin with and the fractious nature of the e.u. which has other issues, but from the standpoint of that inequality that's been sort of imposed upon it. and it also, i think, manifested in the brexit vote. because one of the things that happens historically is that whenever there is economic anxiety amongst a group of people or countries or people that can look at immigrants coming in and, therefore, damaging their own job potential or look across the border and see problems or whatever it might be, they want to vote for whatever doesn't exist. you know, they want to vote out of where they are because governments involved aren't listening, and they aren't helping. and so the first thing you do is you sort of blame what's goin

signing today rolls back the crippling dodd frank regulations that are crushing community banks and credit unions nationwide they were in such trouble one size fits all those rules just don't work. before trump's rollback all banks that had fifty billion dollars of capital had to take part in stress tests under the new measure only banks that have two hundred fifty billion dollars or more are subject to the tests but many on wall street want the deregulation to go further they want more flexibility and in other words the freedom to take more risks critics say easing restrictions on banks could prompt the next financial crisis. now more flexibility more lending more risks well which been there before back in two thousand and seven the subprime mortgage crisis came to a head in the u.s. so let's take a moment and look back at the events that led to the financial crisis. mortgages seemingly for anybody who wanted one. many u.s. banks seemed willing to lend to anyone regardless of whether they had the means to repay those loans things came to a head in the spring of two thousand and seven when record

we have to talk about italian politics and eu politics and the european banking union.au hard to -- there is a lot of latency in the system. the more evident the failure, the easier it will be for them to re-nationalize immigration policy. wolfgang munchau of eurointelligence and yianos kontopoulos from ubs are still with us. immigration in the -- is the biggest issue in european policy right now. in many countries of the eurozone, the crisis has much in coming in -- inequality and the oncoming immigration on top of that is what broke it. immigration on itself would not have done it, the euro crisis on its own would not have done it but these things together. nerves are frayed. the old political parties have almost dissolved from the system. politicalhere is a dispute, it is most about immigration, the same in the eu. francine: what does it all mean for the markets, yianos? they are bad at seeing these political subtleties you can see in the country. yianos: these are slow-moving dynamics for the markets. you need to get to a turning point before the market will start r

banks raised any alerts? this could have raised concerns with estonian regulators. they might not be on the hold for that money. ok for that money. we always talk about the lesser values european unionks have. are there regulatory issues that are a big problem when investors try to put a valuation on european banks? >> i don't think it has to be. body looking at money-laundering across the european markets. you need some sort of oversight body. look at a bit more details. there is a good return on this. a sense we need another layer of oversight at european levels? what are we seeing from the european level here? >> not that much. the ecb has called for regional oversights from anti-money-laundering activities. the european union put in a new directive in terms of anti-money-laundering regulations. members of the european union are required to do a risk-based approach for anti-money laundering enforcement. of populism and a iriety of european countries, wouldn't be surprised if there was a strong push to move yet another piece of national authority to the european union levels. thank you very much. katz and philip richards in london, i appreciate both your time. coming up, the marke

nejra: are the markets underestimating more european integration in terms of banking union, but alsol integration? peter: the markets are pretty much aware of where we are. they realize something that will happen in the longer term, but at the moment is not on their radar. with regard to fiscal integration, that is something we have been talking about for years. emmanuel macron put together a proposal last year with regards to making moves. it has been difficult to drive pen-european solutions forward uropean solutions forward. when you look at european equities now, is it a play against the u.s. rather than industry groups in europe? peter: i think on valuation terms, banks would appear to be attractive. it could be better. in the course of 2019, once the ecb's about interest rates, that is something that will give banks of lift, but it will not show through until 2020. as a medium-term play, it is gaining attention. nejra: peter dixon, global equities economist, commerzbank stays with us. let's focus on emerging markets. >> we are doing a lot of what we need to do ourselves to supp

banking unions, strengthening the architecture of the monetary union, we have seen some proposals byicron and merkel but they're also facing domestic constraints in terms of their political capital and how far they can go with reforms. there are still very big differences in the euro area in terms of how to proceed. we have a lot of changes in key positions in europe over who will be the next president of the commission, who will be the next president of the european central bank, so all of these internal politics, which country gets what and who gets their way , how far do we go with reforms? i finance minister, a common budget, what with the new architecture be. there's a lot of politics going on there. this will have an important impact on the banking sector as well. matt: all of that weighing to some extent on the euro. we will talk about that. -- viraj and danae will stay with us. a lot more to go through. brexit. will england's unreliable boyfriend stick around? mark carney telling lawmakers he's had talks about extending his term again. he will discuss. this is bloomberg. ♪ ma

secure mobile banking from navy federal credit union...ur members are the mission. with bold sauces,urger fresh ingredients... and starting at 6.99. you can only think one thing... how fast can i get to denny's? get a burger and fries from denny's starting at $6.99. >>> the fairfax county courthouse, i've come here to watch demaris' killer, venus, make a plea. i've covered stories of murder before but none this horrendous or complex. a sentiment shared by the virginia county prosecutor. >> do you have any sense of what went wrong with her? >> a lot of these young people in this situation come from violent backgrounds in central america. it just seems to get in their heads it's a way to get status, to be a violent person. it's hard for me to understand. you feel like shaking these kids. thanks, guys. [speaking non-english]. >> does it bother you, what happened? do you think about it? sometimes? >> it's hard for me to fathom how and why one young girl would execute another. was it simply a love triangle that spiralled out of control or had v

bank has resigned over a money-laundering scandal. it follows an investigation into funds that were transferred to estonia's operation in by customersased in russia and other parts of the soviet union. the bank is investigate $230 billion worth of suspiciousde transactions. ctives are dealing with an incident in which a car hit residents outside a mosque in london as an islamic phobic hate crime. three people were hurt in the northwest of the capital for the witnesses described hearing the driver showed anti-islamic times. --s are highly appreciated researchers say this is unfair because wasps are as ecologically useful as an bees. scientists suggest a public relations campaign to restore battered image. they would like to see t same efforts to conserve them as they currently are with bees. north korea has finally offered to take steps towards getting rid of its nuclear weapons, including offering to dismantle a missile test facilit outside experts watching. but kim jong-un, who met the south korean counterpart at a summit in pyongyang, said he would need corresponding measures from the u.s. before going further. in response,he u.s. says it is ready to restart negotiations with nor

that are left i haven't checked the stat recently but for a while we were losing community bank or credit union every other day in america throughout most of dodd frank. i think with a 2155 hopefully we have arrested that before it was too late but so much more remains to be seen. >> turning to things that are most current you have reintroduced the path act. at the same time. you have expressed an interest for the first time in my knowledge of allowing the government to continue to guarantee in the housing market through your agreement with john delaney. that was a surprise. he and others. but you invited me anyway. >> we invite you because you always have a good answer. why is it that you made us change and what has been as you described a very conservative, nongovernment view of how the economy should work? >> peter, my principles haven't changed but my time horizon has. and my rate of time preference if you will has changed. as you pointed out i am leaving office. i am not sure who the patrons saint of lost causes is. i'm not catholic. but between trying to get rid of the farm program and tr

are left and i haven't checked the stat recently but for a while we were losing a community bank or credit union every other day in america. throughout most of dodd-frank. so i think with 2155, hopefully we've arrested that before it was too late. but so much more remains to be done. mr. wallison: turning to things hat are most current, you've introduced the path act but at the same time you have expressed an interest, for the first time in my knowledge, of allowing the government to continue to guarantee something in the housing market through your agreement with john delaney. that was a surprise. to me and others. mr. hensarling: but you invited me anyway. mr. wallison: we would always invite you because you've always got a good answer for these things. why sit that you made this change in what has been as you described a very conserve tiff, nongovernment view of how the economy should work? mr. hensarling: my principles haven't changed but my time horizon has changed. and my rate of time preference, you will, has changed. since as you pointed out, i am leaving office. so i'm not sure who the

shery: head of equity research for asia at union bank, thank you.d that interview that we just showed you, tv is your function where you can watch all of our past interviews. you can also send us questions, ask the guest a question and we will try to get them on it. if you missed out on any of our charts, you can also find them. this is bloomberg. ♪ haidi: this is "daybreak: asia." i'm haidi stroud-watts in sydney. shery: i'm shery ahn in new york. airbus is said to have sent a high-powered team to china to form of a potential $18 billion deal. planeser for 180 neil first touted in january, and will be discussed by the ceo. the allegation -- it also marks the anniversary of the first family line in china. a deal may be announced at november's china expo in shanghai. found an acquire has revenue was overstated by as much as 90% last year. 2017 sales in asia were worth ofut $117 million, far short the 1.1 billion dollars declared in a recent financial report. the cofounders have resigned, an inquiry has been passed on to the markets commission. s

bank. but for an individual they can only represent the union 25% of the time. that does not preclude another union member 25% of the time to use that bank of hours. it's more making sure that we have allotted a certain amount of hours and also limited the amount of time to 25% of a person's work role. >> i just have a few seconds left. i appreciate your point in theory. have you ever had the responsibility of actually working with an employee on a grievance? because if you have, you would appreciate that it takes time to establish a relationship of trust, to then understand the experience they have had and be familiar with the facts in a way that you can sufficiently represent them in their grievance. and the idea, then, that if you have hit the 25% mark so another person will represent that employee, you can imagine how things will fall through the cracks and that ploy will not be appropriately represented in the case of a sexual harassment grievance. how are you going to deal with that? >> i think that that is a very valid concern, making sure that there are

abu dhabi commercial bank and union national bank started talks for a three-way merger.n new be says it's talks. it could create the largest bank in the gulf with about $110 billion in assets. european companies aren't alone with their brexit plane. costs will it's reach $100 million. the uk's looming rupture with the eu forces companies to duplicate record tory efforts. fromr said it's costs stem moving product testing and offices to other countries, changing clinical trial procedures, and other ruminative measurers. societe generale says it will look into sanctions violations conclusions in the coming week. it says the final until he would be in line with its estimates. it is put it -- it has put aside 1.2 billion euros to settle the investigation. that's your bloomberg business flash. thank you so much. it's after labor day and back to school for the markets. in italy, political leaders start discussing the 2019 budget in earnest. investors will look for signs they will -- of how far they were the budget rules. said thate minister bond yields would fall after investor

it only makes sense if we have a banking and capital market union. erefore, if you ask them, they would say they favor a deutsche bank and commerce bank merger. -- commerzbank merger. guy: you talk about a strong bank, why is putting deutsche bank with traits on a price book with .43 and commerzbank which trades at .4 -- .34 -- putting them together, does that make a strong bank? well, this is the discussion which is going on. the german government's position, or those favoring a merger, would say that they have a bigger capital base. the concern is that they are looking towards the next downturn and they see that, in a domestic and international market, basically, the money is being poured out of weak banks and would therefore rather like to see a merge to a bigger entity. vonnie: are these banks almost being forced into this? seems like deutsche bank is getting over a merger and now investors are still seeing more activity out of deutsche bank. seems like they may be under pressure to do something. is that behind this chatter? >> i do not think the

we enacted regulatory relief for community banks and credit unions so they can now go and lone you money. approved more affordable generic drugs than ever before in its history. and one of the things we did with the f.d.a. is a thing called, i love the name, right to try. you know what that is? [cheers and applause] it was that if you were sick, terminally ill and we had a drug in the hopper that looked like it was really working out, this country for 50 years would not let you use that drug. they'd say no, it may harm you. well, you're terminally ill, so they couldn't get -- and there was a reason, not that easy. a lot of liability, a lot of everything, between the insurance companies and various different things, including government. i got it done. it's called right to try. so now instead of if you have money, if you don't have money you just go to your room. if you have money, i know people they traveled all over the world begging for a cure. we have the greatest medical people, the greatest medicines in the world. now you have the right to try, and it's going to work plenty, it's a

so this is a credit union versus a bank, credit union is a financial institution owned by the people who deposit in it. this could be worker owned businesses. this could be actually purchasing cooperatives of small businesses, enabling small businesses to thrive like ace hardware, which enables the hardware store down the street from me to continue competing with home depot. this is a kind of economy that is shaped our world in ways that we don't appreciate. it's also a hidden consensus in our political landscape. this is something that actually the republican and democratic party platforms in 2006 were advocating. this is something that has just been advanced in the main street employee ownership act that was passed just a few weeks ago, and we have an opportunity in this moment of incredible polarization tonight around a kind of inversion of the economy back toward or maybe even for the first time toward the people who really depend on the goods and services that we are producing. >> andrew, i wanted to ask you to respond to that. because i think one of the issues about universal b

on one side, it's all sort of starbucks, union bank, wells, goodwill, and on the other side, it's all, like, family owned businesses, which is what i like to see, with sam jordan, so that's -- we've got to promote some more of that. thank you so much for your comments on that. madam secretary, the next item, please. >> the next order of business is item 10, closed session. there are no closed session items. the next order of business is item 1 is, adjournment. mr. vice chair? >> move to adjourn. >> so moved. >> commissioner singh. >> i second. >> commissioner scott seconds. >> time? >> thank you. the time is 1:52, and now, we're adjourned. [ gavel ] [♪] >> i just don't know that you can find a neighborhood in the city where you can hear music stands and take a ride on the low rider down the street. it is an experience that you can't have anywhere else in san francisco. [♪] [♪] >> district nine is a in the southeast portion of the city. we have four neighborhoods that i represent. st. mary's park has a completely unique architecture. very distinct feel, and it is a very close to holly

on one side, it's all sort of starbucks, union bank, wells, goodwill, and on the other side, it's all, like, family owned businesses, which is what i like to see, with sam jordan, so that's -- we've got to promote some more of that. thank you so much for your comments on that. madam secretary, the next item, please. >> the next order of business is item 10, closed session. there are no closed session items. the next order of business is item 1 is, adjournment. mr. vice chair? >> move to adjourn. >> so moved. >> commissioner singh. >> i second. >> commissioner scott seconds. >> time? >> thank you. the time is 1:52, and now, we're adjourned. [ gavel ] >> my apartment burned down 1.5 years ago in noba. my name is leslie mccray, and i am in outside beauty sales. i have lived in this neighborhood since august of this year. after my fire in my apartment and losing everything, the red cross gave us a list of agencies in the city to reach out to and find out about various programs that could help us get back on our feet, and i signed up for the below market rate program, got my certificate, a

on one side, it's all sort of starbucks, union bank, wells, goodwill, and on the other side, it's all, like, family owned businesses, which is what i like to see, with sam jordan, so that's -- we've got to promote some more of that. thank you so much for your comments on that. madam secretary, the next item, please. >> the next order of business is item 10, closed session. there are no closed session items. the next order of business is item 1 is, adjournment. mr. vice chair? >> move to adjourn. >> so moved. >> commissioner singh. >> i second. >> commissioner scott seconds. >> time? >> thank you. the time is 1:52, and now, we're adjourned. [ gavel ] (clapping) >> are you a parents that's unemployed and struggling to pay child support we have teamed up and positions ourself to offer an opportunity for permanent employment. for more information call >> all right, hello, everybody! >> hello! >> you know, there are days like this when being mayor is absolutely amazing. this is exactly why myself and our aseptemberably man phil tang, this is why we do this work, to make a difference in the

would say, the european merger is a long way off and it only makes sense if we had a banking and fiscal capital market unionhey are favoring a deutsche bank merger. ride has been a dizzying for investors. doubled only to see all of that game go up in smoke less than an hour later. even though was a volatile day, they managed to gain at the end of the day. >> yes. 40%. to was the high hitting exactly 300 bucks. $300 a share and than 45 minutes later, and lost all of that and went negative. the in the last 45 minutes, u.s. market session rising again, 40% to close at $217.75. ♪ >> it is up against some of the almost $3and it lost billion last year, but it says its core business will soon be profitable. core business is growing superfast and also very close. on the third sentiment, we have believed that we are going to be the largest e-commerce with local services. we are going to become a more mature business. the battle for control of sky could be settled by a one-day action. auctionon takes -- the takes place on saturday. >> the lowest offer have to go first, that would be fox at the moment. they are at 14

francine: are you any closer to taking control of nigeria's union bank? ear we have to to 22% from -- from 22% 49%. we really like the investment and management team. will continue to find ways to invest in nigeria and the union bank. ,t's a tough macro environmen for banking, particularly in -- environment for baking, particularly in -- banking it, particularly in nigeria. francine: you are trying to get more than 49%? bob: we can talk about that. francine: talk to me about what else you like in europe. is there anything else you are trying to buy? bob: we have announced and are hoping to close very soon on a paris-based broker-dealer. front office in paris, a lot of the operations in switzerland, and it works with key banks across europe. will no credit oh in italy -- -credito and credit agricole are examples. to get excellent you need to scale and breadth. to be number one and number two in equity research, for example, if you can get scale an abrupt adth by working with a series of banks together. with are looking to expand that across europe. francine

union bancaire privee. -- banking cio. more to come on "bloomberg daybreak: asia."♪ haidi: here's a track of the latest business flash headlines. say they will result in unspecified job losses and cba. they recognize the need to simple fight and strengthen the operations but did not mention potential job cuts since taking over in april, matt has moved to reshape cba and focus on its core retail and banking loans. ck infrastructure may less comedic assets in london. the company is talking to investment banks about a multibillion-dollar fund. discussions are ongoing and may not lead to a deal. to get infrastructure has been stable over british assets. hutchinson has infrastructure assets in australia, germany, and canada. coming up, we are live at the asia summit in singapore with linkedin management director olivier legrand. the outlook for job seeking in the region coming up next. life from new york, sydney, and hong kong, this is bloomberg. ♪ to rent a movie? showtime. or buy the hottest shows. even here? we've got you covered. now they are all yours. to take on th

will more to have big problems for the european economy as such but for the banks in this southern countries of the european union and with italy just for example is already in a difficult situation and this can trigger already a heated debate which is already heated in europe can can be triggered because of turkey economists at a young age thanks for the analysis winter is coming here in europe temperatures are dropping after a scorching summer time to get out your winter willy's what does a drought in australia have to do with the cost of your winter wardrobe quite a lot as it turns out. hungry lambs as a dried stricken farm in the eastern state of new south wales. astray produces ninety percent of the world's merino wool exports. but after one of the driest seasons on record many sheep farmers are struggling to keep their flocks alive what at the moment were about thirty eight forty thousand balls less. of the the what we had last week so that's really a fool so we've lost so far already for for all this trail. to drop in production comes at a time when global demand for not full fibers is surging up this one

on one side, it's all sort of starbucks, union bank, wells, goodwill, and on the other side, it's all, like, family owned businesses, which is what i like to see, with sam jordan, so that's -- we've got to promote some more of that. thank you so much for your comments on that. madam secretary, the next item, please. >> the next order of business is item 10, closed session. there are no closed session items. the next order of business is item 1 is, adjournment. mr. vice chair? >> move to adjourn. >> so moved. >> commissioner singh. >> i second. >> commissioner scott seconds. >> time? >> thank you. the time is 1:52, and now, we're adjourned. [ gavel ] >> president tan: welcome to the tuesday, august 7, meeting of the san francisco entertainment commission. i'm bryant tan, commission president. we have a very small quorum for the time being, but before we do a roll call, a few housekeeping items. one, if you are a member of the public and would like to speak when i call for public comment, please fill out a public comment card or come up during that item. second, if you have a cell phone

on one side, it's all sort of starbucks, union bank, wells, goodwill, and on the other side, it's all, like, family owned businesses, which is what i like to see, with sam jordan, so that's -- we've got to promote some more of that. thank you so much for your comments on that. madam secretary, the next item, please. >> the next order of business is item 10, closed session. there are no closed session items. the next order of business is item 1 is, adjournment. mr. vice chair? >> move to adjourn. >> so moved. >> commissioner singh. >> i second. >> commissioner scott seconds. >> time? >> thank you. the time is 1:52, and now, we're adjourned. [ gavel ] >> hi. my name is carmen chiu, san francisco's elected assessor. buying your first home is a big deal. for many of us, it's the single largest asset that we'll own. that's why it's really important to plan ahead for property taxes so that there are no surprises. a typical question new homeowners ask is what is a supplemental tax. so understand supplemental tax, we need to start with proposition 13. under california's prop 13 law, the value