. >>> desde el bank united center enl sur de la florida. >>> (♪mÚsica♪). >>> damos inician la alfombraÉn, precisamente tengo a uno deos que es el favorito digamos del telemundo por favor que pase rafael amaya o sor de los elos. >>> rafa.

the private banking unit, bank of singapore, will use its own cash. company says the move will deepen its presence in its core markets of singapore, malaysia, indonesia and china. looking to sell its business as part of a plan to do best $6 billion of assets. the move comes as dell, which is buying emc, pushes ahead with the largest technology takeover ever. nomura traders have been accused of increasing the spread on their trades and generating $7 million by line how much they paid. ross schapiro, michael -- and tyler peters have pleaded not guilty. suzuki plans to step down according to the nikkei. directors voted down personnel changes for the company's core 7/11 japan convenience store unit after an activist investor warren the firm against never firmhim -- warned the against nepotism. exchange china's form reserves are expected to increase in march after capital outflow pressure eased. fx editor joins us from hong kong. this expected showing of the fx reserves, how much should we read into this data? should read into the data is if you remember t

the corporate investment banking unit saw a decrease in its pretax profit, but it was oil and gas.lying this, it looks good. total, up more than 1%. the first quarter beat even though profit fell 37%. adidas, unchanged. german stocks are a bit slow to open. adidas, forecast to jump 2% to 3%. y: let's talk barclays. we have michael morrow, our u.k. finance editor. what are we up now? days, 4.72r three percent. the daily session chart, maybe not so amazing. three point 65%. walk me through this. michael: you saw yesterday with standard chartered a bit of a relief rally. 25%,you have profit down but it's not as bad as it could have been. the investment bank seemed to hold up better than some of the u.s. peers. they had a week quarter a year ago, so it's an easier held up.n, but trading credit-rating did better than expected. there are some nuggets of good news, and a lot of the bad news came from the businesses they are exiting. investors can say, if i believe they are connected out of these, i can look past that. guy: most of the bad news is in the rearview mirror. he mcfarlane's cou

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in a couple hundred staff the banking unit.had people telling us that they had been firing a thousand people. so i think the trading situation at the moment has been pretty severe. they are trying to cut costs, as , it is a growth market for them. and the spreads are shrinking and shrinking. importanttill very with the security businesses and to score some m&a advice. and also, the bond issuance from the security side. yes, a much better idea because it is the banking reporting season. what are we expecting to learn? >> yes, nomura is reporting on wednesday this week. with the analysts, it looks like it will be well down in this quarter. after the big holiday here next week, there will be a report, and that, for us, i think that is the first time the bank has really come out to give us a picture of what next year is going to look like for them. it is the first since we started the negative rates here in japan. looking forward to that next year and a half. and this is in japan, as well. thanks. angie: checking other headlines, w

to the new ceo of the japan post holding company, formerly the ceo of the banking unit, and he told ust with -0.1%,e interest rates, the impact on the bank is manageable. if it goes further, it might start to hurt more. he says the real key was in adjusting their investment strategy. over ¥200as just trillion and assets, and 40% is in japanese government bonds, which are increasingly affected by negative yields. 50% of the market returns negative yields now. they are looking at shifting and nottheir money putting it back into japanese bonds and investing in things like private equity. he also spoke about real estate investment trusts and infrastructure funds as well. rishaad: the government still has that stake in japan post. any idea of the noises out of tokyo and what they will do? are they likely to sell it down more? initially listed the company in november last year, they sold 11% of the company, and in the holding company went on to sell 11% of each of its units. endin the game is fit -- game is 50% of the company. the lockout period is set to expire next month. --was very cory o

they're private banking unit, the bank of singapore, will use cash.y will is deep in the presence in its core markets of singapore, malaysia, indonesia and china. three former knick more of traders have been accused in the u.s. of increasing the spread on their traits and generating about $7 million in additional revenue by lying about how much they paid for dad. pleaded not guilty and are scheduled to go to trial in october. mcdonald's chairman entering canada is to retire -- andrew mckenna is to retire. it will end one of the longest 10 years in the fast food industry. joined the board in 1991, mcdonald's had just opened its first store in moscow. it has since grown to more than 100 countries. that is your bloomberg business flash. manus: foreign-exchange reserve data from china. economists expect the figures to show that the pace of decline slowed last month. pboc to stemthe the capital outflows. for bonds and fx, our editor joins us now. we are all waiting on these numbers. i think what the market probably wants to see is some kind of a flaw being

for all intents and purposes we lost 70% of all bank equity in the united states. ave 34.5 trillion dollars of assets in their banks and 2 trillion of equity. i think they will lose 2 trillion of equity. they will expand their central bank sheet. it's not the end of the world. but it's the end of massive credit-led growth in asia. you look at hong kong and singapore, they had credit contractions in the first square and they will have them in the second quarter. maria: you have a banking crisis in china yet you are still investing there. you have money in asia. kyle bass: we have all of our focus on asia, we don't have money invested in asia. what we have is we are long on the u.s. dollar and we are betting against the chinese currency. if we are right about the banking crisis and right about the fact they are going to do everything it take to fix themselves which they will. they will recap their banks and reform everything they can do on the spending side, they will do everything they have to do, you and i would do if you parachute in a run to the chinese financial

bank stocks rallying throughout the session after jpmorgan beat forecasts on a solid performance in its consumer unit. investment banking still took a hit with stocks, bonds, km commodities contributing to the downside, raising concerns over how the other large financials will fare during this reporting season. just to give you a little bit of a run down, today bank of america, blackrock, wells fargo. they all take center stage. tomorrow, citi reports after warning of a 15% drop in trading revenue earlier this year. morgan stanley reports on monday. then next week, goldman sachs preparing to reveal apparently the worst set of earnings in a decade on tuesday. >>> five of the eight big banks have been told by u.s. regulators that they have until october to come up with a new living will plan after failing the latest bankruptcy test. the results highlighted the too big to fail worries that still exist among lawmakers and show the continued reliance of lenders on taxpayer funds in certain stress scenarios. joining us on the phone is the vice president of equity research financial at rafferty capital. we

and the new chief executive just came from the former head of international business at the banking unitng to see more corporation -- cooperation on the securities and banks. angie: when there is negative rates at home and rising rates in the u.s., that makes sense. japanese banks kobe reporting in coming weeks. what can we expect to see? nomura is reporting on wednesday. we are looking to see if there is new restructure, with i cut a large amount of stock from people? we will see how that looks for them in the future. profit, trying to getting out of that strategy. and the we go to the holiday, and then major banks will be reporting. at what sort of guidance we get for the following year. the czechs have been impacted badly by the negative rates, looking forward to next year. techs have been impacted badly. angie: gary allen, thank you for that. oil has climbed to a five-month high as u.s. production sales were at the lowest since october 2014. juliette saly is watching this. it is rebalancing? juliette: we are seeing production decline in the u.s. and other countries, and that is suppo

we're not talking about ending banking in the united states. ding a big banking system. now the big banks are even bigger. bernie wants us to get back to a glass stegal. it's not going to result in banks necessarily being that much smaller, but it will protect our economy from bank failure. right now we're vulnerable to it. he wants to break them up. hillary clinton doesn't. that's a big difference in this campaign. >> how do you feel about where you are in new york right now? bernie sanders has said if he wins new york, he's going to be on his way to the white house. obviously, the polls show a 17-point loss to hillary clinton in the polls. do you think it's going to be closer than that? are you confident of an all-out win? >> listen, i think it will be closer than that. this is hillary clinton's home state. she has tremendous advantages here. independents are not allowed to vote. that's been our strongest group in every election primary since new hampshire. we saw it again in wisconsin, a very strong performance with independents. i can see hi

revenue at the investment banking unit dropping reflecting muted ipo activity.rading revenue was better than expected though fixed knicks. it's wealth management performed as expected and revenue from its investment reflecting declines in emerging markets investments. the stocks over the last 12 months. morgan's return on equity came in at 6.2%. for this measure of profitable. looking ahead to tomorrow morning's report for tomorrow morning, its profit down 59%. it faces down counts. a 37% decline of revenue. to the decline in profits i should say. look for expense controls to provide some if any upside to firm's results when they report tomorrow. back to you. >> guys, thanks. what are you looking for in these reports? >> the fact that the stock was only up marginally, i think people are questions what really is the return you should expect out of these businesses. 6% roe is not what you can expect hopefully longer term, at least not if you own the stock. >> 6%. >> that's morgan stanley. >> i know. and their guidance is 9-11. i don't know how yo get there. >> rat

for all intents and purposes we lost 70% of all bank equity in the united states. they have 34.5 trillion dollars of assets in their banks and 2 trillion of equity. i think they will lose 2 trillion of equity. they will expand their central bank sheet. it's not the end of the world. but it's the end of massive credit-led growth in asia. you look at hong kong and singapore, they had credit contractions in the first square and they will have them in the second quarter. maria: you have a banking crisis in china yet you are still investing there. you have money in asia. kyle bass: we have all of our focus on asia, we don't have money invested in asia. what we have is we are long on the u.s. dollar and we are betting against the chinese currency. if we are right about the banking crisis and right about the fact they are going to do everything it take to fix themselves which they will. they will recap their banks and reform everything they can do on the spending side, they will do everything they have to do, you and i would do if you parachute in a run to the chinese fina

bank, you've got to comply. he said emphatically he was no longer going -- he is not going to fight to the united states government, that is for a journalist to do, and we should. banks must comply. something, have power that are all the more emphatic because the rules are not quite set. so if you don't know what the rules are, you have got to be extra nice to the people who decide. how much stock any repurchase, how much can you pay out in dividends? you do not know until you go in as a supplicant. reporter: one question i would have, there is a view investors have an regulators have it as well, maybe the simplest way for the big banks to reduce the regulatory burden is to get smaller, breakup. >> that is one approach. i submit to the consideration of the vast bloomberg tv audience the paradigm of yesteryear in which the equity holders out of the bank were -- equity holders of the bank were responsible for this. for at a capital call bank, your bank became impaired, resolve it. they came to you for additional .apital no more. taxpayers get the capital call in the extreme case. there is only one financial institut

it is our human justifying the constitutionality of the bank of the united states, alexander hamilton evoked the argument that these states believed that congress had inherent power to create trade companies or corporations, but believe the power shouldn't be used to grant exclusive privileges. nevertheless, jefferson insisted that hamilton's bank of the united states violated the constitution because of the notion that congress had implied powers to charter corporations clashed with the 10th amendment. the nationalist marshall rejected this argument in the mcculloch case. marshall's biographer, was brandeis's favorite teacher in law school. and also the great advocate of judicial abstinence. it is wonderful short biography of marshall, which brandeis must've read, he describes jefferson's excitement in 1810 when he concluded at length then, we have a chance of getting a republican majority in them supreme judiciary. he expressed his confidence in the appointment of a decided republican with nothing equivocal about him. jefferson suggested judge tyler of virginia, reminding president

the second largest bank in the united states says in quarters like this, revenue will be challenged andg-term interest rates declined significantly. moreeo says there is a lot to do and expects further job cuts. rishaad: another story we are tracking is hong kong's new watchdog, waging war on cartels. that is bloomberg.com/asia. latestrosoft's artificial intelligence experiment is causing hilarity online. ♪ rishaad: the imf and world bank say they will redouble efforts to bolster their global economy as they reiterated warnings about global risks. imf managing director christine lagarde said global sentiment is improving, but policymakers need to do more. >> there is plenty to worry about, but as i have said and have repeated many times, we are on alert, not alarm. we believe the global economy legacies, can regain its vigor, and become more inclusive, but the current policy responses we are seeing need to be faster and need to go deeper. global economic slowdown, we are facing major global challenges, forced displacement, climate change, and pandemics. representsse three very clear dow

we will ask the ceo of bank united, next. ♪ vonnie: you are watching "bloomberg .", shows it can make money went in the best heavily in technology and entertainment. the online retailer hopes to record sales at the estimates. that is while growth is being killed by a quick turnaround delivery of the livery and devices like the kindle. delivery and of devices like the kindle. that may satisfy bond and loan holders with no default related to financial reports, which have posted been filed in march. valeant has lost more than 80% of the market value since august, when the controversy overdrive price hikes began. delta airlines is on a plane buying binge. they bought 75 jets and agreed to buy planes from airbus. of $4.3 a listed price billion. boeing has been losing out to airbus in the narrowbody jet category. david: thank you. let's turn to financials. bankunited reported first-quarter earnings last jake and they missed by one whole penny. the regional bank operates in florida and in new york. joining us now, john kanas, bankunited ceo. take us into your earnings. loa

the united states is publicly criticizing israel for continuing to demolish palestinian homes in the west bank. according to the united nations at least 41 structures were march, including a school. state department spokesperson elizabeth trudeau addressed the issue on friday. >> we're concerned about the dedemolitions undertaken by a israeli authorities that continue to route the e west bak and east jerusalem. these actions are indicative off the dadamangng trend off demolitition, displacement, and land confiscation alongsidide settlement relatated activitityd continued construction undermines the possibility of aa two statate sololution willll sp they also call i into question e israeli government's commitment to that two state solution. amy: on monday, three more homes were demolished, homes owned by famililies of three palelestinis who were killed after fatally attacking an israeli officer in february. mad kmail l said the i israeli authoritities only gave hihis fy 30 minutes before the home was demolished. >> the occupation forces raided our house at 1:00 a.m. and asked us to empty it in

you know that last week goldman sachs formalized the settlements with the united states government for $5 billion. other bankseached even larger settlements. the reason these guys are paying these fines, as everyone knows, they were producing millions of packages of worthless subprime loans the precipitated a great financial crisis of 2008, 2009. what i find amazing is that some kid today in brooklyn is going to get arrested for possession of marijuana. that kid will have a criminal record for the rest of his life. you can be an executive on wall street and your illegal actions can impact the lives of millions of people.

institutions in iran, for instance, which had been put off limits or are no longer off limits to banks outside the united states, that you will see economic activity pick up in iran, that, you know, the restraints that have been put in place will be relieved and, frankly, i think that's part of the bargain here, that in exchange for very, very significant restrictions on iran's nuclear program, they are allowed, once again, to engage in economic activity in the world -- >> rose: including being with american companies like boeing and others. >> well, there are still some restrictions -- many restrictions, frankly, on american companies working with iran. there are specific vair r carve-outs and i think boeing is one of them but by and large american businesses are prohictd from dealing with them. >> rose: what would have to be done to change that is that. >> statutes would have to change, the law. >> rose: russia, ukraine, that's what precipitated the sanctions against russia. some would argue russia hasn't changed its behavior at all and, in fact, they have been more aggressive as they've sent troops an

this is the first time in 20 4ars we have recommended the largest banks in the united states because rices are discounting a recession. we upgraded bank of america. bank that we dislike the most in terms of oversight and governance, but even in a recession, we think bank of america grows their book value. as even a bank of america is trading below tangible book value, that book alue grows, we think it's good opportunity for banks. hold your nose, make it through the next couple weeks. were's one other bank upgraded for the first time in over two decades. that bank is comerica bank. we still have their tangible book value growing. our issue with comerica is some of these banks have a strategy -- shine your shoes, go to work, and wait for interest rates to increase. that's not enough. ,s many banks as there are there are also other banks which are generating good returns, returns above the cost of capital, like a jpmorgan, like a wells fargo. the questions i will be asking on the earnings call is, some of your peers are showing good returns. it be -- you said walking in, shining your sh

behind a violent armed robbery on the streets of old city, it happened on april 8th on the unit block of bank street. one suspect got out of a parked car and approached with a gun in hand. police said the robber actually dropped the gun, the man made off with a wallet and cell phone and cash. anyone with information should call philadelphia police. >>> turning to the forecast it's a cloudy day today and cooler as well. there is also a chance of rain later, looking live at sky 6 hd, if you head out to penn's landing or anywhere else today. adam joseph is live on the terrace with details from accuweather. adam you have an umbrella i can borrow? >> maybe. >> how much money you got? >> a big change from yesterday, it felt like july and today it feels like march, as we look at double scan live radar we have the clouds but not a lot of moisture in the cloud cover, so it's a good thing, if it rained and temperatures in the 5ds 50s right now, lingering showers around cape may county and it's starting to push off the coast and nothing in the wake of this as you look to the west but that doesn't mean i

jpmorgan has reduced headcount 30its asia-pacific unit, positions eliminated, or 5% of the jobs. the move comes as the bank tries to refocus staff on serving clients with higher investment thresholds. the bank reports earnings late this morning. more evidence of stabilization in the world's second-biggest economy. in --exports have jumped have jumped the most in a year as imports have narrowed. stocks rallied on the news. shipment's were up 11.5% in dollar terms in march from a year earlier, compared with a 25% slump in february. that is your "bloomberg business flash." francine: joining us now from hong kong, enda curran is with

and it becomes the most successful black-owned bank in the united states within a few years of its foundingthis is, you know -- is doing what he set out to do, getting up every day and making the lives of other people better. and that's the kind of person we wanted you to get to know. not the mythological figure. >> every time you hear we try to talk about distribution, because you came with the one that brought you in pbs, and stuck with -- >> i'm staying with them. we're signed up through 2030. god and funding willing. and we've got -- we've got almost the entire block filled up. we're finishing vietnam. we're editing country music, shooting ernest hemingway, talking about how to filling in that 2020. a great underwriter, bank of america, that helps us do it. so is we've got a lot of stuff on the horizon. and jackie is playing tonight at 9:00. and then tomorrow night, part two at 9:00. but it's also after it will be available for streaming. and the dvds hit the street tomorrow and the blu-rays as well. so, you know, it's an ever-changing circumstance. we're still staying there. >> one of

down auld require taking lot that was set up in 1935 to prevent banking crashes. the unitedates has never gone more than 15 years without a major nationwide tank can it. -- bank panic. they separated these types of banks. -- gamblingnks banks went down all the time, but in commercial banks, your checkbook with dave -- was safe. when the caution husband -- wendy's husband introduced legislation that did what he wanted. -- blew up will out the law. anyone can own a bank. we will change how banks are regulated. commercial banks and investment banks can merge. ken was excited. secondly, he pushed through a bill called the commodities futures modernization act. we can take futures, commodity we have been wheat talking about and they do not have to be physical things. it can be other things. insuranceen trade in on things as if they were commodities. he started doing this with energy to stop then enron blew up because of this. the banks got this and they started doing it with mortgages. mortgages is cool, because you cannot drive down the street and see mortgages. you cannot say t

financial institutions in iran, which had been put off limits are no longer off-limits to banks outside of the united states -- you will see economic activity pick up in iran. the restraints put into place will be relieved. frankly, i think that's part of the bargain here, that, in exchange for very significant restrictions on iran's nuclear program, they are allowed, once again, to engage in economic activity in the world. charlie: including with american companies, like boeing and others. david: there are still some restrictions on -- many restrictions on american companies working with iran. there are some specific -- by and large, american businesses are still prohibited from doing business with iran. charlie: what would have to happen for that to be eliminated? david: statutes would have to change. congress would have to change the law. charlie: russia, ukraine. that is what precipitated. some would argue russia has not changed its behavior at all. they have been more aggressive as they send troops and supplies and planes to syria. they have withdrawn some of that, but no one can say, here is an

our united nations to prevent another world war and advanced a more just and lasting peace. a world bank and an international monetary fund to promote prosperity for all peoples. a universal declaration of human rights to advance the inalienable rights of all members of the human family. and here in europe, giants like chancellor adenour set out to bind old adversaries through commerce and through trade. as adenour said in those early days, it was a dream of a few, it became a hope for the many. today it is a necessity for all of us. [ applause ] and it wasn't easy. old animosities had to be overcome. national pride had to be joined with a commitment to a common good. complex questions of sovereignty and burden sharing had to be answered. and at every step, the impulse to pull back for each country to go its own way had to be resisted. more than once, skeptics predicted the demise of this great project. but the vision of european unity soldiered on. and having defended europe's freedom in war, america stood with you every step of this journey. a marshall plan to rebuild, an airlift to sa

. >> bank of japan should have taken a closer look what happened to the united states and europe. boboth of these european centra bank and fed has done great quantitative easing. after seven years there's no results. these policies don't work. what they do, however, do is massive quantitative easing takes away the liquidity of your financial markets. that's not good. negative rates are a tax on the banking system. they don't stimulate. these policies haven't worked. central bankers need to realize they don't work. >> as you know there's a planned sales tax hike for april next year. what's your opinion on that? >> well the planned steals tax it's already been delayed. will be delayed again. that's a good thing. an economy you want to grow faster i don't think you want to add another tax on top of it. the japanese economy has done a good job of absorbing the previous sales tax rises. enough is enough for right now. >> we are expecting a slower growth. are you saying that's a new normal for these major economies? >> don't like that word new normal. that's where we are. mature economie

bank. >>> the united nations refugee agency says 500 people are feared dead in a ship wreck in the mediterranean last week. it says that disaster happened when the waters between italy and libya and was based on accounts if 41 rescued survivors. >>> and cnbc confirmed the treasury secretary jack lou plans to be harriet tubman on the $20 billion. it's not sure when it will be put into circulation. lou wanted a woman to replace alexander hamilton on the $10 bill but there was outrage about. that hamilton will remain on the $10 bill. that's the news update. guys, a lot of people are crediting the success of the broadway hit "hamilton" for the outrage that was spurred. >> rightly so. >> i suspect that is absolutely the case. >> i think that is. >> you've seen it, right? >> i have. best american theater i have ever seen by a long shot. >> decades. >> i think you have to purchase tickets a year out now? >> yeah. >> maybe more than that. >> or pay double on stub hub. >> yes, exactly. >> my wife says that music has crack in it. it is so addicting. >> really? >> we list into it over and over and over aga

deutsche bank has significant business in the united states.said he would -- the governor said he would expand the law, restricting transgender bathroom access. within the last few weeks, resistance to the law has been growing. bruce springsteen canceled a weekend concert in north carolina to protest against the law. >> it will hurt them economically, that is the only thing they will understand. if you hurt them economically, they will do the right thing, morally. reporter: celebrities are taking a stand against discrimination. this week, canadian singer bryan adams refused to play in mississippi, after a law was passed that allows people with religious objections to deny wedding services to same-sex couples. helena: watching a movie with friends has always been a popular pastime. of course, the experience is even better if you catch the superheroes on the big screen. that seems to be paying off for the movie business, reporting its highest ever earnings, after sales revenues increased by more than 5%. >> stand. reporter: it is movies like "cap

charter communications just one bank antitrust approval in the united states for its $65 billion takeoverr cable. the deal will create the second largest cable provider behind comcast. the agreement includes a measure to protect one of cable's biggest threats, online video distribution. bloomberg news's tie shields joins us now. talk to us about this important condition. >> not just one condition, but several conditions that we can put into two buckets. on one side, the justice department said that charter, which will be a pretty big player now, cannot discourage programmers, companies such as viacom from selling to online video services that may compete. on the other bucket, the other side of the equation, the federal communications commission and justice department together said that charter cannot do things like impose data caps. you put both together and it is a big net plus for online video company such as netflix. emily: as netflix responded? what exactly does it mean for them? >> i haven't heard from them yet. they were early in on this and many months ago said that they backed thi

bank capital than we had in 2008. when people go through all the different concerns about the global economy, you know, i think it's encourages that the unitedbanking system is not on anyone's list and for good reason because we've undertaken reforms that put it in much better shape than it's been in for a long time. but the productivity growth slowdown is something you've seen across a range of economies. some of which did reform their financial systems and some of which didn't. so i think something else is going on than financial reform. i think the deleveraging you referred to of the high savings rates at the corporate level and the individual level was a particularly good and important thing in the first couple years of the recovery but we're now in a position where if you look at households, their interest payments as a shared disposable income is the lowest it's been on record. you look at corporations. they have extremely healthy balance sheets. i think that's all encouraging but it would also be encouraging to continue to see more consumer spending which we have seen over the last year or two but also more business investment which w

you have an out performance from italy because the banks are still moving higher but an underperformance from the unitedingdom which is flat overall. bank of england tint move on interest rates today but there's already softness in the u.k. economy from what is happening in advance of the vote to leave the european union and in particular it says the capital expenditure and commercial property transactions are being delayed so a warning there from the bank of england. for the record the deflation we got has been revised overall and the big companies at the start of earnings season in europe. the likes of uni lever are suggesting their volume growth in europe has been erased by declining prices. there you see the main movers today, burberry warning about soft demand in the future. >> it's again talking about softness in advance of the brexit vote on june 23. that's partly because there's a surge working it's way out of the system as a result of tax changes. again, on brexit, we now have the opposition leader, jeremy korbin today, a socialist through and through suggesting he will support the campaign to

this video was taken along the unit block of bank street. the suspects got out of a car and suddenly attacked two other men on the street. they took a wallet and cell phone and $200 in cash and drove off. >>> philadelphia police are trying to identify this man tonight who burglarized a feltonville restaurant. he broke into del sandwich through a metal window gate early monday morning, the man went behind the counter and grabbed an undisclosed amount of cash. >>> time to get a look at the traffic situation. lets go to matt pellman in the traffic center. >> people are trying to get home to their casa for a sandwich. a crash just cleared from the ramp to the vine street expressway to the westbound schuylkill expressway and that ramp is completely reopened and the damage is done. it's a parking lot across town from 95 to the schuylkill and you may want to stay on the local vine as an alternate. and keep in mind the next few mornings and vine and the schuylkill and ben franklin bridge is extra busy because of the penn relays coming to the city. a

that because they are afraid of the death of money, and they are afraid that banks would not lend again patron member, in the unitedon a year-over-year basis from 2008 m a 2011. it has been increasing. in europe, it is fighting the fact that banks want to shrink. banks are three times the size imagine if all borrowers wanted to repay loans at the same time? be banks cannot lend the money at the rate that banks are paid, and that money would leave the financial system for good, extinguish the money supply, and demand for goods and services would collapse. angst could be a lot worse. you can say that banks haven't very successful in preventing what we are most worried about, deleveraging, which is saying a faster rate at which banks decided against making new loans relative to the ones that are being repaid. scarlet: right. jo: tony, looking around the banks have and more gone into negative rates as a policy tool. how do you see that? markets seem to be nervous about it. do you think there is potential there, or is this an avenue that central banks ought not to go down? tony: it certainly has not been beneficial or p

economic challenge for the united kingdom, i am expecting to be considerable, both in the short, in the medium and in the long run. it depends on whether you are talking about banksthe headquarters are located in the united kingdom and i think the -- and i don't want to outguess the market participants. i think it is important to think through a lot of euro denominated activities are in london. also with regard to the derivative market -- this has already been a challenge for the of thee outside eurozone. should that happen, the united exit theould choose to european union, this would be much more of a challenge. to think through what this would mean and how it could be tolerated from a eurozone perspective. we will see what happens but i am not going to outguess what happened but these are on my mind. thank you for guess your time. andreas dombret from the in frankfurt. the european close continues. please stay with us. ♪ mark: you are watching bloomberg markets. i'm mark harden in london. let's have a check on today's session. the kleins all around today -- a , a third day of declines led by energy and commodity companies. also coming up next on the european cl

re in europe as you work to strengthen yr union including banking reforms anduyinyou will have thsupport the unitto have do it together because onomies are too integrated to try toolve these oblems on your own and i wanto repeat, we have to confront the injusticef wideng economic inequality but that is gog to requirire collecti work because capital is mile and if only a few untries are worrying about i then a lot of sisses will head towards places thathey don't care quite as much. for years countries had to choose, now know the truth. when weah is increasingly coentrated among the few at the top, it'not ononly a moral challenge tos but actually drags down a coury's growth poteial. we need growth that isroad and lifts everybody up. we need taahassee policies that do ght by working falies. and those likee who support ropean unity and free trade al have a profound responsibility to ampion strong proteions for workers, a livi wage and the right to organize and a strong safetyet and a commmmment to protect coumers in the envirment uponhich we all depend. if we really want to reduc inequali we have to

deutsche bank lowered its ratings of american, delta, united, continental, and hawaii saying the slow-down in corporate profits could result in less demand for business travel. shares of american dropped more than 3.5% to 39.52. delta down about the same, 47.01. united off 5% at 56.72. and hawaiian fell more than 2% to 46 even. >>> federal communications commission said it will not investigate netflix after the streaming video company admitted last week to deteriorating picture quality for at&t and verizon customers. the fcc said the matter was outside the agency's jurisdiction. today netflix shares up more than 3% at 105.70. >>> our market monitor guest is finding opportunity in small cap stocks. he says they're going to rise more than 25% this year. this is his first time joining us on the program. steven diniccolo, portfolio manager, thanks for joining us. let me ask you would you like ones that have been beaten down but look like the fundamentals are going to stay with us or even improve? one of them is dicom, cable installation, that's the business. why do you like that stock? >> has