bhp billiton.t: yeah. when paul singer talks, people tend to listen. he is usually a front runner, sometimes a lone wolf, in these activist movements. barclays, about because some fascinating developments this morning from the bank and from the fda. barclays out with a statement saying jes staley, the ceo, has admitted to errors in trying to find out the identity of a whistleblower who wrote a letter about a senior executive, and it has accepted his responsibility. stanley has agreed to participate, or cooperate i should say, in the investigation, as well as the prudential regulatory authorities. an investigation about a whistleblower situation, jes staley taking an "very significant cut" in his pay after the board reprimanded him, both financially and with a written reprimand. interesting story. guy: matt, couple things standing out in terms of their values, one of which is that london could underperform relative to the wider market. the pound is firm, and we will keep an i on the minors. -- an ey

blt and elliott is the tigger for bhp billiton.y run a conference call with analysts earlier and they've now moved on to a conference call with journalists. on the earlier call, the ceo made such comments as unifying the structure could destroy $1.3 million in value. he also said petroleum is a good fit, so basically going against the elliott proposal which they also added are not new to them. in the media call, which they just started now, mackenzie is saying he has better ways to add value than the elliott plan. so it looks like this is a fascinating back-and-forth between elliott and the executives at bhp. we reported yesterday they hired goldman sachs to defend them against the elliott proposal, but it looks like the ceo and the cfo on the two calls with analysts and the media coming out strong in defense of their own strategy saying they don't need elliott help. part of it is they want breaking out of the petroleum business from bhp billiton. it's about extrapolating better returns. $50, as we at oil at get more headlines from

bhp billiton has come out with that information today.rty industry. the real estate prices there keep going up. just last month, a luxurious condo unit was sold at a record price of $19 million in central bangkok. so what is driving this property market? jonathan head has been finding out. 0nce once again, bangkok is in the grip ofa once again, bangkok is in the grip of a property boom, much of that happening along new railway lines being built out into the suburbs. apartment blocks are rising along these routes. aimed especially at first—time buyers. but experienced property dealers steer clear of the riskier, low—end market. he is focusing on luxury condominiums like this project in central bangkok. here, demand is so high that he can buy a small apartment and resell it almost immediately at a substantial profit. people in the low-end, they do not have much money and the bank does not give mortgages. so that is the problem. at the moment, rich people still have money. they can buy anything they want. if you buy a high—end property, peop

about 4%imization -- holding through a variety of methods in bhp billiton.are in focus, let's go to the risk radar. matt: let's take a look. it'll hshow us there isn't very much concern, markets fairly complacent. the dollar gaining strength against the yen. you can buy more yen today for a dollar and you could on friday. days, lastuple of couple of trading sessions, we saw the yen lose some strength. today is the third day of that. that boost, the nikkei right now 18,000 as they settle in for the close. i want to take a look at oil, at nymex crude, wti. a little bit of again for oil and loss for gold. crude oil up .5%. to 1253.s manus: matt, thank you. some headlines coming across the bloomberg terminal, from the fda in regards to jes staley, the ceo at barclays. aey're issuing mr. staley pay adjustment. jus thee's a reprimand over whistleblowing probe. a number of headlines coming in in regards to staley the ceo at barclays,. we will get a little bit more on this story and will break it down. let's go to juliette saly, standing by. juliette: manus, thank y

the best performing share on the london market was the mining group bhp billiton. company's structure which may include demerging its oil business. the investigation intojes slater, the head of barclays over governance failings which saw him attempt to identify a whistle—blower, knocked the share price as soon as the markets opened but they then recovered. and there is increasing tension over the french election — borrowing costs for france rose as it appeared that there is increasing support for anti—eu parties, both to the right and to the left. let's get detailed analysis of this with george godber who is a fund manager with polar capital. let's start talking about the mining companies. bhp talked about a demerger. it seems to have affected the whole sector? viewers may remember elliot was the group that spent a long time attacking one of the oldest investment trusts in the uk, the alliance trust and they are proposing getting rid of that dual structure where it was listed in london and australia, but spinning out the shale assets which bhp billiton bought when

one live and interesting case at the moment is the agitation for change at bhp billiton. it's asking for a wholesale restructuring. >> thank you very much for that. >> progress on basel iii has effectively been put on pause by trump's presidency. the administration has yet to appoint a representative to the negotiating table while president trump has promised to roll back u.s. financial regulations. the bundesbank is remaining patient as it seeks to get the u.s. on board. annette spoke to the bundesbank board member and asked him where we stand now on basel iii. >> let's bear in mind that with regards to basel iii, we have not only agreed ton ma ed on ma issues but also implemented on most of them when we worked on basel iii in 2010. now we are at a position where we only need to finalize one important issue. and this one important issue is really thinking about the viability of risk-weighted assets, which is an important issue. that's open. and in santiago and in other meetings, the members of the basel committee have agreed on almost all issues, one major issue is outst

the guidance from bhp billiton on -- is gloomy. this is bloomberg. ♪ ways wins.in my business. with slow internet from the phone company, you can't keep up. you're stuck, watching spinning wheels and progress bars until someone else scoops your story. switch to comcast business. with high-speed internet up to 10 gigabits per second. you wouldn't pick a slow race car. then why settle for slow internet? comcast business. built for speed. built for business. did you know slow internet can actually hold your business back? say goodbye to slow downloads, slow backups, slow everything. comcast business offers blazing fast and reliable internet that's over 6 times faster than slow internet from the phone company. say hello to internet speeds up to 250 mbps. and add phone and tv for only $34.90 more a month. call today. comcast business. built for business. yvonne: a cloudy look out there. this rainy hong kong morning, 30 minutes away from asia's first major market open. betty: gloomy here in new york, as well. 7:30 p.m. tuesday in new york. we are not showing it because

we will be keeping a night on -- keeping an eye on bhp billiton. ere up after bhp declared force majeure for deliveries from its mines. over in japan, the nikkei futures traded out of singapore are pointing down 0.4". we will keep an eye on the convenience store holdings. they are out with earnings after the close today. you're expecting a good full-year forecast. -- we are expecting a good full-year forecast. i'm paul allen in sydney. more from "bloomberg technology" next. ♪ caroline: welcome back to "bloomberg technology." i'm caroline hyde. amazon is getting into the sports broadcasting business. thee-commerce giant has won rights to livestream 10 thursday night nfl football games. scrimmage off the field, one company just scored the rights to stream thursday night football. it's a huge win for amazon this year, outputting facebook, youtube, and even last year's winner, twitter. amazon will pay $50 million for 10 games which start in this -- in september. that's a sharp increase from the $10 million twitter paid for the same number of games last

surprised by bhp billiton's dismissive and premature response to its proposal for an overhaul.anagement said meetings had been constructed. it also warned it would need to review any changes to the corporate structure of the country's biggest company. saudi arabia may support extending oil curbs in the second half of the year. is likely toiyadh support to drain the glut. output byed to reduce withillion barrels a day saudi arabia making the bulk of the cuts. the cartel will meet indiana next month. the body representing automakers in india says sales will climate fiscal 2017 for a fourth straight year as consumer sentiment recovers from last year's cash ban. sales will probably rises much as 9% to a new record. it helps a salary boost for government employees will boost sales. political establishment has been dealt a new blow as the supreme court judge authorized an investigation into leading members of the government. nine ministers, 29 sinister's, 42 federal deputies, and three federal governors facing inquiries over corruption. brazil's last three presidents will face questi

is this a chart that tells us why bhp billiton has been targeted for an overhaul by sometimes activists? is it urging the world's biggest mining company to unify corporate structures and spin off more assets and include capital returns? that has referred to talks held with management today saying they could move the value by 50% of beginning of last year. the anglo is up by 450%. measly -- i say that teasingly -- one edge of percent. nothing compared to the game witnessed by anglo-american. agreeing toy with sell itself to bain capital for 5.3 billion euros, giving the private equity firms more control over one of the last independent generic drug is mrs. after the takeover content. the deal will give them access marketsn and russian over-the-counter and copycat medicines and marks another step in the consolidation of the generic industry. by 10.6% today. vonnie: thank you. let's stay on the markets. investors will talk about geopolitical risks. places questions at the university of michigan later today and in the meantime, her colleague gave this assessment earlier on bloomberg. the po

it will be busy for the banking sector and also for board members at bhp billiton. ing that bhp had hired goldman sachs in defense of -- its defense versus the elliott management shareholder proposal that we talked about yesterday to sell off its u.s., gas and oil unit and give money back to shareholders rather than using that money for acquisitions. aberdeen asset management is the third shareholder, it is too early to say if it will support the elliott plan and needs to hear more details from both. this is a story that continues to build up interestingly. it will be great to see how this goes down over the next days and weeks, for sure. ♪ next, "bloomberg surveillance." guy johnson and i are headed to the radio. please join us. this is bloomberg. francine: thatcher janet yellen says the bank is shifting gears as the economy recovers. our two -- are two rate hikes still ahead? rex tillerson those two russia and the white house steps out warnings on syria. are there further sanctions? we get the latest u.k. inflation data this hour, ahead of wage figures tomorrow. ho

elliott wants bhp billiton to unify corporate structure and improve capital return. whichte its oil business, the firm says is worth about $22 billion. php is not commenting. that's your bloomberg business flash. francine: thank you, taylor. the far left candidate for the france candidacy is gaining ground with two weeks of campaigning left. a new poll this morning shows a manual macron beating marine le pen in the second round. joining us is caroline connan. our guest is still with us. caroline, talk me through what is happening in france. this is a very unpredictable, to say the least, election. we have a far left candidate -- i want to bring you to the terminal. [no audio] david: having some difficulty. let me bring you in, the riskiness of the french election in europe and more broadly. how big a way is the french election? >> it's a big way. with the potential eurosceptic party or presidents coming into power, the presidency isn't what it used to the, but it plays a critical role in setting the direction for french policy. the potential to call a referendum, or

bhp billiton, but it is interesting people are buying consumer discretionary in europe this morning.pent much of her time in office rejecting proposals to pull euro area debt. now it might help her bid for reelection. her main challenger martin schulz has backed the idea in the past as a way to help struggling euro nations. now he is faced with trying to suppress a debate that could drive away voters. cohead ofave the global macro and market research at goldman sachs. is this a realistic thing to talk about, francesco? with the way german voters feel about this, would it ever fly? francesco: i personally doubt it. i also think it may not be necessary. i think what is important here is to revive growth. and then think ahead. it is a two-pronged strategy. one would be revise current growth and secondly, to take care of some of the legacy asset -- debt problems we still have to cope with and i am thinking of mpl's around europe. i think plans that address these two things, which could have a fiscal dimension as well, would be enough for now. guy: we were talking before the break how the

whether it's ppg responding and elliott getting involved or bhp billiton and elliott we'll try to coverget the opening bell in a few minutes from now. say carl, we have a question about your brokerage fees. fees? what did you have in mind? i don't know. $4.95 per trade? uhhh. and i was wondering if your brokerage offers some sort of guarantee? guarantee? where we can get our fees and commissions back if we're not happy. so can you offer me what schwab is offering? what's with all the questions? ask your broker if they're offering $4.95 online equity trades and a satisfaction guarantee. if you don't like their answer, ask again at schwab. you are the most fearsome warriors on the planet. well, not you roman. you just missed the cut. [ hip hop music playing ] yeah, missed my ass. why are you always yelling? rated pg-13. experience it in imax. >>> you're watching cnbc's "squawk on the street." the opening bell in 90 seconds. a busy morning as basically on the eve of earnings season. a lot of banks coming out tomorrow. in the meantime, active analyst environment i would argue, jim. >> yes.

a report which has been produced by a remarkable combination of people that includes shell and bhp billitony -- group of people. i think that belief among business, economists, and governments throughout the world, that is surviving the change in the u.s. administration. i think there is a very strong determination will -- we will need the pairs commitment and it is doable. the collapsing price of renewables, wind and solar, this is a revolution that will not be stopped by anybody. francine: even if you don't have support of the government this can go through? i have been involved in some of these conferences. they are great, you have the backing of businesses, but if you don't force people to be transparent in how much commissions they have, especially in the u.s., what good is it? lord turner: the issue of having transparency of emissions is an important issue and there was a bloomberg -- a michael bloomberg task force on this issue of disclosure. the fact is that quite separate from the issue of disclosure, we are seeing remarkable progress across the world in an area where there is big

. >> bhp billiton is who they come after this morning again. we talk about elliott.h in those sort of mid cap technology companies that they like to traffic in sometimes where they get involved and push them toward the sale. oftentimes ending up in the hands of private equity. they go after the huge things, samsung, big fights there. and now bhp, they wanted to unify the dual listing structure and separately list the petroleum business. we have been talking for six months this is going nowhere. they don't have a path. and the australians are not going to let this happen. >> so this is just what? >> so they get involved in things where there's a clear path, where they have the opportunity to get board seats and then other times they seat to get involved in fights that are tougher. >> windmill -- >> to be kind. >> yeah. >> yes. >> well, i looked at this and it would be good to separate. bhp paid too much for oil and you want the pure -- you want the pure china play. by the way, tesla with the -- don't forget, tesla opening a huge plant in china. very valuable, 100% own

mining company bhp billiton is under pressure from elliott advisers. its london lifting and split off its oil and gas operations into a separate company. bhp has responded by saying that the cost of these proposals would outweigh the benefits. >>> wells fargo's board taking further action against executives after the companies sales practice scandal. this comes ahead of a big week for bank earnings. let's bring in marty mosby. great to have you with us. >> good morning. >> wells margo has traded at a slight discount to its peers. do you think that it's doing enough at this point to get this scandal behind it? even as iss is recommending that shareholders vote against the majority of the board members? >> well, the company's done a complete investigation now. and what we're now learning, and i think validating, is the fact that you had a successful company that had an issue that was operational, that was bubbling up in one of its business units, and a take charge manager was working the problem out, and not really wanting to report it up. i think john s

billiton. they have rejected elliott advi advisers plan as flawed. saying it would offer minimal cost savings. bhp also shot done tdown the ida that sthey should return more money to shareholders. they say they wouldn't be able to make counter cyclical investments needed at this time. >>> looking at european equity markets. we're green across the screens except for red down there in greece. it is all about the safe haven trade back in play once again. the yen bopping at five-month highs. gold jumping. bonds seeing buying there with yields hitting multi-year lows in the u.s., it's all about geopolitics with north korea, syria and russia at the top of the agenda. it does seem this safe haven buying is something we're seeing for the time being. just look at system of the pops we've had there. spot gold, 1,274. 1,2 7 within the la 1,277 within the last couple hours. >>> the auto sector bolstered by first quarter figures coming through from daimler, travel and leisure higher, retail flat to lower. so that's the market picture. >> let's get more investment analysis with the chief investment officer from