but then vodafone japan became available. $20 billion. i have $2 billion. so, $18 billion short.ere did you get the money? masayoshi: so, i convinced the bank, you know, that the vodafone japan, i am going to turn around and become successful and become great cash flow. they believed me and lent the money. david: and they did? masayoshi: they did. david: and it turned out to be very successful. recently, you did the biggest investment you have ever made in a company called a.r.m., which is a semiconductor manufacturer based in london. why did you spend $31 billion buying a semiconductor manufacturer when many people think that is not the future? masayoshi: it was actually $34 billion. david: 34? masayoshi: yeah. it is not the manufacturer. it is a design house. they to sign all the chipsets. they have 99% market share for any smartphone you have in your pocket. a.r.m. has 99% market share. right? in next 20 years, they will ship one trillion chips, design for one trillion chips. so, i said, this is the company. nobody can live on the earth anymore without chips. chip is everywher

dollars again in the shape of a loan the united kingdom we understand pledged one billion dollars a year for ten years also in the form of loans. that also raises the question of how much money is going to come in and add to iraq's debt burden how much of it is pure we know that we had a billion dollars pledged in the form of a grant from kuwait and the european union also pledging a grant of four hundred million dollars so that gives you an idea of the disparity between loans and grants so far hasn't sammy then fly first there in kuwait city saying we thank you so as we were mentioning earlier iraq if fishers had said before the start of this conference that they need about one hundred billion dollars for reconstruction hoda abdel-hamid as done some number crunching now to see how they came up with that figure. for fifteen years conflict has laid waste to iraq roads schools hospitals industry even entire cities are now in ruin millions of people live in poverty the government of iraq worked with the world bank to assess all this damage and count the cost of rebuilding the country t

to $3 billion to $5 billion, to $10 billion. we're saying no that's wrong. don't do that, don't do that to these community banks. i reserve the balance of my time. the speaker pro tempore: the gentlelady reserves the balance of her time. the gentleman from texas is recognized. mr. hensarling: i'm pleased to yield five minutes to the gentlelady from utah, ms. love, the sponsor of the legislation. the speaker pro tempore: the gentlewoman is recognized for five minutes. ms. love: thank you, mr. speaker. i rise in support of h.r. 4771. i want to first thank my chairman, chairman hensarling for his support of this bill as well as the co-sponsors, mr. gottheimer and mr. meeks, for making this a bipartisan effort to help community banks. economic freedom and personal freedom run hand in hand. in order to ensure personal freedom, americans need access to credit. individuals need access to credit. on behalf of their families abtheir businesses. that is why i am proud to have introduced this bill. h.r. 4771 is a very simple bill to help s

dollars that's in terms of loans that's not a that's loans between one billion from quite three billion from the u.s. in terms of straight forward aid we're looking around a billion from quite three hundred thirty million which will play which was pledged earlier from n.g.o.s so maybe about one point three billion at this stage in terms of aid that's still a far cry from even that eighty eight billion which the iraqi ministry of planning is been asking this conference to provide i think what we've got to keep as well into perspective is the sort of noise and signals coming out of the world's preeminent superpower the world's largest economy the united states of america the country whose invasion back in two thousand and three of iraq led the country arguably into this spiral of violence is trying to climb and i'll tell and i think we've still got a few hours to go in this conference but if the usa doesn't feel it can give much more than what it's giving i think it would be fairly unrealistic to expect that any other country is going to rush to fill that eighty eight billion gap that exi

imports, 4.8 billion tons.'m not sure how that puts it into perspective, but a fairly significant number. the commodities trade, some miners doing better, rio tinto -- >> 100 million metric tons. tom: the yuan will be playing into this, but there is this overcapacity that is being cut that are factories better positioned to continue to churn out goods and their demand for imports like iron ore seems to be relatively robust. crude imports also looking up, 40.6 million tons. theall, this is really import number we are looking at. the number that has surprised out of this data. some of the data leading up to this suggested we would look relatively strong in the trade picture for china. the demand picture when it comes to exports is important, but the key risk looking at china is the u.s.-china trade relationship. we have had a little more out from the commerce ministry today talking about the agricultural industry. haslinda: still, it is worth questioning whether the softening of the exports versus the imports wil

for defense, $117 billion to nondefense. $34.5 billion was for infrastructure. an additional $15.7 billion for border security. total for bring the 19 torder wall for 18 and about $18 billion versus the actual cost of the physical structure. you may have heard code-5 billion dollars for southern border security. the $18 billion is for the wall the rest is for technology, personnel and so forth. that means the proposal we sent you actually contemplates a daca immigration deal being done because we recognize the fact that you have no interest in giving us money for the full border wall unless it's part of a larger comprehensive immigration bill. we contemplate that deal is reached. we've asked for small amounts in 1.6 billion dollars and 19, part of the ordinary appropriations process. we anticipate in these proposals that a daca deal is reached and we have full funding for the wall. $3 billion additional opioid spending for 2018. additional half $1 billion for i.t. modernization. not very glamorous but something we all take seriously. we spend about $80 billion a

they will pay a tax of $38 billion. of they will invest a total $350 billion. on a first are the number, i said, you don't be million, because i was saying to tim cook, we have to build plant here. for 350 million, you could build a beautiful plant. or 350 billion they are going to build a lot of plants. this would have never happen with the work that we have done,

we spend about $80 billion a year, that's $80 billion with a "b" on i.t. in this administration or this government. the overwhelming majority of it is for maintenance of outdated systems. we have additional $9 billion for research and development, keeping in mind in both the '18 and '19 budgets, r & d total spending increases. don't be misled by some of the non-defense discretionary reductions. overall, r & d is increased in both of the budgets. we mentioned already the oco to base shifts and the budget gimmicks i talked about represent almost $18 billion. in the '19 budget, mr. chairman, i won't take a lot of time to go down but the biggest increases would include an add back, almost $16 billion in health and human services, of which over $9 billion is nih budget i came to last year. i don't know if you are aware you did this, but i came to you last year with a proposal to reduce the nih budget as an effort to get them to look at their administrative budgets. i tried to make the case that if the nih only allocated or only spent as much money on their admi

of defense fo,$117 billion to the nondefene and 34.5 billion of that was for infrastructure of which roughly 20 contemplate the package and an additional 15.7 billion for border security that would bring the total from the border wall to 18 million for the southern border security or the 18 billion is for the wall and the rest of it is for technology personality and so forth. what does that mean? the proposal that we sent you contemplateea an immigration bil being done because we recognized the fact you have no interest in giving us money for the full border wall suite fully contemplate that the deal is reached in the yes we asked for small amounts. but we fully anticipate in the proposalshe that a daca is reacd and we have full funding for the wall we have $3 billion additional opioid spending for 2018. we spent about 80 billion v a year. the overwhelming majorities for maintenance of outdated system to haveve an additional $9 billn of research and development keeping in mind the total spending increases. i won't take a lot of the time to go down but the biggest increases would incl

earnings close to $16 billion.ve shown that we have what it takes to be a world-class investment. altogether on a cash basis, we came out to $39 billion after working capital adjustments. we have been able to pay down the debt quite a bit. i'm very, very confident that we can meet the commitments and promises we made for the end of the decade, which is $25 billion to $30 billion organically. >> oil stocks falling short of investors' hopes, exxon mobil chevron reporting below estimates. what's going wrong? >> this should be a really good time for big oil right now. we have the oil price rising so much. but what you saw, especially with excellent, was being heard on the downside, the chemical refining business, especially outside the u.s., it has been a big struggle for them after that they collapse in the refining margin which in the last quarter hit a lot of people. ♪ >> i'm looking at jpmorgan's mgm two page on the bloomberg here. jamie dimon obviously at the top, his title as chairman, president, and ceo. naming

around two billion of that in the form of rounds that's still a far cry from the one hundred billion dollars that the iraqi prime minister has been saying it will cost to rebuild the country all the eighty eight billion dollars that the iraqi ministry of planning has been asking this conference for if you read between the lines of what the emir of kuwait said in his speech earlier today he put the focus on the private sector and the private sector entering into a partnership to rebuild iraq and that may be a signal that many governments are looking to what the private sector can do rather than wanting the spotlight to fall squarely on their shoulders to provide one hundred billion dollars let's also put into this the the background here that the united states of america the world's largest economy the world's preeminent superpower a country whose invasion of iraq in two thousand and three arguably led to the course of events in which iraq is trying to struggle out of this spiral of violence and it hasn't played a dollar so far in this conference in the form of a straightforward groun

-- 1.50 6 billion euros.timates on profits. >> if you look at our overall momentum, it is quite good commercially, because we had 500,000 customers and now in total 37.6 million customers, of which 10.8 million are really primary customers. we are happy with that. it if you look at the whole year that we have generated 27 ans in 19f new net lo billion of new net deposits. all of these numbers are good. if you look at the whole year, it is good. if you look at the fourth quarter commercially, it is also good. in that sense, we are quite glad with the development so far. >> eli lilly, fourth-quarter earnings raising the 2018 outlook two to tax reform. it says it will free up $9 billion in cash. what will you do with $9 billion in cash? >>, we will put it to work first investing in our own operations, r&d projects. the second priority is building a pipeline, looking at development, acquisitions that can add to areas like oncology, diabetes, and nerve science. finally, if we run out of ideas, we will give it back

it says it will free up $9 billion in cash. what will you do with $9 billion in cash?ut it to work first investing in our own operations, r&d projects. the second priority is building a pipeline, looking at development, acquisitions that can add to areas like oncology, diabetes, and nerve science. finally, if we run out of ideas, we will give it back to shareholders. tax reform does allow us access to cash, and i think it levels the playing field for american companies against our foreign competitors. our industry is half american, half foreign, and this is a strategic benefit for us now that our tax rates are competitive, we can invest at a similar rate to foreign competitors. >> novo nordisk, the ceo and chairman are stepping aside as the world's biggest maker of diabetes medicines, another year of muted growth. products face competition and price pressure in the u.s., a familiar story. you have a tail wind in the u.s. with tax reform. can you quantify the effect of the tax bill on novo nordisk? >> we expect that we will have a lowering of our effective tax rate by 1

vonnie: let's put it into context, bridgewater has $160 billion in assets, $3 billion, $4 billion betontext of the 160 billion dollars, one macro bet. bloomberg intelligence suggests is depending on what emerges, banks will be affected because of the asset quality controls, one coalition will have a certain asset quality control and another coalition will come off with another. what do we know about that? >> that is a work in progress. 217 billions have euros worth of bank debt and there is a pressure on them to reduce that. that pressure will sustain. and will continue for some time. there are some positives. risen,, banks have bridgewater's bets appear to be contrarian. $3 billion is not a huge bet when you look at 160 billion that bridgewater managers. they add leverage to it. the exact market exposure should be much higher than $160 billion. $3 billion is not a massive debt. it is one of their bets did vonnie: italian banks hold more than just sovereign debt than the of their peers in france or germany, 10% is in italian bonds. shockappens if there is a to the entire economy -- i

ten billion of that is the pledge by the united kingdom but it goes like this they'll donate one billion a year in terms of an export credit line over a period of ten years so if you're looking at the sort of money that's been pledged in the more immediate term that's around twenty six twenty seven billion you get to thirty six billion if you're looking over a period of ten years and who knows what will happen in the whole middle east let alone in iraq in the next ten years you've already crunched some of the other numbers perhaps one important thing to point out here is yes we are far short of the one hundred billion dollars that iraq's prime minister told the davos conference in switzerland would be the total price tag on rebuilding iraq it's still also short of the eighty eight billion dollars the iraqi ministry of planning has been asking this conference to cough up and if you listen to the speech by the emir of kuwait today he didn't for size on the role of the private sector now private sector money will take more time to get in obviously you don't have a businessman show up in the

revenue comes in at 20 5 billi$5 billion they reduced net debt by $3 billions >>> and shares are in the green of orange, as they report their first annual home market revenue rise in anyone years. >>> and headwinds for iberdrola. the stock sees red after full-year earnings miss expectations failing to offset a proposed dividend increase i will speak with the chairman at 11:00 cet >>> all right. it is pmi extravaganza this morning. we already had pmi numbers out of germany an france both were disappointing. just getting in the flash composite pmi numbers. let's look and see where those came in. the february composite flash pmi came in at 57.5. the forecast was 58.5. we have another miss here coming in it's not that surprising after what we saw coming out of germany and france a bit earlier. so definitely the numbers have begun to drop a bit. we're seeing that in services and in manufacturing as well a little bit disappointing there. the euro has come off a bit on those news let's look at how european yields are doing the currency dropped a bit i would expect there to be movement in f

australia— us trade last year rose to $34 billion.ustralian exports include beef, other meats, and spacecraft. the us is the largest foreign investor into australia, pumping in $672 billion into the economy last year to be i spoke to a professor at the university of sydney, who said it is an important relationship. they are at the largest investor in australia, and the largest destination of australian foreign investment. it has been that way for decades. the role of the us is fundamental and is critical to the of australia. it is critical growth of australia. it is critical to the relationship of both of these countries. you were part of the trans—pacific partnership. now the us is out of it. the revised tpp taxed has been released this week. can australia convince donald trump to rejoin the tpp trade group?m can australia convince donald trump to rejoin the tpp trade group? it is unlikely. that does not mean the prime minister will not bring it up. the prime minister is also going to be the keynote speaker at the national governors

has just enjoyed its third annual loss in a row close to half a billion euros the lender insists it's making good progress in cutting costs but it will take time to improve profits it wants to streamline operations its business in less profitable countries and install a low cost culture except the top management. has a p.r. problem on its hands in the past days us all. thirty's find the bank a combined eighty million euros for market manipulation it's already paid billions for a series of scandals involving its mortgage business the pressure rising on chief executive john cryan he took over in twenty fifteen to turn the bank's fortunes around but three years in crimes only post of lawsuits he says he needs more time and they've been reports the five base lender is planning to hike staff bonuses to a grand total of more than a billion euros for twenty seventeen the german government says the bank should consider the impact on its image is what crime had to say about today's worse than expected results. this is yes it is the third loss in a row. for however it is also our first pretax p

tax reform we'd now be reporting a net profit of almost one billion euros. so john prine giving some explanation for the largest loss last year in german of all things an hour for some more analysis let's bring in our correspondent daniel cope who is at dodger bank headquarters daniel is the just the impact of the u.s. tax reform that is hitting the larger banks bottom line here. well jon cryer was very clear that those numbers are certainly under the expectation they were really hoping for more mostly of the fourth quarter was very difficult for georgia bank and yes there is saying that is this is mostly because of the tax reform in the united states without the tax reform they would have made nine hundred million euros but also he was saying that even this would not have been good for the bank as well they are also saying that the market environment right now is very difficult because of very low interest rates he was also stating that the investment banking sector was really suffering because of low volatility in the market so he is clearly under pressure

to 22.4 billion. that leaves us with an unfunded liability of about 3.3 billion on a market value basis, 3.5 billion using our smooth value. >> so this chart is something that you've seen before. we've presented it at every valuation. it just shows the reconciliation and recording rate and as bill said, there was aness decrease of 1.5% in the contribution rate, but there are offsetting events if you will that happened that did have an impact on the rate. first of all, there was a market gain on your assets of 13.5%, and that increased -- or decreased the contribution by about 1% of pay, but since you had those market returns, it triggered your supplemental cola that were effective july 1st, 2017, and that basically gave most retirees about an additional 1.5% increase on their benefits, in addition to their basic cola, so that increased the contribution rate by about 1.5%. the second set of offsetting events were the continued phase in of your 2015 assumption changes. if you will, when we did the demog

development block grant. $4 billion to rebuild and improve veteran hospitals and clinics. $2 billion for critical research at the national institutes of health. $20 million to augment our existing infrastructure programs, including surface transportation, water and wastewater, clean and safe rural broadband so desperately needed in large parts of role america, and energy infrastructure. $4 billion for college affordability, including programs that help police officers, teachers, firefighters. the deal also boosts several health care programs that we care a lot about in this country. funding forin community health centers, which serve 26.5 million americans. have been champions for these community health centers. i want to thank them for the hard work they put to get this done. the children's health insurance program will be extended for an additional four years. it is due to our ranking members for their effort for this extension. seniors caught in the medicare old will also -- hole will also benefit. we have waited long for this weird rural -- for this. rural hospitals that struggle

rebuilding iraq kuwait pledges two billion dollars to help the country republic from years of conflict. police recommend the israeli prime minister's indictment on corruption charges benjamin netanyahu says nothing will come of it. in sports sean white's makes snowboarding history of the winter olympics the american winning an unprecedented third gold medal in the hot spot events. police in south africa have raided the home of a prominent business family with times to president jacob zuma three people were arrested and that comes a day after the ruling african national congress ordered zuma to step down as the nation's leader police sealed off the roads around the home of the gupta family in johannesburg with the area designated a crime scene president zuma is under investigation over a corruption links to the family. he's accused of being influenced by the group to us to make government decisions and cabinet appointments the investigations also looking at whether the governors and some of zoomers family members were involved in international money laundering is just one of a number of

which means it's $30 billion of new money over 10 years, $3 billion per year. compare that to the $80 billion per year in funding, increased funding the defense department just received and it's pretty obvious that this is not really a priority for this president. from kathy is up first mesh again, a democrat, good morning. caller: good morning john and dan. was born and raised in flint in 1957. gm business being there, there were a lot of roads built and sidewalks. you could get anywhere really by walking or riding your bike. there was a lot of driving. the roads are in poor condition in the state of michigan and that's a long story but i think we need to encourage the building of paths for people to walk or fixing the roots of people can safely travel. there is nothing wrong with that. when people see someone walking, they think they have a mental health issue when really, we should be like denmark, modern, extensive infrastructure. people should be encouraged to walk, it's a lifestyle. they have rails. flint has the capacity to do that. >> you can find this

revenues of $32.3 billion versus estimate of $31.8 billion.s a 24% increase year over year however, the number for eps, that was a miss. $9.70 per share adjusted versus $9.88. that might be what's driving the shares down right now. paid clicks up 43% cost per click down 14%. there's also a big section here about the impact of the u.s. tax cuts and jobs act. it's a little bit -- lots there, so we'll dig deeper into that and get that back to you in a little bit. also let's talk a little about the segments google properties revenue comes in at $22.2 billion. segment revenues are $31.9 million. other bets, $409 million google other revenues, $4.6, includes things like google play, google cloud and hardware. traffic acquisition costs, that's an important metric that investors were looking for total t.a.c., the fees google pays for distribution partners came in at $6.4 billion. we'll dig into this and get back to you. >> aditi, thank you. google shares, alphabet shares, whatever you want to call them, the ticker is still google, down about 5% a coup

, almost a billion a day. but stock whipsawed in late day trading. josh lipton is at apple headquarters in cupertino. >> reporter: 77.3 million. that was the bigumber in apple's latest quarterly report. refers to the nber of i-phones that apple shipped in the quarter. that was a bit light versus expectations. m analystselled 80 million. when people are buying those phones they are paying wemore. know that, the higher price points for the 8 and the 8 plus and the flagshipch iphone x w starts at $99. the average selli cost clocked in at $796. that was better than the $756 that analysts had opted. for "nightly business report" i'm josh lipton. >> reporter: alphabet cracked $100nn billion inl sales for the first time in its 20 year history. its revenue beat wall street estimates and itsre earnings lts did not. that sent shares initially lowes in after h trading. aditi roy has more on alphabet's quarterly results. >> reporter: one of the key metrics were watching was traffic acquisition costs. those are the feesoog

for two thousand and nineteen ever poses a huge infrastructure program in an extra seven hundred billion dollars for the pentagon along with deep cuts to domestic programs that provide medical and food aid to the poor and the elderly but as kimberly how can report it's really about setting out the ministrations priorities since congress is likely to ignore it. for years republicans in washington promised to cut government spending if their party won the white house but for the second straight year republican president donald trump's done just the opposite we will build we will maintain and the vast majority of americans want to see us take care of our infrastructure. on monday trump presented his twenty one thousand budget proposal giving the world a hard look at his administration's spending priorities they include a proposal for one point five trillion to rebuild roads bridges and airports and six hundred eighty six billion for the u.s. military a thirteen percent increase from the previous year proposal also reduces the state department budget by nine billion or twenty six percent tha

-- -austin $30 billion. but you don't have $30 billion of treasuries securing every month. again, i'm trying to figure out, are you making up the shortfalls that they understand -- you see are flexible. i still don't understand what you intend to do when you don't have enough treasuries that are actually maturing, to hit the $30 billion. purpose of the caps was to give us a way to gradually start the runoff. you are right, the caps are not binding for treasuries or mbs most months. treasury, only in the big treasury-financing months. seek and think a mother is not really restraining either. our projections don't say we are going to roll off exactly $50 billion per month. that's not the way works. that's not how it was intended. and of course we don't know how long mbs is going to roelofs because they roll off depending on where rates are. as far as treasuries, these are significant reductions this year and next year in terms of the size of the balance sheet. a couple of weeks ago the balance sheet was at $4

a $500 billion cut to medicare and medicaid, those two combined, $72 billion to disability programs, and in my state we are one of the poorest states in the country so i want to go about this with a minute left a little differently. 20% of new mexicans live in poverty. we have some of the hungriest families in america. a third of us are on snap. we have some of the highest unemployment rates in the country. we have a governor who i would say applied many of these same principles to running state reforms or d to cuts. this is the worst coverage. i was wondering i think there's nothing better than a partnership and i would like to invite you to come with me to new mexico and i would like to take you, we can go to some of the navajo nation and some of e remote nations and i would show you these beneficiaries. a list of them that would keep them afloat and some that would keep them under budget and look at a different way of create meaningful lifesaving reforms more hout creating vast harm and quite literally to that dialysis patient a death sentence to those cuts in medicare, would you

dollars to the reconstruction effort but that's still well short of the one hundred billion dollars the government says it needs. the headlines the news continues here on al-jazeera after witness statement that's watching i think. on counting the cost of wild swings for global stock markets look at what's going on and why it matters how women in twenty eighteen are still fighting for equal rights in the workplace u.s. cheryl is defying expectations but will it make life more difficult for counting the cost at this time.

apple. $38 billion reduction in taxes. microsoft, $6.3 billion. citibank, $22 billion. johnson & johnson $13 billion. qualcomm, $5. billion. so. the dams oro repair the bridges. we'd have to have money. where did the money go? well, it didn't go to the bridges. didn't go to the roads. the great infrastructure plan from the president is simply a shell game, moving money from under this shell to under that shell, no new money. and making the local governments and state governments pay even more. for those who represent california, pennsylvania, new york, new jersey, there's one more. and that is, we get to pay taxes on taxes that we pay to the state and to the local governments. that's a change. and the first income tax law was written nearly a century ago, more than a century ago they said that you would not pay taxes on the taxes that you paid and so they allowed for the deduction of state and local taxes. but hey, that changed. our president said, our president said, it's a wonderful gift. well, it's n f new york. not for new jersey. so whereree going to get the money?

the top line is saying adjusted billion.3.6 expected, $4.06 billion. they have missed on the fourth quarter. we were expecting the fourth quarter to be a bit down because of seasonality factors, but the full-year, just a little bit below the consensus estimates. great speakingf: to you this morning. that was stephen engle, and again, more color coming in. hsbc saying it had deferred tax assets of $2.7 billion versus four point $5 billion in 2016. no details on a potential by back, so we will keep that over the coming minutes and hours. let's cross over to another big story we are following for you, the yield on the u.s. two-year. that edge tired this morning, hitting 2.22% for the first time 6 september 2008. as the treasury purpura to auction -- out with the bond rout. what is the strategy looking like? it has been short bonds and running that trade from at least going back to august/september time last year. he has been a great beneficiary of this massive almost one percentage point move we have seen in the u.s. 10 year, down from those levels back i

looking at january, they had about 16 billion in u.s.he flows are very strong. specification between institutional and retail investors. strongy the inflows are but also add to the quality of the inflows is pretty good. >> you won the inflows in europe ? he takes on the mantle as the golden bondman. how does his due in terms of inflow and where are the funds coming in from? pimco, we haveof inflows in asia and the u.s., very diversified. there is a lot of strength in the u.s. and a lot of strength in asia. worried -- i started this show and i said that nearly $1 trillion throughout of the third biggest bond fund in the world on wednesday, have you seen any momentary pause for thought in the past 5, 7 days? the window of volatility in the bond market? >> yes, we did not see this but we are watching it. when you see volatility in the market, it could potentially affect for a short time, the inflows but we did not see anything. i believe overall, especially if you think about increasing interest rates, that is a positive for our management

revenue 88.3 billion, one billion dollar beat. that is 12% gain year-over-year.ne numbers are good. just quickly at things like other products, of course iphone is the big one, iphone unit sales, 77.3 million. 77.3 million. a lot of estimates for 79 million. short on iphone sales over all. gross margins ad 3, to 38 1/2 for the next quarter. other services which includes the apple watch, frustrating, they never break out the apple watch numbers, but they have the beats headphones. nice beat in that particular category, 5.49 billion as opposed to estimate of 4.6 billion. i will continue to dig. david: please do. i don't think they have broke out the iphone x numbers. melissa: no, never. david: from all the iphone numbers. we'll wait to see how that works out. melissa: back to the panel now, lance, what do you think of that? 77.3 million on the phones. as we said, we don't know how much we break it out, and how much is iphone x. >> right. so they didn't beat last year's number. it is right within range of it. but, there is going to be questions, because you are sell

billion, wet $60.5 are looking for $29.84 billion.arable because you have the tax law change. when you look at the bottom line , you are not getting much of a read. what we do know is net sales, for the first quarter, will be anywhere from 47 point billion to -- it could reach as high as $51 billion. analysts are looking for $47.8 billion. the range will be pretty much in line with estimates. 3%, it see the stock up will not be surprising to see a bounce around for a while as investors digest the numbers. the initial reaction is positive. julia: because the etf's was a big beat is because amazon had a tax benefit. $89 million for the quarter. it doesn't affect the way it does its numbers -- how it operates is more a case of what it does with the cash that it has access to. julia: we are hoping to get more details on that. the first-quarter operating income, it's missing the lowest analyst estimate. operating income is brought for these guys. the estimate there is $1.48 billion. it goes to $2.24 billion, that's interesting for the firs

mily: apple is bringing billions and billions of dollars tax from overseas thanks to reform. i asked if that was going to be changing anything about m&a strategy. he pointed out we have acquired 19 companies in 2017. that is a company every 2-3 weeks. we look at companies tiny to big and would improve the life of a customer, can it help us build better products. that is how we decide. cory: fortune 300. that seems ridiculous. on the day when they take the timing sign of of the building and he points to lists that do not exist anymore him of the cherry picking to dress up the results as being better is stretching. aftersold fewer phones the biggest release they've ever had. meanwhile, some of that has to be about price. they brought in a lot of money for this phone. revenues are fantastic. expectll the things you from this company but the success of the phone is tepid. fundamentally it is going to be about the phone sale going forward. the reduction of the guidance in terms of revenue is so much below what wall street has expected in terms of growth based on where apple has di

it is substantial, $1.9 billion and $1.4 billion. i'm not discounting the aging facilities. available, weunds could better use that funding, frankly, in community care. rep. walz: we are talking about the $20 billion in backlogs, have we have attempted to handle that. like many of you, i turned on my morning news and saw the president had an executive order on mental health, and issue i have been somewhat engaged in over the last 12 years. that's $500 million. where's that coming from? dr. shulkin: we were able to get that once a deal was reached. we were given an additional $500 million to support that executive order. we had originally made the as you know ranking member, because we thought it was the right thing to do. worry about the money, but we are fortunate that the $500 million was given to us to make sure that was done thoroughly and appropriately. >> -- rep. walz: our phone number is down here. we were under the assumption that that money was going inside the v.a., which all the research in the rand corporation shows is far more successful than until health care.

billion. if interest rates got to 6.8% -- this is what i asked a few years ago and i said this will happen if we don't get our fiscal house in order. 6.83% your at $1 trillion for additional interest payments. i don't know how we sustain it. you are a smart man, how do you sustain that debt load? and keep america strong and vibrant going forward? >> of the president shares your concern the debt has gone from 10 trillion to 20 trillion. these are issues we need to look at and we look forward to working with you. >> it's imperative we get this in order. >> mr. secretary, welcome. the tax bill that was pushed through cost more than $1,500,000,000,000 and then we had the interest in a goes on forever, money that we have borrowed. 80% went to the top%. wells fargo alone got a handout of $3.4 billion from the u.s. treasury, you are the secretary of the treasury after they cheated millions of customers, open to fake accounts, overcharge veterans they got a reward following the tax cut their pain shar

is 6.8 billion dollars in cash, a 32% spin. they will soon get rid of $2.8 billion with the debt. hedge fund has made a billion-dollar bet against siemens. when against europe's largest european company in a filing. that is the latest "bloomberg business flash." let's take a look at the markets. we want to see how we are faring here on the first day of the third week. a crucial week after two weeks of equities selling off. the s&p 500 is up .2%. the 10 year yield at 2.83%. those are perhaps the two most important metrics. andrew milligan is coming next. this is bloomberg. ♪ vonnie: i'm vonnie quinn in new york city and we have breaking news on president trump's when he 19 budget. it calls for $1.7 trillion in cuts. -- 2019 budget. it calls for $1.7 trillion in cuts. would also have other details and a summary of obtained by bloomberg that has $18 billion in cyber funding. also billions of dollars in savings from medicare over 10 years. savings and af $17 billion in savings in opiate related spending in 2019. lots of details in here. $18 billion for border wall construction. this i

one billion dollars in a mechanism to be approved by the kuwaiti fund another one billion dollars for investment opportunities in iraq in addition to the contributions to be made by the kuwaiti charitable organizations we pray to god almighty that this conference and its proceedings will be a success so let's get more on this now on is joining us live from that conference so how much aid how much money does the conference look like it will generate sammy . is the big question isn't it elizabeth but so far what we can say is. likely that we're going to get you know about one hundred billion dollars that iraq's prime minister said the total cost would be all the eighty eight billion that the iraqi ministry of planning has been asking the conference for even close to that frankly let me run you through the figures which have come through so far you mentioned the one billion in terms of investments which quite said it will put in another one billion in terms of a loan we have the announcement of the us is going to be extended three billion credit line now bear in mind credit lines loans t