brazil russia, india, and china, the brix group. and after the end of germany's colonial rule, the african country is calling on berlin to formally acknowledge the killing of hundreds of thousands of its people as a genocide. you are watching the w news live from berlin. i will be back at the top of the hour with more news. i hope you'll join us. ' our children alive. the words of one man and his voice is one of among 4 million. calling it one of the worst refugees crises since the second world war. the war in syria is in its fifth year and many people have abandoned all hope of ever going home. >> running for safety. these refugees flee the war that has ravage

brazil russia, india, and china, the brix group. and after the end of germany's colonial rule, the african country is calling on berlin to formally acknowledge the killing of hundreds of thousands of its people as a genocide. you are watching the w news live from berlin. i will be back at the top of the hour with more news. i hope you'll join us. . >>> this week on "wealthtrack," are index funds raging out of control? are these funds a threat to retirement saving snz winter green funds noted value investor david winter sounds the alarm next on "convictsuela mack wealthtrack." >>> new york life along with mutual funds offers investment and retirement solutions so you can help your clients keep good going. >> additional funding provided by

the brics summit brought together firms from brazil russia india, china, and south africa. and will suggest pooututin is trying to strengthen unity. that's all for business news this hour. i'll leave you with a check on the markets. >>> officials at japan's space agency say their next generation rocket will be bigger and better. the satellite launcher will be ready for blastoff in five years. the japan aerospace exploration agency says the 63 meter h-3 launch vehicle is longer and wider than the existing h-2-a rocket. it will have a maximum payload of 6.5 tons. officials estimate the launch will cost about $40 million. they say the design of the main engines and booster also be simplified and will continue fewer parts. the agency plans to start building the new models in fiscal 2018 and hopes to launch two years later. japan's current rocket is noted for its liability, having logged more than 20 straight successful launches. the agency wants to lower costs to make its rockets more competitive on the global market. >>> the governor of tokyo has softened his stance on the con

the leaders of brazil russia india, china and south africa signed a joint declaration at their summit. putin announced the pact at a news conference on thursday in a russian city. >> translator: we the nations of brics, will unite to contribute to international security global economic growth and resolution to key challenges. the declaration expresses support for the issues at the united nations. it criticizes measures taken by the western countries against russia over the situation in ukraine. it claims the west's unilateral military intervention and economic sanctions violate international law. putin noted the five major emerging economies will boost their solidarity by jointly launching infrastructure energy and other projects. funding will be provided by a new bank established by the group. >>> typhoon chan hom is moving northwest off the coast of okinawa in southern jan opinionp it is bringing heavy rain and winds. 19 people have been injured so far and over 40,000 homes in the area are without power. mai shoji has details on typhoon chan hom. is the system changing course or wil

full -- $100 billion pool of foreign reserves from brazil, russia, india, china, africa are meeting inhe central russian city. they say the fund will be what they call an insurance instrument to help solve short-term liquidity glitches. china has committed $41 billion. hsbc said to have resisted efforts to clean up practices despite having promised to do so. the bank supply $2 billion -- was fined nearly $2 billion. a private report by the bank says the investment banking unit had mounted a campaign of foot dragging, bullying, and discrediting and house watchdogs within a year. now to the other major story. grease unsettling investors. happens has been given five more days to come up with a credible plan or face the consequences. it is an unprecedented ultimatum that may decide the state of the greek people and defined the eurozone for years to come. >> five days to figure it out. the clock really taking and if they don't figure it out within five days, this ultimatum dictates that the eurogroup members will hit -- kick grease out of the rose on. it would be an unprecedented move and t

this idea of a brazil, russia, india, china alliance, that has fizzled out a bit and what you have gottead is the asian infrastructure investment bank a global initiative, a different animal not particularly aimed at roping in other members of the bric club at all. it is shift that implies less interest and more trying to emerge on the stage, and playing on that way instead. charlie: in what way? sebastian: i think initially china would have liked to have had more influence in the world bank. there is a little bit of a cap on that because of the old u.s. european duopoly in controlling these institutions. when china found itself frustrated in getting the world bank putting in world bank money, they said fine, we will set up our own institution. i think that is something we should welcome. the chinese will apparently set it up on a model that is world bank governance, but slightly improved. i did not see it as particularly challenging. i think it is complimentary to the institutions we have it to the extent they are open to western shareholders to come in, i think we want china to join

but growth markets outside of brazil, russia india, and china actually saw 5% growth but those are bigthose brazil, russia and china markets, big markets that pull them down overall. back to you. >> 7% of ibm revenue. and if they didn't decline, actually, overall revenue would have been up 1% if you take out the impact of currencies. good point there. jon fortt, thank you. >> you'll recognize him from various appearances on comedy central including the hit show "inside amy schumer." >> up next bill's been looking forward to it all day. joining us live from post 9, "closing bell" will be right back. but not every insurance company understands the life behind it. those who have served our nation. have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92% of our members plan to stay for life. ♪ ♪ ♪ ♪ isn't it beautiful when things just come together? build a beautiful website with squarespace. can it make a dentist appointment when my teeth are ready? ♪ ♪ can it tell the doctor how long you have to wear this thing? ♪ ♪

vladimir putin is hosting a meeting with leaders of emerging nations involving brazil, russia india chain and south africa. they will discuss the economic crisis in greece, isil threat and ukraine. boko haram offered to release 219 school girls held captive for more than a year in exchange for detained leaders of the group. the offer is similar to one made last year and that fell through at the last minute. >> fifa banned a once top american soccer official for corruption. chuck blazer pleaded guilty in may. he also was key to the u.s. indictment of more than a dozen other officials on those same charges. >> new details about two envelope players injured by fireworks. his right 15er was amputated. tampa bay buccaneers nears corner back wilson lost two fingers. it's not clear if he will return to the game. >> on the tech beat, big questions today over how jobs are advertised on google. a new study suggestion the search giant is promoting gender discrimination. >> the study was done at carnegie melon university. they used take profiles to visit the top 100 job sites. the profiles had the sa

this week it was announced that a new development bank is being established by the brics, brazil, russia, indiarica which each country will contribute and we will end up with a total of $100 million of financing. joining us from johannesburg is the former governor of south african reserve bank. and a non executive director of the new development bank. it is tito mboweni. great to have you with you -- with me this morning on bloomberg. you have got the capital. we are ready to get to the point of activating this new development bank. went to the first disbursements come and wha kind of project is the bank going to focus on? governor mboweni: the bank is barely a day old. it was launched in the course of the week. we hope that by t first quarter ofhe next year, it will be in business, beginning to provide development financing. manus: now, when i saw this news come through, i thought we have got the world bank, the asian development bank, the chinese are busy building their own war chest. where does this bank fit in? do we need another development bank? what is going to make this bank stand out?

there were problems in brazil russia, india, china. i am not defending the stock. am saying this is where the stock was ten days ago and he's probably right. >> it moved up that much? i hadn't realized that. they took a hit on the dollar. no surprise there but it is a big number. we're talking 9% points in terms of the revenue line. their argument is if you take out divested businesses and currency, then we really are only down let's call it 1%. >> but. >> which is true but still declining. >> it's an engineered decline. again, am i defending it? i am saying this is a value tech that has not turned in a market where you mentioned that facebook just passed general electric in value. when you mention value tech to people right now what they say is sold to you. no one wants value. by the way, this could be oracle or intel. >> it's all the hewlett-packard, although they managed to have great returns in the stock market until this year and now the split is taking place. we'll see what the affects are when it occurs in november. >> so you found like you're interested her

being held in russia on july 8th and 9th for the ministers of the so-called "bric" countries, brazil, russia indiawhich could well peel away two ministers who flew here from moscow and beijing, bill. bill: james, the iranians responding to kerry's somewhat than sterner than usual statement, what have they said if anything? >> reporter: not much from the two iranian top officials who have been most outspoken. twitter feeds for the ayatollah khamenei and on line venues for declarations of new red lines and negotiating postures have been more or less silent since the 4th of july. not so however one of the most prominent critics in the world of these takes. israeli prime minister netanyahu who called them not a breaks through but a break down. >> this will give them a jackpot of hundreds of billions of dollars which to continue to fund their aggression and terror. ing a breaths in the region, terror throughout the world. this is something that think we should work against. >> reporter: as for secretary kerry he made clear he will speak out publicly less and less as the hours, the endgame in iranian nu

. >> brazil russia india, china. not like adobe stones you build homes with. >> correct.in the form of a wall. >> ibm is interesting and a tough story. 13 straight quarters of declining sales at ibm. ginny remidy. >> when ceos lead is that a telltale sign? >> today after the bell it's a full slate. we will be looking for signs of a china slowdown particularly from apple. even if apple doesn't see the impact, it will be names like dom said nvidia and broadcom. just to remind you, apple, microsoft, yahoo, gopro reporting earnings after the bell. we've got the voice of siri to announce apple's earnings at 5:00. >> do you want me to call in and debate live talk? >> no. done with that. done. >> "closing bell" starts right now. >>> welcome to "closing bell." i'm sara he's nen for kelly evans. >> i'm bill griffeth. dow down 200 points. united technologies and ibm accounting for more than half of the decline in the dow today. we will debate whether those two stocks could have the way for more earnings drama to hit the broader markets. >> both of those companies citing concerns in

nuclear arsenal, not a great economy but certainly to gather you have the meeting which is brazil, russia, indiad a meeting yesterday nations joy went better representation but when you give vladimir putin, he is the instigator, he wants to take it beyond, maybe we could challenge the west, we are not afraid of the west, those are provocative comments. >> i lived in russia, i live in moscow for two years, and i moved here from last year from moscow and let me tell view this, the russian economy is in dire straits, as recently as 2008 it required oil at $40 a barrel to balance its budget and today it is $114. over the last 12 months they have bled through $116 of foreign exchange reserves. charles: what does china get out of this bill? why link up with such an ailing partner? what do they get out of it? is vladimir putin going to be there -- china doesn't have to look so belligerent? >> i hope viewers don't take this as an insult but i think chinese, i did live in beijing for three years from 2009 to 2012. to be frank, i think the chinese view the russians as useful idiots at least in the short t

can you give us a little color on what you're seeing in brazil china, india, russia? my has slowed down quite a bit but we see there's a lot of white space for growth. we feel good about our appliance business. while the economy may have issues and ups and downs, we have market share opportunities across the board whether it be in europe or asia or in latin america or brazil specifically. >> all right. thank you very much. james lillie the ceo of jarden for joining us to talk about the quarter and what he says economically. important gauge of consumer command. thanks, jim. >> thanks. >> earlier this morning, robert kraft and bill belichick responded to the suspension of tom brady. kraft did not pull any punches. take a listen. >> it is completely incomprehensible to me that the league continues to take steps to disparage one of its all-time great players and a man for whom i have the utmost respect. personally this is very sad and disappointing to me. i've come to the conclusion that this was never about doing what was fair and just. back in may, i had to make a decisi

warning about the global economy and actually showing the results from weakness in china, in brazil, russia and in india. clearly, this is shaping up to be one of the bigger themes on earnings. >> i think that theme -- thank you for having me on. i think that theme will continue. right now the world is $100 trillion in debt. what the gentleman from caterpillar said was it is the debt that is strangling growth. the countries around the world can't afford to use their products because they are mired in debt. my concern is the canary in the salt mine of china, puerto rico argentina, greece. it's this debt that is everywhere. eventually the piper has to be paid. my concern is that we may be in the beginning parts of the market rolling over. >> is that your reading of what's going on here? >> no. i think the market is repricing the slowdown in china. we had a little bit of a head fake when the chinese reported a 7% gdp number. aside from that the numbers continue to see out of those people who have market share, apple is your single beth example. the stock got crushed because of the slowdown and unanticipate

brazil is another thing we have to keep on the radar screen. russia is bad. brazil's brick is just hard. there is an i in it and it is india. >> texas based tier read celebrating its listing today. an online banking platform for small bank lending celebrating its ipo. ferrari ferrari lifting for an ipo. no symbol given. >> everything he does is exciting. he is the lone one from fiat. he is a very forward-thinking guy. fiat and unilever are both the two stars in their different businesses. remember. they are not headquartered here. they are beneficiaries of the strong freaking dollar. >> the super freaking dollar. >> got it. >> some of these san disc is up 15%. 66 cents. >> the analyst, i want to praise roman shaw. when everyone loved it at 105, he downgraded it. he reiterated to sell at 81. he said at 67 still at risk. july 20th he upgrades it. that's what we want from analysts. people got too negative. i went through the call. they have a lot of new products and interesting nings tothings to say. it was oversold. if you look at the morgan stanley piece, buy to sell, people were short san disc. it was an annuity short. san

greece. >>> all right we want to take you back to russia where president vladimir putin has just welcomed world leaders to the brics summit. brazil indiachina, and south africa. >> giving them an alternative from countries that put sanctions on him. it's also an opportunity for president putin to show that he's on the international stage despite being let out of the g 7 earlier in the year and he's still a player and it works for the whole group there, really. we'll follow the developments as they unfold. china trying to create an alternative to the world bank. >>> now a decision arnold schwarzenegger made while governor of california is under fire. he brushes off questions about why he granted clemency to a convicted killer. doesn't work on wrinkles. clinically proven neutrogena® rapid wrinkle repair with the fastest retinol formula available, it works on fine lines and even deep wrinkles. you'll see younger looking skin in just one week. stop hoping for results, and start seeing them. rapid wrinkle repair... ...and for dark spots rapid tone repair. from neutrogena®. >>> just into cnn an incredible video. a flight in the u.s. halted i

brazil russia and china, and particularly down double-digits. those were markets that ibm was looking forward to grow. india was up partially. services backlog was up to $122 billion. the first time that's seen positive growth in a couple years. that wasn't enough to make up for the trouble in growth markets and the stock was down after hours. for nightly business report i'm john fort. >> the street will be focused on ibm's earnings there will be plenty of big name teks companies announcing their results this week. tomorrow it's dow components apple and microsoft as well as yahoo. yesterday qualcomm and texas instruments will report. thursday amazon and jennifer networks will announce. >> with all of those powerhouse names coming out. and the nasdaq sitting at an all time high tech investors should have a lot to smile about. a worry some trend is starting to reveal itself. >> there is a big problem in tech right now. the nasdaq 600 is up to a high. the leadership is narrow there's four technology stocks that matter. google, amazon facebook and apple. google's up 20% in july. facebook up 10%. and apple up 3%

and growth markets in particular, brazil, russia, and china really a drag on growth here. ibm said india actually was up modestly but those others were down double digits. 5% growth. outside of the bric countries as far as those growth markets but those big ones drag them down. hardware actually performed reasonably well. compared to how they've been doing recently in ibm hardware. there's some possibility they bottomed out in that department. also the services backlog came in at $122 billion. that's around the range, maybe even slightly higher than analysts were looking for. but there are still some cost issues they're working out in that arena. from the way they word td prior to the q & a the q & a started right before this program was beginning. sounds like they paid more for talent for ios in the enterprise. now they're getting questions from analysts about how this turnaround will continue given some of those difficulties they're having. cloud big data and security, though, those growth imperatives were up better than 30% constant currency. but that's not quite enough to counterbala

india moving full steam ahead. even if we're seeing some slowing but they still have very very high growth rates and then you've got brazil and russia on the other hand and their economies have been under -- in so much trouble of late. can we really expect the top two countries to help the other two? >> well that's exactly the point you make is very correct. for china and for india, the motivation is very clear. we put aside politics. they are both big consumers of commodities. they both rely on commodities and if you look at the other three smaller countries in south africa brazil russia they're big exporters so securing your economic supply lines makes sense for china and india but at some point russia which has ambitions to become a more diversified bigger economy looking into investment like agriculture technology transport, et cetera they have to really create a broader appeal. not just to china and to india. so for now it suits the purpose because of sanctions and geopolitical. it suits russia to be able to say, look, we have friends in china and india. we're getting money and support there but i think that is really only one

the so-called bric countries -- china is rising, russia's going to come back, and other countries, like brazil, are increasing their influence, and india is increasing its influence, compared to what it was 10 years ago. i cannot say i could blame president obama for it. i think it is an inevitability. i think the thing for president obama and the next president is to say how can the united states fit in instead of promoting the elements of a superpower? what are the elements of a superpower? this may be preaching a little bit, but i think a superpower should not only be the top country as far as military power is concerned, which we are going to continue to be, but i think the american superpower goal should be to be a champion for peace. [applause] president carter: and to be the champion of human rights. and to be the champion of the environment. and to be the most generous nation on earth. those of the elements that i hope eventually the united states will set as goals. we have been the most war-like country on earth. we have been a laggard in addressing the problem of global warming and we are now violating about 10 of the 30 para

india remained solid. would you see from brazil and china and russia, it has gone to a burden. china in the third and fourth quarter of last year contracted 30% in terms of sales. we managed to see some kind of stabilization in the first quarter. what about the second quarter when we such -- when we saw such volatility? that company focuses on emerging markets. they seem to actually be upping their game. be that is the point. you go big. july the 20th, they announced a new agreement with the giants in china. they tied up a strategic partnership. they want to see the booming economic trend in china. 43% is what is expected for this year. that is more than double what we are expecting globally. this is what they want to get out into the rural areas of china. they also want to focus on the data election. they want to get to the right place and tell their story in the right way. there is an o -- there is another interesting focus online. only 1% of the sales come from the online sector. how are they going to grow that? i think the management is also quite and resting. they are head

that's a pretty big slice of the world economy, china, japan, australia, south korea, brazil india, new zealand, russia, ukraine, kazakhstan and saudi arabia. now, all those countries require it. u.s. manufacturers ship products to those countries and they put it on the label. now, hershey's doesn't, you know, is not the only company that does this. but this is a hershey's label. and it's made in the u.s.a. we like that. we like exporting things around the world. so we're very proud of the exports of hershey's and other food manufacturers. but because of the laws in sweden they have to say contains genetically modified organisms. somehow they can do that there and not i mean, the e.u. has consistent rules and my bill would have rules consistent with the e.u. so they could make one label which would go to about half the world's economy. that would probably, i mean, if it really cost money to print different labels, that would actually save them money. it would do away with this argument about a proliferation of various different labels across the u.s. but there are some other countries that have differe

so-called great countries, and china is rising and russia is going to come back and other countries also, brazil is increasing its influence, and india is increasing its influence compared to what it was ten years ago, and i can't say i would blame president obama for it, and how can the united states fit in and still accomplish the goals of promoting the elements of a superpower, and what are the elements of a superpower. this is maybe preaching a little bit, but i think a superpower should not only be the top country as far as military power is concerned, which we are going to continue to be, but i think the american superpower goal should be to be the champion of peace, and to be -- and to be the champion of human rights and to be the champion of the environment and to be the most generous nation on earth those are the elements that i hope eventually united states will set as goals. and we are the most war-like country on earth, and we are laggered in addressing the problem of global warming for instance, and we are now violating about ten of the 30 paragraphs in the universal declaration of human rights. i think this is something

india has much less of an export story and more of a closed economy. brazil is a huge exporter of iron or. russiats own specific issues going on being a country run by vladimir putin. i wonder whether the brics acronym is relevant anymore. they are all big countries but so is indonesia. brendan: jim o'neill has wandered this out loud. we have tom orlick with us still. the slide in equity markets in china has taken a pause, problem solved? >> the government seems to have managed to calm down the market. the bigger question is with such massive government intervention and so many shares suspended and so many investors instructed not to sell what has been the cost of stabilizing the market? have they stabilize the market but killed market mechanism in the process? brendan: thank you very much. coming up, we see by -- why share buybacks could run into roadblocks. this is "bloomberg surveillance," and we are asking the twitter question of the day -- does the new york stock exchange matter? not really anymore. let us know. ♪ tom: good morning, everyone, crisis over, quiet in greece this morning but als

one problem is that the other foreign ministers, russia china have to go to a meeting of another organization with brazil and india summit. that's one problem. the other problem is the congressional deadline. if they are close, i think they would stay. >> in congress senators kirk and menendez put for additional sanctions. how much does american politics play into these negotiations? >> a lot. i think what's going to happen here kerry is very focused on getting the best deal and worrying about selling it back home. the real problems here are will iran live up to what it's promised. they promised some things in switzerland several months ago and they say yes at the table and they go back. there's a lot of mixed signals from iran. they need to nail that down with the politics back home. they also have to worry about the other allies. so far this final round the allies have been pretty united. they have been very helpful. on this they all seem to be working very closely together. it's complicated. there's thousands of pages of texts that have been put in writing or being lawyered and now we're being traded back and f