not about dodge or chrysler.nley has a vision along with sergio marchionne for the future the reason shares are down, brian is combination of shock that you have sergio marchionne out as ceo and he was the vision of the company he was fiat chrysler when you bought shares at fiat chrysler for many investors, it was i buy into this guy. much as like people buy tesla. they buy into elon musk. that's what you got with fiat chrysler now the guy who was the visionary, who put this company together ten years ago, he's not there anymore and leading the company. that's why the shares are under a bit of pressure. >> kind of a sideways twist, you'll see -- he's actually a britt. he's the head of nafta he will be negotiating or involved in the negotiation with president trump. not only is he going to be suddenly the ceo but he's got another big job on the side. >> one other thing, brian. let's be clear here. mike manley was sergio marchionne's right hand man. he worked closely with him this is not somebody who was in charge

what has fiat chrysler lost?just the auto industry, really the world has lost an amazing leader somebody who is incredibly dynamic, who motivated people, who gave people opportunities that some were like wow you're putting that person in that position but many of them flourished and many of them really wanted to do well for him and themselves. he was one of those leaders i would never ask somebody to do something that he himself wouldn't do. and that's an incredibly admirable quality. there was nothing beneath him. he was very open and wanted people's feedback. wanted to hear from his constituents really an incredibly dynamic man. >> go ahead, phil. >> i was going to say, the other things that stands out, sergio told it the way it was he would say it and he would also say things that others in the auto industry, they might have said in private but they wouldn't say publicly give you two quick examples. i don't know if you remember, but shortly after they came out of bankruptcy with chrysler, they were repaying th

he spearheaded the purchase of chrysler.bit of a turnaround king. >> he refered to himself several times as the fixer and hit quite a job to do at fiat. rescuing the company, arguably the most important emblem of italian industry for decades. he managed to start this turnaround by extracting about $2 billion from general motors that gave him some financial leverage to start his turnaround plan. from there he took the bet on chrysler, created at that time the world's number seven carmaker. and off he went. >> qualcomm say its ready to abandon its pursuit of nxp. why did they make this decision before hearing from china? was it an nxp issue? >> i spoke to the ceo, and he said there are bigger forces at work. this is the geopolitical world we live in. we don't see that changing. qualcomm just moves forward, concentrates on what it is good at and tries to grow organically in markets like automotive. wherein said it needed nxp. ♪ emma: this is "bloomberg best." i'm emma chandra. let's continue our tour of the top business stories

he did he saved fiat before putting together fiat chryslerment. >> four years ago today fiat chrysler15 dollars you have more than a 200% return for that company's stock the shareholders, the employees all benefiting from this sergio marchionne was 66 we knew he was not going to continue forever in that role. there was talk about the transition in 2019 this all occurred suddenly you have talked about mike manley's history and his own experience is there a sense from your reporting, i'm sorry if i'm putting you on the spot, that the company, while maybe not prepared for this quick of a change, did indeed at least begin prior to this to have a succession olympiplan in place? >> there was a succession plan, whether it came down to mike manley or perhaps a couple other executives who might have been able to take over the position who were in consideration, richard palmer, the cfo, was one of those executives. there was a plan here. sergio marchionne himself said, look, our next ceo would be coming from within the company so this is not a case where they looked around and said, yeah, nobod

fiat chrysler clearly.nation of sergio being replaced by mike manley, concerns about sergio's health, it seems like fiat chrysler said the situation has gotten more dire and that was yesterday, lead to the jeep boss taking over. now sergio has been a whirlwind for this company, taking it from fix it again tony italian car slur, but that's of people used to say about fiats, to really a global carmaker. maker,uipment and truck spinoff of ferrari. do they need a partner? they are the sixth or seventh biggest automaker in the world. he bought chrysler in 2009. mike manley took over jeep, a chrysler brand at the time, and it's become one of the most important assets fit chrysler has, together with ram, which manley also runs. that's why he's the right choice for ceo. stock is down more than 3% today as the concern is, sergio has been at the helm for 14 years and when you've got someone new coming in as a surprise, you can understand investors are going to be jarred. as we head to break, let's give you a picture

by 2021, fiat chrysler models and fleet will be with electric engines. so fiat chrysler is entering a new market stha they're deciding to challenge the best in class by manufacturing maserati, a car capable of reaching 130 meters per hour -- both on the commercial and industrial side the question is whether fiat chrysler is capable of implementing such a plan with the strength and discipline under sergio marchionne's tenure back to you. >> tank you so much. that is live in turin. >> i want a car that goes that fast in two seconds. sounds like a good challenge to tackle >> they announced five-year plan there were questions about i wonder, what does that mean for them coming into the roles. >> it certainly has come to the surprise of investors. we're seeing that reaction in the stock price today. i can think back when i was at the last motor show this year. the one previously, people were asking about it then it's been on the mind. sergio flagged that he wanted to step down by april 2019. yes, this has come sooner than expected and rings the question of wh

workaholic saved chrysler. some terrific and it doesn't demand the bitterly divided 24 hours a day of his life every day of per week every month to saving and revitalizing chrysler. in particular caffeine the jeep grand. one of the quotes in the article is the nationalities do matter to car buyers. he tapped a great potential of the jeep brand. >> when we extracted chrysler in 07, we said seven, we said all of that up again and the team did an effective job in repositioning jeep. the challenger charger. the team did a heckuva job in repositioning. >> what i've read is 80% of the operating profits for fiat chrysler is cheap in the ram 1500. >> this talks about domain name mike manley as the processor. it is a testament to the leadership, the team you're talking about. he didn't see a big drop-off in the shares and shareholders were confident in mike manley and wendy's done. >> i think i read about mike manley would be a mirror image of sergio relative 24/7. guys for a lot less. >> when it was a brookings seminar

it was the field chrysler deal -- fiat-chrysler deal, on the first of january a couple years ago.t's get to matt miller. he knows him better than anyone else on the tv side. he will be missed. he was unusual. he was a turnaround chief executive, one that loved what he did. reporter: he absolutely loved what he did. he was a person who worked seven days a week, 52 weeks a year. constantly either on the phone or talking with colleagues, talking with reporters, with customers, employees. he was always looking to make deals. he is most famous for the deal that saved chrysler. he was making a number of other deals. he was a passionate ferrari customer and driver. there he passionate about formula one. he wanted to win a championship. he had done a number of other thats for the family, helped make them a lot of money, enlarged their legacy as well. he will be missed by a lot of people but his business partners -- because he works so hard -- will probably be the ones who knew him the most in missing the most. tom: underestimated, you know this, his ability to change the finish. ferrari a

obama gave fiat chrysler the chance to purchase chrysler.p will million cars globally. the plan is to get to 3.5 million cars. jeep is by far the most important unit of the group and part of the success is obviously due to the leader, mike manley. much fork you so joining us from italy. we will try to do more on this in the next hour as well. we continue with yianos from ubs as well. a lot to talk about. let us remember, a federal reserve meeting is nine days away. this is an important conversation. lot that a gold company can do. we will talk to the chief executive officer. we have not done much on gold recently. the nexto that in hour. francine lacqua in london and i am tom keene in new york. this is bloomberg. ♪ francine: this is bloomberg surveillance. let's check in on what is trending across the bloomberg universe on tictoc. climate change could threaten internet liability and access for millions of users as sea levels rise over the next 15 years. head to twitter for more on that. bloomberg.com, labor strikes are starting to weigh on r

ford and chrysler built scaled-down versions of full-size cars. chevrolet went back to the drawing board. it is an air cooled engine like the volkswagen. that makes it less expensive. you don't need the radiator or water. there's less production. it also makes the car tend to handle differently on the road with the weight in the front. the chevy corvair did not have as much weight up front. it handled differently. it would cause people to oversteer. perhaps more than you intended. that could be very dangerous in a high-speed situation. in fact, in fairly short order, there were a number of accidents involving the corvair. arnie koufax passed away in an accident in the corvair. ford and general motors realized there was an issue there. the public started to catch on. and ralph nader, who is recognized as a presidential candidate and consumer advocate, wrote a book called "unsafe at any speed," which was about to the american automobile industry in general, saying they were taking shortcuts to safety. but the corvair is one we remember today. gm eve

in the u.s., jim, fiat chrysler -- gm, fiat chrysler is up 6%. and this was due to chatter that tariffs may not be imposed on european autos, as threatened two weeks ago. it is also helping the european automakers. p at chrysler, we have an upgrade from a buy to a hold. e."ce the selloff is "sever a look at the tech companies. micron was a big story on tuesday, the reason for the pullback, shares dipping in a big lake and closing down 5.5% on the news that china was going to not allow them to sell their issue,here on a patent but now we have a rally. overall, down 3%, but up more than 2% today as analysts say it is probably not as bad as feared. mark: the biggest rally in auto stocks in a couple of years, boosting sentiment across europe today, as you can see the green. and we are gaining for a third day, best run since may 17. automakers met the u.s. ambassador to germany. there is a report that he put forward this notion that tariffs could be cut to zero, which goes against donald trump's announcement that he wanted 20% tariffs on imports of eu

chrysler,had feared -- fiat chrysler.any is off 15.5% say china weighed on sales, a tough course to be steered by the new chief executive. volkswagen trading lower. it is tough times for autos. vonnie: in the u.s., we are seeing a little weight to the u.s. auto -- dollar index. it is still trading around 94.60. crude oil will continue gains since we saw a massive drop down for another week in inventories, 69.20 one for a barrel of wti. the 2-10 curve is down to 27 basis points. i thought i would pull up the mexican peso because it is strengthening, not necessarily tariff or nafta related, more possibly to do with the political situation. let's take a look at global macro movers, i chose top markets. many are in europe but you are seeing the brazilian divest a up due to gains in commodity prices. brent and wti are higher, as well as copper. the commodity index up three quarters of 1%. there is lots going on from a drought and potential tariffs impacting prices. caroline: the dax up a percentage point, dragged lower by deut

and what does fiat chrysler do now?ew ceo is mike manley he is the visionary behind the expansion of jeep. he also has run the ram brand over the last couple of years. he has deep operational experience and under him, jeep sales globally have more than tripled since 2011 but the challenges he faces are numerous this is a company still in transition first of all, there's a five-year growth plan the company just announced mike manley helped put that together as part of the team the implementation is the big challenge. do they continue to expand jeep sales which they expect they will especially in china and asia then there's the question of could there be a sale or a merger of either all of fiat chrysler or part of the company? sergio marchionne made no bones about the fact he believes there needs to be consolidation within the auto industry. it will be is there the right move for fiat chrysler to make in the future? look at shares of the company. they're under a little bit of pressure today following the news of this chan

former chrysler boss has died at the age of 66. he had surgery on his shoulder three weeks ago but suffered complications and his health rapidly declined. twos credited with building dysfunctional car companies into the seventh largest manufacturer in the world. 24 hours on air and on tictoc on twitter. this is bloomberg. ramy: thank you. we're going to do and earnings check right now. second-quarter operating profits slightly missed estimates. billionmate was for 268 yuan or so. second-quarter income did beat estimates. the most important thing is that naver's second-quarter operating profits missed the estimates. thel ahead, why two of world's biggest money managers are split on whether the bank of japan will tweak its policy next week. more on the views of vanguard and blackrock a little bit later. trop--- will be donald trump-jean-claude juncker trade talks reduce tensions? ♪ we are counting down to the open of trading here in sydney. this is our futures are trading -- are shaping up. looking mildly more optimistic going into t

he spearheaded the purchase of chrysler.bit of a turnaround king. >> he refers to himself several times as the fixer and hit quite a job to do at fiat. arguably the most important and little of italian of italian emblem industry for decades. he started this turnaround by extracting about $2 billion from general motors and gave him some financial leverage to them for together his turnaround plan. from there he took the bet on chrysler, created at that time the world's number seven carmaker. and off he went. >> qualcomm ready to abandon its xp.suit of annex the -- n issue?an nxp >> the ceo says there are bigger forces at work. we don't see that changing. qualcomm just moves forward and concentrates on what it is good at and tries to grow organically in markets like automotive. house through a lifeline to farmers caught in the crosshairs of the trade war. they announced a $12 billion aid package to farmers. when will it be employed? >> we still need to know a lot of details. the white house announced $12 billion in assistance t

fiat chrysler has named the new ceo. unable to return to work. it takes thed br reins, getting his hopes on the brain. >> they expected him to retire near 2019, nine months from now. essentially, fiat chrysler, this was already in place, there were three top candidates. the cfo will stay and work with them. investors somehow were expecting him to leave fiat chrysler, this comes as a big surprisem because he was meant to stay there another five years. this is why the reaction is much bigger. ♪ >> the architect of fiat chrysler's dramatic turnaround has died. sergio marchionne was 66. he joined in 2004, related to the purchase of chrysler. he was a bit of a turnaround king. >> yes. he referred to himself several times as the fixer. he had quite a job to do at fiat. the company is arguably the most important italian business for several decades. he managed to start this whole turnaround by extracting about $2 billion from general motors, which gave him some financial leverage to put together his turnaround plan. from there,

he drove the merger with bankrupt chrysler. he is credited with turning to dysfunctional car companies into the seventh largest manufacturer in the world. appearsricket superstar on course for an election victory in pakistan. his opponents are already crying foul. his movement for justice party is ahead of the pakistan is one leave -- muslim league. he fell short of the majority needed to form a government without a coalition. day, onews, 24 hours a air and at tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. yvonne: thank you. facebook faltering. looking close at what a rare earnings miss means. ramy: turning down the heat on trade. what it could mean for asian markets. this is bloomberg. ♪ yvonne: this is "daybreak: asia" and i'm yvonne man here in. u.s. markets rallied on the trade agreement. treasuries declined but automakers. their losses after being spared by the threat. let's talk about that market view today in terms of what happened off of this trade tal

at chrysler headquarters in auburn hills, michigan 11:00 a.m. on wall street. "squawk alley" is live. good morning i am carl quintanilla with jon fortt. we begin the busiest week of earnings season. alphabet tonight, amazon, facebook, twitter later in the week along with other big names on the dow industrial. trade tensions, new threats from the white house to iran taking center stage as well mike san to mike, a lot to process. >> remains to be see if earnings season is a catalyst here. some of the ones missing seem to be getting punished more than beaters are getting rewarded that's a common thing. six months after the peak, january 26 was the high for the market, thursday is a half year since then it is a prolonged reset process i think we have been going through. most corrections have fully recovered. you have to ask what's wrong as an overlay maybe what was wrong with the starting point up 4.8% s & p year to date, on track for 10% annualized return including dividends. pe multiple is back to the five year average you look at that picture, say this is a dece

president trump >> former fiat chrysler ceo and auto industry titan sergio marchionne died at the age of 66 he became the ceo of fiat in 2004, despite having no experience in the auto industry. he quickly became one of the most respected executives in the sector after engineering a recovery at the debt laden company. his career defining moment came during the financial crisis in 2009 when fiat took a controlling stake in chrysler, steering the american carmaker out of a government backed bankruptcy marchionne oversaw a sweeping turnaround at chrysler, within two years, the company exited chapter 11 and returned to profitability. in 2014, fiat chrysler made its debut on the new york stock exchange, and shortly after it announces a spinoff of ferrari which listed in 2015 marchionne, once an industry outsider, leaves behind a lasting legacy on the global lpe motive business that h heed to reinvent the more comfortable you are in it. and now there's a new way to smooth. introducing new venus platinum. a premium metal handle boosts control... to reveal up to 100% smooth skin. venus no matt

the holding company of fiat chryslers eeo sergio marchionne has died. his condition had worsened after he underwent surgery on his right shoulder a few days ago. michael used in at cmc markets us. good morning. your reaction to the news about sergio marchionne. a real force in really did amazing things for the company. >> s., absolutely. and who doesn't return the company are up for a multibillion-dollar accompany this now. he was asked by president obama to take over chrysler bringing the company back from the brink and he obviously is a big fan of the ferrari brand as well. also not too much in the price given the fact we heard the news earlier this week that he was a result of side effects from operations. very sad news of someone 66 years old. gerri: brings to mind michael manley the fella taking his place. we know him as the head of jeep. is he up to the task? >> that's a big question at the moment. i think investors are still absorbing the news. the big question is whether or not they will delay the announcement put in some form of succession plan

he was chosen by the chairman and the shareholder of fiat chrysler.ows how crucial jeep would be for the future. independent and it used to be the chairman of phillip morris. he was not working inside the organization. a succession plan was not in i and that is why there is more skepticism. vonnie: you have covered marchionne for 10 years around the globe. follow him in one of your piece -- you call him a fixer, a builder. in 2014.hat story i have too many stories to talk about as i have been following him around the globe. 2014, fiat chrysler was in the mountain with my family. i had to interrupt the holiday. my family was not happy. a few weeks later, we got a letter, handwritten for my daughter with music added. wasie: even though he trying to avoid you and your questions. he got a lot done including bringing back all of the workers he let go. what is left to be done to complete his vision? he presented his final plan, it was meant to be a final plan the first of june. his vision is to move away from mass car production which he sees risks becoming

chrysler saw a assets expanded more than 10 fold under sergio marchionne. -- be a chrysler -- fiat chrysler assets expand more than 10 fold under sergio marchionne. as marchionne tried and failed to do with gm. chris bryant joins us now from london. what would be the logical merger that would move the story along without marchionne? >> it is an interesting question. the partner in his eyes is gm. there are plenty of other companies who might find fiat's assets interesting. a strong franchise in the united states with jeep and ram which companies in europe might find interesting. that a buyer in china might one day approach. to doanley does not have a deal. the company is better these days than it was when marchionne took over. project aing he will message of steady as she goes. alix: what about management supporting mike manley? of mike an outlay someone- we heard resigned this morning. what could the challenges be? when there are several names to take over, bloomberg reports that the european chief is on the way out. mike manley, they have somebody who is leading the biggest cash contribut

. >>> still ahead, the road map for fee at chrysler as a new ceo takes over. >>> mexico wants to reach a nafta deal with the white house by the end of august. president trump hinted something cod be coming soon. >> we're talking to mexico on nafta, and i thinkoie're to have something worked out. the newfi president, ter person, i spoke to him at length on a idcall, a great job, a tremendous vote. they have a lot of confidence i them. we're talking to them about doing something very dramatic, very positive foroth countries. >> the dollar fell against the mexican peso when those comments were made this afternoon. >>> whirlpool was one of the first companies to get caught up in a trade spat, which is why night's quarterly results are being closely watched. he price maker earned $3.20 a share. revenue fell to below $5 billion. the dock took a hit in initial after hours trading as costs for the company climb. contessa brewer takes a look at the issues tha company is facing. >> whirlpool is blaming its disappointing performance in europe, the middle east and africa. it's promising to t actio

he brought in chrysler starting in 2009.nly and what is wall street and what are investors expecting from him he has been in charge of the jeep brand since 2009, and look what's happened to their sales since then 339,000 globally then. it's gone up four fold since then to 1.38 million and a big part of that has been manley pushing the brand. the big test will come on thursday when chrysler reports it's earnings. but really his initial thoughts as he becomes the ceo of this company. >> big story, big legacy, big shoes to fill. when we come back, busiest week of earnings season with about 35% of the s&p reporting during this next five days. don't miss our projection or what we expect from amazon, facebook and google. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like any of these types of plans, they pick up some of what medicare doesn't pay. and could really save you in out-of-pocket medical costs. call unitedhealthcare insurance company today to

you are starting out with the death of the former process fee up chrysler -- former ceo of fiat chryslerporter: the 66-year-old died after publications from surgery. he announced he would not return to the company after that surgery. he had overseen fiat takeover of chrysler in 2009 and successfully spun off the ferrari brand into a separate company. estate of saying the best way to honor his memory was to build on his legacy as a company. next to the u.s. come over the eu commission president will be meeting withth president trump later. reporter: the tone of the meeting has been set by president trump on twitter. he's said that terrorists are great -- he's said that tariffs are great. they will try to talk him out of ,mposing new tariffs on cars saying they should drop all barriers and subsidies. germany's car industry represents the body has welcomed these talks >> -- these talks. reporter: it is a very good thing the president of the european commission is in t the united states and holding good talks with the president. it is a matter of maintainingng free and fair trade with the u.

two auto giants reporting earnings both cutting their outlooks and sad news out of fiat chrysler. a lot to get to with phil who has been busy working early this morning in chicago good morning, phil. >> good morning. we start with the news from general motors the new guidance for a full year earnings coming in lower than previously expected. coming in at $6 a share. previously in the range of $6.30 to $6.60 they're expecting a $1 billion increase in costs this year. $1 billion about half that is due to higher raw material costs such as steel, aluminum, and the other half is foreign exchange you look at fiat chrysler, you have them lowering their full year earnings guidance the q 2 results were hurt in china by tariff impacts there. fiat chrysler earnings call started 45 minutes ago it's the first time we've heard from the new ceo mike manly since the passing of sergio marchionne, passing away this morning. it was, to a certain extent, expected but this is a devastating day not only for fiat chrysler and ferrari and the auto industry overall. sergio was a giant here is what mike ma

trading in fee chrysler has been suspended after a shift plunged more than ten percent in milan a calmmaker reported a big loss in profits just alice it announced the death of its former c.e.o. sets of masculinity a comic as shares already plummeted three days ago after he steps down due to his ill health acumen it took the helm much yet in two thousand and four he was credited with rescuing it from bankruptcy in one of the auto industry's greatest turnarounds he went on to oversee the merger with chrysler of the u s creating the world's seventh biggest carmaker he was sixty six. for more on that let's cross over to our mental fanfan stock exchange danielle cool danielle this is for many reasons a bad day for chrysler. yeah exactly and let me tell you first monica that this news of marchione of passing away just days you know after it was announced that he would be stepping down has also created some sadness here among traders on the trading floor but not just in the financial world also in italy where he was highly respected and praised by many in general you're right here it is not g

this change we're talking about i have three do i have to have vilar he is the current fear and chrysler european was i would have you know was also a very close aide to. overseeing fiat's chrysler operation across the globe he was also considered among other leading candidates to be the one for the dog no we're hearing he's most likely also going to step down here skilling happy that he didn't get the job right so lots of changes that he had chrysler done here cope in frankfurt thank you so much. iraq to now brace yourself to news is getting very very serious now a dangerous situation is brewing germany's breweries are running out of bottles and that means a b. a drink as in germany might be facing dry times. a brewery in both just ask its customers for help they should bring back their empty beer bottles before they go on vacation although the deposit on bottles is between eight and fifteen cents each not enough customers return their recyclable empties now many breweries find themselves short on bottles germans drink more beer than expected this summer first that was the soccer world

he is not returning to fiat chrysler this is not a temporary move this is permanent. the new ceo, mike manly. he is best known for running the jeep and the ram divisions within fiat chrysler well known on wall street. well known within the auto industry, and look at the growth of jeep under manly. since 2009 sales have skyrocketed. worldwide they're up almost 300% more than 3 opinion% to just under 1.4 million vehicles last year he faces three key challenges as ceo, fiat chrysler implementing a five-year growth plan that he helped put together along with sergio marchionne, and then the question of whether or not there is potential sales or merger or a partial sale of fiat chrysler. those are questions that he will face maybe want immediately, but certainly over the next couple of years as he runs this company. remember, they report earnings on wednesday, and that will likely be the first time we hear from mike manly about his new job running fiat chrysler. >> all right, phil stick around we may have some questions for you, but, first to robert frank with what marchion

a sudden ceo shifted fiat chrysler. sergio marchione was forced to step down. "fbn:am" starts right now. gerri: 5:01 a.m. in new york on june 23rd. i'm gerri willis. cheryl: good morning. i'm cheryl casone. sorry that i interrupted your oil rate but i can't get over the all caps thing. it's interesting. gerri: we've seen this before where he will go over international heads is, so it's not anything new, but every time it happens there's a big reaction. cheryl: wait to begin with some very big breaking news. this mass shooting happened overnight in toronto. a gunman killing one person and injuring 13 others including a young girl. the suspect later was killed at the scene. gerri: happen in a toronto neighborhood known as greektown. >> after 10:00 p.m. police responded to a 9-1-1 call for sounds of gunshots. a young girl and critical as they right now and the other 13 are in hospital being treated. >> investigators trying to find a motive. police say they would not rule out terrorism. cheryl: president trump in a late-night treat issuing a strong warning to iran.

joining us now to talk about it, former chrysler president.understand when marchionne took over, you were the executive in charge of the transition tell us about that period and how you feel about the fact that he is no longer going to be ceo. >> well, obviously i'm saddened by that news sergio has done a tremendous job for the country and the industry he really brought business into the auto industry in a way that nobody else could. chrysler is in much better position than it was when he took over. he had a vision, he was able to cut through a lot of the issues that we had prior in the bankruptcy because he started with a clean balance sheet and very good financial position through that period of time, he's built a company where you just saw the numbers in terms of the growth first quarter earnings were up i think 53% versus last year sales are up twice the market. so the company is in very good shape with marchionne leaving. >> the share price this morning was down 3.5%, now down about 2% dunk that recov do you think that recovery is justifi

chrysler, dodge, jeep.ike to hear from him is how he will deal with continuing with the turnaround and how he will deal with trade. admissions -- emissions is a big deal in europe. chryslerusly, fiat among other automakers have been on thegressive electrification of vehicle so investors would like to your the long-term plans. >> these are the challenges facing them. tell us about it. >> there are a lot of challenges. , they have spent at least among the automakers. that is where we are pushing into the future. intos that going to play dodge and jeep. pick up trucks and suvs are typically known as gas guzzlers in the u.s. and he will face challenges in terms of how to that capital to bear for trend. it was also interesting to hear in terms of how he will work with the other automakers. rishaad: his tenure at jeep has been successful. valuationsaid at the of jeep would be as big as fiat chrysler in its entirety. but it is a profit pillar for chrysler and i don't think they will let that go very quickly. bring

what's sergio's departure mean at nt.at, chrysler, and ferrari. th'sex [phone ringing] need a change of scenery? the kayak price forecast tool tells you whether to wait or book your flight now. so you can be confident you're getting the best price. giddyup! kayak. search one and done.

and done your winter and this is your business update work at a few a chrysler plant in italy will go on strike months that's because footballer cristiana rinaldo has just signed a deal to transfer to your ventus for a hefty price tag so what's the big deal about this big deal. these workers it's an italian fee it chrysler factory are angry the reason news of a costly football transfer christiane every now and always leaving rail madrid's to join you ventus two in critical of one hundred million euros it is an yearly family owned shares in both fee at and eventis employees say the owners should invest the money in them instead that's why they've decided to strike. i was kept in fact i guess like a punch in the face for those working here for i've a full ten years yet we've received little money but for right now and there's money in it's a shame it's disgusting. others say the transfer is a marketing move. that costs a huge trees as you know but then yet the family knows how to do their math i mean you do stuff i tickled people to read and it knows that there's a reward of the same va

shares of fiat chrysler are falling today. the financial after disappointing sales in china. that is a significant challenge for the new ceo. you have a five-year plan to double profit and extent in china, the world's largest market. and boeing boasted quarterly profit and sales that beat estimates. but the company reported a cost overrun as it appears to present to the u.s. air force. produce cash flow twice of what analysts had expected. ryanair has had enough of labor strikes in ireland. they will cut the labor force by 20% through the winter. ryanair says the strikes have had a negative impact on booking and airfares. number ise latest -- that is the latest bloomberg business flash. caroline: we see much anticipation of the key meeting of the european commission and trump. can they alleviate some of the trade tensions? the auto sector is dragging down the dax. caused by the miners getting hurt. -- has been downgrading the overall cost. check out what has been happening in terms of fx market. we have seen the dollar weakene

he merged fiat chrysler 10 years ago. it was his creation. sergio march cone knee was 66. >>> wednesday july 25th, the dow will head lower at the opening bell. all of that loss is from one stock, boeing. "varney & company" is about to begin. ♪ >> we're confronting the unfair trade deals and we are doing it like nobody has ever done because our workers have been cheated, our companies have been cheated. they have stolen our wealth. they brought it to other countries. as you know i campaigned on that issue. it is very close to my heart. i understand that issue better than anybody. i don't like that. i don't like it.

chrysler, outt with earnings as well.pointing sales in china taking a toll on their second-quarter results. after the tragic death this morning of sergio marchionne, monitoring the conference call. >> the first five minutes was a somber tone. they talked about sergio marchionne. they were reading out letters and notes from analysts and journalists that had written in an expressed their concern. they did take a moment of silence as well on the call. this has set the tone to be more of a somber tone, remembering sergio marchionne. we start to get into the capital markets update for we talked about those numbers and the struggle in china. has said theonne second quarter was going to be difficult. didid say did that -- that prove to be the case. they ended in a net cash position and improved with second-quarter profits. cherokee regained but otherwise a struggle in china. that has been a focus for them. i will keep listening for the numbers but i will reiterate the first five taylor riggs. we have heard warnings from ceos , t

well because at a field chrysler plant in italy will go on strike this month and they have a very good reason football star cristiana rinaldo has just signed a deal to transfer to your vendors turin for a hefty price tag so what's the big deal about this big deal take a look at these because it's an italian fit chrysler factory are angry the reason news of a costly football transfer christiane a renowned always leaving male madrid's to join you ventus two in critical of one hundred million euros italy's oniony family owned shares in both feet at and eventis employees said the owners should invest the money in them instead that's why they've decided to strike and just get by in fact i guess like a punch in the face for those working here for over forty years we've received little money but for right now though there's money it's a shame it's disgusting. others say the transfer is a marketing move. that costs a huge trees as your own but then yearly family knows how to do their math for me and you to fight it will do more to be and it knows that there's a reward of the same value for the

here we're also learning that within fear at chrysler they're going to be in big changes after we were learning that the boss announce that he will be stepping down because of health issues we are also learning that mike manley will be the new man in charge he is fifty four years old used to be in charge of the jeep car brand and according to media reports there is somebody in sight of the company who is very unhappy about this change we are talking about fredo i have to have villar he's the current chrysler european boss and i have been i was a very close aide to march only it was overseeing fears crys the operation across the globe and now we're learning that most likely he's also going to resign because he wanted the job and he's very unhappy he didn't get it. done yoko been fine thank you. china's second largest online retailer jadi dot com is looking to enter the european market c.e.o. richard lui told german business daily hundred splot that he will have a strategy in place by the end of the year that could potentially shake up europe's competitive e-commerce industry. jadi dot c

he was architect of fiat chrysler get together.i'm not mistaken the stock went over 200% during his tenure. liz: to susan's point earlier, turned around not just one but two beleaguered carmakers, dealing with automaker unions at same time. he repaid the government for the chrysler loans. he is visionary, legend. he love what he did. had passion for his job. that is what gm and ford ceos are saying now. >> i agree. interesting gm, ford, reporting hon day we lost marchionne. stuart: it is. we're down about 80 points. down 77. 25,161. >>> look at gm. tariffs apparently according to the company, biting into gm's profit forecast. they're looking to the future saying tariffs will hurt them. to your point, kristina. general motors up 37. it is down two bucks. that is a whopping 6% drop. >>> general dynamics very strong profits. they make gulfstream jets and navy ships. that is up 1 1/2%. >>> higher profit at another defense contractor, northrop grumman. healthy demand for fighter jet parts. that is what they're doing. why is the stock ne

workers at an italian fiat chrysler plant will strike over the signing of cristiano ronaldo tojuventus. the football club and the carmaker are both controlled by the agnelli family, who agreed to sign the portuguese star for over £99 million. that's all from me. another story making the news here in the uk: ministers have given their approval to rupert murdoch's bid to take control of the broadcaster sky. his company, 21st century fox, has agreed to sell sky news to address concerns about his influence over the uk media. the us... between time warner and at&t. and it's the deadliest natural disasters since the 2011 tsunami. we find out how long it will take for japan to recover from the latest floods. good morning, asia. hello, world. it's friday, almost the weekend, glad you could join us for another action packed edition of asia business report, i'm rico hizon. it's a merger that could shake up the us media industry for yea rs shake up the us media industry for years to come. 0n talking about telecommunications giant at&t buying up telecommunications giant at&t buying up time warner

and for mafia chrysler c.e.o. status john mchugh on a has died the news comes only days after he stepped down due to ill health mokoena took the helm at the at in two thousand and four he was credited with rescuing it from bankruptcy in one of the auto industry's greatest turnarounds he went on to oversee the merger with us comic of chrysler creating the world's a seventh biggest part maker not join it was sixty six. that's a business update for you thanks for keeping us company. going to. move. on to. the. world. today i'm traveling to the state of sex and a place where you can really feel your jewish growing she gathers in. germany. and stores and the whole land field from bridge connects what one might and today this bridge is a central location for both cities and at the same time a strong so move for united europe. next d.w. the for. saving money at all costs of consumers hunting for bargains and companies looking to cut costs. trickiness to seen as a virtue but what happens when it becomes stingy. and how ca