sell.fargo rated a jpmorgan and citigroup also falling.arrie analysts saying in a note today that there is a perfect storm right now for u.s. bank earnings for the first quarter, including concerns about global growth, particularly in china, lower oil prices that have been waiting on the banks, negative interest rates and some area of the globe, and earnings will be unusually weak. wells fargo is one example, take a look at bloomberg here. tracksking at eeg, which the change in the earnings estimate over time. the white line is the stock price, which has fallen. here is the earnings per share estimate from analysts. as you can see, it has fallen gradually. something else that definitely we have taken note of is the idea that banks have underperformed this year. it's the second largest group in the s&p 500 that accounts for 16% of that index. it is the s&p 500 in blue. here are some of the largest banks. the white line is wells fargo, pink is jpmorgan. and then you've got bank of america in green and citigroup in orange. their underperforma

talking bankse and whether citigroup should break up. first though, you're looking live at donald trump deal post office building in washington. he is holding a news conference after his meeting with public and congressional leaders. he says he can easily get the delegates he need to win the republican nomination. ♪ betty: you are watching bloomberg markets. analysts at kbw say citigroup should consider a split to unlock shareholder value, including selling overseas units. citigroup shares are down about 17% over the past year. earlier, the kbw ceo joined bloomberg to explain the plan. we looked at some of the parts and evaluated it. if we do that, and for the $45 a share, we think it's $62. the real ring is to break it into two businesses. if you do that, you can unlock some of the global tax or higher banks.ion on these we think it's a logical decision for the banks to make. david: it's no longer too big to fail? tom: it is the fourth largest bank and even after the split, one of the pieces will still be the fourth largest bank in

we have one citigroup and jp morgan shareholder pushing to do just that.hough for investors? he joins us along with mike mayo to make his case. as we head to the break a look at the s&p sectors today lead by industrial materials and energy. dow is positive on the year. s&p is up 11. halftime report is back after this. the e-class has 11 intelligent driver-assist systems. it recognizes pedestrians and alerts you. warns you about incoming cross-traffic. cameras and radar detect dangers you don't. and it can even stop by itself. so in this crash test, one thing's missing: a crash. the 2016 e-class. now receive up to a $3,000 spring bonus on the e350 sport sedan. ♪ ♪ for your retirement, you want to celebrate the little things, because they're big to you. and that is why you invest. the best returns aren't just measured in dollars. td ameritrade®. >>> hello, everybody. i'm sue herrera. the united states says isis is committing religious genocide. secretary of state john kerry making the announcement using the administration acronym for the group. dash. >> dash

you know citigroup michael like the other. what did you make of the remarks?ds like a profit warning, right? michael: yes. i think there may have been some hope that february was a little bit better, but with citigroup coming out this close to the end of the quarter and saying they are down 15%, i think hope has been a little bit dashed, and this is typically the best quarter for the trading businesses. so being down 15% is going to be a lot to make up over the rest of the year. francine: but michael, if you look at the rest of the debates and monetary policy and where the yields are, it's going to be more painful going forward for the banks. when do you see a turning point? michael: i think a lot is based on the rates in the economy. banks, a lot of it is out of their hands which is why they are so focused on the cost cutting. you heard them talking about we are going to have to change the way we price certain products based on the negative rates. tom: reporting that they are down on the timeframe and on the collapse of retail branch banking. where is that de

we will talk about brexit, citigroup, and the impact on the banks.about deutsche, barclays, the sector as a whole. it is very gloomy in london. we will be back in two minutes. ♪ v rancine: asian stocks drop and investors expect more from the e.c.b. trump ups the stakes. donald trump leads two more primaries, berny sanders defeats hillary clinton in michigan. and u.s. bank shares are dragged down. tom, we o lord desai have plenty to

i have a news alert if citigroup. details. >> all right, scott, what we are watching here is citigroup shares taking a leg lower after comments from the cfo at the rbc financial institutions conference in new york staking place right now. according to wire headlines from righters and bloomberg they are citing weak innocence their investment banking business. overale citigroup says that shares -- again, the company is now seeing equity and fixed income markets in the first quarter revenue headed down by about 15% from the same time a year earlier. they also see investment banking revenues down 20 percent year on year. in february, around the 3rd or so, j.p. morgan made similar comments. again, citigroup the latest big bank with diversified securities operations to come out and say that the quarter is chap shaping up weaker than it did last year. in this case here, citigroup basically saying the investment banking business at least going to be lower than last year. >> thanks for bringing that to us. city shares sell off

authorities are questioning whetetr citigroup tutued a blind eyto suspicious tranctions. data brereh at the i-r-s is bigger than initiay thought. coming uon 11 1 ws a6:30.... i-r-s is not doing enougugto protect american but t t t, vience rises in a locala commity. why one lear isis suggesting a tax thelp cut wn crcme. u're watchinwnkktv 11 news with dianne e rby,y,on ward, chf meteorologist brian bledsoe and sam farnsworth with sportsis these creamery shakes are so rich and creamy. know. finally a shshe for an aficionado like myself. wait. you're a shake aficionado? not a shake aficionadothe akehaficicnado. -whouckles) ah. well, pes yoc/ddbe one too. ahead. mm. ere'e'a coness. cold, , 's colokay. ice cream is c stop the psses, guys. "ice c cam is cold,"saysete. pri it. new slow-churned creameryhakes are here in premium flavors and all shak are halalprice after (ccks) ate on the depy whwhwas killed in park county. corporor nate carrigan will be & norereat faith biblelehapel in arda on march 14th. the service starts at 11 a- m. the park countsheriff's office says anotherep

shares of citigroup down more than 3.5% to 41.05. sun edison's financial issues kept it from fulfilling the terms of the deal calling it a willful breech of the agreement. in july they agreed to buy vivint. shares fell 20% to 4.17. sun edison rose to $2. >>> general mills raises its quartzerly dividends to 46% per share. shares made fractional moves on the announcement which was issued after the closing bell. the stock closed the regular session at 59.95. >>> coming up, paying a price. how damage second-degree the maria sharipova brand, and what can she do to restore it? >>> dick's sporting good reporting earnings. profits down. revenue lower than expected. the company gave down beat guidance for the current quarter. the sporting goods retailer blamed warmer than usual weather for the disappointing results. the ceo said he will look at taking over leases of closing sports authority stores. >>> major corporations are distancing themselves from tennis pro maria sharipova after she failed a drug test. nike is suspended the relationship

tobias levkovich of citigroup is with us.from gamco, chris , looking at the media twist. i love the gloom of media -- we are all going to die, it is terrible, a total failure. cash flow is terrible, nobody is going to watch us, we are all going to be on snapchat, and yet we are glued to basketball. tv is not dead. chris: it shows the power of live television. ratings keep going up, advertising is ridiculous. cord cutting, court shaving, -- they are real trends. they are happening. it is still very big and very profitable for the networks. vonnie: have the forecasters figured out that you might want to watch the final four? chris: the programmers have figured that out and they are bundling their product as a result. they are not letting you do that at the moment. this universe will continue to evolve and has already evolved quite a bit in the last five years. maratobias, help me with ngi's worlds here. we are all losing money. opportunity, or are you under the desk? onias: we are overweight media, and we favor some of the bigg

citigroup and bank of east asia, worth more than a trillion dollars. more about that story and more, follow me on twitter, use #trendingbusiness. across the board, looking out for trade numbers. we are on standby. let's look at what is going on with the markets. shery ahn: lots of markets right now turning negative. pulling down a just stocks today. japan falling for a second consecutive day, down 1.8%. stronger yen is hitting the outlook for exporters, not to mention we have final gdp data showing that the economy theracted one by 1% in fourth quarter. also a rally we saw in chinese stocks, not being sustained. shanghai composite down 2.5%. tech shares are leading the declines ahead of the data you mentioned. that is likely to show that exports declined. the hang seng is also down 1%, and kospi down as much, even with the korean won weakening. not even a rally in oil has helped energy producers maintain any gains. the japanese yen, it is strengthening for a second consecutive day, up half a percent. 113.5, approaching let me take you through -- let's

last year, american express was replaced by citigroup and visa to take over the cards.ustomers with the old cards will be sent new ones without having to apply again. >>> another surprise bay area performance by prince and tickets will go on sale in just a few hours. prince tweeted the announcement about 9:30 this morning. prince did a surprise show at oakland's oracle theater sunday night. tickets to the latest show go on sale at ticket master, 4:00 this afternoon. >>> and in the south bay, the cinequest film festival kicks off today. a total of 240 films will be shown at three different theaters in san jose. the festival opens with a thriller called "eye in the sky," starring helen miran and the late alan rickman in his final role. c. cinequest starts today and runs through march 13. >>> we're all watching as the votes are being cast throughout the states on this super tuesday. >> that's right. today on the four on 2, we are tracking the first ballot returns coming in. plus, we'll break down the party strategy going forward as the delegate counts get added up. we have

nicole: shareholders of jpmorgan and citigroup will vote on whether the bank should be broken up. it's been a hot political issue this election season and the question requested by a shareholder activists will be included. analysts have said it is highly unlike way shareholders will support the move. a similar proposal last year won just 4% of the vote. lauren: peabody energy, the largest coal miner is warning it might go bankrupt. the filing with the latest in a wave of bankruptcy hitting the big american coal companies like arch coal, also natural resources. they are expressing is for renewables with a potion made for the whole nation energy needs. we will hear more on the show from adam shapiro. >> a headline in today's edition of "the wall street journal." bug stray makers take aim at the gut. expected to be two to three times higher than this year. the company wants retailers to pay more for shipments. emergency saving and using drugs at sea. as the way to the smaller cargo from the shore to the moving shared. >> coming up, get your brackets out. they make their way to the fi

is it international like citigroup? is at the outlet?ariety of different things and probably no single model. tom: i will go with barclays has got to be a different model than citigroup. >> very different. focused on consumer lending, other firms focused on being the intermediary for corporate around the world. all, securities. tom: fran, have you ever sat at your desk when you're doing and you hear people going, bowder? >> no dust francine: i want to jump in to figure out the differences that you perceive between london is a financial center and actually new york. wall street i guess feels different, especially today because the banks are so much quicker at putting bad things behind them. is that fair? >> i think there's a difference between multinationals that operate across borders and companies that are domiciled in let's say local economy like whether it is insight italy, inside spain. the difference is due national's local financial institutions, but there are many other differences as well. tom: francine, what i would say is in th

meanwhile, deutsche bank is in talks with jpmorgan morgan, goldman sachs and citigroup to sell the lastatches of 1 trillion euros in financial instruments. they say deutsche bank sold 2/3 of a portfolio of uncleared credit default swaps since last year and wants to sell the rest within the next few months. the u.s. justice department and apple have ratcheted up their battle over access to a terrorist iphone. prosecutors say the company's argument against helping the fbi is undercut by its own assistance to china. apple responded saying the government is so desperate that it is resorting to consider the series -- to conspiracy theories. they say apple is standing in the way of evidence that may further its investigation into the san bernardino shooting. francine: european equities rebounding strongly this morning after yesterday's post ecb selloff. let's get more with james b evan. you were going to some of the companies you would be buying. this puts more pressure on japan. japanese equities in this great financial experiment, if it is dead in the water, can it bring the world back into

citigroup declining. -- banc of america down as well.s and energy two of the largest drags in today's session? microsoft and facebook, interestingly enough, have turned around, and what is interesting about that, most of the down days have been led by technology. that is not the case. microsoft and facebook both .igher home depot higher after its executives spoke at a conference and gave a forecast. speaking andft saying that they will sell backed securities to get more cash. looks like there is a positive reception for that, ladies. ultimately not being able to sustain the rally it is seeing? julie: not even the day. it could not last. oil at one point was up as much 3%.5%, down now more than it seems like a lot is riding on the weekly inventories report. it's coming out tomorrow. i want to point out a chart here -- i took this from one of our stories on oil. idea thatok at the production is coming down. that is the blue line, right? that would be the thing. production coming down if supplies come down. supplies continue to decline. the

citigroup is the first one.asking other companies that have subpar are a we if they will be on the list. you could go down that list and look at someone like bankamerica and morgan stanley who will have to answer the question, what is an acceptable return for shareholders. right now it has been slow. stephanie: would you say it has worked at comerica and cit the share price? -- i don't want to say invasion pressure. i would argue it has not worked. tom: i think it is too early to tell. all i can tell you -- frankly i have read the activist report and they said that they think their efficiency ratio is too high and they think they are an asset sensitive bank and they have been waiting too long for interest rates to go up. i do not think that is news. stephanie: if it is too early to tell, why would activists want to go after an industry that is so collocated with so much capital trapped in there with what the fed requires them to do? when dan loeb writes a letter he wants a return yesterday. tom: i have to tell y

citigroup, bank of america, an average of about 23% earnings estimate decrease.viously the downside. vonnie: we will be looking forward to that earnings season. mike is a gadfly columnist and you can see them all on the bloomberg. that is it for bloomberg markets. "what'd you miss?" is next. ♪ find fantasy shows. when it comes to the things you love, you want more. love romance? get lost in every embrace. into sports? follow every pitch, every play and every win. change the way you experience tv with x1 from xfinity. hey how's it going, hotcakes? hotcakes. this place has hotcakes. so why aren't they selling like hotcakes? with comcast business internet and wifi pro, they could be. just add a customized message to your wifi pro splash page and you'll reach your customers where their eyes are already - on their devices. order up. it's more than just wifi, it can help grow your business. you don't see that every day. introducing wifi pro, wifi that helps grow your business. comcast business. built for business. scarlet: we are moments away from the closing bell. joe

it reads--- citigroup to millennial bankers: take a year off." citi-group says they are giving some of their younger employees the chance to take a year off... so they can do charity work. they will still earn about 60-percent of their pay during that time. there are rumors that there will be a second program in kenya. workers will help run a mirco-finance project while they are there. the company hopes this will attract millennials to working in investment banking. your last headline comes from "m-s-n." it reads-- simpson's writer who predicted trump presidency in 2000: "it was a warning to america." it was a funny line about... until now. that episode premiered back in the year 2000. the writer behind it "dan greaney" says it was quote.. "a warning to america about hitting bottom." during the show bart's sister lisa becomes president... and has to deal with a budget crunch left behind by the trump presidency. that was 16 years ago. two south florida palm readers are arrested... accused thousands of dollars! find out how they are accused of ripp

the transition from american ex press to visa and citigroup could go well. the new citi and visa backed cards are expected this june. when it happens it should provide a major catalyst for new member sign ups. once costco switches to if the visa network they get a boost. 40% of americans have a see visa so once the switch takes place many more people can buy things with crate card at costco. we'll see more and larger purchases. next up costco's anniversary of the big decline in food prices that's been taking a chunk out of the company sales results. investors expect them to raise membership fees next year. we'll start thinking about that soon. historically the company raises fees once every five or six years. management said it won't coincide with the switch to visa so it could happen later this year or early 2017. when it does happen, we know it will provide a boost because most people renew. here is the bottom line. in order for an ugly quarter to disappoint people it has to be a surprise. in a costco case nobody was surprised by the lack luster results la

jefferies in citigroup if their perspectives on whether the cycle has left to run. david: plus, new information on the circumstances surrounding the death of the former chesapeake ceo. tracy: donald trump stays on track while rubio finishes last. we will get you caught up on both sides of the primary race. ♪ david: welcome back to "bloomberg markets." i am david gura. time for the biggest business stories in the news right now. moment of truth foursquare today. it releases its first earnings report as a company. shares were up 25% after the ipo back in november. analysts will look for data on payments for small and medium-sized businesses and whether square can boost market share after competition from paypal and other companies in the mobile payment space. valiant pharmaceuticals have increased the size of its board and added three independent directors, one of them is bill ackman's hedge fund pershing square capital. ackman has defended the company while it is being investigated over a mail-order pharmacy it used. looks like the talks of takeover bids for burberry

citigroup it was cticorp at the time and jpmorgan was chase.pshot is there is no love lost between the banks and donald trump. so he has no affinity for them to begin with and he sees them as a convenient weapon to go after hillary clinton. and he will have to broaden his class warfare appeal. he will have to go for the base that he has now, which is conservative to right-leaning working class people. but broaden that out. liz: the same is true for bernie sanders voters. >> he might have an opening because those are voters who don't like hillary because of her tie to the banks. watch if he wins the nomination by virtue of getting all five. they think it's coming. these are guys that saw it coming against private equity with mitt romney in 2012 and they were right. liz: closing bell 8 1/2 minute away. a crystal ball would be handy in term of figuring out interest rate long term. a former fed big wig names the date he believes the fed will hike again. countdown coming up. ♪ in new york state, we believe tomorrow starts today. all across the state

secrethead, citigroup's list of top clients.t wall street's top 100 of 1%. ♪ vonnie: live from new york mark: and london, i'm vonnie quinn. i'm mark barton. you are watching bloomberg markets on bloomberg television. time for a look at some of the biggest business stories in the news right now. books like and has not finished a plan to fix nearly 600,000 diesel cars whose pollution tests were rigged. officials told a u.s. district judge that engineering technicalities got in the way of meeting the deadline. wagon admitted to cheating on omissions tests. the judge set another deadline for april 23. the u k, retail sales fell after a post-christmas room. sales dropped .4%. part of that blamed on poor weather in january. retail sales had written the most -- has written the most in two years. -- in december, the boe said borrowers are subject to less stringent afford ability tests than owner occupied. that could leave them more vulnerable to financial shocks. that is your latest business flash. vonnie: we all know wall street banks

. >>> listen, market volatility has taken its toll on citigroup.s of the bank dropping into the close after the cfo warned investment banking revenues would continue to erode. wilfred is at cnbc's headquarters. so a tough first quarter is what we're hearing with regards to citi. >> absolutely right. good morning to you both. just when we thought the u.s. banks had put the worst behind them with jamie dimon a few weeks ago stepping into the market and propping up the shares. they've recovered nicely across the sector since then. the so-called jamie dimon bottom. another nugget of bad news for the banks yesterday coming from, as you said, citigroup. they had an investor day yesterday. the cfo warning that investment banking revenues in particular might fall by as much as a quarter this coming first quarter. down 25%. he also was cautious on the nontrading parts of the business too, although it was the investment banking part that bore the brunt of it. the warning comes a month before the u.s. banks start to report first quarter earnings. they kick of

he's of course former senior vice chairman at citigroup. good to have you with us. >> nice to be with you in person rather than doing it indirectly from the u.s. >> i know. always nice when it's in person. you've seen a thing or two in your time, i hope you don't mind me saying. that's a compliment. you've helped to restructure billions of dollars of debt. i'd like to start off by getting your general thoughts on where the economy is now because you've put out a couple pieces recently, and they don't look too optimistic. >> i think we're in a very difficult situation. you were talking about china. we can start with china. there's no doubt china's growth is slowing. this new normal of china moving from export-heavy industry to consumption is going much slower than the chinese leadership thought. in addition, they're having problems deciding what they want to do with the yuan, their own currency. you can see how concerned they were. the moment the g-20 meeting was over, my good friend who runs the people's bank of china, decided to drop reser

was experiencing a delay in transitioning the member credit cards away from american express to citigroup so new member sign ups were likely be meager until the transition was complete in june. in short, going into the quarter last thursday everybody in the know understood that costco would deliver sub mar results. when it had an earnings miss on weaker than expected revenue with not so hot same store sales up 1% overall including a 3% down by a 7% decline in canada and 3% in international. both courtesy of the super freaking strong dollar, most investors were far from surprised. not a great quarter. then again, nobody was anticipating one which is why after the stock dipped from 152 down to 147 last thursday it rebounded back up by the close. costco missed the numbers. when the stock sold off in response investors bought the stock aggressively. when is a disappointment not disappointing? simple. when it's really not a surprise. for example, going into the quarter the analysts almost universally agreed earnings estimates for costco were too high making an herbings miss a foregone conclusi

the stock index was up 2.5% and citigroup is up 5, 6%. to me i think it was a reflex bounce. i think you'll have and the united nations to buy the stocks lower later in the year. >> coming up next, tesla tanking. as an infamous short seller takes aim at the stocks. what does he see that others do not? >>> plus casinos are having their best months in two years and it comes from the unlikely source of good news. >>> and something positive is p happening in the market. we'll tell you about the under the radar sign that's flashing buy for the stocks. >>> fast goes running with the bulls in search of notes of -- in hopes of slaying the bear. that's all this week on "fast money." at mfs investment management, we believe in the power of active management. by debating our research to find the best investments. by looking at global and local insights to benefit from different points of view. and by consistently breaking apart risk to focus on long-term value. we actively manage with expertise and conviction. so you can invest with more certainty. mfs. that's the power of active manage

citigroup has become the latest wall street bank to signal a dismal start to the year.fter they expected first-quarter revenue to drop 15% on the year. citi is expecting an even steeper tumble. cites low interest rates and plunging commodity prices. that is your bloomberg business flash. hans: thank you. we should mention that eon is now falling; it was up a little bit, so we will be keeping an eye on it. the question for investors is that whether the european central bank will be, but how. society general's chair that in former ecb executive board member says that the central bank is under pressure. >> on thursday, they will have new forecasts. 2%the target of inflation of is getting further away, they need to do more. i think the market expects them to do more. guy: by the end us draghi's tenure, will he reach the target? >> i think you will. -- he will. guy: is that 100%? >> he will do whatever it takes. hans: let's get back to daniel lonnie. whe you lookn and listen to the previewing of a rate cut, you speak this market language, what do you hear central bankers say

. >>> city group, fifa officials -- city, citigroup used fifa for 1 million in kickbacks and want to know if they turned a blind eye on the transactions. >>> and in dallas they said the league dii nothing wrong when it forced tony romo to cancel a las vegas convention. the league told players it violated the league's gambling policy but the league says it will appeal it. returning to earth after a year in space. >>> a new york times article showed what scott kelly did with his time away from earth. we have 193-gallons. that is tte amount of recycled urine and sweat kelly will have consumed. those numbers are from nasa. water is heavy and very expensive to transport in earth so it is equally recycled in space. this is a photo of kelly recycling the system. a second, 648-miles. that is how far kelly ran on a tread milli. exercise is one of the strategies nasa uses to weaken the bones in zero gravity. how about 400, the number of experiments kelly worked on while on board the internntional space station. one of the reasons to do the test is see what is different when everything is float

citigroup says it's cooperating with looks like a tweet is sparking some controversy... eric what can you tell us? it's an embarrassing mix-up on the oscars red carpet... the website "total beauty" and actress whoopi goldberg. the caption reads... "we had no idea oprah was tatted... and we love it." as you can see... the l-a based company confused whoopi with oprah winfrey. reaction was swift before the tweet was actually deleted. "total beauty" later tweeted an apology to oprah and whoopi... as well as everyone they might have offended. they're now donating 10-thousand dollars to a charity of goldberg and winfrey's choice. still no ruling on the defamation case against comedian bill cosby. former supermodel janice dickinson brought forth the case... accusing cosby of sexual assualt. the statute of limitations for the criminal case has passed.... but now the former model is trying to take cosby to court on defamation charges. she says cosby's former lawyer... martin singer... released statements accusing her of making up the assault. the cosby team argues those statement

./// ((dave courvoisier)) > a u-s bank is now being questioned in citigroup said in a recent securities filing.. it's been slapped with a subpoena from u-s officials investigating "bribery, corruption and money laundering." anti-money laundering laws require banks to alert authorities about shady transactions like the ones at the heart of the fifa scandal. authorities say last year... senior fifa officials used various u-s banks to transfer and receive 150 million dollars in bribes and kickbacks.... and officials are questioning whether citi turned a blind eye to suspicious transactions. citi said it is cooperating with authorities./// ((dave courvoisier)) > the world's top drivers... roaring into las vegas. ((paula francis)) the warning for state officials... as nascar week rolls into town. ((dave courvoisier)) millions of people... preparing for a trip to las vegas next month. coming up at six... the major events they're ready to celebrate... and how it could lead us to a centurylink prism tv has all your favorite channels, tons of live sports, and more -- all in crystal-clear hd. wat

and that's citigroup.ake the case. >> so citigroup's trading at about 70% of its tangible book value. that is quasi bankruptcy level. that's the level that it traded at in the financial and depths of the financial crisis. and citibank has seen its earnings rebound from a negative number to they made around $17 billion last year. they're supposed to earn five and a quarter a share roughly. the stock in the low 40s. so you're talking about an eight current multiple, and people don't like it, because they think that the company's return on equity is impaired by the regulatory environment. the reality is, they have done a spectacular job in recovering to a reasonable return on equity. especially if you consider some of the trapped capital that's trapped because -- not because of regulation, but because of their own tax loss carry forward. because of their deferred tax asset. if you back that out, it's already earning a incident return on equity. and there's up side, if it interest rates happen to go higher. so

citigroup said its been served a subpoena from officials investigating bribery, corruption, and money laundering in connection with the international soccer league. anti money laundering laws require banks to alert police about transanctions-- like the one at the center of the fifa scandal. authorities say last year senior fifa officials used various banks in the u-s to transfer and receive 150-million dollars in bribes and kickbacks. citi officials say they're cooperating with authorities. and don't forget you can get your latest weather and news on virginia first.com .... 24 hours a day. a popular fast food chain soon he sure their "footlong" sandwich is as long as promised. a judge last week granted final approval to a settlement of a class action lawsuit. the suit was file against the sandwich maker after a teenager posted an image to facebook of his sandwich that was only 11 inches. subway has agreed to to take steps to ensure its bread is at least 12 inches long... including requiring franchisees to use a tool for measuring bread. if you haven't seen many of the movies that won

the u-s bank citigroup is now under investigation authorities are questioning whether citi turned a blind eye to suspicious transactions. anti-money laundering laws require banks to alert authorities about shady transactions like the ones at the heart of the fifa scandal. citi said it is cooperating with authorities. time to check out our roadways with r-j in the more f-m traffic center... accident in fernley. i-80 wb near exit 46, expect possible delays. all of other our highways and surface streets are traveling at top speeds. coming up on channel 2 news this "this is channel 2 news, coverage you can count on" reno police arrested a man...charged with shooting and a killing a fellow employee inside siri's casino sunday night. we have new information on how the deadly night unfolded. and hundreds of protesters walked off tesla's giga-factory site yesterday... to protest the company's hiring practices. we spoke with a tesla representative about the workers' frustrations. many seniors take multiple prescriptons every day, and not keeping track of them all can lead to danger. ky sisson is l

citigroup for one has said it will modify employee hours, encourage telecommuting if necessary. and a strike could also affect freight railroads that use new jersey transit's track causing diversions or service interruptions. norfolk southern isn't commenting and csx says it "doesn't anticipate significant operational impacts" but is monitoring the operation. it all speaks to a larger issue affecting new jersey as well as other states and local governments. a shortfall in transportation funding. many are struggling to fix budget deficits, raising give sult decision including labor costs. in new jersey, talks continue as both sides scramble to reach a deal. but there is one person notably absent, governor chris christie, who after dropping out of the gop race for president has been on vacation, though reportedly keeping tabs on the situation. for "nightly business report," i'm morgan brennan. >>> coming up this week's market monitor thinks the market will turn in gains bit end of the year and he has three names he thinks will help your portfolio get there too. >>> last year was a

we will look at it with the citigroup chief economist.growth. 6:00 in new york, 11:00 a.m. in london. ♪ ♪ york, indeed -- london, indeed -- global wall street. wondering where they will be at sea on june 30. -- where they will be and see on 30 yard what an end to the quarter it has been. francine: the u.s. is doing better. a real conundrum about dollar direction. we have covered that today and will continue to do so. speaking of the dollar/euro, looking for a 116. another firm, i believe is deutsche bank, a stronger euro. brazilian real, three point 60. it needs to be watched. francine? francine: coming up it is bloomberg with david westin, stephanie ruhle, and jonathan ferro. jonathan: the equity, particularly in europe. the most since 2003. the bank stocks are down 20%. for me it is an fx story. not only chinese currency, but the dollar. the worst quarter for the dollar since 2011. as we look at the payroll, what is in store? big stories on bloomberg . francine: this goes back to what we were trying to discuss. whether the doll

citigroup says that a takeout price could be $81 a share in american express.h story could be attractive to a bank, for example. shares at $59.34. yahoo!, there has been talk about whether it may try to sell its core assets. verizon -- ityer, is unchanged now -- but they verizon cfo says there have in no discussions with yahoo! yet. those shares down 2.5%. we will stick with this m&a theme. mark, you are looking at burberry. mark: yes. is the third-best performer on the stoxx 600 today. shares up 5.4%. there is speculation it is setting up defenses against a potential takeover in response to state building. let's get more details. we turned to bloomberg andrew roberts, who covered the trenchcoat maker. who could. for burberry-- who could bid for burberry? it is a big question. the company is not commenting officially, but people familiar with the matter says that the company asked brokers to investigate who has built up the stake. they also asked hsbc who the mystery investor is. if we were look -- if we were to look at a broader view as to why they would be in

that's according to a memo from citigroup's chief executive.for our global battle of the charts where we take a look at some of the most telling charts of the day. what they mean for investors. you can access the charts on the bloomberg by running the function featured at the bottom of your screen. here we go. scarlet, kick it off. scarlet: i will focus on foreign exchange. we are looking at the global volatility index and dollar-yen. a lot of volatility is usually risk off. that means the yen strengthens. that's pretty much what we've been seeing. the correlate nicely together come except since february 11. that is when we went risk on. yet, the yen continues to strengthen. there is a bit of a divergence here. specialist.our be i he says the volatility is reverting to the mean. the yen could be strengthening for a number of reasons. one of which may be that we are seeing some repatriation of fors by japanese companies the end of the fiscal year. once againpicks up and the yen starts to lose some of its steam. mark: where can you find your char

is a trying something more universal like jpmorgan are citigroup? i don't think we have had a greec decent answer. it doesn't seem to be big enough to compete with the latter, but is too big to limit itself to the former. tom: right. what an interesting conversation. yesterday with alan greenspan -- he will be 90 years old and five days. he was exceptionally vital, talking about the economy, the politics. and here he is on the topic of the moment -- negative rates. >> up to a point, negative interest rates have no effect. why? because people are willing to accept, essentially, a negative interest rate, to hold the coins of these particular countries. that is going to change if this goes on indefinitely, because somebody will start to move. we don't know what happens when that happens. t tomtom: we will have much morn this. stephen morris, barclays and other banks have to live with the global low rates, if not negative rates, in each country. how much of a hindrances that to reorganization? >> it's a huge hindrance at the they have to readjust how th

ed morse of citigroup is cautious.k down off the mario draghi press conference from weeks ago. yield, 0.145. francine, what do you have? francine: i want to show european stocks. overall they are gaining a touch. we started the day with a gain of 1%. now they are pretty much flat. you can see crude has been stockpiled. we had that news conference from japanese prime minister shinzo abe not saying much. you can see the yen versus the dollar. tom: very good. let's go to bloomberg right now. i want to set this up for later fels.oachim here is the financial crisis, regression of the last 10 years is nowhere near where we want to be. the slope is getting there, but chair yellen will be asked today about the zero statistic. this is a bombshell from atlanta. vonnie: year-over-year at 1%, tom three where is that going to go? spending folded right into that. francine, what are you showing this morning at go vonnie: -- francine, what are you showing this morning? francine: this is a signal of chinese copper demand, basically tel

honest dollar got seed funding a year or so ago from among others, vikram pendant, the former ceo of citigroupthe goldman sachs purchases and a set for them. we didn't hear about the terms today. i think they initially put in $3 million, so we don't know how they did on the money. thank you so much. check out his stories on the bloomberg. still ahead, we will check on the options market in today's options insight. having a look at the laggards, the s&p health care index is down about .25%. ♪ julie: joining me for today's options inside is the derivatives inside at mta -- and km holdings. we've been talking about the higher volatility regime, i believe is your word for it, that we've seen thus far this year. now that we have had this recent rally, the volatility has come into some degree. this futureshing curve of volatility. are we expecting that to calm down a little bit? has.: it this high volatility regime began last august and we have had two shocks since then. one that saw the vix peak on october 24 aboard the 40 and that was the trigger to move into this new high volatility environment.

it paves the way for it to join citigroup and bank of east asia as the only foreign card issuers in china not known when the approval was given; nor are there any details on how the business will be rolled out. imports slumped in city despite a record gain for iron ore and news of a joint venture with baley. spike on monday before the deal was announced. the accord offers them the opportunity to buy a minority stake in for trtescue. ores togethernd can meet the market needs for our customers in china; it will provide a blend that is ideally suited to minimize the cost of the supply chain. buy aly, it's for vale to potential stake in fortescue's shares on market, a minority interest. yvonne: and those are the headlines, powered by over 2400 journalists in 150 bureaus around the world. let's check in on how the markets are trading in asia-pacific. here's shery. losing,sian markets are china on the lunch break, falling before it headed to lunch. that's with telecom leading. the hang seng index is down. china,trade data out of showing that exports fell the most since the global financial cris

asset management, what he did was look at the performance of the bloomberg financial index and the citigroup surprise index. the financial conditions are based on money market rates, bond yields, stock performance, and for the economy, it's the actual data, the key numbers. as you just saw, both of those indicators have turned up in the past few weeks. he is saying the barrier that might otherwise have occurred in terms of fed policy is being removed. bonnie: exactly. thank you so very much. one fewer barrier. you can see dave wilson's charts on bloomberg.com. the market closes next. here are the averages. at a seven-point game. ♪ scarlett: we are minutes away from the closing bell. i'm scarlet fu. and i'm alix steel. u.s. stocks closing at an eight week high. energy stocks fueling the gain in the s&p 500. our guest predicts a huge rally if the u.k. chooses to stay in the eurozone. is tappinghe nation 80 billion crown from its fund this year. and we have the three charts you can't miss. scarlet: so much for that disappointing isn report because markets are rallied into the s&p 500, the dow c

. ♪ >> citigroup shares falling on board that the cfo -- on word from the cfo that equity will fall 15%rom last quarter. california bonds are back on the markets. the state is selling obligation bonds today. the biggest bond sale in a year and a half. the state is increasing gains from tax increase is supported by the governor. growth in silicon valley's technology industry. and more investment in private consumption drug europe's economy in the fourth quarter. overall gdp rose three cents and represents in the last three months of the year. it is the 11th quarter in a row that the region's economy has grown. and that is your bloomberg business flash. the european central bank is widely expected to announce a pack just announced measures on thursday. just how much stimulus is needed? asked awe member of the executive board. have a listen. >> on thursday they were having new forecast. inflation at 2% is getting further away, they need to do more. i think the market expects them to do more. suggest ecbd you could and should do? >> a different instrument from a different levers greg i woul

whereas if you look at what citigroup is saying, the world's biggest fx trader, you should have beenecting the dovish reaction. guy: ashok, let's talk a little bit about how the dynamic of this one works its way through the dollar. how will inflation fit into the u.s. curve? how do you see the curve developing? ashok: first, we need to look at what happened when the bank of japan took possession and the yen strengthened. the same thing happened when the ecb took action. tellwere already tale because there was expectation. the u.s. was hardly going to start tightening. that meant there was less room to support this. we would have to expect a weakening trend in the short-term, until the market digests the fact that fed expectations are going to go nearer to the markets, rather than being externally hawkish upfront. what you have are very strong bullish positions on the dollar. the interest rate cycle will be much more subdued. that news is now getting built -- guy: can i pick you up on this lower, longer terminal rate theory? my read of the overnight news was, yes, lower for a little b