as part of the deal proposition, we have to lay that down clearly for the cma.est in price cuts for customers as we go through the coming years and as i mentioned, that is one area we are focused on, our commodity entry price point product and we continue to focus on that. clearly with less scale, that becomes more challenging and there is no doubt. that is something to deal with. that said, we are the second largest retailer and have large scale already. we could have done more for customers faster. it will just take longer now. manus: i'm going to read a piece from the short capital report. it doesn't make for great reading. you have inferior store standards, variable availability, untidy, patchy checkout. all of this is a irksome for the shopper. that is a pretty damning report. what do you have to say to that? kevin: what is behind that report and over the summer period, we have changed all of the contracts for our 730,000 colleagues -- some 30,000 colleagues in stores. we wanted them more flexible to work in different parts of the store because shopping hab

was disappointed by the merger breakdown >> clearly we were disappointed with the outcome from the cma review we had clearly done a lot of work on the proposed transaction. the result, the conclusion from the cma that's a combined would increase prices, reduce service, extend cues, et cetera from what is one of the most competitive grocery markets in the world and customers wouldn't go down the world. it's not a market we recognize, but we move on, and we're delighted today to issue our results for the year to march 19 whereas we mentioned underlying profits were up 8% free cash flow was up 7% we've decreased the dividend, and we've continued to reduce our net debt by over $200 million and continued to reduce it by a further $600 million it's in robust financial strength >> it's been a big week for tech stocks with a number of major earnings coming through. one in particular in europe i want to highlight, ams yesterday closed more than 20% higher after the austrian chip maker offered optimistic guidance for its second quarter on the back of increased demand from android's smartphones t

to allow them to install windows without the proper sma, -- cma. did speak with staff about the hearing. we have a complete application now. i saw e-mails about the final details as of today or tomorrow we should have the complete application to be assigned to the planner. we can fast track as much as possible. the next hearing date is the giving the notice constraints that would be july 17th hearing. the hpc only has one hearing each month this summer. june, july and august has only one hearing. the 17th. that is achievable on the 17th. what the process would be, assuming the hpc does authorize the cma. after that we could release suspension on the window permit anal allow them -- and allow them to proceed with the window permit. mr. hacker in the brief it was not issued. i.it is the one that brought ths to our attention. i am available for any questions. >> one question. this is a matter of opinion. it is my understanding this is a walkway between two buildings, a new walkway between the apartment complex and the formally industrial building? >>

between these three countries, called nafta, or known as nafta, and they agreed on something called us cma needs to be approved by congress here in the united states, and it still needs to sort of get approvals in mexico, and other countries, but mexico and canada had said that one of the obstacles canada had said that one of the o bsta cles to canada had said that one of the obstacles to passing this updated north american free trade agreement was these tariffs, and so the removal essentially clears one barrier at least two that moving forward. does this kind of indicate donald trump's approach to trade agreements, and dealing with other countries? certainly the trump administration i'm sure will like to portray it as that, i think each trade negotiation at the moment sort of takes a different path, so if you look at the one hand, tensions escalating between the us and china, the us has also said that they are going to postpone introducing tariffs on car imports. that was something that had europeans deeply concerned. so i think we are seeing different strategies playing out, as negotiati

as cma for san francisco we are responsible for coordinating the san francisco project submissions.are working with the project sponsor and agency partners to identify the projects we would like to see in plan bay area. the first step was identifying tans formative projects. that was part of horizon process looking at major transportation investments that were identified in the previous plan such as gary brt, better market street, downtown caltrain extension. those are updated from plan bay area and are in mtc hands. we are identifying regionally significant projects, these are smaller dollar amount projects that still have capacity change to various transportation systems. we are are working with m.t.a., port to identify the projects. ongoing mtc reached out to the transit agencies to identify state of good repair needs to make sure we keep the fleets and local streets and roads up to good repair. later this we will identify program categories of investments. this is everything that isn't the big dollar amount projects. all of those bicycle and pedestrian projects important to safe

guy: thank you very much indeed, joe cusick joining us from the cma. -- from the cme.dra is here our stock of the hour. shares trading lower on reports from nissan that they cut dividends for the first time in a decade. nissan ismitting that at rock bottom. we did see the stock at renault pop a little bit on the headlines we got out of the u.s. saying that the president is planning to delay auto tariffs. it wasn't enough to keep them in the green. if you look at the biggest markets for renault, the u.s. isn't even in the top 10. when it came to the rest of the european auto sector, we saw a big change there. they were the worst performing group on the stoxx 600. they are now the best performing sector in europe, so a lot of positive news for the carmakers in europe today. vonnie: emma chandra with our stock of the hour, renault. guy: let's get a bloomberg business flash, a look at some of the biggest is we are watching. in germany, prosecutors conducted nationwide raids linked to a tax investigation at deutsche bank of wealthy individuals with offshore accounts. 11 ban

pacific up 55 degrees for your monday afternoon high san bruno 57 degrees burlingame in the low 60's cmaith hollow alto in the mid 60's at 64 degrees and those of you in the south bay noticing the cooler temperatures as well widespread 60's and 70's cupertino 73 degrees, san jose in the mid 70's for use in near average daytime highs there hayward 67 degrees livermore 75 and wind speeds will be breezy and gusty once again 20 miles per hour or less so well below advisory level but enough to get that cool sea breeze influence right along the coast berkeley 63 degrees. walnut creek 71 degrees napa 72 degrees in the north they in santa rosa degree warmer. at 73 degrees. so your pollen outlook for the coming days, we are going to notice meeting amounts of pollen levels specifically mulberry oak and grasses those are the top 3 allergens that you want to watch out for and as we take a look at i am tracking. scattered showers arriving by wednesday night. all the way through thursday could see even see some pop-up thunderstorms so widespread light to moderate rain until that storm system exits by

-- clearly, we had to lay that out very clearly for cma.est in price cuts for customers in the coming year. as mentioned, that is an area we are very focused on. clearly, with less scale, that becomes a -- becomes more challenging. that said, we have large-scale already. we could have done more for customers faster, it would just take longer now. manus: i am going to read you a peace from the short capital report, bear with me. availability of untied, all of this is irksome. availability, on the a littlenitidy, irksome. what do you have to say about that? the formatchanged for all of the colleagues in our stores this is so that they can be more flexible. to bring more flexible the so we can raised salaries, now paying market-leading rates for colleagues in store your in making those changes, we certainly saw some disruption to service. disruption to availability and to service. we measure these things every minute of every day and we get customer feedback directly through our app. and what we are seeing is that has improved consistently sin

. >> we thought it would be a good deal and we were disappointed with the outcome of the cma process.st more in price across all of those businesses. we will need to continue to invest in price in the core business. viviana: that is the bloomberg business flash. tom: let's look at a chart. day. may 1, may let's look at last year. so away and go away. that worked until october. wasber, through december even uglier. do i govasina with us, to cash? lori: re-think the risks of a pullback or -- we think the risks of a pullback have increased. if you are a short-term trader, enjoy the ride. if you are long-term, lock in some gains. participantsody of watching the show have not enjoyed up 17%. lori: just because they have not enjoyed it yet does not mean that can take markets higher. we have been getting questions about cash sitting on the sidelines, and we found there is not that much. if you look at global and domestic equity funds, cash levels were low. thoseallocation funds, who do stocks, bonds, and cash, they raised money and the third quarter but worked a lot of it down in the first q

are there any other requirements of the federal government, cma when it is given to the territories so you can access those funds? what is the reason behind it? with that i yelled back. >> thank you, the gentle ladies time is expired. i also agree for american samoa, it is an anomaly. there are not too many private providers. i found that out after the last time you were on the witness stand ms. young also. >> ms. plaskett has five minutes. >> i want use the five minutes. i needed in another meeting. i just wanted to follow up with a couple of short questions particularly of course for the good woman from the virgin islands, ms. rhymer- browne. you talked about the disaster related circumstances in which we have been given 100,000. if we move back to the 55% match that it had been previously, that cap would bring us to about 18.7 million, correct? and what is the amount of money if we were given the state like treatment that it would be at? do you know what that number would be? >> i am not sure. however, we are requesting as i said for the 100% we would be requesting 251 million for t

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is going with the unit in the uk the grocery business we're not pleased with the ruling we got from cmatitive position. they continue to do a tremendous job. they mentioned the potential of an ipo and it is one of the things we would consider >> where do you see margins going? already margins were expected to be under pressure this year but in terms of additional tariffs, how much more pressure could there be >> they have to come down a little bit more. >> yeah. >> as we've seen, amazon and walmart are in the cage match. market share and price we're in third year of that investment price cycle for walmart. i think you're going to see more squeezing on the margin side walmart's advantage obviously size, scale, importance to vendors, there will be collaboration with the vendors to try to keep the price impact to the consumer as low as possible as minimal as possible it's something that will develop. >> the market has given credit it's a haven within retail they have the fire power, the resources and the breath to whether the tariff thing what's left for investors at this point you're look