the german commerce bank agreed to pay fines because of dubious business dealings in panama and luxembourg. javier: that is all for now, and i will be back later with business news. anchor: new president of world soccer's governing body is getting involved, according to wednesday's edition of the friday paper. he was only elected back in february after valley to clean up the sport after color -- corruption scandals rocked the organization. they say there are tv rights connected to an offshore entity carries his signature. fifa said he had nothing personally to do with the firm, which could be the case. marc is here with our sports desk. try to understand shell companies, you need a degree just to know about this. reporter: yes, his signature has been found on a contract in these panama papers. basically, it it was for a offshore entity, which sol the rights to the champions league matches to it gregorian the company, -- to an ecuadorian company. they say this is all above board. this is what happens. this offshore entity was working on behalf of them, but it still smells, and a lot of the

downs in commerce bank over 1% in frank for after the chairman of its board one shareholders that this quarter's earnings might not be as good as the previous three months. the ftse 100 trading down. france's ministers and the president have discussed the future of edf. stephen: it is worth over 37 billion euros in debt and it's not being helped by plunging on sisi prices. the company's board is an acting a new plane on friday, including a decision to proceed with a new plant in the u.k.. they will have to sign off on any new plan. he said the hinkley point project with go ahead. profitable business idea and a fun ones -- the world's smallest nightclub. stephen: it is quite a good read for something not useful anymore. a company called kelly disco converted three phone boxes into tiny nightclubs complete with disco balls, lights, and a small smoke machine. the current record is nine people managing to fit inside a phone box. i do not know if there is much room for dancing though. [laughter] genie: that actually looks kind of fun. thank you for that. that is a look at business news. now

commerce. at ally bank, no branches equals great rates. it's a fact. kind of like vacations equal getting carried away. more proactive selling. what do you think michal? i agree. let's get out there. let's meet these people. rheumatoid arthritis like me,e and you're talking to a rheumatologist about a biologic...

. >> i definitely see a lot of the big banks in europe, starting with commerce bank, whose venture arm invested in etoro. so that's one of the largest banks in germany. you see sort of a very refreshing breeze of people understanding you have to innovate or die. sort of that statement of the silicon valley has now entered europe, into the financial services. they understand that they need to innovate or other banks who simply innovate or partner with etoro are going to come for their lurch. >> well, nancy is still in copenhagen and has been following the moving trends out of fintech. >> reporter: that's right, louisa. one of the big questions taking center stage is whether or not finance is having its uber moment. for that very question, let me bring in the ceo of ing group. ralph, thank you for joining us here. we were just hearing from one of the disrupt to bers here at mon 2020. >> i think we felt it a couple years ago when we set out in our strategy. that was fully focused on the digital opportunities and the changes that would come in the banking industry. for ing, being probably

. >> joining us now for a look at brazil is the head of emerging market research at commerce bank. peter, thank you for joining us here. brazilian assets, a key focus, especially as we got to the end of the quarter there with all this action kicking off against the brazilian government and questions surrounding rousseff's position. when you look at the moves we've already seen in th real against the dollar here, is it as good as it gets? do you think investors have been premature in accepting an end to her administration? >> i think we've basically priced in near perfection at the moment. a huge rally in most emerging market currencies. that's largely been a dollar story, as a result of markets repricing the fed. but from here, if we look at the particulars of the real rally, certainly there are some things to say. you've got external accounts which have adjusted. so there's some good reason there is to actually become, let's say, less bearish on the real. that said, i think at the moment markets are getting ahead of themselves. i would certainly think about taking some profits at

i spoke to commerce bank on bloomberg radio earlier and asked him specifically about this. korean won's rally against the dollar does have risks, because a lot of those have been about the market repricing the dollar, and korea is a bit of a proxy for china's renminbi. we are likely to see renminbi and korean won weakness toward the end of the year as the markets price in fed tightening, but he said there is no real driver for further yen weakness, so perhaps korean exporters needn't worry quite yet. hans: thank you, nejra. europe,ack to your greece came into question when the imf's christine lagarde warned against high reaching hypotheticals, and now you're moscovici has said that the imf mustering a part. joining us now is a senior fellow, thank you for joining us. when you look at this position, moscovici saying the imf has to be part of the solution, will it be part of the greek bailout? >> it looks like it, but there are two camps supporting the role of the imf. the french support the imf because it is strong on debt sustainability. on the ability of greece to carry it

these are the hands of pitney bowes, the craftsmen of commerce. from bankof america to buy a new gym bag. before earning 1% cash back everywhere, every time and 2% back at the grocery store. even before he got 3% back on gas. kenny used his bankamericard cash rewards credit card to join the wednesday night league. because he loves to play hoops. not jump through them. that's the excitement of rewarding connections. apply online or at a bank of america near you. >>> you're watching, kpix 5 news. >> i'm -- the study says a powerful quake could move the sea wall several feet into the bare, cracking the roadway, and it could take ten years, and 2-$3 billion to fix it. >>> other top stories tonight, heated debate over shipping coal. the handful of bills are being introduced in sacramento, aimed at blocking trains from carrying coal from rolling through the bay area. >>> critics worry about the risk of the coal dust. >>> and mayor ed lee is getting tough on the homeless population, he wants to get rid the tent cities, but as mike sugar man explains, an online cam

it is what allowed banking to happen. it is commerce happen, it allows our entire classified system to function. there is huge benefits to encryption that to me far outweigh the small possibility that some bad people may be using it, even as we sit here today and congress has askedquen this question the fbi has not been able to come up with a single case where a backdoor into an encryption would have prevented any terrorist attack anywhere. >> host: pj, in montana. >> caller: hi peter. it's a great show. i like to comment on a slightly different aspect of this computer security. i hear people, the increase of people complaining about about their identity being stolen. seems to me to be common sense that if you do not want your identity stolen, yet you do not put it in your computer, your regular prevention, your medical information and things of that nature. that were the case, i would imagine there would be less identity theft of personal information. do you agree with that? >> guest: that's a good point you raise. i think in terms of

when you have an idea like an infrastructure bank that the chamber of commerce and the afl-cio are both i think it stands to reason that's probably quite a good idea and is disappointing you haven't seen congress take it up and do it. >> do you see it happening before have you seen anything f january 20th since -- >> i haven't seen congress moving further on this one. >> before i weigh in with another, anybody who hasn't had one that wants one? let me ask you briefly then about the wall street pay regulation that were much in the news yesterday. i wanted to see, a., if you support them, and how you respond to critics, some who say that it will drive people out of the industry or sort of another perverse effect might be that banks and other affected institutions will have to pay people more because of their fear that money will be clawed back. what is your take on the wall street pay regs? >> right. the goal of dod frank was to strengthen the financial system and deal with a range of different problems that led to the last crisis. one of those problems was the perverse incentive that can

banking toallows happen, e-commerce, it allows our military to talk about other militaries encrypted. allows our entire system to function. there are huge benefits to encryption that to me far outweigh the small possibility that some that people may be using it. even as we said here today, and congress repeatedly asked the question, the fbi has not been able to come up with a single case where a backdoor would have prevented any terrorist attack anywhere. pj in montana. great show today. i would like to comment on a slightly different aspect of the whole thing about computer security. people, an increase in their complaining about identity being stolen. common sense that if you do not want your identity stolen, that you do not put it in your computer. yourbanking information, medical information, and things of that nature. if that were the case, i would imagine there would be less of personalft information. do you agree? it is a good point you raised. in terms of how daily society functions, it would be very hard to actually implement. every time you swipe your credit card, that infor

he said the bank will press on with its measures until the effects are felt throughout the whole economy. >>> the u.s. commerce department says the country's economic growth slowed between january and march, compared to the previous quarter. the latest data shows the preliminary growth figure for the gross domestic product is 0.5%. but the market forecast was around 0.7%. it's lower than the 1.4% growth of the october to december period. by category, housing investment gained nearly 15%, but personal consumption which makes up about 70% of gdp, lost steam because of weaker auto sales. it rose around 2%. corporate spending on plants and equipment fell about 6%. partly due to the negative effects of lower crude oil prices. exports also dipped more than 2%, owing to economic slowdowns abroad. both business investment and exports reported negative growth for the second quarter in a row. market sources say the slowdown is only temporary, blaming it on cheaper prices for crude oil and stocks. they're interested to see if an expansion in employment will lead to increases in wages and consumption, which might help the

commerce. at ally bank, no branches equals great rates. it's a fact.ike vacations equal getting carried away. more proactive selling. what do you think michal? i agree. let's get out there. let's meet these people. rheumatoid arthritis like me,e and you're talking to a rheumatologist about a biologic... this is humira. this is humira helping to relieve my pain and protect my joints from further damage. this is humira helping me reach for more. doctors have been prescribing humira for more than ten years. humira works for many adults. it targets and helps to block a specific source of inflammation that contributes to ra symptoms. humira can lower your ability to fight infections, including tuberculosis. serious, sometimes fatal infections and cancers, including lymphoma, have happened, as have blood, liver and nervous system problems, serious allergic reactions, and new or worsening heart failure. before treatment get tested for tb. tell your doctor if you've been to areas where certain fungal infections are common, and if you've had tb, hepatitis b, ar

when you have an idea like an infrastructure bank that the chamber of commerce and the afl-cio are both behind, i think it stands to reason that's probably quite a good idea and is disappointing you haven't seen congress take it up and do it. >> do you see an opening before january 20th? >> we will look for whatever openings we can on any issue. >> i haven't seen congress moving further on this one. >> before i weigh in with another, anybody who hasn't had one that wants one? let me ask you briefly then about the wall street pay regulation that were much in the news yesterday. i wanted to see, a., if you support them, and how you respond to critics, some who say that it will drive people out of the industry or sort of another perverse effect might be that banks and other affected institutions will have to pay people more because of their fear that money will be clawed back. what is your take on the wall street pay regs? >> right. the goal of dod frank was to strengthen the financial system and deal with a range of different problems that led to the last crisis. one of those problems was

the chinese renminbi has become more important in mobile commerce -- for example, the new establishment of the asian infrastructure investment bank. it has been invested in by the imf as a currency with a special drawing right. what are your comments on the rising challenges of the rmb to the dominant position of the u.s. dollar? how do you make changes in the monetary policy to maintain the dominant position of your dollar? fareed: maybe i will ask each of you to very quickly comment. the question is, will china's currency -- is china's currency likely to be, let's say in the next 15 years, the single greatest challenge to the reserve currency status of the dollar -- that the dollar currently holds? alan, you want to start us off? chairman greenspan: well, i think that china has made extraordinary progress and, indeed, it's fairly evident that this stage they are on -- that the yuan is getting close to being a floating currency. gotten yuan has not yet to a point where it is accepted internationally. and the total amount of holdings of you on -- of yuan in international reserves privately is really very small, so they have a lon

think about the terrible things he said about the -- the scathing criticism of the big banks and commercebout what used to be fringe economic policies. nobody was -- you know -- like what? >> bottom line donald trump can't make tim cook manufacture iphones in the u.s. that's not going to happen. so there's legitimate fear throughout that he could spark a trade war or get in a fight with the fed. that's the last thing anybody on wall street wants to happen. $15 minimum wage, it sounds great. but the truth is there's plenty of economics on both sides that it can be good or bad but the bottom line is if you put $15 minimum wage in tomorrow you'll lose jobs. >> sure, but in new york, for instance, they're going to segue it in over time now. >> no one is asking for it tomorrow, are they? i'm not sure. >> my question is are these wall street donors who traditionally give to republican presidential candidates, they're not just dropping out from giving all together, they're just directing it to congressional candidates now, right? >> i believe so they are, but i was specifically looking at presid

the you have an idea like infrastructure bank that the chamber of commerce that the afo behind, i thinkht stands to reason it's probably quite a good idea, and disappointing having congress take it out the door. >> was it before january 20th. mr. furman: i haven't seen congress moving further on this one. host: before i weigh in, anybody wants n't had one that one? let me ask you briefly then about the wall street pay regulations that were much in the news yesterday. i wanted to see, a, if you support them, how you respond to ritics, some who say that it will drive people out of the industry, or sort of another perverse effect might be that the banks and other affected institutions are going to have to pay people more because of fear that money will be clawed back. on the wall ake street regs? mr. furman: the goal of dodd strengthen the financial system and to deal ith a range of the different problems that led to the last crisis. one of those problems was the perverse incentives created by ay incentives that led you to riskier action, that heads, you get your bonus and tails, you walk a

bank kes attachment. business accounts and as well as credit unions and popular e-commerce platforms.h your c business morning, i'm landon dowdy. >>> a video drawing a lot of attention on social media, a mother claims she was powerless as her young child was paddled by his principal right in front of her. how that school district is responding to the outrage. >>> first, though, a developing story out of southeast washington. right now after a stabbing attack leaves a man dead overnight, what police are revealing about the crime at this hour and the person that they say is behind the attack. we'll have a live report for you from the scene there as news 4 today continues at 6:00 a.m. sglee rescue teams are digging threw today plea in japan. the new video we're getting in of the devastation there plus the young survivor that was just pulled to safety. we'll have that story coming up. >>> capitals fans are waking up with a smile on their face a how some of d.c.'s youngest fans are celebrating. but first, your out the door forecast. >> your friday will have a perfect cloudless sky. it's a

congress has power under the commerce clause to stop a lot of this as it affects americans. all the big bankss are licensed to roperate in the united states. we can take very effective action if we want to, but the u.s. and panama are two of the countries who have not signed the global tax sharing agreement to try to reduce this. we have an amazon of theft, and it's not just tax cheating, theft, tax cheating, and hiding that could be reduced to a trickle if we have the political will to do it. >> do your meantime, do you think political means prosecuting people? >> it means putting people in jail. so long as you only fine banks, the justice department even had a speech given where they quoted an executive saying as long as it's a fine, the company can do something for me. we need to prosecute and jail bankers engaged in this practice and make it clear that if we can find you, we'll prosecute you for these kinds of crimes and treat them as fraud. that's much easier to prove. >> all right, david k. johnston. thank you very much. >>> and up next, a lighter side of the campaign trail. (laughing)

and the catch it added to evidence of the e-commerce giant can make money even if it invests heavily in hardware, software, and entertainment. deutsche bank'sdvisory board member is stepping down two years earlier after criticism that he went too far in probing potential wrongdoing at the company. he was not isolated after he tried to examine links between board members and court cases. he has not responded to requests for comment. bank of scotland posted a deeper than expected loss in the they putrter as it some government support to receive during the financial crisis. the net loss more than doubled. rbs plans to resume dividend after warning said could miss a deadline. guy: let's talk about what we need to know about these markets and how they will open in 27 minutes. let me show you the terminal and where we think we will go this morning. it looks like a fairly negative start. and you gettures, this fair value calculation. the cac down by about 1%, euro %,ocks around the down by .8 the dax could outperform a little bit but we look to see a fairly negative day. other assets to be aware of, brent is below this 48 line. eye on whatclose ha

the net bank was created in 1994, as part of nafta, to alleviate the environmental concerns and economic problems that would be created by the movement of commerce and people to the u.s./mexico border region. since its creation over 20 years ago, the bank has made a tremendous improvement to some of the most impoverished communities in both nations, including towns and colonials in my congressional district and along the u.s./mexico border from brownsville to el paso and all the way to california/mexico border. the bank's investments have brought life-saving, potable drinking water to millions of people, many of whom faced health-threatening conditions due to unsafe sources of drinking waters. so that that leads me to the first question. january 2015 during the high-level economic dialogue, president obama and mexican president pena neato, agreed to double the bank's current capital from $3 billion to $6 billion, split evenly between the two nations. can you tell us why the bank is seeking to double its capital? >> congressman, the administration is looking for this capital increase because it will allow the united states to continue supporting

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commerce is urgent. new trade agreements are critical. concessions are essential. the role bankeing innovative here. so is gayle smith. you should be proud of these people. anticorruption campaigns in her own office around the corner at the one campaign will tell you that the reforms necessary to qualify for the loans can be as important as the loan itself. the african development bank has been in front on this stuff. the president understands corruption kills more people than it aids malaria combined. you have to be part of this package. in fact, he was also one of the first leaders to call for a a modern marshall plan. what does that mean? the marshall plan was the first on the world witnessed development and security on a grand scale. the marshall plan was an idea big enough to meet the moment in history and an idea as big as the sacrifice americans made in the fight for freedom. an idea that showed america not only when the war but have peace as lindsey graham reminds us. an idea big enough to change the world. an idea like the idea of america itself. the peaceful europe tha

bank and international monetary fund to promote prosperity. a declaration for human rights. and here in europe, giants like chancellor adenaer sought to buy commercend trade. and in the early days, european unity was a dream of a few. it became a hope for the many. today it is a necessity for all of us. [ applause ] >> and it wasn't easy. old animosity had to be overcome. national pride had to be joined with a commitment to a common good. complex questions of sovereignty and burden sharing had to be answered. at every step, impulse to pull back for each country to go its own way had to be resistant. more than once, skeptics predicted the demise of this great project. but the vision of european unity soldiered on and having defended europe's freedom in war, america stood with you every step of the journey. a marshall plan to rebuild, air bit of to save berlin. america's commitment to europe was captured by a young american president, john f. kennedy, when he stood in a west berlin and declared freedom is disvisible. when one man is enslaved, all men are not free. with strength and resolve and the power of our ideals and belief in a unified europe,

bank earnings come out to marlin estimates for a 16% tumble. will it be the worst quarter of the year? commercer joins us to talk about the debate on trade agreements and about china. welcome to the second hour of "bloomberg . jon: the numbers are quite remarkable in banking's. the five to discuss alien euro plan to tackle the problem in italy. it's set to be a pretty ugly report a sitting -- season. david: francine it's no fun to a banker right now. vonnie: we will look at what's going on in the markets. let's get a check of the markets first. n: futures are positive at the moment. the dollar-yen has a seven-day losing streak. u.k. inflation surprised to the upside. it's at a 15 month high. you saw the transportation costs surge in the last month. david: in belgium, authorities of charged two more men in relation to the brussels bombing and both were involved in rough -- in renting a brussels apartment. the suspected accomplice, 16 victims died the same day appear of suicide bombers killed 16 others. two suspects are being held in several charges including participating with a terrorist gr

bank cards, this is what's being used in japan. this is just tap and go like apple pay. this is being used in china where they can process more commerceallows more processing of commerce to be done sooner and better consumer experience. >> how did you know that you shouldn't just be in one particular kind of technology? >> so our strategy is to be sure we're a leader. it is really what drives us so now i'm looking at top 20 customers. and i don't really see, i see cell phone but it is far less than auto. the diversification is very clear. there isn't any one industry that could take you down or one customer that could take you down. >> there certainly isn't. and as i am. we're about 40, 41% exposed to automotive. that's because of the leadership position. we're 50% larger and we grew last year about 90 basis points. are you worried about the gross domestic product? or are your businesses growing much faster than the gdp? >> our businesses grow faster than the gdp. so in our business, we think our business can grow in a high mid to high single digit. one of the things that we have, the diers at this that allows us to have the opportuni

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commerce is urgent here. new trade agreements are critical. loans from the world bank are essential. dr. jim kim and the world bank innovative here and so is gail smith. you should be proud of these people. anti-corruption campaigners in our own office around the corner and one campaign will tell you that the reforms necessary to qualify for the loans can be as important as the loans themselves. the africa development bank right out in front of this stuff. the president understands that corruption kills more people than aids, tb and malaria combined so tackling corruption has to be part of this package. in fact, he was also one of the first lead earls to call for a modern marshal plan as a partnership for progress. so, what -- what might that mean? well, the marshal plan, as america snows, was the first time the world witnessed development as security on a grand scale. the marshal plan was an idea big enough to meet the moment in history. it was an idea as big as the sacrifice americans made in the fight for freedom. an idea that showed america could not only win the war but that peace a

minnesota chamber of commerce, and you had three points you articulated a couple of weeks ago, now you've added a fourth. i want to put up on screen the original three. break up the big banksthey have more rainy day funds, taxing rev las leverage,d here's the fourth, alternative resolution mechanisms. mr. cash carry, you need to tell me what that means. >> sure. well, those are four options that experts have approached us with as ways of solving the too big to fail problem. we may be adding more in the future. we're keeping our minds open. once a bank gets into trouble, how do we make sure the government can allow it to fail without causing chaos in fan markets? you remember when -- in financial markets? the dodd-frank law, with its living will and the resolution mechanism built in there, is trying to allow banks to fail. we saw what the results of the living wills at the biggest banks, many of them are still too big to fail, so some other experts have proposed, for example, new chapters of bankruptcy or other alternatives that could allow regulators to wind down a bank, to haircut their bondholders, keep it running but not bring down the whole financial system. and we --

banks reap capital and unload bad loans. ♪ manus: welcome to countdown. welcome to a $1 billion deal. alibaba is on the acquisition trail buying an e-commercein southeast asia. $1 billion. alibaba buys a controlling tank in the lozada group. this is breaking news coming in. keep an i on that story as the business day progresses. that is your breaking news. a billion-dollar deal by alibaba in terms of acquisition to kick off this trading day. we are focused very much on the breaking news coming from the mara. --coming from nomura. 9% stock rallied up almost at one juncture. we will put context around the story later. bad stock in italy. it is a buffer to help the banks offload their bad loans. let's get into these equity markets. impeachment.er to how was that playing out? this year european futures board. yet futures indicated lower -- you have futures indicated lower . oil is dropping slowly. london, paris and frankfurt all indicated ever so slightly lower. three very clear themes are in the market. in terms of the riau, this is where the real focus will come in. we have this potential impeachment. the real iraq did 3% yesterday. -- the re

banks just a glimmer before a volatile end to the week. thank you so much. when we come back, alibaba making the biggest overseas purchase in history. a billion dollars for an e-commerce start up. we'll take a closer look at that deal. but first, rick santelli, what are you watching today? >> atlantic gdp finished up it's assessment of what the first quarter gdp will be. we're going to discuss why that's such a number and why it may only get worse in the macro as the years go by. all after the break. i'm only in my 60's. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, it helps pick up some of what medicare doesn't pay. and could save you in out-of-pocket medical costs. to me, relationships matter. i've been with my do

commerce deliveries to homes than anyone else in the country. here, there, everywhere. united states postal service priority: you >>robin winston: it is moving very well cause to stand and to the north banke for her biggest american tour and 25 years. >>mark: disney parks in the official unveiling some the plans for is the worst thing the park of disneyland and disney world it will include chance you to take control private is one to feel great whenever ms. parks had to them if you want we want with the dead to do a nice and cool did talk to get deeper into the upcoming weekend lunchtime today you said temperatures in the low maybe even mid-60s will have the complete forecast coming of. >>mark: this happened around 3:00 yesterday afternoon two people shot one guy the other expected to be ok the states to really get this type of attention during the primary season health records and donald trump are favored to be big winners. >>james: begin with his brilliance shunt we have all denied sunshine out there this morning really in it called the sun is going to do good job on a soap into the upper 60s and low 70's cloud conditions as of them in the clouds we have to showers and there still will

commerce deliveries to homes than anyone else in the country. here, there, everywhere. united states postal service priority:you >>james: 1 alabama man perfectly crafted proposal was ruined when he dropped engagement ring into the bank able to move to move in alabama and after on the six weeks of dating he decided he was once supposed to hire he jumped in the water with the current was too strong his best man had to rescue him from the water. >>james: this week just after 6 and was released in concord it was working on the overpass the collapse in india killing almost two dozen people this morning they're still on sensor to for more survivors beneath rubble. >>anny hong: we get one more week and we hope this last little bit longer. >>anny hong: a percentage and martinez to know somebody's in concord 74 in antioch and 70 if you're in the livermore area today a model keeping a track when this mention the one of the check out tuesday and wednesday. >>robin winston:, a west oakland and that the rat looks pretty clear where tracking a problem on the peninsula, of redwood city but at the waterside road on ramp to stop on 11 the on the ramp is partially blocked a one. a completely closed and repression a motorcyclist it is

commerce company wala zada. u.k. inflation jumps to a 15-month high in march. consumer prices rose to the fastest space in 2014. clothing prices increased. inflation remains well below the bank2% target, but there is a suggestion it picks up after almost a year after hovering around zero. nomura is planning to shut down its european equity operation as it cuts costs. that is according to a person familiar with the matter, who says the tokyo firm will shut their research, trade, and underwriting segments. that is your "bloomberg business flash." nehra: let's bring in -- francine: richard, great to have you on the program. when you look at nomura, how much of this is a surprise? it was not really a space they were opening or winning. richard: it is not a huge surprise because they are an organization that has been perhaps slightly lower down in the rankings in the european equity capital markets. you have to think about how those markets have been over the past few months. the volatility has been off the scale. the markets have been awful. therefore, there have not been many big initial public offerings. volatility is not conducive to that kind of activity. a that market, when

commerce deliveries to homes than anyone else in the country. here, there, everywhere. united states postal service priority: you >>> a global market selloff. the bankd overnight, deciding to hold policy steady. the yen spiking, japanese stocks plunging and u.s. futures heading south. inside the numbers straight ahead. >>> breaking news now. ford earnings set to hit the tape. the ceo joins us for an interview. his outlook for the industry and how he's reshaping the company for the future. minutes away. >>> plus, the obama economy. as the president prepares to leave office, a look at what he is leaving behind from the financial crisis to where the economy stands today. the second hour of "squawk box" begins right now. >>> live from the beating heart of business, new york city, this is "squawk box." >>> welcome back to "squawk box" here on cnbc first in business worldwide. i am joe kernen along with andrew ross sorkin. becky is on her way to omaha for -- >> it will be a great weekend. >> berkshire hathaway's annual meeting. she'll join us live tomorrow with -- does it sound like dirty? >> it does. >> you need to enunciate. >> the n. >> durable goods s

commerce deliveries to homes than anyone else in the country. here, there, everywhere. united states postal service priority: you at ally bankal media equals anti-social. hey guys, i want you to meet my fiancÉe, denise. hey. good to meet you dennis. it's my decision to make beauty last. fix. roc retinol started visibly reducing my fine lines and wrinkles in one week. and the longer i use it the better it works. retinol correxion from roc. methods, not miracles. >>> obviously kasich is so far behind it's impossible for him to get the numbers so by process of elimination that gets you to ted cruz, so you want ted cruz to get the republican nomination? >> at this point there's no choice. >> so far you're only -- i think by our count the third senator, republican senator, who now effectively on this program has come out and endorsed cruz. lindsey graham and mike lee, your colleagues, they have. but i haven't seen a whole lot -- >> did i just endorse, wolf? >> you said you prefer him over the other two. >> i do. >> that sounds like an endorsement, doesn't it? >> i guess it depends on your definition of endorsement. >> that was se

commerce manager. you help start small businesses, help them grow in good times and in bad. >> what do you make of this populist brush fire we've got in the republican party that says xm bankno, that's not helping. that's special favors for business. trade deals, no. that's special deals cut by these businesses to help them at the expense of average workers. >> i think people are so frustrated by the last eight years of this administration. they're striking out frankly at just about everything just out of frustration. >> including fellow republicans. >> well, they are. i think this will pass. truth is, with the right president in the white house actually unifying this country and focusing on what we need to do better, which is to create jobs along main street, give people opportunities, i think we have a chance to turn that around. >> dave camp went through a process, came up with a plan, which you kind of like. >> dave camp, in my view, made tax reform inevitable in the sense that he showed you could broaden the base and lower the rates and simplify the code and be competitive around the world and make it more understandable. let me stop you on that. some people say he sh