bank's annual meeting which will be held online later today now in the 1st quarter of this year commerce bank made a profit of $133000000.00 euros putting it squarely back in the black but in the final quarter of last year the bank suffered dramatic losses worth 2700000000 euros now the flourishing securities business has driven the turnaround the bank has also benefited from money injections by the european central bank but cuts are still likely with one in 3 employees in germany expected to lose their jobs in the coming years now our financial correspondent conrad booze and is covering the shareholders' meeting for us conrad good morning to you there in frankfurt 2 more figures here 8000 jobs are on the line the number of branches to be haft will this get the thumbs up by comments from shareholders today. there is no doubt you know chris the german government still owns about 15 percent of the shares of comments on another 42 percent is held by institutional investors together they really hold a very comfortable majority and from none of these investors came any objections against the plans

commerce bank is calling more of a symbolic move. that move from china to hold foreign currencies in reserve in more than a decade. let's bring in tom in beijing. tom, give us the detail. tom: this was announced at the end of the day. financial institutions will increase their holdings from 5% to 7%, 2% increase by june 15. the idea from policy makers is you reduce the amount of dollars and other currencies on shore. that pressure the yuan and it's real action for policy makers to take a swipe at a currency against a dollar to a three-year high. haidi: is it the measure going to actually work? tom: well, that is the key question, of course. commerce bank crime out and said it is largely symbolic. they still see the trajectory of the yuan upwards from here, a stronger yuan because in many points of this, the yield differential is very substantial. that is pulling in those foreign flows, the economic recovery is on a pretty solid footing as well. so those factors still give the yuan support according to the likes of west bank, scostiab

talk about something adult, is there a presumption of a better deutsche bank, that is asterisk commerce bankous commerce men, on anon, that we are finally in an era of eu consolidation. matt: if you ask the bank ceos, they will say it not time yet. without banking unions, ceos are not going to do it. if you talk to people at the ecb, they say ceos have to make the first move. lisa: isn't the ultimate issue that each portion of germany is controlled by separate politicians or they will be a natural opposition to any consolidation whatsoever? matt: that is the problem in the german market for sure. you have a fractured german banking market. there are hundreds not thousands -- you cannot -- tom: you cannot say that on radio. we were -- matt, we were talking the other day, is jp morgan coming into the market, and the consumer banking market is too unattractive because there are so many players already here. tom: on a friday of monday, we reset for the summer, maybe new habits -- what you need to know if there is one book, you know i love peter bernstein's classic. this is the definitive book on

commerce bank is saying there is a risk of a correction is metals become detached from fundamentals. taking note of the risk china could engage in policies that make demands for metals such as copper as iron or. haidi: let's get back to our top story. the biden administration likely to maintain pressure on beijing i preserving limits on u.s. investments on chinese companies. pres. biden: the chinese are eating our lunch. they are doing our lunch economically -- eating our lunch economically. that is why right now, if it keeps going, they will only electric car market. they will own a whole range. we've got to compete. haidi: adr is china's biggest tech firm, touching session lows. let's get more from alex. what more do we know about this? alex: well, the white house is reviewing these investment bans that were put in place by the trump administration. the former president announced the bans in november. there was confusion over the next month as the new york stock exchange struggled with the question of whether to immediately delist these companies that were named in the u.s. governm

commerce. it can be creating a national bank, even though creating a national bank is not one of the powers. i think when it comes to the president, we use the terms formal and informal powers. a formal power are those specifically listed in article two, the power to be commander-in-chief, to execute laws, to give the state of the union's. the informal powers are those that are implied and part of the energetic executive as hamilton wrote about in federalist 70. one of the big implied powers is the bully pulpit, to speak directly to the american people to try to shake public opinion to advance the president's vignette -- agenda. host: let's go to kyle from virginia. would you like to take a question or ask a question? caller: i would like to take a question. -- it took right from the federal government and made it to where states cannot infringe on them. guest: that is a story students should know. traditionally, the bill of rights was written to constrain the powers of the federal government. in an early supreme court case, the supreme court said the bill of rights only applied to congress.

banking. as your business changes, the united states postal service is changing with it. with e-commerce that runs at the speed of now. next day and two-day shipping nationwide, and returns right from the doorstep. it's a whole new world out there. let's not keep it waiting. >> the bay area's local news station. if you now with breaking news. >> good morning and thanks for joining us. i'm darya folsom. and i'm james fletcher. the breaking news this morning comes to us from oakland where one person is dead and several others injured in a shooting on a party bus kron 4. sarah stinson is live in oakland with the details here. what happened? >> this is a devastating scene. we're here at the eastma station in oakland where that party bus pulled in after being shot at several times. now, i confirmed with family members on scene who are, by the way, just completely devastated at least one person was killed. multiple people shot. this happened on 5.18 and the macarthur that we have video from the scene earlier. you can see the party bus. it has multiple bullet holes in it. there's shattered glas

shares of carvana, 6,000 shares of volume, the online car dealership, e-commerce company, getting help from bankgoes to 350 bucks from 285 they cited among other things a pickup in demand and prices for used cars, given those tight inventories across america and then we're going to end on shares of draftkings which are higher by 1.5% 200,000 shares of volume the online sports betting company gets upgraded to market perform, and a more attractive entry point for a trade given the recent pullback over the last few weeks joe, i know you're probably a contributory some of that robustness over there at draftkings >> that's right. thank you, dom we're almost out of time becky, great job thank you, andrew. thank you and you know what else is happening in may? may 5th. cinco de mayo. i think it's wednesday >> cinco de mayo >> which is nice >> join us, "squawk on the street" is next. see you tomorrow >>> good monday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer and david faber. welcome to may futures are green as we come off the best month for stocks since november anot

the central bank, whether it's the national treasury, whether it's the defence force, the intelligence services, whether it's the non—governmental organisations, whether it's chambers of commerces far more stronger than any one of them on their own put together. all right. there's no way in which south africa's going to collapse. it's not possible. that's nonsensical. well, minister tito mboweni, i thank you very much indeed forjoining me on hardtalk. thank you. thank you very much indeed for having me here. it's my second time here and this time it was more difficult than before. well, we appreciate it. thank you very much. hello there. the bank holiday weekend is fast approaching, and we could all do with something a little more settled, couldn't we, to make outdoor plans. well, i can offer you certainly some drier weather over the next few days and into the weekend, and it will be warmer, too. now, just how warm, take a look at this. with the wind direction coming up from the south by the weekend, we could see temperatures peaking into the low 20s, and we've only seen that once so far this may. so, that's something to look forward to. during wednesday, however, this weather

the central bank, whether it's the national treasury, whether it's the defence force, the intelligence services, whether it's the non—governmental organisations, whether it's chambers of commercer more stronger than any one of them on their own put together. all right. there's no way in which south africa's going to collapse. it's not possible. that's nonsensical. well, minister tito mboweni, i thank you very much indeed forjoining me on hardtalk. thank you. thank you very much indeed for having me here. it's my second time here and this time it was more difficult than before. well, we appreciate it. thank you very much. hello. we know may has been wet, and now with less than a week to go, the met office says provisionalfigures indicate that wales, despite all of the sunshine to end monday, has had its wettest may on record — those records going back to 1862. wales will have a drier tuesday, but depending on where you are, there will be further heavy showers to dodge because low pressure, although it's moving into the north sea, is still close enough to produce some of those showers. now, there are weather changes on the horizon and we'll look at those in just a moment. this i

banks are eager for community drives to come back. this one in fairfield filled all 32 slots. set up at the chamber of commerce offering restaurant gift cards to donors. i haven't donated for a few years, so it's nice to get back in here and donate again. i thought he'd be great to come in and save a few lives. every donation can save three lives with platelets, plasma or red blood cells. normally san francisco's by talent might collect 40 boxes a day lately. it's half that, you know people already getting a quick little shot to get the covid vaccines. the nonprofit wants newly vaccinated people to know there. there's no waiting period to donate blood on the bigger the crowd, the better with schools being out with businesses not having employees at their locations, you know they're unable to hold blood drives. emily and lucy left. the hospital fully recovered. a little girl who might never have known her mom. it's so scary to think how close i came to think that my husband would have been raising my daughter on his own, if not for readily available blood and in time. emily got to meet her 32 bay area donors in

all the result of commerce's frustration with president a buses decision to cancel the election and need to desire to increase its political influence in east jerusalem. and the west bank come us think to replace the palestinian authority and take control of the palestinian territories. so after the elections were cancelled again, by the way, it decided to launch a war of aggression against israel. suddenly, how much leader mohammed death who has been silent for years? what's threatening israel would pay a heavy price. even these rail court went ahead and rode rules on a property dispute in jerusalem. have you asked yourself why the commerce leadership in garza would be commanding on a legal dispute in jerusalem that has been going on for years? this was all a part of my says strategy to gain political power. you will know that these read did everything to de escalate the situation. our efforts were met with rockets on jerusalem rockets on our capital. you cannot fire at our capital and then pretend you want to cease fire. these red wants to see the fire, but only after significantly degrading komatsu terror machine. we are looking for a cure and not a band aid. and ye

banking. as your business changes, the united states postal service is changing with it. with e-commerce that runs at the speed of now. next day and two-day shipping nationwide, and returns right from the doorstep. it's a whole new world out there. let's not keep it waiting. >> and that was the sound of sirens as israeli warplanes continue attacking gaza overnight as the conflict there enters a second week. you can see the explosions. united nations has met now to discuss the crisis. they did that yesterday. they took no immediate action, though, to resolve the issue hamas the palestinian militant group that rules. gaza has also increased attacks firing nearly 3,000 rockets into israeli cities and towns in israel, hamas rockets killed at least 10 people in gaza. nearly 200 people have been killed by israeli air strikes the last war between both sides was back in 2014, it lasted more than 7 weeks. here in the bay area. thousands flooded the streets of san francisco demanding an end to the violence that we're seeing there in the middle east. they weee waving flags and signs reading free pa

commerce can be flexible. it can be creating a national bank even though creating a national bank is not one of the express powers. there can be flexibility because of the elastic clause and how congress writes the laws. particularly related to economic commerce. when it comes to the president, we typically use the term formal powers and informal powers. a formal power of those powers in the constitution article to that are listed, the power to be commander-in-chief, to enforce laws, execute laws, to be the chief of state to give the state of the union speech. those are formal powers. the informal powers are those that are implied and part of the energetic executive as hamilton wrote about in federalist 70. one of the big powers of the president is the power of the bully pulpit, the power to speak directly to the american people and shape public opinion to advance his agenda -- the president's agenda. host: let's talk to my card calling from arkansas, would you like to ask a question or take a question? caller: take a question. host: here is the next question. explain how selective incorporation expanded civil li

the chinese ministry of commerce, no de developments on trade or human rights the department of justice is investigating the collapse of archegos capital which cost major global banksore than on $10 billion in losses. federal prosecutors sent requests for information to banks with ties with the investment firm. unclear what is being examined and amazon's prime day will be held on june 21st and june 22nd. the ecommerce giant will try to get the summer scale back on schedule amazon notified employees about the date and asked to keep it confidential until the official release in the next few days brian, back to you >>> frank, see kyou in a few minutes. now to your markets and money. your first guest today says we are in a strong bull market, but right now the biggest threats may not be inflation, but perhaps over taxation and regulation joining us now is howard capital management ceo vance howard. vance, good to see you >> good morning, brian how are you? i think it is clear you overtax the economy and you slow thingsm thing. we have the great opening with the economy and markets are looking good and we're in a bull market i think that can be the wrench that is strong

leading the dow today after earnings driven by grocery and e-commerce we'll ask bill simon if he thinks the strong sales can last. >>> plus bankamerica upping the ante in the minimum wage race we'll bring you details about the company's latest plan to raise pay next here's a check on bonds. yields mixed, the 10-year around up 1.64%. we'll be right back. i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit tdameritrade.com/learn ♪ >>> bank of america significantly boosting investment in its workforce. the company announcing today it will raise its u.s. minimum wage to $25 per hour by 2025, a move it says will benefit around 50,000 employees the firm also says its u.s. vendors m

banks are eager for community drives to come back. this one in fairfield filled all 32 slots set up at the chamber of commerce and offering restaurant giftards to donors. i've been donating myself since 1989 usually do it for five times a year, so that's why it's very personal to me, and it was kind of my idea toe put it on. many donors were in real estate, people end up in emergency situations all the time. and you gotta have blood. this gym owner heard about it, too, and brought a friend i haven't donated for a few years, so it's nice to get back in here and donate again. i thought i'd be great. come in and save a few lives. every donation can save three lives with platelets, plasma or red blood cells. normally san francisco's by talent might collect 40 boxes a day lately. it's half that, you know people already getting a quick little shot to get the covid vaccines. so you know what's another? a small needle in your in your body. the nonprofit wants newly vaccinated people to know there's no waiting period to donate blood and the bigger the crowd, the better with schools. being out with businesses not having employees at their location

banks are eager for community drives to come back. this one in fairfield filled all 32 slots. set up at the chamber of commercend offering restaurant gift cards to donors. i haven't donated for a few years, so it's nice to get back in here and donate again. i thought it be great to come in and save a few lives. every donation can save three lives with platelets, plasma or red blood cells. normally san francisco's by talent might collect 40 boxes a day lately. it's half that, you know people already getting a quick little shot to get the covid vaccines. the nonprofit wants newly vaccinated people to know there. no waiting period to donate blood on the bigger the crowd, the better with schools being out with businesses not having employees at their locations, you know they're unable to hold blood drives. emily and lucy left the hospital fully recovered. a little girl who might never have known her mom. it's so scary to think how close i came to think that my husband would have been raising my daughter on his own, if not for readily available blood and in time. emily got to meet her 32 bay area donors in person t

commerce giant to create monopoly power. amazon says the ag has it backwards, and it would lead to the posting of higher prices. goldman sachs is forming a wealth management joy venture with china's largest bankey will take a 51% stake. it will boost u.s. firms distribution network and access to wealthy customers on the mainland. still to come, a rebuttal of fortunes. in singapore and other asian countries that previously led a ranking of the best places to be during the pandemic are slipping. which countries are climbing to the top. keep it here with us. this is bloomberg. ♪ >> it is 10:29 p.m. in new york. u.s. secretary of state kicked off a middle east diplomatic mission with a pledge to aid recent efforts in gaza while reaffirming support for israel's right to defend itself. president mahmoud abbas revealed the u.s. will provide 75 million dollars in new palestinian aid this year and immediate disaster relief and vows to ensure hamas does not spend it. >> we are focused right now on responding to the urgent needs that exist in gaza on a humanitarian basis, the urgent need for rebuilding and reconstruction. and then, looking to see actions on the part of both the israelis and palestinians

commerce in china. anna: very interesting conversation. maria tadeo, our brussels correspondent. thank you to maria for bringing us that. coming up, central banks the market outlook with our market live team editor. this is bloomberg. ♪ anna: welcome back to the market open. european equity markets are on the front. u.s. futures also point higher. ven, our strategist joins us. central banks are making decisions today. what will you be watching for? ven: in terms of the bank of england, we will be watching for expectations in growth forecast, there is no doubt they will do that. what will be interesting is what they say on bond purchases. it will and sometime in november, early december. the slowing of bond purchases is necessary if they are going to continue with those bond purchases to the end of the year. we will be watching for any signs of hawkish this although i do not expect it. anna: globally, we are thinking about inflation. away from the u.k. experience, inflation globally, what are your thoughts on where we have gone to on that inflation narrative? ven: fed officials have pushback on the notion of a taper because they are not concerne

, it all starts from the success we have with our commerce and clients cross all businesses we have top market share growing faster in the market -- bankomewhere loan a demand has not been as high we have been flying in securities 900 billion loans you can see we need to invest that get return for shareholders our digital platform 40 million consumer kerz all dmeengs well over half sales are digital we have two billion digital interactions a quarter massive program sell the program maximum amounts of money transfer each quarter 50 billion last quarter 17 million, a digital system you can talk to it will do banking for you tens of millions users continues to grow wildly what has been interesting in pandemic you have seen that in commercial businesses wealth management businesses adapting paperless digital, interface erica private banning up massively year-over-year we are high touch high-tech company why getting our team back to work visiting clients, hundreds of clients meetings going on face as we speak but on the other hand that digital platform served us well will continue to serves well a chance to make great expansion for commerce

bank lending practices. later in the week the senate will take up nominations to the u.s. postal service board of governors and the nominee for deputy secretary of commerce. live coverage of the u.s. senate always here on cspan2. >> see spanish unfiltered view of government funded by these television companies and more including comcast. spector thinking it's a community center? more than that. comcast is parting with a thousand committee centers to provide wi-fi enabled low income families can get the tools they need to be ready for anything. comcast support c-span as a public service along with these other television providers. giving a front row seat to democracy. up next on cspan2 a conversation from the heritage foundation about the future of the space force which was proposed by the trump administration. among those who will hear from former nasa administrator jim brannon stein who served in the trump