let's go back to deutsche bank. ah, here's a three-day chart of deutsche right now, down to 965. headline that hna is looking to exit deutsche bank as deutsche bank holdings, according to dow jones newswire. has beenomething hna shrinking and holding and deutsche bank anyway the struggling fund has had to exit a number of assets amid massive amounts of debt. it looks like dow jones is reporting it's going to or already has exited deutsche bank. it's going to focus now on domestic airlines, as it's been told to by the government of china. this is just some headlines coming across from dow jones, saying hna is exiting or has exited it's a deutsche bank holdings. let's get our bloomberg first world news with juliette saly. juliette: in the u.s., the deadline has passed for the public comment period over tariffs on chinese imports. some of the countries prominent technology companies and retailers made a push to convince trump to reverse course. trump told a rally in montana he would strike a good deal with china for american farmers. >> we're cracking down on unfair trade practices

of deutsche bank.eems like they may be under pressure to do something. is that behind this chatter? >> i do not think the government is really pushing the company very hard. they are taking part in the discussion. they do not want to be left out because the last financial crisis told that the governments as a lender of last resort's. they do take a position. if they leave -- they leave the position to the companies. guy: great story, moving the markets. thank you. vonnie: what a confluence of events, let's get back to the markets as traders are seeing more volume and volatility. changing around us s&p categories. and the theresa may speech. joined by mike regan. that is not even to start with washington. a lot of volume to date, primarily the change around for the s&p 500? tradingas a result, that is not based on fundamentals or price-sensitive. day, wethe end of the will have a lot of etf's and passive funds that want to track the index, will be jostling around their weights and holdings to reflect th

deutsche bank is at risk of losing a major investor, a chinese group which helped almost 8% of deutschevoting rights is said to be planning on exiting the entire stake in the bank according to people briefed on the matter. stephen.to thatthis make it possible we could see a tie up with commerzbank or another entity now that h&a is out of the way? >> i do not know if there is a direct answer, hna does not have much of an opinion to the merger. but iot see an obstacle do not see a potential merge accelerating as a result. it depends on who will take the shares that become available. if it is someone betting on an eventual merger between the two .anks, it could accelerate romaine: how important was hna'a investment in deutsche bank to begin with? developedeloped -- it i would say, very important at the beginning and it came at a point when deutsche bank was in andetty deep crisis in 2016 they needed a new investor to stabilize the share price and there was doubt. has notce then, hna turned out to be the white night deutsche bank would night -- would like to see and very controversial share

yes monica the one bag that was most involved in the american way of doing banking was deutsche bank including of course the securitize ation of mortgages and the trading of such very complicated and in transparent commercial paper. the irony of the tragedy for deutsche bank at the time of the lehman collapse was that at first it looked like the bank would be able to go through this ok joseph mcnamara the man who was the c.e.o. at deutsche at the time nor did himself and the bank that the risk management systems had worked ok but it turned out in the years that followed that wrongdoing involvement into risky business and misconduct at deutsche in the run up of the lehman collapse had been so extreme that deutsche bank ended up paying seventeen billion dollars in fines and settlements in the u.s. the bank that had joined the party late had to learn the hard way that the party had been a bad one and been a bad one and is still reeling from it of course and now there are reports amongst others in in the wall street journal that china's sovereign wealth fund is interested in buying a sta

deutsche bank also rallying, up nearly 1% as well. pushing these together would generate significant job cuts and that has always been the massive issue for the german government. let's turn to british politics and talk about the pound. cable tracking back down to the 1.30 level. the market increasingly viewing the hard brexit prospect as being one that is the cliff edge story we need to factor in. we are seeing a big move in the cable rate. it is trading 1.3064. euro-yen tells you about what is happening with risk. julie what mentioned -- mentioned what is happening with the others. this is the picture we have with the stock story. london is benefiting from the pound. it is outperforming. we have really high volume today because we are getting witching on both sides of the atlantic. dax is interesting. let me take you through the end visual -- individual names. doing wellhe miners today. the cyclical stocks are doing even better because they have the pound in the mix, as well. glencore is trading up by 4.4%. , really kindstocks of pi

peter hooper deutsche bank with us. acute notes on the dollar, the in the with the dollar next year, what is the view? peter: george has been on. he is calling for a weak dollar. part of it is the market looking ahead for a mature cycle in the u.s. this is feeding into weakness. as we get into next year, we mode.to see ecb in exit it has been a good call. tom: what against -- what about against em? you are looking at me like, you do not know what you're talking about. peter: you have a mixed bag. em is going to be under stress as the fed raises rates. as trade tensions, vis-a-vis china, going to be putting significant pressure on the rmb. there is dollar weakness against the advance currencies, dollar strength against the yen. tom: peter hooper, thank you so much. here is taylor riggs. taylor: another deadline has come and gone with no nafta agreement between the u.s. and canada. foreign minister said she discussed top issues in a meeting with robert lighthizer. the sides are in continuous negotiation. american companie

on the positive side, deutsche bank casino rating operate.ething they will like to point to a saying look, we are there for you. joe: there are a lot of questions about deutsche bank's big strategy. some people are wondering if it will one day be a german bank again as opposed to a company trying to be an international investment bank. i guess these hedge fund clients in new york do not want to be with them if they are concerned that one day they will be abandoned and be a domestic player. steven: i think that is correct. there's a sense that deutsche bank is trying with germany to run the bank. the bank said we are basically turning away from it to a certain extent. that is why they bring out the big guns and the people to the city to tell people yes, that part is over. it was not that big of a turn away. we want to be with you as well. caroline: the big guns and people. thank you steven arons. son billionaire masayoshi is asking banks to open the pocket banks if they want to be part of the biggest ever public offering. softbank is seeking a

bank,you think deutsche or the wider system? what was going on?lways not so much concerned about deutsche bank because we knew we had things under control, but i was concerned about systemic risk. we need a systemic answer. some thought we should play the market and not ask for government support, but the we couldas so big that not last maybe without that. >> are you were aware of the magnitude of what was happening. >> absolutely. this was a central player and it shows the liquidity problem was the most important one. funding disappears, that could happen to other institutions as well and you realize how interconnected we were in the financial system. that was no surprise to me. >> so who was the next phone call? >> of course you call immediately the head of the bank and certainly the risk manager and you reach out to central bankers and other bankers. so it was a lot of conversation going on immediately thereafter. we talked to trichet who is very concerned. bundesbank and the bank of england as well at the time because they were a key player in

talking to us about deutsche bank.w york, this is bloomberg. ♪ ♪ live from new york, i am vonnie quinn. julie: i am julie hyman and this is the european close on bloomberg markets. vonnie: let's get the biggest stories, fedex gearing up for shopping, they want to add a sixth day to its home delivery schedule, their monday service for homes will begin in january and that i will hire 55,000 temporary workers -- fedex will hire 55,000 temporary holiday workers. kkr selling its stake in sedgwick to the carlyle group. in 2014 withit co-investors for $2.4 billion. that is your latest bloomberg business flash. julie: let's look at the markets in the u.s. with equity markets, we had the headline from dow jones that the u.s. and china may be reopening trade talks, the s&p 500 initially took higher on this but then came back down. tech is the big drap today with the faang stocks except netflix trading lower. vonnie: an interesting story with discovery, up .7% after announcing that it has a deal with hulu to distribute things lik

tom: george is with deutsche bank. bring it over to the equity markets and basic investment strategy to get your september started. rick has an update and the 8:00 our. stay with us worldwide. this is bloomberg. ♪ taylor: this is "bloomberg surveillance." a mergeronsidering between two of the country's biggest wireless carriers so it can speed up the development of five g mobile services.there is a proposal to merge china unicom and china telecom. both countries are state-owned. china is in a race with the u.s. over 5g technology. the world's largest advertising company named a new ceo. he has a signaling he will spend more in order to revive growth. replaces martin sorrell who left last month after allegations of misconduct. 784 million dollars to settle a dutch investigation into money laundering. the bank acknowledged what it called serious shortcomings. it also says it is taking action against a number of former senior employees. tom: thank you so much. it is september, which means the conference season is upon us.

no comment yet from either deutsche bank were commerzbank.id: the german government saying it would be ok, but what does commerzbank under -- deutsche bank want to do? commerzbank has said we think we are just find the way we are. >> both of them have had struggles, a chart which shows how they have been performing year to date, both doing pretty badly. both have been questioning the viability of their long-term strategies. this focus is on deutsche bank, it is lagging the american peers. the white lineis versus jpmorgan is the blue line and city which is the green line. -- citi, which is the green line. it needs to catch up with its american peers. a merger between them what create some synergy and may help strategically. there are those that say another european bank might be the best. david: a fascinating development. if you take two companies and make one, typically you do not get a healthy company. , whatvoter participation can be done about it, we speak to a man who has written a book on the subject. that is next and this is bloomberg.

saying on the subject deutsche bank could shift up to three quarters of the estimated six hundred billion euros in capital letters currently keeping in london back to its frankfurt porters that's according to the financial times and deutsche is not the only bank looking towards frankfurt soldier lands u.b.s. has also picture many financial capital as its new european hub if the u.k. crashes out of the e.u. without a divorce deal. this year's world artificial intelligence conference is underway in shanghai it showcases the latest advances in a field that china wants to lead by twenty thirty authorities hope that a national top ten ranking based on criteria like funding local support and left facilities will encourage competition perhaps unsurprisingly beijing is already in the top spot it's home to many ai research facilities which enjoy broad political support shanghai comes in and are two. and when it comes to artificial intelligence china faces competition from countries including germany berlin is one of the top ten cities in the world for ai research but its ambitions are hampered by

we will be speaking with the former ceos of barclays and deutsche bank and the former president of the governor at the bank of england, and many others. watch out for those interviews throughout the week as we remember the collapse of lehman 10 years after the event. let's get a bloomberg business flash. juliette saly hazmat in singapore -- has that in singapore. juliette: british airways is investigating the theft of data including credit card details from customers who used its website or mobile app to make reservations. the airline says 380,000 payments were breached by hackers between august 21 and september 5. the stolen data do not include travel or passport details. arepologized and said they contacting affected customers. deutsche bank is trying to reassure its most important customers in new york that it is ready to handle their business. bloomberg has learned and invited a select group of hedge fund managers and other institutional investors to mingle with a half-dozen of its most senior executives, including a cfo yesterday. while it is not unusual for investment bank's to h

tom: that is the view from deutsche bank.mirrors what we have been hearing in beijing from officials we have been speaking to say they are preparing to dig ,n and wait this one out specifically because in deutsche bank's and analysis, the next $200 billion of chinese goods are likely to be targeted by the end of this week. will beon dollars consumer products. electronics and household goods. policymakers are likely to watch how that impacts the consumer in the u.s. and whether that changes the dynamic in washington. the other dynamic they are watching in washington closely in china are the midterm officials and the changeup in the power structure adjusts the approach the administration will take with china on trade. deutsche bank outline two scenarios. one common you don't get a deal between the u.s. and china. in that scenario, they expect increased or continued monetary policy easing and eight tick -- a tick up in the deficit in china. and the renminbi weakness. that is the view by deutsche bank if you don't get a deal, the

market that's why car maker dime letter rail operator deutsche bahn and communications company deutsche telekom have all ceased activities in iraq. over now to our new york financial correspondent joining us from wall street good to see you so it looks like the e.u. companies are stuck between a rock and a hard place can the e.u. really rescue the iran nuclear deal over protecting companies here. well there's only so much the european union can do and that is mostly for two reasons first of all a company from europe has to think about if they want to do business with the united states always iran and usually the business deals with america much greater than with iran so that is number one and even if the european union is kind of offering a european companies to compensate them for lost business in the u.s. that is hardly going to happen and that would mean in the end that european takes players would have to come up with u.s. sanctions and then as a second mall then of global currency reserves and also global trade dollars so that gives the u.s. another strong card and even european co

. >> nawaz: fred deutsch is the president of south dakota right to life. he ss the state's current restrictions have helped prevent abortions, and he's hopeful that sueme court nominee judge brett kavanaugh will be the justice to help reverse roe v. wade. >> obviously, i'd like to see the supreme court revisit roe. i'm hopeful that if roe is potentially overturned, i hope that the decisiomaking can come back to the states, so each state can make their own decision. >> states started limiting access to abortion as soon as the k was dry on roe. >> nawaz: elizabeth nash says that while she's worried roe o might one day rturned, her bigger concern is that abortion access is already being restricted aggressively in many states across the nation. >> since january 2011, we've seen 423 abortion restrictions enacted in 33 states. from, you know, virginia to arizona to south dakota to georgia. it's everywhere. >> nawaz: soutdakota is one of

[laughter] lauren: deutsche bank is down 1 and a quarter percent. jared: when we return.her jacob has an autism spectrum disorder i remember one moment after being at school all day and i remember him getting into the car just balling... and saying: "mom, i have no friends" "why don't i have any friends?" it broke my heart. ♪brother let me be your shelter♪ ♪never leave you all alone that was the moment when i realized that i needed to do something about this. i needed to make a difference in his life. go! and i knew that if i could help him find a friend, i could help teach other people that including people with differences is the right thing to do. ♪bring it home ♪brother let me be your shelter♪ that was the inspiration behind my non-profit "score a friend" educating people to include the people with differences is so important because when jacob's included he feels like he can succeed in life and he feels like he actually has a purpose. ♪..home lauren: h&a to sell shares of deutsche bank, the wall street journal reporting that h&a plans to sell 7.6% stake in deutsche o

. >>> deutsche bank is moving assets to london. >>> and finally sales beat expectations in the third quarter for the world's second biggest fashion they say they have affected business in the major markets. >>> as you can see, it's been a pretty negative start to the trade here in europe the stock 600 clearly well below that flat line you can see it is trading down more than .1 of 1% a lot more red on the board following asia's lead after more concerns about fresh tariffs from the trump white house if we look at the european markets, you can see the four major indices, three out of the four are in the red. the ftse 100 down .1 of a percent. in germany, very, very heavily involved in other tariffs. they are down three fifths of 1% in paris the cac carant is down. let's look at some of the sectors driving these numbers as well you can see telecom performing up 3 tenths of a percent the technology sector and chemicals both well, well down technology down 4/5 of 1%. this will be a key feature u.s. president drumpd could look at this. "the wall street journal" reported on saturday that th

we are hearing from the deutsche bank ceo.ten. >> we also see that in the world economy, kind of a change of trend. we have seen growth over the ort of and or eight --seven eight years and we might see growth over the next two to three years. the role of the bank, next to establishing platforms, being the risk manager of our clients is more important than ever in an environment which may be more challenging than we have seen over the last three or four years. therefore, it is a disruptive change of moving into a platform industry, but at the same time always profiling yourself, that you are the risk manager of your clients. >> you are one of the most famous investors in european financials. how much do you look at the transforming business in deciding where you allocate capital? >> businesses are always transforming. you have to stay abreast on what's happening, with all these various changes. but on the other hand, you have to be cognizant of what is just a gradual shift in taste and preferences, and what is a fundamental str

deutsche bank, the wider system? completelynot unprepared.oncerned about deutsche bank because we knew we had things under control, but i was very much uncertain about systemic risk. you need a systemic answer. criticized by some people who said we should play the market and not ask for government support. it is a problem that was so big that it couldn't have made it without that. guy: you were aware of the magnitude of all was happening? josef: absolutely. this was a central player and it the most important problem. if the funding disappears, that could happen to other it to two shins and then you realize how interconnected we were in the financial system. yeah, that was no surprise to me. guy: who did you call next? you had spoken to your guy in the u.s. josef: you call immediately the head of investment aimed -- bank and the risk manager, the treasurer and then you reach out to central bankers, other bankers. this was a lot of communication going on immediately thereafter. he was very concerned, bundesbank, the head of other banks -- i thi

flattening yield curve and also company specific issues such as deutsche bank.uch forward book violation, they are the chief since december 2016. on the other hand, the s&p 500 u.s. banks index is up about 3% this year. they have held up better on rate hikes and a stronger overall smart -- stock market. tos chart shows the spread -- of price to book valuations is now a historical widening. it's going back to 2006. it's well above the long-term average which is in the aqua. asn political risks such italy budget negotiations coming up and the ecb pledging to hold rates until 2019, it's likely this guy your asian will keep growing wider. this valuation will keep growing wider. seb: i want to have a look at turkey and argentina and what they are doing to the eu debt picture -- vm debt picture. -- he in debt picture. picture.t even at these prices and these yields, they are struggling to find buyers. they are pretty bearish. this path across the top says it's going to get worse before it gets better. guy: i'm going to give it to heather but seven i will have a little

in 2008, he was cohead of investment banking at deutsche bank. do you recall the moment when you felt real fear? >> there had been fear all along. when you run markets, fear is a constant companion but perhaps panic might be a better word. i would say it is, for me, lehman. i had gone through a far less systematic or less systemic one. erik: into a room at the new york fed -- anshu: and we walked out of that, no one was petrified. we all felt we had a solution. the monday after didn't feel nearly the same. anshu: the biggest thing that struck me was not the fact that lehman brothers were not going into insolvency, but there was no statement, no agreement, when it came to derivative party risk, there was a whole series of very complex questions that monday morning which no one had the answer to. erik: could or should lehman have been saved? anshu: the decision to keep lehman or not limited around a whole set of factors. every attempt was made. more of an effort perhaps to control the way these issues were going to be addressed. easy to sit in judg

do you think deutsche bank, the wider system? >> we were not completely unprepared. i wasn't so concerned about deutsche bank because we knew we had things under control, but i was very much concerned about the systemic risk and at that time, i thought this is systemic risk and we need a systemic answer. some people say we shouldn't have asked for government support but the problem was so big, i don't think we could have made it without that. guy: who was the next phone call? josef: you call immediately the head of investment bank, central trading under the risk management treasurer, and then you reach out to central bankers. you reach out to other bankers. there was a lot of communication trading under the risk management treasurer, and then you reach out to central going on immediately thereafter. guy: you spoke to trichet very quickly after? josef: yeah, and the head of other banks. the bank of england, as well, because they were a key player in the british market. absolutely. guy: in the conversations you had in and around the chapter 11 filing, you were surprise

anna: that was the former deutsche bank ceo.ark 10 years since the collapse, we will be joined by another former ceo of deutsche bank. that is just after 4:30 p.m. u.k. time. let's shift the conversation to trends and themes facing investors today. dani burger has that. >> i have my favorite function here, factors to watch. a yearht we would take to date the. if you had thought stocks that have changed their price target or upgraded, you would have done well, but i want to focus on momentum. these are the best performers of the year, those with strong growth. some analysts say these are latent cycle dynamics, because earnings growth companies, you have to imagine they will still do well for of economic backdrop. i want to see what has not performed well, and we will actually see a similar tone. we have value down here, the cheaper companies. expansion,ll during but we have to remember we have a lot of autos in here. trade tensions have not done well. we also have a leverage, volatility falling as well. indicating a more defensiv

we've got a whole host of voices, one of those is the voice of deutsche bank ceo.s the play for banks? eric: i think eurozone banks are attractive. two reasons. they been degraded significantly. you are getting banks with a low multiples. the other very important point people haven't focused on, the real story in interest rates has been a decline in expectations. you look at your i bore futures and you go forward one or two years, you have 50 basis points reduction. the profitability of the european banking sector is closely ranked -- linked to interest. that's why you've seen poor performance. if you look at surprise indicators, data is starting to stabilize and improve again. i wouldn't be surprised if we see better data out of europe. nejra: wonderful to have you with us. thank you so much, eric lon ergan. he will be continuing the conversation on bloomberg radio with our colleagues. coming up, we'll be talking about the results of sweden's election. someone will be joining us 9:30 london time. eric, atalking about sign spreads will decrease once investors reali

hna, now we have learned it is getting rid of the rest of its deutsche bank shares. that mean? ruth: the interesting thing we are looking at with hna is the chinese government is telling them that you need to get out of core.hing that is not you need to go back on -- you need to go back to focusing on being an airline company. interesting to talk about that on the anniversary of the lehman crash. we have seen the former head of deutsche bank as well as the present ceo talk about how european banks should be looking at consolidation. and there is a big deutsche bank/commerzbank story rumbling in the background and you wonder if it had not been for the chinese government, hna would have held onto its stake. anna: let us talk about cars and ipos. that trade tensions and brexit are not a factor in the ipo. ruth: they have been telling investors that they would like to be compared to ferrari. anna: la grippe multiples. ruth: absolutely. multiples.xury ruth: this may be a good time to do it because everyone is talking about how with brexit, if it goes through, the auto ind

that is why daimler, deutsche bank, and deutsche telekom have ceased activities in iran. javier: over to our new york financial correspondent jens korte, joining us from wall street. good to see you. it looks like the eu companies are stuck between a rock and a hard place. 10 the eu rescue the iran nuclear deal while protecting company here? jens: there is only so much the european union can do, and that is mostly for two reasons. first of all, a company from europe has to think twice if they want to do business with the united states or with iran. usually the business deals with america are much greater than with iran. that is number one. even if the european union is kind of offering a european company to compensate them for lost business in the u.s., that is hardly going to happen commend that would mean in the end that european express would have to cover for u.s. sanctions. second, more than half of the global currency reserves and trait is in dollars, so that gives the u.s. another strong card, and even european companies that do not do direct business with the unit

discusses challenges deutsche bank faced in the aftermath of the meltdown.d very hard, and organically, i am at saying we were not successful. we moved from a very low $4 billion into 2011, so it is a fantastic achievement, but it was very difficult to grow organically because of the competitive situation, and there was not too many opportunities to buy into the market before the financial crisis. it then changed when postbank or others became available, and we did that immediately, but you also see, and other banks, that acquisition is not all. retail very challenging market, and that is why even my previous answers -- seven years tolier -- that the only way a larger scale is going into investment banking, and that was, you know, a lot of people applauded that. time got lauded at the saying you are the only one who made it. deutsche bank got into the global investment banking in a short period time, and that was a huge achievement. then of course in the financial crisis, which we went through without any major loss, contrary to jpmorgan or ubs, societe gene

i hear you guy on deutsche bank. got say done saying i'm not saying we're right but us bank balance sheets are as good as they've been. >> what's the catalyst if we are in a environment or wore the bank should have the best -- they have the best balance sheets, the best conditions in terms of the u.s. economy to operate in and they're still not rallying what is that catalyst what's missing. >> i think people are concerned that banks margins on some level, the core based model is shrinking they are disrupted on measurement levels that's an issue. if you look at profitability margins therefore that's a problem. but i don't know i look at earnings and every time the numbers out of jp morgan for the last three or four kwurs i've been reaffirmed in my view of banks. >> when you say performance. percent goldman sachs is down 12% yoortd. >> goemd has a ditch view thp talking money center banks and they're not -- thaesh not all created the same but looking at the xlf for talking about banks i don't think there is a disaster.

welcome to this edition of africa then vironment so magazine show it's co-produced by deutsche welle in germany channel two.

carmaker dimer rail operator deutsche bahn and communications company deutsche telekom have all ceased activities in iran. and for moral there's some of our correspondent teri schultz she's on the story for us tonight in brussels good evening to you terry so the companies in the tweet by the u.s. ambassador i think it was folks wagon. he says that they're leaving the iranian market have a confirmed death that's right we heard that in a tweet from the ambassador but in statements from the companies from v.w. and b a s f they were not that specific what they say is that they're going to comply with national and international laws and that doesn't necessarily mean a leading iran altogether what b.s.f. says is that it's going to leave a business presence but complying with u.s. law at the moment will mean that it can't do business in the oil and gas sector of course one of the most interesting sectors complying with e.u. law means that it can't completely pull out so these companies are definitely caught in the middle and we're not exactly sure how they're going to navigate that just from

we have seen what deutsche bank and other troubled banks have done. u.s.pect to see that five, seven come at 10 years ago? is so muching system bigger in europe as part of the problem, so they depend on the banking system more. regulation.ed the at times would stress test the italian banks, the french would stress test the french banks. they are changing that. they put the ecb and charge, but it is having trouble taking the reins, so the european banks is a big part of why the recovery was so slow. francine: what does it mean? were central banks right to do that, or should they have done something else? is inequality due to central banks and what they did? find that hard to see. cutting interest rates is usually considered redistributing from those with money to those borrowing. i think i would have been more -- more radical. i wrote a paper in 2008 for which i took a lot of criticism saying inflation is not the greater evil right now. you should worry about something much worse. i think they were a little cautious and reluctant to be more creative in thei

deutsche bank is moving more of its banking business out of london, according to the financial timesuropean central bank to reorganise its business, which could involve making its uk operation into a ringfenced subsidiary and shifting more business and capital back to frankfurt. however the moves will not, initially, have an affect onjobs, the report said. swiss bank credit suisse is to be overseen by an independent monitor after failing to combat corruption in cases linked to global football body fifa, and venezuelan and brazilian state oil companies. dairy crest group has said it expects to see a rise in half—year profit and revenue, helped by increased sales of cheese, butter and spreads from its cathedral city and clover brands. the uk's largest dairy food company also said net debt at the end of september would be significantly lower than last year. cake and bread manufacturer finsbury food group has reported a 65.7% drop in annual pre—tax profits to £a.5 million. group revenue fell 3.a% to £3016 million. the firm was hit by "significant one—off closure costs", after closing its

a percent of deutsche -- 8% of deutsche's voting rights, is said to be planning exiting its entire stakethe bank, according to those familiar with the matter. the question is, does this make it possible or less possible, that we could see a tie up with commerce bank? now that hna is out of the way here? >> i don't know if there a direct answer to that. to my knowledge, hna does not have much of an opinion on the merger. i don't see any obstacle arising out of this, but i do not see a potential merger accelerating out of this as a result either. it depends on who will take the shares that become available. if it is someone who is betting on an eventual merger between the two banks, then it could accelerate proceedings in that way. vonnie: tesla shares falling by as much as 10% today after two senior executives announced their departure. it was also after another interview with ceo elon musk. this one saw him smoking marijuana and sipping on whiskey. >> here is what is happening -- smokingping whiskey and pot, as you said, they also lose their chief accounting officer this morning. he actu

this week is emerged that germany's deutsche bank is reportedly considering shifting hundreds of billions of euros from london to frank first swiss bank u.s.p. has chosen frankfurt as its new european harbor. i've. noticed some other stories making the business news this week e.u. regulators have opened an investigation into car makers b.m.w. dimer and v.w. the probe will focus on whether the auto makers agreed not to compete against each other in developing technology to restrict pollution it's proven the carmakers could face billions in fines. hackers have stolen sixty million dollars from a japanese virtual currency exchange called zaeef they made off with a total of six thousand bitcoins plus an unknown quantity of other digital currencies following the heart of the company said it had reached an agreement to sell the majority of the exchange to another firm if the deal goes through the funds will be used to reimburse customers earlier this year the japanese provider coin check lost half a billion dollars in a hark. the world's first hydrogen powered passenger train has been launched

let's get more on this with democratic congressman ted deutsche of florida. congressman, thank you for joining us today. >> great to be with you, jim. >> i want to give you a chance to react to the president's very public attack via his twitter feed. we are told to tweet those tweets as presidential statement. a sitting president attacking two criminal investigations by a justice department led by an attorney general he appointed. is that threatening the rule of law, in your view? >> well, of course it's threatening the rule of law. it's outrageous. and anybody, anybody should be outraged by the president inserting himself into the operation of the justice department in criminal proceedings. i think it's important, jim, that we take a step back. this is outrageous. but why is the president tweeting about this out of nowhere? well, it's because this is the same weekend when two things happened. one, the papadopoulous news that you have already been discussing, which suggests that the president, then-candidate donald trump, thought it was a good idea to meet wi

shares for deutsche bank are down 39% this year.at chrysler has reconfirmed the companies plan to stay independent. questionn about what is next for fiat chrysler. there was speculation that the company would seek a merger. is accusingfounder conspiring to of himhim from the -- oust from the company. the founder step down after admitting to using a racial slur. alix: thank you so much. we will drill down on wages and the impact of a has had on the sector. companies like nucor, alcoa may have benefited from the increased tariffs on steel and aluminum. will they pass that on to their workers? gina smiley, are we seeing a positive impact from the trade war on this front? gina: one interesting thing in the way this has played out on the ground is you have seen one ine bonuses, not increases base pay. what steelworkers are campaigning for is that increase in base pay that they have not been seeing. they have seen increased money from profit-sharing, but with a want is something more sustainable that can last. i think that is interesting