on deutsche telecom.d to get any economic benefit until 2024, 2025 that removes that restriction and will be a liquidity event for softbank the fact that we didn't have shares that had any upside, and you add the fantastic partnership we had with deutsche telecom, it's a great transaction for softbank while being a great transaction for deutsch telecom as they were very public that they want a majority ownership. >> marcelo, you're join ing the board at deutsche telecom. i assume that will be a very long investment in deutsche telecom. >> yes as you know, we are always looking for those disrupters in anything in the way we work, live and play. and we love what deutsche telecom wants to do as it relates to becoming the first truly digital telecom. it's a combination we can bring it to the intersection between communications and digital or communications in tech there's a lot more we'll be able to do with deutsche telecom and a lot more we'll be able to do with the portfolio company that's why we consider i

as part of the deal, softbank gets 225 million deutsche telecom shares in a swap and deutsche telekomich o potentially 6.9% if the t-mobile price hits $150. but probably none of that is the reason by the share price gain. softbank is pointing to new positives, that it is part of their diversification strategy for the telecom portfolio. it also gives access to vision fund companies in europe and the united states. but it is purely the cash portion of it that probably boosted shares yesterday. shery: the big question always around softbank is whether they will announce another repurchase of shares. what can we expect? >> the $2.4 billion from deutsche bank doesn't justify a 10% jump in shares, and not enough given they spent want to $3 billion on buybacks last year. -- spent $23 billion on buybacks last year. the discount approached 60% before the recent share jump, an area where a lot of people were anticipating additional repurchasing. at the last earnings, they did not rule out a buyback but say they are weighing factors. one is the fact he is spending money for investments in vision

one of the biggest transactions in the european telecom sector this year. deutscheelekom and softbank have announced a share swap plan. morgan stanley is bringing its program to hire more black and female traders to london. the morgan stanley program is aimed at recruiting black or female candidates already working in other industries. the bank has hired 70 people across its businesses. ppg industries has withdrawn its financial guidance for this year. higher material costs are hurting ppg. there worrying hurricane ida may make the situation worse. $3.5 billion in cash. state street says it is now targeting a pretax market of 31%. that is your latest business flash. guy: it is interesting what you just mentioned about the supply chain story and the coding sector. the chemicals industry is the worst performing area for european equities markets today. that sector down by 1.2%. it is the leading losing sector in europe. there are only three sectors in positive territory here in europe. the consumer sector, the luxury sector is having a better day, and travel leisure i

telecom sector. >> that's right. their look toking sell their deutsch.re will be question macers on whether the new owner will look to squeeze out some of the other smaller rivals. but there might be some relief that the acquiring company isn't reliant over in india which has a bit more financial cloud clark: appeared maybe been even more aggressive. >> the sector has urnedperformed giving it quite a lot of debt. we could see mover ins pierce like tele two which is partly involved in the deal. a few it'll com stocks to watch from this one today. >> good morning, joe. they had some poor earnings. what's going on there? >> they spooked the market a few weeks ago by saying that markets are really quiet and today, their reiterating that. their using the term uncommonly quiet their saying that it it's muching so much stimulus into the macer, pushing down those years just on getting excited about trading. and a lot of them working from home as well, they say it's another issue that she has to face-to-face. volumes are really low. they do if inflation is picked

deutsche telekom out of their dutch business. manus. manus: it goes over to a new vehicle, telecom holdings. let's get the first word news from simone foxman. she is very much present. she is in doha. simone. simone: thanks. it's johnson will announce his long-awaited plan to read from social care later today. he risks a major dispute over a tax rise that could hit young people the hardest. he confirms a 10 billion pound increase in national insurance payments would break a pledge in the conservative party's 2019 election manifesto. prosecutors in the northern chinese city have dropped their case against a former alibaba manager accused of sexual assault by a subordinate. they say the man's behavior did not constitute a criminal offense but local police detained him for a lesser offense of indecency. the man's arrest in august sparked widespread debate about the treatment of female workers at companies in china. london's underground had its busiest morning since before the pandemic yesterday. office workers returned to their desks and schools reopened. within 800 30,000 people used the tube

deutsche telekom has agreed to sell dark unit for $6.1 billion. it is one of the biggest transactions in the european telecomr this year. softbank have announced a share swap plan that will increase the german company's holding in t-mobile u.s. the firm is adding an operation in assets under custody. it is selling 31% because of expected earnings from the acquisition. it is bringing its program to more black and female traders and salespeople to london. the firm is hoping to replicate the success it had on wall street. it is aimed at recruiting black or female candidates working in other industries. the bank has hired 70 people across its business. that is the latest business flash. taylor: thank you as always. we want to turn to what some of the sell side is seeing. morgan stanley analysts planning on health care stocks today -- leaning on health care stocks today. >> you saw the shares of amgen just now. that is one of a half-dozen stocks in which morgan stanley cut its rating. we are talking johnson & johnson, merck, are genex, and jen lab. it is not like there is one overarching reason why morgan stanley