he did he saved fiat before putting together fiat chryslerment. >> four years ago today fiat chrysler15 dollars you have more than a 200% return for that company's stock the shareholders, the employees all benefiting from this sergio marchionne was 66 we knew he was not going to continue forever in that role. there was talk about the transition in 2019 this all occurred suddenly you have talked about mike manley's history and his own experience is there a sense from your reporting, i'm sorry if i'm putting you on the spot, that the company, while maybe not prepared for this quick of a change, did indeed at least begin prior to this to have a succession olympiplan in place? >> there was a succession plan, whether it came down to mike manley or perhaps a couple other executives who might have been able to take over the position who were in consideration, richard palmer, the cfo, was one of those executives. there was a plan here. sergio marchionne himself said, look, our next ceo would be coming from within the company so this is not a case where they looked around and said, yeah, nobod

what has fiat chrysler lost?just the auto industry, really the world has lost an amazing leader somebody who is incredibly dynamic, who motivated people, who gave people opportunities that some were like wow you're putting that person in that position but many of them flourished and many of them really wanted to do well for him and themselves. he was one of those leaders i would never ask somebody to do something that he himself wouldn't do. and that's an incredibly admirable quality. there was nothing beneath him. he was very open and wanted people's feedback. wanted to hear from his constituents really an incredibly dynamic man. >> go ahead, phil. >> i was going to say, the other things that stands out, sergio told it the way it was he would say it and he would also say things that others in the auto industry, they might have said in private but they wouldn't say publicly give you two quick examples. i don't know if you remember, but shortly after they came out of bankruptcy with chrysler, they were repaying th

fiat chrysler wants to end the production in italy.t will keep other brand there and it's got lots of questions about what it does with the north american industrial footprint and all the questions about donald trump and nafta marchionne met trump several times. now mike manley will take those meetings while a lot of people aren't surprised, there are huge questions whether manly will stick to the plan that was outlined and what changes he will make. we're expecting to hear more about this when the results are unveiled. >> very difficult time to be stepping into a big and complicated company. peter campbell the fte, thank you very much. >>> thank you. >>> topping your headlines, papa john's pizza making a move to limit a potential takeover by its ousted founderment landon dowdy joining us with more on this story >> good morning, brian the board members adopted the so-called poison bill just yesterday. the move is to prevent the pizza chain's controversial founder from securing a controlling interest the board has been trying to sever t

fiat chrysler clearly.nation of sergio being replaced by mike manley, concerns about sergio's health, it seems like fiat chrysler said the situation has gotten more dire and that was yesterday, lead to the jeep boss taking over. now sergio has been a whirlwind for this company, taking it from fix it again tony italian car slur, but that's of people used to say about fiats, to really a global carmaker. maker,uipment and truck spinoff of ferrari. do they need a partner? they are the sixth or seventh biggest automaker in the world. he bought chrysler in 2009. mike manley took over jeep, a chrysler brand at the time, and it's become one of the most important assets fit chrysler has, together with ram, which manley also runs. that's why he's the right choice for ceo. stock is down more than 3% today as the concern is, sergio has been at the helm for 14 years and when you've got someone new coming in as a surprise, you can understand investors are going to be jarred. as we head to break, let's give you a picture

francine: this is fiat ofysler's --, in charge europe for fiat chrysler. the head of europe. this is on the back of a pretty dramatic weekend. fiat chrysler and ferrari with this dramatic and sudden leadership transition we heard about on saturday after the carmakers respectively appointed mike manley and -- tom michaud, when you look at the impact that some of these tariffs have uncertain industry groups, carmakers will be hit. how does that impact your view of the world? i think it all goes to uncertainty and uncertainty is continuing to build in the market has not had a lot of indigestion yet with this uncertainty but as of now, the data has been quite strong and we all need to stay on guard to see when it starts to show up. as we look at the wage growth before the fiat headline, we have to look at the real rate and financial repression. if michaud gets his linear nirvana, do we get back to actual returns for retired investors? john: we are already getting back that? . -- we are already getting back to that. that cash opportunity is becoming more transp

fixer and had several jobs to do at fiat. up next, a range of expert opinion on the stage of global markets. investors being advised to brace for headwinds. >> at the end of the day, 16% correction is in the cards and can happen at any time. emma: this is bloomberg. ♪ this isn't just any moving day. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. emma: you are watching "bloomberg best." i'm emma chandra. even with the u.s. and the eu declaring -- this week, tensions still cloudy outlook for many companies and business sectors. guess on bloomberg discussed the big picture of fiscal and monetary policy and its impact

ferrari and fiat.remember nuts on the lugs, welded into the metal, they were so poorly made. this was a guy who cared about the floor. when i was remember for, fix itstood again tony. you are not very proud to drive it. example, he did overhaul the brand. he brought back alfa romeo very successfully. he brought for ari fit and finish -- for ari fit and finish finish, which and was an amazing part of their success. francine: we only had fiat cars. the italians saw him as more canadian than italian. i don't know the answer to this but earnings are meant to come out in 1.5 hours. i don't know whether they will postpone, or if you are a shareholder you change the focus. the family will decide -- the tone will be different. i imagine it will be more difficult for shareholders to get to know the new chief executive today? reporter: i think shareholders already know the new chief executive quite well. mike manley has been running jeep since sergio acquired it in 2009. he has done an incredible job of running

by 2021, fiat chrysler models and fleet will be with electric engines. so fiat chrysler is entering a new market stha they're deciding to challenge the best in class by manufacturing maserati, a car capable of reaching 130 meters per hour -- both on the commercial and industrial side the question is whether fiat chrysler is capable of implementing such a plan with the strength and discipline under sergio marchionne's tenure back to you. >> tank you so much. that is live in turin. >> i want a car that goes that fast in two seconds. sounds like a good challenge to tackle >> they announced five-year plan there were questions about i wonder, what does that mean for them coming into the roles. >> it certainly has come to the surprise of investors. we're seeing that reaction in the stock price today. i can think back when i was at the last motor show this year. the one previously, people were asking about it then it's been on the mind. sergio flagged that he wanted to step down by april 2019. yes, this has come sooner than expected and rings the question of wh

they were not fiat money. the dominant historical trend in money has been to create ever more central bank monopoly of currency. this is over several centuries of development. the new ubiquitous computing power could reverse this trend. will it create more competition and currency? i think itchel, could be a great idea but i don't think it will happen. bitcoin theorists think that it will. i think it could move in the opposite direction. that is toward even greater monopoly by the central bank through digital money. the point that it is not only our own central central other powerful banks that we might think about in this context. many central banks are interested in having their own digital currency. public, not only banks could have deposit accounts with the central bank in addition to carrying around paper currency. the appeal of this idea to central banks is natural. it would greatly increase their size, role and power with -- power.chnologies with current technologies it would be possible. there is not m

the management shakeup at fiat not helping.other areas, it was a weaker dollar, that story starting to reverse. exceptions is the dollar-yen, down .3%. the yen getting a boost after reports of the boj having a tweak of monetary policy. they will buy some of those bonds in an unlimited way. the dollar-yen catching everyone ,hat -- catching everyone's i upgrading their forecast for this year and next. trade tensions proliferate on twitter and at the g 20. the 2-10 spread, a little flatter. the conversation led to that steeper curve. brent up. i'm going to wind up blaming that strike. let's get an update on what is making headlines outside. emma chandra's here. president trump has launched a broadside against iran. president trump told run on he never to threaten the u.s. again or suffer consequences. earlier, he warned the u.s. against threatening oil exports. wouldd a battle with iran be the mother of all wars. no value to decrease its exports by devalue in the yuan. president trump has accused the country of devaluing its curre

they were not fiat money. the dominant historic trend in money has been to create ever more central bank monopoly of currency over several centuries of development. computing power of our time reversed this trend and create more competition in krns curre with dr. michel, i think it might be a good idea but don't think it will happen. bitcoin supportives imagine it will but i think it's easier to imagine to moving in the opposite direction, greater monopoly of the central bank through digital money. mr. foster made the point it's not only our own central bank but other powerful central banks we might think about in this context. and many central banks are, indeed, interested in having their own digital currency. general public, not only banks, could have deposit accounts with the central bank in addition to carrying around its paper currency and the appeal of this idea to central banks is natural. it would greatly increase their size, role and power with current technology, this would clearly be possible. the c

and what does fiat chrysler do now?ew ceo is mike manley he is the visionary behind the expansion of jeep. he also has run the ram brand over the last couple of years. he has deep operational experience and under him, jeep sales globally have more than tripled since 2011 but the challenges he faces are numerous this is a company still in transition first of all, there's a five-year growth plan the company just announced mike manley helped put that together as part of the team the implementation is the big challenge. do they continue to expand jeep sales which they expect they will especially in china and asia then there's the question of could there be a sale or a merger of either all of fiat chrysler or part of the company? sergio marchionne made no bones about the fact he believes there needs to be consolidation within the auto industry. it will be is there the right move for fiat chrysler to make in the future? look at shares of the company. they're under a little bit of pressure today following the news of this chan

to save fiat chrysler from near certain failure after fiat chrysler announced his condition worsenedjeep division as ceo, marchionne was 66 years old. >> fiat chrysler lower in premarket the company wut earnings revenue guidance for the year we got financial numbers today fiat chrysler premarket down, nearly 8%. stock to watch for several reasons. >> well, excessive heat warnings advisories from southwest to pacific northwest firefighters in california battling a raging wildfire in heart of yosemite national park evacuation orders, the threat for heavy rain flooding continues across mid atlantic northeast flash-flood watches from north carolina to new york hershey park in pennsylvania closing again today because of flooding, second time this week heavy rain made it appear as though, revere of chocolate running through park you can see on your screen, incredible pictures. all right. well a school district in oregon apologized to student after he was sent home for wearing a about aned t-shirt that supports president trump's border wall gets 25,000 dollars to cover attorney fees sued th

and with those different forms of fiat currency could confuse the paper currency but they are on the flipside. and makes them volatile to ask. . . . . i have some bad news for all of you, we are just a few months away from the start of the season. according to officials, the u.s. just went through one of the most severe flu seasons and more than a decade driven by a nasty bug that tends to cause more hospitalizations and death. particularly among the elderly. as the world marked the hundred year anniversary of the spanish flu which killed 59 people worldwide, the push for theel

the listing of fiat chrysler, having taken fiat from bankruptcy, he was a turnaround king., he referred to himself several times as the fixer. he had quite a job to do at fiat, rescuing the company, arguing the most important emblem of italian industry for several decades, and he managed to start this turnaround by extracting about $2 billion from general motors, that gave him some financial leverage to put together his turnaround plan. from there, he took the bet on chrysler, created the world's number seven carmaker at that time, and off he went. caroline: the peace that bloomberg has on him is fascinating, he was born in italy, corrupt in toronto, fueled by more than a dozen espressos a day -- grew up in toronto, fueled by more than a dozen espressos a day. he had to destroy sometimes. he was not afraid of overhauling management. dan: no. he had sort of a rocky relationship sometimes with unions, both here and in the u.s. if you take a look at some of the comments made i labor -- by labory, leaders today, i think they all at the end of the day appreciated this attempt to

a standing down of the european leader of fiat. he will not be there to hold the hand of mike manley. our afraid oh out of the law is leaving as he was overlooked for the position. leavingdo altavilla is as he was overlooked for the position. technology is doing poorly in europe. rival is picking up 3.4%. this is one of the worst days 2016.os since picking up new consumers in the u.s. and cheaper labor in india. i bring you bonds, what a day for japan, what a day in terms of we might see a movement from the bank. that is what is happening in european bond trading. in -- yield drive higher spain, ireland, france. japanese investors look for yields. these key bond markets. will a change in the boj drive them away from the market and back domestically? vonnie: we will try and answer it eventually. weekend, trade tensions dominated discussions at a g20 summit. end, the top financial chiefs said global growth remain robust but risks have increase. joining us now to discuss this is the global head of asset allocation at janus capital man

fixer and had several jobs to do at fiat. up next, a range of expert opinion on the stage of global markets. investors being advised to brace for headwinds. >> at the end of the day, 16% correction is in the cards and can happen at any time. emma: this is bloomberg. ♪ ♪ two, down and back up. our phones are more than just phones. they are pocket sized personal trainers... last minute gift finders... siri: destination ahead. and discoverers of new places. it's the internet in your hand. that's why xfinity mobile can be included with xfinity internet. which could save you hunreds of dollars a year. plus get $150 when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. emma: you are watching "bloomberg best." i'm emma chandra. even with the u.s. and the eu -- this week, tensions still cloudy outlook for many companies and business sectors. guess on bloomberg discussed the big picture of fiscal and monetary policy and its impact on global growth. starting with abb

fixer and he had quite a job to do at fiat. up next, a range of expert opinion on the stage of global markets. investors being advised to brace for headwinds. >> at the end of the day, 16% correction is in the cards and can happen at any time. emma: this is bloomberg. ♪ ♪ emma: you are watching "bloomberg best." i'm emma chandra. even with the u.s. and the eu declaring -- this week, tensions still cloudy outlook for many companies and business sectors. guests on bloomberg discussed the big picture of fiscal and monetary policy and its impact on global growth. starting with abby joseph cohen. >> overall, we are approaching a point of inflection. the really robust growth in gdp, and the really robust gains in profits, these are happening right now. we do expect this to decelerate and it will be increasingly clear in 2019. i'm concerned about the nonfundamental factors that are so hard to quantify. whether it is the possibility of a trade war or something else untoward on the international front. these are things they could unsett

. >> he was the fixer and had quite a job to do at fiat.mma: next, a range of expert opinion on the stage of global markets. >> at the end of the day, 16% correction is in the cards and could happen at any time. emma: this is bloomberg. phones have made our lives effortless. streaming must see tv has never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile, saving money is effortless too. it's the only network that combines america's largest, most reliable 4g lte with the most wi-fi hotspots. and it can be included with your internet. which could save you hundreds of dollars a year. plus, get $150 dollars when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. emma: you are watching "bloomberg best." i'm emma chandra. even with the u.s. and the eu declaring -- this week, tensions still cloudy outlook for many companies and business sectors. guests on bloomberg discussed the big picture of fiscal and monetary policy a

in the u.s., jim, fiat chrysler -- gm, fiat chrysler is up 6%. and this was due to chatter that tariffs may not be imposed on european autos, as threatened two weeks ago. it is also helping the european automakers. p at chrysler, we have an upgrade from a buy to a hold. e."ce the selloff is "sever a look at the tech companies. micron was a big story on tuesday, the reason for the pullback, shares dipping in a big lake and closing down 5.5% on the news that china was going to not allow them to sell their issue,here on a patent but now we have a rally. overall, down 3%, but up more than 2% today as analysts say it is probably not as bad as feared. mark: the biggest rally in auto stocks in a couple of years, boosting sentiment across europe today, as you can see the green. and we are gaining for a third day, best run since may 17. automakers met the u.s. ambassador to germany. there is a report that he put forward this notion that tariffs could be cut to zero, which goes against donald trump's announcement that he wanted 20% tariffs on imports of eu

than fiat was. alix: it raised the question of what's coming in next. the new ceo will be taking the helm for the first time. and we have the jeep is going to be an important strategy going forward but it's also dealing with geopolitical risk. how will you be able to deal with that as tariffs continue to bubble up? david: this is the day harley given over automobiles. risks whetherical it's commodities prices or steel and aluminum with trade problems of europe potentially as with china, it's a big issue. , upser earnings just out is just down adjusted earnings per share in the second quarter is $1.94. they've actually taken up their free cash flow you for the year. ubs coming out with a slight beat and their stock is actually down 1.28%. alix: it's not enough for missing that midpoint estimate. i also want to check in here with coca-cola, they came out as well. it's good to get consumer .taples in they are beating estimates and the operating revenue came in really strong and beating estimates. organ

he had quite a job to do at fiat. most important italian business for several decades. he managed to start this whole turnaround by extracting about $2 billion from general motors, which gave him some financial leverage to put together his turnaround plan. from there, he took the bet on chrysler, created the world's number seven carmaker, and off he went. ♪ >> qualcomm saying it is ready to abandon its pursuit of a decision. before we even heard anything from china, was it the m&a landscape? who saide to the ceo, there are bigger forces at work here, this is a geopolitical world we live in. we don't feel that changing. qualcomm just move forward, concentrating on what it is good at, trying to grow organically. markets that needed it. ♪ >> the white house throwing a lifeline to farmers, cotton the cross hairs of the president's own trade war. the usda announcing a $12 billion aid package to farmers. when will it be deployed? >> we still need a lot of details. the white house announced $12 billion in assistance to farme

of 66 he became the ceo of fiat in 2004, despite having no experience in the auto industry. he quickly became one of the most respected executives in the sector after engineering a recovery at the debt laden company. his career defining moment came during the financial crisis in 2009 when fiat took a controlling stake in chrysler, steering the american carmaker out of a government backed bankruptcy marchionne oversaw a sweeping turnaround at chrysler, within two years, the company exited chapter 11 and returned to profitability. in 2014, fiat chrysler made its debut on the new york stock exchange, and shortly after it announces a spinoff of ferrari which listed in 2015 marchionne, once an industry outsider, leaves behind a lasting legacy on the global lpe motive business that h heed to reinvent the more comfortable you are in it. and now there's a new way to smooth. introducing new venus platinum. a premium metal handle boosts control... to reveal up to 100% smooth skin. venus no matter how much you clean, does your house still smell stuffy? that's because your home is fille

first to you >> the statement you read came out saturday from the board of directors atrop fiat. we heard s & p that they're not changing ratings regarding chrysler with the replacement of sergio marchionne as ceo good news for the company there. sergio marchionne's departure is a huge loss for fiat chrysler that he is no longer running the company. suffered a rapid decline in health and will not, not be returning to the company who is running it now? mike manley, named ceo of fiat, will be overseeing the company's european operations since the head announced this morning he will be leaving the company. the gentleman in charge of europe was passed over for the top job, mr. manley now has it his challenges are significant implementing a five year growth plan he helped put together with sergio marchionne, expanding jeep sales remember, mike manley has been in charge of that brand, it had tremendous success that's key part of the growth. and then is there a sale or merger in the future sergio marchionne said for months if not the last couple years ultimately needs to be consolidatio

a job to do at fiat. up next, a range of expert opinion on the stage of global markets. investors being advised to brace for headwinds. >> at the end of the day, 16% correction is in the cards and could happen at any time. emma: this is bloomberg. ♪ in the united states we have seen a rise in the 10-year treasury yield of 3%. can it go higher? 3.6% by the end of next year. we would be cautious in fixed income. it is not a large enough increase in interest rates to damage the economy substantially, but it can't hurt fixed income portfolios. gasquet can hurt fixed income portfolios. >> larry fink said if we go to a trade war between the u.s. and china, markets could be down by 10% to 15%. what is your call on the consequence of an explosion of these trade war's? >> you look at the performance of the market. it is up 20% or more. 10% to 15% correction is in the cards and can happen anytime. i see -- >> would a trade war trigger that? anit just these to be escalation in there is also potentially and need for

the holding company of fiat chryslers eeo sergio marchionne has died. his condition had worsened after he underwent surgery on his right shoulder a few days ago. michael used in at cmc markets us. good morning. your reaction to the news about sergio marchionne. a real force in really did amazing things for the company. >> s., absolutely. and who doesn't return the company are up for a multibillion-dollar accompany this now. he was asked by president obama to take over chrysler bringing the company back from the brink and he obviously is a big fan of the ferrari brand as well. also not too much in the price given the fact we heard the news earlier this week that he was a result of side effects from operations. very sad news of someone 66 years old. gerri: brings to mind michael manley the fella taking his place. we know him as the head of jeep. is he up to the task? >> that's a big question at the moment. i think investors are still absorbing the news. the big question is whether or not they will delay the announcement put in some form of succession plan

two auto giants reporting earnings both cutting their outlooks and sad news out of fiat chrysler. a lot to get to with phil who has been busy working early this morning in chicago good morning, phil. >> good morning. we start with the news from general motors the new guidance for a full year earnings coming in lower than previously expected. coming in at $6 a share. previously in the range of $6.30 to $6.60 they're expecting a $1 billion increase in costs this year. $1 billion about half that is due to higher raw material costs such as steel, aluminum, and the other half is foreign exchange you look at fiat chrysler, you have them lowering their full year earnings guidance the q 2 results were hurt in china by tariff impacts there. fiat chrysler earnings call started 45 minutes ago it's the first time we've heard from the new ceo mike manly since the passing of sergio marchionne, passing away this morning. it was, to a certain extent, expected but this is a devastating day not only for fiat chrysler and ferrari and the auto industry overall. sergio was a giant here is what mike ma

he merged fiat chrysler 10 years ago. it was his creation. sergio march cone knee was 66. >>> wednesday july 25th, the dow will head lower at the opening bell. all of that loss is from one stock, boeing. "varney & company" is about to begin. ♪ >> we're confronting the unfair trade deals and we are doing it like nobody has ever done because our workers have been cheated, our companies have been cheated. they have stolen our wealth. they brought it to other countries. as you know i campaigned on that issue. it is very close to my heart. i understand that issue better than anybody. i don't like that. i don't like it.

he is not returning to fiat chrysler this is not a temporary move this is permanent. the new ceo, mike manly. he is best known for running the jeep and the ram divisions within fiat chrysler well known on wall street. well known within the auto industry, and look at the growth of jeep under manly. since 2009 sales have skyrocketed. worldwide they're up almost 300% more than 3 opinion% to just under 1.4 million vehicles last year he faces three key challenges as ceo, fiat chrysler implementing a five-year growth plan that he helped put together along with sergio marchionne, and then the question of whether or not there is potential sales or merger or a partial sale of fiat chrysler. those are questions that he will face maybe want immediately, but certainly over the next couple of years as he runs this company. remember, they report earnings on wednesday, and that will likely be the first time we hear from mike manly about his new job running fiat chrysler. >> all right, phil stick around we may have some questions for you, but, first to robert frank with what marchion

especially with automakers, lord, g.m., fiat.t seems like a perfect storm of higher interest rates, higher commodity prices and asset actuation that we have seen. is this more of a heightened concern now that we have reached peak earnings? that earnings say have been really strong. we are at this part of the expansion. typically what happens is you see interest rates go up, earnings start to slow down a little bit. it is not sustainable from the earnings we have seen here it we have seen really strong earnings up until very recently. we are at theike point in the cycle where we start to see earnings part to slow down a little bit. off of really strong numbers. you are right, as you pointed out, some of the trade issues are clearly working into some of the numbers that we are seeing. you saw harley davidson talk yesterday and the automakers talk this morning. some of these issues can play into earnings reports. is aally, we think there positive outlook and the market, just not as strong as we have seen over the past couple of year

workers at an italian fiat chrysler plant will strike over the signing of cristiano ronaldo tojuventusthe agnelli family, who agreed to sign the portuguese star for over $130 million. the workers‘ union called the fee unacceptable, as fiat employees have made, quote, huge economic sacrifices. let‘s take a look at some front pages from around the world. there is continued coverage in the japan times of devastating floods in the west of the country. the paper says that over 200 people have died and rail networks remain crippled. in a separate front—page piece, the paper says officials are working to put in place mass evacuation plans in case of flooding in tokyo, where 1.76 million people live below sea level. in london, the financial times has a photo of a group of protestors against president donald trump‘s visit to britain. but its main story is about the chancellor of the exechequer, philip hammond, defending government policy towards brexit. the paper says that city experts are calling the plans a real blow to london‘s financial service industry. in france, le figaro picks out extre

fiat chrysler is not the only one making headlines. tesla taking a temple on news the electric vehicle makers asking some suppliers for partial refunds on payments going on the way back to 2016. that sounds strange and is also disturbing for shareholders that say wait a minute, is it really that bad and according to a memo reviewed by the "wall street journal" tesla asking for cash back that it already played-- paid some of its sorcerers to help become profitable. the question is considered essential to the vehicle makers continued operation. a spokesperson for tesla put out a statement saying the company asked few with antenna suppliers for reduction in capital expenditures spending for long-term projects so the company is focused on pretty much reaching more sustainable long-term cost basis. either way, shareholders who have been willing to cut tesla a break don't like this news that stock is down only 3% of the moment, still about $300 at 304.17 a shared with the dow struggling to turn positive we have a large focus on earnings this

workers at an italian fiat chrysler plant will strike over the signing of cristiano ronaldo tojuventus. the football club and the carmaker are both controlled by the agnelli family, who agreed to sign the portuguese star for over £99 million. that's all from me. another story making the news here in the uk: ministers have given their approval to rupert murdoch's bid to take control of the broadcaster sky. his company, 21st century fox, has agreed to sell sky news to address concerns about his influence over the uk media. the us... between time warner and at&t. and it's the deadliest natural disasters since the 2011 tsunami. we find out how long it will take for japan to recover from the latest floods. good morning, asia. hello, world. it's friday, almost the weekend, glad you could join us for another action packed edition of asia business report, i'm rico hizon. it's a merger that could shake up the us media industry for yea rs shake up the us media industry for years to come. 0n talking about telecommunications giant at&t buying up telecommunications giant at&t buying up time warner

great uncertainty for fiat chrysler and for ferrari as well.wo new chief executives announced for ferrari and fiat chrysler. the largest inflows in more than four years. investors warming to the new government. -- $225 million come in, the most since april. 2014.il banking stocks coming back in recent days and weeks. abigail: looking at the kleins for the major averages. not a lot of conviction on the part of investors. some fears on what a protectionist stance could mean. of more interest, the earnings season. investors waiting for reports. 500 on pace for a down day. declines may not be great, but we are in a losing streak. more dramatic moving, amazon, these shares -- this is a chart -- here it is. amazon has been down 2.4%. it is recovering a bit. e-commerceying the giant should face antitrust claims. if we look at the terminal on the faang stocks, these are the year to date moves. on pace for a fifth down day in a row, netflix the drag there. sincengest losing streak the middle of late january. the faang is on a patch of weakness here. let

to my knowledge there has never been a private fiat currency. for private currencies and example. the state chartered banks. or, in the 19 century. you might have carried in those. also to know. they were banked by the loans in investments in capital of issuing bank. the dominant historical trend in money has been to create evermore central bank. what create more competition and currency. in the famous economist. i do get might be a good idea but i don't think it will happen. i believe it's easier to imagine. that is towards even a greater monopoly by the central bank through digital money. mr. foster make the point is not only our own central bank but other powerful central banks we might think about in this context.. the general public. in addition to carrying around its paper currency in the appeal of this idea to central banksar as a natural. it would greatly increase their size, their role in their power. there is not much singing in the way. with all private banks. that's where tried to develop out of. could a federal reserve digital deposit account system grab half of them

he had overseen fiat takeover of chrysler in 2009 and successfully spun off the ferrari brand into aarate company. estate of saying the best way to honor his memory was to build on his legacy as a company. next to the u.s. come over the eu commission president will be meeting withth president trump later. reporter: the tone of the meeting has been set by president trump on twitter. he's said that terrorists are great -- he's said that tariffs are great. they will try to talk him out of ,mposing new tariffs on cars saying they should drop all barriers and subsidies. germany's car industry represents the body has welcomed these talks >> -- these talks. reporter: it is a very good thing the president of the european commission is in t the united states and holding good talks with the president. it is a matter of maintainingng free and fair trade with the u.s. we need d free and f fair trade. reporter:: the markets will be keeping a close eye on that meeting later on. european markets trading down stein. -- down near lunchtime. anchor: we turn our attention to ryanair, which has the to c

were part of his tenure in terms of the middle east and european operations so more changes at fiat chrysler back to you. >> thank you for that, phil. big news there thank you guys for hanging out this morning. >> pleasure. >> see you tomorrow. >> see you tomorrow and on "closing bell" and "fast money." >> there you go. make sure you join us for more "squawk on the street" begins now. >>> goods monday morning, welcome to squawk "squawk on the street." welcome to the heaviest week of earnings season. 40% of s&p market cap. alphabet on deck tonight our first look at q 2 gdp friday europe is a little soft. ten year near 2.99 the road map begins with simmering trade tensions global finance leaders voice concerns about geopolitical risks for stocks. >> fiat chrysler is falling in the premarket. machionne announces his resignation. it. >>> and tesla giving to cash back in the effort to cut the losses >>> tensions between tehran and washington on high alert the president goes after iran in a tweet warning any threats in the u.s. would be met with unspecified dired con quinces. -- dire consequences.

fiat chrysler also slashed its 2018 revenue outlook, after sales in china slumped as buyers postponedx media, owner of the sydney morning herald and tv broadcaster nine entertainment, have announced plans to merge. it's the first deal under a controversial new media ownership law passed in september last year which removed restrictions preventing media companies from owning newspapers, radio and television stations in the same city. let us look at what is trending this morning. 0n the wall street journal, more of africa finds itself in china's debt. chinese president xijinping has signed a slate of investment deals during a weeklong tour of africa, feeding into concerns over ballooning levels of indebtedness to beijing. 0n wired, china blocks qualcomm's attempt to buy dutch chipmaker — the $38 billion takeover of nxp needed approval by china as it does a lot of business there. wired says it's a symptom of trade tensions with the us which has blocked several chinese takeovers. and that is it for the business briefing. stay with me for the newsbriefing coming up next. here in the uk, th

. >>> and major changes at fiat chrysler as iconic ceo is replaced due to his faltering health big question now what is next for the auto giant. >> and i'm josh lipton in san francisco. alphabet kicking off a key week of big tech earnings when it reports in just about an hour. the one number you need to watch ahead. >>> and i'm sara eisen in for kelly evans. president trump is about to speak at a special made in america event. we'll bring you his comments live "closing bell" starts right now. >>> you were bringing it on there. >> she struts, so she inspires me about that. >> i was probably the only guy there over the age of 14 not there with his kids. but i'd go again outstanding stuff. >> she attractis everyone >> and first let's check the markets. dow swinging nearly 100 points it is flat at this stage the high of the day 23 points, the low 6 points so s&p up 0.2. and we begin at the white house where any minute now president trump will make remarks at made in america event let's bring in kayla tausche for a review >> reporter: the second annual made in america event. it was established l

fiat chrysler dodged a bullet.y have basically bought all of their steel for 2018, so they are pretty well protected, at least until next year. can happenmething with those before then, they can skip that altogether. that was definitely happening for gm, harley, polaris, and with fiat chrysler, their problem was more in china, not much trade related but more marketing. ata: jamie, we were looking the effect of the steel and aluminum tariffs. president trump out today saying that he has plans to slap tariffs on all cars imported to the u.s.. you can take a look at this chart, showing the volume of automobile imports to the u.s.. how significantly with these potential tariffs affect the auto industry in the u.s.? jamie: profoundly. it would make a massive effect on the u.s. auto market. every vehicle in the market will go up in price, almost certainly, even those that are made in the u.s. and have the most u.s. content still have a lot of imported parts in them. it affects every company. gm, ford both import a lot of

the future of fiat. th

auto pressure, fiat and gm trading lower own weak guidance.oeing after guidance disappoints on a charge. they raised the revenue guidance facebook's moment of truth the social media giant reports after the bell we'll bring in the senior portfolio manager over at wells fargo asset management joining us onset, mike santoli got a busy day on ipos as the bloom energy comes to market ex-boeing, we are not far from unchanged. >> we are doing pretty well. there are early trends starting to emerge in earnings. number one, obviously some are getting caught in the cross hairs of tariffs we saw that with gm and are hearing it with whirlpool, kimberly clark, higher costs, higher dollar is generally an issue. number two, some have pricing power and some don't if you don't have pricing power, you're going to have lower margins. your stock will get hit. gm is the issue there. others like avery and dennison, they had highest costs but are able to pass them on pricing power really matters that's number two about boeing not all guidance is created equal. we hav

shares of fiat chrysler are falling today. the financial after disappointing sales in china. that is a significant challenge for the new ceo. you have a five-year plan to double profit and extent in china, the world's largest market. and boeing boasted quarterly profit and sales that beat estimates. but the company reported a cost overrun as it appears to present to the u.s. air force. produce cash flow twice of what analysts had expected. ryanair has had enough of labor strikes in ireland. they will cut the labor force by 20% through the winter. ryanair says the strikes have had a negative impact on booking and airfares. number ise latest -- that is the latest bloomberg business flash. caroline: we see much anticipation of the key meeting of the european commission and trump. can they alleviate some of the trade tensions? the auto sector is dragging down the dax. caused by the miners getting hurt. -- has been downgrading the overall cost. check out what has been happening in terms of fx market. we have seen the dollar weakene

hownd this fascinating italian fiat adjusts to the new global fiat. be fascinating the coming months. francine: there's not much italian left in it. it is growth in the region that has been softening on the back of a lot of concern about deteriorating confidence in europe as a whole. we will get back to that. let's get straight to the first word news in new york city. taylor: president trump would agree to an interview with robert mueller's investigators, there's a catch. rudy giuliani says the president would only take questions on whether his campaign colluded with russia. issaid the president concerned about a perjury charge of prosecutors believe other witnesses. the new wealth management business at ubs is delivering on its targets. profits were better than expected in the latest quarter. that offsets $9 billion in outflows. overall, i am positive about our development. i am quite confident that the rest of the year is going to be ok. their investment bank had a better-than-expected second-quarter. the psa has managed to do something with the car

scarlet: it is the end of an era of her fiat.o marchionne is leaving the driver seat after 14 years as chief executive. his ailing health prompting that decision. brand will the jeeps now take the wheel. but he has a rocky road ahead. investor skepticism is high. on 2018-earnings estimated profit so bring in bureau chief david washington to explain this a little bit more. exito marchionne's early from the company, it was unexpected but he was supposed to retire as well in april of 2019. how much of the succession plan was already being implemented prior to this? >> quite a bit. year, theyre next had this in the works. we will see in a few days have a did in the second quarter. and other plans going forward, i think he will have to give us an update on any changes to the plan. any changes to management. and theret chrysler were many direct reports. so he had his fingers on everything. the guy worked constantly. he may have his hands full with fiat chrysler. and maybe even delegate more. going forward, he's going to have to keep je

if you want to get more on sergio and fiat reporting, go to bloomberg.com.you have a terminal in front of you. bloomberg users can interact with us using g tv . , 1952-2018.e this is bloomberg. ♪ >> i am extending to where that goes to show us. one, we have the blue line. the s&p 500 hitting a record high. then you have a white line, the relative performance of outperformance versus underperformers. you can see the lower highs for that over the last 20 years. it will be a higher bar for that to be impressed. i love both of these charts and point out the downturn in earnings. --t i must say >> do you guys hear her? your mike dropped. >> pitino. hillary's mike dropped, and for a second we didn't know. thank in this game back. daddy, condolences. that's it for bloomberg. -- dani, condolences. this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed

the country is fed up with you fiat received.nited dates come israel in countries that saudi arabia are increasing pressure to undermine the iranian regime. >> mature shell. they can made reference in terms of whether or not there's a new deal. if there was some sort of new deal, what with the foundation be? obviously much different, but his server broker framework for what it would look like? >> this obviously doesn't seem to me that the deal can be done with the iranians in the way that obama admin is ration it. the last thing the administration wants to do is show that in place. i don't know if there's a deal that can be done acceptable to this country and acceptable to iran. >> just to clarify, the first sanctions are set to take place next month. it's on august the fourth, so it is coming up shortly followed by the measures that will target iranian oil on november 4th. that is why it is so critical that the united states has a growing oil supply that were increasingly energy independent. peer back is an incredible amount of

we need to tell you that earnings hit fiat chrysler, the shares are down today, but pile that on topf a very very sad story. the passing of former ceo. the chairman confirming the news this morning saying he quote manan friend was gone. he was one of the most well-known names in the auto industry for years and appointed ceo of fiat chrysler in 2004. he's credited with turning around the struggling italian automaker and in 2008, fiat married with bankrupt chrysler and entered into a strategic alliance funded heavily by loans from the us and canadian government. of the two companies officially merged in 2014 after chrysler exited chapter 11 and actually returned to profit ability. he was a major proponent of auto industry's consolidation announce that same year that the two companies combined $13 billion in debt had been erased, pay back the government. with him at the wheel shares of fiat chrysler service more than 228% from 2014 that italian canadian speeding past his us competitors. a self-described workaholic with a style that included wearing a black sweater every day. 's impact o

valuationsaid at the of jeep would be as big as fiat chrysler in its entirety. chrysler and i don't think they will let that go very quickly. brings a thought, sergio has in the past been looking for a partner and has been unsuccessful for many reasons so he may have to revisit that down the road. because we talked about electrification and trade and that will change the whole the auto industry and he needs to figure out how to work with other automakers, to collaborate, just to reduce the cost of r&d that has been what -- that has been rising quite rapidly. rishaad: thank you very much. for breaking news wherever you are, go to twitter. we offer live video coverage and hourly updated top news reports verified by bloomberg. jumped on twitter and follow tictoc and bloomberg. rishaad: where the battle of the charts. they will be pitting their best charts against each other. you can access their charts by running the function on the bottom of your screen. who knew we kick off with? they are both there. and don't normally have both contestants in the studio at the s