including fiat chrysler. this is bloomberg. ♪ guy: we are 13 minutes into the session thus far.ike a solid start. the investment bank and retail bank both benefiting, a strong demand for credit. and the stock is moving on the back of it. cfo aheard from the little earlier on. let's get some other top stories. good morning, let's start with fiat taking a cue from their listing. leaving the door open for selling. a great bloomberg exclusive yesterday that pushed the stock higher. valued as much as 16 billion euros, one of the first key tasks of the new management team. moving on, rbs up nearly three and a half percent. investors have waited around a decade, but. finally announced a dividend. . this is if the doj signs off. allianz, up -- down 2/10 of a percent. they did have to pay out a lot for those u.s. hurricanes and wildfires. though, we should note those disasters prompted more customers to buy insurance. we spoke to their cfo. >> in the quarter, we had outflows of about 8 million. this was driven by a large mandate. if you adjust for this mandate, the outflows at pimco were

. >> fiat chrysler recalling 299,000 minivans and suvs because of a break program. the dodge journey and jeep cherokee, 2018-19 dodge grand caravan and jeep compass, fiat chrysler's is a brake system part wasn't built to specifications allowing gas bubbles to form. they are going to replace that if you take it to a dealer. there have been no reports of injuries or accidents or complaints because of this problem but something to take care of. >> first straws the plastic bags, we have been battling this for a while. rob: a number of plastic bags. >> kroger is going to get rid of using single use plastic bags at all their chain stores around the country by the year 2025. the number, 6 million plastic bags every single year so they have a 2800 stores in 35 states across the country's so this is a significant effort to cut down on this needless plastic. we have seen a lot of cities been these bags, los angeles, chicago, boston, we have seen the effort picking up, plastic bags at kroger coming soon from seattle. jillian: if you make a plastic bags it is not an issue at al

fiat chrysler beat, but those shares lower.art of that could be ferrari, down 11.7%, its worst day since 2016 after the company's new ceo said that the targets were "aspirational." investors simply not liking that message. shery: abigail doolittle, thank you so much for that. the u.s. is the said to be preparing a list of targets in turkey for economic sanctions. -- lira weakening white now we getting right now to a record low against the dollar. rightew york -- weakening now to a record low against the dollar. from new york, this is bloomberg. ♪ shery: this is "bloomberg balance of power." to mark crumpton for the first word news. reporter: the trump administration today cleared the way for insurers to sell cheaper, short-term health plans as an alternative to pricey obama era policies for people struggling with high premiums. critics say the new policies don't have to cover existing medical conditions and offer limited benefits. plans will carry a disclaimer that they don't meet the affordable care act's requirements and safe

first lady welcoming more than two dozen ceos and their spouses, including the heads of pepsi, fiat chrysler, fedex and boeing. >> welcome. it's great to have you here. and we're looking for a great discussion tonight and i just want to thank the president for doing an incredible job and for all of your help. >> the policies of the other administration would have been more regulation and much higher taxes. and what you're witnessing now could never have happened. and growth has taken us out of a lot of problems that have been caused, and you're going to see super growth soon when it's all said, when it's working like a fine-tuned machine. you're going to see some real growth. >> that exclusive guest list included the heads of smaller companies who have been extremely loyal trump supporters. >>> the u.s. unveiling tariffs on another $16 billion in chinese goods, bringing the total value to $50 billion. the trump administration released its list of 279 products yesterday, targeting things like chemicals, motorcycles, and antennas. the 25% tariff will take effect august 23rd. chinese state medi

the president and first lady welcomed two dozen ceos and their spouses, including the heads of fiat chrysler, fedex and boeing. >> welcome to bedminster. it's great to have you here. and we're looking for a great discussion tonight. and i just want to thank the president for doing an incredible job and for all of your help. >> the policies of the other administration would have been more regulation and much higher taxes. and what you're witnessing now could never have happened. and growth has taken us out of a lot of problems that have been caused. and you're going to see super growth very soon, when it's all said, when it's like a fine-tuned machine. but you're going to see some really super growth. >> that guest list also included the heads of some much smaller companies who have been close allies to the trump administration over the last few years. >>> all right, elon musk may remove tesla from the scrutiny of wall street, taking it private in what would be the biggest buyout in history. musk simply stunned investors with this casually worded tweet yesterday, writing that he's considering

four hours from now, the top dogs of companies including fiat chrysler, mastercard, fedex, johnson &nson will dine with president trump. the main course will be their thoughts on the economy. likes of pepsi, boeing's dennis mullin berg and harold ham will be giving perspective on u.s. growth and priorities for the year ahead. we thought let's bring in a ceo whose business is uniquely tied to an improving economy. trex. it makes one of the hottest construction materials for outdoor decks and fixtures. tim klein is here in a fox business exclusive. to the here and now four hours from now, if you were at the table with president trump. what would you say about the economy? >> it's doing great. if you look at what we've been able to do over five years, average compound growth 13%, earnings tracking 25%. this tailwind in the economy, the tax cuts have been phenomenal for us. liz: isn't that amazing and great to hear. and it's interesting because if you looked at the stock, what, back in 1999, kind bumped around for years and years and years and started to improve. low was $2 and change du

taylor: we are going to look this week at fiat chrysler. had the late ceo and his relationship with fiat until his sudden death. julie: here's jim ellis. biggest threat is calming the markets down that he can be the ceo that sergio was. he was a ceo's ceo. he was a world traveler and a guy who was taking care of companies on two sides of the atlantic. he was a guy in the auto business was as close to steve jobs as you could get. he was a person who made outsized projections and surprisingly, in recent years, he has been able to meet them. the notion he could take chrysler, which always ran in the u.s. market, and turn it into something that was a respectable profitable company, was surprising. a lot of people didn't think it could happen simply because european automakers have never been thought of as the most efficient in the world and the best managers in the world. he became a star from that. he took what was not one of the top companies in the world and basically built one by taking a remnant of a company that a lot of people thought wa

. >> fiat chrysler is recalling more than 1 million ram pickup trucks. to fix a defect that could result in the tail gate while moving. there haven't been injuries or accidents connected to the defect. >>> a longtime staple of the american mall has filed for bankruptcy again. brooksne, famous for its massage chairs and gadgets that we didn't know we needed, plans to close all 100 of it remaining mall stores. this is the company's second bankruptcy filing in.our yea the plan now is to keep its website up and running along with some airport outlets as it looks for a buyer. >>> and finally tonight, a heat wave in california is causing that state's lemon harvest to finish on a sour note. a decline in supply is driving prices up, squeezing the co rumer. aditi has the story for us from california. >> the green lemons growing on the trees at underwood family farms right now appear right on schedule for harvest next year, 'tt just a few weeks ago the trees wer as giving. >> and the hot spell hit and that's really impacted our season. >> an unforgiving heat wave

all, the overall pace of business remains relatively strong, but aside from fiat chrysler beating expectationsh a 5.9% increase, ford, toyota, and many other automakers saw sales fall last month. so what's goi on? one factor may be fewer special deals in the second half of the month dealers come off big promotions for the fourth of july, but another factor could be the slows, but gradual rise in interest rates for auto loans. that mayave some buyers pausing before signing up to a monthly payment. still, change like autonation are not worried about slowing down. >> the consumer is stillery much in the marketplace for new vehicles. i don't think that's really the issue, and of course, you have this massive shift towards truck which is is now approaching 70% of the business. so this year will be high 16 million, if not touching 17n milln a unit volume. >> even with slightly s iwer sale july, this year's annual auto sales may hit 17 million vehicles for a fourth straight year. the question is whether jul is just a blip. the start of a summer swoon. >> right now, analysts, automakers and dealers al

the 2018 dodge journey, and fiat chrysler says the brake system wasn't built to specifications allowings bubbles to form in the brake fluid so they are going through place to fix the problem. they haven't gotten complaints, no issues, accidents or injuries reported. if you have one of these vehicles take care of it as soon as you can. rob: what is starbucks doing? >> reporter: starbucks launched a new program, testing this out giving employees a chance to volunteer and get paid for it. employees will be will to volunteer 20 hours with a nonprofit organization but work 20 hours in the store, they are trying this out, 6-month trial with 36 employees in 13 cities, they partnered with a nonprofit organization, for 17,000 community services. jillian: time for the good, the bad and the ugly. the good, a police officer adopts a dog she saved in wildfire. we showed you this video, california cops in an animal shall, carly stone says shauna dog jumped into her lap when they have been best friends ever since. rob: a man carrying 1.5 million doses of fentanyl, emma sanchez had this illegal drug in

. >> reporter: this is pretty dangerous, fiat chrysler recalling 1.4 million ram pickup trucks becauses can open when the truck is moving. the components of those power locks can break overtime causing the tailgate latch to open up. it does involve the 1500, 2500, and 3500 ram from 2015-2017. so far no reports of injuries which is good but can take your pickup truck back to the dealer and they will fix these problems. jillian: apparently if you lose your bank card it is not a bad thing anymore. >> reporter: the atm of the future. you no longer need a physical debit card. they are rolling out a new feature the cardless transaction, you just open up your mobile wallet on your smart phone whether it is apple, google pay or samsung, tap it open, inter-your pin and the money appears in your local wallet. you don't need the card anymore. just magically appears. todd: asking for trouble with that. jillian: scary to think about. it is 24 after the hour, chicago protesters outraged over rising gun violence set up with democratic leadership. >> you say mayor rahm emanuel is bad for chicago? >> h

and mexico, we have a gainers, including two railroad companies, and we have gm and fiat chrysler. investors liking that. if we look at the mexican peso against the dollar, we are going to see the dollar against the mexican peso. when it goes down, them peso -- the peso a strong. the peso is near session highs. vonnie: abigail doolittle, thank you. apple, it plans to triple down on the iphone x offering three new products. mark, tell us about the three new models and what can we expect? mark: thank you for having me. every time they release new iphones, it is a big deal because they get two thirds of their revenue from iphone. there will be three new models like you said. updates to the existing iphone x xs with call the iphone a bigger screen, and another phone with over six inches of a edges with aluminum steel that will be a hot seller over the next year. vonnie: those three phones and then will apple be trying to increase the overall height he -- the overall high? mark: if you bought an iphone x last year, you will unlikely not want to upgrade to the iphone x s. they are not wa

already, we have many others in process, but right now, we have a wonderful relationship with sca, fiat chryslerus the chrysler hybrids, that is the great oak of our fleet right now. we also announced recently a partnership with jaguar land rover to buy a huge number of vehicles. we love the jaguar land rover because it is a great electric vehicle. and i know many of you think of jaguar and you think this is a superpremium car and it will not be very accessible to the average user but that is not our idea. suv would be efficient, and expensive on a cost her mile basis way getting people from point a to point b. you do not anticipate this car cost anymore to use our service than that chrysler pacifica minivan. others i should mention, we do not want to go to market on our own and we cannot. we feel confident in our ability to develop a driver but we feel like there are so many other better partners who can, for example, build the cars, maintain the cars, keep the fleet on the road and managed, and so we have partnered with other great incumbents in this state like avis who will help us in various

let's look at shares of general motors the reason we show you general motors, fiat chrysler we're showingy did move higher on the announcement that there was an agreement between the u.s. and mexico regarding amending nafta, but they've plateaued since then because people are saying okay, what exactly are these side agreements if there are side agreements, what are the particular details, gm and fiat chrysler, the two largest importers of vehicles from canada and mexico between each of them, each of them guys i think getting about 850, 860,000 vehicles combined from canada and mexico. these talks critically important to them. >> we'll watch the stocks as we get any news out of washington phil, thank you, phil, lebeau. >>> the talks between canada and the u.s. ongoing as trade ministers from both countries are at the negotiating table at this hour. we heard from canada's foreign affairs minister chrystia freeland last hour ahead of of the talks saying she was optimistic joining us former u.s. trade representative under president obama ambassador ron kirk. ambassador kirk, what do you expec

question that i'm forced to spend more in london >> do you like the craft labels then >>> moving on, fiat chrysler is sticking with its plan to spin off its automotive parts unit. the company is said to have considered offers with apollo global management and bain capital. the decision may be one of the first moves by the new ceo, mike manley, who has taken over the top job following the death of sergio marchionne. >> iag shares are slumping after posting a 6% rise in second quarter profit shares are off almost 3.9% the owner of british airways backed its full-year guidance and said they expect to deliver a rise in 2018 operating profit given current fuel prices and exchange rates the ceo says the group is not in active takeover discussions with norwegian airlines, but continues to look at the carrier. >>> singapore airlines has been voted the world's best airline you can head to cnbc.com to find out more about its success and how it soared to the top spot. i experienced them quite a few times. had the pleasure >> lucky you >>> mediabanca shares are jumping after elliott has declined to comment on

(vicki) fiat chrysler has announced the recall of one-point-one million ram pick-ups. that the tailgates can fly open when the affectedtrucks are in motion. the recall includes the model years 2015 to 2017. owners are being to secure any loose cargo to prevent prob no injuries or (grant) when it comes to saving for retirement, the usual advice to follow is to save more, work more, and invest more. but experts from smart path financial say there are three little-known retirement tips you shouldn't overlook. the first is paying off your mortgage... the second is to incorporate social security. they say it should still be part of your planning.... despite concerns about whether or not it will be there or whether the government can still fund it.can still fund it. and three-- stop worrying and three-- stop worrying so much about the dollar amount you want to hit before retirement. instead, experts say focus on pouring 2-percent of your gross income into retirement, whether that's going into an i-r-a, 4-0-1-k or index fund. (vicki) ahead at nine... colin kaepernick's name--

. >>> fiat chrysler is recalling minivans and suvs to fix brakes that may be too spongy, which makesicle take longer to stop. >>> ohio state suspended urban meyer without pay for the first three games of the season, and he will be docked six weeks of pay in response to his mishandling of domestic abuse allegations against a former assistant coach. athletic director gene smith will also serve unpaid suspension the board said neither man condoned or covered up abuse but failed to take sufficient management action. >>> and george clooney tops forbes' list of the highest paid actors, but it wasn't a blockbuster movie franchise that put him over the top, it was sale of his tequila company that helped push his earnings to $239 million last year. dwayne the rock johnson is the runner-up, bringing home $124 million. >>> you're up to date. guys, cas amigos is the name of the tequila, not that i have had any. they sold the company, and got $700 million in cash up front and $300 million more if the company hits sales targets in the next decade. mr. clooney said we just like tequila. we started

fiat chrysler, shares down 2% on the day.u the big chair -- big picture charts so you can see the pressure of the auto industry. they were a rare bright side -- there were a right -- take a look at nissan. this led the plunge. what we had was their sales down 50%. the stoxx not as damaged as the other companies but in terms of pressures on the industry, a lot of analysts are saying what we are seeing is not only an american public moving away from buying cars, the new generation is using temporary car sharing but a lot of the used cars are now a terrific by. -- buy. you see a lot of the least vehiclesbeing -- lease being returned. that is putting pressure on autos. haidi: thank you. we will get back to tesla, shares jumping -- what a jump. less than expected last quarter. during the conference call to time to apologize for his behavior during last quarter. for would like to apologize being impolite on the prior call. [indiscernible] the reasons for it, and i have not got sleep. , 10 hours,t of hard 20 hours, but my body [indi

both have large canadian operations, as does toyota and honda as you look at shares of gm and fiat chrysler, they have a lot at stake in part because of their huge production facilities up in canada and the number of vehicles imported from there guys, in the auto industry right now it's a little tough to find anybody who can say for certainty where they're going to be building vehicles outside of the pickup trucks and vehicles here in the united states. anything that they're bringing in, all of that is being reassessed. >> could we see other auto companies do the same? let's bring in paul. great to have you with us. i want to home in on the ford story specifically phil makes a very good point nobody wants to buy small cars so maybe for ford that was an easy decision. was it also -- are tariffs also providing ford a convenient excuse if this is a company that needs to examine what it's doing in light of the moody's downgrade of its credit rating to one notch above junk just yesterday, blame it on the tariffs? >> right ford has done that before with the decision of mexico, not to build the fo

people want to keep in mind that in the past when sergio would set financial targets for ferrari or fiat chryslerthere were many people who said you know what? those are too ambitious and over time he would have to adjust them a little bit. perhaps he's a little bit too candid in his assessment today back to you. >>> modifying soft guidance >>> a contentious earnings call last quarter what to expect from tesla in just a few hours >>> first,rick santelli what your watching this morning >> i'm watching the rise in global long rates. actually many aspects of the yield curves in various developed economies. rates moving up together brk.tethlk about that afr e ea >>> let's get to the cme group and check in with rick santelli. good morning, rick >> reporter: good morning, carl. you know, global rate increases and i'm not talk being about the proactive kind like our central bank has done seven times. those rate increases i'm talking about the part of the market that's still tradeable, that isn't owned by central banks, seems to be moving up. they move up in spurts and they all seem to move up together w

among the attendees fiat chrysler's new chief, michael manley, dennis muilenburg and alex gorski..s. is also finalizing its next set of china tariffs. the new tariffs will go into effect august 23rd joining us now is ben white from politico host of the politico money podcast and a cnbc contributor ben there are so many things to get to and so little time to do it let's start off with the first thing on the list, the big dinner president trump and business leaders, what should we take out of that process? >> i think it's president trump trying to show ceos who abandoned him after charlottesville a year ago are coming back, willing to meet with him, talk about the economy, tax cuts and tariffs and trade. i think shg, you know, the takey is trump is engaging again with these high-level ceos. >> we had story yesterday about how some study says companies should not talk about president trump period, because it could lead to no good. that aside, there are other issues at play with the china trade and tariffs discussions going on the next tit-for-tat in that whole scenario has come up ho

it's trading now at 33 times forward that was from fiat chrysler in 2015 so it could be a big price tag> in my garage is a db11, it's a match box car, but some day, i hope aston martin, what have you heard? it's a sexy company. ferrari was a sexy company that doesn't always mean the stock is going to do well because you and i and a thousand other people would love to have one. >> look at this. this is fascinating. volkswagen trades at 5.7 times forward. it owns beugatti, ma'alamborghi, porsche. if ferrari can trade at 33 times forward, you can see what aston martin wants do, but they also want to get ahead of the pack. as we know internal combustion engines are under pressure from the ev engines the biggest producer is tesla. look at that company's valuation, above that of ferrari. if aston martin can cap into a bit of that, if they can double, triple the level of the oems, the volkswagens, the fords, they will have a tasty valuation. >> named after one of the founders and a road in herfordshire thank you. appreciate it. >>> shares of tilray shooting sky high this morning. seema mody jo

fiat chrysler 26 billion. that is an electric vehicle car. you can complain all you want about whether it is overvalued but right now, that is the news. all of the text scallions aside we cannot ignore this question we been trying to answer from us. do markets really care about the threat of a trade war? and what about corporate america? is corporate america feeling the heat yet? it turns out there has been a major uptick in tariff talks in the second quarter according to an investment group or when i say the tariff talks i am talk about chatter from companies. there was analysis of the s&p 500, they screened it for the word tariffs. the word tariff has been measured 609 times this quarter.that is up from 219 mentions in the first quarter. they also point out that if you were to look at the index of volatility they are not as frightened about the trade war tensions. so whom should we believe? corporate america or the markets? you get to take this one. >> i mean, you heard me all along. i've not been very afraid of the trade wars from the begi

fox 2 in detroit, fiat chrysler recalls 81.4 million ram pickups in the u.s.nd canada because tail lights and power locks can open while the trucks are still moving. the recall covers ram 1500, 2500, 3500 pickups from the 2015 and 2017 model years. this is a look at st. louis from our affiliate, fox 2. a certificate of inspection from missouri, the tourist boat sank that it was in wins that far exceeded the allowable limit. 17 people died in that accident. in 2017, they prohibited the boat from being on the water when winds exceed 35 miles per hour. the wind speeds were more than 70 miles per hour. that is the look outside the beltway for "special report." right back to l.a. after this. no matter who rides point, there are over 10,000 allstate agents riding sweep. call one today. are you in good hands? ito take care of anyct messy situations.. and put irritation in its place. and if i can get comfortable keeping this tookus safe and protected... you can get comfortable doing the same with yours. preparation h. get comfortable with it. with tripadvisor, finding

carmaker and have that experience in creating hardware so you've seen it with the likes of waymo and fiat chryslerthey had a tie up you see uber providing technology to toyota that will allow them to spread the costs of the r & d, and it means toyota does not have to invest so much into an area where it has no expertise in you likely will see more of these deals in the newt xufuture this seems to make sense for reducing r & d costs for companies. do you think this will be happening again and again? >> i think you'll see a lot of that one company has been flagged up by many analysts, apple. tim cook has spoken not too much about it, fairly tight-lipped, but they are developing the technology there behind driverless cars. that's another play their could g get into the space i used the analogy earlier of a smartphone market. you have waymo and uber trying to become the operating systems for these vehicles, they may be seen kind of like the androids of the world if you look at tesla, they're more the apple company where they want to control the hardware and software so it's interesting to see how this

the new deal does increase that percentage to 75% from 62.5%, so as you can see, ford, gm, fiat chrysler, all trading higher. ford up 3%. not having an agreement with mexico would have been very bad for ford. jeff flock has been reporting on that in chicago. so big news, especially when it comes to auto production in this mexico trade deal. now, this new u.s./mexico trade agreement is expected to be in place for 16 years with a review after six years. from that point, there's an option to extend the agreement for another 16 years. remember that sunset clause they talked about five years, that was not very popular with either country, it seemed. while the u.s. and canada will begin discussions immediately, today, in fact, the mexican delegation just finished a press conference at the mexican embassy. kind of curious what the general feeling was there. how was that different from president trump's announcement where he had the mexican leader on the phone which was kind of an interesting moment over at the white house. reporter: the press conference is actually still going on. they are stil

fiat chrysler and general motors moved 4% to the upside. back to you guys. >> thank you, nicole. great to see you. we have to talk about the deal leveling the playing field. president trump announcing preliminary agreement on a new trade deal with mexico to replace nafta. fox business's edward lawrence has been live all day at the white house, at the trade representatives office. you have all the details. what do we know? reporter: you forgot to mention the embassy. i've been in mexico and back today. this is a wide-ranging agreement. it covers more than manufacturing, we're covering textiles, medical device, communication and technology. also agriculture. zero tariffs between the u.s. and mexico on agriculture and gene splicing and editing when it comes to plants. president is touting this agreement as big. listen. >> we have an agreement both with canada and with mexico i will terminate the existing deal. when that happens, i can't quite tell you, with the timetable with congress but we will terminate the existing deal and go into this deal. david: breaking news right now. this

fiat chrysler is recalling some ram peckupspickups in the u.s.use of a defective tailgate that can open without notice. >>> the nfl's 2018 season officially kicked off. the ravens and bears hit the field first for the hall of fame preseason game the rams got on the board first. a late score from the bears hurry-up offense made the game close, but a missed two-point conversion would give the ravens the win. more "worldwide exchange" after the break. g you everywhere? it's time to take back control with stelara®. for adults with moderately to severely active crohn's disease, stelara® works differently. studies showed relief and remission with dosing every 8 weeks. woman: stelara® may lower the ability of your immune system to fight infections and may increase your risk of infections and cancer. some serious infections require hospitalization. before treatment, get tested for tuberculosis. before or during treatment, always tell your doctor if you think you have an infection or have flu-like symptoms or sores, have had cancer, or develop any new ski

know tonight is golf club in bedminster, and his dinner for business leaders, fedex, honeywell, fiat chrysler all there. a big focus on the economy heading into all of this. karl rove, thank you for setting all of that up. we are waiting for a lot of those boats to come in tonight. >> thank you. i am watching the computer screen. >> sandra: thanks, karl. the high school football coach fired for his faith on the field? beagle i'm a marine. i served for 20 years. you know, what should apply to one should apply to every american. >> sandra: coach joe kennedy hoping to take his fight all the way to the supreme court. he just got a powerful ally in his corner. next, a "the story" story asked was former florida university football coach bobby belden and coach kennedy together for the first time on their fight for faith. precision machinery and high-quality materials from around the world. nobody else even comes close. it's about delivering a more comfortable shave every time. invented in boston, made and sold around the world. order now at gilletteondemand.com. gillette. the best a man can get. boo

has the backing in the se of fiat chrysler, italian family and huge industrial backing and aston of alone of great britain. >> they have daimler. stick with 4.9% so they have their foot in the door. gives a little hedge but the connection between daimler and martin haven't been that tight. own and are on their they don't have quite the track record ferrari has. guy: chris, why i.p.o.? what are the advantage for a like aston market -- i appreciate the markets are y -- frothy but why take this step down this road? >> i think you can see that it looking likeind of a bit of cash out by the investors. aston martin has been owned for the last few years by private equity. its industrials has come in and helped turn the company main because the other shareholder had run into financial difficulties. out. is a bit of a cash it is not look they are raising the of money to invest in company. that is something investors will want to look at about the of the i.p.o. matt: as far as luxury market is enough money to see these companies post new records in year? every ferrari recently had the new the targe

lost a lot.ertainly tesla is worth $64 billion, more than ford or general motors, far more than fiat chrysler. it is now worth more than bmw. the question of is it a real car company still has to be asked, right? because they don't produce cars in a profitable way, can they make it to the end of this year? alex: it has been a question ongoing. they say they will profit the second half of the year, better free cash flow. wim i to say? plenty of -- who am i to say? they are also trying to raise money for a new factory in chinese -- china. they are going to chinese banks to help fund that factory. this is constantly the question. is tesla going to meet its deadline? irrespective of if it is a private company or not, we talked about position of the short-sellers. astill have debt to service far as we can tell and that is the real crunch, whether they are able to service their debt? going private doesn't change that in any significant way. matt: what an amazing song that this has been and continues to be. alex, thank you. will talk about this for the rest of the year. alex webb, bloomberg opinion

automakers including fiat chrysler and insurers -- many ampanies that slowly built up presence in turkey have done quite well. the banks were happy about their presence in turkey until recently and now they are paying a price. everyone should still be on watch for what happens there. matt: i think we are looking marketow at the istanbul opening up. they typically do five minutes before the european open. let us take a look at where we 30 bourzatanbul right now. it is down only 1%. you can see the turkish lira on top of the trading at 6.89 right now. price inhe u.s. dollar turkish lira. and then you see the turkish large-cap banks there. it looks little changed. what do you see as far as the turkish market open now? way, you would've expected the turkish market to do better. one lesson we have learned is that if the pound falls, the ftse 100 goes up. the banks will be under pressure. in some ways, that will be a factor we need to think about. interesting we had this move coming through. the turkish lira once again under pressure. as we watch the dollar going back up again. versus it was f

sent -- spinning off from fiat chrysler and doubling profits in just four years.is your bloomberg business flash. >> providing short-term inexpensive health insurance that does not meet the requirements of the affordable care act. westin spoke with the hhs secretary about the program and what it needed to address. >> the formal care act is not working for so many people with premiums doubling and access going down. the president has been committed to morewhat it needed to addres. options available to people. we are announcing today the areoval of short-term plans these are underwritten by the insurance company. the individual applies for them and they can cover various conditions and be priced to whatever is being covered. these have been available throughout the entirety of the administration throughout 12 months and right at the end of the obama administration, they allowing onlyown three month coverage because they wanted to force people out of chief or options into the obamacare exchanges to try to shove people in. to be restoring the plans available for up to

(catherine) fiat chrysler has announced the recall of one-point-one million ram pick-ups.s that the tailgates can fly open when the affectedtrucks are in motion. the recall includes the model years 2015 to 2017. owners are being to secure any loose cargo to prevent problems. no injuries or accidents have been reported... let's take a look outside right now... chief meteorologist lawrence karnow joins us now with the four zone forecast. lawrence karnow: high pressure weakend and temperatures cooled around the bay area today. it definitely felt like fall this morning with cool 40s and low 50s. we are tracking another round of showers and thunderstorms on doppler radar over the sierra but it is not as widespread. on the satellite image we can see some interesting changes as high pressure slides further east and low pressure dives south off the coast. this should lead to cooler temperatures this weekend. but tomorrow there will be more of a northerly component to the wind which should bring us a little more sunshine and some smoke from the fires to make it a little hazy on fri

fiat chrysler was a rare bright spot.re down slightly more than 2% intraday but they did see a surge in sales of the sport-utility jeep sales. think therelysts are great deals on used cars and leased cars are coming back on lots here at is creating a huge area of competition for the new car sales. these incentives have been , 55red for some 4.5 years months and this is the first time they have cut back on them, thinking their sales could stand up and it looks like they really did not. the biggest the glider was nissan. their sales down 15% for the month. yvonne: we will see how those trade in the japan we are down to the major market opens. let's bring in sophie kamaruddin. it looks like the setup is pretty dire when it comes to the fed and the doj. sophie: aside from the central bank focus we have this latest trade headlines that we are keeping an eye on the yuan given some of the concerns. the offshore rate has been under pressure. down 9% against the dollar since hitting the year high in march. u.s. chinahe showdown, t

. >>> speaking of cars, we got fiat chrysler numbers up 5.9 they've got a lot to handle, obviously, fromek with the loss of marchionne. it was not a cheap version i mean, ferrari. they reported at the same time ferrari reported good numbers. you have to keep ferrari in the mix. but i really -- he was fabulous. >> yeah. here is a look today pandora 15 cent losses one cent narrower than expected i think up 10% premarket. >> yeah. >> 20% now. >> yeah. and now we're coming back. >> if you're on the apple call, you think that apple music will take over the world. i guess there's room for more. by the way, i was correctly evaluated in the first quarter and the stock was sold off i think that's a mistake. >> spotify 183 still well up from where it listed direct listed. >> did we get any numbers of apple music? did we get updated numbers we probably did. >> the number is extraordinary for apple music. and, you know, what happened is these are all accelerated. accelerated r accelerated revenue growth. >> apple pay they say live in 24 markets, 4,900 bank partners that become something we talk more

it also says that while 70 dealers join the protest only 35 signed a letter to fiat chrysler for feare: bubble is reported to be pressing ahead with a plan for an ipo player this year that it will hit the 30 billion evaluation -- valuation. be inimary lesson will stockholm with the secondary one in asia most likely in hong kong. at a later date the report says things -- they have been yet to launch -- yet as to launch the ipo. yvonne: -- ramy: a practice that was restricted after the financial crisis. the sec says three traders miss oppositions to covert -- they were fired but they failed to detect the misconduct sooner for inadequate supervision. our next guest says he is generally optimistic toward markets even in this current climate. hide and volatility means that investors should be looking toward the more defensive sectors of the market. joining us from sydney as marcus, street global advisor ats head of capital markets as well as a pack. talk to a specifically where are you looking at? weat the start of the year were will issue generally on the market -- we were bullish general

biggest ones are ford, fiat chrysler, and gm. let's get back to sydney. word news courtesy of paul allen. paul: thank you. germany and france say they are working on financing solutions to sidestep u.s. sanctions against countries such as iran, including a potential role for central banks. the discussions also involve the u.k. and there are signs europeans are getting serious about the level of independence from america. the french finance minister said you must be a sovereign continent, not a vessel. france is preparing contingency plans for a no deal brexit. the government will present a draft bill in the next few weeks that will include measures such as looking after british people already living in france and assuring what it calls fluid border control after the u.k. leaves the single market. london and brussels had hoped to reach a deal by october, but it's increasingly clear the deadline will slip. the lira slid again after a week --relative calm with markets and extending recent losses as the u.s. trading session got underway. currency swings jumpe

kkr takes the drivers seat, in talks to purchase fiat chrysler's car parts business.n exchange traded sale. s.e.c. shooting done pitches for etf ties. and ip-no. saudi aramco puts the ipo on hold when buying a stake in a petro giant instead. david: let's go to jason kelly, bloomberg's new york your chief. jason: this is an interesting deal. the size is about $7 billion. 6 billion euros. this is a carveout, classic private equity playbook. i have been talking to a few people around the private equity industry, and they have been saying these are the times when you start to see this type of deal. carveout is big companies looking to get rid of maybe an underperforming business. david: a new ceo, very young. jason: these are the sorts of situations were private equity larts to leak it stops -- to ick it's chops. it makes a lot of sense they might be putting these things together. maybe lookingt, to do stuff. to be clear, before the entirely death of the former ceo did mention that they would sell for a big check. jade end that coin, the sec rejected another round of atte

hosts a dinner with business leaders and ceoz tonight, boeing, fedex, continental resources and fiat chrysler elater this year. in the meantime, time for our etf spotlight. is this shanghai or something else >> mostly shanghai the different etfs cover separate indexes, more than 2% bounce overnight if you look at three etfs that cover the large cap space in china the gcx, it's mainly a large cap mostly global companies based in china and fxi more commonly looked at as large cap etf the a shares that tied to the domestic chinese economy, a little bit more. the question is why. nothing too specific what drove it there there was some talk of stabilizing a currency and build in foreign exchange. if you look at year to date you'll see this really looks like a powerful bear market bounce strongest rallies tend to come in bear markets. the differential in performance among these different etfs, you see the green one, the asher, is much weaker. that's mostly because it is tied to the domestic economy. the other ones very, very linked to not just the banks and exporters that are driving chinese econom

fiat chrysler may decide to spin off. firms are showing renewed interest in rental homes. bloomberg has learned amorous holdings wants to raise more than $1 billion to buy single-family properties. they are it operate more than 20,000 rental houses. the capital is said to be raising more than half $1 billion also to buy rentals. apple and google face a growing revolt over the app store tax. a number of companies say the tech giants are charging too much to connect consumers to developers products. netflix is one of the companies trying to bypass the app stores. if the movement picks up, it could put a dent in apple and google prop -- profits. that is your business flash update. in a lot ofing up, headlines in washington. but officials from mexico, china, and europe are here discussing trade. coming up, we will be speaking with doug jones on president trump's legal promise -- problems and what plans he has when it comes to trade deals with mexico. this is bloomberg. ♪ this is bloomberg. ♪ scarlet: 3:00 p.m. in new york, 8:

. >> fiat chrysler on the move what's happening >> there are reports that the company is open to a potentialeal to sell or spin off its parts unit that is why the stock is moving higher here. following the death of sergio marcionne the stock moved down a bit. >> phil. thank you very much. we have a lot of excitement over apple today. the dow is still lower the effects of the deepening trade war is one of the reasons figuring in there. >>> are tariffs a big threat to the retail rebound we've seen this year? >>> and apple shares near session highs. it is the first u.s. public company with a trillion dollar valuation. there's a lot of zeros there much more on the apple milestone mi up on "power lunch. once left for dead, the retail sector is carving out a 9% gain in 2018 so far as president trump threatens to increase tariffs on chinese imports up to 5$500 billion, ou next guest says retailers could see earnings erode by about 15% on average which names are best positioned to withstand this tariff fallout? let's bring in gregory mellick thank you for joining us i realize while we're heavy into

we're talking about general motors, ford, fiat chrysler, caterpillar, of course.ich very much centered around steel and aluminum. those companies this morning, chris, are now up about 2%, about 4%. we're seeing some very positive reactions to this early, early detail of what this trade agreement could look like between the u.s. and mexico. >> very much just the first step. thank you very much. much, much more on all of this, plus the latest on tributes for senator john mccain and all the other top stories tonight on go. nightly news." >> we'll continue with this makeout session, you guys. >> get right to your news at 8:00. >> he is, too, perfecting his skills with guide dog trainer. >> true to his name sunny is very bright. he's probably one of the smartest dogs i've ever worked with. i can teach him something in the matter of a minute that would take days for another dog. >> under. >> now sunny can safely tuck himself out of the way in public spaces and avoid distractions such as food while he's navigating. >> because sunny is so smart, he's willing and able to l

fiat chrysler is recalling more than one-point- four million ram pickup trucks.tially cause a crash. the recall covers ram 15- hundred... 25-hundred... and 35-hundred from the 20-15 and 20-17 model years. ( james )kroger, the nation's largest grocery chain... will longer be accepting a popular method of payment. kron 4's gabe slate explains why and which bay area stores this will affect. kroger, which owns foods co, food 4 less, and ralph's grocery stores is the countries largest grocer..they are currently in a battle with visa over the fees visa charges them when a customer uses a visa credit card at checkout. the negotiation is ongoing but for now kroger just laid down the hammer. as of august 14th kroger says 21 grocery stores and five gas stations in california will no longer be accepting visa credit cards. there are five bay area foods co stores affected two in san francisco, one in oakland, one in richmond and one not on this map in pittsburg at 300 atlantic boulevard. retailers pay $90 billion in so-called swipe fees annually, according to bloomberg, and k

chrysler-fiat is only about 5%.e is starting late, so he is going to have to do a lot to build up a dealer network there. he is going to have to build a way to get more people in china to want to buy large suvs. that is tough over there because there is a big push on fuel economy. he also has to find a way to get electrification to be a bigger piece of the chrysler business in china. i say the chrysler business in china because the fiat business has been shrinking for years now. they made a conscious decision that fiat was not doing well in china, so let's put all of our money kind jeep and grow that business. they have been successful at doing that. the problem is that increasingly, chinese want to have more fuel-efficient cars. >> here is bloomberg businessweek editor, joel. the issue this week examines key man risk. >> it is totally trending right now. when you look across businesses right now, there have been multiple examples of this just in the headlines. that is why we wanted to bring it all together. you hav