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Feb 19, 2018
02/18
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francine?e: one of the biggest development organizations in the muslim world is spearheading an effort to tackle the world's biggest problem. the islamic development bank is launching a hub that allows innovators working on global issues to meet and share ideas. the best proposals will receive seed investment. , the president of the islamic development bank, which funds infrastructure, health, and education programs in 50 countries. thank you very much for joining us. talk to me about the islamic development bank. how much do you have at your disposal, and what are the key sectors? >> islamic development bank is a development bank established 42 1975.ago in [indiscernible] with a membership of 57 countries, that means we are serving 1.6 billion people fived the world, one in the total populations. francine: as we look at some of the investments in infrastructure and health, where do you see most of the money flying into? what are the most pressing projects? which part of the world? >> our manda
francine?e: one of the biggest development organizations in the muslim world is spearheading an effort to tackle the world's biggest problem. the islamic development bank is launching a hub that allows innovators working on global issues to meet and share ideas. the best proposals will receive seed investment. , the president of the islamic development bank, which funds infrastructure, health, and education programs in 50 countries. thank you very much for joining us. talk to me about the...
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Feb 16, 2018
02/18
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francine: what started it?ou say we sell so much so we have to make sure it does not go to waste? or is it also because consumers want something sustainable? or is it because the employees you hire want something more sustainable? jean-paul: very good, very good point. i think it is all of that. first, we have a moral duty. secondly, it is what employees are asking for. third, it is what consumers want. four, because it is what society expects from a big company like us. so that is why we really went in this direction. francine: does it make a difference for the consumer? i remember you telling me maybe a couple of years ago that if a consumer has a choice of a sustainable shampoo or a shampoo that makes our hair better, we will always go for the shampoo that makes our hair better. jean-paul: yeah, but now what we want to do is make a shampoo that makes the hair better and sustainable. in fact, you are right. our vision is we have to find a way that is not opposite, that it goes in the same direction. and it is
francine: what started it?ou say we sell so much so we have to make sure it does not go to waste? or is it also because consumers want something sustainable? or is it because the employees you hire want something more sustainable? jean-paul: very good, very good point. i think it is all of that. first, we have a moral duty. secondly, it is what employees are asking for. third, it is what consumers want. four, because it is what society expects from a big company like us. so that is why we...
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Feb 18, 2018
02/18
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francine: is he demanding?he is demanding, yes, he is demanding, but no more demanding than he is on himself. you know, we -- he has coined this phrase that we all have to be students of the market. that there no excuse for anybody at blackrock not to be a daily student of the market. and i think that shapes the culture very much at blackrock. this relentless kind of never be satisfied, always remember that the world moves on, you have to continue to learn every single day. so we have a lot of initiatives around internal programs and academy where we really force everybody and encourage everybody to, to kind of live that motto. and if people can't do that or don't want to do that, then they are in the wrong place at blackrock. so, the culture that he carries very much runs throughout the firm. francine: what's the question you get asked most internally, and by your clients? philipp: well, you often get asked, what's it like to work with larry? [laughter] but i think on substance, for a -- for a long time since
francine: is he demanding?he is demanding, yes, he is demanding, but no more demanding than he is on himself. you know, we -- he has coined this phrase that we all have to be students of the market. that there no excuse for anybody at blackrock not to be a daily student of the market. and i think that shapes the culture very much at blackrock. this relentless kind of never be satisfied, always remember that the world moves on, you have to continue to learn every single day. so we have a lot of...
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Feb 5, 2018
02/18
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francine?s is what i'm looking at, it's definitely a selloff, but we're seeing a little bit of stabilization when it comes to the dollar. then you can see the german two-year minus .56. this is bloomberg. ♪ taylor: this is "bloomberg surveillance." let's get to the bloomberg business flash. only two companies have submitted bids to buy pfizer's consumer health business. it's a deal that could be valued at $20 billion. according to people familiar with the matter, glaxosmithkline have made nonbinding offers. they say pfizer will let the two companies do due diligence before making final bides. tesco has named a new person to be in charge of the brittish and irish operations. that creates a strong number two to the tesco chief executive. wilson engineered the sale of booker to tesco, the u.k.'s biggest retailer. and the retail apocalypse in the u.s. has claimed another victim. the company operates about 260 stores, sell clothing, it's been struggling with declining small traffic. and that's your
francine?s is what i'm looking at, it's definitely a selloff, but we're seeing a little bit of stabilization when it comes to the dollar. then you can see the german two-year minus .56. this is bloomberg. ♪ taylor: this is "bloomberg surveillance." let's get to the bloomberg business flash. only two companies have submitted bids to buy pfizer's consumer health business. it's a deal that could be valued at $20 billion. according to people familiar with the matter, glaxosmithkline...
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Feb 9, 2018
02/18
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francine?going to ask you if you could, for us, make us understand the difference between the projections in the actual votes. usually when you look at the to sayions, it seems they have past on those accounts. is it true? do we believe -- as the's not as thin federal reserve vote, which is really down to one vote in the senate, that would be the senator from kentucky, rand paul. nothing like that. we need perspective and we do that with stephanie baker in london as she looks at the follies in washington. what a delicious distraction for the white house to see congress do that. yupoke earlier to geoff about the idea that now we have a tax cut and we have laid on that a budget explosion. is that what we have done back to back? stephanie: if you combine the tax but with the spending bill, it is extraordinary how much it will add to the deficit. historically have been railing against an increase to the deficit and demanding spending cuts. we remember the last government shutdown under obama, prior
francine?going to ask you if you could, for us, make us understand the difference between the projections in the actual votes. usually when you look at the to sayions, it seems they have past on those accounts. is it true? do we believe -- as the's not as thin federal reserve vote, which is really down to one vote in the senate, that would be the senator from kentucky, rand paul. nothing like that. we need perspective and we do that with stephanie baker in london as she looks at the follies in...
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Feb 6, 2018
02/18
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♪ francine: welcome to "bloomberg surveillance." i'm francine lacqua here in london.e saw a huge plunge in the markets overnight in the u.s. we saw quite a lot of pressure on the nikkei. 1.6%.600 now down i will show you a chart of the stoxx 600 in a second, you will 3%, downit was down 4%, and now it is kind of stabilizing at down 1.6%. 37 can see the vix index .32, now we have not seen that level for a while. --.eems to be finding we focus on the selloff with the chief investment officer. we discuss oil prices in our interview with the ceo of bp. we talked the vix's historic spike. we focus on the markets, we also have quite a lot more throughout the program. let's get straight to the bloomberg first alert news. here's juliette saly in singapore. juliette: the president of the minneapolis fed says he does not think a financial crisis is imminent despite the turmoil. he made the comments in an exclusive interview with bloomberg. >> if they are pricing in a lower young term yield, that could be leading to higher valuations. i don't see a financial crisis on the horizo
♪ francine: welcome to "bloomberg surveillance." i'm francine lacqua here in london.e saw a huge plunge in the markets overnight in the u.s. we saw quite a lot of pressure on the nikkei. 1.6%.600 now down i will show you a chart of the stoxx 600 in a second, you will 3%, downit was down 4%, and now it is kind of stabilizing at down 1.6%. 37 can see the vix index .32, now we have not seen that level for a while. --.eems to be finding we focus on the selloff with the chief investment...
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Feb 26, 2018
02/18
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francine?ncine: thank you so much. caroline hyde joined by the ericsson chief executive. let's take in the corporate space. deutsche bank has announced a plan to sell shares. the initial public offering will take place in the earliest available window. the move kicks off what is usually a four-week run-up to the ipi. ourmore, we are joined by finance reporter. steven arons is in frankfurt. good morning to you. when will we know when the ipo will happen? they've left the door open to basically delaying the ipo. as you said, it is usually a four-week period. they are now in touch with investors. that is when it should become clear. it will be really difficult to delay the ipo once again? is this a positive for deutsche bank as a whole, or just the asset management unit? you could argue that it gives it more flexibility, it values the unit properly, but also gives it more flexibility to grow. >> that's right. many investors, many analysts say it is a mixed blessing for deutsche bank. what is their
francine?ncine: thank you so much. caroline hyde joined by the ericsson chief executive. let's take in the corporate space. deutsche bank has announced a plan to sell shares. the initial public offering will take place in the earliest available window. the move kicks off what is usually a four-week run-up to the ipi. ourmore, we are joined by finance reporter. steven arons is in frankfurt. good morning to you. when will we know when the ipo will happen? they've left the door open to basically...
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Feb 20, 2018
02/18
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francine: it is.or something like that but they've been in a spot of trouble, tom. i think wal-mart is extremely significant when you look at the e commerce because they're the only ones that went after amazon directly by buying in 2016 jet.com which is the american e commerce firm. so it is a bellwether to see exactly how many people shop online in the u.s. tom: of course we can fold into it right now the economics of the nation in its phenomenal g.d.p. proxy. i saw honeywell with a pop two or three, four months ago and home depot with the animal spirit today. is that model within the crescent bleve there's an animal spirit we'll see revenues pick up. guest: that is part of the plan and what i call this upside opportunity and that is as our foreign trading partners like france and germany look at the u.s. and our new tax plan as rolling out the red carpet to business, there is a sense that perhaps they will roll out a red carpet to their business feeling threatened we could then attract some of those
francine: it is.or something like that but they've been in a spot of trouble, tom. i think wal-mart is extremely significant when you look at the e commerce because they're the only ones that went after amazon directly by buying in 2016 jet.com which is the american e commerce firm. so it is a bellwether to see exactly how many people shop online in the u.s. tom: of course we can fold into it right now the economics of the nation in its phenomenal g.d.p. proxy. i saw honeywell with a pop two or...
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Feb 2, 2018
02/18
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francine: what about kodak? but they are using blockchain technology to track images. if i am a freelancer and put an image on a post and i can get royalties from that. is that a useful way we should look at it or you think that is also rubbish? noriel: every other day there is -- a corner of the world that attaches the name blockchain and their value goes up through or four times based on nothing. nothing. you are first to show the technology of blockchain works, the transaction costs are low. if you make a transaction to sell one photograph or license, you have to pay $50, it will not be viable. these things are not scalable. it interesting you want to change her name to getel bit roubini to attention. you saw twitter blowup last night. there's a lot of believers out there and this is what francine alludes to. what do you want from secretary mnuchin to get in here before we see these huge write-downs? are gettingcymakers worried. pretty much every g20 policymaker is talking about cracking down. they want to cr
francine: what about kodak? but they are using blockchain technology to track images. if i am a freelancer and put an image on a post and i can get royalties from that. is that a useful way we should look at it or you think that is also rubbish? noriel: every other day there is -- a corner of the world that attaches the name blockchain and their value goes up through or four times based on nothing. nothing. you are first to show the technology of blockchain works, the transaction costs are low....
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Feb 1, 2018
02/18
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francine: thank you.ings with alibaba, amazon, appleet, output -- revealing revenue in concern about how many hours people spent on facebook. shares in the social networking group initially fell after the company said daily active users in north america, they reduce -- then they rebounded after their cfo said he did not expect the trend to continue. joining us to talk tech is neil campling and christian keller and keyu jin are still with us. should i be worried, if i was facebook? we probably spend less time on facebook but can they regroup the trend or will they become something else in five years? >> they risk and why they made the changes as they saw worrying data on the algorithms. regarding usage. we had the admission of 50 million hours per day less and quarter for and that could accelerate and quarter one and quarter to. there is too much information on the network and not enough relevant information. the other problem they have is with the paid search offering. what you have seen is the organic re
francine: thank you.ings with alibaba, amazon, appleet, output -- revealing revenue in concern about how many hours people spent on facebook. shares in the social networking group initially fell after the company said daily active users in north america, they reduce -- then they rebounded after their cfo said he did not expect the trend to continue. joining us to talk tech is neil campling and christian keller and keyu jin are still with us. should i be worried, if i was facebook? we probably...
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Feb 23, 2018
02/18
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francine: it is.and we have our morning must read on it is whether this is something china will continue to do or whether it is on one person and the and bank -- embank chief executive. tom: it's a fascinating story, an important story overlaid on other chinese companies. taylor: u.s. treasury secretary steve mnuchin is brushing aside signs investors are growing nervous about rising prices. mnuchin tells bloomberg trump administration policies will raise wages without causing broader inflation. long-term treasury yields have part recently part -- in due to budget concerns that will raise inflation. deputy atrmed sheriff the school where 17 people were killed took cover when the shooting started instead of going after the attacker. the deputy has resigned after being suspended and the sheriff said his office received two dozen calls about the suspect over a decade that may not have followed up adequately. pakistan is going to be placed on a terror financing monster list -- monitor list in june. opposed
francine: it is.and we have our morning must read on it is whether this is something china will continue to do or whether it is on one person and the and bank -- embank chief executive. tom: it's a fascinating story, an important story overlaid on other chinese companies. taylor: u.s. treasury secretary steve mnuchin is brushing aside signs investors are growing nervous about rising prices. mnuchin tells bloomberg trump administration policies will raise wages without causing broader inflation....
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Feb 15, 2018
02/18
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francine: fair.inistrations who understand the importance of that, the minister of development does a fantastic job, finance ministers, really working and helping us with all the guidelines. just to give you an idea, at the end of december, malan issued milan issuedate -- more certificates online than on paper. francine: at the end of the day, i imagine this has an impact on gdp because if you are at a starbucks or even amazon doing business in italy, you want things done efficiently. diego: it is obvious. a modern government that meets the life of citizens and corporations easier is obviously a big impact on economic development. it is a very long-term process. i mean, we really started to come in three years ago for something that will take a lot of time, because it is a cultural change, a location change, a change in management. but it is happening. seeingry positive about it in terms of improvement of the services. francine: is there anything you taken from amazon and tried to put it into the ita
francine: fair.inistrations who understand the importance of that, the minister of development does a fantastic job, finance ministers, really working and helping us with all the guidelines. just to give you an idea, at the end of december, malan issued milan issuedate -- more certificates online than on paper. francine: at the end of the day, i imagine this has an impact on gdp because if you are at a starbucks or even amazon doing business in italy, you want things done efficiently. diego: it...
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Feb 7, 2018
02/18
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francine? francine: to you so much, taylor.k of england is said to keep monetary policy on hold and the first policy meeting of the year, bloomberg economics predicts michael saunders and cafty are expecting another 25 basis points rate hike. richard, we'll get on to the b.o.e. in a second. seems like the fed is actually the one thing that could hurt the markets. is inflation going to be quicker an the market expects or slower? >> one thing is making a comeback. fwelt the market was underpricing what the fed was likely to do this year. essentially what the fed would like to do. what it told us it was going to do, at least three rate hikes and possibly even four. the last few weeks you have started to see market adjust to that. we have seen stronger data come through and some signs that inflation is picking up. that has been one of the potential triggers for the recent volatility. what's happening is inflation is moving back towards the central banks. i think the fed will be pleased seeing inflation move back towards that target
francine? francine: to you so much, taylor.k of england is said to keep monetary policy on hold and the first policy meeting of the year, bloomberg economics predicts michael saunders and cafty are expecting another 25 basis points rate hike. richard, we'll get on to the b.o.e. in a second. seems like the fed is actually the one thing that could hurt the markets. is inflation going to be quicker an the market expects or slower? >> one thing is making a comeback. fwelt the market was...
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Feb 28, 2018
02/18
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francine: mike?hen it comes to overheating, is that the biggest risk, or are we nowhere near that? mike: i think that is the biggest risk, but we are worried about the economy if we get rates around 3%. even if we get the four rate hikes we expect, that will only take you to two with 5%. it becomes a much trickier question once you look into the middle of 2019, though. weduring the middle of 2019 have base rates at 3%, then we worry about the corporate to debt service ratio, for exampl e. francine: where do you take position, and where do you want to go short on? favor european and japanese and asian equities, because there is better value there. the economy is growing and corporate profits are growing nicely. valuations are still just about ok and there is still valuation andort in a relative sense an absolute sense. but the outlook for rates in the outlook for bond yields is a critical part of that equation. there will be a point at which that starts to unravel at the margin potentially. but for no
francine: mike?hen it comes to overheating, is that the biggest risk, or are we nowhere near that? mike: i think that is the biggest risk, but we are worried about the economy if we get rates around 3%. even if we get the four rate hikes we expect, that will only take you to two with 5%. it becomes a much trickier question once you look into the middle of 2019, though. weduring the middle of 2019 have base rates at 3%, then we worry about the corporate to debt service ratio, for exampl e....
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Feb 8, 2018
02/18
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francine: thanks so much.eck mark mark carney do and how should investors be positioning and the u.k. ahead of today's decision -- in the u.k. ahead of today's decision? you are an economist for 12 years, do you think it is harder and set interest rates than it was back then? >> i think today it is particularly tough to call. it is not clear what the communication is going to be. i think the unanimous vote is consensus, but clearly, you had a bit of upside news on employment, upside surprise for gdp. 7-2 is a possibility. the first thing to look at is the folks, that is -- the vote, that is the most important thing. second, what is the long-term inflation forecast? they were at 2.2 at the end of the forecast last time. will it go down? francine: so i will ask you about the pound in just a second. can the u.k. economy currently withstand a rate hike this year? or will actually hurt consumers too much -- well it actually hurt consumers to much -- will it actually hurt consumers too uc much? >> effective rates ha
francine: thanks so much.eck mark mark carney do and how should investors be positioning and the u.k. ahead of today's decision -- in the u.k. ahead of today's decision? you are an economist for 12 years, do you think it is harder and set interest rates than it was back then? >> i think today it is particularly tough to call. it is not clear what the communication is going to be. i think the unanimous vote is consensus, but clearly, you had a bit of upside news on employment, upside...
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Feb 22, 2018
02/18
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tom: francine?ake better investment decisions, what is it? the outlook on inflation or something else? hans: i read randy quarles comments and i tended to agree with what he said, yesterday. the balance is if you get a equity market selloff that reduces expectations economically, that will allow them to stick to the three hikes plan. oryou get more than three instead of 25 basis points, 50 basis points because the fed has to catch-up to a growing economy, that is going to make us take a step back. what we try to pay attention to is when the market changes from risk on to risk off. francine: kate? kate: i have to say that we are going to see a couple more air pockets in 2018, in the equity market. some of that may be caused by adjustments in rates. i would focus on the fundamentals this year. the earnings picture looks very strong. we don't think we are at the end of this bull market and we recommend investors continue to add to risk. tom: thank you so much, hans humes from greylock and kate moore at
tom: francine?ake better investment decisions, what is it? the outlook on inflation or something else? hans: i read randy quarles comments and i tended to agree with what he said, yesterday. the balance is if you get a equity market selloff that reduces expectations economically, that will allow them to stick to the three hikes plan. oryou get more than three instead of 25 basis points, 50 basis points because the fed has to catch-up to a growing economy, that is going to make us take a step...
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Feb 21, 2018
02/18
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francine: the u.s.reasury optioned $179 billion of notes yesterday, sending yields to levels not seen since 2008. the offering saw a decent demand, considering the market is facing a flood of sales. the longer dated notes will come today and tomorrow with an issuance of more than $250 billion in just three days. could we see the 10-year crack 10%? what is next for treasury? joining us next for the hour, a man he knows a thing or two about central bank thinking. he's the former deputy governor at the bank of canada. jean, thank you for joining us. how do you take the treasury -- first of all, we do not have a lot of data from the markets. this hangs on the success of these bills. jean: good morning. i think the backdrop here is we are adjusting slowly to a very significant fiscal stimulus that has become clear over the last couple months. in more is reflected treasury issuance and we will see more of that coming. we have seen over the last few weeks, rate just to this picture. this is mostly a real rate
francine: the u.s.reasury optioned $179 billion of notes yesterday, sending yields to levels not seen since 2008. the offering saw a decent demand, considering the market is facing a flood of sales. the longer dated notes will come today and tomorrow with an issuance of more than $250 billion in just three days. could we see the 10-year crack 10%? what is next for treasury? joining us next for the hour, a man he knows a thing or two about central bank thinking. he's the former deputy governor...
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Feb 12, 2018
02/18
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francine? francine: this is my perspective.ack to 2004. ,very time there's a red circle that market pullback was around 5% if not more. you can see it is from june of 2016 that we have not had such a pullback. the week that was last week, well, we know when that happened. but nothing from last week until or since june of 2016. tom: very, very smart chart. what we need is some perspective. we are thrilled, as i've said, what a set of guests we have had over the last 10 days. we have try to match people up to drive an intelligent conversation forward. kathleen fisher with ab bernstein, head of their wealth investment strategies, dispensing of aspirin. george bory is at wells fargo were he still has his job. what a week. what was your thought, kathy, over the weekend as everybody try to disengage for 12 hours? >> in all honesty, i was impressed at how calm our clients were. the reason for that, i think we and most strategists have been saying through the fall and certainly into january that the market had been too good and too cal
francine? francine: this is my perspective.ack to 2004. ,very time there's a red circle that market pullback was around 5% if not more. you can see it is from june of 2016 that we have not had such a pullback. the week that was last week, well, we know when that happened. but nothing from last week until or since june of 2016. tom: very, very smart chart. what we need is some perspective. we are thrilled, as i've said, what a set of guests we have had over the last 10 days. we have try to match...
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Feb 14, 2018
02/18
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francine: francine: thank you. the credit suisse chief executive says relatively is not without risks. he's adopting a cautious short-term outlook. he spoke with me a little bit earlier on. week we have seen a negative impact on the bank advisory unit, though he could not be more pleased with the trade in the business. >> volatility means people have created opportunities. people see it as a negative. --ncine: [indiscernible] participation rose to 75% this year. we are sophisticated investors. we understand markets. andre actually trading more we have increased our trading revenues. amount,ake a similar 2/3ch has more than doubled, comes from our work management. are there parts of the market where people say, i do not want to transact at the moment? >> it is hurting the primary market. we have seen the secondary market. the primary market issuers are reluctant to issue this. as things seem to be settling down now, -- we do not believe that what we have seen is a major disruption. the correction was unavoidable, i
francine: francine: thank you. the credit suisse chief executive says relatively is not without risks. he's adopting a cautious short-term outlook. he spoke with me a little bit earlier on. week we have seen a negative impact on the bank advisory unit, though he could not be more pleased with the trade in the business. >> volatility means people have created opportunities. people see it as a negative. --ncine: [indiscernible] participation rose to 75% this year. we are sophisticated...
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Feb 27, 2018
02/18
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tom, francine? francine: thank you.makes sweeping changes to his cabinet and one man is back as finance minister more than two years after his late-night firing rocked the country. the dismissed finance minister is back as well. our guests are still with us. if you look at emerging markets, i don't know how much you are looking at structural things or what the fed does next, to see whether it is a good time to get into emerging markets. >> will, structurally, the emerging markets will be the big drivers of growth in the global economy going forward, but what i am referring to is more cyclically, where we are in the markets. think about what's going on in the united states. we will probably balance between expansion and slow down, depending on how tight the fed gets on the back of fiscal stimulus. if you look at the emerging markets, that he are in the recovery phase, moving from recovery into expansion. the currencies have been beaten up, when they got a hit, inflation came down, policy is more accommodative, in valuati
tom, francine? francine: thank you.makes sweeping changes to his cabinet and one man is back as finance minister more than two years after his late-night firing rocked the country. the dismissed finance minister is back as well. our guests are still with us. if you look at emerging markets, i don't know how much you are looking at structural things or what the fed does next, to see whether it is a good time to get into emerging markets. >> will, structurally, the emerging markets will be...
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Feb 13, 2018
02/18
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in london.hic francine is off today.ic in gucci out of italy. the domestic economy, everybody agrees doing better than good, but what about that nx on the right side of the equation? >> it is deteriorating for the u.s., the better the domestic economy is doing because the structure of the u.s. economy has not changed at all. the real good deficit is now the theest on record and stronger the fiscal stimulus stimulates the domestic economy, i think the bigger the deficit will be. we needofficial --tom: official surveillance fingers to do this. take america great again, up, up we go. does it really drag it down? is it a dampening factor or does it really drag down mr. trump's desires harm: -- desires? u.s. is not importing all of a sudden more than the domestic economy accelerates, it's just a portion of the additional demand created in the u.s. economy eventually benefits foreign exporters and that is, of course, quite the opposite of what the administration tries to achieve. if you look at the large u.s. current account d
in london.hic francine is off today.ic in gucci out of italy. the domestic economy, everybody agrees doing better than good, but what about that nx on the right side of the equation? >> it is deteriorating for the u.s., the better the domestic economy is doing because the structure of the u.s. economy has not changed at all. the real good deficit is now the theest on record and stronger the fiscal stimulus stimulates the domestic economy, i think the bigger the deficit will be. we...
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Feb 14, 2018
02/18
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go to's direct francine lacqua has been speaking to the ceo. francine, what have you learned? a his earnings. revenue is better than expected. the loss was smaller than expected. a little bit of comfort on that. we focus the bulk of the interview on volatility. he said the volatility helped -- he says it is almost like having a ferrari, you want to make sure your unit works. he says, so far so good. people see it as a negative. that is true for anybody. francine: is he on the right track? >> yes, the people we work for. that was a key part of the strategy. participation, that is really working. they are sophisticated investors. the understand the markets. we are actually trading more. it has more than doubled his profit share. -- thatds of that connection is very strong. francine: there are parts of the market where people don't want to transact at the moment. it is hurting the primary markets. we see a lot of activity in the secondary markets. the primary market issuers are reluctant to issue. things seem to be settling down now. we don't believe what we have seen is a major
go to's direct francine lacqua has been speaking to the ceo. francine, what have you learned? a his earnings. revenue is better than expected. the loss was smaller than expected. a little bit of comfort on that. we focus the bulk of the interview on volatility. he said the volatility helped -- he says it is almost like having a ferrari, you want to make sure your unit works. he says, so far so good. people see it as a negative. that is true for anybody. francine: is he on the right track?...
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Feb 19, 2018
02/18
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francine: what would reality look like?e real danger that reforms will be slow or lagging with whoever becomes the next prime minister of italy? also, there are a lot of parties offering tax cuts. how do you find tax cuts in italy? mario: a positive to be put on no party, either populist or not, has any longer in their program the idea of leaving the euro, calling a referendum to leave the euro. indeed the issuance of costly promises is virtually limitless. what will happen? i'm not too concerned that these promises will be honored. luckily, they will not be honored. ut what will be the explanation of parties promising so much the day they have to cut down on promises? the culprit will be europe because european constraints will not allow them to fully deliver on the promises. this is the traditional division of jobs between nation of politics and euro politics except that every round of this game, the gap between the domestic public opinion and europe grows. in may 2019ill have the european elections for the european parli
francine: what would reality look like?e real danger that reforms will be slow or lagging with whoever becomes the next prime minister of italy? also, there are a lot of parties offering tax cuts. how do you find tax cuts in italy? mario: a positive to be put on no party, either populist or not, has any longer in their program the idea of leaving the euro, calling a referendum to leave the euro. indeed the issuance of costly promises is virtually limitless. what will happen? i'm not too...
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Feb 19, 2018
02/18
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francine lacqua spoke to mario monti.xclusive interview, they discussed the ecb, the euro and the upcoming election. made an extremely smart monetary policy and president draghi has been very smart and mastering the support for cutie -- four qe and still has the support. i personally believe that the phasing out will be rather quicker than slower. reasons that has been mentioned for the u.s. in european countries, italy for sure, a very accommodating monetary policy has on the perception on the need to act on economic policy, on real policies. i believe that the effect which explains why the electoral promises issued so liberally and so irresponsibly by all the political parties, one of the reasons is there is no feeling of pressure whatsoever. francine: what will we all to look like? is there a real danger that reform will be slow? also, there's a lot of parties offering tax cuts. how do you fund tax cuts? party,a positive is no either populist or not, has any longer in their program the idea .f leaving the euro they of
francine lacqua spoke to mario monti.xclusive interview, they discussed the ecb, the euro and the upcoming election. made an extremely smart monetary policy and president draghi has been very smart and mastering the support for cutie -- four qe and still has the support. i personally believe that the phasing out will be rather quicker than slower. reasons that has been mentioned for the u.s. in european countries, italy for sure, a very accommodating monetary policy has on the perception on the...
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Feb 25, 2018
02/18
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francine: but what will reality look like? a real danger that reforms obese low, will be lagging, with whoever becomes the next prime minister in italy? also, there are a lot of parties offering tax cuts. how do you fund tax cuts in italy? mario: first of all, a positive to be put on record is that no party, populist or not, has any longer in their program the idea of leaving the euro, calling a referendum to leave the euro. they have all calmed down. but, indeed, the issuance of costly promises is virtually limitless. but what will happen? i am not too concerned that these promises will be honored. luckily, they will not be honored. but, what will be the explanation of the parties which have promised so much, the day they have to cut down on promises? the culprit would be europe, because european constraints will not allow them to fully deliver on the promises. ♪ ♪ shery: you're watching "bloomberg best." i am shery ahn. earnings season is in high gear. our roundup of the week's quarterly reports begins with results from euro
francine: but what will reality look like? a real danger that reforms obese low, will be lagging, with whoever becomes the next prime minister in italy? also, there are a lot of parties offering tax cuts. how do you fund tax cuts in italy? mario: first of all, a positive to be put on record is that no party, populist or not, has any longer in their program the idea of leaving the euro, calling a referendum to leave the euro. they have all calmed down. but, indeed, the issuance of costly...
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Feb 27, 2018
02/18
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a graduate of marjory stoneman douglas high school in parkland florida come her name is francine brown pray she graduated in 2009 to choose currently a student at chicago college of law. she is one of dozens of stoneman douglas graduates in the chicago area to include incidentally the first baseman for the chicago cubs anthony rizzo. hundreds upon thousands nationwide who have joined together in the aftermath of the february 14 massft shooting that killed 14 stoneman douglas students and three staff. these young men and women have come together to speak up and urge their lawmakers to do somethingut about the nation's epidemic of gun violence. the message is starting to resonate. when francine was speaking muslims a students at schools across the chicagoland area for walking o out of class in solidarity with stoneman dug a students calling for common sense gun reform. the students don't have time or patience for political games in washington or springfield. they have seen their friends kids just like themselves shot in classrooms and neighborhoods. they have had enough. it's not suppose
a graduate of marjory stoneman douglas high school in parkland florida come her name is francine brown pray she graduated in 2009 to choose currently a student at chicago college of law. she is one of dozens of stoneman douglas graduates in the chicago area to include incidentally the first baseman for the chicago cubs anthony rizzo. hundreds upon thousands nationwide who have joined together in the aftermath of the february 14 massft shooting that killed 14 stoneman douglas students and three...
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Feb 19, 2018
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the island riddle remains unsolved. ♪ francine: m
the island riddle remains unsolved. ♪ francine: m
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Feb 25, 2018
02/18
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matt rollings introduced me to francine in 1984. viktor krauss, he's played bass with me since 1994. buckweed's played steel with me since 1993. - what is the secret to keeping a band like that and the personalities that you just described together? - you know, they're all solo artists. they're all solo artist, and i'm just grateful that, that they wanna, they kinda put aside what they normally do for a couple of months every summer and come on the road with me, and i'm just, i think it's just because we're friends and because those earlier recordings were part of the beginning for all of us, really. - well, and honestly, they left a mark as they say, right, i mean the fact is those earlier recordings are not just anybody's earlier recordings. they left an imprint on a lot of people, and when they think about you, they think first about those early recordings, it's had some longevity to it. - well thank you, thank you. - and you're good with that. - well, i'm just grateful to, you know, there's not a bigger privilege in the world th
matt rollings introduced me to francine in 1984. viktor krauss, he's played bass with me since 1994. buckweed's played steel with me since 1993. - what is the secret to keeping a band like that and the personalities that you just described together? - you know, they're all solo artists. they're all solo artist, and i'm just grateful that, that they wanna, they kinda put aside what they normally do for a couple of months every summer and come on the road with me, and i'm just, i think it's just...
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Feb 16, 2018
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. >> francine remembers a very difficult west philadelphia. >> the businesses started to decline and. >> it is a deli right here and right there. who needs two so close. >> they hope to spark a turn around. $50 million will turn this lot into a day care, pre-k, and businesses. >> the poverty rate is 37% here. >> one resident believes the building alone won't change the long standing problems here. >> you must address the situations that the community has going on. >> but officials say new market west is just faze one. other markets include affordable housing and other community needs. >> it's a commitment to the area. >> a sight that francine robinson has been longing for. >> i feel it will be a renaissance of the way it used to look 40 years ago. >> top on nors tod-- honors tod. congress created the award in 1979 to recognize initiative, service, and achievement. they can earn bronze, silver, and gold. >> we're all inspired by watching the young americans in south korea. it is great to now we have bronze, silver, and gold winners here in delaware. >>> silver medals and bronze medals,
. >> francine remembers a very difficult west philadelphia. >> the businesses started to decline and. >> it is a deli right here and right there. who needs two so close. >> they hope to spark a turn around. $50 million will turn this lot into a day care, pre-k, and businesses. >> the poverty rate is 37% here. >> one resident believes the building alone won't change the long standing problems here. >> you must address the situations that the community...
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Feb 14, 2018
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lacquarg's francine explained how he is taking advantage of the market swings in volatility. >> peopleas a negative but it is for anybody, if you have the right trade. for,ind of people we work you would have seen that was a keeper and their participation .ent from 50% to 79% this year we're actually trading more, which increased our trading revenues. ,f you take the measurement bright spots, 16 million of inflows and two thirds of that come from our management and that connection is very strong. ? it and volatility were people say they do not want to at the moment, do they hold that at the moment? see a lot of activity in the primary market issuers are reluctant to issue when it is high. bit.ould face a we do not believe that what we have seen is major. that correction was unavoidable -- unavoidable. we looked closely at liquidity markets. the markets have held very well. fundamental, fundamentals are healthy. you see u.s. unemployment at historic lows. growth in europe is coming back. growth in the market is strong. from the tax reform, we don't see a downside scenario in this econom
lacquarg's francine explained how he is taking advantage of the market swings in volatility. >> peopleas a negative but it is for anybody, if you have the right trade. for,ind of people we work you would have seen that was a keeper and their participation .ent from 50% to 79% this year we're actually trading more, which increased our trading revenues. ,f you take the measurement bright spots, 16 million of inflows and two thirds of that come from our management and that connection is very...
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Feb 7, 2018
02/18
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i'm francine lacqua in london. right now the stoxx 600 gaining.
i'm francine lacqua in london. right now the stoxx 600 gaining.
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Feb 1, 2018
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francine: let's bring in dani burger, our markets reporter here at bloomberg.l talk to us about the valuation, the price. is this market looking expensive? are stopped looking toppy? dani: one of the interesting things to throw into the mix is what is happening with treasuries. two different asset classes, obviously. but rising yields have a big impact on how a lot of folks judge the pricing of u.s. stocks. this is something called the fed model. janet yellen might to use this. essentially what this says is it is ok that stocks are trading at 20 times earnings because compared to rates, their price is still favorable. matt, i brought this chart with me and you can see that right the earning 500, yield and the 10 year. that spread is the thinnest for quite some time. they have not converged yet. so, stocks are enjoying a better rate than the 10 year. as the ten-year approaches 3%, that valuation story is r uined by the rising yieldss. matt: what do you think about those rising yields, kokou? we see the 10 year continue to increase. interesting is an point becaus
francine: let's bring in dani burger, our markets reporter here at bloomberg.l talk to us about the valuation, the price. is this market looking expensive? are stopped looking toppy? dani: one of the interesting things to throw into the mix is what is happening with treasuries. two different asset classes, obviously. but rising yields have a big impact on how a lot of folks judge the pricing of u.s. stocks. this is something called the fed model. janet yellen might to use this. essentially what...
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Feb 27, 2018
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francine brown says and i, quote, it's not about what is said in the aisle or sense but were supposed to protect the future for our children. i cannot agree more. the students and h young people across the country are changing the debate on gun violence. they are making it clear how i have absurd it is for lawmakers in this chamber across the rotunda or in state capitals to do nothing when americans get shot every day in their homes, neighborhoods, churches, nightclubs, concerts in schools. they are fed up with politicians in washington who ignore the overwhelming majority of americans who want common sense gun safety and who listen instead to paranoid, bowling, gun sales lobbyists. remember, the national rifle association and its allies oppose virtually anything that hurts gun sales and the fight against proposals that might reduce gun sales and try to rollback laws on the things that limit them. that's their agenda but it's not america's agenda. corporate america is starting to walk away from nra and is no longer a source of pride that they are doing business with the national rifle
francine brown says and i, quote, it's not about what is said in the aisle or sense but were supposed to protect the future for our children. i cannot agree more. the students and h young people across the country are changing the debate on gun violence. they are making it clear how i have absurd it is for lawmakers in this chamber across the rotunda or in state capitals to do nothing when americans get shot every day in their homes, neighborhoods, churches, nightclubs, concerts in schools....
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Feb 25, 2018
02/18
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francine: barclays ended a torrid 2017 on a mixed note.ding income slumped 18% in the fourth quarter, but that beat both the 26% decline estimated by ubs and the average 25% drop posted by wall street banks in the same period. the chief executive is more optimistic about the path ahead, and he is putting his money where his mouth is, increasing the bank's dividends and considering a share buyback for the first time in more than 20 years. >> we begin 2018 with a clean operating amount, that is the first time in five years for barclays. but also, we close 2017 with a strong capital position. 13.3%, that is above our target. first time we have done that in a long time. and what that will enable us to do is, the announcement we had this morning, that in 2018 we plan for a dividend of 6.5 cents for our shareholders. that is more than double what we paid in 2016 and 2017. we feel good about that. david: we learned from the ecb account of the january meeting out this morning that although they were comfortable staying the course for now, some off
francine: barclays ended a torrid 2017 on a mixed note.ding income slumped 18% in the fourth quarter, but that beat both the 26% decline estimated by ubs and the average 25% drop posted by wall street banks in the same period. the chief executive is more optimistic about the path ahead, and he is putting his money where his mouth is, increasing the bank's dividends and considering a share buyback for the first time in more than 20 years. >> we begin 2018 with a clean operating amount,...
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Feb 8, 2018
02/18
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. ♪ ♪ francine: european indices dip. the dollar drifts. the boe is an eight bind.ion and brexit. china's currency thinks the most since 2015. stefansson -- stepan -- step in soon? ♪ francine: good morning, everyone and welcome to "bloomberg surveillance." these are your markets. i'm looking at
. ♪ ♪ francine: european indices dip. the dollar drifts. the boe is an eight bind.ion and brexit. china's currency thinks the most since 2015. stefansson -- stepan -- step in soon? ♪ francine: good morning, everyone and welcome to "bloomberg surveillance." these are your markets. i'm looking at
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Feb 21, 2018
02/18
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during the two-week stock selloff a few weeks ago, the francine lacqua drop in a big -- the fang stocks big way and now slightly down from the peak. a lot of volatility for the fang stocks. 6708, a one-year chart of the maryland index -- merrill lynch index. an area of congestion. dip, welle the overbought. maybe suggesting this will go to the downside. when we connect this to the nasdaq 100 futures seen as a proxy for the fangs, we will see a similar chart. an uptrend over the last year into the congestion. over the last year, a gain of 20% but the congestion could result in a pullback. -- gainingctive way even if there is near-term volatility. partner at silver pine capital and a derivatives expert outlined a long-term trade idea. in the money and call spread on the december futures contract where you buy the 6650 strike calls and sell the december 6700 strike call. typically to a 57% return so long as that futures towards the end of the year, options is about 6700. thank you to david at silver pine capital for that idea. we are charting futures. vonnie: great segment. you can see tha
during the two-week stock selloff a few weeks ago, the francine lacqua drop in a big -- the fang stocks big way and now slightly down from the peak. a lot of volatility for the fang stocks. 6708, a one-year chart of the maryland index -- merrill lynch index. an area of congestion. dip, welle the overbought. maybe suggesting this will go to the downside. when we connect this to the nasdaq 100 futures seen as a proxy for the fangs, we will see a similar chart. an uptrend over the last year into...
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Feb 14, 2018
02/18
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manus: tidjane thiam there with francine lacqua. of the market was unavoidable, according to him. simon french is panmure gordon this morning, listening to tidjane thiam talk about the market. what are the other great swans you in swans for 2018? simon: we don't think it translates into the room economy until later. i think he was spot on in terms of rising gilts and rising inflation -- rising yields and rising inflation. you start to get an inflection point. -- in thisabout environment with confidence so strong, and infrastructure plan, a budget plan for 2019 the has some fairly ambitious spending proposals, if that all starts to move bond yields towards that level at great speed, you get procyclical action. anna: thank you so much for your thoughts, simon french at panmure gordon. we will have another conversation next. this is bloomberg. ♪ we use our phones and computers the same way these days. so why do we pay to have a phone connected when we're already paying for internet? shouldn't it all just be one thing? that's why xfinit
manus: tidjane thiam there with francine lacqua. of the market was unavoidable, according to him. simon french is panmure gordon this morning, listening to tidjane thiam talk about the market. what are the other great swans you in swans for 2018? simon: we don't think it translates into the room economy until later. i think he was spot on in terms of rising gilts and rising inflation -- rising yields and rising inflation. you start to get an inflection point. -- in thisabout environment with...
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Feb 28, 2018
02/18
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. ♪ francine: the new fed chairman opens the door to raising rates. stocks dip on his hawkish tone.rexit deal and there are just three weeks left of the transition phase and the parameter faces increasing pressure from rebels in her own party. in amazon at the door. the retail giant will pay $1 million for the smart doorbell extending its reach into customer homes. ♪ francine: good morning, everyone and welcome to bloomberg surveillance
. ♪ francine: the new fed chairman opens the door to raising rates. stocks dip on his hawkish tone.rexit deal and there are just three weeks left of the transition phase and the parameter faces increasing pressure from rebels in her own party. in amazon at the door. the retail giant will pay $1 million for the smart doorbell extending its reach into customer homes. ♪ francine: good morning, everyone and welcome to bloomberg surveillance
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Feb 20, 2018
02/18
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♪ francine: good morning, everyone and welcome to "bloomberg surveillance."
♪ francine: good morning, everyone and welcome to "bloomberg surveillance."
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Feb 15, 2018
02/18
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. ♪ ♪ francine: a decade after the last financial crisis, and some are predicting the next one is loomingiggest concern was that banks were too big to fail. governments felt they had no choice but to prop them up or risk major meltdown. jump to 2010 and enter philipp hildebrand, former economist, hedge fund manager, and central banker, he was ready to take on the lenders strongly advocating stricter capital requirements. today on "leaders with lacqua,"
. ♪ ♪ francine: a decade after the last financial crisis, and some are predicting the next one is loomingiggest concern was that banks were too big to fail. governments felt they had no choice but to prop them up or risk major meltdown. jump to 2010 and enter philipp hildebrand, former economist, hedge fund manager, and central banker, he was ready to take on the lenders strongly advocating stricter capital requirements. today on "leaders with lacqua,"
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Feb 4, 2018
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[applause] a response from david and francine wheeler. >> in the time following the murder of our son this poem was read at several gatherings. at one, i david spoke the words myself. if you the irony of the location of our loss, connecticut. the birthplace of the american firearm industry, newtown, the home of the industry's trade group. nearby water very former breast capital were for mrs. melted brass to make bells. shifting their efforts to shell casings after the war. eli whitney, to move through this landscaped after day carrying the weight of our murder boy in the whole of our hearts and the unwanted permanent texture of our lives. it is however the support assistance a love of our community tucked inside the same hills. where we work to support, teach, help others the organization bends lighthouse created to help in on her bed. helping his ceiling. so we stay and we listen for the bells. [applause] >> when a child hears gunshots by megan. >> when a child hears gunshots, she will say mom, is beating the pots and pans. she will say it sounds like home. let's keep it this way. ou
[applause] a response from david and francine wheeler. >> in the time following the murder of our son this poem was read at several gatherings. at one, i david spoke the words myself. if you the irony of the location of our loss, connecticut. the birthplace of the american firearm industry, newtown, the home of the industry's trade group. nearby water very former breast capital were for mrs. melted brass to make bells. shifting their efforts to shell casings after the war. eli whitney, to...
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Feb 9, 2018
02/18
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. ♪ francine: the dow enters a correction. 20 stocks drop more than 5%. zig-zagging in other classes. the senate reaches its deadline, and passes a late budget bill, which will now go to the house. ♪ good morning, everyone and welcome to "bloomberg surveillance," i'm francine lacqua in
. ♪ francine: the dow enters a correction. 20 stocks drop more than 5%. zig-zagging in other classes. the senate reaches its deadline, and passes a late budget bill, which will now go to the house. ♪ good morning, everyone and welcome to "bloomberg surveillance," i'm francine lacqua in