i asked our financial correspondent so fisherman ski where to go wrong for g.m. . well they are america's the ng hit by the terrorists and this becomes very obvious when looking at the outlook g.m. gave one reporting their earnings the nation's largest automaker lowered its profit outlook for twenty eight hundred saying it expects commodity price pressures to continue and guess where this is coming from right and it's coming from trump and his protectionism especially from his tariffs on elam many i'm in feel because they're simply the most important draw materials being used in auto production and the tariffs are causing prices for materials to increase their production costs rise and this cuts into profit margins g.m. said raw material costs have increased well beyond what they had expected earlier this year so this will result in ahead of about a one billion dollars more in costs what they had expected origin only and if g.m. would end up raising prices for consumers this again could hurt demand so all in all it is the best place for g.m. and really any automake

president had planned it was a bad day for g.m. due to those tariffs at helena humphrey has the story that's right sara we are seeing higher costs being passed on to the companies those tariffs not quite having the impact that the u.s. president intended general motors have tumbled and the second quarter profit is down compared to last year the company's now lowered its profit outlook for the entire year and the cost of g.m.'s rumor to realize is going up in the fallout from this trade to speech it is of course america's biggest come make and uses huge quantities of steel so let's bring in our financial correspondent now say fisherman ski is aid in new york safety was it gone so wrong for g.m. . well they are americans being hit by the terrorists and this becomes very obvious when looking at the outlook g.m. gave one reporting their earnings the nation's largest automaker lowered its profit outlook for twenty eight hundred saying it expects commodity price pressures to continue and guess where this is coming from right and it's com

well actually you know us common effect was we would be hit quite heavily just look at g.m. g.m. sold roughly three million cars in the u.s. last year but it only produced two point two million cars in the u.s. so that means around eight hundred thousand cars come from outside the u.s. and this actually more into you want to import it reaches around seven hundred thousand the so u.s. manufacturers actually will be hit hard if these terrorists go into place something that wasn't actually planned by a by a by a the president i'll try and he actually said these tariffs unnecessary for the sake of national security a place to play. well the president doesn't have completely way on things like terrorists or where he can actually make this decision without getting congress new falsities by arguing this is a national security matter and that's precisely why he's doing it is really an argument it doesn't hold most of the cars today in corporate produced in close allies of the united states saw dead doesn't seem to be going down well as national security year act and even if they should t

g.m. and one of the issues and one of the companies that has warned, this drags on, jobs could suffer. we could suffer. the country could suffer what do you think of that? >> i think g.m. is a perfect test case for this. look at g.m. they have about three million cars consumed in the united states and 4 million built and sold in asia. they get around the tariffs by putting productions overseas. i hope katherine is right about this being a negotiation. but it's different to threaten the tariffs as it is to put them on, which is just has happened. you hope it's a negotiation tactic but they're playing a dangerous game digging your heels in, getting into a trade war, we don't have any friends. we have canada, mexico and the e.u. getting together to negotiate how they're going to deal with us. we had asia as a block. $28 trillion in gdp. not just china, getting together and how they're going to deal with us. we're isolating ourselves, this is not america first. this is isolationism and it's sc

states that they bring in that made trucks in this country wildly profitable because it meant that ford g.m. chrysler could jack up the price of their trucks because they didn't have to face competition since the book person outside bring it in would have to lop another twenty five percent on ok that's been in effect for the last half a century the notion of the united states as some innocent that is suffering from the tower of of others is a pretense again the only reason from can get away with it is people don't know and the mainstream media have a hard time confronting granted he says so many things i know it's difficult but nonetheless here is an example of a really gross situation americans didn't fall in love with a truck. americans love their trucks because it's very profitable to produce a truck the most profitable product the g.m. and ford have but they don't have it because they're good at trucks they have it because there's a protective tower of that has been imposed that prevents japanese and german and italian and other companies from bringing the trucks in here so there's a li

tariffs go effect jobs, g.m.rump administration hit white house trade advisor peter navarro saying: joining us now is jay pelosky, tpw investment management and cio and michael ande, bloomberg's economic, policy correspondent. the morning, mike, i made quip is this when we go from a war, the irmish to a tariffs hitting. ike: it may be the week we go from anecdotal data to impact. e may see something in the p.m.i. numbers, if we see a drop orders in or new general, companying may pull back, that's the biggest threat. he folks at bloomberg intelligence clunched the numbers. if there's a trade war, there's scenarios, there's a 0.2 hit to china based on the and the us less. it may not show it. see it in microindustries. at bloomberg bma utting together a list of the tariffs that were under. there's 21 billion in tariffs, canadians imposing heirs yesterday and we saw the tariffs on friday. >> when we had the tax cut we stimuli. scal it will be all growth. companies will invest. it's not huge tariffs, will it cause the

states that they bring in that made trucks in this country wildly profitable because it meant that ford g.m. chrysler could jack up the price of their trucks because they didn't have to face competition since the book person outside bring it in would have to lop another twenty five percent on ok that's been in effect for the last half a century the notion of the united states as some innocent that is suffering from the tower of of others is a pretense again the only reason from can get away with it is people don't know and the mainstream media have a hard time confronting granted he says so many things i know it's difficult but nonetheless here is an example of a really gross situation americans didn't fall in love with a truck. americans love their trucks because it's very profitable to produce a truck the most profitable product the g.m. and ford have but they don't have it because they're good at trucks they have it because there's a protective tariff that has been imposed that prevents japanese and german and italian and other companies from bringing the trucks in here so there's a litt

second stop in africa g m's to further promote china's role as one of the continent's biggest investors g.m. his wife and nuwan were welcomed by around us president obama and his wife is it comes out of an emerging economies some. china is heavily involved in building infrastructure on the continent including a new railway line in kenya but that project has many critics. these animals roam freely barely seven kilometers outside kenya's capital nairobi but their unrestricted lifestyle is endangered kenya has contracted the china roads and bridges corp to extend and modernize its main railway line the first leg connecting mombasa nairobi was completed in twenty seventeen the second leg will link kenya to neighboring uganda it cuts right through the national park all that. noise out of my view is going to make the park the animals that maybe did us a good death is over and is out of the park where by animals can walk in and walk out. beating me up with it i'm a foot out of fifty men and i'm not going to be conservationists have been fighting the railway since twenty sixteen to no avail constru

bug we did these in good did it good we have it what you put out there were no less schizo good old g.m. which is. good he was. was the was. was. s. in the lizards and them. box on a lot of them were nice. but it was kraut that works on no that's not going to cost me. or to get a man of good luck what's going to pick at you and your. yarn about like if i was at. but younger relatives i mean leave it alone with. your love of other good to anyone on it as us think you know what they mean have enough without. its might give the side of the they can it is or it can tank is not could be one of the. got a bit better the middle maybe because once of course we need. many many here the male guinea can. be me but don't see or in change or many men that can is used a good movie so good should come near lincoln will get get him a nickel get another take the younger son i doubt if you give him because it was simple and made as of pulling everything good will call me again you begin to learn it you will give me the. whole deal put out get that i mean as pretty brutal just the. soldier that received t

but everything but the theory interact as a book if you ever don't poke or is into g.m. or gary n n t y twenty people wanted to have a point to always. get the marker. what i mean i think. the police missed the no one the key bobby davis who complained you know yes we scored we complained you know we heard they were having that are. kind of incoming into the idea that it can. be done with them or they were going to stop what it will be and we appreciate it but it was the most of us he said elizabeth was the most honorable of the us are you. going to move shouldn't and so i said well. you know you said me i said i wasn't there but he said yes i mean. by the way. ok. you know. that. we're. going to we're going. to go i don't know you know yeah. i mean whether. we want to have a good. laugh out of whatever that is you know while i would say if you are going to look at all that you're not i was a woman that i got that feel that i got a lot from our. you know one thing but it got my own and the one side you know about that. if you don't want. anybody to go out one. of these t

with often state controlled chinese companies and have submitted to the required technology transfers g.m. now makes and sells more vehicles and china than it does in the u.s. and this is what he says we need to do with china as extracted this wealth creation they've forced these companies start to start creating wealth inside china through their tariff system and this is what china is trying to do so well you know let's revisit the concept that we've discussed on the show many times prices at wal-mart are cheap because people have given up their jobs to chinese manufacturers who can do the same thing for you know ninety eight percent cheaper and so the illusion is that the american lifestyles are falling apart because even though you're making a lot less you are getting the same stuff at a much reduced cost the illusion again you're right the illusion so now if the game . of that particular trade nightmare and what trump is saying hold on let's move those jobs back to america by imposing tariffs to equalize the trade picture and move toward a post china extraction model you know where as

. >> g.m. and fiat chrysler fell and concerns that tariffs are wreaking havoc on that auto industry. forecast due to cost of limited and steel. -- aluminum and ill. and $11 billion restructuring could take five years. former fiat chrysler boss has died at the age of 66. he had surgery on his shoulder three weeks ago but suffered consultations and his health rapidly declined. he drove the merger with bankrupt chrysler. he is credited with turning to dysfunctional car companies into the seventh largest manufacturer in the world. appearsricket superstar on course for an election victory in pakistan. his opponents are already crying foul. his movement for justice party is ahead of the pakistan is one leave -- muslim league. he fell short of the majority needed to form a government without a coalition. day, onews, 24 hours a air and at tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. yvonne: thank you. facebook faltering. looking clo

like the walking dead they've lost fifteen kilos it's really help for everyone else she share in the g.m. has lived here for twelve years he says that while port delish apparel has had a history of drug problems it's now spiraled out of control today the situation in port the lash up is catastrophic dorothy's of left us here with a slam full of crack addicts it's eating away at the community on the hill there are five hundred people who are doing crazy things annoying the locals they're aggressive they steal we have all sorts going on here about five years ago there were around a dozen of them we saw them we knew them but today it's five hundred and the state has completely abandoned everyone stuck in traffic we see some men demanding money from drivers they claim it's for food but local say the money goes on drugs and despite a continuous police presence nothing seems to change some officials are now claiming this is the crack capital of france the scale of the problem is such that put the chapelle is the biggest selling point and consumer of crack in france the people who live in port

with often state controlled chinese companies and have submitted to the required technology transfers g.m. now makes and sells more vehicles in china than it does in the u.s. and this is what he says we need to do with china as extracted this wealth creation they've forced these companies start start creating wealth inside china through their tariff system and this is what china is trying to do so well you know let's revisit the concept that we've discussed on the show many times prices are at wal-mart are cheap because people have given up their jobs to chinese manufacturers who can do the same thing for you know ninety eight percent cheaper and so the illusion is that the american lifestyles are falling apart because even though you're making a lot less you are getting the same stuff at a much reduced cost the illusion again you're right the illusion so now if the game . i'm of that particular trade nightmare and what trump is saying hold on let's move those jobs back to america by imposing tariffs to equalize the trade picture and move toward a post china extraction model you know wher

the words the g.m. . once said it was their. fault if you say show it. in that manner. last year around christmas time and you want to live. you know so bad. and. you know but then. then somebody has to do it. because if nobody ever stand up against government than the government always going to do whatever they want and you know maybe i didn't make a huge impact but even if i made a little little impact and other people made little impact here and there and at least it controls them a little bit honestly i want to go back to. my country to train. for those little tree they frickin stabbed me and they took away my kids basically. for nothing more then. basically telling the truth. they burn that bridge with me i don't want to go back. i would go back to see my children. but i don't want to. i have no desire to go back there live. now on legal in russia lovely russia so big. that even donald trump could build a wall here. we are against any kind of presidents of the united states you know region if they want to continue their human will you know any policy we mean really

g.m. gets the rest.y're hoping people will buy higher priced vehicles so they can offset the payments by renting. anne-marie. >> diane king hall at the new york stock exchange. thanks a lot, diane. >> all right. thank you. >>> still ahead, we have a mega millions winner. last night's drawing made someone a half billionaire. where that ticket was sold. that's coming up. i wanted it to last. so i kept on fighting. i found something that worked. and keeps on working. now? they see me. see me. see if cosentyx could make a difference for you- cosentyx is proven to help people with moderate to severe plaque psoriasis... ...find clear skin that can last. don't use if you're allergic to cosentyx. before starting cosentyx, you should be checked for tuberculosis. an increased risk of infections and lowered ability to fight them may occur. tell your doctor if you have an infection or symptoms. or if you have received a vaccine or plan to. if you have inflammatory bowel disease, tell your doctor if symptoms develop

oh it's a g.m. . you say show it. in the. last year around christmas time and you want to live. you know so bad. and. good but then. then somebody has to do it. because if nobody ever stand up against government then the government always going to do whatever they want and you know maybe i didn't make a huge impact but even if i made a little little impact and other people made little impact here and there and only said control them a little bit honestly i don't want to go back to. my country betrayed me but i was the only tree i think for can stab me and they took away my kids basically. for nothing more than. basically telling the truth. they burn that bridge with me i don't want to go back. i would go back to see my children. but i don't want to. i have no desire to go back there to live. now in legal in russia lovely russia so big. that even donald trump could build a wall here. thanks guys or financial survive until they save money the bell of. course it is it is the central banks the four diagram is kind of carbon right now so you start to. so you will be in the to show no

as a journalist i often talk about these folks in bad pilots who are less local g.m.i just back my day by checking all all those jobs finding out what people are talking about what is moving them. my father taught me how to ask uncomfortable questions about my country and about to board that is why i keep going to this day my name is fadi school and i work at g.w. . this is news live from berlin a verdict has been handed down one of germany's longest and most notorious neo nazi murder trials got to chase but has been found guilty of a string of racist murders crimes that shocked the nation still struggling to atone for a dark nazi past. the only surviving member of the neo nazi cell known as the national socialist underground today after a mammoth five year trial she finally heard her fate. also coming up donald trump is in brussels for what's expected to be a fractious and nato summit he.

london is notting hill neighborhood it's the distillery a hot spot for the capital's favorite spirit g.m. . but you can do more than just drink yeah. the house was opened by london's portobello road gin distillery. we were it's a big hub for the brotherhood you see we're also over jimmy london really so we've got a deal everything you could ever would of historical museum to browse of specialized . especially gin shop as well for the if you're the state of the distillery town as well so yes the are your one stop shop for all things jeered in the bar on the ground floor the hard stuff is stored in old wooden casks. while stands on the first floor the gin tonic a restaurant serves gin and tonic with more than one hundred sixty kinds of gin on offer from all over the world and those projects are literally on the. you know we specialize in very worship of the killer spanish style so it's a copper serves the thinking behind that is that you see a particular gym with a particular tarik of a particular garnish where all the flavors work together so we want to a wide array of rituals for followe

london is notting hill neighborhood it's the distillery a hot spot for the capital's favorite spirit g.m. . but you can do more than just drink yeah. the house was opened by london's port we want it to be for the brother of the whole village she was also for julie london really so we've got to deal with the good over of this story. to browse of specialized. especially shoppers well for the if you're to stay there like distillery can as well so yes your your would stop shop for all things job in a bar on the ground floor the hard stuff is stored in old wooden casks. while stands on the first floor the gin tonic a restaurant serves gin and tonic with more than one hundred sixty kinds of gin on offer from all over the world and those projects are where we are well. here we specialize are very worship the feel of spanish style. the thinking is that you see where a particular journey with a particular topic of a particular gathering where all the flavors work together so we want to a wide array of regions for fathers. in deference to spain's rather surprising first for the gin and tonic cockt

the g.m.rs and tourists keep the store open. >> what an interesting concept. >> remember those drop boxes? >> no late fees. this is a test. test. this is a test. [ cheers and applause ] ♪ >> steve: from studio 6b in rockefeller center in the heart of new york city, it's "the tonight show starring jimmy fallon." tonight, join jimmy and his

look like the walking dead they've lost fifteen kilos it's really help for everyone oh she's shown the g.m. has lived here for twelve years he says that while port delish apparel has had a history of drug problems it's now spiraled out of control today the situation in port the last is catastrophic dorothy's of left us here with a slum full of crack addicts it's eating away at the community on the hill there are five hundred people who are doing crazy things annoying the locals they're aggressive they steal we have all sorts going on here about five years ago there were around a dozen of them we saw them we knew them but today it's five hundred and the state has completely abandoned everyone stuck in traffic we see some men demanding money from drivers they claim it's for food but local say the money goes on drugs and despite a continuous police presence nothing seems to change some officials and they're claiming this is the crack capital of france the scale of the problem is such that put the chapelle is the biggest selling point and consumer of crack in france the people who live in port

much as they have been trying to get more into driverless technologies they are way behind let's say g.m. or of course away more google offspring and now they're getting into at least their market maybe they can learn from them i don't know but they want to bring in some taxis over there going to be a regular caps for regular people can call these caps using apps and that's just going to be a driver in there just a person of course still controlling the entire system they haven't said how much they're investing in that they haven't said how many caps that will be but they at least bring that technology over and see that they learn from the partners their german companies finally getting into gear when it comes to innovating in that space last held in front but thank you very much for that. and that wraps up the business let's get a reminder now of the top stories we're following for you. it was more germany's longest and most notorious near nazi murder trials judgment call to sentence defendant be out of cheaper to live in. on ten counts of. the national socialist on the ground. whose me

approve amend manned no 5 to cs-716 authorize g.m. to excuse increasing by $2,415,000 for an agreement of $30,915,000 and extending the term by 13 months for agreement duration of 16 years, 10 months. >> i move approval. >> second. >> president kwon: before we vote, any public comment on item 15? with that, all in favor? opposed? approved. item 16, other commission new business. anything, commissioners? okay. with that, this meeting is adjourned. thank you, all, for your time. >> san francisco parks, golden gate park transforms into one of the greatest music festivals of all time, let's journey, inside, outside land. ♪ >> to this, our 6th year doing the outside lands and our relationship with san francisco, rec and park. and we work very closely with them in the planning and working very closely with the neighborhood organizations and with the city supervisors and with the city organizations and with the local police department, and i think that the outside lands is one of the unique festivals in the world and we have san francisco an

with often state controlled chinese companies and have submitted to the required technology transfers g.m. now makes and sells more vehicles in china than it does in the u.s. and this is what he says we need to do with china as extracted this wealth creation they've forced these companies start start creating wealth inside china through their tariff system and this is what china is trying to do so well you know let's revisit a concept that we've discussed on this show many times prices are wal-mart are cheap because people have given up their jobs to chinese manufacturers who can do the same thing for you know ninety eight percent cheaper and so the illusion is that the american lifestyles are falling apart because even though you're making a lot less you are getting the same stuff at a much reduced cost the illusion again you're right the illusion so now if the game . name of that particular trade nightmare and what trump is saying hold on let's move those jobs back to america by imposing tariffs to equalize the trade picture and move toward a post china extraction model you know where a

>> g.m. indicated they felt like their numbers were not being properly understood.nk we have done a great job of covering that and capturing the nuance but that is my own perspective. i was confused, they said it would save money and they thought there would be less noise in the market. looks like a of automakers would be following. we thought today we would see a lot of announcements. no one has followed yet. i think because we have been able to report they tell the fed and important analyst with the results are and then the results get out. it is like trying to keep the information from the market isn't working. i don't think anyone else is going to other following. if we are wonder getting any color from these automakers on what demand looks like going forward with these different tariffs imposed on one another. they won't necessarily affect the numbers for the month quarter that just ended but any color that these executives are offering? far monitoring the ford car, a lot of demand for cars in general. that arethese sedans sold in the u.s. are made elsewhere in

that extends liability protection to any company that uses anti-terrorism technology or services and g.m. hopes that a federal judge will rule that their use of department of homeland security certified security company at the time of the shooting will make and the future civil lawsuits against the company not viable due to the protections granted in the act it appears that our litigious nature here in the united states truly knows no bounds. this is brutal this is group is a governor sorry lawyer you know democrats and republicans on capitol hill parade corporations out of this kind of like you know capitalism corporate thing. it is like oh they're brilliant they're wonderful we love corporations especially when they apparently so victims yeah that's the new rule like that's what the new thing now i know we've got to protect the corporate entity so let's sue the victims now granted they are suing them for money they're not like suing these people for damages but you know suing them to protect themselves from being sued is just boggles my mind and totally unnecessary oh my gosh i mean i

build a factory and china won't own any of it well china has their own regulations and we know that and g.m. general motors and b.m.w. they're all building and assembling cars are in the process of building more factories and guess what china owns half of them and he's going to need about five billion dollars to do it out of his own pocket when you partner with china you cut that cost in half and it will take about three years if you're super aggressive on building it which means you have to start like yesterday it's going to take quite a few billion dollars you've got to train employees and it would double the capacity i think that it's a very ambitious suggestion but to me it sounds like hype in order to raise money because he's burning through cash like nobody's business and soon as they make that two hundred thousands car here in the u.s. he's going to lose a seventy five hundred dollar tax credit and the competitors are going to have that available and that will hurt his sales all that's very interesting on the tax front lauren tesla is that the only one i read i don't it's news out to

provide a boost for the american companies making all these flags you might think well think again the g.m. how flag company and china's on the province is busy despite the trade war between their country in the us it's all about supply and demand and business is booming here even with all the buy american rhetoric at home the trump campaign has their reelection flags made right here in this factory geo how produces around ten thousand trump twenty twenty flanks per month factory workers here hope the new tariffs won't affect production. that run our lives. and tariffs ordinary people like us won't have any profit margin. it will be taken by the state . of course we hope it doesn't happen if they add more tariffs sales will gradually decrease a little the sales will drop on some flags if they get too expensive so we hope that doesn't happen. before long. but for now business is still booming with republicans in the us curing up for donald trump's reelection campaign by churning out thousands of american flags and reelection banners the trump family has been criticized for having their comp

it's not very good, in g.m. down over 6%. look at the damage there that we are seeing.top of the broad sentiment we've had which is on the negative side, data out for the week much slower than expected in june. may figures also disappointing. what is causing the slowdown? our bloomberg intelligence gaming analyst is here with more of the bad news. how bad is it? >> let's take it in context. june was a tough comparison month on its own. it's usually a softer month. you had analyst underestimating what came in from the world cup. we saw volumes down significantly, the luck factor on its own was below average, and if you take a step back, that segment makes up 56% of the gaming revenue. any impact could swing the entire month. onn you talk about just june its on, he really was an isolated situation. david: so what should i expect for the second half of the year? margaret: july is going to be a tough month. a between i percent last year, so get another tough comparison. own, it's very challenging. for the rest of the year, comparisons will start to ease and we will anticipa

development of the economy and society but it will definitely have long term geopolitical implications to g.m. . the new silk road crosses central asia the russian sphere of influence. and of the near food end and she jinping regularly affirmed their geo strategic alliance but this new chinese project could have a massive impact on the relationship between the two countries and in the long term it could do the same to the power balance in the whole of eurasia. if in the past the silk road was called the axis of the world if you control that road you control the world. china has. chosen the city of chong xing as the starting point for its new silk road. with a population of around thirty five million almost as many as beijing and shanghai combined chung xing is china's largest urban area. few people in the west have actually heard of chong xing but this mega-city on the young sea river is a symbol of the economic boom the country has been experiencing for the past thirty years. while growth is tapering off in the major industrial centers of long show and shenzhen chung xing is proving every da

it was a pradesh have destroyed hundreds of homes and large areas of the state of flooded paul china g.m. reports. seemingly endless to rental rains have flooded streets and the de lucia in the northern state of which are project has triggered landslides delays we've recorded dozens of injuries and deaths since friday night a large number of houses have also been damaged animals have been reported dead. six members of one family including children were killed when their home collapsed and home of the famous taj mahal rescue operations are underway and emergency crews are trying to clear roads and provide relief. all of our civil servants are in the field visiting those affected keeping an eye on the situation we are working together with residents and local officials using flood pumps to remove some of the water and doing whatever is possible. the monsoon rains between july and september provide much needed water for farmers across india but the annual rainy season is also responsible for the loss of life and property weather forecasters say more days of heavy rain are on the way. and we

united states with the regulators so they wanted the disney deal they got the disney deal now the new g.m. here is sky sky is a pay per view content provider throughout europe five countries twenty five million subscribers and fox owns thirty nine percent of sky so does is. good to acquire thirty nine percent of sky disney would like the rest of it comcast would like to buy sky comcast is probably going to get the sixty one percent that disney isn't going to get so they're going to have two companies that are going to have to work together or or here's a solution that's being bandied about hulu an o t t of course you know hulu that provides programming as well through streaming and webs and internet etc this thing already owns thirty percent approximately comcast own thirty percent fox owns the rest so this is going to wind up owning over sixty percent of hulu so comcast will keep their thirty how about comcast gives their rest of hulu to disney disney owns all of hullo and the thirty nine percent of sky goes to comcast comcast will own all of sky now that sounds complicated that ain't no