that crosses the line into bribery, i think you do have some very serious vagueness concerns with the hobbs act and on a services question -- justice kagan: can i ask -- justice roberts: sure, sure. it depends on who's making the referral or the call, right? in justice breyer's hypothetical, if it's a congressperson calling somebody and saying, could you look into this matter for my constituent, the person should look at it, i suppose, and then and that's one thing. if it's the president who calls and says, i want you to look at this matter for my constituent, that might exercise considerably more influence. mr. francisco: two things, your honor. first, you still do need to tell the jury that that's what they have to find. and here, the jury was never told in any way, shape or form that they had to find an attempt to influence. so i think that is sufficient, in and of itself, to, at the very least, require a new trial here. under these instructions, as the government itself seems to agree, any action within the range of official duties constitutes official governmental action. so justice ke

simon hobbs is here to walk us there you it.n, thank you very much. 6%, 7%, and the banks in just two days in general are down 16%. where you have profit warnings friday and month today elf insurance, certainly a broad rally on european insurers and then brutally pounded down. these are the landowners particularly in the uk, and particularly london focused, but again, realize where we've been in those two or three days, still down 22%. you'll see the home builders bouncing back, but again understand where we've been. a 7% gain on barrett, so over those two or three says, it's lost a third of its value. it's the areas of the market that is nor bouncing back. again, if you look at those two, relative to where they've got, is sticking for the moment. today a memo was sent out to staff, reassuring their customers, but there's still a lot of questions about their business model, as they look to whether they can trade europe the pound, of course, underlying that position that not everything is bound back. you'll see the pound that had

. >> reporter: behind me, you see hobbs road is closed to all but the residents who live here. that's because you see utility crews are, working to restore power to the communities. utility crews are working on dozens of power poles snapped like match sticks. hobbs road is closed because of all the work being done here. trees were torn by the tornado. tom and karen keller lost ten trees and have no electricity. >> problem with the power out here is we're on wells, so you don't have water, which means you don't have anything. >> yet you can still laugh because -- >> because nobody's hurt. >> reporter: glenwood high school has no water either. howard county parked a truck in front of the school with emergency water for residents. >> it serves to provide water for individuals who have wells. they can get potable water. we have available showering and things for charging your devices. >> reporter: a tree tore through the roof of this home as the tornado hit. two people were inside at the time. >> you could just hear the glass, you know, shattering and the breaking of the just every

. >>> let's send it to simon hobbs in new york city with a special guest. >> yes, welcome back to the new york university hospitality conference where all the bigwigs from the lodging industry are a assembled including the ceo of hilton which of course is currently involved in moving to a more asset-light tax-free monetization of the assets with two spinoffs, notably the property reit for $10 billion. how is life? >> life is pretty good. people are talking about a lot of things around the conference but fundamentally, i think they're talking about the fact that the fundamentals are still pretty darned good in our industry. we are on the same store basis, we are continuing to see decent growth. on a new unit basis, speaking on behalf of hilton worldwide, we continue to set new records. >> signing up of new hotels, developers. the virility of the business. >> we signed over 100,000 new rooms last year was the record. for us, i think a record in the industry. we are on pace to beat that this year. we continue to see new unit growth picking up. as you point out, it's a very exciting time

back to you. >> thank you, simon hobbs. >> when we come back, behind the russian hack of the democraticcommittee, and crowd strike is leading the investigation, the and the co-founder is going to join us live in a minute. [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be. >>> good morning. once again, i'm sue herera, and this is the cnbc update. donald trump says he is going to meet with the nra about new restrictions to keep people on a terrorism watch list to buy guns. his message was via twitter. >>> and iran says that his remarks will be lighting it on fire with a nuclear deal and his comments are aimed at donald trump. >> and the prosthetic legs of oscar pris or theous were removed for a hearing in his sentencing period. >>> and the pope said that ignoring the refugees makes us blind and deaf and unable to recognize t

so some of his stuff is goofy, to be hobbs. but in the macro view we know what hillary wants to do. it is a ra ray for us to give our hard earned money to the government to spend as they see fit with no return out there. how many shovel ready projects have we seen the fruition. i bet you could drive around and everyone here on the panel could say zero. yes she wants another dwight eisenhower. we know that government spending is inept. corrupt, wasteful. the other laughable part is she said clearly reform our tax code so the wealthiest pay their fair share. does she not know what we're doing now. the wealthiest don't pay their fair share. they pay more than their fair share. they paid an average tax rate of 33%. that is double what middle income people pay. now donald trump at least wants to lower taxes. let's read that as he wants to make government smaller. i don't see what's wrong with that. in fact if we had to look economic plan to economic plan, trump clearly has a plan that is going to drive our growth. >> and business start ups down. business closes up during this administrat

should be very showstop, simon hobbs, you're going to come on. j.b.going to join. >> yeah. >> lay off my sandwich. all right. >> exactly. >> i'll see you in a bit. >> all right. going where the good jobs are. that's how our next investor looks for the best opportunities to make money. steve leblanc is the co-founder of a private equity group specializing in commercial real estate. he's with us live from austin on set today. good to have you here. >> thanks. >> i couldn't think of a better time on a day where we get a jobs report. how should we read into this report today? so much of what you do focuses on where the good jobs are. >> absolutely. and if you look at the economy, s.t.e.m. jobs, science, technology, engs nearing, mathematics, those are the economies the advanced industry economies driving this economy. if you look at the unemployment rate among college graduates it's only 2.5%. 2.5%, it's half the national average. that's where the jobs are going. and 50 years ago you had employers decide where employees needed to live. today, employees de

and simon hobbs will have the breakdown. breakdown. professional at inves. it's a great first step toward protecting your money. before you invest, investor.gov. >>> europe closed 20 seconds ago, and simon at post nine. >> it is an incredibly important close, and it is the biggest shock to the european markets, and look at how the uk is affected down 3%, and the bigger fall, 7%, and 12%, and 13% that you are getting in the eurozone markets itself. the uk as i said to you before, it is a defensive index in nature and one-third is big tobacco and big pharma and big o oil, and the rest of europe because they fear that the eurozone project will unravel and it is hitting to a far greater extent. and sterling was the focus of night, and we have bid up to 11.50 in advance and then plunged lower as you can see to the end at 1.36, and that is a big movement there. and there are pockets of the london market that have been devastated, and notably the builder builders and the the property stocks. there is clearly a fear that there is going to be a slowdown in the proper

for "nightly business report," i'm simon hobbs in new york. >>> hertz is splitting into two publicly traded companies. that is where we begin "market focus." the company's board of directors has okayed the planned separation of hertz car rental and equipment rental businesses. the chain is expected to take effect on july 1. >> it will operate under herck holdings. the car rental will remain hertz global holdings. shares rose 7% to 10.77. >>> groupon has sold its indonesia business to a malaysian-based business k-fit. the groupon philippines will become a shareder and subsidiary. of k-fit. >>> devon energy will sell some of its oil and gas assets for nearly $1 billion. the company plans to divest properties in oklahoma as well as an overriding royalty in the northern midland basin. shares rose more than 4.5% to 37.56. >>> shares of adamus pharmaceuticals were cut in half. the food and drug administration denied the drugmaker approval for medication intended to treat anaphylaxis, citing limited studies. it will conduct additional testing and resubmit results by the end of the year. sha

some very do have serious vagueness concerns with the hobbs act.epends on who is making the referral or the call. if it's a congress person and saying body could you look into this matter for my constituent, the person look at it i suppose and that's one thing. if it's the president who calls look at i want you to this matter for my constituent, that might exercise considerably more influence. two things, your honor. first, you still do need to tell the jury that's what they have to find. and here the jury was never told in any way, shape, or form that an attempt to d influence. i think that is sufficient in at the very to trial here.er a new justice kennedy, in the letter being sent over from a senator ince that is within the range of official duties, that counts under the jury instruction as it is after all a settled practice of officials to letters.e kinds of that's why it's incumbent upon court to -- even though he was the governor of the state, mr. chief justice, he the ot try to influence actual decision. he simply made the same type of in an

also ahead today simon hobbs at the nyu hospitality conference.ood morning, simon. >> hey, good morning to you, carl, yes, the largest investment conference overshadowed somewhat by news percentage occupancy contracted in the first quarter of the year. big deals going down. we'll talk to those locked in namely of course marriott ceo arne sorenson and also ahead in the show talk to hilton which continues to transform itself with a $10 billion spin-off, now we know the name park hotel resorts and 69 hotels within that. more after this break on cnbc. what are you doing? getting faster. huh? detecting threats faster, responding faster, recovering faster. when your security's built in not just bolted on, and you protect the data and not just the perimeter, you get faster. wow, speed kills. systems open to all, but closed to intruders. trusted by 8 of 10 of the world's largest banks. it takesbut stealing itd work to eaonly took a few days. female announcer: protect your money. find out if you're dealing with a registered investment professional at inves

i'm carl quintanilla with simon hobbs and david faber at the new york stock exchange. to 18k this morning for the first time since april, but stopping just below that level. s&p up a touch to 2114, pharma and retail getting hurt, crude still above 50. >>> our road map for the next 60 minutes on cnbc, janet yellen clearly soothing the markets, global stocks rallying to their highest level in five weeks. we'll speak in a moment to goldman sachs david kostin, his thoughts on yellen's comments and where stocks go from here. plus, a restructuring at ralph lauren. the struggling retailer announcing plans to cut costs and shed real estate assets. that stock is tumbling on the news. and hillary clinton hits that magic number ahead of today's big primaries, what's next for the presumptive democratic nominee? we'll break down the race. >>> federal reserve chair janet yellen striking a generally positive tone on the u.s. economy warning investors should not overreact to last week's disappointing jobs number. our very own steve liesman has more on that this morning. hey, steve. >>

our thanks to bill griffeth who joined us the first hour and simon hobbs.t money." we wrap it up on "power lunch." thanks for watching. "closing bell" picks it up right now. >>> hi, everybody, and welcome to the "closing bell." i'm kelly ervans at the new yor stock exchange. >> and i'm bill griffeth. after that historic night where great brittain voted to leave the european union. it will be a very interesting last thundershower say the least. >> we have an all-star lineup of guests including bond guru bob miner, dallas president richard fisher, michael duffy and michael beal who predicted a selloff like this two days ago on the "closing bell."

simon hobbs, back to you. >> thank you very much, rick. arriving on capitol hill a short time ago. our own seema mody live in washington. an important state visit here, seema. >> reporter: it is, simon. invited by house speaker paul ryan will address congress momentarily where he will likely identify the key opportunities and investing in india's growth story from its intention to build out infrastructure, from its also importance behind developing nuclear energy to also constructing a landscape where u.s. technology companies can prosper. last night jeff bezos, ceo of amazon, did address the u.s.-india business council among others where he showed strong support for modi's campaigns and also announced $3 billion investment in india which brings total amount invested in the country to $5 billion. we know india's demographics make it an attractive destination for foreign investors, over a billion people, half of which are under the age of 25. so you have this young vibrant digital savvy audience that is using more consumer and digital devic

indiana, i think, or illinois i was using the browser and i downloaded an entire book of calvin and hobbes, and i slowed down the whole system in doing it. and the people were mad at me. the geeks were like, "what did you do?" and i'm like, "i downloaded a book." and they were like, "yeah, you messed up everything." and i'm like, "but i downloaded a book." and then were like, "but you messed up." and i go, it was the most ridiculous conversation. my whole point was, wow, you can download a book, that's something. i was really taken by that, for some reason, it really struck in my head that you can reach anywhere, anything, and i thought, "wow, this is gonna change and upend media in a massive way if you can digitize books, if you can digitize entertainment, if you can digitize anything, the whole economic underpinnings of your business is problematic. and i had covered retail for the washington post, and i saw all these retailers going under, and they were the ads, they were the ads, they were keeping these companies alive, and then classifieds, which had always been static, bad customer s

hobbs road is closed because of all the work being done here. trees were torn down or uprooted by the tornado. family and friends are helping clear the front yard of silvia and stan charles, who have lived here for 38 years. >> i was in the house. it sounded like enormous trains. i got pitch black and everything went >> we're providing water for individuals who have wells and don't have water. we have available showering and places for charging your devices. >> reporter: a tree tore through this home. two people were inside at the time. >> you should just hear the glass shattering and the breaking of the wood. just every bit of it you could hear like in full detail. >> we want people to be aware of the fact we have more storms coming as well. they've got to be mindful of the fact there could be another batch of storms coming in this afternoon into tomorrow. >> reporter: and howard county residents appear to be rolling with the punches. the power outages, the property damage, because they say the good news is as a result of the tornado no one was

simon hobbs, live from post nine of the new york stock exchange. carl qiintanilla is off.have sarah eisen. wilfred frost is there in europe, both will join us shortly. there you see the markets. stocks rebounding after two days of losses led by banks. energy stocks are priced to recover. no deal on safe haven recoveries, and around 147. we have some economic data, consumer comp tenancies. hi, rick. >> hi, and we'll keep that money number for a second. let's look at june richmond fed manufacturing fed index. we're looking up two or three, down 7, minus 7, that's the weakest since january of 2013. consumer confidence for the month of june, 98, the best read of the year, because we have to go back to october of last year to find a higher read at 99 and change. so, 98.0, best read since october on consumer confidence, and we are seeing a very small amount of selling start to come in treasuries, maybe it's the dur ability at least of 37 minutes in with regard to the strength in global equities and of course our own equity market. simon back to you. >> it's a 219 point gain on t

. >> welcome to the "halftime report," simon hobbs in score scott wapner.ther big sell-off, investors try to make sense what this means for the markets. this after stocked to raise $2 trillion in market cap on friday. the biggest drop on record as, of course, we trade or traded close to all-time highs. we are off the lows. important to say. we were down 300 points on the dow but have come back. ten-year notes, 1.46 is the yield there. the pound, too, is off its earlier lows. get reaction from our

. >> this is hobbs road, tornado alley. >> block party is out. >> the only source of the power, generators like this. cookout to thank the utility crews for the work after a destructive day. >> no one was hurt and no one died. no where you know has serious injuries, that is amazing to me. >> like we said, the tree debris is everywhere. look at this. downed power lines on the ground here. these are the repair crews over here. they are working on this. the work, still 2100 people without power. live in glenelg, maryland. >> thank you, rich. didn't mean to confuse you with steve. all right. look at this video. in the last hour metro released this inside the cleveland park metro station in last night's storms. look, a time lapse. you can see the people there standing on the stares and on the escalator. water just pours over the feet and down in the station. metro closed the station for several hours. they want to get things to dry out. 240 one was -- no one was injured. alison: we want to thank all of you who took time to send us video and photos. we can't be every what is happening in much as

simon hobbs, back to you. >> so months of brexit campaigning are overing. it's a day of reckoni for brits. the "financial times" opinion poll, 48% to remain, 46% to leave. take it away, guys. >> well, i would just say, simon, a few factors we're watching here on the day of the vote, first the weather, which you brought up. it looks like skies are clear, not raining right now. but thunderstorms are predicted. polls close tonight at 10 p.m. local time. then we'll start to get the early results after 12:30 a.m. midnight. of course we'll be watching the rain carefully because turnout is a factor. a lot of these polls leading up and in fact just the last poll that came out that we've gotten, 52% remain but it was very close. so there's an undecided group and turnout is going to be a key factor. the other thing we've been watching is just an appeal bip the papers, just wanted to bring you a sense of it from the front pages this morning. here's "the sun," very dramatic cover, framing it as independence day. that's a refrain you're hearing from the lead camp, led b

this is hobbs road. this is shut down. the neighborhood is sealed off. there is debris like this everywhere. thousands of houses are still without power. these are the sounds and the sights of a post-tornado clean-up. glen ellen, maryland. high pounds toppled a massive tree. samantha was with her brother in the laundry room when the storm roared through at 1:30 tuesday af it made it more scary. all you can hear is the glass shattering. >> this is hob road but more like a tornado alley. the utility crews are scrambling to make repairs. almost no one has electricity. for some it should have been worse. >> no one was hurt and no one died. no one had serious injuries. this is one of the power polls they are bringing in to replace the busted ones. i wish i could give you a sense of scale. how large this is. we are told this clearing down the road goes down for a mile. 2,100 people without power. reporting live, richard reeve, abc7 news. alison: a lot to clean up. thank you. perfect example of why you need to stay connected with the storm watch 7 team. on face

simon hobbs, back to you. >> thank you, rick.obal investors shedding stocks and commodities but perhaps most importantly buying government bonds even though the returns or the yields are often smaller than we've ever witnessed before. joining us now our very own mike santoli with more. it's rare you're in a situation where it's hard to overstate the scale of what is going on. >> absolutely. simon. i mean, the extremity of these moves in yields like $10 trillion or perhaps more perhaps in government and corporate bond yields below zero. it's been animating all other asset markets this whole phenomenon, and it's fouling some relationships that have been in place for a very long time. for example, notwithstanding today's pullback in u.s. stocks, you've had stocks here near all-time highs at the same time that global bond markets, at least historically this message they'd be sending would be something like threat of deflation, very, very slow global growth. but it's really set off this ongoing chase for yield globally. and basically

i'm simon hobbs with kayla tausche and david faber.arl quintanilla at the code conference in california. we'll get to him in a few moments time, but it's another soft opening here on the floor of the new york stock exchange down 110 points as you can see. a lot of concern about where we might go with interest rates. so a second soft day as now of course we enter june. >> and we do have breaking economic data at this hour. ism manufacturing for the month of may is out. rick santelli has that for us. rick. >> yes, indeed. and it's not good. start with the older number april construction spending dips down on a month over month down 1.8%. that's huge. we haven't been down 1.8% month over month since january of 2011, although there was a positive revision of 0.3 now standing at 1.5 for our last look. all right. let's get into ism, shall we? may number, the number is 51.3. now, 51.3 is definitely better than we anticipated. and it breaks the tie. over the last ten isms five have been under, five have been over. so finally we're doing more w

. >> simon hobbs, thank you. >>> when we come back, facebook has a big plan for the can lions, and weill have a cnbc exclusive. and paul ryan is set to speak in the weekly briefing taking place, and trump, and the democratic filibuster, and we will bring you all of the headlines and monitor that conference on the other side of the break. >>> next week, the lashrge ares advertising conference kicks off in caanan. and first mobile is going to be pushing out a new mobile ad from facebook. they are going to announce new tools for advertisers to build more campaigns on the mobile, which is of course, a huge percentage of the company's revenue. facebook's engagement is growing with more than 1.5 billion people accessing the site through mobile. we asked mark darcy, the company's chief creative officer about that push. >> connectivity is what we will be talking about it in caanan, and the industry is fragment ed into a lot offer a yas, and one of the big things if we are going to be moving together closely to the seize the mobile opportunity in front of sus to get the talents inside and outs

. >> historian and author richard hobbs writes about the tacoma narrows bridge in his book, "catastrophetriumph." >> people would come out on a windy day when there was extra bounce in the bridge and walk across. the motion could be fairly dramatic. >> but some find that wave-like motion harrowing. >> as you drove across the bridge, you could look ahead and the car in front of you maybe 100 yards would absolutely disappear as you went down into the bottom of one of these troughs. it was unnerving to a lot of drivers. many who crossed the bridge swore it would be the last time. >>> and on that windy autumn day in 1940, it is the last time anyone crosses that bridge. >> about 10:00, the bridge began to move in ways it had not moved before. the undulations became higher and the ripples across the bridge were verging on dangerous. >> at about 10:15 a.m., one of the bands holding the suspension cable breaks, causing the bridge to move not only up and down, but back and forth. >> once that started, the bridge increasingly began to twist. there was a car that had been trapped out on the bridge.

and what do you have, simon hob hobbs?> with the bounce this morning, the gdp has been are revised up for the eurozone of an annuallized growth rate of 2.2%, which is not bad, but it is likely to deteriorate from there as the inflation expectations, and there is a major rally under way in the eurozone bond market. tomorrow is the day that the european central bank is going to start buying the corporate bonds as a part of the qe 2, and the bonds have been moving in anticipation of that. and the 5.4 basis points, but we were down to the two-year chart here, and you can see the low there of 4.9, and bill gross said it is the short of a lifetime, and now we are back down to the levels ashsped it is a rally, with the prices higher and the yields are lower right across the eurozone. and also with the pound, the pound rocketed higher in the middle of the asian trading today, and lot of the people are saying it is a fat-fingered trade because of the size of the move that we got, and we have eroded it down, and over the week, earli

simon hobbs, back to you. >> thank you very much, rick santelli. the burning question of the morning of course how much of a game changer is today's employment report miss? steve liesman has more at hq. morning, steve. >> simon, i'm hearing a lot of stuff here about this report, shocking, surprising are the numbers coming from wall street analysts as anxiety grows about growing economic weakness just beyond the jobs report. one thing it says to a lot of economists all agree on not june for the fed. barclays writes even more. they go the may employment report also poses risk to our baseline outlook for a september rate hike and increases likelihood that any subsequent move by the fed to raise rates may not happen until december. so put it off a couple months according to barclays. cnbc did a little calculation this morning, this is the eighth worst forecasting miss by the street since december 2003, 145 months, we went back as far as back as our data goes. a miss of this magnitude usually but not always comes with a bounceback the next month relativ

. >> welcome to the "halftime report," simon hobbs in score scott wapner. another big sell-off, investors try to make sense what this means for the markets. this after stocked to raise $2 trillion in market cap on friday. the biggest drop on record as, of course, we trade or traded close to all-time highs. we are off the lows. important to say. we were down 300 points on the dow but have come back. ten-year notes, 1.46 is the yield there. the pound, too, is off its earlier lows. get reaction from our panelists. stephen weiss, joe turnover, sarah sethi and pete najarian. bottom u bottoming? >> no, lower. thursday the last time i was on the show and thought too close to call. that remained the outcome, too close to call. a risk off situation, even before the vote. i had concerns be a the u.s. market with expanding multiples while earnings peaked. profit margin peaked actually a year and a half ago. between one and four years after a profit peak in the u.s. you get a recession. this is a huge, huge unknown. nobody knows what the next step is. britain doesn't e

i'm simon hobb in for scott wapner. clearly, a market comeback. a panel of experts for the hour, joe tear nova, stephanie link, jon and pete najarian. after that massive sell-off that saw $3 trillion in market cap lost around the world. major indices higher. oil in rally mode. dollar in the treasury selling off a bit. are we looking at a head fake rally or some real stability? >> doesn't feel like real stability. does it, guys? >> we opened up. then sold off. and just sat there. >> didn't feel like people were committed to it, simon. >> stability is the first thing that you need, after you lose the bullish momentum you have carried in the marketplace since february, markets don't go straight, bullish to bearish in terms of trends. first thing you want is stability. so -- >> hang on. isn't there a short covering element, when you've made so much on the shorts before you get to -- >> oh, i don't know necessarily that this was a market that can be described as short, just three days ago. a market that actually was very long and you're seeing position

simon hobbs, thank you. >>> when we come back, walt mossberg's interview with jeff bezos was clearlye highlig highlights of the code conference last week. >> and in the golden globe, it is is going to help us sell more shoes. >> when we come back, walt's top takeaways from the interview when "squawk alley" comes back. everybody. i'm sue herera, and this is the cnbc news update at this hour. maria sharapova has been suspended for two years by the international tennis federation for testing positive for a drug at the australian earlier in the year. she released a statement saying that she is going to be appealing that ruling. >>> and egypt air passenger plane en route from cairo to beijing was forced to make an emergency landing in uzbekistan after what egyptian authorities said was a false bomb threat. and paris' premier museum the louvre has been reopened after being closed to move masterpieces above ground. the closure cost the louvre an estimated $1.7 million in unsold tickets. >>> thousands are lining up in louisville to get tickets for the service memorial for muhammad ali, and t

>>> welcome to the "halftime report" i'm simon hobbs in nor scott wapner. reacting historically to britain vote to leave the european union, and how the markets are reacting. in fairness to the open of the s&p 500, and we were down 3.5%, and so we have come back no nonetheless, and it is a pounding across the board, and let's look at where we are on the fixed income market, and there is a flight to quality and sterling however has been under pressure, and currently down 8.4%, and yesterday, 1.50 and 1.36, and the euro is similarly reacting as people are getting a look at the euro project, and gold is a trade higher, and crude is at 7.91, and so at this hour, really, for what you should do with your portfolio, jim lebenthal, and josh brown and jon najarian, and joining us is a jpmorgan global strategist. and sara eisen is on the ground on the day after this historical vote. >> simon, the destiny has been voted on outside of the eu, and today, the people are expressing surprise and shock, because they had originally voted to stay in the, u while a majority of

so, if you got that human nature, and that's where thomas hobbes starts. he said this is what you need to solve it. that was the beginning. then we have the three scottish enlightened scholars, francis hutchison and david him, who says we do have self-interest, but we also have this thing called in a benevolence. benevolence. it's really little, but it's there. how do they know that? david hume experiences this benevolence, with a benevolence is such a good thing. we evaluating others, we value within ourselves. he believes that the part of human nature. francis hutchison will tell you that god gave that to us so we would get along. david hume said it's part of our nature, we are born that way. he doesn't know how it got there. adam smith also believed was part of our nature. then we had this little gizmo of caring about others. it can be shrunk, and it can be expanded. so here's where we start. this is where we start with any public policy, with anything that the scots would write about. under it all was of course we have self-interest. but we also have t

that was much less string ent than the federal regime and the government wanted to use the open-ended hobbs act to fill that gap in what they perceive is the state law. i would respectfully submit that is an inappropriate use of federal power. >> thank you, counsel. mr. dreebin, could i invite you to return. our records reflect this is the 100th argument before the court. you are the second person to reach this milestone this century. i recall your first argument in january of 1989, throughout your career you have consistently advocated positions on behalf of the united states in an exem particularry manner. on behalf of the court, i extend our appreciation for the many years of advocacy and dedicated service deuring the tenure and officer of this court. we look forward to hearing from you many more times. thank you. the case is submitted. >> this afternoon foreign policy and national security experts on the future of nato. among the speakers, former nato ambassador nicholas burns, live coverage at 1:30 eastern on c-span. >> later this afternoon, current and former white house officials fro

this is the rabble. ,o back to thomas hobbes without the iron fist of church or state life would the nasty, brutish, and short. being the first of modern-day conservative philosophy spurs. -- philosophers. kirt predicted there would be got if the middle classs too big. so let's slow down the pace of stuff. he understands the arc of history. wrong with that. legitimate worldview. his book had been out for a couple of decades. a soft-spoken lawyer , i spokesented tobacco with him, read about him, watching videotapes about him, and have come to the conclusion that he was actually a good and decent man of good heart and thought he was doing the best for his country. there was no villainy in this. in 1971 it looked like russell kirk's production was coming true. young people were having sex like no tomorrow. women were demanding the right to participate in the work place. young people were smoking dope and taking lsd and saying i am not going to the war and -- you had thens civil rights movement. cities that were burning. gay people saying, what what about us? in 1979. happened it was as

we're joined by simon hobbs. over to you. >> hi. richard, it's interesting.re talking about consolidation in the industry and where the growth is. you've obviously got them doing the big deal, hilton spinning off various bits to try and beat truer plays. where does intercon ttinental f in on this? >> i think when you look at the industry. scaling is important and we have scale. we just got over 5,000 rooms. 1,200 in our pipeline, so we have about 5% of the world's room, 13% of the future's missline. we bought little deals, tholes and restaurants last year. great brand. best largest boutique business. we launched brands in china, even hotels in the u.s. i think we have scale, great brands. we're well placed. >> but the truth is you were part of that conversation. i mean it was 2 1/2 years ago that the original saw it. you were in talks with the chinese. you basically bid around everybody, correct me if i'm wrong. >> you are wrong naturally. >> who did you talk to? >> i don't comment on rumors. there are always rumors around us. scale matches the industry. you

simon hobbs, back to you. >> thank you. >>> and of course, we have "squawk alley" on deck.preview of the next hour on cnbc. good morning, jon. >> yes, coming up in a few moments. sumner redstone does not trust the board, and so we will dig into that. and the cia director is not happy with jack dorsey's level of cooperation. and we will talk about the amd predictions, and does it go higher from here? all of that is coming up on "squawk alley." >>> good morning. it is 8:00 a.m. at twitter headquarters and 11:00 a.m. on squawk street, and we are live. ♪

simon hobbs, back to you. >> you put it in a very succinct way, rick.ou very much. >>> coming up on the program, huge win for cleveland in the nba playoffs last night. the next game friday, and viewership, importantly, setting records. the head of the nba players association will join us next. >>> and here's a live shot of the white house. bernie sanders, of course, set to arrive for his meeting with president obama any minute. the big question, who will make a statement and exactly what will they say following that meeting? (speaking japanese) oh watson, your japanese is very good. thank you. (speaking japanese) exactly. i can understand nuance, context and idiom in seven languages to help companies all over the world with everything from retail solutions, to banking, to cyber security. (speaking japanese) every year, the amount of data your enterprise uses goes up. smart devices are up. cloud is up. analytics is up. seems like everything is up except your budget. introducing comcast business enterprise solutions. with a different kind of network that

i'm simon hobbs with david faber.far as the markets are concerned, let's have a look at where we are on stock market and indeed oil. private sector hiring rising, the adp figures that the market remain buoyant. energy stocks leading us lower. >> and our road map starts right there. opec fails to resolve a consensus on a ceiling. >> and it's the biggest cash infusion from a single investor. uber getting a $3.5 billion investment from saudi arabia's public investment fund. we'll talk to competitive grab on how it's competing with the ride share and giant. >> and another company going public today. nant health will debut but the ceo just took a large stake in tribune. we'll speak with him later on this hour. >> let's start with oil falling in trade already as opec fails to agree on a production ceiling. opec leaders meeting in vienna. oils coming off a four-month winning streak, as you'll be aware, its first since 2011. for more on the second half of the year and where opec goes from here, we're joined by michael cohen,

our thanks to bill griffeth who joined us the first hour and simon hobbs. we'll see you at "fast money." we wrap it up on "power lunch." thanks for watching. "closing bell" picks it up right now. >>> hi, everybody, and welcome to the "closing bell." i'm kelly ervans at the new yor stock exchange. >> and i'm bill griffeth. after that historic night where great brittain voted to leave the european union. it will be a very interesting last thundershower say the least. >> we have an all-star lineup of guests including bond guru bob miner, dallas president richard fisher, michael duffy and michael beal who predicted a selloff like this two days ago on the "closing bell." >> using data that sort of -- an amalgamation of data that we don't arch put together. it's very interesting his kind offer er, we'll get to thachlt in the meantime, we have full day coverage. bob pisani has been covering it for us. bertha coombs at the nasdaq market site and wilfred frost is live for us once again in london with what may be next for the uk. bob, why don't you start us off here.

i'm carl quintanilla, sarah eisen and simon hobbs.o be talking about some brexit results. oil trying to recover, back above 47. the saga at viacom raging on as redmond moves for a major overhaul of the board. good morning, jane. >> is summer redstone really calling the shots? on the east coast, the ceo going to work today. but fired, board member fred salerno said hold on. he wants the court to look at whether sumner redstone is really in charge because his, quote, physical andme mental conditions have declined and unsatisfied with sherry redstone. "unsatisfied with assets now worth more than $1 billion derived from gifts her father gave her." felipe dauman may be fired. he has a golden parachute of $50 million. something tom preston was asked about last night. >> one could argue about his contract. it was approved by the board, contractually he deserves it, yes. does he deserve it in the performance of the company? probably no. >> stock was up and viacom upgraded to 25% below what the street was expecting, the current board blaming i

this is the rabble. ,o back to thomas hobbes without the iron fist of church or state life would thety, brutish, and short. being the first of modern-day conservative philosophy spurs. -- philosophers. kirt predicted there would be got if the middle classs too big. so let's slow down the pace of stuff. he understands the arc of history. wrong with that. legitimate worldview. his book had been out for a couple of decades. a soft-spoken lawyer , i spokesented tobacco with him, read about him, watching videotapes about him, and have come to the conclusion that he was actually a good and decent man of good heart and thought he was doing the best for his country. there was no villainy in this. in 1971 it looked like russell kirk's production was coming true. young people were having sex like no tomorrow. women were demanding the right to participate in the work place. young people were smoking dope and taking lsd and saying i am not going to the war and -- you had thens civil rights movement. cities that were burning. gay people saying, what what about us? in 1979. happened it was as if e

plus, mellody hobbs on now the brexit vote could affect the united states.o have gone out the window. at this hour still about a dozen house democrats on the floor. >> hasn't the speaker adjourned congress and said go home until after the july 4th holiday? >> he has. that doesn't mean we can't continue. >>> trying to steal his message against hillary clinton. >> if she ever became president, god help us. >> this is one of the bricks torn from the facade of this gas station and tossed like a tennis ball. it's a wonder that no one was seriously hurt. >> 80 people on board when the man thought to be in his early to mid 20s made a verbal threat to the aircraft. >> this is more than about choosing a new leader. it's about whether britain remains part of the biggest trading bloc in the world. >> if you're looking for a good used car, you undoubtedly want one that's safe. are dealerships selling used cars with dangerous recalls. >> burger king released warm mac and cheetos. for $5 more an urn. a wonder that no one was seriously hurt. >>> i'm charlie rose with gayle

simon hobbs back to you. >> coming up don't miss our exclusive with the ceo of microsoft, satya nadellabe right back after this break. thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it? you do with comcast business. it's reliable. just like kung pao fish. thank you, ping. reliably fast internet starts at $59.95 a month. comcast business. built for business. >>> less than a week after the uk voted to leave the eu president obama telling npr there's more hysteria than actual impact. take a listen. >> there's been a little bit of hysteria post-brexit vote as if somehow nato is gone, the transatlantic alliance is dissolving, and every country is rushing off to its own quarter. that's not what's happening. >> to break down brexit's impact on u.s., we're joined by the head of north american sovereign. charles, when you listen to the president say it's not as if every country is running i

allow that, it's not for the federal government to come in and fill in the gaps or the use of the hobbs act. >> let's turn to another case that i think many people were at least fearful of or regarded the outcome as a surprise. jennifer dowman is the director of the reproductive preem project at the aclu and does an enormous amount of work around the country. >> it's wonderful to be here and it's wonderful to be here celebrating a victory. so this was an enormous victory. [ applause ] >> this was an enormous victory obviously for women and families in texas. but this is an enormous victory for the country. and why do i say that? it's really for two main reasons. the first is that the court said in crystal clear language that states can no longer rely on sham justifications to make it harder for women to get abortions. that will have repercussions throughout the country. second, the court also made clear that even if there is some state interest that is furthered by the regulation and here there was none, even if there is some state interest that is furthered, that's not enough. you have