i know that you have left hsbc, but you still represent an importantand left hsbc, but you still representinfluentialforce. i think when people west such a retreat into the idea of nationstates, it starts to define itself as asked against them, whoever they might be. globalisation was once a desire or mechanism to reduce the dam in the world. it was us reduce the dam in the world. it was us altogether. some might dispute that. but it is dramatic reductions in terms of global poverty of the last 30 or 40 years, you could say that this a great powerful and in economic terms a very successful story. but when you return to the nationstates and start talking about us nationstates and start talking about us and them, you end up with a much more antagonistic relationship between different countries around the world. and the most obvious antagonistic relationship that might exist in the year ahead is the existing superpower and the aspiring superpower, namely the relationship between the us and china. and then going back to the pre—post—columbus world, if you go back and look at all these chinese

i provided advice to hsbc, andi powerful.hsbc, and i provided advice to many people. i did not have the power to give those kinds of results. ok, so, you were not the architect of the system, you were a happy and comfortable cog in the wheel, if you like. you must thought about this in 2007—2008, when you saw the fallout of the crash which affected many people. it is worth remembering in the period before 2007, there were warnings about what might happen. no one got the whole story. i was writing in 2003, 2004, about the dangers of the us housing bubble, for example. clearly, house prices were rising quickly. look at the us at the time. there was little willingness to listen to these warnings of danger at that particular time. in hindsight, there was a bubble. look at the attitude of the us government at the time, whether it was the administration, congress, they were in favour of saying we need a property—owning democracy. we need more people owning property. look at regulators. they were happy to allow the growth of so—call

and former chief economist to hsbc bank.alisation stuck in reverse gear? stephen king, welcome to hardtalk. thank you very much. i think given the dramatic nature of recent political events in the uk, we have to start with britain, and then move our perspective to the world as a whole. but uk — we have just seen an election that has brought about a hung parliament and a sense that nobody knows really what the government theresa may forms will actually do about brexit and a whole host of other challenges. do you feel a deep sense of incoherence and uncertainty in britain? there is. because the vote on brexit originally was 52—48 in favour of leaving the eu, 48 for remain. and for those who wanted to leave, there were really a variety of different views as to what people wanted. one group may say they had a nostalgic view of things in the past in the 1950s and 1960s when globalisation and europe was not getting in their way. others said the eu was far too protective, that we are better off outside of it to recover productivity

it is notjust for hsbc customers.for every corner of the uk there is a fund to access. we genuinely hope it will give businesses the oxygen to grow and hopefully do more overseas with export as well. this is a good time for businesses to borrow money when interest rates are low. but we were just speaking to jane a moment ago about bank of england committee members possibly trying to move towards an interest rate hike at some point in the nearfuture. might that mean less demand for these loa ns ? that mean less demand for these loans? ijust caught that mean less demand for these loans? i just caught the that mean less demand for these loans? ijust caught the end of that interview. what was coming across is, is there a genuine interest for interest rate rises now? there will be very little chance of a rate increase this year. i think it is still a great time to be borrowing money. i think money is as cheap as it ever has been. we help small businesses will take advantage of it and keep pushing forward and help the uk ec

steven major from hsbc.eminder, if you are a bloomberg customer, you can do what i am about to do. but up the tv function. this is the landing page you end up with. like on the tv page, wait for the tv screen to come to you. you can pull it back, put it at any point in time throughout the morning, and you get this get ar that allows you to data check. pull up some of the charts we are using. if you have a question for stephen, this little blue button is what you want to press. it accesses the ib function. you can get a sense of where these markets are going. coming up, public treasury markets. this is bloomberg. ♪ ♪ 43 minutes past the hour, 7:43 in london. let's get a business flash with juliette saly. juliette: google executives will wake up this morning to the largest antitrust fine in european history. europe's competition commissioner may also require the search giant to feature listing prices more prominently in shopping searches. a business that has grown quickly to account for 1/5 of the profita

. >>> hsbc has cut the burberry stock rating citing lack of top line visibility. it comes amid a challenging time looking for a fallen four year profit and is waiting for the revival. and the managing director of the international monetary fund says current organization is willing to go up to the next round of the bailout. she said the imf is prepared to give creditors more time to agree on debt relief measures. it will improve the payment of the bailout. the ecb's latest monetary policy decision due on thursday. the european central bank is expected to acknowledge the improving european growth outlook but it's not on interest rates. is this when it needs to be a little bit more hawkish? >> hawkish is maybe a little but much but i think less dovish. they remove their bias and balanced in the outlook and remove the language specifically. clearly survey data and pmi data and quite meaningly to the upside and not the down side but they'll be more balanced in the outlook and that will pave the way to the for them to by the end of the year announce it. >> it had a lot

hsbc promises £10 billion infunding for business.hsbc promises £10 billion in funding for small firms, but what difference will it really make? i will speak to the boss later. in sport, england's paul casey is the pick of the european challengers at the us open. a first round of six under par sees him just a shot off the leader rickie fowler at golf‘s second major of the year. and sarah has the weather. thatin that in about ten minutes. first, our main story: police are warning they may never be able to identify some of those who died in the fire at grenfell tower in west london on tuesday night. 17 bodies have been found so far, but the number of fatalities is expected to rise significantly. andy moore reports. the first victim of the fire to be officially named is mohammed alhajali, assyrian refugee who came to britain for a better life. his brother was led to safety by firefighters but in the chaos and confusion bahama got left behind. firefighters but in the chaos and confusion bahama got left behindli called confusion bahama got

hsbc global asset management global chief cio joining us.eature on the bloomberg we would like to bring to your attention is the interactive tv function. you will not only be able to watch us live but also see previous interviews like the one we just did. dive into the securities or functions that we talk about. for bloomberg subscribers only. this is bloomberg. ♪ ♪ haidi: a quick check of the business flash headlines, australia's biggest insurer is putting more money into global bonds and infrastructure in a bid to get refuge from low yields. they see opportunities in securities outside australia. the head of investment said they are looking for high-quality debt from no financial companies. betty: amazon will try to keep whole foods reputation for premium quality while cutting process test rices are you they will change products to help with competition from walmart and big-box retailers. it has been in its worst sales slump since going public in 1992. hong kong's central bank said the dollar has served them well and should stay. germans a

. >>> ibm is building a block chain base platform for seven banks including hsbc and deutsche bank itill simplify transaction force small and medium sized companies. >>> nvidia unveiling a joint venture with volvo and auto liv. the partnership is part of an effort to develop software systems for self-driving cars. >>> l'oreal and natura signing a contract for the body shop sale. the company announced talks to sell the body shop for 1$1.1 billion. >>> keep your eye on shares of alphabet or google a news conference will be held at 6:00 a.m. eastern sources say she will announce a verdict on the big anti trust case against the company eu regulators are expected to impose a record fine on google over its shopping services this was a long time coming. could be as much as $1 billion >>> on wall street, the consumer and the fed are front and center s&p case-shiller home price index at 9:00 a.m., followed by the monthly consumer confidence index at 10:00 a.m janet yellen will give a speech at the british academy in lonten at 1:00 p.m. and we had hear from philly fed president, patrick harker

by contrast, hsbc has confirmed it will relocate 1000 jobs to paris. both cities have been competing to attract british banks and so far it is advantage, germany. >> it is a question of bonuses. are they limited by the law? not in germany. >> flexible laws, cheap office space and international appeal, a long list of artemis to seduce british banks coming to frankfurt. fromhasn't stopped paris courting the u.k. financial sector to dispel prejudice surrounding the french labor code, often seen as too rigid by foreign investors. >> we have the 35 hour workweek, but not for executives. most employees will not be affected. the stakes are high for paris and frankfurt. they will have to move thousands to the continent if they want to keep access to the eu market after brexit. >> that battle is still heating up across europe. >> thank you. we leave you with the business. ♪ >> from pacifica, this is democracy now. >> mr. president, today's congressional budget office analysis of the trump mcconnell health care bill gives us 22 million reasons why this legislati

hsbc also pointing out valuation as a concern.shares are up almost 60% over the past 12 months and trading at 23 times forward-looking earnings. >> seema, thanks. >>> apple developer conference yielding a slew of announcements this week from a developer kit for augmented reality to the home pod, apple's answer to amazon's echo. joanna stern is the "wall street journal" personal technology columnist. scott stein, you were at the conference yesterday. i guess the first question is, is the audio worth $349? >> it's really hard to tell in a room like that. in their demo it sounded better than the sonus play 3 and amazon echo and it did seem to follow you around. it will not fill 360 degrees but it was just a music demo so there was no demonstration of any siri function, no smart connectivity, and entering the space now, that's a big question. how does that compare to amazon echo. it looked like a play just as a music device for your home. >> could be that they just couldn't train the speaker to everybody's voice to talk to siri or it

hsbc, without going into too much, hsbc happens to be a global bank in europe.lot of parts to it that are going to be particularly attractive in the current environment. socgen -- to the italian -- do they mean that kind of criteria? guy: the banks that are a high beat of trade on europe comes back to the bigger europe trade. you would have thought that if europe was getting into the golden era mr. hildebrandt talked about, it should be a significant part of that. we have already seen that, or is there more to come? ewen: but assisting was between a trade and investment. there is a catch up because financials generally worldwide are rising in price and there is a relative value point. ultimately, profitability has to direct what is happening, and the inferior profitability remains an issue. the net interest margin -- american banks are three to four times on tangible assets on fees what europeans banks earn. that is relative to europe. i think it is -- i think they are very much apples and pears. matt: speaking of apples and oranges -- ewen: apples and pears. ma

papers and other leaks, before that from hsbc switzerland, these are the first direct evidence that wesion of the very wealthy. we just had leagues aggregate numbers, total amount of wealth in tax havens. but we didn't know who owns that wealth. the other type of evidence that we had is, you know, tax authorities like the irs and other tax authorities in other country, they conduct random audits. that's how they estimate the size and distribution of tax evasion. auditey don't sufficiently rich people and even when they audit rich people, they uncover very sophisticated forms of tech evasion that involved legal and financial intermediaries. that is the first direct evidence we have on tax evasion. and the results are pretty striking. a very widespread view which is largely based on these random studies, that rich people, they don't evade taxes. they literally avoid taxes. and are more likely to evade taxes. when you take into account -- we evasion atead ta x the very top of the distribution. joe: we have the chart up from your paper showing as you get wealthier, that tax evasion is more

back bill from hsbc asset management.i want to bring in richard, but talking about the global market, stocks and bonds selling off, not which you typically see. what do you make of the moves in the market? >> what has been happening over the last 18 months is that are you wish and's have been compressing and all the stuff that was really steep, equities, a lot of credit plays were quite cheap, valuations have compressed and are getting closer to neutral. ,n the other side, treasuries the government paper has been getting a little more expensive. >> so what do you do in that convergence? andt is hard for investors asset allocators because how can you tilt your portfolio to beat the benchmark and the pierce? s?ere -- peer you end up getting more granular, so instead of region maytry, instead of country be a sector, so forcing allocators getting more and more granular in whatever they do. that always keep hearing despite that convergence that the u.s. remains still popular among the other regions. in particular not just stoc

ignacio echeverria was 39, a spanish a nalyst for ignacio echeverria was 39, a spanish analyst for hsbcinst the attackers. he died stabbed in the back. the family of sara zelenak were in court to hear the coroner offered his condolences. he said it was a terrible time and he will consider in detail the causes of all eight deaths. the police investigation is in full flow. the coroner, as is normal in these cases, said he would suspend his inquiry until the police had finished. but he said the families of the victims would be given full details about how their loved ones died. britain's most senior counterterrorism officer today made a further call for help in dealing with the threat. he told the times... we need communities to be more assertive and calling out extremists and radicals among us, we need to be occasions and in the based based companies to show more responsibility. the government was considering further powers to make them take more action. that is a measure of last resort, what is more important is that we develop ever greater co—operation between security and intelligence

to the hsbc asian head of equities in 10 minutes and talk more about the implications of this msci inclusion china, but other emerging markets here in asia. this is bloomberg. ♪ ♪ announcer: from our studios in new york city, this is "charlie rose." david: good evening. charlie is traveling. i'm david leonhardt. we begin this evening with a look at politics. controversy continues to grow surrounding president trump's alleged involvement with russian interference in the 2016 election. yesterday, jay sekulow, one of president trump's lawyers, said trump was not under investigation by the special counsel. his statements, however, contradict the president's own tweets, current confirming he was a target. last tuesday, jeff sessions testified before the senate intelligence committee.

hsbc is forecasting parity. the high for the euro against on december was 97 the 30th 2008.e have some data today. we have german investor confidence expected to be dropping in june. it was a sign of exaggerated optimism. europe's biggest economy is beginning to fluctuate. analyst expectations predict economic development. economists were estimating 21.7. business confidence at the highest level since 1991. manufacturers, service is, providers -- services and promoting strong economic fundamentals. this is a nice, little chart today. it is a bearish warning for brent crude. futuresfollowing -- falling on monday. the moving average following -- falling below the 200 day moving average. it could signify a change in short-term momentum as it did at the end of 2014. look at what happened across the 50 day in 2014. we went from 110 down to 30. i not suggesting it is going to happen. history sometimes is a good indicator of the future, but sometimes it is not. 90 minutes into the trading day in the u.s.. how are we looking over their? -- over there? julie: things are going little

team for consistent, high-quality, and ceo's from the world's financial institutions, morgan stanley, hsbchroders, beyond standard chartered, b of a, merrill lynch, i cannot mention them all, but through to groups thendia, brazil, she'll in energy sector, these are leading companies who are saying this is important. this is the right way forward. and they are engaged in working with it to make it better over time because what will happen with this is it will be decided not by the g-20 in some meeting, me, butechnocrats like by the providers and users of capital around the world. anna: that was bank of england governor mark carney sticking with francine lacqua earlier today. we speak with tony fadell, creator of the iphone, why did he leave silicon valley and relocate to paris? that will be one of the questions asked. this is bloomberg. ♪ anna: this is "bloomberg markets." i am anna edwards. vonnie: and i am vonnie quinn. developing prototypes for the ipods and the iphone. bloomberg's caroline connan as with him in paris. vonnie.: hi, i'm very pleased to be joined by tony fadell, the father

namely hsbc and ubs saying it is the euros turn.s risen versus every major currency this quarter. we might talk about the reflation trade being dead but it is moving across the atlantic. you can see the trend channel on the euro and then, sticking with currencies, i just want to look , reaching able long-term resistance line, testing that long-term average against the ruble for the first time in more than a year. no huge moves so far in the session. overnight, there were some moves and it is interesting to notice the dollar index back up at that mark we saw lower in the 90's earlier on but not much moving in this session. the mexican peso is back above 18, enough that nafta renegotiations will start according to robert my heiser, anyway. tradinghore you on is back at 8.63. the emerging markets not having too much impact on the yuan anyway. the spread in the u.s. at 80 basis points, still in those ranges. let's look at developments, global. you can see very much itbo-related when you see lower. it is the australian dollar, the canada

hsbc looking very strong in the hong kong session. looking at currencies, also quite strong.asia markets, it's lunchtime. emily: this is "bloomberg technology." i'm emily chang. thursday marks 10 years since the iphone was released to the public. sales of the device continue to make up a large portion of apple's revenue. about 60% since 2011. gene munster predicts that iphone sales will peak in 2019 and be replaced by an entirely new product. joining us now from new york, long-time apple analyst gene munster. with me in san francisco, mark gurman. you think that apple ar glasses are the apple product of the future. what, when, where, how, and why? >> we are filling in the blanks here. what we do know is they have launched ar kit. we know the next iphone is going to have a 3-d mapping chip that's going to be especially geared for a premium ar experience. we know apple has done acquisitions. so, when you think about those three together and also think about the most logical use case for ar is some form of a wearable, despite google's problems with glass, it seems logical. three

because the expectation of a steeper yield curve in europe but a couple other factors, such as shares at hsbc trading at two-year high after morgan stanley upgraded the stock to overweight boosting the price target by 20% to 84 hong kong dollars london-listed shares are trading higher this is the big story which boosted banking stocks across the world. american banks are rolling out massive dividend increases and buyback programs after the fed gave a green light to shareholder payout plans at the 34 biggest u.s. banks in part 2 of the stress test >> reporter: for the first time since the financial crisis, the federal reserve has not rejected any of the capital plans submitted by the 34 banks getting stress tested, finding the companies to be sufficiently capitalized to return money to shareholders the fed did find risk management issues at capital one. capital one is required to resubmit its plan within six months or risk shareholder payouts getting frozen the company's levels exceeded the thresh holds but it did once adjust shareholder returns before the stress test results were out before l

highest tier one capital after severe event, cit group, hsbc north america.e there, santander holds and td group u.s. holdings 11.3. the lowest tier 1 capital is ally financial. keycorp out of cleveland. 6.8. capital one financial. hundred tin tongue bank shares and suntrust bank 7.1. a big names a lot of people rely on park their money. bank of america, citigroup, jpmorgan chase, 9.1. morgan stanley 9.4. wells fargo 8.6. let me put this into english. the fed does not consider this pass or fail. that is next week. they don't use the word pass or fail. they use the word object to the bank's capital plan. what you can see as an investor how much of a buffer the bank has should there be a severe event like lehman brothers we lived through in 2008. this is the buffer ratio has against the outstanding loans. they won't give you a figure. a lot of analysts tell you above 4.5 is where you want to be. back to you. melissa: look at stress test, not if the economy goes out but in the planet's core implodes. reporter: the planet's core implode september 2008. we lived t

jurisdictions focused on some emerging markets and other areas across the globe that stand chartered, hsbc. home builders to the bottom of the index on the ftse, eclipsing the losses on the banks has been these particular stocks. taylor whimpy down 4%. in lockstep, 3 as perceodd perc the other big names. think bigger picture when there is room to negotiate, a push on the property market about concerns for demand for housing. balance that against calls for market participants saying you might see a steepening of the yield curve, general uncertainty. want to take you to what is really the flip side of this sterling trend. you can see the companies that derive their revenue from off shore. bp rio tinto, drug companies trading higher as well. other foreign earners, diaggio, all in the green. back to you, jeff. >> thank you very much for that. just some comments from michelle barnier, he would be the chief negotiator for the eu and the brexit discussions here. brexit negotiations should start when the uk is ready. timetable and eu positions are clear. let's put our minds together on striking a

and the 39—year—old analyst for the hsbc bank died from a stab wound in the back. the three attackers on that night. as is normal in these cases, with the police investigation in full flow, the coroner is going to suspend his work until the police are finished. but he promised the families of those who died that they will be given full details of those deaths. once the investigation said concluded. separately, the metropolitan police commissioner has been talking about the responsibility of internet companies and communities in calling out extremists. tell us more about that. mark rowley, metropolitan police assista nt mark rowley, metropolitan police assistant commissioner and the country's senior counterintelligence —— counterterrorism officer. in an article in the times, we have do step in and assure potential attacks and we need communities to be more assertive at calling out extremists and radicalised as amongst us. we need internet companies to do more and learn about a attack methodology. make sure that is dealt with. max hill, a legislator, he has been talk

fed clearing capital return plans for our big banks here hsbc getting an extra boost after being upgraded by morgue an stanley to an overweight rating and we finish here with h & m. the fashion retailer getting a lift after second quarter net profits beat expectations. but h & m also saying major markets such as the u.s., china, and switzerland remain challenging. the stock down 17% so far this year so now let's send it back down to aspen for john fort back over to you >> thank you, dom. live here at the aspen ideas festival joining me now the chairman of the u.s. chamber of commerce and all state ceo tom wilson tom, thank you for joining us. >> good morning, john. >> so two days ago the chamber put out a statement in favor of the senate bill on health care >> yep. >> why >> well, first, what are businesses objectiveson health care s care the first and most important is we provide insurance to 177 million americans, 60% of americans get their insurance from our businesses. we have to continue to do. that as it relates to the government provided portion of that, then there are a couple thi

hsbc in hong kong, what were seen in the banking space across asia following the rally on u.s.banks after they passed the fed stress test. we are watching the 20 or handover of hong kong to china. hong kong stocks have done incredibly well over the past year. up by about 18% on the hang seng index. we were told hong kong next to continue to be the front runner in the global equity space, and hong kong could one day rival u.s. as the trading hub. interesting to see what's happened of the last 20 years. manus: thank you very much, juliette saly. the biggest banks in the united states of america announce a share buyback and plans to boost dividends after the fed says that more than in us capitol. su keenan has the details from new york. >> 33 banks past the test with lying colors. one was kept after school, so to speak and as to resubmit the plan. in terms of after our action, it was a party on wall street with many big banks announcing surprisingly large ipaqs and dividends. largestart with -- buybacks and dividends. let's start with j.p. morgan dividend toing the $.56 a share. n

hsbc has been a big gainer today after morgan stanley upgraded its rating on the stock.ooker have asked the uk competition regulator to fast—track its probe into their proposed £3.7 billion tie up. tesco announced it had agreed to buy booker in january and the competition and markets authority started an initial review in late may. the firms now want the cma to move "more quickly". the cma is assessing whether the proposed grocery tie—up could reduce choice for shoppers and for small stores supplied by booker. rolls royce say 7,000 jobs in the east midlands are secure following their announcement on a £150 million investment in uk operations. its investing the majority of that cash into a test bed in derby that will create 200 jobs. it's also gone back on a decision to close a facility down in the area, which will save 150 jobs. unite the union are pleased with the decision. and the culture secretary said she is "minded to" refer rupert murdoch's 21st century fox takeover of sky to the competition watchdog. karen bradley's decision is a blow to the media mogul‘s hopes of

defensive banks in the form of hsbc.e less confident on global growth, the ftse tends to do quite well. a huge amount of commodities as well. those are the real things to think about, not really the u.k. economy, and probably steer clear of sterling. it will be a headwind on the medium-term because sterling looks cheap medium-term. will it get back to the fair value? probably not tactically. axe to no real grinds tactically. guy: you can see this on the screen. let us say the cac 40 -- i put this in pounds. the ftse 100 has done 20%. on the upside, in pounds. the cac has done 46%. it is an farmer because of a currency. william: i would put that down to the global risk appetite. they have more weight, back weight. are further along the recovery line, a bit more defensive, a bit less of a play on the european story. guy: ok. will, he is going to stick around. a down day for equities in europe. nestle, one of the more interesting stories at the moment. the stoxx 600 down by .6%. nevertheless, we are paying attention to that

speaking of analyst re-ratings, burberry downgraded to reduce from hold at hsbc. a busy morning for individual stock stories. we will carry on the conversation and bring you ongoing market analysis. stay with bloomberg television. francine lacqua is up next with "surveillance." she will be joined later by tom keene. matt and i are off to bloomberg radio. we will carry on the conversation surrounding what's happening in the markets. we will be looking ahead to thursday, what a big day thursday is. the ecb, the u.k. election, and the testimony of mr. comey. london not exactly looking radiant today, but the weather, i'm told, will change by the end of the week. always an interesting aspect to the polling story. this is bloomberg. ♪ francine: qatar's crisis. president trump once 2-d escalate the situation. escalate thede situation. switches thebour focus, claiming tory plans are the biggest attack on pensioners in the generation. the investigations into the london bridge killings continues. timko tells us his company has h

hsbc doing well. that is because morgan stanley said the rating of stock, upgraded.ency says it's increasingly concerned about violent albanian crime gangs and their control of uk drug trafficking. the influence of criminals from countries in the balkans is revealed in the nca's annual assessment of serious and organised crime. here's our home affairs correspondent, danny shaw. on their way to make an arrest on a north sea ferry. earlier this year, the national crime agency thwarted a huge drug smuggling operation. police. can you open the door, please? it involved p&o worker edward tron, who was jailed along with a colleague. tron's wife was convicted of money laundering. in its annual assessment on organised crime, the nca says corrupt staff working at ports and airports make it easier for gangs to smuggle in drugs. it says corruption at the uk border is a key vulnerability, with the port of dover targeted by people smugglers. the report also says there is a significant threat from albanian gangs, which have a growing influence on organised crime in the uk. this is

hsbc, bank of santander, they are going to move markets the most. here are going to swing the stoxx 600 index to the plus side. interesting to see royal dutch ,hell and bp on the minus side taking index points away. you kind of want to think that has something to do with the u.s. leaving the paris climate accord, but it does not. i believe that is because we see crude oil and brent both falling. we did see bob dudley earlier saying he thinks climate change is still an important art of his business. it has been a volatile week for the pound. on wednesday the currency touched its lowest level in more than five weeks at the outcome of the june 8 snap election remains far from certain. with got some polls showing the possibility of conservatives losing their majority. most polls still put them firmly in the safety zone. let's bring back rbc's, from europe's headquarters, adam cole, the head of global fx strategy. -- all you think about the election, all the poll results, i'm not sure how much investors trust polls, but when you see a shock poll, it real

banking group hsbc is still thursday's biggest riser so far. its share price is up 4.6%.u. if you need funds, email an emir. not an idea most people would have, but it's paid off for the people of godolphin cross near helston in cornwall. the village shares its name with one of the most famous stables in the world, owned by the emir of dubai. people were so desperate forfunds for their local church that one contacted sheikh mohammed bin rashid al maktoum for help. here's lisa hampele. godolphin cross, a quiet village in cornwall where the pace of life is gentle and the methodist chapel looked set to stand empty forever. the villagers were giving up hope of finding enough funds to buy it, and convert it to a community centre. but a bright spark thought of the ruler of dubai. sheikh mohammed bin rashid al maktoum. and his link to godolphin cross. their village shares its name with the world —famous godolphin stables in newmarket which he founded. he's rubbed shoulders with the establishment and the powerful. residents sent him a letter, more in hope than expectation, and we

you see bp and total coming back from losses yesterday and hsbc one of the gainers, adding two points. these are very big stocks, so they are going to always be on one side or the other of this mov screen. those oil stocks, after crude rebounding from the lowest close in more than two weeks. industry data shows the u.s. stock wild extended decline and extended thepile's client. it has been a volatile year for oil and oil stocks. our next guest has said that he these oild about producers pre-joining us now is william hobbs, head of investment strategy europe at barclays wealth and investment management. thanks for sticking with us. why don't you like these oil stocks? is it that you do not see the underlying commodity price rising? william: the way i would put it is that we have not got a candle to burn with regards to oil. we have conviction on other sectors. i think the oil market probably looks like you are going to see an increasing drawn inventories going into the second half of this year. the demand story is part of that purity opec agreement is another part of it. further out, t

ignacio miralles de imperial was 39, a spanish analyst for hsbc, who is said to have fought back againstr in detail the causes of all eight deaths. now, the police investigation is in full flow, and the coroner, as is normal in these cases, said that he would suspend his inquiry until the police had finished. but he said the families of the victims would be given full details about how their loved ones died. britain's most senior counter—terrorism officer today made a further call for help in dealing with the threat. assistant commissioner mark rowley told the times, "we need communities to be more assertive at calling out extremists and radicalisers among us. we need to be communications and internet—based companies to show more responsibility. in the wake of the three attacks, the government's now considering further powers to force them to take more action. to my mind, that is a measure of last resort. what is more important is that we develop ever greater co—operation between security and intelligence services and tech companies within the confines of the law to ensure that this mate

and throwing anymore jail for nickel bag and dime bags on the one hand and then we take people like hsbc one of the worldest largest banks caught laundering $800 million for narcoterrorists in central and south america, and we don't even prosecutor those people. they just pay a fine and walk away. i think that what is underlying the policy divide there is that we feel like x group of people, we worship the people who make money. we have a reverence, admiration for people who are quote-unquote wealth creators, and the people we see at parasites and nuisances, we have no sympathy for them whatsoever. they month in jail. ed a an eye-opening experience when i was writing the book. i asked a prosecutor in washington, how can you let these guys who laundered $800 million in drug money -- how can you let back and not good to jail, sending people to jail for possession on the other hand? these guys have to sit in jail. what he tied me was: have you been to a prison? those places are dangerous. and he didn't mean it in an ironic way. what he was trying to say, without really admitting it, was i j

say theyrces and include credit suisse, deutsche bank, barclays, and hsbc.r is raising funds to shore up poplars balance sheet opular's up banco p balance sheet. raising itsmf is growth estimate on china for the second time this year, although it also says more reforms are needed. the fund now says the economy will expand by 6.7% this year, up from 6.6% forecast in april. david lipson spoke to bloomberg in beijing and says the pace of reform must pick up. >> we see the chinese government providing some support both through fiscal policy and the way that credit policy was being managed, so we think this is the right forecast. we do expect the economy to slow a little during the course of the year, but we think the 6.7% forecast is the right one. >> you talked about the urgency of reforms and there is a consensus that we have this slower growth in the second half. and that is providing something of a window. if that is the case, how big is the window? what is the timeframe policymakers have to enact these performances we have been talking about for some time n

actually, you as a bank accept responsibility for laundering, in the case of hsbc, the fine in mexico is 29 million. it was 2 billion almost here in the united states. not one banker -- because it's not like the bank did it, right? someone actually did it. no one did the perp walk. everyone remembers the walk of bernie madoff? you take it as an institutional rather than bringing people to trial and that's -- there's a way -- it's all about how you apply the law and, more importantly, how you require accountability. other countries took it as a write-off as opposed to those complicit with the actual laundering. >> i'm not a recovering banker but when you look at alternative systems and new players in banking in latin america, i think you need to look at china. in the last decade, they've celebrated in their number one trade country, brazil, they are second in many other countries and china developed a development bank that has rivaled with the world bank and there are alternative ways to make payments. also with members of the department of treasury looking at things like crypto curren

coming up in the next hour, we speak with stephen king, hsbc's senior economic adviser.ilt a major airport in 20 years. i am told it takes 10 years to get the permit to build an average bridge. this is the first in new york city in 50 years. i just came from hong kong, it is embarrassing. america should get back to building, the permitting, the rules, the requirements. we have got to get back to the can do attitude for infrastructure. it is our country and we are getting behind, and we shouldn't. francine: that is jamie dimon discussing the need for an infrastructure overhaul in the u.s. it is a big week stateside is president trump is ready to reveal details of the $1 trillion infrastructure plant. -- infrastructure plan. a very simple bet is whether the fed can raise rates, whether banks can get a bit of breathing room. u.s., a lot in the is priced in. trump has promised the dream. infrastructure, animal spirit. hikeality, the fed will because of inflation pressure. think the numbers will have to adapt. of european review and international investors, he raises more dou

the big winner in europe is hsbc after analysts saying this may boost buy out.ners. no one failed for the first time since the fed started doing this test. announced capital .eturns above expectations the banks have figured out the stress test and have enough capital to start getting some back. francine: so you say everyone -- the index, the industry is one of the biggest gainers in europe. europeans, some more unknowns then the u.s.? michael: you have had deutsche bank in their struggle with the test, but the fed made a change that some of the banks that are smaller in the u.s., including some of the europeans, are only judged on the numbers, not the qualitative process the way they have been in previous years. that is what has tripped them up. the fed it is sizing their process rather than their numbers. tom: i want to go to the financial analysis of jp morgan, one example of two profitable to stress. profitable to stress. the operating income of jp 2008., $3 billion in in the last couple of years rounding up to $40 billion of operating income. they are mintin

have the big four banks accounting firms being the auditors of these companies, and also the big , hsbct is happening to the is a not professionals doing an adequate due diligence job. david: absolutely. on that note, let's leave it there. it is an open ended argument. nice to see you. thank you for coming on the program. , china is the main game for asian expansion. we will hear from the hotels ceo next. this is bloomberg. ♪ angie: this is "bloomberg markets: asia." let's get a check of markets in india opening up right now, a mixed session. there we go. a pullback of .4 percent, some weakness in the currency, industrial output numbers and cpi data out today. some reverse repo auctions being held as well. biggesturope's hotel looking to expand in the asia-pacific. accor has hotels and 95 countries, and earlier the chairman and ceo said there are big growth plans right here, as well as key challenges. is the biggest hotel story of the century and continues to be. we have 200 hotels with 50,000 hotel rooms. part the fastest-growing of our network, not just asia-pacific, but the world. in

to mass incarceration to stop and frisk, community policing, emptying pockets, and take people like hsbc, one of the world's largest banks that gets caught laundering $800 million for narco terrorists etc. in south america, don't even prosecute those, what is underlying the policy divide is we feel extra for people, we worship people who make money. we have reverence and admiration for people who are, quote, wealth creators and the people we see as parasite and nuisances, we have no sympathy for them whatsoever, they belong in jail. i had an experience that was eye-opening when i was writing that book, and how do you walk, for possession on the other hand, those places are dangerous. he didn't mean it, without admitting it, i don't see that offender is deserving jail no matter what he or she does but these offenders grew up in bad neighborhoods, we send them to jail, that is what i was trying to get at, the psychological split. this hidden hostility towards people who are poor, he we -- we here in revere, and giving some insight into this. i see these kids selling blue jeans and stuff li