indra: yes.: how does pepsico under your leadership try to make products like pepsi-cola healthier? what is your plan to do that? indra: products like pepsi-cola were invented many years ago when society was different. there was more under-nutrition than over nutrition, and people felt drinking products with that much sugar was all right. society has changed, and it behooves us to change with society. so, what are we doing? we are launching more products with zero or very low sugar. we are taking pepsi itself and reformulating it for lower sugar levels. and so the idea is to train the consumer to start accepting carbonated soft drinks with lower sugar levels. you can't do it overnight. you have to take them down piece by piece, so that when we get to a level like 50 or 60 calories per eight ounces, 70 calories for 12 ounces, they are comfortable with the product. that is the journey we are on. david: what about snack products? they have been criticized for having a lot of salt. how are you trying

indra: sports drinks. david: sports drinks, ok. indra: it gave us access to gatorade, and we could do all kinds of things with gatorade. we didn't have a good product in our portfolio, so that was good. but the bigger attraction was the quaker oats brand. in pepsico, we had no food brand that was good for you, and we needed a "good for you" brand in our portfolio. when we look at the world, the best "good for you" brand, even today, was quaker oats. and we wanted it badly. the interesting thing, we wanted quaker oats and gatorade. other beverage companies only wanted gatorade and didn't know what to do with quaker oats. because we had both businesses, for us, the quaker oats company,

indra nooyi leaving pepsi.ed about that >>> goldman supping their estimate for the year. >> i thought that was significant. i know a lot of people feel that buybacks are waste of time and money. just the opposite. i know they help but people think it's optimal earnings. but i continue to say that what matters is the -- [ applause ] they've done a lot of ipos but not nearly enough to make up for the deals. [ opening bell ] it's a clinic. he buys when they're down. >> it's like, hey, the stock is down big let's be opportunistic by the way, they're not capital constraint. >> no. >> they don't have to look under the cushions if afor the money. >> there's the opening bell. we'll keep an eye on pepsi and how the market votes on the succession. >> people say, listen, it's the opportunity to do a reset. maybe something major. i don't expect that to happen. i just want to comment on the ipo market there have been so many chinese ipos you are surprised by the rhetoric from the people's republic in the end they're trying

and indra nooyi wa nts to they are both tired.ants to handed over to someone else with strength and insight, and that isa with strength and insight, and that is a significant thing to do. what we don't know really is how much a business issue this will be, the reve nu es business issue this will be, the revenues in pepsi are extremely strong, but we know this is a time when global tastes are changing, people are not buying what the americans call soda so much any more. fizzy pop. they are concerned about the sugar content in that, and this is about the lack of women leaders in fortune 500 companies. this is about the lack of women leaders in fortune 500 companiesm fa ct, leaders in fortune 500 companiesm fact, market watch have focused on that as well, with the figure that there are 23 female ceos in the fortune 500, not many, 32 last year. is there something there as well, beyond pure happenstance? clearly obviously some have left, and we have seen some big companies lose their women ceos for a variety of different reasons, but i

's start first of all with indra nooyi.he was part of a relatively small and very elite group of female ceodos. ou think she's going out because she's achieved what she wanted to achieve? >> i think she's achieved a lot of what she's wanted to achieve. she was ceo for 12 years. that's a long time for any ceo, and she was a ceo in a tough business, and i think she navigated thwaters very well. >> you know, she's part of a generation though, of women ceos that came up together about the same tim meg whitman and others, ba at general motors. but there aren't a lot of younger women coming up through the ranks thesewe days. still don't have enough women on boards these days. why isn't more progress being made at this point, eric, do you think? >> you know, that's a hard question to answer, and i think boards had better start answering it. if you look at meg wtman and mary barra, indra, these are y goodho have done a v job. in meg's case, at a couple of companies. so if we areot putting younger women in the slot that are preparin

you know, talking about indra nooyi today.e purpose was part of what she built her strategy around it was sort of pooh-poohed but it provided some strong results for pepsi. certainly compared to its competitive set. these are challenges for all business leaders right now >> what about the churn in their user base? do we know much about that i mean, the cost of switching in this space is so low i hate to say since i am swedish in my background that i switched from spotify to amazon recently it is relatively the same. >> you said you switched from spotify from amazon? >> from all my music services to amazon music s >> because >> i love using my alexa i could put it on all my devices. >> you couldn't do that with spotify? >> it seemed easier with amazon to me. and also it had a lot of music >> you know, i think at this point, you're unusual. but that is what their fear is at spotify that all these folks that are connected to other platforms whether they're amazon or apple, that it's just going to become easier for them to move ov

not just indra, that goes quite deep i think nelson is coming around to that. procter & gamble and ge. the investor sign of confidence is there aren't a lot of problems, and they're moving forward, and aren't going to make radical change. today is a global market, you have to move aggressively. if i were talking to ramone, i would say move faster to get to new brands like naked juice and things that the millennials want that can become billion dollar brands and move aggressively in the emerging market. that's where the real future opportunities will lie. >> indra herself has said she would have perhaps moved faster if she had it to do again. whatever the new ceo does will probably look like change. >> you have to give her credit for being tenacious, with standing a lot of challenges she can be charming but she can be very strong and it takes that to run a global company and to go for 12 years these days >> absolutely. >> not so common i hope that we can -- i hope her voice will be strong in leadership circles and diversity circles. i hope we aren't going to see

congratulations to indra we wish you the best much more "mad money" ahead.ext vacation about to get a whole lot more profitable? find out if it's time to book a one-way ticket with ecxpedia and then i'm sitting down with a man who is the ceo of market access it's a company who was up 40% last year and you may have never heard of it. your loss. i'll reveal it today just ahead. so stick with cramer >>> tomorrow, kick off the trading day with "squawk on the street." live from post 9 at the nyse >> of the fines that the big bank, where did that money go? did you get a check? did you get a check from jamie >> nope, i didn't. >> how about from corvette >> i didn't get any checks there you go >> it all starts at 9:00 a.m. eastern. is this at&t innovations? yeah, wow..this must be for one of our new unlimited wireless plans. it comes with a ton of entertainment options. great, can you sign for this? yeah. hey, uh.. what's in that one? that's a shark. new and only with at&t, you can get unlimited data, 30+ channels of live tv, and your choice of things like hbo or am

coming up, indra nooyi stepping down as ceo of pepsico.. ♪ emma: this is "bloomberg daybreak." i am in the hewlett-packard enterprise green room. misra, td, priya securities head of global rates strategy. now to your bloomberg business flash. regulators could kill a $40 billion deal. linde and praxair to sell more assets before it approves the deal. iwg plunged in london. it decides it did not want to be sold at the price private equity firms are willing to pay. quarterly profits soared at telecoms the japanese provider. it was boosted by big earnings at its vision fund. it also sold the china unit of its subsidiary. is stepping nooyi down as ceo of pepsico, we learned today. she will leave in october. she will be succeeded by one of her top lieutenants, ramon laguarta. joining us is bloomberg intelligence's reporter. give us a sense of where this company stands today and what her successor will be inheriting. >> good morning. today's news, while not a total like an, timmy looks orderly transition -- to me looks like an orderly transition.

and can we give a shout out to indra nui's husband, he has been a partner to who.here today, when i left this morning my husband was feeding my kid's breakfast, they can do that. so this idea that only women can be the primary caregiver is really a part of the issue as well. >> but aren't you distressed? someway, any fortune 500 companies have probably asked you to come talk to them, talk to their team. to give a speech. but when you look out into the audience it's junior and mid level staff members who are women and those on top continue to be dudes. >> it's completely frustrating. it's also frustrating because we know that 90% of ceos are pulled from line roles. so when we talk good women in the c suit, suite, of which ar there many, we still have to keep work. my wife's work is advancing women and girls. i'm going to keep going. yes, it's frustrating. it distressing? yes, but indra inspires me and i'm going to continue the good fight. >> you inspire me. my friend tiffany, thank you so much. we're going to leave it there. up next, eight kids a day are killed or i

there, up 75%show since indra nooyi took over.e that argument to offload bottling assets, would that move shares down? >> if you look at what happened popped on the stock the headline of franchising. what ends up happening is earnings revisions have to go down because you're getting rid of revenue. i would expect the same pattern. selling up on the headline there going to re-franchise and the reality of lower numbers are going to have to settle in the shares. vonnie: nic modi, thank you for your time today. pepsi up 1.5% today. the: time for the stock of hour. lifting shares more than 7%, having its best day since last quarter. emma chandra is here. what do investors like about jacobs? >> they like everything. report, a fantastic they beat consensus by 15%. they raise their guidance earnings. they beat estimates by .35 sense. 65% and anns of order backlog, meaning their pipeline is good. see, era space is up by 70% and chemicals up by 33%. we're seeing stocks rising at mcdermott as well. the company recently required ch2m and what

indra nooyi announced this week, she is stepping down as c.e.o. of pepsico. nooyi, who is 62, has led pepsico for 12 years, and is among the rarest of corporate executives, female and a minority. nooyi's departure leaves only 24 women as chief executives of s&p 500 companies. that is less than 5%. we are joined now by cbs news financial contributor mellody hobson. mellody, good to see you, as always. >> good to see you. >> glor: over the past year, female c.e.o.s are down 25%. you're on the board of three major companies. do the numbers that we're seeing worry you at all? >> oh, my gosh, absolutely. i mean, we are moving in the wrong direction. let's just think about it from an absolute standpoint. last year, there were 32 women. now, there are 24. less than a handful are women of color. this is going backwards. now, some of these women are retiring, like indra, who has had a formidable run at pepsi. some have left for performance reasons. but at the end of the day, we're talking about a disappearing act here, a shrinking number of women, and that is not good

pepsico chief executive indra nguyen is stepping down and has appeared on the list of most powerful women2006. the 60 to your businesswoman has been with the company for 2h years and in a series of posts on twitter, referred to her upbringing in india said she never imagined she have the opportunity to lead a company like pepsico. japan's softbank group has reported 49% jump in profits after selling its stake in indian commerce giant flipcard. the sale is the first sign of softbank making money off its investments after pumping millions of dollars into technology companies. its investments are worth $32.5 billion. saudi arabia has expeued $32.5 billion. saudi arabia has expelled the canadian ambassador and cut of all trade with the country over a diplomatic feud. a saudi foreign ministry statement said it considered a call for release of female activists a violation of saudi sovereignty. canada says it was seeking clarity on the issue. now, all this week, we are looking at the entrepreneurs and the businesses that have been transformed by instagram. today we look at the way the social med

indian english newspaper business standard looks at the resignation of indian—born pepsi ceo indra nooyiompanies. as reported online at market watch, there has also been a spate of resignations of female ceos over the last year. and finally, in the telegraph, most people enjoy a lie—in when you can get it, but a new study is suggesting oversleeping can be as bad for your health as lack of sleep. so let's begin. with me is jane foley, a senior fx strategist at rabobank.

higher and the longest win stream of the year the dow and s&p were mixed and stocks lower on friday and indra nooyi, stepping down just one of 25 women to run a s&p 500. she will be -- next, "on the moy what some students are doing in their dorm rooms to find virtual currency and real profits. >>> and the cost of college going up as is the cost to borrow tips on how to find affordable financing. >>> a look at how the stock market ended the week. >>> when you send your kid off to cheollege, you expect them to gain new skills but you may not expect them to become miners andrea day says that is what they are doing virtual currency in their dorm rooms. >> reporter: day one at penn state in college and he had a mine running in his dorm room. they can use the computers to solve complex math problems and find hidden currency use lots of electricity and can get really hot. >> it felt like passive income >> there was one problem. >> it was producing a ton of electricity and heat. >> how hot was it? >> unbearable. >> so he rigged this together. >> i'm paying tuition, i shouldn't i have the ability to m

and indra nooyi stepping down with her top lieutenant taking over in october. 3.2% after reporting a solid corridor, reaffirming the full-year view. dean fades down ahead of the report tomorrow. those shares down more than 16% year to date, it has been a tough year overall for the consumer stables base. and a tough few days for a bitcoin. a tough year for a bitcoin. this is bitcoin over the last drop declines and a bigger today, down more than 5% on the day, down 50% over the time period. theoin below 7000, so in way that we had it above 8000 not so long ago in what was technical buying, now it is back down below, so really the buyers not supporting bitcoin above any real levels of present -- of resistance at this point. finally, not a lot of influence from trade war's on stocks, but take a look at copper, zinc and soybeans. we have declined with traders worried about what the effects could be on these commodities come if they trade war between the u.s. and china intensifies. taylor: now let's get a check of first word news with emma. emma: the u.s. is re-impos

here's what indra nooyi says many market participants as well as the business round table which we areart of have been discussing how to better orient corporations to have a more long-term view most agree that a short-term only view can inhibit long-term strategy and thus long-term investment and value creation. my comments were made in that broader context and included a suggestion to explore the harmonization of the european system and the u.s. system of financial reporting. in the end, all companies have to balance short-term and long-term performance so nooyi at pepsico offering a little more clarification and context around her comments to president trump that took place at a dinner with other business executives in which he got the idea from her that in order to encourage longer term thinking and a better economy and jobs get rid of the requirement that companies report quarterly earnings in this country interesting she links it with harmonization of the u.s. and european system. not sure how much research has been done as to the european system but don't have to report every thr

indra nooyi is leaving pepsi and not enough women have stepped up to take her place. what do you think there? >> unfortunately more women are equal than there are more women with graduate degrees than ever before the pipeline continues to fill up and in the career stage, women say there's still political networks and a lot of barriers to advancing, and that sometimes comes with motherhood, sometimes has nothing do with motherhood and sometimes is bias and political connections. >> in terms of what you hear from people on your website, what is its that women own joy in the workplaces that they really like? what are the perks that companies should think about >> i think trees tucker said it correctly. she wanted the look ahead and see women like her, people like her. and if you don't see role models, that's the number one thing that women notice when they say a company's not a fair place to work. when they see that, that's a good parental need they see there's flexible workplace culture such that they can engage in caretaking because women are still primarily the careta

and indra. >> that's all true. we are stalled. as been pointed out, it is a pipeline problem.his for years. we started studying this more than a decade ago about what is the barrier in that pipeline and the pipeline is not a problem until you get to middle management and a little above middle management. and then there are, if you want to use a metaphor for a pipeline, there are blockages in that pipeline. and a clear one is the stereotypical bias that is built in to job descriptions and performance management systems whereby we look at competencies and we describe them in terms that are so gendered, so male -- >> so women aren't applying for some of those jobs? >> they aren't being considered. because when a job description says, we want somebody who aggressively drives sales, people look at a woman and say, she's too soft, she's not tough enough, she can't do it. oh, by the way, no one likes a tough woman. so at the point at which she acts that tough, she's out. it's a self-fulfilling prophecy. it is one of those downward spirals instead of a virtuous circle. >> i'd be remis

member of the business roundtable include apple's tim cook, and ibm's ennyrametti and pepsi's indra. >> sales expected to hit a nine-month low and were hit especially hard in the northeast. while sales fell the commerce orts that the median price of a new house rose to more th $328,000 in july. meantime, the average rate on a 30-year fixed rate mortgag fell to 4.15% last week and its third we of declines. >>> central bankers are watching that housing market very closely as they meet for their annual gathering in jackson hole, wyoming and that's not the only thing under discussion. steve liesman takes a look atwh at's on the mind of some of the world's influential policymakers. ♪ ♪ >>> as u.s. central bankers meet beneath the grand teeton mountains at thennual retreat in jackson hole, wyoming, comments that officials a uncomfortable addressing. >> i'm not going to get into that. i would say this, though. our j at the fed is to make decisions on monetary policy and supervision without regard to politicalonsiderations or political influence and i'm confident we'll ctinue to do that. > w

the success of indian migrants essentially, indra nooyi, the boss of microsoft, the boss of gogol, allt the american dream can work. we asked the question for everyone, robert redford, 82, orjust coming up robert redford, 82, orjust coming up to 82, said he is retiring from acting. we wonder what sort ofjob does it take to want to go one to 82? i will focus on one reply in particular. i can think of anything worse than retiring. i am lucky to have a job i love doing, meeting people, playing great music that they choose and working on very different shows every week. who is that? tony blackburn, aged 75 still going strong. here is one from john sta nton. going strong. here is one from john stanton. with current austerity policies and pension plans this may become reality. i suppose the question for you, become reality. i suppose the question foryou, richard, how become reality. i suppose the question for you, richard, how much longer? a little while yet. a few yea rs longer? a little while yet. a few years to go to 75, let alone 82. longer? a little while yet. a few years to go to 75, l

a trailblazerfor about indra nooyi, the head of pepsi.od and beverage manufacturers. she is one of 25 ceos of companies and the snp 500 so she has stood out for her strong leadership. she said while she was focused on returning money to shareholders, she wanted also to plan for the company‘s long—term future which meant diversifying away from the sugary soft drinks pepsi is best known for. she invested in a healthy snack and beverage maker in the hopes of attracting a new generation of consumers to the company. that has seen mixed results. we saw some of its business declining here in the us as a result and the company said it would invest more heavily in marketing the core brands, but i think most observers would say she did a stellarjob at the head of pepsi and they are curious to see what she does next. 0k, curious to see what she does next. ok, thanks very much. how is this new phase in the trade war affecting the markets? we are in the middle of the reporting season and companies are reporting season and companies are reporting their

days you might leave that not really because if you look back in time three notes always take in for indra so if you're thinking new people if when the court we are racist on our streets where race is still no street party saying they want to take down all the immigrants and the people is unhappy they don't like it as long as we can integrate them into swedish society may become they become a swedish says me because i'm also an immigrant from belgium as the as long as they become swedish and they work and they do a normal swedish things it's absolutely no problem as long as they they can keep their religion they can keep their culture but they should speak swedish and they should work many immigrants here feel like they're they're not included in the society police told us they are always invited to my team is my face when you many porters. have a lot of. me too so sam porter is. a thought if. a lot of people would lie don't like. opinions that's why we call the police it's always like this when it's time to elections sweden will hold the general election in just ten days tensions are high

now the chief executive of one of the world's biggest food and beverage companies is stepping down indra nooyi has led pepsi co for the past twelve years and will remain as the chairwoman until early next year the sixty two year old from india was the company's first foreign born c. . the x. business partner of paul manifolds has taken the stand against him forces the former donald trump presidential campaign manager he denies bank and fraud charges rick gates is already in testified that he stole money from four and helped him file false tax returns. he has more from outside the court in alexandria virginia. brigades was unequivocal he for he said knowingly conspired to deceive the u.s. government falsely under reporting the amount of income paul manifold was receiving and not declaring several foreign bank accounts all about illegal however gates also had to admit that he was embezzling money from poor man or for hundreds of thousands of dollars from those foreign bank accounts and that's key to the defense they say this is an unreliable man a man doing what he can to save his own skin

indra nooyi who departure we covered here and now we shift gears to look at the impact to date of. the us tax cuts to lend us is able hand we are joined by american university professor donald williamson professor thank you for coming back we thank you ok so we got to do this a little bit but i was so taken by our conversation let's do this more so glad you're here and the main question i have is look we know that a lot of these companies have taken the benefits and used it for stock buybacks one do you agree that's the case and is that a bad thing yes it is the case i don't think when congress passed the law they anticipated that to occur but it has occurred and the bottom line is what will those shareholders do with the money they received on the buy backs will they invest in capital intensive activities as was the intent of the bill or will they spend it on vacations or even worse maybe just take it overseas and hold it there for an vacations spend it but i guess to get us airfare to get to get out yeah i mean people expected that they were going to take this money and invested

pepsico chief executive indra nooyi is to step down after 12 years at the helm. and has consistently appeared on forbes‘ list of the 100 most powerful women, ranking 11th in 2017. pepsico shares have risen 78% since she took the job in 2006. hsbc — europe's biggest bank — made a pre—tax profit of $10.7 billion in the first half of this year. that's a 4.6% increase compared with the first half of last year. it did particularly well in asia — despite growing trade tensions between china and the us. the bank's share price is down though — we'll find out why in a moment. more now on the sales of new cars — the numbers come from the society of motor manufacturers and traders. the number of new cars on the uk's roads rose 1.2% last months on the same period a year ago. and hybrid and electric cars keep on increasing in number. there are a 21% more than there were a year ago. but since the beginning of this year the number of cars being registered is down 5.5%. joining us now is emma butcher, spokesperson, society of motor manufacturers & traders. these figures were awf

this is another unique treasure lemurs exist only in madagascar such as the indra species that we heard in the forest by the legal minds. today we're visiting a protected indri reserve located about one hundred kilometers south of the mines. and joining us is conservationist and lemur expert. who tells us about his concerns we only have less than ten percent of the origin of forest left burgeon he says urgent so i would like to tell the authorities to stop mining he's not good for the monocacy people to gain he can get money from mining but how long lost. most of the injuries are staying out of sight but we do manage to spot some. injuries live together in small groups they feed on about thirty different types of leaves that can only be found here if the forest is destroyed the injuries face extinction. we need a strong government through we need honest authorities we don't need the authorities to need us monica. trees and i see beneath on that and i feel responsible. for. joan as aid organization also tries to help farmers to help themselves. some farmers now have piglets for the first

indra nooyi steps down, saying it is time for her successor to take over.utes away from the end of the monday session. the european of

now, some of these women are retiring, like indra, who's had a formidable run at pepsi. some have left for performance reasons. but at the end of the day we're talking about a disappearing act here, a shrinking number of women, and that is not good. >> so why is that? in your estimation, what needs to be done? >> so first of all, we need more of a bench. when you look at the women that are ready to step into that role in senior position, we just don't have enough women there. and part of that again is just management and boards and leadership have to commit themselves, and i think you get what you incent. you have to incent people to have diverse teams. if you look at catalyst numbers, at senior positions last year 23% of senior positions were held by women. this year it's 21%. d so boards have to really, you though, see that and step up. >> so much of it is that nurturing, though, and setting everyone up for the next generation, which everybody is trying to do. all right, mellody, thank you so much. good to see you here. >>> the number of people caught illegally crossin

indra gillam winning was a surprise.sense of a contrast of far left liberal democrat, far right inservative republican probably the most important governors race in the country. florida is the most competitive of our giant mega-state. the governor who gets elected this year will be in place to oversee congressional redistricting after 2020. >> play this out for us. it's not like florida has been far to the right or part of the left it has swung both ways area >> florida is a very swingy state. up in thehows president's approval ratings. they are generally better in florida than nationally although it is still mixed at best. florida is an interesting state in terms of demographics because it is a very diverse state which would seem to suggest it would be more democratic, yet it is a haven for older white voters who move in from the northeast and the midwest and other parts of the country who are pretty conservative. hasdemocratic trade-off been narrowly good enough for republicans in the past. the national environment is

changes at the top of pepsi, indra nooyi is stepping down an chief executive officer. early 2019. she will be replaced by ramone lagrta on november 3rd. seaworld reporting mixed results this morning, beating on revenue. this afternoon we hear from marriott, hertz and etsy and many more. earnings for this period are up 24% for the companies that have already reported. here's the story of a house from tv. the brady house, brady bunch house is off the market. lance bass of nsync tried to buy it. you won't believe what happened. plus, busted, ray lewis inducted into the football hall of fame this weekend. why the bust they gave him is really turning heads, coming up. because it doesn't look like him. [ laughter ] dagen: i don't even know who it looks like. doesn't look like ray lewis. the top story this half hour, the confirmation of brett kavanaugh, senate democrats will meet with him in the coming weeks. chuck schumer was leading the charge to slow walk the confirmation process for kavanaugh. >> why did the president pick kavanaugh? he knows that kavanaugh more than any

indra nooyi will step down and be replaced.d turn pepsi into the most successful food and beverage company in the world with sales growing 80% during her tenure. she is a handful of women of color to lead a company. >>> do you have moviepass? the subscription service will limit you to three movies per month. customers could see one movie per day. moviepass is running out of money and needs to save cash. it has a low subscription price of $10 a month. moviepass has to pay theaters to make up the difference. most customers already see three movies or less per month. the change starts august 15th. you have two kids. i bet you are not seeing three movies a year. >> it is like $150 to take your kids to the movies. moviepass sounds great in theory. i'm not sure from the business model how it works. anything to avoid taking kids to the theater. >>> all right. a day at the zoo turned dangerous. more on this sudden and destructive weather coming up. >>> plus, remember when the tv of host told lebron james to shut up and dribble? we will

. >> the president indra scott walker for a third term as wisconsin governor.ust talking about tim valenti. his comeback bid was derailed because this is a republican he once called the president unhinged and look what happened. >> yeah, absolutely. valenti was one of those personalities politically who took a very aggressive stance against the president, stuck by it, never broke bread with the president and this is indicative of how that just simply didn't work in any way, shape or form. cheryl: as for democrats, should they change their messaging and listening to something bernie sanders had to say? >> trump was able to pick up on the failures of the democratic party that did not talk about the fact that hard-working decent people saw their jobs going to mexico or china. lauren: what you make of that? >> in a way, bernie is right that democrats need to speak to their voters, their voting base. the concerns about this. it has to do with jobs. has to do with the cost of health care and dave conversation items that people frankly do not feel their elected democr

trish: long-time pepsi ceo indra nooyi will step down after.he oversaw major changes to pepsi as the industry was forced to adapt to change in tastes. people don't drink as much soda as they used to. she spearheaded healthier options. >>> fargo mistakenly foreclosed on 400 homes. the banking giant is blaming a company mistake. it miscalculated customer es eligibility for mortgage modifications. wells fargo has to set aside $8 million to help the affected customers. one thing after another for the bank. >>> facebook is asking banks across the country for detailed financial information of their customers, like card transactions and account balances. facebook's arguing the information would be used to increase use of facebook apps such as messenger, however some banks understandably are hesitant, as i would hope they would be about handing over the information that would actually violate customer privacy and has pulled out of talks with the tech giant. good. i hope my bank is on that list of one that pulled out. >>> all coming as facebook privacy

about another initiative, and i just wondered what you thought about it he said after speaking with indra nui, she was the one who talked with him he'd like to do something that helps american business, stop reporting every quarter, maybe do it on a six-month basis. what do you think of that idea you focused on long-termism. >> jamie diamond and i came out a while back, but i always focused on the idea, "a" i like to read quarterly reports as an investor and we've got a couple hundred billion dollars worth of common stocks, so i like to get those quarterly reports. i do not like guidance, and i think the guidance leads to lots of bad things and i've seen it lead to lots of bad things i don't think quarterly reporting itself -- it's when you get into promising people what you're going to do every quarter. i can't promise what's going to happen you know, we're in the hurricane season now and you could change our earnings draumatically witha storm or something like that i think it's a bad practice in the game of earnings guidance. people play it as a game, it is a game, and people adjust to

we have big news on pepsi ceo, indra nooyi would step down on october 3rd, leaving chairman role in 2019. a 22-year-old pepsi veteran takes over. we have breaking news in the last half hour. this is the department of justice saying that judge leon, this is all about at&t, look at this drop-off that happened near the end of the day. basically on ignored economics, common sense and in allowing the at&t-time warner deal to happen. and so that was something that people thought might happen, that we would mare more from the doj and there it is. back to you. melissa: nicole, thank you. phil, oil prices closing higher ahead of the reinstatement of the iran sanctions that begins tonight. what else can you tell us? >> president trump was serious about that. oil traders are starting to realize that. there is a real concern that if iranian oil starts to come off the market it will be difficult to replace. that is going to be very bullish. it became even more difficult to replace when we heard a report about saudi arabian oil production that surprisingly fell by 300,000 barrels. that isn't supposed

indra nouyi. signature bank chairman shot shays if that is come to pass, there may be something in the banking sector. investors that own any share of stock, should be here to listen. he is next on a exclusive. go back to the white house now. as we're beginning, mike pence is coming up to speak. and you can see kirsten nielsen. she of course is head of homeland security. in the audience we should mention are many of the i.c.e. members. this is immigration and customs enforcement group here. and this is sort of a salute to heroes. 150 officers and a panel discussion, had just occurred. lawmakers in the audience. more of a morale and spirit booster. president trump broadened you know, the sort of focus of i.c.e. from watching for terrorists and criminals to arrests of many people who entered the country illegally with or without a criminal offense. more deportation under president obama that is important to note. as kirstjen nielsen speaks, we'll dip back in here. we watch the dow jones industrials

because, you know, the ceos like indra nooyi i know from westchester, where pepsico's world headquarters now. right? so pepsico is all over the world. and trade and sanctions have an effect on pepsico and all those ceos. so if they were to not sit down with the president, take that opportunity, they would be a dereliction of their duty as the ceo of a major company and their number one responsibility is to their company and their shareholders. so it is dangerous, by the way, when companies go out of their zone of what they're supposed to be doing and make public policy statements or take these kind of positions because that can tick off half the country. >> mostly -- >> do you think these ceos, though, are effectively telling him that there are no consequences to what you say? or your actions at all? >> no, i think they made those statements by folding the council and making those statements at the time. think that had an effect. also when they're getting invited to sit down with the president, they have to do that. i don't care who the president is -- >> you have to go to bedminster, th

heard from people such as never indra modi the indian prime minister from blood mare put in the president of russia who said that he was fortunate to speak personally with kofi annan and that he sincerely at moyer his wisdom and courage as well as his ability to make balance decisions even in the most complicated and critical situations these sorts of attributes have been pouring out in the past six hours or so since kofi annan family announced that he had died in a diary and what we're really hearing is just a real sense of someone who actually believed in the mission of the united nations someone who came here as a young man and basically spent his entire career trying to get others to do right by each other and even after he left the united nations or rosalind he was still working in the diplomatic spear. yes he was he set up a foundation the kofi annan foundation in two thousand and seven where he really focused on development in a subsaharan africa helping communities across the continents more than thirty countries build not just businesses and develop their their economies but also

indra nooyi — one of the world‘s most influential businesswomen — will step down as the head of pepsico on her legacy. she had an amazing man is 12 years at the head of pepsi, one of the welcome mat big as food and beverage manufacturers. she is one of 25 ceos of countries here on the s and p 500. she is standing out for her strong leadership. while she is focused on returning money to shareholders shields wants to plan for the company‘s long—term future and that meant diversifying away from the sugary soft drinks pepsi is known for. she invested in healthier snacks and beverages in the hopes of attracting a new generation of consumers to the company. i think most observers would say she did a stellar job at the most observers would say she did a stellarjob at the head of pepsi and they are curious to see what she does next. the boss of british airways has complained that two hour queues were becoming the norm for passengers arriving at london‘s heathrow airport. our transport correspondent victoria fritz explains why this is happening. we have the perfect storm. this is europe is back

giving guidance every quarter that kind of thing of the president suggestions that he got the idea from indra knew which, the outgoing ceo from pep sigh, that we go two to time as year instead of four? >> i think on the surface it makes sense because anything gets away from short-term oriented to investment. we need a lot of investment in the private sector and public sector. ultimately that will happen i think it is positive it will improve productivity and inflation will remain tame and the business cycle will continue to go for years. i think it makes sense. connell: not necessarily public supporters of this idea but supporters of getting rid of idea of short-termism, jamie dimon and warren buffett wrote in the "wall street journal" we should do away with guidance on a quarterly basis. not exactly an endorsement on this but let's not be focused on short term goals. >> one of the pig problems with the quarterly reporting, that means ceo, cfo, top managers, have to put a lot of time four times a year, getting reports together, coming up with their forecast, when they're doing, this putting f

mark: indra nooyi, scene -- peter kinsella stays with us.t, stocks on the move. -- reporting second-quarter profit that beat estimates. this is bloomberg. ♪ matt: welcome back to bloomberg markets. this is the european open. i am matt miller in frankfurt to interview the cfo of comme rzbank. that is a stock on the move carried let's get others from nejra cehic. ,ejra: starting with unicredit second-quarter net income beating as italian bonds took a hit, hurting revenue at capital. one thing we have seen through the banking season and a reminder that standard charter and hsbc, is how investors response to what banks say about costs. unit thanks cost has helped. we are seeing the stock higher by 1.9%, almost 2%. commerzbank lower by 3%. losses accelerating from the open. income beat.r strongest revenue growth in 18 months, but it warned that operating cost will be slightly higher than originally planned this year. perhaps that is something helping feed negative sentiment in the stock in the session. ersdorf down. likee face of it, it looks pos

silverman is here right here etsy ceo can i ask one diversity question and it comes on the heels of indran't know if you saw, we're now down to 24 female ceos of s&p 500 companies. i was writing a column about it this morning what i'm hearing from women -- i'm curious from other women at the table think about this women in very senior positions -- because one of the questions is when a female ceo leaves, why most often they are not replaced by other women. in fact, in history, a woman has only been succeeded three times as the ceo of a company. it's kind of a remarkable thing. and one of the things women privately said is they actually feel it's harder to promote other women than they think it is for a man to promote other women because they think their motives may be questioned in a way when a man promotes a woman, that they will be heralded as a hero i never heard this sort of idea. it seemed so counterintuitive to me both of you are women you could speak to this. josh, also you're thinking a lot about this whether that is an issue you talked about inside your company. >> i'm happy to s

lisa: the ceo the president referring to is indra nooyi.eos have also criticized the quarterly reporting system. joining us now is brooke sutherland of bloomberg opinion, who has just published a piece about trump joining the time and bandwagon and hit the deer. i was looking at the commentary across different websites, and a lot of people are saying, you know, this is the first thing i agree with the president on. you to look at this idea of reporting semiannually and applied it to a company like deere. bothe: you could argue it ways. their quarterly profit missed analyst estimates because they saw a spike in raw material and freight costs. so those problems might smooth themselves out. offsetays they will those with cost cuts and price increases, but this is an important snapshot of a company that is grappling with mythic and market changes and we are not in a normal inflationary environment. we have the backdrop of tariffs, farmers combating low crop prices, and their ability to absorb those price increases is a significant question. fro