david is on vacation. yellen is here. arrived.as no action in these markets, we wait for that speech. implied% is now the percentage of a rate hike in september. that is double in two weeks. did have an impact on fed rate hike expectation. understand that we have gradually moved that. you wonder what comes from this. speaking to people in london, what they want from today is a little bit of leadership. getting this committee together, leading it. you have not heard from the fed chair for a number of months. aboutif she doesn't talk a rate hike, where does she stand in the committee versus her peers? before yellen, we hear from a slew of fed presidents throughout the program. robert kaplan, and janice lockhart joining us from jackson hole today. a big show as we can you down to yellen's speech. calm in the markets. jonathan: very much so. markets go nowhere. that is the story for the last couple of weeks. futures are dead flat. is unchanged. a little bit of price action on the dax in frankfurt. the price action is subdued.

the dollar is lower, that is what driving -- that is what is driving the market.markets stand ready for an inflection point. mr. williams says the fed should up its inflation target or abandon it. -- 1.54. that is a dipping year. the s&p 500 climbed forecast straight session in a row. it is a bear capitulation. let's get out to haidi lun. she joins me for the bloomberg first word. you.od day to the meetings from the rba where they cut interest rates for the second time were released today. they said the cut would boost -- would boost inflation. san francisco's offense president is calling for a new approach to central banking. john williams argues that the level of interest rates will -- the either stimulates -- fed policy of targeting low-inflation will no longer make sense. russian equities closed at their highest level on record after rebounding oil prices lowered investors to the cheaper stocks. the country's largest oil producers were among the biggest gainers on the benchmark 50 index. the european headquarters in london will start the -- will start the proc

dying is easy, living is harder.is also another great line that george washington says to him in the musical, which is the opposite of that, the wholehearted nest -- wholeheartedness, there is something harder. so we could keep going for an hour. charlie: i will take one more in that campaigning is poetry and government's prose. john: think about that. the aforementioned mayor cuomo gave that quote. so thinking of rhetorical presidencies, 1948 truman is a disaster on the stump. we talked about hillary clinton, whether she was good -- truman was horrible. he had speeches, he would just read them. show people the top of his head, so they hatched a scheme to have him start speaking off-the-cuff, as they called it. he starts learning to speak to people, goes on the whistlestop tour, three of them, thousands of miles across the country. what he does is connect in vote by vote on the road, he has researchers at each town telling him he is going to so he knows something about the town. he gets down off the back of a train a

i sense is that the relationship is not bad and the bundesbank is what the bundesbank is. germany has clearly let up the pressure on the peripheral. people were on the phones to help block the commission's plans to penalize spain and portugal. the bank test was one issue. think there is anything between the bundesbank and ecb. tom: if you are just joining us, italian bank bailouts seem to be the theme today. next hour, ira jersey. with oppenheimer fund. the dynamics of interest rates wrapped around sluggish economies, wrapped around two baseball teams in new york that needed better august. this is bloomberg. ♪ francine: i'm francine lacqua in london. tom keene is in new york. waror: uber has ended its in china. they will take a market share in didi. uber investors haven't pushing profit ine china sisony postede the latest quarter. ony got a lead in gaming consuls by launching a virtual reality headset. a plan involving private investors to bolster finances for an italian bank. unicredit was the second worst performer in the stress test. francine: thank you so much, taylor.

is easy, living is harder.ther rate line george washington said in the musical, which is the opposite of wholehearted this, there is something harder. so we could keep going for an hour. charlie: i will take one more in the campaign against gravity -- governing. john: mayor cuomo gave that quote. so thinking of rhetorical presidencies, 1948, truman is a disaster on the stump. we talk about hillary clinton, truman was horrible. he would just read, show people the top of his head, so they hatched a scheme to have him start speaking off-the-cuff, as they called it. he starts learning to speak to people, goes on the whistlestop our, three of them, thousands along the country. researchers telling them in each county he is going to, so he knows about the town. he gets down off the back of a train and counts teeth in the horses mouth and nose how old the horse is. everybody is shocked the president of the united states knows how to do this. he was not political. he was not a good orator. he was not good at campaigning

why the rand is doing so well is the market is looking for carry.he market doesn't want to think about domestic idiosyncrasies. it wants to see the opposition taking a bigger share. downgrades are probably still on december.om s&p in hasn't really changed after these elections, i think, given that focus on politics that is still going to be there. ultimately it is about delivery of structural reform, which investors were hoping he would be able to do. he hasn't had a magic wand. it is reliant on policy leadership from jacob zuma. still a lot of conflict within government. i think it speaks to what goes on in government that there are people who don't care about investment grade. i don't think of it as this issue to be focused on, secret ratings agencies run by the cia. i think there isn't the right policy mindset and cohesion. even ignoring jacob zuma. caroline: you say that the politicians within south africa possibly don't care about the investment grade. do investors care about the investment grade? we talked about how turkey might not be that po

is it? >> absolutely, it is smooth sailing. but the "for now" is important.ut i think the questions about apple's ability to grow are still on the table and quite frankly the stock price is reflecting that even with the recent move. so at an enterprise value to free cash flow of less than nine times investors are saying that cash flow will decline at 1% to 3% forever. we think that is too pessimistic. and we do think that over the next year we will see that iphone will grow again and iphone is the company. it is 70-plus percent of the profits and i think investors are getting more comfortable with that and that is why you have had the stock go up. >> there is this question that has dogged this company and it will continue to dog it and it has been voiced already on the desk in the conversation we're having today and that is the innovation question. i'm sure you read the story in the washington post over the weekend in which cook was interviewed where they are ta talking about what is in the next world-changing thing and the category for apple to which he said

it is the soil, what is in the soil. it is the water. it is what is in the water that actually takes care of those plants. it's pests. we have introduced several pests with people traveling as much as they are, we have to admit that sometimes these are not maliciously brought into this country. but they are just traveler, bugs attach themselves and they come along and they come along for the ride. they get free airfare and they come in and lodge themselves in ur citrus organizations. there is a bug destroying the citrus population in florida. and it has, imagine this, it has made its way across the country and it is now in california. we just recently had a hack-a-thon to come up with various measures in which we can try and find this bug and reported as it is trying to grow and develop. so, those are the kinds of things that we are involved in in trying to keep her agricultural products safe. ete: that was awesome. you touched on a couple of things that for clarification purposes, when i mentioned that 16 infrastructure sectors, and you

that is the theory. this is london, this is bloomberg. ♪ manus: good morning.is "bloomberg markets: middle east -- this is "on the move." i'm manus cranny. alongside me is caroline hyde in berlin. caroline hyde as the morning brief. caroline: manus, an earthquake shakes central italy. at least 12 people are dead from these explain to magnitude quake -- from the six-point magnitude quake -- from the 6.2 magnitude quake. and fed fears. emerging market stocks drop on nothing speculations that yellen will strike a hawkish tone at jackson hole. as we await the market open, futures have been signaling a down day. oftion is being taken ahead jackson hole. we can see the dax open lower, and the cac and the ftse 100. let's have a little look at how we start the morning's trade. willie indeed track -- will we indeed track lower? this is your imap function. you will start to get a regional breakdown. the u.k., down by .2%. france, up by .6%. germany come up by .25%. it is all about the miners when we look at glencore's numbers today. let's get into those individual moves.

why is that the case? why is nasa still using technology that is decades old? is at the heart of the question that we addressed. everybody with a laptop or smartphone once the leading edge, the best performance they can get and they will not tolerate a second delay. nasa has a completely different set of priorities. what is really going on here is in space, this is a terrifying and difficult environment, the nott in this world -- well, worst in this world that worst in the universe for human beings as well as electronics. everything we send out has got to be rock solid. that procurement cycle, their attitude is completely different. everything is built around safety and nothing can go wrong. david: safety and reliability, you mentioned the roughness of the universe on the space station. on space shuttles. on the equipment. what are the particular challenges that nasa faces putting computers into space? nasa faces? ian: the primary one is radiation. it is basically creating small nuclear reactions in the cells of your skin. arguably for semiconductors, it is eve

is about where it is going and that is why there is a lot of focus in terms of this samsung versus applet is about can we see more growth on the smartphone side and does come from the software services inside or does it come from actual children on the hardware? david: thank you for being here. synchronized senior vice president of corporate development. jonathan: coming up, which major currencies undervalued. the answer might surprise you. we show you in battle of the charts,. this is bloomberg. ♪ , this is from new york bloomberg go. i'm jonathan ferro and time for battle up the charts. today, it is my tb: good versus my radio coanchor, alix steel versus guy johnson from london and new york. this could be competitive. alix: it is like your [indiscernible] i am taking a look at what is going on with opec talk. oil marketsrted the i wanted to dig deeper into the production estimate of the big opec countries. the white line is saudi arabia producing under record, with numbers higher right now around 10 point six 7 million barrels a day. the blue line is iranian oil production. back to whe

that is next and this is bloomberg. ♪ alix: this is "bloomberg ."of merck investment talks about the volatility in the currency market. yesterday, the walt disney company announced its third-quarter earnings that news was largely overshadowed by its announcement that it was paying $1 billion for a 1/3 stake in bamtech. i talked with bob iger about this investment and why he sees it as an important strategic move for his company. as most people know, i used to work for you. when i worked for you, you have this discussion about content versus distribution and which one is came. it strikes me this is the first time you have made a major investment bamtech in into distribution. >> it would be safe to assume this is our largest investment in what you might call distribution. as an investment into technology. what we have set up for more than a decade is that our strategic priorities include making high-quality branded content and using technology to make the product better and make the content better and use it for production and quality reasons but also

he is the nominee because of who he is. it is to the despite who he is.hat. they are like if we can just handle him in this way or that way. the reason people are attracted to trump is because he is nothandled. that's what all politicians are. >> he has not faults. >> i won't hear a word. >> you said the only way to beat donald trump is to lie. the latest fox news poll that came out shows a 10-point lead. it sounds like he mate be beating -- he might be beating himself and in not the way i just realized -- >> he is a candidate, but he is still human. >> we heard about the trump ceiling, the ceiling he has. right now trump is resting and he will come back on the attack. he drives more attention. conflict is attention. hillary has a little bit of a bump from the convention and that's typical. he will come back and start to hit it hard. there is a little bit of fatigue. it is good to lay low. lay low and then start hitting it hard again. we have another hundred days or so and then she is gone. >> trump is snot ready to endorse -- is not ready to endorse paul

and if it is not 30, it is 28. it is like last time. a huge demographic shift in this country that is one of the most single changes in the last 20 years. >> and to bring it full circle, nonwhite voters think the country is on a better track than other voters and that could be dispositive. >> and the thing about the white electorate and bill pointed this out in the last couple of polls, hillary clinton is beating trump with white educated voters which hasn't happened in a long time. >> 50 years. >> and i think, look, that may close. but even if it closed, she would still do better against trump than obama did against romney four years ago. >> fascinating stuff. i love talking polling geeking. i hope you will come back and do this again. thank you. >>> coming up, republicans continue to support trump despite his many foibles and i have to ask, have you no shame. and two years after the police shooting of michael brown, i'll be joined by the ferguson police chief. so much more "am joy." don't go away. i laugh, i sneeze... there goes my se

it is called leakage. it is up and running. it is a big chunk of data to figure how to collect and gather and analyze it with prudentials help >> as we represented to the differed comp committee members, there will be a lot of written materials as well as materials people have to read on line before they go through with the process. we also want to report we anticipate in the next few weeks we will install a kiosk on the fifen 5th floor for people that don't have computers. the only way to apply for a loan is on line. that will provide access for folks who want to come in and apply for a loan while they are here. we expect to see that equipment, i think the desks are delivered tomorrow and computers should be set up in time for the soft roll out. >> alright. one more item. it is basically the-as you know the dol issued a rule effective next year april 10 in 2017. we are doing due diligence how this can potentially impact government plans. at first glance we are not directly impacted because we are non [inaudible] but we are sti

charlie: tell me who he is, who is lear?our lear, we see him as a very exuberant and manic and exciting man, beloved monarch. but he is aging to the point where he is probably always had a strain of manic temper. and it is dan sullivan's wonderful concept, in my opinion, the first time you see him he is extremely excited about this plan for dividing his kingdom. like it is something he has not really thought through yet. and his fool is in the scene. you get a sense of him being a very robust man with a huge, open heart, and a great sense of humor, but he has aged more than people realize. charlie: some people ask the question, is he mad from the beginning, or does he lose his mind over the process of the play? john: that is annexed to a good question, and is the number one challenge is calculating how he goes mad. there is beginnings of a propensity of madness. i think when he explodes completely irrationally at cordelia, it is a shock to her. she has probably seen his temper before, but she has never seen him like this. sh

it is crazy when you think about all of the qe we put out there, that inflation is where it is.s right. inflation is low because of external reasons. the u.s. and like u.k. which are further into their recovery phase, domestic league regenerated inflation is picking up. it is more pressure than is evident in the headline numbers. the authorities should be looking at that and the labor market. ,hey should be saying growth easing is relatively slow rates when you compare with free recession. in theis not sustainable context of labor demand that is been -- francine: we don't know what will happen. we don't know how much investment will be cut by it we don't know this economy will be fast enough to adapt and exporting more to take the benefit of the weaker pound? richard: i think there are rules of don't knows here. when we have to be careful about is giving negative signals to operators in the economy. when the bank of england was doing last week was giving negative signals. announcing more quantitative easing, what does that come from? about makingnking an investment decision indu

>> the point he is making is a valid point. he is bull in a china shop. he is very brash.elissa: tactless. >> first point he should have made sending out a sweet of sympathy. not -- harris: condolences. >> not something that seems opportunistic and self-centered. that being said, the point he is making is a valid point. look at situation with blacks over the last eight years. some of them still live in poverty. their schools are failing. so their chances of clawing their way up the ladder of success like other minorities get a chance to do are diminishing. they have rampant, rampant unemployment. he is basically saying you know what? some liberals who make the argument, we should change the policy with cuba, you do the same thing year after year after year it doesn't work. so time to step in to open up relations with cuba. the same argument can be made to blacks why do you constantly vote for a party that promise you everything and delivers nothing? that is the point he is making. he should have made it better. harris: we'll make a whole lot of a tweet then suffer silence

this is where the zero line is. the white line is the financial index.e real estate weex print the reason why are highlighting this is because starting next month, real estate will become its own sub index. 11re will now be 10 -- industry groups. double digit percentage gains this year while financials as a group is up only about 6/10 of 1%. when we think about what happens with financials, they want the higher interest rates. if you are a dividend payer, quite the opposite. scarlet: it makes sense you would not have reits as part of the financial group. the s&p is on pace for another record close. today's mystery chart shows traders are relatively confident this run can continue. we will reveal why and what this chart is next. this is bloomberg. ♪ scarlet: this is bloomberg markets. oliver: let's go to our markets desk and julie hyman with our mystery chart. traders are relatively confident that this run could continue. julie: we are looking at volatility today which has but noto a low level only hasn't fallen but traders are predicting it will continue

that is what this is. it is safe to assume it is a distribution play.view it more as a technology play and that is vital for the future of this company. >> for those of us that like to watch baseball, we are familiar with this technology. i have watched what mlb has done. i assume you would have not made this investment if you were not inclined in the direction of putting disney content on this new platform. when can we expect that to happen? >> well, the goal, first of all, we have been incredibly impressed with what major league baseball and bamtech have created. all of our due diligence proves we have been right. they have raved about this product. that is content owners as well as consumers and we get our own due diligence. we used competing platforms and nothing comes close to what this platform offers. have a great product from a technology platform. the user interface perspective, i am a big fan of the mlb. it is a really great platform. we clearly are investing in this to use it as a sports platform and as we said, we are going to launch an espn

the idea is to bleed, to terrorize, and the rosen why is isis is loosing big time. it is not the beginning of the end and these attacks, i mean think about it. they are powerful. all of us are talking about the orlando massacre in which you know, 50 innocent americans were killed and another 50 were injured. in fact, the orlando killer basically pledged allegiance to isis while he was doing the killing. even though we have evidence about the orlando, you know, his name is omar mateen but he wasn't directed by isis. he was homegrown radicalizing. these attacks are multiplied by the atination in iraq and syria. it appeals to recruiters. they are saying they are standing up and young men and women, whether it is belgium, france, california, orlando, buy into this. think of omar mateen, the killer in orlando. think of his portfolio. a tormented men, diluted man, a troubled soul, violent, racist, xenophobe. isis says come and join the islamic state. it has taken responsibility for the attack in orlando even though daish or isis didn't directly order omar mateen to carry

melissa: right. >> tim cook is a smart guy. that is why he is doing it. the u.s. government has to figure out how to outhack apple. as long as they're not doing that, tim cook is doing what is best for his company. melissa: he is saying plainly what most companies think, coming from somebody who seems generally left of center. he talked about having a fun raiser for paul ryan, a little bit over the map but socially liberal, coming out saying something about not being patriotic, doing what is right for the shareholders and doing what is smart. we're following the law. if you make it fair we'll come back but the corporate tax rate is just not fair. how could folks on the right believe same thing he did, no matter what side you're on on ceo saying it publicly? >> if it helps us talk about tax rates and the economy and how this really hurts workers, when you have high corporate tax rate. a lot of research last few years, kevin hassett wrote about it in our paper. a high corporate tax rate is largely paid by workers. this is chance to make it a kitchen table issue. coo

>> the question, what is the pessimism about? it is not about employment. it is about growth.hat problem is largely about productivity growth, something that is very hard to control by policy makers. enormous sleep on what private individuals are doing in their companies. it is very slow at the moment. it changes from time to time, but we do not know when it will change. i expect it will change. there are remarkable things going on. unmitigatedtion the lessons. you insured yellen are operating a central bank from the challenges that others have. do you feel this going into the september meeting or december meeting that you are the central bankers to the world, or can you be discreet and look only at the apco >>ates economics the world is becoming ,ncreasingly interconnected increasingly the capital markets of the world. so what we do affects many other countries. that was always so. it is also true what they do affects us. so we are dealing with interconnectedness, and we are probably the most important of the central banks but the european central bank is operating in an area

that is where the real debate is. the key question is whether we -- no, that is stalling.s on the we are talking about whether we achieve one. it is like watching a bad soap opera over a series of episodes where you know it how it is going to win -- know how it is going to end. anna: this is going to be a symposium of -- that is what is all about. what we might hear and what we have been hearing from central-bank players is come on governance, physical actors you need to step up. cap inchoate that is an interesting question. if you look at both sides of the presidential election divide, both sides are saying step up and infrastructure spending. one of the difficult considerations is whether that is going to come. we know there are issues on whether congress will approve it. all legislators agree that more -- that the u.s. should be spinning more on infrastructure but will the legislators play ball? if we do get that spending, monetary policy does have to work so hard and keeping the economic show on the road. they can progress on the rate normalization a little more quickl

returns, what he most likely is hiding, is what is coming out not by me by prominent republicans. that he is hiding shading deals with russia. he -- >> we don't know. >> we don't know. >> julian final word. >> it could be subsidies he has or lack of paying taxes, looking at trump tower. >> or true net worth. >> he is not that wealth sne. >y.y. >> trump tower, he gets $164 million in subsidies come on. >> you are come back later? >> yes. thank you. >> breaking news ahead of democratic national committee, two other high level staffers leaving. amy daisy resigning after leaked everybody mails a-- e-mails appear to show committee favors hillary clinton or bernie sanders. and donald trump is warning that presidential election could be rigged, we have that next don't go away. >> it is rigged. i'm afraid that the election will be rigged. i have to be honest. it's the little things in life that make me smile. spending the day with my niece. i don't use super poligrip for hold, because my dentures fit well. before those little pieces would get in between my dentures and my gum and it was u

the other is in the stock market is where it is because you get free money.the market would do great if he was elected. bill gross has reiterated his warning on sovereign debt after he yields from the u.s. to australia touched an all-time low in the past month. the danger of the on president the rally is that any reversal will be painful for investors did he says sovereign bonds at record lows are not worth the risk. china is planning changes that will loosen curbs on trade in the futures market. that is according to people familiar with the matter. theould require approval in change is yet to make the final decision. decision sparked a 99% plunge in volume last summer. global news, 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries. chariots. this is bloomberg -- i am nejra cehic. this is bloomberg. francine: more word on the state of the world banks. profits jumped 45% in the second quarter. france's second-biggest bank, socgen, some profits up. we asked the companies deputy ceo about the uncertain environment for the indust

that is one little in them all of what is wrong with our economy and that is alliance they. really getting involved in that this moment in time. i did not go on the economic committee because it is me the room to do a super pac and we are considering that and i think we will do one, but i do not want to say i am definitely doing it until i am. but i am saying we came out with a big paper and we will continue. i think it is reprehensible. >> it is one thing to write a letter to the epa and it is another thing to write a super pac bell challenge some of the regulations that you find so chafing. it is another thing to conflate some concerns you have about the civic and arcane regulations that are in place governing refineries, and we knew fields, with a whole presidential campaign, isn't it? is butt certainly they're are not mutually exclusive, obviously. i do not want to say on the program that i will test plainly dollars in a super pac, until, to thepeak, i am talking people that would be working with me on the super pac. that said, i do not want to say something your that yo

there is such a conversation about universal pre-k, that is something that is not possible in japan.hy? ellen: there is this big shortage of women in the workplace and the prime minister is hoping to get more women actually working, and more women would like to work but there is a huge childcare issue. there are not enough nursery schools and the nursery schools are just sort of mired in regulation, and the teachers are paid very poorly so the teachers are constantly dealing with paperwork, etc. they do not want to do it anymore so they are trying to recruit more teachers and they in fact are building more nurseries schools, but it is tough to make it all come together. david: high yield investment programs, something i have not heard of before, talk about about that. ellen: they are online programs that invest in various things and promise really outrageous returns. really many of them are ponzi schemes so they are paying old investors with new investors' money. a lot of investors know that in their whole idea is, i'm going to put my money in and try to get my returns out the for th

the message is it is ok to vote for mr. trump. he is a supporter of women. talked to a woman who is 26 the other night, college-educated. her first answer was "he loves women, it is obvious. i can tell none of this information painting him as a misogynist is true." host: you can send us a tweet @ cspanwj. your organization set up back in june, how would you describe the trump campaign outreach? guest: well, one of the reasons we set up was that we saw the trump organization seemed not to have the ground game together that in the spring and early summer. we saw all of these ad hoc groups springing up a stub nevada women for trump, new york women for trump, all over the places. there are hundreds of these groups doing it on their own. we wanted to create a home ofor them. we call ourselves the home for women who support trump. then, the -- i thinkw e have see n a change as our cofounder and think of -- i still her as conway. as her of her so long maiden name. we will see a big difference now. we can move back over to the idea of being the role of a real path.

nothing going on what is happening is there is a degree of hopelessness. now on each side you have a complete loss of believe. the israelis and palestinians today do not believe anything can happen. to makingntributing it harder to do anything on the one hand and making the situation far worse on the other. word anddennis use the another book, what you do in your negotiating processes. important terribly for the next president to understand that just because the white house or the oval office gets involved in the negotiations does not necessarily man there -- does not necessarily mean there is a conclusion at hand. parties have to be willing to take chances and risks and if you do not have that, it does not matter what happens in washington. >> my own experience with this playerot being a primary , there is a tendency to believe that if you do not have either the oval office or the seventh floor of the state department engaged, the process is hopeless and nobody takes it seriously. engaged, itget them sucks up all of the oxygen in the room and makes it ver

it is growth that is not that bad. this pmi? oilmuch of this is the of -- is the oil component? >> it is a good question. do withy, anything to , that ishe industry not captured in these figures. it is the fiscal consolidation that we have seen and it is pronounced and not captured in this. it is a survey done by the market and the same around the world. those with thede oil price and the recent fall, how does that play in to the numbers? see,e main story that we trend,ough there is a there is oil prices and fiscal consolidation with the liquidity that the nonoil private sector has held better than others anticipated. obviously, that is not the case what we sawrket and in july was export order growth. and i is a big concern would say that we are looking at the end women growth in the survey shows this. the job creation is a broader topic that should be looked at in the region. everything is fundamentally a demand with population growth and the labor markets are you action. elastic.he -- our -- the labor markets are elastic. peoplet of euphoria and piling back in the egyptian sto

maybe there is one, maybe there is not.en a presidential candidate in advance try to spin his loss. you could argue that it is not good for democracy, but you do not want to signal to your supporters that you think that you might lose. on every level it is extraordinary. mark: in the overall context of , they'll have their turn in the barrel when they are being scrutinized and everything looks bad. that it is the other candidates turn. do you, they'll have their turn in the see an end for trump's time in the barrel? >> i will tell you why. it is so cyclical. whatever you think of hillary clinton, she does seem to have an ability to let stuff rain down on her. i assume that something else will happen at some point. i've wondered if i were in a campaign, you would want to chart out week by week to make sure that your turn in the barrel is not the final week of the campaign. as you know, the media likes this come back story. it seems to me that it will be inevitable -- maybe not inevitable, because trump makes nothing inevitab

is over gun? >> we move onto another part of the field we do different planting. but that is better. i eat more raw corn then i do cap. it is our turnon with the farmes market how do we know? what are the good ones? the best is to grabs an ear and feel the top of it. i can feel the fox like this one here i can feel that under the husk all this is is non- tipped. are you do is break it off,, and it is perfec. >> because some people ?- and i have been includedec you go to e store and you can husk them right there so it is protected it'so like my wife says you dont peel your bananas at the store ahead and keep it in there if you keep it fresh like thiso in your refrigerator you could probably get four or five days out ct of it. >> i would normally put a piece down if it had a defect like that you could still get it because you just break it off. >> if you are doing that with a firmer farmer you throw that aside and you can only do so much corn. >> why do we have a knife here? >> i educated days earli

that is what the market is signaling. the balance sheet is strong.g have thecused, as we last three to four years, on simple find the portfolio and the company's processes, systems, and structure to put a real accent on driving profit -- positivity. that is what we are continuing to build. in their current financial year, we look at a further 12% reduction in costs, a 4% uptick willlume, which combined release further operational productivity gains of $1.8 billion. so why things are looking beenrent now is we have really cutting costs the last three or four years. we have driven activity gains up $10 billion, with $2 billion to come. but most of that time, prices have fallen more than we can cut costs. we are almost accelerating and cost-cutting while prices have stabilized. -- ihan: i want you to want to ask what you would do with a free cash flow. what are the priorities for that cash in the coming years? andrew: so i will use my crystal ball a little. i expect prices will trade in recent ranges for a little while. i do not think they will get any

is it you, is it the court, or is it congress? >> well, it is certainly not me. [laughter] >> that's a good answer. i was hoping you would say that. >> but i think the question is congress can examine it, congress makes a record, it is up to the court to determine whether the problem indeed has been solved and whether the new problem, if there is one -- >> well, that's a big, new power that you are giving us, that we have the power now to decide whether racial discrimination has been solved? i did not think that that fell within our bailiwick. >> i did not claim that power, justice kagan. what i said is, based on the record made by the congress, you have the power, and certainly it was recognized in northwest austin, to determine whether that record justifies the discrimination among -- >> but there is this difference, which i think is a key difference. you refer to the problem as the problem identified by the tool for picking out the states, which was literacy tests, et cetera. but i suspect the problem was the denial or abridgement by a state of the right to vo

like the world is going to hell is what he is telling people.e need to have a strong thing and people start to become more and more scared. these are the kind of things that he never intends for people to try to do this but this is where you create a dynamic that they become very afraid of the world and you throw this hand grenade of a room. and some crazy person goes and gets a gun. >> all it takes is one member of a community to do something and we are mad at that whole community. they all did it but those people are triggered. when oswald shot kennedy, whatever else went on, he did it. there is an atmosphere in dallas which is hateful. it's in the air. you start building this stuff up and which ever sicko is going to act. >> it is happening where we are in a prolonged period of violence. we are seeing unrest in urban areas. he saying he is the law and order candidate but he is joking about this time period. >> you think he connects to reality? the president was born in hawaii. it is all in the newspapers. she is a white woman from kansas. she

what ed said that is interesting is there is so much information, and there really is.ht now if you kind of believe something, there is a news outlet that will gladly reinforce your ideas. whether that is left, right, center, or totally kooky. most of it seems totally kooky right now. there is so much media that we all have to figure out which we are going to consume with our limited time. there are right wing news outlets. there are left-wing news outlets. and there is c-span in the middle. c-span is nonpartisan. that is why we love c-span. the point is there is so much .edia to consume you have to pick the one you trust, essentially. then you should spend a lot of time reading the ones you don't trust or the one that challenges your view of what is normal. there is my mini soapbox on media. more call, margaret, delray beach, florida, independent line. caller: good morning. i am so glad i got in. i ame point you just made, no donald trump's supporter or hillary clinton. i am no fox news fan. the left controls media, to think the "new york times" is where i would go to

he is becoming the funny one. i think it has to -- it is alt alt -- it is a little deflecting. we are taking the focus off the policies the previous decisions so we can laugh at him. >> this is like the all work and no play makes mike a dull boy. i have a fun side too, guys. >> and i think he does. if the vice president thing doesn't work out for him, does he have a future as a comedy writer? >> no. >> come on. >> he wasted a perfectly good underwear joke. >> he is furious. >> it started out good. it was i forgot my brief. and you would think a college professor would say something like i hope you wear your boxers . you free ball today. it is an easy underwear joke where a guy is yelling and pointing. >> i don't like him. >> you want the easy jokes. >> i want the easy joke and i don't want mike pence. i am not into this pence and i don't like the way his face looks. >> really? >> he looks like a morman colonel sanders. >> also that is understand -- also that sounds like a delightful look. >> too delight delightful. >> pence has gone places and not been recognized. he went to a

good day is it is monday. sue is on vacation all week.here did she go. >> nia is getting ready to go back to college. >> her birthday, billy had a food truck in his driveway over weekend. >> sue's birth the day is august 16th. >> that is tomorrow. >> yes. >> happy birth the day sue. >> little early. >> my birthday was on the tenth, i'm just saying. >> i missed it. >> i will get you next year. >> good, can't wait for. that we will try to get weather, improvement here. we have a number improvement here. it was a six today. we will put it at a seven. not as hot and humid but still hot enough for excessive heat warning through tomorrow afternoon. maybe a little break for heat and humidity but it is back tomorrow. step outside, notice that different, temperatures below 80. mid to low 70's, philadelphia at 76. ultimate doppler is clear. sunshine this morning, heating things up now dew .70. humidity dropped a little bit that light breeze at eight. we will peak up to 95 degrees, heat index close to 100 a little break here in the seven day forecas

it is clear that what he is putting out is garbage. you can prove that it is garbage. but ultimately what does it get down to? gets down to the character of the person who is uttering this. that he is either so desperate or so devoid of any moral background that he is putting out what he -- he is smart. he went it wharton. he knows what he put out is garbage. they know the ends justify the means. no matter how they get across the finish line, no matter who they take down, no matter what lies they pedal they want it win at all costs that is the worst thing for this country. >> governor, let me ask you about the news regarding you. you have been named co-chair of secretary clinton's transition team. some people saw this as a sign of overconfidence of the campaign. you are already thinking about a transition team. does the campaign, do you run of the risk of being overly confident because she does have a pretty sizeable lead in the polls? >> well you know, chris christie was appointed as donald trump's transition chair months ago. so this is part of the process. this is a

there is. -- he is. southbound right over jackson, traffic is being held it is causing a mini traffic jam it is unclear why they wanted to stop him in the first place open police test oakland police is much -- oakland police is monitoring this. it will let you know what happens here. we will stay with it. they are just about to do the pit maneuver. >> if the car goes wrong when the freeway they will stop it according to chp radio traffic. okay. let's -- this is interesting to see what is going to happen. that chase is southbound 880 coming up on the jacklin square area just watching to see what this person is going to do it >> go-ahead appeared >> so we do not know what started this quack >> we do not know why this person is wanted. but we do know that the chase has been going on or a while. chp is holding traffic behind the chase because they are afraid that he is going to try to turn around he has been acting erratically. and, so there we go. >> and for people who are just joining us please tell us exa

what is clear is that the message is unclear. the only one who can clear it up is donald trump. listen to how he tried to clear up the message last night with anderson cooper. >> if they haven't committed a crime, is there a path to legalization? i'm talking about citizenship. >> there is no path to legalization. unless people leave the country. when they come back in, if they come back in, they can start paying taxes. there is no path to legalization unless they leave and come back. >> reporter: that is what he told anderson cooper. he made other conflicting statements on the subject of immigration. >> they will pay back taxes. they have to pay taxes. there is no amnesty as such. we work with them. okay. when i look at the rooms and i have this all over. everybody agrees we get the bad ones out. when i go through and meet thousands and thousands of people on the subject and i have strong people come up to me. really great people come up to me and they said, mr. trump, i love you, but to take a person who has been here 15 or 20 years and throw them and the family out. it is so t

it is outrageous. >> it is. hi, melissa. what is interesting is think of effect it has on other business investment in europe. it hurts them. so that is one aspect of this story. another though is that the u.s. has a 35% corporate tax rate. melissa: right. >> so the companies are doing wild things in order to avoid it. trump says let's lower the rate 15% and bring home the money from abroad. they have been tax arbitraging to keep the money offshore. that money will come back to the u.s. melissa: you guys feel like, 15%. apple was paying .000005 of a percent. that was their tax rate. people say trump will give a big tax break to their friends on wall street, to the companies to 15%. 15% is fortune still compared to what you would pay in ireland. >> right. so apple should be paying more now and would be paying more under legitimate tax system. we just don't have that. so one of the mysteries is, why hasn't president obama or hillary clinton proposed some fix to this tax, our tax code doesn't collect revenue because enough reve

he is bad. clearly there is something wrong with him. i don't want to go into details, but i don't think he takes classes with kids. i don't know who is bullying him, but i think there is something wrong with him. >> he has a perfect model in donald trump and if anybody said anything to him you can say get him out of here. i will pay for your legal fees. >> he has an entirely new approach and he assigns people in school to beat up the person mean to him. >> if he has money he is golden. >> bullies are not doing a good enough job bullying him. he still thinks this job is way too cool. >> to be fair, there was something kind of amazing and polished about him that did not give off the whif of the tormented introvert. >> he is being encouraged by somebody. >> maybe he has been on-line bullied. we can all agree on that. it looks like all of the conspiracy thee rears about hillary clinton's health are true. she has a serious colon problem. colin powell that is. according to the "new york times" she said she decided to use a private e-mail serv

>> i don't think so, but it is an interesting twist. >> here is a napkin and here is-- >> okay. i am excited to try distressing. >> i did not try this >> you picked the best tomatoes, those are the best cherry tomatoes. >> you put the corn in their and the tomatoes are inexpensive and would mix the lettuce some are soft and some are crispy and get a littleso crunch. it is delicious. enough to give you a whole differenten feeling. we probably need to get some of this. when you taste that dressing and how good ithe is-- >> it is really good. >>> you are going to be planning a trip to amherst because there is a shop that helps you create items like lights, chandeliers -- >> anything smoked glass. >> it is a unique parts and supplies store in amherst, ohio make your own light or lamb and can restore or design your l ow. my husband was restoring an old stand and didn't want to put plastic wire on an old stand and started looking into covers and was able to findst it and thoug, i bet there are other people wanting this also and from there is steamrolled our kitchen table and a few yea

this is bloomberg. ♪ francine: this is "the pulse." straight to the bloomberg business flash with nejra cehic. nejra: syngenta is trading sharply higher after cam china received approval from u.s. national security officials for a $43 billion takeover. the deal, expected to be completed by the end of the year, is still subject to antitrust reviews the regulators worldwide. rekindled talks with a supplier after they halted deliveries and shut down production and factories, making its best-selling golf model. work on it along with the passat. the court battle has showed output at two plants. japan's biggest brokerage, numeral, plans to hire bankers in the u.s. to push investment banking business there. been eliminating jobs and shoveling businesses in europe and the americas to save about $700 million and stem six years of losses abroad. this comes as he anticipates rising mergers and stock offerings in the u.s. francine: thank you. pfizer is said to be close to an agreement to buy a biotech company for about $14 billion. those familiar

is it you, is it the court, or is it congress? >> well, it is certainly not me. [laughter] >> that's a good answer. i was hoping you would say that. >> but i think the question is congress can examine it, congress makes a record, it is up to the court to determine whether the problem indeed has been solved and whether the new problem, if there is one -- >> well, that's a big, new power that you are giving us, that we have the power now to decide whether racial discrimination has been solved? i did not think that that fell within our bailiwick. >> i did not claim that power, justice kagan. what i said is, based on the record made by the congress, you have the power, and certainly it was recognized in northwest austin, to determine whether that record justifies the discrimination among -- >> but there is this difference, which i think is a key difference. you refer to the problem as the problem identified by the tool for picking out the states, which was literacy tests, et cetera. but i suspect the problem was the denial or abridgement by a state of the right to vo

is there, but the cost is it hurts savers. ,there is no question.savings, you can't earn on it. secondly, it causes people to take more risk. people that have one type of asset allocation are pushed to take more risk. institutions are pushed to take more risks. it can create imbalances. >> in a time of uncertainty, and that is one of the things so when people are talking about not knowing what the world looks like. why move now? is there a rush to move? you have said recently that you could see one or two rate hikes. >> i could see it possibly when i look at the calendar. we have three more meetings this year, so that is possible. what i have said recently is that i cannot imagine certain circumstances where if we continue to see the economy perform as it has been, in my opinion, at least one this year. now, none of that is locked in in my thinking. we just have to see how the economy seems to be performing. committee isk the risking a lot by being cautious in gradual areas i do not think we are behind the curve in terms of inflation or risking and