bank j.p. morgan has come up with its own crypto currency the j p m coin now earlier i. philip zentner of the blocks and center of the frankfurt school of finance and management what he thought was behind this surge cryptocurrency yeah thanks for having me well from my perspective it shows that the technology is really pretty and there has been some ups and down you know as always in capital markets and now the technology is basically show off its real value and it's also the needs to in my personal opinion the new up rise with regards to especially because in part also author currencies what is the real value of a crypto currency to talking about. the out so you need to imagine it as a base layoff or trust such that all kinds of organizations and individuals can actions upon it it can potentially be some kind of store of value once the volatility fades away and therefore i personally think that not just the technology's pretty and her partner will also be some quite huge importance in the future do you think there could be a currencies have gained more obligate lost by

sonny: it would be hard if j.p. morgan and facebook have a coin. facebook and j.p. an we like eum wetcoin and etheru don't? the industry is waiting for regulations to follow and adhere to to perform everything legally. emily: i am sure i will have you back to check you on these facts sonny:. look forward to it. emily: predictions from the future. ngh, thankonny si you. the white house plans to create a new panel to downplay climate change and discredit legitimate science on the topic led by controversial security council director william -- he said in the past carbon dioxide is a benefit to the world. he founded an advocacy group that promotes criticism of client science -- climate science. the huawei ceo is defiant in the sanctions. .ur exclusive interview a purge could be on the horizon for amazon vendor's how this could affect thousands of small suppliers. this is bloomberg. ♪ this is bloomberg. ♪ the latest innovation from xfinity isn't just a store. it's a save more with a new kind of wireless network store. it's a look what your wifi can do now store. a get you

j.p. morgan's pus into the health care spending market. j.p. as up 110 to 77. >> hewlett-packard enterprise is buying super computer make klay for $1.3 billion in cash and the move is the technology's efforts u advance in gh -- and hewlett-packard wn a fraction to 14.62 and it rose 32o 36.52 and amazon is buying atake in the british delivery sevice and the m takes aim at. lar food delivery services like uber eats. shares of amazon fell 2% at $861. and lyft is being sued by investorsver its ipo. the lawsuit claims lyft misled investors about its ride-sharing position. bicycle safety issues and labor it also alleges, lyft's fall statements inflated the share price where invests lost money when lyft fell. it finished at $53.79. time now for ouree wkly market monitor who is bting on the u.s. consumer. quint is back with us and he's founder and president of jewel financial. welcome back. the first one you bring up for us, if you're tnking about the consumer is twitter. i don't often think of that as a consumer company and a technology company. how do

coming up from the j.p. morganummit in beijing, we will talk to the chairman and ceo of the bank, jamie dimon, later this hour. you don't want to miss it. yvonne: we are joined by an member of the monetary policy committee of the pboc. this is bloomberg. ♪ ♪ ♪ rishaad: we are back. this is "bloomberg markets: asia." the upcoming trade talks put in doubt by a couple of tweets. confirmed the vice premier will travel to washington to continue negotiations as key chinese trade data is expected any minute. yvonne: next coming minutes, hours. we are not sure. we are still at the j.p. morgan global china summit in beijing. take it away. >> absolutely. fast and furious. our next guest is a former pboc advisor, now professor and --ect at the university director at the university. good to see you again. we had a great conversation last year about trump. you admired donald trump. there are a lot of people in this room who are really scared what donald trump is leading the global economy towards, a perhaps significant rift wit

banking giant j.p. morgan has come up with its own crypto currency the j b m. for more on all things crypto let's bring in phil of zen now he's the head of the block chain center at the frankfurt school of finance and management good to have you on the program philip what's behind this latest surge in cryptocurrency prices. yeah thanks for having me but from my perspective it shows that the technology is really pretty and there has been some ups and down you know as always in capital markets and now the technology of basically shows its real value and it's also there needs to in by person looking at the new up rise with regards to especially because in part also are critical currencies what is the real value of a crypto currency to talking about. the out so you need to imagine it as a base layoff of trust such that all kinds of organizations and individuals can actions upon it it can potentially be some kind of thorolf well you want volatility fades away and therefore i personally think that not just the technology is pretty and but there would also be some qui

. >> when you talk xlf the highs are in granted j.p. morgan had a record parter and we always the dpshgs lf back, and i feel like somethinga get beingses priced i don't think we should be diving into financials at this point. >> the story is not that good in terms of a market perspective. by the way, they outperformed the s&p over last three or four weeks and the financials have outperformed by 5% and it's not like it's been such a fantastic run for financials that we should say exhale and let me get out of this trade. you have to get back to money center banks trading at 9 1/2 times historically and they're 10.5 times and basically trading at a recession mull im, that's the only reason the capital arc proched in net set and they're being compensated by another cycle. >> careen? >> i love j.p. morgan. >> it was shocking that they reported good numbers from what tim is saying. that's been around for a couple of years now and they've been able to navigate it as have the others and it is the most expensive of the money center banks between city a

hi thank you so much other problems just keep piling up for produce pharma and j.p. morgan chase cutting ties as happened just today is just one of the most recent things that this company pharmaceutical company has been facing j.p. morgan essentially saying we're worried about reputational risks and even though they don't provide financing they do manage some cash and other business transactions so they have given a morning they found another bank to help them with those things but they are definitely distancing themselves and as you said it comes on the heels of this report from congress where it's a it's originally from these representatives katherine clark and how rogers who represent districts in massachusetts and kentucky 2 states of course hit hard by the nationwide opioid epidemic and these representatives are investigating the addiction crisis and they say their findings reveal that produce pharma the company that kick started the u.s. opioid epidemic although they deny that managed to convince the world health organization or who to change her scribing guidelines

insting with a j.p. morgan advisor can help you.[ loudly ] i sure hope mom and dad are surprised by this anniversary breakfast we're bringing them! [ loudly ] i'd hate to walk in on them if they're naked. [ loudly ] yes, that kind of image could haunt someone as she tries to fall asleep even years later. oh, relax. i think you're safe. or are they? it's our 20th anniversary, so today at the school fair, a band called the dad beats is gonna surprise claire with a power love ballad. and the lead singer -- you might want to sit down -- is the one and only -- get up on your feet! -- this guy! ♪ she's a pretty sight ♪ wise as a buddha ♪ but, brother, watch that bite ♪ ♪ 'cause she's a claire-acuda ♪ thank you. ♪

i thought you'd say that - let's do it. ♪ ♪ see how investing with a j.p. morganu. visit your local chase branch. >>> good mom p welcome back to mornings on 2. it is monday morning, may 13th, 2019. i'm dave clark. >> good morning. i'm pam cook. thank you're for waking up with us. checking in with steve, i wanted a plant for mother's r for my plants. >> i texted you happy mother's day. >> yes, you did. >> and the weather behaved for most. it wasn't maybe warm enough for some of you, but at least we didn't get any rain. rain? yes, on the way. not today, but it is on its way and the pattern looking almost eye-popping how impressive it is over the next seven to ten days. we'll see. the models can do a big head fake this time of year but there is consistency not only going into the wednesday, thursday time frame but also early next week on the possibility of a big system. i don't want to get too far ahead of myself but onshore wind for some. a lot quieter in southern california compared to the last couple of days. 40s and 50s on the temperatures. everyone is close even

michael bell, j.p. morgan asset management global market strategist. let's check in on the bloomberg first word news. here's courtney donohoe. ofrtney: pending sales previously owned homes unexpectedly fell in april. the index dropped 1.5% from the prior months, missing all economist estimates. pending home sales are often seen as a measure of the health of the housing market in the coming months. the u.s. economic growth last quarter was revised down by less than expected. consumption stronger than originally reported. so where exports -- so where were exports. president trump has renewed his assertion that robert mueller's report exonerated him of wrongdoing, claiming the special counsel would have brought charges if he had anything. the president's remarks directly conflict with mueller's yesterday. he said he was per habited from acting because justice department rules did not permit indictment. itomberg has learned that held you deputy prime minister matteo salvini has told his party he is willing to let the government collapse if they cannot get

goldman sachs, j.p. morganhase among those rewriting forecasts because they were the remaining $300 billion in goods will get tax by 25 percent. >> actually and secretary of the -- secretary mnuchin said -- hopefully they'll meet at the g 20 and have conversations but there is no promise that a trade deal be made. so the market is looking at this a month ago they had priced in a deal ineffectively sure it was happening now in stepping back to say we have to be ready for this turbulence to continue. but still even though the market is having some down days it is still trading rather sideways. it's not like is taking historic drops. if the investors are sitting back and remaining calm about this still. to the point on the consumers pay more, right now corporations have said they haven't passed the cost onto the consumers just yet and it is all about that last punch. so is still a wait-and-see story. maria: are people expecting the 3.2 percent economic growth number in the first quarter to be revised downward at s

see how investing with a j.p. morgan advisor can help you.local chase branch. >>> what a day for the sharks and their fans. absolutely destroying the sharks today. 5-0 and game five of the western conference finals. the blues are one win away from eliminating the sharks in the playoffs.>> can really at today's game tells us fans are so hopeful the sharks will come back.>> reporter: 5-0, fans are not giving up yet. >> i'm always enjoying myself here. i love these guys so much. >> reporter: some fans got stressed up for a big battle. and so was the sharks. >> were going to come back strong and keep going one game at a time. >> reporter: this is the first time for derek and his daughter julia. they also said all is not lost. fans were appreciative like when this goal was blocked but there were some bad blood in the water or at least on the home ice. many fans questioned calls by the referees. >> i'm really upset they are now making calls. he got hit in the face with a stick right in front of him and he did not say anything, then they call to pen

two in the final day of the j.p. morgan global summit. we had gp donning exclusively here -- gp diamond exclusively here. we will follow that up with a number of interviews. up on a lot of the issues we covered with jamie dimon. the property magnet out of hong on chairman will be on later as well. we will talk movies, and the chances of asian film houses of breaking through the so-called bamboo ceiling for asian themed films in the u.s.. the ceo will be joining us much later this morning. a packed today in beijing at the j.p. morgan global china summit. this is bloomberg. ♪ shery: let's talk about one demand of the 10 year treasury sale, concerns trade talks could go off the rails, or was china firing a shot off the u.s. bow? kathleen hays is here. this is a popular bond for foreign and domestic investors. what happened today? kathleen: someone did not buy the way you would think they would buy the 10-year note. this is the most popular for u.s. investors. if any is going to be strong, this is the one. a very to cover ratio, important mea

. >> i'm melissa lee tim seymour, phil camp relly of j.p. morgan, steve grasso and guy adami. the market rally is back on. the dow surging after a strong jobs report and there is one chart that could mean record highs are here to stay we've got the details, plus lyft spinning down ahead of its earnings down 13% from the ipo price and is the ipo boom about to go bust but first, it's a jungle out there and berkshire hathaway is going head first with amazon he's making a bet on the tech giant. the stock has had a wild ride so far this year. it's up 30% in 2019. their 230 billion in market cap and now within striking distance of all-time highs and do you keep buying amazon here or is this as good as it gets for the stock, guy >> guns' n roses >> i think we have >> of course, you can. flash or duff mckagan? >> flash >> i think you're wrong. duff was the heart and soul of the band, but slash was the pretty boy >> he's going to tie this in. >> i'll tell you welcome to the jungle right now and you were about to leave the jungle until warren buffett said i'm going to get myself a littl

see how investing with a j.p. morgan advisor can help you. visit your local chase branch.t to your heart. a new study from the american heart as >>> not just a jolt of energy, but a threat to your heart. a new study from the american heart association finds those energy drinks could cause frightening complications. scientists asked people to consume a 32 ounce energy drink in under an hour. then measured their heart rates and blood pressure. the caffeine increased the chances of an electrical disturbance in the heart and increase in blood pressure. >>> you may be left at the curb if you don't mind your manners riding with uber. riders with below average ratings may lose access to the app. ubers will send those riders some special messages. >>> a landmark in the east bay is being saved. talking about the painted rock in moraga. why is that rock painted? it's tradition for seniors at the high school to paint the bolders each year. when the owner of the property died, the hand was at risk of being developed, but the widow offered to sell it to the land trust for $2 million. t

j.p. morgan was saying that if any of his employees at j.p. morgan were buying big question he would fire them while i know for a fact that in london there was an app developed for some of their traders to trade big coin it had to be written in excel or something like that because their own monitors were being monitored so there algorithm that traded. i was told by the programmers they all hated kaiser report because every single time max mentioned big coin the price would go move significantly which put their jobs in jeopardy because they had to get away from their desk go to the algorithm and try to trade it and say oh no it's like it's buying too much is selling too much so it kept on triggering buy and sell orders on their algorithm which outside of kaiser report episodes was like trading normally or outside of your tweets is treating normally i think i mean it was issued on a straight because i was being the only person on twitter that could actually move because yes there have been a lot of folks who have come along subsequently and they

that was actually exciting for advocates and activists all over the country was when j.p. morgan announced and wells fargo recently that they would no longer back private prison construction with their bonds it's important to take that sort of a step further and ensure that they're not also funding or issuing municipal bonds to also. build prisons in different areas around the country and see that advocates are very actively pushing back on the construction of facilities there is recent wins and in a way and there's a very active fight happening in new york to fight present construction and jail construction and the fact that there are investors out there willing to make money on this is a really big concern and one that we're actively challenging and it's not just present construction it's also take private equity firms there are many private equity firms that are deeply invested in the corporations that specifically service facilities as was mentioned sort of in the lead in talking about phone companies. health care companies commissary companies sort of you name it there are m

year can this industry. >> alt-meat. >> can i answer for a second >> karen >> i appreciate the j.p. morganuy being so bullish especially up here. they were involved with the pricing of this thing, were they not? may 1st? may 1st at $25 or wherever -- >> yeah, up from the range of 16 to 18? so i don't know, maybe it's in there. maybe. the one thing i noticed about beyond meat. i looked at a few other companies with a similar market cap, about $4.5 billion. they have two to three times more stock outstanding, footlocker, floor, names like that have a lot more stock outstanding and multiples more than beyond meat as beyond meat's success partly because there's scarcity of equity which doesn't necessarily mean that business is that good. >> well, to your point about scarcity value, didn't we see something in porsche and volkswagen. >> that was the sport squeeze, yes. to your point you could have a situation like that. the market like this could be ridiculous, but if we heard doctors talk about any of the health concerns. >> that was a horrible analogy, the porsche one. >> there is a scarcity f

mike bell from j.p. morgan asset management is still with us.-- how important do you think these european elections are? clearly they are important for the future of europe, but how important are they for markets in the near-term? mike: not very, to be honest with you. you see amongnity the various popular parties in europe, it is not like there is a clear, unified, antihero populist agenda -- anti-euro populist agenda. i think the direct market implications over the next few weeks are going to be pretty limited. as you say, for the long-term story along the eurozone, it makes for an interesting headline that you will see an increase in support for the populist parties. it might have some national implications, and terms of what it tells you about the future direction for the actual country level elections. i think this actual round of the voting this week will probably not have a material impact on market. anna: to your point, i have this chart that shows the one year risk reversals treading water ahead of the elections. we get early warning si

and it has on the cover live masters the former head of the precious metals trading desk over at j.p. morgan and it's all about the block chain they claim this is attempt by the banks to. nudge their way into this emerging market and they can't recognize bitcoin as such because it's a competitive threat so they've decided that the underlying technology of block chain is something that they want to be involved with and that if they can push block change over bitcoin they can get into this business but without having the competitor of bitcoin and blith masters is a well known character on wall street who created and invented the credit default swap to help exxon voigt all kinds of taxes and environmental penalties there is a very good. bill gates. writing on a book in 95 that the danger to would not be important what would be important is instead of the highway of information and would just be a small part of the i would information but the most important thing is not the internet is what is the concept beyond internet broaching is the same i think it comes from the typical. ross elaboration o

it's cooperating with the investigation, as are j.p. morgan, bank of america, and deutsche bank u.s.a. none of the banks accepted our requests for interviews. the case could end up with hundreds of millions of dollars in fines, and under u.s. whistle-blower laws, howard wilkinson could potentially share in the proceeds. i mean, you were the whistle- blower in this case, correct? >> wilkinson: i guess so. >> kroft: under u.s. law, you could end up being rewarded with a substantial amount of money. >> wilkinson: back in december '13, the idea that this would be a case that the u.s. department of justice and s.e.c. would ever have any interest in would never even cross my mind. you know, the bank should've investigated it, sorted it out. what happened? basically nothing. it's shocking. >> kroft: it's impossible to say exactly where the $230 billion of dirty money originated, beyond the banks of moscow. it's been estimated that about a third of the russian economy is off the books. awash in cash, much of it is from corruption, bribes, and tax evas

in day to day transactions for over a decade the european commission named barclays citi group j.p. morgan the royal bank of scotland as well as mitsubishi u.s.g. as the offender's citi group was the hardest hit in order to pay more than $300000000.00 euros switzerland's u.b.s. was also named in the scandal but was not find after the alerted e.u. officials to the illegal activity. of sri lanka was listed as travel guide lonely planet's top destination and 2019 but since the devastating easter sunday attacks tourism there has plummeted and he could do a popular surfing destination in the southwest many hotels are currently closed. competition for a deck chair used to be stiff not anymore restaurants to have been struggling to draw in visitors. since the easter sunday attack 3 lanka has seen an 80 percent drop in tourism with fears over a piece of a devastating attack like this one keeping people away. most of the hotels in this area have closed those that have remained open are relying on local to make up for the drop in foreign visitors still managers are keen to convey an optimistic messa

she quit her prestigious job as president of j.p. morgan in london in two thousand and eight. return to india and plunged into politics fulfilling a long held dream. when i was a kid if you asked me what i wanted to become i never said that. i wasn't. going to be in a position to. my throws been doing that as an elected local lawmaker for the last four years. she's now i'm a seat in the national parliament there's little doubt about who's in charge here she's angry about the change in the route the former investment banker is a rare sight in indian politics still largely a boys' club she goes curious crowds mainly women in these rural parts but the forty two year old who's also a national spokesperson for her party dismisses any questions about her gender and politics. as a politician. i think the very women's issues if you're fighting such basic grassroots politics if you want a bad road it's a bad road that a woman walks on that it's a bad road that up a man walks on so i don't think that i can make a road that only women will walk on so i think most issues here are issues t

. ♪ ♪ see how investing with a j.p. morgan advisor can help you.local chase branch. >>> spring strong spring rain and weather conditions are more of a mess in the midwest. tornadoes have touched down in kansas, tearing through fields, destroying buildings and overturning semi trucks. the high winds have been kicking up a lot of debris. twisters have left behind piles of destruction this morning residents spent the day sifting through damage as rescue crews went from one property to the next. >> the gentleman that lives in the house, he was out walking around and she was standing up through window that collapsed on her bed. >> a lucky woman there. the severe weather is expected to continue next week. another strong salt form system storm system is targeting the midwest. meteorologist a life- threatening flooding is going to be a major concern in the next few days. >>> back here at home, the storm system bringing us rain is also dropping snow on the sierra. several inches fell around lake tahoe over the past few days and there is more to come this we

i thought you'd say that - let's do it. ♪ ♪ see how investing with a j.p. morganu. visit your local chase branch. >>> now on "extra" -- mel b going blind? her shocking new health crisis on the heels of her worst year ever. >>> johnny depp unleashes a $50 million lawsuit on his ex, amber heard, accusing her of slicing off his finger and faking her bruises. inside the explosive new court filing from one of the ugliest divorces ever. >>> sophie turner today. why she's with fans who didn't like the end of "g.o.t.." day.many in speedos, a nghty do you believe luke is really falling in love with after one date? >> this is pretty crazy because it's s

know it's you know it's more ludicrous you know it's even bigger ludicrous than is the fact that j.p. morgan chase is not the only company companies that avoided all federal income taxes all federal income taxes in two thousand and eighteen are amazon chevron delta airlines netflix molson coors m.g.m. resorts international yes struggling mom and pop businesses up that are disappointed in the. lower. tax break however will molson coors and g.m. international ever make it through these tough economic times these are hard times to the hard times but as you told me earlier today people are catching on to this kind of garbage about trickle down economics doesn't think we've heard it since we were kids it was literally a joke when we were children when we heard reagan you know when i was a child watching reagan like a cartoon talk about trickle down i was like that doesn't make sense it still doesn't and this is one thing a recent washington post poll actually showed that sixty percent of all voters polled say the country's economic system mainly benefits those in power and seventy two percent say