tom: i sat down with jack lew.rowth, concern about global growth and currency wars and expectations. stephanie: he is no different than some of the biggest investors out there. they have the same concerns.

jack lew says not to expect the new fireworks.e sat down for exclusive interview with david westin. jack lew: i'm hopeful this will be a g20 where we take a commitment we got at the last meeting for countries to refrain from competitive devaluation and push it a little bit and have that become something that is heard outside of a meeting room to ensure the world that is a commitment taken seriously. >> what can we hope in the communique humming out of these -- coming outhat of these meetings beyond that? jack lew: these last months have made clear that weakness in demand globally is a problem that cannot be solved by everybody is looking to the united states. i've been telling my counterparts for couple of years now, i think we are doing pretty well. they think we are doing pretty well come at you cannot count on the united states providing all the demand for the world. you cannot be the consumer of first and last resort. there needs to be more. in countries that have big economies, they need to use policy tools. when china looks

tom: i sat down with jack lew. he was interested in global growth, concern about global growth and currency wars and expectations. stephanie: he is no different than some of the biggest investors out there. they have the same concerns. londonome we send it to for the first word is. best first word news. >> another victory for donald trump, his third in a row. the catch is 45% of the vote last night. mark and ted cruz were battling it out for second place with 20 percentage points behind. >> if you listen to the pundits, oo weren't expected to win t much. soon come of the country is going to start winning, winning, winning. >> republicans now set their sights on super tuesday. more than a dozen states and territories will hold primaries on march 3. one hit a recreational vehicle in louisiana. 30 were injured and others may be trapped in the wreckage. the u.s. and china close to agreeing on new sanctions for north korea. both countries want to punish north korea for its recent nuclear tests. china's participation is

jack lew warning that a brexit would harm the u.s.oining us in the studio, happy to welcome john chambers ahead of sovereign ratings at standard & poor's. what is the risk for the credit rate for a brexit? >> well it would be detrimental. we don't think a brexit will happen but increasing in probably. it could lead to a downgrade, by one notch. the uk is running a large current account deficit, and perhaps even more significant, its overall external indebtedness is about eight times gdp. so that is one of the reasons i think that the pound is sold off, as investors begin to focus on that. and it could lead to quite a lot of pressure on the foreign exchange. you know, to finance that current account deficit that has been traditionally partly funded by foreign direct investment, most of that goes into city. if you had brexit, i don't think you'd have much more investment into financial services in uk. >> let's touch on that probability, as you said, the probability is increasing. we saw a response last week on sterling off the back of t

treasury secretary jack lew says we are not in a moment of economic crisis. next, more news in the world of business with big companies facing very big questions. ♪ ♪ vonnie: welcome back to "bloomberg best." i am vonnie quinn. let's go around the world with a look back at the week's major company news. banking and commodity firms have been hit especially hard this earnings season and it appears , their struggles are far from over. >> shares of hsbc, europe's biggest bank, down today, posted its first quarterly loss in more than five years. shares were off as much as .5%. why do we have this unexpected loss? >> hsbc is suffering along with asian commodities. and with the commodities crash, it really has shown loan impairments increasing. it has shown a slowing down of the loans they have been able to give in the regions. under certain risk controls, it is not able to expand as aggressively as it had planned. when i spoke to the ceo they are , slowing a job hire program in china by two years, and they will also not put $100 billion of assets in the country as

x: that was arduous of interview with secretary jack lew. ♪ rami: the nasdaq.ses but it is now -- the losses.as pared its taking a look at a few movers, it is an earnings story here as first-quarter revenues came in different than expected. the biggest supporter for sales came from mobile. 61% of all visits came from mobile. amazon is also announcing its partnership with southwest airlines. instead of using a credit card, you can login while in the air and use a form called pay with amazon to order wi-fi and movies. amazon is down 20% year to date. if this can help amazon do a bit of a turnaround this year. scarlet: you are watching bloomberg. alix: this is your global business report. scarlet: saudi arabia standing firm on announcement it will not cut oil production. iraq says it is sticking to production fans. says bostick was found in snickers -- mars says plastic was found in its snickers. scarlet: looks like a talk in the cut of production was just that, talk. relief rally, food is down. iraq is now saying it will maintain his lands agreed upon back in jan

treasury secretary jack lew's take on the treasury secretary. as a central bank governors prepare to me. manus: oil swings between gains and losses, and expanding crude inventory keep supplies at the highest level in more than eight decades. anna: and a sharp pain, shares plunge on the news that it will take a controlling stake. ♪ manus: welcome to countdown. anna: welcome to the program, everybody. 6:00 in the morning. breaking news coming through. a little bit early, it seems. manus: never too early for a glass. organic revenue growth 7.7 percent. one of them will have to divest, what are the rules and regulation? revenue growth 7.7%. that is the top line revenue. but the volume, the volume of shipping, ab inbev is declining year on year. the episode was for flat line. coming in at 4.3 one billion. it is a mess. they have beaten on the top line revenue, missing on volume. the dividend will be paid out at two euros per share. anna, that is a bit of a mixed result. dividend in line, their missing on earnings numbers. anna: the megadeal eclipsing

jack lew, larry summers, what do you think? jonathan: i'm with jack lew on this one.trial production has been doing better and capitalization has been expanding. we have durable goods that is also improving. there is no sign of a dramatic slowdown in the economy could that is why markets are overly anxious about unquantifiable worries that are not showing up in economic data. jonathan: we are seeing in the spread and i wonder what that is telling you coul wha., what is the message in the yield curve and what is it is misleading? come to equities have where they were a few weeks ago. they are incredibly worried about negative interest rates . they have been this whole new cloud of fixed income. what does that mean for my future returns as a bond portfolio manager? what does it mean for the financial system? what does the need for money market futile funds -- mutual funds? it's very hard to quantify and that is the fear sitting in fixed income less inequities at the moment. tryingif i'm an investor to follow this, whether jack lew or larry summers is right, it's not imp

treasury secretary jack lew frankly assessing economic backdrop to the g-20 summit. start with bill and melinda gates who joined bloomberg to discuss their annual letter. they shared their thoughts on the state of american business and its potential. sectore in the tech amazing novation. i see in the health sector fantastic innovation whether it is stem cells or genetic editing. i see in the energy and materials sector real opportunities for breakthroughs. we are able to understand the basic physics of materials and catalysts. >> it is interesting you say that. you and i have argued about this for a long time. you look at energy and we keep hoping for this to come through. all the things we keep hoping are going to change have not yet come through. energy seems to be an exception. ironically for the climate challenge, the hydrocarbon area has been the most innovative. particularly now that you have slack in demand. the cost reduction work they are doing about the inputs they have makes the bar tougher for the clean solution to come along. but energy is cheaper.

jack lew says do not expect a crisis response.ays's simpson -- tim cook he is willing to do if he is forced to unlock that iphone. ♪ welcome back to the second hour of bloomberg . thisanie: here with us morning is michael, founder and chairman of the lead wealth management club, tiger 21. the club does not have an on band or a badge or a secret handshake. good morning, julie hyman. greece is trying to end its growing -- refugee crisis. it wants theounced european union to go ahead with plans to relocate refugees across the continent. the white house is considering one for the job. republican leaders said it would at thed a vote on anyone next president should make the choice. trump did not want to a debate to get into an argument or he tweeted mitt romney is a full who blew the 2012 election. that is after romney's regulated a bombshell may be lurking in trump's tax returns. global news 24 hours a day. now to matt miller on the market. matt: we see futures up across the board right now. the s&p futures only up two points. the

treasury secretary jack lew meeting with puerto rico bondholders including some names that you see there, kyle bass, steve rattner and steve with sdwhartsm schwartzman saying all needs to come to the table. so much to pack in. that does it for us on "closing bell." hand it off to "fast money" which begins right now. >>> "fast money" does start right now, everybody. live from the nasdaq market site overlooking new york city's times square. traders on the desk are tim seymour, brian kelly, dan nathan and guy adami. tonight on "fast," the biggest controversy in america just got bigger. both the white house and donald trump turning up the heat on apple. will the tech giant cave? should they cave, and what could it mean for the stock? a special report. two dow stocks could be signalling a big selloff on the horizon. we'll tell you the names and why traders are so they are vows, and the man, the myth and the legend. richard branson, that's sir richard branson to you. he joins us as he unveils his new rocket ship that can take you into space. first, we start with the market's best week of the y

now, when you look at g-20 this is jack lew, shoaib lynn and others saying we need to focus on structural reforms. actually, what we need is coordinated actions to start this on the market. >> it's about the tools that you have and we've used a lot of money in this central bank action, unconventional and it looks like we are running out of time with those. the problem is we have the con very janice of geeo politics as put in a gap in time to meaningful structural reforms. it's do we need things to get much worse before the g20 actually decides to take this or not. just central bank release. >> i remember gordon brown and at 1 g 7, the charge says it all which is g20 real gdt. bloomberg put it together and it's a fascinating statement of what has returned. t's that one persistent long g 20 growth. virginia, am i right that we are still not back and the basic statement is g20 growth even when -- isn't there? >> i depreefment and i think with a we are seeing in thal markets now is the adaptation to this slower growth world as the emerging market slows and the -- and it's adjusting for that n

jack lew told us yesterday that we should not expect big growth.ant a big growth announcement coming up. also, apple against the fbi. tim cook was defending his company's position. he said that what they're being asked to do is 10 about to cancer. and also, we have a joe edelman coming up on bloomberg go. francine: that was a great interview. i wonder what he makes of the imf comments. they must have listened to the interview and said g-20 needs to take bold action on global growth. it is fascinating because you have half of the world leaders saying we are not in crisis, the market is doing their thing. and the central banks are looking at currencies. tom: i'm glad you bring that up. in the last 24-48 hours, once again, markets are telling officials what to do. i totally disagree with that assessment. riskts are discounting for and there is no question that the risk is increasing. as sam fisher would say, the uncertainties abound out there. up 26.ures are a constructive tone to the market. willrow, robert hormats join us in the 5:00 hour. this is "

chelsea clinton and jack lew. work as the first-ever nonprofit financial network for underserved communities. joining us now is john hope bryant. good morning. >> good morning. i like your description than mine. >> is that okay. >> fantastic. >> you got a lot of support and companies. wells fargo. >> yeah. 3,200 delegates not 2,500. >> who is counting. so tell us about a couple of things. first of all to this audience who doesn't know about it what happened with the treasury department because we haven't talked about this yet. >> so cool. while we serve all people, more poor whites than everybody else, african-american poverty is a real thing we can fix. we figured it out. abraham lincoln 1865 after the civil war created bank called the freeman's bank. mission teach slaves about money. he's killed five weeks later. the bank falls into disrepair, 70,000 black depositors, bank failed. they never got the memo on money. today you look at ferguson, missouri, jobless ferguson. baltimore where the riots were, jobless bal

we spoke to jack lew yesterday. he was saying we are not in a crisis recession.you speak to some of the hedge funds, some of the bond managers, and they say this is almost a lehman moment. we either need to do something to stop it or we may look at a lehman-like moment. paolo: i think we are not on the verge of a crisis. people don't look at the positive news. with this oil price, there is a lot of money going into the pockets of the consumers. the consumers will start .pending consumer products will be very much on the rise. every european household with this oil price has more than one held in -- more than 1000 euros in their pocket to spend this year. i'm expecting the economy will go better. fran: this is not what the markets are saying. i was raised to believe what you said. the problem is that markets are nervous. if there's not a left liquidity in the markets for them to function properly, or our markets ahead of the curve? our markets seeing something? paolo: i think the market is getting it wrong today. they are not looking at what consumers will do with

he is -- jack lew. why he says the global economy is not in crisis. the turmoil continues today with global markets extending losses with crude oil back below $31 per barrel. it was another big victory for donald trump last night in nevada so how is world trade reacting to a potential trump presidency. we have economic data on housing. julie: new home sales came out the low estimates that an annual pace of 194 thousand which is a decline month over month of 9.2%. it's weaker than estimated. 400 94,000 annualized pace in the pace in december was 544,000 and that have been the strongest and 10 months. the median forecast was 520,000. sales and the west in particular are down 32.1%. yesterday, we got existing home sales that looked better and that is by far the larger part of the housing market. we will keep watching to see if this has an effect on stocks which are deeply in the red across the board led by selling over in europe and exacerbated by the price of oil which continues to drop. we will get oil inventories at 10:30 a.m. and we will see how thos

treasury secretary jack lew september 3 on cnbc in an interview said -- quote -- "china has to understand, and i make this point to them quite clearly, that there's an economic and political reality to things like exchange rates." close quote. he's talking about currency exchange rates. there's a political realities there. in other words, mr. lew who should be doing more, doing something effective besides just talking acknowledges that currency rates have real impact on americans. he goes on to say -- quote -- "they need to understand that they signal their intentions by the actions they take and the way they announce them, and they have to be very clear that they're continuing to move in a positive direction and we're going to hold them accountable." close quote. well, we haven't been well, we haven't been them accountable. mr. lew continues -- quote -- "i think that we have been very clear for a long time with china how they manage their exchange rate is a matter of great concern to us and that they need to be willing to let market forces drive the value up, not just down." close quote.

lew shouldy jack know, i have -- i have asked for these details in writing and public hearings and in private conversations. inquiry, they my have all opted to cloak any contingency plans in secrecy, sharing only in private discussions with market participants heard all of you dealt to provide specific answers to questions, choosing instead to ignore the issue. we know these contingency plans exist, yet officials of the highest level of the executive branch have refused to share with congress or the american people. unacceptable and because we have received virtually no cooperation on this requiresgislation that it is now probably necessary. a lot ton see, we have discuss today and i look to a robust amount of discussion. with that, i will turn to senator wyden for his statement. >> thank you there much. and secretary jack lew, we appreciate you being here for what i believe will be one final time on this particular item of business. you and i have talked about in what iput taxes think is the right context. right now, in america, there are two different taxes -- tax systems. people th

secretary jack lew on the president's 2017 budget proposal. pennsylvania's governor tom wolf delivers his annual combbudget address. prime minister david cameron answers questions. later, a discussion about puerto rico's debt crisis. >>> treasury secretary jack lew appeared before the senate finance committee today to talk about the president's 2017 budget. he answered questions about puerto rico's debt crisis, tax code reform and a proposal for a new tax on oil. this is two hours, ten minutes. >> the committee will come to order. today's hearing is on president obama's budget for fiscal year 2017. i particularly want to thank secretary lew for providing -- for appearing before us this morning and providing his time for us. while there are some hints about some of the details in advance, congress officially received the president's budget proposal yesterday. and as has been the case particularly under this administration, what we received was not a practical vision for the future. we've going to have to have order here. as has too often been t

six weeks ago, jack lew painted a very positive picture of the economy. push back on the effects that come with cheap oil. he said i painted the wrong picture. have things changed that dramatically in six weeks? >> i would say we are more in the jack would count. you have some headwinds for the u.s. economy, flashes and spending for the energy here. you still have the consumer holding in there. that is one thing we're watching in order to see if it's tested or not. so far growth is hanging in there. maria: whitey think the markets see a meltdown? >> the concerns there about earning. the market is concerned about the effect of the dollar on earnings. the picture on the economy is rosier than the picture for earnings. maria: can you isolate the two? weak earnings means creating jobs. >> so far we haven't enough. we have seen a robust case of job growth every single month. you're absolutely right, we are watching the extent to which the volatility of sentiment does in the end impact the job market. sure into the robust job creation you call it? >> we would c

. >>> treasury secretary jack lew appears before the senate finance committee to discuss the revenue proposals and the president's 2017 budget request. he testifies about the administration's ideas for addressing puerto rico's financial crisis, tax code reform, infrastructure investment, and a new tax on oil. >> if the committee will come to order. today's hearing on is on president obama's budget for year 2017. i want to thank secretary liu for providing his time for us. while there hints about the details in advance, congress received the budget proposal yesterday and as has been the case under this administration, what we received was not a practical vision for the future. we will have to have order here. and it's too often been the case, what we received was not a practical vision for the future, but a document to advance and seer policy proposals. obama looks to raise taxes on hardworking americans and new regressive taxes that are being packaged as fees. with all the revenue going fuel-expanded government and spending what is being sold as investment. no matter what terms peopl

that outcome is being controlled by the likes of treasury secretary jack lew, did you it doesn't seemybody wants to fix what is wrong, which is the legislation. how do we get ourselves out of this spiral? you finish up, what should we do? >> what we should do, obviously, is simplify the tax code so that you don't have all these complicated areas that require filling in the blanks by the executive branch, by regulations. but you also need a president who is willing to use the congress more and to work with the congress more and not simply write his own rules and say i'm going to be, in effect, a dictator. unfortunately we have a president now who has been using executive orders in this way. and we do need a different approach coming out of the white house and we need a congress that is going to simplify the code. in addition we need a tax code that will make this country the most desirable place for corporations to locate. and we had that in 1986. and over time we lost it. and today it's much preferable for a corporation to locate somewhere overseas where there are lower tax rates. >>

such as carl icahn, or donald trump or jack lew. i'll go on and on. >> geez. >> paul simon. >> really? >> yeah. a lot of simons. >> yellen is from bay ridge. >> really? >> yellen from brooklyn. justice scalia was queens. >> where's neil diamond from and barbra streisand? >> i think brooklyn. >> there you go. these are companies that people have brought public to take advantage of energy, and they've killed people. the master limited partnerships, maybe they can come back, but holy cow. if this oil goes back to 25, we're back in the same soup. that's not where we want to be. >> apple's core response to the fbi's demand for that encryption breaking technology is due on the 26th instead of the original deadline today. more members of the tech community are supporting their fight against that judge's order to help unlock the phone of one of the san bernardino shooters. late yesterday twitter's jack dorsey wrote we stand with tim cook and apple and thank him for his leadership. facebook says they will continue to fight aggressively again

panelists include a counselor to treasury secretary jack lew and former washington, d.c., mayor anthonywilliams who also served as the city's chief financial officer during its financial crisis. the hour and a half event was hosted by the bipartisan policy center. >> good morning. my name's aaron klein. i'm the director of the financial regulatory reform initiative. i'd like to welcome you all here at the bipartisan policy center for our indepth analysis of the upcoming super bowl. we're all here on friday morning to discuss an issue that's incredibly important to millions of americans, both on the island and commonwealth of puerto rico and throughout america. and it's a great privilege here at bbc, we are committed to advancing the common conversation that involves principled compromise on complicated issues. i can think of no issue that is more complicated, more important, or more in need of principled compromise than how to deal with the problems going on and the finances of the commonwealth of puerto rico. so, what we've tried to do here is to assemble an all-star panel of folks wit

treasury secretary jack lew meeting with puerto rico bondholders including some names that you see thererattner and steve with sdwhartsm schwartzman saying all needs to come to the table. so much to pack in. that does it for us on "closing bell." hand it off to "fast money" which begins right now. >>> "fast money" does start right now, everybody. live from the nasdaq market site overlooking new york city's times square. traders on the desk are tim seymour, brian kelly, dan nathan and guy adami. tonight on "fast," the biggest controversy in america just got bigger. both the white house and donald trump turning up the heat on apple. will the tech giant cave? should they cave, and what could it mean for the stock? a special report. two dow stocks could be signalling a big selloff on the horizon. we'll tell you the names and why traders are so they are vows, and the man, the myth and the legend. richard branson, that's sir rich

treasury secretary jack lew appearing on your screen before the senate finance committee discussing the revenue proposals in the just-released presidential budget. it came out yesterday. ive coverage here on c-span. secretary lew: as we've gone through this as a technical level both with your teams and others in congress, we've aired issues to find room to work through this but what doesn't rk is to say puerto rico should solve the fiscal dilemma without some broad restructuring authority because puerto rico's debt is principally the thing that is drawing down its ability to stay solvent. it's a case of insolvency where the debt is just beyond what they can support. and unless it's restructured in an orderly way, they'll have different stakeholders with different bondholder interest will be suing the commonwealth in court. you'll have a lost decade where i don't know if the commonwealth can recover from a five, 10-year period of litigation. so there's an urgent need to address this and we would look forward to working with you and with others in congress. i know i've had conversations p

jack lew talked about the president's budget and that was just a release. one things he talked about was corporate inversions and re-writing the tax code for businesses. plenty of stories on it. but if you go to our website, you can see about the total 2017 budget. here's a little bit from that presentation. >> i'll discuss the major aspects of the president's budget and how it lays out a vision of what we need to do as a country. both now and over the next five or ten years and beyond. to create growth and make sure that opportunity is truly broadly shared. in seven years since president obama took office at a time of the worst financial crisis since the great depression, we've seen a sustained economic recovery and unprecedented decline in federal deficits. notwithstanding, some of the recent volatility that we've seen and we're seeing in financial markets, economic growth continues in a solid pace. since my testimony a year ago, our economy has continued the record-breaking streak of private sector job creation, which reached six consecutive years and mo

. >>> treasury secretary jack lew appeared before the senate finance committee last week to discuss the revenue proposals in the president's 2017 budget requests. members asked about the administration's ideas for addressing puerto rico's financial crisis, tax code reform infrastructure investment and a new tax on oil.]ofhÑ . >> the committee will come to order. today's hearing is on president obama's budget for fiscal year 2017. i particularly want to thank secretary lew for providing -- for appearing before us this morning and providing his time for us. while there are some hints about some of the details in advance, congress officially received the president's budget proposal yesterday. and as has too often been the case particularly under this administration, what we received was not a practical vision for the future. we're going to have to have order here. and has said too often been the case particularly under this administration what we received was not a practical vision for the future but a medium logical document designed more to satisfy political constituencies than to advanc

jack you -- check news has britain should stay within the eu. leways britain should stay within the eu. secure worldore with the united kingdom in the european union, which is why we believe that it is important for the voters of the u.k. to think the impact this decision will have within and outside of the u.k. texas senator ted cruz says donald trump may all but lock up the republican presidential nomination if he wins big on super tuesday. aanwhile, hillary clinton won landslide victory over bernie sanders in south carolina on saturday. she now seems more likely to clinch the party nomination. warren buffett rejected the economic pessimism dominating the presidential campaign is dead wrong. in his annual letter to shareholders come in the 85-year-old made a case for a bright future, saying that " babies being born in america today are the luckiest in history." leonardo dicaprio finally won an oscar for best actor for his role in "the revenant." global news 24 hours a day powered by our 2400 journalist and more than 150 news bureaus around the wor

later, a discussion about puerto rico's debt crisis. >>> treasury secretary jack lew appeared before the senate finance committee today to talk about the president's 2017 budget. he answered questions about puerto rico's debt crisis, tax code reform and a proposal for a new tax on oil. this is two hours, ten minutes.

. >>> treasury secretary jack lew appeared before the

when i dealt in washington, d.c., like now, you had a treasury department now under jack lew, very, very able. economic counsel, very, very able, focused on d.c. but despite the acrimony in the 1990s, and there was political acrimony, you had a consensus, basically a bipartisan consensus between republicans and the clinton white house, that we had to do something for d.c. d.c. had to be successful. i hope that that is the case now. then, you know, financial experience, financial expertise throughout the country was valued. i'm not sure it is now. like today, goldman sachs is evil. that's hard to deal with all those issues and people suffer from going through all that commotion and shenanigans. we had -- in fairness, let's not try to be superman, we did have a booming economy in the '90s. here the global economy's not really cranking on all cylinders, and you have real economic issues in the commonwealth. but with all that said, i do believe that there are some similarities. while i believe there's always moral hazard in any kind of financial crisis, you know, to use antonio's example of