dani: not to make everything about jamie dimon, but jamie dimon doing a tour of china, at the same timeelon musk. can be really say given the fact that two ever so present business leaders in the u.s. are in china, is american business really decoupling from china? charles: now we call it de-risking because it is a little more benign than decoupling. but the truth is, we are absolutely decoupling, and de-risking, and we're seeing it on multiple levels. the u.s. will expand the tech export restriction list beyond advanced semi's, we have convinced the dutch and south koreans to join us. we will continue to deter around taiwan which is only escalatory. china is the world's second-biggest economy, it makes sense for u.s. companies that have large presences like tesla, apple, starbucks, jp morgan to go there and engage. and to invest more, given that it is such a large economy, but given everything the ccp is doing to crackdown on their own companies, these raids on u.s. consulting companies is pretty outrageous. china has big problems, and on the corporate side with some of the exceptions

jamie dimon was asked about it.erroad others and decide to terminate the relationship. i think he is just essentially putting the responsibility on him. >> yeah. it's interesting. those records showing the legal team repeatedly were evaluating the legal status. but yet approved the accounts year after year. thank you. all of this happening as well as there is some more jamie dimon news. >> there is. i would note to people know the time line here. in 2008, jeffrey epstein pleaded guilty to soliciting and procuring of a minor for prostitution. that is key here. he served time and then kept on as a client and dimon saying this should have never have happened, right? there is a lot more to follow here. but there is other news, right. as this is happening, the news of jamie dimon's deposition broke just as some major wall street players began publicly encouraging him to run for president of the united states. our chief business correspondent and anchor christine romans is here with that. really interesting. >> it really

we had some evergreen names like warren buffett and jamie dimon and tim cook.ech names, new names like marvin ellison from lows and tricia griffith from progressive. >> one big name in the headlines that does not make the list. elon musk, what's up with that. >> elon is polarizing. and i think that is something that people hold against him that you love him or hate him. it's fair to say that this is not necessarily the best year for tesla. a great company and remarkable inventor at the very least. but he has some downsides. >> he has some great things that tesla cannot deny but i cannot put ceo on this list that buys another company and sells tesla stock to go ahead and fund it. and does not worry about his shareholders, that's what your jobs is a ceo. >> the stock got hit very hard in the last month it added more than toyota and the u.s. automakers put together but not with twitter. on the other hand al some ceos that were dealt a bad hand but seem to make the best of it. >> in terms of qualitative and quantitative factors. from uber, if you look at that stock

so jamie dimon has got to go out there.f he does go out there what is he offering that others don't have? he is a big banker he made $35 million laster's going to question about inequality and things like that. so you better be out there establishing her own agenda or your would be eaten alive by those kinds of questions. >> it happens it is the nature of the beast it can be beastly for steve forbes always good to see you my friend, thank you very much. neil: in the meantime maybe this is all a focus on something that might not materialize that republican saying the economy is horrific and along comes a jobs report that is just off the charts. so the same guy they are focusing on for stumbling, bumbling and tripping has a jobs report that could get him reelected easily? we are on it after this. many were shocked to learn they've been paying 22% on their credit card balances. and if payments were late, as much as 30%. that's over three times the interest rate on a newday 100 va home loan. pay off high rate credit cards and o

i would say it's too late not just for jamie dimon, for just about anybody.emocratic party of 20 or 30 years ago. maria: great point. great point. >> jamie dimon's b biography, s experience, background, would be a cause of controversy in a democratic party primary debate. i think those two big challenges probably means i don't think he's going to run. maria: the whole conversation started and before the bill akman tweet, cheryl, it was triggered because jamie dimon said in a bloomberg interview that seeking public office has crossed his mind. >> and in that same interview he said i'm a patriot, i love my country. maybe i will -- maria: he is a patriot. he hired lots of veterans at jpm. >> that program is amazing at jp morgan. i looked at a quote from -- what ticket would he run on. maria: democrat. >> i think what's interesting, the bill akman piece, pretty amazing, does not suffer fools lightly. the issue of seeing somebody with a business background in government, he doesn't have to be president. it could be a cabinet position. maria: how about treasury sec

jamie dimon's comes up.o, brock, if you don't mind, like to look at the political side of things and what you make of this move towards seeing business guys making a run. what do you think of that? >> well, first of all, as americans i think we always want more choice. we want more options to choose from. i mean certainly i agree with your earlier statement. as of today it looks like a biden-trump rematch. if we are, as the american people going to end up with other choices it is because other candidates have thrown their hat in the ring. so i think it's wonderful thing that we are getting options. because i think that serves the best interest of the public. pence is obviously been known as a candidate that was likely going to run for a while. you know, again, pompeo and liz cheney, many are on the map early on, when it is nikki haley, tim scott, the republican field is emerging. a bunch of potential challengers, desantis, seeing if trump can be dethroned. on the democraticside we're obviously seeing a whole

obviously jamie dimon himself that runs j.p.n chase has always hinted of a career beyond the banking. the name does come up a lot. charlie gasparino with us right now with what he makes of that and all of this wooing of another business guy. what do you think? >> i remember jamie back from the early 90s when neither of us had any gray hairs. he barely had any gray hair there. jamie dimon about two years after that was fired as a senior executive. >> neil: i remember that. >> he went into hiatus or awhile, bounced around and became ceo of bank one, i believe it was. merged with j.p. morgan. became the ceo of j.p. morgan and the greatest banker that we have right now. he led j.p. morgan through the financial crisis, the one bank that didn't need a bail-out. >> neil: he's the latest name being bantied around. we remember ross perot. he got 19% of the vote. a campaign that he entered and left. we can remember when lee iacocca was being wooed. and donald trump in 2016. himself a business titan that made to it the white house. >> you

jamie dimon said he loves his country. he said that before.ven you when you interviewed him a few months ago it feels bill ackman is trying to build a movement. the assumption is potentially that president biden may not run for whatever reason. although he has thrown his hat into the ring. the other assumption is if biden is running, that jamie dimon could have a chance of actually beating him and it seems very unlikely at this point in which case, it opens the possibility of the third party and as we know n the u.s., it is difficult to get critical mass behind a third party >> running as an independent doesn't work in the u.s. he would have to consider running as a democrat. many are thinking back to bloomberg and his run and the problems with his run is he was well known on the coast and in new york city. beyond that, he wasn't a household name he wasn't beloved by the broader nation the fear would be dimon would be in a similar position. >> i think you need to appreciate as well is the democratic party has representatives from across the sp

guest: i am not sure specifically which comments by jamie dimon you're referring to.know there were some comments he made last year about how their was bad times ahead coming for the economy, i think the term he used was a hurricane. this is reflective of how much up and down the predictions about what is going to happen to the economy have been. when you listen to economic commentary month by month, it is like, we are probably going to have a recession, maybe we are not going to have a recession. you can point to a lot of comments that have been made by financial economist type people that have not worn out. certainly, that is one of them. as to the student loan, i think that decision is due out today. we will have to see how the supreme court rules on whether president biden has the ability to forgive those payments. regardless, it is going to have an impact on the economy that later this year, those student loan borrowers are going to have to resume those payments and that is something that could eat into a lot of these nice savings people have built up during the

liz: jpmorgan ceo jamie dimon said under oath he never discussed convicted sex offender jeffrey epstein's staley said dimon did. charlie, what's the latest? >> this is getting pretty messy inside of jpmorgan from the because they don't believe, not because they're backing away from dimon. we should point out people there are telling me they searched 2000 emails, 5000 total documents and emails and cannot find a connection between dimon and epstein. so they think you know, they think that's a nonstarter however because of the bank's messy dealings with epstein, follow the timeline here, we're talking pre-his arrest in 2008. i think he was arrested in 2006. liz: for? >> for child sex trafficking. they kept their business dealings with them men. he goes to jail in 2009, 2018, 2009 for 13 months. liz: in florida. >> in florida. slap on the wrist. liz: got to leave during the day. >> home release. whole thing. he comes out, they do business with him again, do it until 2013. put all of that together, by the way, sources are telling me because i've spoken with them, wealth management officials s

is a matter of character. >>> hedge fund manager bill ackman posting an essay on twitter asking jamie dimonn for p prem president ackman said now is the time for dimon to run because biden is weak and cognitive decline he said dimon could beat president biden in a general election ackman said jamie needs a push from people he respects and from the broader electorate >> i would love to see him in a debate, if nothing else. it is fascinating when you see people translate from one avenue to another it is very hard to make that pivot. i guess dimon opened the conversation by making a big supportive comment. >> he is classic a lot of times we're in settings you can't talk about it. i have been around him a lot when he is unhinged, he is more -- he is unhinged all the time he is amazing. >> some of his comments which you think he could never repeat -- but what he said about jpmorgan chase outlasting. those would, i think, be broadly interesting appealing to people. they come with a business risk as well. we are seeing it now as he is in whi china. look at the value. when he left, compare citi wit

right now jamie dimon being touted jp morgan chase ceo and history of that. ross purr row and donald trump in 2016 so there is precedent here. very close to the same thing that went on in canada about 67 years ago when kevin oilery was being touted. all in all, things did work out for kevin and he's next. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage. first, there's an idea and you do something about it for the first time with godaddy. then before you know it, (it is a life changer...) yo

level of 3.2 trillion to about 2.7, forcing the fed potentially tostop quantitativ tightening >> jamie dimonuded to this already. let me ask you, 1994 was a soft landing, and it seems like because of certain things like the tightness of the senior loan survey, we don't have the same setup as we did then do you think we're heading into recession here ultimately? >> this is the point we're at. the probability of recession is much higher in mid 2023 than it was in 1994 because of the fact that that yield curve is 100 basis points inverted, no term facility is going to work when you own assets that yield 3% and you finance them at 5% so the only way out of this really is for the fed probably to reverse some of the rate hikes. i think they should sell some of the longer duration treasuries, buy short-rate treasuries, then the banking system can learn their way out of it. particularly when you talk about adding more capital. >> if someone was listening and say wow, this sounds bearish but you have been overweight equities a lot of people have said the market is rallying because it's rallying on th

capital by cozying up to american ceos like jamie dimon and elon musk.here does the white house stand on stopping money flowing into china's growing bank account? edward lawrence will have the report coming up. talking of china, accusing the u.s. of provocation after warships of the two countries were involved in a near-collision in the taiwan strait. kt mcfarland will comment on the latest escalation and she is next with a majority of my patience with sensitivity, i see irritated gums and weak enamel. sensodyne sensitivity gum & enamel relieves sensitivity, helps restore gum health, and rehardens enamel. i'm a big advocate of recommending things that i know work. do you shop for vitamins at walmart? force factor products powerfully improve your health. but they're also delicious, easy to use and affordable. that's why force factor is now the number one best selling herbs and supplements brand at walmart. unleash your potential with force factor at walmart. i got into debt in college, and no matter how much i paid, it followed me everywhere. so i consoli

jamie dimon, elon musk, bill gates who also went there recently? stuart: jamie dimon? you say that? lauren: yeah, so, i mean -- stuart: that's your opinion? lauren: that's my opinion. you didn't ask for it. you have to keep the dialogue open. you do and keep president xi in check. stuart: thanks lauren. let's get to pure politics. a reporter tried to ask president biden about his role in the alleged bribery scheme. here is how he responded. roll tape. >> [inaudible] >> why do you ask such a dumb question. stuart: sean duffy is with me now. looking closely at that the president seemed angry at the question. do you think the bribery allegation is getting to him? >> well so yeah, he's feeling the heat, stuart. for a long time he felt like the fbi and the doj have my back they are going to sand bag this investigation. it's going to go nowhere. hunter and i are going to be fine. the problem he has is now he's hearing that burisma might have 17 tapes, 15 with hunter biden and two with him when he was the vice president. those tapes don't lie. that's his voice on the tape. th

liz: i'm sorry, they said, the jpmorgan people said jamie dimon wants on president? >> yes. run for it. liz: well, you said that yesterday -- >> i know. he wants to be president. here's where there's a little nuance to what, how he sees his potential path to victory be very limited. he says, you know, it's a two-party system, you know, mainly. okay, if no labels gets on the ballots, that's an if, he might be interested in that. but even then it's hard to break through, you know? i don't think ross perot got a single vote, and he was the most popular third party candidate ever when he ran against -- not a single vote, single delegate when he ran against george h.w. bush the first time and again clinton the second time. not one delegate. remember, this is easier said than done, and i think that's what diamond is weighing. he is definitely interesting. i could tell you i don't think they have approached either formally, because this is stuff key fundraisers are coming up with. no labels did give us a statement which they basically said no labels has not decided whether we will

jane doe in this case had been racheting up pressure, as recently as friday, with a demand that jamie dimonsition. seems like jpmorgan really wanted to clear the decks of this case overall, and you can certainly see why. documents revealed so far in the litigation showed an embarrassingly close relationship with convicted sex offender jeffrey epstein, with one executive emailing epstein from a hot tub on his private island and others brushing aside concerns about the appropriateness of continuing to do business with him after his conviction as a benchmark, we know that d deutsche bank settled for $75 million back in may. this one, obviously, much farther north of that. in a statement, jpmorgan said, "the parties believe this settlement is in the best interest of all parties, especially the survivors who were the victims of epstein'serable abuse. any association with him was a mistake and we regret it we would have never continued to do business with him if he knew he was doing those crimes. and the u.s. virgin island's attorney general made a statement, as well now, the settlement really re

we first reported that jamie dimon is not going to run.ly the firm last night issued a statement to me personally because we broke the story that jamie is not intending to run for president now and maybe never. you heard it here first on the "claman countdown." wanted to get that little bit of housekeeping out of the way before we get to binance this is a big story in a sense that binance is a major exchange of crypto. these charges are described to me of crypto crackdown round number two. that is something we were foreshadowing on "the claman countdown" that there is going to be another crackdown on crypto, that gary gensler, sec chairman is basically cracking the whip at the enforcement division to bring more crypto cases on everything from exchanges who he believes violate fiduciary, violate the law. in this case it was a, the allegation is along the lines of what went down on ftx, commingling of customer funds, maybe using funds in other areas of the business like a hedge fund. he is looking for all of that. again, securities, crypto c

jamie dimon is in shanghai as well.h the party boss in shanghai who implored him to help bring more international financial institutions to shanghai. while government to government dialogue is limited and military dialogue between china and the u.s. is nonexistent, these business leaders are there to bridge the differences on the commercial side. paul: a bit of a pilgrimage going on in terms of china. we heard that nvidia's founder might go. stephen: the man that was replaced as the world richest man by elon musk, bernard arnault, he is planning a trip to china later this month. china is a critical part of the luxury world revenue stream and it has been fairly battered through covid zero. also battered again after a brief uptick in the shares of many of these companies in the first quarter on the optimism that the consumer would come back in full force following the dismantled -- dismantling of covid zero. the consumer has petered out in china. the shares have reflected that, whether it is lvmh, they have all come back

the president's desk for signature we propebably won't have to deal with it again until 2025. >>> jamie dimontoday dimon will meet with jpmorgan chase customers and employees after wrapping up the trip to china. >>> and softbank shares jumping amid the frenzy for a.i. related stocks up 4.3% in the extended overnight trade. shares risen 17% ahead of the close for the chip designer arm. >>> journalists across the united states are planning to walk off the jobs next week at two dozen newsrooms run by gannett. protesting the leadership and cost cutting measures. >>> and five below lowers the full y full year outlook. the retailer says it remains focused on playing defense to drive increase in market share >>> meta will require employees to return to the office three days a week starting in september. meta began notifying the employees yesterday of the policy of the new hybrid work model. i would say it is not as bad as you fear go back. you can get face time with the boss >>> let's gear up for the trading day ahead. investors wait for the jobs report we get data on non-farm payroll. average hourl

before the move was made this is after the recent jamie dimon deposition tied to two lawsuits dimoned that an executive and former head lawyer could have given jeffrey epstein the boot before they made the move in 2013. dimon added he had no knowledge about the claims against jeffrey epstein in 2006 and he was barely aware of him at all until 2019 >>> ziprecruder announcing layoffs. in the regulatory filing, it will cut 20% of the work force that is 270 jobs and half of the cuts will come from sales and customer support positions the ceo will take a 30% cut to his salary. >>> and american airlines will appeal a court ruling blocking the partnership with jetblue the judge ruling this month the plan union in the northeast is anti-competitive and ordered the airline to end the partnership in 30 days the airlines argued d teamingp would help compete in new york and boston jetblue declined to comment if it would appeal the ruling frank. >> silvana henao, thank you. >>> turning attention back to washington and house passing the bipartisan bill despite strong opposition from far right repu

jamie dimon on capitol hill today. the jpmorgan chase ceo will meet with a group of moderate house democrats to talk about banking and the economy. the lunch takes place as he has been urged after the 2024 presidential race, despite protests he does not plan to run. global news powered by more than 2700 journalists and analysts in over 120 countries, i am lisa mateo, this is bloomberg. ♪ >> ultimately, this is going to be about a choice. it is as much about joe biden as it is who republicans to choose, or if there is a third party candidate. the election is going to be a wildcard for the market, for this year and next year. lisa: that was ed mills, raymond james policy analyst, talking about what we have ahead of us for more than a year of excitement of the 2024 elections. the candidate pool for republicans has gotten big and is getting bigger. we have heard from the former vice president, potentially chris christie today saying he will enter the race. and i am not here with john or tom. john will be here at 9:00 a.m.,

encourage some of the ties with what they say are peace loving parties including elon musk and jamie dimonsiness elite to continue to sow fences as we understand it, the u.s. is reaching out to china. trying to encourage these communications at different levels u.s. team is in china this week to try to get those conversations going. >> eunice yoon live in beijing great to see you thank you. >>> it's that time when the networks across nbc news shine a light on people inspiring america. this coming weekend, people like lebron james and eva longoria will air on a special on saturday and sunday. all this week, cnbc will showcase business leaders who inspire as well. one company is thriving after deciding to embrace buy one donate one as a business strategy this is the founder of the bomba sock company in their own words. >> i don't think any of us looked at each other thinking sock business. that's how we're going to build something big. the idea for bombas came in 2011 scrolling on facebook, i came across a quote saying socks are the most requested clothing item in shelters. >> a one for one

during visit he visited with foreign minister and jamie dimon there for annual growth summit. said. >> no repercussions no matter what china does? >> the ceo's should be allowed to speak for themselves and for their travel. there's never been some sort of fiat by the white house or the u.s. government that american business executives can't travel to china and can't conduct business as they feel is appropriate. maria: your thoughts on all of these business people in china and the impact? >> well, what investors need to know when they invest in these companies that end up in china with, you know, the workforce or the market there, huge chunk of that investment is going to fund the military in china and the other thing is that coming out of covid, what we have is, you know, china has spent an extra year with covid lockdown so their economy is struggling right now and what we learned coming out of covid is that we have supply chains where we are dependent on chinese production and there are huge market and it's a double whammy. when you think about the economy in china, we are re

this was the white house most senior trip to china since february >>> jamie dimon will meet privately with a group of moderate house democrats to discuss issues on banking and the u.s. economy the closed-door lunch comes as dimon has been urged to enter the 2024 presidential race despite comments he does not plan to run. >>> starbucks is expand aning t olive oil coffee oleato beverages in alaska and new mexico and texas and vermont and cities like austin and boston. >> it looks good count me in. thank you, silvana >>> a small group of big tech stocks may be powering the overall markets higher investors apparently are not necessarily feeling the rest of what is offered here according to the data from lseg lipper, 77billion was pulled this year with large cap funds seeing the worst reversals with $39 billion pulled during that same period. helping to offset is etfs with 37bi$37 billion moving in those funds. let's bring in mark. mark, when you are looking at the market right now, it is a tale of two investors. you have the optimists and pess pessimists what do you see is concerning? >>

jonathan: this week, jamie dimon and elon musk. jamie dimon has shown his interest in public office. jonathan: we are hearing more and more about that. lisa: if he goes to china has a neutral tone and goes to taiwan, what is this about? tom: i think anything mr. diamond does is scrutinize. he could go out for a cup of coffee on 5th avenue at the blue note cafÉ and people are wondering what it means. jonathan: this comes after our conversation this week with him and he indicated he would like to serve his country. tom: in lisa's defense, every year, there is a theme to the annual roof what and when you're was hard work and this year was geopolitics. jonathan: bill ackman talked up jamie dimon running for president. lisa: i'm not sure that help the conversation. tom: if jamie dimon was having a cup of coffee with bill ackman next to the guggenheim, guess what? jonathan: that's a good cafÉ. it's next door to the church. tom: i try to get down into the 70's in manhattan. jonathan: i'm with you. that's a great place. sort of like inside

what do you think about jamie dimon getting into politics?think he's too smart and he's in a good position where he is. he has -- i think -- i agree with a lot of his opinions and would make a great leader for the state and country perhaps. i would bet against it. ashley: a gluten for punishment and look at the meat and potatoes and the markets are hanging out right now and not a lot of big moves and you can see the dow slightly down and nasdaq and s&p slightly up and talk about individuals and you like united health, why? >> over the last years, the market hads a nice rally and united health not taking part in that and sitting flat over the last months and sitting down and i've opened up notice from united health today and next year our company's premiums go up 16% again. so seems like our premiums go up and as long as they turn it up and they can pass onto all consumers and i think the stock is up and it could be a rally. ashley: in the financial sector, well known name, american express. what do you think about them? why do you like them?

jamie dimon saying while trade could decrease, it won't be a decoupling we turn to michelle caruso forore on this welcome. michelle, what's the importance of blinken's trip? >> blinken is going nearly the same time of bill gates. it shows how intertwined our countries are. we have a deeply troubled relationship american business is in a pickle why are they going there they need the chinese economy. yet at the same time president xi has been changing the rules he's making it more difficult to do business there and he's talking about retaking taiwan, which is why antony blinken is headed there if they were to do that, it would lead to a catastrophic situation. >> michelle, you have an interesting point about how china is helping the federal reserve. i want to come back to that. before i do, i want to stay on point with patrick patrick, is blinken's visit more about making progress with china or managing conflict with china? >> one of the main takeaways is while it's nice to have agreement, a lot of it is about managing conflict. that's exactly what the focus will be now. there's been a d

the jamie dimon stimulus is the only stimulus that will work >> take a look at the premarket.f theings working for the bulls today, vicks near a 19-month low >> it's going to 12. >> 12? >> you heard it first. >> we'll get to broadcom, dell, lulu, cost, zscaler and more when we come dak gaaaaaaaaaaaap!!! is that a goat?! you talkin' about me? gaaaaaaaaaaaap!!! i think this goat is saying “gap.” must be talking about the expenses health insurance doesn't cover. so who's talking about the money aflac pays to help close that gap? gaaaaaaaaaaaap!!! aflac! aflac! gaaaaaaaaaaaap!!! it's about to go down, baby! aflac! aflac! stop that goat! get help with expenses health insurance doesn't cover at aflac.com ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventryd

jamie dimon says the economy is fine and janet yellen telling cnbc she sees more bank consolidation aheady is it so hard to see clearly what shape the economy is in >>> and a lot of the retail names looking like home builders from a year ago. that's ahead >>> first, a quick check on the markets with the nasdaq hitting a 52-year intraday high, although we're mixed to slower s&p is down about 13 points. energy is the top performing sector today marathon, apa and halliburton are some of the biggest gainers. >>> let's get now to the big shakeup in the media world cnn's ceo chris licht stepping don just days after the atlantic published a profile about his tenure at the help shares are up 7% after this news amazon headlines a little while ago, as well cnbc's parent company and fox hired 1.3% today in february 2022, after two months after chris cuomo was fired, jeff zucker resigned. licht was his successor a few weeks ago, as discovery was merging with warner media. before taking the helm, licht was tasked with announcing the closure of cnn plus less than a month after its launch, about 250 peo

jamie dimon. what do we know about this meeting?s is xi's very first meeting with a western business figure in recent years. according to state media xi called sgatgates, the first amen friend he has seen this year. he said the foundation of u.s./china relations is in the people. and bill gates is in china to discuss global health issues with the bill and melinda gates foundation. according to cctv, this is what the chinese leader told bill gates, he said in today's world situation, we can carry out all kinds of activities that will benefit our two countries, our two peoples and humanity as a whole help let's be facilitators in this regard. on thursday the foundation renewed its ties with the beijing government to develop treatments for infectious diseases all around the world. and on wednesday when bill gates announced on twitter that he had touched down in beijing for the first time in five years, and he said solving problems like climate change, health inequity, food insecurity, requires innovation from developing malaria drugs t

do the math, at 65 or 27 and th guy wishes he didn't do that jamie dimon sitting down with democratse meeting took place on capitol hill joining us now, representative derrick kilmer of washington, vice chairman of the new democrat coalition, he was one of the lawmakers who met with dimon. we have seen, congressman, jamie dimon and other bank ceos in front of congress and the senate quite a bit over the years i can imagine this was more conciliatory yesterday was it confrontational at all? >> it was really a discussion around three things. one, he expressed gratitude to the new democrat coalition for being one of the big movers in terms of getting the debt ceiling issue addressed. 95% of our members supported the bipartisan package that was negotiated by the president, and this is one of those things where in the failure to act could have catastrophic repercussions for our economy. secondly, he talked about the fundamental strengths of our economy. fact that we have seen substantial job growth, substantial consumer spending and spoke about our relative strength vis-a-vis china and, t

jamie dimon will be in capitol health today.t privately with a group of moderate house democrats to talk about banking and the u.s. economy. the closed door lunch takes place as jamie dimon has been urged to enter the 2024 presidential race, despite protests he does not plan to run. prince harry in court testifying against the tabloid publisher he accuses of phone hacking and snooping. he claims the publisher of the daily mirror used unlawful techniques to get scoops, which the company denies. harry is the first senior british royal since the 19th century to face questioning in court. higher energy costs reverberating through europe, keeping inflation high. that today from european central bank governing council member class cannot. he spoke in months of bird today, -- he spoke in luxembourg today, a week before the ecb is expected to raise rates further before another projected increase in july. global news powered by more than 2700 journalists and analysts in over 120 countries. i am simone foxman. this is bloomberg. alix: let

executives at the bank were deposed, recently jamie dimon.nd there was a lot of public interest in the case and it seemed like a pretty good time for both parties to come to the table and negotiate. jon: i guess in terms of the reputational risk, did that factor in as far as your reporting tells you about how they got to this point? >> i think absolutely, you had top executives at the bank being forced to face depositions, there were 10 emails there were older about compliance staff and retainers years after. notably of course there former executive brought serious questions about that behavior and relationship with jeffrey epstein. i think that would have been a real headache for the bank promote reputation and public relations standpoint and definitely would have played into the decision-making here. jon: to clarify, are there still cases outstanding involving epstein and the banks? >> to others, the u.s. virgin islands where epstein had a private estate. jp morgan had similar claims and they have filed their own lawsuit against jes staley,

tim cook who met with china's commerce minister and jpmorgan ceo jamie dimon who pledged to remain in china for both the good times and the bad, and for china's part, well it's likely eager to court the investment, because we're getting new data that shows china's economy took a stumble in may as it's making its way reopening after the pandemic. retail sales and industrial output missed expectations and china central bank cut interest rate trying to boost demand. neil back to you. neil: let's go go to jonathan ward. i'm fascinated by this guy because he was way ahead of the china threat whatever you want to call it. i remember china's vision of victory was that of a few years ago where we outline this threat we have in the pacific region that even then, we were kind of ignoring but it dates way before that the atlas organization founder, author of "besides china vision-to-victory" and an honor to have you, doctor, thank you. >> well thank you, neil, great to be with you for the first time and the new book lays out a strategy for us. what should we be doing about this problem? because

jamie dimon the same thing. over to china hey we are open for business. i know elon musk is invested there and tesla needs to thrive there. still, you have to wonder if they're thinking america first. and the effort to reassure global investors that it's okay to invest there. you feel good about that? i know the manufacturing. i know the reality. but shouldn't would he be moving towards decoupling? let's move on and talk about what china has done. this just happened this week. this is actual footage of chinese fighter jet intercepting one of our fighter jets in international waters coming within 400 feet. they easily could have went awry. they are better pilots than the russian pilots. tried to do the same thing to our unmanned aircraft. provocative and irresponsible behavior. is this the behavior of a country that is trying to make amends and have good relation as are decent realities with the u.s.? the answer is no. let's move on and talk about other challenges. for example, what else is china doing? they're s

misses and titans from jamie dimon to elon musk to bill gates who all say to a man it would be risky and boomerang to the degree it hurts just as much. you don't agree with that? >> i disagree with that. i have disagree with that. first of all they're making it out harder than it actually needs to be because it serves their self-interest to say so. this is where i depart from trump a little bit. i would reopen trade relationships with japan, south korea, india, southeast asian countries, australia, that put husband in a strong position from supply chain perspectives and otherwise, to stand with conviction across the table from xi xinping. yes it is impossible to bring all of that to the united states on day one. i love bring it to the united states but we need to fill the gap with other pacific trade partners, brazil, mexico, other trading partners f we do that this becomes a lot more achievable that self-interest business leaders make it out to be to say we can't cut the cord from china. then we have a strong hand in our possession. then we stand with a spine across the table from x

that echos what jamie dimon said last week, too. >> right.r and further. bank of america is warning that the economy is losing hundreds of thousands of jobs. right around now, we're seeing the opposite. things have been so much stronger than expected that moody's analytics told me, quote, increasingly the odds of a recession this year are fading. again that, doesn't mean that things can't change. something bad could happen. and that could cause a recession. or maybe it's just delayed until next year. the big debate was hard landing or soft landing. and now it doesn't look like there is a hard landing and shifted to either soft landing or no landing where the fed has to do more next year. but for now, i think it's good news that we're not in a recession that people thought we would be. >> i think that's a great way to end that. certainly, you can always predict or forecast what might happen in the future. but for now, jobs are plentiful and people are spending. we can leave it there. >> exactly. >> thank you. >> thank you guys. >> also this mo

amount but attorneys for joan doe had been ratcheted up pressure on jpmorgan demanding that ceo jamie dimonnd two other executives return for additional depositions. seems clear that jpmorgan wanted to clear the decks of this case, and you can see why. documents revealed so far showed an embarrassingly close relationship with convicted sex offender jeffrey epstein with one executive emailing epstein from a hot tub in his private island and others brushing aside concerns of lower-level employees about the appropriateness of continuing to do business with him after his conviction as a benchmark, we do know that deutsche bank settled a related case with a similar set of facts in this matter for $75 million back in may. not clear whether this one will be north of that or not. we're going to try to report that out in coming hours n. a statement, jpmorgan said, "the parties believe this settlement is in the best interest of all parties, especially the survivors who were the victims of epstein's terrible abuse. any association with him was a mistake, and we regret it. we would never have continued

. >> jamie dimon dates his career back to smith barney essentially.ere he came out of. >> yeah, has that dna, jpmorgan is somewhere between very good and unrivals in almost everything they do this is actually a little bit of a weak spot. they reorganized this business in 2019, this u.s. wealth management business, given it a lot of resources i think the time they had like 3,500 advisers and maybe 400, $500 billion of assets today it's got 5,000 advisers and 600. so they're moving the needle a little bit first republic is the way to level up. >> it seemed as if the immediate verdict on that deal was that jpmorgan, you know, actually got good economics out of it it seemed like a decent opportunity. obviously it was a company in distress does that change with how it plays from here in terms of retaining people >> m&a is always tricky, especially in a business like this you have the financial advisers and then the clients underneath who frankly like, you know, went through the barrel this spring a couple of really white knuckled weeks, wondering if their

breaking news, jamie dimon is now software a new deposition in jp morgan epstein suits.eo sought for a new deposition we will bring you more headlines as they cross on that. one of the biggest topics of conversations was private credit and earliest signs of trouble here and here is what panelists had to say. >> we can imagine this asset class continuing to grow for the next decade. >> the good news is there is likely to be in short fairly good performance from credit. >> i've credit, manager selection matters. >> private credit, quarter trillion dollars is now one point 4 trillion and a lot of of these will suffer under the weight of those interest payments. >> we are starting to see some cracks in the private credit market. >> i would say a lot of growth is happening in a period we have not had an old-fashioned credit crunch. >> credit defaults have gone up. >> there will be a shakeout. >> it is almost sure that the default rate will rise. alix: let's get a look with ted bold thorpe. what is your take? ted: this is one of the best opportunities for private credit. it is

before bill gates it was jamie dimon and elon musk to signal i think the chinese value these kinds ofhips, many of these are long-standing with these major u.s. business figures who have been in china for decades, microsoft is a huge company that supported chinese development of the last several decades and president xi jinping went to bill gates house in 2015 so they have a relationship so i think china wants to show it values that still and wants u.s. business to feel like it can come to china. shery: one of the biggest concerns around the deteriorating relationship is the potential for confrontation. we have seen dangerous maneuvers between military from both sides , including naval vessels and jets. what guardrails do you need to see eventually built from these high-level meetings? >> i think this is one of the things that tony blinken is probably working on hard during this visit and a follow-up -- and in follow-up visits. one thing china said they wanted to do in this meeting was established a set of so-called guidelines for the bilateral relationship. what are some things we ca

guest: i am not sure specifically which comments by jamie dimon you're referring to.e were some comments he made last year about how their was bad times ahead coming for the economy, i think the term he used was a hurricane. this is reflective of how much up and down the predictions about what is going to happen to the economy have been. when you listen to economic commentary month by month, it is like, we are probably going to have a recession, maybe we are not going to have a recession. you can point to a lot of comments that have been made by financial economist type people that have not worn out. certainly, that is one of them. as to the student loan, i think that decision is due out today. we will have to see how the supreme court rules on whether president biden has the ability to forgive those payments. regardless, it is going to have an impact on the economy that later this year, those student loan borrowers are going to have to resume those payments and that is something that could eat into a lot of these nice savings people have built up during the pandemic.

morgan chase ceo jamie dimon and elon musk.ders had halted dollar sales to defendant. the currency dropped about 7% weakening for a talk straight day. it has lost more than 12% since the second round of elections since last month. francis is in a hospital today undergoing surgery to treat an intestinal blockage. the vatican says that the 86 euros would be put under general anesthesia and would remain hospitalized for several days. he ferments in charge of the vatican and the 1.3 billion strong catholic church. global news 24 hours a day. powered by more than 2700 journalists and analysts in over 120 countries. i'm lisa mateo and this is bloomberg. ( ♪♪ ) ( ♪♪ ) -awww. -awww. -awww. -nope. ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david. connect with an advisor to create your personalized plan. let's find the right investment

you have had a jamie dimon, jp morgan chairman. you have had bill gates. you had elon musk. you had tim cook. they have come to china. they are trying to reengage on a business-to-business level. it is going to be the focus of the premier in his speech later this morning where he will likely make the pitch to an international audience at the world economic forum known as the summer davos. he just came back from his first international trip. he went to germany. he went to france. same kind of message he will be bringing here i am anticipating. shery: chief north asia correspondent joining us from tianjin. exclusive conversations from the world economic forum coming up on daybreak asia. the circle ceo joins us at 7:40 a.m. hong kong time and the hkex co-ceo speaking to us live in the next hour. china's currency has continued to slide this by the central banks move to slow's decline with a stronger-than-expected reference rate. let's bring in bloomberg's fx and rates reporter michael wilson. we have a struggling chinese economy. not to mention looser monetary policy in the coun

, but we know he also met with the shanghai party boss, who basically implored jamie dimon to try toglobal financial institutions to come to china's financial capital of shanghai. yvonne: you mentioned lvmh. bernard arnault could be heading over to china. obviously the luxury sector would like to have a faster recovery to the chinese consumer, and we have seen these luxury stops taking a hit. stephen: we can bring up the stock trades of these big ones including lvmh because they did get a big pop up in the first quarter off expectations that per capita biggest shoppers of luxury, the chinese would come back in force. now it has petered out, and the chinese by and large are not going abroad as well, so that limits their spending. asia generated 84% of lvmh's value in 2022 and that is why bernard arnault is likely going to china sometime this june to see what the mood is on the ground and see if he can get that revenue backup. rishaad: stephen engle, our chief asian correspondent -- asia correspondent. a spiral towards conflict. the shangri-la dialogue conference in singapore bridges t