kim gittleson they are. will have more on that story in the news briefing, shortly. —— there.ound $3 billion worth of us imports — including jeans, bourbon whiskey, and motorcycles. the move is a retaliation for us tariffs on imported steel and aluminium — which european commission president jean—claude juncker described as going against "all logic and history." eu finance ministers have agreed to give greece a ten—year extension on more than $100 billion of bailout loans — following talks in luxembourg. the country is due to exit its bailout programme in august — but investors have become concerned it may not be able to service the debt — which runs to 180% of its annual gdp. deutsche telekom is to cut 10,000 jobs at its loss—making it services division, t—systems. more than half of the job losses will come in germany. and now what's trending in the business news this morning. 0n cnbc, a trainee day trader in france made $11.6 million in one day on what he thought wasjust a "demo." harouna traore thought he was practicing but was in fact trading for real. he is now suing the

so that was kim gittleson that now.cy because the european central bank meets later and it could also be at a turning point. the ecb is expected to announce a timetable for phasing out its massive support programme for the eurozone economy. since 2015 it's spent 2.4 trillion euros on quantitative easing, buying bonds in a bid to stimulate the economy. it's currently spending 30 billion euros a month on these purchases — and markets are on the lookout for signs that it's going to scale that figure back. the bank is thought to be encouraged by signs of recovery. last year the economy grew by 2.5 per cent — the fastest rate in a decade. with me is gervais williams, senior executive director, miton asset management. nice to see you. so you take, first of all, on the ecb, and whether they will start to taper their monthly injection to the eurozone. will start to taper their monthly injection to the eurozonelj will start to taper their monthly injection to the eurozone. i think thatis injection to the eurozone. i think that i

kim gittleson there reporting from washington.ered a whopping $65 billion for the film and television assets of rupert murdoch's 21st century fox, topping an offerfrom murdoch's 21st century fox, topping an offer from walt disney for a deal that could create a dominant media entertainment powerhouse. 0ur business reporter paul blake reports from new york. this $65 billion mega deal would see the merge of some of the world's biggest television and movie brands and it's the first attempt of many to merge content with distribution. as netflix and youtube become stronger, traditional telecommunications companies see these deals as vital to their survival. comcast floated the idea of for some time, but like other possible mergers and acquisitions, it was on hold. the company wanted to see the outcome of an anti—trust case brought by the trump administration against telecommunications giant at&t. that case was dismissed on tuesday by a judge, granting at&t the ability to buy content house time warner but also signalling a green light fo

kim gittleson there. it's a humanitarian crisis that could soon become much worse.ave fled myanmar since last year, and taken shelter in refugee camps in bangladesh. thousands of them are now at risk of landslides and flooding due to the upcoming monsoon season. 0n world refugee day, we have a special report from danjohnson in bangladesh. rohingya refugees are on the move again. still searching for a safe place to live. life is tough, even before it begins. as soon —— a baby is due in a month, she struggling with back pain and a swollen lake. translation: my house fell down, she says, i was forced to stay with others. "a landslide damage my home, this woman said,", for five days they did not have water. and people keep coming to this. the newest part of the camp. there is stable land here, stronger homes, and better drainage. but many more are left facing the monsoon. people are living in such close living quarters, the potential for water, as its tommy gainey street, tuque tamme —— contaminate not only the water supply, but also getting into people's houses, it is

from washington, kim gittleson has more.et that president donald trump does not exactly love much of the news media and no one company has taken more flak than cnn which is why it a lot of eyebrows we re which is why it a lot of eyebrows were raised when earlier this year the us justice were raised when earlier this year the usjustice department under president donald trump started to block the merger of cnn parent company time warner with the telecommunication giant at&t. personally i was felt that was a deal that was not good for the country. i think your pricing is going to go up but i will not get involved in the litigation. the us government argued the merger could eventually raised prices for us consumers however at&t and time warner disagree saying they operate in different environments. at&t operate the pipes that time warner users. thejudge agreed operate the pipes that time warner users. the judge agreed with at&t and time warner which will allow the company to create a media giant that they hope will better compet

kim gittleson in new york, many thanks. damian grammaticas, who is in brussels. he explained how the row could escalate further. what we have is a tweet, a presidential tweet, so we're still a long way from something being implemented but the threat is there from donald trump, saying that: "based on the tariffs and barriers long in place from the european union, if these are not soon broken down we will place a 20% tariff on all of their cars coming to the us". now this has been brewing for a bit. donald trump has talked about this, about imposing tariffs on european and other cars, from japan and elsewhere. there is a very, very big market here. most, i have to say, of the imports to america are not european, they are japanese and other. so about 500,000 german cars going to america, that's a very big market for germany, second only to china. donald trump threatening to follow through. if he does, and if this is his chosen path to escalate things, given the eu's imposition of tariffs today, then we could be heading for a v

a little earlier, our business correspondent kim gittleson, gave me more reaction from new york.talking about this for some time, but when it comes to the actual implementation of these tariffs, very few of them have actually gone into effect thus far. we have seen tariffs imposed on chinese aluminium and steel imports, on solar panels, and we are expecting tariffs of 25% on about $34 billion worth of chinese imports to go into effect onjuly 6. but that is it thus far, which, frankly, is not a big deal when it comes to the us economy or the chinese economy, $34 billion might sound like a lot of money, but, you know, it did not really sort of send any fears through market here in the united states. what has really scared investors is this next round of escalation, $200 billion is a significant amount of chinese imports, it brings the total amount of chinese imports that the us is threatening to slap tariffs on to something like $450 billion, which is a lot when you consider that china only sold something like $500 billion worth of goods into the united states last year. that has r

and kim gittleson has the details about what's ahead on wall street today.eak from wondering what will be the next move in an ongoing us trade war to instead turn their eyes to what's happening in washington. that's where right before us markets open, the latest us monthlyjobs report will be released. most analysts are expecting that the us unemployment rate will remain at an 18—year low of around 3.9%. the key focus will be on another survey which will showjust how many jobs the us added in may and whether or not american workers have finally been given a long—awaited raise. this is the biggest question facing the us jobs market right now — why is it that if the unemployment rate is at historic lows, americans are not seeing it in their pay cheques? so analysts will be looking for any signs that those wages are finally rising and if they're not, they will be asking why, something that will be a continued point of focus for the us federal reserve when it meets in the middle ofjune. joining us is richard dunbar, investment director at aberdeen standard invest

and kim gittleson has the details about what's ahead on wall street today.attention to the companies that could be impacted when planned european union tariffs go into effect today. the import tariffs of 25% will affect a range of us exports from politically sensitive states. to refresh your memory, the european union decided to impose these tariffs, which will impact something like 2.8 billion euros worth, or $3.2 billion worth of us exports. in retaliation — the eu is retaliating of course because the united states decided to go ahead with plans tariffs on european union exports of steel and aluminium in earlyjune. so far, investors haven't been worried that these tariffs could impact companies' bottom line. the question is whether or not that ease will continue when they actually go into effect today. let's talk more about that. joining us is lucy macdonald, cio of global equities at allianz global investors. good to see you. the tariffs are in full force from now? jess. the stock markets have begun to be more concerned this week. having not really put to

and kim gittleson has the details about what's ahead on wall street today.nformation that will give us a sense about the health of the us housing market. the first is the case—shiller home index. that gives us a sense of home prices across the united states. it is expected to show that prices rose at an annual rate of nearly 7%. after that, we'll get earnings from lennar corporation, which is the us‘s second biggest home—builder. we are again expecting that are booming us economy will be helping profitability at the firm. the question for investors in both instances is whether or not american demand for housing is still increasing even in the wake of higher mortgage rates. joining us is russ mould, investment director at aj bell. we will talk about the market and a bit more detail. it used to be the same when america sneezed, the rest of the world catches a cold, but now it is the case that when donald trump tweets, the rest of us do what, i'm not quite sure! pay attention, but also react, that is what the markets are doing they are proving so volatile and s

here's kim gittleson.g, the federal reserve's policymakers surprised many policymakers when a majority favoured accelerating the rate of interest rate increases this year. that suggests that america's central bank thinks the biggest risk to the us economy is the prospect of increasing inflation. prices here are rising as a result of a booming us economy. this means that the fed isn't concerned about the possible economic implications of the trade war that the us is fighting with many of its closest allies. in fact, here's what the chair of the federal reserve , here's what the chair of the federal reserve, dave powell, had to say in a press co nfe re nce reserve, dave powell, had to say in a press conference following the release of that statement. concerns about changes in trade policy are rising, it's fair to say. you are beginning to hear reports of companies holding off on making investments and hiring people. right now, we don't see that in the numbers at all. the economy is very strong. the labour ma

the bbc‘s kim gittleson is in new york. i asked her how china will retaliate.hina's already announced they plan to retaliate with a similar number of tariffs on a similar amount of imported goods into china. so it does seem like this tit—for—tat trade war is heating up and is in fact going to be happening but the question is what impact this will have on everyone. so far we have seen at least from a us economy perspective the impact the tariffs will have in terms of higher prices passed onto consumers is quite neglible to be honest. some analysts say that maybe .01% might be shaved off of economic growth here in the coming years. so it will not have a huge economic impact but the question is if this escalation continues, what that will mean for the global economic community, will investors begin to get skittish about what is happening and will businesses begin to pull back on making investment say on factories here in the united states or in china if they are not quite sure they can sell their goods into either of these two markets without these tariffs being i

and kim gittleson has the details about what's ahead on wall street today. market. we will see three big data releases during the week on everything from existing home sales to new—home building in the united states. on monday, we kicked things off with a survey from the national association of home builders which is expected to show the people building america's houses of feeling confident about the future. but the question weighing on the minds of investors is what the prospect of higher interest rates could hold for the us housing market. we have already seen mortgage rates in the united states have had levels not seen united states have had levels not seen is as 2011. and now the us federal reserve has indicated it plans to accelerate its pace of interest—rate increases, the question for notjust investors but would—be home—buyers is whether or not americans are feeling wealthy enough to withstand these higher borrowing costs? that is a big question. joining us is james hughes, chief market analyst, at axitrader. nice to see you. you are going to be watch

earlier i spoke to our new york business correspondent kim gittleson, and asked her if this threat frompolicy. so, the us announced it was launching an investigation into imports of cars from the european union in late may. they used the same rationale that they used for ta riffs same rationale that they used for tariffs on steel and aluminium which is known as a section 232 investigation, essentially investigating whether or not these imports from the eu are harming national security. when the president tweeted this out he is essentially saying this is what he hopes the government fines, he hopes the government finds there is a national security threat and as a result they would be justified in imposing these import arab is. initially we heard reports they were planning tariffs as high as 25%, this seems to imply 20%. either way it isa this seems to imply 20%. either way it is a significant escalation of trade tensions between the us and the eu, because as you mentioned today, that list of items that the eu is imposing tariffs on went into effect. this includes everything from harley—d

well for more on this, let's cross to kim gittleson in new york. agencies?” but with the resignation the of law-enforcement agencies? i think at first it helps understand what apple is beta testing right now. the idea if you have your iphone, you plug it in overnight to charge or perhaps it sinking into your computer and typically up until this point, that portable clean your computer and the usb port is left open for the entire time even when the iphone is locked. what apple is testing is essentially locking the phone after an hour so that no data can be after downloaded that no data can be after downloaded that device was locked. and that has some law—enforcement officials here in the united states and elsewhere up in the united states and elsewhere up in arms, idea being that this is the method they have been using to try and unlock iphones they have been using in criminal cases. two main companies here that say they can provide the services one is called grey shift and the other is called celebrate. both of them have essentially been using this

kim gittleson is in new york for us.watch this all play out? sure. it is one of the most intriguing corporate love triangles and sometime. 21st century fox seems inclined to except his name's operable for its sweetened the pot thenit operable for its sweetened the pot then it had to contend with a rival offer from comcast. they then it had to contend with a rival offerfrom comcast. they are then it had to contend with a rival offer from comcast. they are engaged ina bidding offer from comcast. they are engaged in a bidding warfor the majority of 21st century fox's assets and what won't be included in these sale is fox news and fox sports assets. it will be the tv studios and movie studios, and a significant stake in the who lose streaming service. the question is why the bidding war happening? a lot of the legacy media companies are worried about the technology giants like netflix, google and facebook which seems to be eating in their profitability. they are hoping by buying up each other they can achieve sale and better

kim gittleson is outside the federal reserve in washington. why have they gone so high?economy is going —— growing at a healthy pace and at such a rate that the fed feels comfortable increasing borrowing. there are too think the fed is trying to balance. while it wants to spur economic growth and encourage more investment and jobs and wages here, the other thing it doesn't want to do is encourage so much in the prices rise. on tuesday we saw the inflation here in the united states hit a six—year high, which is why the fed felt comfortable increasing its target interest rate, because it feels that there is enough growth and momentum in the us economy that people can withstand these higher borrowing costs. does the federal reserve have an opinion on the trade fights that donald trump is picking at the moment? everyone in the press conference at the moment? everyone in the press co nfe re nce we re at the moment? everyone in the press conference were pestering jay powell with questions, asking if he was worried about the possible economic and book —— invocations of this tra

kim gittleson in new york.mbian defenders decided to save a shot and got a red ca rd decided to save a shot and got a red card for his trouble. we will see all the goals. the home secretary, sajid javid, has announced a review of the use of cannabis for medicinal purposes. he was responding to a series of appeals from parents who want their children to be able to access medication which can treat epilepsy and other illnesses. charlotte caldwell, whose son billy has severe epilepsy,was granted a 20—day licence for the drug last week. she welcomed the home secretary's decision to review the law. i think billy's story and what billy asa i think billy's story and what billy as a little boy had to endure this week has got into the hearts of the politicians in our country and into the hearts of the nation. you know... we all are very aware that billy should not have had to endure that but what has happened on the positive side of that is our campaign has actually made history. they are recognising medicinal cannabis

kim gittleson is in new york. just talk us through this.ly 40 years. what is at the heart of this case was that there was a worker who work in illinois and he had $45 deducted from his paycheck each month because he was governed by a collective bargaining agreement that the union had negotiated for him. even though he was not a union member, obviously, he had to pay this fee because the union had negotiated certain working conditions that he benefited from. however, because that union used other union dues to donate to democratic causes he argued that his first amendment rights were violated because he was forced to pay money into an organisation that he did not politically support, and we saw that ina quite politically support, and we saw that in a quite contentious decision the supreme court sided with him which will deal a significant financial blow to organised labour here in the united states. as always thank you very much for emphasizing the significance of this decision. many thanks. keeping the focus on business news. carlos gone is

let's ask kim gittleson on the floor of the nyse — kim, what tariffs have been actioned? the ones on solar panels and on imported chinese aluminium and steel. so while the headline figure is that president trump is proposing tariffs on nearly $450 billion worth 300 billion pounds' worth of chinese imports, so far tariffs have only come into effect on a small proportion of that proposed import amount. the question of course is what investors were think about this latest round of threats. saying that the us is going to impose tariffs on an additional $200 billion worth of chinese imports are just that president donald trump is willing to impose tariffs on nearly everything that china imports here in the united states. that would make it difficult for china to respond, because obviously, the us exports significantly less goods to china thanit significantly less goods to china than it imports. the chinese government said they were considering qualitative in addition to quantitative retaliatory measures. for investors, the question is what will actually go into effect and what

let's go straight to kim gittleson our correspondent on the floor of the new york stock exchange — kimme out of the meeting. now they feel what has come out is short on details and it is difficult to trade on the news. you have to think about what companies might make money out of an open north korean economy. right now it is hard to figure out so investors seem to be taking a wait and see approach to the summit in case more details come out but could impact the companies that trade here. there has been another big story coming out of america, at&t and time warner. the telecoms operator and the media firm wa nt to telecoms operator and the media firm want to merge. we should be hearing a ruling from a federaljudge on whether or not that plan can go forward. is there much support for it? it is a huge case when it comes to mergers and acquisitions at corporate america. it is valued at $85 billion £64 billion. the main thing that is centred at the heart of this case is whether a merger should be allowed to proceed. historically, this is something the government here in the united states h

kim gittleson is outside the federal reserve in washington for us — kim — why do so many think the fedtors. it has been telegraphing this interest rate for some time now. the big mystery surrounding this meeting about what is going on in that building with no central bankers is what they think about what is going on with the fiscal environment here in the united states. when i say fiscal environment, i basically mean what president donald trump's moves have beenin president donald trump's moves have been in relation to the us economy. we have seen a lot of activity that with that, us tax cuts that could potentially stimulate the us economy but on the other hand we have seen donald trump's favoured trade was continuing to heat up here and i could possibly hurt the us economy if the cost of imported steel go into effect. it created challenging environment for the central bankers because they don't want to raise interest rates, things are going very well in the us economy and they don't want to be blamed if they suddenly slow down. the tricky balancing act. they have when the press confer

let's get more with kim gittleson who's at the new york stock exchange. we knew this was coming.he way the tariff is collected is when something is imported to, say, germany, the importer has to pay the 25% tariff, and if there is a motorcycle distributor in germany they will pay the 25% at the port and it will be up the 25% at the port and it will be up to them to decide whether or not they can pass the high cost on to consumers they can pass the high cost on to consumers and that has to do with the economic environment they are selling. there is confusion about whether or not those importers who are selling those motorbikes will be able to pass on the high costs at a time when it is not clear if many people are feeling the global economy recovery. whether or not this will hurt the average consumer, thatis this will hurt the average consumer, that is what we are looking for in the coming months as we try to figure out the impact of these tariffs on some of the biggest economies in the world. does anyone have any idea how long this is going to go on for? if we had any idea we wou