years uncertainty over brags it was cited as the reason and last week the head of the city of london corporation which runs london's financial district said a no deal breaker can spot a os in the stock markets and cost london up to twelve thousand jobs and a survey from the council young soldiers who don't see why it's as money managers are planning to move one trillion dollars worth of assets from the u.k. to other parts of europe. have she says parliamentary vote of the brig's a deal my colleague a hard to stephen phipps than c.e.o. of the british manufacturers organization if it's and says that he doesn't see any long term advantage britain leaving the e.u. . spent forty years integrating our supply chains together and it's very difficult to try and change course very quickly with the investments we've got so we really need to see a comprehensive agreement that maintains those frictions borders and secondly in common with many other sectors no deal would be a disaster if you can manufacturing we're just not ready to exit on the twenty ninth of march with no arrangements in place particularly

uncertainty over breaks it was cited as the main reason only last week the head of the city of london corporation which runs london's financial district said a no deal breaker chaos in the stock markets and cost london up to twelve thousand jobs another survey from the young consultancy says money managers are planning to move one trillion dollars worth of assets from the u.k. to other parts of europe. a picture there of the most crucial vote on the brakes a deal in polland we can talk to stephen phipps and he's the c.e.o. of the british manufacturers organization he joins us from birmingham stephen from the perspective of british manufacturing do you see any advantage in britain leaving the e.u. . we don't see any short term advantage at all in fact we've been pressing the government on on two issues one is a long term future arrangements with the e.u. must be one with frictionless trade we spent forty years integrating our supply chains together and it's very difficult to try and change course very quickly with the investments we've got so we really need to see a comprehensive agreement that ma

uncertainty over breaks it was cited as the main reason only last week the head of the city of london corporation said no deal breaks it could spark chaos in the stock markets and cost london up to twelve thousand jobs another survey from b. and c. young consultancy says money managers are planning to move one trillion dollars worth of assets from the u.k. to other parts of europe. it's oit's auto show is one of the oldest of its cards but falling sales of fears over the threat of u.s. tariffs are putting a damper on this year's automotive spectacle and some of the big players are actually giving it a miss this year. detroit's also show hasn't lost all its glamour but it's certainly not the event it once was the x.t. six premium luxury model. g.m. chose to unveil its new cadillac s.u.v. but many other luxury car makers including b.m.w. and mercedes are giving the event a miss this year. this says the global car market contract and uncertainty grows over the threat of u.s. tariffs. are in a transition in the industry we've had a great run of strong car sales over the last decade or so we're probab

years uncertainty of a briggs of decided as the reason only last week the head of the city of london corporation which runs london's financial district said a no deal breaker could spot chaos in the stock markets and close london up to twelve thousand jobs another survey from the as young so c. known as y. says money managers are planning to move one trillion dollars worth of assets from the u.k. to other parts of europe. ahead of tomorrow's vote my colleague spoke to stephen phipps and c.e.o. of the british manufacturers organization e.f. five and says he doesn't see any long term advantage in britain leaving the e.u. in fact we've been pressing the government on on two issues one is a long term future arrangements with the e.u. must be one with frictionless trade we spent forty years integrating our supply chains together and it's very difficult to try and change course very quickly with the investments we've got so we really need to see a comprehensive agreement that maintains those frictions borders and secondly in common with many other sectors no deal would be a disaster if you can manufac

last week the city of london corporation said a no deal could spark chaos in the stock market. to 12,000 jobs. another survey says money managers are planning to move $1 trillion worth of assets from the u.k. to other parts of europe. ahead of tomorrow's vote, my colleague spoke to the ceo of the british manufacturers association. gibson says he does not see any long-term advantage of britain leaving the e.u. >> we press the government on two issues. one his long-term future arrangement with e.u. we spent 40 years integrating are supplying change and it is very difficult to change crse quickly. we really need to see a conference of agreement that maintains those orders. and secondly, deal would be a disaster for u.k. manufacturing. we are not ready to exion the 29th of march with no arrangements in place, particular on the borders in the exchange of goods and the free movement of people. it's actually critical for the manufacturing sector in this country. >> heading an industry lobby organization . shouldn't you use your influence to get a deal that is good for the economy. you

years on sudden breaks it was cited the main reason only last week the head of the city of london corporation said no deal could spark chaos in the stock markets and london up to twelve thousand jobs and all the survey from the consultancy firm says that banks and money managers already planning to move one trillion dollars worth of assets from the u.k. to other parts of europe. that's all your business here's a reminder of the top stories we're following for you british prime minister to make a final full support before the divorce deal goes in palm and on tuesday he suspects it's a war could be told if the deal is rejected by lawmakers. on the verge of the crews in austria and germany are bracing for as much as another meter of snow at least twenty four people are believed to have died in weather related incidents across the region. we. do watching news from. outlook talk. yeah that's it from me for now focus on your next stay on the. hine boss. two year old near us is being released temporarily. he's just won the for around seven hundred young children live in turkish prisons his mother wa

breaks it was cited as the reason only last week the head of the city of london corporation said no deal breakers it could spot chaos in stock markets and london up to twelve thousand jobs now the survey from the young consultancy says that banks and money managers are already planning to move one trillion dollars worth of assets from the u.k. to other parts of the. the second time in two weeks the hong kong. pacific experienced a glitch in its booking system along customers to get first class tickets from hong kong to portugal for example for just over one thousand five hundred dollars instead of the sixteen thousand dollars charge. on the tickets will be looking into how the cost of mistake happened not the first. of the airlines booking system was hacked jeopardizing the personal information of almost ten million passengers. and that's it you're up to date. live from berlin there's more news coming the top off the out on stage. to mark the day all science magazine is up next. surgery in virtual reality. system researchers in dresden are developing a special b.r. headset a mock it will

years uncertainty over brags it was the main reason only last week the head of the city of london corporation said no deal breaks it could spawn chaos in the stock markets and up to twelve thousand jobs and all the. consultancy firm says that banks and money managers are already planning to move one trillion dollars worth of assets from the u.k. to other parts of. that's all your business here's a reminder of the top story we're following for you. british prime minister tourism may is to make a final plea for support for your goals to a promised vote in parliament on tuesday she's perspective there could be no great set of soul if the deal is rejected by law. you're watching news from more news coming at the top of the hour. that's more news on the website of course that's developing news dot com funny you very much for watching overfishing africa's great lakes the next all documentary. enormous biodiversity massively next point. lake malawi in southeastern africa. once teeming with fish insisting the entire region. was an ever growing population as a whole but depleted the richer is also now

want to just quickly also point out, ashley, because this just hit the tape, that the city of london corporation says financial stability must not be jeopardized in this game of high-stakes political poker, and also they are saying that lawmakers must act to protect the u.k. economy. i mean, what are you hearing? is there a huge fear that suddenly there will be spasms and gyrations in the economy? >> no, but i think the fear of a no brexit, the predictions, if you like, of what would happen under a no deal brexit has really been laid out very carefully by many sides, saying it would be a big impact to the united kingdom. there are fears that there will be huge back ups at the ports, that there could be food shortages, consumer prices would go up because the u.k. would have to start paying tariffs on everything, under wta rules and there could be medical shortages as well. now, people on the other side say that's all scare mongering. it will be fine. u.k. will be able to find new trade partners, the u.s., canada, india markets they can't get access to because they are a member of the eu now. it d

sheffield to create jobs for british workers, when chanel moved from france to london in order to establish a new corporatend when starbucks moved from amsterdam to london in order to ensure more investment and jobs. the opposition should wake up and smell the coffee. all of this, in the words of the bbc, despite brexit. that investment, those jobs are created under my right honourable friend the prime minister's inspirational leadership have been invested in public services and socialjustice. as we heard from the member for dudley south and bexhill and battle, 1.9 million more children in good and outstanding schools and it is also the case that the gap between the poorest and richest in our schools has narrowed under conservative government. we also have a record level of investment in the nhs and my thanks to my right honourable friend for the secretary of state for health, a ten year plan to attend to billion plans —— 20 will implant investment for the nhs. —— £20 billion. also investment in national security. we meet the 2% target for investment in nato and we have two new aircraft carriers capable of

on the continent particularly in germany when it will have a significant impact on corporates why is that the case london as of today is particularly for the. comp companies the place to go to find financing particularly international large fine. to do risk management and and they will have to shift some of that business because london is likely going to lose its so-called passport he writes these past putting rights would allow financial institutions of london to sell sea services on to corporations on the continent not all but some of that would be questioned and some of that would be lost those rights so the companies will then have to relocate some of those financing activities onto the continent the most prominent example is likely going to be so-called interest rate derivatives what companies insure some cells against changes in interest rate by futures and options and o.t.c. derivatives this is very likely having to be moved onto the continent and that's what we see a lot of companies are already in the process of doing i want to ask why all of this matters to people like you and me and anyone wat

on the continent particularly in germany when it will have a significant impact on corporates why is that the case london as of today is particularly for the. comp companies the place to go to find financing particularly international large fine. to do risk management and and they will have to shift some of that business because london is likely going to lose its so-called passport he writes these past putting rights would allow financial institutions of london to sell sea services on to corporations on the continent not all but some of that would be questioned and some of that would be lost those rights so the companies will then have to relocate some of those financing activities onto the continent the most prominent example is likely going to be so-called interest rate derivatives what companies insure some cells against changes in interest rate by futures and options and o.t.c. derivatives this is very likely having to be moved onto the continent and that's what we see a lot of companies are already in the process of doing i want to ask why all of this matters to people like you and me and anyone wat

they will officially declare their european headquarters is no longer located in london instead registering their corporate residence in the netherlands due to the ongoing brecht's that debacle a sony spokesperson said we are moving the location of our european headquarters registration to the netherlands making sony a company based in the e.u. in an optimistic perspective i suppose somebody could say that sony's move does seem to bring more insult than industry in that job totals and functions in london will remain unchanged. at the same time a company with greater emotional ties to the u.k. dyson those famous yellow vacuum cleaners is also officially moving their headquarters from england to singapore dyson c.e.o. sir james dyson who is a prominent supporter of the u.k. leaving the european union denied the move was related to bricks. and randy rounding out the bad news today spade sent tend their bank will close one hundred forty six hundred branches in the u.k. over twelve hundred employees are purley work at those locations in the bank has indicated that roughly two thirds of those jobs will be elimin

passport he writes these past putting rights would allow financial institutions in london to sell sea services on to corporations on the continent not all but some of that would be questioned and some of that would be lost those rights so the companies will then have to relocate some of those financing activities onto the continent the most prominent example is likely going to be so-called interest rate derivatives what companies insurers himself against changes in interest rate by futures and options and o.t.c. derivatives this is very likely having to be moved on to the continent and that's what we see a lot of companies are already in the process of doing i want to ask why all of this matters to people like you and me and anyone watching london's financial services industry pumped a lot of money back into the british economy could briggs's trigger a recession in the u.k. and what's the financial outlook for germany as well is that country teetering for a technical recession teetering towards a technical recession certainly does harm to the u.k. our economy and looking from the outside one may wonder why obvio

son he has also joined the growing list of corporations to exit britain the japanese electronics conglomerate is reregistering its european headquarters from london to amsterdam the company said the move would help minimize customs issues tied to bragg's it although it has no plans to physically relocate personnel operations it's not the first japanese company to relocate to continental europe due to concerns of a break that last year panasonic moved its h.q. to the netherlands. china's growth rate has slipped to its lowest point in almost three decades fuelling concerns over a knock on effect on the global economy. with china's growth right now seen as an indicator for other countries the announcement of the news was highly anticipated. but to watch and eliminate every estimates the total value of china's g.d.p. was ninety point zero three trillion you are only at a six point six percent year on year increase that outstripped the anticipated goal of around six point five percent. to thirty. six point six percent pretty impressive by global standards except for one thing. a decade ago chinese economic growth was hovering at around ten percent in

german corporate heads things he would have been showing them bare for provisions all in london i mean the vote of no confidence in scheduled for tomorrow and parliament by the sounds of it if you believe corben stories and they will not survive it what do you say. three's may we'll survive it because even though the party that guarantees her a majority in parliament the northern irish d u p which has voted against her on the brakes a deal said they would support her they would not they'd they not supporting her as a person probably the hard line breaks that cheers in her own party which have also said they will support her and they do you could very well imagine a different prime minister but that at the moment is not possible because the hard line breaks that cheers in december sort of shot that arrow they've missed and now she's safe from their attacks for the rest of the year however she will survive it and she will remain in government but not in power and that is the main problem she doesn't even have a cabinet behind her that kevin does divided and so nothing constructive and no

london. we will focus on one u.k. corporate.etrts suggesting tesco is to cut 15,000 jobs. ♪ anna: this is "bloomberg markets: european open." seven minutes until the start of trade. tesco, covering deutsche bank, and focused on the mining sector. what's the latest on tesco reports? >> the report says tesco could cut as many as 15,000 jobs. tesco has had around 400,000 employees. it is about 3% of their workforce. per store, that could be 20 staff. could save them up to 250 million pounds. there is a note from bernstein this morning that says they full-timeon't all be staff so the saving could be lower. thatn spencer run counters -- similar to tesco and they do quite as well without as many staff. positive -- taken positively by the market. matt: on deutsche bank, what if you got? >> we heard qatar is set to take stake in the lender. premarket, up 2% which would put the bank to the top performers in europe for today. deutsche bank is reporting earnings friday on the fourth quarter. news coming out during the week from analysts mi

passport he writes these past putting rights would allow financial institutions in london to sell sea services on to corporations on the continent not all but some of that would be questioned and some of that would be lost those rights so the companies will then have to relocate some of those financing activities onto the continent the most prominent example is likely going to be so-called interest rate derivatives what companies insurance himself against changes in interest rate by futures and options and o.t.c. derivatives this is very likely having to be moved on to the continent and that's what we see a lot of companies are already in the process of doing i want to ask why all of this matters to people like you and me and anyone watching london's financial services industry pumped a lot of money back into the british economy could briggs trigger a recession in the u.k. and what's the financial outlook for germany as well is that country teetering for a technical recession teetering towards a technical result certainly does harm to the u.k. our economy and looking from the outside one may wonder why obviously

london, i'm guy johnson. vonnie: this is bloomberg markets. time for futures in focus. disappointings corporaterecast in the u.s. weigh on investors. we have those saudi pledges for deeper cuts but that is not helping it seems. paul, what are traders at the cme making of these conflicting statements? saudi's saying they will cut more and that is not keeping a floor on the price. paul: it is really more about the u.s.. the u.s. is one of the bigger producers, there was some concern of venezuela that they may exit the market or reduce their production, that is really a small issue here. but you will keep an eye on the u.s. production and we are seeing a contraction in the cracks between wti. we are getting to high inventory level keeping things under pressure here. vonnie: is there a trade you yourself of put on or would recommend? paul: not at this point. we have been in the trading range back down to $40 $60 range , we are bouncing here a little bit. we will get back down to the $45 range before we get to the long side. we have to get rid of this issue before we are ready to go. vonnie: looking

corporate credit cards aren't included in the band, but it's clear some traders don't know what is. this londonrd fee on some payments, because they are exempt. it's only on rent and bits and pieces like that. but they are not. it's now suspended the charges. david cox, who represents letting agents admits there is confusion. every few months, there is a new law coming out. agents are missing some, they are just not getting to grips fast enough with the speed of legislative change. concern shared by the wider business community. i think it's understandable that there are going to be some small businesses that just aren't fully across the details on this. there are a lot of different rules in their that haven't been particularly well explained. but it's costing consumers dear. at this second—hand car dealer near birmingham... what did you say the surcharge was? 396. the dealer's card surcharge adds more than £140 to the price. hi, mate, i'm wondering if you can help me... and at the university of hull, some students who paid for their tuition fees with a credit card have been charged £185 more t

so for instance, the london gun are organized into a charter company. it is a corporation. it is kind of like a company or something. so, they are a partner with the other things that make up the states, like the monarchy, like the treasury, the navy and so on and so forth. and then the warden of the company of gunmakers also has a position within the office of ordinance. so, is he inside or outside the state? it is very hard to say. is the east india company a company or is it part of the state? it is both. a lot of these things are neither fish nor foul. 1780's, peoplend start criticizing this and it is called corruption, in a new way. the idea is it should not be like this and we need to have a clean line between these two things and government should not be mixed up in economy, and those are separate things. but that distinction is something we make, and we make more and more real in the 19th century. they areis period, kind of indistinguishable, there is so much overlap. naval yards are kind of the first factories, you could say, in england. but there are times in whic

corporate news to digest. when you are traveling to work to an end to bloomberg radio. on dav in the london area. bloomberg. ♪ anna: good morning, welcome to bloomberg markets, the european open. we're live from westminster. i am anna edwards alongside matt miller who is in berlin. lame today the market say the china slowdown. asian stocks case you as losses following a disappointing first batch of text earnings. european futures point higher. the cash trade is less than 30 minutes away. ♪ anna:

corporate reporting. bloomberg radio is available to you on your mobile device or on dab digital radio in the london area. matt: welcome back to "bloomberg markets: european open." we are 15 minutes away from cash trade. green arrows across the board. not huge moves as far as futures are concerned. cac futures up 0.25%. dax futures up 0.6%. unilever, to kick it off, was a miss. anna: let's have a look at what they said. guidance to the lower end of the range for 2019 sales growth. q4 sales did miss estimates. they are talking about marking conditions remaining challenging in 2019. argentina one of the geographies they are worried about. what about the job sector? we werember yesterday talking with the ceo of novartis after they had a big miss. roche coming out with eps better than the estimate, but the ceo saying it's -- his deal strategy is opportunistic. he was just on with us on bloomberg television saying one of the next pillars of growth for the company could be the emerging neuroscience portfolio. you could see that companies start to get inquisitive there. anna: let me talk to you about bt. they sa

in london they say that an international investigation must be handled under the supervision of the united nations and it is all important because it is still the saudi authorities have no corporation with the turks or other countries and it seems that it is not only turkey who has lost confidence in the indic or pressure with the saudis but it is also the human rights organizations and other third countries. every ford has documented evidence of soggy arabia constructing its first known ballistic missile factory according to the washington post several weapons experts that examine satellite images showing the suspected misawa sites near every yacht at the moment saudi arabia does not possess any nuclear weapons but crown prince mohammed bin salman has previously expressed his desire to obtain them to counter what he called a threat from iran in sudan one person has been killed and several others injured after fighting broke out between national intelligence service an army troops overnight when say the incident in port sudan is the first of its kind since anti-government protests began a month ago demonstrators have been calling for an end to president obama shares thirty year rul

corporations, then as now, had their own laws, their own councils, and their own form of meetings that took place to elected officials. the virginia company of london , and thep in 1606 colony was established the following year. in a place --shed this is a detail you'll recognize from the john smith map of 1612 originally. it was established in a place tsehacommacah. it was a long way, perhaps even as far south as parts of north carolina today. we have to recognize that this early colony for profit is in a place that is a very powerful indian nation. a collection of maybe 30 or so peoples who dominated this region. the english is why decided to settle, because there was such a powerful indian presence. there were about 15,000 indian people, and of those, perhaps a third were bowman warriors. a formidable fighting force, as well as a group of peoples in the region. this is the first point i want established for profit, the colony in the early years did not make much of a profit. it very nearly failed on several occasions. the starting time was probably the darkest time of all, because there was the task of accommodating the indian presence, which is

cni, which is the corporate loan growth has been closer to like 8% year to date. >> all right thank you very much for your time he was in londonmentioned earlier. >> quick look at u.s. futures before we head out it looks as though most of the -- all of these indexes are looking to open up in the red. very cautious start to the trading week that is it f torhe show. >> "worldwide exchange" is coming up next uh... correct! you don't have to choose, 'cause, uh... oh! (vo) switch to the network awarded by rootmetrics and j.d. power. buy the latest galaxy phones, get galaxy s9 free. ♪ did you know you can save money by using dish soap to clean grease on more than dishes? using multiple cleaners on grease can be expensive, and sometimes ineffective. for better value, tackle grease with dawn ultra. dawn is for more than just dishes. it provides 3x more grease cleaning power per drop, which cuts through tough kitchen messes, pre-treats laundry stains, and even tackles grease build-up on car rims. tackle tough greasy messes around your home, and save money with dawn ultra. brand power. helping you better. unstopand it's strengthenedting

london. caterpillar and nvidia predict slowing global demand, heightening concern that the trade war with china is actually hitting corporateat should we expect as earnings season gets underway? still with us, our guests. there's a lot going on here. brexit, a shutdown, the trade concerns. what will be the main catalyst for earnings? sentiment, or capex yes, i thinn catalyst for earnings is really for companies to show that they will continue to execute, and show this trend of the domestic economy, it has been slowing but is still growing. as earnings continue to deliver, the market is not pricing that you believe valuations are cheap on the s&p 500. so we're seeing that execution, and it should be a good place to start. francine: how do you look at earnings? this is one of my favorite charts, basically looking at the s&p 500 positive surprises, in terms of total numbers, they are slowing down. >> again, broadly, the trade tensions seem to be playing out in china, and i think this story is keeping. at the same time we are getting late they go. we are in the late cycle final stage, that could last for a long time. but we ten

london gentlemen. in france they like bureaucrats and intellectuals. in germany they like scholars. america likes above all businessmen, being the entrepreneur is the ultimate thing. so america has a business culture and also has corporations. america was found by corporations, like the massachusetts by a company and the virginia company. america was the first company -- country to let companies free enemy palls it was the nice order to set up a company you had to go to the government and say i want to set up a company for this specific purpose. america this first country no he 1830s to allow people to set up companies for any general purpose. and finally america allows companies to become big very very fast, 0 toe grow in become constant size companies. all of these reasons have given america a incredible competitive advantage in the world of creative destruction. so that is the optimistic some. the pessimistic story is we say that this advantage in greater destruction is beginning to fade. so the great question we end with, if you had another davos meeting now would you predict that america wisconsin will retain its position as the world red most powerful economy or will it hand over to another, less democratic country s

corporate elite. what we achieve in the british labor movement will be achieved wiwith the working class and lor middle class votes only. our electoral alliance will never be with power wall street and londont will always be -- let me put it this way, an alliance between brooklyn, chicago, and west virginia. those kinds of demographics. ,e have to keep west virginia our equivalent of it, and our alliance. that is quite hard when they voted to leave europe. amy: paul mason, i'm going to interrupt because -- >> there's no form of brexit that is going to help them. amy: jeremy corbyn is speaking right now and we want to go to the floor of parliament to hear what he is saying. >> our nhs is in cririsis. i'm talking about waiting times in action emergency and for cancer patientnts that have not been met since 2015. and they have never been met under the government of this prime minister. not yet. the nhs has endured the longest funding squeeze in its history. leaving a shortstaffed to the tune of 100,000. overerne billionon in deficit. the humann consequence is clear, life expectancy is now goingg backwaamy: that is the labor ler jeremy corbyn in his arguments for a nono-confidence vote -- fr a

corporate credit cards aren‘t included in the band, but it‘s clear some traders don‘t know what is. this londone. hi, mate, i‘m wondering if you can help me... and at the university of hull, some students who paid for their tuition fees with a credit card have been charged £185 more than everyone else. the university says it was a genuine mistake and has refunded thousands of pounds. as for the other businesses features, well their customers, too, could be entitled to a refund. as is anyone who‘s paid a card fees since the law changed a year ago. whether that‘s 50p or hundreds of pounds. you can see that story in full on bbc inside out west midlands at 730 tonight on bbc one, and on iplayer. many skywatchers have been up all night to catch a glimpse of what some are calling a "super blood wolf moon" — a total lunar eclipse, where the earth passes precisely between the sun and the moon — turning the moon red. some of those who were lucky enough to avoid the cloud overnight have shared pictures. the south coast of england was a good place to be — this close up comes from eastbourne this amazing t

london. finally, take a look at treasury yields the ten year yield was all the way back to 2.78%. >>> in corporates, it is sad soap opera saga of sears it rolls on. the company stays alive. eddie lampert trying to save the retailer he submitted a newly revised $5 billion bid. the company rejected the 4$4.4 billion bid. lampert and his hedge fund will be allowed to take part in a bankruptcy auction that would happen on monday. lamb per the's proposal which would buy 425 sears and k-mart stores is the only one that would keep the company alive that's important here. th that offer and any offer will keep it going. >> lots of employees waiting to hear about what happens with this. >> absolutely. >> hey, froggy -- >> you know, i'm losing my voice a little bit but, you know. >> you're here you're ready to play. >> here's the thing. >> i have to be efficacious with what i say. >> it's as good to be as parsimonious with your words as possible today if i say something and normally you'd be, oh, god, i've got to push back. >> save my voice. >> better to save your voice. >> i will. i will try. >> some friend

corporate america. that's what i'm hearing and what you're hearing >> i need to know who she is speaking to. >> can't get away from mester. she annoys you >> i was in london was trying on a nice suit. i was at the store where will frost told me to go, i didn't need no damn suit, it was too expensive. i want to say when i look at the stock of key bank, when it was 21, i was a believer in the cleveland economy. when it's at 15, and the loan growth is not there, what is she looking at who is she talking to? >> i can't answer that i don't know that. >> is she talking to eaton decent quarter, but if china slows -- >> there's no if anymore by the way, they did cut receive requirements >> 218 billion, thank you. >> that's one reason why european markets and asia responded positively >> can i say i don't give a damn about the stock market when it comes to china if we have to take a 2% hit, it's fine. it has to stop the stealing of our intellectual property must stop the bogus joint ventures must stop i have been saying this since i debated larry kudlow every night beginning in 2002. i was there when my father lost his job, had to switch and work for the chinese.