michelle caruso-cabrera reports. >> reporter: the collapse occurred on interstate 5 in mount vernon, washington. >> when you looked at the carnage of the metal i assumed that was it at that point. there was no hope. that's what i was thinking. >> reporter: all three people were rescued. washington state police told reporters an oversized truck hit one of the overhead spans. the tractor-trailer made it all the away cross. the driver stead and cooperated with investigators. the bridge was inspected twice last year and received a score of 47 out of a possible 100. >> it's an older bridge that needs a lot of work. >> reporter: more than anything the bridge collapse highlights the ageing state of the nation's roads and bridges. constructed in 1955 this bridge is labelled by the federal highway administration as functionally obsolete. >> no shoulders on the bridge. the width of the lanes are too narrow. there are other aspects of the bridge that you just wouldn't design into a bridge in this day and age. that's why they are considered functionally obsolete. >> this bridge had a clearance o

>>> gentlemen, thank you, michelle caruso-cabrera really going after attorney general eric snyderman this morning. did he know all the facts before taking one family's side against the banks? this isn't the first time a big politician possibly didn't back the right horse. that's coming up next. >>> plus much more of simon hobbs on that new cries line ship. he's going to show us some of the fun stuff on board. looks like it's more scared than fun, but simon is a trooper. we're back in two. [ agent smith ] i've found software that intrigues me. it appears it's an agent of good. ♪ [ agent smith ] ge software connects patients to nurses to the right machines while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room. [ static warbles ] at bny mellon, our business is investments. now a waiting room is just a room. managing them, moving them, making them work. we oversee 20% of the world's financial assets. and that gives us scale and insight no one else has. investment management combined with investment servicing. bringing the power of investments t

for "nightly business report," i'm michelle caruso cabrera. if so, it would become the largest chinese acquisition in the u.s. >> hurricane season starts june 1st. and, today, government forecasters predict a stormy six months ahead. insurance companies and businesses are already getting prepared and the big question is are you? >> reporter: batten down the houses, the 2013 hurricane season could be a big one. >> for the six-month hurricane season starting june 1st, an above normal and possibly an extremely active hurricane season. >> warmer-than-average sea temperatures along with near-normal sea temperatures in the pacific behind that forecast. they predict 7-11 will be hurricanes and 3-6 of those could be a category 3 or above. this year's forecast, above the average of 12-named storms and six hurricanes a year. as for insurers, despite spiking claims, analyst randy binner saying the insurance industry can handle an above-average hurricane season without a big katrina-like storm. >> it's very well positioned to absorb -- you know, anything

our chief international correspondent, michelle caruso-cabrera has details. michelle? >> hey, bill. ecb president mario draghi made these comments at his press conference after he held after the central bank cut rates. a reporter asked him, mr. draghi, are you the last man standing when it comes to defending austerity? and he was clearly exasperated in his response. he said, essentially, listen, i've always said when a government tries to balance his budget, it lead to a slowdown in the economy, at least in the short and medium term, but the key question is, how do you mitigate that effect. given the choice between cutting, spending, or raising taxes, government should cut spending, but guess what, they didn't. >> most governments really chose the simplest route, which is the one of raising taxes. here we are talking about raising taxes in an area of the world where taxes are already very high. so no wonder this had a contractionary effect. >> contractionary effect is central banker speak for a decline in the economy. draghi went on to say that now that the emergency has passed, may

cnbc's michelle caruso-cabrera is here with what's moving your money and motorola's big announcementobs for texas. >> 2,000 of them in ft. worth. they're going to make the moto-x at what used to be a nokia facility, not used anymore. the nokia facility was used for presmartphones, you remember what those were. when we were little, they didn't e-mail each other. >> i used to have one. >> exactly. and this highlights a trend that we have seen apple starting to manufacture here again because labor costs have started to rise in asia. they are lower here in the united states because of the issues that we've had with our economy. and so it makes more economic sense sometimes to actually do some manufacturing here. >> all right. that's good news, again, for texas. in the meantime, one of the biggest best-known sellers of lingerie and bathing suits in america, of course victoria's secret, has got into a bit of a tiff with supermodel kate upton. she is furious. what about? >> she's furious pause they just printed some photos they took of her back in 2011. they hadn't used them. you might thin

campaign manager for americans for tax fairness, and cnbc chief international correspondent, michelle caruso cabre cabrera. michelle, $14 billion behind exxon and paid all their taxes overseas. i don't understand this line of reasoning. i just don't get it. >> i thought senator john mccain was a particular embarrassment, larry. i thought he was trying to out-levin carl levin. i expect carl levin to think that $6 billion in taxes isn't enough, that creating hundreds of thousands of jobs isn't enough. that being a great beacon of the american economy isn't enough. but john mccain, with republicans like him, who needs democrats? i mean, this man ran for president on the republican ticket. he deserves the hash tag whyyoulost. this is unbelievable. >> frank clementi, you may not agree -- i don't know what your position is. but apple has violented no laws, and what cook pointed out, and he's used to running international operations for apple, so he know what he speaks in ireland and elsewhere, they paid every nickle off of foreign income they earned. every nickle. they didn't donnell anything, frank. that's why

first, though, michelle caruso-cabrera. on the irs scandal. lawmakers will question the newly ousted steve miller. inspector general for tax administration will also appear. >> stay it again. steve miller. >> ♪ >> chairman david camp will join us at 8:30 a.m. and charlie rangel is also piling on. stocks did finish near session lows. among the reasons for the pullback, comments from fed officials about some openness to the tapering of the central bank's bond buying program in the coming months. futures are expecting we would have a positive open. >> we have other news this morning. jpmorgan sent a letter to shareholders urging them to split the chairman and chief executive roles. reiterating the bank support for certain board members. those letters one in a series. making a final effort back ahead of tuesday's annual shareholder meeting. one of t. rowe price will be backing down and voting against the proposal to split the chairman and ceo roles. it is among the largest shareholders. i should say that is one member of t. row

michelle caruso-cabrera brings us a story about bringing manufacturing jobs to new jersey. >>> we'llations with china could boost global growth. third hour of "squawk box" begins right now. ♪ >>> welcome back to "squawk box" here on cnbc. first in business worldwide. i'm becky quick along with joe kernan and andrew ross sorkin. and why don't we take a look at some of today's headlines. the u.s. equity futures are indicated slightly higher this morning. dow futures up, s&p up by less than two points and the nasdaq looking the same frame. the dow, of course, coming off another winning session and that makes it the 19th straight tuesday of gains. 19 in a row. set a record with 18, another one yesterday. the s&p and the nasdaq have been up nine tuesdays in a row. stocks took a turn higher around midday yesterday because there were some comments that came out from the st. louis fed president. he told an audience in germany that the fed ought to stick with its bond buying effort to try to bolster the economic recovery. we do have some earnings to tell you about this morning, target trading

cnbc's chief international correspondent michelle caruso cabrera is here. >> started in the united states yesterday and we'll start with japan here. start off at 7%. debated the reasons why. ripple effect across asia. shanghai lower, hong kong lower by 2 1/2. and korean kospi. the size of it relative to the economy. often does what it wants on certain days. it doesn't often go along with the rest of the world. the second thing about shank lili shanghai, the manufacturing data out of china, negative for the first time in seven months. that's frightened a lot of folks. that's why shanghai was lower and also, take a look at what happened with europe which just closed about an hour ago. came off the worse levels but still down significantly. london lower by 2%. france, germany, down by 2%. and spain off by more than 1%. it's continued into latin america as well. latin america probably reacting a lot to china because, remember, economies like brazil, chile, argentina ship natural resources to china, soy, copper, et cetera, et cetera. mexico tends to trade a lot more with the united states but

i'm michelle caruso-cabrera in for maria bartiromo, who will be back next week. bill griffeth joins us this a moment. major averages posting their first three-day losing streak of the year, if you're talking about the s&p. the dow jones industrial average higher by nine points, 15,303. it was a squeaker when it comes to being in positive territory. didn't look like it for a long time. nasdaq tried really hard at the end, lower by only a quarter of a point. the s&p 500 lower by 0.8 points, hardly at all, bill. >> so we're wrapping up this wild week with a tepid game today for the dow. bob pisani, you had a front-row seat. what'd you make of all of this? what's it all mean, robert? >> there's buyers underneath all of this. we were down 125 points at the open and the market came back in the middle of the day. essentially, look, that's exactly the same chart we had yesterday. the dow was down about a hundred points, 20 minutes after the open, and boom, we came right back. i know it doesn't seem very exciting, but we got a little dip and here comes the buyers again. t

cnbc's chief international correspondent, michelle caruso-cabrera are here with the latest deals to datehe chinese have been investing overseas aggressively since 2005. this is a breakdown of the type of investments. you can see the biggest chunk, nearly half, is in the energy and power sector. but here in the u.s., they've gotten pushback from the u.s. government in those areas. that's perhaps why the single biggest investment thus far here, movie theaters. chinese company bought amc theaters last year for $2.6 billion and they plan to buy even more. check out these new leather reclar recliners at amc 7 in fresh meadows, new york. >> it's almost lake a first class seat. >> reporter: those swanky seats are thanks to a $150 million investment, above and beyond the $2.6 billion purchase price by a huge chinese conglomerate. jerry lopez, the ceo of amc theaters has gone from answering to a private equity firm to answering to new chinese owners. >> is it any different being owned by a chinese company versus before when you were owned by private equity? >> not at all. not so far. they have ex

i'm michelle caruso-cabrera in for maria bartiromo, who will be back next week.ges posting their first three-day losing streak of the year, if you're talking about the s&p. the dow jones industrial average higher by nine points, 15,303. it was a squeaker when it comes to being in positive territory. didn't look like it for a long time. nasdaq tried really hard at the end, lower by only a quarter of a point. the s&p 500 lower by 0.8 points

michelle caruso-cabrera is back.y what we expected. >> is that like kissing your sister in a northern state? >> the metaphor is completely lost. i have no idea. >> he's in between northern and southern. >> is it a big deal or right in line with what we thought? >> right in line. >> we have to watch the dollar, the euro. >> if they didn't do this, you would see a big selloff. you would see a rise in yields. the euro, i don't know what you should think about the euro. a lot of predictions if they did not cut, the euro would actually fall. it would raise questions about an ex stepbl threat to the euro. it is so dumb as to not be easy enough that they could actually lead to destruction of the raour row. see the logic there? >> no. >> basically this is what you thought? >> yeah. we're expecting a cut in the refi rate. i don't think the markets are going to judge based on the cut in the main interest rate. i think it's what draghi will say in the press conference in 45 minutes's time. they are in recession. it's about othe

michelle caruso-cabrera joins us. you have a hit.st week. >> right here. >> awesome. >> is this turkey bacon? >> that's what's not kosher. >> this is the real bacon. isn't pork wonderful? it's a definer of america, the chinese. >> pork chops. they told me not to distract you. >> one week ago i tautd about it being at an all time high. and a vitamin company that wa. this motivation behind this deal is exactly the same, right? china needs very desperately to modernize its agriculture sector. to some degree it's about stability. when people are poisoned it leads to unrest and unhappy people and problems in society, right? so this deal is not about buying pigs but technology and know-how. >> that's what i said. our pork know-how. >> exactly. >> what's wrong with that? >> it's a national security tkpwrb. >> so i smoke with the ceo of smithfield. first, head of the international division of shang we. they said it's about chinese people eating american pork. >> i'm still learning to speak english. but i want to say three things about smithf

michelle caruso-cabrera with more on this developing story. >> the hedge fund event was supposed to beever, that about a month ago, they decided instead to move it to new york next month. that's according to someone familiar with the situation. and they were worried about bad turnout, in case people feared going to china due to an outbreak of bird flu. this new strain of bird flu was first seen in china in april of this year. the world health organization says since then, there have been 130 cases in mainland china, resulting in 36 deaths. although individuals may be particularly frightened right now, because of what happened in china back in 2003, with sars or severe acute respiratory syndrome. back syndrome. back then when sars broke out china was extremely secretive, didn't inform the public, didn't inform world authorities. experts in the field of epidemics say that attitude made the situation far worse than it should have been. there were more than 8,000 cases worldwide, nearly 800 people died according to the center for disease control, and it cost them in terms of economic costs

michelle caruso cabrera is in for becky who will be back on monday. the u.s. a fourth consecutive week of gains. comments about fed officials about tapering the bond buying program in the coming months. take a look at futures this morning. going to flip that screen around there. dow jones, look like it will open up about 48 points higher. nasdaq up about 5 points and the s&p 500 up about almost 5 points, as well. if you're following the money in this rally, equity funds now attract $8.9 billion in the weekended wednesday. that compared to 7.7 billion in the prior week. also in washington news today, the house ways and means committee, they'll be holding a hearing on the irs scandal. lawmakers will be questioning the newly ousted head of the

we've got michelle caruso cabrera with us this morning.they will be rejoining us tomorrow. let's begin with the markets. it's folt only good to see you, i was about to say we spent the night together last night, which is probably the wrong thing to say at this hour on television. >> it's cable. it's good. >> but we were -- we did -- we spent dinner together. i don't know what that -- anyway, with paul krol volcker and we can maybe talk about -- >> so there was more than you there? >> it just so happened i moderated this session with volcker last night. >> okay. >> and michelle came, was in the audience. >> but helped out by asking a lot of great questions and then we went off to dinner and she asked more questions.

michelle ka rus michelle ka caruso-cabrera is here. >> yes. 34.8 million people are going to travel this down from last year. not because fewer people are driving, but because fewer people are flying. the number of people flying has dropped pretty significantly, down 8% to only 2.3 million. they are tired of the fee, uncertainty about the economy. remember, we have the social security payroll tax that came back into effect that's probably pinched some people. actually, the number of people driving is slightly higher than last year. just not enough to offset the lack of flyers. >> meantime, we're asking the question, as we're thinking about a nice holiday weekend, what's really in that drink? and we're actually expecting to hear from the attorney general of new jersey in the next hour. they did an investigation and some bars were pulling a booze bait and switch. >> i think they watched boardwalk empire and were inspired by nooky thompson. what they found is that in the really expensive bottle of whiskey or whatever, they actually put a cheaper version of the liquor in there and sold it at

along with michelle caruso-cabrera and steve liesman. former chairman and ceo of honeywell. mart report 1.14 per share, a penny below evidence. u.s. same store sales fell in the quarter. lower by 2 2/3. the network equipment maker offering upbeat guidance on current quarter revenue. john chambers said they are seeing good signs in the united states. that stock is higher in the premarket. john chambers will joan us 8:40 a.m. eastern time in a first on cnbc. a potential problem with engines on the 777 jumbo jet. an an shut down mid flight this year. it is able to remain flying with the remaining engine. they will replace gear boxes produced between march and september. walmart might be slightly lower. the dow is lower six points. nasdaq a little bit higher by nearly seven. >> the irs -- i'm not going to call it a targeting scandal. i'll call it a targeting situation. don't you think you should? >> they will subpoena your records and audit you. >> president obama made the announcement yesterday evening. >> yes, sir i directed secretary lou to follow up on the audit to see how it

our chief international correspondent, michelle crus caruso-cabrera has the rather unusual conditionsthis deal. >> the newly merged company must appoint a new security director and that person will be on the board of directors and that person must be approved by the u.s. government. this according to the "wall street journal," which also reports that the u.s. government will also have the right to veto equipment purchased by the company. so we hear about national security concerns when it comes to chinese companies buying u.s. companiy ie companies, but softbank is a japanese company. so why the issue here? because softbank uses network equipment from huawei, which is a chinese company. not only is it chinese, but a congressional report issued last year basically accused it of enabling spying on behalf of the chinese company and encouraged americans not to use their equipment. any huawei equipment used right now will have to be removed and replaced. derek heritage was on "closing bell" and suggested it was bad precedent for a government official to be inserted into a -- or a governmen

business before the bell now with cnbc's michelle caruso-cabrera and michelle, the world's biggest retailerdy in bangladesh, specifically with walmart. >> more than 1100 people dead at that factory that was producing clothing for a number of retailers all over the world. "the new york times" this morning has gotten documents given to them, found in the wreckage, that walmart had received jeans from this factory one year ago. the question is, what role should private industry play in making sure when they get suppliers, when they're working with suppliers, that the factories are up so snuff? it's been complicated in bangladesh because a lot of the companies we know of didn't necessarily contract necessarily with this factory. they've run out of capacity in china and india and they subcontract out to bangladesh and so the chain is confusing, but now, more and more retailers around the world are saying we are going to get more committed to making sure these buildings are up to snuff. cheap labor doesn't necessarily have to mean dead labor. clearly, everybody agrees this is a problem. the bangl

we've got michelle caruso cabrera with us this morning. we should say that becky is traveling back from omaha today. they will be rejoining us tomorrow. let's begin with the markets. it's folt only good to see you, i was about to say we spent the night together last night, which is probably the wrong thing to say at this hour on television. >> it's cable. it's good. >> but we were -- we did -- we spent dinner together. i don't know what that -- anyway, with paul krol volcker and we can maybe talk about -- >> so there was more than you there? >> it just so happened i moderated this session with volcker last night. >> okay. >> and michelle came, was in the audience. >> but helped out by asking a lot of great questions and then we went off to dinner and she asked more questions. >> ear going to help out more today because i'm tired, will you do what you normally do, watch the propaganda? >> yes. >> do it in a nice way. >> that's very tough for me. you're better at being nice. >> it's taken me a while, but i do it now. >> i admire your ability