in havana, cuba, michelle caruso-cabrera. >>> meanwhile, in brussels the members reached an agreement to lend greece the equivalent of $96 billion in bailout funds over three years. the deal followed approval by greek lawmakers of austerity measures that were needed to get that bailout money. >>> and now to china where investors have been watching the government's move to devalue the currency this week. small importers and exporters have taken notice. they can be sensitive to currency swings because they typically have fewer resources to handle the impact and for some, china's currency devaluization may be both a blessing and a curse. kate rodgers explains. >> reporter: this is the manager of the phoenix division of value terra products, located in avon lake, ohio. phoenix makes 40% from imported faucets and plumbing products from china. if the devaluation continues, it may mean better leverage going forward. >> we are seeing evidence of weakness in the chinese economy. and they have really been facing some challenges over the last couple of years. which has left the manufacturers, th

come back on "power lunch," big-money picks from one five-star fund manager. >>> and our own michelle caruso-cabreraive in havana with the story of how people are cashing in on cuban collectibles. michelle. >> reporter: hi, there. cuban exiles living in the united states have such an obsession with free cash for cuba, there's a guy who's actually made a business out of it. do you want to know how hard it can be to breathe with copd? it can feel like this. copd includes chronic bronchitis and emphysema. spiriva is a once-daily inhaled copd maintenance treatment that helps open my airways for a full 24 hours. spiriva helps me breathe easier. spiriva respimat does not replace rescue inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva respimat. discuss all medicines you take, even eye drops. if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain or problems passing urine, stop taking spiriva respimat and call your doctor right away. side effects

. >> our chief international correspondent, michelle caruso-cabrera joins us live in cuba with former. secretary of commerce, carlos gutierrez, michelle? >> thanks so much. we're on tv right now, so don't worry about that, you look great. >> thank you. not only are you the former commerce secretary as scott introduced you, you're also the former ceo of kellogg, and were you born in cuba, last year in 1960. >> that's correct. >> how emotional is the first trip back? how emostal was the ceremony? >> it was surreal. this morning i woke up and i was joyful, i was happy to wake up in havana. that was my emotion, i didn't know what to expect. and this was incredibly emotional to see our flag coming up in havana again. having cubans applaud. it's hard to come here and not want to help people. small entrepreneurs, where you see them everywhere. working with whatever they can get. but you see a lot more of that. you see a lot more of that. and it's there. it's visible. cuba is changing and we need to change with it. >> when my mother came back for the first time, she's about your age, she was

michelle caruso cabrera, i thought maybe there was a toss to a piece or something. i apologize. you, michelle, when i was in cuba a couple years ago the only people who had cell phones were doctors, and doctors would take them or sell them or rent to other people who wanted to be able to get on the internet. this was five or six years ago. >> reporter: it's become far more -- the place looks so different to you now. if you're a first-time visitor you would come here and say, wow, the place is really antiquated. you would come here and say there's been so much progress. many more people with smart phones. they're using the android version of like a skype or a face time and they're talking to family members overseas. and they are so excited about it. it was only available as of last month, the wi-fi hot spots, and they're thrilled to do it. >> michelle caruso cabrera in havana, thanks so much this morning. >>> medical diagnostics company gaining momentum with new products to detect early stages of cervical cancer and advancements in mammogram technology. joining us is bob mcmahon,

michelle caruso-cabrera is live in havana with more. michelle? >> hey there, kayla.tells news the first two years of doing business here, they listed 1,000 homes for rent. it took berlin and san francisco three years to achieve in a same metric. what they discovered is that there was already a huge preexisting supply of homes here in this country available for rent. more so than in other typical countries of this size. and here's why -- let's show you. take marta vita rita, she's been renting out rooms in her house for the last 20 years or so. long before she ever rented on airbnb. why? because it was the one legal part of the private sector that was allowed by the cuban government. this is a communityist country. control nearly every industry. they did allow people for two decades at least now to rent out rooms. that drew a huge amount of supply into the market. because people were really incentivized here to do it. and more so than if they were living in a conventional country with a conventional economy, and they had a better job that paid better. here you're ince

michelle caruso-cabrera was in cuba for a week and joins us now with more on what's changed, what's not, and whether there are signs of capitalism in a communityis i communist country. >> cuban economy is in bad shape and we don't know how bad because the country doesn't publish data regularly or any form recognizable but things appear to be changing in some important ways. amidst the crumbling buildings and dilapidated streets, most notably, new wi-fi hot spots on january 1st. only 35 in a country of 11 million people, crowded all the tile. expensive, $2.50 an hour and most make $20 a month. the least connected in the world and first time they've been access the internet. most obvious use, speaking with family members overseas on a skype-like app. >> trying to connect via wi-fi with my children. >> reporter: google made big overtures to the cuban government to expand internet availability across the island another low cost to the government. but thus far, the government hasn't accepted the tech company's offer and using chinese equipment like these routers visible on the street. anothe

michelle caruso-cabrera is live. >> reporter: we expect the ceremony to start any moment.yone, if you can see in the crowd, to put down their umbrellas. they've been seating most people. we've seen the former commerce secretary arrive. obviously, it's been talked about whether or not he might take a role in the future. he hasn't said if he will or not but there's a high-ranking group down there sitting with their fans waiting for the ceremony to begin. we know of other cuban americans who have worked hard for the reestablishment of relations who have been invited and are waiting for this to begin. we expect it to last 20 minutes, half an hour. it can't go very long because it's quite hot out. we expect remarks from the secretary of state. there's been nonstop coverage of this since 8:00 this morning on local cuban television. they have anchors out front. you can see them doing their analysis of what's going on here and why. you can see the american cars put out front and positioned perfectly so they'll be behind the secretary of state as he speaks a little bit later on. on

michelle caruso-cabrera was in cuba for a week and joins us on what's changed, what's not, and if there is capitalism in the country. >> good to see you. the cuban economy is in very bad shape. we don't know how bad because the country doesn't public economic data regularly or in a form that's recognizable. things appear to be changing in important ways. amidst the crumbling buildings, the streets and the antiquated forms of transportation, there are hints of change in cuba. most notably, new wi-fi hot spots put up by the government on july 1st. there are only 35 in a country of 11 million people. hence why they're so crowded all the time. even though they're expensive, $2.50 an hour. most people only make $20 a month. cuba is one of the least connected countries in the world and, for many, it's the first time they've been able to access the internet. the most obvious use, speaking with family members overseas on a skype-like app. >> i'm here trying to connect via wi-fi with my children. >> reporter: google made overtures to the cuban government, to expand availability across the island

i'm michelle caruso cabrera in havana. >>> in drought-stricken california reservoirs have turned black and officials want them that way, black plastic balls are covering water sources in the los angeles area as a way to preserve that precious resource. jane wells has our story tonight. >> three, two, one. balls away! >> reporter: in california's epic drought no idea is too crazy. not even releasing into l.a. reservoirs plastic balls you might find at a mcdonald's play ar. >> we started putting shade balls on here about 2 1/2 years ago. >> reporter: this week the l.a. department of water and power released the last of 96 million so-called shade balls on top of open reservoirs. originally the drought wasn't the reason for the balls. the epa ordered open reservoirs covered to improve water quality by avoiding bad chemical reactionsnd algae from direct sunlight on the water. but along the way the dwp discovered the shade balls also keep 300 million gallons water a year from evaporating. >> that's equivalent for us about 2,700 average homes here in los angeles. that's enough water to fill a

the latest from havana with michelle caruso-cabrera. >> high-tech pills coming from a 3-d printer.s for seizures. the ceo joins us next. hello. i am a fully automated investment advisory service. i can help you choose investments. monitor them. and rebalance your portfolio. i can do a lot of what humans can. except have a real conversation. if you'd like that, you can always speak to someone at schwab. they aren't algorithms. try not to hold it against them. say hello at intelligent.schwab.com >>> welcome back and take a look at these. may look like regular prescription pills but the first paid by a 3 d printer. it's for the treatment of epilepsy. joining us in today's edition of "the spark." don, what a moment this is. thank you for joining us. what is the significance of this 3 d printing that you're doing? >> my pleasure, well, it's a pharmaceutical company and we have a three dimensional printing technology plant form -- platform as the core and it changes the way people experiences their medication. >> well, the interesting thing here is as all of these old rules of thumb we h

back to you. >> thank you very much, michelle caruso-cabrera in cuba. >> let's get to the cme group inck santelli at the santelli exchange. >> thanks, david. i would like to welcome my buddy, john brady. 22-year veteran of the business. let's start in the chronological order of recent events. china. do you think they did very well when they started to deal with all the needs of their economy like rare earths, commodities, resources? >> absolutely not. they have hoarded commodities. there is a global glut. you hate to say it. if you look at the exposure in new york city, one of the major chinese port cities nvmt addition to the chinese economy blowing up, that maybe they are blowing up their commodity fl s supplies? >> what is the best system tole allocate scarce resources? >> the free market. >> i rest my case. they are really tinkering with some levels with regard to foreign exchange. the recalibration in my opinion is going to rattle markets for a while? your thought on trend. >> that's exactly right. not so much the devaluation but the lack of transparency by the pboc. consider how

i'm michelle caruso-cabrera, along with joe kernin and scott walker.nd andrew are off today. american pharoah raced against on sunday. the 3-year-old could be returning to the haskell estates in new jersey. earning another $1.5 million. that brings his career winnings for $5.5 million. 65,000 fans were there including new jersey governor chris christie. turning -- are we supposed to wait until after he crosses -- >> he did. we won, trust me. >> personal income and spending

our michelle caruso-cabrera is there live this morning, good morning again, michelle. >> good morning let's show you that defining moment once again from the event that just finished roughly an hour ago. the three marine who is lowered the flag at the u.s. embassy back in 1961, when the u.s. cut off diplomatic relations with cuba, well they were the same three marines who were here today to once again raise the flag. to officially signal even though they've already been reestablished to officially signal that the u.s. and cuba have reestablished diplomatic relations. john kerry as he spoke, made it very, very clear that beyond the diplomatic relations he would like to see more economic relations between the two countries, even though there's still an embargo in place and he welcomed american business interests in this island. >>> we are encouraged that more and more u.s. companies are exploring commercial ventures that would create opportunities for cuba's own rising number of entrepreneurs. and we are encouraged that u.s. firms are interested in helping cuba expand its telecommunicat

our chief international correspondent, michelle caruso-cabrera is there live. of course she is. what an exciting day, michelle. >> it certainly has been momentous and historic, bill, for sure. and john kerry is about halfway through his about ten-hour visit here to the island. as you mentioned, the first secretary of state to come to this country since 1945. he started out the day with a speech to an audience of a few hundred folks, where he said cuba and the united states are not enemies or rivals, they are neighbors. of course, he didn't call them friends, because there's still a tremendous amount of tension between the two countries. this is not a democracy, not since 1959 when fidel castro took over and it is still raul castro who took over here. but john kerry made it very clear that they want to look forward. that he welcomed u.s. businesses trying to do business here. he tried to push economic integration beyond political integration, even though the u.s. embargo is still in place and endorsed president obama's desire for the embargo to end. the entire highlight of the mor

cnbc's michelle caruso-cabrera joins me from havana this morning.nities that may or may not exist in cuba. >> reporter: well, jose, what a lot of american businesses are discovering, the few that are still allowed to get in here, despite the existence of the embargo, is that even if the embargo didn't exist, you still have to deal with the cuban government and that's a really difficult thing to do. this is a communist country and there's always focus on a lack of political freedom but also a lack of economic freedom here. if you want to run a business here, you can't own it yourself as a corporation. you have to do a joint venture with the cuban government and they will always own more than half of it. you can't hire your own employees. the government preselects them. you can't decide what you're going to pay them. the government decides that. and you don't pay them directly either. you pay the cuban government and then in what is the highest labor tax in the world, the cuban government keeps 95% of it and gives a piddly 5% to the cuban worker. it's

let's get to michelle caruso cabrera back at "the half." >>> welcome to "the halftime report."r scott wapner. when a wild ride for the markets. the dow plunging more than 1,000 points at the open, then roaring back. right now we are at session highs on the s&p 500, the nasdaq and the dow. trying to make sense of it all today joe terranova, josh brown and steve weiss. let's get straight to the action with our three market reporters. bob pisani at the nyse, bert yeah coombs. bob, trying to make a big comeback here. >> reporter: some maav

let's get to michelle caruso cabrera back at "the half." >>> welcome to "the halftime report." i'm in for scott wapner. when a wild ride for the markets. the dow plunging more than 1,000 points at the open, then roaring back. right now we are at session highs on the s&p 500, the nasdaq and the dow. trying to make sense of it all today joe terranova, josh brown and steve weiss. let's get straight to the action with our three market reporters. bob pisani at the nyse, bert yeah coombs. bob, trying to make a big comeback here. >> reporter: some may have to do with the fact europe has closed. i watch the s&p but i think it's appropriate to use the dow today. let's show you what happened at the open. we were down 1,100 points almost immediately. it took a few minutes to get a lot of the stocks open. we put up the do you inter day and there were enormous sell orders at the open. and we saw a cascade of sell orders and within a minute, two minutes, 9:33, 9:34 or so, volume lifted and the markets started turning around and volume picked up again as a rush of buy order came in. europe cl

i'm joe kernen along with michelle caruso cabrera. economic data i'm grad it comes once a month. the employment report. the jobless claims and the gig big number on friday we also have international trade and personal physical and spending. we have that going. when it's don't call it flat. when it's up i call it positive, which it is. >> now it's the high of the morning. >> it is. people are just in a good mood. >> ten points. >> that read you did going into the break. >> i call it my spanish voice. >> mr. president. >> among our top stories. >> there you go. go ahead. take it away. >> don't do that. >> no, why would i do that? >> among our top stories, they're literally yelling for me to read. among the stop stories, the greek market opened. it wasn't pretty. the index fell 23%. led by a sharp decline. alpha bank attica. the latest reading on chinese activity dropped for the fifth straight month. the purchasing index is at its lowest level. the shanghai fell more than 1% overnight. president obama expected to release few rules. it wi

i'm joe kernen, along with michelle caruso-cabrera and steve liesman.i think this is redundant. why do i have to say that. >> >> becky and andrew aren't here today. >> that's why we know. >> they could be off today, sick, or on assignment. >> it doesn't say any of that. >> we are here. adp private payroll economists forecast an increase of 215,000 for the month of mailing it in. that's the number they give us every month now. they don't do any work. ah, 215. it's august. down from 237,000. checking on the u.s. futures. then europe was up across the board, and i think we're feeding off that, even though disney will hurt the do you this morning. it's no small feat. there are some -- they were stalling so you look up at the prompter and start typing. but yesterday, in, you know, the great show that premiere last night at 10:00. >> west texas investors -- >> we're interested in it, but you saw two on this side, and two on that side, and they called you a rose between thorns. >> isn't that charming? >> yeah, because -- are they hill billies? >> they call the

michelle caruso cabrera joins us from there.cene-setter here. we know the ceremony begins approximately 9:45. an incredible amount of activity here at what is now once again the u.s. embassy of the united states of america here in havana, cuba. you can see all the chairs have been set up, flagpoles in the front, crowds starting to gather. the pool press is up on the roof that they just filed yesterday. that way they would be able to be standing where you see them today. out in front, three vintage 1950s era american cars have been put there. my understanding, it's been placed there by the americans and not cubans who see them as a symbol of the embargo still. we saw earlier in the water scuba divers doing what we believe is a security check. if you move to the right along this long sidewalk on the ocean, we have seen cubanses starting to arrive. of people familiar with the way things work here in cuba, suggest everybody here at 6:00 in the morning is likely part of security and a large portion of those people will be members of

we're going toask michelle caruso-cabrera how the week might end. >> plus, president obama returns toevastation of hurricane katrina. first, bill karins with a check of the forecast. >> all eyes on air kaye. the island of dominica was hit hard. erika is only a weak tropical storm, but it produced about 12 inches of rain in a short period of time. many fatalities on the island. for fact, at least four or 5. as far as the storm, in between puerto rico and the dominican republic. puerto rico is doing okay so far. the storm is going to go into the dominican republic during the day today. there's tall mountains today, even a 50% chance this stort will dissipate during the day today. and then the question is, will it be able to regenerate itself, will it be far enough away from cuba over the warm waters near the bahamas and the turks and caicos to get stronger? the hurricane center things a little stronger but not something that's going to cause a lot of damage and be a huge concern for south florida. as long as it takes a path over land to florida, that won't be an issue. if it's to the ri

i'm joe kernen with michele caruso-cabrera and scott wapner.at's enough, you know what i mean? >> thank you for being here. >> my pleasure. >> the bank of england leaving rates unchanged. take a look at the european equities. it seems that will be a headline some day when we talk about either europe or the bank of england, it's always unchanged, isn't it? >> we may not be working anymore. it will be so long in the future. >> what's your middle name? >> michael. >> nice. >> probably me that ever if i was arrested for something. >> scott michael wapner. they only refer to criminals with their middle name, right? >> you know -- >> except for andrew, of course. >> right. >> but you have the billy bob thing down south, a lot of guys are -- they use three names. >> sometimes. >> latin america too. >> yeah. >> but like every time you're, you know, a convict -- >> all right. lee harvey. u.s. equity if you tours. >> james earl. >> oh, geez. >> okay. yeah. had something to do with each other. >> i'm a history buff. >> dow jones now. that's why we're talk

michelle caruso-cabrera just talked to the ukrainian finance minister. >> hey, there, sarah. $4 billion worth of debt reduction for ukraine, which doesn't sound like a lot but according to the finance minister, it is an enormous amount of money for ukraine. they get an extension in their payments as well. one key piece of drama here is, are the russians going to participant. ukraine owes russia $3 billion. repayment in december. however, that has been included in this restructuring agreement. are the russians going to tender that or not? natalie jaresko tells me the message is, this is the best deal they are going to get and they need to take it. a big milestone for ukraine this morning, because it keeps them within the imf programs and guidelines that they need to keep receive programming as part of that program. >> >> we are live in jackson hole. for many people, all about the central banks now, kansas city fed president, esther george, says she is prepared for a rate hike despite this week's volatility. more on the rate debate after this. when a moment spontaneously turns

our chief international correspondent michelle caruso-cabrera is live in havana with that and more. >e of the least-connected places in the world and the people of cuba are desperate to get on the internet. up until last month there wasn't any legal way for most of the population to actually access wi-fi. then on july 3, 35 wi-fi hot spots went up across the country. like this one in havana. which is constantly busy with cubans eager to gets on the internet. even though it costs $2.50 an hour, which is a lot of money when most people only make $20 a month. >> i'm here trying to connect via wi-fi with my children this is one of the places in havana where the connection is good. it's the possibility to have the connection. >> overhead, you can see the routers for the traffic, they are chinese-made wal-way devices and therein lies the big challenge for american tech companies that want to be here. one of those companies, google, their executives have been to the country at least twice. eric schmidt himself came here last year. and according to those who have seen the document. google has

cnbc chief international correspondent michelle caruso-cabrera live in havana for this historic moment. michelle. >> reporter: hey there, brian. the defining moment came when the three marines who lowered the u.s. flag for the last time back in 1961 were the very same three marines who raised the flag again today to mark the moment of the re-establishment of diplomatic relations between the u.s. and cuba. john kerry became the first secretary of state to visit the island since 1945 as he addressed those who were invited, he said "the u.s. and cuba are not enemies, they're not rivals, instead we are neighbors." he called for an end to the embargo and he also welcomed american executives' efforts to do business here despite the embargo. in addition, in the audience there were a lot of cuban-american executives. the former ceo of kellogg and the former commerce secretary carlos gutierrez, born here in havana and returning to cuba for the first time since he left in 1960. >> this morning i woke up and i was joyful. i was happy to wake up in havana. this was an incredibly emotional to see o

michelle caruso-cabrera joining us live from havana with more on the market reforms. ichelle? >> reporter: tiny, tiny ones, kelly. we want to introduce you to someone who couldn't exist for years. the cuban entrepreneur. his or her existence used to be illegal. but now, after some very, very tiny market reforms, yes, virginia, the cuban business owner does exist. ruben is one of them. and we have nicknamed him the swag bag man of cuba because he makes bags filled with gifts and trinkets for meetings. they put out a list of 200 different low-skilled occupations in which people could work for themselves instead of the government. so he and his wife left their government jobs and started doing this. and the impact on his life has been tremendous. before, he made $30 a month, her $20. now, they each draw a salary of $150 a month, and they have money left over for savings. they've bought a car, they're going to buy a house. and they've spread the wealth. they have 20 employees, some of whom are making as much as $100 a month. he's diversified, kelly. this is the traditional

our chief international correspondent michelle caruso-cabrera is in havana with a look at the opportunities hand there is still a u.s. embargo against cuba, meaning most american companies can do very well. at the same time president obama has signed a number of executive orders make it easier for some sectors to do easier here, food, pharma, other sectors. >>> anybody who wants to invest here has one other big hurdle. it is the cuban government, which is quite problematic. let's take hotels, for example, there are foreign companies here that don't have an embargo against cuba. for example, malea of spain, they have invested in hotels. they manage hotels here. they don't control any hotels here, because thus far they haven't been permitted to. the u.s. government -- the cuban government insists everything will be a joint venture. we spode with richard feinberg of the brookings institution, he's -- he says, you start a business here, the cuban government doesn't let you choose your workers doesn't decide how much you pay your workers, and it has the highest labor tax in the entire world. you

i'm andrew ross sorkin along with joe kernen and michele caruso cabrera. becky is off today.ry to make sense of it this morning. major averages dropping for a sixth straight day after dropping sharply. it was the biggest negative reversal since the heart of the financial crisis. dow moving from gain of 440 points to close down 205 points at the end of the day. you can look at that chart. it was one of those days where you looked at it and sort of takes your breath away. >> we have lost 2015. we lost 2014 now. we're back to a whole year and a half of gains gone. >> if you look at futures, implied open, dow looks like it would open 346 points higher, nasdaq would opener higher, 82 points. we saw a picture like this yesterday after we heard policy news out of china, the markets flew in the morning and ended, as we know, in the red. overseas, european averages coming off the lows of the morning. as we flip that board around. you're looking right now -- you know, everything is down marginally there. we'll see whether that will give -- if we'll key off the european markets at all t

summers, it's michelle caruso-cabrera here.n i think of actually investing based on what you're talking about, we've been waiting so long for the ten-year yield to rise. the fed basically controls very short-term interest rates. should i be comfortable owning a ten-year here at 2% or less are for the next decade and not worry about rising interest rates? >> michelle, i give policy advice, not investment advice. but i would say that the logic of the secular stagnation theory that we need to think about interest rates differently than we have in the past. that the levels of interest rates consistent with a well-functioning economy are going to be significantly lower. than they have been in the past. look, the people who are making the kinds of arguments that you're putting to me have been wrong every year for the last five. they've been overly optimistic about what was going to come for the economy. they've overestimated the likelihood of inflation accelerating. they've foreseen an increase in long-term interest rates that didn't

i'm joe kernan along with michelle caruso cabrera.o scott wapner who will soon be replaced by the latest version of max headroom and myself. stocks are surging after regulators cracked down on short selling. one of the rules that would prevent borrowing and paying shares on the same day is what the government instituted trying to prevent a collapse of the country's markets which have lost nearly 30% since june. the news helped spark a rally today. a nice move up almost 4%. in greece the stock market is open for a second straight day after its five-week closure. you would have to say that that -- i'd even say the two-day response probably -- >> it's only 18% in two days right? >> that's not compared to -- think if they drag ma tiesed. it would have been down 99. u.s. futures right now are a little troubling after the last two or three weeks and the action we've seen because yesterday it kind of got out of hand but did manage to pair losses down 90 or so. it looked like it could have gone down 150. now today down another 32. we'll see h

let's bring in michelle caruso-cabrera. what are the futures looking like?>> it looks like a rally, not as big as yesterday, but to add to the huge gain we had lateyard afternoon would be a good thing. the volatility has been extreme and that's almost an understatement. the 1,000-point swings not as bad as monday, but continued huge swings in the dow. china moved huge overnight as well, right into the close. kind of flat throughout the session and then bang, like 300 points. huge gain right at the last minute. >> china gains -- china gained last night? that's great news, right? >> yeah, unless the chinese government is the one doing the stock buying. it's this crazy situation over there. they don't want to admit that they want to be a market economy. they keep saying they're going to try to make the moves to be a market economy, then they do deep government intervention into all these areas. it's confusing. >> it's not exactly a transparent market in china. no doubt about it. yesterday, we talked about mike barnicle about burger king's push to combine with m