prime minister narendra modi and prime minister xi jean pin met. the indian leader wants to strengthen ties between two of asia's largest economies. the talks took place on monday during a summit of brics. modi, who took office in may, expressed hope the chinese will invest more in india's infrastructure development. a foreign ministry spokesperson said modi touched on india's $40 billion trade deficit with china. modi called for greater access to the chinese market. >> prime minister emphasized on economic relations between the two countries. he spoke about instructive cooperation, references made to investment parks, and the need to address trade deficits. >> ties between the two countries have been strained by a long-running border dispute. last year, indian and chinese troops found themselves in a standoff in the himalayas. >> he said there was a need to find a solution to the boundary question and maintenance of peace and tranquility on the border was essential even while india and china work towards resolving this issue of the boundary questi

modi. tax breaks have been extended to power companies and to the power sector, along with the vegetarian -- with a budgetary allocation to meet his promise of electric supply. there are allocations towards building affordable housing, and towards greeting -- creating new smart cities, all of which are promises that he made during the campaign, but whether this budget will be the first step towards sustained growth of 7% to8% over the next three four years as promised by the government and parliament this morning is something that remains to be seen. >> it is time to take a look at what is grabbing headlines in the weekly news magazines. l" focusingder spiege on the man of the hour, the coach of the germany football team. >> they call him "the player." you can see him this week with the german flags on his cheeks. "der spiegel" takes a closer look at the man pulling the strings. he likes to keep a low profile. you can see it almost seems like he is holding back a smile in this photo. german

i know prime minister modi understands urgency. he's called for a saffron revolution because the saffron color represents energy. he said this revolution should focus on renewable energy. he's absolutely right. together i believe we can at last begin a new constructive chapter in the united states/india climate change relationship. the united states has an immediate ability to make a difference here and we need to eliminate the barriers that keep the best technology out of the indian market, and the united states can help india find and develop new sources of energy through renewable technologies and greater export capacity for liquefied natural gas. already we've brought together more than $1 billion in financing for renewable energy projects, and with this funding we helped to bring india's first 1,000 megawatts of solar power online but we need to build on the u.s./india civil nuclear agreement. so that american companies can start building and provide clean power to millions in india. and we need to build on the $125 million in

narendra modi's government is keeping the budget deficit target unchanged.e was speaking today, unveiling the terms of his budget. here to discuss is the head of asia at mabel kroft investing. thanks so much for joining us. this has been hailed as the budget of hope after modi got this huge mandate and a resounding victory in the election. how hopeful are you about what we are hearing? >> i think you are absolutely right. this budget is being very closely watched. wasmain reason modi selected is that he is expected to turn the economy around. the mandate that modi has got means that he can get away with making some unpopular decisions. the most unpopular would be cutting subsidies. india spends an enormous amount on fuel subsidies. we can also expect incentives for foreign direct investment. >> the problem with the subsidy story is if you do it too quickly, you increase inflation because you are raising prices. he has got this honeymoon period but he has got to implement some of these policies carefully as well. >> absolutely. in thesigns of that budget rele

xi met with indian prime minister narendra modi on the sidelines of the summit. they agreed to cooperate on infrastructure building and other areas. at the same time, xi invited modi to a meeting of the asia pacific economic cooperation forum in beijing in november. but modi brought up a bilateral border issue, underlining the gap between the two countries. india, in an effort to rebuild its economy, has been placing greater importance on ties with japan, whose relation with china has been cold. although differences among the brics nations remain, xi is making his push to establish a new world order, both politically and economically. akihiro mikoda, nhk world, brazil. >>> the people in charge of a >> suggested both sides put discussions on the back burner. he says they should put their hands together now. >>. >> translator: i think we share the view of people in both countries must try to avoid any incidents over the sake of violence. >> tag also braught up the japanese decision earlier this month to allow for the right to collective self defense. tang says lead

i know prime minister modi understands the you aurgency. called for a salve ron revolution because the saffron color represents energy. together i believe we can at last begin a new constructive chapter in the united states/india climate change relationship. the united states has an immediate ability to make a difference here and we need to eliminate the barriers that keep the best technology out of the indian market, and the united states can help india find and develop new sources of energy through renewable technologies and greater export capacity for liquefied natural gas. already we've brought together more than $1 billion in financing for renewable energy projects, and with this funding we helped to bring india's first 1,000 megawatts of solar power online but we need to build on the u.s./india civil nuclear agreement. and we need to build on the $125 million investment that we made in joint clean energy research and development center. prime minister modi has also made a commitment to electrify every home in india by 2019. with fewer

i know prime minister modi drew from that energy of india's youth during his campaign. he repeatedly pointed out that while india's one of the world's oldest civilizations, it has the world's youngest population. prime minister modi has said that young people have a natural instinct to rise like a flame. and he has spoken about india's duty to nurture that instinct, and we believe, frankly, that's a duty for both of our nations. and that means strengthening the exchange in technical education, in vocational programs for high-skilled trades, and especially in areas where we can build on the entrepreneurial and innovative spirit of both of our nations. and we all know about the extraordinary work ethic that people in india have and the capacity to be able to do this and seize this opportunity. one of the marked contrasts of this moment is this juxtaposition to parts of the world where young people demanded a participation in this world they see around them, and rose up against leadership that had stultified over the course of years, decades even, tunisia, egypt, syria. th

been a core element in the indian way of life what do you make of these promises considering that modi really represents the neo liberal b j p party in india. well you know to get elected in india you have to make enormous promises its functioning democracy itself flourishing democracy in fact more made the slogan that boy let's should come before temples you know you would be surprised to know abby that in india fifty percent of the population the one point three billion people deficit in public you know that's the largest number of people in any country that have no access to toilets and you know when you look at the promise is a government makes the best way to actually adjudicate whether they live up to their promise is not by listening to their rhetoric but by looking at the budget and the first budget that the b.g.p. has put forward is actually you know revealing of their true intentions it's more bullet. greens and less sanitation so obviously they have rhetoric to get elected but when it came to how they want to disburse the people's money to create a new india i'm afraid then

been a core element of the indian way of life what do you make of these promises considering that modi really represents the neo liberal b j p party in india. where you know to get elected in india you have to make enormous promises it's functioning democracy itself flourishing democracy in fact more the made the slogan that boy let's should come before temples you know you would be surprised to know abbie that in india fifty percent of the population the one point three billion people deficit in public you know that's the largest number of people in any country that have no access to toilets and you know when you look at the promise is a government makes the best way to actually adjudicate whether they live up to their promise is not by listening to their rhetoric but by looking at the budget and the first budget that the b.g.p. has put forward is actually you know revealing of the true intentions it's more bullet. greens and less sanitation so obviously they have rhetoric to get elected but when it came to how they want to disburse the people's money to create a new india i'm afraid

been a core element in the indian way of life what do you make of these promises considering that modi really represents the neo liberal b j p party in india. well you know to get elected in india you have to make enormous promises it's functioning democracy itself flourishing democracy in fact more the maid the slogan that toilets should come before temples you know you'll be surprised to know abbie that in india fifty percent of the population the one point three billion people deficit in public you know that's the largest number of people in any country that have no access to toilets and you know when you look at the promise is a government makes the best way to actually adjudicate whether they live up to their promise is not by listening to their rhetoric but by looking at the budget and the first budget that the b.g.p. has put forward is actually you know revealing of their true intentions it's more bullet trains and less sanitation so obviously they have rhetoric to get elected but when it came to how they want to disburse the people's money to create a new india i'm afraid then

been a core element in the indian way of life what do you make of these promises considering that modi really represents the neo liberal b j p party in india. well you know to get elected in india you have to make enormous promises it's functioning democracy itself flourishing democracy in fact more the maid the slogan that toilets should come before temples you know you'll be surprised to know abbie that in india fifty percent of the population the one point three billion people deficit in public you know that's the largest number of people in any country that have no access to toilets and you know when you look at the promise is a government makes the best way to actually adjudicate whether they live up to their promise is not by listening to their rhetoric but by looking at the budget and the first budget that the b.g.p. has put forward is actually you know revealing of their true intentions it's more bullet trains and less sanitation so obviously they have rhetoric to get elected but when it came to how they want to disburse the people's money to create a new india i'm afraid then

been a core element of the indian way of life what do you make of these promises considering that modi really represents the neo liberal b j p party in india. where you know to get elected in india you have to make enormous promises it's a functioning democracy itself flourishing democracy in fact more the made the slogan that boy let's should come before temples you know you would be surprised to know abbey that in india fifty percent of the population the one point three billion people deficit in public you know that's the largest number of people in any country that have no access to oil it's and you know when you look at the promise is a government makes the best way to actually adjudicate whether they live up to their promise is not by listening to their rhetoric but by looking at the budget in the first budget that the b.g.p. has put forward is actually you know revealing of their true intentions it's more blue. greens and less sanitation so obviously they have rhetoric to get elected but when it came to how they want to disburse the people's money to create a new india i'm afrai

seema mody reporting from the nasdaq. >>> now to the big apple ibm news. back in 1984 apple skewered ibm in an ad portraying it as an evil big brother. today the companies are a bffs. tim cook and vir gina announced they will team up on more than 100 apps that will combine the strength of ibms an lcalled it massive mobile reach via the iphone and ipad. the theory here, combine ibm east strength in enterprise computing with apple's keep it simple know how serving real people doing real work on tablets. tim cook says this was a deal that just had to be done. >> it takes the best of apple and the best of ibm and puts those together. there is no over lap. there is no camp tiompetition a focuses on the enterprise customer. so this is all about transforming the enterprise, reinventing the enterprise, taking big data an lalitys downo the people. >> the apps will be available starting this fall. >> google making some news late today, as well, naming the ford ceo to the board of directors. he will serve on the audit committee. the experience at ford might come in h

let's turn to seema mody live at cnbc headquarters. >> good morning. futures flat after stocks were up on tuesday, lifting s&p 500 index to a new record. the s&p, which is the broadest measure of the market's performance, now 17 points away from breaking the 2000 mark. a lot of eyes on the milestone number. tame inflation, progress in the housing market a focus for investors. we get numbers from boeing, facebook. dow rising 61, nasdaq up 31. >>> apple reporting higher quarterly profit. apple sold more than 35 million iphones with strong demand from china, ipad sales fell. apple expected to introduce two new iphones and a smartwatch this fall. >>> stub hub said thieves got access to 100 customer account who buy tickets for events. hackers didn't break through security. they got info from breaches at other websites. the manhattan district attorney's office will hold a news conference and reports say arrests are expected. stub hub, owned by ebay, as issued refunds. >> seema mody, cnbc, thank you. >>> breaking news to tell you right now out of ukraine. the

was authorised to spy on india's new prime minister narendra modi's political party back in two thousand and ten mccain canceled a news conference outside india's foreign ministry today after a senior u.s. diplomat was summoned by india to discuss a report published this week by the washington post it says national security agency leaks from edward snowden show the n.s.a. was given approval to intercept information on six political organizations including the bar retired gen not a party which came into power when modi was elected prime minister back in may and according to the report india was also one of the hundred ninety three countries that the u.s. surveillance court approved the n.s.a. to spy on and internet companies are fighting back not only going after the n.s.a. itself but also its partners archies polly boyko brings us more on how i s.p.'s are facing off with the u.k.'s intelligence agency. the u.k. government is effectively being sued by a group of internet service providers they come from a number of different countries including the u.k. the us and germany now it is report

given the man dade, analysts say modi has nor freedom to make more drastic economic reforms. that's why investors betting on the revival will be watching. sue and tyler? >> thank you very much, seema. the battle over the future of the e-book business is heating up. what's at stake for consumers like you, plus stocks at all-time highs. do you still feel like you are living the american dream? robert frank always living the dream. robert? >> hey, tyler, americans are doing well right now. two thirds of americans own their own homes, educated and healthy, but most stillsh feeling that american dream, what is the dream? >> we'll talk about that after the break. >> we also want to hear from you. are you living the american dream? go take our live viewer survey, and to do that, you go to cnbc.com/vote. the dream. i make a lot of purchases for my business. and i get a lot in return with ink plus from chase. like 50,000 bonus points when i spent $5,000 in the first 3 months after i opened my account. and i earn 5 times the rewards on internet, phone services and at office supply stor

modi hasr a motive -- to push to speed it up. it is a difficult job. but he has proven that it can be done. >> we will leave it there. you will be joining us in the all-in what they gang. lots of good stuff. coming of scum are a look at the carbon tax. >> all when "asia edge" returns. stay with us. >> transformers is holding its ground in the u.s. but it is an even bigger hit in china. the paramount lot oster dominated box office for a second week. over the weekend, it took in $14 million more in china. -- willdes will brady bring back one of its best cars. in the cost over a million dollars. >> they him w has rolls-royce and audi has bentley. but what does the other german luxury carmaker have to offer? after the credit card crisis something, they brought in diameter. costs more armor, it than a million dollars, more than twice the price of the most expensive rolls-royce. aimed at the ridiculously rich, the mercedes s pullman is what call ae in america limousine. it will be 21 feet long, about the same size of a great white shark and makes it the bigg

seema modi is up down comping the nasdaq. that index is seeing a big jump after stocks jumped basically like a rock on the open. to bob pisani right over behind my shoulder at the floor of the new york stock exchange. bob, it's going to be interesting to see whether or not we get this kind of volatility for the rest of the trading day. >> so far we've been very steady. i want to point out the volume is average right now. it's not stronger or weaker. i just want to put up the dow and point out key sectors here. health care holding on firmly. materials, banks are down but not that much. that's part of the strength we've been seeing here. weaknesses, consumer discretionary. that means home improvement areas. weapon talked about lumber liquidators. home remodeling not as strong as people were anticipating. that's not a typo. 20%. other group, competitor there down. home depot and lows down 1% right now. whirlpool is down. this has negative take away for the consumers. retail names down. 1% to 2%. kohl's weak as well. one thing i

india's prime minister, narendra modi, has called for a change in the way that the world does business. he says billions of people are getting a taste of a new life but he says more needs to be

modi can project his success north of bombay across all of india? >> i believe so.o a lot of people on the ground last week when i was there, just the energy and the optimism. i think everyone is wanting things to get done. young -- halfht, of the country is under the age of 25. many of the people did not even know what happened 25 years before. they want to make this, it is a can-do attitude that is positive. they believe it can happen. i am hugely optimistic. very excited about the indian opportunity. >> thank you so much, sanjay khosla. since reinhart, thank you very much. a forex report. churn to the market, equity future co--11. euro well under 1.34, 1.3385. >> does a default for argentina matter? tweet us. ♪ but this is bloomberg surveillance. >> argentina misses a deadline, confronts default with no further discussions with creditors. america'scounts economic rebound with no inflation insight. winter is coming. will it be a frozen euros? it is the final day of july, 2014. i'm tom keene, join me scarlet fu, adam johnson, and our guest host for the hour, ethan

president vladimir putin is also set to meet with the newly elected prime minister of india president modi for the very first time now of india's economy is the tenth largest in the world but not only that it is also in the top ten percent of the ten fastest growing economies as well so there's plenty to discuss for the world leaders over the coming days with brics twenty fourteen is underway. while the establishment of a development bank to counterbalance institutions like the international monetary fund and the world bank is the most highly anticipated announcement expected at the summit artie's katie pilbeam find out what makes this brics initiative a real game changer. the brits will intensify their unity by finalizing the details on two lifeline institutions the first is the development bank this will rival the i.m.f. and the world bank and offer support to the emerging economies each brics member the bond to be ten billion dollars to begin with and eventually the brics bank will be the one hundred billion the second is the stabilization fund which will support the five economic power

indian prime minister narendra modi visited the kashmir for the first time since taking office.any shops and schools remain closed after separatist groups called a strike. >> he vowed to win the hearts of the kashmiri people. separatists in kashmir reject indian rule and demand independence or a merger with pakistan. >> in germany, the ongoing revelations about american spying on everyday people, as well as on the chancellor, has given new life to calls for extended funding for the stasi archives. >> the house literally tons of archives. the old communist regime tracked phone calls, letters, and even the most intimate personal conversations. >> many say the archive is vital so many will never forget how a totalitarian government can seek to control people through surveillance. >> in january, 1990 hundreds of protesters forced their way into stasi headquarters in east berlin to prevent secret police from destroying files. the scale had been in men's. stacked side-by-side, the documents would stretch 150 kilometers. even today, 5000 people a month apply to look at stasi files. >>

seema mody is tracking them.pite concerns over valuations, many of these stocks have actually rebounded in recent weeks, right? what's behind this? >> you guys were talking about twitter, social media yelp also reports this week, how much it makes from local merchants internet stocks will also be in focus, analysts will be looking for evidence of growth in hotel bookings, which makes up about two thirds of its overall revenue. hotel bookings, $375 billion market and expedia owns nearly 5% of the space. go pro, remember that fun day at the nasdaq, profitable, fast-growing consumer electronics company. the street will be anxiously awaiting details around expansion, plus evidence of everyday consumer, not just with an act ifr lifetime like surfers, tesla, investors will want to know how many vehicles it sold in the quarter as well as any details behind a battery giga factory. while we have seen a comeback in many of these names. so-called momentum stocks will be in focus. back to you. >> seema, a lot of questions on

bob pisani and seema mody standing by on the drop, but first to dominic chu, who's reporting on value picks. >> perhaps, sue, remember with earnings season fast approaches, profits will be in focus, and what you pay is one of the main metrics that a lot of professionals use to find value. so we went hundred dollarsing for a lot of value plays that are trading at multiples, price to earnings ratios at a discount to where they have traded over the past five years. think of them as stocks on sale from a valuation perspective. petsmart is one of them. jana partner is already taking a stake there, wants them to unlock shareholder value, but right now it trades at 15 times earnings it normal trades, at least for the past five years at 18 times earnings. that means it's trading at a 20% discount, so if you're looking for a stock play, with stocks at record highs, there is a value pick. also another one here on the oil side of things. energy, his trades at eight times earnings it normally trades at around 13, 14 times earnings. that means it's trading 40% below where it normal does have a val

the market wants to see fiscal consolidation if we are going to see the modi way continue. this is where we stand for the ce nr cencex near 25,000. we already hit the stride here in asia. tomorrow is important for the kospi with the electronics makers. the earnings are expected to be disappointing with these sets of numbers. the numbers are suggesting a decline off more than 12%. they have to contend with a stronger yuan. watch out for the kospi tomorrow. >> thank you, sri. >>> let's bring you up to speed with what we are focusing on today. stormy weather ahead with a typhoon described as a once in a decade storm heading to japan. we'll bring you the latest on that. >>> retail reality. america is in talks to pay off a $10 million e loan. we'll bring you up to speed on that story. >>> plus, new security rules for plane passengers on u.s.-bound flights including charging electronic devices. we'll have all the latest on that, too. >>> and "transformers" smashes the u.s. box offices over the weekend raking in millions of dollars in ticket them hollywood. >>> now the internation

seema mody is there. >> right. rough couple of days for the so-called momentum stocks reminiscent of what we saw in the month of march. big moves to the up side and down side. after yesterday's sell-off, some of the high-flying tech names are staging a comeback. run through the winners in the social media space. pandora, groupon, twitter fell 7% yesterday, and facebook showing green. also talk internet. amazon expedia as well as cloud computing player, one of the biggest losers over the past two days here at nasdaq. also staging a rebound. among the biggest losers, garmin is the biggest loser on the nasdaq 100, pacific crest citing introduction of the apple iwatch as a potential headwind. micron tech a stellar run over the past year. up 50 percent mrs. and linkedin among the other losers. you wonder if the volatility in the names will keep traders to the sideline on position themselves into large cap tech, by the way, ibm, hp and cisco all in the green. carl? >> sima modie, thank you very much. >>> john, yesterday

seema mody at the nasdaq with more. >> good morning. right. the sell-off at the nasdaq, broad based. social media, biotech, large cap tech moving to the down side in general. investors questioning how much farther this market can run. especially after what has been a stellar run for the nasdaq. remember, investors did not sell in may and go away. in fact, since early may, the nasdaq up about 8%. outperforming the s&p 500 and the dow. and when it comes to tech, analysts will look for signs of an improvement in i.t. spending, but with the fed, so much in focus, it's important to remember historically speaking data shows that technology on average outperforms in a rising rate environment. earnings, of course, will be a focus for tech investors over the next few weeks and experts say it could confirm markets move to the upside or derail the rally. expecting a 12.4% jump in earnings on average. highest out of any sector. the bar set high. intel, ibm and ebay set to report earnings next week. in terms of today, yes, the nasdaq underperforming the zs

seema mody at the nasdaq for what is i think is the busiest week. >> it is, scott.ng to see, the fact we're seeing a surge in deal flow during a time when we're searing a rise in geopolitical tensions, mixed data and worries the market is at 0 top and nonetheless a big week for the ipos 25 companies expected to go public. biggest since august of 2011. biotech names, after launch, biotech. other note able names, a drug development and delivery firm backed by private equity firm blackstone and a general lech tricks consumer lending firm, expected to be a $3 billion ipo. biggest we've seen since may. and an israni israeli firm dete potential collisions. a broad spectrum of names expected to go public this week. should see listings kick off literally at the end of the week, scott. >> thanks, seema mody. josh brown, to you. >> look, the hot io i'm excited about, mobile eye. shouldn't talk about it, i don't want too many to buy it the day of the deal. partnered in some way with december tesla. we don't have a lot of the details. talking about self--driving cars. google bu

prime minister narendra modi of the bharatia party enjoyed a sweeping victory in parliamentary elections after pledging reforms. >>> indonesians are awaiting the outcome of their closely fought presidential election between jakarta governor joko widodo and former military general prabowo subianto. but voters aren't the only ones taking a keen interest in the official release of election results next tuesday. foreign companies want to know how the next president policies will affect the country's economy, which is showing healthy growth. nhk world's takatoshi shiozaki reports. >> reporter: joko's down-to-earth personality has gained widespread popularity. prabowa portrays himself as a strong leader. around the end of the campaign, probowa managed to narrow joko's lead. meanwhile, companies overseas with ambitions of investing in indonesia have been following the election with particular interest. indonesia has a population of 250 million with an economy that's growing around 6% a year. in 2014, the country is expected to overtake japan in gross domestic product. the major concern of busin

>> there's an awful lot of faith in the market with the modi government. we've had an excellent performance in terms of stock this year. in many senses, one thing you might have some reservations on about this budget is it's still fairley short on details. the government says good things about growth, about need to go reign in the deficit levels. the previous deficit target looks ambitious at this stage. for that reason, the market has responded pretty well. but i'm afraid over the more medium term, the devil will still be in the details. >> he's not going to give us any information in the general sales tax. i didn't hear any information on subsidies. what is he saying on that? that's a huge proportion of the government spending. >> well, over the medium term, what india does have to do is in the tax base increase revenue and second change the way the spending goes from cutting subsidies and increasing spending on infrastructure. and there's been some elements of this and some comments about it. there aren't enough details about it. we need to see that cha

all is being revealed in the first budget since narendra modi won a landslide election victory two months ago. as we report, factory owners want government help to compete with china. >> reporter: this group is a giant of indian manufacturing, and its expertise in building industrial sized pumps and valves earnt revenues of $2 billion a year. the chairman accuses previous governments of app athy, that he says held back growth in his business. >> we have a feeling that manufacturing is treated like a stepchild. there's so many rules and regulations that need to be followed. some that you needed and some not allowing us to compete with china or the other countries that are big in manufacturing. >> reporter: it's a common complaint among manufacturers. the industry is contract k, and they say the new government must improve infrastructure and abolish retroactive taxes. business leaders argue that more fundamental changes are needed. last year manufacturing contributed around 15% to the country's economy. the true potential is higher. to grow business leaders say they need labour reform. >> t

. >> reporter: india's new prime minister narenda modi pledged to better the deal for tens of thousands who may want to go home. >> this is not hindu or muslim, this is the rights of people thrown out of a state which they were settled in for the past century. >> reporter: but time will be one of this policy's biggest tests. more than 20 years have past and many of the pundits who left are settled elsewhere. the condition of some of the places they called home is that stark reminder of how long they've been away. >> successful rehabilitation here depend on economic opportunity and more importantly security, because as many kashmiry's say only the smallest incident can stall an entire process. >>> the united states celebrates the 4th of july. in hawaii some are question whether it should bet the 50th state of the u.s.a. >>> also coming up, brazil's footballers under huge world cup pressure, and so is their manager. can a psychologist help the team beat columbia. [ ♪ music ] >>> welcome back. the top stories here on al jazeera. the president of iraq's kurds has asked the kurdish parliamen

secretary of state john kerry is in india for his first talks with prime minister narendra modi. john kerry is pressing india to accept trade rules that would limit how much food it can stockpile and subsidise. >> leaders from the g7 group of nations says russia will face economic sanctions if it supports separatist fighters in ukraine. they name president vladimir putin long-time judo partner has one of the eight russians and three firms that will have their assets frozen. public support in russia is behind their leader. >> how dearly many in the west want to read this man's minds. he's indisputable. a ruthless tactician. he's also, as some russian analysts believe, in a tight spot. >> i think the person is under pressure. and has no way out as far as strategy is concerned. >> russia's annexation of crimea is in support of separatists, and the fall out of the downing of malaysia airlines flight mh17 gall vapized a reluctant europe. russia will be hit with painful sanctions. >> it appears that putin has few good options. abandoning the rebels will send ukraine to the west. unless

seema mody is in the nasdaq with more on the results. what is the take away? >> ebay's revenue climbing 13% in the second quarter thanks to strength in the bpaypal busines but it's called challenging. they were hampered by a cyber attack in may and rising competition from other online players like amazon. analysts will look for clarity on how ebay plans to fend off competition and deaf rememberuate the portfolio going forward. competition will be something to look forin the coming weeks. >> thank you. >>> still ahead on the program. jack lou says corporate america is abusing the u.s. tax system and it's unpatriotic. why he wants congress to put an end to it. >>> the u.s. imposed the toughest sanctions yet on russia over the ukraine conflict. the sanctions include one of the country's financial institutions, also state-owned oil company and some senior government officials, including the deputy head of the parliament. these were imposed the same day that european union leaders met to discuss new sanctions of their own. >> the head of general motors legal depart