seema mody has more. seema? >> 4 cents versus the estimates of 8 cents.venues which only includes services and technology came in line with expectations at around $800 million. the management says it will distort the quarter which will continue our mission as part of -- remember rovi did acquire teuvo for about a billion dollar. the transaction according to the press release, they announced in april is planning to go forward and is expected to close. >> rovi, not roku. >> that's right. >> thank you so much. >>> also today a delaware court finding michael dell and silver lake partners, $29.4 million buyout of dell below it. they say the shareholders should have received is at least $17.62 per share. that's well above the $13.75 share. we don't see this too often. >> not too often. you see them say, look, let's have the court say the company was understood valued, a deal by the way that the shareholders approve. the payout is only going to those shareholders that were eligible because they voted against the deal. but it's very interesting in this case becau

[laughter] the pace of reforms may have slowed for modi. not gone as fast as they would have liked. if you are an investor looking at emerging markets, india has been on a good path but this year, there has been changes. the ruby has not -- the rupee has not performed as well, down 1.9%. indian sovereign bonds delivered, but now, starting to lag behind as well. brazil in russia second to do better there. some people would say that things are beginning to slow down. if you look at what he has achieved -- the economy, that really needed a boost when he came into power. and inflation was more than 11% in november. they had managed to bring that down after his election to 5%. you have to say, he has been a global traveler, hasn't he? he feels stadiums around the -- he is filling stadiums around the world. that message has really been propagated. haslinda: unfortunately, he does not have the majority of the house. some the things he wants to push through are not being resolved. some of the things that investors are looking at, for proposals abou

within a year, with support from india's prime minister narendra modi, the company created the world's first canal top solar park. it stretches for some 3.6 kilometers over a canal that passes through the city of vadodara. rathore: the state is located in a place where we get 300 days of suitable sunlight. narrator: s.s. rathore is the chairman and managing director of sardar sarovar narmaga nigam, ltd. rathore: the wind position is also such which is favorable to solar production. narrator: rathore says it's the perfect mix to harness the sun's rays to generate power, boosting the state's electrical output and at the same time reducing its dependency on fossil fuels, which contribute to global warming. this has enormous implications in india, with its population at 1.3 billion and its hugely increasing energy needs. building a solar park without using up valuable land took creativity, says director of canals k.v. sangui. k.v. sangui: the advantage over here is that we don't have to acquire the land. so we are using the canal top roof, which otherwise, i mean, has got no other use. we

let's get to seema mody in the newsroom. seema? >> warren buffett's conglomerate reported earnings of $2,585 per share. $1.13 billion due in part to a rise in natural disasters. berkshire's railroad business was hurt by a reduction in shipments of coal. all in all, operating profits dropped in the quarter. also significant, book value for class a share up 1.2%. keep in mind, preliminary numbers were reported last week at the annual berkshire hathaway meeting. class a shares trading at or around $217,000. >> thank you very much, seema mody. obviously his business, owns many different kinds of businesses. transports in today's session was a real standout. >> that's right. this is highly correlated to that. despite the candy and all the other good stuff. it's an underperformer for the better part of the last 18 months. huge ricochet off the low. like disney or anything else, it's middling. is it already gone too far in risk of coming back? or more to come? i would say this is priced fairly. belongs where it is. >> this is a pretty hea

seema mody there. do you feel able to -- there's the idea that there's a lot of -- could you trade that? >> you could trade it through american companies that are feeding into china, if you feel like it. like a starbucks, apple, those types of names, or something like a chl, china mobile. when you look at the dominance that they have right now in that market, simon, and 64 million additional subs on the 4-g system came in just last quarter, 64 million, we've got 300 million people here. you just look at some of the numbers. they're staggering. they give you almost a 3% yield. a lot of them are hiding out right now. telecom, that type of thing. getting almost a 3% return right here. >> i'm not quite sure how you made the link from there to the china mobile. >> the diabetes side of it. obviously -- i own pfizer, merck. i actually was looking at how do you trade china right now. that's the way i would trade china. >> he's got a sharp mind, baby. he took you from point a to point b. just saying. we move fa

modi is pretty popular now.he question is is he going to cure the mental of his family and ultimately go against modi. oddly, he disappeared for a few months and when on sabbatical. he came back refreshed. and he is sort of making moves nehrue may be gandhi and and numbers of his family before him. carol: does he have support? ellen: it's not clear. the carcass -- congress party was trampled. it is sort of looking ahead. willie ultimately gain the power is that a question. david: you look at the demand for satellites. it was the providence of the government for a long time. now you have companies getting satellites into space. ellen: elon musk is landed a rocket back to earth. most people think it's about what is going on in space. it's about what is going on down here. the increased demand for wi-fi, the increased demand for internet connection, and especially for those of us they go on airplanes and have the connection, satellites can cure that. for satellite companies, most of the business will be beyond laun

shares up 24% year to date, melissa. >> thank you very much, seema mody. i see a pop of 14% in shares of herbalife. and my thoughts go to bill ackerman whose thesis for the short is the government is going to shut this company down. and here we are, the company saying that the range of outcomes will be litigation or some sort of fine. not shutting it down. >> a fine is not a shutdown. and that stock is up 14%. a 45% shortage. i'm not suggesting you go chase this thing because i don't think that's the right play. what i will tell you this is this. the other side of this are many stocks, not least of which is valiant. valiant opens tomorrow and doesn't go down, and i still think that story is extraordinarily dangerous. but if it opens, trades higher, that might be the tell you need, perhaps, to actually be long this stock for a trade. so keep an eye on valiant. >> when we switch back to herbalife, the problem with the stocks that they don't really give you a lot of chance to react. so if you buy the stock or you sell it up here, you're better off than buying

seema mody is back. seema?nry straf ford, the chief merchandising officer has decided to leave after six years of service hchl'll be leaving in july of 2016. kip folks will assume the responsibilities on ann interim basis. robert thufrt will be believing in july as well. changes there. we're looking at stock down. kelly. >> thank you, seema. this company, kevin is the whole thing. >> without a doubt. the head of map my fitness is -- >> i love it. it's a little wonky. >> it was an explicit decision on their part not to go on the gadget side but much more focused the software. >> it's a change of underpants, the outerwear. is it plank, you said snit's phil knight. >> i think both guys would be offended by that, which is why it's probably correct. >> let's get straight to sharon epperson. >> here's what's happening at this hour. in washington secretary of state john kerry says he believes a cease-fire deal could be restored in syria despite escalating violence but he warned president bashir al assad there would be

next, on a visit to tehran, indian prime minister narendra modi pledged up to $500 million to developimportant. the move would give india trade access to iran, afghanistan, and central asia. the project is a strategic win for the south asian country, as india was competing with regional rival china for the port's development. >> the agreement to double up the chabahar port and related infrastructure, about 500 ,illion u.s. dollars in india is an important milestone. delano: let's take a look at other stories we are tracking for you now. price cuts are on the cards at europe's largest low-cost airline. fares will fall around 7% in the current financial year and between 10% and 12% during the winter months. the move for the airline comes as it tries to boost its market share. ryanair reported a 43% rise in net profit for the latest financial year but warns that worries surrounding terrorism risks prices falling even further. plans tosurance giant stop investing in the tobacco industry. the group says it will sell 1.8 billion euros worth of assets it has in the sector. a cited the impact

now the modi government wants a close relationship with the united states.n't mean an alliance. it means a partnership. and part of it is because they are also worried about china. they have to cooperate with china, but they are worried. laura: if all three countries could work together in this ideal world, where do you think they could really make a difference? >> climate change is the number one area. you know we used to think , between the united states and europe, blue global problems like climate change and others we could solve. we absolutely cannot do this without china and india. so by 2030, china and india will be the first and third largest carbon emitters on earth. i live in california. india is already one of the fastest growing. a small cloud comes from asia comes over and hits us here. so those are the kinds of problems that we really cannot solve without them. laura: wrote china and india have large militaries. as partners with united states in solving global problems? >> >> india very much is a partnership. and it is becoming more and more so

dan: it might to, and i think you are right about modi.tiatives that have gotten the domestic economy performing but don you look at overseas, they have leverage to prop up some of their domestic sectors? we have seen the same precedent in china and with other technology- companies that have been met with government intervention so it is not without precedent. david: those are the stories that matter to markets now. now we are going to go to abigail. abigail: we are watching shares of microsoft trading higher up onyesterday's big move news that they are cutting nearly 2000 jobs. investors are cheering this. one stock soaring in the open are the shares of sorrento. is delaying -- they are looking further into it and it could lead to an approval. we do have shares of medivation trading higher that said no be -- they would like to replace eight board members and are willing to increase their bid if medivation will talk to them. so far, medivation has rejected all bids. vonnie: time for bloomberg first word news. foreigns contracted two compan

modi takes on elon musk in the space race. ♪ angie: bloomberg markets middle east is coming up. manus cranny standing by in our dubai studio. >> we have the chief economist for deutsche bank. what does he think of vision 2030? we will talk about that. we will talk about the latest take on the imf report on the region. we go live to turkey, angela merkel is there for the fifth time in a number of months. what is going on with the political, currency outlook? we have the latest from egypt, the president has spoken and the tourism minister is sounding resilient. a cracking show for you. we touch on oil, global volatility, and what it means for the markets on a global stage as well as here on a domestic regional area issue. back to you in hong kong. angie: we will be watching. you do not want to miss our exclusive interview with morgan stanley chairman and ceo. live from the china summit. india has successfully launched a scale model of a reusable spacecraft. this is a project that could the nation against space race billionaires. thank you for joining us. does this change india's e

. >> thank you very much, seema mody.ly his business, follows or owns many kind of businesses. transports in today's session was a real standout. >> that's right. i mean this is highly correlated to that. despite the candy and all the other good stuff. it's an underperformer for the better part of the last 18 months. huge ricochet off the low. and so now a little bit like disney or anything else, it's middling. is it already gone too far in risk of coming back? or more to come? i would say this is priced fairly. belongs where it is. >> this is another sort of pretty heavily rate sensitive company. if you think about it. they've got a big, big truck load of financials in there. he's got commodity exposure in the form of companies like deere. and then, of course, he's got in the financial space one company that i think has got a real problem with management is american express. that is a company that if they can figure out how to get themselves after back on track after the debacles at costco and jetblue, then maybe there i

growth could be faster if prime minister modi did what?nd mahindra: there is no syllable bullets. i wish there was one blank. there are things he has to do to get out of the kind of slumped india has been in. he is getting a lot of flack for not doing something really big. i remember when i was interviewed right after coming in and people asking me, is there too much hype, too much expectation? i said finally, there is hype and expectation. he brought a lot of energy and expectation. there is a downside to that. but what has not been communicated well by his government to be honest, strange because he is a good communicator, is how many things are going right. how many pieces are being put together. so i'm happy to go into some of them, but the fact is the number of the small pieces of building a foundation, and i think that when added together, india is going to surprise. eric: what else stands in the way of economic expansion? anand mahindra: right now, it is getting the benefit of transparent business and transparent into price down to

does not currently meet that criteria, but the final decision could be overruled by prime minister modi'sreached aas milestone, more monthly mobile app users than twitter, the first time it has happened. this is coming as twitter changes some rules designed to make tweaking easier. eting easier. how many users did snapchat ad? inmore than 15 million april. companyaccording to a that looks a consumers, brands, and the interaction between audiences and social media. snapchat thethis, twitter for the first time. it seems like snapchat's fortunes are tearing ahead well twiddle is possibly fizzling. snapchat is now the ninth most popular mobile app in the u.s., increasing users 49% in april. fast, 10t is growing billion videos viewed daily on its platform versus 2 million in may. twitter is the second most promise -- prominent social network. behind and is struggling to add and extend its base of users. rishaad: they are making these changes designed to make it easier, but the critics come out saying that it is actually going back on some of its principles. it sees a need to tweet the way it w

finance minister says he has every confidence in the reforms proposed by the government of narendra modig exclusively to said the overhaul of the economy has changed the way investors regarded deal. he also stressed that more changes are underway. >> if you look at the performance of the government over the last two years, i think we took over at a stage where the rest of the world had almost started disregarding india. the government started with an image that india entered into a policy paralysis, but fortunately we had a sizable majority in the election. decision-making has become easier. over the last two years we have consistently moved in one direction, step after step, and they have been serious steps, opening up markets, rationalizing taxation, having a more nondiscriminatory system of resource allocation, making entries into business is easier, making exits out of business easier. you -- i have a little bit of the unfinished agenda of the reform process, which is still pending. bringinge still are around the direct tax, the corporate tax, down from 30% while phasing out the exem

prime minister modi swept a powder, promising to biz growth while champing the poor. as having the strongest mandate in 30 years, sparking optimism that he would introduce much-needed reforms. did he do it? we have in taking a look at the record so far. has he been able to maintain or sustain his momentum? looking for fast-paced emerging markets, you could say the steam has come off a little bit for india. some investors are saying you could look at brazil, south america, or russia. let's look at the worst performer among the four biggest markets, asia's worst performer as well. think they lagged behind brazil and russia. made minister modi has some progress, but he does not have a majority in the upper house. for example, he wanted to put into place a goods and services tax, and that has yet to get through. he is starting to back off. he's finding it a little bit difficult to get the states governments on board to make it easier to acquire land. these are issues investors are looking at. he has obviously made some inroads into areas, for example the stock market. he

. >> let's check in with seema mody. >> wall street was expecting a loss of 16 cents, so, again, 8-centrofit adjusted on the bottom line for yelp. revenue surpassing expectations at $159 million. the guidance for the second quarter also looked strong. q2 revenues between 167 and $171 million. that's q2 revenues. in terms of specific metric, jeremy stopperman, the co-founder of yelp and ceo said we had a great start to the year with local growth accelerating. we made a great mark in the first quarter. keep in mind it's a stock that has been in focus this week. on wednesday, david einhorn announcing a steak stake in the company basically saying yelp has had a convincing turnaround and if yelp can execute its current plan, it could double revenues by 2019. you're looking at stock up by about 9%. kelly. >> what's yelp doing right? >> it's the game. it was at quite the stock price. >> are you talk about people using the yelp? i'm literally asking because i don't remember it's become the go-to spot. >> am i searching through the browser? >> when you said, what are they doing right, it has los

local news outlets are reporting that he will meet with prime minister modi later on.ing up, we speak with the former director of the nsa and tackle the next frontier of encryption and security. ♪ emily: damage control continues at theranos. the embattled startup says it has sent tens of thousands of corrected on test revolts -- blood tests results. patients may have been given an dented number of in accurately. the elizabeth holmes-led company's readings were once touted as revolutionary. machines came under the microscope after reports by the wall street journal. the fbi apple battle may be over, but the encryption wars have just begun. a bill lies in wait in the nation's capital with tensions between the government and silicon valley at an all-time high. our next guest is a former director of the cia and nsa. in a twist, he backed apple at the height of the encryption debate. michael hayden joins us now and ethan kurzweil is still here. general hayden, thank you for joining us on this issue of encryption. given that you cited with apple, -- a formeron director of th

let's send it over to seema mody for earnings alerts. hi, seema. >> the company reporting earnings a narrower than expected loss. the company citing a cost stricture of $800 million. they also issued $3 billion of new. next the ceo says they're currently in the process of advancing another 700-plus million in die vesta turs. the stock down but on decent vacuums. moving on to texas roadhouse, revenue in line. sales growth of 4.6 is looking at 30 restaurants. you're looking at the stock up. >> thanks, seema. >>> hulu getting ready to take on cable television on rates. julia boorstin with what hulu is up to. hi, julia. >> hi. they're targeting cord coves and cord levellers. it would include live tv and on demand content. the more content and likely the price tag of around $40 according to bernstein analyst todd younger. it's in enhanced negotiations with disney abc as well as fox, both of whom are hoerlsds on hulu's board. for both of those media giants to earn as much as the traditional atv providers pay them. so if this indeed drives cord

. >>> we have our market flash with our seema modi. what's going on, seema?investment firm colony is said to be closing in on a deal to acquire north starr asset management. this according to bloomberg. this actually following news last year that north star realty was looking to explore retail combination with the management. we're looking at the stock up better than 16% on this reported deal. back over to you, kelly. >> all right. seema, thank you so much. up next, breaking news. a meeting set with likely gop presidential nominee donald trump and house speaker paul ryan next week. this as president obama had sharp comments on the billionaire businessman. we'll break it all down with mr. larry kudlow next. >>> plus facebook facing a big lawsuit over facial recognition. you erie watchi're watching cnb business worldwide. they found out who's been hacking into our network. who? guess. i don't know, some kids in a basement? you watch too many movies. who? a small business in china. a business? they work nine to five. they take lunch hours. like a job? like a job

the world's two largest democracies i had of the indian prime minister narendra road -- narendra modi's next month. i am mark crumpton. david: thanks much, mark. markets close in about 30 minutes. have begun to little is live at the nasdaq's -- nasdaq with the latest. index is performing the other major indexes on exposure to biotech and overweighting to technology. the nasdaq is on pace for its best close in nearly three months. the second biggest boost to the nasdaq are shares of apple, up three days in a row, with a near-term rally that would set off a disclosure of a nearly $1 million position in apple by one buffet's -- warren buffett's berkshire hathaway. it could be upside based on a report yesterday with apple asking suppliers to increase production plans for the iphone 7. shares of apple are actually higher than the open -- the bearish open after the bearish march report. a round trip here for the shares with apple. the second -- actually the biggest boost for the nasdaq today is microsoft. the stock is nicely higher, up 3% -- more than 3%, after cowan upgraded microsoft to an

he willed me prime minister modi and others later in the week.t will set up a software lab to help developers working on the ios class form. and as plans to open the first retail store in the country. apple up a third%. 93.8. >>> and jack ma cancelling his speech at an anti-counterfeiting coalition. several members including michael kors and tiffany quit in april. the e commerce giant has pledged to fight fake goods. the company says president michael evans will be speaking at the conference instead. some picks of jack ma meeting with president obama at the white house, though it wasn't publicly on the schedule. >>> when we come back, hillary clinton gets closer to the party's nomination. meanwhile, donald trump and the gop finalize a fund-raising deal. all today top political stories, straight ahead. oney. find out if you're dealing with a registered investment professional at investor.gov. before you invest, investor.gov. what aremaking a cake!ht now? ayla reminds me of like a master chef and emiana reminds me of like a monster chef. uh oh. i d

. >> seema mody, thank you so much. rough year. up 3% in the first quarter.hat about this yelp play? >> everybody thought yelp -- there was no barrier. they thought everyone could go what yelp was doing. yelp has a niche. when you go someplace, jump off a plane, you want local information, yelp has that market cornered. so i do believe it's a great entry point for him. it was oversold back in february. bounced back nicely. but i do believe the risk is to the upside. >> your thoughts? >> i'm surprised. >> again, this to me is one of these names where, first of all, i think the barriers to entry are significantly low. i think the valuation is way too high. but i would imagine the fact that they have a black card list thing on there, steve, for the heavy hitters -- >> how come they have it -- when you say the barrier is down. that's what the argument was. you would think they would have been -- not taken out, but taken out of business by the likes of a google, or maybe even an amazon, or somebody else. >> it's down from a hundred. >> but it's still there. >> the

over the weekend he met with the prime minister modi discussing everng

over the weekend he met with the prime minister modi discussing everything from manufacturing to retail in that country and laying out his plans for india's market. also gave this extensive interview to india nd tv where he said he could see lowering prices in that country. >> i recognize that prices are high. what we want to do things that lower that over time to the degree that we can and so we are looking at a number of different things. what we wouldn't do is lower our quality bar. >> of course, one of the bigger stories today might be the projections, reported projections for iphone 7 production as has a lot of the suppliers up today along with apple. >> yes, indeed. barron's did a write-up of it about 70 million phones where some had expected mid 60s production-wise. that maybe goes to show apple's confidence in maybe what it's got in the iphone 7 versus actual demand. what i think is interesting, there's a tension between local manufacturing and local invention versus american patronage. facebook's mark zuckerberg saying people, have free internet, it's good for you. a lot of peo

>> all right, seema mody, thanks so much.is yours. >> you look at where it is right now, trading on the 200-day moving average. they come out with the earnings and destroy it the way they have. they've done a great job of managing the professional world as well. and giving 24e8 selves a global footprint they needed. get that through basketball, get through golf, and obviously in the u.s., they do a great job with the sponsorship with tom brady. now, this is one of these names, you look at where it trades on a multiple, we talk about that all the time, it is a high multiple. but their growth is just as high. >> they would argue they're just getting started. by the way, news out earlier today that bryce harper, the washington nationals star, the biggest deal in major league baseball. you've got athletes who are at the top of their sports. >> and they're adding a great -- they're getting themselves placed better and better into college sports as well. they just had a contract the other day, california berkeley, $85 million deal

apple does not currently meet the criteria but a panel's decision could still be overruled by the modiovernment. a down week for deutsche bank just got worse. the lender slipped to number four and a table of the world's biggest traders. that, as it fell from being number two. jpmorgan picked up at second-place while citigroup kept all of the top spots for the third year. that is your bloomberg business flash. magical thank you very -- matt -- matt: a steady rate against the dollar combined with depreciation against other major currencies. let's go to bloomberg's justine na li. go --yone surprised that surprised? >> we did get a much stronger dollar overnight because of expectations that the fed could raise rates as soon as next month. i think for any onlookers that were expecting the pboc might want to keep things steady, this fixing did raise some eyebrows. we have to remember that under the current fixing mechanism, the dollar move against major currencies is playing a much bigger role. it makes sense that if you have a much summer dollar overnight against major currencies, the u.n.

apple does not currently meet that criteria but the panel's decision could be overruled are the modin. deutsche bank has gotten worse. the chair of the 5.3 trillion debate currency market has tumbled to 7.9%, down from 14.5% a year earlier. that is according to a euro money institutional investor survey. the bank is now the world's fourth-largest currency trader, sliding from second-place in euro moneys 2015 reckons after holding the top provisions from 2005 2 2013. anna. anna: has linda, thank you. with the reported results with net profits coming in at 193 million euros. it will expand its network. .oining us now is jozsef varadi thank you for coming to see is on countdown. tell us a little bit about how you see the rest of the year shaping up. we spoke to michael o'leary at ryanair and he was pretty gloomy on pricing. how do you see things into the future? we are seeing trading conditions being quite robust moving forward. what visibility we have on the business, we are confident in our ability to deliver proper resources. as expected, we are seeing the lower fuel prices feeding t

seema mody has the details. >> hertz posting a wider than expected first quarter loss.ng estimates on both the top and bottom line. worldwide car rental average fleet declined 4% compared to the first quarter of last year. fleet efficiency was a result of actions to reduce capacity. now, the ceo of hertz said we're encouraged by recent pricing trends as we move into the peak season. keep in mind, this has been a popular hedge fund position. >> seema, thank you. in the after-hours chart there, it is rebounding right now. >> terrible ride. i assume that the spin is on track. i'm more interested actually in the rental business. that would tie in with the home builders as well. that part actually interests me the most. >> still ahead, a major shakeup out of saudi arabia, declaring that opec is dead. he explains why right after this break. there's one biotech stock traders are making a huge $10 million bet on ahead of the earnings report tomorrow. we'll tell you the name later on in this hour. much more "fast money" straight ahead. ♪ ♪ (singing) you wouldn't haul a load with

seema mody. >>> and steph and lebron are head to head in the nba finals, but is a battle are brewingf the court with their endorsements? you know there is and plus, we are watching a yield of the 10-year note with the highest level, and when go to the pits for more on that. >>> i'm michelle carruso cabrera, and here is what is coming up on power lunch. the world's biggest banks with the details ahead. and the number one thing to watch on the oil markets ahead of the opec meeting. and also, later a sign of of the times, and the world's biggest hedge fund gets a giant check from the taxpayers of connecticut. all of that and more from the top of the hour, and all of that and more coming up, but first, back to scott. >>> and the 10-year yield is hitting a high today, and jackie deangelis is tracking that, a jounld jobs report, and so much to consider, jackie. >> well, so much, scott, and you are right, and we saw a little action with the yield as well, so we are looking at the volatility with the key events, and the fed meeting is e key to them. and jeff, what are you seeing? >> well, th

on our website, how premise to modi's many shuttle is set to blast into the race for space.s on bloomberg.com/asia. coming up, what's on the agenda as president obama makes a historic trip to vietnam. just ahead, our next guest says the fed could be about to make a huge mistake. details are coming up next. ♪ and you are back with "trending business". john william saying the united states economy should be ready for a rate rise this year. markets pricing less than 30% next month. our next guest things the fed would be making a mistake by raising rates too soon. now from singapore. why would it be such a mistake? in junelihood of going is probably a red herring with the brexit vote. i suppose a brother take the wait and see attitude then. beit is wait and see may through june, but certainly they are penciling it in for july. my concern is while they keep talking about the headline rates of inflation approaching targets, i don't believe a psychology of inflation is embedded in the economy, so raising interest rates too soon could give an inflation rate falling in growth pulling

to seema mody for a news alert. >>>.ecommending the approval of cablevision's sales to europe's altize, a draft resolution is going to be voted on next week on may 11th. this follows the fcc's approval of this deal last night, now new york state is the only approve needed to get this deal solidified. we're looking at cablevision up fractionally on the day. back to you. >> got it, seema. thank you. >>> a massive wildfire burning in canada today, in fort mcmurray part of the the country's oilsands region, forcing evacuation of at least 80 thousands people. 1600 homes or buildings burned. no indication of injuries or death related to the fire. the disruption to oil production pushed oil higher today by almost 4%. also companies have cut output because of the fire. deidra bossa is live in alberta. first let's bring in jeffrey grossman, an oil trader and president of brokerage. oil production is falling. jeffrey, why are we rolling over with oil today, considering we have what appearing to be very bullish news. the iranians a

let's head over to seema modi. >> they're announcing a secondary argumentative.n addition to that con edison, they're offering 1.32 additional million shares. offering is being made in connection with the agreement announced back in april by this year to purchase an energy interest but is not on the complex of a purchase. there you go. down 2% on the secondary announcement offering, kelly. >> thaerngnks, seema. guy, good time to do that. >> when they priced their secondary looking where steel stocks have been, i think that had a ford dollar handle and you go back to where it traded five or six years ago. i say good for them. you might get a good opportunity to buy something on the cheap here. >> there you go. keep an eye on it. thanks for joining us. >> right on. >> i'll be coming up more. mohammed elaryian will have a call. >>> we're going to bring you those numbers richard cordray on why it's easier to bring class action lawsuits against firms. you're watching cnbc, first in business worldwide. ♪ i could get used to this. now you can, with the luxuriously trans

house speaker paul ryan tweeting earlier that indian prime minister modi will be addressing a joint meeting of congress on wednesday, june 8. he will be the fifth prime minister from the nature to address the house and senate jointly, and the first since 2005. on wednesday, queen elizabeth ii troublesome buckingham palace the parliament. she delivered a speech that outlines her priorities for the coming year for the government. bbc parliament daniel britt was the host -- britain was the host. ♪ daniel: good morning and welcome to bbc parliament's live coverage of the state opening of parliament. in her 91st year, the queen will address the second session of this parliament and is the 56th parliament of the united kingdom. we welcome viewers the c-span, our sister channel in the united states. i recommend -- reckon it's about 5:30 morning on the eastern seaboard. if you joined us, many thanks. it is a conservative government beginning its second year in office. with a very small majority. a government not without its problems as it faces the forthcoming european union referendum campaign. we

let's bring in rbc capital markets nick mody. he is bullish on coke.ur bear is caroline levy, analyst with clsa. caroline, welcome. because mr. warren buffett set it up so he will consequently, i'll turn you to. you are among those who are concerned that coke doesn't necessarily have an issue facing it in terms of reliance on sugar drinks but that there are headwinds that are going to make making money harder for that company. explain. >> exactly. i think that around the globe if you look at how governments are behaving in mexico instituted a sugar tax a couple years back, there is a debate to how successful. it did impact the sales of suge yarred colas overall. and the uk is implementing one in 2018. and around the globe whether it's china or india, some of the emerging markets are ahead of the u.s. in being concerned about obesity epidemics. >> mr. ackman made the point of talking about how coca-cola markets most pointedly to children. he seemed to have a problem with "nondisclosure." my feeling is coke is pretty transparent that they sell sugared dr

. >> house speaker paul ryan will be hosting indian prime minister modi in a joint meeting of congress on june 8th. we'll have live coverage of his speech on c-span. employing people with disabilities and disorders was the subject of a hearing on capitol hill yesterday. members of the small business committee heard testimony on the role the businesses play in creating job opportunities for the disabled. this is just over an hour. [inaudible conversations] [inaudible conversations] [inaudible conversations] >> committee comes to order. i want to thank everyone for being here today. before i give my opening statement i'd like to welcome here the co-chairs of the conference. chris smith from new jersey is here, and mike doyle from pennsylvania is the democratic counterpart and we thank you for your work. and when this committee meets it's to discuss the challenges facing small businesses. today, however, we get to talk about some of the truly inspiring opportunities they have been offering. small businesses are not just the backbone of the american economy but they're also at the heart of

and prime minister mody will be coming to washington in a couple of months to meet with president obama. from a strategic perspective, india is a potential counterweight toitia's growing influence and become vocal on issues like freedom of navigation in the south china sea and the indian ocean region. additionally central asia occupied critical geography. the china recognize this potential of central asia for what has been a cross roads on the doorstep of the great powers and a transit point for trade and culture between the east and the west and the chinese are aggressively seeking to expand their influence there. yet in your written testimony there is only one mention of india in the context of a u.s./japan/india trilateral ministerial and no mention of south and central asia at all. so my question is do they not fit with the administration's larger rebalance asia strategy and how can we be rebalancing to asia without a strategic framework that considers asia as a strategic hole. thank you. >> thank you very much. we strongly share your view on the importance of india, both in and of

seema mody with insight. >> first the april manufacturing number, exports last week, and now today's drop in loan growth highlighting the banking is reining in on bank lending which should be a good sign. markets are perceiving this as a short-term negative, as this could lead to slowing growth. it also suggests chinese leaders may be starting to scale back on monetary support, which some investors have been betting on. there's also another sign of defaults, which were unheard of five years ago are now accelerating in china, specifically in the manufacturing and industrial sectors. again, perhaps a healthy sign for an economy that's in transition. it also points to a new stance on how the government is managing this economic turn around you got the stronger dollar has soured the mood of emerging market investors. we're looking although the shanghai come positive et turning in four weeks of consecutive losses and for investors to stay relatively positive on emerging markets, china needs to improve. they do make up 20% of the emerging market index. >> thank you very much. other signs o

seema mody has details. >> let's take a look at shares of alibaba. an anti-counterfeiting group is reportedly suspending alibaba's membership after some retail companies have voiced concerns over the chinese e-commerce goods as being fake or counterfeit, in addition to the national anti-counterfeiting coalition telling members it failed to tell the boards of conflicts of interest involving their president who had close ties with an alibaba executive. in november u.s. trade officials warned alibaba about counterfeit goods. we'll see if today's news brings that larger story or concern backed to table. right now we're looking at shares down 2.3% on the day. >> thank you very much. >>> time now for a cnbc news update with courtney reagan. >> good afternoon, bill. here's what's happening at this hour. russian president putin describing the development of na nato's missile defense program as a threat to global security and vowed russia will take the necessary steps to maintain a strategic parody. he spoke at a meeting with military officials in sochi as se

. >> tim cook also telling cramer that he sees huge opportunities in india, and seema mody is here with more on that. hey, seema? >> reporter: tyler, that's right. apple and tim cook remain bullish on china, but there are signs that demand is slowing. just take a look at this bar chart. sales in the latest quarter in greater china falling by $4.3 billion. that's in the second quarter and now apple is looking to india for growth. currently the world's fastest growing smartphone market with an emerging middle class and compelling demographic trends. you're talking about a young -- young audience as well. tim cook, the ceo of apple mentioned that when he spoke to jim cramer. >> india today has about 50% of their population at 25 years of age or younger. it's a very young country. people really want smartphones there. really want smartphones, and this year the first year lte begins to roll out. huge market potential. >> okay. but india has only roughly 2% of india's smartphone market, but a growing number of skeptics say india will be challenging to break into. first off it's a crowded mark