the national bank and first goal bank will have assets more than -- first gulf bank will have $175 billion.an kuwait plans to raise $10 billion from the debt market to plug a budget deficit squeezed by cheap oil. >> china will be forced to bail out the banks as debt loans continue to grow. it is 8:00 a.m. across the emirates. kong, it is just past midday. welcome to bloomberg markets middle east. megadeal day. the announcements coming through yesterday on the details of what is one of the biggest deals in recent history to create a regional powerhouse between these two banks. $175 billion in assets. we have gone ahead and put that on a bart chart for you -- a bar chart for you so you can put it .nto perspective an estimate of to me $9.1 billion, bigger than deutsche bank and standard chartered. to create the largest lender in the middle east, trumping the qatar national bank, which has held the top spot so far. we will talk through the implications and the mechanics of the super deal. angie: we are also looking at chinese banks. growing speculation that perhaps we could see a bailout within t

next, national bank of abu dhabi and first gulf bank are merging. ♪ >> welcome back everybody. independence day in the united states. early on a monday morning. let's get to rosalind chin. postal savings bank of china could be offering the largest ipo this year. they have found a listing application with hong kong's talking stage. analysts are confident that the ipo will be a success. shares have job by 10%. the developer was halted in december after a consortium had been firing up equities become the biggest shareholder. national bank of abu dhabi has confirmed a merger with first gulf bank to create original .owerhouse shareholders will hold 62% operating under the national bank of abu dhabi name. the merger will allow lenders to compete with regional rivals like qatar national bank. tesla mrs. vehicle deliveries after a production ramp. the carmaker delivered over 14,000 vehicles during the second quarter. >> the national bank of of the david in first gulf bank have agreed to a merger that would form a lender which one is $75 billion of assets. f

yousef: thank you for joining us this morning breaking news, the national bank of abu dhabi approves first gulf bank. the national bank of abu dhabi says it is subject to shareholder approval. the national bank of abu dhabi and first gulf bank say that the combined bank will have assets of 642 billion dirhams. story getting traction before the holidays. there was a lot of speculation that they would hold off on announcement until after the religious holiday. then, a clear move forward. moving seen both stocks up in the last of trading sessions. first gulf bank leading the gainers trade on thursday. coming up, a dangerous disconnect, we will look at the rally in the s&p 500 against the fed's lower expectations for inflation. ♪ ♪ yousef: a couple more breaking headlines coming through relating to that merger between the national bank of abu dhabi and first gulf bank. be delistedo following the merger. the merger is expected to be done by the first quarter of 2017. a lot of developments, then, on what is one of the biggest deals in recent years, especially in the financial industry. let'

the merger will allow the lender to compete with rivals such as qatar national bank. k you. a big week for central banks. mark carney will present his financial stability assessments. as australia's leadership hangs in the balance, we will get the decisions as well. and it eurasia group are still with us. about what lies ahead. let's start at the end of the week. that is the big item on the agenda. >> we will see what comes out. the question is, what happens to lift off? is it delayed until december? the bigger questions will be around the banks in general. we talk about european banks earlier. liftoff is important for european banks. beyond that, you get the results of the japanese elections. a live meeting for the end of july. further negative rates is not good for the financials. anna: it is not just the european banks suffering. there are downward forces that themselves -- could exert themselves. only an 11% chance we get a rate hike from the u.s. federal reserve by the end of this year. middle of what could be a tense political situation. what do you see? whenseem

national bank of abu dhabi is merging with first gulf bank in a deal that would create a lender withn in assets. us through this deal, then. >> well, mark, it has been a landmark week. abu dhabi has been cutting spending to try to plug the budget deficit. last week we have seen some merger activity on the front of uae's biggesthe investment funds merging. further traction with this deal, the largest in recent years. first gulf bank and the national bank of abu dhabi creating a financial services behemoth to the tune of $175 billion. let me put that in context. you are looking at a bank with combined market capitalization, an estimated $29.1 billion. bigger than deutsche bank, bigger than credit suiesesse. it would also create the largest lender in the middle east. qnb.ing qatar's back to the savings theme, this would help cut $136 million in savings annually. but, of course, there will be a $163 million one-time integration charge. mark: what are the implications of such a deal? >> well, several fronts, really. let me run you through the mechanics of the deal very briefly. you are lo

joining us is national bank of abu dhabi's security managing director.t is always great to have you in the studio. let's continue from there. your response on oil and women goes from year -- and where it goes from here. do you agree with that? >> i think everybody believes towards the end of the year, it will be higher than it is today. on average for the year, it will be in the top 40's. 50ds to be in the range of to 55 by year end. i think what we saw in terms of correction in the past few weeks is related to the brexit issues. morenk that is seeing positive movement. opec: we just heard about member kuwait forecasting oil to get to $60 levels. we are seeing an environment globally where it is very tepid. economic growth really muted. where is this demand going to come from? mohammed: i think really these views have been changing every couple of months. one report was talking about maybe 1.5 percent growth for 2016 and maybe 2.5% for 2017. some of the bigger economies in the emerging markets like india will be higher. some of the movement that we are s

rivals like qatar national bank.be a call to operate more in touch with people. correspondent is east-- our south correspondent is here, and breaks it is seen as a warning for leaders here in asean. >> let's put it this way. pause andan take a , indonesia's trade minister said not enough time, not enough money and assets being spent for the people. a single market this year, 10 countries, six hundred million people, combined gdp of $2.5 trillion. singapore on one hand. they have managed to remove tariff barriers. it has passive charter that sets the road for regional indication. -- removes to move nontariff barriers. it has been difficult. angie: how closely has asean tailored itself to the eu anyway? >> the eu has been a source of asean inspiration for asean. the eu is not the model that asean has adopted. has pointed to the model being somewhat unrealistic and utopian. warning asean means should be careful. to be tooafford ambitious, two huge, or too powerful. angie: hasn't faced internal dissent as well? yes. over

national bank of abu dhabi has confirmed its merger with the gulf bank creating a regional powerhouseith $175 billion. it will operate under the national bank of abu dhabi name. it will compete with regional rivals. it has missed its forecast. the electric carmaker delivered just over 14,000 vehicles in the second quarter, below its 17,000 estimate. that is your bloomberg business flash. french executives and politicians are circling the u.k. for the spoils after last month's shocking referendum. euro clearing. largely based in london. it has been the subject of great controversy. interview, the french official has euro clearing clearly in his sights. frankfurt. morenk that we have players now in paris than in frankfurt. and a deeper marking plan -- marketplace in paris. it is something to be negotiated. i think it does make sense. colleague spoke to him and joins us now from paris. is it a done deal for the french? it does not sound like a done deal. it will take time. it will not happen overnight according to the french economy minister. paris and frankfurt are competing to get a pi

. >> the national bank of abu dhabi is merging that will create a lender with 155 billion dollars of s a merger? >> it's a megamerger in the middle east. we have first gulf bank and national bank of abu dhabi which will have a combined market value of 29 alien dollars which is larger than deutsche bank. this is all part of an effort by by abu dhabi to -- to diversify its economy in the face of lower oil prices. they want to create a national banking champion that can better compete in emerging markets and potentially on the global stage. >> tesla, the electric carmaker delivered 14,000 cars. it was below what was estimated. >> they needed this to come earlier so they wanted a slightly smoother extreme production ramp because someone -- because so much was done in the last temperate tells let measures its sales by deliveries. the bigger established automakers sell them to dealers and they are told when they come off the line. there is a little bit of a rationale in that. they knew that's how they did it when they set the original goal and i missed the goal. vonnie: it takes a long time

purchased stocks -- swiss national bank purchased stocks. ket is distorted by cash flow that have never been. joe: that was bill gross earlier on bloomberg. matt: coming up, how has global banking policy affected the world economy? run report says -- one report says it has been a failure. we will show you the numbers, next. this is bloomberg. ♪ ♪ joe: this is "bloomberg markets." america'sne of bank global researchers notes today, they laid out a portrait of qualitative failure, a look at how central-bank policy has affected the world economy. joe: i am looking at yields on deposit accounts and this bank of america report had extraordinary statistics. if you wanted to double money and a one-year deposit account in the u.s., it would take 107 years at the current rate, but that is good compared to germany, where you would need 1387 years to double your money. even that looks good compared to japan, where he would have to wait until the year 9000 or something like that, to double your money. i do not think that anybody should expect to double t

yousef: we will take you straight to the make a deal that is the merger between the national bank of i and the first gulf bank to create $175 billion regional behemoth. we will talk with our guest about that. that is coming your way. ♪ it for us onis yousef: more details are released of the merger of the biggest banks in abu dhabi. the national bank and first goal bank will have assets more than -- first gulf bank will have $175 billion.an kuwait plans to raise $10 billion from the debt market to plug a budget deficit squeezed

city national bank, helping northern california businesses grow. >>> this week, a ceo puts his business in hot water in order to make you a better cook. technology brings parents closer to their kids' classroom, and a new way to reserve a parking space. our reporter from the tech dog pando and "fortune" magazine's this week on "press: here". good morning, everyone, i'm scott mcgrew. sometimes as you flip around the channels on a sunday morning you'll come across an infomercial selling some kind of kitchen device. this is not an infomercial, yet we are going to talk about a kitchen device. you may be familiar with it, a very precise heating device that allows you to cook food using hot water. restaurants have been using these for decades. it was born on kick starter, became one of the website's biggest success stories, bringing in more than $2 million, even before it was available for sale. that's where it captured our interest. steve is ceo, joined by sarah lacey. so, you call it the precision cooker, right, not the suv. why did you go with that branding compared to what it is? >> more

we have the national bank of abu dhabi and agree to combine and create a new entity with the market valuelion dollars, larger than the market value of deutsche bank. this is part of an effort by abu dhabi to diversify its economy in the face of lower oil prices. they want to great a national banking champion to better compete in emerging markets and potentially on the global stage. >> missed the forecast of vehicle deliveries in what is called "extreme production ramp." electric carmaker delivered below the 17,000 estimate. not exactly the best excuse in the world. it is not what you -- is that not something that is desirable? >> they needed it to come earlier. they needed a slightly smoother extreme production ramp. the way that tesla measures sales is by deliveries, how many get to customers. he established automakers sell them to dealers. they are sold as soon as they come off the line. they are already established to a dealer. there is little rationale. they knew that is how they did it with a set the original goal. he missed the goal. >> sometimes the of the structures to get to wher

edited the first collectioe of papers and made the point the dominant purpose wasn't creating the national bank of the revolutionary war.ion it wasn't, it was creating the sentiment getting the newto americans in any way to think about the country an country any and country in any way you think of themselves as a union and keep drivingng that point home.s that's the wheelhouse. that's our specialty.. that's why we are in business. i saw what was happening in the enthusiasm and the way people are reacting so strongly to it. they had two aspects of the same revolution. they put it next to the legacy of the founding father and you can make lots of arguments on behalf of this moment are that moment and here's one for me. buster rhymes loved us so much when he went on stage the next night for a concert of his own costum he wanted to have a concert ofed his own. then you have stretched the limits of the impossible.th two aspects of the one is the story we were going to tell. so how did we do it? no one is that fast but we had to work as fast as the people they collaborated with to make the show. now

think when we look at the middle eastern banks we can see the qatar national bank was just buying oneey. these were the banks to watch. yousef: what is going to give us more clarity about the health of companies in this sector? >> we see quite a strong divergence. it is ideal for mergers. that is one to watch i think. is going to reshape the landscaper a much. only two banks have higher earnings year-over-year. they going to report shortly. there been slight increases in earnings. they been quite resilient so far. yousef: what else is out there on the radar? merge to give an their funding cost of both entities are a lot higher than the new entity. they will be cutting costs quite a lot. it is a very tough competitor. it will not be easy for these guys. but i think they have to get together to provide that even though it is a weak one. what is the most alarming development you are seeing in this space? >> for me it is all about asset quality. margins are still quite relaxing. it is all about asset quality. the banks are able to absorb this kind of turmoil. yousef: we will continue to d

i'm looking for ways to start a national infrastructure bank seeded with federal dollar, but bring in private investors who want to make those commitments. >> joining me nowed ed a fellow the manhattan research and fox news contributor. judy, good to see you. >> nice to see you. >> so we heard secretary clinton say that i have a plan for job creation to give the country a robust infrastructure and it will combine not just government, but private sector, as well. so clearly secretary clinton has a detailed plan which in a race against jeb bush would probably be effective, he detailed plan we're talking about, but how likely is it that clinton can capture the undecided voters and not come across too much of a politician when she's running against a candidate who speaks mostly off the cuff? >> right. and what hillary clinton was trying to do today in that interesting interview with chris wallace was to both humanize herself and show that she's ms. competent by presenting the kind of plan for a public/private bank that you just discussed. hillary clinton's problem is not that she doesn't

stocks are the asset class of the day with the swiss national bank we just found out.ve $500 billion worth of stocks around the world, including apple, and johnson & johnson. to me, that is staggering. we have known the japanese buy stocks but we never knew this was national bank bought stocks. it is almost like a sovereign wealth fund. distortede market is by cash flows that never have been. tom: i look at the swiss franc and think of bob who has been looking at sterling swiss as a proxy for safe haven versus what is going on in the united kingdom. i think all of our world would you werenow what thinking in the drama of the brexit vote. what were you thinking as you saw the united kingdom shift to leave versus the presumed remaining? bill gross: i was watching that overnight. what i was watching was i had some options on u.s. treasuries, calls and puts. initially, the u.s. treasuries were declining in price, and too much. but all of a sudden as brexit was winning, treasuries went up and were going up too much. you you see volatility, don't want to sell as much as happ

the head of the swiss national bank says brexit is still not clear.need to adjust policy but he says they can cut interest rates lower necessary. want to thinktors centric. what is yahoo! going to do? what's the consumer discretionary going to do? it's a big wide world and these are all butterflies directly affecting us. >> i did not read anything concretely coming out of it. tom: thank you. i did not either. it was a photo op. >> you really have to look country by sector company to really dig out those returns. francine: this is very important. thomas jordan is saying for the first time that he is weighing options. -- if the ecb boe moves it directly impact switzerland. will we see a move away from havens? or are we going to see much more money flowing into those kind of currencies? >> we could but if everyone is going to cut their rates and the united states is perhaps pushing higher or on hold a stronger dollar becomes a worry for the multinationals. could see a shift in currency markets that sets up problems in q3. we don't have the underlying dem

yousef: the national bank of abu but itseat estimates profits fell 5% as it prepares the merger.ld create a regional it would create a regional powerhouseÑ< billion of assets. the united arab emirates biggest telecom provider reporting a surgeon profits. the second quarter profit was up 51%. yousef: oil prices are under pressure. we're also seeing some of the five-year credit to the gulf sovereigns. that is coming under pressure as well. we could put that up for our viewers to see. they can easily pull that out. what happens to the yield .nvironment >> the environment for the gcc bonds is pretty good. we hadn't seen that materializing over the last two weeks. weregcc sovereign budgets based on oil prices around $50. it probably doesn't change very much. the second thing is the lack of flexibility. in our market we don't have the currency changes. we'll have any credit derivative products. anybody who wants to get exposure to the gcc is through dollar-denominated bonds. new issues have fallen as well in recent months. we did have the outcome of the federal reserve meeting and the

ge shareholders have 32% of the combined entity in this national bank.lp them compare with regional rivals like qatar national bank. china has warns of severe flooding on the yangtze river. authorities at flood control facilities have been improved, but rising water levels rose a serious threat. -- pose a serious threat. some of the places are already overflowing with 17,000 people at risk if the dam collapses. by 2600 journalists and analysts and more than 120 countries, i'm haslinda amin. yvonne: thank you. let's return to the australian election, with the voters are still waiting for results. business says the uncertainty is the worst possible outcome. michael turnbull says they have to get on with it. michael turnbull: while the counts take the number of days, probably to the end of next week, i can promise all australians that we will dedicate our efforts to ensuring that the state of the new parliament is resolved without the vision or rancor. -- division or rancor. the prime minister will have to get on with the job. yvonne: joining me is the chie

nation. let's banish the has missed -- the pessimists. [applause] mark carney, the bankengland governor was right last week when he said, and i quote, "the vacant had a change. it has one of the most flexible economies in the world and benefits from a reservoir of human capital, world-class and for structure and the rule of law. its people are admired for their strength under adversity. the question is whether the u.k. will adjust, but rather how quickly and how well. he then goes on to say that the clear plan is needed. he is absolutely right. today, i want to speak to the markets, as well as to the nation. no one needs to fear our decision to leave the eu. [applause] ms. leadsom: we will do so carefully, reassuring our european friends and those businesses that are worried about change. trade must either top priority. continued tariff free trade with the eu, continued free trade with those countries we have agreements with and current members of the eu. over to the, saving the opportunity to take up new pre-trade agreements with fast-growing economists around the world

nations. the ecb has ordered the bank to offload 40% of its nonperforming loans -- loans by 2018. investors fleeing markets rocked by the brexit have fueled the rush to corporate bonds. they just investors may be taking too much of her wrist. >> it is obvious when interest rate's are at zero or negative that everything is tied together. they are tied together in some way. you must assume i think that the high-yield bond area is artificially priced and at risk in -- under certain circumstances. i would not buy them. i am short them. categories of corporate or just high-yield? are cdx and igcdx which are derivatives that are easily traded. asusrades are at 80 points. youcally at 425. yes when buy protection as opposed to sell protection which i have done, that is the same as shorting then you are giving up that carry but you are looking for a widening of spreads and ultimately that is what happens in both of those markets. of banks, ourst corporate bonds way the channel for monetary policy now is to mark -- now? are the asset class of the day with the swiss national that we just fou

all of these other national banks have less than 3%. ,e are looking at only 1.5% nonperforming loans the entire book, 1.4% in the u.k., and germany 2.3%. italians, 18% of all their debt is bad. joe: scarlet: that isn't urinary chart. matt: i know. more about to talk u.k. property. take headlines in the last few days have been about these funds trading, halted the halted redemptions. it makes sense because you are offering daily liquidity, but you cannot sell buildings in a day or two. it takes time, especially like now. a closed end property fund. the s&p 500 commercial property, it has a lot in the u.k.. so the blue line is where shares are trading. this is freely on the secondary market. the white line is the quarterly declared net asset value. this is where they declare their worth to be. you can see a huge gap that opened up between where the shares are currently trading and where the last is of the underlying assets that the fund has in london. you can see essentially this sort of liquidity premium or discount, how much off of the price is, people willing to sell these shares fo

we saw the announcement of the national bank of abu dhabi which would probably create largest bank in and% domestic market share they feel they are a strong domestic growth opportunity. yousef: who is most vulnerable in the gcc? what is on your risk radar? khalid: sovereignty profiles in this region are strong. which isaround 15% pretty robust when you compare it to capital levels of other parts of the world. what are most impacted are countries like oman, where because of their weaker fiscal position, the banks are facing pressures within the country. the liquidity situation is much tighter. the deficits are higher so you are expecting more pressure in the operating environment and that might manifest. yousef: thank you for stopping by. still to come, plenty to get through, including the latest on iran's sanctions growth plan. we hear exclusively from the nation's minister of economy. this is bloomberg. ♪ yousef: iran is looking to return to the global bond markets for the first time in 14 years. speaking to finance and economic recovery after lifting of economic sanctions. things it

this, until recently was known as the national bank, when it went up in 1939 it was the angled palestine bank and the tallest building in jerusalem at a soaring seven stories and seemed like just one of the most dignified public buildings in town. the way it sits in relation to the front and the hill behind and constructed with this incredible awareness of its own context and this is no surprise when you learn the man responsible was eric mandleson and he is one of the three that has an international reputation and he was obsessed with context in all kinds of way. he had a thriving career in germany and his office was one of the busiest and most productive in that period and time and place. his most famous building is his first, this is the einstein tower and built just a few years before einstein won the noble prize and was meant as a lab. it is a strange building and considered a masterpiece of expression architecture and not my only favorite. i prefer buildings like this. this is a movie house in berlin in the late '20s. it is part of the largest commercial and entertainment complex b

so, yes, we have the frontiers being pushed by the swiss national bank, by the bank of japan, by theome of those --erials as well, imposed with operation twist, you can go down the list. a lot of the things that we thought were unimaginable have become imaginable. it is a new frontier, and the central banks are pushing further. in a sense, your question hints at the fact that we are not sure how the economy is responding or how it will respond to policy, and therefore they are trying to -- they are trying new things. the last time i was on with you, we were talking about helicopter money, the possibility we might see that in japan. are beinghe frontiers pushed out and will be continuing to be pushed out. francine: do we have a better handle on inflation, on how we can stoke inflation? this one of -- this is one of the major problems in the big economies. dino: one of the interesting questions is that for years the question was how to put inflation down. now it is how to push inflation up. with all of the things the central banks have tried so far -- tom: is there any history that the

it found at the first national bank, established the national capital on the banks of the potomac, enacted the first patent and copyright laws, founded the u.s. coast guard, and i could go on. the members of the first congress did not regard themselves as demigods. they never expected anyone else to consider them that either. the great majority of them were professional politicians. most of them were lawyers. [laughter] this was not a congress of amateurs. threw down his plow, jumped on his mule and road to new york and legislated for a while, then went back to the farm to finish plowing. nobody. nobody tore off his cobblers leather apron to legislate. these men are professionals. they were overwhelmingly pragmatists. there were no ideological zealots. one or two were a little bit crazy, and a few others were a bit famously lazy. others in time to time had to be pulled out of the taverns and brothels. [laughter] mr. bordewich: some of those names don't occur very often in the record, but among these men -- we will come back to him in a minute. madison, james madison stands out as the leadi

utright had op intervention, the swiss national bank, perhaps the bank of japan, and the third phases they are beginning to signal changes in monetary policy. that is increasingly limited, and they are running up against the limits of their own action. worry, a bit like the politicians, that some of the actions from the central banks will have negative impacts gone if you look at where the interest rate curves are getting pushed into further territory. that is not an outright positive for savers, for insurance companies, the financial services industry. there is a well held view abroad that more qe is not what we need. it just stores up more problems. anna: is that what we are talking about? we had the chart of sterling during the press conference mark carney gave. the market factored in further assistance from the bank of england. what does that look like? as he said, he was channeling timothy geithner when he said "a plan beats no plan." he is sort of working in a vacuum. what will the easing look like? will it look like a rate cut? will it look like you we? -- like qe? >> it was q

prime minster hits back of criteria ikts of the nation's banks saying other european lenders have much bigger problems. >> good morning, how are you? >> you look great. >> you watched it. >> yes i did. >> flipped between wales. >> i went to the movies yesterday. >> did you? what did you watch. >> the secret life of pets. >> i know. it's an animated. >> i like animated movies and i also like the kind of lighter stuff. sometimes it's good justice to have a laugh, watch something light, giggle wl a girlfriend. >> and you enjoyed it. >> i did. actually recommending it. >> she says it in an embarrassed way. >> you're not supposed to say as an adult you watch animated movies really now and then, but after you watch like 12 really very movies. >>> let's look at the market this morning. stocks up up just shy of 2%. we're seeing a little bit of buying back into stuff has been sold off over the last couple of sessions. you take a look at the sectors as well, you'll note we're seeing a lot of green across everything. auto is back up. basic resources bouncing to the upside. our main european equit

as they traded for the national bank. and then if dramatizes the up pressure he doesn't write about politics and all. so it is said justin the book that he found the after you want to show how it felt. there are personal achievements is sickness as they try to reach tel in the to book so we are right team for free is now with the better sense for also for people who would look back comments with the employer and collaborators in how that felts and most of all what it cost.ore us and in tulsa to a understated in this moment the story started for us and will continue after us. there are a couple moments of was very privileged toen watch the show have been when i had a feeling i can only liken it to vertigo itt is hard to write about this without sounding like you are high. i have tried to do it trust me we were knowing that the president would come to the show technically after river supposed to be dead but if the president is coming you crack open the of laptop to add the epilogue to see him walk onstage after the showngto

. >> it's a brave one to take on the swiss national bank. they've been so explicit about the desire to defend. they will intervene. that said, that has been significant flows into the swiss, but i think the s&p will fight against that. you've got to imagine the next move wasn't just intervention will be something more radical. do we hear the sound of helicopters in the distance. >> thank you so much for joining us. sara. >> >>> coming up this morning's top market moves. the top half officially in the book and the dow and s&p 500 have recovered nearly 90% of the post brexit losses. stay tuned, you're watching cnbc first in business. worldwide. hertz. >>> still to come, political fights from london to washington. tony fratto is our special guest in just a couple of minutes. tailored to fit you and your budget. with unique features, like claim free rewards... ohh! customized home protection extra features all at an affordable price! i'm going to live in this. in means getting more from your home insurance with an expert allstate agent. it's goo

attention units 54 and 55, we have a 1090 at the national bank.irst unit at the scene, do not enter into the backup unit arrives. >> this is unit 54 responding. >> many police departments now authorized shotguns to be carried in patrol cars as a -- patrol cars. as a safety precaution, they usually do not have a shell and the chamber. officers may forget to release the action so that they may charge the weapon. ametimes this only causes momentary delay, but in an unexpected confrontation, these seconds could be vital. instruction, especially with newly issued weapons, must begin with the row training in handling and loading. releasing the action must become a reflex move, even under stress. firing ranges and courses for ,hotgun training may vary, all however, qualify into basic positions. fire is better suited to long ranges. hit firing is used to close range, where most confrontations do occur. the shooter must know the shot pattern of his weapon to be aware of the safety limits of various shotgun loads. each year, the fbi uniform crime reports te

have a national banking system alongside the state banking system so the point is the same things thatl american politics in other areas, what does the state get to do versus what does the federal government get to do, the question of slavery and other questions about who would issue money or regulate banks, all the same questions about american politics and issues of slavery haven't gone away and residual effect of the civil war haven't gone away when it comes to banks either. what happened in the american experience, the united states industrialized in such a way before the regulatory agencies appeared. united fruit, standard oil and major banks being one of them. they existed before the regulatory reforms of the great depression. in many countries our advanced industrial is were much more informed when they developed. in our country we had a lack of comfort with centralization of power in governing institutions and banking institutions. as anything else in the united states contested between state and federal government. in some areas of the united states, much more comfortable in b

it founded the first national day and the first national capital on the banks of the potomac. it enacted the first patent and copyright laws, and i could go on. the members of the first congress, it regards itself as demagogue. they never expected anyone else to expect them to be that either. a great majority of them were professional politicians. most of them were, gasp, lawyers. this was not a congress of amateurs. nobody threw down his plow, jumped on his meal, and wrote to new york and legislated and then went back to the farm to finish plowing. nobody. s.body took off his cobbler professional. overwhelmingly that there were no ideological zealots. crazy,two a little bit and a few others were famously a bit lazy, and a number of others, it seems, from time to time had to be pulled out of the caverns and brothels of the eastside, and some of those names do not occur very often in the record, but among these men -- we will come back to him in a minute. james madison. james madison stands out as the leading figure, particularly in the first crucial session of congress. there

. >> i spoke to the nonexecutive chair of the national bank of greece about reforms in her country and asked whether she thinks alexis syprus has the stability to carry them out. >> you saw that in parliament with majority voting through the measures. it seems to me that the worst is over. >> reporter: the protesters are still on the street. >> protesters, let's not try and beautify the situation. there are still a lot of people with a lot of problems, people who cannot make ends meet on a monthly basis, pensions over the past years have been cut, wages have been cut. we've lost 25% of our gdp. unemployment is still 24%, 25%. the crisis is still with us as a political system. all social partners need to manage this crisis, see how we can alleviate the situation for many of our citizens and the banking system and the financial system has also responsibility to use the margins that we have to inject liquidity in the economy specially for the small and medium enterprises which still have no access to the banking system. >> you mentioned the banking system and your role at the country's la

. >> they make a stop at first star national bank. >> reporter: cabello, a former marine, is armed with a gun that he certainly knows how to use. but he doesn't need to use it. his weapon of choice today? a ballpoint pen. >> he's on paperwork showing he signed for the bag at 12:30. a bathat had about $157,800 give or take. >> reporter: give or take, archie will always choose take. out in a matter of minutes, the crew puts the money safely in the truck. it's now break time. >> he ditched the other tw for a kbreak, or a bathroom break. >> reporter: all he needs is a few quick minutes alone with his thoughts and all that money. he pulls around back, where he meets up with the car that has been quietly tracking his every move. archie takes that bag of cash he just picked up at first star bank and makes a rather unusual deposit. >> her open window, onto the passenger side seat. and they both drove off. >> reporter: archie loops back around and waits for the crew to come off their break. once back in the truck, the trio resumes their workday, none the wiser that their load has been lightened

because you just stuffing your money in the first national bank aka stuffing it into the mattress or saving it in ira or 401k, great those they might be they might not be enough to prepare for retirement. take an active hand in setting yourself up for retirement. really getting involved with your money. getting your hands dirty. especially with the traditional vehicle for so many retirements fixed income or bonds yielding next to nothing. with that minimum word not worth the risk. and that's what i'm here to help you do. young people don't turn off the tv. do this too. if anybody can make it sound interesting it's me. you need to learn how to do this sometime, wouldn't you rather learn from a guy around for ages though he traipses around like stink pants, jumped into trash cans, not to mention the sound effects that drive points home. before i get going i want to make you a promise. i promise to give you useful advice you can't find on the internet because so many of these personal finance prominds have been repeated that i think it's not worth calling the stuff advice. yes you shoul

at lisa three national banks said they were contacted and asked for those reports.words, us,semantics, for benjamin. what is meant as the extension of the coup attempt? >> there is a a feeling that the downgrade was premature, that they had not had time to analyze the impact on the turkish economy. but of course, this also fits into a larger narrative, which says this is not an isolated event. turkey has been subject to multi-pronged attack seeking to undermine its government and economy. and erdogan that is much yesterday, saying the s&p downgrade was political and also, the could be other countries, without naming them, that were involved in thsis cou p attempt. guy: what do we understand about the timeline and how it will work with the state of emergency? >> i know, the state of emergency is three months, but erdogen said yesterday that it is possible to extend that. guy: in terms of how the situation continues to develop around the world, we have heard the line being pushed very clearly that turkey needs to thatct international law, it needs to respect its peopl

management shows the the swiss national bank are doing in assisting their people. it borders off euro responsibility and that is one of your themes in going to zurich, to see how european banks are dealing with the political economics of the continent. yes.ine: you are right. i was looking on the plane over interesting to research. it reminded me that if you looked at the yield on swiss government bonds, anything from 40 years below is in negative territory. so again, it is a bit of the crazy world that we are living with in the moment. let's get more on the fed and central banks. magnus, senior economic adviser. you are in london and i am in zurich, great to have you on the program. what did we learn from the fed yesterday? what specific factors they are looking at? george: what i took from it is had the things that they previously been looking at and listing as reasons for not raising interest rates didn't seem to be as significant now. so in a way, it is a clearer vista or they think it is a clearer be stuck where the there have been ones from china. but they hav

. >>> national blood banks are facing an unprecedented shortage of blood surprise -- supplies. people who travel to central and south america cannot donate blood for months after they return . there's also been an uptick in blood usage and he said -- nationwide whupped some of blood donations are down. blood centers are now pleading for donations. to sign up go to our website and look under the web links tab. >>> we are falling development out of oakland this morning. several black lives matter protesters remain chained to the building that houses oakland police union headquarters . the demonstration outside the building at fifth and clay street began last tonight . no sign of it going to end anytime soon . he did ask what the protesters of this group would be willing to follow the lead of black lives matter demonstrators in wichita kansas and to sit down for a barbecue with local police officers. >> so barbecues aren't going to stop the brutality that black folks are facing. barbecues are not going to stop this blockade and as a radical farmer i eat pig i don't eat with them.

city national bank, helping northern california businesses grow. >>> this week, a ceo puts his businesso make you a better cook. technology brings parents closer to their kids' classroom, and a new way to reserve a parking space. our reporter from the tech dog pando and "fortune" magazine's this week on "press: here". good morning, everyone, i'm scott mcgrew. sometimes as you flip around the channels on

stocks of the asset class of the day with the swiss national bank, we found up.ion worth of stocks around the world, including johnson & johnson. it is staggering. we have known the japanese buy stocks, but i never knew the swiss national bank bought stocks. it is like a sovereign wealth fund. market iss entire distorted by cash flows that never have been. tom: i look at the swiss franc has a safe haven proxy for this united kingdom stuff. all of the world would like to know the bloomberg surveillance world would like to know what you are thinking in the drama of the brexit vote. what were you thinking as you saw the united kingdom shift to leave versus the presumed remain? bill:bill: i was watching that overnight. what i was watching, i had some options in u.s. treasuries, calls and puts. initially, the u.s. treasuries were declining in price, declining to much. then all of a sudden, as the brexit was winning, treasuries went and we are going up too much. so you don't want to sell as much volatility as happened on that night. it was a long night for me. it turne

hamilton papers and made a point that the dominant person of hamilton's life was not creating the national bank not being a hero at the revolutionary war. wasn't diving in a dual with aaron bur. i was creating a national consensus, to get americans to think about themselves in a new way, think about the country in a new way. think of themselves as a union and then keep driving that point home as much as he could while he had time on this earth. thinking and feeling, that to me might bev what alexander hamilton did but thinking and feeling is the theater's wheelhouse. that's our specialty youch get people to feel differently about themselves elm that's why we're in business. when i thought about hmm ton roz lifestyle if thought was was happening around show show. the way people react ode song tri. what was trying to tell the store of not two revolutions they were two aspects of the same revolution. a grandiose claim to make on behalf of a show. to about it next to the legacy of a founding father. you can make arrangements on behalf of this moment or that show. here's one for me. bust arhymes, a

. >> meanwhile, the head of the nation's largest bank is raising the company's minimum pay for thousands of low paid pays. jpmorgan chase ceo says it's important to a growing concerns surrounding income inequality. he wrote quote, a pay increase have rig gone nowhere for too long. the base pay for 18,000 employees, tellers and customer service workers, will rise to as much as $16.50 an hour over the next three years. their pay currently stands at $10.15 ab hour. >>> is this the right move and e m pay for their low wage employees? joining us to discuss is har hoelzer, georgetown university. good to see you. we've seen starbucks. jpmorgan chase. walmart also making raises. is it your view that it is better pol these decisions on their own or to have government step in and try and boost wages for low paid p minimum wage? >> well, it's definitely good when com because they're doing it in their own interest. right now, whether it's starbucks or jpmorgan chase or walmart, there's a few different reasons why ththis. number one, as the labor market is gradually tightening, they feel som pressure