financial and the prudential foundation. now to introduce our first special partner. ms. ladda reddy. she is senior vice president of diversity, inclusion and impact at prudential financial. she is also chair and president of the prudential foundation. ms. reddy originally joined prudential in 1997 to manage the foundation's education grants and she became vice president of the foundation in 2002. she has dedicated her career to promoting equality, starting with her work as a civil rights attorney with the u.s. department of education and now through her leadership at prudential. please join me in a warm welcome for ms. ladda reddy. [ applause ] >> thank you, aaron, and good afternoon. on behalf of all of us at prudential i wanted to add our welcome and to say how very proud we are to be a founding donor to the national museum of african-american history and culture. we are also so pleased to sponsor the clement alexander price lecture series. dr. price or clem to those of us who were fortunate enough to have known him and w

we would not be here if it were not for the generosity of prudential financial and the prudential foundation. thank you lata reddy send all of our partners here in newark. thank you also to the speakers. so many of them are good friends or former students. civil servants of the highest order. finally, as i present a t-shirt to the archive of this museum, i would like to do this. i ask you to stand, beginning with clements sister. his brother. come on, guys, stand. all of the prices here, please stand. especially the young people. thank you all. >> thank you ms. price. we really appreciate it and really appreciate the support that doctor price and his family have always given to the museum. so now it is my distinct honor to introduce doctor julianne malveaux , our moderator for today's first panel, on civil unrest. he is the president and owner of a nonprofit organization in washington, dc. she earned her doctorate from mit and has taught at howard university. additionally, she served as president of historic bennett college. her writing has appeared in such publications as usa today, black i

prudential is the largest u.k. listed insurer. executive michael wells exclusively discussing asian expansion. for> the demand in asia medical care, the out-of-pocket expense -- i am sure your seen at least $.40 of every dollar versus nine cents here in the u.k. or 11 or $.12 in the u.s., so a huge demand there. 70% of our new business profits are drived from that focus. premiums and the 95% of the existing clients renewed this year so very healthy client relationships across a dozen markets. the wealth business is doing well. it is all doing what we hope to do. >> there is an m and a speculation at the moment, would you be a buyer? no. there is a lot of noise in asia right now politically and currency wise, and none of it diminishes the structural demand in asia. this is a highly penetrated, fast-growing markets. our sweet spot's clients that are interestin -- entering them middle-class, so these structures are ahead of us, and listen 12% of asian households type productsds and we have the leading platforms. good progress. bullis

we would not be here if it were not for the generosity of prudential financial and the prudential foundation, and thank ddy and all of our friends here in new york. and thank you to the speakers. so many are good friends or former students, civic ser vants of the highest order. familyesent the span t-shirt to the archives of this museum, i would like to do this -- and i askence you to stand, beginning with his's sister, his brother, here.and all of his fans please stand, especially the young people. thank you all. [applause] >> thank you. it.eally appreciate and i really appreciate the support that dr. price and his family have always given to the museum. now it is my distinct honor to -- dr.ce dr. julian julianne malveaux. of as the director nonprofit organization based here in washington, d.c.. she earned her doctorate from m.i.t. and has taught at san francisco state, michigan state, and howard universities. additionally, she served as president of the historic than it college in carolina. her writing has appeared in such publications as "usa today," andsmagazine," "essence," the progress

so it looks like prudential making some steps in that regard let's look at their solvency ratio.urplus is at 6.7. estimated at 14.4 billion. equivalent to a ratio of 209%. so the solvency ratio is looking healthy. overall from what i can tell, their focus will continue being on merger and transforming some of their businesses. >> i think it's having a bit of an issue the uk life business was merged with them in june. if you look at the numbers, first half net inflows tallied up to 3.5 billion pounds, they were up a year ago so perhaps some changes. the asian business has been split also from the uk business. so you have a business which was separated into two unequal halves you want to see pick up in the uk, but brexit is coming and it's an uncertain market and sterling have an impact. >> yesterday we had the standard life aberdeen results, that's another insurer who have basically morphed into an asset manager because of challenges facing the uk market >> let's get back to those munich re numbers. they were pushing the stock lower. munich re trading south after operating profit

we wereerg exclusive, here with our interview from michael wells, the ceo of prudential.ties, we are 30 minutes away from the end of the wednesday session. stocks are lower today, the next round of the tradeeuropean

prudential in the u.k..atory college, the we maining regulators then select who the next regulator is. they have selected hong kong. that is a process where we have input but we don't have a vote in and they are all collectively -- including singapore, in their desires for hong kong and how they will regulate us. when a global business like ours is every local regulatory regime matters and those are stacked up on top of each other. you basically hold double-a capital. -- that 's supervisor, becomes the over all supervisor recovery. francine: what do you with the extra capital? mike: you keep it in the business. it is a good fit for our u.k. business. not a particular good fit for our u.s. or asian businesses. the local regulatory regimes matter more. we want to keep well capitalized strong businesses around the group. we're investing heavily in new sales and technology and new capabilities. you saw us buy 55% of an asset manager in thailand. bab lon health took their technology across to china. there is a lo

reports at time, that's the british prudential., richmond federal reserve tom barkan -- president virginia. speaks in you can type in fed if you want to follow along there. the wall street closing bell, we will get earnings from in thentury box, key media landscape. let's focus in on a key part of the media landscape. missed estimates as canceled films weighed on profits. on ceo gave an up -- gave optimistic view the future as its espn streaming service attracted more subscribers than expected. is joe mays to talk about what we learned. what did we learn? that they ared very optimistic about the acquisition of the fox assets. the numbers were slightly missed addingey does need to be content to its portfolio and building out its streaming service. we did learn too much about what has happened to sky, the final asset and play in this transcontinental bidding war. a mixed bag, i think. matt: where are we in that bidding war? have fox and comcast both with offers in the market. does fox raise its bid for sky? comcast are currently

that being said, we are cognizant of the prudential concerns surrounding election, but here we are months away from the election. those concerns do not apply. >> [indiscernible] know, indictment -- you it's premature to discuss those matters. >> are there any other people who are under investigation? [indiscernible] i have no comment on that. >> how come the sec chose to name the fiance's parents? investigation its , it is a civil investigation we are -- they are conducting. we are conducting a criminal investigation with a different standard of proof, so i'm not going into the various factors that go into our decision on whether to charge or not charge someone, but they are different investigations. yes? [indiscernible] >> we have not. >> thank you. >> thank you. >> eight hours later, the congressman held a press

michael kors and prudential all out thursday.ion, viacom, and the weekly jobless numbers. wrapping things up friday investors get a look at the federal budget and the consumer price index. coming up next week jpmorgan chase's chief economist anthony chan is with us. we have a big show with congressman peter king and joe lieberman talking to me about iran. weekdays at 6:00 to 9:00 a.m. eastern for "morntio >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates

. : : : juris prudential approachn february of 2017. it's also worth noting that it was supreme court justice elena kagan who hired judge kavanaugh to teach at harvard when she was the harvard law school dean. justice kagan clearly thought highly of the judge's reputation and credentials. so highly, in fact, that she hired him to help shape the minds of harvard law school students. in his writing, judge kavanaugh reminds us that federalism and the separation of powers, quote, are not mere matters of etiquette or architecture, but are essential to protecting individual liberties, unquote. judge kavanaugh has also exhibited a willingness to rein in administrative agencies when they exceed their authority under the law. he has consistently held that international laws do not govern national security matters if congress has not adopted them as domestic law. domestic law. as domestic law. after carefully reviewing the record, i am confident that will be thankful to the constitution and preserve the authority of the supreme court. judge kavan

ping an adding to thursday's 2% advance as it is said to be evaluating the acquisition of its prudentials. whyaad: the question is pursue an overseas deal when your target is unwilling to sell and prospects at home are magnificent? that is one of the questions sparked by that operation, and may indicate problems on the domestic side of things. continuing the pursuit at this point? they want to sell their growth business? >> everyone has a price. ,f the premium is high enough the asia business could be worth $50 billion. that would make it the biggest deal but china overseas. at that price we would have a problem. obviously has an issue at home. that is the only thing you can conclude from this. if you look at the numbers right now, you can see that. ping an obviously has to go overseas because competition at home is so tight and intense. there is a competitor that has issued a critical illness coverage policy which has really low margins, but everyone is taking it up. that is the kind of competition they are facing at home, so they are looking at prudential's asia business and saying sou

prudential's asian operations could be valued at about $51 billion. >> less than 12% of asian households mutual fund type products. we have one of the leading platforms. 13% for the first half of the year. good progress. we are actually -- as investors we're bullish on asia. the $2 billion transaction sees a 30% holding from hna capital arm. it is one of oryx biggest deals. the third biggest by size. >> we see it as a 7030 split being a stable long-term shareable. hna have repeatedly said in on the earnings call i repeated that they have no desire or interest to sell a controlling interest in avolon. they say it as a court long-term strategic holding of the group. haidi: coming up next, is risk aversion rising? how trade tensions and geopolitical uncertainties are weighing on market sentiments. this is bloomberg. ♪ haidi: it's 8:30 a.m. here in sydney. markets open in just 90 minutes. looking pretty uninspired at this date. a beautiful morning here in sydney. looking at the upper house right there. -- the opera house. focusing on chinese inflation numbers and expecting to see a little bi

. >> prudential has reported first-half operating profit that beat estimates.ber came in at 2.4 billion pounds, sending shares higher. the asian part of the business is doing particularly well. what have you gotten right? >> i think the pivot to protection, the demand in asia for medical care, the out-of-pocket expense that you have seen many times on the show, $.40 on every dollar versus nine cents in the u.k., or $.11 or $.12 in the u.s. 70% of our new business profits are derived from that focus, so that has been tremendous. and over 90% of that is regular premium, meaning those clients stay year after year, 95% of the existing client renewed. very healthy climate relations -- client relationships on 250 million clients across a dozen markets. leadership positions, the wealth business is doing well. it is all doing what we hoped it would do right now. >> the standard life aberdeen is still hemorrhaging client cash, redemptions it reached 16.6 billion pounds in the first half. investors remain nervous about market volatility and economic uncertainty. >> the v

the ping an could take out some insurance of its own with pursuit of prudential operations in asia. good morning, yvonne, on a day we saw the s&p 500 hit a record. it was what happened after hours, closing, that really moved the market here with donald trump as well as the lines, paul manafort as well as michael cohen getting convictions. let's take a look at what's been happening in terms of safe it in place. the s&p 500 was up right .2%. we had an intraday record, but we did pull off of that. riding nasdaq and dow higher. we can take a look and see what's happening in terms of risk assets moving the bloomberg --lar spot 2.3%. the s&p many futures is the big mover. gold futures on the rise above the 1200 month and, yvonne. -- 1200 mark, yvonne. yvonne: the s&p hit a record for beating january ties. we are poised to enter the longest bull market ever for u.s. stocks and certainly want to watch out for. sees take a look at how we the buying into the yen, the dollar dropping for a fourth day. the yen as well as the swissie catching a bid. the aussie also feeling down here on sympathie

prudential has reported first-half operating profit that beat estimates.he number came in at 2.4 billion pounds, sending shares higher. the asian part of the business is doing particular well. what did you get right? >> the pivot to protection, the demand in asia for medical care, the out-of-pocket expense you have seen many times on the show, $.40 on every dollar versus nine cents in the u.k. or 11 or 12 in the u.s.. profitsur new business are driven from that focus. that has been tremendous and over 90% of that is regular premium, meaning those clients stay year after year and 90% of existing client renewed. very healthy climate relations on 250 million clients across a dozen markets. the wealth business is doing well. it is all doing what we hope for it to do right now. >> the standard life aberdeen cash, -- 6rhaging billion pounds in the first half, the latest sign investors remain nervous about market volatility and economic uncertainty. is 80%encouraging thing of those flows are in what we the asset set of driven success in both companies in the past

this is the prudential chief market strategist with $1.3 trillion in asset management.ood to see you. given all the news flow we have had whether fomc, jobs report or earnings, did any of those things change trajectory for how you see markets progressing? >> no. what is interesting is the market has been resurrected. resurrected it seems by apple, never mind you take apple out of it, they are vulnerable to chinese terrorists. nonetheless you can see this as a referendum on what investors andeve in who will win them how this will come to closure. in terms of the big tech names, what is interesting is it was as if obituaries had been written and suddenly they come back to life. tug-of-war, do we go to growth, stay with growth, move transition to value? we are getting into the summer indulgence. markets do, and performance lessons during august. and you tend to see a transition gross momentum names to the defensive names, like health care doing well. i think we will see this going into the midterm elections. scarlet: encapsulated by today. joe: two of the big faang stocks,

. >> prudential police chief but this guy all of the sudden can roam around and rattle around and shot down the capital for weeks with these containers. where in the world does this kind of money come from? like the trump administration. watch who is making the money. election fraud -- stealing an election, the judiciary -- >> let me just say i have heard both of you and i and generally know the subject so i can say i understand what you are saying but try to answer people who are saying the following. number one, pakistan has a youthful young population, this young population does not like politics as usual. some have a cultlike adoration for con, he was the one who brought the world cup in 1992 through pakistan and hasn't been accused of corruption himself partly because he has never been in government. that is a fact and people were frustrated and the accusations against sharif irrespective of legal niceties not being observed, many people believe them in the two political party leaders were corrupt so these are the factors that made a large number of people turn against the old pol

in a modern day and age, it might operate through macro prudential because that is where the risk is the most immediate is i think the turkish bank will lose access to short-term funding. >> i will say the second-biggest private bank in turkey, bonds have actually plunged in the past two days. >> that is what is producing the response is the central bankers got to do something about that. that is with a fire really starts. what a lot of people said maybe there is a political resolution that will allow him to exit stage or find an elegant solution. how might that work? >> i do not think there is any prospect of regime change. how it that only know has gone. it is conceivable for some deal to be done but i think we're well past the realm it in the financial markets need to see some -- it is difficult to see where that comes from. as we saw in argentina for today, though it it ist help current much, a conventional move, a massive rate hike. far, policymakers have been antagonistic toward traditional things one might expect a country in crisis. requested developed an entire narrative and

prudential for how long -- >> 20 years. >> at prudential 20 years. you've been in the business 80 years or something, right? the s&p is within spitting distance of an all-time high again. we're back >> it's been an amazing year >> of all the trade stuff, we're almost at highs. >> what great earnings will do >> chinese stock markets are not at highs that might embolden some people we know and talk about a lot both of you gentlemen seem to think the best days are behind us it's hard not to be bullish you say but maybe things are long in the tooth? >> bull markets and the economy doesn't die of old age, but the fed is the one that usually does the deed >> i didn't mean to bring up that age stuff >> i was going to congratulate you. >> i was here the whole time you were on. >> certainly earnings are great. the economy is doing well. but it's our job to be professional pessimists in some ways and think about what can go wrong. i think for right now we continue to be overweight stocks we are still optimistic. we call ourselves barely bullish n now. so we th

next i want to welcome vishal jain who is the financial wellness officer in prudential's workforce solutions group as both an alert and financial services firm. credentials been a leader in providing innovative financial wellness resources to its employees and customers. next is senior vice president with the american benefits council, one of the foremost experts in retirement and compensation policy and i appreciate the council again lending its expertise through her to one of our roundtables. finally we have mr. scott astrada hear from the center for responsible lending where he serves as the federal advocacy director. i'm looking forward to his testimony. thank you all again for joining us in this discussion. after our witnesses give a brief opening statement, members will be able to pose questions to them. we want this roundtable to be discussion focused. so if anybody has a comment on what somebody else said, that's why we do roundtable. at the conclusion those that are not here as what is of those that are here will be able to pose additional questions which i hope you will be willing

perhaps helping the share price, but he is refusing to comment on this possible deal to acquire prudential'sons. yes, we operate in china, but have 33 different businesses. 10 of those businesses are technology. we are very satisfied with the thelt, because in q1, renminbi fell because of new that atons, but we said the time. what is also important to stress is that value is only important that it drives are value. a life return on value on an annualized basis is 35%, so you will struggle to find any life insured globally that can deliver a life return anywhere close to that. you thinkingt are in terms of buying credentials -- credentials asia business. are you interested? >> we have no comment to make about any acquisition. m&aever comment on speculation and i will not begin today. , inith regards to expansion terms of other interests elsewhere, are you happy with the current structure geographically of where your businesses are, or is there something you guys want to push outwards to? >> we are very happy being a retail financial services provider in china. our internationalization has alr

[laughter] tonight, we have demonstrated how a conservative foreign-policy believes in prudential restraint. our libertarian friends talk about restraint, but it is interesting that they do not care about the concept of restraint when it comes to shooting heroin, but they're all about restraint when it comes to cutting the budget of our men and women in uniform. rather than be inflexibly conservative embraces a foreign policy dedicated to securing american independence through any means. demonstrated how the legalization of physician-assisted suicide actually fatally undermines individual but tommy. -- individual autonomy. theconservative belief in worth of every human being places upon us a duty to protect the right to life at every stage, from conception to natural death. the right to life must never become a duty to die. killing must never become cheaper than caring. we have demonstrated how immigration policy which ignores the importance of americanization eats away at our natural foundations, rather than turning the flood of illegal immigration into a synonymy cash we must begin enforc

[laughter] tonight, we have demonstrated how a conservative foreign-policy believes in prudential restraint. interesting that libertarians don't care much about the concept of restraint when it comes to shooting her when they're all about restraint when it comes to cutting the budget of our men and women in uniform. ander than be flexibly -- flexibly dogmatic, conservatism securingsecurity -- american liberty through any means. the legalization of physician-assisted suicide actually fatally undermined economy. the conservative police -- belief in the worth of every human being places upon us a duty to protect the right to life at every stage, from conception to natural death. it must never become a duty to die. killing must never become cheaper than caring. we have demonstrated how an immigration policy which ignores the importance of americanization it's a way our national foundations rather than turning the flood of illegal immigration into us and now me, we must begin enforcing our current laws to protect american lives and american values. recognizes that the americans of today have no

chief prudential market strategist, quincy krosby, "wall street journal" editorial board member, crackerjack writer, dan henninger. the idea that exposure to turkey knows no end. even though they have a plan to stablize the markets it hasn't done the trick, what is going on here? >> there is no plain to stablize the markets. the problem lies inside of turkey. mr. erdogan is giving no indication that he will allow the turkish central bank to stem the fall of the letter a. we went through the mexican peso crisis in 1994. you're frying to find out where the exposures lie. turkey has 50% of hard debt in its currencies mostly in dollar. we're trying to find out which european banks hold turkish debt and how much exposure do they have? that would be the big question right now. neil: it happens again and again, right? every time we see this sort of thing crop up, we could go back to thailand and the bat crisis. seems like the exposure would be minimal, never deemed minimal or reaction is never deemed minimal. what do you make of isn't. >> you always worry about collateral damage. go one year to 199

including notre dame law school back home in indiana where he gave a guest lecture on his juris prudential approach in february of 2017. it's also worth noting that it was supreme court justice elena kagan who hired judge kavanaugh to teach at harvard when she was the harvard law school dean. justice kagan clearly thought highly of the judge's reputation and credentials. so highly, in fact, that she hired him to help shape the minds of harvard law school students. in his writing, judge kavanaugh reminds us that federalism and the separation of powers, quote, are not mere matters of etiquette or architecture, but are essential to protecting individual liberties, unquote. judge kavanaugh has also exhibited a willingness to rein in administrative agencies when they exceed their authority under the law. he has consistently held that international laws do not govern national security matters if congress has not adopted them as domestic law. after carefully reviewing judge kavanaugh's record, i'm confident he will be faithful to the constitution and preserve the integrity of the supreme court. b