ceo of prudential and lizzie back to you.zzy: bloomberg's david and glass, thank you for that interview. we will be back with more on the ubs earnings next. stay with us, this is bloomberg. ♪ lizzy: welcome back to bloomberg daybreak: europe if you are just joining us it is 6:26 a.m. here in the city of london and we have more breaking earnings for you. it has missed estimates when it comes to recurring operating income for the full year, coming in at 3.35 billion euros, the estimate was for 3.47 billion euros. keep an eye on those shares on the euro index in paris later in the morning but i also wanted to have a look at the month as a whole because of course it is the last day of august. summer is drawing to a close and what a month it has been, rates have been all over the place the two year treasury yield -- bouncing up to five point 1%. you have had a stronger dollar, we could china data and mixed earnings. but there is not a single sector of the s&p 500 the ends of the month higher. here in the now we have had ubs earnin

at prudential, we think you should ask it when your birthday opens up a new chapter.e, when you realize you've got the rest of your life to look forward to. ask "now what?" here's what: you tap into the insurance, investment, and retirement expertise of prudential and get everything you need to help ensure the best is yet to come. who's your rock? speak to an advisor, or visit prudential.com (vo) crabfest is back at red lobster. speak to an advisor, when you can choose your crab, and one of three new flavors like roasted garlic butter... ...this is not your grandpa's crabfest... ...unless grandpa's got flavor. dayumm! crabfest is here for a limited time. welcome to fun dining. we used to struggle with greasy messes. now, we just freak, wipe, and we're done! with mr. clean clean freak, conquering messes is that easy. clean freak's mist is three times more powerful, and it works on contact. clean freak, just freak, wipe, done. (ambience of room, birds, scrolling content on phone) you tried. limiting when it was okay. no tech behind closed doors. but social media's algor

at prudential, we think you should ask it when your birthday opens up a new chapter.life to look forward to. ask "now what?" here's what: you tap into the insurance, investment, and retirement expertise of prudential and get everything you need to help ensure the best is yet to come. who's your rock? speak to an advisor, or visit prudential.com (ambience of room, crickets, scrolling content on phone) they're off from school, but not really home. images and videos. social media, fine-tuned to suck them in. and steal them away. alone you can't stop it. together we will. we have a plan. join us. ( ♪ ) i'm steve. i lost 138 pounds in 9 months join us. on golo and taking release. golo saved my life. i was way overweight, and that's what sent me down the path, was i--i wanted to make sure and live for my kid. plain and simple. (geri) i smoked and i have copd. my children are really worried. my tip is, send your kids a text. it may be the last time that you do. (announcer) you can quit. for free help, call 1-800-quit-now. ♪ with wet amd, sometimes i worry my world is getting

a professional. >> reporter: ethan is a paid promoter for prudential. on the website, on prudential. just focusing on my future after tennis, having that financial foundation. it will help me succeed and be able to provide for my family. >> reporter: by the time you retire how much could that investment be worth? >> the initial investment will be $45,000 compounded over time. looking forward to when i retire. >> reporter: where do you see yourself in five years? >> hopefully a grand slam champion. >> reporter: before he faces the greats -- >> swing fast. make sure you drop under the ball. >> reporter: -- he had to face me in a one on one. that was terrible. too low. too low. >> nice. oh. >> reporter: thanks, coach. >> you're welcome. >> reporter: well done there. to learn more about his tennis journey go to gma social pages. coming up chef mark iacono is here live. we're making pizza, everybody. n sponsored by prudential, millions of people tap into the insurance, investment, and retirement gives you access to every game. but terry doesn't have directv.

my company started this project about 2.5 years ago, working with prudential and the thought in mind was trying to reinvigorate something on the corner of sansom, sutter and market street and to do something that was unique. and you know, i kind of want to express that this is a three pronged project. one of its pretty easy and it's a bar and a restaurant inside the lobby of an office building and from a sound perspective, there's really no issue. um, you know, it's going to be a very traditional space monday through friday there to actually service and embrace the financial district. we're going to be open for sit down breakfast. we're gonna be open for sit down lunch. and then it is a small plate happy hour business into the evening. now we are requesting from that space. we're going to be open from 7 30 in the morning until midnight monday through friday to start we'll see you know where the financial district has a tendency to get very sleepy, but we're going to walk into this with some with some hopes. the actual public space, which is attached to this building the one sansom st

the show is happening at the prudential center in newark, new jersey, on september 12th. >>> next ontly news," giant pandas are leaving the united states and returning to china. how rising tensions between the two countries could be ending decades' long efforts to rebuild the panda population here in the u.s. lester shot joins you next on "nightly news." we'll see you at 7:00. >>> tonight, the state of emergency in florida. tropical storm idalia gaining strength and expected to hit as a major category 3 hurricane. a hurricane warning up for nearly 400 miles of florida's gulf coast. mandatory evacuations ordered. idalia could be the strongest hurricane to hit that part of florida in more than 70 years tampa's airport preparing to shut down at midnight. al roker will be here with the track >>> also tonight, the deadly shooting at the university of north carolina chapel hill a faculty member killed police releasing an image of a person of interest then the apparent arrest playing out on live tv. >> now they're leading the person around the vehicle in handcuffs >> what police are saying

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one of the fans said that a prudential employees said they had to leave because the shirts were not allowed a spokesperson said there is no policy against cell teachers -- t-shirts that are trying to get the owner to sell the team to keep it in oakland. steph curry is a four-time nba champ, golf champ and a singer? mystery business. he said that curry and the band go back and it was a reunion. from the moment he takes the mic it is no longer a paramore show is a steph curry show. this song? he really is performing. jobina: i'm pretty a part of the show where c pick somebody from the crowd to sing the song with them. like sometimes little kids or whoever. drew: or steph curry? kumasi: nice and casual. reggie: he was really feeling that. jobina: i don't understand the genes? drew: let us have kumasi: are blessed. drew: thank you. i'll take what i can get. we are keeping an eye on the hurricane well south of hawaii, it's a major category four storm that will stay well south of hawaii but it is getting some increased wind to hawaii. we still have high winds through hawaii where it will be gusti

prudential is the insurance company saying they see massive growth.gement excited by the markets. those are up 2% picking up a lot of european insurers. this is the luxury mostly men's brand. though shares ending at more than 6.5%. they had earnings guided towards the higher end of their range. seems to be a lot of excitement about these types of brands from that quiet luxury trend. let me show you what's on the day ahead. it is france, italy cpi, eurozone cpi. we will get ecb july meeting -- i think it is accounts. alix: for sure. dani: just pretend you did not see that. and then we will be getting ubs earnings tomorrow. alix: closing on a 52 week high today. for more on that we are joined by francine lacqua. what are expectations heading into tomorrow? francine: first the results will be pretty complex because this is the first set of results, five months ago they agreed to by credit suisse. reporting one of the biggest windfall profits ever reported. when the numbers come out, i think there's a lot of questions to be answered. but the idea is the r

prudential up 5.5%. phoenix up 5.4% this morning. >>> turning attention to the airline space of.lights to and from the uk have been disrupted and the technical problem hitting the air traffic control system. it has fixed the issue which impacted the automatic processing of flight plans. if you have been traveling, of course, any small change or problem has very long lasting ripple effects. i feel if you are traveling in or out of the uk. as for the airline stocks, they are showing resilience. no major reaction here. gains across the board for the european airlines. >>> elsewhere in the uk, prices in british stores rose at the lowest pace in august. annual shop price inflation eased to 6.9%. non-food inflation holding steady at 4.7%. music to the bank of england's ears, no doubt. uk retailers trading firmly this morning. it is a broad based rally across equities this morning. >>> turning to energy. che chevron's facilities could be disrupted after stoppages for the unions. this accounts for 5% of the lng capacity. the action to cause chevron billions of dollars. there is a look at

at prudential we think you should ask it when you realize it's not too late to start.w what? here's what. you come to prudential and help ensure your retirement has income that lasts a lifetime. who's your rock? talk to an advisor and build a more secure retirement today. "look at this skin, baby. she is glowing. she is 1 of 1." with new olay hyaluronic body wash 95% of women had visibly-better skin. "my skin is so much more moisturized." see the difference with olay. and now please welcome ana montoya. [applause] [suspense] ( ♪ ) hello there, fellow students... who says you can't go for bold without going broke... get the brands you want, the prices you want, whenever you want. tj maxx where you can always afford to be you to the maxx. [sneeze] (♪) astepro allergy, steroid free allergy relief that starts working in 30 minutes, while other allergy sprays take hours. with astepro's unbeatably fast allergy relief you can astepro and go! >>> we're back now with damar hamlin, taking the field for the first time since suffering cardiac arrest in a game last season. trevor a

>> a mcconnell aid did tell me that the leader would see a doctor and get some prudential measure tohysician, but he feels fine. so there's an expectation that some time today he will get checked out by a doctor. he felt momentarily light headed and paused during his press conference today. that's a similar explanation as we heard back in july. the office said he was light headed. republicans told me that the leader indicated he was dehydrated and that's what essentially there was a reason for that pause. so uncertain what the doctor will tell him this afternoon, but again, an unnerving episode as the leader appearing to freeze and answering questions from reporters. >> certainly is. manu raju live from the capitol, thank you. >>> we have hutch more news ahead here on "cnn news central." ♪ tourists tourists that turn into scientists. tourists photographing thousands ofiles ofemote coral reefs. that can be analyzed ai in real time. ♪ so researchers can identify which areas are at risk. and help life underwater flourish. ♪ your brain is an amazing thing. but as you get older, it natura

i'm very sympathetic to jonathan's argument as prudential reason as why justice department should not get involved and interfere with politics unless you have what attorney general barr used to call a meat-and-potatoes crime, serious offense supported by evidence. it is doctrine of law, first amendment does not protect you from evidence to prove conduct and that is why we don't get first amendment argument like in mafia cases and other crimes. it is not that you're banned from making the statements, they can be used as evidence for conduct. to me, bigger problem for the government's case is whether the thing charged is conduct, like i heard in the clip you played, you don't get to organize coup de, against the government. that is fine, show me the section in penal code to do what trump did, then i will believe it, they can't tie him to violence. i think the thing they charged him with is not a crime, that is defect in the case. >> shannon: john, people may not realize, it is government did not try for seditious conspiracy, they are not in the indictment. >> john: that's right, shannon

>> i understand there were prudential tactics. abraham lincoln said it best.insurrection, an intent to topple an election, is an attack on the first principle of the government. >> if you read the indictment it's strong. there is actions that are specific actions taken, really sort of throws away the whole speech defense because it was -- you start to see everything. during the impeachment trial you didn't have the scope of the alternate elector scheme. obviously by the time you guys had finished the committee. you did. do you think if you had had the scope then? >> it should have made a difference psychologically for the senators like mcconnell who voted no, but in a sense what they were saying was the sentences senate did the not have jurisdiction to try trump because he was a former president. seven republicans rejected that, all 50 democrats rejected that. it was the most widespread, bipartisan vote in american history to convict a president. of course, trump is bragging about the fact that only 57 senators voted to convict him of that. he beat the constit

prudential wants to boost the gauge of profitability of new insurance policies to as much as 5.4 billiony 2027. that's more than double compared to 2020 it implies an annual growth rate of up to 20%. its ceo is ramping up his strategy as he settles into his new role and promised to write a new chapter of growth for the firm. hear from the man himself about how he plans to boost credentials new business profit here on bloomberg later thursday at the times on your screen. haidi: coming up, hereby a key nvidia partner believes they are frenzy is far from over. our exclusive with the key ct president -- q ct president mike yang is next on bloomberg. the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com haidi: soaring demand for ai supercharged shares of nvidia and provided an ever bigger boost to the stock price of its partner quantum computer. mike yang, the preside

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here's what you connect with prudential and start your career by planning for what comes after.day or 40 years from now, you're ready. who's your rock? see how ethan is making the most of this moment at prudential .com ooh, stuffed up again. >> so congested you need some saline from vicks just sinks breathe. what is wow >> scenecs brhe with r tourists . >> tourists that turn into science artists. tourists taking photos that are analyzed by ai. >> so researchers can help life underwater flourish. we are young. >> we run green, but we necessarily see our friends, see the sights, get ready for the first day and every day after. >> with new school style at old school prices is life. >> diabetes. each day is a unique blend of going, doing and living lucerna protein smart with 30g of protein to help keep you moving. uniquely designed with carb steady to help manage blood sugar response glucerna bring on the day. >> back here on gma, you're looking live at tampa as hurricane idalia rips through florida. we're already seeing the streets there flooded. we are tracking the storm all morni

they said it's a prudential measure that he goes to see a physician.anie, there really is a big question here as to whether senate minority leader mitch mcconnell will actually run for re-election. what are you hearing? >> it's clear that mcconnell and his team recognize that this is a ballooning political problem for the republican leader. in fact, they have taken steps behind the scenes to try to tamp down speculation about his political future. we are told mcconnell has been calling up some of his allies to reassure them about his fitness to lead. to donors, as well. he made it you a point to attend a fundraiser last night for congressman jim banks running for senate. and people with him yesterday have said he was totally fine and totally sharp yesterday, even after that scary freezing moment. take a listen to what scott jennings, a long-time mcconnell confidant told you guys. >> he came home to louisville. i was with him with jim banks, who is running for senate in indiana. he met with a group, answered questions, worked the crowd and was on top of

now his office says he will consult a physician as a prudential measure. melanie zanona joins us now. the big question in talking to senators last night, there's a lot of concern. the leader is still the leader in the conference and deeply respected, but what does this mean for mcconnell's future in the senate? >> that's a great question. the first time he had a freezing incident in front of reporters, his office put out a statement and said leader mcconnell will continue to serve as republican leader through the rest of the term, which he has the rest of this year and next year to be the republican leader, but it's a different question after that. no one knows whether he will run again and it's whether republicans would support him in doing so. at the time, we asked a bunch of republicans whether they would support mcconnell. they did not say if they would serve him in a second term. so that's a big question. as mentioned, it wasn't just yesterday. there have been multiple health scares involving mitch mcconnell. he had the other freezing incident earlier

and i made this point before and i made it again today in thinking about our prudential requirementsfor capital, for long-term debt, for resolution plans, for liquidity, i think we need to keep that in mind and it ought to be part of our thinking as we establish these standards. aaron: as i turned to a question that we received from the internet and then we turn to a question from the audience. you guys are on deck. jim from great point financial, he asked a question about the speed of payments including the speed of fed now. you mentioned a couple of times about payments. the federal reserve just this in july released their platform. some people speculate that may play a role in bank failure. is the speed of the retail payment system a relevant factor for these types of bank runs? chair gruenberg: i think it is a practical matter -- i'm not sure how a run could get much faster candidly than what we experienced in march. the affinity for these large uninsured depositors, they have the capability now of instantaneous electronic withdrawals and deposits. that can cause -- immediate liq

of consequence as it were, and so you have to bring the question again, is it worthwhile, is it prudential for this prosecutor to also now bring an indictment, to set a new standard here about what it means to lie to the public and take action on that if you are a political figure, given what it already -- given we had sorted through this to a certain extent and those people who did attack the capitol are being prosecuted at the moment. >> sandra: kimberly strassel, good to get your fresh reaction on the vice president. i believe he's joining us martha on the 3:00 hour so reaction to that and more. now this. kimberly thank you. unrest overseas as the u.s. weighs evacuating an embassy as a crisis escalates in one african nation. plus, just heard from the former vice president, mike pence, but all the candidates are weighing in on the latest trump indictment. our political panel is here on that and more. know it's getting harder and harder to make ends meet. credit card rates are averaging 22% and still climbing. even car and truck loans can be 15%. but newday's rates are a fraction of that.

. >> you're getting a 5% yield to hold the stock prudential is cheap now because people are scared about what's on their balance sheet, especially kind of real estate, whether it's commercial real estate or something else but long-term holders, 90% of their balance sheet is fixed income and that adds to it, meaning real estate. i like it. a good one and i would hold it for a while. >> in arizona, bought 50 years of fortnet at 63 wants to know if he should buy more around current levels. >> this is my final trade. >> oh. >> so stay tuned but on this one, it was down 25% on friday because they disappointed in earnings it was up 60% headed into the print. high expectations. i still like this story very much and i would be buying it here, and i plan to when i'm not restricted because these guys have a total adjustable market of $280 billion between now and 2026 that's a 16% they grow top line 18 to 20% margins are expanding. i know it was a disappointing quarter in terms of the guidance it's probably more conservative. i like it on a pullback. >> all right coming up, big earnings action, we

while he feels fine, as a prudential measure, the leader will be consulting a physician prior to hisis afternoon asked what senator mcconnell, president joe biden wished him well. >> we have disagreements politically. but he's a good friend. so i'm going to try to get in touch with him later this afternoon. >> after the episode in kentucky, senator mitch mcconnell began calling his fellow republican leaders in the senate. senator john thune, spokesman, said that senator mcconnell sounded like his, quote, usual self and was in good spirits, end quote. when we come back, cost, not just in terms of life and limb of a hurricane's destructive path through the southeast. much more on that, right after the break. ♪ ♪ ♪ ♪ ♪ every day, more dog people, and more vets are deciding it's time for a fresh approach to pet food. they're quitting the kibble. and kicking the cans. and feeding their dogs dog food that's actually well, food. developed with vets. made from real meat and veggies. portioned for your dog. and delivered right to your door. it's smarter, healthier pet food. get 50% off your f

i am very sympathetic to jonathan's argument as a prudential reason why the justice department shouldinvolved in an electoral context and interfere with politics unless you have put attorney general bart used to call a meat and potatoes of crime a very serious offense that is supported by very convincing evidence. but it is a doctrine of law the first amendment does not protect you from evidence to prove conduct. that is why we do not get first amendment arguments in mafia cases and other kinds of crimes. it's not that you are banned from making the statements but they can be used as evidence for conduct. for me, the bigger problem for the government's case is whether the think they have charges conduct. like a herd in the clip you played you do not get to organize a coup d'État against the government. that is fine. but when they show me this section in the penal code that says illegal to do it trump did to organize a coup d'État against the government then i will believe it. but they cannot tie him to violence. i think they have charged him with was not actually a crime that the defe

so, i am very concerned about it from the perspective of how prudential it was to do this and try thissuch a high stakes case. >> bret: coming up in just a couple of weeks is the debate in milwaukee. we don't know if the former president is going to be there or not. he says he hasn't closed the door on that at all. his rivals weighing in today on what happened today. take a listen. >> it wasn't stolen from him. it was lost because he failed to grow the republican brand in the largest growing groups of voters. >> each of these indictments, bret, wreak of politicization. i'm now polling third in the republican primary. it would be very easy for me if donald trump were eliminated from competition. that ♪ how i want to win this race. >> this country is more important than any one man. our constitutional is more important than any one man's career-think the vast majority of republicans know that. >> bret: it's increasingly difficult for these candidates to figure out where to go politically on this issue. >> although i don't know how difficult it needs to be. the republican voter cares deep

while he feels fine, as a prudential measure the leader will be consulting a physician prior to his nextpresident joe biden wished him well. >> we disagree with him politically, but he's a good friend so i'm gonna try to get in touch with him later this afternoon. >> after the episode in kentucky, senator mitch mcconnell began calling his fellow republican leaders in the senate, senator john thune, spokesman, senator mcconnell sounded like his, quote, usual self, and was in good spirits, and quote. when we come back, the cost, not just in terms of life and limb, of the hurricanes destructive path through the southeast. much more on that, right after the break. e break. heading on a family trip? nah, sorry son, prices are crazy, [son deflates] awh, use priceline. they have package deals no one else has. [son inflates] we can do it! ♪go to your happy price♪ ♪priceline♪ nice footwork. man, you're lucky, ♪gwatching live sportse♪ never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch

this or do you wish he had added the incitement >> no, i think that -- i understand there were prudentialons for doing what he did and i think it's excellent because the basic point is the deprivation of our civil rights abraham lincoln said an insurrection, an attempt to topple an election is an attack on the first principle of government, which is the right of the people to choose their own leaders. >> when you read the indictment, it's really strong on the alternate elector slate, right there is actions that are specific actions that are taken. slate. there's actors that are taken. it throws away the free speech defense. you start to see everything. during the impeachment trial, you didn't have the scope of the elector scheme. would it have made a difference? >> it should have made a difference for psychologically for the senators that voted no. in a sense, what they were saying was the senate didn't have jurisdiction to try trump because he's a former president. seven republicans rejected that. 50 democrats rejected that. it was a vote of finding him guilty of insurrection. it was the

and of what a taxable capital gain be there was a capital strike as julius said, basch founded prudential securities, which was my old before i founded my own, there was that market. there was huge industry of tax avoidance. let's face it, tax evasion and misallocation, capital, taking people's productive investments from the capital markets and moving them all into muni bonds. so i mentioned earlier that the equity markets had collapsed and to have this this allocation of capital in the bond market made things worse. so it was critical and it was a crisis and no one knew what to do. the supreme court's ruling in the case called merchant loan interest versus matanga in three other cases, these four cases each dealt with a particular class. but the supreme court basically said this is the law of the land. there was a capital gains tax. it is 73%. and you it out because we want the laws law and you're going to pay this tax. and the minute the supreme did that, it said that there is no escape need to figure this out. now that, there is really no valid interpretive action of a practical way t

senior managing director of thomas lee company and prior to that he ran capital markets group of prudential insurance. mr. childs served our in the u.s. army. he's a trustee of the coolidge foundation and serves on numerous other corporate and boards. please join me in welcoming mr. childs and our panelists to the stage. good. what do you want? i'm going to put that -- there. where's. yeah. good have to be. i'll come down here. yeah. let start by thanking edie for that lovely introduction and then i'll pat myself on the back. i was on the board of jurors that selected her to be a coolidge scholar, so probably, probably the smartest decision of my coolidge career. anyway, we're going to be talking about the roaring 20 something. but before we do, i would like to call for a roaring round of applause for amity, matt and paul lane and the rest of the staff who've done such a superb job in putting on this centennial celebration. all very good. okay. you know, there's been a lot of talk by previous panelists about the importance of history and i pretty much agree with them. but one has to be care

in other words the ability to have the kind of much more prudential understanding of how it is we aret in the world and where one uses certain areas like the private-sector or the government that prepares us to bear allto the knowledge from pt history without in some ways being dominated by it and not to be nostalgic at the same time not to be an ideological progressive but that's simply a time that needs to be overturned in overcome. part of the book and at the end of the book i talk about the need of some ways of the future which we sewed together time. it sounds theoretical but when you sewedt together time it's a very practicalbi purpose that we have the ability to understand the goods of the past as well as the bats of the past in order that we can live responsibly and ideology of progress in many ways relieves us of the responsibility of living responsibly and thoughtfully into the future because we have had toca just have the view that future willre take care of itsef and one often hears you can't stand in the way of progress. in other words it renders us in week and just simpl

but actually is precisely the that i value most in coolidge, washington, lincoln, which is the prudential of the statesman that we need most and, that will require certain of political accommodations to begin a movement to recover the constitutionalism of calvin coolidge. it i think we're aptly right that he is the model in the modern era. it's a deeper understanding of the political questions that i think we are that we have gone awry. but it seems me that there are a lot of people, a lot of americans, a lot of voters who are looking around for an alternative to the modern leadership that. we are getting from both political parties. it makes an opening for someone of that statesmanship like quality. yeah, i don't i don't think it was quite clear. i don't think over either. well, i think he has it will require a person of rare insight and talent so combining the inside of coolidge. and the talent of reagan to then make a case for a restoration of constitutionalism that's that's a hard thing to do i think it's necessary but i don't i'm you know an antique historians i never think that some