after we put our allegations to them, pwc announced a thorough inquiry.to terminate any ongoing work for entities controlled by members of the dos santos family." it took them long enough. over 20 years, pwc has earned millions of dollars in fees from the family's empire. right now, allegations of corruption surround isabel dos santos. everything started to change for her when her father retired as president in 2017. she was sacked from the state oil company, sonangol, within weeks. but the documents show, as she left, $58 million left as well. it was all signed off through sonangol's office here in central london. in her last days in charge of sonangol, isabel dos santos approved millions of dollars of suspicious payments, the cash all went to a company in dubai called matter business solutions. they had been hired to restructure sonangol. isabel dos santos has denied being involved with matter. but we have discovered it was run by her business manager and owned by a friend. they were sent a lot of cash. isabel dos santos was sacked by sonangol on the 15

the documents show how pwc was awarthere was no paperwork for some of that money; and that there were so if i was at pwc, i'd be conducting a pretty thorough dit of what decisions were ma, and in hindsight actually did we make the wrong decision to accept this business and should we have reported what we had been presented with? >> narrator: pwc said it is investigating the "serious and concerning allegations" and has terminated all work with the dos santos family. pwc's global chairman says employees may be fired. ♪ o in 201 year after the diamond deal, isabel dos santos moved to extend her businessjo empire with a land development project in her home country. as part of the icij collaboration, portueseur jolist micael pereira hasco to angola to investigate the deal. >> so there will be a boulevard here. and beyond the boulevard there will be really beautiful buildings and gardens, luxury residences that are... that were conceived by a company of isabel dos santos together with foreign companies. >> narrar: the angolan government would award contracts for the project to two companies

jaime esteves was the head of tax at pwc in charge of portugal, angola and cape verde. comment on the departure and says it has launched its own investigation. let us have a look at the markets. as we were hearing, asian shares fell as investors remain anxious about the spread of the coronavirus virus in china as millions prepare to travel for the lumia —— lunar new year. oil prices tumbled to seven—week lows as the effect of the disease was expected to hit airline travel. that reduces demand for oil of course. adding to the price pressure on oil, the international energy agency warned of an oil surplus and a larger—than—expected increase in us crude stockpiles. that re—kindled fears of excess supply which brings down the price. as we can see across europe, the negative sentiment setting the tone at the start of the trading session as it filters through from asia. now to the us, where the proposed rule change by the government could mean arline passengers might soon have to leave their emotional support animals at home. michelle fleury has more from new york. emotional

pwc's global chairman says employees may be fired. ♪ in 2013, one year after the diamond deal, isabelss empire with a major land develoent project in her home country. as part of the icij collaboration, portuese jourlist micael pereira has come to angola to investigate the deal. >> so there will be a boulevard here. and beyond the boulevard there will be really beautiful buildings and gardens, luxury residences that are... that were conceid by a company of isabel dos santos together with foreig. compan >> narrator: the aolan government would award contractj for the prt to two companies owned by isabel dos santos. the plans were authorized byhe father. these letters, contracts, andco emails show heanies stood to make hundreds of millions of dollars. in h bbc interview, she said the project included new roads to alleviate chron traffic in the capital city. >> this is aroject that would have made a difference to, to luanda, but most of all, this is a solution that we proposed because it's a solution that in terms of cost and return and benefits to the city of luanda and to the people of

bit more advanced and i think europe is a following to put all major institutions now, goldman sachs, pwcntucked come to the best restaurants in the world, michelin star restaurant with your shirt untucked but it has become a lot easier put it meant you to just wear a and ties and now they don‘t that are the reason people love the shirt because people don‘t need to think about it put its intimidating to think about what to wear but you can dress up, where a casual shirt on the weekend, guys are buying the shirt and it is their entire wardrobe. you have your selling point but you‘re going into a competitive market and interestingly, coming from a different area in the first place and you have had some challenges? many challenges. as far as the journey of being an entrepreneur, it is never easy. the first line of shirts i got, we got 3000 and i pulled one button and realised that every single button was sewn wrong! but we had no money so we had to sell the shirt and write a note that we would reimburse you to get the button sewn on! all the things you learn as an entrepreneur. but it is exc

survey says the more than half of the 1600 bosses question see a slowdown, and that is the most since pwcegan asking business in 2012. executives were pessimistic in every region, with confidence at its lowest since 2009. hong kong has seen its rating as a long-term commissioner of debt lowered a notch by moody's. both blame the long-running social unrest with moody's pointing to inertia in government and the absence of any tangible plan to address the concerns of protesters. there is some hope for the future with moody's raising its hong kong outlook from stable to negative. kong's -- australia saying they cannot confirm a budget surplus. he said the fallout will hurt everything from tourism to household consumption. impact the full economic from the fires have yet to be seen. isna's mystery virus spreading across asia. mainlandging on the and the central study of wuhan, north and beijing, and south in guangdong. they are stepping up testing at ports and airports worldwide for symptoms that include fever and coughing. global news 24 hours a day on air and on quicktake by bloomberg, power

joining us now is the pwc asia-pacific mainland china and hong kong consumer markets leader, michael. pretty well-worn feature we have seen and to the retail sales, consumer sentiment , tourism arrival story in hong kong since those protests began. we have seen sharp contractions. topline, we have seen the changing retail sales value year on year. at the bottom is monthly visitor arrivals from mainland china so with the political situation still deeply entrenched, a lot of mainland visitors are avoiding hong kong because it is obviously a very divided kind of atmosphere for them at the moment. do you see any prospects of a positive change? >> as you mentioned quite rightly, this was one of the worst cases we have seen in hong kong for ages. the second half of 2019, we have the worst retail sales value for the last 20 years. the 2009orse than financial crisis. we are definitely having all kind of issues affecting the hong kong retail sales. obviously going forward, if you the four months of jobs -- over 20% decrease on a month-to-month basis. for december, i think it would be a slight

here with ideas, point view, investment strategist david dietze and pwc partner mitch rochelle.avid, this is what i'm getting from people, i want to get in! but what? i feel like i missed it. feels like the train left the station. i know it will keep chugging but what do i do about it? >> many areas offer great opportunities. one i would cite this afternoon, regional banks. they have been left behind bit money center banks. because they don't have the market activity which took better advantage in q4. heartland will do well i think interest rates will start to drift up. charles: interest rates you think this year going up? >> we'll have better loan demand. more people wanting to borrow to buy a house or car. that will affect net interest margin and earnings estimates. charles: you like the mid-sized banks, regional banks. of course we need to point out jpmorgan, goldman sachs, which got upgrade today, and have done extraordinarily well, this last earnings season. wall street believes it. because guidance has been pretty strong. that is from bigger banks, mitch. >> i want to echo

. ♪ maria: sun is rising in california, fox business dagen mcdowell, pwc partner mitch roschelle, goodeal expected to be signed today in washington, they're having a big signing ceremony in washington, edward lawrence joining us right now, good morning to you. >> good morning, maria, no one publicly read what's in the deal yet, treasury secretary

conversation, fox news contributor lawrence jones with us this morning, fox business' dagen mcdowell, and pwcear. maria: happy you new year to you. we've got so much to talk about in terms of the reaction. mideast tensions are hitting politics. house speaker 23457b tha nancy y

morning, pollster, author of persuasion, lee carter, cfra director of equity research, ken leon an pwc two more. buckle up. let's talk about really quickly, looking at the yo futures here, earnings season, what are you watching? >> we start with the banks tomorrow. i think it's actually going to be surprising to the upside for the banks. they did he see i see in the foh quarter the yield curve steepen a little bit, a lot of m & a activity, a lot of trading volume because the volume was so hot. >> the banks are a barometer for the u.s. economy. it is really about the key driver, the u.s. economy. banks also are benefiting as well finally interest rates are not going down. that's going to help earnings. but it's also about the sentiment, what do these ceos from jp morgan, from citigroup and wells fargo have to say about the outlook for 2020? we think it's going to be good, especially coming off last week with the strong jobs report. dagen: speaking of that, maria bartiromo will be interviewing jamie dimon of jp morgan at the jp morgan healthcare conference, it's the healthcare conference

conversation, fox news contributor lawrence jones with us this morning, fox business' dagen mcdowell, and pwc partner, mitch roschelle. great to see everybody this morning. >> good morning. happy new year. maria: happy you new year to you. we've got so much to talk about in terms of the reaction. mideast tensions are hitting politics. house speaker 23457b tha nancy s the house will introduce a war power resolution, aimed at limiting president trump's iran military action as the iraqi parliament voted to ebbing pell american troops from the country in the wake of the u.s. air strike that killed a top iranian general in baghdad last week. president trump says the u.s. will not leave iraq unless iraq pays billions of dollars for the joint air base there. the president threatened sanctions if u.s. troops are forced to pull out of iraq. iran yesterday announced it will no longer comply with uranium enrichment levels that were set under the 2015 nuclear agreement. i spoke with mike pompeo on sunday morning futures about the potential for iranian retaliation. iran is vowing retaliation this morning

. ♪ maria: sun is rising in california, fox business dagen mcdowell, pwc partner mitch roschelle, goodorning. dagen: good morning. maria: the day has arrived. the top story phase 1 china trade deal expected to be signed today in washington, they're having a big signing ceremony in washington, edward lawrence joining us right now, good morning to you. >> good morning, maria, no one publicly read what's in the deal yet, treasury secretary says that structural changes in china and we have video of the chinese vice premier meeting with u.s. trade representative lighthizer right now, only video, american video of the meeting. treasure secretary steven mnuchin joined for dinner, this deal pauses tariffs going forward but still $250 billion in chinese import under 25% tariff and another 120 billion under 7 and a half percent until phase 2. >> he will consider releasing tariffs as part of phase 2. so there's, nothing to do with the election or anything else. no secret agreements. >> chinese trade delegation told american businesses in series of meetings yesterday that they will follow through

fox business' dagen mcdowell and pwc partner mitch roschelle.g. maria: so many stories to talk about this morning. travelers are on high alert as the deadly coronavirus spreads across the globe. 81 people are dead, five confirmed cases now in the united states. grady drum bell trumbell is livn illinois where one of the patients is being treated. >> reporter: the woman in her 60s is being treated in isolation for the coronavirus. we're told she is in good condition after contracting the virus after traveling to china. this comes as officials china are trying to contain the rapidly spreading virus. as you noted at the top of the show, there are now 3,000 or nearly 3,000 confirmed cases, the majority of those in or around wuhan, china. that number expected to continue to climb. the death toll rising overnight to 81 as the head of the world health organization is traveling to beijing to help in those containment efforts. we mentioned those five confirmed cases in the united states. two of those are in california, and one in arizona, those were all c

i should say the pwc survey bossesalf of the 1600 that were questioned and 83 countries are seeing awn. they are asking businesses to do more in 2012. executives were pessimistic in every region. confidence, you guessed it, at its lowest since 2009. air 24 hours a day and powered by 2700 journalists and analysts in more than 120 countries. i'm su keenan, this is bloomberg. davos.s get more from we still see expansion this year, but at a slightly weaker pace than previously thought. davos, we talk about what is driving the forecast. >> the small cut that we have is and 2020. in 2019 and it comes from india. revisions in 2019 and 2020 and that explains the vast majority of the downgrade. >> what downside risks do you see? issue remains to be an important one. we have had some positive news but trade could spread to other areas. >> the s&p keeps testing new highs. is there a risk that investors could be disappointed in the months ahead. >> it comes substantially. upexplain what is driving stock prices, the very low interest rate is probably the number one factor. three months ago, it lo

mcdonald's, starbucks kfc pizza hut dairy king ikea we work evacuate workers from wuhan facebook toyota pwcconomy so goes ge. >> but now it is apple a lot of we were talking earlier but apple stock, has about doubled more than doubled in the last year, and historically, apple has been a buy, when people wall street everyone were underestimating what they could possibly do oh best days behind them, tim took no is steve jobs, but, again, the company market value was 1.4 trillion dollars. >> wow. dagen: it is very vulnerable to short term shocks like this virus outbreak particularly in china, trading at as of friday trading at 27 times earnings per share in the last fiscal year, the five-year average 16 times so tradinging. >> apple is undervalued stock 12 times earnings -- >> highest p/e ratio since 2010 according to long story in the journal monday. maria: average p/e today s&p 500 companies leer like 18-19 times earnings versus 27 on apple. >> i wonder how much is nexting monies coming in buy winners feeds on itself. dagen: that is stock people a kind of love to hate, or you signed a lot of