what was goldman sachs doing, is it illegal or however you want to praise it? >> it wasn't just goldman sachs, there were -- it was easier for me to say what you are complying with. >> the gap between those two is big. it was difficult to find things they were doing right. it was an embarrassment. >> give an example. >> one of the stories we talk about early on in the book, sitting down with one of the federal reserve bank of new york employees, the status of anti-money laundering program and to say very simply the rules the employees of the bank are supposed to follow to catch anybody, trying to use the bank to launder money, to make a clean, what was shocking to me if i was sitting there and taking on this information, how this employee was telling me at the same time they are doing all these things that are wrong, and all sorts of things, but at the same time trying to convince me there was nothing wrong with that but other banks did it wrong as well as i shouldn't just write about it because it is not a big deal so if you come from having come for banks to

. >> how complex are the banking laws that bank of america or goldman sachs? >> come monday -- incredibly complex thousands and thousands of regulations already in the books. i focused on international areas. so add the 50 states and all those additional as well. it is incredibly complex that it takes many years to understand what is going on. >>host: as a compliance officer with the federal reserve you were a government employee? >> yes. >>host: your focus was goldman sachs? >> correct. >>host: where we located? what work did you do? >> at the time the federal reserve assigned to work inside the building. >> that was a typical day? >> you get up really early first i would just hit the news. then afterwords go into the office to spend an enormous amount of time to go over all the policies and procedures in preparing exams and doing examination to see what is working or not working. >> were you privy to meetings? >> yes. we met with goldman sachs from different levels, mostly senior levels. >>host: what what happened? >> typically there were topics ahead of tim

billion to goldman sachs the way it was done. still done 500 here. >> we will bring carbon constraint strategy into the future that will not be measured against the billion dollar decision that the board made to invest passive money. >> billion dollar item in my view was the force of the funds. we had billion dollars in p assive equities that will be converted into low carbon strategies. this was the timing of generation with coi coincident. we have capacity at the moment just 300. >> how do we deal with this? >> maybe two suggestions. i have the time line of the events from generation in an email. i'm happy to provide that to y ou. commissioner driscoll, that's in their own words. it shows the dates. this became available to us in late november. we began doing due diligence on the strategy in early january. we can provide that for commissioner driscoll. the second is while these around their standard guidelines. if we were to include a limit of 50%, my gumption is that is something they would accept. we'll catch them little off

continue to see goldman sachs evolved.ave is operate globally at scale a number of businesses, and that gives us opportunity to add other businesses to that portfolio of services we provide. we are focused on that and continue to be focused on that. are their businesses we are not in now that we make it in? we will see. we are always looking at new opportunities. you mentioned cryptocurrency, we are cautious, but exploring those activities. selling futures around bitcoin, talking about doing some other activities there, but very cautiously. we think blockchain is extremely interesting, but we are also going to be cautious and we are listening to our clients and trying to help our clients. >> thank you for your time and views on goldman sachs and the road ahead. >> thank you very much. tom: thank you so much. i appreciate that conversation with mr. solomon. that with a conversation yesterday with lloyd blankfein. is ofo back on today's interest to all global wall street. right, dashcam i francine: last year we heard from th

. >> guy, i am here for goldman sachs, 22nd financial conference. cash trade is less than 30 minutes away. ♪ >> does six plus one equal dribble? as trump feuds with his french and canadian counterparts ahead of the g-7? markets turn their attention back to trade. ben bernanke says the u.s. is aded for a we'll e. ohtani moment. and deutsche bank's chairman has discussed a merger with their holders. we are less than half an hour to the start of european cash trade this morning. this is the picture we find ourselves with. we have a negative star in asia. a similar theme in europe. down 1% here in europe. let's show you what is happening with the g.m.m. we saw some interesting action yesterday. the bond market remains focused this morning. with the fed, the e.c.b. and so many other central banks next week, that is going to be the story. let's talk about what is happening around the world. the brazilian market slammed hard yesterday. the chinese mark down 1.5% overnight in asia. the nikkei down around .6%. australia down by .2%. the brazilian down by 1.4

goldman sachs and morgan stanley the two in most focus in terms of capital return.s an interesting situation they did not do well, but they came out and said the fed has it wrong. >> this is a test that was a lot harder this year, a lot of disagreement with a lot of different companies. they just happened to make their peace with it right away >> right >> i think that's the why, what we're looking for. goldman and morgan upside could surprise we'll see, just based on the interpretation of the results. >> mike, the stocks themselves, given the sort of 5% decline in the last month >> i mean, they've obviously kind of collapsed into the announcement you'd think they are ripe to have some relief i don't think that they are declining because the market's anticipating bad news, so, yeah, you think if it's going to be a spark, it would be to the upside >> we'll have to stop for breaking news. apologies. thank you for joining us this afternoon. we'll have them back when the results of the stress tests are out. meantime, though, we've been monit monitoring the active shooter

sachs chairman of investment banking.up, decision time for comcast, disney raised its bid for fox, will comcast but in a counter bid? alix: check out tv and watch us online and click on our charts and graphics. and ask and us an ib question. check it out. this is bloomberg. ♪ david: disney made its bid for the 21st century fox assets yesterday and fox agreed and now the ball is back in comcast's urt as we it to see if they will stay in the auction. there is a great piece out and we will put a quote up from chris hughes. disney has an agreement with murdoch, but roberts has the will and tolerance for leverage, this battle may be far from over. you contributed to -- to this piece. do we think they are coming back? >> it is all up to brian roberts. it is written in comcast's articles of incorporation that he is ceo for life for as long as he wants to be there, he can. he can almost do whatever he wants. he has a controlling stake shares.class b there are natural limits to how much debt comcast can take on and that is re

goldman sachs closer to the minimum level on the supplementary level.treet closest to the minimum on the equity tier 1 capital. goldman sachs, the closest to the minimum on supplementary leverage. what does that mean? it doesn't sound good. >> is not the first time. goldman and morgan stanley come close on the leverage numbers. which tells us that when they are asking for their capital planning for the next quarters, they have less wiggle room to ask for huge increases. actually, according to analyst estimates in my outlook this week, goldman is probably going to decrease the amount of capital it is distributing in the next two years. when you are that close you cannot ask for too much of an increase. goldman says they will probably decrease. morgan stanley, close but not as close, will probably not ask for too much. >> the philippine central bank has raised its benchmark interest rate for the second straight month. the governor says the bank is ready to take further action. what prompted the second in quick succession rate hike? >> we have seen a deter

this is what goldman sachs is going through. >> could be exciting.ee, but it could also be a sign that these guys need to reinvent themselves. >> the reason i would disagree is i still think there will be trading that's great for them. but to manage that volatility there, if they got other areas that are more consistent, i think that's going to help. >> next up, wells fargo, love it or leave her >> leave her. they've made fatal mistakes. it's a broken heart, folks and it should be. they've broken a lot of people's hearts. i'm not leaving the banks. i would rather be in jpmorgan or citibank. so bye-bye wells fargo. >> is the feds going to slap them on the wrist because of the past misdeeds? >> i think it's just management's not having their eye on the ball as far as managing the business properly. i leave it as these levels and i agree with tim. there are better alternatives within the space to buy them. >> i'm so glad this game is very clear. in the past we've had some bad ones. it seems like we're spot on here with this love it or leave it. okay. ci

. >> what made you want to team up with marcus by goldman sachs?natural fit for me. i think the biggest question or the most common question i get is, where do i start? how do i get my budget in order? so when marcus by goldman sachs came to me and showed me their home improvement loan, it was amazing. they offer this fixed rate no-fee home improvement loans u. and the greatest thing is, for home owners, they can use these funds however they would like, so that's a benefit. >> and for many homeowners, getting that backyard space in order is key. what do you like to do to spice up a summertime outdoor party? >> one of the biggest things i'm seeing lately is is functional is doing outdoor kitchens. you want to be in an area where you're with people. to have a prep kitchen -- >> i love an outdoor kitchen. i like everything outdoors. >>> coming up, could the "jersey shore" next cast family vacation be at the emmys? next on kron-4 news at eight: the man who police say, killed five people at the capital gazette newspaper.. has been identified.what we are

up so they made these irresponsible bets in part on these things that used to deal with the goldman sachs the c.v.s. is these credit default swaps based upon home mortgages that were some were good some were bad they mixed them up they spread them around and one of the problems that the financial crisis inquiry commission noted was that the valuation of those c.d.'s is was in the eye of the ball holders so nobody trades with bart and you put what is good for your books and i put what's good for my book and is that really when you say that it was propped up not after the crisis but before the crisis is that part and parcel to the problem normally. well it was because credit derivatives a credit default swap studios collateralized debt obligations which had credit default swaps attached and these are all bets on the ability of whatever's being better upon to repay their debt to repay interest along the way to repaying debt that's what a credit default swap is and so the idea of what they're valued at really depends upon what market participants are willing to pay if someone believes the mar

because, you see, the difference between goldman sachs and the bankers and me is that i'm charged withhe collective good. and do you know what that means, stephen? sometimes that means saying things that are difficult for very wealthy people to hear. it's not so much the wealthy people.. they have to be pursued. it is not so much the wealthy individual, it is the message you are sending to business. the business minister has accused you of terrifying business. actually, one of the things i have done since i became leader in february, is i have made it my business to actually restart our conversation with irish business and i have gone to chambers of commerce north and south and we have had a conversation around skills capacity, we have had a conversation around infrastructure, around investment. and i think increasingly, people understand there is actually a lot of a shared agenda. as for the minister that you quote saying that we strike terror into the heart of business, that is just hyperbole. that is political posturing, in my view. there is plenty of political posturing going on on

banking sector and will be joined by goldman sachs out of germany and looking at the trade war impact on currency. looking at rand, the turkish lira, this is bloomberg.

he is the chairman of goldman sachs. there he is. this is bloomberg. ♪

goldman sachs, ubs, and morgan stanley cutting their target.nings fundamentals are coming under pressure. this is in the context of waning signs around some economies. this idea that six months ago synchronized economic growth. it's getting very testing with evaluations having run away in the early part of the year. >> it is not just asia at large. i'm curious why is goldman sachs advocating buying some local currency bonds in particular which places? this hastely a lot of to do with what we have seen over the past weeks weeks or so which is an almost 180 degree swing in terms of the argument are emerging markets shepherding the tightening cycle. the sense of being in the bullish standpoint from people willing to be positive on emerging markets was that they can look through the fed tightening circle that has now swung and people are starting to question with an incrementally , can assets fed stand up to the pace of this tightening? we are seeing a lot of pressure in emerging-market accept. some ofdman favoring these bonds, a lot of it has to d

finally, goldman sachs says emerging markets are a buy. we are joined by peggy collins, and the chief u.s. economist at deutsche bank.

goldman sachs as far as i know, no one told me, has no bitcoin. if it does work out, i could give you the historical path to why that could have happened. i'm not in the school of saying that gee because it's uncomfortable because it's unfamiliar, this can't happen. >> no woman has run a big wall street company. you did something yesterday where you set up a $500 million initiative to help women fund managers amongst the people as a possibility. only five out of 31 on the management committee are like that. inlain to me, looking back five years, whether there will be a woman running a wall street firm. explain it. other firms have had senior women, people take different career paths. the most senior woman at goldman untilran until actually the end of this month because of the resignation. you know, sometimes people have to work harder at this and get it done. we are working very hard at this and you are right, is nobody who is that proximate. other firms may have different experiences. we have metrics in some cases at the highest level, but at the

francine: goldman sachs chief executive tells us that trumps tariff threats wondering about a devastating trade war, even as economists warn of devastating impacts. >> i don't think we are in a suicide pact. i don't think we will cause the economies to collapse. francine: opec collision course. iran rejects a potential compromise, putting the group on track for a clash at friday's meeting. and may stands for, the u.k. p.m. stands firm ahead of a crucial vote. ♪ good morning, welcome to "bloomberg surveillance." these are your markets. we're seeing a bit of edging sideways. we had a few earnings coming out, some guidance to look at.

david: how did you go from working in engineering to a financial engineering job at goldman sachs?ert: it is an interesting story. i did well. to school.me back as they went to my background, there was a man who ran his own investment bank who was the keynote speaker. he gave his speech and said you have a really interesting background. have you thought about a career in investment banking? i said there are a bunch of former investment bankers in my class. i said i don't like it. he said, why not? i said we are engineers and we know everything. he chuckled. i was happy he did not take offense at my joke but i said i don't understand what investment bankers do. i was a scientist. i thought about the world through that lens. this is a case where somebody extended themselves for me and i continue to pay that forward. he said let's come to my office and we will talk about it. we sit down and have lunch. he picks up the phone and calls people like stan o'neal, at the time the cfo of merrill lynch. david: these are all prominent african-american business leaders. robert: all of them took

i will line up to the goldman sachs matter for a minute and morgan stanley.nk they're really going to take issue with this, and as john said, there was no surprise with the deutsche bank, but i was a little surprised we didn't hear conditionality attached to wells fargo. as deutsche bank had issues on the institutional side, wells fargo had certainly had well-publicized issues on the retail side and the fed has slapped their wrist. so i'm surprised that the fed gave them such a high passing grade. adam: jon and danielle, appreciate you commenting on the bank reports, the stress tests, see how they might change next year, thank you. melissa: breaking news, more of it, nike reporting fourth quarter results back to nicole with the numbers. reporter: seeing a beat on the top and bottom line, and beating on earnings per share and revenue. nike moving higher by 5.5%. when i looked at the bid at the higher point of that range was very close to the all-time high of nike. watch for that to help the dow jones industrial average tomorrow. the ceo noting our new innovati

emily: goldman sachs, one of your investors.as speaking with the president of goldman sachs about blockchain and bitcoin. take a listen to what he had to say. >> blockchain, very, very interesting technology. whether or not crypto is -- it is something we're going to watch carefully. emily: you don't actually accept crypto currency as a payment form. isn't that an oxymoron? >> no. you have a business, you want very stable currencies. this is a problem. it is much more relevant. having transparency for financing, being able to -- you can share them with your bank or your creditor is much more important than moving currencies first when it comes to companies. we need to see currencies that are far more stable before that is relevant. emily: i sat down with the c.e.o. of strike recently and they stopped accepting bitcoin as a form of payment. take a listen to what their c.e.o. told me. >> it was trending toward the individual, the store value. i think that is a valuable thing to have exist in the world. generally wish them the best

. -- goldman sachs and psp investments.ound of financing brings total funding to $400 million and values the company at $1.1 billion, after they launched a new service enabling blockchain based finance. a cloud platform for the supply chain, they describe it as sales force for the supply chain. that is now offering blockchain based payment solutions. we spoke with tradeshift ceo christian lanng. christian: if you think about supply chains, they are very complicated. they have very different partners working on different -- on a single product, moving multiple tiers down. what we do is provide our customers with an internal cloud platform to run everything that happens in their supply chain. for a lot of scenarios, they need to collaborate with third parties or multi-stakeholder ecosystems where blockchain is a really good fit. for all of those scenarios, we allow them to collaborate, share data. if you have a statistic proving this has been produced in a sustainable way or free of carbon whatever you want to do, , you can s

yalman, whatow, happened with goldman sachs and morgan stanley?tio, very important for the banks, they came very close to the passing mark. this is not the stage. next week we get the results. when you're so close to the minimum numbers, if you're trying to increase your dividends and buybacks, it is likely you cannot do that. we were all worried about it. that is what the headlines and stories were and they came out with goldman and morgan stanley saying don't read too much into this, we will be able to increase our dividend buybacks because the numbers don't reflect reality. we were all confused. we are still confused. apparently, analysts estimating there might be something with the tax reform and how that has impacted not the lost scenarios but the taxes impact on capital and what it does. it is complicated. there is something going on behind the doors. we will hopefully find out more next week. alix: and some weeks it is -- in some ways it is no surprise. they have the strongest capital market divisions? yalman: we were expecting goldman and

it is the head of european financials for goldman sachs. out and just show the commerzbank building? julie, it is quite striking indeed. the question is who will own that building in the next couple of years. will continue to be commerzbank headquarters? julie: an excellent question and one we will continue to talk about. matt miller, always great to see you. here is what's coming up now in the next hour, watching that g7 meeting in quebec where rolled leaders will be arriving shortly. we will bring it to you as it happens. then, the state of doing business in russia. we will hear with all of your fuse on how vladimir putin is moving to the banking industry. and a quick look at markets here. the s&p 500 muddling along here. technology selling off again, evidenced by apple down 1.7%. we will dig into that stock further. the 10 year yield not much moved today at 2.93%. oil rising for the second day in a row. we are going to speak with a manager who owns energy companies next. this is bloomberg. ♪ caroline: with from london, i'm caroline hyde.

he is the chairman of goldman sachs. there he is. this is bloomberg. ♪ vonnie: a development in the trade dispute with china. peter navarro has been on a call with reporters. he is saying the tariff plan is courageous and visionary. he also says the u.s. is willing to continue talks with the chinese. top aid frome president donald trump on trade has been on a call with reporters. he is saying the plan is visionary, but the u.s. is willing to speak with china. now.n go to kevin it does seem like this call is not planned until we got that escalation from the president last night. . >> i just got off of the phone with peter navarro. he is calling this dispute with china a trade dispute and nothing that more. this comes following china threatening to push back against president trump's proposal, intooning analysts to look any particular commodity. a republican party that is not --irely behind him on how what is the hope here? what is the final outcome. later today president trump will arrive here. he will speak at a republican conference

goldman sachs is the closest to the minimum on the supplementary leverage ratio.t mean? it doesn't sound good. >> and it's not the first time. goldman and morgan stanley come very close on the leverage numbers in the first stage, which tells us that when they are asking for their capital planning for the next four to eight quarters they have less , wiggle room to ask for huge increases. actually, according to the analyst estimates i included in my outlook this week, goldman is probably going to decrease the amount of capital it's distributing in the next two years. so that is why when you are that close, you cannot really ask for too much of an increase, and in goldman's case, they will probably decrease. morgan stanley which is also close, might not ask for too much. >> the philippine central bank has raised its benchmark for the second straight week. should it be necessary the , governor says the bank is ready to take further actions. what prompted the second in quick succession rate hike? >> we have really seen a deterioration in inflation outlook in the philip

that i worked at or the goldman sachs that exists now what a beautiful tape we saw today. i think the employment number will continue to color the market and that means there is more winners than losers on mad tonight, i will explain why we actually be in one. then prince harry? tonight i am highlighting a company with a royal possessite for you. and i always say i have the smartest audience. i am catching up on homework on a friday night stick with cramer. >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer, #madtweets send jim an e-mail to madmoney@cnbc.com or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com. alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay at holiday inn. save up to 15% when you b

plus, why goldman sachs is betting big on blockchain.ding rounds, exploiting the blockchain to tackle what they say is a $9 trillion business opportunity. we will hear from the c.e.o., next. this is bloomberg. ♪ ♪ emily: facebook is planning to offer whatsapp paying services to all of india starting next week, even without a partner. fourth partner state bank of india will join once they have the system in place. this according to people familiar with the matter. the rollout shows just how urgent the race is to win market share from local rivals google and alibaba. whatsapp has more than 200 million users in india. while tencent remains one of the biggest tech firms in the world, the stock has seen dramatic swings over the last year. one hedge fund manager says he has a novel idea, to invest in tencent without taking on so much risk. the partner and founder and c.e.o. detailed the strategy to bloomberg's stephen engel. this from hong kong. take a listen. >> the stock has been bullish for so many years that people are not assigning a high

i am here with wolfgang, the ceo of goldman sachs germany and austria. your 22nd annual financial conference in frankfurt. let me start by asking about consolidation. overnights,ur story but also over the past couple of weeks, there have been stories about commerce banks. you name it, there has been a lot more news about consolidation. do you feel this market will make it happen? first of all, good to be back here. in terms of your question, we have seen talk of that's all over europe. we have heard some policymakers saying it is necessary for european banks. conditions that, the , like the european banking union, and second the probability of those banks in , cleaning up the balance sheets, getting costs under control, is also a topic which is mentioned as a prerequisite. as we work through that, i think we get to a point where we will see more consolidation. is coming, but we have some time to go before it is global and feasible. clearly, the deutsche bank commerce bank is a long way off. there are many hurdles. market seem german to you too small to s

. >> the return on capital and they've had the most leverage. >> think goldman sachs, look, when you got wall street knocked arecar in terms of whatital these guy his to have and minimum capital requirements and it put capital on banks and they kept a highly leveraged derivative book, et cetera and that's where goldman was hurt and i think that's where they were forced to change their model and they're getting into consumer banking and consumer finance into more stable businesses, but again, the banks you buy when deregulation is right there, citi and bank of america >> the banks will -- absolutely the one thing that you have to acknowledge about goldman sachs is okay, let's just say they've not made the full transition yet huge, hedge basically still a think about that where's volatility everyone talked about how volatility is here to stay, and we've had the spikes because i tried to point out time and time again. 16% is 1% move a day andt difficult for that for the s&p to move every single day 1 volatility is at 17 and now here we're at the 11th. >>ha saying th the , these top five

goldman sachs chairman and policy andonetary rates. why he says it is not -- argues that a study price isitcoins underwhelming. trump doubling down fronts.ple trade it ordered additional tariffs on chinese imports. we responded swiftly and valued .o retaliate concerned.e be by marty- we're joined schenker. what are the chances at this the deadline is here? >> that is when the first wave happens. some time to come back from the brink, but donald trump seems no reason not to impose these tariffs. are there really signs discussions going on? is therersonal feeling has to be more pain in the marketplace. >> some days you have the markets down and some days it doesn't seem to care at all. when you look at the headlines markets takingay this a little more seriously? wei would have thought when -- ied at one point, the fact that small caps are outperforming, you could argue .n the trade issue i think it will be interesting what china does not only a , they importariffs over $200 billion per year of u.s. goods. they could use administrative or

sharon bell from goldman sachs stays with us.singses $65 after below 100 day moving average for the first time since september. we will talk about the supplydy. the itale minister makes maident today. can he satisfy the divergent populist party that brought him in? this is bloomberg. ♪ ♪ francine: good morning, everyone. economics, finance, politics, this is "bloomberg surveillance." i'm francine lacqua here in london. we are getting some breaking news out of malaysia come or at least the east. --understand that the tycoon has agreed to a buyout for the pay-tv firm astro. this has basically crossedhe bloomberg terminal. this is weighing the possibility of him taking over astro holdings. this is according to people faliar with the matter. will keep a very close eye on it. we understand that tycoon has revived deliberations about this by up of the astro. we will see whether that gets confirmed or not. that's get straight to the bloomberg business flash. taylor: the u.k. government has stake in the royal bank of scotland. it will be

brian: let's look at stephen sachs. mr. sachs: we are not talking about trials here in the normal sense of the word, skill and examination and witnesses, objections that are appropriate. this was theater. this was not litigation in the normal sense. it was intended to be theater. that is why they did it. [end video clip] brian: how many of the catonsville 9 went to prison? skizz: all of them, except for mary moylan, who successfully went underground for nine years. joe: i'm not 100% sure that she ever had to serve time. i think by the time she turned herself in, they may have shown leniency. i think her health was fading at that point. brian: how many of the catonsville 9 married each other? [chuckling] joe: as far as i know, just tom and margie melville, which happened on their way out of guatemala, before the catonsville 9 took place. brian: here's some video of both the of them. coming back from guatemala was the sole focus of my participation in catonsville. saw what i saw the united states do in guatemala, that was a d

sachs and morgan stanley received a lot of focus over the last weekend. had really got things down in the beginning of the year and came in at the lower rate. morgan stanley may have disappointed some versus expectations before last week that could be enough. you worked on the street. it you know these banks inside and out. i am curious publicly held of anxious fondant and what are you hearing from inside bank? how are people feeling about the tests and how they came out? they are designed to give the , and the negative side of things of that there is a lot of capacity around the test. wells fargo had his huge capacity to do buybacks but people did not know if they will be able to lounge or not because there is not a lot of insight in terms of that part of the process. we know the fed looks at a lot of different things. we saw that with deutsche bank. there is sort of not a lot of clarity. is thatr part of it sometimes, there is disagreement in terms of the fed results versus the bank results. that can very and back to more conservative or less. how much

i was banker at goldman sachs traveling all the time for work.ou know, as a woman i would find five minutes to go shop local, and a big family person would bring gifts home and people were like, that is so cool where did you get this the boutique in paris or this boutique in bali and we'll were like, what's the name? we want to get the same thing. and none of the stores were online which was a little mind-blowing to me, because this was '07. a lot of me big media companies were investing online. >> find whatever you want online. >> exactly so strange there was no platform allowing you to go in and say hey, i want something from paris or i want something from milan and actually get it delivered to your doorstep. >> how does it work if you're a consumer i remember this boutique, maybe not necessarily the place. when i was on vacation how do i find it >> say you were in paris literally go by destination. go to paris. see all of the boutiques in paris featured or literally shop on the parisian products and get the product in three to five business da

anna: that was the goldman sachs chairman and ceo. solomon joins the bloomberg family later.g up. this is bloomberg. ♪ >> good morning. open i ame european alongside guy johnson -- i am alongside matt miller, in portugal. matt: markets are bouncing back. haven assets are giving up the gains they saw yesterday, ahead of this important panel with the fed, ecb, and bank of japan leaders this afternoon. ♪ guy:

i did well in previous life, gold m goldman sachs.come back to that number so hold on to it but i mention it now because i am lucky enough to be able to do what i want to do at this stage of my life i am tempted to thinking maybe i should go back and be a hedge fund manager my late father thought i was much happier doing what i am doing now. he thought the show was terrific and was my biggest backer in what i was trying to accomplish here thanks, pop. so why talk about individual stocks this is a commercial product and the market is judge commercial products is worth something. second i do it because of six stocks national video, american agro nommics, st technology, giant food heinz and gantos get you to the point where you make furors and have more of a chance to make money longer turn if you choose to invest in individual stocks as well as index funds. index funds are preferable for the vast majority of you but i know you want to buy individual stocks anyway, or you wouldn't want watch this show. when i was growing up, my father's

cheryl: goldman sachs this week says they will not make predictions.if he tweets anything. cheryl: let's talk about kroger, driverless cars. tracee: to begin testing grocery delivery to customers using driverless mini vans, there they are in your screen. silver van will begin to deliveries this fall as kroger tries to keep up with am done to offer same-day deliveries to customers, this is one of many investments kroger has made into delivery efforts. gerri: amazing, cutting - edge technology that company. cheryl: thank you, tracee. gerri: programming reminder, maria bartiromo will have a series of big interviews this morning in nation's capital, steven mnuchin at 8:00 a.m. eastern time and white house economic adviser larry kudlow. cheryl: maria will will down with mick mulvaney as well as economic adviser kevin and ivanka trump will join maria bartiromo also, just some of the high-profile guests on the show today. don't miss interview all starting 6:00 a.m. eastern time right here on fox business. all right coming up president trump is weighing replac

goldman sachs today basically said the budget is done by the ppp. sanchez will keep it.e will perhaps see expansion. we have to watch the taxes. the socialist party was clear about this at the start of the year, spain does not have a spending problem according to them. and issue when it comes to collecting tax receipt and that means raising taxes and they made a pledge when it comes to banks creating a tax for banks. that means santander. mark: how long can sanchez remain as prime minister? what is the best case -- worst-case an area? >> best case scenario, he should 2019,ly thank rajoy, sources from the pp says they could veto the budget. they will not do it that let him use it. that could take him until 2019. the issue is after -- 84 seats in parliament he has. people said they had more seats and it was more difficult to govern as a minority government. we could see a government that last for one year into new elections. sanchez said he would call new elections but now it seems he probably will stay all the way in until 2020 as it best case scenario or sanchez. mark: g

>> i feel like i can possibly refer to the guidelines with goldman sachs funds. with do not have guidelines for that group either. they are slightly different. but the same concept. why we decided to make this investment. we're trying to not invest -- we're trying to reduce the amount of income for appreciation we're getting from by going to low carbon investments. >> carbon constraints. >> thank you very much. we should address that here so that manager understand what they're not going to do. >> in the contract, if they would change strategy, we would terminate, pull the money out and pull the money back. well, i hear what you're saying. i don't know that we can negotiate. they would be required to meet a target of 80% carbon constrain. >> not a target. a limit. target and limits are different. that's one. we had contracts with people and they come back and ask us to change the guidelines so they can invest in something else. everything i'm saying here is precedence for it. >> absolutely, we require a new contract if the mandate changes. we can go back to their

our goldman sachs vice chair and equity strategist. the first word news with jenna dagmar. bloomberg sources say president trump has approved tariffs on $50 billion of chinese goods. refined list of targets will hone in on technologies where china want to establish itself as a leader. duties willuse says be implemented after the release of friday's list, although no date has been set. iniffs could be applied stages, with some taking effect in weeks. the south china morning post says chinese regulators have approved an excuse acquisition by u.s. semiconductor company qualcomm. bloomberg reported china would approve the deal if it got assurances that the u.s. would lift a seven-year ban on homegrown telecoms giant zte. trump'sain opposed to decision to allow it back in business. the u.s. economy has become the world's bright spots as china and europe cool. it is likely to wrap up growth of at least 4% in the current quarter. maybe tell sales beat expectations on thursday. christine lagarde says steven mnuchin has criticized it. was clear

the goldman sachs chairman ceo lloyd blankfein said it makes sense as a bargaining strategy.spoke in new york this week. >> this would not be the course i would have done, not necessarily recommend, but i can see what happens at times. a lot of the people who are this isng too publicly, a typical thing. which we bad thing, know from taking economic courses. publicly making these statements --ause they do business and in china and you have to pay homage to your customers in china. at the same time, when not in public, could be going to the u.s. government and saying what you are doing may not be such a bad thing. i can understand how we get to the place we get to. argument that that was acceptable at $50 billion, but now you have the prospect of a full-blown -- it has gone beyond -- >> it is not my style but if you want to show -- if you want to give someone an incentive to see the world from your point of view, it doesn't help to remind them of your negotiating position if it is a better one. if we go tit for tat, by the time you get to 100, they run out of things to apply a