to squeeze the money if there's no money how can you develop the pipeline we got in touch with standard bank and this is what they told us because some of the big financial and i'd say she would know me back big infrastructure projects like this the environmentalists are saying you shouldn't be doing this let me show you what they said to us and sent this statement to us send it banks new fossil fuels financing policy sets out stringent conditions for lending to fossil fuel projects among other conditions project owners must commit to minimizing of adjacent greenhouse gas emissions standard bank group statement a full 192021 so this is still confusing elizabeth i don't know how you can be extracting fossil fuels and also which you sing greenhouse gases that i think that some kind of magic that i'm not aware of does it even occur to you as something is working fossil fuels that you need to come up with a solution is there another solution that's renewable sustainable and not to do with extraction is that possible. i mean they are the solutions as i've told you jane if they dump lieutenant. as

let's speak tojinny yang, managing director and chief china economist, icbc standard bank. think of these numbers? jelinic they are staggering but it means that it doesn't take too much to reduce a double digit number. what was interesting was that retail sales were particularly strong. —— that is helpful because consumption has been laggard in the run—up to the recovery this year. the run-up to the recovery this ear. , ., , the run-up to the recovery this ear, , ., ., the run-up to the recovery this ear. ,., ., .,, year. this does appear to be something — year. this does appear to be something of _ year. this does appear to be something of a _ year. this does appear to be something of a rocket - something of a rocket of an economy. but in your view, is anyone at the controls? clearly oli anyone at the controls? clearly policy lead. — anyone at the controls? clearly policy lead, similar— anyone at the controls? clearly policy lead, similar policies - policy lead, similar policies have been very much at the beginnings of this recovery. and that stimulus both on the monetary,

diligence, the bank— as part of its standard diligenced inform the government of this— the scheme and inform the government of this on— the scheme and inform the government of this on the 9th of october. that investigation is continuing and the government's obligations as guarantor under the guarantee are suspended on a precautionary basis. it suspended on a precautionary basis. it would _ suspended on a precautionary basis. it would not — suspended on a precautionary basis. it would not be appropriate to comment further on the investigation at this— comment further on the investigation at this time. our political correspondent jonathan blake is at westminster. could you translate paul scully has just said? we want to learn more. we don't want to be excluded from what is going on. i don't want to be excluded from what is auoin on. don't want to be excluded from what is going on-— is going on. i was worried you might ask me that. — is going on. i was worried you might ask me that, victoria. _ is going on. i was worried you might ask me tha

they come to a standard food bank.structures, they don't feel they can approach them for help. they don't feel they can approach them for help-— them for help. that's exactly it. the only way — them for help. that's exactly it. the only way out _ them for help. that's exactly it. the only way out of— them for help. that's exactly it. the only way out of that - them for help. that's exactly it. the only way out of that is i them for help. that's exactly it. the only way out of that is by i the only way out of that is by smaller communities being funded to help in that situation. the bigger organisations don't build that community in the same way. smaller organisations do. they know personally the people they are dealing with, and that's the way out of poverty. a food parcel on its own would keep someone in poverty. i understand that. when you find out why, you address the issues, and that's what we are trying to do. just giving food parcels out is a waste of time, you have to find out what the problem is and deal with t

obviously, the european banks have been somewhat hit by various scandals including the hedge funds. some of the lending standards some of these banks perhaps could be improved upon relative to the u.s.. manus: therein lies the risk. some would say no, but thanks. great context around the global portfolios. suzanne hutchins, our guest host on rates. breaking news coming through. socgen's luxor for 825 million euros. what does he get for that 825 million euros? 150 billion euros worth of assets. many in the etf space. many looking at a number of suitors. state street was one of those. $980 billion as it goes to the hands of a monday. the exclusive talks continue and will lead to a purchase. coming up, what if we got on the show? annmarie: the fallout continues. credit suisse counts the cost of the blowup and we take a look at a group that got out just in the nick of time. this is bloomberg. ♪ ♪ >> philanthropy can often take risks. they can try and ovation but sometimes it works ended sometimes fail. they can look for new solutions. they can help us collect the data. ultimately, it's always up to governments to sc

standard chartered private bank, thank you for your insights. let's get the first word news with vonnie quinn in new york. >> tokyo's governor says she -- government of a state of emergency to in the curb. infections have jumped to level not seen since the second state of emergency in january. the prime minister stepped up restrictions in tokyo and other regions to try to slow the spread ahead of the summer olympics. johnson and johnson will resume shipments of its covid vaccine to the european union after the drug regulators said the shots benefits outweigh the risks of a positive -- possible negative risk of blood clots. it's a very rare side effect, allowing governments to make their own decisions on restricting you to age or groups. the group behind plans for european soccer's super league are reconsidering after all six of the english clubs involved indicated they are pulling out. the super league says it will now determine how to reshape the project. the plan announced on sunday faced massive backlash from fans, players, coaches and politi

that will include complaints that fin-tech companies need to be held to the same tighter standards as regular banks a day that we've also gotten major bank earning, here's somebody trying to disrupt the sector. one ceo and cofounder brian hamilton. one, of course, is a fin-tech leader here and a big disrupter. brian, we'll get to how -- what you do in your business is different from the big boys, but i do have to say this: jamie dimon of jpmorgan said in his shareholder letter last week that fin-tech's proposed, i'm going the quote here, an enormous competitive threat. now suddenly you've got this hearing, and it makes me wonder maybe the big guys feel that you are stepping on their air hose, and they're going to fight like hell to keep it open for them. >> well, jamie dimon's a smart guy, and thanks for having me. i do think you're going to see a lot more disruption very soon. the large banks have largely's scaped some of the overall that would -- escaped, but it's coming fast: i think it's timely that the house is talking about that, and i do think jamie is right to be concerned. ly. liz: why sho

the latest euro area bank lending survey for the first quarter of 2021 reports moderate tightening of credit standardsoans to firms following more significant tightening in the previous two quarters. heightened risk perceptions among banks were again the main contributor to the tightening, although the impact was less pronounced than in previous survey rounds. survey banks also reported a renewed fall in demand, mainly driven by a continued decline in demand for financing fixed investment. with regard to lending to households, the survey indicated lower demand for loans for houses purchased, while the credit standards for these loans eased slightly, supported by competition among lenders. overall, our policy measures, together with the measures adopted by national governments and other european institutions, remain essential to support bank lending conditions and access financing, in particular by those most affected by the pandemic. to sum up, across check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed that an ample degree of monetary accommodatio

we will be sticking with the banking sector next. standardof the companies planning a hybrid model, we will talk more about the future of flexible modeling. that conversation with tanuj kapilashrami coming up next. this is bloomberg. ♪ >> i do think there will be part of the world were a number of people will be working home remotely permanently. i think there will be a large portion who currently work in the office. >> people tell us that they actually want to work at least 1-3 days from home at some point in the future. that does not mean for everybody, but i think that is something we will be looking to explore in the coming months and years. >> it is very much our goal to be back in the office. together. hopefully, to have some of our trainees the summer be at least partly in the office. >> we will bring people back when it is safe and we will get people notice. i am hoping with the increase in vaccinations it is sometime around summer or the end of summer when we can get back to life as normal. we will play it by year. -- by ear. anna: s

is because banks are tightening lending standards?s because people aren't necessarily buying as many homes? these are important questions and they have macroeconomic implications about just how are best the acceleration is. tom: the vix, 15.70. we will really dive into the data check at the bottom of the hour. alison williams with us right now with bloomberg intelligence, senior analyst for global investment banking. i want to talk about american banking and this lack of loan demand. are we back to the old idea that there are too many banks, and we need mergers and combinations to drive american banking forward? alison: i don't think that is the issue. i think it is really the need to spend on technology and be competitive there. but in terms of loan demand, i really think, and lisa sort of asks the question, and i think it was the first part of her answer that is the right one in my view, that we have had companies raise incredible amounts of cash. the cash sitting on balance sheets at corporations is at historic levels, both in term

is loan demand decreasing, or are banks just tightening their standards? been also simultaneously interviewing small businesses every couple of weeks, and their experience with the large banks is deny, deny, deny lately. so getting a bigger, data driven picture on that is important, i think. lisa: especially with what jp morgan said about small business lending in the first quarter. you did mention markets. consumer banking was supposed to be the stalwart of growth for a lot of these banks, including goldman sachs. is it still? sonali: it is the future. it is not the immediate future, but you look at it to lower goldman's cost of funding. there's big consumer and marketing reasons you would expect goldman to want to expand across america, but this is about finance. the fact that goldman's cost of funding could be lower would be better in the long term. jonathan: cinelli, stay close. we would love to return to you to process these numbers. we've got to go through the bank numbers. wells fargo coming out a little bit later. then we will get the individual mov

coming up, standard chartered, another day, another bank, another euro on the dollar. $.18 of a profit in q1. andy halford joins the team shortly. ♪ pres. biden: the american jobs plan is a blue-collar blueprint to build america. that's what it is. [applause] and to recognize something i have always said, in this chamber and the other, wall street did not build this country. the middle class built this country, and unions built the middle class. sen. scott: our nation is starving for more than into platitudes. we need policy and progress that brings us closer together. from three months in, the actions of the president and his party are pulling us further and further apart. manus: both sides of the aisle. senator tim scott giving the response to biden's joint address of congress. standard chartered delivers an 18% profit gain in the first quarter, how bad sharp decline in credit losses, underlying -- held by a sharp decline in credit losses. a very comfortable beat for the company versus the consensus at $1.08 billion. the man who compiles the numbers, the nuances, and the changes, and

this is a question that you asked, which is our banks loosening some of their lending standards as theyo get loans? what are the potential risks? there will be pressure on these banks to take risks so they can boost profitability at least by shareholders. we will see the tension built. jonathan: i don't think anyone thought we would have a massive balance sheet issue. we had a huge helping hand from the policymaker. i think this was always going to be an earnings issue and the story just got a whole better for these banks going forward. where does the revenue come from? now it is about revenue. how can they generate the revenue and leverage what is going to be a boom economy to the u.s.? the answer might be, it might just take a while. things balance out. tom: every quarter the digital experience will make the strong, stronger and different sizes and that week will be good. weak, weaker. jonathan: rhyme on him at 5:00 p.m. with david western -- brian moynihan at 5:00 p.m. with david westin. we get you down to retail sales in america. this is "bloomberg." ♪ >> in phone call with vladimir

standards. they have asked banks not to lend to cbc capital. a big revenue exposure to ibm.atching -- it's exploring options. rio tinto, it's production update, its forecast saying iron ore shipments fell 12% in the first three months and it's copper cargo were affected by output in mongolia. shery: coming up, we also discussed the outlook for the car industry. and -- the market opens in sydney and tokyo are next. this is bloomberg. ♪ getheir homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. ? welcome to daybreak asia. i'm shery ahn. sinise major markets have just open for trade. our top story this hour. weakness in the tech sector drags u.s. benchmarks do

we want to insure that any new banking models are held to the same high standards that exist for our unions and banks. >> right. i mean, most people assume that fin-tech is regulates. aren't they regulated by various players? >> no, they're not. the fact is many fin-techs are are taking advantage of regulatory loopholes that, quite frankly, escape supervision by federal financial regulators such as having minimum capital requirements or regular examination. and this could be bad news for the american consumer, taxpayers and, of course, the big fear is it could create systemic risk in our financial system. >> yeah, no, i get all that, but you're really telling me that -- i mean, listen, i guess i got a that go back to sofi, which i will, that a company like sofi which has been around for a while, you know, they're not like -- they're not new. that they're, they don't get regulated by the fed? >> yeah, you even have, you even have jamie dimon who came i out earlier talking about fin-tech, said they're now becoming shadow banks, and they're finding cracks in the regulatory system to beco

bank j.p. morgan if there is interest by the standard players these financial institutions it means there is.a potential for a bright future you way for the governing body of european football has reacted with fury one top member says he thinks 3 of the 4 clubs in the champions league semifinals next week will be banned for their roles in the super league. yes for moeller referred to chelsea manchester city and real madrid saying the club's must go and i expect that to happen friday then we have to find out how to finish this champions league tournament. us and the footballing world stand united against that these graceful self-serving proposals we have seen in the last 24 hours from a select few clubs in europe. outside of anfield stadium super league club liverpool's own fans showed their disdain for the super league which their heroes are now part of a sentiment shared by fans of super league clubs elsewhere in europe. the. so you can feel believes about its diversity and what we're seeing now it's the concentration of wealth and the top of the game in the hands of a few claps you way for

banks need to make loans, that is how they make money. bottom line. haidi: do we see a relaxation when it comes to lending standardsorward to try start that demand? it's a thing where you feel bad for banks because it looks like consumers have their financial houses in order, and they don't need these loans. >> they given technical terms. would you talk about the bond market, you talk about duration. the fed has been taking assets out of the market. they are buying the mortgage backed securities. they are buying trillions of dollars worth of short-term treasuries. investors are forced to go elsewhere. that competition for assets, the remaining duration in the market is intense. so, it's not a matter of feeling sorry for the banks. it's more of a matter of we need to understand that as long as the fed is wedded to the dual mandate, they will do anything they have to do to get to full employment, even if it needs badly damaging the bond market. in the u.s. banking system, and all of the investors out there. all of the pension funds. everybody depends on earnings and assets is at risk in this environment. ultimately,

high standard environmental and social standards we will not just finance something just to finance some connectivity projects. as you know, we finance with world bank and other institutions this is because we operate on the same level of the environment and social sta standards. otherwise it is not possible if we can help improve the quality of belt road projects, that will be very much a good message. >> all right thank you for joining us today on cnbc. the president of aiib. >>> now markets have been watching the european vaccine rollout. it has been picking up steam in the last days. just moments ago, we have news crossing the wire on pfizer. eu decided to exercise its option to buy 100 million doses of the pfizer vaccine. this is part of the contract they signedwith the company back in february the total doses expected this year is 600 million. they have gone ahead and exercised that additional option to buy additional 100 million doses. >>> let's look at markets and see how we are opening up. the 600 is moving modestly higher this is after the u.s. and european markets continued to set new records. 1.2% gained this week. ecb on thursday and on

a goldilocks scenario where we are relying on not just the fed but global central banks maintaining the current standards? >> well, there is still so much liquidity in the market. that has played a big part, but you are right, interest rates and a low rate environment have fueled a lot of the fire as well. and, there is real fear from many investors that is going to lead to overstimulation. both with liquidity in the market and the low rate. so, the ugly word that begins with an eye is probably the biggest fear on every investors mind. when will we see inflation? inflation big enough to force the fed's hand in raising rates. that is one thing that most investors are worried that could change the direction of the market. we certainly are watching it carefully. and believe that rates stay low, at least through the end of the year. but, i am not a great -- i'm not an economist for one. and, i had seen the fed say one thing but they generally react to the data. i expect they will continue to do that in the future. haidi: you have said you would not be surprised if there was a 10% correction for the end of th

bank has done in the pandemic. eric robertson joins us. they have another unique characteristic. standard charter has a character of looking at the developed and less developed world. he is global head of research. i will speak with -- of the imf. she is beyond concerned about not third world, but in e.m. behind the pandemic. is that your anecdotal evidence at standard charter, that that part of the world is behind? >> i think it's a critical question. the way we are thing about the world at the moment is you will see a fairly significant economic recovery in local terms as you are talking about but the key factor is there is such a wide gap between the haves and the have-nots. you have countries in asia like china and india that will come out of this crisis with very strong growth. the u.s. the same. there are large parts of the emerging markets that are still struggling. parts of sub-saharan africa, latin america, etc.. the gap between those performing well and those still struggling is growing by the day. tom: let's go back to princeton economic history. cap the lantern lit as economic

standardized reporting, testing and looking at the role of supervisory authority. would be together with the world bank the financial secretary assessment we are integrating two risks in this assessment. first data. data is a story like nothing else. integrating carbon intensity and other climate data corporate -- what we are pursuing with other organizations. we are going to have a dashboard that will tell policymakers to seat one place the growth numbers there numbers. last but not least is capacity development. countries need to speed up their ability to integrate climate policy we are there for them. >> fabulous. janet, president biden has talked about the whole of the economy you've noted poor countries are not the ones admitting the greenhouse gases. we will have this challenge that kristalina is talking about the diagnostic not being applied. where the areas we will have the most effect. how does the world better invest in this problem and solving it? >> obviously climate change is a global problem. and we are not going to really be able to deal with greenhouse gas emissions successfully unless

think the banks have become -- octavio: i think the banks have become more picky through the downturn, but i do not think they have tightened their standardsre applying the same standard as before. if you do not have a job you're not a good rest. there are a lot more people -- you are not a good risk. there are more people unemployed than before so there's not a lot of lending. it was not the tightening of the credit standards, it is being faced with a population less creditworthy overall. it is both demand and supply tightened. some saying i do not want to borrow anymore and some banks saying you are not creditworthy. it came in both directions. alix: the other part is investment banking and trading activity. the numbers we are seeing in both of these units are truly incredible. the question everyone is asking, how long does it last. what do you think and walk it forward for me in the european bank that might not have as much market share. some not doing too bad in those areas. octavio: i think this continues as long as the fed carries on pumping money into the markets at the rate it has been. that is what is supporting the markets more t

standards every year. about half of what the industry was bread went out and raise new capitol became the highest capitalized major bank in the country. those are all the things we tried to do to get prepared for it. we were in pretty good position. within the federal reserve made the exact opposite mistake. which is when the bubble started to look like a problem they went the other way and cranked down all of the liquidity in the system. they shot interest rates up and stopped lending to everybody. and guess what, the capitol markets totally froze and fewer buyers in the prices of everything housing, stock market any securities whatever it might be just plummeted. before they knew it was out of their control. and then they made the terrible mistake in our opinion of letting lemon brothers fail at causing entire panic route the financial system. and then things just cascaded. that is where washington mutual was caught in the liquidity problem. we had just left so was not there she see it firsthand. but everything else in the book we saw firsthand. i know it all or strategies were to back up the statements i just made.

bank and palestinian territories held by the state of israel. it was simply to state the fact that we are having [indiscernible] with legal standards for apartheidecution, and crimes against humanity. the submission concluded that we do have crimes against humanity and apartheid in this part of the world. so that is why we are continuing to present the preliminary examination as a human rights organization. precise submissions on this regard. this is one of the things the icc is going to look at now when they opened the investigation. we will have all that evidence. we will have all the crimes to provide our argument. mohammed: the fact that this report comes not too long after the decision that there will be an investigation by the icc, is not causing concern among is really officials? is this causing some amount of concern? >> i mean, it is clear that this report and the report reference before are part of a program unfortunately funded by many european governments. where several of the ngo's they provide money to have decided as part of a coordinated campaign tissue reports making this -- to issue reports making this offensive allegation. the

cross-country gaps in living standards could widen significantly and decade's long progress in global poverty reduction could reverse. that long time watchers of the i.m.f. and world bank argue that it is precisely the policies of the i.m.f. and world bank that foster that income inequality despite what in recent years has become the traditional rhetoric of concern used at the annual spring meeting we see the i.m.f. the research department putting out grade materials and recognizing problems like inequality and talking about inclusive recovery and climate change and all these things that sound very good but at the country level if you look at the advice given in the programs it's all the same from you know decades ago and it's just a disconnect between the 2 parts at the i.m.f. the head of the meeting hundreds of civil society groups wrote to the i.m.f. and world bank decrying their insistence on austerity programs that. education and health services in developing nations in return for movies is one is that performance on climate change which they see is inadequate in addition the figures for projected economic growth released on tuesday are a dependent on universal gl

what does that tell us about the market and the tightening lending standards that we may be seeing out of the big banksic? that's pretty good indicator, maria, sure, the standards have tightened up. in fact,, in fact, folks that are borrowing money today, maria, have all-time high credit score, those getting approved. it shows that lenders are being a little bit more restrictive both on second-home mortgages and in fact, regular mortgages. that's not necessarily a bad thing. on the second home mortgages, really the debate is about is this the right policy, right? should the fed and you have done a great job over the years talking about this issue, but how far into the market do we want the federal government involved when it comes to the housing market, mortgages, et cetera. we have seen that flow over the years and some results haven't all been so great, right? maria: yeah, you're right. and a lot of shareholders of fannie and freddie are outraged and they want to get paid and they want the companies to give up any -- any ownership, the government to give up any ownership of them which would loosen th

they can keep you from your bank account, your kids, your home, and what we are talking about here is one slice of that. but based on the same standard. it's a very surgical type of tool here, and that's the point of this. i was glad to see mr. coble talking about ways we can agree on this, because i do think we can do that. we can make this you -- this tool safe use around the country, come to an agreement and make sure we are saving lives. >> i was encouraged as well, quite honestly, by his statement to that effect. i thank him for his testimony today, but also his candor in describing what he knows and what he doesn't know, because not all of us are expert on all the facets of brief laws. but the restraints involved in liberty and domestic violence orders, they are called restraining orders because they restrict liberty. the civil commitment statutes, which takes away somebody's liberty -- there are all kinds of ways in which those fundamental liberties are impinged to keep society safe, and they establish procedures to do it so that those orders are fact-based and a burden of showing those facts put on the person who would seek t

aberdeen standard releasing their new name which is pronounced aberdeen, but spelled abrdn. european equity markets being driven by the banks today. travel and leisure stocks are also having a fairly solid day as well. european stocks by around 0.1% -- by about 0.7%. kailey: you know that i will be getting on the internet right after the show to check out my flights to ireland for this summer. i am so excited about ursula von der leyen's comments over the weekend. i am looking at my board and realizing alix steel is probably shaking her head at me because i do not have a sickle commodity on here, and a number of them are on a tear today. in the other asset classes, we are looking at equities gaining about zero point 25% on the s&p 500. you have a lot of catalysts this week, including back to cap tech earnings. investors may be in a bit of a holding pattern out of that. of curse -- of course, that first report is by tesla after the bell. options are implying a swing of 6.2% plus or minus after those results, so we could see a lot of volatility after the close. in the treasury market, we are getting $120 billion of supply tod

aberdeen standard releasing their new name which is pronounced aberdeen, but spelled abrdn. european equity markets being driven by the banksre stocks are also having a fairly solid day as well.

bank merger of new york and michigan. we see the continued battle over canadian pacific. w.r. grace taken out by standard industries. this is about cheap money. the gloom crew not seeing the action of corporations, whether apple or smaller companies. jonathan: it is quite u.s. specific. we came into 2021 talking about global synchronized growth area i think that is a nod towards what is happening at the moment, what has happened in europe in the first quarter, and towards a better than economy, certainly compared to where we were six months ago. tom: 6.9 zero on the vix. to make, what we see in the data check that has gone nowhere for weeks, what do you observe in the yield market? jonathan: you do the data check and i will disrupt it. get out of cash. euro, no one cares. [laughter] tom: there's your data check on radio and tv. . all we care about is getting to troy gayeski, including the bitcoin call. he is with skybridge, their co- chief investment officer. i'm reading that hedge funds are doing better. what is the linkage of alternative investments to four or five big technology names? troy: it is interesting you

bank. but a lot of the startups that have come about are actually not under the same standards to protect thathink there needs to be more transparency in lightning our customers about where the safe environments are and where they are not. that is probably the best example i could give, screen scraping, taking people's credentials and using them without necessarily their knowledge. guy: absolutely. we wish you best of luck with your new venture in buffalo, the tech hub. thank you very much for your time today. rene jones, m&t bank chairman and ceo. this is bloomberg. ♪ ♪ ritika: it is time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. boeing took a $318 million hit in the first quarter in a dispute over the next air force one. it has to do with gdc, boeing's subcontractor for the installation of the custom interiors used on the president's plane. boeing sued gdc, claiming the company was insolvent and running a year behind schedule. this week, gdc filed for chapter 11 bankruptcy. spotify reported first-quarter sales that beat estimates.

detected comply with standard reactions to unionization which include low grade fever chills and so on right now we have no problems with the one in the country hopes to initially boost its banks and nation campaign and bring it to a close before the end of may in total $33000.00 people are lined up for the job the state is norton a.v. remember which means it's not obliged to wait for e.u. watchdog approval to use. ministers told us they've been working well with moscow. we are definitely happy with the vaccine and are surprised at how good our cooperation with the russian fund has been we saw the professionalism of the fun's workers and their willingness to help as well as quick supplies of the jobs it has been a very good experience of cooperation and i hope we will do it again in the course of future vaccination campaigns. cause our fight against corona virus has some particularities because we're a small states with limited resources our health system has limited capabilities to confront the situation caused by covert this is where it's crucial for us to immunize our population as soon as possible when we saw there are existing vaccines on the european market is limited wh

very low levels, more than a standard deviation below long-term average for financials relative to the s&p. when you think about it on book value. tom: whether it's amazon or banking we have to. gina: you also have to think about the cycle. we are in double-digit growth right now. where will we be in 2022 or 2023? jonathan: thank you. i wasn't even talking to gina, i was talking to our audience worldwide. we get earnings from jp morgan, looking forward to that. earnings after a stock pop of a little more than 20% so far year-to-date. trading up about 8/10 of 1%. i'm jonathan ferro. taking another deep breath. up four points on the s&p, we advance a little bit less then a 10th of 1% in the bond market. yields are higher by a basis point. crew doing ok. 61 handle on wti. euro-dollar 1.1961. that's a stronger euro. up next, it's earnings season and it kicks off with jamie dimon's jp morgan. this is bloomberg surveillance. ♪ >> with the first word news, i'm ready to go to. a giant -- egypt has seized the giant container ship the block the suez canal. the ship is insured for third-party losses. they claim the damages is largely unsupported. the rollout of johnson &

vehicle was the spac we need to set a gold standard, right, for what it means to bring a company public through any of the three doors, whether it is a traditional bank ipo, whether it is direct listing or leveraging a spac. for us there are a couple of elements we think are important there. number one, we think it is important that the sponsor makes a significant investment, right, so that they have skin in the game for us, we thought it was important to match our sponsor lockup with the same future forecast that the company gave so the company gave a three-year forward forecast as part of this transaction, and we're locking up our sponsor shares for the same three years we think those are two steps among many others, right, that will lead to better transparency, better disclosure, better alignment among investors, and that they will become important hallmarks if this is to become as important a pathway to the ipo market as we believe it will. >> you also will donate 10% to the promote for company's grab for food fund. i will mention that, it is important. i wonder what you think of the total environment now for spacs. there are days where we are go

banking. >>> britain's prince philip will be buried at st. george's castle at windsor castle. it will be a toned down affair by royal standardsr joins us live from win windsor, england. what are the plans for tomorrow? >> reporter: it's interesting, isn't it, because despite all these restrictions, ultimately, as you say, prince philip will get what he wanted. will get the order of service but later on he defined that order of service. he defined what military traditions he wanted to be adisplay tomorrow. it will all be there but it will be slimmed down. he didn't want the big state funeral. ultimately it would have sued him. one of the most poignant things we'll see tomorrow is the chapel with just 30 members of the congregation for this massive national event. you'll see the queen sitting there on her own, grieving her husband of 73 years. i think that's going to be a really poignant moment. but it will in many ways feel like a celebration of a really long and rich life, brooke. >> as they tomorrow celebrate this long and rich life, and just given the fact that you've reported so much recently in the wake of that meghan and

bank of china, why do i think, you would all end up in jail? i don't even think that's a s laughing matter. that double standard exists, doesn't it? >> yes.estly, there is nothing that's funny about this, i think the whole situation with hunter biden is actually very sad. he is obviously a very troubledt person. but to hear them laughing about all this and, sean, no questione that this was his laptop. we all know it's his laptop. the fact you can't fully deny its his laptop, we know it's hayes, forensic reports on it, so the reality is that the things he jokes about, he was joking about photos of his pants, hiski photos of him doing drugs with prostitutes. we took it really seriously because you are a representation of every american citizen. this is not funny. this is shameful. this is sad. but i think you're bigger point is exactly right and it is spot aon. we talk about this often. ween actually went above and beyond anything we needed to do as a family, got out of any foreign business deals, father-in-laww, we felt that was the right thing to do. photographic evidence of it, federal papers that he has lied on, you are darn right that

that we've been able to find with the bank of china, why do i think you would all end up in jail, and i don't even think that's laughing matter that double standardestly, there is nothing that is funny about that. i have to tell you, i think the whole situation with hunter biden is actually very sad. he's obviously a very troubled person. but to hear him laughing about this. and sean, there is no question that this was his laptop. we all know it's his laptop. the fact that he can't fully deny that it's his laptop, we know it's his. there have been forensic reports done on it. the reality is, things he was joking about, photos of him not wearing wants, drugs, prostitutes, this is part of the first lady of the united states of america and i have to tell you something, when we were in that position, we took it very seriously because you're a reflection and a representation of every american citizen. this is not funny. this is shameful. this is sad. but i think your bigger point is exactly right and it's spot on. we talk about this often. we actually went above and beyond anything we needed to do as a family. got out of any foreign business deals. ma

bank of america board. it would surely allow me to eat while i campaign. i wouldn't need that much money to live on, john kerry may have different standards but what you sees a democratic party that places joe biden at the beginning and the candidate who is resting on the campaign trail and by the end you see a process of elimination where biden is seen for a variety of reasons including the message we talked about is the candidate best position to take on trump. >> want to add anything to that? >> john encapsulated everything. >> when i think about the various chapters in this book a lot of things jump out at me. i don't want to spend my time looking backwards but you do talk about your remarks. what are the decisions that were made along this campaign that foreshadowed how the biden team is governing on the one hand and on the other end foreshadowing how the trump team in exile is reacting. to the present day. >> want to take that? >> great question. what you are seeing from him as president is a real desire to stay in touch with what he thinks is the mainstream of the american public on issues so you look at the covid relief bill, 76% public support, i

financial institutions, banks in the safety net that have affiliates with deposit insurance and they have been pulling back on main street landing and they've been tightening standards for main street for loans, loans are capital intensive and the returns are not so great right now. so they've been pulling back in favor of this capital activity which is frankly riskier and i think maybe there is a silver lining on this, is that they are getting the fingers singes catering to these clients when they are pulling back on main street the fed and all of the bank regulators need to look at the incentives being created by the sfrur and the failure to tighten margin requirements on high risk through this transaction, and in whether we are expecting enough of our banks and main street lending when the country needs them especially when they're doing buybacks and dividends and those have started up again. that is a longer answer to your question but in short-term, i think there is tightening up and i think that is a good thing but long-term, is this ow banks are in the safety net, do you what you want, do as many stupid things as you want, but if you have this kind of federal

banking site or injured in the 2008 crisis but the benefits of the two big to fail reform were realized we outlined this work in the forthcoming evaluation preferred analysis of reform international financial standardsthe g20 naafa speak commitment recommendations and other niches will provide better insight into whether the package reforms are working as intended or complicit and structured efficiently or in need of refinement. one last particular item to mention libor detransitioning way from libor six significant undertaking but the fsb has been engaged in it for almost a decade. the fsb said a roadmap for clear action that clients can take to ensure a smooth transition away from libor and this year the fsb report to the g20 ongoing progress on issues related to libor transition including supervisory issues related to the benchmarks. we think the confluence of events over last year the that demanded international coordination in several key areas and that's precisely why the fsb is was created more than 10 years ago a beacon at the end of another hateful march. the topics covered seem bewildering at times but i'm sure in the overview of just given and i covered only a few today but as the fsb giv

standards every year. our loan losses were about half of what the industry was really went out and raised new capital and became the highest capitalized major bank in the country. so those are all the things we tried to do. to get prepared for it and we thought we were in pretty good position but then the federal reserve made exactly the opposite mistake. which is when the bubble started to look like a txaproblem, they went the othe way and just cranked down all the liquidity in the system. a shot interest rates up and stopped lending to everybody and guess what? the capital ybmarkets froze and that drew up the prices of everything. any securities, loan portfolios, whatever it might be plummeted and before they know it it was out of their control and then they made the terrible mistake in our opinion of letting lehman brothers fail and when lehman brothers ailed it caused a panic throughout the financial system and then things just cascaded and that's where washington mutual was caught in that liquidity problem of we had just left so i wasn't there to hand and everything else in the book we saw firsthand and i know what all of our strategies wor