hsbc encz -- and standard charter are named. last seen inlows 1995. let's get to su keenan.eport shows an explosion in the number of transactions at banks flagged as suspicious. su: the report, getting a lot of attention at this hour. it is expected to be followed through as the u.s. opens. the consortium of journalists citing these documents reports that about $2 trillion in illicit funds have been transferred by major banks around the world over the last two decades. they say this shows huge fines imposed on banks in recent years really have not made much of a difference. moneylso say banks moved for people or entities they couldn't identify, and in many cases failed to file the required suspicious activity reports. in fact, these buzzfeed suspicious, 2100 activity reports. while the details of the reports are unclear, the quality of these reports in which the banks put out that they believe some of the transfers they are being presented with our dodgy, indicates there has been an explosion of this activity. in fact, the report shows that deutsche bank and j.p. morgan chas

standard chartered and the central bank of the u.a.e. it says they send more than 2000 suspicious activity reports to u.s. authorities over 17 years these are not necessarily proof of wrongdoing but the report says banks allowed money to be moved despite concerns over the origins shares in h.s.b.c. and standard chartered fell to their lowest levels and $998.00 after the report was released both banks say they reformed and invested heavily in their ability to fight financial crime. martini is a policy expert on corrupt money flows transparency international says the investigation reveals serious systemic flaws with the global financial system. if you look at the types of mistakes that are there are things that we have been seeing in the ninety's and we continue to see in 201520162 time in 17 and the line of the banks has always seemed to something of the past it is actually the same mistakes being repeated over and over again what we see is that there's really a need here for severe be sufficient to be a strain to all targets shouldn't be

standard charter bank and john philippe jamie dimon is the one we are focused on >> across the board, markets bouncing in the green. the ftse here in brexit concerns popping into the retail stocks banking stocks trade weaker. you mention jamie dimon. his comments are interesting the fed has done enough at this stage to support the markets take a listen. >> i think they are doing the right thing now which is to let us get through this. there are going to be serious issues about government deficits that is kind of a secondary problem right now. getting through this and cooler heads will prevail and get to that wisely. >> he mentioned he's disappointed congress hasn't come up with the second round of stimulus the ceo of standard charter group, bill winters, take a listen to his comments very low interest rates are difficult. we estimated that the impact would be around this we think this could be around us a number of years or longer. and it could be a hill we have to climb we can do that >> talking about the impact of very low rates including discussion we've had in europe many years wh

standard chartered and the central bank of the u.a.e. it says they sent more than 2000 course suspicious activity reports the u.s. authorities over a period of 17 years these are not necessarily proof of wrongdoing but the report does say banks allowed money to be moved despite concerns over the origins h.s.b.c. and standard chartered told the reuters news agency they have reformed and invested heavily in their ability to fight financial crime. wildlife officials in botswana think they know what's behind the mysterious deaths of hundreds of elephants they're blaming something called kiana bacteria that's a type of bacteria found in water at least 3 out of the 30 elephants of died over the past year in botswana and all of them in the same area. now it's a latin america as chile's indigenous mapuche a conflict escalates some are hoping that the writing of a new constitution could lay the groundwork for reconciliation and peace in the trouble torn region of southern chile armed groups fighting for and sastra land rights and a heightened pre

standard chartered and the central bank of the u.a.e.it says they sent more than 2000 quotes suspicious activity reports to american authorities over a period of 17 years that's not necessarily proof of any wrongdoing but the report does say banks allowed money to be moved despite concerns over its origin h.s.b.c. and standard chartered told the reuters news agency they have reformed and invested heavily in their ability to fight financial crime. the u.s. democratic nominee joe biden has criticized president from pound leading republicans who are pushing to replace the late supreme court justice ruth bader ginsburg he said that would be quote an abuse of power if one of embers presidential election and senators to delay a confirmation vote until after that allen fission up from washington. the supreme court has suddenly become the dominant election issue in the united states donald trump says he's going to move forward with filling a big can see this week democratic challenger joe biden says with early voting already under way that simpl

stephen engle it or, the standard chartered global head of fx research. join us tomorrow for our special programming, the fed decides. that will be with caroline hyde and tom keene will stay up past his bedtime to help caroline out. some interesting comments coming out of the ceo of jp morgan. jamie dimon talking about the whole work from home paradigm. this is bloomberg. ♪ focused today, we are on the amec, the recession, and some of the ways that the job market may be permanently altered. joe: today, we had jamie dimon. they have told people to come back to work. they have blamed young people for not being as productive on fridays and mondays. jamie dimon says going back to work is a good thing. everybody knows there is a cost to this extraordinary lifestyle change. hf course, people have to weig the health risks with other things. jamie dimon saying that the costs of not coming back to the office are building. costs when you send them back, then you have one trader get coronavirus and having to send them back home. it will be really two steps forward,

red flags over the origins of the money and the most are hsbc, jp morgan chase, deutsche bank, standard charter and bank of new york melon and you can see how those stocks are performing in extended hours among the types of transactions highlighted by the documents, funds processed by jp morgan for potentially corrupt individuals and companies in venezuela, ukraine and money from a pansi scheme and money linked to a ukrainian billionaire processed by deutsche bank and president trump says he has agreed in concept to a deal where tik tok will partner with oracle and walmart to become a u.s. company. delaying the ban that was supposed to go into effect last night. still current tik tok parent and byte dance maintained it will own an 80% stake tweeting out this message adding that the company is just getting started. they added a couple of really fun dance moves just to period ka it off. the major index coming off the first three week losing session of the year. futures right now they are solidly in the red and chief investment officers and he joins us then just showed our audience the future is d

other banks named, standard chartered based in the uk and deutsche bank and bank of new york mellon.n major damage control mode as their stock price as you can see have been hit hard, even though some of the banks that many of the transactions noted happened a long time ago. they have since put in strong anti-money laundering checks in place. investors not buying much of this. it is hurting the sector. the investigation claims that the big banks shifted money for people that they basically cannot identify and many cases failed to report suspect transactions until years after the fact and then with little follow-up. also accuses the banks of pocketing profits while facilitating the work of quote, terrorists, kleptocrats and drug kingpins, unquote. in london by the way, shares of hsbc and standard chartered touching their lowest level in as much as 25 years. now the reports did show that many of the suspicious transactions were linked to companies incorporated in britain or offshore british territories. that has led to calls for a action groups. by the way, charles, the uk government i

standard chartered and the central bank of the united arab emirates it says they sent more than 2000 suspicious activity reports to u.s. authorities over 17 years these are not necessarily proof of wrongdoing but the bank says of the report rather says banks allowed money to be moved despite concerns over the origins h.s.b.c. and standard chartered told reuters news agency they've reformed and invested heavily in their ability to fight financial crime world leaders are set to address the united nations to mark 75 years since it was created secretary general antonio terrace will open the special ceremony later one day ahead of the annual general assembly but this year the event will be almost entirely virtual because of the pandemic our diplomatic editor james bays reports from the subdued u.n. headquarters in new york the u.n. is marking its 75th birthday but there's little mood for celebration normally leaders travel from around the world to new york this year nor the coming it's all being done remotely. the general assembly hall is often packed to normal years this time it will loo

standard chartered and the central bank of the united arab emirates it says they sent more than 2000 suspicious activity reports to u.s. authorities over 17 years these are not necessarily proof of wrongdoing the report says banks money to be moved this concerns over the origins shares in h.s.b.c. and standard chartered fell to their lowest level since $998.00 after the report was released both banks say they have reformed and invested heavily in their ability to fight financial crime. let's bring in money a martini in berlin she's a research and policy expert on corrupt money flows at transparency international good to have you with us so 1st for help us put this into context what exactly were the illicit transactions that these banks are accused of being involved in hi good to be with you today so the financing files what they show it's suspicious activity reports that have been submitted by banks to us how toit. invited choses that this bank stay continued to do business with clients that they themselves suspected were facilitating corruption as you just had in your introduction a

s standard chartered bank deutsche bank and bank of new york mellon have put greed and corruption over decency in public good.

s standard chartered bank deutsche bank and bank of new york mellon have put greed and corruption overdecency in public good color me shocked according to buzz feed a treasure trove of secret u.s. government documents real these giants of western banking move trillions of dollars in suspicious transactions enriching themselves and their shareholders while facilitating the work of terrorists kleptocrats and drug kingpins and that the us government despite having the power to do something does nothing to stop this the secret files are made up of suspicious activity reports or sars for short there were filed with the us department of treasury spying mantle crimes and forstmann now.

connected to organized crime members and to a key ally of former ukrainian president viktor covert standard charter also moved so-called charity payments for customers of arab bank even though concerns were raised about connections to terror financing and they're not the only ones because b.c. cared funds for suspected money launderers while on probation by u.s. authorities now all the banks highlighted in the investigation have denied wrongdoing. well to discuss all of this i'm joined by business reporter arthur sullivan arthur you know this seems like it's a scale that is quite huge you could say it's enormous it is quite hard to get your head around it so we just saw some of the figures and some of the headline numbers involves 2 trillion dollars worth of transactions that involve some of these banks so to break that down the documents that this very large international network of journalists $400.00 journalists in total working with it was $2100.00 specific documents of financial transactions which they then added to with about $18000.00 additional documents which they got through interviews an

morgan chase, deutsch bank, standard charter and bank of new york melon the banks are down more on thisthe top of the hour we're watching also, this is not a bank unless you consider donuts currency, which andrew does, watching the brands of dunkin', piper upgrading raising the price and comcast and nbc universal division reached a deal with roku to bring peacock to the roku platform you see shares of comcast are down a little bit. under 1% under 45 after recently trading at lofty levels getting all the way back to where the stock waberes fo the pandemic "squawk box" coming back after the break. ge is the fight of our generation. the biggest obstacle right now is that we're running out of time. amazon now has a goal to be net zero carbon by 2040. we don't really know exactly how we are going to get there. it's going to be pretty hard. but one way or another we're going to reduce our carbon footprint to net zero. i want my son to know that i tried my hardest to make things better for his generation. they get that no two people are alike and customize your car i want my son to know that i

and deutsche bank and standard charter also moving up.erg first word news update. according to the new york times, president donald trump income tax in in 2016 and 2017 after reporting losses of millions of dollars from his golf courses. he paid no income tax intent the last 15 years. of paper said he is hundreds -- of millions of dollars in debt. the president says it is fake news. judge trump has nominated amy coney barrett to the supreme court, his third appointment to the bench. barrett is known to be a devout catholic and has described abortion as always immoral. the nomination sets up a clash in the senate. a conservative party rebellion against prime minister boris johnson is gaining steam. opposition parties have signaled support for a backbench tory plan. the labour party is also criticizing the chancellor after putting jobs at risk. was far too little done for hardest hit sectors. the nation is rudderless after it -- as it struggles to recover from an explosion at its main port last month. emmanuel macron says there is a collect

hsbc and a standard chartered down by more than 3%. these fincen reports that have been released. they are getting a lot of attention. stocks see more broadly related to leisure and free time under pressure because of talk of further lockdowns coming, certainly in london and possibly other parts of england as well. weaker, downroadly by 1.4%. sector is under pressure today, so we got that in the mix. we also have travel and leisure stocks not doing well. insurance, auto parts also weaker. health care, utilities, and technology are the three doing the best, although they are also in negative territory. get a bloomberg first word news update. laura: concerns are mounting that the u.k. may need a second lockdown to stop the spread of the coronavirus. prime minister boris johnson is set to determine if the nation is at a critical point of the pandemic. there are expectations local restrictions could be extended. is expected ton impose rules today. the death of justice ruth bader thoughg has thrust supreme court in the spotlight. republican

deutsche bank standard chartered j.p. morgan chase and bank of new york mellon were implicated over almost 2 decades the 5 banks had a rich themselves and their shareholders while facilitating the work of terrorist kleptocrats and drug kingpins the report said so of course mike i mean we cover this all the time we've been covering we covered precious metals manipulation over and over we had guests on who point to that exam. actually how it was happening where it was happening at the exact seconds that it was happening and it took you know they got steel billions of dollars and then they had to pay back some of that and this will happen you know again this time because of course fence and will have to be seen to be doing something to have to respond to this report and do something in the crackdown but they won't crack down on j.p. morgan and deutsche bank and h.s.b.c. it will seem like it to the news to the to the you know ordinary voter think wow deutsche bank paid $2000000000.00 is a lot of money but of course it's going

s standard chartered bank deutsche bank and bank of new york mellon have put greed and corruption over decency in public good color me shocked according to buzz feed a treasure trove of secret u.s. government documents real these giants of western banking move trillions of dollars in suspicious transactions enriching themselves and their shareholders while facilitating the work of terrorists kleptocrats and drug kingpins and that the us government despite having the power to do something does nothing to stop this the secret files are made up of suspicious activity reports or sars for short they were filed with the us department of treasury spine anshul crimes and forstmann network between the years 1900 $99.20 and that these sars reports document more than 2 trillion 2 trillion dollars worth of dubious and possibly criminal transactions completely facilitated by these major lenders and other financial institutions as rachel woolley the director of financial crime and regulatory consultancy firm from marigot told c.n.n. b.b.c. these files expose a systemic failure across the entire fina

. >>> welcome back shirs of hsbc and standard charter falling. two stories.ort that multi-international banks flagged money transfers and how coast cases could flag another round. intel says u.s. licenses that will let it keep supplying items to huawei. a new item put in place that will keep companies from working with chinese can companies >> series x goes on sale november 10 with a retail price of $499. company calls it the most powerful games console yet get your fortnite ready. microsoft stock up this year the battle for the senate heating up as the fight for the supreme court intensifies. we are tracking the money and who gets it and why it matters for you. >> announcer: today's big number, $118.9 trillion. that was the network of u.s. households during the second quarter. according to the federal reserve. that nrl'seay 15% jump from the prior quarter, hitting the highest level ever and that's faster? faster, yea! but is it reliable? ah huh and secure! you should consider making a big deal about it! bigger? i said bigger! oh, big-bigger deal bigger than

hsbc and standard chartered are dropping again.med in a report on firms that profited from "powerful and dangerous" clients in the last two days. a member ofow is bloomberg's finance team. particulare these bank shares so hard hit on the disclosures when we heard about many other banks involved, as well. probably most big banks were involved. >> good morning. one of the things that is happening in the backdrop for chartered isdard there increasingly precarious provision with deepening political preventions -- divisions. the global times reported that the bank could be a possible addition to china's unreliable entities list and the global times reported that and that is ino further causing weakness the shares of these global banks. the fact of the matter is that both of these banks are dominant that ared banks dominantly relied on asia for a large portion of their business. in addition to any money laundering crimes coming to light, there is also a fear or a that if they are penalized by the chinese government or chinese entities, t

what is going on in the precious metals complex with our guest, a precious metals analyst with standard charteredd, what is going on? give us the macro, broad overview. >> a number of risks that are not only skewed towards this week but coming in to the end of the year as well and these have impacted the precious mesh of -- precious metals differently. a second wave picking up. and concerns around the u.s. elections. for gold in particular, it has been following rates very closely but over the past few weeks, that relationship has strengthened the dollar. as we have seen the dollar strengthening from the right to safety, gold prices have come under pressure. most investors will view this as a buying opportunity. it's am and palladium, much more macro driven story. auto sales again. very different dynamics, but the big themes remain. also around the u.s. election. justad: we have a chart showing how etf's have been boosting their gold and silver holdings to all-time highs, coming up a bit in the last few days. relationship or inverse relationship that exists between dollar and gold? that has kind

standard chartered and the central bank of the u.a.e. it says they sent more than 2000 suspicious activity reports to u.s. authorities over 17 years they're not necessarily proof of any wrongdoing but the report does say banks loan money to be moved despite concerns over the origins the economy of sudan is taking a battering after record flooding its currency the pound is declining against the u.s. dollar that's leading to inflation and food price increases the government has reactivated an economic state of emergency more than 120 people have died and 100000 homes have been damaged. from hard to. the latest is that the government has revised the numbers upwards up 270-0000 people have been affected in 17 or 18 states that sudan is composed of says the government and people put in many parts of the country are not happy with how slow the recession or the floodwaters have been mainly due to heavy rains pounding not only sudan but also the highlands of ethiopia where lect the source of the blue nile is for the pushing more water into these

some of the details -- standard charter moving money on behalf of a dubai-based business later accusedlaundering cash for the taliban. bank of america, jp morgan come and american express and citibank all collectively processed millions of dollars politicianhstani even after interpol issued a warrant for his arrest. the concern is not that these just exist. buzzfeed detailed thousands of them. not much action was taken after the banks filed this report. manus: some of those numbers are quite staggering. $1.3 trillion of suspicious transactions over at deutsche bank. hsbc. a red herring. stock thatking at a is getting pummeled from reports like this but also and i think much more privacy and are the be tagged init may china as a security threat which has huge business implications. what do you make of the differential between the two? >> this report that china was considering adding hsbc to its unreliable list came a day before the buzz feed reports. this report is really important. perhaps more market moving then the other report because of the planned expansion into mainland china. th

some of the details in here, standard chartered accused of moving money on behalf of the alex roney exchangeh is a dubai-based business leader accused of helping launder money for the taliban. hsbc's hong kong branch transferring about $15 million, allowing a ponzi scheme to happen. some of those explosive reports, and real concern about what action was taken afterwards. francine: our dani burger on the news really rocking banks. this is what european banking stocks are doing. one of the biggest losers in terms of the industries is, of course, the banks. this is what we are seeing on the ftse 100, down two .7%. the dax also down 2.5 percent. a lot of the focus is on this forible second lockdown london. u.s. futures are down, treasuries are rising. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection

standard chartered shows a moderating in the growth story in china. an eighth of 1%. the s&p 500 up 0.4%. let's roll it across and have a look at other products on the move. oil is moving. it's going to be a long road to recovery. the commodities story is reflective of the dollar story, but also this morning in terms of a long road back. demand will drop by 10% this year. the aussie dollar turns it around. is that about growth or about retrenching over at westpac? he called for more stimulus. he's pushing that into the long graph. finally, go back to jp morgan and the information they gave us in terms of jordan long. things yen. that is the most important point to take away from that. the euro down and began rallying. quick price check on hsbc. two things. emboldens and that the biggest one-day move since 2009. we will come back to that. .et's talk trump the president paying just $750 in income taxes in 2016 and 2017. he had not paid any taxes for the previous 10 out of 15 years according to the new york times report. trump is reportedly losing millions from his golf

financial crimes enforcement network a slew of banks i mentioned including hsbc, deutsche bank and standard charternd jp morgan and bny melon this is embarrassing for the banks but it is in the past and that government and regulators were already aware of these details since suspicious activity reports by their very nature are reports between the banks and the government in the first place. deutsche bank told me this is not new information to us or our regulators today's sell-off down to the broad sick licyclical sell-off t supreme court deal making a stimulus bill less likely. melissa. >> will, thank you on the banks one sentence that he said stood out to me, karen, and it is not new to us or our regulators which makes me think that the regulator will let the banks get oaf to lightly whether it comes to the suspicious activities >> yeah, i plemean, i guess so one of the things weighing on the stocks today as well as this is the idea of maybe we have an administration -- a new administration tougher on the banks and even though this one was in the past what might the future look like if we were to

deutsche bank, jpmorgan chase, standard charter among the banking giants talking a brutal hit as an investigative reporter alleges they all laundered trillions of dollars for terrorists, oligarchs and drug kingpuns. this is great -- kingpins. this as the death of justice ginsburg throws a wrench into the 2020 race. could it interrupt passage of new stimulus money that desperate americans and small businesses are waiting for? mark the numbers, dow jones industrials at its low was down 942 points, right now we're down 743. the s&p at this moment down 70. the nasdaq sinking deeper into correction territory, down 131 points. all right. the s&p, by the way, or got close but no cigar to correction territory. i know my bull watchers out there are pretty happy about that. we've got team fox business coverage to tackle it all. dick boy say on -- bovey, phil flynn on the surprise sectors popping and blake burman at the white house on the stimulus prospects and the search for ruth bader ginsburg's replacement. all right. let's get to the top part of this rocking the markets, global financial stocks getting

big losers, hsbc and standard chartered, that is in response to revelations we were talking about thisn the united states. you can see quite significant loss for the main market. there is frustration among investors that we are not getting more news about stimulus to help the worlds biggest economies and frustration about the fact that we haven't got a vaccine yet or any significant news about progress, as far as that is concerned. those are the market so concerned. those are the market so far this week. let's move on to the european aerospace firm airbus. it has revealed designs for zero emissions aircraft which it says it could be flying in the next three years. all use hydrogen rather than traditional fuel. all use hydrogen rather than traditionalfuel. here is the man in charge talking to us. hydrogen can be created from renewable energy which means when we use hydrogen on board an aircraft we have no co2 emissions. it can potentially be completely emission free. today, a lot of the hydrogen is made from fossilfuels today, a lot of the hydrogen is made from fossil fuels and what we

and standard chartered fell to their lowest levels since 1988 after the report was released both banks say they're performed and invested heavily in their ability to fight financial crime well maria martini is a policy expert on corrupt money flows at transparency international she says the investigation reveals serious systemic flaws the global financial system. if you look at the types of mistakes that are out there i think that we have been seeing in the ninety's and we continue to see in 201520162 time 17 and the line of the banks has always seemed to something of the best it is actually the same mistakes being repeated over and over again what we see is that there's really a need here 1st of supervision to be strained out targets shouldn't be waiting and to wrongdoing is detected to check if banks have adequate money laundering programs in place and to see whether they actually implemented them effectively and then we really need to change our sanctions regime we need banks and senior managers to be subject to effective and just ways of sanctions otherwise i would say they have ve

standard chartered being fined more than $13 million but india's anti-money laundering industry for breakingthe local bank. the biggest ever imposed that an overseas lender. the investigation related to an international transfer of shares without the permission of the central bank. jp morgan double-a the number of investment bankers coming to its new york and london offices, inching back to pre-pandemic work arrangements. the banking giant wants 50% of its dealmakers to be at their desk in any given day, up from 25%. jp morgan staff will be allowed to work from home one week on, one week off. let's get to the markets. the hang seng headed towards lunch break. tech stocks responsible for this turnaround taking place. tencent, 1.5% down. 39 points off index. , taking 77s down points off the market. this is the debutante of the day. springwater company coming in at a 53.5% gain on its debut. turnaround story taking place. let's show you something not to miss later. the german finance minister will be joining bloomberg's francine lacqua to discuss the eu's economic recovery amid the pandemic. 2

hsbc and standard chartered having another bad day. and the kospi as well, 1.5% lower. as take a look in terms of what we saw overnight. the dollar very much in focus. the biggest gain in three months surged on this haven buying. we see real yields are higher. those things have stabilized a bit. --did see brent crude actually, wti falling from 4% overnight. gold is hovering around 1916 and silver really took the biggest hit yesterday with the fall of nearly 8% for silver. taking a look at fx, with that dollar, we are seeing negative reaction that comes across g10 in asia fx. you see the pound. cultic concerns back in the forefront. we could hear more from boris johnson. the prime minister having a crisis talk later on today. we could be imposing stricter lockdown measures. your offshore renminbi is below that 680 market, 6.78. let's get to the first word news with karina mitchell in new york. president trump is said to be leaning towards appeals court judge amy barrett to succeed ruth bader ginsburg on the supreme court. he is also considering as many as five candidates

thans a different call eric robertson at standard chartered who thinks you could see treasury yieldswer -- one haven if we see a safe and if we see a blue sweep. bya: a strong performance the democrats, what it would mean for the s&p 500, what is goldman saying? juliette: this could be positively -- modestly positive for earnings because of increased fiscal spending, and upside for a lot of companies balance sheets. from a a different call lot of houses that say if you see a blue sweep, that would be negative for earnings. they have reiterated their call to the s&p 500 target for next year. the large increase in fiscal spending would boost economic growth and offset headwinds from higher taxes. they highlight over the medium term, is really is about the fed and a vaccine. anna: juliette saly with your morning calls from singapore. disney cuts deep. giant will laynt off 28,000 workers at its resort business, leaving one of the d economic -- deepest economic scars of the covid era. this is bloomberg. ♪ anna: welcome back to the european market open. 20 minutes until the start of the se

standard chartered seems to be doing better than hsbc, up .6%. tom.the banking sector. homecoming ipo's have raised a combined 2 billion u.s. dollars in hong kong. the second listing at into the wave of share sales by mainland companies already trading in the u.s. and developer are the latest surprise, offering a small discount. chinese companies are heading back to asia amidst threats to capital access in the u.s. the body that represents global airlines says universal mandatory virus tests offer the only realistic hope of reviving demand for travel until a vaccine is widely available. in manyry quarantine countries is crushing aviation, with many carriers facing collapse. airlines have had a dispiriting few months with rising infection numbers dashing hopes of a fast recovery. you can tune into the bloomberg quality summit on bloomberg tv and bloomberg live . they are on today, some of the biggest names for the business, education, sports and entertainment world. you heard from julia gillard just now. the bloomberg quality summit kicks off from

hsbc, standard charter, are among the banks under scrutiny following the leak.news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. shery, back over to you. shery: let's turn to tesla's long anticipated battery day, which has arrived. elon musk announced what has been an elusive long-term objective. >> probably about three years from now, we are confident we can make very compelling electric vehicle on also fully economist. shery: investors are selling the news and some other headlines from the event. shares down in late trading after falling in the regular session ahead of the announcement as well. joining us for reaction is stephanie brantley at ihs markets. great to have you with us. so is this event all that it was made out to be? give us your impression on the key takeaways for you. stephanie: in some ways it was. if you look at the development of battery processes and how much they have gone into rethinking how it is developed and manufactured top to bottom