he was at ubs before. he had a lot of investor appreciation for the role he had at ubs.ts with a big bonus with investors. i think that is a big positive. secondly i hope that he will review the strategy which deutsche bank announced a couple weeks ago and will make some important amendments there especially with regard to the size of the investment bank. manus: good morning. let's just talk about what the possibilities are. anshu jain came from the investment bank. he built up the fixed income business. does that need to seriously be altered? does that need to be radically downsized to deliver an achievable return on equity? somewhere north of 10%? >> i think that is absolutely the case area what anshu jain did was make regulatory changes that were about to happen to the business that he built up. the risk-weighted assets that he still needed to run the business were too high to achieve good returns in the crisis environment. this has to be radically reviewed. they need somebody from outside to do that. francine: when you talk about reviewed doesn't it mean you think th

>> ubs. ubs has reinvented itself refocused. was ahead in terms of capital intensity. is there a bank you want to aspire to be? you want to be well and return to growth. ubs is doing that. >> and properly managed for growth rather than for market share. >> gentlemen, thank you for joining us. hsbc stocks down about extensive 1%. coming up is it some comments about prime minister it's a process ahead a meeting tomorrow. and then private growth slows. british lawmakers debate and exit from the eu. those stories and more coming up after this short break. ♪ jonathan: good morning, and welcome back. markets just pulling back globally. the ftse 100 pretty much unchanged. hsbc is the stock to watch. the dax off by another 20 points. coming off the worst losing streak heading for a sixth day of losses. the euro just dropping back a little bit. the relationship tracking high yields and a stronger euro. a volatile german tenure with the yield at 0.87%. let's get you up to speed on some of the top stories. apple unveiled its new music service streaming device. the company's world

former ubs ceo john krein ha

that is according to ubs.tral bank should consider the deepest cuts and seven years, despite concerns of inflation. we have more from him by. very good day to you -- from mumbia. ai. >> the central bank likely to further cut the key lending rate by 75 basis points despite the hawkish stance at its meeting. that is the headline coming in from ubs. india has tothat bring down inflation expectations. concluded a policy review meeting on the second of june. the rbi and governor rogers had cut interest rates. by .25% for the 30 time this year. -- the third time this year. the short-term lending rate has .725%.t from 7.25% to analysts are saying this monetary tone suggests a potential fall in policy rates at the next monetary policy meeting. rishaad: thanks. as we head towards the start of the trading day in india. let's have a look at what is also on the move today. what is trending. david: a lot about sports. with a triple crown. inst horse tow i win all three 38 years. onh the name -- making it social media. inte

he led ubs to the depths of the financial crisis as ubs faced its worst moments, it's record costs, it'sd losses. deutsche bank faces plenty of challenges. mounting legal costs, increasing regulatory risk. rishaad: john cryan. zeb: he is well-known within the banking world and very well respected. investors looking for leadership at deutsche bank, because the two current co-coe'eo's have not been able to meet profitability targets. the stock has slumped during their tenure. and investors seeking credibility within management. now, we must note that one ceo is a deutsche bank executive and has been there for many years. he led the fixed income business. rishaad: stellar work as far as that went. zeb: more than 80% of the bank's profits coming from that division. however, in his current new environment, investors simply not pleased with the pace of progress. in april, they released a new strategic plant. mr. cryan is on the supervisory board of deutsche bank. investors expect them to stick with that strategy albeit with minor adjustments. rishaad: what is the reaction like? we will get inv

. -- the ubs chairman, axel weber.anus: make sure you stay tuned for all of that, right here on the pulse. ♪ ♪ francine: welcome back on the pulse here it. manus: bloomberg view comments mark gilbert. mark, let me read to a slightly different angle. the banks will open for pensioners. there is a humanitarian side to this. mark: 60 euros is not a lot of euros. there was supposed to be temporary measure. very hard to unwind. " it was more than 60 euros a day. it was 300 euros. mark: they are losing a third of their pensions a day. you if you -- if you have not money to spend, then the greek economy can only get worse. >> the summer months are crucial for tourists. some greek newspapers have said in 10 days supermarkets will run out of food. clearly, what tsipras has not told the population is that a no vote means pain, hunger, not being able to buy medicine and the population will soon discover that. it is dignity but you cannot fight a war with an army with an empty stomach. francine: if it becomes armageddon, they're n

ubs is doing very well today.all down and made the wealth management losers become -- brendan: so he did the restructuring that deutsche bank needs? michael: absolutely. tom: the chart is simple. jpmorgan with massive outperformance over deutsche bank. i rarely use that work. vonnie: does deutsche bank hang onto their retail operations? michael: i think they do. everything is to keep deutsche bank from shrinking each of ubs away from the risk stuff and said we are going to be protectable. they are the premier bank in germany. brendan: this is an important line of questioning, the idea of the relationship between germany and deutsche bank. i have had german bankers tell me that the problem with deutsche bank is it is not completely free to restructure the way it wants. michael: they might just be a little bit less big. and a little bit less expensive. vonnie: would you buy michael? michael: i have no shares of deutsche bank, but when you look at the numbers, every dollar you put in today, -- every $.60 in today, yo

you can argue ubs was first and they would claim in terms of shrinking and cherry picking where do we want to commit capital and where can we make money? the relocation issue, umm, it has been threatened. they make most of their profit in asia. it would make sense. just because it would be tax efficient in the u.k. today to hong kong does not mean it will

he went into ubs in 2008, while the bank was taking huge losses. the subprime mortgage markets collapsed. by the time he left, three years later, he had the bank at a point where they were profitable again. people are looking at deutsche bank and saying, can he do this? the expectations are high. also, the cost-cutting measures. can he get costs under control? that is what people will be watching. it will be interesting to see if this is a new phase for the strategies they were planning or if this will bring changes to the strategy with it. jonathan: shane strohm at joining us live from frankfurt. let's get the investors take on the story. voicing active concern about the leadership at deutsche bank. you and i have spoken before. you said you didn't want to see heads roll. heads seem to be rolling. are you happy with the changes? >> good morning. of course, we were not asking immediately for heads to roll but we were saying it is really for the supervisory board to take another look at the composition of the management board. overall, we very much

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that according to ubs.the central bank could resort to the deepest cuts in seven years, despite concerns over inflation. the governor has -- says the policies will eliminate any rise in prices. rbi has already raised prices three times this year. executives have won lunch with warren buffett after bidding more than $2.3 billion. he is the chairman of online game developer dalliance entertainment. .e beat out the competition he now gets to pick the oracle of omaha's brain over lunch in new york. an anonymous bidder paid almost $3.5 million. coming up next, shaking up the market. we are going to look at the potential impact of adding a shares to a key index. ♪ angie: checking some of the stories around the world now, rescuers about in silence to honor more than 430 victims of the yangtze river capsized. the number of people killed in last monday's overturning of the eastern star cruise ship rose to 431 dead with 11 still missing. specialists have begun working on dna samples to identify the dead. 14 people su

i work at ubs and we still have a number of devices in our fleet. emily: if software is the new thing, who is the competition? guest: i think that remains to be seen. if i go back when they were eight cottage industry all of these companies were acquired. today, the competition would be mobile iron, which is one of the pure play, standalone company so you have these big enterprise titans they are going up against. my perspective is if anyone is going to pull it off, it is john jen. one thing blackberry has going for them is a large installed base. if you get more fit into a management company across platforms, i think they have a shot at it. emily: thank you so much for joining us. we have some breaking news -- netflix reporting a seven for one stock split. the stock dividend will be payable on july 14. netflix returned 42% annually in the last five years. we will have more on the story as it develops. the name you need to know today is truffle pig. yes, truffle pig. it's the name of a new content marketing agency announced today . it brings togethe

it is now up to the former ubs banker john cryan to restore confidence.e will run the banks together with your vintage and -- jurgen fitchen. in may, he will take over as the sole head of deutsche bank. >> it seems it's already boosting confidence. here is why. >> investors really like the news that john cryan will become the new ceo of deutsche bank. the reasoning behind this is that john cryan is the man who knows how to talk to the markets. he worked as the chief financial officer for ubs, and he worked for thomas at t --omasek in singapore, and it means he knows not only the insights of the large banks, but knows how investors look at the large banks. he has the potential to reestablish the reputation of deutsche bank among investors. >> the rally in deutsche bank share prices did not do much to help germany's dax index today. it finished in negative territory, losing nearly 1.2%. over in new york and the dow jones is still open and it is currently in negative territory while the euro is rally -- is valued at $1.12. >> more talks have been held in ber

julian emanuel with ubs.ows brazilian equities amid the most unloved bull market since time began. you quote thomas petty, the market strategist from 1981. "the waiting is the hardest part." julian: waiting for clarity. there's the international situation that greece is helping us with. the issue is is the economy going to be as good as the fed believes it to be? as good as rising interest rates with project it to be? as good as rising wage trends would predict projected to be? the answer is likely to be yes. tom: bring up the s&p chart. we are waiting for a correction. if you did not know anything moving from the lower left to the upper right. there is nothing wrong with the stock market. why is there so much angst? julian: you are over six years into a ball run. people have been programmed to believe recessions happen every six-seven years. a recent poll of cfos indicates only a 60% probability of recession and the next year. there is angst, particularly when you are seeing china -- tom: are we setting ours

strategystions about at ubs. the former ceo has been named to run germany's largest and.e is been on the board for deutsche bank that brings an end to the co-ceo for three years. deutsche bank shares posted the worst performance among global peers. banker, which you will remember one of the great m&a houses before it was bought by ubs. he was asked to step in to be the cfo of ubs during the darkest part of the crisis during 2008 and 2012. a lot of technical stuff had to be dealt with. a lot of that assets have to be dealt with. he did it bit by bit. that is what he is thinking about a deutsche bank. of deutsche bank surged today. we will hear more later in the bloomberg market day. steeplefinance ball -- -- stiefel financial will buy our glaze. they managed 56 alien in total client assets as of may 31. the deal expected to be completed mid-november. olivia: global sales of mcdonald's still falling, but now less than analysts expected. that is seen as a sign of progress under the new ceo, steve easterbrook. analysts were looking for a drop of .9%. searsstruggling retailer

. >> the senior investment strategist at ubs wealth management. thanks for being here. >> which report to you is going to be the tell of the week, if you will? >> i think it's the immoment reports, it's been very critical reports for two reasons, it's e o factors that ultimately the federal reserve is going to be looking at closely, in terms of its assessment of the overall situation, the labor market being one of the key everyone greed currents into the equation. it's an important report because ultimately the labor markets is it one of the key pillars of consumption. and it's going to be one of the keys to see whether the consumer can reen gauge after the relatively sluggish phase we've seen in recent months. >> it comes in where economists are expecting and where you're expecting in the 200 plus arena. does that change your time r when the fed will move on interest rates? >> that would be broadly combatible with our expectation which is for a first hike in september. i think that's the likeliest outcome. the risks are skewed toward later. that'

when he was at ubs, job cuts were a huge topic.y pushed out a lot of people in a short period of time and he can make that kind of turnaround at deutsche bank very quickly. we have a new face and a new strategy, but what does that mean? does it mean a new phase with the same strategy they are developing -- does it mean a new face with the same strategy they are developing? guy: those of the questions we need to have answered. thanks, shane. anna: let's bring in atlantic equities take analyst -- let's bring in an atlantic equities bank analyst. what are the expectations, do you think, for the new guy? guest: john took on this job. it was hellish from 2008 until 2012. all of the issues he has to deal with with capital, the u.s. regulators, taxation, and he is going back in. what he is not is the sort of guy who will rally the troops. he is going to win the hearts and minds in a very different way. guy: when was cryan approached, do you think? it happened very quickly. it speaks of an institution very much in crisis. christopher: prob

former ubs ceo john krein has been named to run europe's biggest bank.hares posteds the worst performance among global peers. remember it was one of the great m&a houses before it was bought by ubs so a careful man, a considered man. he had stepped in to be the ceo of ubs during the darkest part of the crisis for them. a lot of technical stuff had to be dealt with, a lot of bad assets had to be dealt with. he did it bit by bit. scarlet: here is deutsche bank surging in europe and they are also higher in u.s. trading. barclays had approximately 180 financial advisors in the u.s. that managed about 56 alien in total client assets as of may 31. the deal is expected to be afterted -- erik: dominating the country's party lostis ak t power. what now? >> present our --resident kirchner despite the claims of his prime minister that this was an epic success for the ruling party, it is clear it was anything but. the ruling party will have to lick its wounds. they will have 45 days in which they can form a coalition. thatost likely scenario is the nationalist mhp w

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we will get thought from ubs wealth management when trending business returns. ♪ >> welcome back. militants have been accused. has defendedtary itself against allegations. to preempt an upcoming yuan deal. about 2100 palestinians and 70 israelis, most of them soldiers were killed. south africa's high court has barred the president from leaving the country until a judge decides whether he should be arrested. an african union summit is being attended in south africa. for alleged atrocities in the western region of darfur for. that landed last year have woken that have awakened and communicated with its european scientists after seven months of silence. it is the size of a washing machine. -- the solar panel ran down. it is now back under direct sunset -- sunlight and it has been able to read charge. -- read charge. sherry: take a look at some of these events in asia. neweholders will vote on a security on tuesday. the new model ah. the unlisted stock will be restricted from trading for five years but comes with a bigger dividend. on wednesday, hong kong chief executive says a chines

to be asked to step in the ceo of ubs during the darkest part of the crisis for them. a lot of technical stuff had to be done with, a lot of bad assets. thatd it bit by bit, and is what he is thinking about now at deutsche bank. scarlet: shares at deutsche bank are moving higher in response to the news. mark: steeple financial is buying barclays in the u.s.. the terms were not disclosed. roughly 180 advisers in the u.s. and manage $56 million in total asset clients as of may 31. the deal is expected to be completed in mid-november. trying to bee is more competitive in cloud computing services. they will build a high-speed network and upgrade how it was data centers together. they want to take cloud computing business away from amazon, google, and microsoft. mark: boeing is considering whether to build the there was ist body jetliner --narrow jetliner ever. they want the claim that lies larger and farther than current narrow bodies. scarlet: airline profits are expected to set a record this year. earnings will top $29 billion. that is up almost 80% from a year ago. nort

wayne gordon, joining us from ubs. south korea has reported on more deaths from mers.h officials said there are signs it may be easing. the two latest death take the number of victims to 27. than 1100ffected more people and killed 400 worldwide. the president of korean airlines said the impact could be greater than that of sars. that number of people killed by jointing tainted alcohol in india has grown it to 94. 40 more are in critical condition. police say is the worst such incident in more than a decade. health officials say it was it liquor is often spiked with chemicals to increase its potency. national carrier was forced to cancel a number of flights after a hack attack. a spokesman said intrusion temporarily paralyzed the computer system at the warsaw's airport on sunday. domestic and international flights were interrupted along with 1500 passengers. the problem was eventually solved and an investigation is underway. then numbnext -- overhaul business regulation in a bid to attract more investors. what changes to expect when "trending business" returns. ♪ yvonne

shareholders have rewarded ubs in terms of its share price and book value.lanks are taking a to take some action. europe has lagged behind the u.s. banking sector in cutting assets and cleaning up the mess after the financial crisis. just mentioned the ceo, stuart gulliver. under his plan, the risk -- the bank will cut some risk rated assets with a target of return on the wii of more than 10%. -- giventtainable even not only the backs -- the bank's size, but he announced the regulatory environment was making things difficult. brenda: i think it's a rather lofty achievement to get the return investment by 2017. bank brought its asia, iters toward would likely save $4 billion over the next decade. but keep in mind there is a levy and hsbc tends to pay the most off of that because the majority of its balance sheet is ace off the u.k.. would be good for the bank but not necessarily good for the u.k. economy and the financial sector makes up 8% of gdp. it looks like a likely scenario given the fact the government is playing hardball in relation to regulation and

that's bring back in the global head of strategy at bnp paribas and a strategist from ubs.min the bank deposits, at what point does that become critical? ramin: keeping the greek banks solvent, i think that is a concern. once to force the greeks to the table. they can always say we would change collaterals. so that is a sign. jonathan: over the weekend i am sure many people expected the prime minister to come out over the next several weeks and give up some things, look at a few of those red lines. steve: we have to wonder why he chose le monde. the amount due in june is relatively small. it is july when you get the really big payments. we are still in sort of that soft deadline moment, and i would argue that this is the first time this payment was due at the end of this week. there is a chance they could be lumped together at the end of this month, so i would say this friday is not going to be that critical. it is more what happens by the end of june and particularly going into july. jonathan: ramin, steven says a deal needs to be done by july. it is an easy way of putting

barclays and ubs hold to buy. and ubs says business is going to get better.arclays likes the the dtv deal. we didn't ask arm strong. >> we would have talked about the stack. one stack, three, four, five. you can stack up to ten. i don't know what the stack is. >> i wonder if they'll start medicating at verizon? they do that at aol. at&t has a good yield. maybe this is the beginning of a move to get it to 36 $.08. i heard a portfolio manager this morning say something positive this morning but also their dividend coverage ratio goes way down. they're able to cover a lot more. does it go up as a result in. >> multibelievers. that's the barclays note. the hottest stock in terms of fight going on at this very moment is ambarella. >> it was also a good. >> jane fonda. >> here's the -- i don't understand how that could be. jane fonda is in brel la. not really. citron which is sometimes good and sometimes bad. they put out a piece saying ambarella is way overvalued. i question whether that's the case but this morning there's a lot of movement. here's the thing about

he is at ubs. morning to have richard clarida, with pimco, but that barely describes his position at columbia university. i thought history was made yesterday. mohamed el-erian formerly worked with you at pimco. he was stunned at the specificity that met christine lagarde gave yesterday. >> it is quite unusual for an official at that level to get into specific dates to which the fed should be rate hiking. i have never seen that before, so i was stunned. tom: i was stunned by it. drew matus, thank you for joining us. yesterday she had that one key headline -- she wants janet yellen to overshoot on inflation. i'm eagerly thought of rudy dornbusch. you teach this at columbia. drew: i took rudy dornbusch's course. tom: would you explain what rudy dornbusch means to christine lagarde and every american. drew: you want a policy that overshoots. mike woodford resurrected that idea of price level targeting. i think the fed and janet yellen will be sympathetic to that. they would not be happy with an oversh

no fedex, no ubs. it is a great opportunity for alibaba to build this for the first time. cory: to that point, alibaba has not had an opportunity to go into a market where there is a fedex. they have had to build up their own capability. is there any indication they are ready to take on fedex or ups? jared: to an extent. fedex and ups to operate in china to a limited extent. cory: ken, i think it is so interesting. we have seen real big changes to what is happening in the state of california were companies like amazon did not want to pay out sales taxes. but they built up a distribution center in tracy, so you see a big change and logistics in california. is there any indication that alibaba might be interested in having logistics in california in the u.s.? guest: one way i see them building up their business building up exports from produce, from the united states, of course, from california to china. the chinese are very interested for safety and freshness. i would say our retailers like safeway and whole foods could do very well, in-depth collaborating with alibaba on t

joe: one of my favorite things i read was actually a tweet from a former ubs economist, and the concept that they put up a post talking about reforms and reduction of the primary surplus, and macinnis -- magnus is having nothing with it. it is not about details. it is about power, winning. he they need to show that cannot get anything from standing up to them, and needs toy, tsipras show he had extracted something from the creditors. the money is irrelevant. french president franÇois hollande said they are getting closer to a deal. they are getting closer and closer, but, still, the rhetoric continues. the asset management, investors are going to pay more attention to the possibility of the downside risks associated with a potential default. not that it was not there before. now they are like, oh, yeah. joe: there might be a hint that there is some nervousness. meanwhile, another is saying there is so much money leaving the greek banking system even now before any default, he does not see how they are going to be able to pull it off. about otherking things moving the stock market, we ta

. >> a bitter battle, that ube rom pacifica, this is democracy now! >> we are going to discuss our shared future, global economy that crates jobs and opportunities maintaining strong and prosperous european union forging new trade partnerships across the atlantic, standing up to russian aggression in ukraine, combating threats from violent extremism to climate change. amy: as leaders of the s

should we care that are over iver is not an empmployee of thehe ub comny? how is the business community reacting to the pope's claration on i'm a ange?? i joined by jonathan aberman ofnd fe ventures and has her the washington business journal. -- jonathan abererman ofmplifier ntures and kasra kangaoo of "wasngton n business joual." lelet's start wi uber. jonathan::f you havemployees you have tprovide benefits. it will change the business margins. but it is a business that dependenon shiftin things that othther companies have as expenses onto other people. that is one of the hallmarks of the sharing economy. from society's perspecte, i would arguthat it is better for people to be e workining at a ple where they have access to that bruce: does thiruli potentially spreread beyond california? will firms like uber and lyft popcorn to core and kindness in e golden state? kasra: it would take an act congress to put in a new rule that would make what happened in californiapread beyond that.t. the chance of that happening, not very high, i would say. bruce: loss lik

to 2011 mainly during the bigger structuring of ubs.e credit that the market is playing surging on the news. as mr. cryan seems to be a more reliable and more trust worthy manager when it comes to restructuring the bank. one has to say the co-ceos which are still in place have been disappointing when it comes to implementing cost cuts when it comes to reaching profit goals. litigation was a huge issue. and disdain, more and more step-by-step losing his credibility that he's really actually the right man at the right time. so what happens after that very bizarre agm is according to sores that mr. jain came to the conclusion that it's time to step down as he's not become a trustworthy ceo for the bank. what happens nexts, we're missing details when it comes to new strategy and there are rumors that mr. cryan will alter that strat egy. i hear that will not be the case because he's also in the supervisory board and close to the strategy. but will be his value added is the detail. we're waiting for new detail on the strategy as soon as july

squad was called to the center this morning in philadelphia we are continuing to follow the story still ub clear if there was a specific threat, and we'll bring you the latest on air and online at 6abc.com. >> in other news, six people died when balcony collapsed this morning on a california apartment building, all the victims were students from ireland, on u.s. on temporary visas, they were at a 21st birthday party at the time of the accident and eight other people are wubded some with critical injuries they are working with building specters to determine what caused the mishap. >>> a military attack killed the highest member of al qaeda al qaeda confirmed the death of the leader this and morning. it also attempted several direct attacks on the u.s. including a botched plot to bomb a u.s. passenger jet. >>> today a hearing for omar gonzales, the man that jumped the white house fence and made it all the way inside. the attorney is asking for time served arguing that gonzales should get a break because of his military service. >>> the main suspects in the murders of four people in a washing

colin langan of ubs. a lot of trades here. karen, where do you go for gm?i agree, i think it's unlikely. i think the board gives mary barra a lot of room and a lot of time. and that group of shareholders together sounds like a lot. it is a lot. you gm together they're not even a d filer if they act as a group. that's a big battle. and tesla that doesn't sound terrible in terms of the delay. it's not like the dreamliner. >> that's true. >> it's a month. >> ford said in 2013 everybody was talking about ford. alan mullally stud. since then the stock has done absolutely nothing. it has held 14 a couple times. if for some reason after those great auto numbers it feels as if it wants to trade there again. but just on valuation alone i think you start dipping your toes in letter f. >> i think you dip your toes but the up side comes from gm. this is a stock that's had so many speed bumps in front of them, so many issues outside of what they'd really like the issues to be, which is selling cars, and i think this is a stock that very easily can reach 40 again. it had

art cashen at ubs, dave lutz at jones.te the statistic about how over the last ten times there's been a triple crown winner the market's been down in nine of those ten years. the folks at bespoke investment group took a look at the overall numbers. the average s&p 500 performance after a triple crown win, again, 10 occurrences, only 10. so a limited sample size. average move down 10%. if you look at the other parts of the market for the days they didn't have a triple crown winner we're of course a higher trending market over the long term. the average s&p 500 move for a no triple crown win year is up 5%. take that for what it's worth. we wanted to kind of break it down because the folks at bespoke investment group took it and we're going to bring you each individual year and show you what exactly what we're talking about. in the first part of the century in the 1930s that's where performance really got skewed. in 1930 and 1937 with gallant fox and war admiral again we were emerging from the depression at that point in the

upon that, i do not think there is anything else for the board to do the met the board should deny the ub-hearing request and uphold the revocation of the american dispatch thank you. >> commissioner: what is the situation with the other taxi companies that he mentioned? >> testifier: certainly. the ones he brought forth today? >> commissioner correct: >> testifier: eco-taxi which is mr. roman -- is currently well it was under arrow dispatch the mac arrow dispatch is been dissolved in this mismanagement lobby issues that it had simply because it has a lot of problems and were so trying to search us -- he is a gentleman is sold arrow dispatch to citywide dispatch. citywide that scratch is not here but citywide dispatches taken over all the arrows vehicles and dispatch equipment. those vehicles are being spread out. i think i saw -- yes, he is the owner of sf super met as if super is entered currently in her falsities dispatch was another dispatch company. so i am guessing they did submit an application with their property, their vehicles to american i cannot and i do not think we have a applicatio

what is the significance of the for the ube 500 and why do investors care. >> first of all, these are iconic companies. it is tyler, like the oscars the academy awards for corporate america and everyone is looking for who is number one and as you saidyot is wal-mart. and the 500 companies not only are they iconic they are the powerful engine of the u.s. economy and the global economy. and you just mentioned that their comb revenues hit a record. as a percentage of gdp it is something like 72%. so they have huge economic clout and that is significant at a time when we are talking about start-ups and the jazzy companies and entrepreneurial companies out of silicon valley. >> where there any surprises this time on the list. >> always. it is interesting if you look at the top ten. first of all, with the plunging oil prices that we've seen recently fascinating that exxon held on to number two spot. and you mentioned chevron and phillips also in the top ten. but the other one that is surprising is cvs, now in the top ten. go figure. here this company has become a powerful player in health c

being a secured unit there is 24 security on the unit for cart reader badge access we have enhanced and ub grade it there. there is a kiosk to screen visiting as well as issues passed with photo id you have an example on the slide there in addition to that there is also a kiosk for emergency department for control after hours for visitors control we recognize an opportunity to identify visiting physicians and medical students as well as employees that didn't have id badges we have a process with the temporary id badge process. under contract services the mou between dph and sheriff's department is signed on april 29th i trust you all received a copy of that as well. just in my efforts to continue the relationship with the sheriff's department it's been collaborative efforts in regards to security staff assessment dph wide addressing the clinics areas we don't have any security and start looking at opportunities to provide protection for them as well with the standard operating procedure that develop that also included the sheriff's departments we want to make sure they married our procedur

one is here and also in the ub[inaudible] we are having a whole week of food, experiences and taest of mexico. we have mexican americans here [inaudible] >> very glad to hear you are concerned. we just don't want to see harm to the art work. you are right you should be more concerned than we are, but we want to make sure our end of the bargain is also maintained >> i speak in favor of this i am looking forward with commissioner [inaudible] doing the chaw chaw down there and i think it is really a honor to have it on our water front and it speak tooz the diversity and culture of san francisco and i caents think of a better place for it to be in this [inaudible] i think you said 12 and 19 other cities so for us to have in san francisco i think we should consider ourselves honored to have it. [inaudible] i support this and thank you for being here and i look forward to going to it and think the sit zins of the sitee will enjoy this. to have sump a iconic presence and this adds to our diversesty and happy it is at the port and not other city and it is down on the waterfront. thank you >> i