you mentioned boeing and united technologies, we will show you the rest on the screen as we go to the next call. this is paul from indianapolis. caller: i was an auditor with the department of defense for 25 years, and this problem continued. one of the biggest reasons for that is that the money goes from congress down to a department like the department of the army and it splits it out, but the army does not spend all of the money down to the subordinates. it gives back a percentage. each level keeps a little bit set back. when it comes the end of the year they have all of these reserves for emergencies that have to be spent. wishowest level has their list and they have not been able to fund those lists. they are ranked by priority. they are justn raining money down the tree, and picking offart their wish list. the best way to solve this is to list so review the wish there's nothing on there that you do not really need. times, i a lot of think the third number was furniture. that has and office not been replaced for 50 years, that is way down on the list. come time at the end of the

it is boeing, united technologies. the top three contractors spent $175 million on lobbying last year. five years,rse of they spent $175 million lobbying congress and they took about $12 billion on use it or lose it spending at the end of the year. so that was about one out of every five dollars that went out the door in the last 30 days went to these three defense contractors who had spent a tremendous amount of money lobbying congress over the course of the last five years. host: they top the list of the top 10 federal contractors as of september 2019. one in every $40 goes to just 10 contractors. mentioned boeing, united technologies, lockheed martin. we will hear from paul in indianapolis. caller: good morning. i was an auditor with the department of defense for 25 years. this problem continued. one of the biggest reasons for that is the money goes from ofgress to the department the army. the army splits it out, but the army doesn't send all of its money to its subordinates. downach level as you go also keeps a lit

the cloud is on fire far pharma is fine and a return to the status quo united technologies breakup, welcome back here is the bottom line. this rebalancing came act because of a need for more technology in the index given how big the tech sectors come. i think that the job is almost done there are stranglers out there that we like how about facebook amazon alphabet they would be good additions it is the dow jones industrial averages that we're talking about. bryson in arizona, bryson? >> caller: boo-yah dr. cramer. >> yo, what's shaking? >> hey, man, your staff is great -- >> my staff. my staff is unbelievable unbelievable staff i bring them coffee and lunch every day and fruit cup. that's actually a reverse but. >> caller: as you should so my question is with the progression of renewable energies, especially solar, i see homes and buildings becoming more energy independent so my question is two-fold one, is how do you think this is going to impact electric utility companies in the long run and then more specifically, number two, is what are your thoughts on a long-term strategy for duke ene

of these companies that have relatively robust balance sheets, thinking about honeywell and united technologiesne from those companies in april was to try to avoid job cuts. come the second quarter, they are not avoiding them anymore. raytheon was being pretty clear that they are going to be permanent even when demand does come back for aerospace. tom: all of our behaviors are changing. there are things i'm doing that i didn't do the second week of march. we are paper driven here. it tons of notes and tons of paper. paper went out the window and i'm not using paper like i used to. our manufacturing companies the same where they have been forced into shock changes where they are going for new efficiencies based on technology which eliminates jobs? brooke: that is really true. this has been a long moving trend. manufacturing has been talking about more automation for years. [indiscernible] these are all topics that have been there for years. when you talk to the ceos and experts in the industries, they are seeing a rapid acceleration of adoption of these trends. one of the ones that has been real

price next week, they've got to kind of rebalance if you look at a raytheon in there instead of united technologies, the price was a lot lower. that changed the weighting in that part of the sector. this is a rebalance to try to keep things a little more current and where they thought they had been. in terms of the actual names, i own raytheon i'm very happy i continue to like those numbers as an industrial honeywell is a good company too. i don't think it's a huge endorsement of those companies as it is an endorsement of the dow's weightings they want to maintain and they had to shift like companies in order to do that >> all right good conversation there. let's broaden it out good to chat with you. thanks for joining us here you heard our conversation with outside of the k web largely was about domestic u.s. stocks you are not hater of the u.s. market but you believe there may be better opportunities in europe and asia. let's start with europe. where are you and your team finding value there? >> europe has been left behind in this process. there's a big gap. it's better in general and there are m

carrier global, they make fantastic air conditioning units, and i had it since they spun out from united technology in april since then, it's been a slow and steady increase and trading around $30 a share my question to you, dr. chill, is it time to sell and take profits? >> no! no definitely not no i think it's terrific. you don't want to do that. i think they're doing a great job. i think it's an inexpensive stock and it's got a long way to run. it was mispriced when it came out. i think it's just -- look, can it go down a little? yeah, but no, don't. dariu darius from california, i like carrier global and that's what i have to say. >>> all right. i want to thank twitter for revealing the seven deadly sins of investing as your investing coach, when this tape turns down, you want to be informed and here they are. and this one, by the way, is very good. and sorrento will not score you a touchdown. on "mad money" tonight, join the coronavirus pandemic, cash is out and touch free payments are in i'm talking to the ceo of one of the greatest stocks of our lifetime, paypal, about how it's banking on th

really the old united technologies when they split up the company.r and otis and others. very strong names. value plays as well. industrial sector's very strong. you got to own the sector. charles: all right. we got to leave it there. david, we always love it. you help us out a lot. cheryl casone, we have to get to 3393 and change on the s&p for a new high. we are at 3393 and change. i hand it off to you. cheryl: 4.16 is the magic number. we are up over 10 right now. we got this covered, charles. absolutely. thank you, sir. we have a lot of breaking news this hour. we are going to do it. we are going to do it. it's another record day on wall street and the nasdaq and s&p 500 both hit all-time intraday highs so far. that's what charles is talking about. but will the major averages be able to hang on to the gains as we go into the close and will we get new record highs for the s&p and nasdaq? right now the s&p

it is boeing, united technologies. three contractors spent $175 million on lobbying last year. five years,rse of they spent $175 million lobbying congress and they took about $12 billion on use it or lose it spending at the end of the year. so that was about one out of every five dollars that went out the door in the last 30 days went to these three defense contractors who had spent a tremendous amount of money lobbying congress over the course of the last five years. host: they top the list of the top 10 federal contractors as of september 2019. one in every $40 goes to just 10 contractors. mentioned boeing, united technologies, lockheed martin. we will hear from paul in indianapolis. caller: good morning. i was an auditor with the department of defense for 25 years. this problem continued. one of the biggest reasons for that is the money goes from ofgress to the department the army. the army splits it out, but the army doesn't send all of its money to its subordinates. downach level as you go also keeps a little bit

especially the united technologies when they did the spinoff between raytheon, and the adding of honeywell is more in this field and of course, amgen as compared to pfizer which is more current at this point in time. >> how much money, if you know this, howard, how much money is indexed to the dow jones industrial average, and the abs and 500 is the big one, but there are etfs that are indexed to dow. >> i do not have the current one, but this is going to cause an amount of change that they will have to do. they will be selling, and some of the adds and the deletes and the apple. so it is going to be a little bit of a crush on them, and a drag on the performance because of that. >> what is remarkable though, howard, if you are thinking of thou dow is going to change once the inclusions are made, apple, the biggest company in the world is now a much lesser impact on the dow than even a salesforce. >> yes. apple will have the performance based on a nice 2.99%, and just under 3%, and they are right now before this split, 12.2. but salesforce will have almost 5, and amgen 5.6, and honey well w

whatever the new technologies may be that will take us to the cleaner future. it is in the unitedrest to make sure that those technologies are developed in the united states and that we have the right financial incentives to make the united states a hub for those technologies. i think that's the shift. old, more on how to direct the future and make the united states the center. if we don't do it in the next four years, we will have missed that window. that leadership role will go elsewhere. we will have to play catch-up. that would be devastating for american jobs for the next 100 years, as our leadership was so central for american economic growth in the previous century. annmarie: thanks for joining us this morning. staying up late for us on the east coast. sees 2019 was peak oil. will we ever get back to 100 million barrels a day? coming up, qantas posts its first lost in six years. that's coming up, next. this is bloomberg. ♪ annmarie: good morning. -- international borders will close down. part of our businesses have gone well. our resource business. we are optimistic about t

university planss to share the b beprintsf the robots with c comnies that want t to make more units, so ts technologyon helping out at other hospitatals. nhk world, bangkok. >> the university that developed these a advices iss collaborati with mananufacturers i in the coununtry to p pduce 3 3ach of thth rorots. whenen w won't needd to seeee robobotic devices performingg te tasks, but for the moment they must be of great reassurance to health care workers who are now bracing for a second wave. >>> in our next story, we look at robots in office security as well as the sales arena where face to face communication is crucial. it's all a way for companies to survive in this difficult time while ensuring employee and customer safety. >> reporter: oa robot is patrolling the c corridors of ts construction firm giant. a security guard remotely monitors the images relayed from its camera. if a suspicious person appears, the guard will race to the site. robots alarm the system. >> translator: some work simply can't be done from home, so it's important to create a safe and comfortable workplace. >> reporter: the

technology. in theot do a good job united states today of integrating technology and national security policy.ome of it is because of the kind of people. bringing them together is a really important aspect. i think we will have a ton of issues. inis absolutely essential our effort to meet the china challenge, to get this right, we have all manner of issues with our technology sector in the united states. my recommendation would be, to deputy national security advisor who coordinate these issues. someone who can use the andear-old muscle memory institutions and processes of the national security council to do that right. i don't think today we have that kind of broad-based look at technology competition with china, for example. technology, cyber, and health, for sure. you will need to have a national security council, a much more focused effort on health issues. refurbishing of international institutions will be an important focus going forward. i am in a minority on this. i don't think the national security council is too big. big,e cannot drive these crosscutting issues, except from the cente

technology and the diamond sector. the deal with the unitedrab emirates s strengthens isrsrae's energetic s surity. the country gets its oil through turkish pipelines, but the emirates bring an alternative route. normalization will smoothen the transfer of u.s. defense technology to the united arab emirates. those defending the deal say it has helped stop a dangerous escalation in the israeli-palestinian conflict. the is really threat to the jordan valley. but prime minister netanyahu has said those plans are only to -- temporarily suspended. >> for more, let's bring in dr. cohen, a former media advisor to benjamin netanyahu. thank you so much for being with us once again on "france 24." this is a first flight between the two countries. indeed, very much so historic in that sense. but the agreement itself fortifies an already existing relationship, does it not? it fortifies an existing relationship, of course, but also opens up many possibilities. i as a taurus cannot fly to buy. in tel aviv -- cannot fly to dubai. there is a huge change here

united states, says — "both china and the united states have demonstrated that they are willing to weaponise global trade and supply chains. both view technologytelligence has become a key component of the rivalry for power between the united states and china. i mean, that's the real battleground now, isn't it? absolutely. i completely agree with you. and if you ask me my wish, i wish that united states and china could have had some kind of basic agreement on what they can and cannot cooperate with in the technology field. but there is a major school of thought in the united states. and, you know, the united states, as i explain in my book, is trying to suppress the rights of china. and they believe the only reason why china succeeded is because the access to the american market. so they are trying to decouple the united states from china, hoping that china would collapse. now, china may collapse but, frankly, i wouldn't bet on it, because the chinese have invested so much in their own technology. you're going to have a bifurcated technology world that is coming, which is going to create lots and lots of complications for lots of countries. bu

technology economy. for years the u.s. government has been mitigating foreign investment in the united states when it comes to china they haveing that with respect to 5g, they have been doing it with semiconductors. the is new is now impacting technology our children use every day on their phones. understand how tiktok is a security concern in general in terms of exposure to younger children. how is it a national security concern? roger: it comes down to data. tens of millions of americans giving their data over to the chinese communist party. that is not a controversial point. it is something republicans and democrats and experts in the united states have been thinking about and working on for years. what is controversial is how you mitigate that threat. is it adequate to make a u.s. company buy the subsidiary of a chinese entity? how you mitigate it is the challenge. do take the view you cannot mitigate it at all? that is the debate going on inside the white house. guy: are we going to have u.s. companies and are we going to have chinese companies, and are the two being to be excluded from the other hegemonic sphere of inf

now, the largest companies in the world and in the united states today are technology companies -- applefacebook, google, microsoft, and so forth. do you worry that there is too much power and too much data in the hands of these technology companies, and are you surprised the government has not done something more than they have today about this? bill: well, technology has become so central that government has to think ok, what does that mean about elections? what does it mean about bullying? what does it mean about wiretapping authorities that let you find out what is going on financially, or drug money laundering and things like that. so, yes, the government needs to get involved. i, for the early years of microsoft, bragged to people that i did not have an office in washington, d.c. and eventually, i came to regret that statement, because it was kind of almost like taunting washington, d.c. and so now the technology companies -- partly because of the lesson of microsoft -- of course, they could have seen that lesson through at&t or ibm or kodak or a lot of innovators as well, they are

, sam sachs from yale in the united states has shown that united states and china are willing to weaponised global trade, both of you technologyminance of artificial intelligence has become a key component of the rivalry of power between the united states and china. that is the real battleground now, isn't it? absolutely. i com pletely isn't it? absolutely. i completely agree with you. if you ask me, i wish that states and china could have had some kind of basic agreement on what they can or cannot co—operate they can or cannot co—operate the technology field, but there isa the technology field, but there is a major school of thought in the united states, and the united states is trying to suit jo suppressed the rise of china, and they believe the only reason china has succeeded is they are in the american market, and they are trying to decouple china with america, hoping that china would collapse, but i wouldn't bet on that china would collapse, because china has invested so much in its own technology, and there is technology coming that will create lots of competition a lot of countries, but this is an unpleasant reality tha

wero: in the united states, will see more technological unemployment.cial automation will be pure than ever before. as universal such basic income 10 years ago is becoming more mainstream. ofoline: talking of the lack inflationary push coming from the labor market, not only is it that machines will take away some of the ability to fight for a higher pay rise, but it might the work from home element that creates so much more competition. they are competing against those in vermont, canada, globally. mauro: remote work, the emergence of a truly global label market. --never you have trait whenever you have remote work organized on a global basis, you will have winners and losers. the winners will be better educated workers with unique skills. as usual, we will have to do something about those who will lose out in terms of a rise for the global market and remote work. joe: what about politics? what if people say, you know what, i am not crazy about living in a country where so much of the national wealth accrues to eight handful of companies who hardly empl

yeah, we have about 45 days now to hash out a price, terms, how microsoft will pay for the unit, how many technologyng would work. all of these ins and outs of this deal have to be completed. they have to be ok and sign off on by people in the u.s. government and factions within the trump administration. they get anytime throw a wrench into this process, as we know from past history, at any point. not to mention figuring out a price for a company which is usually popular, growing but these tensions, the alternative is president trump could ban the app. what does that do to bytedance investors who have been eagerly waiting for a big payout for this popular app? shery: why tiktok? one other company growing the ire of the trumpet administration? shelly: it is the latest. obviously, we have huawei, cte. the are different episodes of the u.s.-china tensions soap opera. right now it is the episode of tiktok. one big reason is because how popular tiktok has become. it has been downloaded 2 billion times globally. it got on trump's radar especially after the pandemic, as election and campaigning season star

technologies and demilitarized them so we do not lose our competitive edge? david, do we risk losing our military advantage to china? can you foresee a scenario where the united states becomes effectively the number-two military power in the world? because china has been more focused on ai, biotech, quantum, and reformulating those technologies for military purposes, i don't think any of us want that, but is it in the realm of the possible? chris: it is absolutely a possibility. the course we are on will take us there. and it is not because we are not spending enough, not because we don't have access to fantastic technology or have less human capital or our people are less focused. we have all of that going for us. the problem we have is an inability to recognize that, if we don't change course, we are going to end up in the future you described where we will have lost our military advantage, and all the attendant consequences that come with that, things we take for granted in terms of diplomatic influence, economic influence, the ability to stand behind the things we care about, with some weight behind us. these things are going to erode as we lose that mili

result of nature of gas coal cold again and also growth of solar energy in the united states so market dynamics technological dynamics innovation new not to states is very very strong right you've referred to this combination of fuels that we need and you've already said that nuclear is a key component of the a lot of people who disagree with this 3 issues is the danger that the cost and then there's the waste problem but you still think that nuclear is a very important part of the whole solution yes a nuclear power generates electricity if we dot an interruption and a doctor any a mission but a curator at the building in new. is it because nuclear power plants are costly. it's true so deaf or it is being either by a state company such as divans in a china or russia but to build it in a free market is headed difficult but build it it generates 4050 years just push the button and it generates electricity v dot it emissions. to you i live in paris in france about 3 fourths of the electricity comes from nuclear power a very cheap electricity you pay at home and frost has one of the lowest carbon free carbon foo

first of all talk about china technology and ambition, beijing is robust with united states and global technology leadership, how do leaders believe were in the middle of the fourth industrial revolution made up of artificial intelligence, ig and et cetera, he wants to leave the village revolution it is also driven by geopolitical. according to party text beijing argues the last three industrial revolutions because of diversion allowed some countries to be geopolitical leaders and others as bloggers. their overview of the history is where history remains. the first industrial revolution is brought r steam power, and building an empire, the second industrial revolution would mean leave the unitedki states. an information-technology kept the u.s. a leading state. beijing missed out on the revolution in the hopes to ride to globalou a leadership. in china almost all agrees technology is the battlefield between the u.s. and china. that leads to a second subject, what is china doing two sees global technology leadership. here there are a few options, china is spending in some cases equal if

we really need to bring science and technology to the center of policymaking in the united states. as we did by the way after the government to visors. now in just about one minute we have coming up a session with tony blinking who was our deputy secretary of state for president obama and is now a close advisor to former vice president joe biden. so we look forward to hearing from tony next. thank you very much. >> women time of this case for the past half hour this morning. ild

food from overseas but now with the help of new agricultural technology the government is hoping to overcome its dependence on food imports. united arab emirates is growing pineapples salads bananas and more this agricultural revolution in the desert has been turbocharged by technology. these salads receive exact amounts of humidity white water and heat and. we want to have looking at the product to vittie throughout the year the most on regardless of climate change and if or if there's winter floods or drought a bit of them is on. elsewhere farmers are working with hydroponics to grow pineapples without soil and sell the technology on. to tell it out about that off we produce approximately $4000.00 fruits per year and we're working to increase this production and. we're also teaching our friends to learn the hydroponics system. it's part of an aggressive effort to secure its food supply and guarantee the country has up to 6 months of stocks locked away for whatever may lie ahead. domestic tourism has surged around the world as year as the coronavirus and make makes international travel more difficult in russia for example holida

technologies. jonathan: state capitalism chooses winners. there has been a narrative in this. europe, the unitedtes will start picking national champions. where, itrly at space is 5g. we have a government that is picking a national champion for financing the more, idly subsidizing them. it is ay, i think driver for them. emerging market countries, if each stock behaves like that, we could get the same counter from them. those are the markets we really need because those are the ones that are growing. i think it is going to hurt us more than help us. jonathan: we will see what happens. let's continue this conversation, for sure. a conversation that is going absolutely nowhere, and you can see where this is going. point, this is the direction of travel, and it is concerning. i totally agree that there is a regime shift here in terms of the dialogue. i happened to be in hong kong bank collapsed. you're right, it is an absolute regime change. jonathan: i have heard this so many times over the last several years, the world breaks down into two spheres of influence, and we have individual tech champio

instance, many chinese companies have been blocked from making acquisitions of sensitive technologies in the unitedates. the trump administration has also blocked the exports of technologies to blacklisted chinese companies which include huawei. now, a professor at georgetown law put it to me this way, here china is certainly putting up a roadblock to this deal, but they're not significantly escalating the situation. they could have taken much stronger action, for instance, by hitting back at u.s. multinationals operating in china. rosemary. >> we'll continue to follow this. thanks, selina wang, appreciate it. >>> floying cars have been a staple for years, now a japanese company is one step closer to make this a reality. watch as the pilot of this car takes it out for a test flight. it circled a test flight in japan for about four minutes. the ceo of the company says his goal is to help create a society where flying cars are a safe and accessible means of transportation. the company will continue to develop the car with the hopes of launching in 2023. other companies around the world are trying to

i saw how cleverly the d position the united states spread then i got an "in depth" look at their technology. that is when it hits me. as soon as i get back, i went to washington. and i spoke to anyone who would listen. and asked, do you understand the country with the best technology. usually when. and that's what i was asked to serve. and that is why am here today because of china challenge . my first week on the job, secretary pompeo, the global strategic plan, and chinese aggression . strategy we have developed as three pillars. the first is the turbocharged economic evidence by driving productivity and prioritizing emerging technology. ... ... i can tell you the communist party's biggest fears the united states would have a sputnik moment. safeguarding america's assets including core freedoms. securing this requires the us and partners to demand reciprocity, transparency and laws. must also understand and use our assets against us including our openness and values. we must view every chinese action with skepticism. as mike pompeo recently said, mistrust and verified. the next part of th

united states should be a manufacturer, as well as an innovator. and i don't want to see that sidelined. thattheless, i think creativity in technologythe united states is still ahead of where it is everywhere else in the world, but china is making major advances. they are putting more money into r&d and technology than we are. and it is making major strides. >> byron, i want to revisit your s&p expectation given so much has changed. you said it would have 3500. where do you think it will end the year now? -- youwell, i think bear i think when the market is over and the recession is over, i can see the s&p 500 being higher than it is today, but basically, i think it is fully priced at this point. it is been driven to where it is by the large capitalization growth stocks, by the bank , microsoft. i think their multiples are pretty full right now, 2022,pating earnings in so i don't think -- i think there are a number of attractive they of the market, but are not in the stock that benefited from the recovery so far. i think you have to be patient with some broader industrials, and even some travel and hospitality-related stocks. i think

nationalism, but the reality is they're are two countries in the world that have global technology firms of scale. that is the united states and china. i think it is more accurate to talk about the technology cold war, which we are presently in. the chinese do not allow american tech firms like facebook or google or amazon to function openly in the chinese market. the largest data market in the world. united states is now making it clear that huawei and soon tiktok and we cap will not be operating in the united states. by the way, we do not want them operating with our allies. if they do operate with our allies, we intend to make that costly, in terms of intelligence sharing and perhaps economic sanctions as well to those countries. once again, i think that policy would be almost completely upheld if we were to see a biden administration next year. inx: in closing -- david: closing, when you talk about a tech cold war, i think it is fair to say the united states won the original cold war against the soviet union because we had more resources. given a tech cold war, the fact that china is growing so fast and will ecl

i do in this technology and how does it allow me to think differently and build new capabilities and operate in different ways that are going to create competitive advantage for the unitedtates military. sort of a sense that we were talking about these technologies like we are going to layer them and be able to do it better. from a technological standpoint on the hill looking at technologies, the dothetechnolot of the test and development, and then obviously kind of looking at the operational problems and discussions with the department of defense. so, my view was okay is there a way to sort of help bridge this divide where the gap between what we think it is we might be able to do and what are the things they are going to need to do or want to do from an operational standpoint and in a broader strategic context what is the next kind of air going to look like. essentially that was the origin of it and it was more an attempt from me to get my head around these problems to say here is my contribution to what i think the answer looks like. >> host: i totally agree we are at a juncture where we make decisions as a nation into department of defense on how we are going to dea

ob trina's in the cyber space and the united states in the treat war with china has been accusing china of forcing flooring companies to transfer their technology this is even worse china is not guilty of such pressure on foreign companies but this time the united states is really revealing its true nature it's forcing a company to shut down or to transfer to another american company purely because of the nature of the nature of the shareholders of the company midnight i don't think this is good for the u.s. technological breakthrough going forward or right miguel we have some sort of a divide here in the u.s. about about about the case of to talk supporters of trump saying that the man is delivering on a promise he made in the past he's very good at the goetia deals and he thinks that the best deals with china were wrong so he's rewriting the chapter others on the other hand say that the reason why his targeting tic talk is basically because it's been the platform for many activists. those activists have been very critical of him yeah i mean it's a very interesting situation right there and that's true for every other platform door so facebook

administration explicitly announced its intention to work towards a new bipolar world of technology carved up between the united states and china. it announced a sweeping clean network initiative which seeks to ban virtually all chinese i.t. products, phone carriers, apps, cloud service, even under sea cables. then trump issued executive orders officially banning the chinese video app tiktok and the messaging app wechat from operating in the u.s. unless they are sold by mid-september. taken together these moves suggest a reversal of decades of american policy. instead of favoring a global internet of open systems, open architecture and open communications, the u.s. now envisions a restricted internet that is cordoned off by governments will political considerations dominating economic or technological ones. let's be clear. there are legitimate concerns about china's technology strategy. the company has walled off its cyberspace like no other country. the government can force any chinese company to hand over data and it routinely engages in international espionage to steal intellectual property, technology and d

if you will the united states is the benefactor of all this again the key technology comes from us we have to share with them we are marked for the technology and they are more of our allies are more equipped. to go forward believe me china will suffer more than the united states will ever stop or through all this because again they are they come to me that wants to be totally by a dictator and by a full government and by the people so if you are going to it will not hurt the united states whatsoever and you get it again you can see it in the some of the sugar stocks here that really knows what's going to happen but yet even intel is big dollars it was making a comeback so if you look at this industry and you look at what's going on it's more of the harassment and things that are going to have budgeted because markets are far too efficient not the price and if they suspect that there's going to a big problem with the changeover but u.s. companies obviously want to be in china because it's such a huge market base but that christiane moved to germany of course they. had to move to germa