annie: vanguard is a notable exception.g index fund firm, of the biggest in the world had been glaring omissions from this group. with blackrock joining now that might be more pressure on the likes of vanguard to get on board as well. amanda: we have corporations and investors -- not so political. will this force more policy in this direction? annie: i think it's a symbolic move. the idea is to get more large asset managers voicing their concerns about the kind of andis -- climate crisis causing change within the companies. one point activists have brought up is that asset managers are not doing enough to years or shareholder vote and to use their powerful voices to demand more change around climate change. that is part of the reason for this. youra: great to have thoughts on this. your function is tv . this is bloomberg. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-

the various risks resulting from passive funds increasing ownership of the largest firms blackrock vanguard and state street combined own 18 percent of apple's shares up from 7 percent at the end of 2009 so their own in more and more of the largest companies and the largest companies like apple or microsoft become bigger and bigger percentage of the s. and p. 500 and they become too big to fail these 3 funds are too big to fail member one the money markets were too big to fail back in 2008 so what are the extraordinary measures that are like for example that are happening in the repo market we don't know what the causes could it be connected to this it could be just as valid as any hedge fund or or any bank going under as well we don't know. because we're supposed to read the market but because of all this reflexivity we don't know who drive what came 1st the chicken or the fed in the case of apple because you have so much concentration in these funds and as you point out the market is reflects the concentration of apple in the index so these passive index funds are required to have the all

vanguard's joe davis. let's talk about the pound that vonnie was just talking met with reference to the bank of england. 139.e rising from the european stocks are down at 710's of 1% with poor economic data out of france and italy today. we are seeing a bid in the o.a.t. market. on a programming note, politics continues to be front and center, particularly in the united states. next tuesday, we will have live coverage of president trump's stated the union address, kicking off at 9:00. this is bloomberg. ♪ vonnie: i want to bring you some onaking headlines, more coronavirus. delta is the latest to suspend flights, the last china bound flight according to delta will lead on -- leave on february 3. it is suspending flights until april 30. so this is the latest, right now, those flights are being suspended until april 30. guy: let's take you to a developing story, tensions are being mounted ahead of the board meeting which takes place next week ahead of results the following week. bloomberg has learned that th

about vanguard's call running against consensus on the u.s. in terms of growth for this year.ind of scenario, is that the concept of a new recession at 1%? what does that do to bond deals? if vanguard were to be proven correct, look at the scenario -- we have to think about what will happen with respect to the impact of the wing on gdp growth as well as the relative fiscal tightening. not absolute but relative to the fiscal loosening. dominate, thats will feel like a recession to a lot of americans and that will be a bad environment or financial markets and a good environment for bond markets. 10 year u.s. bond yields will go down to a level close to 1.25%. nejra: what do you make of gilt yields -- gilt yields. with several including mark carney giving dovish signals. wouter: from the bank of england, we expect two rate cuts. that is because of the growth of inflation in the u.k. still being very weak. there will be fiscal stimulus coming through but before that, we will be close to 2021. and we feel the bank of england has delayed the cuts because of brexit uncertainty and ho

address these climate change problems so is there any sign that other major fund managers such as vanguard could be taking a similar position. all i assume that once one manager start of the others with we're definitely chime in and we see also that not only the asset managers but all it's an insurer bangs i think you more catherine evolve how they employ their capital but i think more largely and the bottom line is this is going to be enough is the private sector we equipped to dealing with these large on time partner issues or should it be and this is actually my my major part of should actually be governments dealing with the problem which affects society can all be all right such as stephan professor at the frankfurt school thank you very much. to munich now where europe's digital independence is on the agenda more specifically can the e.u. carve out its own standards for data regulation or artificial intelligence in a world that's dominated by big tech companies in the u.s. and china now the e.u. says it has a strategy. how can europe better position itself in the age of digitalisatio

sonali: by the way, we had this big story about blackrock, vanguard, state street, and their impact onts. do you think regulators are going to take a look at this at some point? jim: it is a real risk. they now own together collectively 23% of every major company in the united states. that, given the pace of outflows from active and the inflows into passive, i see that reaching 26%, 27% in the next two or three years. frankly, i don't think it is about anti-competitive pressures. morenk it is probably about what is happening to the rest of the active managers, what are the competitive pressures on them. there's 100 50 fund families that own 92% of u.s. equities. them?s going to happen to how are they going to adjust their models that charge 60, 70 basis points, verses three to 10 basis points? vonnie: outside the u.s., japan was the most targeted non-us jurisdiction. france and germany were also particularly rich targets. we have to leave it there, but our thanks to you as always, jim rossman of lazard, and our own sonali basak. coming up, tensions have run hot between the united state

i think the work of state street, blackrock and vanguard is coming in to bear.f you think about who picks the board, it is the shareholders. go back to jeff's earlier point to how these companies are being first downed, who is behind them. we need to start at that level. and by the way, bringing mauer diversity on to your -- more diversity on to your board two or three or four years before going public is going to help the company to be public. it is a win-win. >> a key part of this is this is sort of the equivalent of plaque rock or vanguard saying we are not going to vote four boards anymore. now you have this line in the sand for the i.p.o. companies are thinking what i do need to do two or three years from now when i want to go public. i had better think about it now. they learned with we work. it was a disaster. they came to the mark without a diverse board and people started asking questions and pretty soon there is no i.p.o. >> who is next? first there goalman. what about j.p. morgan and morgan stanley. >> we had stick put out some -- wid city group put o

the work of blackrock and vanguard is really sort of coming into bear. if you think about who picks the boards, it is the shareholders. go back to how these companies are being founded, who is behind them. we need to start at that earlier stage level. bringing more diversity under your board two years, three years, four years before you go public is going to help the company be more ready to be public. it is really win-win. taylor: what do you think when you take a look? >> a key part, this is the equivalent of blackrock or vanguard saying they are not going to vote for the boards anymore. now you have this line in the sand for ipos. companies are thinking what they need to do two or three years from now to go public. i think goldman learned something from we work. they were a part of that. they came to the market without a diverse board. people started asking questions. pretty soon, there is no ipo. taylor: who is next after goldman? who do we expect to come out next? and asked both jp morgan morgan stanley, they are not volunteering. citigroup put out

he not only has the sixth corps, but the vanguard of the 19th army corps, which was supposed to go from louisiana to petersburg but was diverted to washington because of the crisis induced by jubal early's invasion. now, at that point in time, on about thet 13th and 14th and he will be in position coming up around harpers ferry, martinsburg, kind of just above it but off the map, so there's going to be a large union force of about 14,000 union men approaching early from the west, at the same time horatio wright has a force that will ultimately get up to about 15,000 men moving on early and pursuing him directly out of washington, d.c. most people don't realize how close a thing it is that jubal early will escape. on the 16th of july, major general george crook, this man pictured right here, is placed in command of the troops from the army of west virginia, hunter's force moving from the west. he will have a thousand men, cavalry, infantry andel terry -- and artillery around helzberg, virginia, and his job is to interdict the retreat of early's army. he will send cavalry south, about 500

. >>> while california has often been on the vanguard of cultural relationships, think frisbee, hulahoop, mcdonald's, it often leads to changing. it causes the rest of the country to snicker and they have a way of migrating east. every year i like to look at what laws california has just enacted. in the past, such measures have includeled everything from no-fault divorce, marijuana decriminalization. anybody remember howard jarvis? well, hundreds of new california laws took effect on january 1st. which ones might become nationwide? joining me now is john myers. he's the sacramento bureau chief for the "l.a. times." he coauthored the piece "how will california's new laws affect you?" john, i want to tick through four or five of them. let's talk about independent contractors. what's the change there? >> this is interesting, michael. it's about the nature of work in the 21st century. there was a california supreme court ruling that said there had to be a strict litmus test as to who could be an employee and who could be a contractor. there's a strict debate about when it's appropriate t

in the early morning vanguard for the visit says by a dyed in the wool hurts a fan so much so he's even written a book about the 111 reasons to love. he cast it off a dobie day with a pleasure cruise through the capital in the company of more than a 100 like minded souls. if you can separate hester from the billionaire business more to. his like to grow the world right has any opportunity and that's part of supposing hester is well all for but all the scrambling of it it's only because we love our club like the strangers that sam's that's the way it is if it's a motion. and i don't want to get also following my club so it will it all has to come out with me now keep going to the games of course i'm a fan of. east berlin home to alexanderplatz. unter den linden. at friedrichstrasse a tourist magnets one and all for the southeast you'll find cook in a home of a young girl it when young fans are a loyal and particularly close knit bunch collective spirit make concrete quite literally crysler potter is an artist actor and long time when young people take one of around 2000 diehards who help

ambassador kelly craft thank you joe i would question are any vanguard's good to see you both thank you thank you. thank you. thanks. it's good to see the unfailingly energetic and optimistic ambassador david friedman jason green thank you have a berkowitz. brian hawk. and the rest of your. exceptional peace plan mr president it's good to be here with the other distinguished ladies and gentleman of your administration with senators and members of congress who are israel's greatest friends on capitol hill thank you. thank you. thank you. with the bastards of the united arab emirates bus train and oman what a pleasure to see you here and what a sign it portends. i was going to say of the future what assigned it portends of the president. to all of you and to the many distinguished other distinguished guests who are here today this is a historic day and it recalls another historic day we remember may 14th 1908 because on that day president truman became the 1st world leader to recognize the state of israel after our 1st prime minister david ben-gurion declared our independence that day cha

in the early morning vanguard for the visitors can buy a dyed in the wool hats a fan so much so he's even written a book about them 111 reasons to love how he costed off a doggie day with a pleasure cruise through the capital in the company of more than a 100 like minded souls. if you can't separate hester from the 1000000000 as it. were to us a 1000000000 is like to grow it would grow up as any of a tendency and that's part of supposing hester as well all flows with it but all this grumbling it's only because we love our club just like the strangers assam's that's the way it is it's a motion. and i don't want to get also following my club so if it all has to come out with. keep going to the games of course i'm a fan. east berlin home to alexanderplatz. unter den linden. at friedrichstrasse or tourist magnets one and all for the southeast you'll find company on the on your. own your own fans are a loyal and particularly close knit bunch collective spirit make concrete quite literally crystal apartheid as an artist actor and long time when young people take one of around 2000 diehards

the question is how vanguard and others may follow as well.a: one of the interesting aspects, it feels like a good investors, corporations are in front of policymakers and policies. we are seeing environmental policies go the other way, and you have one of the leading money managers in the world saying we take it seriously. is that a strange disconnect to see in the capital markets? annie: it is. he mentions the government has a huge role to play here and it cannot only be done by corporations. but as he has mentioned in earlier annual letters, he has said that people are increasingly looking to corporations to step in where governments are failing. this could be a really strong example of one of those situations. shery: are there any concern that this may hit the returns? annie: one criticism that you see over esg investing is will this affect returns? what you are seeing here is such a demand for these products still out there that it is not really affecting blackrock's opinion on whether or not they should exist. amanda: do we expect to see

to enforce the population transfers in the provinces of punjab and vanguard for unprecedented with up to 20000000 displaced persons and 1000000 dead. there are no exact figures only bitter memories of the past and fears for the future. visiting this museum bringing feel it in my i'm and i'm comparing that 947 moment of it today and same thing is happening today as a we should try to do something so that not think that it will happen again. with a month deep is referring to is the other element in the pakistani division. the region has a predominantly muslim population with a large hindu minority and both countries continue to press claims to the entire territory. of visits to museums provides an alternative perspective of the present what they would have already gone into they really want done that it is on the history from their point of view i read the history but everything but ben i'm coming to a museum in this age i'm watching many new things and that's that ever a generation should be told about the mistakes. at the earliest stage. in the partition museum the thorny tree represe

obvious every a lot of people are like hedge funds are contrary and tend to underperform even a simple vanguard type s. and p. tracking fund well we're going to look at a chart of apple going back 39 years this is it right here is the dot com bubble little tiny blip down there this is the 2008 crash and as you see it's gone hyperbolic since then the fed money printing has done well for them i guess also their powerful state department introducing intellectual property laws and things like that around the world has done well but it's hard to see on this chart but it's definitely going parabolic this year based on that long term 39 year chart right you know going back to the late ninety's and early 2000 apple was a really hated company because it had lost a lot of people a lot of money after the heyday gone public and then steve jobs left the company if you recall in the stock was a underperformer and people really hated it so as a result you know apple just now on a price earnings multiple is just now becoming closer to the market average on a p.c. ratio it's not overextended like back in the do

honoring taylor swift the lgbtq media advocacy group is set to water the music superstar with the vanguard award which goes to allies who made a significant difference in promoting acceptance of lgbtq people will pick up the prize at the 31th annual glaad media awards april 16th in los hear more ward news the american black film festival is honoring a pair of trail blazers oscar winner louis gossett junior will receive the group's hollywood legacy award for his contributions to the entertainment industry throughout his more than 60 year career and actor writer and producer lena waithe will be honored with the industry renaissance award for content creators whose work helped change perceptions of people of color, the awards early part of the 2020 a bff honors february 23th in los angeles. russia is hitting the road the high road that's the name of her new album dropping january 31th and her upcoming tour set to launch april 23th in sugar land texas and take the singer-songwriter to 26 north american cities through early june. 2 are ticket presale is underway with general public sales beginn

which is why, although private companies are at the vanguard, behind the scenes, the big nations arefavourable regulations. the big rivals here? you probably guessed it... the us and china. the us was initially quicker to grant licenses to companies like waymo, but its superpower rival has also woken up with big deregulation plans of its own. the huge corporations on the front line, alibaba, google, ford, tesla, tencent and more are now battling to capitalise, to hone their algorithms and create the first truly autonomous road vehicle. stephen beckett went to guangzhou to visit one of the global leaders in autonomous vehicles to find out more. this is guangzhou in the south of china. about 75 miles upriver from hong kong, it is one of china's biggest and most developed cities. home to around a0 million people, and now it is one of a handful of cities in china running large—scale trails of self—driving cars on public streets. this is pony.ai. you may not have heard of them, but here their cars have become a common sight in the area around their head office. over the last year they hav

released last night with close associates of president transpersonal attorney who were really the vanguard in ukraine trying to dig up dirt on trump's political rival joe biden and who may be the bridge that connects president trump with directing the actions of rudy giuliani and his associates to get that dirt on joe biden to that point there was a letter released yesterday from rudy giuliani writing to the president of ukraine saying that giuliani was conducting this mission on behalf of the president with trump's knowledge and consent. things like that that could make a difference in this trial if the senators after as jurors are allowed to consider it those are open questions again with democrats originally wanting the senate majority leader mitch mcconnell to commits. 2 allowing new evidence and new witnesses as part of the trial record having lost that battle because they simply don't have the numbers at this point and postponing the effort to get those witnesses until after opening statements it really depends on how convincing those opening statements are on either side to sway tho

tensions,e trade joining us now is vanguard chief joey davis. optimismting little despite lack of details. this gives both sides enough into 2020wind to move and give the markets further room to run. little lessou a optimistic when it comes to the macro picture? certainly aren't looking for a recession. we clearly at the bottom of growthtions for u.s. this year. primarily for three reasons. deceleration and consumer spending. the consumer in 2019 in united states spent at a robust clip. in slow down we continue to see market.abor job growth should continue but pace.obust that alone gives you about 1.5% growth this year. see a significant acceleration in business investment in large part because the policy will remain elevated. the trade --that the phase one deal is a positive on that front. third, we're not going to see a global acceleration of growth. going to stabilize. europe is unlikely to accelerate further. together,ut that all we're at the lower end of the theensus range closer to 1.5 to 1% range. of 3%.ms to north ,> how much aleavuation

thank you for stopping , vanguard chief market economist for asia.day in asia. let's look at india to see if it is joining the party. looking at the nifty, gains emphasis due to announced three q earnings later today and industrywide sales data for december, r.b.i. holding, reverse repo auctions to be released later today as well. yvonne: and a lot to look ahead to when it comes to the india session. looking at the government of hong kong as well, saying it is ready to spend boldly to shore up the economy. we spoke exclusively about resilience in the financial markets. >> the tourism board has been looking very closely at the tourism commission in terms of further positioning hong kong and the iraqi of high-value tourism. and we will continue reform on the retail sector. tourism. but if the situation shows this kind of high rental cannot be sustained, the market will adjust itself. >> do you think hong kong can remain a luxury hub? past six months, because of the unrest, people peoplebout their safety, worry about whether it is still safe for them to

there is where we could have really big change when you look at blackrock, vanguard, state street.own 22% of the s&p 500, so that is a really large voting block that trumps any activist investor pushing for a similar goal. blackrock itself owns 6% of the big energy companies. there's a lot of room, but we don't have a lot of the details on exactly how larry fink plans to pursue this. for now, we just have the general, that they will divest from some of these higher sustainable risk companies. alix: thank you for that. still with me on set is lauren goodwin to of new york -- is lauren goodwin of new york like investment. there's only so far they can actually do anything versus their passive funds. how do you look at this shift? of investment,a and we are moving in the same direction, of paying attention to principles in terms of investing is an important part of the shift. one of the reasons it is hard to find these investments is how we measure what is sustainable, what is a good governance principle, is challenging. the more that investors demand this type of risk mitigation and t

one on may 20 7, 1918, south across the river, and by early june, the german vanguard is within 35 air miles of paris. the allies were quite nervous, of course. the extra german forces were putting them in peril. about as soon as russia took itself out of the war, the allied command began casting about ways to relieve the pressure on the western front. they settled with the idea of an intervention, that they would send a handful of allied soldiers into northern russia where they would of course be greeted as liberators by the anti-bolshevik forces. they would form an army of these men and basically reconstitute the eastern front and force germany to bring troops back or at least not take any more from where they were. that is a map. oh, that works good. there is the arkhangelsk. they land in arkhangelsk and headed southeast up the river to a place out here about 300 miles. down a railway line to here, down here another 300 miles. the idea was they have this army reach out to this strange conglomerate of soldiers, about 40,000 czech soldiers known as the czech legion. they had been pris

. >> vanguard says it will no longer charge commissions on line trading of stocks and options. industry giant has been offering free commission free trading of vanguard's etf since 2010 and eliminated commissions on all other etfs in the industry in 2018 >>> and nba teams holding a moment of silence for david stern who died on wednesday from a brain hemorrhage stern guided the league for 30 years from 1984 to 2014. turning it into a global multi-billion industry david stern was 77 years old >>> you are up to date that's the news update at this hour back to you. >>> thank you very much. let's sends it over to mike santoli for the second installment of the dashboard >> a shift into the formal wall street outlook on stocks traders have gotten a little overexcited that they are expecting more the strategy group keeps this sell side indicator. it's the percentage of recommended equities in a portfolio. so what you sheer is on the upper band when people recommend very high equity allocations, it's a potential sell signal and then in the green if you actually are down below around 50%

northern churches, like the kind of outrageous and appalling that northern churches were not absolute vanguard of abolition. and so they withdrew from the own churches but there really wasn't even enough. this one guy you meet stephen foster was particularly famous for these direct action protest he would do sometimes on sunday mornings in which her to go into a church and he would stick with the congregation quietly through the beginning and then when the minister got up to start talking, he would rise in the eyes and just deliver a barn burning speech until people in the congregation grabbed him and he was very tall and lanky and you would just like golden and there would have to carry them out. he was beat up, he was beat up every time. he was kept, thrown out of the window. he went to jail. they made it a crime to interrupt the church service in new hampshire where he was by merely doing this but he did it anyway. you will see him. he's in and is one of my favorite figures in the book. in the last week of june 1858, they stepped off the trains into sunshine and the small but bustling town

churches like they found it outrageous and appalling that northern churches were not at the absolute vanguardf evolution. they withdrew from their own churches but that really wasn't even enough. this one guy you will meet, stephen foster, was particularly famous for his direct action protests he would do on sunday mornings in which he would go into a church and sit with the congregation quietly to the beginning and then when the minister got up to start talking he would rise in the audience and just deliver a barn burning speech until people in the congregation grabbed him he was very tall and lanky he would just go limp they would have to carry him out, he was beat up, he was beat up every time.he was kicked, he was thrown out of a window. he went to jail. they made it a crime to interrupt his church service. in prior hampshire where he ordinarily was doing this but he did it anyway. he's actually one of my very favorite figures in the book. in the last week of june 1858 they stepped off the trains into dazzling sunshine in the small but bustling town of rutland vermont, shorthaired women a

. >> the bader meinhoff faction in west germany was part of a 1970s trend of marxist vanguard groups.the japanese red army, the weathermen in the united states. these were people who felt that the capitalist structures were unjust and needed to be destroyed and the only effective way of doing that was through violence. >> the german police have been waging a relentless war against the terrorists, capturing some, killing some. but the leaders of the group have often had more influence from inside prison than outside. authorities claim this man, andreas butter, continued to mastermind terrorist operations from inside prison, passing instructions through his attorneys. >> one of the bader meinhoff gang said one of the most fantastic thing in the 1970s was not to be a rock star, button a revolutionary. >> unlike the i.r.a. or other groups, the red army faction kills selectively, prosecutors, bankers, leaders of the society they wish so fervently to destroy. >> they thought the more high profile the assassination or kidnapping, the more likely that this would start the revolution, that the

we put a vanguard rocket that blew up on cape canaveral, and it was flop nik.960 in the debates with richard nixon, kennedy charged nixon if you're president i see a soviet flag on the moon. if you elect me president there, will be ab american flag on the moon. >> this calls for a judgment, but you're a historian after all. how would lbj and jfk take the news that in this very day if we want to get our astronauts up to the international space station, our ride is the russians. we don't have a spacecraft ready for the task. where did we lose it along the way, our jets still fly at the same speed they carried john f. kennedy and we can't build a high speed train in this country. >> what a great question. you know, that -- i think when john f. kennedy became president, he was part of the world war ii generation where we did big things. after all, industrial mobilization or the willow run plants, you know, on ginning up airplanes. we created radar in world war ii, the manhattan project, eisenhow eisenhower did the interstate highway project. what kennedy did right