rules, yoursolution entities, your singapore, hong kong entity. they are all going to have to stand alone. independent companies. it makes it difficult for this universal model of i'm going to move trading around the world. i'm going to move my funding business around the world. resolution rules make good sense, but there is going to be a good cost. and it is a direct attack on the u.s. banking model. when you talk to the board members, that is what they are worried about. i would spank coming up, has u.s. education hit its peak? we examine the ties between college enrollment and the economy next. alix: it is time for the bloomberg business last. -- business flash. cut production the next three months. lower than expected sales have prompted apple to reduce its orders. this from a review that identify suppliers. cheaperterest a smaller handset last month in an effort to pump up sales. all ahead of rolling out a new flagship model later this year. another casualty of the panama papers. this time it is -- he after giving conflicting expectations abo