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Speaker 1: Broadcasting live to New York Toomber, to Washington, d C,

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Speaker 1: Bloomberg to Boston, Bloomberg twelve hundreds to San Francisco, Bloomberg

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Speaker 1: nine to the Country Channel one nineties and around the

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Speaker 1: globe the Bloomberg Radio plus Bloomberg dot Com. This is

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Speaker 1: Bloomberg Surveingleans. Good morning, seven thirty on Wall Street. I'm

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Speaker 1: Michael McKee along with Tom Keene. Some corporate earnings out

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Speaker 1: today should bring a smile to those invested in the

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Speaker 1: machinery and industrial space. General Electric first quarter profit beats

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Speaker 1: estimates twenty one cents to share nineteen was the average

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Speaker 1: analyst forecast adjusted profit of one point nine billion dollars.

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Speaker 1: Honeywell raising the low end of its profit forecast full

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Speaker 1: year and I expected to be six fifty five to

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Speaker 1: six seventies share revenue forty point three to forty point

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Speaker 1: nine building billion. First uarter earnings rose to a dollar

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Speaker 1: fifty three a share, beating the one fifty average of

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Speaker 1: analysts estimates. And here's an interesting one for those of

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Speaker 1: you investing in Uber and gig economy companies. Uber resolving

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Speaker 1: the biggest threat to its business settled with California drivers

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Speaker 1: who wanted to be treated like traditional employees. The agreement

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Speaker 1: calls for Uber to pay a hundred million to drivers

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Speaker 1: in California and Massachusetts, allows them to solicit tips from writers,

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Speaker 1: but keeps them as the contract employees that they currently are.

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Speaker 1: And this just crossing the Bloomberg Caterpillars. First quarter adjusted

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Speaker 1: earnings for share sixty seven cents. The forecast was for

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Speaker 1: sixty eight. Now let's check in with Michael Barr and

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Speaker 1: get the latest world and national headlines. Mike, thank you

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Speaker 1: very much. After lunch with the Queen, President Obama will

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Speaker 1: meet later today with British Prime Minister David Cameron. The

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Speaker 1: meeting comes as President Obama is hoping to influence the

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Speaker 1: UK not to leave the European Union. The President grown

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Speaker 1: in an op ed piece and the telegraphs saying the

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Speaker 1: EU is not moderate British influence, it magnifies it. However,

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Speaker 1: London Mayor Boris Johnson called the President's suggestion perverse. A

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Speaker 1: big fan of Barack Obama on any subjects, but clearly

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Speaker 1: this is something where we have a disagreement and on tops.

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Speaker 1: He has scheduled for today on pop star Prince, who

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Speaker 1: was found on responsive yesterday in an elevator at a

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Speaker 1: suburban Minneapolis compound. Prince's death comes two weeks after he

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Speaker 1: canceled concert in Atlanta because he was not feeling well.

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Speaker 1: Prince was Global news twenty four hours a day, powered

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Speaker 1: by our twenty four hundred journalists more than one hundred

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Speaker 1: fifty news bureaus from around the world. I'm Michael Barn Michael,

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Speaker 1: Thank you, Michael. Time now for the land roper Parcipani

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Speaker 1: Bloomberg NBC Sports Update. Here's John Stasha. All right, Mike,

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Speaker 1: Rangers Penguins Game fourth, the guard couldn't have been much

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Speaker 1: worse for the Blue Shorts. Pittsburgh scored three times opening period,

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Speaker 1: Henry Lunk was got benched in the second after giving up,

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Speaker 1: and a Jenny Malkin gold Malkin at another third period

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Speaker 1: five nothing Penguins. The FIP can second at home playoff

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Speaker 1: whilst going back to last year, and if the Rangers

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Speaker 1: lose tomorrow afternoon in Pittsburgh, the season is over. Things

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Speaker 1: going from bad the worst for the Yankees. Jason Shreeve's

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Speaker 1: first two pitches of the seventh inning both left the

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Speaker 1: yard Oakland for this a sweet seven to three, and

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Speaker 1: the Yanks have lost seven of the last eight. In

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Speaker 1: Cincinnati last night, a flood ball shallow right playable, So

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Speaker 1: first is there helming in its Heyward no hitter for Ariotta.

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Speaker 1: Check Cariotta pitchers a no hitter here at the Grand

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Speaker 1: American Ballpark of Radio Chicago, won sixteen to nothing, and

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Speaker 1: Arietta has picked up where he left off last season.

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Speaker 1: He's fifteen and oh in his last sixteen regular season

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Speaker 1: starts with two no hitters. With the Bloomberg NBC Sports Sunday,

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Speaker 1: I'm John Stashanler. Thank you, John. Well, we have some

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Speaker 1: more news coming in from Caterpillar, and not particularly good.

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Speaker 1: They're lowering their forecast for two thousand and sixteen now

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Speaker 1: three dollars seventy since they had seen four dollars. Uh,

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Speaker 1: they are still above the consensus estimate of three sixty one.

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Speaker 1: Will keep an eye on cat As they mentioned, they're

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Speaker 1: earning sixty seven cents the consensus was for sixty eight.

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Speaker 1: You're listening to Bloomberg Radio worldwide and this is Bloomberg Surveillance.

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Speaker 1: I'm Michael McKee along with Tom Keane. In a day

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Speaker 1: when the US is diverging from the rest of the world,

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Speaker 1: shall we say, stock six hundred in Europe down three tenths,

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Speaker 1: a little over a point. But US futures we'll call

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Speaker 1: slightly green. At least they are green. They're not up

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Speaker 1: a lot. SMP futures up by three points now a

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Speaker 1: tenth of a percent. DAL evenings are up just two points.

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Speaker 1: NASDAC futures are lower by three points, a tenth of

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Speaker 1: a percent. Time now for the Bloomberg n j I

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Speaker 1: T STEM Report, brought to you by a New Jersey

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Speaker 1: Institute of Technology investing more than a hundred and ten

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Speaker 1: million dollars a year and applied research to solve problems

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Speaker 1: and improved life. Learn more at Stories Innovation dot j

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Speaker 1: I T dot U here is and good morning, Michael.

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Speaker 1: Now let's see what's making news and science, technology, engineering,

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Speaker 1: and math. Representatives of more than one fifty nations are

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Speaker 1: in New York today. They're signing the Paris Climate Accord,

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Speaker 1: setting in motion the unprecedented global efforts to reduce pollution

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Speaker 1: and slow rising temperatures linked to floods, heat waves, and droughts.

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Speaker 1: This ceremony at the u n headquarters expected to set

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Speaker 1: a record for the largest number of nations to sign

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Speaker 1: an agreement. On the first day possible culls for countries

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Speaker 1: to voluntarily reduce fossil fuel emissions in hopes of limiting

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Speaker 1: global warming. Government of China, through the Chinese Academy of Sciences,

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Speaker 1: has struck a deal with Advanced micro Devices to form

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Speaker 1: joint ventures and license advanced processor technology from the U

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Speaker 1: S and chip maker, and according to the Associated Press,

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Speaker 1: the chief administrator the country's space program said today work

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Speaker 1: is proceeding quickly on China's plant mission to land a

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Speaker 1: rover on Mars by twenty. Formula announced at January entas

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Speaker 1: Mars voyage will attempt to recreate the success of the

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Speaker 1: US Viking one mission that land at a rover on

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Speaker 1: the planet for decades ago. That Michael is this morning's

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Speaker 1: Bloomberg and j I t Step reports, So John Tucker,

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Speaker 1: thank you so much, greatly appreciate it. This is a thrill, folks.

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Speaker 1: Most people in the media get Michael Mayo for one minute,

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Speaker 1: two minutes, three minutes. Here he goes this, this, this

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Speaker 1: we get a longer battle with him here today and

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Speaker 1: to drive forward the idea of governance at banks and

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Speaker 1: the idea of what they do with their annual meetings.

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Speaker 1: But First, Michael Mayo, you're optimistic on the banks. Is

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Speaker 1: a business plan? Right? Absolutely, Tom, We've changed our position

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Speaker 1: on the bank that you know. We were very negative

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Speaker 1: last decade before and through the financial crisis, but now

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Speaker 1: the bank balance sheets are safer than they've been in decades,

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Speaker 1: risk is lower than it's been any time since the

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Speaker 1: financial crisis, and you're seeing early signs of traditional lending

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Speaker 1: revenues improved. So, in the words of Karen Carpenter, we've

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Speaker 1: only just begun. No, okay, I'm not gonna don't get anything.

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Speaker 1: Don't got me singing my Carpenters thing. Um. But Mike,

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Speaker 1: at the same time, you want to hear more about

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Speaker 1: their business plan. Why is a bank annual meeting different

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Speaker 1: from John Deere or Caterpillars annual meeting. Are you picking

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Speaker 1: on Brian Waynean and the others or is there something

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Speaker 1: unique about their quiet and their secrecy. So we're more

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Speaker 1: positive on banks, but it's not a blind recommendation. We

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Speaker 1: think that the management teams of the banks need to

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Speaker 1: be held more accountable. And for me personally, I've written

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Speaker 1: research reports on Wall Street and got shut down, testified

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Speaker 1: to Congress, got shut down, wrote a book. You know,

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Speaker 1: things still haven't changed yet, and you have the new

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Speaker 1: proposal for payrolls in Wall Street. That's not going to

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Speaker 1: do it. All the micro management in the world is

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Speaker 1: not going to do it. At some point you say,

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Speaker 1: we've seen management teams come and go, let's hold the

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Speaker 1: boards of directors more accountable. And though it's if your

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Speaker 1: sports team keeps low in games and they get, you know,

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Speaker 1: a new coach year after year, at some point you

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Speaker 1: want to talk to the general manager. And this is

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Speaker 1: the equivalent of doing that. I don't know what the

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Speaker 1: follow up on what Tom said in terms of the

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Speaker 1: business plan. Business plan used to be you take deposits

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Speaker 1: and you lend them out and you make money. And

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Speaker 1: then it evolved into everything from an investment banking to

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Speaker 1: trading on your own account. And we've seen how well

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Speaker 1: that worked out in the last quarter. So what is

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Speaker 1: what is a successful financial institution going to look like next?

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Speaker 1: A successful financial institution generates returns above the cost of capital.

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Speaker 1: That would be something called return on equity. And some

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Speaker 1: banks have good returns and some banks have bad returns.

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Speaker 1: So the annual meetings next week for City Group, Bank

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Speaker 1: of America and a Regional Bank America. All three of

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Speaker 1: those banks have failed to create value for every year

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Speaker 1: for the last eight years. And so our question for

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Speaker 1: the board of directors is, if you're not getting it done,

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Speaker 1: what is your plan B? And maybe your plan B

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Speaker 1: should be some asset sales or restructuring or even in

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Speaker 1: the case of America and absolute sale, what do they

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Speaker 1: become utility? Like do they go back to the old

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Speaker 1: retail banking model of deposits and lending, or is all

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Speaker 1: the other financial engineering that they do still a key

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Speaker 1: part of how you get that return iniquity. It's a

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Speaker 1: little bit back to the future directionally like the nineteen fifties,

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Speaker 1: where not banks as utilities, but banks with more utility

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Speaker 1: like outcomes were banks or pillars of strength and stability.

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Speaker 1: And by the way, collectively, you know, we're fighting the

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Speaker 1: last war. There's not going to be, you know, a

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Speaker 1: bank calamity coming up. Banks have more capital than they've

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Speaker 1: had in eighty years. They can absorb another financial crisis

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Speaker 1: and still have more capital than they had before the

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Speaker 1: last downturn. How do you respond to what I'm sure

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Speaker 1: you hear from bankers that we need to keep our

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Speaker 1: plans quiet. We can't tell Mike mayown annual meeting, what

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Speaker 1: we're doing enough? Tom, you're setting me off here. Now,

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Speaker 1: we're not doing enough. I've been doing this twenty five years.

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Speaker 1: You have one time a year to ask questions of

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Speaker 1: the director's at banks, one time a year. By the way,

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Speaker 1: these are your owners. So and the one that infuriates

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Speaker 1: me the most is Bank of America. What do they

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Speaker 1: do specifically? Quickly? Here we'll come back. Okay, Well, if

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Speaker 1: it's too quick, i'd say that what's the number one

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Speaker 1: thing they do? They don't give you rangers tickets? Well,

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Speaker 1: for we recommend Bank America stock now, so we're positive

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Speaker 1: we'd have much more upside if they had a better

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Speaker 1: tone at the top their September twenty two shareholder meeting,

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Speaker 1: they literally pulled the microphone away from somebody mid stream,

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Speaker 1: mid sentence while he was asking the question, Well, we'll

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Speaker 1: come back, And that's a fired up Michael Mayo of

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Speaker 1: c l S A lot to talk about, and what

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Speaker 1: a distinction. He's enthusiastic on the banks. But we'll continue.

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Speaker 1: We'll continue with a butt of bank transparency. Bloomberg surveillance.

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Speaker 1: Bloomberg surveillance is brought to you by sector Spider et

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Speaker 1: s Why by a single stock when you can invest

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Speaker 1: in the entire sector. Visit sector spdrs dot com or

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Speaker 1: call sector ETF. Global business news twenty four hours a

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Speaker 1: day at Bloomberg dot com, the Radio plus Mobile Act

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Speaker 1: and on your radio, this is a Bloomberg Business Flash.

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Speaker 1: And I'm kind of and I'm Karen Moscow. Caterpillar is

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Speaker 1: down almost two percent this morning, the largest manufacturer of

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Speaker 1: mining and construction equipment, lowering its twenty six earnings and

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Speaker 1: sales forecasts as a slump in demand persists after a

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Speaker 1: meltdown in commodities prices. GE reported first quarter profit that

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Speaker 1: beat analysts estimates, revenue just missed, and its shares are

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Speaker 1: down more than one percent. Honeywell International raised the low

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Speaker 1: end of its profit forecast after first quarter earning stopped

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Speaker 1: analysts estimates with the help of a five point one

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Speaker 1: billion dollar acquisition that bolstered sales. Advanced micro devices were

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Speaker 1: all also watching up twenty three percent. It said it's

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Speaker 1: licensing technology to a Chinese state back joint venture will

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Speaker 1: produce server processors for that country's market. Futures this morning

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Speaker 1: are higher. Snp EMNY futures up two points. Dow E

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Speaker 1: Mini futures are down three though, and now's DOCUMENTI futures

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Speaker 1: are down three as well. The decks in Germany is

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Speaker 1: down half percent right now, can your treasury little change?

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Speaker 1: The yield one point eight six percent, the yield on

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Speaker 1: the two year point eight zero percent. NIMEX screwed oil

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Speaker 1: four ten percent or seventeen cents to forty five of

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Speaker 1: barrel coll MIxS. Gold is down a quarter percent or

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Speaker 1: three dollars to twelve announced. The euro a dollar twelve

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Speaker 1: sixty four, the end one ten point six nine. And

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Speaker 1: that's a Bloomberg business flash. Tom and Mike tra Moscow,

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Speaker 1: thank you very much. We're talking with Michael Mayo from

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Speaker 1: c l s A Bank Analysts, and you're before the break,

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Speaker 1: you were talking about how banks, as you go to

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Speaker 1: their annual meetings are going to have to explain themselves

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Speaker 1: and what their plans are. Some shareholders already concerned about

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Speaker 1: what City groups plans are. They proposal break the bank up.

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Speaker 1: I think it's called proposition eight something like that. Uh,

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Speaker 1: isn't that what Michael Corbett has been doing. Hasn't city

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Speaker 1: been trying to essentially shed the unprofitable parts of the business. Uh,

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Speaker 1: what would this do that he isn't already being well.

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Speaker 1: The good news is City Group last year had the

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Speaker 1: best returns since before the financial crisis. The balance sheet

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Speaker 1: is very strong. They've moved in the right direction, they've simplified,

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Speaker 1: and they shed a lot of assets, as you pointed out, Um,

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Speaker 1: but they haven't done enough. And so for City Group

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Speaker 1: or any bank with returns below the cost to capital,

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Speaker 1: their returns are low for all of the last eight years.

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Speaker 1: What is plan B. It's been a long time. Now

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Speaker 1: enough waiting? Do more? Sell off some massets, redeploy those proceeds.

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Speaker 1: I mean City Group, under one financial metric, trades at

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Speaker 1: eight of its tangible book. The stock prices below the

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Speaker 1: book value, and so that means investors don't have enough

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Speaker 1: confidence that the future will improve enough. So we're going

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Speaker 1: to the meet. The question that meeting is why not

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Speaker 1: consider plan beat? Why not get more aggressive with your restructuring.

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Speaker 1: I got a bunch of questions here about if City

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Speaker 1: Group is a ten for one reverse split. The stock

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Speaker 1: has gone from next to nothing to fifty down to

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Speaker 1: four dollars and sixty six cents, and they do a

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Speaker 1: fancy split to make it forty six dollars sixty cents

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Speaker 1: a share. What jump starts those stocks. It's free cash

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Speaker 1: flow like with every other company, right, absolutely better free

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Speaker 1: cash flow. But relative to the equity City Group has

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Speaker 1: to hold. So the good news is City Group is

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Speaker 1: a lot safer their capital is. The bad news it's

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Speaker 1: tough to generate returns on those higher levels. They need

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Speaker 1: just fewer people. I mean, what's let mean, let me

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Speaker 1: get it up here right now. They're they're head count. Um.

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Speaker 1: You know, all of these banks are loaded up with employees.

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Speaker 1: City Groups two people. Where's that number in five years? Well,

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Speaker 1: it's come down quite a bit already, and we think

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Speaker 1: City will continue to be smaller as the years go on.

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Speaker 1: They have streamlined quite a bit, but they need to

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Speaker 1: perhaps restructure more aggressively. Those businesses that are, you know,

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Speaker 1: capital hogs. You just want them to go faster, but

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Speaker 1: they're not getting it done. I mean, you have some

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Speaker 1: banks like JP Morgan Wells Fargo with with very good returns.

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Speaker 1: City Group has poor returns. That's why that's why we're going,

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Speaker 1: That's why our teams going to the annual meeting on Tuesdady, say,

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Speaker 1: some of your peers are getting it done. It's time

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Speaker 1: for you to get it done. Board of Directors, What

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Speaker 1: has management doing if they can't get it done, what

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Speaker 1: is your plan being? And Mike, what you can do

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Speaker 1: from Gainesville is going right down to Coral Gables. That's

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Speaker 1: what they're They're holding the meeting at the University of Miami.

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Speaker 1: Why are they holding the meeting in the middle of nowhere?

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Speaker 1: You know, we're very frustrated with the behavior, not just

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Speaker 1: a you know, city group, but for many of these

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Speaker 1: banks which hold their annual meetings, you know, fall are away.

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Speaker 1: Two years ago I went to City Groups annual meeting

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Speaker 1: in St. Louis. What does Saint Leus have to do

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Speaker 1: with city groups? Investors? And so, you know, this is

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Speaker 1: a city group has gotten better. You know what's good

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Speaker 1: about City Group. They're the only large bank with a

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Speaker 1: separate chairman from the CEO, and the chairman, Mike O'Neill

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Speaker 1: is a long time bank restructuring expert and he's on

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Speaker 1: the scene. This is the one time of year you

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Speaker 1: actually get to hear from that chairman, Mike O'Neil. So

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Speaker 1: for all the issues, including having the annual meeting down

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Speaker 1: in Coral Gables, Florida University of Miami. They have made

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Speaker 1: some positive governance changes. Well, can they sway you can?

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Speaker 1: Can you be persuaded that they're on the right track.

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Speaker 1: You're very negative on them, and yet you're praising the

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Speaker 1: management as people who know what they're doing and who

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Speaker 1: seem to be committed to what you want them to do.

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Speaker 1: But we're more positive on the stock. We're very positive

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Speaker 1: on the stock. It's very inexpense. The fundamentals have improved,

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Speaker 1: it just hasn't improved enough. So you know what is

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Speaker 1: it comes down to return? Returns have improved also, the

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Speaker 1: best in a decade, but they're still not at that

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Speaker 1: threshold where you go from value destruction to value creation.

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Speaker 1: It's a fair, fair question for any bank. If your

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Speaker 1: returns are allousy, what is the border directors doing to

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Speaker 1: make sure that the returns will be adequate and closer

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Speaker 1: to peer levels? Now, how do you resolve the tension

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Speaker 1: between what you want them to do on behalf of shareholders,

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Speaker 1: which is uh, make more money, which incentivizes management maybe

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Speaker 1: to take more risk, and regulators who say no, no, no,

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Speaker 1: don't do that, we just want you to survive. Well,

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Speaker 1: I think you know regulators and investors can be on

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Speaker 1: the same page. I mean City Group directionally has more

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Speaker 1: utility like outcomes. Directionally, they have less risk than they've

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Speaker 1: had since before the financial crisis, and going back even further,

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Speaker 1: and to the extent that banks the regulators want City

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Speaker 1: Group and other banks to streamline and simplify, and I

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Speaker 1: think investors would be more enthusiastic if City Group went

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Speaker 1: faster to shed some of their assets. I mean, the

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Speaker 1: Mexico is what we brought up. Why not sell your

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Speaker 1: Mexican bank. For almost all of City Groups history, they

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Speaker 1: didn't have this bank in Mexico, or sell off some

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Speaker 1: other appreciated assets and use those proceeds to buy back

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Speaker 1: your own stock. It's like you know, seeing dollar bills

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Speaker 1: and paying eighty cents for every dollar bill that you buy.

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Speaker 1: So this is the financial analysis here. It's it's really straightboard.

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Speaker 1: It's just just execute better. And now on a Friday, folks,

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Speaker 1: in honor of those that will sit for the CFA

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Speaker 1: Exam cub June, we ask a deferred text esset question.

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Speaker 1: Douglas and Florida notes that all these banks in particular

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Speaker 1: City Group have a strange thing sitting on their balance sheet.

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Speaker 1: They deferred text asset. I guess it's sort of like

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Speaker 1: City Stadium whatever it is, or the mets plight. What's

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Speaker 1: a deferred text asset? And how critical is that for

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Speaker 1: Mr Corbett to keep the House of Cards going, particularly

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Speaker 1: as regards book value. Well that that's a great question.

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Speaker 1: It's a tech a cool question. And just think of

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Speaker 1: it in terms of a tax benefit. City Group has

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Speaker 1: a tax benefit of almost fifty billion dollars that's gonna

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Speaker 1: come someday. Well, as they earn more earnings, they get

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Speaker 1: to use those tax benefits, that their tax credit, and

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Speaker 1: that's hurting their returns to the other point. But you know,

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Speaker 1: at some point you say, you know, boo who we

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Speaker 1: don't have better returns. We have this big tax credit.

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Speaker 1: And our response is, okay, use your tax credit. And

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Speaker 1: one way to use that tax credit is to sell

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Speaker 1: appreciated assets and don't pay taxes on those games. So

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Speaker 1: get more aggressive in using that tax credit. You're you're

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Speaker 1: also going this week to Bank of America. Uh and

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Speaker 1: uh you mentioned City is the only one that has

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Speaker 1: split the CEO and chairman's job. Is that is that

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Speaker 1: back again to do something to to make Mr moynihan

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Speaker 1: shortened his business card. That's you know done. We didn't

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Speaker 1: like the way that was done. Last September twenty two,

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Speaker 1: they had a special shareholder meeting in Charlotte. I was there.

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Speaker 1: I asked one of the four questions, and as I

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Speaker 1: was saying, before we went to break, before the fourth

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Speaker 1: and last question, er, uh, they literally pulled the microphone

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Speaker 1: away from the person at this Yes, they pulled mid

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Speaker 1: mid sentence. They pulled the microphone away. But this wasn't

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Speaker 1: you know, an ex employee or wasn't me. This was

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Speaker 1: the representative of Cowper's and Calsters. They managed five hundred

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Speaker 1: billion dollars of assets under management for millions of employees

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Speaker 1: public service employees in the state of California, firemen, police, teachers.

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Speaker 1: And they pulled the microphone away because he had reached

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Speaker 1: the two minute limit, even though he had traveled six

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Speaker 1: thousand miles round trip to ask his question and represent

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Speaker 1: the state of California five billion dollars of assets under management. Oh,

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Speaker 1: by the way, the CEO, Brian Mornahan and the lead

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Speaker 1: director Jack Bowener Jr. Were on the stage and did

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Speaker 1: absolutely nothing. This is not just bad corporate behavior. What

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Speaker 1: would you like from Mr Well, I'd like to see

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Speaker 1: him just answer all the questions. But you know Berkshire Hathaway,

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Speaker 1: they have an all day annual meeting. By the way,

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Speaker 1: that meeting you and Warren Buffett asking questions on stage. Well,

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Speaker 1: I mean, in this Bank America case, that meeting lasted

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Speaker 1: less than fifteen minutes. Who's more important than the owners

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Speaker 1: of your company? So what I'd like to see, just

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Speaker 1: for starters, is for Bank America to answer the questions

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Speaker 1: that are asked next Wednesday and don't artificially end the

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Speaker 1: meeting after you know, you know, two hours or one

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Speaker 1: hour or fifteen minutes, at least go three hours. These

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Speaker 1: are your owners. You have one time a year to

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Speaker 1: ask questions a Bank America's board a positive step. The

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Speaker 1: new lead director at Bank America the start of the

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Speaker 1: annual report says, we want to engage with shareholders more. Well,

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Speaker 1: let's see those words backed up with actions. Mike, ma'am,

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Speaker 1: thank you so much. Fired up, But I want to

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Speaker 1: make the distinction again. He is positive on the banks

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Speaker 1: as a general statement, even though sharply critical on some

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Speaker 1: of their governance UH methods and techniques. Our technique is

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Speaker 1: to announce that Michael McKee is in Gamesville, Florida and

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Speaker 1: support of the Business School of the University of UH Florida.

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Speaker 1: We are in New York to get your Friday ready

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Speaker 1: and your weekend reading lots coming up UH and we

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Speaker 1: will do that. On economics, finance, investment, and international relations.

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Speaker 1: Today the relation is a weaker yeen one ten is

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Speaker 1: really quite a move. I would say over the last

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Speaker 1: number of days dollar we have dollar strength, not too

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Speaker 1: much d x y eight another hour of Bloomberg surveillance