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to support them without appearing before judges. the homeland security department today's have fast-track deportations will apply to anyone in the country illegally less than two years. they say the move will allow it to more efficiently pursue large numbers of people in the country illegally and probably remove them. turkey, home to the largest refugee population in the world, is taking steps to limit the number of syrian migrants in istanbul. officials have ordered syrian refugees initially registered in other cities to return their by august 20 or face forcible transfer. more than 3.6 million syrians have fled to turkey since the civil war began in 2011. the u.k. may already be in a technical recession, according to the national institute of economic and social research. in a gloomy set of new forecasts, the think tank is
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predicting, even assuming the u.k. has a smooth exit from the european union in october, the in 2019, 1%grow 1% in 2020. the group says there is a one in four chance the economy is already shrinking. india has launched at second unmanned mission to the moon, trying to become the first country to land on the south pole. the indian spacecraft is due to reach the moon in 48 days. the lunar rover will operate for at least two weeks on the surface looking for signs of water and helium. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. in new and his 1:00 york, 6:00 in london, 1:00 a.m. in hong kong. i'm vonnie quinn. welcome to "bloomberg markets."
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from bloomberg world headquarters in new york, here are the top stories we are following. more fighting words for the fed. president trump -- on the central bank, calling it misguided. steven oh joins us in a few minutes. not falling far from the tree. jeff williams is more similar to tim cook than steve jobs. critics wonder if williams is up to the task of ceo, especially when it comes to iconic designs. women and we. the growing marijuana industry is increasingly dominated by men. jordyn holman joins us. first, to the markets. abigail doolittle has been watching tech shares. abigail: you are right, today is
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all about tech and chips. slightly, slipping between small gains and losses. up .3%.500, the nasdaq, 50% of its waiting coming from technology, so some nice outperformance there. the philadelphia semiconductor index, up 1.8%. on pace for its best day since the beginning of july. one of the best performers for that sector and tech, micron. micron is up four days in a row today, getting a nice boost. almost 10% over four days. investors piling in after the last good quarter but today goldman sachs upgrading to a buy from neutral. this is the best way to play that trend. but there are other stocks trading higher on a goldman upgrade.
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that is boosting the tech index to outperform the major averages, up 1.1%. applied materials also up at goldman sachs. shares are up 5%, a nice boost. also higher, apple, 1.7%. the price target and morgan stanley raised to 237. microsoft also up after putting an incredible quarter last week. investors want to pile into those shares. that company has a chilean dollar market cap. the s&p 500 has not put in a record high since monday but a sobbing risk on year. and analyst brought us this chart a couple of weeks ago which makes an interesting point. in yellow is the s&p 500. lots of volatility in the summer. in blue and white, we are looking at a fixed income credit fund, along with an investment
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grade and high-yield credit fund. those indexes have been flatlining the whole year. he says that is a sign of volatility. this year, we have these risks assets trading higher. bullish on the risk trade this year. vonnie: thank you for that. speaking of credit and all things fixed income, market participants are pricing in a rate cut next week. economists expect this week the ecb will cut interest rates and perhaps broaden stimulus. $60next guest overseas billion across various funds. steven oh is from pinebridge investment. .eveloped and em markets what strategies are working for you right now? have been in an environment where everything is working, so an unusual outcome. bonds are rallying globally,
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credit markets and credit spreads compressing. at the same time, equity hitting all-time highs. correlated to the upside. of course, some concern we could see correlation to the downside as well. that has been the hallmark of what we see this year, an ideal scenario for almost every as a class. vonnie: where do yields go? i have heard from opposite ends of the spectrum in the last few days alone. stephen: based on economic data, yields should trend slightly higher at the back end of the yield curve come despite that the easing that is to come not only by the fed but the ecb and other central banks, but at that is already priced into the curve. the base case is that the yield curve should be higher on the backend. however, technicals will drive the market in the short end. everything is about policy expectations at this point rather than fundamental economic outlook. vonnie: how will you get higher at the back end?
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how far could they rise? i don't see the back end rising materially. it is correct over a long-term basis we will be ensnared in a lower rate, lower inflation environment overall. right now, yields are lower than what we believe is an appropriate risk term premium. the conditions that can cause yields to rise on both's ends of the spectrum of the fed cutting which could spur growth and inflationary expectations further out. time, it could be the fed messaging that they will not be as aggressive, and part of that trade unwinding where they expect more stimulus from the fed and they will get overall. one will keep rates them globally is not just the u.s. outlook but we are in a situation where globally and particularly within europe and japan, the yield curves will be mired near zero for an extended been -- period of time.
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given the relationship with global government bonds, you cannot have treasuries escape velocity. vonnie: if you want to take a defensive stance, how do you do that? steven: traditionally, that would indicate going further out in terms of your duration profile interest rate. today, with the yield curve so flat, the risks tilted to the downside, we think defensive today is about positioning what i would characterize as cash plus substitutes. shorter end of the car with higher-quality bonds with spread premium. you are not being penalized for being at the shorter end of the car. alberto was on earlier and he sees opportunity in italy, places where the spreads are little bit wider. the opportunity has been taken into context, a short-term trading opportunity. when i see yields and italy , spain trading
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at 40 basis points, the valley is not, should the economic environment allow the rates to be there? but anticipation of short-term stimulus of a bond buying program which will drive the rates lower overall. in the short term i would agree there is an opportunity for the telly yields to go lower despite the fact that you have a lot of , andtary problems in italy the economy itself is mired in a recessionary type scenario. longer-term, you don't want to be investing in italy at these types of yields. vonnie: what are you doing with u.s. corporate debt? steven: spreads are very tight right now. a lot of people point to the total volume of debt as being a level of concern. when you look at the balance sheet of the companies, the earnings to debt ratios, we are in pretty good state. that doesn't mean there will not be specific excesses. we are building up the debt levels in the lowest part of the investment grade, with the
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growth in the triple b components. we think it is really about earnings and the ability to service it. moreover, with low interest rates, the debt capacity of companies right now is much more robust than it used to be. they have the ability to service that debt with the cash flows they are generating right now. we are not particularly concerned about the corporate risk environment overall. in fact, we think corporate is in pretty good shape. our concern is pricing fully reflects that scenario. vonnie: steven oh, thank you for that. lots of reassurance there. coming up, shaping apple's next chapter. will the company's heir apparent be more like tim cook or steve jobs, should he take the reins? a closer look at the apple coo jeff williams. this is bloomberg. ♪
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vonnie: this is "bloomberg markets." i'm vonnie quinn. we are watching sprint and t-mobile pare gains. this after reports from fox business that the deal between them is being renegotiated, and the price will be based on more asset sales. dish is also moving, has been hit parents and gains. create ais dish would fourth carrier out of these asset sales. to theow, according story, they are seeking a guarantee not to resell assets. there might be an announcement wednesday or thursday. meanwhile, the core of apple's heir apparent. we take a closer look at jeff williams, who just became the second-most important person at
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apple, when it was announced he would take over the company's legendary design studio last month with the partridge jony ive. the question is will he be more like tim cook or steve jobs? for more, let's welcome our reporter. jeff williams? >> that is right. he is very much like tim cook, built in the same old, and he also kind of looks like him. they both come from the same operations background, both went to duke, both from the south in the united states, so a lot of similarities there. especially what is important to note, there are operational style, with the way they work is similar. vonnie: how has he distinguished himself up to now? extremely well respected,
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came from the operations side, as a procurement manager. the itemsdeals to get needed in their supply chain. rightnow coo, tim cook's man, he oversees all of the product development, at all of the meetings. he now oversees the industrial design studio for hardware and software. he oversees the apple watch. he is in the thick of things across the company, unambiguously making him the heir apparent to tim cook, if he were to step down. vonnie: it seems daunting to position.jony ive's what background does he have there, given apple is a lot about design? mark: jeff williams is not a designer at heart. he comes from the operations side, has the product management skills necessary, so he is truly not a replacement for jony ive.
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apple is not replacing him, per se. he had two made the tenants who oversees the design of hardware and software products. they are reporting to jeff williams but there is no really replacement for ive. the question is who will that visionary be at the top of apple? that person has always been there, whether steve jobs or jony ive. truehere is not a successor from the standpoint of brainstorming and creating these new devices and categories. vonnie: can we tell anything about potential ideas from speeches he has given, panels he has been on, statements he has made in the past? what is health. he is the one that pushed apple to get into the health space. jony ive and his team had the idea to create the smart watch. jeff williams pushed for that to be a health device.
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pushed for it to have all of these different functionalities. now that application is a big thing that apple is working on. other interviews he has done indicates he will keep pushing apple to be faster and better on an annual basis. he will not want to slow down the cadence of product releases. always getting the faster chips and processors in their devices annually. with hisart to do relationship with the engineers across the country but also key apple partners. , asie: fantastic reporting always, mark gurman. thank you. you can read more on this story and others in bloomberg's businessweek. time for the latest business flash right now. the credit rating company equifax has agreed to pay $700 million to resolve investigations into a massive data breach. the hack compromise some of the most sensitive information for
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141 million people. the largest operator of the grounded boeing 737 max will not ring back older 737s to fill the void. southwest is canceling 150 flights a day, says it is taking a hard look at the fourth quarter in case the max remains grounded. back olderbringing planes, they may slow down the current retirement of their jets. investors will not be able to check their portfolios or receive quotes the invoice command. td ameritrade says it hopes to one day allow a tool to permit trading on the go. still ahead, the cannabis industry is even less diverse than banking and tech. why women say they are being pushed aside. this is bloomberg. ♪
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vonnie: this is "bloomberg markets." i'm vonnie quinn. over a decade ago, wall street took a hands-off approach to cannabis. as corporate money moves in, women say they are being pushed aside. joining us is our retail reporter jordyn holman. give us some data. jordyn: in 2015, when people started tracking, what is female representation in the industry, we found executives were about 30%, higher than other american industries. now it has fallen to 27%. that as more corporate money comes into this maturing industry, female executives are being pushed aside. vonnie: there is correlation, cause and effect. how do we know it is because vc
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money is coming in that female executives are being pushed aside? spoke to some female executives in the industry who describe when they are pitching their company for more money, they are getting questions like, when are you having children? addition, when more money comes in, sometimes there has been instances -- it's a man as a ceo -- and then they are demoted or pushed up completely. another data point is that when you look at the top 20 cannabis companies and compare them to the top tech companies, business companies, only 13% of female representation on their board compared to banks, 30%. vonnie: that is crazy, especially if there are women in the industry already at a high level. particularlym out,
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when the conversation around diversity is so enlightening these days. we know more about the benefits of having a diverse workforce, c-suite, board do for companies. why do these companies think they have better candidates? jordyn: there is big money to be made. as the industry grows and matures, a lot of times it is like, i have these men who i know can get the job done. they are tapping into this network of more men, not really thinking creatively. vonnie: what are some of the women you spoke to doing about it? jordyn: a lot of women in this industry are making products for women. that is one competitive advantage they had. 50-plus women, they are not really marketed to. it is more about the stoner bros and college students.
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one of the largest cannabis companies, they have somebody on their board that is looking on this exact issue, looking at how we bring in women and keeping them. that is two way they are addressing the diversity issue. vonnie: you need a pipeline for their to be women. put the pipeline in there to begin with and then you don't have a problem later on? are there any mandates from funds, large investors investing in these companies that means they will not invest in companies with fewer than certain amount of women at the top? jordyn: not that i know of. more academically, they are holding conferences, saying this is an issue when he do think about. before this problem grows even bigger. we are going to make sure we have more women in place. other industries like tech and
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banking, they have been hit by institutional investors that say you need to do a better job. we have not seen that in cannabis yet. really it is happening on the inside, making sure that it is top of mind in the conversations. thank you, jordyn holman. it is time for the latest bloomberg business flash. philadelphia energy has filed for bankruptcy protection following an explosion and fire at its oil refinery. company liabilities are estimated to be as high as $10 billion. bayer has agreed to sell its dr. scholl's foot care business. the price tag, $585 million. the company faces potentially billions in liability costs.
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microsoft has gained a prominent computing customer in the artificial intelligence field. they have agreed to invest a billion dollars with research group open ai. that is your latest bloomberg business flash. coming up, oil clinging onto its gains amid tensions in the persian gulf. how the market is digesting comments from the u.k. about the seizure of a british oil tanker. and we also hear from activist carl icahn, and why he is pushing for a change at occidental. this is bloomberg. ♪
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mark: i'm mark crumpton with bloomberg first word news. congress and the white house are closing in on a debt ceiling and budget deal, but the house leaves this week for summer break, so both sides may have to
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resort to a short-term fix so the government does not run out of borrowing authority. the trump administration still wants $150 billion in long-term spending cuts as part of a permanent deal. house speaker nancy pelosi was among those who addressed the naacp convention today in detroit. the speaker quoted thomas payne and dr. martin luther king jr., "the times has found all of us to make a difference in our country is crying out for now." timeontinued, "this is no in the luxury of cooling off." michigan congresswoman rashida tlaib, one of the targets of president trump's racist tweets told the gathering, i am not going nowhere, not until i impeach this president. voting closed today in the contest to become britain's prime minister.
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boris johnson is favored to win over jeremy hunt. several members of prime minister theresa may's government says they will resign before they can be fired by johnson over their opposition for his threat to go through with a no deal brexit if you cannot secure an agreement. the winner will be announced tuesday and will take over from theresa may the following day. haso's top health official resigned to protest the president's decision to take over management of the response to the ebola outbreak. in his announcement, the health minister cited a lack of corporation between him, the president, and the prime minister. the outbreak has lasted for nearly a year and has killed nearly 1600 people. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.
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shery: live from bloomberg world headquarters in new york, i'm shery on. >> live in toronto, i'm jon erlichman. welcome to "bloomberg markets." shery: here are the top stories we are following from around the world. crude during that games as middle east tensions simmer. u.k. authorities and no working to defuse tensions after the iranian seizure of one of their tankers. top trade officials from the u.s. and china may be meeting again face to face after china's goodwill agricultural moves struck the right corner. occidental under fire. carl icahn takes aim at the petroleum giant anadarko's deal, calling it a job preserving bid to stave off a takeover. let's get a quick check on the markets.
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we are seeing some positive pressure. stocks gaining ground. we had some positive news when it came to the trade outlook, potentially, chinese media now saying face to face negotiations could happen between the u.s. and china. a busy corporate earnings week as well. we also had a couple of positive analyst calls. apple is the biggest winner on the nasdaq, up .7%. this after morgan stanley lifted the price target for the stock. micron gaining more than 3% at the moment. goldman also rating it a new by from neutral. -- buy from neutral. take a look at the pound, taking a beating in today's session. thee was a forecast that u.k. could have already entered a technical recession because of brexit. not to mention, we have the vote on the new conservative party leadership, and that could mean
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boris johnson becomes the new prime minister. that could cause a hard brexit because of his views. we are now seeing the pound down .2%. you also mention the price of oil. while it is not at its highs of the day, up at one point over to present, tensions in the gulf playing a role with what is happening in the price of crude. there is a lot of supply available right now, but at the end of the day, as we know, when you have these tensions and uncertainty, it certainly gives a lift to the price of oil. shery: let's talk about that. for that, we are joined by our energy reporter. geopoliticalthese tensions again in the middle east, in the strait of hormuz. i thought a lot of that risk him was baked into the numbers?
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what are we seeing? >> the latest development of the iranian seizure of a british tanker on friday. that kicked up the premium quite a bit. raise a lot of fears that we would see much more disruption. so far, things have not escalated beyond that. iran has not seized anymore tankers. the british government of course demands that those takers be released. alsohe defense minister talked about what into deescalate the situation. seems to see those actions as calibrated, not to push things into more of a conflict. that is why we have come back a little bit. jon: will the markets be watching for more details on how you secure oil in such an important part of the market, at least in the transportation of crude? any more provocations by iran, seizing of tankers would
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really get people worried, kick prices up even more. you have the international energy agency coming out today, the agency that tracks energy supplies for industrialized come these that countries, saying that supplies are not to withstand disruptions in the persian gulf for at least a .hort amount of time between industry and government resources, about 2.2 billion barrels waiting to be used. that gives the market a little ,it of a cushion, but certainly possibly more fears with problems in the gulf. jon: alex, thank you. staying with commodities and gold, we have seen that commodity hover near a six-year high. it is bullishng on the precious metal, thanks to
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the current central-bank environment. with more analysis is suki cooper. aboute been talking a lot central-bank policy and how that is playing into what is happening with gold. what has been your perspective? environment has been increasingly positive for gold. escalated by the geopolitical tensions that you mentioned. also concerns that the dollar could weaken. that is our expectation. the macro environment will become more positive for gold. importantly, we are starting to see investors become more friendly to gold as well, which is likely to expose prices to the upside. shery: it seems everyone likes gold at the moment. is this reflecting the macro environment, when you see so much negative yielding debt? this chart showing that we have
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about $13 trillion of negative yields when it comes to the bond markets. has gold all of a sudden become the positive yielding asset? suki: it's important to look at how investors have responded to gold. a month ago, investor position was very light, most were not focus on gold. now we have more tactical investors becoming more favorable to gold. it is the retail investor that has not. that that are concerned the index could grow are starting to take an interest in gold at the moment. positioning has become elevated but we don't think it is overextended yet. when you areut looking at a currency like the u.s. dollar? a lot of people elect the president want to see a weaker u.s. dollar. how does that there to play into where gold goes from here? suki: perhaps a key driver for much of 2018. we saw the correlation between the dollar and gold
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strengthening, above 70%. this year, that relationship has started to change. the dollar has retained a lot of its strength, but gold has become much important this year, and that is a factor of central bank becoming dovish around the world, and we expect the fed to cut again in july and december. we think the real rate story is becoming more relevant or gold. having said that, we expect 10 year yields to soften further and expect the dollar to weaken, which will likely add more positive momentum to gold. the real story right now is around real. shery: what about the physical demand side of things? india loves gold. in the summer months, it is a little bit slow in terms of demand. suki: it is pivotal. the market is key in terms of providing the downside support. we saw strong demand in may and june as well.
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we are now entering the slope period. -- slow period. on top of that, india has increased the duties on gold as well. that means in local terms we are seeing close to record high prices. we do think that floor for gold goingely to soften, but forward, we could start to see more of a range bound price action until at least the july fomc meeting. jon: we talked about india. perhaps you could say something about chinese demand? we talk a lot about how the economy in china has impacted other markets. anything to watch for their? -- there? very chinese demand was strong in the quarter, providing a strong floor or gold prices to build these gains from an extend the rally beyond 1400. china's demand has also started to soften. the latest trade data shows
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imports by hong kong and switzerland have softened as well. china's demand has started to soften. we see local prices have also risen. it is not just a china and india story. around the world, the physical market is starting to soften, which could add downside momentum. we are also seeing central-bank gold buying, which is providing a steady floor for prices. shery: suki cooper, thank you for joining us. coming up, we will be talking more about china. it is now hinting at trade talks restarting after making a goodwill move. this is bloomberg. ♪
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shery: this is "bloomberg markets." i'm shery ahn in new york. jon: i'm jon erlichman in toronto. trade obviously a big storyline. face to face negotiations between the top chinese and u.s. trading or shooters could happen soon. chinese state media reporting this following the recent meeting with soybean buyers. let's bring in jenny leonard who joins us from washington. you have written a lot about where we are in the street talks. what is the latest? jenny: we are at a standstill right now. the past couple of days there has been some goodwill gestures on both sides. that is what the chinese media interprets. ustr has issued some exclusion approvals for chinese goods. on the chinese side, as you said, some movements on the soybean purchases. nothing is finalized, of course.
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i would just note, these are incremental steps in such a big dispute that fell apart in such a dramatic way, it is really uncertain right now how much these incremental steps matter in the big picture for when the two sides actually sit down again. as we have reported, they don't even know where to start. there could be incremental steps coming from the u.s. side as well after president trump said he would provide some relief for huawei. congress members not liking the idea. those voices could get latter after this washington post reports that huawei actually helped north korea build its 3g network. we can definitely assume the hawks will have something to say about this. we have already seen some of the commentary coming in from members of congress. this obviously feeds into their argument that the company huawey is a maligned actor, that u.s. company should completely be cut
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off from doing business with them. meeting today at the white house will be crucial to see what comes out of that. we have not gotten any readout whatsoever from the u.s. ,overnment, what if anything they are going to do about this washington post report that huawei was involved with north korea. certainly interesting timing given the crucial meeting today at the white house. of course, treasury secretary me and and ambassador lighthizer going to china probably next week. definitely an interesting development. jon: what about the issue of china opening up to more foreign investment? bloomberg has been doing some reporting on maybe do financial services industry seeing more opportunities there. does that make its way into the conversation in a bigger way? based on my conversations i have had when government officials, this is one of the .ssues china has promised
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a decade ago, a long laundry list of things that it said it would do when it joined the wto. drugs and drops of commitments from china, concessions in this holding pattern of the trade talks, might seem like a positive step forward, but in the broader sense of what they are actually discussing when it comes to ip theft, forced tech transfers, i think bob lighthizer will probably not pay too much attention on the development here. jenny leonard, thank you so much. coming up, activist investor carl icahn stepping up his attack on occidental petroleum, saying warren buffett took the ceo to the cleaners. we will hear from carl icahn next. this is bloomberg. ♪ so much.
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jon: under pressure.
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activist investor carl icahn is blasting occidental petroleum over its $30 billion deal for anadarko. the leaders did you do with anadarko because they were afraid their own company would be taken over. occidental is urging 'sareholders to reject icahn effort to replace four directors. we spoke to carl icahn earlier. object to the fact that they did a transformational acquisition that really puts the company at risk and did not go to the board members for a vote. they skirted the board members vote. it is interesting, they pledged in the future -- this was a few months ago, in the future they would always go to shareholders, keep the balance sheet current. i say that all in the letter.
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watch carefully their debt. not only did they violate that pledge but they ran to warren buffett. activist investor carl icahn speaking with erik schatzker. we are joined by our deals reporter who broke the story. to letter from icahn investors, the latest attack on occidental, pretty brutal wording, taking the ceo to the cleaners. >> it is typical icahn. colorful, and at the same point, pretty eviscerating. shery: what was the problem that he saw the issue with this financing? >> primarily, expensive. warren buffett will get 8% on his investment, plus some more roots. -- warrants. that is a bit different from what the debt is paying right now. icahn thinks it was done in a panic, as he said.
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not the way that you should be leading a company or doing corporate governance. jon: scott, you cover a lot of these situations. in this case, icahn has a stake worth $1.5 billion. it seems like a beef that leading a company or doing corporate governance. shareholders did not have their say. how often do we see these kinds of situations? you have such a transformative deal, you would see it go before a shareholder vote. icahn is not alone in this. saying that they think they should've gone to a vote as well. because of the level of financing that's been done, that also lends itself to the idea that perhaps shareholders should have a seance ultimate this. but because it is below the 20% threshold of issuing shares, it doesn't need to go before a show her tour boat -- shareholder vote. that is part of why the buffet financing was so important.
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shery: this letter coming after icahn tried last week, asking occidental investors to replace four of the 10 directors. how's that going? >> it's a complicated process. in order for him to call a special meeting, he needs to get 25% support from shareholders. the way he will go about it, he get them to set a record date of getting 20% of shareholders to support that. once he gets that, he will put a proposal forward that they would have to vote by written get thea record date of getting 20% of shareholders to support that. consent for, to agree to replace four directors. it is very complicated and it will drag up for a while. jon: i wonder what the rest of the energy industry will do in reaction toit is very complicatt this.rag this offer came to the table and ultimately, chevron not able to close the deal with anadarko.
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now you see this kind of response from shareholders. scott: in this particular case, what icahn is suggesting, this move was done as a defensive this. strategy, that there might have been somebody out there that was interested in acquiring occidental. he certainly says that in the letter. afraid and chairman were essentially that they would lose their job in that instance, so they went ahead with his anadarko deal in order to prevent that from happening. momentum behind his deal, according to the ceo, would create $3.5 billion in synergies. how do investors feel about that? scott: it depends on how you look at it, but certainly occidental shares have fallen dramatically since they started this pursuit of anadarko. generally, there is some skepticism around the quality of the deal. earlier,, as i said
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some very vocal shareholders who said they did not support this not going to a shareholder vote, rowe in particular. us, thank you for joining scott deveau. occidental has released a statement saying "mr. icon's own statements demonstrate that he does not understand the strategic and financial merits of the acquisition and we believe his board nominees would interfere with our ability to successfully integrate anadark'' assetss and deliver on the full promise of this acquisition at this critical juncture." time for the bloomberg business flash, look at the business does biggest stories in the news right now. one of the largest oil and gas contractors is shifting strategy. halliburton is cutting 8% of its north american workforce, also shelving unused fracking equipment.
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they made the cuts in the second quarter. big job cuts may be on the way at unicredit. the italian bank. unicredit may cut up to 10,000 jobs as part of its new strategic plan. the bank is also considering reducing other operating expenses by as much as 10%. there is a new all-time champ at the box office. ame" has nowndg taken in an estimated $2.7 billion worldwide, knocking off the previous champion "avatar." that is your business flash update. jon: remember, bloomberg users can interact with the chart shown using -- ♪ hey! i'm bill slowsky jr.,
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i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore...
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excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. mark: i am mark crumpton with bloomberg's first word news. president trump says he can win the war in afghanistan in a week but does not want to kill ipe afghanistanite
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off the face of the earth. mr. trump is trying to persuade pakistan to help get a deal with the taliban that would end america's longest war. waving flags and banging pots and pans, tens of thousands of puerto ricans filled a highway today to demand the resignation of the governor. today's demonstration came 10 days after the leak of nearly 900 pages of online chats between the governor and some of his closest advisors. in the conversations, they insulted women and mocked constituents, including victims of hurricane maria. he is refusing to step down. house republicans are pledging tough questioning of robert mueller when he testifies before congress this week. the house judiciary committee and house intelligence committee will? in separate hearings on his report into russian

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