tv Trending Business Bloomberg April 4, 2016 9:00pm-10:01pm EDT
>> it's tuesday, april 5. you're watching "trending business." ♪ in tokyo, singapore, manila this hour. japan leads asia down, falling for a sixth day and heading toward its lowest since the end of february. the yen trading close to an 18-month high. there are plans to kick-start the slumbering economy and he intends to upload the budget for $90 billion.
it's about time the company got established there. you can let us know what you think of today's top stories by following me on twitter. markets in this region are under a lot of pressure tracking the downward lead from he u.s. overnight. >> good morning. really i guess the lack luster lead coming through from the u.s., the stronge yen weighing into japanese equities as well which is leaning it lower. down by 1.5. we are seeing energy and export stocks coming under pressure as well as the banks. we've just had malaysia, singapore coming online. they are also joining in that, down spoy 4% and singapore reversing yesterday's good gains down in the early session. the kospi falling as well despite the fact the yuan has
been holding four-month highs against the dollar down 0.6% in the morning session. the weaker oil prices playing into the crude prices in sydney down 0.8%. a pretty flat start but also in the red at the moment. i'll show you some of the stocks we are watching in the region of course. the oil price falling to about one-month low. that has had a deep impact coming through on a lot of the oil producers in australia. leading the decline down by 4.1%. samsung engineering in korea doing quite well. this story just coming through in the last couple minutes. samsung engineering saying it has no plans to merge with samsung's plant business. up by 2%. fast retailing down by almost 3%. mitsubishi has had its price target lowered this morning sending its share price up by more than 3%.
it is interest rate decision day in australia. the aussie dollar holding below the 76 mark ahead of the decision this afternoon. of course all analysts we've spoken to expecting the official cash rate to remain on hold at that level of 2%. just watching the japanese yen another story we've been following on the bloomberg of course the japanese yen holding near the 18-month high against the green back and continuing to strengthen there. 110 plus 91, haidi. japanese stocks, the yen, of course, and the broader economy, the inflation and wages all shrugging off the government's best efforts to kick-start growth. over the past hour key decision makers in tokyo have laid out their latest attempts to provide growth. our tokyo bureau chief joins us now. run us through the prime minister's latest rescue plan for the economy. >> sure. the japan already passed a record budget for the fiscal
year that started on friday. front loading that budget means spending most of the allocated public works money in the first half of the fiscal year instead of spreading that spending out throughout the fiscal year. of course that's amazing news for the economy in the near term but it's kind of worrying for the economy six months from now. and that raises speculation that abe is going to come out with an extra budget and actually a real stimulus package to keep the economy going once we run out of the public works money. this does highlight the fact we've been getting really terrible data over the last few weeks. the business sentiment survey on friday was especially bad. and the bank of japan is probably potentially going to come out with its own stimulus at the end of the month in the form of further cuts into negative interest rates so the government is going to try to do its own part to keep the economy afloat, too. >> all right.
there in tokyo. everything but the kitchen sink it seems. well, the i.m.f. is again calling on beijing to better communicate its policy intentions as evidence continues to mount that growth is in china to the down side increasingly affecting advanced global markets. we'll take a closer look. what does the i.m.f. want from beijing? >> the key takeaways in this outtake from the upcoming global financial stability report, that is due out next week. they kind of gave an initial chapter released today. they are saying there's been a strong and steady increase over the last couple of decades and the impact of chinese growth on stock returns in advance and emerging economies and it is a trend the i.m.f. says that is likely to intensify meaning china's royaling of global financial markets that we saw over the last year may become a more regular occurrence. it's all underscoring of course what the fund says is the need for clear and timely
communication by chinese policy makers. the i.m.f. in this chapter on china says clear and timely communication of its policy decisions, transparency about the policy goals, and strategies consistent with achieving them will be essential to ensure against volatile market reactions. the i.m.f. says advanced economy stock and currency markets are increasingly sensitive to spill overseas from emerging markets, citing that more than one-third of the variation of returns in the stock and f.x. markets can now be traded to emerging or tracked to emerging market spillovers. now it did not say that the -- it did say that the bond markets have -- do not have the same spillover effects of course because the fixed income flows accorded to the i.m.f. are driven much more strongly by a more broad, global factors rather than individual emerging markets like china. also the i.m.f. says spill ovaries k from china's stock market volatility should remain
modest as china's markets as we all know as well as india's are less globally intertwined than other emerging stock markets in places like brazil, chile, mexico, poland, and south africa. again, the full report coming out next week from the i.m.f. back to you. >> all right. thanks for that. let's take a look at some of the other stories we are watching today. >> there are a pair of issues to watch out for today. the bank of australia will announce the rate decision a few hours from now and is expected to hold off from changes this month keeping the benchmark rate at a record low of 2% according to analysts called by bloomberg. the australian budget is due may 3 and it is likely they'll wait to see what that holds before adjusting policy. meanwhile, india's central bank is expected to cut its prepurchase rate by 25 basis points. according to 33 of the 37 economists bloomberg surveyed it would be the lowest level
since 2011. it's been held at 6.75% since september and the focus will likely be on the r.b.i.'s forward guidance. now, disney's chief operating officer is stepping down although he'll stay on as special adviser to the c.e.o. for the financial year through september. the news has thrown disney's succession plans off track though as he was seen as a likely successor when his contract runs out in june of 2018. sources tell bloomberg he was having difficulty convincing the board that he was the right man for the top job. and he says he was warned he would lose his $200 million bonus if he quit the fund before 2014. in a court filing pimco said he had been told this on september 25 and left a handwritten resignation note the next morning. this is the company's first response to gross's allegations he claims he was forced out so
pimco wouldn't have to pay his cut of the bonus. the pimco cofounder is suing for that cut and says any settlement or award he receives will be donated to charity. haidi? >> all right. thanks. we have a big, exclusive here on bloomberg today. credit suisse' global c.e.o. will be joining us to discuss a whole range of topics from restructuring to the state of banking. the potential fall out and where china's economy is heading. that's at 10 past 12:00 if your a he watching from sydney. still ahead it is a busy day for central banks in this part of the world. we'll talk about expectations today and next is opec's potential production smoke and mirrors before we even get there? we'll get jpmorgan's take when "trending business" returns.
>> oil is on the slide again back to $35 a barrel in the new york session. due to growing doubts major producers can actually overcome their differences and agree to limit supply. et's talk about prospects. we're still 12 days away. are the talks dead in the water before we even get there? >> i think it is very unlikely l members tick larl -- certainly a cut is a little unlikely in our view. jpmorgan were recently in the middle east, certainly feedback from the region was, the saudi in particular is unlikely to cut. in iran we're starting to see a ramp of both outward anyway so why should they cut? >> which is strange because the saudis were one of the architects of the potential deal so it seems odd they are finding reasons to back track now.
>> we've had already that agreement for qatar, etcetera, to freeze out the saudis and prior to that agreement going to hold around 2 million barrels a day for production so sort of the agreement in itself was certainly on the saudi side already sort of known from then. >> in terms of your trip, your field trip to the middle east you say you see short-term for iran but medium term quite a lot of uncertainty. >> i think it is less about iran and more about other opec members. a key takeaway from our trip was around iraq so we talked to a lot of the major investors and producers in iraq and potentially output could be flat to even declining this year. >> in terms of what you expect come those talks in doha even if iran perhaps sort of partially comes to the table and says we'll cut somewhat, basically what, 30% below the presanction levels they want to get to. is that enough to get us over the line? >> i look at the talks like thfment i think if there is
some kind of agreement with all sort of members, i think that could set a positive precedent for something else later in the year but if there isn't any type of agreement, just discussions, i think that is not a positive sign certainly for the economic outlook which we are more cautious on. >> the rally so far hasn't been shall the fundamentals haven't changed. supply or demand. sort of smoke and mirrors, you know, the hope that we might get some sort of agreement from the producers. >> you have to see more adjustment on the supply side for the u.s. and other nonopec producers. for us, for jpmorgan and our commodities team we cut on nonopec decline forecast this year. that's not juff the u.s. i look at china. just came out of the reporting season. chinese oil production is probably going to be down to the 5%, possibly even more this year. so, you know, mexico as well. similar. it's not just the u.s. but you're starting to see more adjustment there as well. -- terms of the you hurt
the producers are we about to see -- >> not yet according to our global survey. the last year capx was down 20% in our forecast and this year forecasting 23% or so. we could be sort of in the middle or twod sort of another year or so of capx deflation and oil deflation. >> what about regionally? talking about producers in indonesia and malaysia. how do things stick in terms of these markers? >> more cutbacks for them. i think indonesia literally a few weeks back i certainly feel a little bit more that the upstream industry is more renationalizing and taking ownership of their oil and gas aspect through national companies not just the national company but other local indonesian companies. but still we're in the context of a tough market with respect to cost cutting. >> we talk a lot about the
positive effects of cheap oil. do you think we've reached that point where that is about to be really drug down by the negative effects of the declining investments? >> no, a good question. i think we're seeing less of the consumer benefit. if i take china as a good example, they're forecasting chinese growth around 200,000 barrels a day this year just over 600 last year. the government effectively below 40 bucks fixed gasoline and diesel prices so you don't expect the same consumer uptick you saw this time last year. indeed the first data i saw essentially china didn't grow at all. so you're seeing less of these benefits and therefore i think prolonged tightness around sort of cost cutting. >> which is strange because you had that sort of rally partly being boosted by the hope we're seeing a turn-around in china and this news from the
government will result in more demand and investment and that is going to be sort of the turning point but you look at the data and at best it has stemmed the bleeding but hasn't reversed the trend. >> we'd agree with you. jpmorgan's forecast of brent this year is just under $38 and next year just under $48. we've always had potentially technically in sort of around to mid to late january just under $28 brent. it doesn't mean to say the data like you're saying supports a big recovery toward year end or into next year. >> any upside from your field trip, potential, positive explosions, you would be looking to opportunities? >> in general the equity perspective i would still keep weighted more in the chemical names. we think more the refining names have had a good run and i think with oil equities focused on those companies which have got some kind of structural change, which can really preserve cash for us. >> sort of i guess the black
swan event that could really change the trajectory, the narrative this year? > i mean, i look on the upside what could happen, we're right on opec, iran. actually you start to see more severe declines. u.s. cut back more and demand does hold up better than we anticipate. i think on the negative side actually china gets weaker, moderation, some other developed market and actually iran there is more upside to what they're actually saying. >> best case scenario at the end of the day we get to april 17 in doha and a deal is struck. if they cap at current levels still record levels -- >> i think we would say, look. that could be broadly viewed as positive. in the fact that the collective actually have an agreement. and could lead to something bigger later on. >> yes. okay.
all right. so in terms of a deal we could get something but, you know, manage your expectations on what that would be depending what iran would come to the table with. is there a sense these comments out of the weekend from the deputy saudi crown prince, they're not representative of where, you know, the rhetoric that iran is going to arrive at in end? >> i think we've got to see if the iranian oil minister turns up first. i actually think iran will stick to the current increase and output levels you're starting to see maybe they do attend. i don't know. again, i'd go back to saying, look. it'll be a challenge getting all opec members to agree on something. whether it's a freeze or a cut. >> all right. let's look forward to it so far. great to have you on with us. scott darling the regional head of oil and gas for jpmorgan here with me.
these are the stories making headlines around the world. myanmar's auks is to cut back on her government responsibilities just days after taking on four ministries. she is giving up energy and education portfolios but will remain foreign minister and head of the president's office. parliament has also proposed giving her the role of state counselor and this position is said to be similar to prime minister. no reason is given for the changes. authorities are suspending the peak time requirement of three people to one car to see what happens to traffic flow. abandonning the policy will be . d news for jockeys an international study says jakarta is the world's most congested city. and the blue origin space
project has been completed. the reusable vehicles blasted off in texas and returned to earth with an upright touchdown. he says the capsule apparently ade it to the ground and the rocket was intended to slow descent. there will be a sub orbital flight before returning to earth. this is bloomberg news. ♪ >> up next the big tech names are in a race to crack india. after the break a look at downey's latest investment. stay with us.
currently holds $32 billion in debt. around one-third is held in secured loans by investors. they have until wednesday to respond to the company's plan. some said to be pushing for a igher interest rate. down 0.3% the number of customers also falling about 9%. the owner of the company says spring items are doing well due to warmer weather. smartphone maker is planning to expand its market share in india. an investment in the plant plans to do it. what is xiaomi investing in now and why? >> the first investment in india and leading investment, $25 million, doesn't sound like much and we don't know quite how much they are putting into it but they are focusing this on entertainment and it has an online portfolio of videos,
music, and other digital media offerings. it wants to provide its customers in india with the whole system so the hardware and the software. and we know that xiaomi have said in the past the 4 g penetration increases in india and as users increase, they need to offer more than just the hand set. traditionally in china they've sold online to keep prices down. in india, selling in shops as well as online. we've heard from the vice president of global operations about the india structure. here is what he said to us when we spoke to him a few weeks ago. >> our international expansion over the last couple years has been focused on a few markets like southeast asia and india. this year we're really focusing a ton of our work on india. india is a very, very fast growing market and is already by the way the second largest population in the world.
we are of course thinking about the united states as well. that is the third largest smartphone population in the world. it is on our radar but a bit too far to have specific plans or precision on when and exactly what but it is definitely on our radar. >> he also said that they are looking for partnerships with other indian companies particularly around the news, and online gaming spaces which are growing quickly as well. >> it's interesting because also a time when apple is .rying to expand its presence >> the global pitch, we like to see that double digit growth we saw in the last few years but india is bucking the trend up 29%. expected later this year, 220 million users so definitely wanting a peefs the action in india. stiff competition from samsung, apple, handset makers as well. >> absolutely a lucrative market if they can get there.
getting the budget. they're warning japan is facing ownsizing. china is saying they're policymakers must communicate better because of the influence they have on global markets. it says the direct spillover from china's stock market volatility on the rest of the world remains modest. breaking news from australia, the latest trade numbers just cross bloomberg, paul has the details in sydney. paul: a deficit of $3.4 billion. the market had been expecting a $2.5 billion deficit which would have been an improvement on the
figoffs or $2.9 billion. instead little changed, exports off 1%. we take a look at the aussiee thrark fell steeply on the news of that worse than expected result, heidi. heidi: paul, it comes on the day we got the decision from tremendous central bank in just under three hour's time. not expecting a cut. what are the chances of that stubbornly strong aussie dollar featuring again in the state snment paul: before we got the trade data i said it might have made a comeback, and it still might, it's been some time sense they mentioned strength of the australian dollar. but it has been gaining strength all year, moving perilously lose to the 80 mark. but most economists think will
stay at 2%. if you push out to the third quarter, opinions diverge with half of the economists expecting a cut then. the -- the inflation is well within the band. the housing market is under control again. growth is still pretty amiable at 3% year on year. they have a few bullets left in the chamber. heidi: that decision coming later. let's get market reactions to those disappointing aussie trade numbers. also, hong kong and china coming bag -- coming back. >> hold on to those losses that were being weighed down by that fall coming thru in the oil price. it's down 1.1%, the aussie daughter holding below 76 u.s. cents. juliette: we see china and and
hong kong come back online after the holiday yesterday. you expect a lot of energy producers coming under pressure falling to a one month low. in shanghai, the market down by .2% as it opens up. of course we are watching a number of pieces of information coming through from china late they are week. the china rally is set to continue, according to cicc. they're saying the cyclical recovery is under way. in the region, the nikkei 225 leading the losses. it is dun by 1.7%. we see that stronger yen continues to weigh on export companies and also the banking and energy stocks coming under pressure. we heard from governor kuroda who said it's possible to lower the negative rate further, of course that negative rate that came in effect on january 29 failing to have an impact on
that strong yen. having a look at the region as a whole, you can see every sector is lower except for defense an health care. that's where the money is going into. up by .1%, oil and gas stocks as i mentioned coming under pressure as are financials down by 2.1%. having a look at some of those currencies in the region, cosk, the japanese yen continues to renchten, it's up by another .4%. he bank is at 110 .97. the yen at 18-month highs against the dollar. wan is lower today. heidi: quality control issues, seems to be contagious. honda's sixth major recall due
o steering issues. raig, what more do we know about what's involved in the latest recall? craig: there are two separate recalls. one is the fit compact, this is related to an engine control system issue and it's similar to an issue that honda has been having for quite a while now with hybrid systems. this was a new hybrid system that the company was going forward with starting with this model and they've had a lot of trouble. this is at least the sixth major recall involving fit since its launch in late 213. the separate issue is both fit fit twin the
crossover version, it's related to power steering issues. now on both of these recalls you've had incidents, with the engine control issue, you've had six reports of fires, with the power steering issues, you've had two accidents, two collision, single car collisions. p to this point, the company and japan's ministry say no injuries or deaths are related to these issues. heidi: how does this play in a role in the shakeup we saw at honda? how does that play out here? craig: so as i mentioned earlier, late 2013 was when the recalls first started getting going, when the models were just launching. by late 2014 you had several recalls continuing and you saw former president eto at the time take a 20% pay cut along with
several of his executives taking compensation reductions as a result of these recalls just lingering. by early the following year you saw him resign and you saw him be replaced by their new president. you've seen the new president herbalier -- earlier this year make a lot of management changes and changes to the organizational structure to try to put these problems behind the company but clearly they're still having problems doing that. >> what are they planning to do to try to move past these quality issues that have been plaguing, i guess not just honda but the auto industry in japan over the past few months and recent years? craig: honda has been really touched by the issues but honda, they can make the case a dozen other carmakers are affected by this as well.
this is a really more serious issue i think because it's ea rex in -- reflection of their inability to launch new models without having some major flaws. you've seen the civic recently have a major engine recall right out of the gate as well. so they're blaming this on the idea that they've tried to develop models that are sort of special for each region and he really wants the company to develop sort of more global models that can stand on their own in each region and not have to overwhelm the r&d division. heidi: all right, another day, another recall scandal for a japanese automaker. let's check in on some of the other stories we're following today. toyota is teaming up with microsoft in an increasingly important world of connected vehicles. there's an initial investment of $5.5 million.
they'll use duel cloud technology to develop services that, quote, help humanize the driving experience. it says it wants to free drivers rom the tyranny of technology. another company missed its sales estimate. tess la says that's because of parts shortages and admits, hubris, in athing too much technology to the suv. they plan to deliver 80,000 to 90,000 vehicle this is year. alaska air agreed to vie -- to buy virgin american for $2.6 billion. it overcame competition from jetblew to make the deal. will pay a premium of 50% closing n american's
price. a record of 19 gamblers within the focus of the philippines' senate hearing into the theft of $18 million. what's the latest that we know on the case of the missing funds? >> good morning, heidi. we do know piecing together testimony in the last three hearings is that out of the $81 million, $61 million was funneled into the casino system. around $17 million remains with the remitance company that funneled this money into the local banking system as well before it kent to the -- before it went to the casinos. what we also know is from senator officials around $34.8 million is salvageable. these are tied with local corporations associated with the
casino business. that's the subject also of the hearing and further court cases to make sure these funds are salvaged and remitted back to proper authority. heidi: if you extrapolate from this case alone, what does it say about the olte of the overall banking system in the couldn't are i? >> heidi, overall the banking system is sound and that's based on no less than the central bank governor coming from a recent comprehensive report on the capital adequacy ratios and loan ratio perspective. they conducted a report and showed that the ratios were quite high. higher than it was last year system of the banking system is sound. a local paper business world did speak to them about the impact of this investigation into the overall banking system, the credit ratings and s&p kid say the overall banking system and financial system was sound and would weather this and it would ot negatively affect the
rating. but it is questions about how this transaction was able to go through the banking system that causes eye bre brows to be raised. and officials are in a wait and see mode because elections will be held here on may 9. heidi: what kind of action are we expecting from this hearing? anything? >> heidi, you're absolutely right. these hearings are in aid of legislation and what we do understand from the anti-money laundering council is they have prepared a raft of amendments to close down loopholes in the current anti-money laundering act, that would involve closing down the loopholes on casino transactions, property transactions where ill list money is seen to be flowing given the hole in the net so to
speak. so strengthening the anti-money laundering, we expect to see apart from the money trail investigations at the hearing today. heidi: it's a long slog to reform. an extraordinary story from bloomberg tv philippines. up next, disappointing trade numbers, our next guest says watch for what the r.b.a. said about the aussie dollar. ♪
for every syrian return one of the 2.7 million in turkey will be settled in the e.u. they say it's a potentially daths rouse undoing to europe's commitment to protect refugees. california and new york have enacted laws that will gradually raise the state minimum wages to $15, the highest in the u.s. president obama commended their actions and urged congress to raise the federal minimum wage, something the republican majority has refused to do. the changes will affect millions of people in the two states but business lobby groups warn that higher paychecks could cost jobs. and kenyan wildlife officials have begun preparations to burn more than 100 tons of ivory and rhino horns, the largest such destruction carried out. it will be in the later this month in an international summit on protecting the animals.
several celebrities will be there to witness it. his is bloomberg news. heidi: reserve bank of australia is first out with its decision, expected to keep it unchanged. let's get a preview from gwen mcguire, a chief asia pacific economist. you don't see a change but watching out for the aussie dollar, they must be feeling pretty uncomfortable with the levels we're seing for the aussie right now. >> that's right. when the reserve bank last met, the australian dollar was around 71 cents. if there's been one thing notable about recent reserve bank board policy meeting minutes has been the absence of discussion on the currency.
glenn: so the fact that we're looking at an australian dollar hovering around 76 cents suggests we're not going to see any policy action today but where we may see sachs a refinement in the language or a tweaking in the language. around the currency. i certainly think the reserve bank will be uncomfortable with an australian dollar in the high sevens. their comfort point is probably more likely with the currency in the mid 6's. but it will be interesting to see if they do use the statement following the meeting to try and tweak or jawbone the currency a little bit lower. heidi: i was going to say in the absence of more job earnings, do you see this plus a stream of lackluster data forcing their hand later on this year? glenn: at this stage, no. there's a number of reasons for
that. we've revised our view on the cash rate but % is now the terminal rate that will be in place for all of this year and all of next year and with the fed probably at the lower pace, we do expect to see australian dollar depreciation over this year. probably from around 76 cents to 72 cents by the end of the year and into the high sicks by q1 next year. that combination of an extended low policy rate plus a depreciation in the currency should be starting to provide some stimulus for the currency and giving a bit of impetus to 2017. that's where the monetary policies is focused. even with the currency at these levels, we think the reserveback scht going to automatically respond to a 76 cent fee. it will wait to see whether that impacts negatively on business
sentiments, particularly nonmining business sentiment before it considers further action. but an easing bias would clearly be in place with the currency at these levels. heidi: in terms to have e-- of the recovery being on foot, we had fairly exciting trade numbers, exports falling a bit, taken in context of yesterday's retail sales being focused, it continues to paint the picture of the trade, continuing to fall, the commodities continuing, how is that rebalancing going? glenn: it's occurring slowly. i think one of the clearest dynamics which is -- which has made itself apparent in the global economy is that there is a trade recession which is occurring. when we look at most of asiaing every economy with the exception of vietnam is experiencing double digit contradictions in exports and im-- contractions in
exports and imports. though we have fairly reasonably strong demand in the u.s., evidence of a stabilization in europe, the recovery in the high income economy appears to be rather o conservative than good. i think this flat and weak merchandise trade environment will be a more enduring feature of 2016 and 2017 system of that transition is one which is going to continue to occur slowly. heidi: slowly and painfully. always a pleasure, glenn, joining us from singapore with a preview of what r.b.a. does next. what do a failed airline and $4 fine for carrying a train ticket, or not carrying a train ticket, what do they have in common? we'll tell you after this break. ♪
heidi: india is facing a bad loan mess with its bank sitting on top of $176 billion in bad debt. reporter who has been following this. what's the connection between the $4 fine and an airline in debt. >> there was a ticketless traveler a mother of two on a mumbai train. she was caught and could very well pay the $4 fine but she refused. she said the founder of kingfisher airlines which is now grounded, and get the $1 billion from him he owes to the indian
banking system and only then she will pay her fine. so what this exemplefis to me at least is that there is simmering angst in the society now about this $167 billion problem, as you said and taxpayers are questioning the inherent injustice of it all where they have to foot the bill of recapitalizing the banks and the big borrowers have made away with a lot of money and don't seem to be going to return any of it. heidi: is this going to gain making the authorities do something? andy: the authorities are sensing people's mood and are orking on doing something.
they are trying to come to a settlement that society will view as a just one. eidi: what kind of deal -- andy: the founder of kingfisher airlines has made a settlement offer of about $600 million. the unpaid debt is about $1 billion. now banks will most likely reject this offer because they say that out of the $600 million not all of the money is something which is actually being committed by him as upfront cash. some is con tin yent on him winning a court case later. but they would want some sort of settlement because the recovery
>> from our studios in new york city, this is "charlie rose." charlie: in politic this is week, the candidates are looking ahead to tuesday's very important wisconsin primary. democrat bernie sanders hopes to extend his sweep from caucuses cruzfourth state and a ted win would slow donald trump's momentum. from "the washington post." there was the business about ted cruz's