tv Bloomberg Markets Americas Bloomberg May 21, 2018 10:00am-11:00am EDT
vonnie: here are the top stories we are covering from the bloomberg and around the world. countdown to the installation of a new cia director. president trump departs the white house in moments of the swearing in of gina haspel, the first woman to lead the agency. will the president make any controversial comments about the mueller probe? trade truce. the u.s. is hitting the possible on tariffs on chinese goods. reduce its trade surplus with the u.s. global markets are liking the new so far. supreme court countdown. we are awaiting decisions on major cases from civil rights to digital privacy. how will the impact the business world? we are asking all these questions and lots more. we are 30 minutes into the u.s. trading session. it sounds quiet. julie hyman is here. julie: they rarely is.
we are seeing a rally based on perhaps some more positivity on the trade front with china. we just heard peter from cantor fitzgerald on the prior our talking about the markets really know this is going to be a long drawn out negotiation where you definitely see the sentiment change as we get different announcements. the pendulum swing and more positive today and you can see industrials leading the gains. you can see it from individual stocks that are rising today. the likes of general electric and caterpillar and boeing are rising. also within $11 billion deal selling its locomotive is in us and creating a new entity of which it will own half. its holders will own half. other industrials rising on the trade talks.
watching semi conductors and appliedgy with materials, semi conductor equipment applied materials, semi conductor equipment maker, fell after the couple came out with a negative forecast. flipping the switch today, we have macron, the semi conductor maker, forecasting third-quarter earnings above estimates and raising its forecast and raising the low end of its sales forecast as well. the company is citing strong execution and healthy industry conditions at its analyst day today. other semi conductor related stocks are trading higher. it's a big week for treasuries issuance. here's the calendar for the week. tomorrow we have $33 billion of to your notes coming to market. on wednesday we have short-term bills as well as two-year floating-rate notes as five-year notes and seven-year on thursday. those five-year and seven-year options are the largest you since 2010. take a look at the bloomberg as
well with outstanding treasury notes in the blue. you can see obviously issuance already going higher fo. this could potentially put treasur pressure on treasuries d themselves and we are seeing some selling of the treasury market. the auctions are a factor as was well as the trade talks. caroline? caroline: it's a bit of a risk on theme for the very same reason. the two key economies in the world stepping back from the brink when it comes to trade. 90 minutes to the close of trading in europe and we can see the equities are trading higher on the stoxx 600. i bring you the imap and it gives you a breakdown of industry groups on the rise. italian banks in particular rising, but materials up 3/10 of a percent. oil getting pushed higher and that will help the oil majors. let's have a look at what is happening across the board in terms of some other key asset groups.
i want to look at what is happening to the ftse 100. if i can get my clicker to work here, we can see overall the ftse 100 trading off at a record high. it seems i cannot get my technology to embrace the monday afternoon session at the moment. i would just have to talk you through what the ftse 100 has been doing. u.k. stocks have been at a record high when you look at the ftse 100 and seeing a significant surge of higher. we saw it because we saw the pound have one of its weakest levels so far this year. that is helping some of the key exporters overall. the u.k. ftse 100 has been trading at a record high. i wanted to go in on that particular chart. you've got to be focusing on what is happening to italy as well. italian stocks have been trading lower unlike the rest of the stoxx 600, which is in the green. italian stocks have been in the red and we have seen pressure on bonds and some of the volatility measures coming in italy. why? we are getting some concern about what it means for italian
politicians and indeed overall what it means for the fiscal plans. we see the two key populist parties joined together and getting closer to a primacy. it's a man who never had any experience in politics whatsoever. we have got to keep a close eye on the british pound and the euro trading lower against the u.s. dollar today. news out of the supreme court. the spain court has backed employers on worker arbitration agreements. the supreme court saying that employers can bar workers from class-action suits. it says employers can bar class-action suits on the part of their workers. we will dig into this and anymore supreme court decisions as they come out in just a little bit. u.s.-china trade truce has cleared uncertainty for investors come but the week
ahead is loaded with risk events. joining us now is michael frederick. thanks for joining us. what is the biggest risk event for you? michael: there's a lot of incoming macro data in the u.s. i think the one thing we are really focusing on right now is some of the behavior of the dollar and emerging markets in particular. at our income oriented strategies, we have been conscious on the emerging -- cautious on the emerging-market debt space. there's been a lot of pressure recently. that pressure has not spread over into markets like high-yield. it has been really contained the far. vonnie: is this a currency here? you talked about the dollar and the emerging markets. currencies have been really underperforming so far this year. how do you hedge for that? what do you do to take it vantage of perhaps what might be a peaking dollar? michael: it's a function of rising interest rates. you have got the front and that
has moved up a lot and that has finally started to put some pressure in terms of the non-us currencies. you have dollar strength. at the same time, the fact that short-term rates are rising and that there are other alternatives whether it's short-term investment grade bonds, which for most income investment bankers, it has not been a viable investment opportunity for a long time. you're looking at front and short ig yielding around 3%. there's crowding out as other investors have conquered into emerging markets for slightly higher yields. you're looking at this yield convergence. it is getting closer. i think this is for seeing investors to rethink pricing, this function of the short-term rates in the u.s. being higher and with wider spread on top of the. pressureushing downstream on other income oriented asset classes. caroline: are you expecting
yields to go even higher whether it's the short end or the longer end? michael: there has been a big move up in the front and already. if you look at what is priced in terms of fed funds futures, markets are looking at another 3.5 hike for the balance of the year. some of this is in the price. we have been adding a bit to the ration at the back end of the curve at the tenure point of the curve. we have been very underweight for a while, but the risk reward is more balanced it one of the . one of the things that stands out as the resiliency of the equity market as we punch through 3%. the comfort on the equity side and the fall and volatility sets up a healthier backdrop going forward. and high-yield was another area you are looking at. where in the corporate have you been looking for when it comes
to high-yield debt? michael: yields are up quite a bit. if you went and looked at the highest quality segments of high-yield, the double be rated bonds, those had a yield last summer around 4%. today they are 5.25%. certainly a more tractive level of yield. this is a valuable takeaway for income oriented investors. overall levels of treasury yield have moved up and it means yields for income oriented investors are moving up as well. on higher is focused double these and we have also moved up into shorter maturity s.gh-yield the high-yield holdings we have in our funds are overwhelmingly up and quality and shorter maturity. we think yields around 5% are very attractive. vonnie: we have had this amazing earnings season. 23% plus earnings growth. some of that to do with texture
from -- tax reform and the market has not reacted to that. is the market purely focused now on yield? michael: we came into the year and there was a lot of euphoria around expected performance of particular u.s. stocks. by our measures, u.s. equities were a very crowded long. there is a lot of flows moving to the space. you saw hedge funds and retail money moving into equities. i think expectations were extremely high. as a few different things have taken the air out of that euphoria, to your point, the equity market reaction has been very nonchalant to these amazing earnings growth. it sets up a healthier risk return profile going forward because that trade is much less crowded. i think the valuations are a lot more attractive. you came into the year at 18.5 times pe and it's a better
number today. we think it's a much more symmetric return trade going forward. forward. a few months ago we said how much upside could there really be to the amount of downside in the trade? it's much more balanced. vonnie: michael fredericks his head of income investment for blackrock multi-asset strategies team. let's check in on the first word news with taylor riggs. taylor: the trump administration has a warning for iran now that it has left the nuclear agreement. mike pompeo is threatening the strongest sanctions in history. pompeo demanded that iran hold uranium ballistic missile programs and give nuclear inspectors access to the entire country. for the first time, president trump is using the authority of his office to counter the special counsel's russia investigation. the president is demanding that the justice department look into whether the obama administration infiltrated his campaign. it agency responded, saying
has not asked the inspector general to determine whether politics has tainted the fbi's role in the russia probe. china is planning to lift all limits on the number of children families can have. that's according to people familiar with the matter, who say the move could happen this year. it would be a historic and to afford decadal policy that left calais human rights abuses. it also left china short of workers. global news 20 for hours a day on air and on tak tick-tock on twitter powered by 27 journalists and analysts in 120 countries, i'm taylor riggs. this is liver. bloomberg. caroline: coming up, venezuela gets six more years of nicholas mother. does that mean six more years of a disastrous economy? we are live next from venezuela. this is bloomberg. ♪
caroline: live from london, i'm caroline hyde. vonnie: from new york, i am vonnie quinn. this is "bloomberg markets." more of the same in venezuela. nicolas maduro won reelection with 68% of the vote with any election boycotted by the opposition and condemned by the united states and other nations. for more on what this means for venezuela's shattered economy, let's bring in dam cancel -- dam cancel. what is the scene right now? dan: it's kind of like any monday. there was not much suspense of who was going to win. it was a bit of a foregone conclusion. there were people feeling a bit like this crisis is going to go on longer. you are going to get participation for most of the
opposition and even government supporters stayed home. there's obviously a bit of resignation right to the current situation. vonnie: how fast will things deteriorate from here? will it be a continued grind worse for the economy? is there any hope in sight for a better economy? dan: i think the inflation is just going out of control from 90% to 100% on a month to month to month basis. 13,000% is the estimated number for the year. prices are going out of control. people are having a very hard time paying for very basic things. that's only going to get. worse. the black market will deteriorate a lot more this week. oil output is slumping. we are at a million and a half barrels a day and that will likely keep going down toward a million by the end of the. year. any more sanctions will cripple the economy even more. they can't borrow any new money.
they can't restructure debt. any sanctions that affect oil exports or their ability to import fuel to keep cars running is much more difficult. caroline: you spell out the picture for the people on the street of venezuela at the moment. i'm looking at this inflation out of control. fasttracking how nominally prices are rising over in venezuela. will there have to be a change in policy because we have perfect storm bring from the sound of it? dan: maduro in his speech last night promised all kinds of things. now he will really fix the economy. he called the opposition the big national dialogue. theyvery hard to believe will enact any sort of policy that is going to turn this thing around. it's just the things they
don't want to do like selling gasoline at market prices, utility prices. clearly making nice with neighbors and creditors. that's what you would need to fix things. that's not something they are going to do. caroline: i want to shift gears slightly because you are managing editor for the whole of latin america. i want to ask about what's going on in argentina. there's a widely read story about a meeting of corporate leaders with president macri and the president that they are not able to speak out against the monetary policy. what do we see happening in argentina and is it a crisis level? dan: i think the macri administration is still going through growing pains. of the moved out cristina fernandez administration, a lot of things they had to do was lift currency controls and fix all these regulated prices. going been much slower than investors perhaps hoped
for. they are also getting used to floating the currency rate. or let's sayulties there were attempts to control the exchange rate instead of letting it float and that has come back to bite them. they used a lot of money intervening in the fx market. they are coming more with the policy to let it go and raise rates and use other tools to try to smooth things out. i think they are big bumps along the road and they are learning from their mistakes. they have lost some time to get down to that 50%-10% inflation level. they thought it would happen this year. it's going to take longer. the story with the business leaders -- i think it was a time when the crisis and this currency market crisis was at its worst. they had to get the business community behind them. cancel,thanks to dan
caroline: tv titans take the ring as the battle for sky continues. u.k. regulators are clearing the way for comcast's $30 billion bid for britain's largest pay-tv company. joining us now is the bloomberg telecom reporter. the stage is cleared by matt hancock, who is the minister who oversees it. he seems to feel there is not a public interest and she went -- issue when it comes to this massive offer. >> that makes sense because comcast is largely a u.s. cable tv operation. they have a substantial presence in the u k and not many people know they produce "down abbey."
their issues around the fox bid which is around the control of news media. this is the news that people are expecting to hear to be honest. caroline: let's talk about the rival bid. stands andess as it it is behind the curve in terms of regulatory as well. matthew: it is really still much in the balance for them. even if they get clearance for matt hancock, they then need to think about raising their offer, which and then has knock on consequences. it's a very complicated set of arrangements that need to fall into place. disney has been quite keen on pursuing sky. i think they would encourage fox to make a higher bid. there is a chance that fox would step out of the way and disney would come in with a direct rival bid for scott. ky. vonnie: the fox ceo said that fox was considering options so it's not out of the question.
are there any other hurdles to comcast actually bidding and winning potentially the sky deal? , the skyat the moment board has taken away the recommendation of the fox bid. they have not gone directly behind the comcast bid. they would need to get support from independent directors for the bid. it's also going through the eu clearance processes. i think we would have to get through that regular toy process, but we would not expect a significant regulatory hurdles for that comcast bid. vonnie: does the u.s. regulator have any say in this whatsoever? is this purely a britain and you decision -- eu decision regulatory speaking? matthew: in terms of the sky did, it would very much be the u.k. and the eu not the u.s. at all. caroline: fascinating with the way that this has gone. we have to put our minds to the fact that rupert
murdoch built sky to the in with. -- to begin with. he has been frustrated again and again when it came to the deal by selling it to disney. remind us why this asset is so valuable particular for fox. matthew: i think you've got to look at the bigger picture of what's going on in the content landscape with the likes of netflix and amazon coming and spending billions of dollars producing content that has international appeal. is the biggest premium pay-tv operator in europe, it just doesn't have the financial skeleton to compete with the content players. fox as a huge u.s. business needs to scale up to have enough customers to amortize content again. the likes of disney seeing that as well. the netflix and amazon plays have forced the content industry to look at that again. caroline: the market is definitely expending a higher bid coming from fox.
matthew: it's trading at 13.60 or so. it's very much whether it's directly from fox or a disney bid. people are very much expecting that offer to come. caroline: thank you very much indeed. that was matthew covering all things sky and comcast for us. vonnie: still ahead, trade truce. the u.s. says it will not impose tariffs on china at least for now. we will dig into the details. just want to point out a few stocks movers. wabtecsportation and will merge. a pretty strongly in the market which is up higher on this monday. this is bloomberg. ♪
more in new york. u.s. supreme court has noted. potentially limiting the rights to tens of millions of employees. justices voted five to four to allow a class action suit. companies can force employees to use individual arbitration to press legal claims. zuckerberg meets tomorrow with european parliamentary officials over privacy concerns. saysarliaments president zuckerberg has agreed to let the meeting be -- lawmakers want to know how the about 2.7 million europeans could have ended up in the hands of cambridge and america. -- cambridge analytic. voters have handed him another six-year term in an election that was widely seen as a sham or it -- sham. now, venezuela faces more
sanctions on its oil industry. virginia, don blankenship is not giving up. he lost in the republican primary for u.s. senate. he will run in the general election as a third-party candidate. global news 24 hours a day on air. in more than 120 countries. this is bloomberg. vonnie: thank you. the trade dispute between the u.s. and china is not quite clear how long it will last. the treasury secretary says the u.s. has put the tariffs on hold. while negotiations are going on. by mike, bloomberg's international economics policy corresponded. we need to be brought up to date. we had negotiations with china. we were not sure what was going on. there was a $200 billion number thrown out there. >> as long as we are using
military terms like trade war and truce, why don't we describe it as a technical with -- tactical retreat? the chinese basically said no. they have agreed on a face-saving way for both sides to back apart. the koreanbecause of talks coming up between the trump administration and north korea. when they get through that maybe this will all come back. the chinese agreed to buy more american agricultural neg -- energy products. but they did not specify how much or what kind. details could still be negotiated. if you look at what we do sale -- sell to them in those areas, take a look at the wheat and soy sales, we sell $10 billion worth of soybeans to them. we could sell more. we could have a big crop this year. we don't sell much wheat to the chinese. you could see some progress
there. you could see some areas of growth. with grain stocks coming down it may mean we have a few sales going from one country to another. it does not ramp up production all that much. vonnie: what about other products? >> that is an area of the administration is focused on. .e have so much natural gas we're starting to ship more of it out. we provide very little to china. we are their fourth largest supplier. a major increase in liquefied national gas -- natural gas sales. we could cripple it according to analysts. that would produce only about $1.9 billion worth of liquefied national -- natural gas. a big shortfall there. vonnie: exactly. i am looking at a chart that shows you the scale of the deficit. 376 billion.
they are trying to whittle it down. is it in anyway attainable or is it just numbers being thrown around? >> it does seem to be numbers being thrown around. the chinese can bring the deficit down a little bit. nobody expects that they could thathe $200 billion level the administration originally put on the table. we are already at full production capacity here in the united states. even if you increase the agricultural production, the natural gas sales, you still have a lot of ground to make up. talkingurse, we were plenty last week about the about turn that donald trump made in terms of actually helping the particular chinese company do business. any news on that particular part of it? also, chinese acts -- access to the economy. >> it was not part of the
statement. it was part of the original demand by the chinese. we don't know exactly where they are going with it. the officials who have talked aret it, say the president still -- is still going to be very tough on them. the chinese wanted to back off. we don't know what that means. we don't know whether it means they just replaced the executive to run the company and the board , which has been once a gesturing, or whether they put limits on what is allowed to be exported and imported. or whether they just keep the original sanctions. mike, coming out of these negotiations,. president trump is getting set to take part in the swearing-in for cia director gina haskell. she sent a confirmation last
in theer coming concerns harsh interrogation techniques after 9/11. a shot now of the podium where this ceremony will take place. let's get to bloomberg's national security team leader. how will the cia change under gina? >> it is annexing moment. mike pompeo has moved over to the state department. closearly earned a place to trump by delivering the daily intelligence briefing to the president almost every day. he is now in charge of the north korea and iran folios. -- iran portfolios. gina as an opportunity to become close to the president. partis also an important -- moment for trump. it is his first trip back to the cia that we are aware of. his first full day in office as
president of the united states. that was an opportunity that was heavily criticized because he that setlitical speech the tone for what we have seen since then. the wallmoment where of stars at the cia, he talked the cia hadny votes largely chosen him. see if be interesting to the president makes a ceremonial swearing-in a bit more of a political speech opportunity. comes on the heels of pitting agencies against one another. he calls for adm j probe into -- he calls for a doj probe. what about the members of the cia, obviously they will do their job, will they respect gina haspel? loyalty?have their
>> she is a career spy. she spent over 30 years at the cia. has a lot of covert assignments overseas. that was the source of some of the democratic committee -- criticism of her. she had been in charge of a black site in southeast asia where torture was conducted. the fact that she is from the ranks of the agency will give her a huge amount of support within the cia. it was a very polarized washington. it generated a lot of support from bipartisan former leaders of the cia. and other advisors. you basically had directors from both democratic and republican administrations supporting her nomination. that is what carried her through what was a contentious confirmation hearing. >> talk to us about john
brennan. it looks as if you has come under some fierce criticism from trump. as someonemerged with a strong political voice. which is not what we usually expect from former cia directors. that they were responsible for what he said was the underlining of -- undermining of democracy under president trump if they does beget more forcefully. specifically, against his efforts to demand the justice department investigate some of the accusations. he has leveraged that political considerations involved in the investigations against him. a light onto shine the fact that she is the first female, how significant is that? it is definitely a first
worth noting. the cia has been one of the government agencies that has had many more females in its senior leadership. gina has been the acting director ever since mike pompeo was confirmed. she will be the first female head of the preeminent spy organization of the u.s. government. that is definitely significant. he will be making those remarks following the national anthem and the invocation and right before the oath of office is taken. the vice president will lead that portion of things. you can always watch us at life go on the bloomberg as well. thanks. nextxt, coming up in the hour, 20 more. -- plenty more.
the ceo spoke to anna edwards in london. >> we are well hedged for the next 12 months. we are 90% hedged. that, currently, spot prices are up to $80 per barrel. i think is going to lead to a significant shakeout as early as this winter. some of those airlines who could not make money when early -- when oil was $40 barrel, certainly camped by this winter. that,te and speed of shakeout, which would determine future earnings, for the moment, we are being pessimistic on pricing. we are assuming nobody disappears this winter, which is probably unrealistic. but, there would be above average capacity growth in your for the next 12 months. we think fares will be flat. contrast with most of the industry, who are predicting most -- more optimistic, cutting
for future airfare increases. there is no doubt fares will rise. there tends to be a 12 month lag between few and airfares. it is a question of timing. chart that says the jet deal price, oil prices on the rise. you talked about your hedging. how much -- this sounds like it could be a positive story for -- taking capacity out of the markets. you don't see it that way. >> we have survived. we are hugely profitable. question, the rate andis what is the scale, the pace at which others will disappear from the market? the norwegians usually lost last year. they are on hedge. bust and isan go grounded? --will there be taken out of i e.g. has taken a 5% stake in
norwegian. will i e.g. rescue it? will's throat -- slow the capacity rate. we don't know. those will be key issues. >> why do you think willie walsh is interested in norwegian? tell you gave me this inclination, but do you think he has gone mad? >> he is very clever, his track record to just see does not do silly things. i would question the timing of the 5% stake in norwegian. investing in norwegian is like catching a falling knife. is like ae danger areificantly restructured going to the administration in the next 12 months. the bondholders in norwegian is at about 4.5 billion. will be much more difficult. learned to respect willie
walsh's views. he has a terrific track record. norwegian is a good strategic fit. there are some competition crossovers in places like spain. g is big and places for whaling. caroline, it is time for our stock of the hour. that is ge. the industrial giant pumping higher on $11.1 billion deal. abigail doolittle has details. >> you are right. the best day of the year. a positive deal for both of these companies. this is ge making good on some of its promises for turnaround as they streamline and make their business more simplified or they are essentially merging their locomotive business with --
and this $11.1 billion field. they will retain as 16 point -- -- they'retech, they rail equipment services company, they will nearly double their revenues. it will allow them to better address the cyclicality of the business. the company is saying this is a once-in-a-lifetime opportunity. it will transform their business. stock hasint, ge's been transformed. chart,ake a look at this we see the big downtrend on lots of the disappointment around the company. right now, the stock is starting to put into the bottom. investors are really liking some of the improvements this company is starting to show. again, making good on one of the promises and simplify. >> lots more to come. ge transportation is complex for us. >> this is one of their smaller
businesses. very profitable. nearly a 20% operating margin. there is mining and digital mining. relative to the locomotive business it has been in a downtrend. hurt by an oversupply of trains. it is expected to recover. that could really help these companies. as they still have the stake in the combined company, they are allowed to participate in the upside. another point would be in terms of futures been out, will they actually create combined companies? >> thanks. caroline. >> fascinating. now, time for bloomberg business. some of the other biggest stories in the news right now. debt while it is trying to build the first
nuclear power plant in the u.s. in decades. -- has agreed to sell florida power through next year energy. next year already, about 10 million customers in florida. crown hasys that u.k. -- in 2008. linked to barclays $3 billion loan. it likely to try to get the charges reinstated. that is your business back. >> thank you. to still ahead, turkey. a look at what is -- this is bloomberg. ♪
>> president trump is about to introduce gina haspel after -- at the swearing-in ceremony. like few will ever have again. this is a very special one. pence,ng vice president secretary pompeo. secretary mnuchin. secretary perry. secretary nielsen. director codes. the secretary for who will do a fantastic job, robert wilke. thank you very much. i want to give of special thank you to the chairman and senator, richard burr, thank you very much. and a very courageous man. kaufman nuñez. -- congressman nuñez.
to thank the dedicated men and women of the central intelligence agency. it is a true honor to stand here today before the most elite intelligence professionals on the planet earth. nobody even close. you faced down our enemies. you protect our families. you stand and watch over our great nation. you don't do it for fame or fortune or glory. you do it for your country. forever grateful. thank you very much. we are here today for the swearing-in of a very special person, your new cia director. someone who has served this agency with extraordinary skill and a devotion for 30 years. gina haspel. congratulations. there is no one in this country better qualified for this extraordinary office than you.
if you don't agree with that, let me know now before it is too late. [laughter] cia, to live the cia, you breathe the cia. now, you will leave -- lead the cia. congratulations. [applause] [applause] >> that means we are keeping her, right? that is what we were waiting for. they love you. they respect you. they respect you too.
ashland, kentucky. gina's father served in the air force. she spent much of her childhood overseas. from a young age, she was instilled with a deep love of our country, which combined with a thirst for adventure, that led her to the cia. career at her storied this agency, she has truly done it all. has completed seven field tours, served as a case officer, recruited assets, run stations, captured terrorists, and disrupted networks that proliferate deadly weapons. they sent those weapons all over and you catch them. you are going to get even better now. better than ever before. you are the best, you will be better than ever before. we are getting you the resources to do it. our enemies will take note. gina is tough. she is strong.
and when it comes to defending america, gina will never, ever back down. i know her. i have spent a lot of time with gina. gina played a crucial role in our fight against al qaeda. her first day on the job at the cia's counterterrorism center 2001.ptember 11 she tirelessly hunted terrorists for the next three years. she went on to become deputy director of the national clandestine service and most recently, deputy director of the cia. during her decades of hasinguished service, she earned the george h w bush in counterterrorism and the intelligence metal of merit. of merit.gence medal she has earned the respect and trust of her colleagues at the cia.
throughout the government. and all over the world. she is truly respected. today, we also market another proud milestone as gina becomes the first woman ever to lead the cia. [applause] >> now, gina will lead this agency and its next great chapter. gina assumes the role of director at a crucial moment in our history. we are reasserting american strength and american confidence . by the way, america is respected again. you see that. apologizing for our
nation, we are standing up for our nation. we are standing up for the men and women who protect our nation. we will be counting on you to confront a wide array of threats and help usher in a new era of prosperity and these. since -- and of peace. since the cia's founding its courageous operatives have combined ancient craft with modern marvels to achieve unsung victories in every corner of the globe. i see what you do. i understand what you do. it is incredible. hallowed walls of this building are the stars honoring the cia's fallen heroes who gave their last breath for our nation. though many of their names remain secret, their stories of
service and sacrifice and daring will live for all time. today, we think of them and we honor them by pledging that the patriots of the cia will have the tools, resources, and support they need to accomplish their incredible complicated and oftentimes very dangerous mission. women oftional men and this agency deserve exceptional leadership. gina haspel, that is exactly what you are getting. director hospital, congratulations again. i know that you will thrive as .he agencies director and help keep our nation safe and strong and proud and free. good luck. god bless you. and god bless the men and women of the cia.
god bless america. thankjust want to everybody in this room for doing such an incredible job and forgiving gina -- and for giving gina the unbelievable support that she needed. it took courage for her to say of a lot of very negative politics and what was supposed to be a negative vote. but i will tell you, when you testify before the committee, it was over. there was not much they could say. there was nobody more qualified than you. you are going to do a fantastic job. thank you very much. [applause] with that, i would like to ask our g