the new company will be called as we said, viacom cbs. not cbs viacom. viacom cbs. the deal is expected to close by year end. bob bakish will, as charlie anticipated, he will be the president and ceo. shari redstone will be chairman of the board. joe ianniello, who was kind of the holdup, if charlie's reporting really comes through here, he is good to go as chairman and ceo of cbs, existing cbs shareholders will own 61% of the company. viacom shareholders, the rest. much more on this with charlie later in the show. as i said, some details still coming through. interestingly enough, both stocks are higher. >>> the stock rocket was cooling its jets on the launch pad right as the market opened and 15 minutes later, it shot up into the stratosphere. remaining there right now. okay, we've got 57 minutes left of trade. will it hold? looks like it for the moment. high of the session, a gain for the dow of about 529 points. right now it's up 403. today's rally is due to the u.s. decision or announcement to delay china tariffs on some products that were to kick in september

markets popped to drop and is today the day for the cbs/viacom merger. less than an hour to the closing bell. let's start "the claman countdown." liz: we've got some breaking news. boeing, the stock is just now coming off its session lows after some news from the federal aviation administration. while boeing is down 1.5%, you can see it was worse earlier. we get an idea about the return to service of the 737 max jet. this controversial jet which has been grounded since two fatal crashes, one earlier this year and one late last year. new faa head just sworn in, stephen dixon, says the faa is not following any timeline but also says this. >> this plane will not fly in commercial service again until i'm completely assured that it is safe to do so. liz: boeing does expect the plane to be back in service by the end of this year but based on what we are hearing, the faa may not recertify the aircraft in time for that projection to be hit. at the moment, boeing is down $4.73. still, just barely off the lows of the session. >>> over to the markets. wall street p

one week until cbs and viacom self-imposed deadline for a merger deal. plus the newest twist, and the t-mobile and sprint saga. charlie is back with a two-for-one exclusive. jasper you know is coming up. ♪ ou need. wow. thanks, zoltar. how can i ever repay you? maybe you could free zoltar? thanks, lady. taxi! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ while managing your type 2 diabetes- why think about your heart? lower a1c helps, but type 2 diabetes still increases my risk of a fatal cardiovascular event. and that's why there's jardiance- the first type 2 diabetes pill that offers a lifesaving cardiovascular benefit for adults who also have known heart disease. it can significantly reduce my risk of dying from a cardiovascular event. and it lowers my a1c, with diet and exercise. jardiance can cause serious side effects including dehydration, genital yeast or urinary tract infections, and sudden kidney problems. ketoacidosis is a serious side effect that may be fatal. a rare, but life-threatening bacterial infection in the

. >>> up next, cbs and viacom merger talks going in slow mo. charlie gasparino is here with new exclusive details on the sticking points in this amazing race. charlie breaks it down next on "the claman countdown." fact is, every insurance company hopes you drive safely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands? (past them because she didn't sknow they were talking to her.g and she would just walk right (deborah) i just could not hear. i was hesitant to get the hearing aids because of my short hair, but nobody even sees them. (avo) our nearly invisible hearing aids are just one reason we've been the brand leader for over 70 years. (deborah) when i finally could hear for the first time, i started crying. i could hear everything. (avo) call 1-800-miracle to start your 30 day

liz: viacom also moving. >> here's what we know. listen, you follow the imbroglio of t-mobile/sprint. little different when you have regulatory reviews and things like that out there. it takes time. you got to dot the is, cross the ts. you have to get management structure nailed down. then you have to get price. liz: they didn't put in a self-imposed deadline. >> there's no self-imposed deadline. liz: they wanted to do it before earnings. >> that doesn't mean like they have to do it. i have been told by deal participants that they would like to get it done on thursday, make an announcement. it's unclear it will be thursday. the chances, because of figuring out the management structure and the price, like how many shares of viacom or of the combined whatever stock it's going to be, if you own x amount of viacom shares or cbs -- now here's another fly in the ointment. we should also point out, if they do not announce it and again, i'm hearing chances are slipping. that doesn't mean it won't but the chances are going down. if they don'

cbs and viacom have reached a working agreement on the combined companies' leadership team. viacom's ceo bob bakish is expected to lead the combined company -- okay, charlie wants to do a victory lap. go ahead. i will leave myself out of it. >> the preliminary announcement is today on the deal you have -- by the way, we reported this yesterday that it was coming down the pike. we had thought the official announcement would be next week when they both announce earnings. i think you will get that next week. but we got right now the preliminary announcement that they have a deal to merge the companies, that bob bakish, the ceo of viacom, as first reported by fox business, that he was in the pole position. he is going to be the ceo. joe eianniello will be second i command. the question is does joe stay beyond the transitionary point. it is unclear from what we know right now. i don't think he will. but we'll see what happens. but this is pretty big news. the long-held goal to shari redstone who runs the controlling national amusements holding company, owns the controlling shares

will it or won't it announce after the bell today an official merger deal with viacom? less than an hour to the closing bell. let's start "the claman countdown." liz: we are just getting this breaking news out of washington, d.c. the u.s. state department is having its daily briefing and right now, as you see, it has just called china a thuggish regime for releasing personal details on a u.s. diplomat who apparently met with leaders of hong kong's pro-democracy movement. hong kong of course has been roiled by protesters furious with china for what they say are china's authoritarian tentacles reaching from the mainland. waiting on more details from the story, but this could cause more agitation ahead of continuing trade talks between the u.s. and china. right now we are still holding on to gains. we are watching it, 298 points for the dow. the bulls appear at the moment to be oblivious to this constant brinkmanship between the two nations. check it out. we have the s&p better by 1.66%. as you see, the dow up 1%. but the true leadership is coming from the small and midcap

>> plus the $8 billion roundup and charlie breaks it on cbs' possible tie-up with corporate sibling viacom. less than an hour to go until the closing bell. i'm susan li in for liz claman. let's start "the claman countdown." susan: breaking news. it seems like the lights are back on after reports of a power outage in london, and large parts of england and wales. the uk power company blaming a grid failure and apparently, people were stuck in the tube without air conditioning, believe it or not. i feel sorry for them. >>> let's get back to the markets because we are just a bit off. 45 points down for the dow, well off session lows as the white house clarifies only the u.s. government will not be shopping at huawei. overall for the week, the major indices are finishing lower as u.s./china trade concerns roiled the markets. chip makers making a comeback as well after the white house said they will continue to review huawei waivers for u.s. tech firms. uber has got to be the stock of the day, down some 6% in the session, after reporting a record $5.2 billion loss and revenue that missed estimat

individual stock story that we talked a lot about yesterday, this remarriage honeymoon between, yes, cbs and viacom, just one day afterward it looks like their massive merger is already having a few issues, because those stocks are plummeting and now we are also looking at t-mobile and sprint on another issue charlie gasparino is working. >> t-mobile and sprint, sprint is going up a little, t-mobile's down a trifle. it might be on the headlines we are generating. sources are telling the fox business network that as you know, there are 16 state attorneys general suing to block this merger. we understand that officials at t-mobile/sprint have entered into what is being described as early stage settlement negotiations. they have reached out to those 16, to the leaders of those 16 state attorneys general, letitia james of new york is one of them and they are trying to say can we start talking about possibly ending this lawsuit which would -- which could derail the deal. i'm not saying it will. you are in federal court, you know, you have -- i think there's a clinton appointed judge in the federal court

you know, we love companies like viacom, and madison square garden network. those stocks are still really cheap. financial services companies, some that you know well, like lazard or kkr. there are some sectors of the market that just seem to be totally neglected, even as the markets recovered. david: let's talk about the economy. the united states economy was in a recession that ended in june of 2009. and so now, for about 10 years, we have been in a growth cycle. and it is one of the longest in our country's history. but therefore, there have not been a lot of depressed stock prices for this period of time. so are you kind of hoping that at some point there is a recession, so we can get lower stock prices? you can buy more things at value prices? john: we like to buy bargains. we like seeing sectors that are cheap, but we don't want to see a recession. you know all of the turmoil that happens, the impact on our society and our citizens, you know recession is not great for america. david: so let's suppose i say i watched you, and you are a good value investo

is one explaining why he bullish on the cbs-viacom merger. >> it is a good deal. it is a buy. taylor: up next, more of the week's top business headlines. india's government has promised fiscal stimulus. the central bank is helping provide the cash. >> it has cut interest rates and given a record amount of dividends to the government. taylor: this is bloomberg. ♪ ♪ taylor: this is "bloomberg best." i am taylor riggs. let's continue our tour of the stories with more from the g7 summit. discussion about iran was the top of the agenda. there was an unexpected twist when a top iranian official came at the invitation of emmanuel macron. foreign minister visited france for six hours. bilateral talks. we had a brief sit down with the french president emmanuel macron. officials said they gave the u.s. delegation a heads up about the surprise arrival. macron did face allegations he blindsided allies. >> president rouhani said he was prepared to meet any political leader in the interest of his country. pres. trump: if the circumstances were correct, were right, i would certainly agre

this week for a conversation about investing at the largest independent holder of voting stock and viacom, who recently said he was exploring legal options after his shares were bought for less than he perceived its market value in the company's merger with cbs. vonnie quinn asked him if he is still considering litigation. ♪ >> as one of her teammates would say, all our options are still on the table. we want to see how far we go into it. number, there's only like 5 million, 10 million shares, it was selling at a premium, and if they pay you an extra dollars -- it's not a lot of money. >> are you actually going to take them to court? >> we will do whatever is necessary to help our clients who own the stock. of the 650 million shares that will be outstanding -- by the way, this is a buy. have in our homes eight streaming services -- is he bullish on streaming and is cbs behind? shares,00 million that's 25 billion, we are paying 40 billion for the entire enterprise without a major success in streaming, putting money into content will generate -- >> should they bring back "gunsmoke?" [laug

is over now that we've seen cvs and viacom top >> i think we could see further consolidation in media and media is an area that we're very establibullish on for the long-term. we think that the content producers are becoming more important. they're taking back control of their direct relationship with their customers through streaming and we're entering this period where these consolidation with the media stoid studios, they can both have their cake and eat it too. there's a manageable decline in traditional tv subscriptions that's being more than offset by direct-to-consumer streaming so disney is extremely well positioned we think that combined cbs/viacom will also be very well positioned. and we don't think that will come at the expense of netflix or some of the other streaming properties i think consumers have a large budget to spend on video and it's not shrinking and they're getting more and more value for that budget. so it's a really positive set-up for the long-term for media. >> bill, how do you see the narrative in media and distribution playing out i see you've got charter

. >> right there is somewhat analogous to cbs and viacom, they worked together, separated and now coming back together, conceivab conceivably, in order to have more scale in a rapidly changing -- >> the core product is not bad for your health. not like the overall world of consuming entertainment is going away >> no, it is not people are doing it in different ways they're vaping their media these days bob pisani has more. let's join him, bob? >> on the downside, again, trade wars, economic uncertain ty weighing on us, look at the global markets, we're slowly getting out of august. good to remind everybody generally down, small move up in the shanghai everybody is down 3% to 4% it is remarkable in august how down the markets are we're down 3%, 4%. shanghai, japan, germany, spain, doesn't matter everything is down 3% to 4%. we talked about the defensive dominance this month with utilities and reits up, consumer staples flat and all the cyclicals to the downside. defensive, utilities and reits up, oil is up, oil is held steady in the mid-50s. oil stocks continue to drop in the last couple o

>> we are buying it indirectly by buying some viacom. 2, 5, 8 streaming services. cbs behind in streaming? out, thellion shares stock has 45. we are paying $40 billion for the entire enterprise. that enterprise, without a major success in streaming, but putting money into content. >> should they bring back gunsmoke? remember in childhood, they were apoplectic over all the old people. up a great point. "dark phoenix" lost a lot of money. you want to buy cbs because it is going to work. jerry is going to be in command. >> what happens next? they do have streaming services. hbo, cbs all access. >> they are not going to buy bloomberg. it is not going to work. that, if i am amazon, i am looking at how i get into this in a bigger way. witham sony, what do i do my music studio?may be the path is open . some further dynamic unfold. hopefully it happens a year from now. gamco chairman and chief executive mario gabelli. another sign that the u.s. housing market is cooling down. gains decelerated for the 15th month in a row and they were weaker than expected. that is accordin

ed: yes, it is cbs-viacom all over again. they've obviously both gone in slightly different new things in some of juul,ed: tobacco, and of these e-cigarette products. the point i was being made this morning is you have very couple to report folios in terms of they are both huge companies with huge brands we know well, but no overlap in terms of geography. the expectation is this will have minimal devastator's if and when they put it together, which should lead to a fairly quick close. vonnie: sources telling us they are not going to make any divestitures or offer any up. if the market saying that this deal undervalues phillip morris? ed: i think the market is really processing at the moment what its own shipment will look like here. who's going to be the management? in terms of undervaluing phillip morris, it is a tough one. there's nothing that fits with ria, so why phillip morris is down so much i think will become clear in the coming days. the market is waiting for more details at this point. the thing that triggered this

so this is a very strong -- you know what, david, this is like viacom and cbs it created a lot of money, a lot of wealth with morris and altria but you know what, this market is growing so quickly. i totally understand >> what i am interested in, in part, though, is the differential in market caps would have indicated this would have been a purchase by philip morris however, in this press release they're talking about it being a merger of equals, which would mean you're obviously greatly increasing the value of altria to make it a merger of equals. >> yeah. >> and we'll see what the respective -- and by the way, they're probably negotiating something else, but what the respective ownership would be of the two shareholder bases, management typically merger of equals means share of board, similar ownership, management combined [ bell ringing ] >> i remember altria, a 45% stake in -- i remember when it was a growth vehicle and now pm is not growing at all. altria switched in terms of the dividend >> let's look at what's going on at the big board, you heard the opening bell great plains ene

all-time low last year, 5.25 million on all viacom platforms. the all-time high was 60% higher in 2011. as these shows get more political, the viewers turn out. my best part was the host, the comedian, one of the best out there, did a whole monologue in the beginning that attacked millenials and safe spaces. he's a comedian. he got beat up on twitter and social media for being insensitive. politics for you. go figure. stuart: go figure. lauren: go figure. stuart: expression of the day. go figure. thanks, lauren. >>> take you one more time, even though we do have a sharply inverted yield curve, the market continues to go up. we will be up about 120 points at the opening bell which is in four minutes' time. which you will see right here. ♪ ♪♪ ♪♪ ♪♪ is it to carry cargo or to carry on a legacy? its show of strength or its sign of intelligence? in crossing harsh terrain or breaking new ground? this is the time to get an exceptional offer on the mercedes of your midsummer dreams at the mercedes-benz summer event, going on now. lease the

he referenced the viacom deal just announced. i think what is happening in the media space is media companies feel like they need to consolidate because competition isn't just with each other. it is with big technology companies like apple, like amazon, google, facebook that are much bigger than the traditional big media companies, and their global. they are really taking a lot of the ad dollars, a lot of the subscription dollars. they are getting into the con did business. if you are the walt disney company, you feel like -- into the content business. if you are the walt disney company, you feel like you need to compete not just against media companies, but technology companies. alix: they needed to launch disney+ to be able to compete with netflix at the end of the day. so is this the call, do not focus on tech? surprising,k it was but he's also talking about the loss of local journalism around the country, which is a significant issue. the issue there is simply economics. consumers do not want to pay for local news. they'd rat

we love companies like viacom, madison square garden network, those stocks are really cheap. financial service companies that you know well like kkr. there are some sectors that seem to be totally neglected even as the markets recovered. david: the united states economy was in a recession that ended june 2009. for 10 years, we have been in a growth cycle. it is one of the longest in the country's history. but there has not been a lot of depressed stock prices for this time, so are you kind of hoping that at some point there is a recession so we can get lower stock prices? you can buy more things at lower value prices? john: we like to buy bargains but we don't want to see a recession. all of the turmoil that happens, the impact on our society and citizens, recession is not great for america. say i let's suppose i watched you and you are a good value investor. i will give you some money. what kind of rate of return can i expect from your products? john: over 36 years, we have been able to compound money at roughly 11% per year. that is something we are proud of. the ariel fund

the other day that fella who runs viacom, he showed up on another show >> that was only because i was 100 miles away >> i've been working to get that >> that's never happening. just, never. >> where was i i just think that keith block is a guy who closes he closes. now, splunk last night, i like that conference call, but doug is switching the way he accounts for things they had gigantic orders, but he's switching to a subscription business that's not unlike what happened when adobe switched and went down. last chance to buy adobe buy splunk right here, right now on this downgrade. >> interesting sales force more of the same though >> i think sales force's quarter actually lagged. vm ware has been hit badly because it's been pivotal. a pivotal buy. so sales force has been the big laggard. a lot of people don't like the data deal. i bet that keith block explains it just like they explained mule soft, which was a brilliant acquisition. i think it was the right acquisition. we'll hear tonight a lot of people think it could be a shortfall >> but yesterday the money >> actually, i'll be on

viacom, you're great. keep doing what you do. we're really big fans here at "the daily show," viacom. mwah, love you. so the answer is obviously to hug these corporations close, and corporations are hugging right back: google, kpmg, aetna, lyft-- not chick-fil-a-- and here comes the true slay queen, walmart. [all cheering] is walmart gay? - walmart does take pride in their gay associates. as a company, i don't think you can label a company with a sexual orientation. - walmart seems like a top to me. - i--i would--i would agree with that. - i think it's amazing that so many people could come out and just live their truth as a marketable demographic. - for sure, and they've really made it, like, a safe for everybody, i think, for us too, so... - yeah, yeah, yeah, 100%. it's like, "here i am. i'm queer. i have a debit card." - everyone's gay as hell now. and gays love money, bitch. you know that, so... - so queer capitalism is totally chill. actually, there is a specific issue with corporate sponsorship in pittsburgh, and it involve

i have him on speed dial this is outrageous >> viacom will pay their ceo well mr. bakish, ianniello staying on he'll get his $70 million when he leaves, ianniello, could be fairly soon, we'll see and you and i sit here i make fractions of what you do. think how i feel. >> i'm a loser i'm not what i appear to be. >> yeah, i mean, bakish will make 55% more this coming year than he made last year and i saw one table that puts him now, will be in the top 20 or so paid s&p. >> you look as the list, you'll see media ceos among the top -- >> my company -- >> say again his helmet antonio brown -- >> i'm appalled. >> you work a lot. >> i work my ass off i was up at 3:30 this morning working. >> harder than pretty much anybody i had the pleasure of knowing. >> i was tweeting how bad the canopy growth conference call was, 3:30 in the morning >> you read the jcpenney call. >> yes, i did. >> why >> guys wake up at 5:30 -- >> right i get up earlier than the bad guys i'm underpaid versus the bad -- cf cfos make more money than i do how is that possible >> i'll show you how much -

more details about the cb- cbs-viacom deal. a filing said they would have to pay cbs2 50 million-dollar termination fee. cbs would pay viacom termination of 560 million. we'll big through that. more breaking news and headline about that particular acquisition. there you go. >>> escalating crisis in costa rica. tainted alcohol, why health officials are sounding the alarm about that. that is coming up next. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done. ( ♪ ) ... announcer: only fidelity offers four zero expense ratio index funds directly to investors. and we have zero account fees for brokerage accounts. at fidelity those zeros really add up. ♪ maybe i'll win ♪ saved by zero and i recently had hi, ia heart attack. it changed my life. but i'm a survivor. after my heart attack, my doctor prescribed brilinta. it's for people who have been hospitalized for a heart attack. brilinta is taken with a

site permian is the larger driver and firm says their investors should take note of the recent cbs viacom merger and newly formed company interest in stars which lions gate did acquire in 2016 maybe an m and a play there. wanted to ask you about energy because it is a standout performer higher today up 2.7%. but it feels like this one got very unloved the sector. >> unloved, you're understating it despised it has been a horrific underperformer, not just for one year or month but for several years. return on equity has been way below the rest of the market they need to get it -- management has been talking about it, but they have to show the discipline permian, they actually got undisciplined. so they have to return cash and prove that they are doing it i think the stocks are interesting. relative discounts is remarkable if you look at history so there is opportunity. >> doesn't suggest that maybe there is a broken business model or something, or that future returns in energy can never be what they were >> probably true for a lot of reasons as well. industrial vehicles using less gasoline,

had the story come out late friday >> that is an area that has been a black hole while you were away, viacom did a merger >> yes, they announced a deal, yes. >> he joined us. >> i did call in. >> you did call in >> briefly we had a discussion about it there was some distress that the synergy numbers announced were lower than the street had anticipated. >> that's what i -- >> often times it is what you like to call underpromise, over deliver. and that may be the case here because i did hear higher numbers associated with the potential deal, than they came out with that seemed to be somewhat of a disappointment overall, the sector not doing particularly well. particularly since disney's quarter, which we all know is less than stellar. certainly for disney. >> good numbers. and then this is one of those that reminds me, one of the most discouraging things i've been involved with in the last couple of years dupont i think dowdupont separate would have been worth more viacom/cbs, clearly separate, at least in the beginning interesting. >> they're getting together. and the question obviously will

emily: viacom's ceo bob bakish there. coming up, softbank's massive vision fund makes its first ever energy storage bet. we find out what energy vault is with the ceo. next. this is bloomberg. ♪ emily: softbank's massive vision fund made its first ever energy storage that, investing in energy vault. this company stacks concrete blocks in a tower that can store and release energy. it is presenting the system as a bigger and more affordable solution to lithium batteries, claiming it can supply electricity to the grid 24 hours a day. to discuss what this means for the energy storage market, i sat down with the ceo. >> we've designed a very new, innovative system tower. it includes a six arm crane and 35,000 metric ton bricks that are all orchestrated and raised and lowered with a proprietary software stack, so that's the whole system integration. what we do is we take excess energy from solar or wind when it's produced and not needed. that energy is used to raise the blocks. and when the energy is needed by the grid, we lo

cbs and viacom finally inked a

kailey: cbs and viacom finally reunite. wework unveils its plan to go public. chinese tech leads another parade of earnings and ad revenue. >> the focus is on the decline in online ad revenues. kailey: the week's important perspective. >> you look around the world, not a lot of great news lately. >> baseline does not suggest a . a recession, but these factors, keep an eye on them. kailey: it is ahead on "bloomberg best." hello and welcome. i am kailey leinz. this is "bloomberg best," your weekly review of the most interviews, business news, and analysis from bloomberg television around the world. let's look at the top headlines. we begin with investors jolted by political shocks. hong kong protesters forced the city's airport to shut down, canceling hundreds of flights. and in argentina, a surprising result in primary reactions a set off a chaotic election. francine: argentina is at the crossroads. while the president is looking to us second term, his path to the presidency just hit a massive roadblock. at the moment, his main rival , the opposition candidate t

cbs and viacom finally inked a merger deal. we will talk to viacom's ceo about synergies and the road ahead. what slowing economy? chinese online retailer alibaba defies the slowdown amidst a trade war with sales surpassing expectations. first to our top story, it was a big week for tech ipo's with fleet work and cloudflare filing to go public. the web security company cloudflare has been in the news lately, given its relationship with controversial message board, 8chan. three alleged gunman posted manifestoes on 8chan before three separate mass shootings in the united states. cloudflare stop providing services after the latest shooting in el paso, left two dozen dead, largely taking the platform off-line. so, is now the time to go public for cloudflare? i discussed it with liliana baker and will curtain. >> like many other tech ipo's, especially in software, it is not profitable. it has a pretty good growth rate though. it's really trying to look at its competitor, fastly. fastly went public earlier this year and is doing ok.

cbs and viacom finally inked a merger deal. we speak to buy

. >> cbs and viacom finally reunite. another parade of earnings were ad revenues -- >> the focus is on the decline in online ad revenues. >> not a lot of great news lately. >> baseline does not suggest a session, but these factors, keep an eye on them. kailey: it is ahead on "bloomberg best." ♪ kailey: hello and welcome. this is "bloomberg best." the review of the most important news and analysis from bloomberg television around the world. let's look at the top headlines. we begin with investors jolted by political shocks. hong kong protesters forced the airport to close down. and in argentina, a result in primary reactions a set off a chaotic election. >> argentina is at the crossroads. there is a massive roadblock. his main rival, alberto, grabbed the momentum and came in 15 percentage points ahead in the poll. >> many analysts would say it is insurmountable. they like his policies. they are market oriented. fernandez, it is not clear what he would do with the imf. today could be carnage in the argentine markets. >>

cbs and viacom have become smaller than these new media companies but combined at $50 billion they've now got at least more scale to be able to compete with people like disney and comcast. you could see further consolidation. >> when we consider the weakness of the europe economy, brexit coming up and the associated currency weakness why haven't there been more cross border deals? >> you rarely see currency movements drive m and a and for the most part companies that are defdominated in sterling, so whn they go down do does the revenue and earnings it's not always the case but it doesn't drive activity as much as you think people tend to take a much longer term of view and given the deal you can't price a deal and close it the same day you're still throughout the pendency. >> have you seen cold water thrown on deal making between china and the u.s. >> the deals between the u.s. and china are down dramatically. i think deals in the technology sector it's going to be hard for them to get done between the u.s. and china and other than regular anti trust overlays on transactions there's b