tv Bloomberg Markets European Close Bloomberg February 2, 2018 11:00am-12:00pm EST
i am vonnie quinn. this is the european close on bloomberg markets. ♪ mark: here are the stories we are covering, stocks dropping worldwide. equities falling for a fifth day in europe are u.s. stocks heading for the worst week in two years. a strong gaza report increasing the likelihood the fed rights -- raises rights and mark. -- a professor says this is the biggest bubble in human history. committee that a special committee to supposedly recombine the companies that split more than a decade ago and we will speak with btig analyst richard greenfield.
day, gmm , look at the color, equities down for a fifth day of declines for european equities, the worst since november. stoxx 600 down by its biggest amount since november 9. on track to fall for a second week and the biggest weekly drop since 2016. to put it in perspective, the dax has given up all its gains for the year, up 5% through january 23 and today down 1.5%. currencies getting hammered against the dollar in the wake of the strong jobs report. look at bond yields across europe, the german 10 year yield at the highest since september of 2015. are falling with bond insurance is your final column on the wonderful gmm function. it is all about the markets, big news on the corporate front,
astrazeneca says annual revenue will rise for the first time in four years. they releases a flock of new products from cancer, asthma, and other disorders, their chief executive working to transform the company into a drug development powerhouse that could rebound from waning sales of older products such as crestor, is former heart disease blockbuster that has lost contradictions. shares in astros and ago in a down day -- astrazeneca in a down day are up. a struggling it business with weakness and adjusted earnings working to turn around bt's cloud services which provides multinational companies with cloud-based and other digital operating. shares of bt down 2.8% today. in the wake ofrt
liam fox uses the u.k. must not enter into a new customs union with e.u. after it leaves the block, a new redline for theresa may's negotiations with russell and her own party on brexit. this shows what percent of total trait the u.k. does with the eu. u.s., 10.9%,eu and with china at 7.9%. close, for that gap to that is what liam fox and theresa may are hoping in their three-day trip comes to an end. 90 minutes into the u.s. session. >> it is looking ugly for the bulls, and ugly week for the bulls. first of all, the stronger than estimated jobs report. that is leading investors to the conjecture that perhaps we will see higher rates at the fed meeting next month. that is pushing rates higher and causing consternation in the market. some big earnings reports
missing estimates. that leading to the downdraft in stocks today. and what has been a weak week for the stock market. s&p 500 over the past week is down more than 2.5%, on track for the worst week all the way back to february of 2016. about two years since we have seen a week like this for the s&p 500. today, the big tech earnings we have been watching the apple and google both trading lower with apple initially shares rising after the report last night but came back down on revenue forecasts. it's all lower shipments last quarter of the iphone x. because of the average selling price, revenue rose. out of bed is spending -- alphabet is spending more to make money, cost rising and unexpected places for analysts. amazon cannot be stopped, shares
at a record, more than $700 billion company and they have added $180 billion in market value thus far this year. and turned a profit last quarter here -- less quarter. a dragon the energy industry, a trio of negative earnings coming from the oil majors, exxon and chevron earnings-per-share both missing estimates, weatherford with a wider than estimated loss , though shares took a hit of 14%. looking at rates, very important, 2.83%, on the 10 year yield, 18 basis point climb this week. that is the biggest week -- biggest gain in yields that could be week of september of 2017. markets --rk, u.s. equity markets getting the memo as rates are going up and maybe we should get concerned. mark: shares of deutsche bank
taking a beating today with revenue reported falling to a seven-year low and they posted its third straight annual loss. matt miller spoke to their chief executive about the results. >> i am not allowed to say because, when you are in the securities world, you need to be careful about what you say. progress, wegreat are not quite there yet, a few i's to dot. i think the market are is in great shape and we take the first window. >> one of your big shareholders say it wants $16 billion worth of assets in the first half, how have your conversations with them then and is that stake one of the things you think they will sell? >> i do not know as we have never discussed it with them. it is a matter of public record. now three callers around it. i do not know what their
intentions are and our relationship with them is fine. the contracting party on these derivatives, and the shareholders and ceos and our supervisor board, a great relationship with them and no sense in any change in stocks. andith regards to bonuses remuneration. , -- when ito bankers talk to bankers, is is at the front of their mind, and about the press conference, you may have lost talent because of the previous remuneration models. do you feel you are paying competitively to get the best and brightest on wall street? >> we have shown we can. we just hired a new global head of equities. you are right, we took a risk last year, a measured risk. we did not award traditional -- part of the bonuses, individual contributions.
almostf this is arithmetically driven and composition world has changed. paying that plus as opposed to the minus, is important for our people. we are best people, paying markets and we demonstrated that by hiring and retaining. -- we do the best we can and we have to balance the interest of all of our stakeholders. the variable -- the overall compensation for 2017 was all going to be greater than in 2016 because we did not award any individual bonus types and 2016. >> 2018 looking better? >> i hope today, if the bank performs well, it can be. it has to be performance-related. because it was not people who have stellar years did i get paid, and in 2017, we have been slightly on the
generous side. not for everyone but some outstanding performances. look at the credit businesses, they had as good at year as they ever had. some other businesses, we are investing. we talk about investment for the future. i think we have tried to strike the balance correctly. mark: matt miller speaking with the deutsche bank chief executive john cryan. lisa is here. deutsche bank rewards traders with generous is -- generous bonuses but not getting much bang for its buck. >> not appearing to be so, certainly in the fourth quarter but 2016, they did not award much at all. they had no choice as they had a lot of senior departures in 2017. it has to keep on to the talent if they will maintain market share. cryan's job safe?
>> we have been hearing there is a lot of pressure, patient running fan, particularly -- patients running thin. his signature train is not as under control -- trade is not as under control as it has been. he seems to be losing some credibility on that front. mark: we are in the business of finding light at the end of the tunnel or taking the counter argument, client activity, picked up in january? >> yes, not a lot of stability as to what will happen the on january. -- beyond january. he pointed to the new -- the since at world, creating another challenge on the consumer banking front. mark: can you reboot strategy
again? what is the path? stick with it? >> i think so, he says they are in the third phase of the restructuring. it seems to give their asset management a bigger platform in which to compete. that's to be coming in the next few months. mark: not all doom and gloom, this environment, one of negative interest rates, which is supposed to be bad for banks. throwing cash at shareholders. >> they had the head on cost, the economy, the local economists, they can return the funds to shareholders. they are thinking about moving headquarters, more investments, a different tale. the spanish banks reported today.
banks .2 tighter margins, net interest income. on the positive side, both good resilience to the canceling crisis with deposits holding out. -- up. mark: our finance managing editor. vonnie: great stuff. let's get to the first word news with courtney donohoe. >> hiring in the u.s. take up in january, so that wages as employees added 200-7000 jobs last month and paychecks grew the fastest annual rate since the session ended. we spoke with the head of president trump's economic council. >> we are excited to see it this month and hope it is sustainable. we do not want to say after one month, we have done it, we hope it is the start of something new and something real and something good. we will need a couple of months to reaffirm we are starting to
see wage growth in the united states. >> the unemployment rate remains at 4.1%, that matches the lowest it has been since the year 200. fbi andt trump says the justice department has politicized what he called the sacred investigative process. the president said this hours before the white house is expected to ok the release of a controversial memo from congressional republicans. the memo argues the fbi has abused its power in the rush investigation. the government in china is cracking down on micro blogs, regulators ordered companies to set up a process to move -- remove false information which adds to a number of measures the chinese government has imposed to limit what the public can see and say online. global news 24 hours a day, powered by more than 2700 journalist and analysts in more than 120 countries. i am courtney donohoe. this is bloomberg. mark: coming up on the european with, amazon shares gain
♪ london, i amom mark barton with the european close roughly 14 minutes away. vonnie: from new york, i am vonnie quinn. amazon with his most profitable quarter. shares rising today, bucking trends in the rest of tech and in the broader markets. running us with his take on all of this is ubs analyst eric sheridan. i have seen upgrades today.
one analyst raising his price --get from $5,900 to $2000 $1500 to $2000. >> we rose our students seeking hundred $20 per share. hours to $1620 per share. vonnie: the company is not profitable, at what point does that become a goal and does it concern you? >> we did raise our profitability expectations for 2018. operating income estimates came up around 35%. , we think there is a fair bit of profit going forward as revenue continues to compound, they will stay in investment mode but profits will
show over the next one year to two years. mark: the advertising is this is nascent but fast-growing. -- business is nascent but fast-growing, one of the prospects? >> they can offer advertising to its sellers with identity data, they know who you are and they know what you want to shop for. marrying the identity with the intent makes it almost the best of both worlds, in terms of digital advertising. , there weredays some key investments to make in advertising salespeople. and advertising technologies to self-serve advertising. we are seeing momentum in the business which has beaten our expectations the last few quarters. it is said to probably double in 2018 in terms of size versus 2017. mark: early days when it comes to the whole foods acquisition and what do you do with whole food if you are amazon? >> we have not seen them do much
yet to offer the strategy of what whole foods was doing before the acquisition. that wholel foods foods is a broader strategic narrative that they are trying to put together, which is for existing prime households, which we think is close to 70 million prime numbers in north america alone. it is attacking larger share of the household wallet. to do that, you have to attack the categories that are more's -- the most under penetrated, food, consumer packaged goods, household products. whole foods is key to the strategy and we think the acquisition was a buy and it accelerated amazon to go after it. vonnie: does amazon exit any businesses in the next year or two or three? they think are a waste of time? >> none that we think today, some of their bets are pretty
clear. we are early days in the shifting of i.t. services to cloud computing. they are the leader. they are pressing that advantage. has unique advantages for the business medium to long-term. category expansion is one. one area we have highlighted where we have struggled to understand amazon strategy is canada. china is a duopoly with respect to e-commerce between alibaba and another company and we have struggled with their china strategy and maybe that is an area where investors what applaud if they spent less effort in china. vonnie: our thanks to eric sheridan from ubs. mark: great stuff. why hehe blasts bitcoin, says the fundamental value of the cryptocurrency is zero. this is bloomberg. ♪
♪ vonnie: live from new york, i am vonnie quinn. mark: live from london, i am mark barton with the european close seven or so minutes away. nouriel roubini says today's fall in the value of bitcoin is the latest proof the cryptocurrency is the biggest bubble in history. the economics professor from nyu correctly predicted the 2008 crisis and his calls on oil in the s&p 500 the next year or wrong. he spoke with tom keene earlier today. >> it is the mother of all bubbles and the biggest bubble in human history. to compare it to the mississippi bubble or the tax bubble. to tulips?te bitcoin it crashed in comparison, 30% last week at 10% today.
all the way down to zero. the fundamental value of bitcoin to===. >> a bloomberg summation of this culture, the money question today is, the crypto people say they can separate the crypto industry, blockchain, the rest of it, everything we saw at davos from the value of bitcoin. can you separate crypto from the price decay of bitcoin? hundredhere are 13 plus cryptocurrencies or ipo's and most are worst with no value. , they are is a bubble a bubble to the power of two or three. blockchain, saying bitcoin bubble or a fat but blockchain is a revolutionary industry, it
has been around for 10 years and the only application is bitcoin or cryptocurrencies that are a scam. in the early days of the email,t, you have html, other applications, after 10 years, they can offer in the blogging space is nothing, just a bunch of cryptocurrencies are a scam. mark: tom keene speaking with nouriel roubini from nyu school of business. vonnie: time for our latest business flash, the biggest stories in the news. after zynga says sales will -- astrazeneca says sales will rise in 2018 for the first time in four years as they released new product for diseases. they expect strong growth in china after an agreement with alibaba. merck is forecasting sorts -- sales for the full year 2% above
average estimates as they reported fourth-quarter sales better than expected. they will use benefits from the tax-cut to boot grossed. -- boot grossed -- boost growth. mark: european trading, down for a fifth consecutive day, a similar picture than the one in the united states. some urge bond yields -- sovereign bond yields are rising. thets like anything versus dollar when it comes to currencies declining. the close is three minutes away. this is bloomberg. ♪
is lower with basic resources, come oil retail, auto leading the decline with the benchmark down.; the biggest drop since november. worst run since november. the biggest weekly drop since november of 2016. dax in germany giving up all of its gains for 2018. gainanuary 23 it was on a of 5%. european stocks getting hammered on this friday session. let's look at the big movers today. the is sterling versus dollar. sterling has been an interesting mover over the past six weeks. will we see a seventh consecutive weekly advance for the pound against the dollar? if we do, the best run since september of 2012.
ubs bringing forward is forecast for the next u.k. rate hike to may. no rate hike through 2018 with i9 -- 2019 with its previous forecast, this is conditional on the raiders government and the eu reaching an agreement on a transitional deal by the eu council summit takes place in late march. investors bringing forward their bets on the next u.k. rate increase to as soon as may. bloomberg economics last week brought forward their prediction for the timing of the next rate hike to august. it is happening in the rate market. bank that wason a a big mover across the european equity space today, there it is, shares bucking the wide trend and rising by 1.2% today. it is the biggest fark -- bank
in denmark and a share buyback one point $7hly billion and says it is generating enough extra cash to target higher dividends for its owners. the flip side of the banking industry. this is deutsche bank, down 6%. germany's biggest lender surprising with revenue that fell to its lowest level in seven years, the kleins and businesses from transaction banking to equity derivatives, even cost control was worse than expected with the chief executive running out of time to show he can lead europe's biggest investment bank. back to strength. final stock price we are focusing on, vodafone and talks with liberty global on some european aspects -- assets. we saw a move at the end of the session, up 2.75%, vodafone looking to buy some european assets from liberty global. it is a buy and not a combination.
that is the markets at the european close. sessionin the u.s., the is not done with fed speakers to wait on. maybe the release of a memo that could throw political turmoil in the markets. we are digesting the u.s. jobs report. all agility has picked up, close to 15 on the vix -- fall ability has picked up, close to 15 on the vix. the euro and yen at 89.24, dollar index, above the line in the last couple of sessions. the 10 year yield is well above the 2.80, up for basis points and holding -- four basis points and holding. spread.widening the 210 , aost 68 basis points selloff at the medium and longer end of the treasury curve. a lot of red on screens.
u.s. indexes, a lot of red. from europe to canada, south korea, all showing red. currencies that are paired with the dollar when it comes to commodities are having a difficult day. canadian dollar down 1.1% and the yen down almost 1%. brent crude and wti down nearly 2% with wti trading below $65 per barrel again. mark: let's get to european-u.s. equities continuing to feel the pain. let's wrap the weekend markets with our -- week with markets feared is this the beginning of the rotation from stocks to bonds? >> it depends on if you ask the bears or bulls, the daresay it is it because yields are in an upward trajectory and there is a lot of emphasis on that front. that makes stocks less attractive.
if you look at the fed model, which compares the earnings yield in the s&p 500 versus the treasury yields, that favors the stocks -- the spread tightening but still positive in favor of stocks. if you asked the bulls, they say it is a healthy correction. gary cohn said that markets are just consolidating after a big bull run. momentum does look to be shifting a little bit, a pullback, it is unreasonable to expect indiscriminate gains every day, or new record highs for the s&p every day. it is time for a pause. mark: some investors waiting to put cash on the sidelines, how stocks overcome? is on company fundamentals and that is where earnings come into play. that it isitous earnings season and investors will get a closer look on company balance sheets,
perspectives for value going forward, where investors can see more games. -- gains. that does not look bad, the u.s. earnings seasons halfway into the season with 81% of companies beating the european session. only 1/5 of the way but more than half of the companies beating. that is promising on that front. this fullback if nothing else will give investors -- this pullback if nothing else will give investors mark: -- worst week for the stoxx 600 for a long time. how does fx play into it on both sides of the electric? weakerhe u.s., the dollar could not hurt but not so much the factor, given where we are in the economic and business cycle. stocks tend to be less sensitive to currently movement. not so much the case in europe. the euro strength is impacting
the dax. before the deutsche bank disappointment, the dax was falling already with key support levels. that does have to do with the euro, the correlation between those two reestablishing on a negative dax. vonnie: you brought us a great chart. two interesting spreads, stocks to bond yields, explain it and what it means. >> this is the fed model that looks at equity valuations versus bonds. that compares the earnings yield for equity indexes versus the treasury yields. traditionally, u.s. measure but we can apply it to germany. , stocks still in favor and the spread positive. the earnings yield for equities is still surpassing the bond yields, despite the run-up we have seen in the last few
months. vonnie: what will we be watching port next week? does it turn away from earnings and back to central banking with super thursday? >> absolutely. the central bank picture has been getting interesting, there tied in be this hawkish terms of the sentiment for the economies. arguably, the ecb prefers to be dovish in terms of policy. when you look at their comments on the economy, they are believing at the economic recovery and inflation and growth will eventually converge to their targets. mark: the bank of england is touch and go whether it will get to it seventh weekly rise, quite a winning run. super thursday. investors bringing forward their bets on when the bank will raise interest, even our bi institution that said no rate hike until after the process is done, the brexit process is done
and have brought their expectations forward to august. is there a sense of change when it comes to u.s. >> -->> it feels like the tide is turning for more to come it's all monetary policy. it does seem they are taking their cues mark carney, who is passes first appearance in public this year, he says it feels like monetary policy is becoming more traditional in a sense they can move on to focus and targeting inflation, rather than trying to run -- walk a fine line between inflation and growth. mark: thank you for joining us. the markets reporter for bloomberg news. vonnie: let's check in on the first word news with courtney donohoe. >> the u.s. job market was on a role last month with employers adding a better than expected 200,000 jobs in january and wages rose at the fastest annual rate since the recession ended. the on employment rate is 4.1%
which matches the lowest it has been since the year 2000. in london, a far right supporters who drove a van into a crowd of worshipers outside of a mosque as incentives to at least 43 years in prison. his attack last june killed one person and injured 12 others. is alled friendly fire growing risk in syria where american troops are embedded with kurdish forces that could come under attack by turkey. both turkey and the u.s. say they are talking to each other to minimize the danger. so far military offenses has avoided kurdish forces who have american troops attached. the richest person in the world just got richer, jeff bezos at a fortune grow $6.5 billion after his amazon reported strong holiday sales. if there stock gains hold up today, his fortune would fit a record $123 billion. global news 24 hours a day, powered by more than 2700 journalist and analysts in more than 120 countries. i am courtney donohoe.
♪ mark: live from london, i am mark barton. vonnie: a new york, i am vonnie quinn. this is the european goes on bloomberg markets. cbs and viacom looking at getting back together. formed special board committee's to evaluate a possible merger. let's bring in richard greenfield of btig. how close are we to this deal getting done?
>> the industry is getting significant pressure, subscribers are leaving multichannel television, over the top tv, look at netflix, up almost 50% year to date. linearrs are giving up television and moving to internet delivered on demand television. advertising is suffering. when you look at the growth of facebook and google reported, advertising dollars are moving to mobile and away from tv. a growing pressure on legacy media companies. you are either selling the way time warner, scripps, fox, murdoch even now selling. you are selling or buying. buy a calm and cbs -- viacom, cbs, cherry red stone is the controlling shareholder -- of both, the most logical first step is to get them to scale, these companies are too small. they look like pebbles on a media landscape dominated by
giants. vonnie: there are new synergies as viacom is turning around. management may be getting it back together. cbs is seeing the writing on the wall. what will get this done? >> les moonves does not want to do this. why didn't happen -- it happen in 2016? because les moonves did not wanted to happen. he liked running his standalone company. but the writing is on the wall. they lost the nfl on thursday. the writing will be on the wall in 2022 when they lose it for sunday afternoon here cbs is not big enough and les moonves becomes expendable. while they would love to have him running the combined company, if he is not on board,
you have to do it, there is too much industrial logic to move forward. you would end up seeing a viacom led the combined company. isnie: i do not think les completely expendable and he has a way for it not to get done. there has to be incentive for him. cbs brings the revenue. >>les cannot wanted to get done but at the end of the day, the company is owned by national amusements. board, andor them, a they work for national amusements, the largest shareholder. he does not have a lot of ability to push back. when you think about the fact that disney is buying fox, bob iger and the walt disney company are saying they do not have enough scale to compete. rupert is selling his company and jeff up-ice is selling his company to at&t. there is not a leg to stand up for cbs to say, we are fine and will be ok, we are big enough.
it is not a logical argument. vonnie: by a calm, there's -- viacom, their stock is suffering. >> fine through a lens of, it has not gone down meaningfully over the last 12 months, relative to viacom, but cbs, relative to the growth in stocks like netflix, or facebook, google. the entire industry is suffering . none of the companies are doing well in legacy media as all are challenged. disney over the last two years has not grown. vonnie: can cbs take advantage of the scale that viacom would offer? the international distribution? >> the point is that cbs and viacom need to get a lot bigger. this is just step one. you will see a multiple step transaction. step one is combined the companies, quick and relatively easy.
you can do it before the end of position to doa other acquisitions or transactions in 2019 and beyond. maybe they sell to a larger company like verizon. maybe there is a larger player that enters the space and wants to own all of viacom or maybe day turnaround and by sony entertainment business. maybe there is an opportunity to acquire assets that were not available. either way, this is not big enough. it will have to get bigger. vonnie: where are the growth opportunities? assuming it happens and it is a combined company and they merge to an international studio. at that point, what do they concentrate on? deserves a lot of credit, not just for being a great programmer but for the foresight of launching cbs all access, a great idea to put the whole cbs programming lineup and make it available as a standalone product, away from the traditional bundle. .t has 2 million subscribers
to make 10 million or 20 million subscribers, you need nickelodeon content, paramount contact, more content for a bundle of content. morepportunity to build a robust direct to consumer property is what viacom brings to cbs. they greater scale and size as step one, you will need a lot of scale as you try to pursue sports rights in 2002 and beyond because you fight -- 2022 because you are fighting against disney, time warner, nbc-comcast. vonnie: what is the evaluation of a combined company -- the valuation of a combined company? >> the challenge is how big the revenue synergies are feared right now, probably 700 million plus of cost synergies. that is a rough estimate. you have revenue synergies. as you add cbs and the power of the nfl over the next several
years, they had it through the end of 2022 on sunday afternoon, how does it get used to shield they do noty -- so suffer like chartered it where they repackaged and hurt viacom. if that is significant leverage, you could see synergies rise dramatically above $1 billion, and the whole company looks incredibly inexpensive. talking about single-digit multiples, a very competitive -- compelling stock. vonnie: once our attention is away from this deal, where else should we be looking in media? >> we are at an interesting moment in time. the government will rule -- the courts will rule over the next four or five months in terms of what happens with at&t-time warner. assuming the deal goes through, you will have a very large at&t-time warner. if it does not, you have a lot of assets that are available which could get broken up and a
feeding frenzy for the assets in the market. before we figure out what is next, everyone will wait to see whether or not they get a shot at the time warner assets. vonnie: richard greenfield of btig. mark: fantastic interview. the u.k. is not out of the eu yet but already pursuing to deepen trade ties outside of the continent. liam fox was in shanghai where he spoke to bloomberg. to beis difficult to see a custom unions is compatible with how an independent state policy because we would be depended upon what the eu negotiated in terms of its trading policies and the following behind that. we have to be outside of that to take advantage of the markets. mark: liam fox speaking to bloomberg television. coming up, battle of the charts, a job state chart you do not want to miss. ♪
vonnie: breaking news, a person familiar with the situation tells bloomberg that steve w ynn's payment to a former employee was associated with a paternity claim in 2005. wynn made it secret as he did not want the allegations to be a distraction for his company according to people who asked not to be identified because it is all private information. at the time, wynn resorts had just opened a resort in las vegas and was building one in macau. no evidence that he fathered a child. no evidence that he fathered a child. he said $7.5 million in a secret claim but the paternity claim is now the reason, and it makes he paid soe -- why much to a former employer. his ex-wife lawyers and gaming
regulation that regulators are looking into this -- regulators are looking into this. say, on the regulatory side, that is an issue of concern. positionn threat his at the top of this company. we have a guest. vonnie: chris palmeri is on the phone. this is not necessarily a negative and could help steve when -- wynn's case. >> it provides an explanation of why the payment was so high. beenis something we have asking since we first read there was a multimillion dollar payment. this woman claims that she had a child as a result of the encounter with steve wynn. it was coming at a delicate time for him with his newest resort
having just opened in las vegas and another one coming in macau in months. he was not sure about her claim. he essentially put it to rest in a fashion that he saw best -- fastest. he advised his attorney to make the multimillion dollar payment. vonnie: thanks to chris palmeri with that exclusive bloomberg story. suggesting that steve wynn's sigrid $7.5 million payment to a former employee was in relation to a paternity claim but no evidence he fathered a child. lawyers are looking into it and this is according to people familiar with the matter. real yield is next. ♪
that the fbi misconduct. president trump said that the fbi and justice department politicized what he called the sacred investigative process. prime minister theresa may is insisting the u.k. is not have to choose between frictionless trade with the european union and the ability to afford new trade deals around the world. shanghai,o the bbc in theresa may said i do not believe those are the alternatives. her conservative government is split between supporters of a clean break with the eu and those who want to stick close to the terror free single market and customs union here a dramatic moment in michigan sentencing hearing for larry nassar, the disgraced force dr. convicted of sexual assault. the father of three of his victims try to attack can on the stand