tv Bloomberg Markets Americas Bloomberg April 16, 2019 1:00pm-2:00pm EDT
the two bell towers were saved. so was the crown of thorns that jesus was said to have born before his crucifixion. notre dame has been under construction. there is the assumption that it has been an accident. has buckednt tradition and skipped a black-tie affair every year since taking office, saying that he's skipping this year's dinner because it is "so boring and so negative." he said he would hold a very positive rally instead. he got a narrow victory in wisconsin in the 2016 election. recent fighting between rival libyan relations for -- militias for the capital of tripoli has displaced 18,000 people. the international criminal court says they are deeply concerned about the latest figure from the united nations and called on
military commanders to prevent war crimes in libya. the crisis that began earlier this month threatened to ignite civil war on the scale of the 2011 uprising that toppled and killed my market off a. kim jong-un is getting ready for his first summit with vladimir putin. a south korean newspaper says the two will probably meet next week and are likely to discuss the stalled nuclear disarmament talks between the north and the united states. russia has repeatedly called for sanctions against the north to be scaled back. global news 24 hours per day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton, this is bloomberg. york, 61 p.m. in new p.m. in london, 1 a.m. in hong kong. i'm vonnie quinn. welcome to "bloomberg markets."
here are the top stories on the bloomberg and from around the world that we are following. steady as she goes, bank of america has record strengths on consumer banking. speaking of earnings, ibm is set to report after the bell. what will big lou tell us about big tech. -- apparel isrio making a comeback, we will tell you why the century old retail brand is suddenly cool again. halfway into the trading day and want to have a look at where the bounce is. going anywhere, taylor? rising,bond yields are you are seeing it play out within the fangs, off about 1% leaving the market.
the stoxx, interesting, two makers are leading the gains off about 1%. a big part of that move is coming from advanced micro devices. sony is coming out with a new playstation five and said that they will use new anz chips in that and they get 70% of their revenue from cpus and g views and 30% of revenue from games consoles, so a big win here for amd. a big stock that we have been following in the last hour or so, boston scientific. they have been told they need to halt sales of their vaginal mesh products. the two companies have reportedly failed to demonstrate a reasonable assurance of safety and effectiveness of the devices . they have had a series of lawsuits, a lot of women planning they have permanent damage and pain. boston scientific shares are getting hot hit hard today. if you come into my terminal today for all of you coffee lovers -- unfortunately our
coffee is free but prices are off with retail prices thanks to soaring inventories from brazil. inventories are up 77% in the last two years, so those rising inventories mean that future prices are falling and if you are a coffee lover you can get it cheaper than it was a few days ago. you are athink if coffee lover, you would unfortunately pay anything. thank you. the season,eck on ed, how are things shaping up for you so far this season? management teams and analysts have done a good job setting the bar particularly low according to s&p consensus estimates that are only .4% growth year on year for q1. we have a pretty good shot at beating that. a lot of it being the top line, not so many the bottom line.
but those consensus numbers are pretty low. vonnie: they have an coming down pretty constantly. what is your outlook for the coming season, particularly given the guidance we got? have done a, they good job of bringing the numbers down, but q4 is a must more like a hockey stick. with 27% for q4. has really gone on is that the q4 18 numbers were lighter and analysts just haven't taken the time to bring those numbers down for q4 19 to get more in line with what would be expected. so at some point this earnings season they may kick the can down the road, but the q4 numbers are going to have to be addressed and the markets are going to have to acknowledge that we are not going to get that much of a hockey stick later in the year. vonnie: so, we should acknowledge financials as a group. again, bank of america this morning, not terrible numbers, a little bit of a selloff, but overall how do you feel the
financial industry did for the coming quarters? doing the best they can and a tough environment. the bottom line is that with the yield curve where it is and economic growth being ok not great, what do you expect them to do? they are managing cost and some who are doing a better than others are the ones managing to andsome sort of loan growth they are probably going to do a lot better than others. we will see if they move forward and move on to other sectors, if the economy is doing better, because those are financially stimulated. vonnie: what did we hear about dividends, buybacks, and other shareholder incentives in terms of cash on the books? of last, well the story year was buybacks, right? $700 billion in buybacks from s&p 500 companies, by far a record high, looks like they are off to another strong start this
year. a lot of that money repatriated went right into buybacks, which kind of makes sense, because a lot of that is a one time deal dividend with decent evident growth last year but that will have to be on an ongoing basis. i think that the key to like out for here is whether or not these buybacks start to dry up. that is something you get again later in the year and it looks like there is plenty of cash on the balance sheets for those to go on a couple more quarters. vonnie: a little bit troubling this morning, down rather than up as the market was looking for libation, which was down as well. what do you think about capital sedentary's and what companies are saying about that? to be theas supposed deal from tax cuts, right? and it just hasn't come through? the end demand wasn't seen as being there. you make an investment saying you had to wait a few years to find out if it was a good idea
as opposed to a buyback ryu get the immediate gratification? that is where companies are going to focus on. , we think, can be ok, but that's not going to be where the marginal dollar is going. it seems to be more on the other side. it might be a good thing for companies for earnings-per-share , but it's not great news for the economy, which is why we think that this could be a moderate amount of economic growth this year. what are the targets for the s&p 500? 3000 before long, that's only a few percentage points away. do you see the market continuing to go higher? is there a catalyst out there? >> yeah, record highs are in the offering and we are not that far away. it is going to be a tougher grind from here because it comes off as extreme pessimism from december. for example, in the last six years, when the earnings beat
the rate over consensus estimates, that has been low and the market has actually done year., up 20% per that's what happened last quarter. when the rate is high, the market has done ok for about 6%. we can still grind higher to see if we are going to get a repeat of the market reaction in q1 is probably missing the boat in terms of a rebound from the extreme pessimism that we saw a last year, early this year. any sectors the came in with the results that you might be looking towards for the next couple of quarters? ed: it's just really about the growth sectors. you will need to focus on those need the that don't economy to excel a rate don't fall into that category,
focusing more on tech in particular as areas that are going to have a tailwind for the part of the economy doing well and largely not needing a strong accelerating economic growth to produce better numbers, so that's where we are focusing vonnie:. interestingly we just had the l'oreal ceo right now on an earnings call saying that u.s. consumer demand is pretty weak. that's a direct quote. ed, thank you for joining us, the chief u.s. strategist, ed to us fromoming sarasota. coming up, ibm reporting earnings after the bell, but that won't be what analysts are focusing on. more from big blue, next. this is bloomberg. ♪
time now for the latest bloomberg is this outlook with a look at the big -- biggest business stories in the news right now. shares of videogame publishers falling after wired magazine ported that the playstation five console will not be in store this year. take two, activision, blizzard, all lower today. the biggest u.s. health insurer, united health, one million new customers coming from the company business that sold health insurance to employers and individuals and many of the rest came from their medicare unit. the company raised its forecast for the full year but is still lower on the session. agreed to buy back $1.5 billion in contingent convertible notes. the debt is priced with the expectation that they would be bought back by the issuer at the
first opportunity and in february they claimed to renew the euro nominated cocoas after keeping investors guessing for weeks. that is your latest bloomberg business flash. ibm supports its earnings today after falling revenue, but that won't be what analysts are most focused on. anna is here to tell us what to watch. >> the deal hasn't closed. we would love to hear what they have to talk about regarding strategy going forward. ibm, they think this is the last for ibm to- chance make a relative gain in the tech world. everything that they were selling before has not forced them to grow at the pace of the software or even services industry. having said that, the environment is good right now and people are spending a lot on technology, so we don't expect surprises coming
out of their earnings. they have the experience, what is lacking? what's the speed? speed of change is the thing. nobody expected the world to change at this pace. ibm, hp, dell, they had a lot of portfolio that i would say the legacy work, people are not buying it is much. people are purchasing more cloud applications, infrastructure, ai kinds of things, that is where some of these companies have lagged and the legacy products are bringing down the growth rates of their newer offerings. vonnie: is [indiscernible] doing a good job? anurag: i would have loved to have seen this red hat acquisition done a few years ago, but i still feel that this is the one last chance left for them to show that they can still, you know, be involved in
the tech industry and show some topline growth for the next few years. taylor: what else should we be -- vonnie: what else should we be looking out for in these earnings? anurag: emerging growth assets that they have, security or cloud, the pace of growth over there, and the outlook going into the second half. things are very good right now. you can't get better than that exciting environment today. do we have any shoots of weakness coming down the road that people are worried about year-over-year comparisons? tot's an important thing seal the cost. vonnie: who are its peers, cloud, and why aren't they catching up? there is a big portfolio of legacy work so on the
servicing side they work hard with the cap chairman and on the software side they do compete inh sap -- sorry, microsoft certain areas, salesforce in certain areas, it's a large conglomerate that has cut competition across the board. what are the two things we should be focusing on and what will analysts be asking about? anurag: club growth will be important and spending, at what pace do they think that they need to spend to move that information to the public cloud? the cloud,will be on listening for that question. thank you. still ahead, what clothing items are a must-have for a 15-year-old boy and for the kardashian family. one may surprise you. this is bloomberg. ♪
♪ vonnie: this is "bloomberg i'm vonnie quinn. return of the champion, the athletic apparel rand has had a massive resurgence in global sales since last year. the big logo more and from everyone by the kardashian's two teenage boys. let's look at our bloomberg news business reporter. jordan, what happened? champions became cool or hip again? jordan: that's right, and teenagers love it. street where is back, they really like this like 90's vibe of the retro, even though they .on't remember it champions is capitalizing on it with social influencers. extra: what gave them the eight -- extra edge that made the teenage boys want to go out there, as well as the kardashian's.
they work with supreme, they have exclusive other brands, and it took them 100 years to open up a store so now they have a billboard. supreme is one, obviously. they got a boost of private equity money from apollo, correct? who else? who else is getting money from champion and are they making a profit yet? jordyn: they work with kids, they work with places like soho, the hip places, but champion once to hit $2 billion in sales by 2022, meaning they have an acquisition with europe, they brought in their asian brands to make sure they are under one umbrella and are bringing in people like the kardashians, making sure they are giving up products. chance the wrapper un saying that he made them lame -- made them -- chance the rapper saying
that he made them unlame again. obviously ace is massive name, but if it was a lesser tier of people, it probably wouldn't be so successful. how much is champion paying these influencers? jordyn: reports vary, but they are also being strategic about what stores they are in. they recently canceled their contract with target and now they are in neiman marcus. they haven't really changed of the look of it, but that is kind of the perception of the brand. the places where they are going, going into things with todd snider. so as long as you make people think that you have elevated, teenagers will believe that. you so in your story they went from 200,000 instagram followers to how many? 6 million across the
platform, which is significant. what they do on instagram is make sure that they are showing new products and saying this is a lifestyle brand, here is some active where. they have celebrities and they are very specific about the cities they are in, targeting arts, sports, culture, philly, chicago, boston. then it makes products specific to those cities so that people feel a stronger connection. vonnie: who is behind all of this? jordyn: the rival -- revival question mark vonnie: -- revival ?uestio vonnie: yeah. jordyn: they didn't go out there for the trend, but they were good at grabbing it when it came. their north american brand is diffuse and they are better at connecting with the european group. and in japan it's huge.
what's the saying, get the borrowers because people want to buy it when they see it on the street? or did they get those borrowers some other way and people want to buy it? definitely a chicken and egg situation. teenagers love it to the point where they don't even know what it used to be. when i talked to some shoppers in the stores who are twentysomethings, they were calling it a new brand. do they have drops, is this one of the ploys where they have a limited number of items that get resold on the secondary market? exclusives with places like urban outfitters to make you go and get it right away, with arnie's, and the stores are key for that because now they can see the products that people want and they can go back to foot locker, macy's, say this is how you should market our stuff and we even got new colors for you. isn't using them
with money? they are not a public company. jordyn: they are part of hanes brand, known for their tidy whitey underwear. whitey y -- underwear. they are building up social media and marketing teams, but they are definitely under the hanes on bella with social resources. vonnie: always love to read your .tories, jordyn we are into the second half of the trading day and we are really going nowhere. the dow and the s&p 500 are up 1/10 of 1%. the nasdaq is a little bit better, up 4/10 of 1% with another raft of earnings after the bell today, including netflix, up three point 6% in advance of that and there is the
question about what is going to happen with hulu now that at&t has decided to sell the rest of its stake back. and then you have the managed health care index down, it's one of the worst performing groups today after united health results,wonderful really, but humana and hda health care, they are all down after the conference call, suggesting that perhaps the outlook isn't as clear as all of that when it comes to policy out of washington, d.c. coming up, bank of america earnings beat estimates off the back of a consumer unit. this is bloomberg. ♪
he is expected to announce rebuilding of the notre-dame cathedral following yesterday's devastating fire. most of the cathedral was destroyed, including the roof and speier. -- spire. in london, authorities have arrested over 200 people after climate change protesters blocked major bridges and intersections. the group extinction rebellion is organizing weeks of civil disobedience over what they say is the failure to tackle the causes of climate change. police say the demonstrators were arrested when they refused to move. the european council president admits that everyone is exhausted by brexit, but he warned politicians in the eu and u.k. not to give up on efforts to break the deadlock. lawmakers have rejected an amendment three times and theresa may has now started talks with the opposition labor party. the white house has interviewed candidates to potentially
replace herman cain and stephen ward as the fix for the federal reserve. republican senators have in there is not enough to support -- on of support for herman cain to get confirmed. he was accused of sexual harassment at the end of his presidential campaign in 2008. $75,000claims he owes in taxes and other penalties. global news, 24 hours per day on air and on tictoc on twitter, powered by 100 journal -- 120 journalists and analysts -- 2400 journalists and analysts in over 120 countries. is mark crumpton, this bloomberg. vonnie: -- >> live from bloomberg world headquarters in new york, i'm shery ahn.
>> welcome to "bloomberg markets ." we are joined by our audience is now. >> here are the top stories we are following from around the world. earnings coming in, big bang and netflix revealing than latest numbers. a deadly virus sweeping across eastern asia, infecting pigs. but it's a u.s. crop the could be left the most vulnerable. menramin in dorm rooms -- ra in dorm rooms for these kids. renting mansions. we will have that story. atuick check on the markets the moment, u.s. stocks holding onto gains in the afternoon session. a six-month high above that 2900 been reached last week. financials are leading the gains . we are seeing blackrock results for setting weakness. this is the first quarter beat.
today, health care, united health, dragging those stocks down, we are seeing some concern over the future of health care with the nasdaq up for tense of 1% and the yield gaining ground. we are seeing it go back up to the levels we haven't seen since the march of that meeting raised reclaiming those levels before the fed's dovish turn. -- amber?tion mark amber: take a look at the hot streak of cannabis stocks. -- afterving higher of the company ceos said they could do $12 billion -- $1 billion in sales in the next 12 months. that was much higher than the street had currently forecast the ability for sales. just before you think that this will come hand-in-hand with profitability, the co-ceo says that anyone can make profit if they have no idea what to spend
money on. but because he knows what to spend money on, turning a profit is not a priority at this juncture. the company has a market cap of $20 billion and is projected to lose $225 million this year. shery: you have to put these canadian pot stocks into perspective. there seems to be a huge disconnect when it comes to the u.s. pot stocks and the valuation. we are seeing crow most now, market valley withholdings on planet 13, but we know that planet 13 generated more revenue flagship store in las vegas last month than crow most did in the whole of canada for the fourth quarter, a key risk for these canadian companies. the limitations perhaps of the domestic market. amber: yeah, and investors are
hoping that they will grow into the valuations they have earned. they hope that they will be the next bellwether of tomorrow, but today financials are the key focus. especially bank of america reporting record profits on the back of its consumer unit despite a 13% drop in trading revenue with retail lending carrying the bank to a solid beat. let's bring in hannah leavitt. bank that another beat expectations, but when you dig into the quality, investors are not so thrilled with what they see. hey, yeah, thanks for having me. bank of america beat expectations but they have been the worst performer among its peers. they are really being boosted by the returns in the consumer banks. boosted by net interest income, the difference between what they make from the loans they are giving out and what they have to pay out to depositors.
that is really driven by fed rate hikes that are now on pause . there is this sense right now of -- is this the best that it will get right now? they do when it comes to trading and investment bank results? down, so iss investment banking. the most missed expectations and the consumer bank drove the game here. i think people are looking for what levers the banks can pull. beenrian moynihan, it has laser focused on costs, delivering on those cost cuts. is that the kind of thing that we will be seeing rewarded in yeah --et? jordyn: hannah: yeah, the operating leverage rose, meaning that revenue is growing faster than cost. i think that that is a place they can look.
gain from the net interest income and the fed rates isn't over. what bank of america and jpmorgan pointed to was again for 2019 but smaller than what they saw last year. morgan stanley is tomorrow, but should we expect? the board asacross peers have already reported, with investment banking as well. thank you for that. wall street analysts are also watching netflix and what it has to say about subscriber growth s.d price hike competition, heating up with rivals launching streaming services. here with more is bloomberg's paul sweeney. we have had four new players in the market since the last time we checked. what should we expect for this quarter?
probably a forecast of 9 million additional subscribers this year, taking them over 150 million globally. most of it will come from outside the u.s. but the big issue for netflix and the one thing they addressed tonight is how you are going to deal with a more competitive marketplace for streaming video, particularly from the walt disney company that just unveiled its streaming service. amber: does it strike you as interesting or does it make sense to you that they are pitting netflix and disney against each other rather than putting them in the category of winners against things like cable companies. do we have evidence that people in streaming get tapped out and there are a limited number of areas they want to subscribe to? paul: it's interesting, disney has been pitted against netflix and i think that's because netflix hasn't had any real competition in the streaming
video business. hulu is out there, there have been some others, but no one with the size and clout of the wall disney company and the walt disney company has made a huge bet on video. they brought 20 for century fox so that they could get more programming to offer on their streaming service to go head to otherith netflix and technology driven companies. whether it is amazon, facebook, google, or apple at some point in time. this is a larger game for disney competing against a lot of players, but most notably among them is certainly netflix. and of course we recently had that aggravate -- aggravated price hike in the u.s.. could we see more of that? they are well-established in a lot of english speaking markets, which is where they have had success with price hikes. as other international markets mature, they will push the
pricing levels that continue to drive growth because they have to fund about $15 billion in programming investments this year and they need more cash to do that. aner: you bring up interesting point about the cash. it seems like they are in a never-ending cycle of investing in content. maybe that gets more dialed up with disney in the game. are investors going to start to parse out who in streaming can make a profitable or positive free cash flow story out of this disruptive technology? you are exactly right, this year alone netflix will have $3 billion in negative cash flow. the good news is that that is probably the trough of the free cash flow and they say it will he changing significantly going forward and price increases will be a part of that at i think the real issue is for many investors, how many streaming players can the market bear? a
second, a third, fourth player, that is a known right now. most investors think that netflix is the dominant -- the common layer because it's great content. we will all bet, begging for the bundle to come back when all of this is said and done. that was paul sweeney on bloomberg. this might seem like a thriller from netflix, but it's deadly real. a deadly pigs cash pig disease sweeping through the marketplace. this is bloomberg. ♪
forget the trade war, it's a deadly pig disease in china that is really reshaping the global soybean market for years to come. here to talk about how the virus will upend the market is michael hertz are in chicago, who has been following this story. china has been dealing with this -- i think already one million pug -- one million pigs have been called as they struggle to contain this illness. make the link for us between what's going on there and the soybean market. >> sure. china is by far the biggest hog producer in the world, with over 400 million pigs. they have had this virus now for several months that has just caused their pig herd to be called by roughly 16% or more. one of the chief reasons that farmers from u.s. and brazil have been battling for more soybeans is to feed the chinese soybean market. they are the biggest sort -- soy
buyer and pork producer and that's intertwined. shery: tell us what the onus is about and the areas affected so far. >> there have been more than 120 outbreaks across china. much of it in the eastern part of the country. but it's spreading to the western and southern part, to vietnam and cambodia. basically hogs, once they contact the disease, they are oftentimes dead or called the within about 10 days. in soybeans,ngs primarily, to feed hogs with soybean meal and use soybean oil as a vegetable oil. people expect china to need much fewer soybeans due to basically fewer hogs to feed. how quickly can farmers adapt to the new reality? in china?
we still don't have a very good idea of how armors can begin to rebuild their heard. the disease spreads so quickly, and oftentimes -- they are not really be building yet, they are just in a culling phase right now. the true affect on global soybean trade has also not determined. we are hearing that brazilian meat companies could benefit. who will be the winners and losers? >> j bs shares the largest global meet supplier end is up to an all-time high for a 50 third day in a row. the brothers who control the company have already seen their kind of market cap increase by $2 billion. they are already benefiting. china last week booked its biggest purchase of a u.s. port in history. pork in history.
more meet is headed towards china, folks think that those numbers are going to continue to farms try to more deal with the disease there. michael, what are we talking about in terms of impact to consumers? are we going to start seeing material increases and products in north america? or is that just a china story? futuresin the u.s., hog have been trading at the contact ties. wholesale pork futures have surged. pork belly prices are trading at their highest level since last summer. those higher cost will likely begin to translate into higher prices for consumers going forward. amber: michael, thank you so
shery: this is "bloomberg markets." i'm shery ahn in new york. iner: and i'm amber can mark toronto. a look at the biggest business stories in news right now. is reportedly interested in perching commerce by -- purchasing commerce bank. they asked martin sell key and the german government about starting talks. deutsche bank is considering a takeover of commerce bank saying that ing has offered to cut
fewer jobs if it is the bitter. disney has received final rounds of bidding for about $10 billion and up for the fox regional sports network. bloomberg learned of that the bidders include sinclair and john malone. liberty is teach -- teaming up with major league baseball on its offer. and the ice cube big three basketball leave -- basketball league is also a winner. that is your business flash update. --ry: falling property vice prices in vancouver. gone are the days of doubling prices for homes in vancouver, outpacing the games in new york. we are seeing sales here now at or weakest levels since the global financial crisis. really not looking great for the city. amber: absolutely not. but even though sales have slid to some of the worst levels we have seen since the financial crisis, one thing to point out
is that we are still not quite at levels where everyday people can afford it. you have seen a bit of a roll over in home prices, but not really something that in average family looking to start their family can afford. so we are talking about homes listed for $10 million going for $8 million. the beacon of affordability. actually, bloomberg did in-depth looks at how topsy-turvy the market has become. joining me in the toronto studio right now is natalie. millennials have found this kind of unique way to get into mansions and think uber. what did you find what you were there? >> it's an incredible story, we found a beautiful nine bedroom living with 14 students there, each paying about $1000 apiece to live in this beautiful house act out with a pool, sauna
, a billiards table, everything you can tree month, they have and they are living like things in these mansions. shery: one of the reasons that property prices went up so much is because chinese people came in to purchase, but now we are hearing about hostility against asian capital? >> they are definitely feeling increasing hostility. a lot of these people are chinese canadians, actually, splitting their time between their home and china and coming -- coming to vancouver for the lifestyle. house own a $5 million you are paying well over $100,000 in taxes each year. a lot of them are just thinking -- the government can put these taxes in overnight and i don't really trust putting my investment here any longer. i'm going to look to put it somewhere else.
we have are that some of them are going to sydney, to switzerland, even looking at toronto, perhaps. highlights what happened after their own measures to cool a hothouse market. your story kind of highlights that it didn't really create a normal market. it just created a different, weird way to try to live in think uber that is still not your traditional get a mortgage, by a normal detached home close enough to where you work. amber: exactly. vancouver is really a special housing market. these taxes affect the luxury market. as you mentioned earlier, the more affordable segments, that's still a busy market and there is still demand for it. the whole market is still unaffordable for the relative vancouverite living there. the ones that are getting at the
hardest have to come up with this decision, do i rent to a bunch of students that could potentially trash my house? or do i sell at a discount of $2 million when i could have sold it or way higher a year earlier? one of the businesses springing up around it is this whole issue of the luxury market. >> in terms of businesses, there are several businesses around think uber getting hit by the hit on the luxury sales. we spoke to people who say that you can know what it's done to .uxury markets, for example luxury car sales and whatnot dropping because, you know, the consumer sentiment is down for the people who have been spending money in these luxury retail stores and they are not seeing as much of a drive anymore. suggestingle now maybe i don't pay rent and you
let me mow your lawn? >> these people know that they can take advantage of the fact that the sellers need to do something about their houses. whether is it -- whether it is rent and garden for free or putting in extremely lowball offers, and getting what they want. amber: natalie, thank you so much for that. if you missed out on any of those interviews today, tv is your function on the bloomberg. you can find other functions and data on the right side of that scene. live from toronto and new york, this is bloomberg.
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he told reporters that it is under permanent surveillance because, in his words, it could still budge. he added that state employees were treating the art pieces that remain there, some of which were too big to be transferred. he added, "we will be standing at notre dame's that site.-- bedside." he said according to the public prosecutor, there is no reason to believe the fire is anything but an accident, adding that an inquiry is nonetheless underway. the trump administration is asking a judge to throw out michael cohen's ossie davis she is seeking reimbursement for money he spent defending himself from numerous investigations. the president's former attorney is hoping for a payday as he is about to serve a three-year prison sentence. cohen