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tv   Street Signs  CNBC  February 26, 2019 4:00am-5:00am EST

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>> shares in iberia owner aig dropped after msci revealed plans to remove the stock from its spanish index. and shares in standard chart's fall after the full year standard forecast is missed. the bank can still return cash to its shareholders. >> i've got excess capital over that range then to the extent we don't need it to invest in the business, we will look at returning back to shareholders i think we can both do that and grow the business. they are not mutually exclusive. now, across europe this morning there have been a number
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of corporate stories in focus. a lot of single stock movers in addition to those macrothemes that are dictating market moves. we are seeing some big movers on the individual basis now, basf, the chemicals giant, they reported their earnings today. shares are up 3% they reported that at fourth quarter operating profits plunged 06%, but the key here is that that still beat analyst expectations remember, yesterday we had cavestro report their earnings that stock came under aid huge amount of pressure strong read across the basf. expectations into today were quite negative not quite as bad as investors had feared standard charter, they came out as well. they missed their full year profits. they announced further cost-cutting not enough for investors, however. that stock is coming under a little bit of pressure zelando, they are also under pressure, and they came out, and that is as morgan stanley and citigroup cut their target
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price. travis pirkins beat their full year forecast. very interesting to see a u.k. construction name up so strongly today. perhaps it gives a little bit of insight into how investors are positioned around this space per s persimmon. in the auto space we've got another key earnings come through this morning, and that is shares in psa group opened lower. they required full year divideance for 2018 and lifted its profit outlook traders have blamed the price drop on a strong run-up of the stock hfd these results as well as the fact that sales missed forecasts. again, this is perhaps telling and less about how the results look on a fundamental basis. our league anetta is in paris at psa group's headquarters
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given all the uncertainties around the auto sector in europe, what is the company predicting for 2019? >> they're quite optimistic for 2019 given all these challenges. they have a new profitability target, which is now 4.5% operating margin that compares to 6% previously, but in one excludeing -- still, the two brands, which are in restructuring mode, so overall they're actually quite optimistic in turning them around as well, despite all these headwinds also despite the uncertificate surrounding
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brexit take a listen to what the owner of the psa group said about their plans there and whether tariffs are actually also a burden on their plans. >> we are announcing today that we are going to enter the north american market with the peurgot brand. we will go to india with -- and that will go back to russia where there is a significant we are extremely successful in europe and highly profitable we understand europe we understand european market, and we are doing well. now, we are using this strong foundation that we have in europe to deploy ourselves
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across the world >> between the lines i actually think that they are planning also on doing cost-cutting more stringently perhaps than before. clearly, the focus will be on cost it has a strong focus on all this years here at the company china clearly will be a problem for them as well even though they don't have a hunl exposure to china yet, but clearly it's a growing market especially for the car market and especially if you have them in a clean version. still, i think it will be a tough time for them to actually boost their market share given the shrinking or given the
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cooling of the chinese markets overall clearly psa group is -- had a good year last year, but the chal ekz are quite clear to everybody, and also, investors are probably shieg away from the shares a little bit because they had a good run, and they also had a good last year they were in quite a good spot looking ahead, it seems a challenge to them. back to you. >> thanks so much for that analysis and for bringing us that interview with the psa group, ceo there outside paris it's part of a continued effort to -- they missed full year profit estimates, but it expects 10% return by 2021 and has promised to transfer some of its surplus capital to shareholders. standard charter cfo andy explained his company's capital rush strategy in an interview
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with cnbc earlier this morning >> we have had a look at what level of capital we need to hold, and we have slightly changed the ranging on that to 13% to 14%, and at the end of 2018 we were slightly above that range at 14.2% what we've announced today is a doubling of the dividend or very near doubling of the dividend between 2018 and 2017, and we have said that to the extent going forward that we have got excess capital over that range and then to the extent we don't need it to invest in the business, we will look at returning that to shareholders i think we can both do that and grow the business. they are not mutually exclusive. >> in other corporate news german chemicals firm basf reports that its fourth year operating profit plunged 60% that still beat analyst expectations the company blamed a sharp decline in earnings at its basic petrol chemicals unit, and it expects the first two yaurts of
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this year to also be "relatively weak" and insists it will treat 2019 as a transitional year. managing director of director of -- now, it's interesting today in terms of what we're seeing in the single symptom moves that the reaction from the market is not necessarily in line with the fundamental outlooks it feels as though a lot of the moves are based on investor positioning. in terms of how investors are positioned at this point in time, would you say that they are expecting the negativity to come through are they negatively positioned for the rest of the year >> it's difficult to say i mean, they certainly were at the end of last year early this year because markets had fallen a lot and they had seen a lot of outflows from funds. people were negative about the growth outlook of course, now you have seen markets bounce quite considerably that said, i'm not sure a lot of investors have enjoyed or participated completely in that
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bounce people have been skeptical about the growth environment they have been expecting, as you see with bsf figures, they have been expecting actual figures to be quite weak given the global growth back drop i don't think these will be a shock to investors they expect earnings to be revised down given the economic figures we've seen seeing recently is it fair to say this is in large part short covering or people taking a fundamental view that recession risks have abated in recent weeks? >> things have changed fumgtsly as well. the fed has become more patient. certainly spoken more dovishly there is a genuine belief and evidence that trade talks are progressing between the u.s. and china more positively. you could argue there's a fundamental data point rather than just sentiment or short covering absolutely, i don't think you've seen huge amounts of inflows
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into mutual funds. there's not a huge faith that you're going to see a big cyclical recovery from all of this perhaps those other things i mentioned just stopped the down side pain rather than seeing a big uplift to earnings or growth >> just speaking specifically around europe, are you seeing the disconnect, the perceived disconnect between the underlying economic data in europe and performance of equities in this part of the world has been overblown over the last month or so >> i think they were overblown and markets had fallen too much at the end of last year, and a little bit of the rally that we've seen in the last six weeks or so has been driven by people having got over positioned on the short side at the end of last year, assuming we would have a recession this year i think europe will get quite close, actually, to recession, and italy is in recession at the moment germany is probably stagnating it's not that we're far from that, but we're probably not going to see a deep recession. we don't expect your area, but we do expect it to grow 1% not amazing, but still some
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growth a little bit of a bounce back from very gloomy forecasts at the end of last year, rather than suddenly getting amazing data right now that we certainly haven't seen >> excellent well, sharon bell, managing director european equity strategy from goldman sachs. we'll have more from you i want to bring you one of the corporate stories in focus today, and that is around british airways owner iag. it will delete the airlines stock. snoo it is interesting to see them occur in such close succession >>. >> we know the context here, and this is going back many, many
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years. iag as a carrier group that has huge flbz of assets both inside mainland europe and then inside british airways, and they've des putined the way the europe even commission insists on majority eu ownership for eu-based airlines that goes to specific hubs as well we've heard from people like willy walsh going back that he is not happy with the way the european commission insists on this, and it seems to be now this conflict between the european commission and the airline group has now broken out into the open once again whether that's had an impact on the decision from msci not clear at this point, but it is worth looking at the way the european commission has made their announcements over the last few months and the way that aig and, in fact, other competenttives in the area, specifically companies like ryanair, have reacted though those announcements meanwhile, coming up on the
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show kim jong un arrives for his summit with president trump. we'll have more from hand hanoi after the break. for your heart.. your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory. prevagen. healthier brain. better life. guys go through a lot to deal with shave irritation. so, we built the new gillette skinguard
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welcome back to the program. u.s. president donald trump says the u.s. and china are very, very close to a trade deal negotiators from both sides held talks over the weekend in washington and trump said a signing summit with chinese president xi jing ping will be coming soon. the u.s. president has postponed a rise in tariffs on chinese imports, which was originally set for the beginning of march he hailed progress made in talks so far, but still warned a deal may not happen >> they have tremendous potential. when we miss these straight deals because we are being ripped we lose $800 billion a year on trade. think of it. it's $800 billion. nobody even knows what that means. china is the big one china is 50% of the number
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even more. we're doing very well. that could happen fairly soon or not at all might not happen at all, but i think it's going to happen, and it could happen fairly soon, the relationship is great. >> as you can see i beside me, it's a different picture in asia today than when i was standing here yesterday yesterday chinese stocks rallied more than 5% now we are seeing some profit taking take place in the asia region of course, nothing to the extent of the rally that we saw yesterday, but that exuberance, that optimism, that boosted sentiment yesterday is tempering a little bit the main line index is down about 0.7% interestingly, the australian index is down about is%. the worst performer of the bunch. remember, oil was a big story yesterday. we saw a major pullback in oil after president trump took to twitter once again urging opec to ease their production cuts. that is weighing on the australian index very basic resources exposed stocks there overall that really positive
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picture, that fed through to the european session, fed through to wall street yesterday on the back of u.s.-china trade optimism is turning slightly more cautious today. pretty similar picture in terms of investors taking profits, taking a breather. slowing down from that very strong session we saw yesterday. the stock 600 currently down about 34 basis points. now, it's worth mentioning that u.s.-china trade is not the only thing on the macroagenda this week we've also got jerome powell with his semi-annual address around the economic outlook. investors watching for any clues there around what might come next for u.s. fed policy we've also got u.s. economic data coming into sharp focus with gdt coming out and consumer spending coming out. we'll get another gauge on how the u.s. economy is doing. as i said, oil also strongly in focus after the pullback we saw yesterday.
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brexit sharply in focus as well. the ftse 100 is currently trading down about 90 basis points across the board, though, we are seeing a negative picture developing the dax down about 32 basis points the cac down a similar amount. the ftse in italy down the least amount remember, yesterday the ftse mib was very strong there. the italian stocks continuing to hold up relatively well relative to the other regions let's get into the sectors a lot of corporate stories taking investor focus today. chemicals right at the top of the leaderboard along side retail we had basf, the chemicals giant report there earnings, and while they did report a 06% plunge, they did come in slightly better than the market had been fearing. a number of corporate stories in focus today in addition to the top-down macrostory, but just like we saw in asia, we are seeing a little bit more cautiousness coming through in trade today.
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willem >> speaking of asia kim jong un has arrived in vietnam ahead of his second summit with president trump. the two leaders last met eight months ago in singapore, and the trump administration says it hopes the two countries can agree on concrete steps that will lead to a denuclearization of the korean peninsula. ure colleague carrie kang is in hanoi for us can you lead us through the choreography over the next 24 hours ago if indeed you can hear me, terry. doesn't seem like we can get ahold of terry right now we'll come back to her later in the program. meanwhile, the german industrial group bdi -- the organization also said the u.k. will probably slip into a recession in the event of a hard brexit to bring you up to speed on the impact of brexit on the pound, it's risen to a near four-week high against the dollar overnight. that was on a number of media reports that theresa may is
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considering a delay to the brexit date according to both the ft and bloomberg if the british prime minister loses the meaningful vote on her brexit deal, whenever that vote takes place, she would then offer mp's a choice of either accepting a no deal scenario or postponing those article 50 exit processes. it's expected to be floated this morning with conclusions to be presented to parliament at some point around lunchtime today meanwhile, u.k. opposition leader jeremy corbin has said his party is ready to support a second e.u. referendum for a damaging tory reference. that's a reference to the conservative party corbin told labour mp's he would back such a move if parliament rejects his alternative plan to leave the e.u. director of european equity strategy is still with us. what should investors be watching over the next week or two when it comes to their positioning around stocks in the u.k. >> well, i mean, obviously, sterling is the most sensitive asset to all of this, and as you
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have just talked about sterling has been on the rise recently suggesting that most of what's been at play in the last week in terms of market commentary in terms of political moves suggests that the market believes that a no deal is the least likely it's becoming -- it's narrowing in probability that's probably the absolutely key thing for the market is that you reduce or eliminate the chance of a no deal. if it's a theresa may withdrawal deal that actually ultimately gets passed or if it's delayed a short-term extension to article 50, or if you increase the probability of another referend referendum, all those things may have slightly different differential impacts on the market, but the main thing is to reduce the probability of a no deal a no deal outcome would be the most damaging. >> we talked a few minutes ago about the disconnect between e between the underlying economic data in mainland europe and what that means for the market in europe i wonder, is that a greater disconnect here in the u.k. or not based on this investor
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uncertainty around brexit? >> i don't know. the u.k. data has been reasonably weak, and the employment data, the earnings date yarks the very domestic u. k. data has been reasonably dood. let's try that line again in hanoi where our koert terry kang is covering the summit what can we expect in terms of today's choreography >> great to be with you. out of hanoi, vietnam, and especially when it comes to kim jong un's schedule, not a lot of information publicly available as you can imagine, for a security reason, and he just got here just a couple of hours ago, and
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it looks like he settled into the hotel, and there is a bit of a going back and forth with the american press presence as well. >> he still has some time for the trump-kim summit 2.0 because their only meeting in about -- in more than a 24 hours away from now at this point, so president trump is still making his way to vietnam too, so a lot of expectations or speculation, i should say gardens by the bay.
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is he going to do something of that sort this time around hanoi? this is certainly a talking point, and a lot of south korean media is, you know, speculating on some of the possibility of him visiting some of the south korean brands and business operations because vietnam actually happens to be number four trading partner for south korea after the u.s., china, and japan. lots of names, such as samsung, lg and some of the banks here as well president trump and kim jong un will be meeting again. this awould be the very first encounter in about seven to eight months now they will have "a small dinner." that's the description that we got from the white house after that, of course, a very first encounter in months really thursday is the day to watch
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because that's when they really get down to business and talk about denuclearization of the korean peninsula or north korea. guys, back to you. >> excellent coverage out of hanoi. look forward to more updates from you shortly coming up on the show, trump urges opec to take it easy we'll have more after the break. unpredictable crohn's symptoms following you? for adults with moderately to severely active crohn's disease, stelara® works differently. studies showed relief and remission, with dosing every 8 weeks. stelara® may lower your ability to fight infections and may increase your risk of infections and cancer. some serious infections require hospitalization. before treatment, get tested for tb. tell your doctor if you have an infection or flu-like symptoms or sores, have had cancer, or develop new skin growths, or if anyone in your house needs or recently had a vaccine. alert your doctor of new or worsening problems, including headaches, seizures, confusion and vision problems. these may be signs of a rare, potentially fatal brain condition.
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these are your headlines >> european stocks follow asian shares lower as bullish sentiment for u.s.-china trade deal fades despite president trump's insist ens that an agreement is very, very close. >> auto stocks lead european declines led down by psa group the french automaker delivers record 2018 sales, but the chairman tells cnbc exclusively there is still progress to be made in china.
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>> shares in british airway drop after msci reveals plans to remove the stock from its spanish index. >> shares in standard chartered fall after the lender misses full year profit forecasts cfo tells cnbc that it can still return cash to its shareholder >> i have excess capital over that range and then to the extent we don't need it to invest in the business, we will look at returning that to shareholders the european markets continue to trade lower this morning following a week e weak handover from asia we did see traction coming together in the early session in asia, but that witled away towards the end, and all those markets traded down. now we are seeing a similar
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picture here in europe the worst performer of the bunch this morning the ftse 100 down more than 1 %. brexit firmly in focus today with theresa may looking to address her cabinet. we've had a number of headlines come out in the last 24 hours, so investors are closely watching what transfires there over the next 48 hours or so the dax down to the tune of 50 basis points the cac down 62 basis points, and italian stocks holding up best among the regions, again, but also suffering losses to the tune of 26 basis points. let's get a look at the 4x markets today. we have jerome powell addressing the senate banking committee giving his semi-annual update on the u.s. economy one to watch interms of u.s. dollar moves throughout the day. above the 131 handle brexit sharply in focus today, and, of course, that comes after
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jeremy corbin came out and said that labour would support a second referendum we have signals building that theresa may is open to an extension of article 50 if she's unable to put her deal through parliament. investor sentiment is rising on the back of those developments, no doubt now, let's get a look at u.s. futures. yesterday a positive day once again, for stocks stateside. it looks as though wall street is going to track asia and track europe lower at the open as you can see there, the s&p, the dow, and the nasdaq are all poised for a lower start to trade today. willem >> thank you >> msci says it will delete from its -- the move will take effect from march 1st, and it's worth bringing in some of the commentary we've seen over the
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last few minutes based on this decision we had a can comment from daniel, one of the senior analyst at bernstein saying it is my current understanding that msci will drop aig following their quarterly review later this week. "because of the ownership limitations put on the shares. of course, what's relevant there is to looks at the context around this dispute, ongoing dispute, between aig and the european commission about foreign ownership in the light of brexit because, of course, what thief said the airline group is that they will consider u.k. shareholders as e.u. investors. something that officials in brussels have previously dismissed as "rid you can everyic husband. bank of america has announced plans to drop the merrill lynch brand from its investment bank and trading operations the lender also said in a statement it will gradually dissolve another one of its brands, u.s. trust this is part of the ceo's strategy to focus the bank's branding efforts.
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>> i wanted to do the research what have you encountered or what have you learned or begun to understand better about the way that humans approach risk in the run-up to those events >> well, there are a couple of messages, and thank you, by the way, for having me here. the fist one is that people seem extremely relaxed about the economy, at the time that things
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are going well, and we see this today as well. it's not that 2008 was different. we have many risks facing the world economy, political system from russia, from italy, from brexit, from china markets remain extremely calm and seem to being inning the risk they're facing. zoo how does that translate into the behavior of market participants >> well, one of the things you see, of course, is that volatility is extremely low, and markets remain at extremely high levels, despite all the risks that seem to be building up in the system, and not just the fundamental risk, i should say there is an extraordinary confidence in markets about the ability of policymakers to actually confront all the risks that we're facing. as we saw with legalen and then again seems misplaced. >> how does the rise of massive
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investing effect the way markets behave in the context of what you just described >> i think it's a very important part of it because, of course, if you are a passive investor, one of the things that you worry about is your performance relative to a benchmark. if the benchmark collapses, you collapse with it, that's not a big problem at all the fact that so many investors, so many passive investors are just checked out managing their money relative to a benchmark, of course, means that there is less thinking going into the markets. >> now, i believe you've done some research in the past around the interconnectedness of the banking system in particular, and here in europe a big topic that we cover a lot on the show is the consolidation of the european banking space and whether this would be beneficial not onfrom a profit perspective but also from a risk perspective. in your view, does the european financial system need consolidation to survive >> well, i think that there are
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many countries in which you have just way too many banks, you know, and italy i think has 600 banks or something like that in places like that consolidation is essential it seems to me that the major risks to the european financial system may come from brexit and particularly disorderly brexit, if there is one, because nobody really has any idea how the joint regulation of the banking system is going to work, and there are beings just waiting to happen.
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>> it is not the case that market risks are -- they're always the things that are just in front of you where, they're all the things in the background if you spend all your time staring at the screen, many of these considerings that they may be much more basic are you often just checked out >> now, you mentioned at the start of this chat that market participants tend to extrapolate good news and under estimate the risks when times are good. that really feels like you could just use that language to describe what we've seen over the last several weeks it's as if investors have forgotten almost the risks that weighed so heavily on markets in q4 of 2018
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is now the time that investors should be acutely aware and acting on the risks that they see? >> i believe that the world is a lot riskier than people think it is i believe that this confidence in the ability of policymakers to deal with the risks is extremely overplaced, and i would, if i were an investor, certainly be thinking about how i can protect my portfolio and my returns >> thank you for an interesting chat professor of economics at harvard university switching gears, i want to bring you some geopolitical news iran's foreign minister mohammed skbl arif, the man widely seen as the architect of the iran nuclear deal, has unexpectedly resigned zarif gave no specific reason of his decision to quit, but
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apologized in aninstagram post for his tin ability to continue serving and shortcomings during his service. u.s. educated, former u.n. diplomat, zarif targeted the hard line factions however, u.s. secretary of state mike pompeo still dismissed zarif as one of the front men for a corrupt religious mafia. oil prices are extending losses of more than 3% after president trump urged opec to ease its efforts to boost the market the u.s. president took to twitter to call on opec members to "relax and take it easy" adding that the world cannot take another price hike. the opec states and non-affiliated producers like russia agreed last year to cut output by 1.2 million barrels per day to prevent a supply overhang billionaire investor warren buffett said brookshire hathaway overpaid in their merge eschbach in 2015.
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he made the comment during an interview with our own becky quick. the comments came just days after the american food company suffered a 15.4 billion dollar write-down that caused the share price to fall as much as 27% on friday. the ceo said he has no intentions of changing his stake in the company, but said that market reaction was probably justified. >> we did overpay. we didn't overpay for kraft -- i mean, for heinz. we bought that originally. it was a 50-50 deal, private >> 50-50 deal with 3g. >> yeah, with 3g we had two stockholders. we overpaid for kraft and wrote down $15 billion of that, and that actually the market marked it down more than that, and probably quite properly. >> ge will sell its biopharma business to u.s. rival dana hurr
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for $21.4 billion. the deal is ge's first under new ceo larry who is also the former ceo of dana hurr and comes after the conglomerate rejected a similar approach last year he told our u.s. colleagues and ipo of their health care unit now looked unlikely. coming up on the show, tesla ceo elan musk may have tweeted his way into trouble with the sec again. more when we come back
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tesla shares fell in after hours trading after the sec asked the judge to hold ceo elan musk in contempt the s.e.c. has cited a deal with musk to get preapproval regarding the carmaker they signed the settlement last year after he was accused of fraud for misleading tweets about taking the company private. the s.e.c. now claims musk violated that agreement by sending a tweet earlier this month about production figures
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which i did not get preapproved. zbrienkts 11 senators and top u.s. officials are calling dpor a ban on huawei matd solar equipment. the group of bipartisan lawmakers wrote a letter claiming the group poses a threat to u.s. electrical systems and infrastructure it reveals the u.s. government plans to go after different types of chinese technology it deems a threat not only smartphones and telecom equipment. now, elizabeth schultze is in barcelona this week, and, elizabeth, i'm curious, how much are the mobile carriers talking about huawei in barcelona. we've made our w . >> you can see they have 5g demonstrations and people are really interested in what these mobile carriers are showcasing by these security concerns over
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the network equipment that huawei might provide, specifically with 5g we had a chance to sit down with the ceo of kt to ask them about how the company is responding to those threats. take a listening >> security is very important for us, so in any other brand, it doesn't have to qualify, certify any security problems. >> we have a long friendship, and good supplier. >> now, in addition to the security concerns with 5g and huawei, there are all sorts of
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data concerns by the fact that there's going to be all sorts of new data going through these networks at faster speeds facebooks of the world can no longer being taking your data for free, skps they've come up with a model this company is called vero, and it's an ad-free platform we talked to the ceo about why can it's important to try to protect user data and how he thinks that's the drekts direction these companies are heading. take a listen. to us we consider people's dwrat is actually priceless. their privacy is priceless we're not getting into that. that is not our model. we're not interested in knowing anything about our users more than we need to to return the
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service. >> we want to provide them a clean service with no gotchas, that is simple to understand where they can connect with their family, with their friends, with their followers if they have them, and not have a service that's getting in the way with ads, with trying to get you to stay on it for longer or anything like that it's a clean service >> they've under criticism in deleting the app the company is denying that that's an issue and saying it's seen a lot of interest from users for this platform. they're dominating nwc as we talk about regulation, and with as we specifically talk about ai and how 5g is going to be enabling a lot of the new ai
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technologies, ceos are talking about the concern that ai support going to be ethical and that there could be bias into some of the ai programs that are being developed through different 5g networks. a lot of conversation about regulation here, guys. privacy a big issue in general we're following it all closely, and we'll be bringing you more prosecute nwc. back to you. from tech to sports, world heavy weight boxing champion anthony joshua has been continuing to promote his u.s. fight debut against jerome miller by promising to reconstruct his opponent's face. that's when they fight on june 1st at madison square garden our sports reporter adam reed has more details on this war of words. adam >> thank you very much yes, it was the one flash point in what was a much calmer press conference than when the two met
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in new york just a couple of weeks ago. no pushing and shoving this time, but skbrosh away did threaten to reconstruct his face, which is not necessarily what you would associate with. >> sis u.s. fight debut on madison square garden on june 1s to break into america because there's a huge amount going on in the heavy weight division at the moment fulfilling obligations there i sat down with him yesterday when he was back in london, and here's what he made of that experience
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>> come from the u.k., and they really control a lot of big markets. i was good to go there, and get the ball rolling and bringing in the money for the day. >> what was it like for you as someone who has interest in business we all know about that to walk around where all the money is we were lit up in terms of what could be possibly in another world. >> that business is mainly based around stocks and bonds of shares that are based around assets like bricks and mortar and assets, but it's really interesting to buy, to sell, to get in at the right time, to sell to the right people, and it's where it all happens. i was there for a few hours. i opened up the markets. had some good conversations. interestingly, the only company that was up that day was madison square garden. it's off to a good start come june 1st >> it was fantastic. part of this arrangements, this fight is to try and explode his brand globally and particularly in the u.s to go down to the new york stock exchange with madison square
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garden to ring the bell, to be on cnbc, to be, you know, mixing with some of the top traders, it was a real nice occasion i think something that made anthony proud. stiemsz we tend to forget this is a kid out of an estate in north london that was basically going to prison. he was in gangs. he was going down the wrong path boxing saved them. to see him in that kind of environment, it makes me proud, but he should be very proud of himself because those kind of images of him around the world doing that, it's pretty special. >> well, i'm joined now by adam. those were quite inspirational words from the boxing promoter how anthony josh aaway was on his way to prison and boxing saved him.
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>> that did 808,000, 90,000 people at wembley. a huge amount of pay-per-view sales as well. you've also got horses for courses. he is taking on miller at his own game if miller thinks that he has -- that joshua has his noses in the air, that he is from this privileged upbringing, but joshua isn't quite that clean cut, and he has got a background, and what is clear, he is willing to come forward when necessary and step back, and we've got that with what you mentioned at the top of the segment. >> we'll leave it there. thank you for joining us this morning. >> fed chairman jerome powell is set to update congress on the state of the auto u.s. economy he will testify before the senate banking committee later
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today. >> it looks as if the u.s. markets are poised to follow europe and asia lower. the s&p, dow, and nasdaq all looking at softer starts this comes after more gands yesterday led by materials and tech also outperformed well, that's it for today's show worldwide exchange coming up in a few minutes time stho wrk 6 f want more from your entertainment experience?
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zbloots 5:00 a.m. here on cnbc, 5:00 p.m. at hanoi, vietnam, where we are waiting for president trump to arrive in what is a high stakes sitdown with north korea's kim jong un we will take you live in moments to vietnam's capital tesla shares falling this morning. the s.e.c. going after elan musk they want to hold him in contempt we've got some breaking brexit news as well theresa may reportedly considering pushing back next month's brexit deadline. will the doves fly today on capitol hill fed chair jay powell testifying before congress and the markets may be on the line it's mystery chart time. there's th

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