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tv   Mornings With Maria Bartiromo  FOX Business  December 5, 2018 6:00am-9:00am EST

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nasdaq so futures trading is going to be closing at 9:30 a.m. this morning, u.s. markets regular session today are closed for the national day of mourning for president george h.w. bush's funeral this morning. however, futures are indicating strength this morning after the sharp selloff yesterday. the major averages yesterday down sharply, sliding better than 3% apiece on the session, nasdaq down almost 4%, concerns over china trade, treasury yield weighing on investors taking 800 points lower on the dow jones industrial average yesterday. nasdaq was down almost 30 points on the session. global markets are open for trading this morning, let's take a look at what's happening there where the european markets are taking a cue from wall street, down 73 points on the ftse 100 this morning, down better than 1%, cac quarante is down almost 1% and dax index in germany 3 quarters of percent, 85 points
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in germany. in asia overnight, lower across the board, worst performer hong kong, china trade is in focus, of course, beijing breaking silence over the 90-day trade truce between u.s. and china, beijing saying that there's a clear road map for negotiations, treasury secretary steven mnuchin layed out expectations with me yesterday right here. >> our expectation is they'll be specific deliverables and specific timelines and that we have an agreement that they'll be penalties if china does not meet those timelines and those commitments. maria: we are taking a look at timeline, final farewell this morning to president george h.w. bush, thousands paying respects to 41st president of the united states including an emotional salute from senator bob dole who got up, stood up from his wheelchair to salute the 41st president. fox business is having full coverage of president trump's
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bush funeral this morning, starts at 10:00 a.m. eastern, stay right here as we carry all of the information from washington this morning. in addition to u.s. markets being closed, federal offices and the post office is also closed for the national day of mourning this morning as you can see it is a day of mourning across the board. possible charges this morning a discussional for carlos goshn, japanese prosecutors reportedly gearing up to seek a new arrest warrant, now just to be clear, he has been in jail, he is about to be served more jail time and we have no official charges from the japanese government, he is sitting in a jail cell, no charges so far. we have the very latest developments coming up. plus the fight for high wages hits ride-hailing cities. all stories coming up wednesday morning fox business dagen mcdowell, benchmark managing partner kevin kelly and former
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chrysler ceo, former ceo of home depot bob nardeli. >> great to be here. maria: you're getting horse there. >> a little bit from yesterday's market. [laughter] kevin: you told me it was all the holiday parties. [laughter] maria: the day of mourning this morning, markets are closed, what a sharp selloff yesterday, kevin. kevin: started to pick up after session had opening and started spirling and goes into the effect that we were sort of getting mixed signals from people within the administration about how well the meeting went and the unfortunate thing is it was just a cease fire and had lack of trps of -- transparency of what was taking place. dagen: i'm not the only person who felt that way, 90-day
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negotiating deadline, china was not in line, chinese officials that were angered by the administration saying there's a 90-day window to get negotiations done and it's also what's going on in the bond market, the bopped market and i don't believe partially the tariffs and the trade fight that we've gotten into with multiple nations but also what's going on with the federal reserve and when you have parts of the yield curve rates on 2-year or higher than 5-year, that's simply telling you that slower growth is ahead based on history. maria: you said that yesterday. everybody is talked about all the story and you focused on bond market and where the gap is between 10-year and 2-year yesterday indicating what this might be telling us about a slowdown. you called this out days ago and certainly yesterday you were pointing it out as well. it was about interest rates yesterday. dagen: i'm a huge nerd and i always looked at fixed income
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market and we talked about when the 10-year yield got to almost 3 and a quarter percent, i think the high was 3.24% it was 7-year high, that historically sent financial crisis as high and it's been signal that people would pile into treasuries and send those yields lower, the 10-year yield right now 2.92%. that's how far it's fallen just in the last couple of months. it's kind of astonishing. it does say that people at least in short run are worried on what's going on in the economy. >> you wonder as to why the fed is moving forward then? maria: right? >> why do they continue to talk about december increase when you have exactly what you just said, dagen, i can tell you running corporations the most depressing thing is you're doing great and you get all external forces just slamming, ramming it down your market valuation. it's really -- it's really depressing. maria: reremind our viewers what ray dalio said on the president,
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the federal reserve is not going to be able to raise rates 3 times next year, not happening according to ray dalio because the economy is slowing, we will see, i know the fed has plans for 2019. we will see if they actually do that given the slowdown that's coming faster than we expected. joining the conversation this morning, exclusive interview with the president of microsoft, brad smith has a lot to say not only about whether we will see growth slowdown but also get thoughts on china as well, he's coming up as well, chairman and ceo of marathon petroleum is here, gary, fox news judicial analyst judge napolitano and atlas security ceo jennifer grossman is here, 3 hours ahead. we kick it off with story, trade fears, futures are edging higher this morning, futures market is open, this market is going to close at 9:30 a.m. and, of course, we know regular session
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markets are closed in remembrance of president bush. investors were rattled yesterday at the end of the day. it started really midday over renewed u.s. china trade tensions, sent the major averages plummeting at about 1:00 p.m. eastern it started and at the lose down 800 points on the dow jones industrial average. beijing broke silence yesterday on 90-data riff trade truce promising that there's, quote, a clear timeline on trade negotiations. i spoke with treasury secretary steven mnuchin and he weighed in on trade developments and was confident that perhaps this is a turning point. >> we have a lot of work to do but i think this is the first time that you've had a direct agreement between the two presidents, president xi and president trump. i think president xi made some very strong commitments on change in structural and nonstructural issues and if we can get this negotiated and get a real agreement i think this is the single biggest opportunity for u.s. business and u.s.
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workers. maria: joining us to talk more about that paul christopher, wells fargo investment institute, just the guy we want to talk to on the day that the market was down 800 points yesterday, paul, what do you think went on? >> well, the market is still concerned about growth and doesn't help that you have the miscommunication between the u.s. and chinese over tariffs. as to the yield curve that's important but we are so flat right now that doesn't take much of a fill-up to produce an inversion like that, it was in the belly of the curve, we think you need to focus more on 10 to 2's and 10 to 1's especially and inversion has to be sustained 4, 5, 6 weeks in the past has been what it has taken. maria: what about equities? >> still trying to sort out growth. maria: that's what i was thinking. the market is now digesting trying to understand slowdown from 3 and a half percent growth is going to look like, we know
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profits were up 29% year over year last quarter, they'll be up 8% next year, that's a big drop. this market has to get comfortable with declining growth. kevin: especially we are going accommodated policies and one to have problems that the market was looking at compressed operating marks, one labor and two, cost of capital and we start to see cost of capital come down, but what's pretty interest asking i looked at one of your -- the notes from wells fargo and they are anticipating 3079 next year on s&p 500 which is pretty significant, higher from here at 2018-19, i think it was chris harvey. >> different part of the firm, our view is a little bit more cautious, we are looking for 2960, 2910 in that area. we think stock prices will be higher, we think you could have
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new all-time high next year, that's quite possible, yeah, earnings are going to slow but we still think 10% growth is solid. maria: next year. dagen: estimate on earnings growth have been coming down, below 8% in the last quarter, didn't they come down in terms of what analysts are expecting. that was some of the issues. >> analysts after the third quarter was better than expected, the analysts revisions were higher, a little bit better for next year, we take that with a grain of salt, maybe still being influenced by the third quarter but still pretty decent earnings growth, bob you and i were talking about earlier that things look pretty good from corporate perspective. >> what you do you think will look better public equity and private equity. we have seen a lot of people fly the private, poor invest meant, people are carving pieces to go private, what's your view on that going forward in '19?
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>> it seems like a place you can go to avoid political turmoil that boils the markets from time to time. maria: talk about how company recent cutbacks and steven mnuchin weighed in on job losses that are coming from gm, watch this. >> my understanding is that gm has to just kind of restructure some of their demand, what we are seeing particularly with lower gas prices additional demand for suv, light trucks, strong demand -- less demand for the small-passenger vehicle. i think as you know in the manufacturing process of autos they have to retool factories. i'm not aware of the exact specifics but i hope that gm can retool these plants for other factories and that they can move things around and i think one to have big focuses of the industry is how can they use new technology so that they can
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retool the plants a lot quicker and whether things like 3d prohibiting for tools and things like that, whether 5 or 10 years from now we can have that as big part of auto manufacturing and i know we are focused on technology. maria: this comes as number of top executives from german automakers like volkswagen, bmw prepare for meeting at the white house today, they are trying to overt president trump's auto tariffs, bob, walk us through retooling that mnuchin is talking about and what you see happening as a result of tariffs in the auto sector? >> i don't think mary has a choice. the consumer dictates what cars will be produced. they don't want the small sedans, with gas prices where they, with 20-some states below $2, people will continue to buy suv's, buy trucks, she has no choice other than she's going to have to put huge discounts on cars to keep them going. point number one. point number two i was in permium last week, they are
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going to produce as much oil they are predicting over 7 million-barrels a day that will rival with what's coming out of saudi arabia. maria: wow. >> i don't see gas prices going down, maria, in the short term, the only thing she would be able to do repurpose the plants to get jobs back. dagen: went up $7 million a year because of steel tariffs. so, again, your costs go up that much, public company, you have to offset it. >> some of that too, dagen, don't forget devalue 7% so the impact on the import of steel is not the full impact that we hear about. maria: additional pressure. >> little bit of pressure, most ceo's can handle 10%, they will get 2.3, 2.4 in price and a lot of pressure on the supply side. maria: are there areas of the market you will buy real quick? >> yes, we went over tech. maria: including those high flyers like parent google.
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>> 13% expected earnings next year good price after pullback. maria: good to see you, paul, wells fargo. world says good-bye to 41st president today, the funeral of george h.w. bush, live from the capitol next.
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droves and they have been here all morning. we got here at 3:00 a.m. and there was a line outside the capitol of people coming to pay respects to a man that gave so much to this country. >> president bush taught that public service is a noble calling and it completely, his guidance and leadership and examples changes trajectory and brought me to dc. >> we came to hawaii, 6,000 miles, we flew all night long. >> yesterday president trump and the first lady visited the bush family at the presidential guest house, privately met for about 20 minutes, the 41st president has been lying in state at the capitol since monday, casket will leave here later this morning at 10:00 a.m., motorcade will carry the president to the national cathedral. president trump is set to attend the funeral there as is the prince of wales, prince charles, german chancellor angela merkel and all living former u.s. presidents, maria, we expect to
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hear from former president george h.w. bush, of course, h.w. bush son at the funeral as well, maria. maria: ellison, thanks very much, ellison barber at the capitol. my god, what a life, congressman, head of the cia, liaison to china, two terms as vice president, one term as president of the united states. he gave so much of himself to service our country, a truly great man. >> he is, my wife and i were privilege today get to know, barbara, the whole family and, you know, when you're in his presentation, -- presence, maria, made you feel different, you felt honored, impressed, encouraged, wonderful man and contributed to the country. maria: i love that you said do you think anybody would come and the country is in awe of him. kevin: great military service as well. dagen: at age 18, grew up in
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privileged household, 18, joined the navy, fighter pilot over japan, plane went down, you can see -- i think that the uss has his plane that he flew during world war ii, it's in their collection, i don't know if it's on display, if it's not they ought to make sure that it is out there -- i just hope people can see it but i hope that he felt the love that people are showing to him, the respect, trying to honor him, i hope he felt that in the last 25 years. maria: i hope so too. a lot of love and respect, that's for sure. stay with fox business, we have special coverage of the funeral of president george h.w. bush, starts at 10:00 a.m. eastern, we will be there with you this morning live. coming up, more trouble, though, for former cbs boss les moonve, obstructed investigation against him. getting on fight for higher pay,
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lyft drivers and uber drivers higher minimum wage, how that affects your next ride, what's next coming up. ♪ ♪ the greatest wish of all... is one that brings us together. the lincoln wish list event is here. sign and drive off in a new lincoln with $0 down, $0 due at signing, and a complimentary first month's payment. only at your lincoln dealer.
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to 2017. also yesterday nissan panel fail to nominate successor to goshn. leading corporate governance advocate says the nissan board should have known about goshn's alleged crime, shares of nissan down 11% this year. new misconduct claims against former cbs moonves, interfered with investigation into sexual misconduct allegations against him. report prepared by lawyers that cbs hired if moonves violated terms of his employment agreement. well, uber and lyft drivers in new york city are getting pay increase but that could mean bad news for passengers, the city commission vote today pay minimum of $17, 22 cents per hour, that raises the average driver's pay by almost $10,000 a year, lyft and uber have slammed the proposal saying it
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undermines competition and will drive up prices for passengers and the rules are set to go into effect january. they are the first of the nation city of new york, we are ahead of the curve when it comes to charging. go new yorkers. maria: first carlos goshn, bob nordeli, you're a car guy, your thoughts on what this is all about, to me this looks totally political, people within nissan, did not want to merge with french company, japanese government did not rano, i think it's political, i can't believe there's no official charges, what do you think? >> yeah, there's definitely a back story, maria, i mean, if you think about the deferred income, the board would typically have to prove if you think about the charges about homes, you know, and costs and expenses, $18 million. maria: only guy coming up with the ideas. >> the board would have seen that, clearly animosity, back
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story, exactly what you said, they probably didn't want rano to have control over nissan, that would have put carlos back in charge as chairman and ceo, he's upset somebody, the japanese want to retain identity, they don't want to lose that. maria: what a judicial system, though, put a guy in jail and decide what the charges are? >> i'm glad i wasn't running a japanese car company. maria: stick american. >> that would be terrible. dagen: dagen, do you think price increases are under way now, great to see drivers making 10,000-dollar raise but you know this is going to mean higher prices. dagen: costs are borne by the customer, period, number one. number two won't be slogan 15-dollar, it's going to be $17 and change potentially. because again that's where it's going, higher, higher minimum wages particularly in these liberal states an cities and number 3, you're doing this at a time where our subways don't
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work. the subway system in new york city is collapsing in on itself because of inept leadership in the city and quite frankly across the state and you know who that actually hurts? it hurts lower income new yorkers because they rely on subway system to get to work. you can't even take it. you can't take it. maria: de blasio's answer, charge companies, put it on the sector. uber and lyft. >> any cost increase is price increase to consumer. maria: coming up new concerns from opec members over relationship between russia's vladimir putin and saudi's crown prince mohamed bin salman, crude is coming off of the worst month in a decade, gary is next.
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maria: welcome back, good wednesday. i'm maria bartiromo, it is wednesday december 5th, your top stories right now 6:32 a.m. on the east coast, u.s. markets are closed today in remembrance of president george h.w. bush, funeral at 10:00 a.m. this morning, futures, however, are open and futures are headed higher this morning after sharp selloff yesterday. futures are open until 9:30 this morning, so you can get aceps of what's happening this morning in terms of investor sentiment after the sharp selloff in stocks yesterday, this morning, the dow futures are up 75 points, nasdaq up 35 points after sharp selloff yesterday in stocks, the major indices brought lower over concerns of treasury yield and trade issues with china, the dow jones industrial average down 800 points at the close, better than 3%, s&p was down 3 and a quarter percent and nasdaq with decline of 283 points down almost 4% on the session yesterday alone. president trump tweeted that he is ready to continue with tariffs if negotiations with china fail, as china says
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there's a clear timeline on trade negotiations. in europe this morning, europeans are following the u.s. lower this morning, ftse 10 is down 1%, cac quarante in paris down almost 1% and dax index almost down 1%, asia markets in red as well. worst performer hong kong. today saying good-bye to a president, the country is in mourning today as representatives and dignitaries gather in washington, d.c. for funeral of former president george herbert walker bush, his son and former governor of florida jeb bush sharing memories of his father. >> the guy was just the most generous kind person that you'll ever meet and he treated everybody the same way. maria: stay with us throughout the day, fox business is covering the president's funeral live today starting at 9:00 a.m., the funeral will start officially at 10:00 a.m., keep it right here because we
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will take you live to proceedings, in addition to u.s. markets being closed, federal offices and the post offices are also closed for the national day of mourning all day today. increased scrutiny, republican senators brief bid the cia now convinced that saudi's crown prince mohamed bin salman was involved in the death of journalist jamal khashoggi, details there coming up as well. big changes planned for amazon that could affect how you get prime packages delivered, all the stories coming up wednesday morning, stay with us for that. first top story the half an hour, stock markets are closed today but electronic commodities trading, crude oil is coming off of its worst month in 10 years, it's a big week for the market with opec meeting tomorrow, comes after president trump called both saudi arabia and the opec cartel to keep prices lower, joining me right now chairman and ceo of marathon petroleum gary, great to see you, gary.
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thank you very much for joining us this morning. your thought tons -- thoughts on the price of oil this morning. >> as you can see at the pump, we have 22 states that are below $2 a barrel as the prices have fallen significantly over the last couple of months. maria: i know that this could be indicater of slowdown in global growth, that sometimes is indicative in the price of oil or maybe telling us something only about oversupply situation. to what do you attribute the oversupply situation? >> i look at oversupply situation, the balkin has come back strong and middle east production, middle east production has come to the u.s. and put pressure on the supply in the u.s. when you look at asia, asia continues to have a slowdown in their economy and so you look at
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the supply patterns, how they've changed and the pressure moving crude oil out of the u.s., we are exporting around 2 and a half million barrels per day out of the u.s. to other countries and then if you look at the moves into asia as well out of the middle east markets especially that has slowed. maria: little bit of both, oversupplied situation and slowdown. this is what's rattling markets, growth? >> i think the biggest predictor of economy is the market because the diesel market, diesel sales were over transportation, you need diesel to run machinery to build things and diesel is at all time high as far as demand. i do not see it as bearish move because of big demand for diesel. maria: characterize what the market looks like, i know there's worry about oversupply
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in the united states, put it into context in terms to have saudis, do we still need to rely on saudi oil given the fact that u.s. is solid producer at this point? >> well, today u.s. is importing nearly half of its needs even though production has grown tremendous, we are still importing about half, some of it is from canada but still bringing in crude from the middle east from -- from africa, from the north sea, so, yes, we still have importing and we still need as i said earlier about 50% of needs coming from foreign sources. maria: let's talk about your business, back in october marathon closed acquisition of endeavor, largest operator of petroleum refineries in the united states, tell us about this deal in terms of integration and where you see growth happening as a result of it. >> integration is going very well, we have now been over 2 and a half months since we
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closed the transaction and we are buying 3 million-barrels every day so the integration is going very well, as i look at the market as we talked earlier with crude prices coming down, that's lowering the cost coming down into refineries, that's been a good thing for both our company, it's been a very good thing for consumers as you have seen the price of gasoline retreat at the pump. maria: and on your investor call yesterday you discussed having conversations with exxon mobile about some kind of consolidation of at least one pipeline, can you talk about that? >> right, we have reported that we are looking at pipeline called the permian to gulf coast pipeline, permian area now to refinery in galveston bay, texas, exxon have talked about pipeline. so we are looking at the efficiencies of possibly putting the capital project together and
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building one bigger pipeline that would be more of an industry solution but we are just in early discussions with exxon and we will see what direction it takes. maria: what kind of a partnership would that look like? would you expect more deals for big oil? >> well, in a pipeline like this we would call it undivided joint interest and it's just much more efficient to build one pipeline. maria: sure. >> make it bigger but have it one trench, one operator but may have several owners that are also shippers on the pipeline, it could make very good sense but we also have a fairly good committed pipeline if we can't put this together. maria: how significant has the rollback in regulations out of washington this last year and a half been for the oil business? >> well, talking about pipelines has been very good, the president in his administration and through the epa we have been able to work and get pipeline permits easier, now we are still
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following all of the same environmental rules and regulations we had in the past but we seem to have really been able to clear the backlog of pipeline permits especially in the gulf coast states. maria: let's talk russia and opec for a moment. a report in wall street journal this morning, saudi arabia ties raise concerns among opec members, the reports say this, delegates say they are growing concern giving nonmember russia too much leverage over prices opec officials say, the cartel plans to push prices higher could be at risk if russia does not go along, russia is not a member of opec. >> right, as we know the meeting of viena in fact, has started and it'll be interesting what the opec members and their discussions with russia depends, it'll be interesting and what happens with the global supply. i would expect that the opec members are going to, you know, probably reduce production,
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trying to get the price up a little bit, but there's going to be interesting what happens in the next couple of days. maria: how significant is this move? when you look at impact on business, delta airlines yesterday said they could see revenue falling short because of decline in oil prices? i mean, increased ticket prices and canceled roots to respond to rising oil in downturn and we have oil down 20% from the highs, give us impact? >> they are concerned that other airlines might start just discounting airfares because of the lower price of oil. so we will see, but to your question on, you know, production and what might happen in opec, you know, i think you will see some sort of a pullback in their production. it's been very clear, when you look at the 5-year running average of inventory of global supply of crude, the supply, down into the low to medium end
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of that range early in the year, but since has grown significantly and it's the great production story we have and energy dominance story that the president has here in the u.s. -- maria: right. >> increasing production here but also increasing production in the world so the inventories have start today rebuild so this is going to be a very, very important meeting in opec. maria: how much long can it go before it has negative impact on shell production of the country? >> well, i think we are there. if you look at canadian producers and widespread of western canadian select versus wti, you look at some of the rail costs to get crude out of the balkin, i think we will start seeing slow down in drilling. maria: slow down in drilling is a big deal for broader economy. real quick, given decline in
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prices, where does the growth come from in marathon for the next 5 years? >> well, we have just completed a big renovation to our louisiana refinery as well as galveston bay, two biggest refiners and acquisition of endeavor we see growth coming really in the diesel market, we are expecting big increases in diesel because of the imo which is requirement for softer diesel for all shipping containers that come into the u.s. and all ships that come into the u.s. and other ports. so we are looking for a big increase in diesel demand going forward. maria: all right, we will be watching that, in terms of slowdown from shell production, if oil stays where it is, how significant do you think? >> well, it depends on where you look, the shell, more gas and natural gas liquids or permian or balkin.
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i don't think it's going to be dramatic early. maria: okay, gary, good to have you on the program. thank you so much. gary heminger, marathon petroleum. senators slamming the saudi crown prince. >> mbs, the crown prince is a wrecking ball and i think he's complicit in the murder of mr. jamal khashoggi to the highest level possible. maria: more fallout this over the death of jams jams. postal sweep, new changes that could hit big companies like amazon and how it affects your deliveries next up right here. numbers to examine investment opportunities firsthand. like a biotech firm that engineers a patient's own cells to fight cancer. this is strategic investing.
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maria: welcome back, senators are turning up the heat on saudi arabia's crown prince mohamed bin salman. cheryl: several senators convinced that saudi arabia's crown prince ordered the killing of washington post columnist jamal khashoggi. senators lindsey graham and bob corker after being briefed by dana gaspil. >> complicit to the murder of jamal khashoggi. >> if he was in front of a jury he would be convicted in 30 minutes guilty. cheryl: well, this is all senators trying to pull u.s. support from saudi arabia's war in yemen, we should add. well, federal prosecutors are making first u.s. arrest in
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connection with the infamous panamá paper's case, 3 people facing charges on the tax evasion scheme tied to company law firm. one man still being looked for. you may remember the panamá papers, collection of financial documents explosive were leaked back in 2016. and then finally this, burger king wants you to make a detour from mcdonalds, giving away whopper sandwich for a penny, but there's a catch, you to work for it, order within 600 feet of mcdonalds restaurant using the app, yes, location services and tracking, that's the plan, the app directs you to nearest burger king. you've got till next wednesday to get on the deal. but penny for a burger. down 8%, mcdonalds up 7%, maria.
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maria: is that supposed to be a poke in the eye? cheryl: there's a mcdonalds, let me get on my app. maria: going postal, big changes that could affect how you get your amazon prime packages delivered, we've got them on the other side of the break, stay with us. you ok there, kurt? we're about to move. karate helps... relieve some of the house-buying... stress. at least you don't have to worry about homeowners insurance. call geico. geico... helps with... homeowners insurance? been doing it for years. i'm calling geico right now. good idea! get to know geico. and see how easy homeowners and renters insurance can be.
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maria: welcome back, big changes coming to the u.s. post office could cost amazon big time, lauren simonetti with details now. lauren. lauren: president trump appointed commission making recommendations to get the u.s. postal service profitable again and those recommendations are hitting the stock prices of these companies, amazon, ups and even
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so this task force is saying that usps should have flexibility to raise rates for nonessential mail but not saying how much and because of confidential agreement we don't know how much the companies currently pay, however, this is the estimate, 10% increase in rates would increase amazon's shipping costs by at least a billion dollars a year and also estimated that the post delivers about half of amazon's packages and most of them are last mile of journey that go straight to doorstep because the postal service has to deliver all the time everywhere they are able to do that at whatever cost. amazon as you know has been a frequent punching bag of the president, he called them the post office their delivery boy back in april which basically sparked the formation of the task force. one of the reasons that the usps has lost money for 12 years in a row now including 4 billion-dollar loss past fiscal year is it's dealing with
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pension costs and benefits, so just to be fair here but does need path of sustainability and the task force is recommending that they update formula to reflect the fact that we are shipping more packages less mail, there's an upside in the silver line to go all of that, my mailbox is filled with catalogs from every company all the time, never heard of half of the companies, that could be reduced if there are changes if task force recommendations are going to effect because the post office wouldn't be required to help pay for that or deliver that. dagen: my mailbox is filled with other people's mail, personal mail. doctor's bills and -- [laughter] dagen: financial statements. lauren: i got an opened package the other day. ing day stop putting my mail in other people's boxes he spit in my face. they need to do work on the postal service not blame amazon for all of its problems.
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kevin: getting back ebay was part of commission, included companies that were working on issues, you even saw amazon pivot and move when commission started in april by having their own delivery service, subsidizing and giving bonuses to drivers and companies that want to start their last-mile delivery service to deliver amazon packages. lauren: privatization. maria: private ways of doing things. competition. >> most challenging. that's the most challenging to get it right and meet the customer's expectation, not the wrong stuff. dagen: my neighbor opened my doctor's bill and saw i had biopsy and said i hope you're okay. that's the postal service. now my mail will never show up. maria: we will see. [laughter] lauren: might not, dagen.
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maria: lauren, thanks for bringing us the good news. still ahead, a nation says good-bye to former president george herbert walker bush, we are covering the funeral on fox business, a lot more coming up next hour on mornings with maria. stay with us. comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" . . .
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maria: welcome back. good wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is wednesday, december 5th. your top stories right now, 7:0n the east coast. a nation in mourning today, americans are saying final farewell to president george herbert walker bush. fox business will have full coverage of the funeral today. it starts at 10:00 a.m. eastern in washington. post offices are closed for the national day of mourning. all day today. futures trading is open. futures right now are higher on the heels of that sharp selloff yesterday. futures trading closes at
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9:30 a.m. eastern and the markets are closed, the regular session, as i just mentioned. futures are up right now, 90 points, the s&p 500 is up 14, the nasdaq futures are u 43 aftr a sharp selloff yesterday, the major averages all down better than 3% on the day. there were concerns over china and the partnership with the u.s., as well as treasury yields, what are yields telling us about a global slowdown. it weighed on investors to the tune of 800 points yesterday. the nasdaq was down 283 points yesterday at the close, almost 4% lower. global markets are open morning for trading. in europe, they're down across the board. the cac is down 41 points, almost 1%. the dax index in germany down 88 points, three-quarters of 1% lower. in asia overnight declines across the board. china trade of course is in focus, beijing is breaking its
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silence over the 90 day trade truce that president trump told us about. beijing said there is a clear road map for negotiations. we have the latest. no prison time, that's the recommendation from special counsel robert mueller for michael flynn. what it says about the status of the mueller investigation today. the top places to work and this year facebook is losing its spot at number one. we'll tell you who tops the list in best places to work this morning. all those stories coming up. joining me to break it down, dagen mcdowell, kevin kell quesy and bob nardelli. good morning. >> one of the most exciting things is brad smith will be coming on, the president of microsoft. over the summer he said that he wants the government to regulate facial recognition technology which is pretty telling. he said that silicon valley can't regulate itself. so he was pretty staunch in his opinions. their facial recognition
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technology is called face. it's used with uber for signers to sign in and validate who they are. it's nice to see he's at the forefront of this. maria: it's that facial recognition, powered by a.i. that had google saying no to the pen gonpentagon in terms of worg with the government and they didn't want the government using the technology around immigration. >> at the same time they're going to do project dragon fly in china. china, talk of theft of i.p., tech transfer, having a.i. go over there, that's one of their top priorities for their 2025 plan. maria: not to mention the program china has in place right now, the individual score program where they're spying on you and they'll give you an individual score and at the end of the year if your score is low, below a certain threshold, you won't be able to get a mortgage. you won't be able to get on a train. wouldn't able to take a plane.
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>> it's unbelievable. maria: google is enabling china with this. dagen: there is beginning to be pushback against google doing business in china the way they're planning and the excuse they used for pulling back on that defense contract. jeff bezos says sometimes it's the right thing to do to support your country and to push back on what is a narrative among your ranks. you have to step up as an executive, as an entrepreneur in this country and serve your nation in the best way you can. kudos to him. maria: good for him to say that. >> very proud of him to say that in comparison. maria: ceo of microsoft said it as well. this morning i'll be speaking to the president of microsoft, brad smith. we'll get into china and what he's seeing in terms of the global slowdown as well. joining us this morning as well, judge andrew napolitano, along with former speech writer for president george h.w. bush, jennifer grossman is here as well.
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first, we kick it off here, we are remembering an american president, an american icon this morning. the public funeral for president george herbert walker bush will take place at the national cathedral in washington d today. brian mul.brian mlrone and othee you'lpresenting eulogies today. he will be laid to rest next to his late wife, barbara and daughter robin. joining us right now is presidential historian, doug weed. your thoughts on this morning as we remember president bush. >> this was a great president and he'll with be remembered as a man who ended the cold war. ronald reagan called for the berlin wall to come down. but i watched it come down on my tv set in my office in the white house under george h.w. bush.
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and as history unpacks all the dathedetails of what he did andt he didn't do, the links to pope john paul the second, how he worked behind the scenes to end that war without nuclear we pons going into the hands of terrorists, it was a high wire act, a great moment in history and it saved humanity from disaster. maria: any interaction i've ever had with president bush, he's been so gentle or appears to be so gentle. he also had this love affair with barbara. there was a letter that he wrote to her during world war ii and that went viral after barbara passed on. but they really did have a love affair, dagen. this was something that many people talk about. they were best friends. dagen: they were. doug, it's particularly poignant that he will be laid to rest next to r barbara and also his daughter robin and karl rove talked about this on monday. robin died at the age of 3 of leukemia. it does inform your life as a
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parent when you lose a child to cancer at much a young age. it's uplifting and puts a smile on our faces, knowing that president bush is now reunited with barbara and his daughter. but also it ex em mri yo exempls dedication to service and his wife's dedication to fighting cancer, particularly among children. >> i remember in the oval office one morning they brought in a little child who was bald-headed, chemotherapy, cancer, of course i co-authored a book with george h.w. bush, and i knew the story of robin, how this affected him. here was the parents and this little boy and george h.w. bush was so po positive and upbeat ad he said you had a great day in washington and let me tell you, i know what you liked best, let me tell you, you liked the air and space museum besting right? and this little boy, great big eyes, this little boy said no,
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mr. president, you're the best. and that's a thought that i -- that comes to mine mind today. >> doug, bob nardelli here. i can't imagine a tougher eulogy than to do one for your dad, with 43. have you talked to him? have you helped him prepare his thoughts? he was so emotional yesterday at the viewing and i've never seen him so anxious and saddened. are you helping him with those words? >> no, i'm not. but i've had many, many conversations with both george h.w. bush about his son, who he loved, but there was also some rivalry and with the son about the father, and i know that george w. bush has some rhetorical devices or tricks to help him kill the emotion and they're kind of funny and i wouldn't be surprised if he's going to invoke that when he gives that eulogy. maria: you know what was so
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emotional yesterday, former presidential candidate bob dole, he had such a moving salute, getting out of his wheelchair, standing up with the help of an aide and saluting president h.w. everybody saw that, right. it was incredible. doug, your reaction. >> i like the way they forgive each other, that generation, but especially george h.w. bush. when i'm hearing the stories, a lot of people miss out of the fact that george h.w. bush introduced negative campaigning as a first. up until then, with reagan, he subscribed to negative campaigning, learned it in north carolina, believed in the 11th commandment. you had to start out positive, get your vision and then go negative. the 1988 campaign, people think of george h.w. bush as nice, he was a tough campaigner, he came out of the gate fighting. willie horton was not a dog whistle. it was in your face. he started telling the story. we had to say let other people tell the story, not you.
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he was in the ruthless game, power is ruthless, yet he was so nice and forgiving. he was a nice man in a mean game. he did it so very well. dagen: a lot of people now adays love to act like that president trump is the sole individual stirring up animosity toward the media. and i look back at the newsweek cover of president bush who joined the navy at the age of 18 and was a fighter pilot and the newsweek cover said fighting the wimp factor. that's what the american people are pushing back on. i look at that cover and i think the guy who wrote the article actually now regrets it. but again, you want to talk about some cooked up narrative that people with pen, paper, typewriter, now computer or camera from front of their face,
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that this is something that they push that is just phony baloney and mean, doug, mean. >> yeah, it's funny, i saw the other day frank sesno who i admire and like very much, he said boy, george h.w. bush knew how to treat the press. i almost spit my cheerios out my nose. i remember the day we were told if anybody talks to frank sesno you'll be fired on the spot. apparently, he was going down through the directory at the white house, calling people under people under people to get information and i remember katherine graham pulling me aside an evidence p only event,n despair, because her star reporter was being black listed at the white house. we were told if we were seen in his presence, we would be fired because bush was angry because he had broken the next summit. they had to move him to the pentagon. we remember things through rose-colored glasses.
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people are comparing donald trump, a businessman, with george h.w. bush, who was a diplomat. maria: he had a democratic congress to deal with while president. i think he would have gotten a second term if not for just republican fatigue. remember, he had been vice president with president reagan for two terms and then president for one term and then of course the whole famous no new taxes, unfortunately then he had to raise taxes mid-way through this term. that also did him in, doug, in terms of potential second term as president. >> you're very astute, maria. good historian. that historic correlation is very true. the nail in the coffin was no new taxes. i remember in the practice debates at one point in 1987 he stopped the debate, he said i'm just not comfortable with this. i just -- and that was 1987. i remember thinking to myself, i was one of the shills that was debating him, i was saying boy, you better get used to it because there's your signature
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line, there's no running from that line now. i was with him after he had to raise the taxings and we were back stage somewhere alone and he was almost in grief, because he knew it was going to be portrayed as a lie, that he had promised it and he had broken it and the integrity was everything to him. he said what's it like out there, meaning what do the simple folks say or do. he was suffering from the decision. he felt he had to make it. maria: it's great to have you with us this morning to look back. >> thank you, maria. maria: thank you so much. fox business is having special live coverage of the funeral. it starts at 10:00 a.m. eastern. join us this morning for the live coverage. u.s. markets of course are closed for this national day of mourning today. coming you, trade is taking center stage, markets open or not. the latest on negotiations to make a deal as beijing breaks their silence. facebook falling from the number one spot as best places to work.
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we'll tell you the company replacing it, next up.
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mariawe're watching futures this morning, particularly after the big selloff in stocks yesterday. you futures market is open this morning until 9:30 a.m. the regular session is closed as we mourn the president. but futures are stabilizing a after that 8 p hundred point selloff yesterday for the dow. futures in the dow right now up 76 points. china has broken their silence on the trade truce with the united states. cheryl casone has details right now. cheryl: beijing finally acknowledged for the first time that it agreed to a 90 day cease fire to hold negotiations with the u.s. china's commerce ministry issued a statement saying the negotiations have a, quote, clear time line and roads map. they say china plans to work quickly to implement specific issues agreed upon. steven mnuchin talked about the
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truce. >> our expectation is that phase one will be implemented immediately and when i say immediately, that's part of the 90 day negotiation with specific time frames, specific commitments and phase two will be very quickly as well. cheryl: well, the two sides agreed to halt the trade war in a meeting between president trump and china's xi jinping over the weekend at a summit. former president barack obama reportedly has met with texas congressman beto o'rourke. the meeting happening last month. month. o'rourkowe0:rourke weighing a pe presidential run. meanwhile, senator bernie sanders, who is a hard liner when it comes to climate change, had a high flying bill for
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travel it turns out. he racked up nearly $300,000 in private jets just in october. he used a jet to drum up support for democratic candidates ahead of the midterms. those are your headlines, maria. maria: it certainly looks like the field on the democratic side for 2020 is becoming clearer. you've got beto, biden, bloomburg, and bernie. >> and abrams, she said she might run. maria: somebody told me last night they think it's 40 people who lining up on the democratic side so far. >> come on down. dagen: bruce springsteen said i think over the weekend, he said he thierntion presiden thinks pn get reelected in 2020 because there's no one that can communicate with the american people on the democratic side the way donald trump does. >> you forgot about hillary. maria: did you see the report about jeff zucker, getting into
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politics. >> and bloomburg. maria: he's given $110 million to the republicans, so we'll see where that gets him. >> $1.8 billion, right, donation recently, john hopkins. maria: we will keep talking about that. it is game on for 2020. spotlight on michael flynn this morning, why robert mueller is recommending no jail time for the former national security advisor, that's up next. in less than 10 minutes, i'll speak exclusively to microsoft president brad smith, he weigh in on technology in the military, the company's growth and a lot more. stay with us for that. [ telephone rings ] [ client ] - hey maya. hey! you still thinking about opening your own shop? every day. i think there are some ways to help keep you on track. and closer to home. edward jones grew to a trillion dollars in assets under care, by thinking about your goals as much as you do. i can do more to lower my a1c.
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these can lead to dehydration, which may worsen kidney problems. to help lower my a1c i choose trulicity to activate my within. ask your doctor about once-weekly trulicity. we were talking about the model t. now here we are talking about winning the most jd power iqs and appeal awards. talking about driver-assist technology talking about cars that talk and listen. talking about the highest customer loyalty in the country. but that's enough talking. seriously. that was a lot of talking. back to building that was a lot of talking. comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget.
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beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. maria: welcome back. no prison time for general michael flynn, that is the recommendation of the special counsel, robert mueller. mueller cited flynn's cooperation in his plan and his investigation. california congressman alan
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schiff tweeted this. the recommendation of no jail time for flynn apart from its obvious irony for the man who led chanc chants of lock her up, reflects the timeliness and significance of his health, that most of the details are redacted signals that he has given more than the president may know. joining us right now is judge andrew napolitano. >> i agree with congressman schiff. depending on how you count the lies that the government says he told and the -- for which he was indicted, and the lies the government says he told for which he was not indicted, depending on you how you count them, he was exposed somewhere between 10 t 1 to 60 years in j. the government is suggesting zero. the government never suggests zero in major indictable cases. why are they doing so here? the phrase is substantial
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assistance at the earliest stages. maria: he's been wronged. >> he has definitely been wronged. maria: there's a lot of people who lie who are walking around like jim comey and let's talk about some of the people on hillary clinton's staff. >> the supreme court has said that when the fbi i interrogatig you, they can lie to you but you can't lie to them. are they morally superior to the rest of us, that they can get alies and we can't. the concept of lying is subjective. how do they decide who they go after. if the fbi knows it's a lie is it obstructing their investigation. maria: you're right, it was substantial assistance. >> as i read the submission this morning. it's frustrating because hatch of it is blacked out. the judge of course -- and general flynn's offic's lawyerse true version. the judge can know the depth of what the government says the
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general did. to the public, it's blacked out because it's still ongoing criminal investigations. we were kidding during the breaks, rudy giuliani predicted done by christmas. forget about it, this will be done for another year, just reading between the lines. maria: it's true. we'll see when it ends. i think the american people deserve to understand where he is on all of this. >> the timing of the sentencing, december 18th, means his helping the government is over, once they sentence him, that's it. everything he's done, they debriefed him on 19 separate occasions and they've corroborated what he has told them. unlike what they said about paul manafort, they believe he told them the truth. dagen: they tried to destroy his life. he was charged with one process crime, continue call behavior by the fbi. >> i think effectively did destroy his life. he should be in the position to provide advice to the president.
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maria: let's not forget carter page who was wiretapped for a year, he's walking p around, no charges. >> right. the outcomes are rarely just. maria: judge napolitano, we'll be right back. (toni vo) 'twas the night before christma, and all thro' the house. not a creature was stirring, but everywhere else... there are performers, dancers, designers the dads and the drivers. there are doers of good and bringers of glee. this time of the year is so much more than a bow and a tree. (morgan vo) those who give their best, deserve the best. get up to a $1,000 credit on select models now during the season of audi sales event.
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maria: welcome back. good wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is wednesday, december 5th. u.s. markets are closed today in remembrance of president george herbert walker bush. futures are open this morning, futures market closes at 9:30 a.m. and the market there is higher on the heels of that sharp selloff yesterday. we are seeing stabilization in the futures market. the major indices were lowe lowr yesterday over concerns over the treasury yield and the situation between china and the u.s. dow industrials yesterday down 800 points at the close, down 283 points for the nasdaq at the close, almost 4% lower there. asian markets in the red overnight as you can see here,
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worst performer was hong kong, down 1 2/3% on the session overnight. the fq100 is down better than 1%, the cac down 45 points, almost 1% and the dax index in germany down 91%, almost 1% lower there as well. saying good-bye to a president, the public funeral for president george h.w. bushies happening today at the national cathedral in washington, d.c. the funeral starts at 10:00 a.m. eastern and fox business will take you there live. we are covering the funeral live at 10:00 a.m. so stay with us for the proceedings. sports icons paying respects to 41, peyton manning and phil mickelson among those in attendance yesterday. we'll have much more coming up in terms of who was there, lines around the block to get in to see the president. facebook not on top, the social media giant no longer number one on the list of best u.s. companies to work for within tech. the coming list up ahead. our top story this half hour, that is trade tensions.
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the u.s. has a 90 day tariff truce with china. president trump tweeted that he is ready to put down more tariffs if negotiations break down. one company that does business with china is microsoft, technology obviously wants to get a foothold in the largest population in the world, 1.3 billion people. the of software giant has been if the chinese market since 1992. it has thousands of corporate partners in the region. joining me right now is the president of microsoft, brad smith. brad, it's good to see you this morning. thank you for joining us. >> thanks, maria. it's good to be here. maria: we've been talking about the fight between the u.s. and china in terms of the theft of intellectual property, the forced transfer of technology and some of the other behaviors that china exhibited, not to mention not opening its market. can you talk to us about your experience in china. >> as you mentioned, we've been there for a quarter of a century. in that quarter of a century, we've seen enormous change. and today the economic relationship between commie that an-- between commiethat
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china and the united states is one of the -- between china and the united states is one of the most important in the world. we would like to see a successful conclusion over the next 90 days to these discussions, a successful conclusion would ensure market access for american products including technology products, in china. it would clarify the rules of the road. it would create a long-term and stable foundation for a relationship that will define the plan he et fo planet for the century in many ways. maria: from the standpoint of the chinese basically blowing off patents and stealing technology from foreigners, in particular american businesses, i recently had one of your former colleagues, steve bomber, and we talked about the cost of this. i understand that 90% of large companies in china use the microsoft platform, but something like 1% pay for it.
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is that true today, still, a and steve bomber said that you're talking about that would have been something like $10 billion in profits that would have been profit for microsoft but the fact that they're not paying for it, only 1% of those companies actually pay for it. >> well, there are still issues we need to address. but there's been enormous amount of change. we are still seeking as a company access to a number of parts of the market in china. we would like to see a relaxation of some of the licensing restrictions and the like. but there are now patent applications filed by chinese companies in china every day as well as by american companies every day. china has become a source of intellectual property he creation. that's part of the change over the last quarter century. i think the two countries and the two governments are in fact much closer together than they were, say, when we started in china, when i joined microsoft 25 years ago.
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maria: i think what i hear you saying is that now china has its on innovation, its own intellectual property to protect, so maybe they will have a different view on this? do you think that china will somehow stop stealing intellectual property? can this fight move the needle on this? >> i think there's a lot of opportunity to move the needle on this and many other issues. i think we want to have a he regime that respects intellectual property. we need open access to these markets. as you mentioned, this is a country with 1.3 billion people. we need a stable regulations in both countries. we would welcome the opportunity to do more in china. but do it in a way that gives people in both countries confidence that technology is being protected and respect. maria: i think that's a really good way to put it. you know, in terms of people understanding the cost to
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american companies, here's the exchange between steve bomber and myself a few weeks ago. listen to this, brad. 90% of companies in china use the microsoft operating system but like 1% pay. >> i'm a free trader, by nature. i went to school economics, it's the best thing for the world. this one's a tricky issue. because it's absolutely clear that the rules don't apply in china and the u.s. government needs to do something, whether tariffs are right or wrong, i'm silent on that point, but without any pressure from the u.s. government. we're talking about $10 billion, plus, for example in microsoft that would go into profit. maria: is that the number, brad? $10 billion? >> i don't know that that's the number. these things are changing every day. let's just say it's a big number. i think that probably makes the point. the importance of these negotiations and the importance of having a successful
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conclusion. maria: it's also very important that technology companies use their innovation toward advancing business in general. i mean, we talk a lot about what has taken place in terms of microsoft wanting to help the u.s. microsoft is promiseing to work with the u.s. military to defend the country. we know that's different when what google has done. you were quoted as saying the company would provide the u.s. military with access to the best technology that microsoft creates. this is after google decided not to work with the pentagon. >> this country has always relied on having access to the best technology, certainly the best technology that american companies make. we want this country and we especially want the people who serve this country to know that certainly we at microsoft have
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their back. we will provide our best technology to the united states military and we have also said that we recognize the questions and at times concerns or issues that people are asking about the future, as we see artificial intelligence entering the world of the militaries around the world, as people are asking about questions like autonomous weapons, we'll be engaged but we'll be engaged as a civic participant. we'll use our voice. we'll work with people. we'll work with the military to astress these issues in a way that i think will show the public that we live in a country where the u.s. military has always honored the importance of a strong code of ethics. we just need to move that forward into this new age. maria: that's great, that the company has that culture and this promise to do so. let me switch gears and ask you a little about the regulation that may be coming to tech. a lot of these large technology companies are more powerful than they ever have been and they're going through what perhaps
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microsoft went through back in the '90s as large and powerful attracting the ire of regulators. google's ceo set to you appear before the house judiciary committee next week. he's expected to answer questions over bias, over privacy, potentially censoring conservative thoughts. this is after mark zuckerberg failed to show up to answer an inquiry over the spread of fake news on social media. brad, what are your thoughts on potential regulation coming to technology and how we could see the industry change as a result? >> well, i don't think it's necessarily a bad thing. if you look at the last two or three decades, technology has raced forward and frankly we do need government to catch up. and i think we need a world where the u.s. government and state governments are actually moving a bit faster and even doing a bit more. when we look at a field like privacy, europe has been leading the way in that field for two
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decades. we called 13 years ago for privacy legislation in washington, d.c. and in congress and i think it's a good thing that we're seeing in 2018 other companies like apple and salesforce step forward to endorse this as well. if we have the right level of regulation, if it's balanced, if it's forward-looking, i think it can give the public confidence in its use of technology and that's going to be good for the tech sector itself. maria: yeah. do you think that this could end up resulting in smaller companies? i mean, would there be a movement to break some large enterprises down? >> i don't know that i would say that. that's perhaps a different issue. that's up to the anti-trust regulators, obviously. that's the work that we had to do two decades ago. i think when people are talking today about broader regulation, they're more typically looking at issues like private circumstance like cyber security, more than the kinds of
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regulations that are more likely to apply to everybody, large and oftentimes small too. maria: these are very big issues. microsoft has been doing so well. congratulations to you and your team. we're watching the company in this three-way dead heat with amazon and apple for the title of the world's most valuable company. this has to make employees feel good, brad. >> i think our employees do feel good. this is a marathon. you know as well as anybody. you get snapshots on different days. we're working at a time where we're leaders now in the cloud, in artificial intelligence, our hardware device line is doing well with the surface and the x-box as we look ahead to the holidays. but i will also say, we do believe that technology can play even a better and broader role for this country. that's one of the reasons that i'm here in washington, d.c. this week. we're rolling out with telecommunications companies broad band to rural communities that don't have access to it.
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we do need to keep in mind, tech companies may be leading the world in market capitalization, but we have tens of millions of americans especially in rural communities that don't have broadband in their homes today. they can't buy it even if they can afford it. and our country needs to look at that. maria: this is really important. tell us a little more about this air band initiative. you're bringing this broadband internet to those who don't have it in rural parts of the country and in doing so you're actually opening up -- it's like having an encyclopedia in your pocket. this can move economic growth. >> it absolutely can move economic growth. there was a study in nebraska last year that showed that every time you connect 1,000 new homes in a rural community, you create 80 new jobs. maria: wow. >> what we know today is that we frankly don't have a great estimate in this nation as to how many people are disconnected but it's in the tens of millions and that's what we're addressing. we're partnering with
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telecommunications companies across the country. we're developing new technologies. we're now in 220 counties and 16 states. by this time next year we'll be in 25 states. think about this as an economic growth initiative for the country. think about it as something that brings education and health benefits to everybody. think about it as something that grows our industry because it is opening up a new market. maria: very significant. before we go, we've got worry, markets down 800 points yesterday, worry about a growth slowdown on the horizon. give us your sense of big business and the retail sector going into the holidays. you've got a great vantage point in terms of what you're seeing out there. are you expecting a growth slowdown in the coming couple of years? >> i don't think we're expecting any one thing or another. we all live with a world of business cycles. we all know that this has been a long business cycle and we all know that it will end some day. whether some day is in 2019 or
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in 2029. whoa know we'll be prepared for it. we are always thinking ahead. we managed through the last downturn well. we'll manage through the next downturn well. we always take a very long-term view and we try to be ready for things. maria: it's hard to expect a slowdown when you've got 29% profit growth, 4.2% economic growth earlier this year. but i guess that's the worry. >> well, like i said, have you to be prepared for anything in terms of economic cycles but i think your point is also an important one. the future, whether we're in a recession or an expansion, is about cloud computing. it is about artificial intelligence. we are living in an age where technology is going to continue to grow. maria: for sure. brad, it's good to see you this morning. thanks so much. >> thank you. maria: brad smith, the president of microsoft. coming up, technology takeover, we'll tell you how silicon valley giants ranked in a new lists of places to work. plus, the details as president
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maria: here it is, the top technology places to work. cheryl casone with the details. cheryl: big changes on the list this year, maria. it's been a tough year for facebook, under fire for how it handles user data and to top it off it did lose its ranking at the top company to work for. glass door has the newest
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survey, the best places to work. facebook has slipped to number seven overall. not the only tech company falling out of favor. the top five, zoom video communications number one, pro court technology, linkedin and facebook and google on the list. google slipped three spots from last year. absent, guys, amazon, didn't even make the list. if you're curious how they rank this, a lot is based on employee satisfaction. they look at senior management and work, life balance which is very important to technology folks. amazon not even making the list and facebook slipping on satisfaction at work, just general satisfaction with work at facebook. maria: am i naive that i didn't know the first company? cheryl: it's a small company. there are always new companies emerging in silicon valley and the newer, smaller companies seem to be more in favor if you're an employee at a tech company. dagen: the goal is to start your own business and become a
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billionaire and there's no work/life balance when you're literally working 20 hours a day, elon musk, and sleeping on the floor of your office. that's -- those are the real winners, that's work life in real silicon valley. maria: i bet people love it that way. dagen: not the pampering of facebook. cheryl: nobody sleeps at work. we. maria: you're talking about naps. paying respects, the incredible ways sports icons honored president george h.w. bush, we'll tell you who was there yesterday. back in a moment.
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maria: welcome back. remembering president george h.w. bush, sports icons paid their respects yesterday. jared max with the story now. jared: what a powerful scene
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yesterday in the rotunda of the united states capitol. president bush was a sportsman through and through. a close relationship with some of the greatest athletes. we see the level of ref reverane from the sports stars, fred couples, jack nicklaus among others, jim calhoon and from baseball, the sport most associated with president bush, albert polhols and tommy ra lar. president trump will be in attendance at the army, navy football game. it will be played for the 20th time before a president. while the nfl figures out how long it will penalize kareem hunt for his involvement in up to three violent incidents since january, including this in
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february with a 19-year-old woman, ea sports has already rendered its decision on the virtual kareem hunt, he is sent to the sidelines, virtualliy raised from the madden football game. ea sports said their i they're e process of removing him. he will be replaced by a generic player with hunt's statistics. big splash in the major league baseball pool. andrew korbin leaves arizona for the washington nationals. ten years since the state of washington lost the supersonics. the emerald city gets a winter pro sports team back. the nhl team voted to award seattle the 32nd franchise. they will begin play in 2021. we have to figure out what are we going to call this team. seattle emeralds. maria: that's good. >> it's good. >> copyright that right away. maria: emeralds.
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>> so don't they normally do two expansion teams? jared: no, no, no, it could be one. this levels out, 32 teams makes the conference, all the divisions even. so if arizona is going to shift divisions because these guys are going to join the pacific. today we'll see so much about former president bush and his involvement with baseball, more associated with baseball than any other sport. he got ted william to campaign for him in 1988. they 1989 he invited sports writers before the baseball season to come in and talk about it. there's a photo of him and babe ruth. dagen: college world series when he was at yale. there was an interview that was done when he was in the white house. he said do you know where your baseball mitt is from when you were at yale, he reached in his desk and pulled it out. maria: great stuff. thank you, jared. catch sports reports 24/7 or on
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sirius xm115. general motors is headed to capitol hill, the latest an the ceo meets with lawmakers after company cutbacks, that's next hour, "mornings with maria," stay with us. ♪ ♪ the greatest wish of all... is one that brings us together. the lincoln wish list event is here. sign and drive off in a new lincoln with $0 down, $0 due at signing, and a complimentary first month's payment. only at your lincoln dealer.
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. . maria: welcome back. good wednesday this morning everybody thanks so much for joining us. i'm maria bartiromo finalizing farewell to president george herbert walker bush fox business will have full coverage of president bush's public funeral happening today at national cathedral in washington, d.c., it starts 10:00 a.m. eastern stay with us for the proceedings, u.s. markets federal offices post offices closed today for a national day of mourning. for president bush. futures market is open right now futures are trading higher on heels of sell-off yesterday futures trading 8 close 9:30 a.m. this morning we are seeing dow futures up 9 points s&p futures up 14 and one half nasdaq up 42 points right now
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after sharp o sell-off yesterday major averages decline in dow 800 points concerns on china trade treasury yields sending nasdaq down 283 points almost 4% lower yesterday global markets open for trading in new york red across the board. ft 100 down a a percent 68 points lower cac quarante in paris down 41 dax in germany down three quarters of a percent, 88 points lower in germany asia overnight declines across the board worst hong kong down one and two-thirds percent china trade in focus beijing breaking silence over 90 day trade truce a clear road map for negotiations latest there eye on auto sector mary barra headed to capitol hill to meet with ohio senators he volunteerings weaken considers he building in united states.
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>> pushing post office to raise prices what it means for your delivery to break it down fox business network dagen mcdowell, benchmark managing partner kevin kelley former chrysler ceo fromh former home depot ceo bob nardelli great to see you now good morning to you. >> futures coming back a little bit, from when we started the 6:00 hour. it is pretty well interesting because we have less than two weeks till we see fed raise rates in december guidance into next year two, three hikes? so i think a lot of uncertainty in the market until then why put new money to work especially because we saw on tuesday afternoon after the close hp.e. henterprised so many off has to have come out have not given conviction. dagen: one thing i will point out paul christopher mentioned steve mnuchin treasury
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secretary in your interview canned of raised people talking shorter term treasury note rates yields are higher than 5 year where two and three issue higher than 5, the belly of the curve worth noting paul said instead watch two and 10 is not yet inverted, 10 is yield is higher than two, although the most narrow since 2007 but all of the neutral fund index fund money is in that two, three, five time range, so they are trying to suggest that don't watch the inversion there watch two and 10 that is better indicator of how investors would feel about the future of the economy i am not dismissing might be an indicator -- >> selling notes right so secretary mnuchin being here, there has been a deluge of treasurys sold at auction you are seeing inversion inventory coming on line so that is why, people are really focusing on
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inversion there it happened monday, by the way, we didn't see a he sell-off monday when it happened saying most concerns have been o. dagen: yesterday morning i mentioned first word out of my mouth what was going on fixed in being i thought the stock market was ignoring it on monday doggone if investors stock did not ignore it yesterday. maria: you questioned the rally you questioned the rally first thing yesterday. >> don't you think a lot of people have optimism so parking in a short two year versus going to 10 year because they still think there is upside opportunity to get it out other. >> 3% on two year. >> -- j.p. morgan telling people go to cash, they say, they are overweight cash for 2019 you have big street, firms saying that. >> we have to talk about why this is also unnerving for equities why market sold off 800 points yesterday i know it was partly trade but a big portion of the fact that 10 year dropped below 3%. dagen: i mentioned it
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yesterday in the "the wall street journal," there was the article, that jay powell last week did not say his view what a neutral rate is, it -- he did not say it would change, i think that it was this was clearly a message to all investors who think the neutral rate is like a couple rate hikes away that it is the neutral is -- is close to 2 1/2 to 31/2% a bigger gap there i think that was unnerving as well to fixed income markets and the stock market yesterday. >> away too close together. maria: big day today we are remembering american president, the nation is mourning president george h.w. bush, at his funeral today hillary vaughn outside national cathedral in washington where the proceedings will take place good morning. >> we are expecting things to get started here arrange 11:00 a.m. but public viewing at capitol rotunda for former president george herbert
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walker bush as he laid in state came to a close this morning after thousands of people from all over the country, and leaders and dignitaries paid republicans last night thousands waiting in line after dark under 40-degree temperatures one of those including former senator bob dole came by to say his good-bye and pay respects, in a remarkable moment the wheelchair fold world war ii veteran, stood up saluted bush "41"'s casket, another one that came by the yellow lab stays by president side until he said final words about circled the casket laid down on grounds, george w. bush and wife laura bush paying respects president meeting with former president george w. bush at blair house with
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wife melania former first lady laura bush came to white house to look at christmas decoration with melania she called it a sweet moment in what has been a sober week. >> thanks very much pictures of "sully" so sweet. and he was so loyal to president bush, thank you for showing us, and walking us through what went on with "sully." president bush's dog stay with us for special coverage of president george h.w. bush's funeral 10:00 a.m. eastern fox business all proceedings right here for you live markets futures are higher this morning trading closes 9:30 a.m. we know there are really market session closed investors rattled yesterday renewed u.s.-china trade sepgs sending all major major averages down better than 3%, beijing brek silence on 90 day tariff truce upcoming a time line on negotiations i spoke with steven mnuchin yesterday,
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to talk about developments. >> we have a lot of work to do, but i think this is the first time, you have had a direct agreement, between the two presidents. president xi and president trump. i think president xi made some very strong commitments, on changing structural and nonstructural issues if we can get this negotiated and get a real agreement i think this is the single biggest opportunity for u.s. business, and u.s. workers. >> joining us right now cfra research chief investment seasonal strategist sam soval good to see you sell-off yesterday we got profit growth in third quarter year-over-year 29% this year, next year you are expecting profit growth of? >> 7 1/2%. >> that is a sharp slowdown can you explain, how profits growth goes from 29% to 7 1/2% within a year. >> two reasons, first off it is because the bar was set so high this year, the beginning
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of 2018, wall street was looking for an 11% 1/2 looking at more than twice that because of surplus in tax cuts, to 2019 bar set so high, even though we are going to be setting a record in terms of earnings the year-on-year growth rate will be slow. >> that makes sense. >> to the point where 7 1/2% but at the nd of the third quarter, meaning just ahead of the third quarter reporting period, analysts were looking for 10% gain in 2019 earnings so that has trend because of uncertainty surrounding trade as well surrounding interest rates. >> you can't go 25% quarter after quarter after quarter but the nice part not going into negative growth meaning really has not been a sugar high but the fundamentals of the economy are actually underpinning the growth for even next year we are
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remaining strong but what is fascinating that i looked at is a lot of the defensive sectors% seized, have held up very well i look at industrial real estate up 3 1/2% compared to markets selling off 7 1/2% you have stability of cash flows coming through where do you think people should position themselves in if best leg of growth for next year concerning we are going to have tougher are comparables. >> i think we need to get confirmation on friday, as to whether the fed probably will be slowing its rate tightening program in 2019. >> jobs number. >> exactly because if the friday's job number comes in greater than 200,000 expected by the street, better than 3.7% unemployment rate, and the 0.2% gain hourly earnings if that comes in much, much stronger, then i think investors are going to worry maybe the fed would be the be able to slow their rate tightening -- >> secretary mnuchin talked about labor participation rate
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when you yesterday worried about people coming into labor force we know we have tons of jobs out there but he was telling that you yesterday. maria: yeah. dagen: that is going on in the market enough to tell jay powell and his company down in d.c. to hold up? hold up with the difference between two-year treasury and 10-year treasury the most narrow difference since 2007 people buying 10 year telling the fed you are fouling up, you are slowing the economy too much if you intend raying interest rates at pace people still expect. maria: not able to raise three times next year. >> the question is historically the fed funds rate is 1.3 pafrj poin-- pafrj points should be closer to 2 1/2%. >> you saw this market sell off yesterday would you put money to work in this market right here? >> i think wait for mid-december low, and then as
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stock traders almanac says you've got free lunch on wall street. >> you love that stock trader's -- >> sam good see the you sam stovall shifting gears for general motors ceo mari barra to meet with lawmakers founding the job cuts announcement online he retailers like amazon could face higher shipping rates up next. (toni vo) 'twas the night before christma, and all thro' the house.
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but when i started seeing i knew aboutthings,emors. i didn't know what was happening... so i kept it in. he started believing things that weren't true. i knew something was wrong... but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine... proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death
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in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arms and legs and confusion. we spoke up and it made all the difference. ask your parkinson's specialist about nuplazid. maria: welcome back carlos ghosn could remain in detention to the end of year in japan cheryl casone with details. cheryl: japanese media reporting prosecutors plan to rearrest ghosn on new claim of under stating, first arrested for misconduct, was extended to september 10 prosecutors plan to arrest him again that same at a for the same crime
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this time going to -- cite 2015 to 2017 yesterday newfound panel failed to nominate a successor to ghosn as chairman but the board meeting later in the month advocate says nissan board should have known about ghosn alleged crimes. >> showers nissan down 11% so far this year, well there are new allegations out against former cbs ceo moonves a report by "new york times" says moonves destroyed evidence interfered with investigation in sexual misconduct claims against him lawyers hired by cbs to save 20 meddle severance package network would not have to pay moonves if determined he violated terms of agreement accused of destroying a lot of e-mails. u.s. portfolio service looking at sweeping changes that could affect amazon, task force
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published a report propose post office charge more for deliveries that goes after retailers, repeatedly claimed amazon has a deal with post office shares of amazon up 51 are% not one top tech to work for either -- >> thank you, cheryl a crude awakening the price of oil this morning ahead of opec meeting tomorrow it is now 535 a barrel, general motors ceo mary barra going to washington as germ auto executives also meeting with white house officials over concerns about tariffs next.
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maria: welcome back, big focus on auto industry this week in washington blake burman joins us from whethers with the very latest blake, good morning to you. reporter: good morning to you as well executives from top german automakers lease meeting with top brass of the trade and economic team before a separate meeting with president trump the official line from white house after was the following, the president shared vision of all automakers producing in the united states bringing a more friendly business environmental however main issue for automakers clearly trying to make sure president does not raise tariffs on imported vehicles should negotiations on trade between the u.s. and eu break down, the auto industry us have a drawn special attention from this president includes largest at home general motors in wake of decision to slash jobs the treasury secretary
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mnuchin saying on this show yesterday morning lower gas prices led to higher demand for suvs that companies need to retool their factories. >> i think one of the behaving focuses of the industry is how can they use new technology so that they can retool these plants a lots quicker, and ultimately 3-d printing for tools things like that, whether five or 10 years from now we can have that a as a big part of auto manufacturing, i know we are very focused on technology. . reporter: as for gm ceo mary barra to be on capitol hill to speak with senators about gm's recent decision. maria: thanks very much we will cover that later blake burman at the white house the "the wall street journal" technology auto reporter tim hagen good to see you thanks so much for being here. >> thank you. maria: your thoughts on the impact so far of tariffs on the auto sector?
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>> well great uncertainty i came back from l.a. auto show last week executives from are on the world were there, this is a cloud over 2019 concerns about where tariffs are going to be where seams are going to be there is a general thinking we hit peak auto sales in u.s. last few years good days are going to be behind us, that -- leaves people unnerved. >> tim one of the questions that i have been posing to analysts on the street, has been what is the impact from the credit markets? we have seen a lot of -- sub prime auto lending come out has there been talks during l.a. auto show or any talks fromt a lot of manufacturers about what is happening in consumer credit? >> that is one of the headwinds of their hear one of the greatest challenges there's a lot of things that are sfakdz up for a company like general motors or ford to look ahead there is great concern, about kind of the way things are going you've got issues with china issues uncertainty with europe uncertainty here in north america even though there is
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potentially a new trade deal it is still -- projections months of kind of -- unclear -- road ahead as they try to approve those things so companies trying to make seven year products cycle plans would they tend to uncertain times stop making decisions analysts i have been talking to are concerned we are going to sea slowdown in that spending. dagen: i am a nerd all i do is read business news when not at work that investors have been actually picking up the risk in terms of of the sub prime auto deals that they have been among the securitization's gobbling up this sub prime auto securization deals. there has been 38 million dollars worth of signing b debt in issuing 2018 more than all prior years combined, demand is there despite warning sign. >> you saw what happened to -- sub prime 7, 8, 9 to recess i
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had residuals on used car. >> supporting the adjusted rate interest rates low fuel i don't think you know i think maybe get through '19 way hear but going to take a break in 0. >> talk about bmw, lease deals fueled sales for several years affect auto those rates starting to come up next few years, and that is going to affect residual values make it more difficult for them to do new lease deals you are seeing that in market lease pricing for vehicles are becoming more and more expensive new car prices more and more expensive the flip side of that is used price used cars have been pretty stable so we've got interesting kind of mix, you get into 2019, 2020 the concern is used car prices will start to fall residuals
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will fall, companies relying on credit market to fuel that i think so. >> did you see story on tesla california police struggling to pull over tesla on autopilot the driving reportedly drunk sleeping behind wheels took two police cars seven minutes to out smart autopilot to get vehicles to stop tesla maintaining driver should be aware responsible when the car he wasn't, your thoughts what is going on. >> here is an issue with auto pilots the system is supposed to disengage if not paying attention the way it understands if you are touching the wheel it will pinning you say do this thing general motors has a camera tracks your eyes to make sure you are looking at road will start pinging at you turn their system off say hey this isn't working you go got to
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pay attention, criticism is that tesla has not put in sufficient safeguards to ensure human is being attention, while driving the autopilot sounds full self-driving system it is in fact not, it is not even close to that being not designed to be that. >> that will changes insurance market if you are going to be able to see everything you are doing, before and after a crash, or an accident, the insurance companies really has major implications i think, in terms of about what is happening within the car. >> right. >> before you go do you think ca carlos ghosn going to jail was political. >> has what is your reaction. >> one of the first questions at press conference head of nissan was this a coup he said no it wasn't a lot of people saying this looks suspicious you are seeing drama between renalt and nissan about, you know who is going to lead, and how the future of marriage is
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going to work out. dagen: yeah if it walks like duck, right. >> thank you good to see you, sir. >> tim have i gonens "wall street journal" president trump said this very strong signals sent by china once they returned home from long trip including stops from argentina not to sound naive but i believe president xi meant every word what he said in honoring meeting all suggests discussed. dagen: president trump whats what he views very strong personal relationship with president xi, there was one point where in the administration, very early on where they want him to this is from wood woodward book wanted him to read a statement hammering china, on the forced vourn of technology ip test all of it he was reticent to do that receipt contributing to stand up there call out china over and over again by name, about because of the because of the relationship that he was building then, it
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could bare fruit we have to wait and see, but we all hope for the best because you know what we root for him we root for the white house because we root for the country. maria: of course, absolutely a short break stay with us. back in a moment. ♪ we opened our doors with 70-megawatts, 35 mules, and an ice plant. but we brought power to the people- redefining what that meant from one era to the next.
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maria: welcome back. good wednesday morning, everybody. thanks so much for joining us. i am maria bartiromo. it is wednesday, december 35 the country is saying good-bye to a president, today, the public funeral for george herbert walker bush is today, at the national cathedral in washington, d.c. . fox business will be covering the funeral live starts 10:00 a.m. eastern stay with us as we have proceedings for you as they happen u.s. markets enclosed day in remembrance of president george hw, futures this morning open close at 9:30 a.m. futures are indicating a higher performance, the dow industrials futures up 121 s&p futures up 17 nasdaq futures up 55 points right now, asian
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markets in the red overnight on heels of sell-off on wall street beijing broken silence over 90 day trade truce saying there is a clear road map for negotiations between two countries in europe stocks lower take a look, ft 100 down 71 points cac quarante down 41 points dax index in germany down 78 points after 800 point sell-off on dow yesterday crude oil slipping say head of tomorrow, price of crude oer opec working on a deal to reduce output by at least 1.3 million barrels, as you can see, oil has just moved positive it is up, just -- a fraction. of -- of a dollar. money for drivers meanwhile, details on new york's plan for the minimum wage for uber lyft drivers, saying good-bye to george herbert walker bush the public funeral at national cathedral in washington his casket flown back, to texas for private funeral tomorrow it will be flown back on air force one, where he will be
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laid to rest next to his wife barbara his late wife barbara and daughter robyn who died at three years old of leukemia to discuss that jennifer grossman former george h.w. bush speechwriter former senior vice president of dole good xun ceo of atlas society thanks so much for joining us. >> good morning, maria. . >> can you share your experiences working with the late president? >> well, i think back to my first meeting with him in oval office, and i was so nervous i just couldn't get out a word i was stammering, and he smoothed over awkward siel ownses made small talk really had this innate sense of empathy i really think helped him to be a successful politicians, at the same time i don't think we should mistake that sense of empathy for a selflessness in the
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literal acceptance of the word bush was very ambitious he wanted to win he liked to compete. he wanted to succeed he wanted to be number one like most successful people lived a life of achievement of productivity of hard work of reason, and of ethical self-interest. >> jennifer it is kevin kelley what do you think was one of the most defining legacies from his four years in term? my favorite part of -- was when it was after he was president was 85 he want skydiving but since you spent time in his administration what do you think one of the most defining things was a? >> well, i think he did great things for free trade having the national american free trade agreement. i think also the legacy is that you don't go back on your promises, i think bush had a
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have a healthy sense of ego when he let himself be unduly influenced by others when he paid the price, unfortunately, the prime example of that was having reneged on his pledge not to raise taxes. dagen: and democrats did not lower spending in the way george mitchell the democrats, in congress and in the senate had promised the president. so he went he went against what he promised american people on that. many. >> also, i would say in terms of one of his personal legacies was his ability to heal his leaderships we were all moved by scene of bob dole struggling to stand up from his wheelchair. >> very emotional. >> to honor the president. but you got to think back, that they did not always have an easy time of it in terms of of the relationship, you think back to that botched nashua presidential debate when dole called him a nazi, bush was
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able to heal to inspire respect, you think of the successful relationship that he had with even president clinton after their extremely divisive presidential campaign relationship forged with reagan after their divisive campaign i think that is something we can all takeaway funerals are a time for healing, they are a time for healing in our families when we reach out to a strong relative this can be a time of healing for the nation as well. >> yeah. dagen: i want to quote to your point about his relationship with president clinton. after he left office, i always go back to that january 20th 1993 letter that president george h.w. bush wrote to incoming president clinton. maria: beautiful letter. dagen: ends with your success now is our country's success. i am rooting hard for you good luck. that is what is loss in this nation. maria: elegance. >> i think button of the
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toughest things would be for joernlt george w. bush and he his son to give eulogy any thoughts how he will address this have you provided comments to him memorable moments to try to make all it more about doable delivery? >> well, that is a really good question draws a purely speech writing point of view, i think presidents are influenced particularly if they have been a vice president, there is a little bit of a is very president syndrome and president bush was no exception i thichaffed at to hag play that would really president h.w. bush took office downgraded theed role of speech writering giving speeches thought of it as vanity indulgence never bonded
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with speechwriters you saw result never known for vision sort of thing his son learned a price to be paid for things going wrong on staff level so he went the opposite direction, he spent made a priority to interview each of his speechwriters to spend time with them, and those that he didn't spend time with didn't work out so well i am pretty confident i think george bush had george h.w. bush had excellent speech wrigteams but george w. bush really managed to form that symbiotic relationship, with his speechwriters that allowed them to envision him as his best self and help support him in the writing for that context. >> your thoughts on other eulogies alan simpson among them, john meacham as well as brian mulroney. >> power and destiny a
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spectacular book i recommend to anyone who would like to really get a full biography of president bush even john meacham he was asking president how would you sum up your what drove you to become president, and president bush said you know he thought about it for hours he said, i want to win the desire to succeed, so you know, even though he liked to present himself and i think we should remember, the positive aspects of humility lack of arrogance we should not forget this would say somebody driven from the beginning to achieve to accomplish things, and this is clearly a legacy he passed on to his children. maria: jennifer thanks very much for your insights we appreciate. >> you stay with us for special coverage of president george h.w. buc's funeral today 10:00 a.m. eastern fox
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business today markets are closed as part of national definite mourning we will bring you all the proceedings as they happen, live from washington first though coming up outlook on oil we are watching the price of oil, back now negative once again, ahead of tomorrow's opec meeting, a production cut could be on the table when opec meets tomorrow new york city has passed a new minimum wage for uber and lyft drivers what it could mean for your next ride, right here.
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there is opec meeting tomorrow in vienna cheryl casone with all details now. cheryl: two-day meeting maria a lot of news expected out of it oil prices are holding 53 bucks a barrel right now crued coming off worst month in 10 years, a big week fort oil market with that meeting marathon petroleum chairman ceo, was withma earlier this morning listen. >> i know that this could be an indicator of slowdown in global growth that sometimes is indicative in the price of oil for maybe telling us something only about oversupply situations, to what do you there about this sharp sell-off. >> the overs supply situation permian continues to grow rapidly, has come back strong for markets middle east production, the middle east production coming into the
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u.s. has put pressure on supply here in the u.s. >> president trump called on both saudi arabia and opec cartelel to keep oil prices down. the saudi arabia trying to persuade russia to cut producti substantially next year a couple days of news on opec, senators, are turning up the heat, on saudi arabia's crown prince, many are convinced mohammad bin salman ordereded the killing of columnist jamal khashoggi senators lindsey graham and bob corker after being briefed by cia director gina haspel. >> mbs the crown prince is a wrecking ball. i think complicit in murder of mr. khashoggi to highest levelble. >> if in front of a jury would be con victory -- con being
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convicted 30 minutes guilty. >> the plan to leave the eterter trying to deep the deal alive. >> best available in relations economy deliver on leaving european union a detail on the table i negotiated for european union. >> yesterday -- british lawmakers approved amendment giving more input next if brexit deal between government and eu fails to win approval you want to stay tuned ashley in london next week with the latest, and the oscars getting a new -- kevin hart going to host the big show will succeed jimmy kimmel hosted the last two academy award shoes hart has been lobbying for years
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finally get a chance, maybe he will help ratings which have been falling last two years. maria: cheryl thank you. coming up driving up minimum wage potential impact to customers as new york city passes higher hourly pay for drivers of uber and lyft right here, next. ♪ ♪ ♪
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breaking with the standard becoming first u.s. city to adopt a minimum wage for uber and lyft drivers gerri willis. reporter: interesting story a big merry christmas to drivers for ride hailing apps 17.22 an hour minimum wage for uber lyft contractors will now also
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with me paid xens nyc requires minute 15 dollars an hour wage for employees, the city taxi limousine commission tweeting this, 96% every 80,000 app drivers nyc see raise almost 0,000 dollars a year following landmark passage of tlcdriver income transparency rules an average raise of 44.7%. hmm. wages rise to 28 dollars san hour formula calculated per trip measuring how many times per hour driver has passengers tlc will reduce road goofings operators say will do the opposite will undermine competition allowing certain companies to pay lower wages disincentivizes from getting rides to and from outside the city in october ceo indicated
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he wanted health benefits as you know yooirp drivers have those benefits. >> in u.s. they said employees but they are contractors not employees. >> totally different kind of thing is this protecting the medallion for the taxis by the taxi limousine commission basically making sure that uber and lyft pay up. >> i think that is absolutely right a great point the taxis are a huge political power in this city people who don't live here may not know about that, their business has been hurt dramatically, by uber and lyft rideshare apps you have to think a big voice in it. >> valuation of medallions, plummeted. >> rightfully so get in uber not like riding in a dumpster but that is is what it is likes in a taxi at the same time they are trying to discourage people in from using uber instituting minimum wage cost-cutting on subway system literally going to mean
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less air-conditioning dirtier saub away cars hurtinging people by hair brain politics. >> you can't get. >> the taxis so behind eight ball uber lyft drivers knew what to do to make the ride measurably. >> as opposed to getting in taxi. >> now that is what they are doing with uber lyft, limited amount of licenses to be a driver i can't become a driver all of a sudden for lyft and uber that is what they are doing hurting people in areas outside of manhattan where cabs don't service that is biggest issue cabs are not going out into certain areas, so now, these people are going to pay through the nose to try to get into the -- in the -- >> who thinks uber prices go up? [laughter] >> consumer. >> thank you so much, the
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latest there president trump tweeted he just wrote this one of the very exciting things to come out might have meeting with president xi of china is his promise to me to criminalize the sale of detailed fentanyl coming into united states will be considered a controlled substance could be a game-changer what is considered to be the worst most dangerous adooifk deadly substance last year over 77,000 people died if cracking down youth death penalty results will be incredible just tweeted that. stay with us we will be right back. moving? that's harder now because of psoriatic arthritis. but you're still moved by moments like this.
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hidden inside is a super absorbent core that quickly turns liquid to gel. so i feel protected and pretty. always discreet boutique. >> welcome back today markets are closed in honor of george h.w. bush futures are trading null 9:the 30 a.m. eastern and they're up right now. final thought pres this all star panel. bob. >> one thing that caught my eye in tariff discussions was china committing to buy more lng from us would be fantastic.
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we produce the the low fest cost all we need now are vessels to get it there. >> kevin kelly. >> people talking about yield curve inverting one of the biggest reasons why is fed is backing off on bond buying and quantitative titlening and this is what happens when you remove a natural buyer and that's the the federal reserve that's the real story not rising of rates in december. >> good point we have the rate hike coming up and jobs number out on friday. president trump just tweeted by the way, and here's what he said. looking forward to being with the bush family. this is not a funeral this is a day of celebration for a great man who has led a long and distinguished life. he will be missed. and we are all sending our cool condolences 10 a.m. stay with fox business for latest proceedings. dagen. >> yes we honor this extraordinarily life today, and we send -- our respect to him and to the
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entire bush family but we don't honor him by denigrating someone else no need to compare and contrast on this day. just remember -- our 41st president. >> absolutely thank you for your service. that will do that will do it for us right over to you varney. >> good morning to you and good morning everyone. market is closed in honor of a great american. the state funeral for george h.w. bush will be held today. it is a pause for investors after a shocking and tumultuous sellout dropped 729 points better than 3% closed right at 25,000. and even bigger percentage loss for the tech heavy nasdaq it was a dramatic selloff. so what happened? fears of recession, when interest rates dropped sharply but no sign of eminent recession fears of a china trades war after presidential tweet


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