tv Mornings With Maria Bartiromo FOX Business September 17, 2019 6:00am-9:00am EDT
will be no talks with the united states, oil soared on the news yesterday. we are focused on federal reserve today, day one to have central bank meeting kicking off today, investors expecting rate cut announced tomorrow by 25 basis points, market this is lower are lower, check futures indicating decline, s&p futures down 4, the nasdaq down futures lower by 15, trouble for wework once, the company expected to post spoken ipo and scrap the road show this week, all the details coming up, mornings with maria begins right now. ♪ ♪ maria: big show this morning, good morning, everybody, joining the conversation fox business dagen mcdowell, real hear politics, tom bevan and former ceo bob nardeli.
>> great to be here. maria: big show today, fox news senior strategic analyst jack keane is here on saudi arabia and iran. former secretary of state bob to talk china along with teddies cussing next move for movie pass, house financial services andy barr joining us this morning, this morning talking iran as well as former shell oil president talking all things oil, don't miss a moment of it, big show, this hour, top story, president trump rallying into méxico last night, the president talking u.s.-china trade, brett kavanaugh and american energy production, watch. >> the united states is now the number one producer of oil and natural gas anywhere in the world.
[cheers and applause] this means more jobs, higher wages and american independence is what we have, look at what they are doing today to justice kavanaugh, look at what they are doing, did you see "the new york times", do you see what democrats, they are calling for his resignation, they are calling for his impeachment and the women involved said she didn't know anything, she does -- they still, so "the new york times" had to put out a major apology and they had to change their story, the woman said, i don't remember that, they still want them to be impeached. somebody had to do something with china, president obama should have done it. president bush should have done it. president clinton should have done it. they all should have done it, frankly, they all should have done a lot of things that we are doing right now, so if you look
at it, nobody did it so i'm going it and that's what's going to happen. maria: quite a a night in new mexico. >> most the rallies in states he won or he has won, this is not a republican state, bush won it by less than 1 percent agitate. trump lost it in 2016. this is a state that the trump campaign is targeting, they want to win and on the fact that he thinks he will have increase support among latinos and they will like the fact that the economy is humming and hispanic unemployment is all-time low. >> he has done a nice job, maria , in new mexico, a lot of support in the last couple of
years for his reelection. maria: the left keeps giving on silver platter reasons sort of to be pounce his chest because of all of this misinformation coming out, the media, democrats, you know, fighting with the media, the media fighting with the democrats against the president, it's quite extraordinary. dagen: it is in terms of the supreme court, a come of op-eds in the wall street journal, one by bill mcgurn but then the editorial page editors writing the assault on the supreme court and president trump not only needs to highlight the attacks on brett kavanaugh as justice, as individual but as the journal writes, it's important to understand that this is an assault on the justice, it's part of the left larger campaign against the legitimacy of the current supreme court and independent judiciary, there were a handful of democratic senators including horono, a gun
case related to new york city that essentially threatened the supreme court, either you drop that gun case or we will stack the court. it was a bold-faced threat against the court. expect to see more of this. maria: they did the same thing with collusion, they said the president colluded with the russia and keeps on going, it's just extraordinary. you would think that anybody on either side of the aisle would be outraged by both of the stories, brett kavanaugh and the collusion with russia, it's just not the case? >> the well, new york times, i think in many ways journalism is broken and broken badly and that's one of the things that trump has been battling over the last 3 years, plus "the new york times" in particular, this is the opinion page, they've had a
number of gaffes, this is the most recent but it is astonishing that they would go forward and publish the op-ed by taking out the most important piece of it was that four women didn't remember, they have been doing damage control and reputation of new york times is in tatters. maria: editor we said we put resources into russia, russia and the story changed and the story did not change, the story was the same story throughout, now we will put all the resources into racism. >> right. [laughter] maria: unbelievable, markets this morning are all waiting on federal reserve, we are looking at decline at start of trading amidst the middle east tensions and adead of federal reserve meeting, oil prices surged yesterday nearly 15% days after attacks on oil fields. oil is down 1 and a third percent, brent is down one and a
quarter percent and we are expecting, dagen, quarter-point cut when fed announces. dagen: we are expecting a quarter-point cut, will this cause them to do more maybe not this week but in months ahead in additional meetings, i don't see this as inflationary even though oil is down this morning. present crude biggest on record, biggest in a decade for west texas intermediate in the u.s., but i don't think that anybody truly knows, i was pointing to bob earlier, bob knows and understands and manage to the critical sectors that we need to focus on autos and retail sales, auto sales, how does it impact, this is weakening this year, and retail sales and i don't -- this is a supply shock like we
haven't seen in recent memory, and a shock to prices, saudi arabia has about 4 weeks worth of supply but then it starts running into problem in terms of driving crude oil to these nations that are on their backs in terms of their economy. maria: maybe the u.s. which is energy independent at this point, it does take some time to replenish what was lost from the saudis, right? >> yeah, not as long as it used to take, maria, i'm not as concerned about this, i think we did give overreaction in oil price, the technology and entrepreneurship for fracking has helped us gain energy independence, saudi make plans, rest of the world, don't start pumping, we will be back, you mentioned the reserves, i think they'll be there, i'm not as concerned, set aside any military action or response, i
think that we will get through this very efficiently, very effectively, fracking can turn on pretty quickly, some of the areas had pulled back, they'll put them back again, maria, i think on the auto side, if this finds its way to the pump, we may see pullback, if you read about gm issues, they're running behind on their trucks and that's probably the most vulnerable area, but if gas prices stay somewhere where they are, people will continue to buy big suv's. maria: what about the costs? two-prong hurt, gm is feeling the pain, 250,000 united auto workers on strike, gm could lose a million dollars a day. your reaction on top of high oil
prices. >> i'm disappointed. i lived through 2007, '8, '9 and dramatic changes we had to make to operations and many of the relationships we had the with union, ron at uaw was forward, he made bolds moves for us in bringing temporaries on, having two-tier system based on seniority and they want to disregard that and that's what helped the auto industry get through a tough time. if we see adjusted rate go from 17 million for 9.6 it'll have more dramatic effect than the strike will have, again, if you look at the dealer network, they're already pretty full, i'm not sure we will see a big dislocation relative to supply to gm dealerships. maria: all right, we will watch that short break, when we come back, wework to delay ipo by at
least a month, putting plan road show in jeopardy, back with vengeance, odell beckham, jr. making giant catch as cleveland brown, back in a minute. ♪ that one?! no! what about that?! no! what about now?! no! that do it?! [ buffer stops ] still not working! how 'bout now?! no! i just don't know. i mean, i don't know who labeled this thing. yeah?! no!
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felony failure to appear warrant. well, another headline this morning, more speed bumps for wework, the work-share company ipo expected to kick off monday, stock to debut next week, reuters reporting that the company is concerned, expects to complete public offering this year, valuation has continue today fall. valued at 47 billion in fundraising this year. 15 billion and could be lower. tech giant putting another 250 million into a plant in harrisburg, kentucky, fox news 24/7 headlines bret larson with
apple's chief operating officer jeff williams. >> quarter a billion dollars and it's going to go towards further advanced technologies, retro fitting processes for the future and we couldn't be more excited, in fact, the phones we launched just last week, the 11 and 11pro have glass that came from here and the toughest glass in any smartphone in the industry. cheryl: actually not just the new iphones, every generation of iphone has had glass from the plant as well as apple watch. jeff williams, big interview. maria: wework delaying ipo, real issue there in terms of governance, i i want to get your reaction to that, the federal reserve meeting today and tomorrow, we are expecting a
cut, why cut down when the economy is doing so well. dagen: it's not, business investment has been slipping, the u.s. consumer is in good shape but this is, again, a move to ensure that we don't get a downturn in the u.s. economy. maria: i don't know that you can stay economy is doing good right now. dagen: it's weakening. it's not all awesome sauce and i think that this is a move to make sure that it doesn't get significantly worse and that we continue to grow. >> well, the president wants to see a rate cut and we will make noise if he doesn't get one. maria: yeah. >> he certainly wants to see rates lower heading into the economy -- heading into the election actually. maria: for sure. >> they overadjust it last year, maria. maybe shouldn't have happened. maria: the rest of the world is stimulating as well. dagen: trade fight with china is not going easy on certainly farmers in this country, some
manufacturers, again, this all started with the steel and aluminum tariffs which really kind of up-ended decision making which started early last year. maria: yeah, we will talk about that next year. president trump says looks like iran is behind oil attacks in saudi arabia, iran's response is coming up, down the fed is in focus, investors waiting for rate cut decision, that could come tomorrow, it will come tomorrow, 25 basis points is what we are expecting, we will take a look at all that when we come back. 's possible every single day. but what does "changing what's possible" mean anyway? ♪ well... if you run a business, it means a lot. for starters, we provide you with financing options for your customers. that way, you can help them
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maria: welcome back, focus on federal reserve today, two-day meeting in washington, many expecting it will end tomorrow at about 2:00 o'clock with the announcement that the fed will lower interest rate by quarter point. joining us right now fixed income adviser senior vp and portfolio manager bryce, bryce, good to see you, thank you very much for joining us, let's talk about the fed and why we are going to see a quarter-point cut, what's your reaction to this expectation and how the economy is doing right now? >> i think they are going to be comfortable the quarter point cut to 2%, but i think the fed is going to be a little hesitant to promise much beyond that, i think they're realizing that there's a lot cross car insurance in the economy, you mentioned earlier in the show the weakness in manufacturing, that's really isolated to manufacturing that involves international-type of manufacturing, domestic manufacturers. maria: because of the trade
uncertainty. >> right, right. the core cpi that the rest of us have to deal with was 2.4% year over year so they have to walk a fine line, i don't think the stock market is going to be happy with what they say, i think that they're going to come across a little too hawkish for them, the stock market and trump, they all want to telegraph to make cut after cut after cut and i don't think that's going to happen, that will cause disruption in markets even though clearly the cut tomorrow is priced in, what's not priced is what will happen next. maria: you don't think it's the beginning of a string of cuts? >> i think they are stuck, rates are negative in europe and we need to cut here, like really, do we really want to go down that path, is the curve inverted because the german 10-year bond
went to negative and that's causing our curve to come down because the money is flooding into that market, if that's the reason for the inversion, how does that mean you should cut more, so there's so many cross currents involved on what's going on right now, it's difficult for them to say we will cut, cut, cut. they also don't want to look like they are doing whatever the president says either, they have the whole wrinkle to deal with and still try to maintain some sort of credibility. >> hey, bryce, bob nardelli, you and maria mentioned china, output for them it was certainly lower, if you think about hong kong issue that they had to roll back, i mean, what -- what's your view on china, the tariffs and how the prime minister will have to react to that? >> i'm not hopeful on a resolution on trade with china, i think that president trump is
totally happy with manufacturing leaving china and coming back here which is primary goal but feels that with the way they operate not only is it legal to steal, you know, industrial secrets, encouraged, part of culture, i don't see a resolution, probably 6 months i did, now i don't think that's going to end well, so the tariffs are probably here to stay for quite a while, i think they'll be maybe progress made with europe and other parts of the country but with china, what you mentioned with hong kong, i just don't see there being a lot of good will between the two countries right now. >> what about this op-ed, one of the president's fed nominees op-ed this morning ahead of the journal, here is what she writes, it would be in keeping with historical mandate if the fed were to pursue a more coordinated relationship with both congress and the president when it comes to fulfilling economy goals authorized by
legislative decree, government to be selective. this is from judy shelton, the president outspoken against of jay powell, what kind of relationship and rapport should fed have with congress and the president? >> i understand that judy shelton's point, i disagree with a lot of the premise, some of the discussion of inflation again, one of the mandate of stable prices, we are not at 2%, when actually 2% is just something that was created fairly recently, wouldn't 1% be more stable prices? and, of course, cpi is over too, it's the pce that takes into account substance tuesday goods that are below that, that's a terrible measure because that means the price of beef goes up, you had to buy chicken because you can't afford to keep buying what you could before, why is
that a god thing to track? and then the fact that, you know, rates should just be lower as part of the mandate, how much lower, 100 basis, what's that going to do, is that going to change a company's decision to borrow instead of -- maria: you're hitting a good point, earlier, dagen, you said the economy is not doing well but is quarter point rate cut really going change that? how much influence this monetary policy change is going to half on what we are looking at? >> i do think that you have to cut because the bond market is telling you to cut because you have short-term rates are higher than long-term rates particularly with the 3-month and the -- maria: i understand that. dagen: that up ends banking, makes it very difficult to make loans, if you need a reason that would only be the soul -- sole
reason. not inflationary but certainly impacting business decision-making in the country. i don't think -- if you don't, again, you're putting a squeeze on banks. maria: for sure, we are expecting a rate cut, i just don't know that it's actually going to juice up the economy as much as some people expect, what about you, when you look at low rate, would that have caused you to mick a different decision when you were running chrysler? >> not in this environment, a quarter point wouldn't encourage me to do that because of certainty of uncertainty that we are experiencing in global markets and overall trade issues, quarter point wouldn't induce me, you said 100 -- maria: the president wants 100 basis points. bryce, good to see you, thanks so much. >> thank you. maria: oil on the rice, yesterday 15%, today we are looking at pullback, as you see
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streak yesterday, dow industrials down 142 points at the close, s&p down 9 and a half and nasdaq gave up 23 points yesterday, global market this is morning, similar story of more than mix story in europe, ftse 100 up 9 and a half points, cac quarante is up 4 points, the dax index this morning is lower by 18, there's a story in the wall street journal about the u.s. to impose new tariffs on eu exports over block subsidies to air bus, the eu's trade chief said, that's in the west news column in wall street journal this morning, in asia this morning, asian markets look like this and as you can see japan open and up fractionally, composite and shanghai down, taxing the rich, the proposal gaining momentum from 2020 candidates, but what is rich, we are looking at why it won't be enough to pay for lofty plan like medicare for all and free college tuition, all
that coming up, big return to metlife stadium for odell beckham, jr., browns-jets game, all the stories coming up this tuesday, heightened tensions in the middle east, oil prices surged almost 15% higher after this weekend's attacks on the saudi oil production facilities, president trump spoke out about the attacks yesterday at the white house and who he thinks should be blamed. >> that was a very large attack and it could be met with an attack many, many, many times larger easily by our country but we will find out who definitively did it. we think we know who it was. i didn't say anybody, most likely it was iran. maria: this as iran says it is not open to diplomatic talks with the united states, joining mel right now retired four-star general fox news strategic analyst jack keane.
your reactions from the attack, i have not spoken to since this has occurred as well as the president and secretary pompeo and lindsey graham saying that iran was behind this. >> yeah, the united states is convinced that iran has done this, clearly when you just look at the point of origin, the attacks came from the north orientation, northeast, northwest, the iranians instigated the houthis and the saudis based on delivery of the weapons and the saudis have identified the weapons used as being iranian owned, that's one thing, and i think where we stand frankly is the saudis are not totally convinced yet that iran carried out this mission, the united states is and i think what has happened here is we
have multiple sources of information, some of those we share with our allies, some of those we don't because it actually identifies if we provide the intelligence, it provides the source, that's the primary reason that secretary of state pompeo is going to visit the saudis, so he can talk to them face to face about some additional intelligence that we have. but make no mistake this is a devastating attack on saudi arabia virtually half of their oil fields were interrupted by this and let me say this, maria, because there's a misunderstanding here, there are those who say we should not be defending saudi oil, it's not about that, u.s. national interest is a stable world economy, that is fundamentally an interest of the united states, and the middle east oil flow, the world economy is dependent on the evenness and stability of that oil flow and that is what this is truly
about, the iranians got it, they want to interrupt the oil flow and destabilize the world economy, create a crisis and put pressure on the united states to back off the iranian sanctions, that's what this is about. maria: let's face it, the oil market is a global market, so it's not even just about the saudis or america, this is about the global oil supply and we know that it's in iran's best interest to get, you know, the world in a place where they need iranian oil so they can get oil back on the market, what about that, are you worried about the global supply of oil? i know that the u.s. is in a much better position today but how quickly can the us replenish what's been lost? >> well, i'm not concerned about it because the saudis are going to do everything they can to come back back online really quickly, this week they will get back, several weeks to get back to full capacity, what does concern me is the vulnerability
of the saudis air defense here because estimate 20 plus drones, a dozen plus missiles, all of which appear to have penetrated their air defense systems, we've government to do autopsy and figure out weaknesses and help to sure that up and do the same thing for our other allies, i'm not talking about us providing air defenses, they'll provide them but we need to understand what the vulnerabilities are so that can be fixed. maria: glad you mentioned drones, i want to switch gears and artificial intelligence being used in military, core competence and i'm work on one-hour special on artificial intelligence, i sat down with cofounder and ai entrepreneur paul to talk about, got the project naming contract that google walked away from, this is what he said. >> in military sending soldiers
with ai. >> it is peace-keeping, strategy, intelligence gathering, rebuilding of nations, what we want to do is let people do those things and not put people in arm's way whenever we can help. a lot of people are concerned that ai will be making decisions for people, but that's not what's going to happen, the united states has strong history of rules on how they use autonomous weapon system, we've had cruise mill sis that is can take out service air missiles for decades now. we have automated countermissile systems that fire entire on their own with no human intervention. we have strong use on them. maria: general, tell me how ai is being used in the military today? >> clearly it's an enabler, you know, we have about 11,000 drones and a lot of those 11,000 are using some sort of ai to
assist them. it's going to be greater and the other thing is ai will give you the capability to take the human out of the loop. so that's the potential, i mean, the worst case scenario is terminate apocalyptic battlefield where machines are fighting and they are doing thinking and adapting themselves, certainly we don't want to get to that place but potential is there and we've got to go slowly with this in terms of how we apply the ethics to
modern warfare and ai is going to be here, it's not stoppable, i know the geneva convention is trying to put together principles for this and guidance and possibly rule this kind of capability out, i don't think that'll happen, the united states is not signing up for that, for the simple reason adversaries are not signing up for that and we don't want to be behind in a capability that could fundamentally change warfare. maria: very important where the u.s., would china know where our troops are, weaponry deployment as a result of ai, we are talking about this in one-hour special, general, thank you so much for insights on this important issue. >> good talking to you, maria. maria: be sure to tune in for artificial intelligence, coming revolution, airs and debuts fox news channel at 8:00 p.m. eastern and the following weekend on fox news, join us for
special programming on sunday night. new york times reports 1.1 million students in new york city can skip school for climate protests, one student says this completely changes things, the city putting away its red pen so students can attend youth comply mate strikes planned across the world on friday, demonstrations ahead of un climate challenge. they are take on school. speaking of the environment, chicago tribune, another coal plant closing, described as one of the dirtiest coal plants in illinois, shuttering the ed edwards power plant, being seen sign coal is on its way out, federal lawsuit which documented failures to install modern solution control equipment. here kitty, kitty, the washington post it's not a mountain lion, after video of large cat in dc, the camera,
here is your proof, experts explaining it's a perfectly good exsplannation of case of mistaken identity, adding mountain lions don't have stripes on their tails. dc, uaw on picket line today. what's at stake for the automaker right after this. i wanna keep doing what i love, that's the retirement plan. with my annuity, i know there is a guarantee. it's for my family, its for my self, its for my future. annuities can provide protected income for life. learn more at retire your risk dot org.
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maria: welcome back new sexual assault allegation misconduct patriots wide receiver antonio brown, jared max with the story, jared. jared: good morning, maria, trainer met with nfl officials as they investigate her claims, sexual assault against by brown on 3 occasions, all denied by brown, sports illustrated publishes a lengthy story yesterday, includes new allegation of sexual misconduct by a woman who brown hired to paint a mural, he walked up to her butt naked and start having conversation. we will see where this ges. the new new york giants, what ty gave up not only one-handed grab right there, but odell also scored an 89-yard touchdown, the longest of his career, browns beat the jets, the jets lose
another starting quarterback to injury, one week after odell shined the spot on himself wearing watch that cost around 20000 grand, this pun $2.2 million. he took it off for the game, $2.2 million watch. new york yankees legend mariano rivera received presidential medal of freedom from president trump at the white house, mariano, the fourth athlete to receive the award at the white house this year as he joins jerry west, bob and also tiger woods. you know, president trump really enjoyed this one being such a yankee fan, he was talking a lot inside baseball and hey, tony bennett, tony bennett, left his heart in charlottesville, the university of virginia men's basketball coach last season, led team to ncaa championship, in line for substantial pay raise and instead told the university let's spread the money around, let's give it to
my assistants, i have more than i could possibly need. maria: how great. jared: great story. dagen: never thought my parents they would see the university of virginia win a national basketball championship, but god bless tony bennett and all those players. maria: how nice that he's sharing the profits and sharing the money with everybody who deserves it. jared: maybe it sets a tone, people start doing all over. dagen: exactly. jared: odell beckham, jr. $2.2 million watch. dagen: i suspect that he either got a steep discount on it or didn't pay a dime for it. maria: 2 million-dollar watch, wow, i have a watch -- jared: little crosses and stuff. maria: jared, thank you, catch jared's report fox news 24/7 or
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maria: welcome back, taxing the wealthy, 2020 democratic presidential candidates looking to roll back certain tax cuts, joining us policy leader kathy, kathy, great to have you on the program, thanks for being here. we want to talk about democratic tax plans and the republican tax plans, we know the president lowered and the congress lowered taxes last year, but the democrats want to take those back up, can you compare both sides and what we are seeing here. >> well, i don't want to talk about anything in particular,
they did lower taxes and lowered it throughout income distribution, it achieved headline with signature achievement to get corporate rate down to average that was a really big deal, twerp highest rate in the industrialized nation. >> 35 to 21. >> 35 to 21 is big, state rate and we are just about 24%, ocd average is about the same that was really important to make us competitive, the democrat plans, the kind of presidential campaign campaigns are focusing more on the individual side, you see elizabeth warren, she's going the take the social security tax up for people who earn over 200,000. you know making the news going talk about capital gains for people who earn over a million. these are little bit different, right, some are individuals and the tax cuts and jobs had bigger corporate --
maria: i think you make a good point when you talk about raising taxes on someone making $200,000, i keep asking the question, what is rich, i think that the democrats and the candidates like to talk a lot about taxing the rich but when you look at the numbers, it's actually capturing more americans than more than top 1%. >> yeah, 200,000, 250, i'm sorry, not 200, but irs breaking them down by, you know, cut off as 200, those are over 200 in america are claiming every year, that's a lot of people, the problem is that none of these measures are reflect geographic differences in cost of living, 200,000 can be rich somewhere and not somewhere else. there's just too many locations to do that. dagen: elizabeth warren's plan stands out because she's
proposed wealth tax, wealth confiscation which is not taxing income, it's basically confiscating money that wealthier individual literally has in the bank. it is socialist, no, excuse me, it's communist. it would never fly under our constitution. maria: you have to give it back in wealth tax, that's confiscating. dagen: it didn't work and money would flow, every other nation would basically open the door for the very wealthy to come move quite frankly. >> kathy, one of the things as former ceo running ge power systems, those tax cuts, i wish we had them when i was there because it would have made me much more globally competitive. >> and that was the intention. >> the administration with the rollbacks is direct impact on the economy but i also think let's not forget the small business person because they really benefited. >> actually that's a really important point, the thing with taxes and some of the changes that we are going to see aren't necessarily the campaign
proposals or stuff like that, that's rhetoric, but what wife to think about is tax cuts and jobs and expirations in that plan, someone's big business, provisions expire in 2021 and 202 having to do with depreciation and expensing of interest, but the entire individual tax title or tax cuts expire after 2025. , we provide you with financing options for your customers. that way, you can help them buy the things they love instantly and pay over time. and that turns them into serious fans. hang on, there's more. want customer insights? we've got those, too. we use data to show you what your shoppers have already bought
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i know. (vo) go national. go like a pro. maria: welcome back. good tuesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is tuesday, september 17th. your top stories right now, 7:0e east coast. markets are set to open lower this morning ahead of the fed meeting. the fed meeting kicks off today. we are expecting the fed to lower interest rates tomorrow. dow industrials down 60 points, s&p down 5 and a quarter and the nasdaq right now is down 19. this after the dow snapped an eight session winning streak yesterday after the saudi oilfield attack. dow industrials yesterday were down 142 points, also impacted by the attack, surging nearly
15% yesterday, oil, the biggest gain since 2008. take a look at a oil this morning. pulling back 1.8%, brent is also lower by 1.6% after that 15% rally yesterday. global stock markets this morning are mixed. european indices, the fq100 up 13, cac down 1 and-a-half and dax index down 31. the story in the wall street journal says the president may very well start tariffing european imports. we're going to talk about that coming you. in asia this morning, overnight markets were mixed. nikkei up a fraction. hang seng down 1 and a quarter percent. general motors is on strike day two, both sides still seem far from an agreement. we'll take you to a plant in texas this morning. and the streaming wars deep heen, seinfeld find a new home, the hit show is headed to netflix. we'll have the latest there. plus, helping retailers sell cbd
products, find out what the popular e-retailer shopify is doing. all that coming up this morning. joining the conversation this morning, kentucky congressman, andy barr, th coo of shopify and ted starnsworth. all that coming up right here. our storely this hour is the saudi oil attacks and its impact. futures pointing to a lower opening this morning. global markets are watching tensions in the middle east. dow industrials down 59 points. oil prices are pulling back after surging yesterday, almost 15%, following the attack on saudi oil production facilities. brent crude seeing the biggest gain on record yesterday. we're waiting on the saudi arabian oil minister's press conference today. president trump doubling down on claims that iran is behind the attacks. >> have you seen evidence, proof that iran is behind the attacks.
>> well, it's looking that way. we'll have some pretty -- we're having some very strong you studies done but it's certainly looking that way at this moment and we'll let you know. as soon as we find out definitively, we'll let you know but it does look that way. maria: joining us right now is former undersecretary of state for economic growth, energy and the environment, bob hormat. thank you for being here. your reaction to what took place? >> first of all, it was shocking that the saudi facilities seem to be so vulnerable to this. we had assumed they were well protected. turns out, they need a lot more protection. the second question is if the president is correct, that it does come from iran, what was continue tension? there could be either one to simply destroy saudi facilities, the other, there are groups in iran who perhaps thought that the united states and iran were getting a little too close to a negotiation and didn't like that and decided they would stir things up and make it more difficult for negotiations to
take place. so we need more information. a, where it came from, why the saudis are so vulnerable and who was actually in iran. it's not a mon monol. t. a lot of our friends and allies are disrupted a lot more. if the iranians in fact did do it, and it can be proved that they did it, i sus be expect you're going to see a lot of asian countries go in and say look, this is disruptive to our economies. the europeans the same. i think they're going to get a lot of pushback from other countries, not just us. >> bob, a question for you. what should the response be? there's a lot of talk about if in fact the iranians are responsible, if you were going to counsel the president or the administration on what a response should look like, what would it be? >> it's hard to say at this point. i think you can't just let something like this go. on the other hand, you've got to know where it's going to lead if you do start reacting and what do we do militarily. i would say that if this is
designed by people who don't want a negotiation and think perhaps a negotiation would have been productive, then i suspect the president's caution is a good one and that is to at least get more information and try to figure out whether there are people in iran who actually do want to find some way of resolving some of these differences and not prematurely attack or react militarily. dagen: one of the critical things we'll be able to -- the u.s. would need to get saudi arabia to agree with at least our assessment so far, according to the wall street journal, that these attacks were launched by iran, from iran. if saudi arabia -- again, saudi arabia has to get in line with that assessment and we have to be in agreement with them in order to galvanize support throughout the region. >> i think you're quite right. i think that's why pompeo is going there. he's not doing this on the telephone or through the
ambassador. he has to go there and really show what information we have. the saudis are not going to want an open attack either. i think we should realize that we've had instability in the gulf. it doesn't really affect in a beneficial way either side of thgulf. the saudis are going to be very cautious on this as well. they're not going to want some big attack on iran, which could in fact more adversely affect them than it does us. the same thing with the other gulf states. maria: let me turn to china. what have you been doing at kissinger associates which you are today in terms of the trade turmoil? beijing feeling the bite of the ongoing dispute. china's economy is showing signs of slowdown but tensions may be easing, u.s. and chinese officials set to resume talks on thursday and high level talks in early october. i want to ask you about europe. one of the stories in the journal this morning is that the us is poised to impose new tariffs on eu exports over the
block subsidies to airbus, this is from the eu's trade chief. first on beijing and this trade deal. >> i think there seems to be -- i was in china a week ago. there seems to be a feeling that this is disruptive to both sides now in various ways and the question is what kind of deal you aim for. i look at -- there's going to be a deal, it should be what i call or probably is likely to be what i call a skinny deal, and that it will deal with a certain number of things like the tariffs, the chinese are concerned about those. we would like to see more chinese purchases of american products, particularly agricultural products. maria: can he really split off national security issues? >> that's the big question and i suspect, given the big buildup, it's very difficult to split them off entirely. the best he can come up with is a few preliminary things and then a very credible process for dealing with the other so-called structural issues, intellectual
property issues, trade he secres issues. maria: if they don't agree to stop stealing intellectual property when there's no deal, why would they a agree to stop stealing when they have a trade deal in place with the u.s. >> that's the conundrum. the united states has taken it from a tariff related issue to dealing with a whole range of other issues that relate to security concerns and considerations. so the question is, can you just go back to where it was at the beginning and talk about tariffs and trade or do you have to find a credible, credible process of dealing with these other issues that both china and the u.s. buy into and trump has to worry not just about china but he has to worry about political pressures at home if he comes up with a deal that doesn't pass muster in the congress. so he's got a lot of pressure on him too. maria: do you think europe is next in terms of getting tariffed? are they in the crosshairs next. >> because of the wto decision? maria: yeah.
>> they probably are. on the other hand, there's the prospect of a negotiation with the europeans and it may well be that with the threat of tariffs we're in a position to get more momentum behind these broader trade negotiations, which in the end are more important than a few tariffs on the europeans an, if we're going to do anything on a broader scale to develop international rules of open trade, we're going to need the european as our allies. we may want to negotiate with them rather than hit them with tariffs right away. >> real quick. you were in china. what i'm hearing is the level of social unrest there due to production falloff, we have hong kong, i think both of these leaders are going to have to have some kind of face-saving agreement prior to election. your opinion? >> i don't see social unrest in china but i do think there is a -- china's certainly not a jeffersoni a an democracy but they do have pressures on them.
xi-jinping can't relent and give the united states everything it wants. on the other hand, he has particularly now because he's got an october 1 meeting to celebrate thcelebrate the 70th y of the founding of the people's republic of china so he's got to be tough. he understand he has to figure out something to help alleviate some of the pressures on china and that's why i think -- and the main thing is to get rid of the tariffs or reduce the tariffs or at least not have any more tariffs. i think he's in a negotiating move but not in a mood of making major concessions. somewhere along the lines this has to be balanced enough so he can say it's not a defeat for china in the negotiating process but enough so that president trump can say that we've gotten progress, not just on chinese purchases, but progress on a lot of the other issues that he himself, president trump has put on the agenda and this is a tough political balancing act for both of them.
>> they'll both come away winners. >> the only way it will work is if bought of them can say to their constituencies that they won. they may define it differently. dagen: just remember, two losers make a winner. [ laughter ] >> the thing is, they're a wear -- dagen: had to take a shot at that. >> if they don't come to some agreement and it escalates, it's mutually a short disruption. neither one of them want that. therefore, they're going to have to have mutual concessions of a certain nature so each comes away saying i didn't give too much and i got something i wanted. maria: bob, we'll leave it there. >> that's the key element. >> it's a negotiation. maria: good to see you. >> thanks for having me. maria: thanks so much. the united auto workers on strike this morning gm and union representatives are trying to hammer out a deal. kristina partsinevolos is outside a gm plant in arlington texas this morning with more. >> reporter: they're trying to hammer out a deal. doesn't seem like they're going
to be doing it anytime soon. the united auto workers said they're 2% done. they have 98% to go. you're seeing the strikers behind me, definitely a lot more this morning here in texas. there's about 4300 workers at this plant here. they make suvs and this is just an example of some of the strikes happening across the country in 19 states, happening right now. about 46,00 46,000 employ. employees. a source tells fox business the conversations and negotiations yesterday were tense, they went into the evening. one of the major sticking points is the fact that gm is unwilling to bring back some of that production that is happening in mexico. so just bringing that production back into the united states and opening up some of those idle factories. gm did release a statement stating, quote, negotiations have resumed. our goal remains to reach an agreement that holds -- that builds a strong future for employees and our businesses. but it appears like gm is
definitely using some of its cards. gm will not pay healthcare benefits for the strikers, should the strike go beyond september. uaw will have to tap into their emergency strike fund to pay for the healthcare costs and healthcare is a very, very contentious issue. a lot of workers want the prices to stay low, improve benefits, including a striker jennifer atkins, listen to her comments. >> just not fair, especially with our health insurance. we destroy our bodies every day. i've already had two surgeries in the past two years because of the work that i do. >> reporter: gm could lose millions of dollars for each passing day that strikers are here. if you're looking to buy a car, gm has ample inventory for at least a few months, it shouldn't affect any of the sales rooms or any of your orders. maria: kristina, thank you. kristina partsinevolos in the middle of the action with the trike going on. coming up, israelis are headed
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subpoenas but are not expected to show up. the future of benjamin ya hugh onetanyahutoday. the prime minister failed to form a he coalition following april's election. he is facing a tough challenge from centrist benny gantz whose party is in a dead heat with netanyahu's party. well, from the briefing room to the ballroom, former white house press secretary sean spicer made his of best attempt to shimmy his way into america's hearts last night. okay. well, let's just show you the fun video of him celebrating his dance. he had such a good time. that was his debut. he looks so happy, maria, with the neon green ruffles. by the way, they gave him a 12 out of 30. i'm kind of upset about that. because he's been working so hard. he's been posting pictures on
instagram of ice packs all over his knees and shoulders and, you know -- i thought he rocked it. anyway -- maria: he did rock it. cheryl: he looks so happy. maria: you've got to give him credit for wearing that outfit. dagen: did he have the lowest score, do you know in. cheryl: ?cheryl: i think he d. 12 out of 30 isn't very good. i'm told he did not have the lowest score. anyway, good for him, i mean, you know -- kristie brinkley by the way is out. she got injured. >> her daughter had to take over. cheryl: i've got all kinds of news about "dancing with the stars." maria: i can't stopwatching sean spicer. congrats. coming up, shopify revealing how it plans to help companies enter the growing business. and steinway and sons makes some of the greatest pianos in the world, in the u.s., i'll speak with the ceo to talk about
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maria: welcome back. shopify shares sliding in about 5% ahead of the open this morning, take a look, after the company announced a new stock offering yesterday. the stock is still up nearly 150% over the last 12 months. joining us right now in this fox business exclusive is the chief operating officer of shopify, harley finkelstein. thank you for joining us. a lot going on at shopify. tell us where the growth comes from at the company in the next five years. what will you use the new money for that you raised yesterday? >> more and more, shopify is becoming an entrepreneurship
company. businesses use shopify to sell more than $100 billion worth of products. for a lot of the small businesses, they couldn't sell these things on their own, selling something online was too expensive or complicated. we've reduced the barrier to entry, make it easy for anyone to set up an online store and get selling. some of the stores have become leaders in their industry. we're trying to bend the learning curve, make it easy for entrepreneurs and small business to build huge companies on our platform 34. maria: you're also getting into the business of cbd, to help retailers sell hemp and cbd products online and in stores. >> cbd is getting into retail and shopify is the leader in retail. now that we've made this announcement, we're going to enable businesses of all sizes to sell hemp derived cbd, online and offline, on shopify. and that's expected to be about a $20 billion industry in 2024. this is a very big market that's
emerging quickly and we're happy that we can be the trusted platform to help these entrepreneurs do that. >> what's the best way to our viewing audience if somebody wants to sign up for your platform, what do they have to do and what's the percentage you guys take off that distribution? >> it's really easy to get set up. if you can use e-mail you can build a store and use shopify. it starts at $29 a month. as you grow larger and you become the next tommy john underwear or kiley cosmetics or fashion nova, we take 25 basis points of sales. so what happens is, it's really easy to start. really easy to get going. once you start getting some serious sales, that's when we share in your upside. we make it easy to get started. we think ept onlie entrepreneure backbone of the world. dagen: where's the strength in retail right now, if you want to break it down by category, type of retailer. >> i think it's in the model. i think direct to consumer is really where we're seeing the real growth here.
you take a company like all-bird shoes, my favorite sneakers that, could have gone to a third party retailer. instead, they have stores and an online presence using shopify. we're trying to do more for small businesses. we have a capital program, we're helping with shipping, fulfillment, payment transactions. the idea is, if you were to aggregate all of shopify's stores, you would be the third largest online retailer in the u.s. traditionally, they would get the economies of scale for themselves. we're taking the economies of scale and giving them to the small businesses so they can compete with the largest companies. maria: how would you characterize business right now? with so much conversation about a recession, a slowdown happening. >> actually, we see business is really strong right now. retailers are popping up. the difference is that the barrier to entry into business, into entrepreneurship is so low right now, the cost of failure is trending towards zero. more people are trying their
hand in entrepreneurship. people that have hobbies get to commercialize their hobbies. a lot of them are doing it on shopify which is amazing. maria: fantastic. congrats, great to have you. thanks so much, harvey. coming up, bringing back movie pass, former helios chairman and ceo ted partner farnstworth is . and then netflix nabbing seinfeld. [ laughter ] >> now, that's a great looking shirt. aye, captain. maria: oh, we all remember that one. details on the big mega deal next up. stay with us. ♪ rie rumor has it. ♪ rumor. ♪ rumor has it. ♪ rumor. ♪ rumor has it. ♪ rumor ... as many safety features as the rx, the new... the lexus rx has met its match.
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what they might consider buying next. and you can offer them the perfect products. that ceo gets it. from adding unique capabilities to your company's apps to bringing you loyalty programs, our technology and financial solutions are changing what's possible in all sorts of ways. so, how can we change what's possible for you? "have you lost weight?" so, how can we change of course i have- ever since i started renting from national. because national lets me lose the wait at the counter... ...and choose any car in the aisle. and i don't wait when i return, thanks to drop & go. at national, i can lose the wait...and keep it off. looking good, patrick. i know. (vo) go national. go like a pro. val, vern... i'm off to college and i'm not gonna be around... i'm worried about my parents' retirement. oh, don't worry.
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your top stories right now, 7:3. markets are set to open lower this morning ahead of the federal reserve meeting, day one of a two day meeting today where the fed is expected to cut interest rates by a quarter point. markets today down 48 points on the dow, s&p down 3, nasdaq down 10, after the dow snapped an eight session winning streak yesterday after the saudi oilfield attack. the s&pes was down 9, the nasdaq was down 23. oil also impacted by the attacks. surging nearly 15% yesterday. today we're seeing a pullback. yesterday the biggest gain since 2008. prices this morning down about 1 and a third, 1 and-a-half percent on light sweet crude and a brent. global markets are mixed. the fq100 is up 16, cac up 3, dax is lower by 29. the wall street journal reporting the eu is bracing for u.s. tariff as the battle over airbus subsidies continues. in asia, mixed performances, the
big movers were in china. shanghai composite down 1 and three quarters percent. ready for the future, self-driving cars, find out how artificial intelligence is driving auto industry down new roads. we're going to take a look. plus, made in america, pianos made right here in new york, the ceo of steinway and sons is here on manufacturing one of the worlds' finest instruments in america. all those stories coming up this tuesday morning. our storely this half hour from the streaming to the big screen, movie pass shutting down operations this week. the movie subscription service allowed subscribers to see a movie a day, all day in theaters, for a monthly fee as low as $10. my next guest is the former ceo of helios and breaking news, he and a group of investors have put in a bid to purchase movie pass. joining us now in that exclusive is former helios ceo, ted farnsworth. it's great to have you. thanks for being here. you want to buy the company. >> i do. maria: tell us about it. >> we built the fastest growing
subscription out there with movie pass and to this day we have thousands of people every day sending us e-mails to join up and get on the wait list to join. to take it private for now and regroup and restart it was to put a group of investors together and put a bid in for the company. maria: what kind of response have you had so far? >> from the investor side it was great. everybody understands how big the brand is. we built it faster than netflix or spotify. i think we went through our issues with technology and other issues we had along the way, obviously. over the last two years everybody said we wouldn't last 30 days and now amc, regal, they've copied our program and they're in subscriptions so we broke the model and now to me i think as the independent to go back out there and rebuild it and regroup, it's a good thing. maria: fantastic. >> what do have you to do differently? what's the strategy to taking the company forward? >> i think a couple things. we've been able to fix the technology. we had a lot of people that were gaming the system early on. we were growing so quick.
3.5 million subscribers in a year and-a-half, paying subscribers. so i think to just slow down, grow it slower, sit there and watch it but also with movie pass films still making film as we are today, with al pacino and sylvester stallone was out with escape plan 3, that was our movie. we're bidding for all the assets. we believe very much in the model of what it is. >> what's the relationship between you and the theaters, now that they're he competing with you? you used to buy blocks of seats and so forth so it was a good relationship. they loved you. you loved them. how will that mo he'll del work going forward -- model work going forward? >> i wouldn't say they really loved us in the beginning because we were a threat. we disrupted the whole industry, like uber did with the taxi service. i think the theaters right now, they don't have a choice. it's a master card. they've got to go in. they would never -- i think that's one of the biggest flaws the that we did make was we waited too long for the theaters to make a deal with us and they thought they would wait us out to see what would happen.
i believe that now that we don't count on the theaters anymore. it's making money on the subscription itself as well as the movie pass film side. our own ecosystem in itself where we're not counting on them but you'll be able to go to amc and all the different theaters. dagen: is the subscription service as we used to he know it operating at this point? >> no. they had to shut it down and i had to step down as the chairman and ceo so i could make a bid and have no conflicts. dagen: to be clear, because i've got a gift certificate that somebody gave me that i never got to use. [ laughter ] >> we'll make sure can you use it. >> because it shut down. i'm just saying. >> it's had its difficulties, no doubt about it. maria: are the theater chains trying to cash in on the subscription based model. >> oh, sure. amc, that's all they talk about on their earnings is their subscription model. when we launched two years ago, day one they're saying it would
never work, subscription won't work, it won't happen. now they're claiming it's the best thing since sliced bread. dagen: are you relaunching the subscription service, and when? >> i put in a brid in a bid las. they'll get back to all those putting in a bid, the bored was set -- the board was set up for that. i'm willing to offer them cash as we speak to get it up as soon as possible. every day you're out, it's a diminishing asset. maria: how tough was it to get investors together to get this bid going last night? this is fantastic. >> not tough at all. we look at it, we're in it every day. only 1% of americans knew about it, 3 million people. people don't live and breathe by the movie pass story. they just know of the name. they've heard it. so -- maria: you've been really effective in terms of getting the name out and branding of it. people do know movie pass. >> they do. it's a household name.
if you wear -- which i do all the time, except for on here, if i'm wearing my movie pass hat, you'd be shocked. it's a red hat, first they think it's a mag a a hat. maria: do you want to keep mitch lowe as the ceo. >> mitch is there right now. as we buy it, we'll look at it from top-down. we've got to shake it up from the standpoint of we've been sitting here going through this but mitch is aa macing, being the co-founder of netflix, strategy he's unbelievable. he's been with me, side-by-side. we built it together, the headaches together, the wins together. but you know what, once i saw this happening, it was immediate that i said all right, we've got to take it and put a bid in for it and go forward. maria: congratulations. >> thank you so much. maria: we've been here side-by-side with you as well. you launched and you announced it on our air two years ago. >> over two years ago, yep. thank you so much. maria: great to see you. >> thanks for having me. maria: thanks so much. we'll be watching.
netflix striking an exclusive streaming deal for seinfeld. susan lee is live in our newsroom with details there. >> for a show about nothing, it's worth a whole lot of something. so jerry, george, kramer, elaine going to netflix. >> discuss me, i think you forgot -- excuse me, i think you forgot my bread. >> $2 extra. >> everyone in front of me got free bread. >> you want bread? >> yes, please. >> $3. >> what? >> no soup for you. [ laughter ] >> one of my favorite episodes, no soup for you. so yes, this is a five-year deal that starts in 2021 on netflix. we don't have pricing just yet. if we go by wall street journal reporting it's worth way much more than what nbcu paid for friends. the office went for $500 million. and so they're saying that basically seinfeld, a show from the 1990s, mind you, the
rights probably went for much more given you have the international broadcast rights as well for all 180 episodes. it's a very competitive -- it's very competitive in the streaming wars since we have disney plus launching in november, same thing with apple tv as well and they're underpricing what netflix is offering. the most subscription package on netflix is $12 a month. disney's it $7 and apple tv plus was at $5. this is a crucial time for netflix. this means they have to pay up for these type of seinfeld properties. they actually lost subscribers last quarter. they're close to 150 million around the world many given you have giants coming into the space and offering very attractive price points, maria, i guess it's time for netflix to say okay, we'll pay up for something like seinfeld. maria: we'll see. there's a lot of competition out there when you've got amazon and disney right there with their own content. it's gotten tougher. susan, thank you. gotten tougher for netflix.
dagen: i will say this. seinfeld is the most overrated television show in the history of television. maria: not the soup nazi episode. it was funny. dagen: once, it's funny. like the eighth time, i don't know. friends i kind of get friends i get. these are people you want to spend time with. i don't know, kramer, elaine, no. [ laughter ] maria: coming up, artificial intelligence at the auto industry, ford's ceo jim hackett on the role ai is playing at that company. and made in america, steinway and sons making music for more than a century in new york city. the secret behind the piano builders success this morning. stay with us. ♪ sound sings a song, sounds lie she's singing --
maria: welcome back. the future of driving as part of my upcoming special, artificial intelligence, the upcoming revolution, i sat down with the ceo of ford, jim hackett, on his views of how ai is affecting his business. >> it's a pervasive technology. it will touch everything about ford an its future. maria: how does it work? >> in understanding ai, we always have data around us. when you're driving a car you know how fast it's going. you can actually feel things. if there's a slight change in the way a wheel's rolling, you
actually feel it sometimes when you're driving. you know whether you're near where you need to b data was always around you and the humans actually mediated that. you made decisions for the vehicle. the future is, there's some huge factor of more data coming because of all the sensors that are in the car and the human doesn't have to make all the decisions about what to do with it. maria: so in all of my reporting in the last eight months on this special, artificial intelligence, one thing i came away from is that self-driving cars are not going to hit the road anytime soon. i want to know what you think. the car guy, who ran chrysler for so long and of course is an expert in this field. >> well, i don't know about an expert, maria but i totally agree with you. i think the aspiration is there. you heard jim talk about it. i think that's top of mind for him. i think ford is making big bets on it. but you've got to remember what got you here and they're struggling right now relative to
current production, current features, features and appearances, reliability. so i think you've got to make sure you take care of the core business to be able to do the next business. maria: truckers is a different situation. one of the reasons we did this special is because artificial intelligence is changing our lives so much. but there's a real edge to it, that an individual like ki fu lee expects 40% of jobs to be replaced by a machine in the next 10 years, when you look at truckers, if you can map out a ride, point to point, where a trucker can be self-driving and just deliver goods, that i can see happening sooner than an actual self-driving car where individuals are going to get in those cars with nobody driving. dagen: except for the teamsters union getting in your way. maria: good point. dagen: i think ai and self-driving technology, it's really the middle ground where we'll see such incredible
advancements that reduce accidents and highway fatalities where you already have lane control, blind spot analysis, adaptive cruise control, things like that, that are self-driving in essence and it really does change the driving experience and helps safety, particularly people who, again, are -- can't put their phones down. maria: regulation has to catch up with it. when you're talking about smart cities and there are a couple smart cities in china, then there's niam, the city in saudi arabia, they can design the cities where they've got cars on the bottom and people on the top. but today we don't have that. so if you're just going to put -- if you're going to expect self-driving cars to be in a city that's not new and not a self-driving situation, where it was actually made that way, it's hard to expect some to be self-driving, others to be not self-driving. regulation has to catch up. >> it will be a while before i get in a taxi with no driver in downtown new york. maria: yeah. >> you see these pictures of
folks that are asleep at the wheel, tesla's barreling down the highway at 60 miles an hour. i don't think the public is there yet. i agree with dagen, the assist, if you get in a car that doesn't have a backu backup camera and f the other features, it feels completely different. maria: that's different. you can do autonomous where you put it on self-driving but you're still there, paying attention. i'm talking about full all-out self-driving cars, that's not happening anytime soon. >> i want to pick up where dagen talked about accidents and so forth. we own a couple trucking companies. i would tell you the regulations now, they have cameras on the drivers, they now have automatic logs, you can't cheat on the a amount of time that you're driving. they can tell you if you're hard braking. they can tell if you're over-speeding, lean control. so they are -- lane control. they are making tremendous advances to reduce the amount of potential accidents from the teamster drivers. maria: the data goes to the insurance company so they decide based on the evidence what kind of payout you're getting. so there's a lot of issues here. be sure to catch our special this sunday night, my special on
artificial intelligence at 8:00 p.m. eastern on fox news channel, join us for this special presentation sunday night. celebrating an american icon, steinway and sons carrying a tune in new york city since the late 1800s, the formula behind hitting all those high notes, next. ♪ i started singing bye, bye, ms. american pie. ♪ drove my chevy to the levy but the levy was dry. ♪ good old boys drinking whiskey and rye here, it all starts with a simple...
late 1800s. joining us rights now is the ceo, ron losby. thank you for joining us. the company has a storied history here in new york. we feature made in america entrepreneurs and small businesses all the time, tell us the story of steinway and sons. >> steinway is a remarkable story. it's the family of the american dream, started in 1853 down in lower manhattan and quickly became one of the largest, most successful piano companies in the world due hard work, innovation and living by one t tenet, which is to build the best piano possible. maria: where do yo build them? >> here in new york city and also in germany. the main location is in new york city. >> we have a steinway. you were mentioning new technology which obviously i have the version where you have to put the disc in for the self-playing version. tell us about this tremendous advance and what you're going to
be able to connect from the cloud. >> three years ago we introduced spirio, the first high resolution, reperformance, i don't call it a player piano, it captures an exact performance of a steinway artist and delivers it to your home, playing in your living room or wherever it might be, flawlessly. this is cloud-based, ipad generated. the user interface is extremely easy to use. we plan to have educational content. we have remote videos you'll be able to partake in, if there's a concert at carnegie hall you'll be able to perhaps have that famous performer playing in your living room. that's what i think has made steinway a great company it's innovation. you can't stand back and be come play sent. mariacompl a ascent. >> there's pop, rock, all different musica muse musical g.
dagen: billy joel? >> he's our good friend. >> if you're a steinway, you need the piano man, right? >> absolutely. >> can you upgrade or do you need to buy a whole new piano. >> we'll trade yours in and you'll have a new one that has the new features. it never becomes irrelevan i re. >irrelevant.>> how is business? >> we're excited over the state of our business right now. the united states is our largest market, it will soon be eclipsed china because it's growing by double digits. interestingly enough, if you look at the worldwide production of pianos which has shifted to china, it is larger than it ever has been in the history of the world, frankly. and there's so many consumers, particularly asian consumers that are gravitating towards learning the piano. it's not an option for education for them. it's a mandatory require. maria: what's the situation in
terms of the trades and tariffs, the trade fight the u.s. is having with china, how has steinway been impacted. >> when we export pianos from the united states to china there is an import duty which doesn't help our business. it makes is more expensive for the consumer or less profitable for us. we have factory in china. we avoid that situation by importing them from germany to china. maria: isn't it interesting it's a requirement in chinese schools to play the piano. >> between 30 and 50 million children are taking the piano in china. >> when we grew up we had to play the accordion. maria: i played the accordion. dagen: would you ever open a manufacturing plant in china? >> i don't think we ever will. the reason we won't is his tri is littered -- history is littered with companies that sought you out cheap manufacturing labor and have gone out of business. our pianos have a musical personality that imparted by hand. you can meek an aizize it.
-- mechanize. maria: it's great to have you on the program. i posted my picture of me and my accordion on my instagram. check it out. back in a minute. at fidelity, we believe your money should always be working harder. that's why your cash automatically goes into a money market fund when you open a new account. just another reminder of the value you'll find at fidelity. open an account today. of the value you'll find at fidelity. [upbeat♪action music] (pilot) we're going to be on the tarmac for another 45 minutes or so.
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maria: welcome back, good do you see morning. thanks so much for joining us. i'm maria bartiromo. tuesday, september 17 top stories right now 8:00 a.m. on the button on the east coast, new fallout from the saudi oil attack tensions rising as president trump says it certainly looks like iran is responsible. >> iran supreme leader says there will be no talks with united states markets to open o lower afed of fed meeting day one of two-day meeting widely expecting fed to lower interest rates a quarter point dow industrials off lows down 28 s&p flat down one point mass deduct positive it is up three quarters of one point after as a matter of fact snapped 8 session winning streak after saudi oilfield
attack dow industrials down 142 points at 4:00 wall street yesterday nasdaq lower by 23 oil impacted by attack surging nearly 15% yesterday, the biggest gain since 2008, this morning prices are pulling back, light suite crude 62.26 down one and one half per global markets mixed as you see is a ft 100 13u7 cac quarante up 3 dax lower by 31 "the wall street journal" is reporting that the eu is bracing for u.s. tariffs as battle over airbus subsidies continues. in asia overnight mixed performances worst china and hong kong, shanghai composite down 1 3/4% hang seng down 1 1/4% "new york times" under fire are reports behind controversial story on justice kavanaugh suggesting information removed by editors president trump slamming the paper we've got details this morning trouble for weworks expected to postpone ipo scrap road show this week all
details on wework coming up tuesday morning first our top story this hour, saudi oil attacks iran supreme court leader says his country will never hold talks with the united states, after president trump pointed blame at irfor weekend ambush on saudi oil production facilities saudi arabian oil ministers holding a news conference later we will find information from oil down surging nearly 15% yesterday down 1 1/2% light suite crued joining us kentucky congressman member veterans air force committee andy barr. >> your reaction to the saudi attack what we should expect in terms of a response from the united states. >> well, let's be clear this is not just an attack on saudi arabia this is an attack on the global economy, because of the impact as you reported, on global oil prices. and it just under scores the failure of the -- the iran nuclear deal not only did iran nuclear deal from obama
administration fail to stop iran malign can i have thes conventional asymmetrical emboldened iran to do attacks because last several years under so-called jcpoa nuclear accord the capabilities of the regime in tehran, was hansed that is why you see these missiles and these drones,being able to carry out such a catastrophic attack. >> "the wall street journal" citing unnamed sources, by the way, reported that the intelligence report from intel committees was not shared publicly but indicated that iran raid theed massive oil field with at least a dozen missiles in 20 drones, so it looks like certainly intel agencies in government do agree that it was iran. >> of course, we in house of representatives we've great respect for mike pompeo secretary of state i did point the finger at iran, we met with him actually on saturday
before these attacks in baltimore at our retroubleshoot he spent is a lot of time talking about the threat from iran, we served with him in house you know we have -- great deal of confidence. now with any kind of attack like this it is important to be deliberative reviewing intelligence i spp when we get back to washington this week there will be bipartisan congressional briefings from intelligence community and we look to see, more detail about this dwook. maria: ask let me switch ask you about kavanaugh controversies president trump addressing a crowd in new mexico hit on severaltakes as he always does including the article about supreme court justice brett kavanaugh. >> left tries to threatsen bully intimidate americans into submission, and they will do whatever they can to demean to you liable you they try to blacklist coerce cancel destroy anyone who gets in their way. look at what they are doing
today, to justice kavanaugh look what the they are doing. they are calling for his impeachment and the woman involved says she didn't know anything she doesn't but they still so the "new york times" had to put out a major apology, had to change their story. maria: so we know that now that the person did not remember at all what was top of news, for the democrats top of news for the media, during the confirmation process, now some 2020 democrats still pushing for kavanaugh's impeachment even though we know now that news item that was left out of the "new york times" story, said that the person did not recall an incident at all. >> have house jerry committee chooirm nadler says panel is too busy trying to impeach president to focus on kavanaugh o so not for impeachment of kavanaugh but he wants to impeach the president. >> i think the president is
right to ask for resignation of reporters editors at "new york times" for deliberately omiting material envision in this article o or downright sloppy lack of professional ethics at "new york times" what we are seeing i think more troubling is that in p spite of the revelation this was a totally fake story in "new york times," the fact that you have all of these major presidential candidates who jumped to conclusions doesn't appear any of these candidates are series about actually getting to the facts in honoring the presumption of innocence should trouble people more than ma we have come to couple from "new york times" bias. >> bothersome say thing happened viewers know around collusion narrative two years media democrats all over president trump, saying theyed colluded with rush not on this program we knew first i reported on "sunday morning
futures" had people who saw rebeing redacted material that is how i knew was in front of it what do you do when constant pushback from left how do you get anything done? >> well you know we are in minority now, and in the minority you don't legislate don't have opportunity to legislate as much, so we communicate, and our job is to communicate, to the american people, about the agenda you know, it is very sad that this blaise impeachment effort continuesing to in the house we have work to do for american people the democrat majority democrat presidential candidates don't seem to be if you have toing on keeping this expansion going. tax tax cuts deregulation unleashing america energy sector helped us, by the way, improving america's energy independence increasingly important as we see has what is going on in saudi arabia but we have usmca to deal with, meanwhile, the judiciary committee continues down the path of baseless impeachment when what we need to be focusing on is passing the
usmca trade deal, 176,000 new jobs 68 billion additional economic impact this is about jobs, that is what the american people care about. maria: what has changed in terms of the usmca bill? i mean president trump says he is looking to make concessions on the bill. you say this constant push for impeachment to divert focus away from bringing the bill to the floor is that right. >> if speaker pelosi put usmca on the floor i predict we would have over 300 votes, so that the question really is is this just a political calculation on part of the speaker she doesn't want to give in her liberal base in the caucus don't want to give president trump a win on usmca. i don't think it is a win for one president it is a win for american people. maria: of course. >> what we should all be focused on in bipartisan way focusing on keeping expansion going i would add maria this is not just about a better trade deal more reciprocal trade in north america it is
about giving trade negotiations greater leverage momentum with the eu, and with china. and i think,able able to lock in, a better trade deal in north america means much better prospects for a deal with china. maria: . >> let me ask you we all talk about china, and in fact, delayed with canada members was 1.1 trillion dollars last year versus china 500 billion dollars so much more are important to get this passed but what concessions have beened my because debbie dingell comes on this program a lot says is a mexican workers make 1.50 an hour u.s. workers are going to get did he at disadvantage if competing with somebody making 1.50 i know there is a requirement in usmca that u.s. workers have to make 16 dollars an hour has anything changed to answer the critics to answer your colleagues on the left. >> the goalposts keep changing i engage with many pro-trade democrats working with
ambassador lighthizer u.s. trade representative it changes from one week to another what their concerns are. on one week it is concerns about some of the labor standards, although usmca levels the playing field many union rank-and-file union members are very supportive of the improvements to the standards labor spodz imposed on mexico through this deal. but the next week, some of the democrats on working groups say no, it is by logic so positioning else, i think ambassador lighthizer wants to work with the dplalts i think the president is willing did democrats to work with speaker blows toy get a deal done it is hard to negotiated when goalposts keep changing the issues keep changing. >> bottom line we have elections in canada in october october 21, do you expect usmca to be passed before election in canada? >> october. >> i think the window closes as we move from september into october, and the closer we get to the politics of the 2020 election, i think that the
opportunity for us u.s. closes, i am still optimistic i still continue to press my democrat colleagues to give us a voted here is what i would say -- >> if you don't get it on the floor by october it is off you don't think going anywhere. >> i wouldn't say off but it diminishes chances diminished because politics 2020 what i would say the political peril is not with president if we did not get theis about community does noted get certaintity usmca that restrains capex investment, and business certainty, that is not on the, that is on speaker pelosi and her caucus for standing in the way, of a growth producing rereciprocal trade deal in north america north america. >> great to have you congressman andy barr a break when we come back gm under pressure automaker facing second day of nationwide walkout with no solutions in sighting stock down again this morning plus waiting on wework the company reportedly sheflgdz ipo now. back in a minute. ♪
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maria: united auto workers hitting picket lines second day no, no end in sighted for strike against general motors. cheryl: talks to resume after pause overnight doesn't look like strike against general motors is going to end any time soon. of the the the walkout bringing more than 50 factories parts warehouses standstill marks union's first job action against gm in more than a decade president trump offered federal mediation we should say, this dispute involves wages pay for new hires job security, and benefits. well the company that owns wework has reportedly postponed its europe ipo how much the company is actual worth about corporate governance, the company
preparing to take shares to investors this week, 20 billion dollars, lower from initial evaluation 47 billion could even go lower folks. of the is there another beer company blue moon releasing ice coffee blonde i love the title. -- popular brewer then denver release nationwide, maria that starts next month doesn't let ecological caffeine totally combined -- >>. maria: thank you general motors for a the secretary will unlock the board and the members will proceed to vote day of strikes, what is your reaction here how long is this goinging to on. >> it is not a good time, right now. i hate to say that for the union to do this if you think about -- you know we heard earlier, that gm gl is in pretty good shape relative to inventory, if you think about the dealer network pretty well stocked with inventory. some cases still have 2018 trying to get rid of '19 into
the 2020 year you stench back to 2007, 8, 9 concessions were made that allowed the major auto manufacturers to survive trying displace those the temporary worker situations the bonuses at end of the year -- you know you have got this issue now, the end of the month union has to pick up the health care comforts, so i think costs a lot of negatives against this potential disruption. >> why do it now what do you think is behind calling this right now? >> well, i think, first of all, the contract is up. and so that time, but many times they will extend that keep working in stryou constructive way might feel needed the push whether pre-election what situation might be but i think not a
good it is not -- not a good time to do this. >> uaw leadership feeling heat based on corruption investigations, correct, bob? yeah. dagen: is that related to timing this have to try and take emphasis off the weakness in the leadership o potentially. >> well it certainly is a black eye, for the uaw relative to corruption the amount of money that they pulled out of training center, and some of the kickbacks they've got from suppliers and so forth, they vehemently deny all allegations but already there are members of the auto companies in jail, who have been prosecuted found guilty continuing to go through union organization fears that they are going to find more corruption, with this investigation. >> wow so many legs to its this story. >> it does. >> contributorily bob thanks for insights take a break he can the saudi oattack awaiting the news conference today expected to give update when oil production might be
restored former shell oil president is here joining us dpee political tensions may come up in federal reserve meeting we are breaking all that down two-day meeting kicks off today expecting cut in rates, tomorrow. back in a minute. ♪ she was a big star ♪ ♪ sang karaoke every night -- ♪ ♪ stand where you are ♪ she was a big ♪ ♪ this is the family who wanted to connect...
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xfi advanced security. if it's connected, it's protected. call, click, or visit a store today. >> welcome back, okay. it is fed time two-day policy meeting kicked off in washington today and tomorrow many are expecting a quarter point rate cut one hundred percent expect quart opponent rate cut joining us craig, a pleasure to see you thanks for being here.
>> good morning, we are having a conversation this morning about what a cut in interest rates is really going to do, we are all expecting that the federal reserve will announce tomorrow, that they are cutting interest rates by 25 basis points what is back from your standpoint is this priced go the market? >> i think it is largely priced into the market two ways to look at this from an economic standpoint real economic activity i don't think cutting rates 25 basis points, now 50 basis points totally in cut is really going to motive kneeled for business investment decisions consumer lending decisions or borrowing decisions i think it does on the flip side reaffirms ooptimism for the market that fed is going to come in loosen conditions financial conditions when so much uncertainty out there i think key right now, with all the uncertainty that is in the market is that the fed is supportive that is where i think impact comes from i think you have seen that play out in markets already, that
the key is if they don't cut, i think the impact will be much worse. maria: yeah if they don't cutis we will see a sell-off in stocks don't you think dagen but they are going to cut not even a reason to -- dagen: right would be disruptive to myriad asset classes potentially but are you seeing signs craig of improvement in sentiment if you will not talking about consumer sentiment but at least business optimism? >>s you don't see it is a business confidence a little bit weaker last month held in relatively well sale fairly strong overall economic outcome dropped tells us that real activity is continuing to be decent problem is that there are overall view of the economy has been weaker, so i don't think that the fed cutting is necessarily boosting business investment per se i think more so it is it is boosting market confidence, theed if is going to act going to ease policy
when markets are saying they need to -- >> bob nardelli here. in normal times a quarter point, and then 50 points, so far this year, would have had impact but the thing you just mentioned about the certainty of uncertainty thes external events as i talked to a lot of my colleagues in their sharing biggest concerns what are you hearing as the biggest concern out there that is maybe having downward pressure? >> well so you know, the -- you look at financial institutions flatness of the yield curve the potential for negative rates in the future a big concern past three months, when we saw 10 year drop 55 basis points in august alone we saw germans issue 30 coupon bond at premium got financial institutions anxious the biggest thing strayed uncertainty not knowing what
will come in the future, the u.s. economy continues to be decent, held up by very strong consumer, but that uncertainty what is going to happen globally with trade policy we keep hearing. maria: what do you think this is going? a new bank of america merrill lynch survey shows regs fierce on rise 25% u.s. credit investors say they believe there will be a recession next year we know this economy slowed down do you think this uncertainty around trade is the reason and are you expecting a recession? >> so we don't expect a recession short term if fed eases policy one of the reasons recession fares has riz enl because yk invertsdz, 10 spread inverted can when people sea headlines yield curve inverted they isolate anxious also a i have a in the past exception 98 inverted fed cut 50 basis points within four months that is why i think so important they do cut because of all the fear being
created, by financial conditions by the inverted yk so if they were to come in cut, i think that eases that up a little bit reduces the risk of recession, but if you don't, and you were to let this inverted yk persist can start is to affect credit creation banks don't want to lend when cost of funds are higher than yields they can get on loans businesses don't want to borrow by same reasoning think a recession might be coming because of inverted yield curve. >> a vicious cycle thanks so much, coming up president trump on campaign trail the he commander in chief gears up to host a fund-raiser in los angeles under attack by prejudicial actors there live saudi oil attacks sending oil prices surging yesterday bossing stocks again exxonmobil chevron dow he comments watching those john
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just another reminder of the value you'll find at fidelity. open an account today. maria: welcome back, good tuesday morning. thanks so much for joining us. i'm maria bartiromo. tuesday, september 17 top stories right now 8:31 a.m. east coast markets to open lower this morning afed meeting today and tomorrow dow industrials down 62 points now this is around lows of the morning s&p down 4 nasdaq down 10 points this after market saw yesterday as well following saudi oilfield attack oil impacted by attack surging nearly 15% yesterday that was biggest gain since 2008, this morning prices pulling back we are off highs nonetheless light-sweet crude down 1 1/4% european indices mixed ft 100 up 5 points cac quarante paris dax in germany, lower the "the wall street journal" is reporting that the european union is bracing for u.s. tariffs battle over
airbus subsidies deepens continues in asia overnight mixed markets worst performer china shanghai composite down 1 3/4% hang seng in hong kong down 1 1/4% day two strike against general motors nearly 50,000 workers off the job this morning, the walkout could cost automaker 100 million dollars a according to the journal both sides to resume talks president trump raising money in golden state shroudeded in seeks after hollywood actors call out people, set to attend trying to shame them apple putting 250 million dollars to work in kentucky to make super strong glass, exclusive interview with technology giant chief operating officer is coming up, this tuesday morning top story this hour that is the saudi oil attacks, oil prices are down this morning pulling back, after a big surge yesterday, president trump is blaming iran for the weekend ambush on the infrastructure
the saudi arabian oil minister to hold a news conference today president trump speaking out about oil and gas during rally in new mexico colast night watch this. >> the united states is now the number one producer of oil and natural gas anywhere in the world. [cheers and applause] >> this means more jobs, higher wages, and american energy independence which is what we have. you know a few years ago if we had a problem like you saw two days ago, in the middle east, we would have been in a panic. today, we got a lot of oil we got a lot of gas, [cheering and applause]. maria: joining me right now former shell oil president john hofmeister good to have you on the program thanks for joining us. >> thank you. >> how do you like that comment we got a lot of oil we got a lot of gas do you agree. >> we do we have plenty there is more where that came from, is good news, the bad news though, maria, is that we
still import seven million barrels a day because of foreign oil, because the refineries are set up to take foreign oil we have resist the alternate new orleans such as making natural gas into transportation fuel whether gaseous or liquid. and so we could be completely remote isolated from any geopolitics of the oil price if we would several dwell alternative fuel opportunity that we have because we have all oil and gas we will ever need. maria: . >> john bab nardelli good to have you back you are expert stay on that subject for a moment, when you look at the amount of gas, that we're venting or flairing particularly out of the% mean basin why is its permian basin why not putting pour plants they are wellhead prefuel distributing electron versus pipe to move gas what is
keeping us from making that next big step. >> i think the number one problem, bob, is just the status quo, people have been doing ventilating burning off methane for years used to it, the idea of building the infrastructure of collection, and processing, and then the material investment that would be need for power plants for example, that takes more coordination than exists in the industry. sad to say. only the big guys really think in those temperatures but in permian you have a lot of little guys, who are really looking after their own interests their own well sites nots thinking about bigger picture they are trying to make pennies on the dollar, ares what they do, and so they really do resist change, which is unfortunately for all of us. because as i say we have so much natural gas, that we are basically waist wasting in it this day and average we should not be doing we should use for it value-added production, of
-- of transportation fuel. >> not to not to point a finger at coal but if we are serious about the environment, that would be an excellent way to reduce carbon emissions be able to elect this gas that we are venting, generations in future will look back regret what we've done here. >> yes well we are still using 30% of coal, i mean electricity supply 30% coal natural gas up to almost 40%. >> right. >> a big shift has a whole lot to do with environmental improvement but still more natural gas from that came why. dagen: john it is dagen mcdowell oil west texas intermediate brent up sharply yesterday oil closed almost 63 dollars a barrel again more than 8 bucks a barrel is this a new premium built into the cost of crude? because of this risk that i don't think many people saw in terms of the risk to the saudi
oil fields asaudi arabian instability to stop attack like this despite having largest defense budget in the world. >> i think this risk is going to hang around for a while dagen we have had a few years of geopolitical uncertainty but we have not really had hot geopolitical issues like this one. and when you attack the kingdom of saudi arabia, whoever did it i suspect iran like so many others, ares this is very serious. the -- facility is a national treasure actually the world' largest oil and gas infrastructure. there is nothing bigger around the world than this protected from national security standpoint that you know i have been to saudi arabia a number of times, you don't get in easley i have been in control room seen what happens
they won't answer certain questions because national secret national security so this is a very, very big deal. many people i think in the industry recognize this is a mortal attack and there could be more coming. which is the other in known, which i think will keep the price escalated as long as the world needs it. now from iranian standpoint this is the best way to neuter the iranian sanctions by the u.s. because of global supply of oil drops, the iranian has surplus oil there will be countries that won't get oil, if they don't buy iranian oil, so this is to iran's economic advantage that is a big deal. >> a lot of important points you make great to have you thank you so much john hofmeister there president retroactive hosting a fund-raise in los angeles today shrouded in seeks, donors don't know where it is yet.
fox news chief national are correspondent he had henry with the story no surprise nobody knows they will get shamed called out publicly. once the left knows who it is who is giving it. >> you are right. absolutely maria pretty outrageous what is going on talking about secrets in oil market now come to state secrets in fund-raising is public names of people donate to president trump or any democratic presidential candidate will become public you have actors actresses out here in hollywood saying they are going to name and shame people if you will if they give money to president, one of the fund-raisers we are told people hosting it is this jeff via palmer a big real estate investors as you know known as president's moneyman, here in los angeles. but for his event basically saying go to this one address, they will get a shuttle bus we bring you to the actual event, that is because you have
deborah, messing actresses saying we are going to get people blackballed make sure they never work in the town again fw they show up at fund-raiser the trump people are going to graeth lengths to make sure there are safeguards in plays people are not sanctioned outside taking pictures writing down lines blackballing people from the industry, here is bloom mbottome president laughing all the way to the bank numbers so far 2020 election cycle raised 124 million dollars joe biden 22 million bernie sanders 46 million he is at hop demonizing democrats elizabeth warren 35 million bottom line shows power of incumbency president is going to have awfully lot of money for reelection. >> you say the president laughing because he is raising all money what are the other people do? right, when they come out and they hear from other side you will never work again, because you are donating to somebody we don't like?
>> we have seen this in other places, on "fox & friends" we had somebody in pittsburgh owns a local business give a money to president trump, and there are people in pittsburgh posting on facebook -- putting together a small business owners given money to the president you are right so president has mega phone social media and elsewhere, to push back but if you are a house or senate candidate named shamed who donors are you might not be able to fight back this is america, usual supposed to be able to have freedom of speech, freedom to give monday support people whether president trump or beto o'rourke right now not seeing. >>. maria: that is so wrong, investing in america exclusively from apple chief operating officer on technology giant bid the boost glass production or iphones in america pack bags one former blackstone group goldman sachs employee toughened travel
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over to you. >> maria, we are inside the corning glass facility in harrisburg kentucky middle of bluegrass company where all glass for the ipad apple watch brand-new iphone 11 is made as of this morning, apple coo jeff williams told about a huge investment from apple. >> we couldn't be more excited here we are investing additional 250 million dollars, from our advance manufacturing fund in corning, and two years ago in, harrisburg we launched advanced fund with 200-million-dollar investment, today more than doubling down a quarter of a billion dollars, and this is -- this is going to further development of grass -- glass technologies for the future. >> this is not the place you think when you think where do
parts that create my iphone come from but, as you can see, here glass rolling off disassembly line ev-- assembly 400 highly skill workers an interesting story original iphone had a plastic screen steve jobs said that is not good enough a fun way this relationship. >> corning ceo called, called me said hey, your boss called said my glass sucks, and anyway, he had an idea, corning had this recipe they had developed glass over a decade ago that had been sitting on r and d shelf didn't have a home or application. and really strong glass. >> the strongest glass in the
world that is rolling off this assembly line right now over 6 billion devices in the world get their glass from this factory that is in the harrisburg kentucky a quaint piece of america most important part of our smartphone is created. back to you. maria: very cool stuff thanks so much coming up pack your bags speaking with a former blackstone group goldman sachs employee, who turned ceo of her own travel company on how business is transforming the industry. back in a moment. ♪ that is the way i like it aha aha, that's the way i like it ♪ ♪ that's the way aha aha i like it aha aha that's the way aha i like it ♪ that move us forward. every day, invesco combines ideas with technology,
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biggest of travel piece.com two sidesed marketplace by big technology founders helping plan amazing vacancies thousands of bookable experiences available joining us right now cofounder, and ceo, great to have you thanks for joining us. >> thank you. >> tell us about peak your story from wall street to this business interesting as well how did you get started us there about the business. >> it is activities we help consumers if you want to go zipline helicopter tour grand canyon we can help you do that we help tour operators come on line, 20% tour operators globally have a booking we help automate business take bookings everything that is done manly replaced by our system. >> sounds great a lot of competition in the business how do you stand out the when other companies are trying this as well.
>> big market about 180 million dollars globally one nascent there has been competition in travel when it comes to activity have not been many we are large, independent player providing tools for tour operators able to scale file this year we will do almost half a billion dollars activities, platform you know we actually you know have been able to merge as a leading player in the space. >> you think you will stay independent? or as you progress do you think one of these strategic travel agencies would reach out try to pull you in because of the exotic trips efficiencies. >> i think it is a third bitings segment in travel we see big companies interested in it there is a huge market opportunity to say independently we believe so we have raised 40 million dollars so far i think that you know we've got the opportunity to build a multibillion-dollar business. >> how many -- how many tour
operators to have you in network how do you locate find new ones to add. >> yeah thousands of businesses we got 20,000 activities, in america so largest in america, we source activities by -- we've got team 170 people, spending time looking and great pour operators. dagen: vetting them how do you vet them. >> we have a review system collected about 800,000 verified, operators we've got largest selection, as well 30% more than next platform so we have been able to do provide technology, for tour operators therefore we get verified every single customer on tour. >> favorite activist so that more popular. >> popular ones a lot of boat tours people love getting into water so whether dolphin adventures or taking, you know a boat to see some great
sightseeing those are big things in summer getting on water. >> congratulations you came from blackstone group. >> yes. >> have great to have you. >> thank you. >> check out peek we will come back with that's from this all-star panel, stay with us. ♪ at synchrony, we're changing what's possible every single day. but what does "changing what's possible" mean anyway? ♪ well... if you run a business, it means a lot. for starters, we provide you with financing options for your customers. that way, you can help them buy the things they love instantly and pay over time. and that turns them into serious fans.
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>> you say that's not ending any time soon. >> i don't think so. >> we started about talking brett kavanaugh and 2020 democrats endorsed impeachment, i guaranty that would be part of the 2020 election. it's now part of 2020 election. maria: you think it's going hurt them. dagen: impeachment called by democratic candidates, some of them based on new, quote, old allegations that the woman in question would be interviewed about and friends say she did not call the incident, by the way, something that people would never have known admitted from "the new york times" story unless mollie hemingway and howie kurtz called this newspaper out. they want to tarnish every decision out of the supreme court as being illegitimate
because of the conservative -- maria: because they don't like him. doesn't fit in line with ideology. the rest of the country could go to hell. >> the justices that have been appointed by trump don't fit under ideology either. maria: what a great story, varney begins right now, david. >> good morning, everybody, i'm david asman in for stuart varney, here is the big story for second day in a row, thousands of gm workers in line, oil down mostly right now after surging nearly 15% yesterday that was biggest gain since 2008, and stocks not having a big reaction to that, we are going to be down slightly when the market opens in 30 minutes, investors are also watching and waiting on action from the fed, begins a 2-day meeting later today, another rate cut is