tv Street Signs CNBC August 17, 2018 4:00am-5:00am EDT
welcome to "street signs." i'm willem marx. these are your headlines shanghai stocks close at a 2 1/2-year low with the prospect of renewed trade talks not enough to stem the losses. larry kudlow tells cnbc china is not a good prospect for market participants >> i think investors are moving out of klein becauchina becauset like the economy and they're coming to the usa because they like the economy i'm not a china expert, but i
would say right now their economy looks terrible. atlantia shares rebound as the italian government opens a formal investigation into the genoa bridge collapse. >> translator: we know there are breaches, we will ask for the suspension of the concessions because of those breaches. one cannot die in highway after paying the highway toll. an icy welcome for the new man in control of airfrance-klm. shares sell off after benjamin smith is named as ceo. charting the course. danish shipping giant maersk announces the sale of its drilling giant good morning welcome. atlantia shares are rebounding after a sharp drop on thursday there's an investigation into the country's biggest toll operator after the bridge
collapse this week that left at least 38 people dead italy's transport ministry says transauto has 15 days to prove it performeded a yit maintenance on that bridge the terms are not publicly accessible, for us as ministers it's difficult to access these documents. once we publish everything, you will understand which of the various boundaries were made we know there were breaches. one cannot die in italy after paying the highway toll. >> autosstraytrade said it perf regular inspections of the
bridge claudia joins us from cnbc in milan. what is the latest on the investigation? >> yes good morning of course as bodies are still being searched for, there are about 20 people still missing, the confirmed deaths are 38. so at this point under the rubble there is still a lot of work going on. as we have been reminding you, we have almost 700 people, almost 350 families without homes because the bridge was built over a residential area. while the tragedy is still going on, political aspects have already taken center stage as we heard in the comments you played out, dimayo talking about the responsibility of autoout s
autostrade atlantia dropped about 20% many bridges will be involved in this and in this area. the company did say they were spending over 10 billion in a decade that has been attributed to maintenance of the tollways so a lot of criticism coming from the political front has yet to be proven as you said, 15 days is what the company has to prove the type of maintenance that it had been carrying out over this bridge. there is concern about how the bridge was built the bridge was built in 1967 and through the years has been criticized for not being 100% stable so there will be an investigation going on
the political parties are saying we do need to go forward and see if there is responsibility that the company has. atlantia is controlled, 32% is controlled by the holding company for the bennaton family. those businesses most well known for their retailing and clothing brand. they are also in transportation, telecoms, finance. so they are in the eye of this cyclone. the family being criticized for having negotiated this concession they had that lasts until 2038 if this concession were to be revoked by the government this would mean unless there is some severe nengligence proven, they would have to pay out about 15
billion euros and then the question of who would rebuild the bridge so it is a tug of war. it needs to be seen and we'll get more information on tuesday and wednesday when autostrade and atlantia have their board meetings on whether the ceo will be stepping down or not. lots of numbers that need to be analyzed as far as the investment part of this situation is concerned to better understand what kind of impact this tragedy is going to have on the stock, on atlantia right now it's trading in positive territory back to you. >> claudia, thank you very much. speaking of the political aspect of this tragedy, officials from the eu have sparred over the bridge. the italian block says they limit the amount spend on public roads and bridges. the eu said it previously recommend italy commit more money to infrastructure repairs
and upgrades and said brussels in the past set aside special funds for these maintenance measures we're joined by justin frosini thank you very much for being with us. >> thank you >> do you think it's responsible of senior members of the italian government to jump to conclusions, point fingers, threaten the withdrawal of concessions before this investigation is concluded >> no, i don't think it's appropriate. but i think it's typical of a populist government which seems to be what the yellow green coalition represents it seems both the five-star movement and the liga are in an action campaign and are trying to find quick answers to complicated issues
as far as the genoa incident is concerned, time needs to taken to perform the full investigation, look into atlantia and autostrade and so forth. i think the response by deputy prime minister dimaio is inappropriate. >> do you think based on your experience of this new government's behavior before and after the campaign for the election this year, do you think the threats we've heard from people like dimaio and the transport minister, could it be the bark is far worse than the bite in terms of the legal action taken against these companies? >> absolutely. i think there's a lot of bark and very little bite as you were saying earlier if the concessions were taken away from autostrade, there would be an issue as to who
would rebuild the bridge in genoa and other maintenance that has to be carried out. from a legal point of view, it's very problematic so i got the feeling that probably the government will back off there already seems to be a rift between the two deputy prime ministers, salvini and dimaio on the issue. >> we've seen an ongoing dispute over the steel company and the major plant in the south of italy. a dispute in the high speed rail network. do you think the latest tragedy and the government response has the potential to damage the relationship between investors and business on one side and the italian government on the other? >> yes i think it could have serious consequences for people wanting
to invest in italy the signals are very, very mixed. once again i think there's clearly two different positions within the italian government. i think the prime minister will have to show his best negotiating skills to make sure salvini and dimaio don't split the issues la liga has always been in favor of the high speed train to turin, the five-star movement has been against it. there's also various other issues where they are in disagreement with one another. >> one of those is whether the public sector, the state, could be any better at performing some
of these functions, operating highways in italy than the private sector there's a huge fragmented sector in place for italy's roads, bridges and tunnels. the idea put forth by people, do you think that will be more useful for italians, italian taxpayers to have the state operating the entirety of this network? >> well. two things to say on issues like this first of all, it's -- you know, it's an old issue as to whether these sorts of things will be better run by the state than by private companies. at the same time there's an issue of bearing in mind that italy is part of the european union and has to take into account european union law, the freedom of services. it would be problematic go back to a state-run system from this point of view. i have my doubts as to whether it would be more effective >> one final question, do you
think there's merit to the argument put forward that some of italy's biggest business, especially those that are controlled by individual families have excessively cozy relationships in the past with high level individuals within government and that is part of the problem here in terms of spending decisions, in terms of oversight? >> there might be a problem. however the statements made in the last sort of 48 hours, again in particular by the deputy prime minister, they need to be proven he made various statements insinuating sort of rather dubious agreements between the previous governments of the democratic party, the prime minister, so on and so forth that there might have been some strength agreements going on but i think all of this needs to be proved.
it might be so, but i think the prime minister needs to be cautious and proven on these issues >> justin, thank you for joining us this morning. we're also joined by jeffrey sachs of citi private bank let's ask about the wider picture for italy and investment decisions by the corporate sector and the government. do you think italy structurally is in a sound state of affairs leaving all this noise aside, especially when it comes to economic growth? >> we don't. the economic back drop is fragile. so is the banking system the economic growth is sluggish and in the second quarter slowed further to an annualized rate of 1% the banking sector has over 200
billion euros of nonperforming loans. the aggregate debt is about 2% of gdp so that is a back drop that needs strong growth. what the government tried to do is put forward expansionary fiscal mrabplans. that's what won them the election what is current and happening at the same time as the tragic bridge collapse are budget negotiations that need to be put forward within a couple of weeks. now that is in focus because the populist coalition, when they were campaigning, were putting forward around 100 billion euros, which equates to 6% of gdp. we don't think that they can sustain more than 30 billion euros, or 1.5% of gdp. so that is why we need to watch
the debating in the next two weeks. you can see that reflected in the bond market with the italian bond yields rising >> presumably the role of the ratings agencies is not to be underestimated they will look at these negotiations and make a call as to whether italy's debt pile is sustainable, whether the italians have the ability to pay back this debt in a timely manner what do you expect to see in terms of potential downgrades? what would that impact be on the bond market in italy >> moody's are meeting on the 7th of september the current rating is baa2 in the last meeting they indicated they wereconsidering a downgrade. we think it's possible there will be a downgrade next month, if not maybe later in the year
we think that's partly discounted already in the italian bond market. what we're watching is the level in absolute terms. so the current ten-year sovereign bond of 3.12 is up 50 basis points the last few weeks, if it rises another 50 basis points that becomes concerning because at that level the sustainability becomes more problematic. >> i spent the first half of this week in turkey. a lot of people said this could be a threat to europe's continued growth do you think that italy is the greatest threat to european growth based on what you're saying there, the potential for downgrades, the potential impact that would have on debt servicing. does that worry you more than anything >> yes, it is our largest worry particularly with regard to the europe poen boan bond market
we are under way sovereign bonds, italy is the largest sovereign bond underweighting. what matters is if we get a significant weak period in italian bonds, what is the secondary impact who are the holders of italian bonds. system of those holders are italian banks. then we look at whether some of the overseas banks are holders of those italian bonds our understanding is that around half of italian bonds are owned by the private sector. >> jeffrey, stay with us thank you very much for some of your insight coming up, air france shares sink after the french carrier appoints a new chief executive more on that story after this break. i'm a small business, but i have...
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let's check on how european markets across the board are faring very slightly more green on the board there than red the stoxx 600 is slightly into positive territory, up 0.6% at this stage of the morning. we look at individual markets behind those numbers, you can see the xetra dax in germany is the laggard, down under 0.1% in london, the ftse 100 is trading up up 0.17 the ftse mib is up 0.12% airfrance-klm appointed its first ever foreign chief executive officer. benjamin smith will become the airline's new boss despite major opposition from french trade
unions the former ceo quit in may after staff at airline rejected his offer of a pay deal which was designed to end a series of strikes at the company smith will take up his new role by the end of september. maersk is planning to spin off its drilling arm and list it next year in copenhagen. they also intend to get rid of a material part of its remaining shares in total. the move follows the sale of its oil and gas business last year as maersk tries to focus on the core transport business. the company also reported a 24% bump in rev enue for the second quarter. maersk also warned that u.s. container emports from china could drop by 4% because of new tariffs and trade restrictions speaking of this, white house economic adviser larry kudlow has been speaking to cnbc to confirm u.s./china trade talks
about resume later this month. cud bkudlow said the talks werea good sign that beijing should not underestimate his toughness and willingness to continue the battle he also urged china to open up its economy further to businesses america is craushing it righ now. and people say this is not sustainable. judging by the weakness in the chinese currency the world's not investing in china my point is a simple one give us market openings. take down your barriers. stop trying to capture and steal technology from the u.s. and western countries. give us a chance to compete. we will sell a ton of exports to china. that's the key point they know what our asks are.
money's flowing into the usa that's terrific. by the way, a strong dollar holds down commodity prices, gasoline prices are slipping oil prices are slipping. i just want it steady. i'm not here to pile up the dollar the treasury department is in charge of all currency movements. i'm just looking at it in macro economic terms it is sending a positive story of global confidence in the usa. we're still joined by jeffrey sachs. quite aggressive comments from mr. kudlow. >> yes two things were positive the first was the announcement between the eu and japan that tariffs would be reduced for car parts, cars. and going the other way, wine and cheese then an important statement two weeks ago after the meeting between trump and mr. juncker,
that the eu and u.s. would be renegotiating the tar rif iffs had already been imposed and they would look at engaging on topics like the wto, energy. we think that will be positive we think that agreement will ultimately be followed through and most importantly it's likely to result in the out toe taria not being imposed by the u.s that would be positive for european economies and markets which have been held back. >> for those looking to invest in specific european sectors with exposure to these trade spats. it strikes me how quickly things can turn for the worse and how long it takes for the long-term changes to be enacted. because these negotiations tend to take time does it seem to you that mr.
trump will end up getting what he wants >> we think his trump administration discussions will be focused increasingly on mainland china we think that's part of the reason why he might be coming to an agreement with the eu so together they can confront the chinese, particularly on issues like intellectual property we think the impacts of the trade war are going to be felt gradually, particularly at the company level through secondary effects like supply chain impacts and business confidence. >> we have to leave it there that was jeffrey sachs from citi private bank. vopak reported a miss on second quarter earnings with core profit falling to 185.7 million euros. the chemical storage company flagged falling occupancy at oil
terminals but gave a bullish outlook saying there is an opportunity to improve 2019 earnings. and the maker of the angry birds mobile game is trading higher after posting bet second quarter sales in its game business the firm did report a sharp drop in profit and blamed declining revenues from its 2016 hollywood movie. i never had a chance to watch it coming up, turkey's finance minister reportedly plans to keep credit channels open amid an ongoing trade dispute with the united states. more analysis on this after the break. ite smile? dinner date...meeting his parents dinner date. so i used crest. crest 3d white removes... ...95% of surface stains in just 3 days... ...for a whiter smile... that will win them over. crest. healthy, beautiful smiles for life. man: are unpredictable crohn's symptoms following you everywhere? it's time to take back control with stelara®.
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...95% of surface stains in just 3 days... ...for a whiter smile... that will win them over. crest. healthy, beautiful smiles for life. welcome back to "street signs. i'm willem marx. these are your headlines shanghai stocks close at a 2 1/2-year low with the prospect of renewed trade talks not enough to stem the losses. white house economic adviser larry kudlow tells cnbc china is not a good prospect for market participants >> i think investors are moving out of china because they don't like the economy and they're
coming to the usa because they like the economy i'm not a china expert, but i would say right now their economy looks terrible. atlantia shares rebound as the italian government opens a formal investigation into the genoa bridge collapse. >> translator: we know there are breaches, we will ask for the suspension of the concessions because of those breaches. one cannot die in highway after paying the highway toll. an icy welcome for the new man in control of airfrance-klm. shares sell off after benjamin smith is named as ceo. charting the course. danish shipping giant maersk announces the listing of its drilling unit sending shares higher welcome back a quick look at european markets. you can see the xetra dax is in
negative territory that is only slightly so here in london, the ftse 100 is up 0.12% the cac 40 is up 0.22%.italy, tp around 0.10% the euro is trading stronger against the u.s. dollar. the dollar is waeshg againeakerh yen. cable is slightly into positive territory for the pound against the u.s. dollar. and the dollar seems to be trading flat right now against the yuan in terms of the u.s. futures, all three major indices there are called higher. dow jones looking to open up more than 70 points. the dow and nasdaq looking to have a slight positive open. the turkish finance ministry says it will keep credit
channels open amid an ongoing trade dispute with the united states the ministry added it will provide flexibility on maturities and pricing to keep cash flow going towards companies. it also said it would take measures to help firms avoid obstacles against borrowing. and u.s. president donald trump threatened presh sa eed fs is on turkey saying the u.s. will not pay to free jailed u.s. pastor james brunson >> as you know, we were clear with our counterparts there, both secretary pompeo and myself on the release of the pastor we have sanctions against several of them. more if they don't release him quickly.
>> we're tracking the lira against the dollar right now the euro is stronger against the lira the dollar has fallen back slightly against the lira. it's worth talking about the impact this could have in the european region. we have polish sector wage growth coming below expected figures in july. they were up 7.2% annually, but on a monthly basis, wages fell a lot of investors are expressing concern the last few days about the impact that the turkish currency's free mall might have on european growth. i want to ask about the impact on eastern europe. what do you see that as being? >> you don't sigh a lot of eastern european banks exposure on turkey.
there's been some impact on currencies this has to do with the fact that we are low in the global macro stage with all leading indicators and the advanced economies getting weaker, and the dollar getting stronger. so far in the polish economy we have not seen an impact. >> doesn't sound like you're worried about turkey then? >> from a european -- broader european perspective it doesn't help because you have a trio of events first it is a difficult fiscal situation which has becoming a v become aggravated. then there is the diplomatic
spat between the united states and turkey there are no clear options here. yesterday the finance ministry and mr. erdogan does not resort to conventional measures to restore things, such as introduction of imf measures >> i want to ask about your bank, its role in poland you were looking at merging with a smaller rival, but you walked away from those talks. what happened? >> first, poland has avery goo growing double digit growth in the banking sector and robust growth in the wider economy. we intend to grow by 10% this year we are the largest corporate bank, we tend to see everything happening in the economy the sector has been consolidating. so santander is active in the market bnp, european banks, so the sector will consolidate around six players. our bank is a good bank, but we
have come to the conclusion given where we are in the global macro cycle, given where we are locally, given the fact we have exposure mostly on cash loans and we could not agree on a good exchange ratio for shareholders, we have decided not to do the merger this time around. >> you have said you're not opposed to non-organic growth so you're willing to look at other m&a options down the road. you mentioned significant consolidation in polish banking over the years do you expect further consolidation the next two, three years and will you be a part of that >> yes, of course, but we'll be picky about the targets we choose something we have been looking at is the digital bank in europe there are 10 million poles living outside of poland, 2 million to 3 million in the united kingdom they all seek to have mortgages
back home in poland or advanced transfers. we have been looking closely where we should and entering the eu market through a digital pocket bank. >> the challenges there are regulatory you need permission from various governments to make that happen. presumably customer acquisition costs are lower than opening up branchs in these parts of the word is that part of it >> can i see cross-border m&a, the banking sector and insurance will be less intuitive because of how fast you can grow through ways of digital model banking. you don't need to buy a proper bank in a specific country to have presence. i think we'll see some changes in how we think about cross-border m&a in europe in the banking sector >> you've been willing to spend quite a lot of money on marketin
marketing. that's correct marketing and choosing the right technology >> your bank was owned by unicredit. you were involved in the deal to bring it back to polish hands. there's a movement in polish business which is taking businesses which may be foreign owned back into polish ownership. that's something the current government is keen on. do you think that's always a good idea? >> it's been the idea for five years. also the previous government was in favor we are just opportunist. the market is consolidating. many european banks came to the conclusion that operations are s subscale and creating a stronger entity our strategy works we are growing double digit, growing well in all channels including smes and cash loans,
mortgages. the idea works what is also relevant given where we are in the global cycle. i remember from my washington times, in times of crises it's local banks that did not withdraw liquidity from local markets. from a stability point of view it's good to have the 50/50 in terms of foreign versus domestic ownership. >> i have another question about poland an eu judicial organization said yesterday it would suspend poland because of the legal disposition in the courts. do you think the courts are no longer independent of government and what does that do for the enforcement of contracts >> first of all, we know from our corporate clients we are the largest lender to for kin companies in poland. courts have been slow in poland
including for corporate law proceedings. so one of the ideas and the drivers for the government to change this is to make sure you speed up the pace of courts operating. maybe not as bad as some countries south of italy, but we are hopeful. the whole business world in poland is hopeful the recent reforms will speed up the pace so that's reforms rather than a lack of independence >> that is the intention >> thank you very much appreciate your time this morning. tesla has been in the news recently the securities and exchange commission is reportedly investigating whether the manufacturer of cars misled invei investors about its model p production problems. several media outlets say
several directors were subpoenaed after the tweet about taking the company private last week reports say investigations had already begun before that. tesla has struggled to meet production deadlines for its model 3 sedans and a former tesla employee filed a complaint with the s.e.c. accusing the company of spying on employees and failing to act upon information that a mexican cartel could be dealing drugs in its giga factory. tesla said it investigated the claims saying that some are quote outright false, while others could not be corroborated the complaint was filed on august 9th the american soul singer awreath has franklin has died at the age of 76. her hit songs include "respect" and "chain of fools. many a musical career that spanned seven decades, she lent her powerful voice to the civil rights movement.
♪ >> there has never been a voice like hers. the undisputed queen of soul, aretha franklin. >> it is amazing to find what singers do for people. >> she was born in memphis in 1942 her dad a baptist minister her mom a singer an pianist music was franklin's outlet. she started out performing in church >> i had no real formal training my formal training was my ear, and that's it. right here >> reporter: at 14, she recorded her first album, by then, she was pregnant with her second child, and teenage motherhood
temporarily stalled her career, but by her early 20s, she had her first top ten hit. ♪ love the man the way that i, love you ♪ >> reporter: "i never loved a man. ♪ "respect" followed a few months later, and a star was born >> everybody wants respect -- young, old, middle age, even little 3-year-olds want respect. >> reporter: she was a diva and a trailblazer who used her voice to crash through barriers, rising against the backdrop of the civil rights movement to become the first woman inducted into the rock 'n' roll hall of fame ♪ sisters are doing for themselves ♪ >> reporter: there was a rough patch in the '70s, but franklin found a memorable way to make a comeback ♪ freedom, freedom >> reporter: and thanks to her power, range and style, she's remained an icon ever since,
producing so many signature hits, it's impossible to pick a favorite >> they're like my children. i love them all, but there are some that i like a little more than others. >> reporter: there were also 18 grammys, more than 20 number one singles and a presidential medal of freedom ♪ i'll fly away >> reporter: it was franklin's voice that was the soundtrack to so many cultural milestones from martin luther king jr.'s memorial service, to barack obama's inauguration ♪ sweet land of liberty >> reporter: twice divorced and a mother of four, franklin was fiercely protective of her privacy. in later years, preferring to spend most of her time at home in detroit ♪ you make me feel >> reporter: which is perhaps why this 2015 performance at the kennedy center was so special,
la liga announced a partnership to play a regular league match in the united states as part of a new 15-year deal it's the first time any competitive fixture will be played outside of europe adam reed joins me in the studio now with more details on this. >> big announcement from la liga but still some blanks to fill in i contacted the league after they announced this news yesterday, they came back to me by saying that at this point they cannot confirm the teams, the match, the location, or even the season this fixture will take place in. so some blanks to fill in. it caught a few people by surprise as well
the spanish footballers union said that as usual la liga ignored the players and compromised them with actions which only the league benefits from so maybe some creases to be ironed out before we get this one under way. whether it's the likes of barcelona, lionel messi headed to the united states yet, not sure we know it's part of a 15-year deal with the sports and entertainment company relevant they decided that they will capitalize on the popularity of the international champions trophy which they are in charge of in america, which is a glorified preseason tournament which gets played in america and asia this past summer manchester united and liverpool played in front of 100,000 fans in charlotte. there's a growing appetite there for soccer and what league ga want to add some competitive edge to it that hasn't been there even though there's the desire to
still have teams play there. 30% of americans interested in global americans are hispanic. the two most popular teams in america are real madrid and barcelona despite the substantial growth of the mls. it's been suggested as well in the premiere league as well. richard masters was discussing that topic with me this week, saying they have shelved plans for a 39th game as they were calling it, he told me there is a growing appetite to embrace a worldwide culture of soccer. but at the core of it all, because of the brand they blifshblifsh established in the premiere league and the fans. >> the fact it's played in front of full stadiums week and week out, that home and away thing, that atmosphere that generates, that's what's unique about the premiere league and draws fans in it's incredibly important
we always have to look at the blend of accessibility and partnership. we are always also looking at the trends in the market so if, you know, the way that football fans consume media has changed over the last ten years. we got to be aware of what's happening. >> the premiere league looking at the changing face and the way soccer is appreciated around the world. we've seen rugby matches in england being played in the u.s. we've seen the nfl come to england. baseball coming to england next year the yankees and the red sox will come to england when and how the premiere league or la liga goes to america will be an interesting space to watch. >> the special relationship there through sport. adam reed, thank you very much u.s. regulators have approved teva's generic version of the epipen. this draws way for competition
that could mean lower prices mylan faced a lot of criticism for increasing prices over 500% over the course of ten years mylan released its own half-priced generic version of the drug our next guest says that boutique fitness operators should reach out toics and try s that are inactive. is this about people that don't consider themselves gym people being encouraged, incentivized to sign up to a boot camp class? what are we talking about here >> when the world health organization said physical inactivity is the fourth cause of premature death locally, 24 diseases can be the consequence of leading a physically inactive lifestyle. there's a huge challenge to take the fantastic growth in the
fitness industry and reach an ever broadening audience yes, we must continue to see great innovations like we've seen in companies like soul cycle that are bringing the fun of fitness to the masses, creating fantastic businesses. we need to see much more of that reaching a broadening demographic. >> is the era of people spending 50 quid a month for a gym they never go to over >> the idea of businesses belt around customers that don't use the services is over fitness operators are working hard to drive engagement, drive retention, drive loyalty and advocacy we're starting to see many fitness operators have customers as their biggest fans and drivers of future growth >> what about technology how does technology fit into the way that people as their health, fitness going forward? >> technology will have to have an enormous role to play in
scaling the type of knowledge and experience that has not been popular through staff alone. there's an accelerated program for that point, it's called active lab which is searching the world for startups that have a contribution to make getting more people more active more often through technology what's been fantastic about that is established companies like jonas software, life fitness, global titans embracing that, backing it and seeking to support those startups to growth >> going back to the gym culture that has been evident in this country over the past couple of decades, how has the idea of a gym that stays open longer beneficial to get people from going about their daily basistir lifestyle? enormously so. we have to give credit to those
low-cost operators which have helped drive growth, particularly across europe and the u.s. in the uk, puregym and gym group with the 24 hours a day offer, which meant people previously locked out of fitness services can fit in with their own timetable. >> we'll leave it there. thank you very much for joining us stephen ward from uk active. let's check in on the u.s. markets ahead of the start of the trading day. all three indices are called higher the dow jones looking to open up 60 points higher the nasdaq and s&p 500 slightly above the flat line. that's it for today's show i'm willem marx. "worldwide exchange" is coming up
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it is 5:00 a.m. in detroit unleash the bulls. why not. wall street pointing to another higher open following yesterday's rally. we'll find out what's driving the big u.s. turnaround. tesla's ceo elon musk says he has no plans to give up his role as chairman and ceo of t tesla. and the pentagon delaying a big military parade as costs go up. and bitcoin bouncing back this morning we'll get a crypto expert's take on this friday