we have a bigger slide in barclays and right at the bottom of the ftse today, barclays posted a 17% dip in its second quarter pretax profit from a year ago. the bank also announced a leverage plan. it aims to raid 5.8 billion pounds by a rights issue, more expected. there was enormous speculation yesterday, down 4.6% on the stock. elsewhere in spain, santander posted a it t29% rise in profit compared to a year earlier th. bp's second quarter results missed expectations, but it adjusted net profit coming in at $2.7 billion compared to forecasts of $3.4 billion. the oil giant increased its 2010 oil spill net provisions to $42.2 billion, and the share price is down 2.7%. >>> this is the overall tone on european markets today. there is a fair amount of green on the boards today. this means that the overall benchmark index remains in positive territory with a modest rise of .4%. let me show you the individual indices. the call has been performing fairly strongly today, starting at the ftse where we're ahead just over .5%. closing to the 6,600 point handle. xetra dax, solid day for the german

barclays has 30 days to pay. shares entered the session lower yesterday, but we can see currently this is how they're tracking on the markets. let's recap what has been playing out across on the markets after these bank of england minutes. interesting, 9-0 voted against further qe and that was not expected. and we did see a pop in the sterling trade through 152. we're at 151.13 prior to that. also move higher in gilt yields as well. a final comment from piers. interesting across the charts as we wait for what ben bernanke will say. we had a taste of how mark carney is feeling. is now the right time to be buying equitys? >> no. i think while the s&p was pretty much at its all time high back to the may high, i think there we're about to get some tech earnings that might not quite hit the mark and that might just take the momentum out of the earnings side of the positive drive. i think that bernanke will be dovish tonight, which will lead to much more movement in the dollar and treasuries. >> dovish means more time

that's where barclay's has come in, they transfer the money. amina has been sending money back to her grandmother for 20 years as so malia slid into chaos. she said the prospect of not being able to do it anymore would be a complete nightmare. >> i don't want to think about what's going to happen. it's going to be catastrophic. it's going to be awful. ordinary somaly people in somalyland and so malia will starve to death, they won't be able to pay their rent they won't have food at all, they won't have the basic standards of living we here in the west take for didn'ted. been the 's had here, but they fear money laundering and what it could do to them by implication. abuse of the services can have significant negative consequences for society and us as their bank, all of which infuriated people who say they've been fun p unished pleatly unfairly. >> we have a compliance chief here in this office, we have a license from the u.k. government, we have a good relationship with everybody. and it's them actually, the government should decide who does b

joining us is laurent franzlo from barclay's. we saw that spike in yields yesterday, an extraordinary move across the curve. why do you think investors have reversed positions so quickly in such a short time frame now? >> the question is whether investors have really reversed positions or not. let's keep in mind in particular portugal -- portugal and greece are very small markets, very fairly ill liquid markets especially in terms of prizes. so it is not that there is a lot of volume that is going through at these levels. that's why you've got jumps up and down of 30, 50 basis points on a daily basis. so clearly there is more reprising of the risk premium on portugal, there is more uncertainty. i don't think there is the same kind of potential for liquidations of positions that you had in 2011. >> so it is volatility on thin volumes, laurent, but perhaps you can give us a sense of who is holding portuguese bonds and what that means when portugal comes back to the market for refinancing? >> that's an interesting question. it is on

barclays royal bank of scotland lloyds to take out a loan if i want to the bank of england and i was one of these banks and i borrowed a million dollars i borrowed a million dollars it wouldn't cost me any interest rate of all at all at one go they charge me five thousand percent at the bank of england they pay me two percent they pay me to borrow money that's the difference does any aspect of wires or those huge wealth and income gap in the u.k. and around the world well because if you're on the inside you get paid to borrow money if you're on the outside of the interest rate apartheid wall then you get charged five thousand percent to borrow money is it any wonder the entire world is all rising so that they conclude this thought experiment is saying that basically they won't be able to unwind without threatening the entire financial stability of the store soon if i put a gun here and said you know you're loaded and then you on the b.b.c. and say wait i'm going to think one of them but i love my mother didn't they got to look at the do the do the detainees efficient markets theory e

barclays royal bank of scotland lloyds to take out a loan if i want to the bank of england and i was one of these banks and i borrowed a million dollars i borrowed a million dollars it wouldn't cost me any interest rate of all at all at one go they charge me five thousand percent at the bank of england they pay me two percent they pay me to borrow money that's the difference does any aspect of wires or those huge wealth and income gap in the u.k. and around the world well because if you're on the inside you get paid to borrow money if you're on the outside of the interest rate apartheid wall then you get charged five thousand percent to borrow money is it any wonder the entire world is up rising so that they conclude this thought experiment is saying that basically they won't be able to unwind without threatening entire financial stability of the store soon if i put a gun here and said you know you're loaded and then you on the b.b.c. and say wait i'm going to think well let me put my foot in both of them my mother didn't pick up the do the did it just means efficient markets theory

barclays royal bank of scotland lloyds to take out a loan if i want to the bank of england and i was one of these banks and i borrowed a million dollars i borrowed a million dollars it wouldn't cost me any interest rate of all at all at one go they charge me five thousand percent at the bank of england they pay me two percent they pay me to borrow money that's the difference though many aspects of wires are those huge wealth and income gap in the u.k. and around the world well because if you're on the inside you get paid to borrow money if you're on the outside of this interest rate apartheid wall then you get charged five thousand percent to borrow money is it any wonder the entire world is rising so that they conclude this thought experiment is saying that basically they won't be able to unwind without threatening entire financial stability of the store soon if i put a gun here and said give me all your work. and then you on the b.b.c. and say wait i'm going to think well i think that because i'm bothered by what the did they got to make that the do the job they did it just means e

barclays royal bank of scotland lloyds to take out a loan if i want to the bank of england and i was one of these banks and i borrowed a million dollars i borrowed a million dollars it wouldn't cost me any interest rate of all at all at one go they charge me five thousand percent at the bank of england they pay me two percent they pay me to borrow money that's the difference does any aspect of wires or those huge wealth and income gap in the u.k. and around the world well because if you're on the inside you get paid to borrow money if you're on the outside of the interest rate apartheid wall then you get charged five thousand percent to borrow money is it any wonder the entire world is rising so that they conclude this thought experiment of saying that basically they won't be able to unwind without threatening the entire financial stability of the store soon if i put a gun here and said give me all your money. and then you on the b.b.c. and say wait i'm going to think well i think the bottom of my mother didn't make that the do the job they did it just means efficient markets theory

as far as those stocks are concerned, you can see barclays up 17%. lloyd's up 42%. >>> and it's the most talked-about transfer of the summer which doesn't involve a footballer. who's going to become the new ceo of rbs? it appears the board is looking to promote internally. the british government will have to sign off on any appointment. investors will looking for clues on the successor when the bank reports on friday. rbs shares down 3% today. >>> we're also expecting a big week for european earnings. tomorrow out with anythingfigur. diageo on wednesday. and on thursday, lloyd's takes the lead. finally, we close the week with those numbers from rbs, as mentioned, and intesa san paolo. stephon, what can we expect from the likes? >> reporter: good morning, ross. we are expecting a sharp improvement in terms of net profit for the second quarter. for instance, we are expecting net profit to increase by 940%, almost ten times higher than the profit we had a year ago. there's an explanation for that. last year the bank set aside a huge amount of money, som

barclays royal bank of scotland and the other for me to talk the banking criminality and they've all explode in their face so yeah detroit is america's gaza basically and look for that trend to continue they're going to wall that city and just start everyone to death and try to make a few bucks as a prison operator well speaking of the counterfeiting however these are this was counterfeiting payments to the pension fund because it wasn't real it's just debt they were just conjuring up debt putting it into the pension fund and saying they had met their obligations but then what happened is they got into a cycle of having to ever go back and repackage and borrow more money from wall street accumulating c.f. to feed they've paid over five hundred million dollars in the last few years in just fees to wall street for underwriting these new bonds to pay back the old bonds that they have almost defaulted on so they're in a cycle of ever winding bad debts right there like don't want to look at this guy larry summers should run along in the u.k. which is the charge five thousand percent inter

barclays royal bank of scotland and the other for. banking criminality and they've all explode in their face so yeah detroit is america's gaza basically and look for that trend to continue they're going to wall that city and just starve everyone to death and try to make a few bucks as a prison operator well speaking of the counterfeiting however these are this was counterfeiting payments to the pension fund because it wasn't real it's just debt they were just conjuring up debt putting it into the pension fund and saying they had met their obligations but then what happened is they got into a cycle of having to ever go back and repackage and borrow more money from wall street accumulating c.f. to feed they've paid over five hundred million dollars in the last few years just to wall street for underwriting these new bonds to pay back the old bonds that they have almost defaulted on so they're in a cycle of ever winding bad debts right there like don't want to look at this guy larry summers should run along in the u.k. which is the charg

barclays royal bank of scotland and the other for. banking criminality and they've all explode in their face so yeah detroit is america's gaza basically and look for that trend to continue they're going to wall that city and just starve everyone to death and try to make a few bucks as a prison operator well speaking of the counterfeiting however these are this was counterfeiting payments to the pension fund because it wasn't real it's just debt they were just conjuring up debt putting it into the pension fund and saying they had met their obligations but then what happened is they got into a cycle of having to ever go back and repackage and borrow more money from wall street accumulating c.f. to feed they've paid over five hundred million dollars in the last few years in just fees to wall street for underwriting these new bonds to pay back the old bonds that they have almost defaulted on so they're in a cycle of ever winding bad debts right there like don't want to look at this guy larry summers should run along in the u.k. which is t

barclays royal bank of scotland and the other for. banking criminality and they've all explode in their face so yeah detroit is america's gaza basically and look for that trend to continue they're going to wall that city and just starve everyone to death and try to make a few bucks as a prison operator well speaking of the counterfeiting however these are this was counterfeiting payments to the pension fund because it wasn't really just debt they were just conjuring up debt putting into the pension fund and saying they had met their obligations but then what happened is they got into a cycle of having to ever go back and repackage and borrow more money from wall street accumulating c.f. to feed they've paid over five hundred million dollars in the last few years in just fees to wall street for underwriting these new bonds to pay back the old bonds that they have almost defaulted on so they're in a cycle of ever winding bad debts right there like don't want to look at this guy larry summers should run along in the u.k. which is the cha

barclays royal bank of scotland and the other for. banking criminality and they've all explode in their face so yeah detroit is america's gaza basically and look for that trend to continue they're going to wall that city and just start everyone to death and try to make a few bucks as a prison operator well speaking of the counterfeiting however these are this was counterfeiting payments to the pension fund because it wasn't real it's just debt they were just conjuring up debt putting it into the pension fund and saying they had met their obligations but then what happened is they got into a cycle of having to ever go back and repackage and borrow more money from wall street accumulating c.f. to feed they've paid over five hundred million dollars in the last few years in just fees to wall street for underwriting these new bonds to pay back the old bonds that they have almost defaulted on so they're in a cycle of ever winding bad debts right there like don't want to look at this guy larry summers should run along in the u.k. which is th

barclays royal bank of scotland and the other for the banking criminality and they've all explode in their face so yeah detroit is america's gaza basically and look for that trend to continue they're going to wall that city and just start everyone to death and try to make a few bucks as a prison operator well speaking of the counterfeiting however these are this was counterfeiting payments to the pension fund because it wasn't real it's just debt they were just conjuring up debt putting it into the pension fund and saying they had met their obligations but then what happened is they got into a cycle of having to ever go back and repackage and borrow more money from wall street accumulating c.f. to feed they've paid over five hundred million dollars in the last few years in just fees to wall street for underwriting these new bonds to pay back the old bonds that they have almost defaulted on so they're in a cycle of ever winding bad debts right there like don't want to look at this guy larry summers should run along in the u.k. which is the charge five thousand percent interest rate th

many opted for barclays. but it is closing several accounts for fear of cash reaching the wrong places. they say some don't have the proper checks in place to spot criminal activity and could unwittingly be facilitating money laundering and terrorist financing. the bank said it remains happy to serve companies who have strong anti-financial crime controls, but are asking the others to find another bank. when people think about a -- assistance to developing countries, they think about the united nations and big charities. but the fact is economists have calculated that the amount of money sent home by family and friends living in richer countries is far more than all of that aid put together. >> this teaching assistant has now done what she sees as her duty to a granny in a distant homeland. but if the money transfer company's bank accounts close, she may find that much more difficult. "bbc news." >> when the chairman of the u.s. federal reserve talks, financial markets pay attention, and today they looked wha

barclays says it plans to fight that fine "vigorously." a top britsh executive from glaxosmithkline is reportedly being barred from leaving china while chinese officials investigate alleged bribery. the chinese government accuses 4 glaxosmithkline execs of bribing doctors, hospitals and officials to boost drug sales and get regulatory approvals. so far, there have been no arrests. the pharmacuetial giant is coorperating with investigators. president obama will brief the country on the economic benefits of healthcare reform in a speech today. yesterday, new york governor andrew cuomo told residents health insurance costs will be cut in half. he says regulators have approved rates for 2014 that are half of current rates. the new york times reports that individuals buying their own insurance plans may now expect to pay around $300 a month. that's down drastically from the current rate of a $1,000 a month. earnings from wall street continue today with morgan stanley reporting in. yesterday, bank of america released results showing profits soar

barclays director and head of u.s. equity portfolio strategy. in the last hour we had one trader say, only we'll be 3% higher. liz macdonald reported it as well, year-over-year for s&p earnings in total. what's wrong with that? at least we're moving in the right direction? >> well, we may be moving in the right direction. i suppose you could make an argument earnings growth bottomed out in the third quarter of last year but until you get nominal gdp to pick up you will not have top line revenue growth. some 40% of the earnings growth this year has come from share buybacks. that's fine but fort meadeian company they're not going up as a percentage of cash flow. cash flow is not going up because revenue growth isn't going up. so it is really not a model where earnings growth can accelerate. liz: exactly. when a company announces share buybacks they're sometimes a, pushed by big shareholders to do so, very short term juices the stock. sometimes they never even follow through wit. finally like financial engineering. not like they sold more wigits. >

and i'm curious then we've heard in the previous report that barclays had said that china's growth could dip to three percent what's behind that prediction do you think i think this this is not realistic at all like this is m z well there is a projection of the government it's not a freeze they want to grow the next ten years with seven point five percent something like this and this is achievable i guess. also curious you know much of europe is still in recession now look at chinese investment you think help it get back on track one of the country's booming but there are a lot of koans in the right and the funds to call it in china or tech money goes into you know big burden forwards acts and governments and there stood too many cheap loans in the army so this has to be reviewed but i'm curious. and curious about china's investment in europe potentially i mean you're saying that the seven point five growth figure for china is ok so china's doing well it's on track could china help europe you think get out of its financial mess at the moment. oh yes definitely i mean like this and this a

able to fly high dr thorson pat burke from peking university says that the contraction predicted by barclays is unlikely. i think this this is not realistic at all like this is. seven point five percent is still a healthy growth and it's actually desired by the government to reduce the overheating economy and the secret ma lies in domestic consumerism and the spend it or mystic spending has to go up the government announced three major. stimulus now and they want to reduce it taxes for small businesses and then not on the export they want to balance their currency a little bit so that export is still working explore and they want to set up the rain wind farms this is a kind of seamy prevent terror that isn't off the railway system. and beijing has been pouring cash into the ailing infrastructure of the debt ridden greece making it a gateway for investment and trade between china and europe on top of that china's apparently become a priority market for the great food business parties bigger piskun of has more on that. this is not the set of a movie about the post-apocalyptic world but the old

barclays says it's fine. we don't want to hear a bank has been forced to raise $12 billion. that's the kind of stuff we talked about in 2009, not 2013. >> we don't need economic scares. >>> 5:56, let's check in with christina loren to get our tuesday forecast. >> good morning. we are getting such beautiful sunrise shots. i can't wait to show you those in the 6:00 hour. this morning, though, nice and crisp to start. you'll probably need a jacket. 84 degrees in livermore later today, 73 in fremont and 60 degrees on the way to san francisco. let's take a look at your drive. it's a traffic tuesday after all. good morning, mike. >> good morning. it is traffic tuesday. now summertime, the heaviest for the week. hear we have the bay bridge toll plaza with those cash lanes. no problems as you're heading past those toll gates and up toward the metering lights and a smooth drive up the incline. there's the backup coming up if you're paying crash. consider fast track. still a great brargain. no problems coming out of the maze, caldecott tunnel. oakland, 880 and 580 moving smoothly. the

barclays says it's fine. we don't want to hear about banks needing to raise money. >> need to make sure they're fine. thank you. >>> 6:18 right now. christina loren is back. speaking of fine, sounds like a nice day once it warms up a little bit to get out and stroll around. >> it's usually this time of year that inland cities get the worst of it. they get the heat, the worst air quality. today, opposite day. it's going to be unseasonably cool inland. we have an air krault alert for the coast which is very much so unheard of when it comes to the north bay area, the inland cities there getting good air quality and the coastal cities suffering. i'll show you exactly what's going on out there. we have this interesting flow in the upper levels of our atmosphere. it's bringing in smoke from a fire burning in south oregon. for us, you're going to notice that smog when you walk out your door this morning and really later this afternoon, once we lose all that low cloud cover. 57 degrees to start in livermore, 59. good

how do you feel going into the barclays? >> i can't wait. i can't wait. it's exciting. >> we're talking here about cancer. these guys are going to be competing on sunday. all the money goes to charity. these guys have been -- they dade mad dash. >> it's a charity event to raise money for the pediatric center. >> okay, here's my question to you, phil. one of the things in this decathlon on sunday is throwing the football. >> sure. >> do you want to throw the football, try to raise the $50,000 for charity. >> i'd love to throw the football. >> who's going to be on the other side of phil catching the football? okay, i'll take this. you want me to take the mic? okay, let's see this. phil mickelson throwing the football, raising money for charity. >> all right, ready? >> here we go. whoo! do it again, do it again. that is hard, that is hard. >> it can't be that hard. >> oh! let's do it again, let's do it again. isn't there something we can be doing for golf in this charity? i mean, seriously. [ cheers and applause ] >> you did it! another victory. >> if only i

suki cooper with barclays. coming up next, final trades. e s with a familiar keyboard. to update our status without opening an app. to have all our messages in one place. to browse... and share... faster than ever. ♪ it's time to do everything better than before. the new blackberry q10. it's time. bjorn earns unlimited rewards for his small business. take these bags to room 12 please. [ garth ] bjorn's small business earns double miles on every purchase every day. produce delivery. [ bjorn ] just put it on my spark card. [ garth ] why settle for less? ahh, oh! [ garth ] great businesses deserve unlimited rewards. here's your wake up call. [ male announcer ] get the spark business card from capital one and earn unlimited rewards. choose double miles or 2% cash back on every purchase every day. what's in your wallet? [ crows ] now where's the snooze button? [ crows ] ♪ chances are, you're not made of money, so don't overpay for boat insurance. geico, see how much you could save. ♪ [ male announcer ] some things are designed to draw crowds. ♪ ♪ others are designe

barclay's is talking about -- the implications are that barclay's is reportedly interested in the possible of a new rights issue and raising capital, so the european bakes are a little weak, and our banks are weak as well on that. not a lot of movement on the clear direction of cyclicals versus energy names so energied and financials as well as health care are all down, and i think the caterpillar beginning is -- really blue through the market. the market drooped and didn't recover. today they are doing a dig, dig buyout -- buyout, is the 1.25% move in the stock a big overreaction to that or no? >> down 5% last week and that's a pretty big drop for a company like caterpillar. it's a nice move to the upside today. >> thanks, bob. see you later. uptown now to nasdaq and seema mody. >> all eyes on fook. the stock at session highs. facebook has gained 32% since reporting a beat on earnings last week. more importantly that spike in mobile revenue growth seems to be getting the street excited. elsewhere take a look at apples, market tech nickses are watching 4.50 and currently trading at 4.47. w

we look at barclays now as a standout value play in the domestic sector. lloyds, extra 20% premium, quite expensive and more expensive than hsbc, which is owed to us and the other one we highlight is hsbc in the uk. >> thank you very much. do you think that there should be men only clubs? >> no, i think -- >> you're within the punch distance from me, right. >> no, i think you look at the men only clubs in the west end probably are under bait a bit o pressure and it is a good thing. we have to move ahead in the times. that's what you wanted me to say. >> i can't say anything else. henry, thank you very much. a pleasure talking to you today. have a lovely weekend. enjoy the sunshine. henry dixon from matterly asset management. can a private club do what it wants? should it be illegal to bar entry based on gender. freedom of association is a good thing, but surely we should say the same thing to women only gyms. if you want to join the conversation on "worldwide exchange," get in touch with us by e-mail, worldwide@cnbc.com or twitter, @cnbcwex or directly to

barclays says if that happens, cost for students could rise over time, driving more of them into these capped monthly payment programs and creating more debt forgiveness. all told that could cost taxpayers $100 billion by the year 2020. gerri: big numbers. we saw last week, we reported that if these rates were to go up they would still only costs $7 per month for most students. so the numbers here are very interesting. what i wonder is how this is affecting the debate on capitol hill. >> well, this is giving new ammunition to critics of how all of this is structured and accounted for. take a listen. >> is it changing the debates about policy and subsidy answer plus such that people want to make claims about how much money we are making austin loans? in reality those profits are illusory if anything. >> reporter: senate democrats and house republicans are in a standoff over proposals to address the student loan program to reform it basically wholesale to buy time to work on a compromise. senate democrats plan to vote next week on a bill that would restore the lower rates on some loans,

and new estimates from barclays' capital trying new attention to the government uniq aounting methods for student loans they show loans booking big profits for taxpayers, $160 billion over seve years according to a june report from the congressional budget office. that forecast assumed the doubling of interest rates on some loans that kicked in today. even the cbo and acknowledges that the goverent accounting methods do not include a big real world risk. higher student default rates and tough economicimes like we just saw. cbo estimates including that, the federal student loan program would lose $50 billion over seven years. now let's thr into the mes e program started in 2009 that allows students to make monthly payments based upon a percentage of their income gap as a percentage of their monthly income. those programs for give remaining debt after a certain number of years and finally oke into the makes the new prosal from the white house and congress t pick student loan rates to market rates. barclays says if that happens, cost for students could rise over time, driving more of the

julian callow, chief international economist at barclays is still with us. thank you for taking the time to speak to us today. in my introduction there to you, i said it is forecasting higher numbers on the back of higher demand from china. and just ten minutes ago we were talking about weakness coming from china. what am i missing here? >> well, look, i think with regard to demand in china this year for commodities it has been pretty well in line with our expectations. we have seen some strong investments in infrastructure, the consumer sectors have done well. but the picture has been mixed. residential construction and power consumption has been a little soft. >> if you look at iron ore prices, they have staged quite an impressive recovery. iron ore up 13% so far in july. that is the biggest jump since december. i'm a little surprised by this, because, again, day after day, we talk about the concerns coming from china. so do you feel that the fortescue, the rio tinto, the bhps of the world will be a completely different story from the other slowdown we're

the move came after three major financial institutions including barclays were given a huge fine last year for rigging the rate through false reporting. they say that handing over libel's control will tighten rules on the bench mark. also this will allow the calculation of the rate to be based not on reports from banks, but on rates actually used. it's believed that libel transactions worldwide amount to $300 trillion. >>> new faces are around the table at the world trade organization. and already they're facing a trade dispute with their counterparts from the european union. eu delegates have criticized the russians for what's called a recycling fee on imported vehicles. they say the russians are overcharging to protect domestic car makers. they say the maximum fee for new cars is $3,400. for vehicles older than three it has caused imports from the eu to fall by 7% while russia's domestic market expands. >> we actually have such recycling fees here in europe. but the fact is, russia doesn't impose that same recycling fee on its own cars. so that's where the problem lies. it's a discr

more on barclays and ubs. and news on deutsche bank and bp from our colleagues that are in london in just a few minutes. the fund, in the scary movie series, what was called scream, was called stab. >> you're right. it was. it was. >> i think it was. >> the fake -- the movie of the -- >> the fake movie, yeah. scream was kind of a parody in and of itself, but this was a parody of the scary scream movie called stab zw. >> i had forgot been that. time warner cable subscribers in new york, dallas and los angeles at least at this point will still be able to get the cbs network and show time. the two sides initially announced a blackout late last night after failing to reach an agreement on fees and it wasn't just announcing a blackout. there was some kind of mean language that went out. then the negotiations continued and a spokesman for time warner says it relented at the request of cbs. julia boorstin will bring us more later this morning. this has gotten very ugly, very quickly. i thought they were off because t

kelly was you canning about the $9 billion rights issue for barclays. deutsche bank's results disappointed. their legal costs are ballooning, and bp also disappointed today. profits down more than expected around the world, and at the same time they are -- remember, it's now three years since they managed to stop the oil spill in the gulf of mexico. they are increasing their provisions for paying the victims of the spill. victims that are receiving money that the ceo believes, he believes may not be justified. last week they tried to stop it in court. today he's increased the provisions to over $42 billion. this is what bill dudley had to say. >> appealed what we think is a real misinterpretation of an agreement we made last year to compensate legitimate victims of the spill. we remain committed to compensating victims of the spill, but not the way it's being interpreted and we are vigorously, vigorously opposing that. >> we've got an ecb meeting on thursday, guys, which given the strong data probably means they'll hold firm where they are. >> bank of e

officer andrew barclay says the illegal black and white reflective signs are made of similar materials to the real thing. >> one of the signs that we found on highway 37 was actually mounted using tamper- resistant bolts. the other two signs were straps using metal strapping on poles on the side of the freeway. >> officer barclay says the chp definitely does not use drones. the chp is checking with sign companies to see if they filled that unique order. >>> a new study suggests putting calorie information on restaurant menus doesn't help consumers make better food choices. researchers at carnegie-mellon studied more than 1,000 diners and found no differences in the food selections regardless of the knowledge of the calories. >>> thousands of women are not getting life-saving estrogen therapy. yale researchers say widespread rejection of estrogen therapy over the last decade may have led to nearly 50,000 deaths. hormone replacement therapy fell out of favor in 2002 after another study linked it to breast cancer, heart disease and stroke. >>> 5:55. the san francisco zoo is celebrating a

and we also, of course, have barclays yesterday. your view, just on the uk banks, we think the government will -- i think it has been up 40% this year. what is your pick of the bunch? what do you like? what do you avoid? >> lloyds is the pick of the bunch at the moment. they certainly seem to have got their house back in order at the moment. they're well capitalized and the cost cutting program has obviously benefited the group. i suspect when we hear later this year they prefer the cost cutting and what we're also looking at is a pretty high distribution ratio on dividends coming through over the course of the next couple of years. it is a very stabilized picture from lloyds. in contrast, royal bank scotland has a lot of work to do. as we know, they're without a boss now as steven hester is going to be stepping down. so there is a little bit of uncertainty around who is going to take on the reins with that group. and it has a lot of work to be done on the investment banking side. we're seeing investment banking contracting right ac

you know, i heard your conversation before with the barclays analyst. she was talking with the suez canal. traders don't think there will be any disruption in the suez, but, still no, one issing to fight the momentum on this trade, and they are looking to ride these prices higher. scott, back to you. >> jackie, thanks so much. jackie d'angelis with a read on crude. mandy? >> didn't we just have a debate asking if samsung was an apple killer. last quarter doesn't look like it. a big disappointment after a slowdown in smartphone growth. >> every now and then we get a report that changes the way people think about a markets happened to apple late last year where we got a narrative about apple's high-end market drying up. might be getting it again. samsung says to expect an operating profit around $3.2 billion in q2 in 50 billion in sales. the culprit here, sales aren't growing as quickly as many hoped for samsung's galaxy s-4. don't get me wrong, it's selling amazingly well. rumor is, 20 million units have moved in two months and samsung's overall numbers

. >> you know, larry cantor from barclays has been on a big bull run on this market. he's starting to turn a little cautious, though. he'll tell us why when he comes up next. stay with us. with fidelity's options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens, and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> welcome back. a few minutes before the closing bell sounds for the day. >> we had a terrific interview with larry cantor of barclays. let's do it again. you've been very bullish on this market. >> yes. i think it will be tougher going forward, with the fed finally tapering. you know, we've had a market where stocks have done spectacularly well, with not such a great economy, and bonds don't sell off. now, i think to get signi

>> specifically, it was credit suisse, barclays, and i believe deutsche bank. all these three banks have had issues because 50% of revenues come from investment banking. as we know, whenever interest rates are going up in the world and there is so much uncertainty, there is so much regulations coming out, these banks will be the first to be hit. obviously moody's has downgraded these banks from a plus to a, to stable levels. i do not see more downgrades in the future. but the stock has reflected that. deutsche bank has been at the 41-42 level the last 12 months, in spite of the fact goldman sachs and other united states banks have appreciated considerably. >> what about the commodities market? we are seeing oil trade higher because of uncertainty in egypt. what do you make of that? >> egypt, of course, is not a major oil producer. however, you have the suez canal their -- there. so everything goes through that country. that is why we see the levels we have not seen since may of last year. i think technically oil my basically -- might stop here at these levels.

it's been proposed, but barclay's right now is fighting it. in an interview in the first of the day, the chairman told me that this is something of a minor matter which surprised me. he said if you compare this to enron 12 years ago this is really a fraction of the level of activity that we were seeing in the 2000s, and obviously that would be a welcome change n.2005 congress authorized ferc to kind of beef up its enforcement staff and try to go offer manipulation on a more vigorous basis, and in the last couple of years they brought more than a dozen case is, this being the latest. for jpmorgan, this is the latest in a string of ill-fated moves. they took on this energy business through the acquisition of bear stearns in 2008 and added to it in 2010 but acquiring rbs sempra for $1.7 billion but commodities have been highly volatile, tyler in, recent years and something they have sort of struggled, and now it looks like they will divest themselves with all of the part of the commodities business. >> kate, thanks very much. >>> moving along, it

the wall street journal reports barclays plans to raise billions in new money to cover a $10 billion deficit. the bank reports earnings tomorrow and may reveal plans to issue convertible bonds and new common stock to boost capital levels. congress votes wedesday on student loan interest rates. the senate overwhemingly approved a bill last week calling for millions of students to pay 3.9% in interest this year. going forward, the interest rates undergrad students pay on stafford loans will be connected to the 10-year treasury. we turned to ben lichtenstien of trader's audio for his thoughts as a bond trader. "you have the potential and you're always going to go through these swings where the market migrates away from value and then back to value, whether it be to the upside or the downside. i mean, that's the market's job, is to find the value area. but in the process of finding that value area, the market always overshoots one way or the other and then kind of corrects itself. i think that there is a concern that potentially a student loan could be impacted by these market swings." a

steven barclay, the ceo of the america's cup event authority elated to see it all come together. >> absolutely. i'm just over the moon with what's been achieved. three years in the making. and we're here. so a great day for san francisco and the america's cup. >> reporter: a ceremonial procession of boats is set for friday with the competition set to heat up. >> it's a summer of racing because we have over 50 days of racing, including the america's cup, the 19 to 24-year-olds sailing. we have over 20 concerts going from june through to october. that's why we call it the summer of racing. >> reporter: and the summer given an opening ceremony similar to the welcoming of nations at the olympics. here, the various country's flags were displayed. lawrence spot, nbc bay area news. >>> on this fourth of july, a bay area city unveiled its tribute to those who served in the armed forces. >> four, three, two, one. >> usa! >> the mayor of foster city cut the ribbon on the city's brand new veterans wall of honor this afternoon. she says the more she traveled around the country seeing tributes, the more sh

dr thorson pav burke from universities as the contraction predicted by barclays is unlikely. i think this this is not realistic at all like this is on zero seven point five percent is still a healthy grown and it's actually desired by the government to reduce the overheating economy and the secret knowledge of the mess the consumer is spend it on mystic spending has to go up the government announced three major. stimulus now and they want to reduce it taxes for small businesses and then not on the export they want to balance the currency a little bit so that export is still working explore and they want to set up the rain wind farms this is a kind of seamy privatize that is an off the railway system the projection of the government it's not a place they want to grow the next ten years with seven point five percent something like this and this is achievable i guess china is still running the world economy this what the figure to say it's no that us grew by four percent china seven point five and this is enough for the chinese government at the moment and a big gene has been po

transnational corporate collapse so we take a look at the top most centralized corporations in the world barclay's bank is number one lakh raw best when we're office number two and we take a look at the top thirteen firms which encompasses the most concentrated connected perms of the world and those that have the largest asset management so these thirteen firms have one hundred sixty one directors some of whom attend the bohemian grove and they control twenty four trillion dollars worth of wealth in the world. so there's a small number of people hundred sixty one controlling that trillions and trillions of dollars right where to invest it and so we've identified who those people are republished in the book this year. peter and i have the next recommend everyone to check out that breakdown it's called just a breakdown of who really is the one percent we throw around these these kind of names you know one percent i present really who are these people you've broken it down really well everyone check out projects on thirds a new book this year thank you so much peter always a pleasure having on peter

dr thorston from picking university says the contraction predicted by barclays is unlikely. i think this this is not realistic at all like this is an evil seven point five percent is still a healthy growth and it's actually desired by the government to reduce the overheating economy and the secret now lies in domestic consumerism and the spend it on mystic spending has to go up the government announced three major. stimulus now and they want to reduce it taxes for small businesses and they're not on the export they want to balance their currency a little bit so that export is still working explore and they want to set up the railway farms this is a kind of seamy prevent terror that isn't of the railway system and beijing has been pouring cash into the infrastructure of debt ridden greece making it a gateway for investment and trade between china and europe on top of that china's become a priority market for the greek food best and. has more. this is not the set of a movie about the post-apocalyptic world but the old international airport this is what six years of recession t

doctors or some power burke from picking university says that the contraction predicted by barclays is unlikely. i think this this is not realistic at all like this is on a seven point five percent healthy grown and it's actually desired by the government to reduce the overheating economy and the secret now lies in domestic consumers who spend it on mystic spending has to go up the government announced three major. stimulus now and they want to reduce it taxes for small businesses and then not on the export they want to balance the currency a little bit so that export is still working explore and they want to set up the rain wind farms this is a kind of seamy privatize that is an off the railway system a projection of the government it's not a place they want to grow the next ten years with seven point five percent something like this and this is achievable i guess china is still quoting the world economy this what the figure to say it's no that us grew by four percent china seven point five and this is enough for the charges government at the moment and beijing has been pouring cash i

ones and barclays, for example, barclays is reportedly ready to give some more details about a capital raise that they might have as talks about a new rights issue out there and you saw barclays move down as this happened, so take a look at some of the european and u.s. banks. this might be a little more plausible about what happened here, so deutsche bank, credit suisse, royal bank of scotland and here in the u.s. bank of america and citigroup both down, almost 2%. i think it may be more plausible and not blaming it all on mr. bernanke. elsewhere a lot of uncertainty what's going on in asia. we saw japan and mini crash in the last few days. take a look at this. japan is down about 8% in the last four days. some concerns about abe-onomics working over there. we have chinese slowing down. here are the big emerging market etfs all on the weak side. kelly mentioned omnicom. the big question , interpublic s number three now and if anything this is just a whole play. what's interesting on corporate ad budgets, might be recovering. that's what it really is. hopefully that's what a lot of peo

transnational corporate collapse so we take a look at the top most centralized corporations in the world barclay's bank is number one i'm black rock investment firm is number two and we take a look at the top thirteen firms which encompasses the most concentrated connected firms in the world and those that have the largest asset management so these thirteen perves have one hundred sixty one directors some of whom attend the bohemian grove and they control twenty four trillion dollars worth of wealth in the world. so there's a small number of people hundred sixty one controlling bat trillions and trillions of dollars out where to invest it and so we've identified who those people are republishing the book this year. peter and i had a neck recommend everyone to check out that breakdown it's called just a breakdown of who really is the one percent we throw around these these kind of names you know one percent i present really who are these people you've broken it down really well everyone check out project censored the new book this year thank you so much peter always a pleasure having on peter phill

barclays 0.5. jeffries 1%. cbs 0.5, people marking it down a slight markup after the inventory number but not a big one, i imagine. could be a washout with the revisions in may. ultimately, what we're talking about here is the decline in you could see a negative number, guys, if the retail sales don't do well again in june. some numbers yet to be reported. but we're looking for strength in the economy. a little bit in the empire state. but that doesn't track well with the national stuff. we have to look through, at the market is a weak second quarter number. >> steve, what's fascinating, too if you look how weak the gdp numbers now look, and yet at the same time we're getting the strong payroll data. we've been consistently 195,000 for several months now. so, do you think is there some disconnect? is this the mathematics of the second quarter that make it look especially weak? >> that's a huge inconsistency economyists are puzzling over. as you know, these things are revised, down the road as much as two, three

dr force and patton burke from picking university says that the contract predicted by barclays is unlikely. i think this this is not realistic at all like this is. on seven point five percent is still a healthy growth and it's actually desired by the government to reduce the overreaching economy and the secret ma lies in domestic consumerism and the spend it on mystic spending has to go up the government announced three major stimulus now and they want to reduce it taxes for small businesses and they're not on the export they want to balance their currency a little bit so that export is still working explore and they want to set up the railway farms this is a kind of seamy prevent terror they shoot off the railway system and beijing has been point cash into the infrastructure of a debt ridden greece making it a gateway for investment and trade between china and europe now on top of that china has apparently become a priority market for the greek food business ideas either plus kind of has more. this is not the set of a movie about the post-apocalyptic world but the old international airpor

deutsche bank and barclays of all major. foreign banks have reserve accounts at the fed right now the fed is paying two point two five percent interest on these reserves a total of five billion dollars per year to banks and of that about two point five billion dollars is going to foreign banks if the purpose of excess reserve payments is to ensure that banks or u.s. banks are stable then more than half of these payments are going to foreign banks and that's pretty poor cost benefit but on the other hand it's a pretty good deal for foreign banks sounds like that so is that why they've increased their holdings why are they doing this these foreign banks well this is a fairly stable and safe investment for a lot of these banks for and for now and they're not going to lose money on it and if the fed is paying above market rates they're paying double the general collateral report rate right now right i think general collateral repo rate it sounds kind of scary but it basically is like point eleven percent point twelve percent the