Its work force with plans to hire 260,000 people as the fast food giant begins to return to normal operation in the u. S. Borrowing balloons in the uk rises above the economic output in the 1960s when britain was still paying off the cost of the Second World War the premier league is already back with 92 games to be played over 40 days under strict coronavirus conditions with regular testing and no crowds orphans in the stadium wire card says it has been the victim of, quote, fraud and of considerable propositions and has accused the third party of deceiving its partiers after it was unable to confirm the existence of almost 2 billion euro held in trust account theyve done 44 shares today when shares traded at over 60 over currently trading at 22 over per share. Annetta, this has been an interesting story. Yesterday, a real game changer for shareholders everybody was aware this this yesterday was a make or break moment for the company that is parentally turned into a break moment what happened is that again, they had to postpone their Financial Statements saying 1. 9 billion euros are missing. As you were saying, those were meant to be on trustee accounts. One bank who is holding one of those is the bdo union bank in the philippines apparently saying that one of their employees has been active and fraudulent in measures overstating their account. At the same time, they are also saying wire card is not a client of them. More we know, the less we know it seems one thing is clear that wire card has a serious accounting problem and they should know where the cash is. It is not peanuts. 1. 5 million euro and 25 of the balance sheet. The other part of the story is serious. The apparent lack of regulators in germany to really look at the Business Model and how they actually generated their revenue. Ever since Financial Times broked story last autumn, they should have looked at it it seemed to have been pretty clear that they were overstating and were very opaque Business Models what we are currently witnessing is most likely the beginning of the end of that story. If you look at the bond market, they are currently pricing in the bond market. Bond fell on 58 cents. Today, they are falling even further. Some are suggesting 24 cents on the euro this story is actually just about to develop in a very bad way for wire card. Clearly what we dont know is how this could happen. How the company and the revenue situation is really in reality we also dont know whether the banks are now starting to call off their loans, which could amount to 2 billion euro of loans which could be the end of the company. Now back to you. Thank you for the end of this story. Well be back to you in a moment i want to bring you a couple of fresh comments out of the ecb. They have given a current update on the account and on their operations so the ecb says other major Central Banks are set to reduce the frequency of sevenday u. S. Dollar operations from daily to three times a week operations continue to be offered weekly the ecb also earlier this morning weighed in said no funds were borrowed. 264 billion euros were deeped just in the current account surplus says versus 27 billion euros in march lets get back to annetta. Do you want to weigh in . I first have to look at those flashes. What i understand is that the ecb is reducing the amount of liquidity they are injecting in those specialized operation, which could be good news at least when it comes to the assessment of how strained the Financial System is. From that moment in time to the story. Back to you . Thank you for weighing in live on the news getting it back to a couple of stocks this morning. Lufthansa to hold talks with the government germanys Airline Staff union says it is confident to strike a deal as lufthansa plans to cut 10s of thousands of jobs a little higher this morning package of job cuts and capacity reductions the carmaker says it will mainly impact operations and germany. Bmw shares up 0. 7 lets take a look at european markets this morning we are seeing a majority of stoc stocks trade higher. A fairly muted session in terms of the magnitude of moves. Following a fairly muted day on wall street with a mix in the territory. Here in europe we are bouncing back in may after historic declines looking forward at the regional split. Half a percentage point higher broad based gains, none of these trading above. 1 mark giving you a look at the calm this morning. Majority of sectors are trading positively weve got utilities and oil and gas. Cyclicals today, chemicals down about a third a percent. Basf trading and materials down about a quarter and the rest trading marginally above the flat line. In terms of the coronavirus numbers, the u. S. Has reported the most significant rise in cases since early may with california, texas and florida marking their biggest oneday increase the nations daily count remained above 23,000 as fresh outbreaks in arizona and North Carolina added to the tally. The overall death toll in america stands at over 100,000 President Trump told a business round table his administration is overseeing a strong reopening under my strategy to vank wish the virus and restart our economy. Small businesses are now safely reopening at levels like nobody has seen before. We are sheltering individuals at the highest risk if you look at really high risk individuals, we are really watching and taking care of them the u. S. President struck an up beat tone on the out look for the economy citing improved employment figures last month, we added a record 2. 5 million jobs the highest number, 2. 5 million. The dow rose above 26,000 points and we saw the largest surge of retail sales ever recorded next year is shaping up to be one of the greatest years of our country from an economic standpoint well have a great third quarter. Fourth quarter and next year will be a phenomenal year. Mcdonalds plans to hire 260,000 workers this summer. As of monday, they allowed customers to sit at table at 1,000 of the 14,000 locations. It plans to implement 50 new safety protocol. The move follows similar announcements from subway, taco bell and dunkin. It has more than doubled the amount of chains combined. The company is one of the biggest employers in america online, find out what items will remain off the menu for now. To our guest nick ford, hearing from President Trump offering an up beat view of the u. S. Economy. That draws a stark contrast from Jerome Powell who offered a more cautious view of the economy what is your overall talk of how the economy is doing caller there are always powerful forces going on we are not certain the covid outbreak is over from the economy as sited by President Trump with the employment gains also for the companies that are full out for the virus and mainly some of those growth sectors. We are not certain how those things are going to pan out. Money managers in the u. S. , the key thing is to have an open mind and have exposure to economic recovery phase and the fa fallout from the virus and the trend of working from home interesting you are suggesting that Fund Managers would have a mix in the growth and value stocks. It looked like the trade was really growing in momentum and looked to catch up after the recovery lead. Your take from here is that investors should have a mix of those two . Yes some of those value stocks have performed extremely strongly, as you mentioned. Ill give you an example brunswick, the biggest boat manufacturer have seen accelerated demand for new boats. A lot of their white collar Customer Base are doing quite well they are able to work from home. Their salaries havent been impacted their Bank Balances have been swelling and they havent been able to go out shopping. They are in position to buy things close to their heart. The outdoor population is involved with outdoor pursuits they are actually doing really well here so that is positive. Typically, americans havent been able to go to concerts the last few months. So the money theyve made from ticket sales has been affected they are recovering strongly there are great buying from investors taking a view of those whose share prices have been knocked down quite severely and valuations are quite attractive considering a more normalized scenario on that point, looking at live nation and deeming it attractive, what year are you looking at how far outdo you have to go to feel comfortable on valuation but will you have visibility when it comes to the earnings sector some will look out a year or so when valuing companies. I think it is reasonable that in a years time, the virus will either have gone or there will be a vaccine or a way of containing it. Ill also mention companies in the Cruise Company as well, no one is actually able to cruise at the moment. You have to bear in mind the impact of pent up demand people like cruising and once this is over, the Cruise Company could see tremendous demand for cruising that is another area investors should be considering at this point. Controversial call there. Well take a break coming up, tax tensions. Europe proceeds with the plan to tax the giants more when we come back there are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Welcome back to street signs. Uk public borrowing rises to 1. 5 billion pounds pushing the ratio above 100 for the first time steve, i know youve got strong views over the ballooning public debt levels. Is this something the public should be concerned about . Thats old School People like me and jeff used to worry when debt levels got above 90 level. The Harvard University professors used to write about this stuff saying when debt gets to a certain level, we need to start worrying there is a little backstop now called central bank qe it skewed everything when we see the uk Central Bank Buying an extra huchbd pounds of qe, we know the next is pretty much covered that is interesting because we saw the uk guilt yield pop up to. 23 . The bank of england saying this extra will slow down the rate of purchase the other point is, we have to look around us and see what other banks and countries have done and what will happen to their borrowing levels as they increase their debt to gdp we look at greece at 180 and look at the borrowing levels and the greek 10year as well. Theyve barely moved because thif got the ecb or boj back drop the other thing i will say and this could come back to haunt is the point that will have been raised a lot can you imagine if something came back and that something was inflation . What would happen then to the value of these bonds what would happen then on the issuance as well that is the only scenario i can see what is dangerous. If inflation comes back, we are nowhere sneer the inflation and the huge increase that has been flooded in if inflation comes in, it is fascinating. Interesting to see so many will never experience. The Fund Managers they havent seen before. I was born in 1970. I remember the 70s i remember what was even high inflation area when in the 80s, my first mortgage. One reason or another, im not a professional investor. When the bank of england ups to 12 . He said trust me, it wouldnt last as long i remember double digit baserate threats. There are whole generations of people myself included that can only fantasize, dream whatever the met for is i wasnt expecting this to hit around public debt thank you very much. Well be back to you shortly proposing a digital tax after washington announced it was walking away from the discussions. Finance ministers warned tech giants like facebook and amazon will only emerge more powerful adding that they should pay their fair share in which they enjoy free access. The European Commission said it is ready to make its own proposal on the eu level if no agreement is reached this year back to this story that emerged a few years ago where do we go from here without the u. S. Buy it you say europe is ready i would say they are more than ready because of a number of years of digital tax by france speaking about the number of years of the idea of equalizing. If you look at the measures from the European Commission who has been pushing from all year almost having this back up plan in place from the level that fell apart it has been so close as they mentioned was sentiments from the deal also bringing up implications for the tech giants. Many dont want to increase taxation at a time they are trying to get as much profit as possible and those branching out to new areas. It is probably not welcome to have higher tax on a lower margin initially think about what could be proposed at 3 tax that could be higher than the 21 Corporation Tax in the United States. It is problematic. That said, just recall that Data Protection discussion we had here the tech titans didnt want different legislation. It was too complex to try to manage some had 3 , some 2 and thats just europe let alone globally there is an argument the Tech Companies want to have one rule to abide by. In terms of the feedback, Mark Zuckerberg said he was ready to pay more tax in europe there is a willingness from companies also worth noting. Does the United States want to have war with allies this year in an Election Year . I wonderif it is just all bluff. It is a lot to think about and difficult to predict what the Trump Administration will do next well have to continue following. Thank you for rounding out the conversation european leaders will hold a Video Conference where they will discuss the 750 billion euro Recovery Fund. It is almost easy to forget this is wrapped up in a sevenyear budget a lot of room for conflict when it comes to negotiations among eu leaders exactly let me give you an update before we go on to talk about the details of these negotiations. The leaders actually began negotiations they started a moment ago. It is expected to last for at least three hours. Indeed, there are a lot of hurdles that need to be overcome they need to figure out this Recovery Fund as well as the details for the next budget. Actually, the contentious issue is the Recovery Fund and how much they should be raising from company markets. A few Member States that believe the 750 billion euro is too much to befoarrow at this stage. 500 out of the 750 million is expected to be distributed as grants the list is quite significant. They havent agreed about condition at and whether these should be linked to rule of law procedure. There are differences regarding the timing and the eu budget lasts for seven years and how long will this Recovery Fund last is almost another question to mark for leaders. This morning, they will say once the video call is over the expectation is that there will be no breakthrough today but if they do manage to discuss a lot of these hurdles, that will pave the way for later this month. Thank you for setting the scene for us still ahead, nat os secretarygeneral will increase defense spending in the first on cnbc interview well have more after the break. Between wisdom and curiosity, theres a bridge. Between ideas and inspiration, trauma and treatment. Gained a couple of more pounds. Thats good for the babies. Between the moments that make us who we are, and keeping them safe, private and secure, theres webex. Beautiful. The covid19 pandemic is creating Food Insecurity on a scale not seen in decades. An estimated 54 million americans will struggle with hunger. With 200 food banks and 60,000 meal programs, feeding america is the largest hungerrelief organization in the country. Join Morgan Stanley in supporting feeding america and your local Community Food bank. Welcome back to street signs. Im Julianna Tatelbaum these are your headlines coordinated actions sees the ecb, boj and snb decrease saying funding operations have improved wire card shares plunged to the bottom of the stoxx 600 after the germ Payment Group revealed 1. 9 billion euros have gone missing and an executive board member leaves. Bmw agree with the union to a package of job cuts as the carmaker looks to cushion the blow from coronavirus. Mcdonalds plans to beef up its work force this summer with plans to hire 260,000 people as the fast food giant begins to return to normal operations in the u. S. We are now about 1. 5 hours into a Fresh Trading session in a new coordinated action. The ecb, boe and doj will increase on the back of improved funding conditions a look at european markets, we are trading higher we opened in positive territory and really holding on to the gains. Nothing major in terms of the magnitude of the moves lets look at banks in particular on the back of that announcement from Central Banks. The funding has improved enough to increase and we are seeing a mixed picture for the banks overall a very muted session we had seen a stronger bid where we have seen them give up the gains and down three basis points the euro is holding on to some of those up about 12 basis points 1. 1217. We had the bank of england leading with the central bank announcing an expansion of the Asset Purchase Program of up to 100 billion that was bang in line with expectations lets look at futures. Gains for all three indices there following a relatively muted session, mixed for all three there. Yesterday, the nasdaq ended slightly higher. Outperforming the dow jones looking for the 130point dow if the current levels hold. Chinas industry has warned that a decoupling of economic ties is neither realistic or wise after the u. S. Leader says he maintains the right, to quote, maintain decoupling. Talking about the effectiveness of the phase one trade deal. A spokesperson said such a move would only hurt americans. Nato secretarygeneral has hailed the increase of defense spending from Alliance Members in an interview with cnbc. Taking particular aim at germany. Hadley asked the secretarygeneral if it bothers him some countries arent meeting their 2 target. We need burden sharing in this alliance. The good news all allies have started to given more and increasing their defense budget. The allies understand the United States wants to see even more and thats the reason why im underlining and conveying that message strongly when i meet the none u. S. Nato allies. Actually more spend 2 on the defense than ive seen in many, many years more and more meet the 2 target there. Theyve started the increase talking about the spending and plans for the post covid19 world is russia still the greatest threat to nato allies or is it china those two nations are very different challenges for nato. We dont see any defense against the nato ally. We have to respond to a changing world where we see a surge where they are investing heavily in more capabilities including new mi missiles and aggressive actions against ukraine. We have seen the shift in global balance of power they will soon have the largest economy in the world and they are investing heavily in Nuclear Programs that can reach all allied countries there is one Important Message we have to stand together. North america and United States. Together, we are 50 of the worlds economic might and 50 of the worlds military might. As long as the world stands together, we are safe and secure bringing in our guest to weigh in on this conversation. Judy, thank you for being with us first off, what did you make of President Trumps move to pull troops out of germany . I have two thoughts about this one that President Trump made rn he didnt discuss with allies or Nato Department itself there are no details secondly, by targeting germany, it demonstrates again the poor relationship between berlin and washington and in particular Angela America t angel merkel and President Trump. Not all troops in germany are the nato area but American Interest in africa it has got to be remembered the bases in germany has been training point for troops deployed in africa Reading Research you put out also pointing to implications in russia what is russia thinking at this moment on the back of this decision there is nothing like the policy of divide and rule. They must be quietly pleased with President Trumps decision because of United States where they tried have a closer by lateral relationship but because as they know well they are divided to russia, they know all allies have to stick together. Coming back, hadley asked whether china or russia was the biggest threat he effectively said neither. What is your take on this . I think it is very, very complex and dangerous. It is Cyber Security it isbig news. It is russia spreading all sorts of information about nato and russia is around the corner from the baltic state there and on our doorstep. In ukraine and on Cyber Security look at what china is doing with Artificial Intelligence with Cyber Security with trump cracking down on human rights in hong kong. In particular its role on allies in central europe. So asia should be very, very worried. Pivoting slightly and keeping with china, weve been covering the dispute with china and india, im curious how you see this playing out do you expect india to attempt to boost tries with america on the back of what is unfolding at its border it is extremely dangerous what is happening and will escalate and demand outside influence to demand and deescalate these tensions. If china leads this kind of tension into the anvil of the United States, this may happen but increase tensions even further. The point is, there is a real lack of diplomacy at the moment. Diplomacy and negotiations are crucial to rebuild largely, the United States is absent from the whole role of diplomacy. Judy, several complex relationships. The Supreme Court has handed a major victory to undocumented immigrants known as dreamers in amajor rebuke to President Trump. The u. S. Leader now plans to release a new list of Supreme Court justices after they blocked the president from shutting down daca which has shielded the deportation of children brought to the u. S. President trump is seeking to get credit for making june teenth very famous the president scheduled the first rally for the rally and rescheduled after being criticized for holding it on the same day of the holiday which remembers the emancipation of black slafs in the u. S meanwhile, lies, made up stories and ridiculous things are some of the things the president has to say about the new book President Trump firing back blasting his new book as made up lies and fake stories. He said all good about me in print in the day i fired him a disgruntled boaring fool i dont think hes fit for office i dont think he has the come tense to carry out the job there isnt any guiding principal other than what is good for Donald Trumps election. He told president xi hed support minority prison camps for minority muslims the president denies it. He also said he wanted to withhold security to ukraine until all material between clinton and biden had been turned over. Bolton refused to testify without a subpoena in his book blames democrats for not expanding their investigation beyond ukraine this is called a con. It is a sad thing. He knew the president should be removed from office. Thats clear also tonight, the president making the most extensive comments about racism in america telling the wall street journal, i would like to think there is not such systemic racism unfortunately there is some. Whatever i can do to get rid of some, i would be happy to. Adding, i think there is substantially less than there used to be the president scheduled his rally for june teenth. Saying i did something good. I made june teenth very famous it is an important event but nobody had heard of it an africanamerican Senior Department resigned over the president s handling of racial tensions saying his actions go against her core values. Ill pass to steve to take us to break thank you, coming up, the premier league is back and running. We have a full weekend schedule. Everyone is excited. Even arsenal fans. Woo el be back to discuss soccer and its return when we come back here on street signs. Jimmys gotten used to his whole room smelling like sweaty odors. Yup, hes gone noseblind. He thinks it smells fine, but his mom smells this. Luckily for all your hardtowash fabrics. Theres febreze fabric refresher. Febreze doesnt just mask, it eliminates odors youve. Gone noseblind to. And try Febreze Unstopables for fabric. With up to twice the fresh scent power, youll want to try it. Again and again and maybe just one more time. Indulge in irresistible freshness. Febreze unstopables. Breathe happy. Bbut what if you couldg do better than that . Like adapt. Discover. Deliver, in new ways, to new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back, but bounce forward. And now, with one of our best offers ever, were committed to helping you do just that. Get a powerful and reliable internet and voice solution for only 29. 95 a month for three months. Call or go online today. The premier league will hold its first full weekend of fixtures planning to hold the remaining matches behind closed doors with players and staff also required to hold safety guidelines. Steve, it wont look like we are used to seeing it. No doubt football fans are excited to see it. No doubt about it it is in our dna i cant help being excited about seeing the premier league back it goes without saying, the bundesliga and what is the future of the industry in the short term and medium to long term lets ask charlie marshal. Thank you for joining us no doubt it is a resilient industry and sport in terms of the finances over the longer term when you have to look at the numbers, players, broadcasting rights, hospitality. In the short term, there is a huge, huge hit, isnt there . Indeed. Thank you for having me on it is great to see football coming back not just in england but across the whole of europe after what seemed an interm inable period where we had about three months of darkness in the industry now we have over 40 to 50 leagues resuming play and we are really finding our way in a Society Living with and coping with the coronavirus and hopefully seeing our way through it you say that very famously especially of the top flight of european football and have been talked about and have been growing in recent years. This is a industry that has been almost uncommonly experiencing a time of growth what we have learned is quite how quickly that can reverse football lives on a daytoday basis. Its fundamentally alive in the now product that goes for the finances as well one of the things i really learned. How can we make it more sustainable for the long term so it can survive things like this happening again should they do so charlie, there is no doubt about it, if there was a hero of the week, the 22yearold Manchester United player which has taken over the government and won. An extraordinary young man too many footballers are seen as wealthy, selfish and refusing to take a hit financially do you think something will give on the wage front . I think it is an easy target for opinion. If you look at the top slice of any industry, youll see the same thing and see the wealth accumulate at the very top there are more systemic things to look at and a whole period that underpins football and the professional players that make up that pyramid at volume is the 1 we tend to focus on i and the whole of industry have been astonished and humbled by what marcus has done in the past couple of weeks. Showing an example really with new generation of football in particular two things during this crisis. We fought first and foremost about health and Public Safety probably the way we have done before and it is not just that people want football back on the screen and they do that entertainment is really number one. Marcus has shown more than anyone part of showing them the way and not just him a whole generation coming behind him as well. Well be speaking out in the future i couldnt have agreed more there are different organizations that would maximize the profit. They are deemed to be about money making machines. Is anything going to change meaning grassroots and lower levels will suffer at the lower end. There is and always has been from a sporting perspective in the way the systems work and the being nommic perspective it is the big brand and names. Through the other professional leagues. You can talk subsidies and player transfers and the fact that a lot of money changes hand between bigger clubs and smaller clubs. There is a Development Al aspect of the game that is remunerated to keep that system in place im not saying it is perfect certainly through coronavirus and even before coronavirus, there is work continually going on to try to optimize that balance. What is the right structure of that period. Thank you for your time today. Ceo of the European Club association. Thank you, steve that is it from us today thank you for watching have a wonderful weekend Worldwide Exchange is coming up next. Do stay with cnbc. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. It is 5 00 your five at 5. Despite record spikes of covid cases. New studies saying virus antibodies may not last long the nation observing the juneteenth holiday Amy Klobuchar pulling her name for the vp race saying joe biden should pick