Lead ers of asean nations have begun their talks. And as global car makers fight for market share, japanese firms are in the fast lane. They are adapting to changing tastes and new rules. International. Rescue workers in nepal are not waiting for the dust to settle. They are racing against the clock to save possible survivors trapped after the 7. 8 magnitude earthquake. Relief teams are trying to deliver muchneeded aid among powerful aftershocks. Authorities say more than 3,200 people are dead and 6,400 injured in nepal. They say over 80 people in china, india and bangladesh also died. Rescue workers are combing through the wreckage in nepals capital kathmandu in search of survivor survivors. More than a dozen countries have dispatched relief and medical crews or pledged financial assistance. Japan has sent a 70member team to join the efforts. A german climber on Mount Everest captured the moments the avalanche struck the base camp. 17 people were killed more than 1,000 people were on
Were happy youre back. Me, too. If youre a citigroup shareholder, not happy. Theyll take 1. 2 billion to settle claims. The settlement resolves a significant legacy issue left over from the financial crisis error. Citi will take a related charge of 100 million for the First Quarter. Heres where shareholders are getting unhappy. Citigroup warning invests, after the Federal Reserve rejected the capital plan last month. Tthe wall street journal says the rejection makes it unlikely that citigroup can hit its 2015 goal for return on tangible common equity. The measure is a ratio of profittoequity own by shareholders. Citigroup shares, unchanged in after hours, 46. 55 is the number. In related news when it comes to the Federal Reserve, this could impact citi in some way, the Federal Reserve giving banks more time to divest collateralized Loan Obligations that fall under the volcker rule. The fed said banks will have until july 21st, 2017 to shed those funds which pull together risky loans. C
Nikkei. Overnight in asia not good. 2 drop wrapping up what is the worst week in three years. Of course concern about china in terms of exports or lack thereof. A look at europe where we also are going to see a good amount of weakness. The follow through as you might expect from here yesterday, a day in which we saw the s p down almost 2 and the nasdaq nasdaq down 3 . Lot more than that. Yeah. Lets get to our road map this morning as you might imagine. Does start with that meltdown if you want to call it that in the markets. Stocks slide around the world. You just saw. Is this the start of a correction . The tip of the spear, jpmorgan profits disappointing. Jamie dimon confident in the american recovery. How will the banks weak results drag on the market and other financials. The flip side wells fargo profits up 14 and those shares are rising. Another bad month for sales at gap. Gap discloses a 6 drop in march samestore sales after a disappointing february. Gross margins taking a hit.
We have details. Reporter like many leaders, Prime Minister abe took up the prolonged turmoil in syria. He started his speech condemning the chemical weapons attack against civilians in the country. He said the japanese government strongly supports efforts of the International Community to destroy the stockpiles of these weapons. Abe also promised more humanitarian support for syrians inside and outside of the country. Translator i would like to announce that the government of japan will newly provide additional humanitarian assistance to syria and surrounding countries of approximately 60 million u. S. Dollars and implemented right away. Reporter abe also brought up japans neighbor, north korea which he said remains as a threat to the region. He expressed strong resentment over north Koreas Nuclear program. He also condemned the countrys stance on the unsettled issue of the north abductions of japanese citizens. Translator north Koreas Nuclear and Missile Development cannot be condone
And the nasdaq diving 3. 3 . That knee jerk reaction should not surprise anybody. There is always a knuckle head that did not expect the most widely telegraphed action to happen. They think that stocks are somehow in a bubble. Theyre designed to boost employment. Now that these things are improving, theyre raising rates. The wisdom here is that Better Business activity does not counteract the Federal Reserve removing what do stocks need to do . They need to be lower. Now that the fed has withdrawn their support. Is that true . I think it is a dramatic oversimplification. There are genuine bubbles out there. Youre not being compensated enough for the risk of owning some high yield bonds like the ones in the oil patch issued by companies willy nilly. To me that is the most dangerous part of the whole financial super market. I see a bubble in european bonds. The idea that the french tenure treasur treasury. Those countries economies are in tatters versus our business environment. That is