We begin with the jobs report. After a strong jobless claims report. The claims for the first time Unemployment Benefits have remains below 300,000 now for nine consecutive weeks. That should indicate a strengthening job mar economic picture has gotten hazy. Yesterdays private payrolls report baz disappointing so with the latest read on worker product growth stagnating for the First Quarter in the year making tomorrows t job report harder to prehikt. Hampton with the report now. Wall street expecting rebound from only 126,000 jobs added to payroll in march. But app ril job reports, at 315,000, a sharp contrast to predictions of just 186,000 new jobs from russell investments. The konsence us forecast for april calls for 128,000 new jobs and a 5. 4 new jobs report. And a weaker than expected private sector report has in bracing. If you have a meter going into the green in terms of positive and a meter in the red going negative that we should be on the lookout for another reading that goes into the read in the sense of disappointing report today with first time unemployment claims are near a 15 year low. 265,000 on a seasonably adjusted basis and a increase las month. For a data reserve, the april report could offer new moves for reports on when to raise Interest Rates. Were going into each monthing from now on talking about what the policy rate should be and at the aent of meeting it is possible to begin the normalization process. Im looking for growth above trend. Tomorrows job reports is the first of two Federal Reserve policymakers will have by the time they meet at the end of june. And make no mistake about it a return at hiring is essential before the fed months on Interest Rates. For nightly Business Report, im Hampton Pearson in washington. O g falls into the bullish camp is predicting 265,000 will return nice to have you here brooklyn. Welcome. Thank you. Nice to be here. A assume the reason you came up with this number of 265 is because there is a huge range on the street for this particular report. If you look at the six month and 12month report, correct . Yeah, exactly. Yeah weave seen basically payrolls running through february at the 260 mark, 260, 270 and for us we get one month of distortion whether it be weather or Something Else affecting the data if we think it is temporary but were expecting some of that to show up in the april report. So how do you expect march . What happened . Well, you know, ms tricky. Can you look at things like you can look at things like leisure and hospitality and blame it on the weather. It looks like that could certainly be a culprit. But march wasnt really that bad. But really we didnt see any distortion before march. So maybe it all showed up in march. It is not exactly clear. But it does look like a number of weathersensitive sectors were significantly impacted in that march report. Which suggests that there is a lot of momentum or possibility that we could see that up tick or making up for lost time if you will in the april report. If it doesnt come in on the strong side brooklyn does it mean you will reassess how you think the First Quarter of the economy did, and further on into the year if perhaps the economy is lagging perhaps more than some people thought . Well that will certainly be our initial thought. The details matter which sector is under performing which type of story we can pull out. If it is oil related or Something Like that in the Manufacturing Sector that will mean one thing. If we see weakness in retail hiring or hospitality again, for example, that is something very different. So the details matter but certainly well be having a second look at what the outlook looks like. That being said we do have you know we dont normally take a signal from one or two reports, we try to look at a trend. So we want to see how the data gets revised and h look at the end of next month. Right, brooklyn. Well leave it there. Well see at this time tomorrow. Brooklyn dwyer at pnb perry bought. And oil prices eased. By the closing bell the Dow Jones Industrial was 82 points to lose at 17,924 and the nasdaq was up 25 and the s p 500 notched a seven point gain. Well sue, here in washington the Senate Overwhelmingly today passed a bill to give congress the authority to review any emerging Nuclear Agreement with iran. The passage coming despite opposition from some republicans who argued the bill was not strong enough. The measure heads to the house which plans to take it up next week. And the chair of the Senate Energy and Natural Resources Committee Said she plans to unveil a bill next week that would reverse the 40yearold ban on oil exports. Congress passed that ban back in 19 are 75 and senator murkowski has been one of the biggest reversing it. Here in washington the biggest gathering of mutual Fund Executives taking place and today i spoke with the ceo of Charles Schwab and you heard from him yesterday. Today i spoke with bill mcnabb, the head of vanguard. I asked him about the rising Interest Rate environment and what it could mean for bonds and stocks. I think rising rates are inevitable at some point but it has been longer than anybody would have anticipated. I think it will depend tyler on how quickly they rise. We anticipate that the rate increases will be metered out, if you will and be fairly steady and gradual and probably smaller than some will anticipate. And i think investors will be able to handle that and weve been education material out there to encourage people to understand how risg rates do effect their bonds. Do you have a view on stock prices today. We think stocks are value ated at the highest debt value if you look at historical values and we are plain spoken over this over the next decade they are likely to be low. Stock returns will be lower than average over the next decade by one or two percentage points. Bond returns will be lower too as rates rise. To see more of my interview with the vanguard chief and the Charles Schwab ceo head to our website nbr. Com. One of the biggest sector is utilities and that group is on a terror when rates were low but as yields start to climb the sector started to falter Morgan Brennan has more. After strong gains in 2014, utility stocks have tumbled. Down more than 7 for the year so far. As the labor market strengthens, investors are selling out of this defensive income producing sector. Utilities are sensitive and fall when treasuries rise but that is priced in. That the pullback has created buying opportunities. Were in a period of utility outperformance and given the s p 500 due to the strong dollar and the low Energy Prices this is a good time to begin to up increase person formance toward utility increase. Utilities tend to outperform in summer hot ones when performance strikes. After the record seasons, names like ppl corp and dominion tends to do the best. There is another hot stretch this year. But these companies are grappling with another issue. Solar panels and teslas home batteries could change the way people power their homes but those worries are premature and this could create opportunities for sector. I think youll find most of the regulated utilities are adapting to the Environment Regulation through increased investment in cleaner power in ways that will in the long run accelerate their growth of rate base and there for regulated utilities. Investing in a grid in california a Growth Market and analysts like next era energy the largest renewable player in the power energy and also Dominion Resources a company in a in addition is well positions in natural gas with a growing proel of portfolio of pipeline gas. Still ahead, why the man who cracked open Swiss Banking ended up getting indicted by the department of justice. The second part of our whistleblower series is next. It is considered a last re when the sickest of patients run out of options they turn to Drug Companies for permission to use experimental treatments process known as compassionate use and it is controversial for many reasons we reported on late last summer but today johnson and johnson entered into a partnership to change the process. Meg terrell has more. It is designed to be a safety net for the sickest of patients. Compassionate use is a system to give access to experimental medicines to those who have run out of other options but it can be complicated for Drug Companies. Deciding who gets to try none experimental therapy that could be in short supply and safety and efficacy arent understood. The Current System encourages people to be desperate and trying them out to campaign on the social media and try to call their congressman and i understand that and it is not fao one drug maker has turned to an outside panel to make decision. Johnson and johnson is teaming up with a decision of medical ethics at new york university. The content of trials expanded access options that are out there and this new innovation and this new approach today is trying to provide a method for patients to be able to look at what is called compassionate use. The hope is to create a system that is fair. Drug companies have come under fire in recent years as desperate patients have been denied turned to social media with pleas. Last year drug maker chyme erics was in the cross hairs after it denied a drug to 7yearold josh hardy. A save Josh Campaign went viral and resulting in Death Threats to the company ceo. They founda a found a way to get josh the drug and the ceo said the collaboration with j j is a step in the right direction. Not everybody can get something that is very important to tm but well it thoughtfully and transparentally and with good will and hopefully in a way that others might want to emulate. And the collaboration will focus on one drug which the company d may broaden to others if it is successful. For nightly Business Report im meg terrell. We begin market focus tonight with alibaba announcing strong earnings and a new boss. The china online retailer had sales jumping 45 and the firm said the chief operating officer will replace the current ceo. Shares popped 7. 5 and ended the day at 86 even. A travel website results topped consensus with bookings in hotel rooms and rental cars but the company gave a soft outlook for the Current Quarter as the strong dollar continues to weigh on growth. Still the ceo said price line is in good shape. Were pretty heavily impacted by currencies. Most of the money is made overseas this is not a real effect but a translation of rubles and real into dollars but the fundamental health of the business is strong. Shares were 4 lower and finished at 1213. 49. And the publisher magazine such as sports illustration saw revenue decline and lower demand for advertiseing. The loss was narrower than wall street expected but shares were lower by a fraction at 21. 34. Sue. A report that yelp is exploring a sale and that sent shares higher. The website is working with Investment Bankers and been in touch with potential buyers. The market cap is about 3 billion but it could touch 3. 5 billion in sales so shares surged 23 to finish at 47. 01. Aninc. Is in report of sales tanks well. They are in more advanced stage than yelp. Golden gate capital is negotiating to buy the retailer and the company could go for 2 billion. Shares rose to finish at 40. 35. Cvs had growth at bottom and top line but they saw higher programming talks. The shares w a bit to 61. 22. Lumber liquidators under concerns for safety of the products the flooring retailer will stop selling a laminated product from china. Shares barely budge falling a fraction to 27. 07. Scott cohen has more from san jose. Lumber liquidators have been under fire when the cbs news program 60 minutes aired a story said the lamin ant flooring was high in form algda hide. They insisted the products are safe and indoor air testing showed there is not a problem nonetheless the company said it will suspend sales of the flooring while it conducts a further review. The action comes amid heavy pressure more than 100 civil lawsuits and regulators at the state and federal levels bearing down. The comp it hired lewis freed to investigate. Nonetheless the prominent short seller is increasing the bet that the company s is going down saying this action marks the beginning of the end for lumber liquidators. Scott cohen, nightly Business Report san jose california. Yed you to Bradley Birkenfeld the ubs whistleblower and tonight well describe he was trained to rub elbows with the rich and famous and to get them to open Swiss Bank Accounts to hide their wealth from the irs but an internal email showed more. This is the threepage document that caused me to come forward and whistle blow. It is a memo detailed strict guidelines for ubs swiss bankers with american clients. And one that Bradley Birkenfeld said the bank quietly posted on the internal server without alerting employees. And you were doing all of the stuff that this document said you cant do. They told you to do it and paying for it. He felt he and his colleagues and clients were being set up. I went to my boss and i confronted him and i almost got physical because i grab physical. I grabbed him by the shir]. And he said dont rock the boat. He started hiding and copying the documents and he resigned and hired a lawyer and reached out to the department of justice and others. He described the d. O. J. s response as luke warm as best. They poo pooed him andez probably just a tipster. Still he practically gave them the keys. I gave them powerpoints and memorandums and phone numbers and hotels they stayed at and the phone numbers on mobile phones. He was instrumental in the unraveling of swiss bank secrecy. There is no question about that. An attorney specializing in tax litigation. It started with Brad Birkenfeld where the unraveling of bank secrecy when from a small group of cases to ubs generally to other banks in switzerland to the Swiss Banking community as a whole. Birkenfelds inside information has resulted in some of switzerlands biggest and best known banks paying 3 billion in penalties and causing 50,000 americans to confess to secretly stashing money off shore and the price for their actions a whopping 7 billion into penalties to date yet little more than 100 bankers and clienters have been indicted and of those only a handful have received any prison time at all. The names of the vast majority of those tax cheats are still a well kept secret under selfdisclosure rules. Nearly all of them have to ex chaenk exchange they were braking the law but they received selfdiscrimination. I gave you the longest running scandal in history and you indict me. Why didnt you get anybody else. All of these other people that werent indicted . Why . What happened . You lost the files . They fell down the drain . The dog sate. They blame people like birkenfeld who was sentenced to 40 months in prison after convicted of aiding and abetting tax fraud and lying to u. S. Thought. The bank said the problems are behind it but what about birkenfeld himself . And Brad Birkenfeld himself ended up making a lot of money after he did the prison time. Tomorrow night ill tell you how he is spending the money and what he plans to do next tyler . What is he doing now . Ill you a hint. He lives in new hampshire. He got 140 million because of his whistleblower and hes entitled to a piece of what he got as a result of his action and that u to 104 million but hes he and his lawyers are arguing that hes entitled to more than that. Maybe as much as a billion dollars as a result of all of the money that came back to u. S. Coughers because of his whistleblower. He got rewarded and sent to jail. Paid and sent to jail. Eamon javers thank you very much. I cant wait. Thank you. Coming up a new breed of entrepreneurs. Thos taking a leap of faith and getting financial success. Well this week is National Small business week and the entrepreneurial spirit isnt just for the young. More americans are taking the plunge into entrepreneurship later in life and as kate rogers tells us they are finding success. My name is jay lichty. Im 59 years old. I build guitars and ukuleles for a living. Just a few years ago, he was building houses not ukuleles but his business took a hit during the recession. I started building them as a hobby to satisfy a urge that i had to play custom instruments and just going to do that until the home industry picked back up which it never did. Now hes building instruments full time out of his North Carolina home shipping them all over the world during his online store. Hes making six figures, enough not to return to Residential Construction again. I was so happy than i ever was building houses and the stress level was so much less than i was willing to take a gamble if someone was wanting to call to build a house, im not available right now. And while people like zucker build made headlines but entrepreneurs made headlines from 2003 through 2013 when entrepreneurship had fallen off. Sandra also 59, launched mushroom business in 2010 and now her Company Called mushroom matrix sells her business to whole foods. She is on track to make 8 million this year. Her age has given her perspective in running a business. Probably the wonderful think of age, you learn a lot as you go thr life. You learn from others and through your mistakes. I cant say that i was scared. I like the independence of making business on my own and taking the risk and i felt tremendous confidence. Entrepreneurs who launch business later in life have more success and are established in the workplace and have a winder base of connections. They both said despite the risks they are happier than theyve ever been. No retirement in the cards for them any time soon. For nightly Business Report, m kate rogers. Finally tonight, it is graduation season and here are the highest paying College Majors according to georgetown university. [ inaudible ] and next is pharmacy and then pet romeum engineering where workers are earn 136,000 dollars annually. And that does it for us. Im sue herera. And im Tyler Mathisen have a great evening, everybody and well see you back here tomorrow night. Announcer a kqed television production. Woman it kind of was, like, the bang that set off the night. Man that is the funkiest restaurant. Thomas the honey walnut prawns will make your insides smile. Woman 2 more tortillas, please man 2 what is comfort food if it isnt gluten and grease . Man 3 i love creme brulee. Woman 3 the octopus should have been, like, quadrapus because it was really small. Sbrocco and you know that when you split something all the calories evaporate and then theres none. Whalen thats right
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