Apple says it will shift to its own chips ending a 15year relationship with intel. Saying it is a huge leap in how the Company Powers its products. Apple silicon will bring Amazing Technology and a come your honor architecture across all of our products. Wire card whiplash shares rebound to the top of the stoxx 600 ending three sessions into an on going probe into missing funds. Welcome back you are watching street signs. Weve been closely tracking data first up on france manufacturing and then germany we saw a very strong number in the bounce back delivered less on germany still in the 40s. Weve got the eurozone numbers crossing for the block the market flash manufacturing pmi at 46. 9 versus 39. 4 in may we have improved to that level 47. 5 47. 5 on the composite pmi and climbed to 47. 3 from 30. 5 in may. Clearly the reopening normalization and social distancing on many plant floors has manufacture rear structuring of that number from various Different Countries from france, to spai
House of representatives before being elected senator. You are a regular, to use for the first and particularly on the u. S. And china relationship. For transparency, you and i have done each other for many, many years. I think prior to you entering politics so thank you very much indeed for your time today. Can i just say on a wider note we are very conscious that we meet during a challenging time for the u. S. Following the tragic death of george floyd. Our thoughts are very much with those impacted by this tragedy. The u. S. Is not alone in needing to do more to tackle the underlying issues but our thoughts and prayers are very much with those who are directly affected. Could i invite you to say a few words as an opening statement, then well move into questions. Thank you very much indeed. Thank you, mr. Chair and thank you for this kind words about some of the strife on our streets today. Of course we all want justice for george floyd and we are all deeply disturbed by that horrifi
Accountable. This hearing is about three hours. [ room noise ]. The committee will come to order. Without objection, the chair is authorized to declare a recess in the committee at any time. This hearing is entitled semiannual testimony on the Federal Reserve supervision and regulation of Financial System. I now recognize myself for three minutes to give an opening statement. As we all know the dodd frank act vastly increased the powers of the fed way beyond has traditional Monetary Policy responsibilities. The act has made the fed omnipotent but cannot make it omniscient. No act can. Through the exercise of socalled heightened prudential standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh recently wrote Central Bank Power is permissible in a democracy only when its scope limited, its track record strong and accountable assured. None of that do we observe today. Where his feds omnipotents has taken us . The big banks are bigg
Settlement with the department of justice, 4 billion of which will be a fee to the government. Results,of the earning adjusted earnings per share 1. 24 beating the average estimate of one dollar five cents. One dollar five. Cents. 1. 05. Net interest margin is the money on loans increased to 2. 87 but that appears to be a myth to what analysts were looking for. They were hoping for 2. 88 . Michael corbett is making comments. Commercial and industrial loans continue to do well as the economy recovers. They want to reduce operating expenses. We continue to lecture that any talks about the Significant Impact of the settlement on the net income because we know that from the 7 billion settlement with the department of justice, there was a 3. 8 billion dollar charge on citigroup. The Second Quarter, net income was 181 million for the period. Revenue beat analyst estimates in the earnings per share number also beat analyst estimates. I will look for the Capital Market numbers coming up. To in