Broadcasting live to New York, Bloomberg eleventh LEO to Washington, d C, Bloomber to Boston, Bloomberg twelve hundred to San Francisco, Bloomberg nine to the countries Channel one nine and around the globe the Bloomberg Radio Plus AB and Bloomberg dot Com. This is Taking Stock. Coming up on Taking Stock research, science and technology and politics. How will a new occupant of the White House influence US technology policy, for example
net neutrality. We'll have more coming up, but right now, let's go to Charlie Pellett in the Bloomberg newsroom for Bloomberg Business Flash, and I thank you pim Fox. We've got the DAL, the SMP NEZ DAC all declining on this Friday, and we're brought to you by Sector Spider e t F S. Why buy a single stock when you can invest in the entire sector? Visits Sector sp d r S dot com or call one eight six six Sector et F stock slipping and light trading falling
for the first time in six days. Stocks are on track for all winning week. Investors are weighing the potential for further games, with shares near records and corporate earnings projected to drop for a fifth quarter. City Groups said second quarter profit fell seventeen percent on lower revenue from consumer banking, beating analysts estimates as fixed income trading rebounded and the firm dedicated less money to soured loans. City Group shares lower today by six tenths of one percent.
Jim Senegal is senior equity strategist at morning Star. He was interviewed this morning on Bloomberg Television. City navigated the quarter very well on the trading side of things, although investment banking fee type revenue was down. Consumer credit performed very well around the world, in the US, in Asia, in Latin America, credit quality is actually improving to some extent, and for City at least, the rate environment has not been as big of a headwind as we might have expected.
Also reporting today, Wells Fargo IT said second quarter profit fell two point eight percent as more energy loans soured. Wells Fargo down two point nine percent. A US Bankorp, which is the nation's largest regional lender, posted records second quarter profit. The beat analyss estimates his shares up now
by one point two percent. The now little change down a point, SMP down four a drop there of two tents of one percent, and as stack down seven a drop of two tenths of one percent, gold down four dollars, the ounce, the thirty eight a drop of three tenths of one percent, and crude oil West Texas Intermediate up twenty two cents a barrel up five tenths of one percent to thirty two on Wall Street Now will look at other stories making news. Thank you Charlie from the
Bloomberg News Room. I'm June Grosso. At least eighty four people are dead on a French riviera in Nice after an attack or in a truck drove into crowd celebrating Bastile Day. Matt Olson, former director of the National counter Terrorism Center, says it's not clear if the attack or
had help from accomplices. We can expect perhaps that the pace of these types of attacks, whether they're lone wolf attacks or or small numbers of people carrying off these attacks in the West, may well increase, and they're very difficult to defend against. Secretary of State John Kerry met with his Russian counterpart in Moscow. Today carries in Russia to discuss Syria another hot spots. Now he's joining the rest of the world and reacting to the devastating truck massacre.
Last night. Speaking to Russian foreign ministers, Sergei Lavrov carry addresses the recent responses to terrorism. The problem is that if you and I and other foreign ministers and leaders of countries are now doing this almost on a weekly basis. President Obama will speak about the nice attacks at three ten Eastern time. You can hear it live on Bloomberg Radio. The White House predicted today that the government's budget deficit for the soon to end fiscal year will hit six
hundred billion dollars. That's an increase of one hundred sixty two billion dollars over last year's tally. It reverses a steady trend of large but improving deficits on President Barack Obama's watch. It's cost New Jersey taxpayers eight point two million dollars for Governor Chris Christie's private attorneys who are handling the fallout from the George Washington Bridge lane closing case.
Global News twenty four hours a day, powered by more than twenty six hundred journalists and analysts and more than one hundred twenty countries. I'm June Glosso. This is Bloomberg Charlie, and we thank you what again recapping equities lower SMP down four to nine, a drop of two tenths of one percent. I'm Charlie Pellet and dance a Bloomberg business flash. This is taking stock with Kathleen Hayes and Pim Fox on Bloomberg Radio. It used to be a chicken in
every pot and a car in every garage. Now it is high speed internet in every home. Technology policy courtesy of the candidates running for president of the United States. Ev Erlick is the former under Secretary of Commerce and the Clinton administration. Is currently the president of E s C Company, and he joins us from Washington, d C. Home to Bloomberg one and one oh five point seven h D two. Thank you very much for being with us. Tell us about the policies that are being put forth
by the candidates. Let's begin with the Hillary Clinton and how important it is to put together a technology policy for the United States. Well, first, that's the zero's order point that there has to be a technology policy. That this isn't something that just happens and springs out of
the brow of zeus. Uh. The high tech sector is one in which the public and private sectors have played defined roles that have inter related throughout their history, and I think that the sector is entitled to a vision from any leading candidate as to how they imagine that.
Proceeding from from Hillary Clinton, we've seen a fairly detailed one, uh and UH that's admirable in the sense that it understands what all the inter relationships are that it covers, not just incentives for expanding internet and internet infrastructure, such support for R and D, support for STEM and other types of education, action against patent trolls. It understands these
inter relationships. On the other side of the fence, we really haven't heard anything, uh from Donald Trump, and I think that speaks to basic worldviews about how the economy works that are also of great concern to the tech sector. Let's focus on some of the details of Hillary Clinton's plan, for example, expansion of five G mobile data and also making inexpensive WiFi available at airports and train stations. That's
that's so important. Uh. Consumers have demonstrated at every turn in modern economic history that they value mobility and flexibility, and the future of broadband Internet is going to be mobile and not just the Internet of Things. But much much as people were willing to accept some modest sacrifice of quality to get a mobile as supposed to a landline phone. Uh, they're going to do that for connectivity without the need to accept in the long term any
diminished capabilities. Uh. So America is the global leader, unrivaled in mobile telephony and in mobile signal carriage. UH. And the five V program that's just come out of the FCC, and that Mrs Clinton appears to endorse and be on the same page with, is very important. Now have you You mentioned just a moment ago the issues related to education, and one of the Hillary Clinton's proposals is to attach a green card to the diplomas of foreign born students
who earn STEM degrees. Tell us about that. Uh, that's a very interesting piece of thinking. Uh. And I think it speaks to two things. One is the importance of STEM education and the other is the recognition that the US is a magnet for the world's finest minds. I read in a letter published by tech secutar executives yesterday that of the startups that occur in the United States
are either first or second generation immigrant families. And if you can continue that slow of talent to the US, then you're taking very important steps to sustain the innovation at the American economy is known for now. Based on your experience in Washington as a former under secretary for the Commerce at the Clinton administration, can you speak to whether Congress will support any of these proposals would actually other legislation and money. Uh. The situation in tech has
historically been less partisan than in many other areas. The the big banks of the modern Internet was Telecom Act, which was really a bipartisan piece of legislation. UH. And in some ways uh one uh, one side of the debate or the other might make headway, like for example, Title Too. But the world is going to try to move on past that so long as it's not implemented
in a brutally heavy handed way. So I think there is the prospect there is some partisan divide about whether or not we should have anchor institutions and lifeline and e erate UH. And what strikes me as remarkable is that the members of Congress who opposed those programs have districts that were probably electrified by t V A and that received telephony because of efforts to promote rural telephones. I want to thank you very much for spending time
with us and illuminating this issue. Ev Erlick is a former Undersecretary of Commerce for the Clinton administration, currently the president of E s C. Company there based in Washington, d C. Of course, home to Bloomberg and one oh five point seven h D two. You're listening to taking Stock.
I'm pim Fox coming up real. Were taking a look at studies in violent extremism, how people obtain videos that suggest various ways of attack, including running people over a king to yesterday's Bastill Day tragedy in Niece, France, which four people are confirmed dead. You're listening to taking Stock. This is Bloomberg. This Hampton's Commuter Minute is brought to you by Landrover. When towers see my trees and roads become rivers, the range Rover Evoke is there to guide
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