Transcript: Nightly Business Report – April 7, 2016

NBR-ThumANNOUNCER:  This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Sue
Herera.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Hitting back.  Three well-
known CEOs of some of the world`s most recognizable companies are making
their frustrations with the government known.

The power of parity.  There are $2 trillion reasons why shrinking the
gender gap could give the economy a massive boost.

Short-changed?  Have you ever traded in spare coins for cash at a counting
machine?  It may have cost you a lot more than you thought.

All that and more tonight on NIGHTLY BUSINESS REPORT for Thursday, April
7th.

Good evening, everybody, and welcome.  I`m Sue Herera.  Tyler Mathisen is
off this evening.

We begin with three very powerful CEOs who are leading some of the world`s
biggest and most influential companies.  Today, they let it be known that
they are frustrated with the government and politicians.  Pfizer`s Ian
Read, General Electric`s Jeff Immelt, and J.P. Morgan`s Jamie Dimon gave a
vigorous defense of their companies, most of which are widely held by
investors.

We`ll start with Pfizer (NYSE:PFE).  In a “Wall Street Journal” op-ed, Ian
Read slammed the Treasury Department`s new tax rules which resulted in
Pfizer (NYSE:PFE) walking away from its $160 billion deal with Allergan
(NYSE:AGN).  He wrote, quote, “This ad hoc attempt to single out and damage
the growth opportunities of companies operating within the current law is
unprecedented, unproductive, and harmful to the U.S. economy.”  He said the
broken U.S. tax system puts American companies like Pfizer (NYSE:PFE) at a
competitive disadvantage.

And now to General Electric (NYSE:GE).  In an op-ed in today`s “Washington
Post (NYSE:WPO),” Jeff Immelt took direct aim at some of the claims
Democratic presidential candidate Bernie Sanders has made against his
company, including the criticism that GE is destroying the moral fabric of
America.

Mary Thompson has been following the story for us.

Good to see you, Mary, as always.

MARY THOMPSON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Nice to be here.

HERERA:  Jeff Immelt offered a very impassioned defense of his company.
What did he say?

THOMPSON:  He basically, you know, denied everything that Sanders said.  As
you would expect, he talked about the company`s 124-year-old history, the
jobs it`s created, the wealth it`s created.  He also talked about the
businesses they had, GE has, in Sanders` home state of Vermont, and invited
him to come visit it.

Now, Sanders takes issue with the fact that GE has closed plants and
shipped jobs overseas.  Immelt`s respond, listen, we built five plants in
the U.S. in the past five years.

HERERA:  Right.

THOMPSON:  And if you do business in 180 companies, you can`t have all the
jobs on home turf.  That being said, Immelt has talked about moving jobs
from China to lower-cost countries.

HERERA:  All right.  He also made comments and has become increasingly
vocal about his frustrations, if you will, with the government and the poor
relationship that corporate America seems to have with the administration.

THOMPSON:  Anyone who read his annual letter would say, the relationship
between corporate America and Washington, D.C. is the worst that he`s ever
seen during his career.  He accused the government to some extent of being
two-faced.  He said, you know what, they love exports but they don`t like
trade.  They love small business, they regulate them to death.

He also always points out that, you know, when German Chancellor Angela
Merkel travels, she`s always with a German business leader, basically to
showcase German goods.  He said that would never happen in the U.S.

HERERA:  Interesting.  Do you think he has a point?  Or do you think most
people and businesspeople would think he had a point?

THOMPSON:  He certainly has supporters but his critics would say, you know,
G.E. gets plenty of help from the government in the form of the
Export/Import bank, which, of course, is a financing tool for foreign
companies who want to buy the goods of U.S.-based companies like GE.

GE would counter, listen, other countries have similar financing tools and
this is merely a way to level the global playing field.

THOMPSON:  There`s more to this story.

Thank you so much, Mary.  Appreciate it, Mary Thompson.

All right.  The CEO of JPMorgan (NYSE:JPM) now.  In a letter published late
yesterday explained why the bank is not too big to fail.  JPMorgan
(NYSE:JPM) is the largest bank in the country by assets but Jamie Dimon
says its balance sheet is a fortress and asks shareholders to reject the
call to break up Wall Street`s banks, something that has become a central
component of Bernie Sanders` presidential campaign.

Well, one company that is no longer considered too big to fail is MetLife
(NYSE:MET).  The legal opinion on last week`s decision to strike down that
designation was unsealed today.  In it, the judge described the decision by
regulators to label the insurer systemically important as arbitrary and
capricious.  In the ruling, the judge raised questions about the process
used to bring MetLife (NYSE:MET) and other insurers under stricture federal
rules.

The Pentagon is raising concerns about the takeover bid between Canadian
Pacific and Norfolk southern.  The issue rests on the voting trust Canadian
Pacific has proposed as part of its bid and said the deal could adversely
affect the country`s national defense.  The agreement would CP`s CEO run
Norfolk Southern (NYSE:SO) as part of that voting trust.

On Wall Street today, stocks fell as concerns about global economies
resurfaced.  Investors sought safety fleeing stocks they rushed into
government bonds as the price of oil fell and the Japanese yen
strengthened.  By the closing bell, the Dow Jones industrial average, which
has been down about 200 points this afternoon, lost 174 to 17,541, the
NASDAQ fell 72, and the S&P 500 declined 24.

And you can often find China at the center of those global growth concerns.
And while the recent economic data out of the world`s second-largest
economy has been better, those reports may not be telling the whole story.

Seema Mody explains.

(BEGIN VIDEOTAPE)

SEEMA MODY, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The six-week bounce
back by the stock market has some investors wondering, what happened to the
great wall of fears surrounding China?  All the talk of a slowdown in the
world`s second-biggest economy and its effect on global growth.

This week, some short-term economic data from China has shown improvement.
Manufacturing expanded for the first time in nine months.  The services
purchasing managers index rose a full point in March.  Any number above 50
indicates growth.

Also, Chinese industrial firms posted higher profits for January and
February and currency rates have stabilized some since last summer`s
downdraft.  But China`s change from a manufacturing to a consumer-based
economy leaves some investors wondering if a turnaround is really possible.

PAUL CHRISTOPHER, WELLS FARGO ADVISORS:  China has the advantage that its
service sector is very strong, growing double digits.  We think that will
keep that economy stable.  But as long as they remain committed to
consolidating the manufacturing and construction sectors, you`re going to
continue to see weak manufacturing data leading out of China, and that`s
going to drag down those same sectors in the neighboring countries.

MODY:  Indeed, many of China`s Asian peers — South Korea, Hong Kong, and
Japan — countries that rely heavily on demand from Chinese companies, are
not faring as well.  South Korea posted a double-digit decline in first-
quarter exports.  Hong Kong`s manufacturing levels are at their lowest
level since August.

And in Japan, business confidence has been dropping.

PETER BOOCKVAR, THE LINDSEY GROUP:  And with every statistic we see out of
Asia, ex China whether Taiwan, whether Hong Kong, and other Asian
countries, they`re suffering slowdowns from their sensitivity and exposure
to China.  So, global growth continues to shrink, with China being a big
part of that.

MODY:  It`s just one of several globe concerns that continue to haunt stock
markets.  In a year still full of question marks.  In Europe, talks of a
Brexit will hover until summer.  And after that, an already-hot U.S.
presidential campaign will shift into high gear.

For NIGHTLY BUSINESS REPORT, I`m Seema Mody.

(END VIDEOTAPE)

HERERA:  Back at home, the number of workers who applied for unemployment
benefits fell last week.  Jobless claims, a proxy for layoffs across the
economy, dropped 9,000 to near historically low levels.

If the data of the economy remains strong, the president of the Dallas Fed
said he would advocate for a hike in interest rates.  But Robert Kaplan
declined to say when exactly they would company so.  He did say the economy
is approaching a point where it would be prudent to remove some
accommodation.

A new McKinsey Global Institute study says the U.S. economy could grow an
extra $2 trillion by 2025 if the public and private sector did more to
shrink the gender gap that prevents women from reaching their full economic
potential.  According to the report, every state in the country could
increase its GDP by at least 5 percent over the next decade if it narrows
the gender gap at work.

Kweilin Ellingrud, partner at McKinsey and Company and lead author of that
study, joins us now.

Welcome, Kweilin.  Nice to have you here.

You looked at inequities or gaps in a total of about ten different sectors.
What did you find in the United States?

KWEILIN ELLINGRUD, MCKINSEY & COMPANY PARTNER:  Yes.  Across the United
States, we found that the value of closing the full gap would be about $4
trillion.  But we didn`t think that closing the full gap over the next 10
years was realistic.  And so, instead we looked historically at the fastest
rate of improvement across the U.S. states.  And if you match that fastest
rate of improvement, that gets you to about half the gap or the $2
trillion.

And as you mentioned, that is at least 5 percent GDP for every single U.S.
state.  And that`s 10 percent GDP growth for half of the U.S. states.
That`s the equivalent of adding the economy of the size of the state of
Texas to the United States.

HERERA:  You looked at 10 different indicators in the U.S. — economic,
social, political, in terms of the gender gap.  You found that the U.S. had
high or extremely high inequality in six of the 10.  If you had to pinpoint
one or two of those inequalities that would perhaps make the biggest
economic impact, which would they be?

ELLINGRUD:  The two that I would point to of the six would be leadership
and management positions.  So, for every 100 men in leadership positions,
there`s only 66 women in the United States.

And the second I would point to is unpaid care work.  So, the women do on
average double the amount of unpaid care work as men in the United States.
But two-thirds of that unpaid care work is routine housework — cleaning,
cooking, laundry, et cetera.  And less than 20 percent of it is actually
care of loved ones, kids or the elderly.

And so, reducing that unpaid care work so that woman can more actively
participate in the workplace would help capture the share of the $2
trillion.

HERERA:  How much of this has to do with the fact that, in many cases,
women end up working part-time or they take time out of the career for
either, you know, child rearing or elder care or something along those
lines?

ELLINGRUD:  Absolutely.  About one-third of the overall $2 trillion
opportunity is coming from part-time mix.  So, as you described, women tend
to fill more of the part-time roles, 64 percent of part-time roles, and
only 42 percent of full-time roles.  Thirty percent of that opportunity is
from that, 40 percent of it is from more workforce participation, having
women more equally match men`s participation, and a third of it is from
sector mix.

Women tend to be in lower-average productivity sectors like services,
versus manufacturing, which tends to be more male-dominated and higher
productivity on average.

HERERA:  Is the answer part regulation, part government intervention?
What`s the most effective way to generate the type of income equality, if
you will, so that women are on better footing?

ELLINGRUD:  Yes.  To capture the 2 trillion we think the private sector
really needs to act and accelerate what it`s been doing.  The government
needs to act and accelerate.  And the nonprofit sector needs to act and
accelerate.  Not only act within each of those areas but increase
collaboration across those sectors.

HERERA:  Kweilin, thank you so much.  Appreciate it very much.

Kweilin Ellingrud with McKinsey and Company.

Straight ahead, why high-end home sales are soaring in one southern city.

(MUSIC)

HERERA:  Mortgage rates followed treasury yields lower today, falling to
levels not seen in more than a year.  According to Freddie Mac the average
30-year fixed rate sank to 3.55 percent.  That`s down from 3.71 percent
from the week prior.  Yields have fallen in reaction to Fed Chair Janet
Yellen`s remarks last week that the central bank should proceed cautiously
in raising interest rates.

While mortgage rates are falling during the busiest home selling season of
the year, there`s also a big shift under way in the luxury housing market.
And as Robert Frank reports, high-end home sales are soaring in one
southern city in particular.

(BEGIN VIDEOTAPE)

ROBERT FRANK, NIGHTLY BUSINESS REPORT CORRESPONDENT:  When it comes to
luxury real estate, the big money is shifting to Texas and Florida from New
York.  A new report found that Austin, Texas, had the fastest growth in the
country last year when it came to sales of homes priced at $1 million or
more.

A report by Coldwell Banker showed that Austin`s million-dollar home sales
drew more than 30 percent.  Coldwell saying Austin`s recent boom in tech,
entertainment and education is fueling demand for a higher end and higher-
priced homes.

TIM ELMES, COLDWELL BANKER AGENT:  Two things I think of, not being from
here.  The sun, Ft. Lauderdale, I`ve heard a lot of Californians are going
there.  And also the fact that it`s a tax-free state.

FRANK:  Ft. Lauderdale came in second place, followed by Seattle and San
Diego.  But when you look at total volume of sales, New York still
dominates with more than 7,400 sales last year, but smaller growth.  L.A.
is number two.

As for the most popular zip code for million-dollar home buyers, 90210 is
being upstaged by Florida.  The top zip was 33160 in North Miami Beach.
When it comes to homes sold for over $10 million, Miami Beach is 33139 took
the top honors.

This year, experts say they expect continued growth in that state, though
sales at the very top independent of the luxury market could slow down in
all the major cities.

Demand for high-end housing, of course, will all depend on how much wealth
the stock markets and the economy can create in 2016.

For NIGHTLY BUSINESS REPORT, I`m Robert Frank.

(END VIDEOTAPE)

HERERA:  Tech giant Yahoo (NASDAQ:YHOO) has reportedly found a bidder.  And
that the where we begin tonight`s “Market Focus.”

According to a Bloomberg report, phone carrier Verizon (NYSE:VZ)
Communications will make a bid as soon as next week for the company`s core
business and Yahoo (NASDAQ:YHOO) Japan.  Also, a Yahoo (NASDAQ:YHOO)
document given to prospective suitors reportedly shows that the company
expects revenue to fall nearly 15 percent this year and also forecasts
earnings to drop by more than 20 percent.  Shares of Yahoo (NASDAQ:YHOO)
fell about 1 percent to $36.17.  Shares of Verizon (NYSE:VZ) also down over
2 percent to $52.

Reservations for Tesla`s latest car, the Model 3, continue to ramp up.  The
carmaker started taking them last week and so far, the company reported
that over 325,000 deposits for preorders have been made.  CEO Elon Musk
said that amount translates to about $14 billion in future sales.

However, the strong demand has some analysts concerned about the company
being able to produce so many vehicles.  So shares fell 3 percent today to
finish out at $257.20.

Conagra, which makes packaged foods saw shares rise today after the maker
of Slim Jim Snacks posted earnings and revenue well above annual targets.
The company sold its private label business and plans on spinning off its
frozen potato segment later this year.  Shares rose more than 1 percent to
$46.11.

Sales at Costco (NASDAQ:COST) rose 3 percent in March helped by strong
demand in the U.S. and Canada.  However, shares of Costco (NASDAQ:COST)
fell after the company reported comparable store sailed rose 1 percent,
which missed analyst estimates.  Shares of Costco (NASDAQ:COST) down 3
percent to $152.03.

It has been six months since the Justice Department announced it would be
allocating more than $23 million to police departments across the country.
That money is to be invested in cameras that will be attached to officers`
uniforms.  As more departments roll out the new technology, it`s raising a
lot of questions, but also becoming a big business.

Andrea Day has that story.

(BEGIN VIDEOTAPE)

ANDREA DAY, NIGHTLY BUSINESS REPORT CORRESPONDENT:  You`re watching footage
captured by officers` body cam.  Split-second decisions caught on tape.

Nationwide, these tiny cameras becoming a staple with law enforcement.

ERIC RODRIGUEZ, JERSEY CITY POLICE OFFICER:  There`s always two sides to
the story.  And then there`s the truth.

DAY:  With the push of a button, the most reliable witness.

RODRIGUEZ:  The camera doesn`t lie.  So —

DAY:  Officer Eric Rodriguez patrols this New Jersey community where just
weeks ago, they rolled out a pilot body cam program.

Do you think you`ll do anything differently because you`re wearing the
camera, honestly?

RODRIGUEZ:  Honestly, of course.

DAY:  The debate, a hot button, even in the race for the White House.

DONALD TRUMP (R), PRESIDENTIAL CANDIDATE:  It can solve a lot of problems
for the police.  It can also solve a lot of problems, period, you know,
where they`re accused of things.

HILLARY CLINTON (D), PRESIDENTIAL CANDIDATE:  We should make sure every
police department in the country has body cameras.

DAY:  According to the Bureau of Justice Statistics, in 2013, police
cameras were worn by at least some officers in 32 percent of departments,
with more coming on board every year.

STEVEN FULOP, JERSEY CITY MAYOR:  I think it`s a huge piece of conversation
in policing across the country.  You see what`s happened in places from
Staten Island to Ferguson to Baltimore.  And people would like to think
that body cameras might have changed some of the policing activities.  I
don`t know if that`s necessarily true or not true.  But ultimately, that`s
where the conversation`s going.

DAY:  Mayor Steven Fulop of Jersey City in New Jersey pushed through the
initiative in his city.

FULOP:  We think that this will be a good thing for the police officers as
much as it is a good thing for the public.

DAY:  But Fulop believes for the new technology to be a success, new
guidelines will be necessary.

FULOP:  The policing interests, the city`s interests, and, of course, the
transparency interests.

DAY:  In Rialto, California, Chief Tony Farrar was ahead of the curve,
implementing body cams four years ago.

TONY FARRAR, RIALTO, CA (NASDAQ:CA) POLICE DEPARTMENT CHIEF:  It was really
more to evaluate the impact that the cameras would have on law enforcement.

DAY:  Almost immediately, he says, there was an 80 percent drop in
complaints.  And a 60 percent drop in use of force.

With the federal push for body cameras come millions in government
contracts.  One manufacturer, Taser, says fourth-quarter 2015 sales of
body-worn cameras jumped to over $44 million.  That`s up nearly 82 percent
from the year before.

Back in New Jersey, Officer Rodriguez says cameras act as a reinforcement
of what every good cop should already know.

RODRIGUEZ:  You have to do everything the way you`re taught, the way you`re
trained to do.  So —

DAY:  Totally by the book?

RODGRIGUEZ:  By the book.

DAY:  And some of the issues lawmakers are now facing, how quickly will
this footage be made public?  That`s being challenged in courts across the
country right now.  Police departments are also working to adjust to the
technology, including what parts of an officer`s day should be captured on
tape?  Where to store the footage?  And how long to keep it?

I`m Andrea Day for NIGHTLY BUSINESS REPORT.

(END VIDEOTAPE)

HERERA:  Coming up, thinking about taking that jar of coins to a counting
machine in exchange for cash?  You may want to think and count twice.

(MUSIC)

HERERA:  Are you being shortchanged by coin counting machines?  After
spending months, maybe years, collecting coins, you may be ready to cash in
that change.  But you likely have no idea how much change you really have.
So you take the coins to your local grocery store or bank and put it in the
coin counter.  You assume they`re accurate.  Giving you back exactly what
you put in.

But as first reported on the “Today” show by NBC`s Jeff Rossen, that`s not
always the case.

(BEGIN VIDEOTAPE)

JEFF ROSSEN, NBC NEWS CORRESPONDENT:  You`ve been saving.  Now it`s time to
cash in.

These coin-counting machines make it easy.  Just dump the money in and out
pops your total.  And we can trust them, right?

To find out we went to the bank, getting hundreds of dollars in coins from
quarters to dimes to nickels and, you know, even these pesky pennies.

As you can see, my team and I are counting every single roll.  We know
exactly how much we have.  We unroll all the coins, carefully separating
them into bags of $300.  First up, these popular Coinstar (NASDAQ:CSTR)
machines found in stores across the country.  And right away, good news.
They come up accurate.  Right down to the penny.

Next we haul, and I do mean haul, our loose change to one of the country`s
largest banks, TD Bank, testing their penny arcade at five different
branches.  We pour all our money in.

But we don`t get all our money back.  None of them are accurate.

That`s $300 on the money.

This one is off by 5 cents.  This one is off by 53 cents.  And at this
machine, even more.

It`s 70 cents off, doesn`t sound like a lot.  But think about it, customer
after customer after customer.  It`s your money.

But things are about to get much worse.

$296.27.  It`s off.

Way off.  We lose nearly $4.

But things really don`t add up at this location.  My producer Jovanna
pouring in exactly $300 in change.  Remember, we counted all the rolls
ahead of time.  But the machine tells her she only has $256.90.  Off by
more than $43.

Hi, my name is Jeff Rossen from NBC News.

I go back the following week to alert the manager.

We came in here to test the accuracy of your coin machines and we brought
in $300.  And the machine gave us an inaccurate count.  In fact, the
machine gave us more than $43 less than what we brought in.  I wanted to
give you the heads up.  This machine isn`t accurate.

UNIDENTIFIED MALE:  I`ll look into your concern, absolutely.

ROSSEN:  We also contacted TD Bank corporate, telling us, we are
disappointed with the experience that the “Today” show had with our penny
arcade coin counting machines and “place a premium” on their integrity,
adding, “we clean and test them twice daily”.

What do you make of these results?

EDGAR DWORSKY, CONSUMER WORLD FOUNDER:  I`m shocked.  You think of a bank
being 100 percent accurate.  If you`re a penny off paying your mortgage,
they`re going to slap you with a late fine.  And here they`re giving you
less of your money?  Not right.

(END VIDEOTAPE)

HERERA:  After showing what Rossen and his team found, TD Bank is now
pulling all coin machines out of service at all branches nationwide to be
evaluated and retested.  Those machines will only go back into service when
the bank is satisfied they meet the performance requirement.  TD Bank also
telling NBC News they`re enhancing their routine maintenance program.

Best advice: count your coins before you go so you know exactly how much
cash you deserve.

And finally tonight, the Masters.  It`s one of the most well-known golf
tournaments worldwide, where players go to win the coveted green jacket and
where companies go to be seen.

Dominic Chu reports on the big names and the big money in Augusta, Georgia.

(BEGIN VIDEOTAPE)

DOMINIC CHU, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The worlds of sports
and business regularly collide, and it happens in a very big way each
spring at the Masters.  All week, golf patrons and corporate leaders gather
to mix and mingle with each other in the hopes of enjoying a great
tournament and perhaps making some business deals in the process.

LAURENT DELANNEY, ROLEX GLOBAL HEAD OF SPONSORSHIPS:  It`s very
distinctive.  It has many values that are shared, common values, between
Rolex and the Masters.  The tradition, the beauty, the elegance.

CHU:  It`s no secret that the game and business of golf has faced some head
winds in recent years as fewer golfers have hit the links and there are a
number of reasons why.

DAVID DUVAL, GOLF CHANNEL ANALYST:  What you have to have accessibility and
affordability.  It`s an expensive game.  If there`s some way to scale the
product, the golf balls, all that cost-wise, I think that would be an
attractive thing.

CHU:  There is arguably no greater and more prestigious golf event on earth
than the Masters.  And that`s why corporate sponsors are looking to
associate themselves with this tournament in the hopes of networking with
their clients to promote their own brands.

DOUG JACKSON, COCA-COLA COMPANY:  We would do events around the world, take
World Cup soccer, take the Olympics, Wimbledon.  But in my view, nothing
touches the specialness of Augusta.  And the Masters does something this
week which makes it completely different to any other golf tournament, any
other event, in my view.

CHU:  Golf takes an even more global stage this year as it becomes a Summer
Olympic sport yet again and there`s the U.S. versus Europe Ryder Cup
competition this fall as well.  Now, the big question is to what degree
global companies will seize on the opportunities.

For NIGHTLY BUSINESS REPORT, I`m Dominic Chu, Augusta, Georgia.

(END VIDEOTAPE)

HERERA:  To read more about the big money behind the Masters, head to our
website at NBR.com.

And before we go, here`s another look at the kind of rough day on Wall
Street today.  The Dow, which had been down over 200 points this afternoon,
lost 174 to 17,541.  The NASDAQ fell 72.  The S&P 500 declined 24.

And that is NIGHTLY BUSINESS REPORT for tonight.  I`m Sue Herera.  Thanks
for joining us.  Have a great evening, everybody.  And we`ll see you right
back here tomorrow.

END

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