Years and they plan to slash jobs in cutting their workforce following a net loss of 1. 9 billion. Netflix said the company will talk to a Chinese Media group. Stephanie blues legend bb king has died. Best known for his kids for his hits we angel, died at his home in las vegas. He was 89 years old. Erik may he rest in peace. More headlines for you this morning in nepal. U. S. Marines confirmed that the wreckage of the missing helicopter has been found. The helicopter disappeared earlier this week on an earthquake Relief Mission carried six soldiers and two men from soldiers from nepal. The video earlier in the week shows at least one of those marines delivering food and other supplies to earthquake victims. A judge may have to decide how much many victims get from the amtrak derailment in philadelphia. Federal law caps on total rail damages at 200 million dollars. Eight people were killed and more than 200 injured. Investigators say that in the next few days, they may get answers to the questions about why the train was speeding. I am very pleased to report that we have contacted the engineer, and he has agreed to be interviewed by the ntsb and we look forward to that opportunity. We will be meeting with him in the next few days. Erik the engineer told abc news that his van vleet the engineers lawyer told abc news that he suffered from a concussion and was not using his cell phone. Stephanie president obama promising to defend u. S. Allies in the persian gulf and keep up the pressure on iran. Id yesterdays camp david summit, iran made it much of the agenda. The president agreed to greater Security Cooperation with the gulf state to counter what some call irans destabilizing behavior. The key purpose of the capacity of our partners is to ensure our partners can deal with iran politically, diplomatically from a position of confidence and strength. Stephanie the president also told the leaders that any deal with iran would cut off a path to a nuclear weapon. He said he could not expect gulf nations to endorse the plan yet since there is no final agreement. Ceo from three of the nations day is Biggest Airlines are going after rivals in the persian gulf. Carriers Like Qatar Airways are using government and city areas to take away passengers from american, delta, and united. The ceos will appear together in washington this afternoon to press their points. The gulf carriers maintain they are actually increasing passenger traffic with their flights to and from the United States. In pro football, you know who i am talking about. Tom brady, if you wonder if las vegas is setting a line on this matter, today is the day we find out. Nfl commissioner Roger Goodell will hear brad tom bradys appeal on the deflategate suspension that was handed down. The appeal must be held must be heard within 10 days. Brady was suspended for a total of cointreau games and the Nfl Players Union urged the league to hear the appeal. Those are your top headlines. Erik we want to get everybody to the straight to the five things you need to know. Number one, we have our eye out for filings today. The deadline to file and we are all waiting to see what stocks and notable investors are holding. What positions they have changed honor at the end of the First Quarter. A little bit of historical data. This is important because if you like to follow the stock pickers and like to follow the downloads, the george soros is and the carl icahns, you want to see. Stephanie without a doubt. All the m a activity, we want to see who has increased positions in names like a well, verizon. Remember, bill ackman had gotten so big, where is he exactly right now . Excuse me, i will speak about my position after they are public and he has two. Erik number two, julie i will be bringing it to you, Empire Manufacturing at a 30, Industrial Production and 9 15, university of is university of michigan conference and none of these in and of itself will be big enough to move the market. Together, they will give us more on the picture of how the economy is doing. Especially since some of the recent numbers have not been so fantastic. Stephanie i got number three. Oil which is on a record run the longest rising streak since 1983. Paring some of those games, trading around 59 a barrel this morning. It was sort of across the board. Remember, id end of the year it could get to 70, erik 75 even. Stephanie i spoke to Dwight Anderson and he is not so bullish about it. Erik longterm commodity investor. Stephanie not everyone is out there saying we are on this full run. They said they think this is going to 30. Its a pretty extraordinary time. I thought what was most interesting is when i talk to some cta guys and they say listen, weve got the algorithmic model. Erik yes, indeed. Number four, Applied Materials. The biggest supplier of chipmaking equipment. The forecast the thirdquarter sales may beat analyst estimates. This is a good sign. Stephanie, people forget how critical of old my Companies LikeApplied Materials play in Electronics Food cycle or foodchain, if you will. The promise you have to have more and better chipmaking equipment. If panasonic, sony apple feel like they are bullish about electronics demands, they are going to tell the samsung of the world and the intel of the world that they need better and faster chips and intel of the world will turn around and order new agreement from private material. It is a signal of good times may be ahead is electronic business. Stephanie 20 think the last time you said panasonic . Erik we said it you know stephanie like forever ago. Erik i will show it to you after the show. I have an awesome panasonic camera. Its fantastic. Stephanie panasonic . Do play donkey kong on your . Tv number five we have got to talk pimco retreating from the equities business. More than five years after it started, it third effort to add stockpicking strategies to their lineup of bond funds. It goes that on thursday they will close the accu stock mutual funds and focus on enhanced indexing strategies. You were just in a Newport Beach and not the pimco proxy posse, but what do you think about that . Erik bill was urging them to get out of the equity business because it is so hard to build and equities Business Days on active management, right . Markets have been going up active managers have not been reading the benchmarks to the s p 500 until the first few months of this year but there was a long drought and we will probably go back to the times when it is better to be with data and invest at the index when you pay single digit basis points in fees. Stephanie if it doesnt make sense for the buy side to be in equity, what do you think for this south side . The sell side has Massive Equity divisions where they have portfolios, research sales, execution guides. There are too many Job Functions and not enough commission. Erik as the computerization of the market. Stephanie ay, dios mio erik a threeyear settlement regarding Interest Rates, berkeley likely will be fined barclay will likely be fine for a settlement but it is thought they will stop short of seeking the guilty plea which of course they are demanding from ubs. The finally come on top of a penalty and the Justice Department will announce it in coming days when it resolves the banks are dealing currency benchmarks. We are going to london by now to bring you perspective from kohls anchor guy johnson. Pulse anger guy johnson. Guy johnson if you say you are going to be hit, you got to behave. As you say, three years ago, Interest Rate benchmarks for the subject we were talking about on june 2012. Barclays did a deal with the doj and did not get prosecuted. They did not get find for making those benchmarks and stocks. Three years later, here we are and there are bouts of potentially getting tanked again for doing something related to at the benchmarks. You say you are going to behave and you did not behave, so this is what its about. They are going to get a final on top of the original one, but that may be as far as it goes. Barclays said it will be good and maybe was not quite as good. Erik what kind of information are we getting out of our sources as to why barclays is not going to Face Criminal Charges and ebs is by the looks of it . Guy johnson i wish i had something smart to tell you but i dont. Its a bit of a mystery. What is it that ubs hasnt done because i looks like its in the same position but could end up facing a prosecution on this. Barclays has not done. Was the story a little bit more egregious . I dont know. There are questions around in that issue as to why the authorities are going to treat barclays and ubs a differently. To be honest, i dont have more clarity to add to that. We will have to wait and see. It does look like they will be treated differently and we need to find out why. Stephanie it sounds like the authorities are under pressure to have had rules and theyre looking for the lowest a group. Erik yes, maybe thats the case, too, but there is this question, and guy, i know you are familiar with this issue. The notion of institutional liability. If wrongdoing is so pervasive and you as a bank have manipulated the fx benchmark and it manipulated some of the Precious Metals benchmarks and if it has been going on for a long time and it seems as though it is not limited and the bad behavior is not just limited to a bunch of road rogue traders, the question of institutional viability is a fair one and you have to ask if it is that pervasive, was there not some semblance of criminal conduct . Stephanie hold on, you know the difference. If there is a rogue trader putting trade tickets in his or her bottom floor and closing and locking it before he leaves as opposed to if there is a situation in some sort of chat across many different aspect classes, people are discussing prices, and levels and im not saying its correct, but somehow it starts to feel commonplace. Those are different things. Guy johnson that seems to be the thing here. Lets face it, this is what institutions want to change. They are steady trying to change it on this side of the atlantic. This goes to the point of, you know what . You said you were going to behave and you have and we have evidence you are not. Here is an additional five to maybe make you go away and think about that and do it faster. Erik thank you. Have a super weekend. That is guy johnson with us from london. Stephanie when we return, what are apples tim cook what does tim cook cap in common . They are the kind of leaders we need today. Fortunately, they both are. We will have those details, next. Erik erik coming up this hour Empire Manufacturing data out of a 30. We will see how the economy is doing. Breaking news. The cofounder home depot and will join us. We will talk about politics and equality. We will get him to respond to remarks from president obama earlier this week. Stephanie a look at the top stories of the hour. In boston, a federal jury resumes deliberations this morning on the fate of the Boston Marathon bomber. Jurors must decide whether he gets the Death Penalty or life in prison. Three people died and more than 260 others were wounded in the attack. Barclays will probably be fine for violating a threeyearold agreement on Interest Rate regime. Still, people from way with the matter say the u. S. Prosecutors will not seek a guilty plea. R clayton may be fined around 60 million and that all has to do with manipulating Interest Rates. In colombia, the government has defied the u. S. And ended aerial spraying to make cocaine. It has been going on for more than two decades. Top officials have said the herbicide used to spray colombian coca probably causes cancer. Those are your top headlines this friday morning. Erik nearly six out of 10 chief Financial Officers in the United States say a lack of public trust has harmed the business environment. According to the dean of Duke University school of Business Leaders are now feeling the kind of public disdain once reserved for politicians and maybe for journalists. What kind of leaders are needed in todays Global Environment . Is this a problem bill that they can fix . Bill i hope so. We have to take responsibility, so we have to the knowledge that we need technical competence and we need people who are smart but being smart is not enough. Its necessary but not sufficient. I think there was actually a book and a movie about the smartest guys in the room. That tells you that maybe we need to move some of the dials. Read to think about not just the competence you have but your values, your character and sense of purpose. Stephanie were ethics not part of the conversation and curriculum before . Phil i think ethics of always been part of the conversation but this is something that has to embed itself in its overall culture and in the values of the institution within the Business School and organizations that you move into. Stephanie is it a cultural shift or times of the sign signs of the time . When people went to Business School in the 1990s, they loved these villains and wanted to follow them and emulate them. Phil i think that things have changed. Since the financial crisis, you do see measurable effects around this disdain as you put it, for Business Leaders. I saw some data recently that indicates what is behind that is this belief that Business Leaders are fundamentally selfish. If you ask what people in the general public believe is most important, its your own compensation. Erik bill duke has graduated a few great Business Leaders. Who stands out for you . Who are the Business Leaders we should be looking to in todays economy . People like us, perhaps . Tim cook . I dont know, is he the iconic leader in todays world . Note i think tim is a fabulous leader. It starts with his sense of purpose. If you think about what motivates tim, its not his own compensation. Its that he thinks apple is a vehicle to improve lives and if you start with that he is someone who is created an organization where he understands the way they can get the most done is to bring people together and create an environment with incredible collaboration. He is authentic. Stephanie does the financial industry still have such a blacktie . When i think about duke alumni, i think john mack, bob steele. Is it that you just are not looking at the financial industry . Bill that is not the case. I think you cannot find an excellent leadership in the Financial Service sector, but you have to be in a position where you say i care about creating bio in the world and its not just about my own compensation. I care about others. There is this notion of i want to support ambitions of other people in order to drive innovation and create value within the world. Erik wall street once was such a heavy recruiter duke mbas, now that they are hiring less, what are you going . Where are you wanting to send your graduates . Phil i graduates are very much in demand in these Technology Companies so there are a lot of people moving into that sector. Advisory services, and believe it or not, they are highly in demand on wall street. Erik thank you. We will be back. Erik myanmar is open for business. That is new york city. You will find that after decades of economic isolation, the country was known as burma as rolling out the welcome mat for western companies. Hilton worldwide is the first u. S. Hotel chain to set up shop. I travel to myanmar to see the potential of close and also to get a sense of the challenges Companies Face operating on the new frontier. For almost 50 years, this was offlimits to the west. Like cuba, myanmar was a closed economy. Now, the country once known as burma is opening up. Just imagine billions of dollars taken for infrastructure. By default is a tremendous opportunity. Erik it has been only three years since the u. S. Lifted sanctions. Hilton moved fast. Already, there is a 200 room hilton in the new capital city. A luxury beach resort on the bay of bengal and plans to release three more hiltons. After the sanctions were lifted, there was obviously great interest from a business perspective to come to the country and also from a larger perspective. Erik for decades, this was what the world knew of burma. A brutal repression under military dictators. Now, tourism is taking off growing by more than 400 in 10 years. The rest of the world is starting to discover myanmars breathtaking beauty. Its rich history, and of course, the food. Look at the color. They dont smell. They are actually very very sweet in flavor. Erik whats missing our first world standards. After so many years of isolation, the economy can barely meet the basic needs of western companies. Like hilton. We are trying to make five start from scratch. Its quite a challenge finding members, settling them here getting supplies to the hotel. A lot of logistic challenges. Erik myanmar once to more than double tourism in the next five years. The government has enlisted their friends and this is to help. Hiltons partner is a construction typhoon that the u. S. State Department Official once called an upandcoming crony. Tell me about your should teach a partner at the eating group. So far we have nothing but respect for each other. A lot of Due Diligence is it done befo