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tv   Bloomberg Markets  Bloomberg  October 8, 2015 2:00pm-3:01pm EDT

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moments away from release of the fed's minutes from its september meeting. michael mckee joins me now with the details. for the we are waiting headlines to cross from the federal reserve. was the federal reserve divided or not over what happened? anchor: there was a question over they would raise rates and they did not. janet yellen spent a lifetime talking about global market volatility on the fed decision. that is what we expect to learn more about. michael: we are just getting the headlines now. i'm told the fed is releasing its minutes. i am trying to call it the data as we speak.
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they were concerned about what they saw overseas at the time. anchor: looking here saying that it would be prudent to look for clarity. michael: that is what janet yellen said. there is not a whole lot in here that is completely different from what the fed had told us at the press conference. they got wall street all upset. looks -- some closer like right now we are not seeing much of a reaction in the major averages. the fed officials say it is prudent to wait for clarity on the outlook. many of whom see officials expected a fed rate lift off later this year. hearing a number of fed officials comment in recent days that they were still looking at a likely fed rate increase before the end of the year.
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far, markets have not seemed to buy it, have not been pricing that in. stocks actually take a bit of a leg up here. we have seen a mix to negative for much of the session. the nasdaq is still down. upsee the dow and s&p 500 here. thus look at treasuries. that is where you would expect to see the most reaction. note, look at the 10-year we have been seeing a leg up in yields, rising up ahead of the fed minutes. not much has changed from those levels, but a increasing yield on the day. have also been watching the u.s. dollar to see how it has been reacting throughout the session. the dollar has been weaker in recent days. we can see here pretty shopping -- sharply taking a leg lower. it seems to be a little bit contrary to where the bond
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market is performing. the yield is taking more of a sharp leg lower as well. it looks like the market read ,nitially and the caution here dave and mike, is that it takes time for people to assess what this means. the official read seems to be almost a confirmation of what market participants have been talking about. holdt the fed remains on for the balance of the year. i'm looking at the federal interest rates, futures, and we are not seeing a whole lot of change. dave: thank you very much. what have you been able to define? michael: they decided, yes, the labor market had made the progress they were looking for but they were concerned about inflation and more members were concerned, because of oil prices, because of the rising dollar, inflation might rise at a slower pace, might be slower
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to get the 2% target. when it came time to vote, they said maybe we should wait. we haven't gone far enough in terms of the economy being ready for a rate increase. we haven't moved much from where we were in june and july. it's better to wait and assess what is going to happen. it doesn't look from the minutes, from a quick reading of the minutes, there was a lot of dissension. just lack or thought that they should have moved, but it's hard to tell the idea that it was a close call from the minutes because of the way the minutes are structured. they are not saying people objected to that idea. everybody but one agreed. but it was better to wait when it came time to vote. dave: for many people, the minutes made a change for a lot of people. michael: had we seen real division here, a lot of comment andt members wanting to go
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only acquiescing because they were pressured by others, that might have had an effect on the markets. but the real impact was the jobs report, janet yellen's speech after this meeting. anyway, this information is a bit stale. everyone will look to the september jobs numbers. i mean, the october jobs numbers that come out in early november. many have taken october off the table. a lot of data between now and then. what they said a couple of weeks ago doesn't matter all that much. dave: a big day for a guy like you. had a message from the bank of england. michael: the same position as the u.s.. they have strong growth but inflation concerns. they have one member who thinks they should have gone faster. at this point, it is unclear whether they will move first are the fed. they are both data-dependent in that sense.
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today, we saw some economic numbers falling short in europe as well. dave: thank you very much. lima, thego to capital peru, where the international monetary fund and the world bank are holding their annual meeting. francine: i am delighted to be joined with the commissioner. we talked all day about china, about big risk facing the world economy, about europe. overall, what worries you the most? the talk is about the fact that we don't have inflation, that the central banks don't have more tools to deal with the next shock. guest: it is true that the global economy today is not in a weak state but growth is not
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sufficient. world, i sawt the the chinese governor central-bank and i saw janet yellen and jetblue, in china, there is a will to strengthen growth and to move to a new model. great deal of uncertainty. but we have to be very precise and communication. up u.s. economy is speeding and has its potential. for the first, time, it is not a problem. it is part of the solution. but we are in a recovery, which impressed by the situation in a global economy. but we need reform, reform, reform. francine: if you look at core
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europe, no one is growing about 2%. guest: that is true. abouterage growth is 1.5%, which is better than previous years. and fundamentals are now correct because we made fiscal consolidation, because our member states made structural reforms, because we are now issting investment and there an appropriate monetary policy. but we need to build more innovative and more creative economy. i would say we are in the middle-of-the-road here. and we need to get strong messages about, will to do what betters, to create global growth. europe wants to be a part of the solution and wants to speed up its own economy. francine: do you worry about the strength of europe? we talked about currency wars.
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deal foris is not a the european commission. that is not the main problem. europe is in a much better shape. we are getting out of the greek issue. i am content now that the program is on track. francine: repro filing the debt? to deal withl have that in october-november. we have prior actions implemented. and if this program is on track, profiling.n go to re- i hope the imf will be there. we need now to find a definite solution to this greek crisis. andhat is no more a threat returns integrity to the euro and creates confidence in the euro zone.
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greek re-profiling going to be a backlash? we are phasing this. first $2 billion and then $1 billion. the greek government knows that. now there is a sense of common responsibility and mark confidence between us. i am quite optimistic about greece. of course, we need to be vigilant. with feel that we are now the right tools. francine: how much do you worry about germany? we have figures that have not been great. we see emerging markets and china's influence and the fact that they are growing is having an effect on germany. guest: germany is a very strong economy.
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is in germany, it's a different nature. -- we wouldso much welcome them more. especially in it for structure. we are discussing with them. there's no push from the eu. some countries need to reduce the deficit. some must also make an effort in investment. if we have a cooperative approach in the eu, then i am confident our potential growth will be capable of -- which is an absolute necessity. we must now get a better pace, a stronger rhythm of growth. francine: what is keeping inflation low around the world?
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what is keeping it low in europe? see we haverope, we entered into negative territory for the last quarter of the year. the underlying inflation is getting better. , demandmonetary policy can bring us for years to come up to 2% a year, which is i -- k is the correct francine: do you think monetary policy is still having a direct impact on inflation? guest: needed to do what is necessary as well for steady prices. but also in order to find the right level of inflation. and furthermore for growth. again, it is a huge asset for us to use policy now. what is your biggest concern in europe? elections.ut
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guest: these are political concerns. i don't think they have a major impact on the economy, which we are discussing here. francine: i guess there is a shock. guest: if i look at it in thecally, medium-term, it can be an asset for us. it is capable of leading public policies, to integrate those peoples who will produce, who will work, who will be consumers in europe. -- there needs to be native workforce in some they could bring for catalonia ascertain. spanish are now in a very strong recovery. it still need's to reduce and doyment and deficits what is correct there. that i am not worried about that. major political
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concern for all of us. the only thing i can say is, first, i want great britain to stay in the eu and we need to find a good deal. course,eal is such, of mr. cameron can say we are staying in the european caucus and europeans can say we seek our id -- our identity. hopefully there is a road to be made and we are looking for the precise demands of the british government. mr. commissioner, thank you so much for joining us here on bloomberg tv. we haven't talked about climate .hange or taxation guest: these are important
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issues. francine: we will address them in the next hour. at the annual meeting of the imf and world bank in lima, peru. first-time claims for unemployment fell to the lowest level since mid-july. week.0 last since the beginning of last march, it has been below 300,000. that is a level consistent with a strong labor market. status as aname and super car for the superrich is driving up its value for the upcoming ipo. it go go up higher than $12 billion. an ipo price range could come as early as tomorrow. says the brandne should be valued as a luxury goods maker, not an auto manufacturer. ferrari also plans to increase deliveries. amazon has a crafty new plan. its latest site is aimed at
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betsy -- at etsy. manyn reach 10 times as prospective customers as etsy. you can always get more business news at bloomberg.com. i want to turn quickly to the markets desk. julie: we are going to look once again at what is going on in the overall market as a result of the fed minutes to -- fed minutes. is the moveble here in the s&p 500. we actually went above 2000 for the first time since august 20th. we talked earlier about how the smp has made a run at 2000 and then come back down again. it is down below it right now. after the fed minutes came out, seeming to confirm the market view that the fed is watching global growth. that may keep a lid on rates. we are seeing stocks rally on
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that. .2%. now, up it is not the magnitude of the rally is large. we saw a reaction to the minutes. if you look at other asset classes, we saw similar moves across the board. you can look at treasuries, for example, and see the movement. when you look at the dow, you see the movement in the dow. so it is really across the board that we have seen that. gold if you take a look at prices, there has been a notable move in the price of gold as well. so gold -- there was the treasury note. now we see gold prices spiking as a result of all of this. really come across the board, what you would expect, the perception that rain -- that rates will remain low. dave: thank you very much. is saying he was wrongfully pushed out because of greedy executives. one of his colleagues, former
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pimco manager, said that suing pimco wrongly puts the emphasis on compensation rather than clients. >> i think it is a sad day for the money management industry, a sad if for pimco, and a sad day for a bill. go to marry child who broke the story. we know there is some animosity between bill gross and pimco surrounding his departure. : you have all of the details, pay but -- play-by-play, the moment leading into the diversion in opinion on how they should push into risk assets are not, the following a part of the relationship with mohamed el-erian, and finally this cabal of managing directors -- this is all from those perspective. these executives who banded together in his view out of greed and ambition to rid him of a top spot so they could usurp more power.
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and also usurp more of the prophet all of which he had a 20% stake. says this lawsuit has no merit. our focus remains on our clients and our investment portfolios. let me ask you about the relationship between him and mohamed el-erian. of el-erian who is the burgers and bonds a bill gross. had been focused on fixed income and managing bonds, treasuries, corporate bonds, things within this kind of limited universe. and mohamed el-erian, when he came in, one of his main pushes was to diversify before -- diversify beyond that. things it carried more risk, more return also, and made him go more of a one-stop shop.
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this is a diversions from what bill had created in the 1970's and from my bill was so good at in doing. you can see the manager who founded it seeing his firm suddenly confused and caught up with all these things. he was just not down with it. from his perspective, mohammed was doing this risk a push and bill was, like, no, we should stick to our knitting. , he wasind, mohammed not ready or was willing to take on that responsibility in that risk. that's pretty his departure in january. dave: thank you. still ahead, kevin mccarthy drops out of the race to fill john boehner's shoes, leaving the republican leadership in disarray. we will tell you who ellis could be up for the job for house speaker next. -- who else could be up for the job for house speaker next.
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dave: welcome back to the bloomberg market day. west texas intermediate group rising to about $50 a barrel since the -- for the first time since july. consensus was kevin mccarthy was the front runner to become speaker of the house. now he says he is not the right man for the job. >> i will stay on as majority leader. at the one thing i found, if we are going to unite and be strong, we need a new face to help do that. dave: speaker weiner releasing us -- speaker boehner releasing a statement saying -- joining us now from washington is phil mattingly. he is at the capitol. he has been covering the story. element of craziness. without this was going to be a routine but by the republicans. that was quickly dispatched. phil: it was a done deal.
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it was a done deal when kevin mccarthy this morning made a speech saying that he would run for speaker. when paul ryan served as the nominating voice for kevin mccarthy. at noon, has numbers were gathered behind closed doors ready for the speeches and the votes on who would be the next bigger, kevin mccarthy shocked everybody by saying he was not the right guy for the job. his candidacy had become too divisive and the conference itself, alternative 47 members, needed to unify around someone else. the big question now is not so much what happens to kevin mccarthy. he will remain majority leader. it is who else is out there question mark there are two other candidates, daniel webster -- it is who else is out there? there are two other candidates. daniel webster and jason chaffetz. a know it has a clear path forward for who will rise to become speaker. as of now, we have heard a couple of ideas. votingunez of california
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perhaps that john boehner should stay on. he other is tom price saying should actually have a caretaker speaker in the next 15 months as the conference tries to call us around someone new. the big thing right now is there is just no answer and no clear candidate. shock is the only way members and staff has just -- have described how they felt around two hours ago. dave: you mentioned the house from caucus wielding a lot of hill.on the what was the critique of mccarthy? phil: that he would not necessarily concede what they wanted or needed. this group that met behind closed doors two weeks ago, decided to vote en masse for daniel webster. that was taking 40 points away from kevin mccarthy. that would not have been a problem today. but he would have needed to end 18 votes on the house floor. there is only 247 republican members. that was when to be a challenge.
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that is something that kevin mccarthy's team said he wasn't willing to figure a way around. dave: what is next on the schedule? phil: so many deadlines. highway bill at the end of november. the debt ceiling. and the speaker. wherever here she is, big challenges. for more on the house speaker raise, you can tune in at 2:40 and here what senator orrin hatch has to say. still ahead, alcoa is set to report earnings after the close of trading today. the only way to get better is to challenge yourself,
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and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. david: this is the bloomberg
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market day. mark crumpton is on the news desk. mark: we begin with the latest development with fiat chrysler. they have raised its offer to the second tier workers. go up as high as $29 per hour from the $25 originally proposed. leaders decide whether to vote on the new deal in detroit tomorrow. authorities have released information on the stabbing of a u.s. airmen who helped stop a gunman on a french passenger train. men are being sought on the attack. police say stone was stabbed multiple times, but has non-life-threatening injuries. he was out with four other people when they and another group got into a fight outside a sacramento bar this morning.
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the top u.s. commander in afghanistan says 60% of the taliban and maybe open to peace talks with the country's government. john campbell made a push today for more u.s. forces to stay in afghanistan beyond 2016 when the white house wants to reduce troops to 1000. he says reducing the force to that number will limit training and counterterrorism operations. the f ei is doing a better job of screening refugees coming into the u.s. for possible ties to terrorism. the bureau has ways to log into databases and gather information in the screening process. he says some gaps remain and there are some risks attached to welcoming migrants. --cer's governing baddie blatter,anning sepp
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being investigated for misconduct. 14 officials are facing charges in the united states. the usn swiss authorities are cracking down on corruption among fifa officials. is a look at our news right now. you can get the latest information on bloomberg.com. man who will not back down. commodity prices are starting to settle. oil rose briefly above $50 a barrel as demand climbs. global demand ebbs for cocoa. alcoa reports earnings after the close today. this is an earnings call that a lot of people look to divine information about how the market
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is doing. what can we expect? thatday we will expect typical rundown of alcoa market and those businesses where they operate. we've got the so-called downstream companies that sell andspace components, car truck makers, that gives you a read on the u.s. european developed world consumer growth and then you've got the other half of the business, commodity producing business. this tells you about growth in the developed world. we've got a tale of two companies. david: alcoa announcing they attend to split. i'm curious what we can divine about the company from metal prices. we have seen we didn't demand in china. thing that is the
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defines the strategy of splitting up. half of the company has been doing very well for years. iny have been investing building organically. they have been buying companies. profitability in the downstream division that makes products go into sophisticated markets. that has been having growth for years. gottenpany has really positive intention for that. there isher side, nothing the company can do to control the global commodity market. all they can do is make the amount of that product they make. have done a lot of work to reduce cost on that side. they have shut down in the last couple of years, they have shut down four smelters. they have reduced cost.
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that does not do anything when the price of the metal goes from .3000 to close to $1500 today that really takes a bite out of how much money that segment can earn. david: sonja, thank you very much. it continues to be a big day on capitol hill. kevin mccarthy deciding not to run for house speaker. orrin hatch of utah will join us . move over, ticketmaster. pandora might be coming for you. ♪
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david: welcome back to the "bloomberg market day.: i am david gura. -- our first early story, michael horan says his company is looking at compensating owners that have u.s.es to cheat on emissions tests after authorities have been investigating the full dragon thendal and rated -- volkswagen scandal. electronic files were sees. germany started a criminal investigation when vw said it
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rigged cars to cheat on pollution test. credit suisse is beginning a capital raising plan. the plan will be unveiled in two weeks. the ceo is expected to shift away from volatile operations and focus more on private banking and asian markets. netflix is raising the price of its online streaming subscription service by one $9.99 for new customers in the u.s., canada, and latin america. existing companies -- existing customers will have a grace period. you can always get more business news at bloomberg.com. the dow looking for its fifth consecutive day of gains, its longest winning streak of 2015. julie hyman.w is
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she has the sector report. julie: let's look at the averages. we have seen improvement from before where we stood before the fed minutes, that is. the nasdaq remains in the red. the s&p 500 is above 2000 and looks to be holding that level. that is the first time we have gone above 2000 since august 20 when we saw the shell off -- the selloff. a similar push and pull. gains weimiting the are seeing right now, health-care stocks. biotech, energy, and materials are participating in this rebound we have seen. as you heard it david mention, oil prices are definitely notable today. oil going above $50 a barrel. right now of 3.6%. definitely a big move. trackingok at the etf,
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oil versus what is going on in biotech, you can see the move clearly. broad etf andre this is specifically oil and gas production. and then you have the biotech etf pulling back once again. this is really the pattern we have seen, they are not moving in tandem. here is the year to date chart and you see actually the oil in etf has been the underperformer. biotech's have held up well before that recent breakdown and now there is a reversal of fortune whereas the oil etf had been lagging. biotech's had been leaving. now they've had a role reversal in recent days. david: thank you very much. on capitol hill this afternoon. kevin mccarthy, expected to become the next because of the house, drops out.
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joining me now is republican senator orin hatch of utah. i've got to ask, as you look across, you have to despair somewhat for your party. what has been going on? for hatch: i feel badly congressman mccarthy because he is a fine man and a good leader and it could have cap the continuity going. i'm sure they will pick a good leader. we will see what happens. it was startling to me. i figured he would be the speaker. david: i want to ask about the other candidates, including somebody else from utah. jason chafe its. is he somebody you would support? sonja: sure -- sen. hatch: sure, he is from utah and he is an articulate spokesperson for our point of view. i have to say is he is a good-looking, articulate spokesperson.
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i don't know they will choose jason, but he has his hat in the ring. david: when you lack a -- look at your party, what do you make of it and what state the you see the party today? sen. hatch: if you look at what we have been able to accomplish the first nine months, it is fantastic. some of the most important bills of sotory, we took care many things. in the finance committee alone, we passed 37 bills out of the committee. them are law. that has been similar. real impact. some a lot of these things are difficult to understand. sometimes people don't know what is going on.
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w on your three decades of experience. when you think about who might be a good speaker, what are the qualities he or she would have to have? sen. hatch: i would not dare to venture a name, but a speaker has to be someone who can bring everybody together. someone who is intelligent, gutsy, has the ability to bring everybody together and sometimes forced them together. he's got to be able to wield power in a decent way. he or she, and frankly, there are so many other qualities. this is a very important job on capitol hill. the single most important in the house. you don't have to be a member of the house to be speaker. david: could be you. sen. hatch: i don't think so. i'm happy with the finance committee. david: you and senator ron wyden
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have been looking at volkswagen. i know you will look into that tax breaks. what is the status of that? letter to: we sent a those people to get all of the information we possibly can. we have theake sure data and the figures we should. that is what we are in the process of doing now. i don't think anybody understand and theirwagen did executives. certainly that's got to be brought to light. u.s.: we have the president of votes wagon testifying before the house. i wonder if you heard his testimony. does a cheer you the company is taking steps? cheer me upit does the leadership is trying to clear up this matter and trying
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to make it right. i think they will. they have to, in my opinion. they have taken the necessary steps. i did not get to see the representative of false wagon speak today. a busy day. i want to ask you about the trade deal we had released. what is your reaction to that agreement? think i know a lot about it. i have not seen the document. nobody has really. when that comes, it will be a secret document. to look at it and read it. what i've heard about it, i'm somewhat alarmed. votesosing some senators' on the trade agreement. i don't know why they did this, but they left some matters out of the agreement that some of
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our senators had to have. we only passed it by two votes. we don't have a lot of room to gain votes. i'm concerned. david: what are you concerned about? what would you have liked to see in there that is not? sen. hatch: my number one issue, although there are many, happens to deal with intellectual in protectingests those. especially in biological therapies. i wanted 12 year data exclusivity to allow them time. it costs $2 billion to develop it. biologics is where we will get treatments. yearsts $2 billion and 15 . if they don't have that exclusivity to recoup their money, all we are doing is funding the welfare programs of all the other countries in this
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matter and they will have to get out of the business. so it is a complicated matter. i'm hoping we can straighten it out. the total number of years in the agreement is said to be five. it can be moved to eight under certain circumstances. that is not enough to recoup $2 billion that companies have to spend in order to breakeven. these are very important issues. we have the greatest biological manufacturing group in the world here. if they can't get their money back, who is going to invest? if they can't get the investment, how are we going to have these cures in the future biologics can bring about? it is going to be hard. david: senator hatch -- sen. hatch: i could go on for
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hours. david: are you approaching it with an open mind? i have to admit, what i furred about it, -- what i have heard about it, i think it is woefully inadequate. then again, i'm not going to make that judgment until i have a chance to read it and study it and talk to the administration and see what we can do. i think it is important to pass this bill. there are some things that make it all but impossible to pass. now, let me just say this, when , that is the key bill a six-year bill that allows us to go into the next administration to get a better deal. tellimes it's better to people in the rest of the world,
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there are things we are willing to do. we are not willing to get the short end of the bargain. we will have to redo this. i don't know. if it comes to that, that is what i will recommend. it's not over just because the administration may not be able to get it through. david: are you supporting anyone in the republican party for president? sen. hatch: yes, jeb bush. he was a terrific governor in a purple state, balanced the budget eight years in a row. cut $15 billion in unnecessary spending. got the first aaa bond rating in that state in history. he was a dramatic conservative governor of great dimension and the elections because the people recognized he says what he means and says what he does. senator orrin hatch,
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thank you for your time. coming up, pandora is buying ticket fly. emily chang joins us with a preview of her interview. ♪
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david: welcome back to the bloomberg market day. i am david gura. is worth $450 million and it will put pandora in competition with ticketmaster. for more, let's go to emily chang. a big deal. emily: it is a big deal. this is a new revenue stream for pandora. they have been based off of ads and listeners who don't want to pay to listen to music. pandora think he are in a unique position to get into the
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business because they have all of this data about listeners and can target them. they have been using some of this data and giving it back to artists. it's an interesting addition to the debate about compensation for artists. yesterday was said spotify is built on the back of artists. you see pandora trying to straddle these worlds. tim westergren will be joining us on "bloomberg west." david: there were a lot of things discussed. what's this something a lot of people were talking about? emily: yes. jimmy is a huge hit her in this business. he is the guy behind beats. there are a lot of questions about how musicians and artists make money. we will be talking about that and diversity.
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a big report was put out, kind of a devastating report about the lack of diversity in venture capital. david: that is something that has been a continuing conversation in silicon valley, how much diverse indeed there is in venture capital. emily: indeed, david. he put together what they are calling the future list, ranking based on age, diversity, and gender. it is kind of shocking when you andreasenou think horowitz at the bottom of the list because they don't have any women investment partners. critics say this is not a fair way to look at things. is of the interesting points the venture capital world is 92% worse than the tech world. the venture capital business has a lot of work to do, given they
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are funding these businesses. if there is not diversity in the investors behind these businesses, how can we expect the businesses to be diverse? he was a big executive at facebook. taking axecutive, and big role in this. we will have them on the show. david: venture capital 92% male. emily: and four african-americans. david: unbelievable. cofounder and, the author of that report. this is the bloomberg market day. ♪
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>> 3:00 in new york and 3:00 a.m. tomorrow in hong kong. welcome to th bloomberg "market day."
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pimm: from bloomberg world headquarters in new york, good afternoon. i am pimm fox. markets moving higher after the release of the federal reserve minutes. the s&p 500 topping 2000 for the first time this month and oil increasing to two dollars per barrel. markets are unclear about the direction in washington after the stunning news that representative kevin mccarthy pulls out of the race for speaker of the house. we will look at the next in line . bill gross, the bond king, sues -- he cofounded over 40 years ago. are there any winners in gross versus pimco? we will find out. we

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