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tv   Bloomberg Markets  Bloomberg  April 4, 2016 2:00pm-3:01pm EDT

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from bloomberg world headquarters in new york, welcome. i'm lisa abramowicz. david: stocks are fluctuating and investigators are waiting to hear clues from janet yellen. did friday's job number open the fed window for a hike? lisa: crude oil bouncing around today. we will talk with canada's natural resource minister about his countries lands to whether a long-term slump and plans to attack i'm a change. david: and we speak with the ceo of the southern company -- one of the most active companies when it comes to the renewable energy sector. we are two hours from the close of trading. julie hyman has a look at the latest. out,: we have a stalling seeing a pullback of about .3% across the board.
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, a groups pulling us there lot of the cyclical groups. consumer discretionary stocks are leading the declines with health care help to limit the declines. the other notable mover of the session would be the u.s. dollar. we talked about the correlation -- less thanrices the fact that the dollar has been down and that is something investors are increasingly talking about. were is some talk that maybe could see a return to strength for the u.s. dollar. take a look at the bloomberg care. going back all the way to the 70's and the trade weighted dollar. the other time we have had long runs, have been longer than the current run in the drop in the
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past month or so notwithstanding. you had all volcker being named fed chairman and a 67 month rally in the u.s. dollar. then the dollar came down and in the 90's, robert rubin in treasury spurred and 81 month rally in the u.s. dollar and we have had a current rally that is only 57 months. past performance does not guarantee future results. but the dollar bulls are gaining optimism from this. i want to check on oil and gold as we are watching the dollar you seeing both of those lower. still a lot of pessimism after saudi arabia said it is not going to join any freeze agreement until iran joins or all opec members join. david: looking at some big caps moving today. apple getting an upgrade
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from credit suisse, saying it is underappreciated. those shares are higher. general electric and ace books lower with orenstein saying some of the risks with this stock are underappreciated, including a downturn in the oil and gas industry. facebook falling after ubs said you should buy on the underperformance. ubs saying going up into its earnings on april 20, it is going to be tough for facebook because those earnings may not look that fantastic. and underappreciated apple. let's get a check on bloomberg first word news with ramy inocencio at the news desk. amy: ted cruz leading donald trump why about 10 percentage points in wisconsin. trump is telling john kasich to get out of the race. he says if i did not have
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kasich, i would automatically win. bernie sanders is leading hillary clinton in the state. firm in panama city hsbc holdings was among the most active in registering shell companies that moved moneys around the world on behalf of rich and politically connected clients according to findings internationale consortium of investigative journalists. it outlines the creation of more than 200 house and offshore companies. shell companies can be legal and can also be used to hide wealth. the supreme court has agreed to weigh in on claims of racial from ad hear an appeal man who said he did not have a fair trial because a germane offensive comments about mexicans. he said the comments were so bad that the deprived him of his constitutional right to a trial by an impartial jury. he was convicted of unlawful sexual contact and harassment. big names headed to the basketball hall of fame -- all
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of them in the class -- shaquille o'neal was a 15 time all-star who was the nba m.v.p. in 2000 and a three-time finals m.v.p.. news 24 hours a day powered by archway 400 journalists in more than 150 news euros around the world. david: a lot of wall street strategists but years worried about higher benchmark rate and they have generally continued to decline. lisa: could banks continue to go lower still? with us here to rate get down is a strategist at mitsubishi usa. it calls for the 10 year treasury to fall to one point 23% in 2020. that is a pretty big drop. how do we get there? last years, a lot of strategists have been expecting the numbers to back up.
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the labor force was going to struggle to promote this decade and we thought it would grow about 100 basis points lower and that means the potential and gdp would average 2% or lower. the bond yield expectations had to come way down. what we are seeing after nine years, it seems that we are in the very early stages, finally starting to get some growth in the labor force back to the old historical average. if chair yellen just threads the needle right, we could avoid this kind of outcome of superlow japanese-style rates in the u.s. we have to embrace a more pro-growth environment. chair yellen has waited nine years for this development.
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debate about is the fed ready to shift or go sooner? if they are just a little bit could give a you little more gasoline to this engine and let it grow. have been desirous of young people and millennials, starting to take off. boomers have been driving the show the last nine years and we need to have a handoff and it has to go to the younger generation. if we still have this sluggish growth, we will end up in something like this 1.25 10 year yield. david: the fed chair gave a big time, she'shis onstage with three of her predecessors. how is she doing threading the needle? guest: i think now she will have
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this data and hopefully she has been willing to do some work on it. she sent a lot of mixed signals in the last two years and people have been critical, but i think we are potentially morphing to the world where labor markets are sufficiently tight that it is drawing back all these people and giving opportunities to people who have not had it. think you want to assure this environment and i think she's the right person for that kind of job. forecast isse case for this 10 year yield in 2020 and a 2.1% yield on the 30 year. what does that mean for the u.s. economy? what it means is the economic potential, which is labor force growth and activity growth is about 1.4% as we look
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out over the next 12 or 14 years. most likely, 2020 is a transition to recession. that is what it would point to. that is ify we avoid we get to a more progrowth environment and bring younger people into the job market who , startfter a few years to buy bigger ticket items and maybe get married, something more economically constructed. i think if you are chair yellen, you waited so long for this environment and you are finally starting to get these keys turning and you want to give it as much of a push as you can and hopefully persuade members of congress to get on board. david: what role as manufacturing going to play in this? not great numbers on manufacturing in the isn shows
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it to be a bit at her. how do you see it pushing toward growth? guest: matter of fact -- levels of payrolls today are as low as they were in 1941. we have done a complete round-trip. it is tremendously horrible. i have called up the labor department on this issue this past weekend i said to them, what is going on? we have facilities moving to mexico. we've had a tremendous number of computer assembly plants move to china and we have had all this stuff. the slower growth we are observing now is cyclically inecting a bunch of sectors manufacturing, offsetting the gains we see in autos, or chile. washingtonprogram in that is focused on growth and they are battling on so many different fronts that they need
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to come together on these issues. youeed a big turnaround and don't want to lose manufacturing. if you look at the unemployment rates for people with full underground or more, it is fantastic. but anyone beyond that, it is a run this. horrendous and we need to really come together and make these things work. still ahead, the southern company provides power to more than 4 million americans in the southeast and has been active in the renewables business. ceo tom fanning joins us next. ine's a look at shares utility companies -- all in the red today. ♪
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david: this is bloomberg markets. in thetaking a leg lower past half hour. julie hyman is looking at deals. the big win today is this virgin america and alaska air deal. virginalaska air buying for $2.6 billion. we talked about this being a possibility, beating out jetblue airways. this is something that will secure their west coast business and open up potentially some airports on the east coast. a total of $4 billion if you include that and capitalize operating leases. surging 42%. alaska air trading lower and jetblue is also trading lower.
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that is the big deal of the day, dealsere are a couple of -- one happening and one is not. ruckus agreeing to be acquired by brocade. three quarters of a share for each ruckus share. the transaction value about $1.2 billion. investors are not too happy about the deal. ruckus is higher, up 31%. then there's the egg european telecom deal not to be -- orange was in talks to take over a company for about 10 billion euros. there have been months of act and forth between the two before they collapsed, so today was the first chance traders and investors to react -- had a
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chance to react to that news. the question now is where else will there be consolidation since it will not be between the two french biggies? the world'sdison, largest renewable energy company is seeking to sell unfinished projects to get out of bankruptcy. is the ceong us now of southern company. why has southern gotten into renewables a big way recently? tom: it has been a long-term strategy of hours. when people say all of the above from an energy standpoint, southern company is the one company that does it all. we've led the renaissance in nuclear and build coal technology that is cleaner than natural gas. eightbles happen to be dominant solution in the carbon reduced energy future.
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since i have taken the helm here at southern, we've been alleged on solar and we are starting to get into wind. david: when you look at the utility space, using these varieties of energy, do you think that is where things are headed? do you see consolidating the players who are not involved in as many sectors? tom: i think that's right. our industry lends itself to scale. if you are going to make these scale, i think it takes to make a real difference in this nation's energy future. of then company is one largest utilities in america, so we have the ability to make big things happen quickly. fundsa lot of hedge invested heavily in sun edison announced on edison may be facing bankruptcy. dampen thetentially
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potential interest by big investors, no? tom: i would not comment on any particular deal. on like a lot of people who play in this space, we are conservative in our approach. i'm a former cfo and one thing i like to say about finance is in the world of finance, there are a lot of tricks, but there is no magic. capital in a simple and straightforward way. we use credit worthy counterparties and try not to leverage or otherwise complicate our ability to raise capital. codes, mlpsat yield and some of the things sun edison is dealing with, this complexly is proving to be
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troublesome in a volatile financial market. and do stick by our guns what we do and if opportunities arise, we will keep our eyes open. you have been investing in nuclear power here after a time when a lot of people were not doing that. what is the future for nuclear power in the u.s.? : if you believe there is a reduced carbon future for energy production in america, nuclear must be a dominant solution. we are leading the renaissance of nuclear in america and our units are coming along beautifully. when that plant was ordered by the georgia public service thought the price increase would be around 12%. with the schedule changes and associated costs, we think that plant will be delivered at about 6.5%.
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so price to customer has come down and we believe it is a dynamite technology. a lot of the advances we will havehat we are using would obviated a lot of problems that occurred at fukushima and it goes without saying that we are not in a flood prone zone or in a site intensive area. one of theis will be greatest megaprojects in modern american industrial history. and if we are going to go forward, we need more people to jump in. lisa: southern has been one of the most active purchasers of wind and solar utilities in the u.s.. what happened to make you think now is a good time? : i think it is a matter of momentum. tom the time i took the seat
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over five years ago, i quickly the renewables space which we believe is what of the dominant solutions in our nation's energy future that solar was the way to go. i have never seen the great association with wind in the southeast. are going to have when to move in, it's going to rely on high transmission requirements, which is not optimal electricity design. time,have moved through we have found more and more the advancement of utter production capabilities by companies we admire like first solar that may take the production cost curve down and transmission efficiency up. seeefore, more and more, we solar becoming part of the energy portfolio. it's just a matter of momentum.
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we think it will continue to the rest of this decade. lisa: thank you so much. tom fanning. still ahead, the men's college basketball championship game is historyand not only is at stake, but there are millions of dollars in line for colleges and merchants. here's a look at the colleges with the top endowments. ♪
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lisa: this is bloomberg markets. in just a few hours, the north carlin attorney face-off with the villanova wildcats for the ncaa title. and i know your household will be watching closely. it is a chance to make history and for merchants, there's egg money on the line. david: when my beloved tar heels
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win tonight, you write that the industry has primed itself. what are we going to see in terms of how the industry primes itself. as the buzzer and cycle you can buy all of your merchandise from t-shirts, tumblers, hats -- you can probably get a bid for your child. planned inl been advance and the same thing is planned for villanova. as soon as the game and's come he press the and the marketing goes live. how much work is gone into merchandising and creating the layout for what is going to happen? guest: it's a lot. i was surprised. kentucky stormed its way through the turn into the final four and their licensing partners say they spent over 6000 man-hours
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getting the logos and products ready. we are talking finite deals. court they played on, cut it up into pieces and may have a truck waiting to transport the court back to south florida where it is going to be sold. there are tons of deals like the to capitalize on all different aspects of the championship. david: do the retailers care who wins? guest: unc. david: it's a big night for bloomberg's brackets for a cause. 42 titans in business lobby perfect march madness bracket and donate $10,000. check it out on the bloomberg. ♪
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i did not see that coming. don't deal with disruptions. get better internet installed on your schedule. comcast business. built for business. david: from bloomberg world headquarters in new york, this is bloomberg markets. lisa: let's get a check on the bloomberg first word news with
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ramy inocencio. ramy: president obama says nato remains the defense force for the u.s. and europe. he met with the you -- with the nato secretary general discussing the fight against islamic state and fighting in libya. also using the meeting to call attention to the migrant crisis stemming from the civil war in syria. held countings up not just eligible voters in a district. it could alter boundaries and effect the nation's latino population. it ruled texas districting map accounted for one person, one vote. california governor jerry brown signed a bill that will gradually raise the state's minimum wage to $15 an hour by 2022. it has become the highest minimal weight state in the nation. business groups say it could
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cost thousands of jobs. a new study on air travel qualities is more flights are arriving on time and airlines are losing, but traveler complaints jumped to its highest level since 2000. the top 3 -- top reasons for frustrations were cancellations and extra fees for things like checking baggage and changing reservations. dayal news 24 hours a powered by our.400 journalists in more than 150 news bureaus around the world. commodity markets closing in new york. let's look at commodities starting with sugar. falling on speculation that the state-controlled oil company in brazil could weaken ethanol demand and push extra supplies onto international markets. gold sank for a second day. adding to speculation overall growth is gaining and prices 1218.ng around
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countryabia said his will freeze output only if iran follow suit. producers scheduled to meet this month to discuss an agreement on capping supplies. 's primary in wisconsin is threatening to shake up the race and those parties. if ted cruz notches a win, that for him a chance getting the nomination. and if bernie sanders gets the win, it would give him more momentum in his longshot bid against hillary clinton. us. halperin joins i caught the last episode of the circus last night. you focus on the particular needs of wisconsin. what makes wisconsin different? what are they looking for is a pick candidate or tomorrow? mark: it's a state with a high turnout and because of the battles they've seen over the last few cycles, including
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governor scott walker getting elected, reelected and recalled, you see a reflection of what has been dominating the national discussion, which is to say on the left, a strong aggressive tradition and enthusiasm for a liberal like bernie sanders and on the right, a lot of interest in the race because of donald trump. he's having trouble for a variety of factors and is working hard there and he's done a couple of days with three ,vents, well above his normal which is to fly into a place, do an event and fly back to new york. lisa: there seems to be an increasing amount of a 10 -- of tension between bernie sanders and hillary clinton. that she expect to be heavily challenged? it as she would like him to quit the race. like any front runner, you get annoyed with the person will not get out of the race.
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it's also the case that over time, two combatants will start to get under each other's skin. the key is to win big enough to come into new york two weeks from tomorrow with momentum. if he beats her in wisconsin and new york, he will have won several contests in a row and that gives him the argument to make that if he can beat her in new york, it could raise questions at her candidacy. if he loses tomorrow, if he continues to lose money, the race is effectively over for many people and you will see people urging him to get out of the race. it characterizes the battle of oakland here. the race moves to new york. what is this shaping up to be like for democrats in new york city? wisconsin, wins in he comes here with a fair amount of strength. he's got longer standing roots as someone who grew up in oakland, but it is a state with a lot of liberals and progressives. matchup between
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two candidates with new york bios, he would probably win. the question is can she trump that and it is another state where he will have to appeal to a more diverse electorate because it is a more diverse electorate. a third of the electorate will be nonwhite. trump is calling for john kasich to step out of the race. does this make him look more desperate? it's the strategy behind this? mark: that's a good question and john heilemann will discuss this. cruz has been arguing for a long time that he wants john kasich out. his trump doing this out of a strategic sense or because he's kind of annoyed and thinks it is irrational for kasich to begin? is undervalued and will have to do better than he
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has been. if there is a strategic thing for trump, it is in the northeast. can he perform in the northeast as a conservative texan with a more moderate republican electorate? if he cannot, john kasich may inherit a lot of the non-trump vote and trump may feel like a hedge against the prospect of losing in wisconsin. if john kasich is out of the might gain the momentum. you spent a lot of time with trump on the campaign trail. any sense that what transpired last week on his comments about abortion in the incident involving his campaign manager has shaken his strategy and he is flat-footed? the eventsu look at of the weekend, it was not typical. his campaign purposefully tone them down but psychology matters
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so much in politics and there's a sense even around trump and some of his supporters that he needs to get his footing back, particularly if he cannot find a way to win wisconsin. it is possible he will get zero delegates. it is not a winner take all state. trump may get as many as six but as few as he or a. he's pushing hard to overcome some of the dumps and write himself to not be shut out. if he gets zero delegates in a state with an open primary and a lot of lieu collar voters, the psychological implications would be intense. he will have two weeks before he can win anywhere else but he's stronger in new york than she is. trump had some pretty catastrophic words over the weekend about the u.s. economy. who is he playing too? he is saying what he thinks. it's one of 50 things he's done on national security and here on
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if he were a- typical presidential candidate, he would not be talking down the u.s. economy. are not doing as well as we could but to say the economy is in horrible shape and we may have a catastrophe, it is not the norm. what trump generally says when he talks in such pessimistic terms of yes, immigration is in horrible shape and our relations around the world are in horrible shape. i suspect if the interviewers pressed him he would say that things are bad on the current trajectory but if the economy a me, the economy will be intact. still ahead, we will speak with the canadian minister of natural resources. beenanadian government has weighing a carbon tax and we will ask about the future of oil and the third largest oil reserves in the world.
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this is bloomberg markets. time now for the bloomberg business flash and a look at the biggest is the stories in the news right now. it is the merger of two financially stable airlines. alaska and is buying virgin. i spoke with david kush on bloomberg radio. guest: the key thing is to keep running the airline safely, on time, and with the great customer service we have. david: the deal gives the airline access to valuable airports. lisa: cerberus capital is hiring morgan stanley to work the
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biggest sale. b bonds have been pretty placed with investors and are backed by mortgages from a failed u.k. lender cerberus acquired last year. david: a new venture by comcast is investing $250 million in groupon. comcast says it will work to find partnership opportunities to bolster the local ad business and will use the investments were general corporate purposes, including repurchasing stocks. let's head to the markets desk where julie hyman has a look at the latest. with a guns start makers -- smith & wesson is lower after they were downgraded . this is in the wake of new data from the national instant criminal background check system. this is a forward indicator for gun sales because it is people requesting background checks.
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according to one analyst, this data is not good for smith & wesson. sequential declines of 14.2% where he said the weakest of the past decade and well below 10 year averages. chart to the two day show the drop off on friday and this plunge we are seeing. we have ada on the bloomberg to track this act ground check system. you can see what he's talking about. here's the 10 year chart and we have had an uptick on those checks and you have had this decline year to date in the numbers he's watching. we see other gunmakers fall on this data and it's obviously not good for smith & wesson and will not be good for others as well. then you have some of the gun sellers declining in today's session. casinos and one was downgraded by credit suisse,
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basing this on valuation. a $19 priced target, which is above where it is now. on the heels of the monthly gaming revenue report coming out of macau which reported a drop in that measure. it's your than had been anticipated. lisa: thanks a lot you julie. pricing carbon emissions through a carbon tax is one of the most powerful incentives the government has to encourage companies and households. justin trudeau has been pushing for consensus on a carbon price but it failed to win backing. david: as the government fails to hammer out an approach, i guest fromcome our canada. put the carbon tax
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in unilaterally? you are in the majority. tried imposing things on 10 canadian provinces lately? i don't think that would be particularly popular. minister has done that. it's the first time in about six years the prime minister of canada set down with all of the premiers to talk about anything. trialas such an important and a provinces and national government have a large stake in getting to the right place. as you know, provinces have establish their own pricing mechanism and run a large range from british columbia, which is a revenue neutral carbon tax. for every dollar the british government raises -- the canadian government raises, a gives back rakes on their income
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tax. quebec, there are cap and trade systems under development and n.l. burda, they have their own. the job of the government of canada's two convene the premiers and talk about what the national objectives would be and determine the best mechanism for us working together. last year was an amazing year for investment and around the world, you had the u.s. up 7% and u.k. and india up 20% and an exception. investments were down in some people are laming a lack of federal support and policies for this decline. do you agree with that characterization? what we are doing about it. weakest table the budget in parliament two weeks ago that includes millions of dollars of investment with the private intor and green technology
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demonstration projects and alternate sources of energy in ways in which we can use greener ways to take fossil fuels out of the ground and ways we can inspire research of electric we can send the way the private sector to develop greener ways of going about our energy business. i know what our response has been. the government of canada recognizes we are going through a transition and investments with the private sector is what we need in canada should do a better job. you have companies doing a good business. could the government do more to find export opportunities from businesses like those? .uest: yes the premise or says one of the major jobs of the canadian government is to make sure we get our natural resources to market sustainably and for the government to facilitate business to business relationships across borders.
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are a free trading nation and a free trading government and we will be very interested in talking to businesses with opportunities across the border, particularly in the green tech sector where we have lots of room to improve and lots of people with best practices internationally to talk about why there are best practices. we have the willingness and the entrepreneurs and innovators. neckall part of the right to move forward with some certainty. canada economy has been hit by lower oil prices. do you think the lower revenues will cut into potential investment in renewable energy? not.: i hope i think the entrepreneur and innovator always have his or her mind on what is next and investment in what is next comes
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as part of a priority when at such a time, we know there are leading companies in the oil patch in alberto that have come together as an alliance to rule their resources together and look at ways aside from an electoral property interests to find best practices the entire industry will share. while it may be more difficult to make the argument during a time of low commodity prices, we see companies making those decisions anyway and ultimately, there's going to be some who do not do as well. our budget seeks to provide incentives to those who don't want to work -- you want to work to get us closer to the green technologies. if i were speaking to your predecessor, we would not have gone five minutes without talking about keystone xl. i do want to ask you about the
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all burda oil sands. there's something very difficult to reconcile. there's a lot of oil in these sands, yet extracting them takes a lot of energy and is quite alluding. how does your government reconcile that? guest: we reconcile it by working with industry on greener to bring the sands out of the ground more effectively with an eye on greenhouse gas emissions. reductionbeen a 30% in emissions from extraction in the last two decades. we are moving in the right direction. we also know that over time, beestments will increasingly moving to greener technology and removal sources of energy. transition. it won't happen overnight and we will be working with conventional producers and renewable sources of energy to
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get balance right while maintaining an interest in meeting climate change objectives internationally and in canada. up, we stick with clean energy. sun edison nearing bankruptcy, what happens? ♪
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lisa: this is bloomberg markets. legal loans are mounting for sun edison. two lawsuits were filed against terraform power company related to an acquisition last year. terraform filed a separate suit over renewable projects in india. let's ring and cory johnson,
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joining us from san francisco. we were talking about the amount of that this company had taken on -- upwards of $10 billion on the books. isy: what is off the books disconcerting. some of this is about the off-balance-sheet liabilities which makes this thing such a nightmare scenario. be only will the equity junior in position to all the other that out there and you can stockf you look at the chart, it is a heart attack. now it's down to $.20 a share. to market cap collapsing less than a hundred million dollars, which is to say the equity is almost worth it -- almost worthless. but this is a company that came together through a series of acquisitions. there are two components to make this company what is.
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these partnerships where they basically selloff the tax credit large solar projects can generate, including the likes of j.p. morgan and so on. but we don't understand how those work and how they might come apart and going forward in the cases where sun edison owns less than 50% because it would not have carried out of the balance sheet. these big deals they made with companies like first wind, which is one of the companies they sued over the weekend where they promised payments going forward and promised payments would be senior to debt. saye lawyers and is mrs. wait a minute, there's a bankruptcy, i want my money now. lisa: have you heard of other creditors lining up, just looking at the functionof sun edison path that?
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i see pine river n pretty big investors. cory: tell me the bloomberg command again? lisa: ag the on the bloomberg ticker. expectou are going to that because they will say wait a minute, my deal puts me first, there and we are going to take a look at that on "bloomberg west" tonight. apple coming up, talking with credit suisse. more after the break. ♪
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>> bloomberg markets.
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from bloomberg's world york, goods in new afternoon. a new report alleges vladimir putin, criminals, celebrities worldwide are using banks and shadow companies to hide their finances. we discussed the ramifications. -- u.s. we go to d.c. to find out legal precedents and what is at stake. more upside for apple. one analyst says the stock is a buy. or one hour from the close of trading. julie hyman has the latest. julie: a pause today after the major averages reaching their high for the year. .3% pulled back by about today. three orders coming in below estimates.

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