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tv   Bloomberg Markets  Bloomberg  April 20, 2016 10:00am-11:01am EDT

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betty: we will take you from new york, to london, to hong kong. here is what we are watching. half an hour into the trading session. stocks are fluctuating. s&p hovering around a fourth month high. crude oil is slipping for a fifth time in six days. mark: donald trump and hillary clinton both take new york by wide margins, ending losing streaks from both campaigns and pushing them closer to their party's nomination. does sanders or cruz have any path to victory or has a general election started? betty: intel is slashing 12,000 jobs. the deepest cutbacks in a decade as pc sales contract for a fifth consecutive year. can the world's largest chip company shift its focus to
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higher growth areas? we have got some breaking economic numbers on the housing market. julie hyman is at the markets desk with more. julie: existing home sales rebounding last month. we got numbers for the month before that were disappointing but now we have a climb of 5.1% month over month to 5.3 3 million on an annualized basis. it compares with february's 5.0 7 million. the median forecast, 5.2 8 million. a larger rebound than had been anticipated and does exhibit some resilience in a u.s. housing market especially going into the spring selling season. 3hat number coming in at 5.3 million, an increase of 5.1% month over month. the existing home sales number does not tend to have a big impact on stocks. at much appears to be having
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big impact on the overall direction we are seeing today. the dow and s&p, little change. nasdaq doing a little better. any increase means we are at new highs for the year above 2100 as we have been watching for the s&p 500. above 18,000 for the down. as we get into the thick of earning season the focus switches to micro from macro. let's take a look at the scorecard. this is something we will probably be checking on a daily basis on the bloomberg. .t is ea here is the quarter by quarter change in earnings per share and earnings pers and share. chris for shared down about 10% with 69 of the 500 companies in the s&p reporting sales up about one third of 1%. betty: tell us about some of the movers. coca-cola coming out disappointing investors even the earnings-per-share feet estimates. shares fell 4% matching but analysts anticipated.
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we saw a decrease -- and unchanged level in sparkling volumes and in increase in the noncarbonated beverage volume. coke realizing structural volume declined from here on out. interesting perspective as shares fall by 5%. i wanted to get a check on intel stock as well as it cuts -- it announced that 12,000 person job cut. intel stock bouncing by 1% on that news. mark: for the 8 day we are up. the stoxx 600 was down by 4/10 of 1%. we have rebounded. what a winning run the european benchmark is enjoying led by banks, basic resources, technology among the declining industry groups. today dominated by earnings. by up
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the world's biggest maker of power grids. first-quarter profit drop left an estimated -- less than estimated. news from theig chief executive martin blessing. shares went down lower. 2.3% lower. he says a slow first quarter will make it difficult to achieve last year's profit. this is just a month after the bank projected an increase in full-year earnings and finishing holdings. it reported net outflows of 3.1 billion swiss francs in the first quarter. market turbulence prompting investors to avoid risk. any investment management division falling to 67.3 billion francs in the end of march from
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december 31. the company expects performance these to fall in the first half of the year as market instability continues. the trend yesterday, a bit more even keel today. those companies that reported sales and earnings. betty: we will dig into that. throughout the next two hours. let's check in on first word news. david: hillary clinton lost seven out of eight primaries and caucuses but in the state she represented in the u.s. senate clinton won with 58% of the vote. againay you proved once there is no place like home. [cheering] david: clinton's victory make sit almost impossible for sanders to win the nomination. aides say sanders will determine his path forward after the next round of primaries next tuesday.
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president obama is in riyadh to attend a golf cooperation council summit. the president plans to encourage allies to deepen their involvement in the fight against islamic state. he plans to discuss the war in syria and yemen and talk about counterterrorism efforts more broadly. another tremor rattled ecuador . the strongest aftershock is the deadliest earthquake in decades. quakeay's magnitude 7.8 killed at least 525 people. hope is fading anymore survivors will be found. recovery teams in southern japan are continuing to find bodies following powerful earthquakes last week. searchers located the body of a man in an area hit a landslide bring the death toll to 48. three people remain missing. global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. gura.vid betty: the sense of trading con that has been shattered tumbled
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the most in nearly two months. shanghai composite dropped 4.5% overnight. no obvious news driving the decline. some are pointing to signs china's central bank has not reduced the appetite for monetary easing. joining us now is ben manziel. good to see you. could you ride in at the nation for what happened in china? -- could you find an explanation for what happened in china? ben: i think we have seen an economy accelerating through the middle of the year. evidence of that is an asset investment that has been pretty strong. housing market has been pretty strong. even our medium-term view on china is not a particularly sanguine one, i think what that does, when you have an medium trend that is challenging a short run trend that is stabilizing that is a recipe for
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volatility. i do not think there necessarily needs to be a particular news item or trigger when you have that confluence of events. i think we are looking at tension between near term and short term. betty: your outlook on oil is pretty negative. ben: over the medium to long-term certainly. the short run is about geopolitics. if you want to predict the oil price in the short run you need to have a strong conviction view of some geopolitical event. betty: you see price swings may be $10? ben: i think you see price swings in that order of magnitude. in the medium to long-term it is all about u.s. shale productivity and real interest rates, both of which will put pressure on the oil price. strengthens, the inverse of that is the dollar weakening. -- unless the dollar
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strengthens, the fed will resume their rate hike in june which leads to my question, as the bloomberg dollar spot index trades at its lowest in a year, is the full run over? -- is the bull run over? ben: i believe there something left to it markets are pricing in a nontrivial possibility that fomc stays on the hold or moves in the opposite direction. our view is that you are going to see about two rate hikes this year consistent with what the fomc has projected and that will be an upward impetus for the dollar. how far they can go is going to depend on the path of the dollar in and of itself. i think you get into relation between those things but in general upward support for the dollar as monetary policy does its work over the course of the year. mark: one of the more interesting calls came from prudential financial.
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it says the 10 year yield could fall as low as 1.25%. i want to bring up a chart on the bloomberg which shows the japanese bond market. the yield on the 40 year fell to a record low meaning that all parts of the curve are yielding below .3%. point inential have a the search for yield you will continue to push u.s. treasuries higher and yields lower? ben: i think that is certainly a possibility. this is part of the u.s. treasury market and the u.s. dollar's privilege in being a global reserve currency. so part of it is that. i generally agree with your point that there is a search for yield and when we look at fixed income markets we see compelling
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opportunities in relative value where the high yield markets, u.s. treasury, australian bond market relative to the food and jg be in canada. real yield will be an important factor driving returns for investors. one which we subscribe to. betty: i want you to look on your screen. inside our bloomberg there is a cool chart where we map out the returns. the relative returns of three asset classes. 1970's, stocks still outperformed all of the other -- the two other major asset classes. no matter what your outlook is stocks are still the best that. ben: what that chart is telling you is that the equity risk rhenium has not collapsed. certain risk premium markets which have been decimated.
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looking at the term risk premium investors are paid to hold duration. that has been squashed to zero negative. the equity risk premium. betty: you still have to be careful. ben: some risk for sure. that is the inherent trade-off in equities versus bonds. betty: thank you so much. ben mandel. mark: coming up next, shares of intel falling after the company announced 12,000 job cuts. what's next for the world's biggest maker of semiconductors? more bloomberg markets ahead. ♪
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mark: live from london and new york, i mark barton.
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-- i'm mark barton. betty: i'm betty liu. a look at business stories in the news right now. or motor apparently paid $199,950, 55,000 more than the sticker price to buy one of the first sport-utility vehicles made by tesla according to vehicle registration documents. the model x was the six to fourth one made at teslas factory in california. the vehicle with michigan plates has been spotted in the detroit area. automakers often buy cars made by competitors for road testing and teardowns to reveal components and materials and how exactly they are put together. itted continental has made official, shaking of its board as part of an agreement with investors. robert milton will be the new chairman. milton will replace the current chairman henry myers. united agreed to give seats to firms askcapital --
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for a chairman with airline experience. in other corporate news we are watching intel shares rising today after the worlds biggest maker of semiconductors made the decade.cut back in a cory johnson joins us now for more. this is a shift we have seen with a lot of older big tech companies. cory: the pc market decline is news to no one certainly not intel. intel has had success in gaining market share while everyone else has offered. is much worse for others than intel. it is a place where people go to work for long careers and expect to stay there. both cuts would be voluntary and involuntary and our big. 12,000 people, 11% of the employee base as measured at the end of december. the messaging from the company
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is just as interesting. they want to grow and invest. capital expenditure will stay as big as it was with fewer people. mark: they are shuffling management and the management change that that out to me was the man who to me was synonymous with intel particularly on earnings day, stacy smith, cfo. what is the significance of that? cory: i think it is important. stacy smith stepping up to a bigger job in charge of sales and manufacturing. what is intel is not sales and manufacturing? i suppose research as well. stacy smith has been a cfo for a long time. more than 10 years. maybe he is itching for a change . a relatively young guy stepping up to a big position. the company says this is not a succession plan. -- stacyng at a time smith stayed at cfo. rene james was made president and effectively coo.
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she is gone and he steps up in a big role and i think that is important for this intel lifer to step up to this big job at an important time for the company. mark: thanks for joining us to chat about intel. cory johnson, bloomberg editor at large. still ahead, harley davidson stocks cruising. the company's chief executive joins us to talk growth and competition next. ♪
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betty: you are watching "bloomberg markets. " give us a quick check on how markets are trading in europe. mark: little change but earlier we were down so we are up a little bit. up for the eighth day and night. i will show you a chart and roughly 40 minutes that shows you we have broken out of this important holding pattern which
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the stoxx europe 600 has been in the last month. marginally higher. the ftse is a little bit lower today. the dax is higher. cac 40 is higher. it is banks, basic resources. those are the leading gainers. energy stocks are down along with the price of oil. health care is also lower. let's finish up with currency markets. big day for data in the u.k. we had evidence that the u.k. labor market is cooling. we will talk about that later. sterling down against the dollar, down against the euro. the yield on the 10 year down to 1.48%. betty: we are pretty much not budging one way or the other either. we are focused on earnings. earnings season kicking into overdrive this week. one company we are watching is harley davidson reporting profit
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that beat estimates. shipments up more than 4% year-over-year. business at home was just slower. for more i want to head over to bloomberg's matt miller with the ceo of harley davidson. matt: here with matt levatich, pleasure to see you. i want to talk about the brand. i have become a convert since the last time we met. i got a roadster 48 and i fell in love with the engine, the way it pulls. an amazing experience that i did not get before i had written a harley. more than 50% of the big bike riders in the u.s. have known about this. matt l.: i think we have a fantastic -- 51%. most of our presen competitors e in single digits. we have hatchling for decades. the issue for us is not about
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growing share but growing the sport, making sure that motorcycling is a vital part of what people do in the united states. it is surprising people come a two to 3% of americans ride motorcycles. matt m.: globally sales were growing in the u.s.. quarter.we had a great strength in international, 4.5%. the u.s. marketplace right now is extremely competitive. it was all last year because of the strong dollar. non-us competitors able to price pretty aggressively which they did and they continue to do. at the same time there has been a lot of new product introduction in the motorcycle space. probably coming out of the downturn a lot of companies pulled back, got their feet under them, started launching new motorcycles and that is in the marketplace now so we have never seen a level of competitiveness that we saw in 2015 and our pitted to driving demand that we talked about in
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october and january announcements is all about putting our foot down, backstopping share loss we had last year. up from a historical average of 45 climbed up to over 54 and now we are at 51. we have retraced in 2015 and i think the quarter's results are strong about making a stand. we are here to win and here to lead and we will do that with a lot of different -- matt m.: who is your strongest competition? ducati, they tha have a cruiser now. polaris has a couple of brands that are looking to aggressively take market share. matt l.: it varies around the globe. the international growth and ever's petition that brings and the challenges vary across the globe. in the united states we have a leadership share and there's really no close competitor. all trying to zero in on what we
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have and that is great. competition is good for the industry and good for the riders we are investing in product to compete. that is good for the rider. we aim to compete, maintain leadership position and also invest to grow the sport of motorcycling. the united states is a pretty mature motorcycle market from a population perspective. a couple of things, we are talking much better to what we call our outreach segments and we have changed the mix of outreach sales over -- since 2010 from about 34% of sales to outreach customers to now 39%. that is by being smarter about product, wiser about how we talk about it in making sure dealers are up to speed on how you meet people on their own terms. adults, women, african-americans, hispanics. when you look at the population
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mix in the united states we have a great customer base in that core customer. 50 million white men 35 and older. 50 million of them out to 2030. the outreach segments are 150 million and that is going to .row to 200 million by 2-030 investing in rider training to help people realize how awesome it is, like you know, to ride a motorcycle and motorcyclists like you and me having conversations like this telling the world you need to think about motorcycling because it is awesome. matt m.: thank you very much. i will ask you about the 110 engine at the break. ♪
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thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it? you do with comcast business. it's reliable. just like kung pao fish. thank you, ping.
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reliably fast internet starts at $59.95 a month. comcast business. built for business. shoshow me more like this.e. show me "previously watched." what's recommended for me. x1 makes it easy to find what you love. call or go online and switch to x1. only with xfinity. betty: live from bloomberg's world headquarters here in new york and london, i am betty liu with mark barton. we are getting oil numbers.
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every wednesday we get those, and they continue to be more and more important. particular since opec is not doing anything at all to stem the declines we see in oil. julie hyman is standing by at the markets desk with one of these numbers. julie: we are seeing a built in the inventory, as expected, although it is smaller than had been estimated by oil analysts. we are looking at a build of 2.80 million barrels week over week. 2.9 million barrels is what analysts estimated. we are seeing a drop in gasoline inventories of 110,000 barrels -- a much smaller drawdown than had been estimated. distillate inventories seeing a larger drawdown. 3.6 million barrels. it looks like a mixed report in terms of crude itself, and then the refined products. just looking at the feed through two oil prices and the reaction we are saying, oil lower on the
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day. last night we got industry data that predicted the build. oillso learned the kuwait strike was not going to go on. oil has been trading lower by about 2%. it has been coming off the loans of the session in the wake of these headlines. to aually takes 20 minutes half-hour. we will check again at 11:00 a.m. mark: let's check in with first word news. david gura has more from the newsroom. david: one of the top countries in the world when it comes to cyber attacks is south korea. general brooks testified and said when it comes to conventional weapons, north korea's arsenal is outdated. the death toll toll from a taliban attack in kabul rose sharply last night. two investigative teams have
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been appointed to investigate the attack, which targeted an agency that provides protection to high-ranking government officials. criminal charges will be filed against three people in the flight, michigan, tainted water case. two regulators and a point employee will be charged. they used improperly treated water. support for legalizing marijuana is at an all-time high. the drug.t legalizing 51% say they have tried pot, and 81% favor medical marijuana, saying it should be available to people with series illnesses. health organization says eight out of 10 counties in have the dirtiest air. i am david gura. betty: time to get you caught up
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on the action around the world. i want to start in asia. chinese stocks really tanked for no particular reason, down about 2.3%. that dragged down the hang seng, but the nikkei rose slightly. the one big story out of the region is in japan. japanese imports dropped 40 15th month in march. exports fell, even with a bigger than expect the trade surplus. hong klum with more from kong. heidi: contraction when it comes to exports accelerating. shipments flowing -- 6.8%. both less than expected. a surplus of 6.9 billion u.s. dollars. concern arising that the yen will undermine exports. of course, the 21 percent decline in march weighing on
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japan, all of this waiting on the boj as they meet in april. the governor saying just today there is no limit when it comes to adjustable rates. mark: check out how here. i cruise are doing one hour away from the end of the wednesday session. stocks are rising. declines in london, but gains elsewhere. since run it has been february 11. here are the industry groups that are going the european benchmark higher -- banks, they sick resources, insurance, autos, industrial -- basic resources, insurance, autos, oil prices falling. -- currencynt market, the sterling is lower against the dollar. a big piece of economic data today was on employment or on implement. u.k. on implement rising -- on employment. for themployment rising
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first time in six months. the 10-year yield is down by four basis points to 1.47%. yield down byyear a couple of basis points to .15%. let's get back to the u.s.. abigail doolittle has the latest from the nasdaq in midtown manhattan, taking a look at two health-care stocks. let's start with intuitive surgical. abigail: thank you. intuitive surgical is trading nicely higher today, carving out record highs after the company be first-quarter estimates, -- beat first quarter estimates and raised growth significantly. 5% to $700 pery that, with a suggestion there could be decent upside for a stock that stands out already by trading so much higher on the year by about 90%.
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bullish action for intuitive surgical. mark: anything else moving in the health care space today? abigail: one thing that stands out, regeneron. .t has been downgraded there are concerns about the key drug and he is concerned about whether or not the medicare part b plans -- the new ways of reimbursement, could be a problem for the stock. shares are down on the year, most recently in the last few months. training in a range, with today's action indicating they might drop to the bottom of the range, close to $350 per share. we'll have to see whether or not regeneron can recover from today's many routes. betty: thank you. i think it is about time we talk about vegas. mark: that is right, making big -- betty: that is right, making big vets -- big bets, rolling the
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dice. $1 billion more than in its initial public offering. shares are higher. up about 7%. it priced 50 million shares at $21 apiece. the top end of the range. casinon interest in resorts like the mandalay bay, the mirage. we have not had that many ipo's this year. joining us from the floor is an jim growth property ceo james seward. so, james, you can get chance, did your ipo. it has been a dry pipe line. how do you feel? : i cannot be more proud to be associated with this company and the people in it. the reception we have gotten has been overwhelming, and i feel great. betty: so, who are your investors? are they investors that are traditionally in reits, or are they more diverse -- who are
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they exactly? broad sett: we have a of investors. it would include reit investors, funds, people that own and jim resort stock -- a nice, broad group. betty: james, tell us about -- mark: james, tell us about the timing. betty was saying this is the second big ipo in the week. there has not been too many. why did you choose now to get this off the ground? --mr. stewart: as we repair the company and looked at the capital market, it seemed and our discussions that we might be in a position to get a deck draft positively from the market here. so, as we started and began to talk to investors, that thesis really proved through. proceed, and be
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the first billion-dollar ipo of this year. betty: you think it -- you think investors now are going to be more receptive to ipo's? will we see more in the near future? mr. stewart: it is hard for me to say. i think our own company has a number of unique, positive characteristics, which made the market more attractive for us. beyond that, it is hard to say what the perception would be beyond this. betty: james, you know, the back story on all of this is -- the ipo is not primarily because of this, but we know the activist investors had been pushing for mgm resorts to unlock more value. this is one move. they put out a statement earlier where they said "mgm resorts had taken a half step to unlock the volume of mgm. it is perfecting why ceo jim murren would not go all the way
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and decisively unlock the inherent value in mgm resorts." what do you say? mr. stewart: i think the way we have done it is actually very creative, and an ingenious way that will turn to be positive for investors. the revenue of the company, which is the rent that mgm pays is covered 3.7 times by mgm resorts. part of the way we accomplished this incredibly large cushion to our rent payment is through keeping the mgm grand, the outside of the mgp portfolio. we have the full corporate guarantee from the cash-flowing power of those assets to guarantee our rent. i think it is a positive move, actually. betty: --
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mark: what next -- when you go from here -- hotels, casinos, resorts? what is on your buy list? mr. stewart: we want to focus on destination resorts and we have nice growth built into the company in the form of contractual escalators on the vast bulk of rent in our reits. 90% pay we also have the right of first offer on two copies , one iny in development national harbor, maryland, close to washington dc and northern virginia, which opens up later this year. a $1.3 billion project. and we have the right of first offer on a project in spring phil, massachusetts, which mgm is also developing. beyond that, we will be selective in what we look at it we will look at casino resorts, given the dna of the company, and also entertainment, hospitality, leisure, as long as it fits with what we know. less than 30% of the revenue
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gp asset isies m gaining. more than 70% comes from the other fun things people do when they go to a resort. to the extent a great deal comes across my desk that i think fits for the 70, fits with what we want to do, -- for the company, fits with what we want to do, fits with what is happening already, i do not want to turn that way because the mandate is to narrow. betty: are you happy with the mix -- do you want to get gaming of more, or do you feel, like, in this economy, you want to reduce that portfolio? mr. stewart: is not a fundamental driver in any of our decisions. areind that as long as they ultimately creative to dividends and do not leverage us beyond a prudent measure, the mix is less important to me on the specifics of gaming or non-gaming. mark: -- betty: james, thank you. up, what the chief
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executive told erik schatzker's about the company's strategy for dealing with low energy prices. that is next. ♪
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mark: this is bloomberg markets. i am mark barton in london along with betty liu in new york. time for the bloomberg business flash. investors might have been hoping for a strother turnaround of coca-cola. the world's biggest soft drink company posted first-quarter earnings that beat estimates, but shares were down by 4%. in japan, mitsubishi motors has admitted manipulative -- manipulating test data.
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the affected models include that discovered the cheating -- two -- that discovered the cheating. the eu is opening a new front in its fight with google. regulators have sent google a formal antitrust complete over its android mobile phone system. a company is accused of using its power over smartphone makers pps.rush opposition for a google has responded, saying it will show that the android business model is good for competition. and that is your latest bloomberg business flash. mexico's state-owned oil company pemex has seen better days. pemex just received a government cash infusion of more than $4 billion. in an exquisite interview with
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executive,ker, chief talks about turnaround plans. mr. gonzalez anaya: we need, like every other company, to adjust to oil prices. if i'd oil -- if oil prices increase, that will be good news. we need to face the reality that oil prices are not $100, not $80, and not $70. a budget is enough for the american got -- mexican government interview ti is at $35 or brent is at $40? mr. gonzalez anaya: well, it is enough for this year to meet the targeted we need to make some deep cuts, very important cuts, and i call these adjustments the short-term challenge, and we are facing a short-term challenge ist is very big, but pemex
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facing a very good long-term opportunity, which is the rules of the game in mexico have changed, and energy reform is giving pemex to minister to ability to face these issues. mainly, it means we can partner with other people. public?y not take pemex mr. gonzalez anaya: i think the biggest gain from going public would be the transparency that we have. moving towards more and more transparency, but let's remember where we come from. we were a state-owned company -- erik: since 1938. mr. gonzalez anaya: so -- erik: there's a lot of history to overcome -- is that the point? mr. gonzalez anaya: well, yes. what theyhere also should be -- mr. gonzalez anaya: in the near future, that may be. erik: it may be, but what do you think? mr. gonzalez anaya: i think we need to move toward the
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transparency issues that public companies have to do, and that would make us accountable and make us concentrate on profitable decisions and profitable activities. erik: let's entertain a what-if scenario. let's forget about all of these things -- history, politics, pressure, unions --if pemex were a private company, what would it look like -- how many people would it employ, what businesses would it be in? mr. gonzalez anaya: that is a hard question to -- erik: if you had a blank slate -- if you could restructure the company anyway you wanted -- mr. gonzalez anaya: there are a lot of things we could do. we could certainly be more efficient. there are a lot of activities that are not strategic anymore. it depends on the reality. pemex was asked to do everything from taking the oil out of the well, to putting gasoline in gas stations, to making fertilizers, to making other petrochemical things. if you ask a different question and pose a different need, then the company looks different.
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so, the question -- you know, the needs -- have changed, so the company will have to change. erik: of all the things that are not strategic that you could do to improve the company, what is at the top of the list? mr. gonzalez anaya: there are some downstream activities that are not strategic. people can create land. erik: so that is what we should expect to see you do first? mr. gonzalez anaya: perhaps. i have to be careful with these things. we have to be careful with these announcements, but not strategic, downstream issues, are probably things we can move forward on. betty: and that was the pemex ao, was antonio gonzalez on -- hosea antonio gonzalez. taking passengers anywhere in the country at any time -- we will show you that next. ♪
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pursuits is about the highlight -- literally high. why fly first class when you can build your own private plane? the company can take you across the u.s. faster than a commercial flight and service is on demand. ramy inocencio jets into the .kies with ceo brad stuart >> cleared for takeoff. bringing private aviation to new heights thanks in large part to its ceo. xoad stuart has been leading jets since 201030 still gets excited flying in a plane. how are you feeling? ramy: awesome. downtown -- >> downtown
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manhattan. stars, but are a few they are just in the first market. stuart: the second is financier's. their net worth tends to be $30 million or $40 million or more. they are the top 10% of the 1%. world-classey give service to all the eyepiece. >> no matter who they are -- the ip's. >> the matter who they are. ramy: how much does it cost? how many are there? mr. stewart: we have 17. ramy: one flight will set you back about $30,000. they own a fleet of about 40 planes with access to more, all
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on demand. as for competitors -- mr. stewart: the biggest players , they sell portions of airplanes. monthly management fee. t charges clients by the trip. of the sharinge economy, they have been compared to uber. they are both owned by the same private equity firm, tg p capital. mr. stewart: we feel demand are the key drivers in what we should charge. ramy: cost might be more than afterthought, boarding when you want and how you want in comfort and high class. xojet reminds it is about your journey, not just your destination. >> cleared to land, runway six. ramy: ramy inocencio, bloomberg news, new york. ramy: that was bloomberg's
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inocencio on flying high. you can read more about xojet. you and i just need you, me, and 28 of our best friends to get one ticket on that airplane. mark: i pine for leg room. cattle class.e in i am to talk. i'm leaving it up to you to organize it. eu regulators take another swipe at google -- we will dig deeper into this story. i will leave you with the market. the european close is next. ♪
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betty: it is 11:00 a.m. here in new york, 4:00 p.m. in london, and 11:00 p.m. in hong kong. i am betty liu. mark: i am mark barton. you are watching the european close on bloomberg markets.
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we are going to take you from london, to new york, to brussels in the next hour. here is what we are watching today. u.k. unemployment rises for the first time in seven months as employers added fewer jobs than forecast. the report comes as the nation debates whether to leave the eu. we look at what it could mean for the u.k. economy. mark:-- betty: lloyd blankfein with oh-fer -- worst first quarter during his tenure. can they rebounded -- with a closer look. mark: we looked the market for renewable energy. efg-hermes buys a major stake in a wind farmport lio in europe. we will talk with the cohead of private


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