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tv   Bloomberg Best  Bloomberg  May 1, 2016 5:00pm-6:01pm EDT

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♪ ramy: coming up on "bloomberg best," the stories that shaped the week in business. saudi arabia moves beyond oil. the fed and the bank of japan issued new policy statements and earnings come fast and furious from a slew of major companies. >> they give us another problem. >> this is a serious realignment , what is going on in the smartphone market annapolis suffering. >> this machine is working, stay out of the way because we will not stop. ramy: from nobel laureates to leaders in sports, there is no plenty of food for thought in this week's interviews. >> the eurozone has been a failure.
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>> we think they can handle a franchise. >> we have a rate increase, maybe two more. ramy: and brexit, the date of decision draws near. experts forecast the follow. >> it will be a shock if we were to leave. there is consensus on that. >> there is the freedom to find new markets in the world and take back control. ramy: it is all straight ahead on "bloomberg best." ♪ ramy: hello and welcome. i am ramy inocencio. this is "bloomberg best," the most important review of analysis and interviews from around the world. let's look at the headlines. we start in the middle east. bloomberg has been reporting on saudi arabia's plan to diversify its economy and actually reduce its dependence on oil.
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on monday, the kingdom officially released the blueprint for its future. mark: all eyes on saudi arabia, the economic shakeup has been led by the deputy crown prince mohammed is meant to steal the world's largest oil producer away from its decade-long reliance on crude. take us through this blueprint. what do we know so far? andrew: we are talking about the biggest economic shakeup since the kingdom was founded in 1932. they will list the company, take money and drive a sovereign wealth fund that they were used to diversify away from oil, rollback subsidies, increased taxes. jonathan: looking at the oil revenue last year, and 2/3 are employed by the state sector. is a problem around the corner? is this a little too late?
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john: we will find out in the next few years. there is round for hope, not all of them great ones. one of them is they now know, they all understand even the crest members of the royal family, that something needs to change. there is extraordinary ways. in this case, there are vast amount of money that they do not know where it went to us so they pulled it back in, that is another area. the other fact is that this is inll a monetary -- monarchy the king wants something and it --sonn want something wants something. emily: apple shares slide as the world company grapples with slowing demand for the flagship product, the iphone. we knew they were declining for the first time since 2003, but they still got some analysts off guard, and there could be another decline this quarter. what are the takeaways? cory: we know it is 2/3 of revenue for the company. emily: and is saturating and still growing at 7%.
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cory: you have shrinkage at apple. it really shows this is increasingly a seasonal product story, that the secular growth taken away. the real concerned that open the reason the stock is down, i think, is because of the margin number. he went to see margin stay high and they are coming down. bob: this is a serious realignment of the market, and apple is suffering from it. people are finding love, the smartphone i have is sufficient. i do not need to upgrade that often, i have a big screen iphone that does what i want, i will just keep hanging on as long as i possibly can. i think that foretells a very different future for apple. i think the services group is where their opportunity is. frank: i don't agree with bob. i think the most important thing that many are overlooking is how tough the compare was over a year ago and the huge burst they got off of the large-screen iphone 6 and s6s.
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will we see a new burst of peopleion that will get back onto your upgrade cycles and get the more excited? another factor is, can apple keep drawing and converting people from android, would you do not see them doing prominently in europe yet. erik: no change in interest rates, scarlet, but the federal open market committee drafted a policy statement with a somewhat hawkish tone, and that is a surprise. gone is the reference to risks closed by global and economic -- posed by global and economic financial developments which the fed used to explain its decision not to change policy back in march. translation, the fed is not as concerned about the external risks to its outlook and the focus is back on the domestic economy. scarlet: was this a hawkish or dovish statement? dominic: we thought it was they may sete
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themselves up for a june hike. they clearly did not do that. and i think the sort of more subtle reading of it was that she bore the committee is getting quite comfortable that they have underpinned the risk asset recovery since the last meeting. that is why the june hike, although people talked about it, it is really so unlikely and it should be banished from your mind. >> did you learn anything today about what the fed is going to do? >> to me, much ado about nothing. they did downgrade the global condition, i suppose, and they did not mention june. that is given heart to the long bond for the u.s. by three or four basis points but we did not learn much. i think we will learn more over the next month or two as long as global equity markets and risk markets are stabilized. for her.at is the key she has assumed the role of global central banker,
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indicating the global, not just domestic risk markets are critical. while this may stabilize the stock market and the bond prices, it is a rather sad commentary on the artificiality of yields and financial repression that is going on for almost six years now. >> the yen jumped through, and after the bank of japan cap its stimulus program unchanged. there is large downside risks, half of 1%. francine: the thinking is that governor kuroda wants to see what it will do his economy and the bank longer-term. jodi: that is right. governor kuroda in the press conference underscored the fact that there is more that can be done, and he will do more as needed, including with negative rates. negative rates just took effect in january and he wants to give
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more time for them to have an impact in the economy. we will clearly wait and see. francine: they don't want to be dictated to. holger: it certainly looks like that. he does not mind surprising the markets. whether he delivered late juices as a weapon or whether there are other things, discussions going on in the background, which we don't know, we simply can't say which way or the other. he does not seem to be gearing very much about preparing markets, preparing the public. hence, you could say to some extent, he is not using one of the two central banks. matt: oil huge story, oil hitting the highest since the december numbers. exxon mobil with quarterly profits the lowest it has reported cents 1999, down 3%.
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it still ahead of analyst estimates because it cut capex by 33%. jonathan: we have seen big cuts in the first quarter. what is going to be the legacy of these topcats from the companies that are maintaining dividends versus those who have acted early and have a high service replacement ratio? >> i think you are on the right point for the longer term, jonathan. the pullback in the investment is going to affect reserve placement, production down the road. i think in the case of exxon, they are already planning for their production to be flat at the end of the decade. i think even hitting that target is going to be difficult, given the pullback we have seen in their investments. jonathan: looking at these numbers, the cost management has been terrific, bp a great example. but, 18 month low. how does that set you up if you on crude?
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francisco: we will go higher into the year and, and we will still see $16 on a barrel at the end. but the price, saudi arabia is no longer trying to price this throughout the various quarters. ramy: we will have more earnings highlights later in the program, including mixed results from european banks and bold words from t-mobile's ceo. up next, a deeper dive into this week's top news where we encounter whales. ♪
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♪ ramy: this is "bloomberg best." i am ramy inocencio. so many headlines, let's keep moving on the world tour of top stories, starting with startling statistics from asia's second-largest economy, japan. angie: japan is increasingly working for shareholders unlike any other. we are talking about the nation's central bank. the boj purchases have made it a top 10 shareholder in about 90% of nikkei 225. our bloomberg colleagues did the math and doug to the documents and wow. that is the reaction everywhere. shery: the policymakers in japan
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don't disclose how them buying etf translates into individual stakes in individual companies. the fact is, we can estimate, and that is what we have done through their own records, boj records, regulatory findings by companies and etf managers. john: it is state capitalism from a new direction. we are used to the old days where governments used to own companies and now we have a thing where they have been privatized on the one hand and others have talked about having strategic direction. this is not strategic direction. this is just buying them and ending up with it. it is a very weird new version of the bank of japan capitalism in its own way. tracy: drugmaker valeant is getting a new chairman and ceo pau, helping to turn around after a series of scandals last year. is this about leaving, or is he really up to the task?
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>> it is a little bit of both. perrigo, he had a pretty spectacular run up until april of last year, the shares gained more than tenfold. that is a fantastic return for any ceo tenure. but over since then, they were embroiled in a very nasty takeover with myelin, made promises to investors, then they said they would cut their forecast. they were taking a charge potentially on a deal they finished up last year. and the stock is down i almost half since reaching that august be. clearly the momentum he gained in the first part of his tenure has not necessarily been maintained over the last 12 months or so. tracy: with your fantasy ceo hat on, what do you think his first task will be as ceo of valeant? >> the one thing everyone talks about is restoring credibility. his job number one is to come in and say, hey, i got this, it is
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under control, financial reporting on time, it will be transparent. you will know what is in this business. >> dcnf has won a $37 billion contract to build 12 submarines for the australian navy. this is a huge contract. what of the details ?paul: it is ? paul: it is the biggest in australian history and the biggest upgrade of the navy since world war ii. it directly means 2800 jobs and also the heavy use of australian steel. the contract is a victory for talon. patrice: i think the french government and the australian government created the proper forronment to build trust these contracts and it is very important. we have created a bridge, and
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industry bridge a between australia and france to give confidence to both parties. shery: mitsubishi motors has admitted falsifying emissions test dating back as far as 1990 one. the automaker has formed a panel of three former prosecutors for an investigation expected to take three months. the president again apologized for the scandal, which is wiped out half of the market value since the numbers last week. can the company survive this scandal? one speculation is a buyout and the other is a bailout. for the buyout, there is the possibility a chinese company, maybe an indian carmaker, a domestic japanese business. the forecast is not good at all. they are one of the smallest car makers in japan, so it is
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unlikely that part of the business would survive. scarlet: yahoo! shares are slightly lower after announcing gettingith star board for new directors to the board. is this a surprise? >> no, it really wasn't. this is the option we were all expecting. star board was running a proxy contest and they wanted to replace all or most of the board of yahoo!. that would have been miserable outcome for everyone. what would have happened, the field process would have run, and then they would have picked a winner. star board would have started this again and they would have to agree in advance they were all on board. so this makes sense. it is for board members out of 11 who will be on the board, they seem to be supportive of what is going on and the sales process can continue forward. ceo, marissa mayer released a statement that says, this revolution will allow us to keep our focus on the issue
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important objective. we look forward to working with the entire board, including new directors to maximize shareholder value. within that, she gets to keep ?er job for now mar >> for now she does. if verizon wins, they will probably get rid of marissa. tim armstrong would run the whole thing. they may be the one party willing to pay the most to do it. david: there are some big health and pharma deals that came out. abbott laboratories has agreed to buy st. jude medical at $25 million. and abbie will buy stem centrex. 45 $.8 million. these started he deals? jeff: it begin with the thing up and down. it really got slow. today is a pretty busy day, health care is leading the way. that is not a surprise. with the obamacare and the push for consolidation, you will see more companies whether we are
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talking about pharma companies or device companies or insurance companies or hospital companies. there will be consolidation. comes a topany that of mind considering health care? jeff: sunopi and astrazeneca will get aggressive. this will be in play for a while. scarlet: comcast plans to buy dreamworks animation. we have been reporting it is a $3.8 billion price tag, about a 50% premium over dreamworks'last close. do you think this could be a potentially rich evaluation? >> i think this is a surprise that comcast is the one doing it. in part because dreamworks animation has been for sale for years, and part of what bankers and advisers and people in the industry have told me for years, jeffrey cason did not want to give up the business, that he
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wanted to run any company post sale, and of course he is giving up control of this business by selling it to comcast. this is a huge multiple for this company. it is a 40 times plus multiple depending on how you look at it. one thing that makes it appealing to comcast is the theme park connection. scarlet: yes, "kung fu panda" and "shrek" will be at universal studios. alex: they also make "how to train your dragon." there are various different sequels that can go on with these things, a very clear tie-in with kids movies and theme parks that i imagine comcast, this was appealing to comcast. ♪
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♪ ramy: you are watching "bloomberg best." i am ramy inocencio. rode the roller coaster this
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&asteriskrode the roller coaster this week as companies released the quarterly reports. sierracomikebabs&mike. sierracap -- there is the big beefs and major misses. emily: facebook shares surging after hours. start jumping as much as 9% in extended trading, better than expected revenue. and positive engagement metrics and steady growth in daily active users. the biggest surprise was the proposal for a new class of stock. mark zuckerberg wants to issue a new class of nonvoting shares so he can continue to make big bets on virtual reality and find his --fund his initiative without diluting his ownership stake. what do you think of this, what does it mean? gene: it means he wants more control in the terms of direction of the company. he is wise to do that. the good news, given that runaway success, investors will be fine with him taking the reins.
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i this is making it very clear he is in charge of this company and he wants to see some longer-term bet. he does not quit. he does not want pressure quarter to quarter. emily: what do you think of this? steve: when things are going well, it is a good thing. when they are not, it is bad. i am not sure this is the right thing, but he has earned the right to steer the ship because he is doing it in a great way. rishaad: smashing first quarter estimates. edwin: what samsung has done is taking advantage of a lull with the iphone release cycle, releasing its premium smartphone a month early. so far, it seems to be tracking well globally. we will see. the iphone 7 is coming in a few months. how long he can maintain momentum? rishaad: is this a turnaround? edwin: seeing what apple has
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shown us, with the pc downturn, we will see things turn a dime in this market. aimsung,i shares are i shares are following three straight years, so investors need some convincing. emily: twitter shares getting whiffed in the forecast for the second forecast. dropping $77 million to somewhere between $69 million. but users increased to 10 million, slightly more than 308 million. >> this user number was above expectations. there was call back from third-party vendors it was declined, so that was positive. they solved one problem i gave us another one. that is large brand advertisers. the how much they spend on the platform. as well as the current quarter we are in right now, the they
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guided a low. jonathan: quarterly results, shares are surging despite the profit dropping 64% and the route short of estimates. i was looking at the headline numbers and thought why is this dropping so much? to make up the story on the loan. richard: there is a big drop in revenue, 24% on last year. a huge amount of for a company to be down by. the big beat this morning was on the loan impairments. investors have been very scared this company was growing bad loans as the slowing economic growth in asia takes its toll on the banking, which is focused predominantly in that region. it wasn't as bad as expected. david: there was also a beach on the tier one capital ratio. how important was that? richard: tier one capital is of irichard: tier one capital is of
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thino the investors and banks around the world are excited on at the moment. it rose to 13%, and that is a good level. and they need to support regulatory purposes. the capital dictates how strong the balance sheet is and how much dividends the institution can pay when it has finished the turnaround program and a couple of years time. guy: we got new first quarter european bank earnings, creating a mixed picture for the industry. the chart shows yesterday a beat while bloomberg loan impairments improve. profits are 25% to £793 million. analysts were thinking of 346, so something they like. there was a drop but beat estimates, net pound -- this
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number heavily affected by foreign exchange. f our clays going through this but you have profit down 24%. michael: it is not as bad as it could have been. investment banks need to hold up better than some of the u.s. tears. they had a weekly earnings quarter, somewhat easier of a comparison. trading held out, better than expected. there is some negative good news, and a lot of the bad news came from businesses that are exiting. investors can say, if i believe they are going to get out in a timely manner, i can look past that. >> deutsche bank profit declining in the first quarter, still beat estimates. profit hit by a slump in trading revenue and the ceo speaking to the bank. elisa: of the estimates were ranging very widely, the company
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is going through a deep restructuring. it is very difficult trading environment for analysts to have much visibility. that is because you have an investment bank doing better, but you also have improvement on the numbers are in primarily by lower legal charges in what is difficult for the bank for many what you are also seeing is an allusion of the buffers of capital which has had investors worried the first quarter in particular because if you are not generating enough earnings, you are going to struggle. reported a surprise first-quarter profit. inventory changes. oflysts had expected a loss georgia $44.9 million. takeaways is big
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that they are repositioning their business to be free cash flow positive at a price range $55 a barrel for oil. to befor the business profitable, it was anticipating $60 a barrel for next year. pity dividend without borrowing money. we are recalibrating the company, so that we can make sure we can ensure that dividend for you even if the oil price is as low as $50 a barrel. estimates are out. >> how would you wrap their takeaways? >> this summary is 12 quarters in a row, we grew postpaid
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customers, the model is working. we are now generating huge which is leading to cash flow growth. this machine is working, stay out of the way because we will not stop. >> amazon shares popping over 12% in extended trading. they reported a first-quarter revenue of just over $29 bi llion, up 28%. continues torvices be a juggernaut source of profit for the company. billion inover $2.5 revenue. growth accelerated from 27%, and thatr to is also what it was higher in the september quarter, two quarters in a world of acceleration. they are systematically taking over your wallet, that was the biggest take away.
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but this into perspective, as at 1%.ew, 1% versus 27%. only about 6% of revenues, but a vast larger percentage of overall profits of this company, 64% year-over-year revenue growth, so very powerful. it is really changing this business. >> an all-star panel from the business and finance world dissects the concept of brexit. how is ahead and opinions on the world economy from outspoken interview guests. you're watching "bloomberg best." ♪
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this is "bloomberg best." it is time to replace the week's most interesting interviews and we'll start with my colleagues exclusive conversation with the chiefs rolled asset manager. >> i believe what is happening in spain with the lack of governance sunday lack of governor, they're going to push new elections in june, so there is no real government there. you have the fear and the u.k. phenomenon of new party leaders in the united states with donald trump and bernie sanders, and i think all is an issue around how many people in these democracies
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feel like they are being left behind and they are worried about their children's future. i believe all of these elements, this political instability, will force whoever are the leaders of spain, the u.k., and the united states, we're going to see a greater emphasis towards fiscal policy. and if this will be key, there was a major increase in fiscal policy -- i do believe the candidates and the united states are trump and clinton, and both will be talking about fiscal policy stimulus in the form of infrastructure. the problem is that most of the people who support these candidates want the government to spend more money. spending more money is not an option, is it? >> france, definitely is aggressively getting worse. spain, no.
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, ifthe u.k. and the u.s. you spent it in infrastructure, that will be frontloaded and expense, but in the back in it does produce positive gdp through creating jobs, creating better and more efficient grid, roads, airports. >> the eurozone has been a failure, a dismal failure. they promised to things -- two things. prosperity,nomic promised they would bring a political cohesion. on bothailed dismally accords, economies are doing terribly. what makes me think of barack obama said yesterday, the european union as a whole has not been that much of a failure because we have not started a war amongst each other. do you believe that this would be a big risk in terms of a
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shock? would it be a shock that would, for example, freeze the financial markets if briggs it were to happen? >> they are always a volatile come always looking for a reason for a shock. yes, it would be a big event. i think the big event is the train of events that will likely lead there on. failure -- the failure of the eurozone has led to large constituencies and each of these countries wanting to get out. and they have a much stronger argument for getting out of the euro than britain has for getting out of the eu. revenueave a goal of a gain to $25 billion by 2025. , whether it is
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twitter or facebook or other outlets be, in achieving that goal for you? important thing in achieving that goal is to it and a sustainable way, think long-term. we are not going to just try to get to a number, we want to grow the nfl and that includes on a global basis. we believe international is a great opportunity for us to expand our game. we are playing in london and mexico this year. we have plans to play in china and in your future. we want to bring our game to the broadest audience across the globe. franchisee a london for the nfl and the cards? >> we think that is a potential. three playing regular-season games, i believe we played 17 already, and we think there is a great potential for us to continue to grow, probably with more gains in the short-term.
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but if we continue to be successful and we work out the logistics, we think london could handle a franchise. that is exciting to us. as he becomes a lot more hawkish in the next couple of weeks or months, what does that do to emerging markets and that -- and debt? >> i think the emerging markets are much more prepared compared to what they were a year or two years ago. but what we saw last year in both sofas on the volatility this year, a little bit of stimulus causes a lot of jitters in the markets. but we had a rate increase and i fully expect we will have another or maybe two more. i am concerned about brexit. it is one of those unfathomable's.
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euuld the u.k. goto exit the , on the day after nothing will happen, like logo on -- life will go on. but there will be a tremendous amount of conjecture. if it is a close call, it relieves some element of , and if the u.k. leaves, to meet with her be an adverse scenario, there is a real risk a great tensions and europe. ♪
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♪ enlist in 60 days, great britain will hold a referendum on whether to remain in the european union, the so-called
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brexit. many voters are still undecided. on friday bloomberg had a debate on the implications. things happened within the eurozone, but no one can legitimately speak of the euro crisis. this, financial crisis within many members of the eurozone, that the euro has been unimaginably strong since sometimeseginning and too strong. i think this is a complete myth that is the eu that has created piece in western europe.
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it is nato that has kept peace in europe and we live in a completely different world in which people travel, in which is trade, they were betrayed without the eu. there is tourism, it is not the eu that has brought about this .appy condition the one opportunity was in the balkans and yugoslavia, but the eu made a complete mess of it -- vanity.divinity he said this is europe, not america. they made such a hatch of it america had to come in and clear up the mess that was left by europe. i just want to pick up on this point about economic shock.
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just linking it to this point about young people, i could not agree more. i have three under 30 and i know what they think and what they care about. confidentnstinctively about the future within the european union. it is not just jobs. this is a generation that went through the financial crash, saw this out of university and school, and are we really going to do it again? are we really going to inflict another downturn, another short-term recession for this unproven trade deal that we have no idea what they might look like? so i think these are two very important and very connected things. francine: we are running out of time, so i will ask you all 10 seconds, come the referendum, what people should be thinking about in the booth? nigel: what people should be thinking about is what the european union is about? the european union is about political venture which we don't wish to be a part of. there is no economic benefit net
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to the european union itself. the european union is one of the slowest growing countries in the world, groupings in the world with one of the highest levels of unemployment, which is very sad. so it is a political project which we do not -- the british people do not wish, and the french don't either. but of course, france is an elitist country, it is the elite who run it. but there was an article in le monde about three weeks ago where the french people were asked if they want to do have a referendum like the british people have to leave the european union, and 53% said yes. francine: there be huge queues if people knew what to think on that day in the booth. mario: i would think as a british citizen, do i really have much greater confidence in the political class in the u.k.
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than i have generally, and what -- would i feel comfortable in having this political class leading me and my fellow u.k. citizens in the rather untested and perilous adventure of going against the wind at a time when countries try to combine rather than to pursue nostalgia through disintegration. jonathan: i want to appeal to my right side, right on target. if i was a younger person, and i wish i was, one thing i would pick up in the eu is the level of youth unemployment. they might prefer someone else. carolyn: it is about what is best for the next generation or what will create the best career path, prosperity, opportunity in the u.k. and globally. that should be in the minds of all of us, even those over 30.
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norman: it is about what is best for the young people and where are the opportunities. and it is about where are they globally. europe is a sclerotic, failing, slow growth economy, they need the freedom to find new markets in the world and take back control politically of own affairs. maurice: i think that the british people are benefiting today, of being inside and outside of europe. that we shouldn't make any mistake, -- they are inside because they are part of the eu and also outside because there are lots of things that have elected to be a part of like shenzhen and like the eurozone. so therefore, they are benefiting from the best of two worlds, and i would advise them to think what it is to live one of the good worlds. ramy: visit bloomberg.com for more coverage of the brexit debate.
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bloomberg monitors can monitor all the news, polls, and indicators using the function brexgo. this is "bloomberg best." ♪
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♪ matt: the bloomberg function wirpgo shows investorssee zero probability of a move that is gathering in june. if you look in the bloomberg, we have splc that allows you to see the supply chain, splc, of any company that you enter. >> if you look at the bloomberg and run mhd on any mutual fund, you can see what is in the fund. ramy: there are 30,000 functions on the bloomberg. keep watching bloomberg television to learn more about our favorites. here is one more function to
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check out -- quicgo. it gives you access to the entire library of quick takes. where you can gain fast insight into timely topics. let's take a look at a quick take from this week. scarlet: the publisher of "usa today," gannett, made an $850 million unsolicited bid for tribune publishing. they're looking to add the l.a. times to its portfolio. all of this comes with the overall newspaper business a fading. here in the u.s., the revenue has fallen by a third since 2005. here is the situation. prominent american papers like the "new york times" and the "washington post" are pushing digital subscription plans. the trend is not limited to the u.s. you take independent newspaper said they would stop print publications, and we see this echoed in australia. in britain specifically, a survey showed the number of u.k. consumers who would consider paying for digital content in the future is only 7%. so, here is the background.
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newspapers have been under assault from other providers since the age of radio. nonetheless, they grew in size and importance by classified advertising sales. the rise of craigslist hit print news especially hard. local papers have withered. the industry decline has scholars wondering if it is essential to democracy is being lost. it is because newspapers conduct import investigations. still, the revelations in 2013 about the u.s. government's electronic surveillance program came from a leak by government workers to an independent journalist, a fierce critic of the government. some industry watchers say that partisan journalism could blend with traditional newspapers. meanwhile, people still want news. one survey showed a proportion of those paying for news who have an online news subscription has grown to 59% in 2014. ramy: you can also find quick takes as well as business news from around the world 24 hours a day on bloomberg.com.
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that wraps up "bloomberg best" this week. i am ramy inocencio. thank you for watching bloomberg television. ♪
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♪ emily: i am emily chang. this is "best of bloomberg west." we bring together the top interviews from the week in tech. this week it is all about earnings and apple posted its first sales declines 2003. shares have taken a serious hit. is it a new era for apple? we will discuss. a tale of two tech companies as facebook hits the sweet spot. mark zuckerberg says more big

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