tv Bloomberg Markets Bloomberg May 23, 2016 10:00am-11:01am EDT
and this is "bloomberg markets" on bloomberg television. ♪ shery: we are going to take you from new york to london to washington in the next hour. here's what we're watching this droppinghares of bayer almost 4% today as the company unveiled details of its bid to acquire monsanto for $62 billion . we will hear from the bayer ceo about whether it's stretching finances too thin in order to become the world's biggest seller of seeds and farm chemicals. mark: the u.k. government has seen its most serious warning yet about the potential consequences of a brexit, saying it may spark a year of recession and cost more than half a million jobs. will: the vote on a brexit not the clips the decision to raise rates according to the st.
louis fed president. said officials continuing to talk up a rate increase as early as june or july. a look at what it means for stocks from a top strategist. desk head to the markets where julie hyman has the latest. the markets are lacking a clear direction today. julie: treading water is the phrase that comes to mind here. we are not seeing too much change whatsoever in the major averages right now. the s&p 500 is betting unchanged on a percentage basis. the nasdaq gaining a little bit of traction as investors are following the perception about thated really emphasizing june is on the table for a rate increase. they are now awaiting a host of economic data coming out this week. they will have to wait for numbers on new home sales and durable goods. take a look at the bloomberg for the groups on the move here. as you might expect, it is
evenly divided between red and green on your screen at the moment. materials gaining some traction, as is tech, which explains the outperformance of the nasdaq. energy and financials leading the decline. let's look at some of the individual movers here. we have been watching this unfolding saga over the leadership of viacom. it is really becoming a battle between sherry redstone and philippe dauman. and cbss up around 4% is little changed here. hereeo here was removed from sumner redstone's trust. he is now suing to block that removal as it george abrams, another trustee. dauman has been a confidant of sumner redstone for years, but more recently, a rift has appeared between the two, perhaps fans by sherry redstone. if you look at how viacom shares ,ave performed under his tenure
he basically took over as ceo back in september of 2006. shares are still up more than 9%. at one point in 2015, that game was much more. viacom is not alone in underperforming in media stocks. anthem and cigna are big during over there -- bickering over their upcoming deal. they are accusing each other of violating a merger agreement and fumbling submissions to regulators. both of those stocks are trading lower. shery: we are seeing shares of apple rallying today. what is going on there? julie: there is a report from the taipei-based economic daily that apple has asked suppliers to prepare production iphone78 million of the seven series. it flies in the face of what has
been a lot of pessimism about iphone seven demand. apple shares up by 1.6% in appleshare seeing something of a list this morning -- and apple shares seeing something of a lift this morning. mark: technology shares are the best performing industry group of the stoxx 600, which is down today iff the 1%, led by chemicals, autos, basic materials, oils, and guess. as. they are making an unsolicited $62 billion all-cash offer to buy monsanto. it will create the world's biggest supplier of farm chemicals and genetically modified seeds. investors growing concern that it might overpay. shares have fallen to a three-year low. bayer offering $32 -- $62 per share.
ryan areas in the news today, the low cost carrier, saying that growth will slow this year. there is lower fuel prices to prompt european airlines to cut fares. it will be 13% in the 12 months through march next year. it is following a 43% surge over the past year. ticket prices set to fall by 7%. last 2-4 months in 2016, between three and 7%. air is gaining up by 21% today. i want to tell you about greece. the 10 year yield falling to the lowest level. lawmakers approving additional austerity measures required to unlock more loans.
finance ministers meet tomorrow. they are closer to this unlocking of further eight. aid. that is one step in the right direction and that is being acknowledged with the yield at 7.24%, the lowest since november. shery: let's check in on the bloomberg first word news this morning. we have more from the newsroom. officialsni security say that suicide bombers killed 45 people in the southern city of aden. a lineber targeted outside of a recruitment center. a second detonated at best, killing 25. president obama has ended one of the last symbols of wartime animosity between vietnam and the u.s. they lifted the embargo on weapons sales to vietnam. >> this change will ensure that
the imam has access to the equipment it needs to defend itself and removes a lingering vestige of the cold war. and understands the commitment of the united states to a fully realized vision of vietnam and this region for the long term. emma: the improving relations is being driven by china's movement in the region. prime minister alexis tsipras's call for more austerity measures include higher taxes. that is one of the last things that greece has to do to unlock the next portion of loans from the european bailout. india successfully tested its first ever space shuttle, reusing a part in the eastern part of the country could it fulfilled its mission objective. the total flight duration from launch to landing lasted about
30 minutes. global news 24 hours a day, powered by our 2400 journalists and more than 150 news bureaus around the world shoul. shery: turning now to northern japan where g-7 finance chiefs gathered over the weekend. the biggest source of tension was the strong yen. they are willing to take action against disorderly moves in the currency while jack lew counter that recent moves have been orderly, giving no reason to intervene to weaken the yen. we will see the yen's from a three-week low versus the dollar. it is currently up 6/10 of 1%. our next guest warned earlier this month that the biggest risk cks is the. sto rising yen. the tailwind that japan received, i'm not surprised that no one was asking the fed during
the g-7 where the yen was headed and how that will play in the u.s. markets. the yen is representative of confusing intro market trends with respect to u.s. stocks . the yen is rising and the dollar is falling, yet treasury yields were not rising. when you put all that together come you get a mix that is not friendly for stocks usually. we are probably due for something of a correction in stocks. we have had that correction now. we are moving on to what is central-bank policy going to do around the world? this is highlighting some of this weekend's meeting as well. where is the fed had it? eaded? we find out all this information in the month of june. is a lot of volatility and currencies that are currently plaguing u.s. stocks more than anything else. shery: because of all this talk of intervention resurfacing in japan, is the finance minister going to step in?
what is the level? is it 105 or 104? gina: that is the big trick. when they did step in earlier this year, the ended up getting a yen rally. the finance ministers and officials around the world are really struggling to reinvigorate growth. the ecb and japan in particular are stretching to reinvigorate growth. the markets are not responding as they would anticipate. the fed has an easier task as they have removed qb from the system and are starting to tighten interest rates. i do not quite likely know what the appropriate level is for the central banks and other countries because they are not getting the response from the markets they want to get. that is the key -- what do we need to get to the response we want to get? we find central banks really pushing limits at the same time fiscal authorities are struggling to reinvigorate growth. central banks are tried to step
in to reinvigorate growth where fiscal authorities may need to do so. maybe the onus needs to start to shift. shery: we are waiting to announce a fiscal measures there . mark: is july the new june when it comes to the fed? july is now 52%. a week ago, it was as low as 19%. should we be looking closer at july rather than june because of a number of risks, including brexit possibilities? gina: you highlighted something important, which was that a week ago, there was no chance of a hike in july and a minimal chance in june. suddenly after a few policy speeches, we have completely flipped the perspective. i do not want together too much information from fed funds future market expectations because they have been so volatile, but you want to watch or closely the sequence of data and policy maneuverings. in june, we get a lot of that.
we have the ecb meeting, the japanese central bank meeting, the fed meeting. we also get a potential brexit vote. those things are going to matter a lot for policy maneuvers here and abroad in both june and july. it is too close to call. luckily, this is one call i do not make for the team. they expect wi-fi basis points in september because -- 25 basis points in september because we will have muddied economic data along with all the policy movement potential for the fed to slow down and moved to september as the most likely case. and is move so much in the last week, who knows? mark: one call that you have made it is the s&p 500 to be at 2100 and you next 12 months. -- in the next 12 months. on the subject of the economy, check out this chart. areas is onlighted my terminal here. arered highlighted areas
when the u.s. economy went into recession going back to 1973. the other colors are credit leverage and risk indices, which are below zero. it's telling us there will not be a recession for two years. the u.s. s&p 500 will be at 2340 next year. that is a bullish call. starting with the recession call, what is your view? are you pushing your call out to when we might see the u.s. recession? should we even be talking about it? gina: we agree. there is very limited chance of recession in the near term barring major policy error. the economy can withstand increases at a very slow pace. of we had an explosion in growth, we areurs watching the yield curve.
yieldyou get an inverted curve and arising under clement rate, it is extremely unlikely you hit recession. argue on the markets reflects the economy. we have not expecting growth to occur anytime soon, which is why we are a little more cautious on the market. we have an upside of 2100, but in my mind, until we get really strong earnings growth may be later this year or early next year, until we get evidence that it is imminently coming, it will be tough for the equity market to climb that wall of worry. mark: gina, thanks for joining us today. she is an equity strategist at wells fargo. ares capital makes a $3 billion deal. we're going to get you caught up on the stocks moving in today's session. that is next. ♪
mark: live from london and new york, i am mark barton. shery: i am shery ahn and you are watching "bloomberg markets." time for a look at the biggest business stories in the news right now. the unique ceo may resign as soon as tomorrow. that's according to people with knowledge of the situation. the bank's board will meet tomorrow and may authorize the nomination committee to begin the search for a new ceo. he has fallen out of favor with some investors over the bank's failure to shore up capital and increase profitability. it is a buyers market for big business. strongeril wealth, a dollar, and a downturn in emerging markets is hurting
demand. general dynamics, gulfstream units, and bombardier are cutting outputs. they are competing with a glut of used jets on the market. that is your business flash. let's head to the markets desk where julie hyman has the latest. what are you looking at? julie: secondary financials. lending club is actually up for a change. that is after a premium lead and the ceo disclosed and 11% stake in the company. they would be the largest holder of the company after sans capital. the company is saying that it will seek talks with the board management. square is gaming as well. -- gaming as well. it is not lending club and will not experience the same issues and that concerns are overblown. we have got a deal in the
financials industry as well. tradedpital, a publicly lender, is going to be buying american capital in a deal valued at $3.4 billion. american capital shares are not seeing that big of a bump because they have been rising ever since elliott management unveiled an 8.4% stake in the company. you can see ares capital is pulling back a little this morning. first data appears to be rising after a mention in barons over the weekend, saying that shares could rise as much as 70% if the cubbies performance continues to improve. mark: coming up here on "bloomberg markets," shares of bayer remain under pressure with a $62 billion bid for me monsanto raises concerns. after the break, the chief executive plays defense as he tries to pull off the biggest
shery: will live from new york and london, i'm shery ahn. mark: you are watching "bloomberg markets" on bloomberg television. they are has offered $62 billion for monsanto. earlier on "bloomberg surveillance," the chief executive tried to calm investor concerns. his company is stretching his finances. >> this will be a double-digit increase of about roughly what
it's going to be over and above our current standalone. in terms of return on capital, after the third year and not way into the 20 20's, we will be earning the cost of capital and the premium thereafter. a valuetually proposition that we have. that is why we are so convinced about this. >> when i would like to know is how beholden is your 42 billion euros of debt to the policies of mario draghi and other central bankers. you have the gift of free money. what happens to your company? what happens to this transaction if interest rates go up? look at af all, we well blended financing structure of securities that align with our ability to generate free cash flows and with it the ability to also deliver.
that is something that is a core element of prudent financial policy. you may have seen the statement of standard & poor's of what the financial structure and balance sheet of bayer is going to look like going forward. are very pleased because there's an indication that we're going to have a very solid investment grade rating going forward and also chance that we will have an excellent profile for rating purposes. >> if monsanto rejects your offer, are you ready or do you have a capacity to increase offer? >> we are totally convinced about the attractiveness of our offer. it is a 37% premium over and above the unaffected share price as of midnight. i think that is broad testimony for the proposition for monsanto shareholders. it is in line with some of the other transactions you saw in the past.
it's a highly attractive offer for months into his boards -- monsanto boards to consider. >> are you going to name the company baysanto? >> it is too early to speculate on what the name of the company is going to be, but let me tell 's name andyer repetition stands for science, innovation, and an utmost level of responsibility for societal needs. that is what we're going to leverage on combined with the company going forward. a deal you discussed with any major regulators that have already given you the implicit green light? given the private director of the discussions up until now, we have certainly done our homework internally with our internal annexed kernel expertise. we have not gone so far at this point in time in involving
external regulators cou. that will be one of the next steps going forward. chiefthat is the bayer executive speaking to us earlier on "bluebird surveillance." -- bloomberg surveillance." shery: donald trump has gained 11 point since march and is now no and the with hillary clinton. with the leaders in global politics from washington to westminster at this hour. you are watching "bloomberg markets." ♪ . .
watching "bloomberg markets." emma.check in with -- emma: trump's leaving clinton by 2/10 of 1%, roughly 13% of voters are undecided. members of congress are warning there could be a shakeup at the tsa. if something is in doubt about the long airport lines. they may be a need for management changes. we recently has been taking 90 minutes or more to get through security. a news agency linked with the islamic state group said militants are behind multiple attacks into syrian coastal cities. bombings -- back to back bombings happened in cities that house russian military bases. more than 80 people were killed
and 200 others wounded in today's attacks at bus stations outside a hospital and electric company. germany's on elemental has returned to turkey, her fifth trip in eight months. she's trying to shore up a fragile agreement on refugees. turkey's prime minister agreed to halt the influx of refugees making their way to europe. but he says the eu has been slow to deliver almost $7 billion in freeat its promise of visa travel for turkish citizens. meanwhile, germany's unhappy with the recent moves to tighten everyone's great on power. egypt is sending a remote control submarine to search for the missing egyptair jet. it will join ships and planes from several nations that are taking part in the mediterranean. they are trying to locate voice and data recorders, which could be almost 10,000 feet below the surface. french investigators say the plane generated automatic radio messages about smoke in the cabin moments before disappearing. global news, 24 hours a day,
powered by 2400 journalists in more than 150 news bureaus around the world. i'm in the charter. -- m at chandra. shery: let's go to asia, where the benchmark index rebounded from four weeks of losses on gains in china and taiwan with the deposit up by .6%. cheatingo mention that -- trading volumes were 30% below the 30 day trading average. japan's export fell for seven consecutive month in april due to the stronger yen. imports were also down, leaving a trace of almost $7.5 billion. all this appears to underscore the going -- growing challenges to the preminger's efforts to revive growth. has more.n yvonne: we are seeing a stronger yen take a toll on japanese
exporters. shipments fell 10.1% in the month of april. worse than expected. that's thanks to the end which appreciated more than 5% in the month of april alone. we also saw a recent earthquakes weighing on a sports as well. parts andof car electronic slowed a bit. we saw a recent drop in oil prices dampening imports even more. tumbling 23.3%. tradeeaves the largest surplus we've seen in japan over six years. adding more press or for the doj and pry mr. shinzo abe after not getting much blessing from g-7 nations on what policy levers it needs to stoke growth. yvonne mann, bloomberg tokyo. mark: 57 minutes away from the equity session in europe on monday and stocks have been up as much as .4%, and down as much
as .8%. we had the biggest gains in a month on friday. the second consecutive weekly gain at the end of last week. , and this falling tells the whole story today. technology companies are rising, amf dialogue among them are too. they are gaining after the report the iphone maker has asked suppliers to prepare production for a new version of its smartphone, auto is falling today, yet chrysler leading that drop after german papers reported the german transport authority accuse the carmaker of manipulating pollution admissions. this is what's happening in the currency markets. one month to the referendum, sterling is lower today against the dollar. the euro was down against the pound. in the bond market, and justin moves in the greek bond market. the 10 year yield on the greek 10 year is 7.21%. we had lawmakers on sunday
approving measures, austerity measures. will that lead to money being paid by creditors? that's the big question finance ministers meet tomorrow. u.s., abbeville doolittle has the latest in manhattan. abigail: happy monday. we do have a better rally, the nasdaq trading modestly higher up .4%. the biggest news today is apple, shares are trading higher. on top of last weeks 5% gain, suggesting we are seeing some sort of a shift in near-term momentum, as you mention, the cause for today's nearly 2% move up is a report saying that apple has asked its suppliers to prepare for production for 78 million iphones as opposed to the estimate of 60 friendly iphone units. we take a look at a chart of apple and it does success -- suggest this near-term momentum could continue. from a long-term perspective, there's a bearish of trend reversal. the stock over the last year has
been trading in a range, and on recent strength, is trading right up off the bottom of buying support on a suggesting shares of apple may see the top of the range were the sellers are near $108 per share. going to be interesting to see if this near-term uptrend for the shares of apple can continue. mark: anything else moving higher today in technology? and go: we do have shares of into it trading higher as goldman sachs is initiated with a new by, they see improving fundamentals and attractive valuation. he sees more than 10% upside for t.e shares of into it -- intui is it more than 5% of this point. mark: abigail doolittle at the nasdaq. coming right up on "bloomberg markets," the u.k. governments gives its starkest warning at about the dangers of leaving the eu, their economic growth could fall more than 3.5%. the brexit debate is next. ♪
mark: this is "bloomberg , withs," i am mark barton shery ahn in new york. it's time for the look of the biggest business stories in the news right now. kenya's central bank cut rates by one full percentage point. to 10.5%, that's the first reduction in three years. nine economists polled expected that decision. in other developments in the drama over the future of the $40 twoion -- on friday,
confidants were booted from the trust that will control via,. today, both filed suit to stop their ouster. he says redstone's daughter is trying to hijack her father's well-established estate plan. the board of tribune publishing has rejected jeanette slater's -- latest takeover offer. the publisher called the bid clearly inadequate, they are offering about 806 he $4 million including debt. billionaire has taken a 13% stake in tribune. bloombergur latest business flash. beforee more month to go the referendum on britain's leading the eu, they warn and brexit could have serious
economic confidences. it could cost hundreds of thousands of jobs. the one month to go to the referendum, the british people must ask themselves this question -- can we knowingly vote for a recession? does britain really want this diy recession? hudson -- rob hutton joins us now. rob: it's very exciting. let's a point believe campaign is making quite was diversely. it's a forecast. we all know how reliable are not forecasts are. the distinction you might want to make is between your ability to forecast my weight in a month , and your ability to forecast my weight if i only eat chips for a month. that is the argument that the treasury would make. that even if the precise number isn't right, the direction it
travels is correct. they would say. the slight problem with this is it has been put together in order to reach a conclusion, and the conclusion it has been put together to reach is that this would be bad. they have, for instance, left off in their long-term scenario planning, they had three different scenarios are working on. they have left the best of those off for this one. this now only offers to scenarios, which are the worst. that said, it depends whether you believe -- they say look, the pound would fall, we would lose confidence and lose investments, that would cost jobs. implausiblentirely argument. mark: it's volatility, it's tipping up today, it's come down, it's been the high sense of february, nowhere near the highs of 2011. but the move in the last week
has certainly ventured into the remains cap. pollse've had a series of , would suggest that things are tight and their phone polls which suggest it's fairly clearly going to be remain. even the online polls are starting to move in the remain direction. politicsr cruncher probability and tax, which we have on the terminal is suggesting 18% chance of brexit at the moment. line, 21%, something like that. that's where the markets are, that's for the polling is now. the polls might be wrong. what is the lead campaign saying right now? this would be knowingly voting for a recession. leavehe first thing the campaign is saying is that you
can believe a word the george osborne says. given asury has been job to do, and it has done it. they are trying to shift the debate away from the economy. they're releasing a film today which is about the national health service, and their argument is that increased immigration will put the national health service at risk in the wind you can control immigration is by leaving the eu. they're also making a big deal of the question of whether turkey is going to join the eu, is one of the slightly embarrassing ones where u.k. government policy is that turkey should join the eu, that has always been u.k. government policy. but that's not really u.k. government policy at the moment. even if it were up to the u.k., it's out of to the u.k., because france and greece and fibrous and a whole bunch of other countries would have a say as well. mark: we will see you next hour. rob hutton, thank you. shery: we now turn to the u.s.. what a difference 10 months can make. back in july, poll showed
hillary clinton the 20 point lead in a potential contest with donald trump. but now, the latest polls show the race's neck and back, -- net and neck.- neck with tripoli has a lead of 2% -- from -- trump has a lead. joining us now is megan murphy. concerned is the clinton camp about the latest polls? megan: we expected the polls to tighten, 20 point advantage was really unrealistic. they're not too concerned. people and this morning that at this point, robbie was ahead. at one point, mike dukakis was ahead. they're not hugely indicative of where we are, and we haven't had
a head-to-head matchup that we expected to get so far. primarily because hillary clinton is still in a primary battle with bernie sanders. i don't think they are concerned. what they will be concerned about is the lack of momentum and enthusiasm that still seems to dog her campaign, even as we head into the final stretch. shery: you mentioned bernie sanders. how important a factor is he at this point? megan: he's hugely important. of time she has to spend defending against him, defending her platform, defending her priority, defending where she wants to take this country is the less time she can spend trying to formula to plan for how she's going to combat a candidate in donald trump that is unlike anything we've seen in american politics in several generations. he's unpredictable, his message changes, is flexible, he's a populist, he appeals to a weird cross-section of voters from the rich, the poor and uneducated, he sticks together a broader
coalition the people think. she is not had the amount of time yet to really focus all her energy on what she's going to do in a general election against a candidate like donald trump. mark: how do you go after donald trump? what's the coffee book? megan: they're sick and other public and candidates who wish they knew the answer to that. very hard to tell what can resonate against donald trump. there's one weakness that has been identified in those polls you just showed, in one is that his continual refusal to release his tax returns. that should be something that shows is rankling independent voters, a majority of republicans also like to see him release those returns. that's one possible avenue of attack. if you showed remarkable ability to sidestep and pivot. simply pivots away and has a donation and moves on to something else. he's the ultimate showman. and as he starts putting more policy on to his platform, with going to be really interesting to see is how he can defend certain holidays once he sort of
it -- certain policies. we've heard about the wall and a little bit about foreign policy. we've yet to see a domestic agenda writ large from donald trump. mark: donald trump is no doubt happy with the so-called divisions within the democratic party, whether they exist or not. what about divisions within the republican party? are we any closer, is trump any closer to unifying the party? megan: i think there are still several things that need to get done for that to happen. he doesn't even have an open endorsement from paul ryan, the speaker of the house. he has more elites coming out and are willing to say they support him, and that has been a trajectory we have seen. has a big problem in terms of donors, in terms of how he's going to find this campaign. is he going to be a get big money and? people are saying a matter what coming we get to cleveland, i am still never don't regret a moment where he has truly consolidated the party behind him.
when when -- shery: clinton goes after trump, should you focus on the issues on herself, or should she tried to downplay his ability to be the next president? megan: let's be clear, this is going to be a very ugly fight. we've already had overtones of that as we head into it. i think she will be hoping against hope that she can focus on policy. the issue is, you are dealing with a candidate who has not actually announced that many policies, was not explain what his policy is going to be at a wide variety of things, and who has shown a willingness to get down in the muck and fight dirty. the clintons have a lot of personal baggage and a lot of professional baggage. donald trump is going to try and exploit that. whether she will be able to keep the high road is anyone's guess. shery: megan murphy, thanks. our bureau chief at the washington dc. we are going to ride, reaching, and rumble with the chief executive of a new
mark: in today's pursuit, a london-based boutique fitness chain is revolutionizing the city's fitness scene. company offers high intensity sessions labeled ride, reshape, and rumble, hair with live music. the company's founder, james balfour, joins us now. tell us about this initiative you are hoping will formulate spinning classes on a bus on the way to work. this is called ride it to rebel. we launch the concept last week with the pressed him at that one out with a simple aim of combating the monotony of your canoe, delivering high intensity exercise classes while you are on your journey to or from work.
it's quite simple. we want to put one of our ride classes, which is our immersive indoor spinning concept into a bus that will pick you up from your home and then take you to use, where you be able to some of our five-star facilities to shower and get changed. mark: it's a good ploy to get your members or new members to one of your two gyms in the city. what's the response been? i gather gone viral in a crash the website. hit 236 obligations around the world, we were featured on australian chat shows to american tv, pakistani tv as well. the website, which is ride to rebel. london crashed, which was unfortunate. we've had over 2.5 thousand sign-ups, which was one every 10 seconds. shery: i'm wondering why people wouldn't just take a bike to the gym and then get a shower and go to work? why is this so popular right now?
james: i understand the question. the answer to that is this is the difference between high intensity exercise and what you would call steady-state or maintenance workouts. when we are in a boutique jim gymnasiumt -- environment, we do 45 minutes of high density. as'll be doing till runs well. you often can't get that if you are traveling across london they are running or cycling. this is trying to merge the two. the monotony of your commute and the fantastic experience and results you get from high-intensity workouts. shery: i'm just guessing that the legislation about this sort of very unique experience must not be there. are there challenges you are facing? if somewhat uncharted territory. our goal is to prove this is something that people want. the people will demand this and the responses been fantastic. i think we achieve that goal. the next step is to work with partners in bus companies, and
make sure this is as healthy and safe and exciting. we are quite pleased to see that someone in boston has pioneered this ahead of us. we found out about a bike bus in boston this been doing this, and they patented there aren't harness and rig keeps the writers safe as they journey through the city. mark: two amazing things about you, i'm going to blow your ego. your father started fitness first, people might not know fitness first, but they should, it's the biggest private health chain in the world. the question is, what have you learned from him? and about everest, which james has climbed. i was some achievement setting up fitness first. james: it was a fantastic model. in the early 90's it was a really similar to what the budget club is doing now. affordable fitness on a mass-market scale. clubsrew from zero to 550 across 25 countries very quickly. think what i have learned is
that when you have something you believe that people want, get on with it quickly. deliver that supply and make hay while the sunshine's. i think this wave of boutique jim right now is something that is definitely on trend. mark: biggest lesson of climbing everest? james: you learn the most things when you go through adversity. any time where climb a fair weather day does make you understand what it takes. but when you go through certain things, you know what's needed. balfour on luxury boutique fitness in london. to can read more, just had -- head to the bloomberg. coming up on the european close, much more. stay with us. ♪
♪his is the eu york you take you from new to london to xeric in the next hour. here's what we are watching today. still making details on what could be the biggest german from monsanto, raises concerns. the company may be stretching its finances. shery: the final countdown until the u.k. votes to stay or leave the european union. supporters and the opposition on the brexit are going all out. can the threat of economic instability sway the public? turning to an interesting debates out of switzerland, where the government is considering paying each of its citizens two point $5,000 a