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tv   Bloomberg Surveillance  Bloomberg  May 30, 2016 5:00am-7:01am EDT

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>> you're watching bloomberg television. let's get to the first word news. we've got some consumer confidence breaking for the eurozone. let's look at consumer confidence first. that's coming in line with estimates. we are looking at economic confidence, that is a theme actually. it's better than the prior reading. now to top stories, 10 year futures contracts fell by the most in two weeks after janet yellen said friday that an
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interest rate increase is likely in the coming months. japanese shares rose. treasury bills are closed worldwide today. the yen is back to a one-month low against the dollar. the sales tax increase scheduled for next year will probably be delayed. japan's retail sales growth stalled in april. economy grew slightly faster than originally estimated. growth accelerated. it beat the estimate. france's gdp report showed that investment jumped 2.4%. billionaire is offering $4.4 billion to buy out and privatize. that is a higher valuation. relocate.ate will
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they have been out of the spotlight since they voiced concern that such transactions could flood the market. markets are closed in the u.s. and u.k.. let's check in on the markets that are open. the stoxx 600 is pretty much unchanged. we have seen gains in the dax this is after european stocks of their best weekly gain since february. the story is about dollar strength. you see a stronger euro against the dollar. just a quick strength, we saw tether he -- treasury yields up.
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you can see the yields are moving higher in europe. let's see what's up next. stay with us. it's charlie rose. >> from our studios in new york city, this is "charlie rose." charlie: we begin this evening with politics. a report delivered to congress yesterday, the state department's inspector general criticized hillary clinton's e-mails, saying clinton violated government policies in using a private e-mail account as secretary of state. the next are asking why she did not seek permission to use it and why she refused to cooperate with the inspector general's investigation. clinton has refused to respond. at a rally yesterday, donald trump capitalized on the news. mr. trump: she is as crooked as they come.
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she had a little bad news today, as you know. some reports came down that were not too good. not so good. the inspector general general's report, not good. charlie: the fbi's investigation continues. clinton said she would be willing to sit for an interview. the news also comes as bernie sanders closes in on hillary clinton's lead in california. joining us, a political reporter who focuses on clinton, and from washington, david lee myers of -- steven lee myers of the "times." let me begin with amy, where are we in day two of this story? amy: the clinton campaign faces a central challenge, her trust numbers. the latest new york times poll, 64% of registered voters said they do not trust hillary clinton, the same amount as donald trump. they are wondering, how do we overcome that? that challenge has collided with this new report that is in some ways very damning, and the most damning because it plays right
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into the narrative that donald trump is trying to craft of her, as not being trustworthy. as finding ways to get around the rules. charlie: steven lee myers, what do you think? steven: i think a lot of people are still digesting the report. the report is one of several coming. a judicial watch, a conservative watch group is doing depositions now, seeking more information about why she created this private server. who knew about it, what were the security risks involved. on top of the fbi investigation, which is also coming down the pike. i think the inspector general's report is only the first in what is bound to be more controversy surrounding her use of the server. charlie: are you surprised by the response? you would think they would want to put this behind, but if you are answering in a way that makes people question your response, you are not putting it behind you.
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steven: i think all along for the campaign, they have tried to play this down, saying this is something previous secretaries have done, specifically colin powell, using an e-mail account. but what the report did was undercut some of the justifications or explanations that they had made, that she herself has made, that this was not approved by the state department security records management officials. and she had not asked. if she had asked, it would not have been approved. the report into all the details make it clear that it created an awkward situation for people in the department to try to accommodate this server. not everybody knew about it. you see situations in which people are trying to figure out how to work around that. that added, i think, to some of
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these surprised that came out of this report. these were not things that we knew, and it did suggest that there was more of an effort to avoid the scrutiny of the e-mails that would be expected of official records. charlie: do you believe, amy, that she knew it would not be approved? amy: there is a line in there that says that an aide expresses concern about the private server, and she says she is willing to get a second device or she is willing to get an official e-mail address, just as long as the personal never gets out. that line to me was particularly damming. it added to perceptions that she was keeping this private server to keep her correspondence private. as stephen said, other secretaries of state have done that. colin powell has done that, but he is not running for president against an opponent trying to craft him as "crooked." also, they have tried to put this behind them. last summer, the e-mail dogged her campaign, and she issued an apology, saying sorry that people were confused.
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finally that looked like it was not cut it and she finally apologized almost a year later he it is still haunting her candidacy. charlie: is there division in the clinton campaign as to what to do? amy: i think they are trying to figure it out as they go. there is a lot of division in terms of how to confront trump, and how much you sort of play into him. but i think steven is right. they are trying to say that every secretary of state has done this, that it was not outside usual practice. charlie: you would think she would want to sit there and answer every question and sort of exhaust the thing. as the late geraldine for our did. -- as the late geraldine ferrar did. amy: like the pretty in pink press conference over the cattle futures, right. remember, she did that. before she started running, she had that press conference at the united nations, which was an onslaught of questions about the e-mails, and she gave cautious legal responses. that press conference did not go over well. people said she looked defensive.
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obviously, we are still talking about it. it did not squelch the criticism. i am sure they are wondering what the benefit was at those press conferences when they tried that. charlie: steven, what can she hope for in this? steven: because of the legal processes underway, the fbi investigation, a number of court hearings for additional information about the e-mails, i think the best she can hope for is that there are no more revelations about what was known and who knew it when. there are serious questions raised in the inspector general's report about adhering to federal law, to the guidelines for preserving records, for taking security precautions. there is an e-mail that went out under her name that they cite, talking about the risk of using your personal e-mail in conducting official business, even as she was continuing to do
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that throughout her tenure. i think the best that they can hope for at this point is that nothing more scarring comes out than what has already. charlie: i assume they would hope also that if the fbi report comes out and she is testified, which obviously would bring a huge amount of attention, the fbi would come out with a report that would suggest that she did nothing that was damaging in terms of national security or the like. amy, help me out. amy: i would say one of her strongest points ever in this campaign was when she sat down for 13 hours of testimony in the benghazi hearing. so if pressed to answer questions publicly, i think that's actually a good format for her. it makes voters think she is being transparent. she is being bullied. she walked away from benghazi the winner. steven: that was very much seen as a politicized hearing, even a
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partisan display, from both sides. the fbi investigation is going to be hard to portray that way, and it also won't be public. they won't put out a report, necessarily. they will make a recommendation to the department of justice on whether or not they believe any crimes were committed, and it will be up to the department of justice to decide whether to bring any cases. that could go any number of ways. some could be incredible nightmares for the campaign. but even the fact of an interview with an fbi in the middle of a presidential campaign certainly is not a good optic for the campaign, and i am sure they will hope that the fbi decides there were no crimes committed, and at this point we don't know what they are going to do. amy: steven makes a good point. so much of her response is that her republican adversaries are blowing this out of proportion to her hurt during a political season. so the report yesterday was a particularly damning because it was from her own state department.
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charlie: can bernie sanders when -- we had to in california? -- can bernie sanders win in california? amy: it was looking impossible until recently. new polling shows they are in a dead heat. i still think he is an underdog. the clinton campaign intended to shift all of its resources into the general election by this point, and they said yesterday that they would be going on air for ads in california. this was unheard of a few weeks ago when we thought that everything was going to be pushed to ohio, florida, pennsylvania. places where they are ready to take on the trial. -- take on donald trump. charlie: and what about trump and sanders in a debate? amy: that would be fine. trump said in his press conference that they would do it for charity. if they raised $10 million, they would do the debate. bernie is having money problems. i think they are looking for free media, and what could be more free media than debating trump? charlie: thank you, amy. thank you, steven. we will be right back.
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stay with us. ♪ we begin the week with politics. hillary clinton's e-mail server is in the news. there had been more incidents of violence at donald trump rallies, and there may be one more debate before the california primaries, but it is not one that everybody expected. mike allen is here with that and more, the chief correspondent of politico. and the editor of the playbook blog. welcome. mike: thank you for having me. charlie: we know that donald trump has reached enough delegates. when will hillary clinton reach the same point? mike: this is the amazing reversal of fortune. remember when this process started? we thought there was one viable democrat and 17 republicans, and now she is having to go to the very end, bernie sanders pushing her, looking stronger, getting
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more coverage. last weekend, this "saturday night live" segment had bernie sanders and hillary clinton in a bar at closing time and sanders wouldn't leave. that was a great set up. charlie: what is wrong with the clinton campaign? is it the candidate? mike: it needs excitement. there is such an excitement deficit between trump and her. the dilemma for sec. clinton is cautiousness, one thing missing from hillary clinton is her brand. you would assume that in these times, that is what people want, but it is not. you can remember me saying this fall to you, when we had the summer of trump and the fall of trump, i used to say, at any moment, something could happen in the world that would remind people that this is a real job.
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and then we had the attack in paris, and trump went up. so people want -- or at least a large number of voters want -- the two are tied in national polls, nothing any of us saw coming, and the white house did not see it coming. we were talking to them the other day. they were surprised by how quickly it has become a neck-and-neck race, and by how quickly republicans have closed ranks behind donald trump. charlie: you told me on the phone the other day, this foretells the next five months. mike: trump, making accusations against bill clinton that no one has. a picture of bill clinton with the cigar, telling the washington post that he is going
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to start looking to conspiracy theories. charlie: vince foster? mike: yes. that is a dilemma for the clinton campaign, do you respond? if you do not, you are accused of making a swift boat mistake. but on the other side of that coin, you could spend the next five months talking about things you don't want to talk about, that you don't want to remind voters of. charlie: and you don't want to become donald trump. trying to attack him the same way he attacked them. marco rubio tried that, and it did not work for him. mike: when the egyptair plane went down, and donald trump right away tweeted that it was terrorism, at the time we did not know what it was. charlie: and still don't. mike: exactly. but then you saw hillary clinton talking about the plane can't terrorism. -- and terrorism. how to look strong and not play trump's game is a difficult needle to thread, and they have
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not yet cracked that code. charlie: i have friends of mine who are politically savvy saying if there was a major terrorism event in this country, it would play into trump's hands. mike: it no question. politics of fear. he is going to play the security model. this will be his message at the convention. he will talk about being a family man. and interestingly it enough -- mike: yeah, great kids. family man, pragmatic businessman, and he will appeal to security models. he will project strength. charlie: you but i thought we said that was hurt. -- that was hillary clinton. careful, serious, with a big resume. has been there. when she ran against obama, "who do you want answering the phone at 3:00 a.m.?" mike: exactly. secretary clinton has history, demographics, and resume on her side. that missing ingredient is the
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emotional connection. that's how we vote. i sometimes think of life as a student council election. back in the lunch room, you didn't vote for the kid with the better platform, you voted for someone because you like them. that's how elections are. charlie: when you look at elections today, do you find that more and more people are saying, yes, yes, donald trump can win? mike: i have said a while, he had a 30% chance. that is rising. we saw in the polls that have him basically tied, we see it in so many republicans who are fighting a way to endorse him, or they say they will support him, but not endorse him, or vice versa, but so many republicans are coming around. we are seeing hillary clinton does not yet have a blueprint for firing back.
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if we were to flash forward and donald trump wins, mainly for demographic reasons and map reasons, seems unlikely. the political staff says donald trump would need to win seven in 10 of white dudes, including democrats. charlie: and at the same time, they point out that hillary clinton has a long way to go to win bernie sanders supporters. there are exit polls that say they feel strongly against her, even to the point of some saying they will vote for donald trump. mike: i think this will be a big story, bernie bros going to trump. it is the middle finger vote. people on the outside of mercury tainted, they do not like what
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they are hearing, they do not trust the system. after the convention, they are going to be taking a look at donald trump. union members, not union leaders, but union members, distrust the clintons because of trade and nafta. some democrats will pull the lever for donald trump. it complicates the math. that's why the math is so screwy this time. the rust belt, blue-collar states that you can usually count on going for democrats, michigan, wisconsin, pennsylvania, those are in play. but some classic red states, like georgia and arizona, with expanding hispanic populations, those he can lose. so the chessboard has moved. charlie: thank you for coming. mike: happy memorial day. ♪
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>> in his back to a one-month low versus the dollar. sales tax increase scheduled for next year will probably delayed in japan. economic confidence rose for another month in may. that's the highest level in four months. strengthening by consumer sentiment. contractedgreece since the previous quarter. 3.3%erly exports fell there was growth in a france. it beat estimates. markets are closed in the u.s. and the u.k. today. let's check in on the markets
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that are open. let's start with european equities. stocks are european pretty much unchanged. the dax is moving higher. let's switch of aborted look at currency. it's about dollar strength today after and it yellen's comments friday. you can see that sterling is weaker. the euro is gaining against the dollar. dollar yen, we see a weakening. it has fallen to a one-month low. let's take a look at the bond markets. we saw the treasury yield rise two basis points after janet yellen's comments on friday. let's look at commodities. gold has really been punished by the prospect of higher rates. it's the longest losing streak in a year.
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canadian crude oil has resumed output after the wildfires. down 3/10 of a percent. last week, it hit $50 a barrel. stay with bloomberg. coming up next, it's charlie rose. we will be back every 30 minutes until a 5:00 p.m. u.k. time. see you soon. charlie: we now turn to asia. earlier this week, the president visited vietnam, where he lifted a decade-old arms embargo. he then headed to the g-7 summit in japan. he plans to make it an historic visit to hiroshima on friday. joining me is david sanger of the new york times. he recently returned from traveling with the president.
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i am pleased to have him back on this program. thank you for doing this. i think you just got off the plane as we taped this. thank you for coming by. give me an overview of this trip. put it in context. part of it is legacy building, part of it is reminding americans that he is constantly talking about the importance of asia. david: that's right. the two big parts of this trip are the vietnam side, which was what he did the beginning part of the week. which was the first time he had gone to vietnam and was important, because he is trying to wrap vietnam into the overall strategy of the asian pivot.
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countries like myanmar, vietnam. where we had diplomatic relationship of 25 years. but we have not really deepened the relationship. to try to get vietnam, the philippines, others in the region to participate in this effort to jointly contain the chinese without making the chinese view it as containment. it is not an easy trick. as you can imagine. because on the one hand, he is trying to engage the chinese, saying we understand we need to work as partners and so forth, and yet he is using facts that the chinese have been so aggressive in the south china sea to help draw in asian nations that have not been traditional allies, that have been very reluctant partners. if you look around the region, he ended up lifting the arms embargo on vietnam, which has been in place since the 1960's. he is hoping that he will have some access to the big port during the vietnam war. he is negotiating with the philippines about getting access
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to bases that we are throwing out 20 to 25 years ago when i was a correspondent in asia. we never thought we would have access to it again. he's already got a deal with the australians having access to darwin. what he is hoping to do is keep american forces engaged in new places around the south china sea where they are constantly going to be in china's space. charlie: is there a specific message to the chinese that if you go this far, we will respond, both the united states and its allies? david: the message is little more subtle. each of these countries recognized a need to have a relationship with china. the trade relationship they have with china is bigger than the trade relationship they have with the u.s., in many cases,
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and it's part of why the president spent so much time making the case for the transpacific partnership, although the case needs to be made with congress. more so than the 11 asian nations the u.s. has negotiated with. charlie: it is fair to say that vietnam and some of these countries have welcomed this because they are wary of chinese intentions over the long run. david: that's right. the trick here is to use the chinese aggressiveness to playoff the insecurities of these countries and make sure that they recognize it is the united states with who they have the best long-term possibilities.
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what's running against this is the domestic politics here. the new york times they read, they watch your show and cnn and all that, and they see donald trump talking about how relationships in the region, including the american troop presce, should be based on whether or not these countries are financially contributing. you could argue -- what's missing from the trumping argument right now is the case that the u.s. itself has in the region, and for its own reasons being a presence. these countries are nervous that the asian pivot that the president has talked about may go away on january 20, 2017. charlie: what do they think in asia when they hear mr. trump say he is not against japan having a nuclear weapon? david: he said that in the
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david: he said that in the interview that maggie and i did with him, and he also said that about south korea. he did not then repeat that in his foreign-policy speech. you have not heard him talk about it since. he came to it after i asked him in the course of that interview, if you are going to pull back from the pacific, both of these countries are going to get more nervous that are nuclear umbrella no longer covers it, that we would not be willing to come to their defense against china or north korea. and so would you have any objection if they build their own nuclear weapons, which the right wings of both countries are arguing for. after a pause, he said no, i would not have any problem with that. i find it interesting that he has not repeated it since. i wonder if he would he want countries part of the nonproliferation treaty to break that treaty?
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charlie: also, the president said on friday that he would go to hiroshima. david: it is going to be a fascinating trip. when i lived in japan, no american official, even the u.s. ambassador in japan, would go to hiroshima during the commemoration of the bombing on august 6, and the later bombing in nagasaki. you have seen president obama being willing to do some things that traditionally american presidents have not done. he has been to myanmar twice, a place no president had gone before. he is willing to reach out to the iranians in a way that others have not before.
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charlie: cuba. david: cuba, for sure. and now you're seeing him say, look, we can take on directly the fact that we bombed hiroshima and nagasaki. the question, in watching his talk on hiroshima, is twofold. first, we know he is going to avoid an apology. he has said there are no apologies for what the u.s. did, but there are still two completely opposite interpretations of history that go around the hiroshima bombing. if you walk into that museum that is outside the surviving dome that the president is visiting, you get a vision of history where the japanese are walking around hiroshima, there is no context to the war, and suddenly the bomb is dropped. if you talk to americans about
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this, if you look at the exhibits in the smithsonian around that came up in the 50th anniversary and survived to some degree, what you get is a version in which the decision to drop the bomb ended up ending the war and saved tens of thousands if not hundred s of thousands of american lives. both of these, there are people who believe that there are reasons the japanese surrendered had more to do with the fear that as soon as russia entered the japanese side of the war, they would be able to do that, they would be invaded by the russians in the north and the u.s. from the south, and that may have had more to do with it. but certainly there is a version of events which i kind of subscribe to that the decision to bomb in hiroshima probably saved hundreds of thousands of lives. charlie: there is also the question of the prime minister of japan. he reminded the president when they were standing together that there was great anger in japan
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over an early incident in which a subcontractor had killed a japanese woman, a young japanese woman. that still is part of the conversation and debate about whether there ought to be an american president in okinawa. is that still part of the conversation and debate about whether there ought to be an american presence in okinawa? >> there has been a long-running set of issues in okinawa. one that you alluded to, that there have been extraordinarily tragic encounters between some of the american servicemen and local okinawans. there are many back in the 80's and 90's, i do not know that they are happening in any other place at a greater rate, but it certainly happens. the americans have said we will reduce our presence in okinawa, but you have to then come up with an alternative location for the troops to be based within japan.
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while the japanese have promised to do that, they have not gone ahead with those plans. there's great tension with in japan between the people okinawa, which feel they are taking on the biggest urban of having the troops there, the historic burden that comes back from the fact that japan itself had been freed of the american occupation, and there's always rivalry between the japanese army in ireland and the okinawans, where the main islands do not want to take on this u.s. presence. there are all kind of environmental issues that come up bills will including the survivability of the reefs around okinawa's airbases are
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extended. charlie: should the japanese prime minister have made this case when he was standing with the u.s. president? david: this is a long standing issue. ofo not really see the issue whether or not this was an effort by prime minister abe, one of the main sources of discussion between the united states and japan for decades. charlie: i do not know anyone could make the case that it was an effort to embarrass president obama, but the question is is that the right forum to do it? david: it may not have been, but
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abe has his own domestic policy issues. had he not brought it up, it probably would have been difficult for them. the harder part for you to -- i think the harder part for him to navigate, is what does he have to do if the president visits hiroshima? there has been no japanese from -- japanese prime minister who has gone to pearl harbor. if you go off the hiroshima coast, it has the equivalent of the old japanese annapolis. there is a wonderful museum there, and to the heroes of pearl harbor. those would be the japanese airmen who went over and were shot down and never came back. so there was a mythology that
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the japanese have about pearl harbor. and when the interesting questions is after the president is done doing what he does, is it time for a japanese prime minister to show up at pearl harbor and explain that in the historical context as well? charlie: such as it is with wars were there are winners and losers clearly the united states is troubled by north korea. was it a subject there, and if so how did it play out? >> north korea is usually a bilateral subject between the u.s. and japan and the u.s. and south korea. the most interesting thing that is happening in the next few weeks is that there is going to be a joint training drill for dealing with north korea that has japan and south korea and the u.s. all together in it. since the japanese and the south koreans have a very difficult time talking to each other, working on this question, that
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itself sends a message to the north koreans. we reported a story i did a few weeks ago, that the north koreans have, according to american and south korean intelligence, have finally mastered the technology of putting a nuclear weapon on a short and in a radio range missile. they have not tested this yet, but the intelligence agencies believe they know how to do this. they do not yet know how to put it on a long-range missile that could reach the united states. but if it can reach american forces in south korea, american forces in japan, if it can reach about any city in japan and south korea, that seems to raise the stakes considerably, at a time when we're worried about the stability of kim jong-un. the north korean leader. and i would say that if there has been a single area in which president obama has made no progress, and is leaving the situation worse than he founded in asia, it is on the north korean side. while the u.s. was able to negotiate with the iranians, it
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has never gotten a conversation going with the north koreans. i'm not sure there is any chance that will happen between now and that time. charlie: thank you for stepping off a plane and coming in to see us. david sanger in washington. we will be right back. ♪
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charlie: our guest received her first oscar nomination at the age of 13 for her performance in atonement. she has grown from henning kennelly intelligent child actor to a screen performer of force insensitivity. she is making her broadway debut in the rival of arthur miller's the crucible. she plays abigail williams who feels mad paranoia in the midst of the salem witch trials. i am pleased to have her at this table for the first time. welcome. tell me about abigail. >> she is very complicated, i have to say. it is funny because it is something that has been on on my mind for the last two years. i signed up for this two years ago. to play abigail. charlie: what does that mean?
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>> i'm excessively thinking about it mind and day and cannot sleep and have dreams about it and wake up in the middle of the night with a cold sweat because it is my first time on stage. i was terrified. up until two weeks ago i have been terrified. charlie: but you are comfortable now? >> yes. i think, no matter what because it is the very first production i'm involved in. i'm going to have nerves. i'm never going to be completely comfortable. charlie: but you always wanted to go to stage, but wait until you were 21? >> yes. because i did not train, and even though i don't think you need to be a good actor necessarily, i think the theater, the technical side of it is a much weaker part of the performance. and what you deliver every night.
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and to not know how to breathe or project or even just make a line work in 100 different ways, you would be a bit lost in a play. so i did not want to do it when i was too young. charlie: making a line work in a hundred different ways. >> you can. charlie: can you give me an example? any example that comes to mind? >> i think really, the first line that i have with paris, when i'm saying to him, what i think the rumor of witchcraft is all about that is something that can be played in so many different ways. so the way that the director wanted me to do this was someone who is very self-assured. she was only 16, 17, and she is
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kind of wise for her years. and she stands on her own quite well. there are so many different scenarios within the play where i come face-to-face with one of the main male characters, and talk them down. that is the type of young girl she is so with a line like that coming you can play a self-possessed young girl, or someone who is nervous or anxious. even though quite if strong foundation has been laid, just because i have done it so much, every single night, a simple line like that will be completely different. charlie: is there any similarity between this character and the character from "atonement"? >> yes.
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it is similar, have to say. i feel like abigail is an older version, if she had been let away more as she got older. i think they are both incredibly intelligent young women. i think abigail is an idea of -- has more an idea of the repercussions of her actions and her words, and briney chose not to see the truth, because she was young and there was confusion that was involved. her motivation to do what she did. i think with abigail she has more of a clear focus. she knows what she wants. she wants or so she thinks she wants john proctor.
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and that is her motivation. i think briney was scared and confused the only thing that the girl could have relied on was for imagination because she did not have anyone else. charlie: did you talk to the author of atonement? >> yes. charlie: i have had him on very often. >> i am doing on castle beach which is one of his novels at the end of the year. and he amazes me. it is not very often that you have the author of the books that are being adapted for film be supportive of the film adaption. we are very lucky. you don't always get that. it is their baby, and it is their work, and a book is so incredibly different when it comes to the journey that a reader takes versus an audience member. but ian came on set a few times and i remember i showed him around the set, i showed him the
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camera works, even though i am sure he knew, but he is lovely. >> this is arthur miller on this program talking about "the crucible" in 2002. >> i think the play is dealing with the disintegration of a society. it is a play about paranoia, hysteria. and i imagine that people are reacting to it because they feel similar things now, namely that an attack can come from anywhere, which is what happened in salem. that they were not quite sure why. they were not sure what they would do or what they should do. it is all up in the air. and in this play, that is the way it is.
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it is a play about a town that is simply exploding in fear. >> it has a lot in common with shakepeare's plays. it fuels the whole society. it is a microcosm. you put a whole society on a stage that is the attractive thing about theater predicted when a group of people on stage, expands through whole society this is what shakespeare does, and goes from the top to the bottom. also what arthur does in this way is to go from scenes of great intimacy between two people to scenes which involve the entire society on stage. the epic scale of it, the language, is shakespearean. arthur has steeped himself in shakespeare, with the transcripts of the trial, and
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the king james bible, which came out about 70 years before these people. their language would be very informed by that. it is a language of muscularity and energy. the play is wired and when we went to the first run through sitting at the force of the play, arthur said this is a young man's play. i could not write this now. because of the sheer energy and muscularity of the play. charlie: what informed you in terms of your performance? >> it really was a process, because in the way that she works, it is specific to the production. you probably never will work like someone like that again.
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we do not have a very clear idea of what we were doing on the first day. i had just gone over the play an awful lot. all i really had was the text. it is so true what richard says. there is a muscularity, a real poetry to the text. it is so far removed from how we speak now it is like you are doing shakespeare. so you really do disappear into that world as soon as you commit yourself to the text. but it was a number of different elements that came together. the costume, the look of the two, and all of them going over the text over and over again for weeks. charlie: here is what you said, you are surrounded by this community with rules for everything. she is a teenager becoming a sexual creatures, but she is a child in some ways.
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>> again, fear is the driving force in this play. no matter what production you see, the one thing that should be apparent is that there is such an air of fear in this community. no matter what, with what is going on in america and europe, fear drives people to do things they would not do. to be honest, just in personal relationships, i think between people. when you feel like you are being attacked, more often than not, unless you are a hero like john or a heroine like elizabeth, you will shift the blame or you will panic and you will move the attention on to somebody else is -- someone else and that is what is constantly happening in this way. one thing that really fascinated me, these young girls are the one that instigate this
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whole attack on the people. they are incredibly emotional because they are going through a very emotional shift in their lives. the biggest they will probably ever go through. they are discovering sex for the first time. i think with abigail in particular, she behaves in an awful way of course, but i don't blame her for reacting in the way she does. she has had her innocence taken from her by this man, and he promised her many things when they were together. regardless of how long the affair lasted for. being a young girl, his idea of romanticism is probably still alive and well and i took that to mean that they were committed to one another. when that is taken away from
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her, it is almost like her main purpose has been taken away from her. suddenly she is like all the other children in the community again. when she had him, she was something else she was something higher than the rest of them. so she starts to panic. charlie: so her meaning in life is taken away. let's talk a little bit of things about you. your parents came here to pursue acting. >> no, he became an actor over here. he was discovered in a bar that he worked. charlie: because of the way he looked? >> he was a good-looking man but he was very funny and very charismatic and irish people in general are entertainers. charlie: you wanted to be like
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him, is that what got you into acting? >> i did not grow up with the notion of wanting to be an actor. charlie: you went back to ireland when you were three years old. >> he became an actor in new york, and he continued to work when we went back to ireland. when i was seven years older something, he was in this short film in dublin. they needed a kid to dress up as a clown. it was something very avant-garde. they needed a kid to do it. and so he asked me to do it. it is so funny because i was never the type of kid into dressing up. the only person i pretended to be was jean butler
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from riverdance. but other than that i never did anything with that. i was not enthusiastic about it. he persuaded me to do it. because they needed a kid. but as soon as i got onto the film set i just felt really at home right away and i was 12 years old. and then there was this shift. 12 years old is ridiculously young to know what you want to do i was lucky. suddenly, i was put into this world of incredible people. people who are wonderful and brilliant about what they do. it was a serious subject matter, but it was fun. and still getting the work done. and so this deep love for acting and being on a film set blossomed from there. charlie: i want to ask the question, why do you think you have been so successful at such
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a young age? is there an answer to that? >> a lot of it has to do with luck. i really do. you have to be happy at what you do. i suppose. hopefully i am. and also, another thing that a lot of people do not really mention is that you need to the respectful of the other people you are working with eventually, if you are disrespectful to the people around you, that word of mouth on to other people. people talk, and you won't be hired again. i'm very lucky that i had terrific parents, one of whom was very experienced when it came to films and the etiquette and how to prepare and all that sort of stuff. and my mother, i was able to feel the goodness of being
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around these people. but i also wasn't ruined by it at an early age. i was still kept innocent, and one thing that she said when i was a kid, she stopped people from making me a cup of tea on the set. >> where do you want to go? >> i love working. i really do. the acting itself is obviously the reason why i love what i do so much. it is a huge part of me. acting on stage versus acting on film is completely different. charlie: and more satisfying? >> no, equal to but satisfying
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for different reasons. when you are on stage with someone, even with you, and i know there's no one else in this room, you don't get that space when you're on the film set. there are lots of other people there, cameras everywhere. that puts some people off. but i have grown up with that, so i love working in that environment. charlie: wishing you much success. thank you for joining us. see you next time. ♪
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sank to a wonder low against the dollar. after aosed in may sales tax increase for next year is said to be delayed.
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economic confidence rose for a second straight month in may. the gauge came in at the highest level in four months. by figure was strengthened improvement in the retail and construction sector. greece's gdp contracted. experts fail.y earlier this meeting, france's first quarter gdp numbers showed growth accelerating, beating estimates. markets are closed in the u.s. and u.k. today for the memorial day and spring bath day. if you are watching, let us check in on the markets now, starting with european equities. up, to stocks we are watching including bayer.
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improved offern for monsanto this week. they are looking at banks to finance that. we are all also watching postnl. moving on to currencies, it is a story of dollar strength today. br see a stronger euro. .terling, a bit weaker they can, a bit weaker on the dollar. let's look at the treasury markets. you can see the healed on france, germany, and italy are moving higher as well. commodities. cold down for the ninth day. crude posting losses as well.
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goals taking hit -- a head, of course, from the prospect of higher rates in the u.s. 1.0 bringingudio you interviews with people you need to know. ♪ emily: she is one of the most influential women in technology and media, editor and chief of "the huffington post," a former candidate for governor of california, and the author of 15 books. including her latest, "the sleep revolution: transforming your life, one night at a time." joining me today on studio 1.0, arianna huffington. cofounder of "the huffington post." arianna, thank you so much for being here. ms. huffington: thank you for having me. emily: verizon which owns aol and the huffington post say they will bid for yahoo!. do you believe verizon has a
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longtime content strategy that include yahoo! and the huffington post and if so, what is it? ms. huffington: verizon has decided, and that is, of course, the reason why they bought "the huffington post," that the future for them has to include a very robust media technology company. yahoo! would fit very well in the strategy. there is competition. so there is software and maybe google, so we will see what happens. emily: what are the synergies you see with verizon and the huffington post? ms. huffington: verizon has huge distribution potential for us, especially since we are moving more and more into video. they have launched go 90 which is their mobile video play and has produced and paid for great content from many providers. so this is fantastic for us, because it gives us great
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distribution. emily: what do you think about this whole idea of a wireless company getting into content? it is not just verizon or at&t. it's an interesting new world. ms. huffington: i think it's a smart move. the world is changing. it is really the innovator's dilemma that if you don't change fast enough because you are a big, successful company, like verizon is, then in a sense, if "the new york times" had changed early enough when it came to digital technology, there would be no room for "the huffington post." emily: there has been intense scrutiny on marissa mayer's own leadership and the turnaround, and now, she is now fighting for her job. do you sympathize with her at all? ms. huffington: absolutely, i feel that marissa is a working mother who chose to run yahoo! a
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certain way and, at the moment, clearly, shareholders are not happy with the way it's been run. when you are a public company, that's one of the dangers. you run. emily: do you think yahoo! can be revitalized with new leadership? ms. huffington: well, i think one of the great advantages of yahoo! is it is a hybrid. it is a journalistic enterprise, and it is a platform, and it owns tumblr. i think tumblr is an incredible asset. more and more people want to express their views in more than 140 characters. you have an incredible opportunity to use tumblr to allow people to express their views and also to use it as a native advertising place.
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now, we see this for us, definitely, and one of the most important monetization channels. you know, our relationship with goldman sachs which are different brands, sleep number, a mattress company, that create sections that are really for me one of the things of native advertising. emily: would you like to see yahoo! in the family at verizon? ms. huffington: absolutely, it provides us a bigger playground. emily: how have you liked working with tim armstrong, the ceo of aol, and do you buy into the idea to build a media and advertising giant that could compete with google and facebook? ms. huffington: well, first of all, tim and i have now worked together for five years. he bought "the huffington post" in 2011. and if you think of it, it was a visionary act.
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the shareholders vanished. they thought it was a foolhardy move. aol received two bids while they were negotiating with verizon to buy "the huffington post" for $1 billion. clearly, he bought it for $350 million. so already, in what was then four years, he had an asset that because he invested in us, had become significantly more valuable. he really backed me up when i want to take "the huffington post" around the world. it was really fantastic from our first trip together a couple of months after the acquisition in london.
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we announced we would be expanding in the u.k., in canada, and after that, it became -- we had the kind of first mover advantage of growing internationally while now everybody is trying to do the same thing. emily: facebook is interesting because on the one hand, we are seeing this trend where, potentially, personal sharing is down on facebook, but people are sharing more news. ms. huffington: i'm an incredible believer in facebook. there is a winning combination here of life and video. i'm a big believer in life. the way they are doing it, i mean, cheryl and i had that conversation yesterday and you suddenly have tens of thousands of people watching something and that is the right length, under 10 minutes. emily: how can facebook win if twitter or maybe even snapchat is where you would go for live?
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ms. huffington: they know that and they are putting resources behind live. we partnered with them in launching a series called talk to me which is children interviewing their parents. actually, we have a great one of travis kalani interviewing his dad. emily: that is adorable. ms. huffington: it's all the children, so you can have, like, meaningful conversations rather than cute conversations. emily: what do you think about medium and the rise of medium? is it a threat to online publications? ms. huffington: i love medium. i think what they have done is absolutely fantastic. i just did a conversation on stage at a conference. and we want to partner together. i'm a big believer in partnerships. i feel partnerships are the
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future. the reason we have grown is that every single one of our international additions is a j.v. or a partnership. you have the advantages of having a player involved that knows the market. i think partnerships make it possible. ♪ emily: why do you think the tech industry in particular has such a problem with women? ♪
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emily: we have been talking about issues like diversity and inclusion in the tech industry and the fact that women and minorities are underrepresented. when it comes to things like culture and inclusion, when should companies start thinking about these things? should they start thinking about these things on day one?
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ms. huffington: i think they should start thinking about these things on day one. just take women for a moment. if you really make diversity and hiring women and encouraging them to get to the top from day one, you are going to act in ways that increase the pool from which women apply to join the ranks. women, according to the latest medical science, process stress differently, so we internalize stress more. so women in stressful jobs, which i'm sure includes every job in the valley, have a 40% greater risk of heart disease and a 60% greater risk of
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diabetes. so you see a lot of women drop out. and that is one of the things that needs to be stopped. and i feel that is kind of the next revolution, when women don't say we want to get to the top of whatever world we are competing in, but they also say we want to change the world. because the way places have been designed by men are not sustainable. emily: why do you think the tech industry in general has such a problem with women? women in engineering and venture capital? there are just not enough. ms. huffington: i think the problem has a lot to do with the burnout culture. it is really important to look at the price we are paying for the way we are living. i mean, look at last year, how many executives we had literally collapsing, it either on stage, like the ceo of bmw, or on the treadmill like the ceo of united, or jimmy lee, the head of m&a at j.p. morgan. emily: so what do workplaces need to do? what do tech companies need to do? ms. huffington: they need to
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make it very clear that there is a time when work ends, meaning you're not expected to be on all the time. you know, you talk to people who work at google and there is a green light meaning you're still on, and there is this competition. are you on all the time and that's supposed to be good? or how quickly you return texts and e-mails. that is a culture that is barbaric, and that is changed by making it clear from the top. that is what we are doing at "the huffington post." when your work ends, you're not expected to be available. if there is something urgent, we will reach you but otherwise that's your time to recharge and return fully recharged to the office. emily: you started your own
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business. why don't more women start companies? ms. huffington: there is something about risk-taking. i think living in institutional barriers with personal barriers, we have a harder time being disapproved of or dealing with naysayers. we have this voice that men have, too, but in my experience, women have it stronger than men. it is an obnoxious roommate living in my head. it puts me down and doubts me. that questions what i did or what i said. and it's very draining. if you start a new business, 3/4 of them don't succeed so you have to be more comfortable with failure. i was kind of liking that i was brought up by a mother in a one-bedroom apartment in athens who kept saying to me failure is not the opposite of success. it's a stepping stone to success. so she always made me feel that it was ok to try anything and fail along the way.
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and so when i wanted to go to cambridge, for example, and everybody said you will never get in, you do not speak english, we don't have any money, she said let's find a way to get to cambridge. we knew it was unlikely and i probably would fail but that did not stop us from trying. so i think more women need to have that sense that it's ok to fail along the way. because you have talked to every entrepreneur under the sun, is there anybody who has not failed along the way? emily: a lot of people blame the diversity problem in the tech industry on networking. people hire people they know. so men hire men, for example. you are very close personal friends with sheryl sandberg. what do you think about the role of networks and the power of networks to empower women but also work against them? ms. huffington: well, networks have always been important from ancient times because we want to work with people we like. they can become a problem if we want to only work with people who are similar to us.
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i mean, i know, emily, when i was building "the huffington post," i realized if we were going to succeed, i had to hire people who i might not want to have dinner with. i had to hire people who were a third of my age, and you think i did not know? i would know them in a deeper way or i would never know them. they are essential for our success and the same applies in any field. and also, also, even if you are the boss, you need to realize you don't know everything, especially in a very fast-changing world, where constantly disrupting ourselves which is essential for success.
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♪ emily: sleep is one of the great mysteries of science. you have written a whole book about it. this originated from your own wake up call. what happened? ♪
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emily: so sleep is one of the great mysteries of science. it's something we still don't know a lot about, and yet, you have written a whole book about
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it. this originated from your own wake-up call. what happened? ms. huffington: so nine years ago almost to the day, i collapsed from sleep deprivation exhaustion two years into building "the huffington post" with two teenaged daughters and, as a single mom, taking one of them around to colleges to decide what college she would apply to. i came back to my home office, and i got up to get a sweater because i was cold. i fainted. i hit my head on my way down and broke my cheekbone. and that was, for me, the beginning of reevaluating my life and recognizing that based on scientific findings, trying get by on four to five hours of sleep is not sustainable, unless you're one of the 20% about 1% of us who are known as, in scientific circles, "short sleepers," and they can get by on that without any adverse effects, but it's a genetic mutation.
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emily: so it's a real thing. ms. huffington: a genetic mutation. you can test yourself for it. i don't have it. i optimally need eight hours. every scientist will tell you that unless you have the genetic mutation, you need somewhere between seven to nine hours to be operating on all cylinders and for your immune system to be strong so you don't get colds and other diseases, for your cortisol levels to be low so you don't have constant stress in your body, and also, your brain level for your cognitive functions to be at their best. emily: you are one of the most powerful women in the world. you found it "the huffington post." you run 15 editions around the world. what about the little guy? how do you tell your boss, i am sorry. i need to take a nap? ms. huffington: if you have one of those bosses, it's important to manage your discretionary time, the time you have some control over.
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and we all have more discretionary time than we acknowledge. somebody is watching "house of cards." emily: so in silicon valley, it's a cutthroat world and startups are trying to stay alive. you started your own company. you know how taxing this is. how do companies manage this issue of overwork and under sleep when they are trying to keep the lights on? ms. huffington: well, that is really the fundamental delusion, the delusion that by working around the clock, you're going to be more successful. and all the evidence is to the contrary. that, in fact, in order to be at your most productive and most creative and your most resilient, you need to be -- to have had a good night sleep, because that is when you operate at your best. i was talking to travis kalani today. he said as a young entrepreneur, he bought into much of the delusion that he is not going to
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sleep, and he was going to drive himself into the ground, and he joked. he said, "i had failure after failure. then i hit my 30's. i realized i was much more effective, much better leader when i was fully recharged." emily: so you have not been shy about donald trump bragging about how little sleep he gets and how it's hurting his campaign. so i am curious. what if he becomes president? what does that mean for america? ms. huffington: so he has been bragging for a while that he only gets four hours of sleep per night and that he sleeps with his phone, because he does not want to miss out, and i think, ultimately, this lasting contribution to american life, he will be exhibit 'a' of sleep deprivation because he truly portrays all the symptoms that the american academy of sleep medicine has described as symptoms of chronic sleep
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deprivation, like inability to process basic information, mood swings, outbursts of anger, paranoid tendencies, instability, and finally, he actually went so far when he called on women who have abortions to be punished that he had to retract it, and he does not retract anything. emily: maybe he doesn't become president, but nobody thought he would get this far. does it worry you? like, what if? ms. huffington: he got this far partly because of the media. the media really did not do their job. because they were starved for ratings, and he could literally phone it in on any show, even the biggest sunday morning shows, which they would never allow any other candidate to do. emily: are you a hillary clinton supporter? ms. huffington: like you, we are covering the election, and we are covering everyone.
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we believe that's our job. it's not our job to pretend we don't have a very strong position on a candidate. that we are completely beyond the pale like donald trump. emily: what keeps arianna huffington, the sleep guru, awake at night? ms. huffington: i am a neurotic mother. i'm working on it. i'm not saying it proudly. emily: aren't all mothers neurotic in some way? ms. huffington: i am particularly neurotic. like if i text one of my daughters, especially my daughters are 24 and 26, not five or seven, and if i don't get a response within 3.5 seconds, i move to major negative fantasy. so i am confessing this publicly, in the hope that somebody will provide some help.
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emily: what is next? this is your 15th book. ms. huffington: this is my 15th book. i am very committed to this campaign. it is much beyond the actual book. we have this college outreach to over 100 colleges because i want to reach the millennial audience and help them understand that sleep is essential to their well-being and to their grades and to their careers. we have that campaign against distracted driving, and we have a partnership with marriott, jetblue, and airbnb, so we want to reach a critical mass and change critical norms. emily: arianna huffington, thank you for being with us. ♪ okay, ready?
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whoa! [ explosion ] nothing should get in the way of the things you love.
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♪ get america's fastest internet. only from xfinity. dutch of you are watching bloomberg television. i am nejra cehic. let's get to bloomberg first word news. treasury -- after federal reserve chair chan at yellen said in interest-rate increases likely in coming months. japanese shares rose while the shanghai conference was flat. back to a one-month low versus the dollar, and japanese stocks were on their highest close in may after shinzo abe said a sales tax increase scheduled for next year would probably be delayed.
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japan has retail sales growth increase the likelihood that the highs will be held. response gdp contracted by 4.5% since the previous quarter. economic data for the country showed that quarterly exports fell 3.3 percent. early this morning, france-presse first quarter gdp number shows growth accelerating 1.6%, beating estimates. and noblehas -- group's ceo has quit. william rendell and jeff hayes have replaced him as co-ceo's. noble shares have plunged 60% in the past year with questionable practices dogging the coming. markets have closed in the u.s. and the u u.k. today. european equities -- the dax higher, up .3%. the tax pretty much unchanged.
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we are watching m&a news, starting with bayer. they are may put forward -- bayer may put up an offer from months until earlier this week. the stock again in on that news. -- the stock gaining on that news. we have seen be post shares falling. in the currency markets, euro isength, but the big story about dollar strength, the bloomberg dollar index poised for the biggest monthly jumps at some cover 2014. sterling unchanged, and we are seeing a weaker yen. in european bond markets, we are seeing a 10-year yield, a move higher after treasury yields also moved higher after janet yellen's comments on friday. those markets are closed today, but european yields are higher. looking at commodities. gold taking the brunt of the
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prospect of a fed rate rise. gold down for a nice day. now, wti and brent also lower. do stay with bloomberg. coming up next, it is "studio 1.0." ♪ >> hello and welcome to "high flyers," a show that gives you a view of asia's business elite. today we meet a father and son team. with interest in an control of more than 30 companies, they are recognized as one of the companies most successful partnership spiri -- partnershi.
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>> after the socialist coup in myanmar that landed in china's cultural revolution, just 12 years old, he was taken from his family and sent away to work. he says the spirits made him stronger, even with no qualifications or formal education. he had interest in a range of businesses, including banking, property, and health care. he was recently appointed group ceo. time for these high flyers to join us on the singapore flyer to tell us their remarkable story. haslinda: welcome to "high flyers." it is a pleasure to have you both of you are among the most
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successful businessman in myanmar, but the beginning was not easy. you were selling air sanitizers door to door. it was difficult. >> i was very young then. it was note young, difficult, it was just another job that you had to do. haslinda: but you were trying to make ends meet every single day. >> of course. survival. fight for haslinda: how do you feel when you look back? >> i feel good. i can tell -- haslinda: you have come a long way from the money you had in your pocket. >> quite a long way. i can tell that the younger generation, that if you work hard and if you have a little bit of intelligence, you will make it. remember when i was in air sanitizers salesman and i was at
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a company with salesman doing the same thing. make 6, 7 calls a day, and that would be the day. i would make 35 calls a day, and have them would get thrown out of the office. i had no experience. but at the end of the day, outdoely, i would always them in terms of numbers of sales, simply because i would knock on much more doors than they ever would intend to. so i guess if you work hard, if you are diligent, you will always make it. actually melvin, you are making it, without, some say, having to make the -- without having to go through the difficulties that your dad went through. how is it taking over from dad? >> our generation is very fortunate in that we did not have to go through the very hard times.
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we had very good education, and that sets up a very good platform for us. but then i think we have different challenges. coming into a company that is well-established, it is hard to find the right place for myself. in a way, i am a bit lucky that i did not expect to come back. i was very happy as a banker, so when i came back, one of the things that i did was to try to understand and communicate and make sure that we had an understanding of where i sit. for example, we had a terrific business that was going very well. honestly, i am trying to learn, but i am at a very early stage. i am not going to add very much to it. when i can add is the experience that i have in the last few years. so i try to do a number of other businesses. -- which in aow way is almost my little baby. hopefully in the next few years we can see some fruit from that. lvyn, it was
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never part of the plan. you spent 12 years at goldman sachs. how did you change his mind? melvynhaslinda: since they werey make, i always tried to the point that success is not automatic. your birthright does not cover your right to take over my company. that is high i raised them. i also tried to tell them that whatever i have is not going to be handed down. i will spend it all. give it away. when you graduate, you are all on your own. the only thing i will guarantee you is a roof on your head. but you're right is not automatic to take over my company.
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i have over 2, 3 decades, so many people around me who have helped me build this company up, and why would you sort of in a somebody who is not qualified to be their boss? it is not logical. today i feel very fortunate because they qualify to be in that space. he is in the field because of his own qualifications. haslinda: that is a proud dad for you. why were you initially reluctant to be part of it? melvyn: i came out of university and kind of stumbled into investment banking. and id up doing it, thought i would stay there for a couple of years. i could have stayed for another 10 years. i was very happy, very comfortable. it was something that i really enjoyed doing. but going back to myanmar was a bit of a calling.
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aboute been talking a lot this is myanmar and i have always felt it is very exciting, but it is only when you go in and look at it with a business that it isusiness i, truly different from anywhere else. from my perspective, i think it would be a shame if i retire and look back and say i never took it on. being part of the family business is a bit different. i always wanted to manage my own business. i guess i had a bit of an entrepreneurial spirit in me. but i always thought i would start my own company, maybe in a different country, but i am in the right place at the right time. haslinda: dad is possibly the game changer for you. for you, the game changer came in the form of a german man called elmer. he is a real estate broker. a real estate broker,
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consultant, and i was one of the first that he employed at his own firm. i worked for him for 10 years. he taught me the trade. he really gave me a break. for that, i am very grateful, honestly grateful. announcer: coming up -- if you do it the long way, sooner or later it will catch on. and you have to pay the price sooner or later. ♪
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haslinda: there was so much opened up.en myanmar people were excited about the opportunities, but are they underestimating the difficulty in getting into myanmar? i don't think you can
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generalize this. everybody comes to myanmar. there is an influx of people all over the world. the opportunity is very evident. everybody wants to come. come with aple balanced view. sort ofple come unprepared, either thinking it is going to be easy or you could .o it in unethical ways i think it really depends on the people who come in. you cannot generalize that it is very difficult. haslinda: when people look at vietnam and myanmar, they tend to look at the corruption in the country. when you look at the rankings, they are ranked among the lowest of afghanistan, sudan. it doesn't speak well. you are known as mr. clean. how do you maneuver, do business in such an environment?
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serge: when you have made a choice of what you want to do and what road you want to walk, it becomes easy. i think corruption is prevalent all over the world, particularly in asia because of a certain culture that we follow and so forth. there is a way of thinking that it is normal. corruption is normal. that you have to do it. i don't think so. i think corruption is a cancer. it will bring down your body, it will bring down your cells soon or later. when you have corruption and a in a society, it brings down the fabric of the society sooner or later. when you do business, you make a choice. haslinda: but how do you stay clean?
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serge: by not bribing anybody, by not playing the game. haslinda: and still succeed? serge: of course. it is not about being noble. it is about being pragmatic. if you do it the wrong way, sooner or later, it will catch on. it will catch on and you will have to pay the price. haslinda: having said that, it doesn't hurt to have some friends in high places. melvyn: connection and relationship to the government is important. i do not think we are saying that we will not talk to them. clearly in order to be , effective, we need to have a good relationship. but there is a clear line drawn in the company on corruption. it is such a core part of identity that all of our employees know where we stand. all of our contacts know where we stand. we don't attract partners who want a local partner to facilitate paying off people. we attract people who actually think in the same way as us. we are up front with them. we will encounter a lot of
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problems. we may encounter more restrictions or procedural delays than other companies. that is the choice we have to make. but i think because it is a clear line, we don't compromise at all. so we don't waste time debating whether we do a bit of this or not. we don't do it. as a result of 25 years of not being corrupt, it makes life a lot easier. we have never given things that you have to pay. but then we also don't get asked. haslinda: i hear that no government official can play at your golf course without paying a fee. serge: that is very true. partially true. i have a book which is a book where corporations come and register to be sponsors for the secretary to play golf. it will be a long time before you have to pay for the official
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to play golf. operator, i get paid and there are no exceptions. of course there are incidents where we are hosts. we host government officials. but it is not like it is automatic. you are a minister, you have to pay. if you are a minister, you can play six balls. sorry, we stick to four balls and that's how it should be. it creates problems sometimes. you just have to stick to your guns. i think when you talk about corruption, which is a subject you just mentioned, on the other hand, i think it is incorrect or inaccurate to say that there is no problem, no corruption. there is corruption. it is quite widespread. particularly in the lower levels. at the very top, i think our president is very clean. i think the people around him are very good, very clean. that is what matters.
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haslinda: what was the eye-opener for you when you started doing business in myanmar? melvyn: i think the opportunity in the country is a lot more exciting than i expected. it really is a once in a lifetime. i think i am fortunate to have the proficiency to be engaged in the opportunity. probably at the right time of my life. that is the first thing. operating in myanmar is quite different from other parts of the world. haslinda: you brought in kfc recently. that was quite challenging. that was very challenging. we had no experience in the qsr market. we had to learn from a low base. i think that was an eye-opening experience. first of all, working with consumers, understanding the consumer passion, i think we had a very successful opening. for the last few weeks, the number of contacts has been great.
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we have had great press overall. that was a great learning experience. that is an example of us tapping on two different opportunities in the country. kfc is one where it is not only about the store or selling food, but the supply chain, working with a lot of different landowners, landlords. really having the ecosystem to work together. haslinda: and you say that the chicken there surpasses any other in the world. why do you think that is so? serge: try it for yourself. melvyn: the agriculture sector is very strong. we have very good food. it is a shame we don't have more, but in the next few years, there will be more agriculture in terms of exporting. but, seriously, you should come. the chicken tastes good. >> coming up. melvyn: it was physically exhausting but mentally stimulating. we talked until we realize it is
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too late. ♪ haslinda: serge, your family
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fled myanmar during the coup, migrated to beijing, and you are faced with a cultural revolution afterward. you joined as a teenage red guard. melvyn: everybody was a red guard. -- serge: everybody was a red guard. haslinda: tell us about those days. serge: i was there for eight years during the cultural revolution. which included four and a half years at hard labor in the farms. like 15 million other young children who were sent to the farms. it was tough. it was intensive labor, intensive political indoctrination. tolinda: and you had to dig build a dam with your bare hands.
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you had to do everything with your bare hands, bare shoulders, manual labor. many people didn't survive in the sense that not necessarily physically, but mentally. it broke them. it gave them a lot of dramatic consequences in the later years. for those who got over it and for those who could take it, i think they became extremely strong. i consider myself one of those. after those years of turbulence, and the crude reality of politics, you become a stronger person mentally. haslinda: is it, then, a disadvantage that you have not had the difficulties and challenges? having had a privileged background? serge: he has a double degree from cambridge and all of that. i didn't have any formal education.
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so in that sense, i think he is more advantageous than i am. i think times have changed, too. the old school, where i come from, have a different way of doing business. there are many things that i can understand. melvyn: it is quite interesting. we came from very different backgrounds, but i think a lot of things you learn in life is really throughout life. it is not from books. having been exposed to the family business, to the myanmar business for many years since my childhood, i think i learned a lot without realizing it was part of the learning experience. in the last three years, we have been working very closely together. strangely, we look at problems or situations from a different angle, but we come out often in the right place were the same place. i think i find that interesting. i would say i look at things analytically. i need to learn the intuition.
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you can get to results much quicker. i am learning through that experience. haslinda: what was the calling for you, serge? you went back to myanmar after being away so long to show your wife your country and you felt the need to come back. it is very strange, the lure to come back, the calling is strong and you don't realize it until you are in that position. i walked to the street where as a young boy we played football after school. i went back to the lake where we went fishing as young boys. i went to the old house that i was born in. in those days, you weren't born in a hospital, you had a midwife, and deliver you. -- you had a midwife come and deliver you.
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every time you go through that experience, you have this strong sense of i need to come back, i need to do something about this. the last straw was when i went back to my old school which used to be a very well-known school. yet, it was dilapidated, all of these years of mismanagement, policy deficiency. it has become such a bad state. you feel like you cannot escape this. whatever you can do, you must to do. and that is how i went back. haslinda: isn't it true that both of you are now closer now that you're working? melvyn: we can't get away from each other. haslinda: isn't it true that your conversations go through the night? at one time, you returned to your dad's house to live there and you don't sleep until 2:00 in the morning? melvyn: i was there a number of months and it was physically exhausting. mentally stimulating.
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we chat a lot about business, the people. we just talk until we realize it is too late. in a way, we did grow a lot closer. in the last three and a half years, it is a blessing that we have had the opportunity to work together. haslinda: so close that you have the same apple watch. [laughter] serge: it was a present that they gave me for my birthday , which was good. i like gadgets. i will admit that. it is good. it is fun to have an apple watch. haslinda: looking back at your journey as you stand here today, how do you feel? serge: i feel good. i feel blessed. i am blessed by a few things. i am blessed by all of the experiences arranged for me in
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of arranged for me in my early parts of life. i must buy a very good family. i have a wife that is like a solid rock foundation that has held the family together. i have four sons and they don't look alike and they don't think alike. there are all individual but they are all very good boys. i have a whole bunch of very loyal lieutenants, executives, who have been in the company for two decades. and really keep everything ticking. my life has been a very good one. i have nothing to complain. haslinda: melvyn, for you, as you take the company forward, your vision? melvyn: very exciting. i don't know what path we will go through. but we are very much in the first inning. i am sure there will be ups and downs. we are building a number of businesses. hopefully, they will be sustainable and scalable. i see this group playing a much
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bigger role in the future. the future is very bright. haslinda: all right, serge amd melvyn pun thank you so , much for being on high flyers. it has been a pleasure. ♪
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never go you are watching bloomberg television. let's get to first word news. futures contract fell by the most in two weeks after federal reserve chair janet yellen said friday that an interest rate increases likely in the coming months. japanese shares rose while the shanghai composite closed flat. treasury bills, notes, and bonds closed worldwide today. lowyen sank to a more month versus the dollar, and japanese saw the highest close in may after an aide to prime minister shinzo abe said a tax increase next year will probably be delayed.


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