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tv   Bloomberg Best  Bloomberg  July 9, 2016 12:00pm-1:01pm EDT

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>> coming up on "bloomberg best" the story that shaped the weekend business around the world. the aftershocks of brexit continue to make markets queasy. >> the level of panic is spreading. >> what boris johnson called the lady diana death-like hysteria. >> the dominoes are not falling. matt: in the u.s. investors digest said minutes and jobs data from june. >> i don't think this change is much. matt: italian banks struggle for stability. >> italian banking shares have been clobbered. >> it might be too big to fail and to make the bailout. it could spin out of control. matt: and the best business minds from around the globe try
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to place all of this volatility in perspective. >> we see is a flight to quality. >> we are in for a very long negotiation. that is what the markets are afraid of. matt: "bloomberg best" is straight ahead. ♪ matt: hello and welcome. i'm matt miller. this is "bloomberg best," your weekly review of the most important business news, analysis and interviews from bloomberg television around the world. let's begin with a day by day look at the top headlines. monday sought more potential -- monday sought more potential -- saw more potential fallout from britain's vote to leave the european union. >> a little over a week after the u.k. voted to leave, francis -- france is pushing ahead with the claim for the city of london's euro clearing business.
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they have laid out why he thinks paris is the new natural home for the operation. >> you have france in terms of organization. i think we have much more players now in paris. and much more deep marketplace interest. >> he seemed confidence that france could get its piece of the u.k. financial cake. >> is a euro clearing business. they are competing to get a piece of the nearly $500 trillion. and the clearing business they have to do to complete the transactions. at the moment it's 70% of its euro dominated clearing space in the u.k. only 11% and stamp -- paris.
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7% in frankfurt. angela merkel is confident that despite the reputation of france in terms of doing business and the labor market here, france and paris could get a big part of this euro denominated clearing. jon: the bank of capital cutting financial requirements for banks. mark carney said more help may be on the way. he spoke earlier as the bank published its biannual financial stability report. >> they had the financial stability side of the bank of england. they outlined five key risks they see for the brexit feeding into the economy. that is from the commercial real estate property markets, the weak global economy, households that might be vulnerable to changing and economic circumstances. and it could be fragile market liquidity conditions. what we heard from today was the banks say the risks have begun to crystallize and they were taking their capital buffers.
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mark: what other efforts could it -- >> they have been about liquidity and thereupon make as much as the banks want into the financial system since 12 days ago only have the referendum. that covers liquidity and the capital we have at so far. the missing end his demand and interest rates. mark carney has made it clear they are thinking about loosening monetary policy over the coming months, over the summer. >> the return out of japan. government bonds have set another record. is there no end to this? i assume that this is a flight to safety, but what is causing this? >> there is no real end to this trend insight just yet. japan is feeling the rest of the -- the rush to safety just like everywhere else. it's not just a 20-year yield is some are expecting. the 30-year yield is dipping to negative.
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over the near-term at least. the rush to safety, it is on the back of the u.k. vote to leave the european union. there are worries over the european union growth, the italian bank situation. china's own growth. a lot of this money is pouring into japanese bonds. >> 1.33. that is the number you need to know. that is the 10-year yield in the u.s.. the year, 2.1%. 30 what part of this is that global flight to safety and was part of that is the negative on the u.s. economy? >> i think a big part of it is global concerns. we heard from the your president bill dudley today. he mentioned if the contagion spreads out from the u.k., it could be really a big concern for the u.s. economy. >> moments away from the race of -- from the release of the moments from the june fomc meeting. they held rates steady. >> if you're looking for guidance for future fed moves, you will not find it in these minutes.
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you are seeing a committee that is groping to figure out what the prospects were for the u.s. economy. keep in mind the timing. this was after the dismal jobs report in may but ahead of the break to vote. -- ahead of the brexit vote. rex it gets surprisingly little mention in the minutes. acknowledgment the vote could be a risk, and a pledge to monitor development, but no detail on what members thought the risks might be or what policy response might be appropriate. >> is there anything you saw in the fed's commentary that would lead you to change your view of what the fed is going to do next. >> highlight two things. the first is prior to brexit the fomc principles for highlighting the increase in uncertainty due to the slowdown in job growth. it's a concern and something to watch carefully and something that is weighing on them. the second thing is the fomc participants, a small number of them were flagging downside risk , through economic outlook.
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that is a big deal. that means there is some people at the fomc sitting on the table saying it may not be appropriate to raise rates in the future. we will have to be thoughtful about this and see how it goes. >> more u.k. property refunds are frozen with withdrawals as investors seek to dump real estate holdings in the wake of the u.k. brexit vote. columbia threadneedle investment and canada life i've suspended -- have suspended trading assets. >> we are 48 hours into the story. we are thinking about global ramifications. is that a fair judgment call? >> i think the level of panic is spreading. the fact that aberdeen is going back to tuesday at mid data 17% reductions show that after they closed on monday that this has spread very quickly. you now have more than half of the real estate funds in the u.k. by value frozen and space for four days. incredible.
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matt: on -- >> another fund freezes. is there more to come? >> there are different strategies being applied. aberdeen says they will have a 24 hour gating of the fund. they will market down by 17%. -- they will mark that fund down by 17%. we will allow you 24 hours to figure out if you want to exit with a 17%. others are taking a different strategy and saying we will gate the funds for north of 20 days until the situation calls down. -- until the situation calms down. i have a lot of people here in the city of london saying they knew this was in place. they knew people were looking to exit some of these finds. -- some of these funds. what we saw brexit do is accelerate the process. >> the june payroll support is right here with julie hyman. julie: 80,000 jobs added to the u.s. economy in june. that is the best gain since october of 2015. better than the 180,000 estimated by economists.
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>> things are not as hunky-dory as 280,000 might suggest. back to as normal as 150,000. it is nothing to get excited about. >> but does it get anyone interested in what janet yellen and company are going to do? does this change the calculation of when they might move it all -- moved at all for you? bill: i don't think so. they still have brexit to look into, look into brexit's eyes. though -- the whites of the brexit's eyes. the ecb and the eu do have problems with u.k. property mutual funds. there is a sense of illiquidity in markets and the fed is very obsessed and concerned with markets to the extent that there is discord around the world. i think the fed stays where it is. they wanted to raise interest rates, they did it once.
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they want to have us believe they will raise several times and there forever pretty -- and therefore have a pretty positive yield curve which will help banks and insurance companies. for the most part i don't think this change is much. matt: still to come, italy's banking difficulties may force europe's leaders into difficult -- into some delicate decisions. and more fuel for anxiety in the u k from evaporating bonus pools to frozen real estate funds. this is bloomberg. ♪
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♪ matt: this is "bloomberg best." i am matt miller. the implications of the u.k. brexit vote continues to unfold. this week saw the pound plummet,
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clouds gather in the forecast for banks, in person or most convulsions and commercial real -- and first and foremost convulsions and commercial real , estate. >> commercial property companies slumped after standard life investment suspended trading of its 2.9 billion pound real estate fund after a series of redemptions. today, property trust also froze on extraordinary market conditions. where do we begin with this? a series of redemptions forced it to freeze the fund. at what point do those series of redemptions make sound assets in the fund. >> we are almost unequivocally there. this holds a value of about 30%. somewhere in the prospectus they will have the maximum amount they can borrow. you can meet redemptions by borrowing money and just paying people out of leverage. what happens is the remaining investors and of more levered. that generally has a way of
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ending in an unhappy situation and in a courtroom. as it is you have $.30 of debt , for $.70 a capital. they goes to 50-50. they are leveraged to do one -- two to one knows advertise something that was sold to the stable income trust. jon: is there a signal in this right here right now? does it feed on itself? can it become real? >> my gut feeling is having the almost hysteria, what boris johnson called the lady diana death-like hysteria. a lot of the is jim by domestic -- a lot of this is driven by domestic investors pulling out. that will not give you the fx mitigation. >> regulators in britain are meeting with the country's biggest asset managers. either dominoes of brexit starting to fall? if you watch equities, it hasn't
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looked that bad. you are in the black if you are an investor. in other asset classes you are seeing real weakness? >> you see it in the pound the most. the lowest in more than three decades. the dominoes aren't falling, but they are starting to shatter. -- to shudder. >> do i look at my fund and think, i want to redeem my money, too? do we assume more funds will be gated from there? >> i do. it always happens. when one starts they all go. it started happening a week ago from reducing the prices of the funds. when one starts, lots of the clients want all of their money back. i would presume that would follow on. we have had a lot of publicity than we had in 2008 when a similar situation arose. bill: britain's first casualty
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has been property funds, which have been forced to close the door on withdraws. we are in the midst of subprime funds before the lehman debacle. 25% of which are now closed. this is an indication of illiquidity in the system. central banks would counter and say all the liquidity you want. the system basically does not allow liquidity flow into the proper places, and certainly here in terms of these property funds, if they are just one indication, perhaps there will be others to follow. i think it is something to worry about. >> june 27, 1985. that is how long you have to go back to find sterling trading at these kind of levels. a fresh 31-year low on the red. as we trade at 129.80. goldman sachs said it three-month target.
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it feels like a one-way bet of a weaker pound. how do you see things? >> i think 120 is very pessimistic for the short run. i think it is my worst-case scenario. we get into the negotiations the eu-u.k. negotiations in the -- and they completely break down and look like they are going nowhere. there is no flexibility on either side. i think it is unlikely we are going to have a situation of persistent capital outflows from sterling. aggressive em outflows from sterling. the boe is likely to act and i think they would start talking about asset purchases. once financial markets and investors see the type of assets they might have lined up on the private sector, that will prevent fulltilt -- full-scale capital flight. >> london's investment bank bonus pools are said to because by at least a quarter. some bankers won't even be that lucky as a further round of job cuts is likely in september if client activity does not pick up.
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this is according to multiple banking executives who asked not to be named. not good news but at least they can to keep their jobs is the bottom line for most of them. >> a lot of london bankers will be lucky come the end of the year the still have a job in this industry is some of the more pessimistic predictions come true about investment banking revenues. a lot are expected to get bonuses cut by a half or doughnuted, which is getting zero. shery: we are talking about deutsche bank and barclays and credits we's best credit suisse. it is a dramatic reorganization. how will brexit effect that? >> stuart gulliver said they might have to move up to 1000 investment bankers to their office in paris. that's a fairly large exit is -- a fairly large exodus from their trading cohort in london. they are also hearing from barclays they may be moving something to dublin, which will
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-- moving some people to dublin, which will remain inside the eu press london is looking increasingly likely to be out. we really like to see some the banks go back to the drawing board. just after having revealed the strategies in the past six months, sometimes even four months. they will have to look at not only the structure of the bank of whether they will put their people in the region. >> jamie dimon outspoken in his unhappiness with the brexit vote. the more he be relocated a few thousand of his employees in the u.k. to countries. in the divorce settlement with the european union. >> it is a story of the financial sector and london. london is no question the european center of finance. it is the global one, too. everyone is wondering with the uncertainty around brexit, does that mean you will see relocation of the attentional rival centers before we even know the details of a brexit agreement that could take, and
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probably will take coming years to finalize? ♪
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♪ matt: you are watching "bloomberg best." i'm matt miller. let's continue our global tour of the week's top business stories. in italy, where troubles mounted from the troubled banking sector. >> italy said he considered capital injection. italy wants to save its bank and the eu has rules that you might not be able to do that. >> is a crucial sticking point this aspect of competition rules. however, it seems like from our reporting that what italy is trying to illustrate is that this is an exceptional situation. after the brexit vote clearly italian banking shares have just been clobbered. one of the banks in the spotlight right now, the number three bank, is a bank that has
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lost more than 70% of its market cap. it's already been bailed out twice by the italian government. the discussions now are centering on potentially a third bailout. >> italy is systemically important. it is not like greece. there is a real issue if italy needs help because it might be too big to fail and too big to bailout. any major issue for italy is, by definition, a major issue for europe as a whole. and on the banking side and political side, tempers are rising. >> i'm glad you brought the contagion factor. deutsche bank had a really interesting turnout over the weekend that shows banks claims on italy. france's claim is about $300 billion, meaning is not an isolated event. all of europe needs italy to stabilize. >> absolutely. if we compare italy to the u.k. and the u.k. his strong financial links, eurozone countries are more tightly integrated with each other on
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the trade side and the financial side. any major issue italy has is undoubtedly going to spill over to many of the other countries. >> i don't understand why it's so difficult to fix the italian banking system. they don't understand some of the nonperforming loans, that the political system is not dealing with it in the right way? >> this is a very precarious situation. it requires lots of attention and flexibility in approaching this. that has not always been there the last couple of weeks. basically italian banks anywhere between 300 and 400 billion and nonperforming loans. they are in desperate need of capital infusion of about 40 billion. the no bailout clause does not allow the italian government to directly capitalize the banks. there is some difficulties in dealing with it directly. my view strongly is that the
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regulatory policy has to be countercyclical, not pro cyclical. and by tightening up on the regime enforced -- and forcing it to go down is just making things worse. that is the difficulty in making decisions and a european context. you can't quite react as quickly as you like or be as flexible as you would like. the eu commissioner has come out and saying the italians cannot recapitalize. that's kind of that the bottom. there is a set of rules in the center that makes it difficult for a country to respond flexibly to a local problem. and that problem could spin out of control. >> from midas of where the talks -- remind us of where the talks are about the recapitalization of the italian banking sector. >> we have been told people that there is a sticking point. it is basically you should foot -- it is basically who should foot the bill.
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the plan, according to the people familiar, is to design a plan which would help to overhaul the banks, not just in italy but other italian banks also. and possibly european banks after. the sticking point now is whether burden sharing should kick in. whether bondholders should be called into for the bill as well, which is an explosive political issue. >> jpmorgan in and of this morning said the italian banking issues are political and not financial. that the sums involved are relatively small compared with greece, and that italy could foot the bill itself, it just needs the political will elsewhere to be able to do that. is that a realistic assessment? >> i am sure it is, but there is a constitutional vote coming up at the end of the year. 80's the deal to be in place. i guess that you have the state -- against that, you have the state aid, and it is impossible under the eu laws.
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give it another month or two of crisis -- >> it just need someone else to go the crisis is big enough. >> that is what houses -- that is what i was just indicating i think he will get . the banking deal and we have to look at the institutional referendums in the later part of the year. italy remains very much the political issue. to say that the nonperforming norms is a mere financial note i think it's also a little bit too much of a mouthful to be honest. matt: it was also a turbulent week in australia are prime minister malcolm turnbull promised an election victory would give his government a platform to deliver political and economic stability. but, the results were not as conclusive as he heloped. the results are not as inclusive as he had hoped. >> the estrogen election delivered no clear result over the weekend. a hung parliament now the second near certainty.
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whenever you going to see an idea what the next government is going to look like? >> it could be a minimum of at least 13 days before we know any results. it could be longer if the recount is affected. we are in a state of flux here. if we look at the current state, we have the commission on 67 seats. the opposition labor party on 71 uric malcolm turnbull is confident he can put together a majority government, but a lot of things have to fall his way. we have a situation where we are in a complete state of flux. they have opted for total policy paralysis. that could mean widening deficits for australia and possibly a risk of a aaa credit rating as well. >> australia's central bank in the midst of rising uncertainty holding rates at record lows. how much of the rba being dependent on this as we get to an election that is inconclusive and a political issue as well? >> it's hard to do the heavy
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lifting for the past five or six years. they have been front and center in terms of economic policy in australia. given the situation with the election just now to the point that will continue. >> the australian treasurer says now is the time force of brady after s&p global ratings lower the outcome of the country's aaa credit rating. this is a sound warning coming from them. >> it is a warning. one suspects a cut. it is not beyond the realm of probability either. they've been try to put a positive spin on all of this. he said there is a one in three chance they can lower the rating within two years if the government is unable to legislate savings. he went on to point out the s&p report agrees that the us trophy -- agrees that the australian economy is strong and the banks are strong. he said that ratings could stabilize if new budget measures reduce deficits and are enacted
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over the next few years. whoever forms the government, he will say the coalition is the responsible one. anyone who opposes the budget policies is fiscally reckless. matt: let's turn to some of the biggest company stories. starting with an asian technology firm that decided to hike the target price of its upcoming ipo. >> china's favorite messaging app is even bigger. it has graced its target price pebble. >> we're looking at the range between 2900 and 3300 yen. the final price will be set on july 11. it is looking to raise 116 billion yen. considering, with everything rallying the markets in europe it is a pretty strong show of confidence by line. >> why do it now?
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why. delay? >> it may be a case of now or never. thick companies growth has -- the company's growth has slowed down here the needle has barely budged above the 218 million monthly users. you have whatsapp, we chat snapchat, reading down there next. you have to expand or die. >> the bank of abu dhabi merging with its rival in a deal that will create a lender with $175 billion in assets. they call it a merger. is it? >> it is a megamerger in the middle east. there is some early morning alliteration for you. we have the national bank of abu dhabi and agree to combine and create a new entity with the market value of 29 billion dollars, larger than the market value of deutsche bank. this is part of an effort by abu
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dhabi to diversify its economy in the face of lower oil prices. they want to great a national banking champion to better compete in emerging markets and potentially on the global stage. >> missed the forecast of vehicle deliveries in what is called "extreme production ramp." electric carmaker delivered below the 17,000 estimate. not exactly the best excuse in the world. it is not what you -- is that not something that is desirable? >> they needed it to come earlier. they needed a slightly smoother extreme production ramp. the way that tesla measures sales is by deliveries, how many get to customers. he established automakers sell them to dealers. they are sold as soon as they come off the line. they are already established to
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a dealer. there is little rationale. they knew that is how they did it with a set the original goal. he missed the goal. >> sometimes the of the structures to get to where you love musk wants to be, 500,000 vehicle deliveries by 2018, is it doable? >> there are different stages. they have the factory which has never made 500,000 cars in a year. it used to make 450,000 when it was a toyota-gm joint venture. in theory it could get to 500,000. getting them to the customer -- if you are making all your cars in one factory and delivering them to europe china, new york, california -- it is challenging. >> let's talk samsung. enjoying a rise in soeul after it reported second-quarter results that beat expectations. >> the result came as a surprise. it is the biggest operating
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profit in more than two years. it is a surge in global earnings on the back of its devices. no new iphones were added during the second quarter, also helping samsung sustain growth as many mobile carriers have boosted their market expanding to drive sales. that part has shifted from promotion cost of away from sansone. -- from samsung. they performed really well during the quarter. altogether they have contributed to stronger than expected earnings results today. >> the global leader in fresh dairy products, soy milk and kale is menu. a deal valued in $10 billion, paying to do so over 26 times. the average for this industry deal is 14.8. unbelievable. >> except this pivot toward health and wellness that the big food groups are trying to do
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doesn't come cheap. there is a scarcity value that not many companies specialize in space the way that white wave does. it has a huge amount of noise. a lot of people have looked at it and have been interested. it is expensive but makes sense they are paying off for this highly priced asset. matt: still ahead on "bloomberg best" the week's most interesting interviews featuring conversations from the conference in sun valley, idaho. this is bloomberg. ♪
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♪ matt: this is "bloomberg best" i am matt miller. time to visit the most compelling interviews. we they can with ryan chilcote's conversation with ian taylor
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about the global oil market. >> i don't think that brexit is affecting the oil price to radically. if you ask me from the whiter investment point of view, i suppose you would have to say that the likelihood of europe was the uk's still moving into a relatively small space has increased somewhat with a period of uncertainty to navigate through, and that will demand a problem to be a little bit less. perhaps that softens global demand a relatively small amount . the big demand increases were not in europe. so, if anything, i would say it is not significant. perhaps slightly bearish impact of a reduced european demand. >> how does brexit affect your business? >> on a business basis it is probably not huge.
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we have some uncertainty in europe, and we'll have to wait to see how that plays out. we have moving currencies at the moment, which obviously to some extent, reduces cost of the u.k. relative to other locations. but, all of it, we will have to wait and see exactly what the u.k. manages to make with the europeans before making assumptions. whether it is a global arbitrage distribution business effectively. and it is not directly affected by brexit. >> i.d. make up what is happening in the bond market versus the domestic u.s. economy? >> what do you say, it is certainly right. what we see is a flight to quality after the brexit shock. people are going for sovereign debt of the strongest countries. the risk aversion is very high.
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they say, take me to the safest asset. those happen to be the sovereign debt of japan, germany, the united states and even, what is interesting, the u.k. yields are going down. the pound dropped 10%. you know you didn't do well in u.k. bonds if you were a non-sterling investor. the demand for high-quality liquidity has been the story for the last two or three years. >> professor, when we are writing the textbooks, you have to address lecture halls and teach about what is happening in the market. how do you do that when the biggest buyer in some of the bond markets is completely priced and sensitive? what do you tell your students? >> i have been a professor for 44 years. for 402i said you couldn't have
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negative yields because the lender could put the money in his or her pocket and get zero. why would you lend negative. suddenly, we see negative or do could put $10,000 in your pocket, but $1 billion is hard to put in your pocket. >> sweden central bank had record low interest rates. it is uncertainty over the u.k. exit calculating future rate hikes. we are pleased to welcome the swedish central bank governor. how do you view the brexit? how much of the thinking on brexit actually sway do you in your interest rate? >> where the economy is moving, it hasn't changed that much. this is something we will watch to see what happens in the u.k. and in europe. basically, we are talking about indirect effects for us.
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>> it has not impacted your forecast for growth or inflation at the moment? >> we have moved our forecast a bit from 2017. we have done that a bit anyway. part of it is increased in uncertainty coming out of the brexit debate. >> do you think a difficult divorce can be avoided between the u.k. and the eu? how do you see this one working its way through? >> first, we need a plan by the european government. it is difficult to start a negotiation without knowing where we want to go. the easiest way would be within the region solution, but that doesn't seem to please, necessarily, the british government. what is the alternative? my fear is that we are in for a long negotiation. that is what the markets are afraid of, too. one possibility would be to start within the region situation, and may be developed
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from there and have some -- the swiss for instance agreement took a long time to negotiate. that is what the market is afraid of. a long period of uncertainty. the british economy is sitting on a major imbalance, 7% deficit . this is not going to be very good for the financing of the deficit. you see the pound-sterling down during. -- floundering. ♪
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♪ matt: you are watching "bloomberg best" i am matt miller. leaders and technology and politics gathered in sun valley idaho for the conference. bloomberg television was there to speak with them. here are the highlights from our interviews, starting with tim armstrong.
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>> we have the seismic shifts in television to internet-based consumption of tv material. how do you focus on monetizing that? how do you think the transition will go? >> there are things that are important happening in that land. you're seeing the nfl bringing content online driving more advertisers will be interested. you have not seen it at scale, but looking at virtual and augmented reality -- we bought a company called riot working with the huffington post and our brand -- consumers will love it. advertisers will love it. the ad business is a $600 billion plus global business. $80 billion or $90 million that you will switch from video tv to more online and mobile platforms over time. you are at an early stage of another seismic shift decides the internet that will happen
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around video. it will be better for consumers and advertisers over time. it might be more expensive for advertisers, but better outcomes for everybody. >> there is a lot of conversation about the way content is migrating to new platforms. talk about that in the context of ad revenues. we have the migration underway. >> a few clients are worried about the lack of data. facebook is a powerful medium but you have to have data. you can't have someone refereeing and playing the game at the same time. you have to have a referee that has data that is verifiable. a three second view -- does that measure effectively against the 15 second, 40 second television commercials? measurement is critical in the area of content. some of the strength of the
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upfronts is reflection of a move back at the margin. not fundamental, but at the margin from video. from facebook, from youtube snapchat, and others. back to more traditional. it may have also come back in the same way, but audiences are a little stronger in traditional media. ♪ >> when you are looking at a startup, what are you looking for? what is an element of success? >> the structuring. >> as simple as that? >> destruction with the dream of changing the world. if you have a small dream it is very hard to succeed because you will just do something which will be nice, but not disruptive enough to interest people. you have to be very disruptive. the winner of the contest is
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more israeli startups. what they try to do is detect very early on -- there are 400 million people in the world who have skin cancer. if it can do that, detect early on, it will reduce costs, save lives, and you will have something that is fantastic. you need to dream big. >> what brings you here? what are the conversations you are having at the cost once? >> it is a good opportunity to talk about the transpacific partnership on the digital economy and content, media industry. tpp is a rare agreement where we have support from the content industry and the technology /internet community. property rights coming
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enforcement on one hand, making sure the internet remains open and free. that world-class companies have access to networks and other countries. that other countries won't tax digital products, force countries to move to their country to serve those markets, forced the transfer of technology, those are all disciplines in tpp for the first time. >> you have the endorsement with google, yahoo!, and have been meeting with very sectors. congress is the next biggest obstacle and there isn't a lot of time in the congressional calendar. will this be kicked into a lame-duck session? >> we try to get it done as soon as possible. mcconnell has made it clear he doesn't anticipate having a vote before the election. where working with leadership the ways and means committee, the finance committee, to lay the foundation and make sure it is rated to go for when the window of opportunity open. >> i think the you cable be increasingly interesting.
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for foreign capital. my guess would be the cheaper pound combined with a more pro-business government personally, i am a substantial investor in ireland. i worry that the you cable start competing with ireland -- i worry that that you cable start competing with ireland as the most business-friendly player. i think it will be fine. i think the reaction has been overdrawn. i think this will create investment opportunities in the u.k.. i think there is a fair chance that they work out their eu issues and ultimately, if they don't exit entirely they may be some kind of special relationship. you know? ♪
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♪ >> this is a little like that prediction and ask, but different. if you are a bloomberg user type skewgo and it shows how much markets have protection against rare and extreme events. matt: there are 30 thousand functions on the bloomberg. we enjoy showing you our favorites. maybe they will become your favorites. quicgo will take you to our quick page to get and -- to get inside on topics. here's a quick take from this week. >> since 2011, the number of abortion clinics that have shut their doors has skyrocketed.
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162 of abortion providers have closed or stopped offering abortions. 21 have opened. right now, five states have just one abortion clinic remaining. abortion opponents moved battleground to the picket line to statehouse. testing how far abortion rights could be limited without being overturned. the supreme court provided one answer in june. the situation, in 1973 the supreme court in the roe v wade case legalized abortion in 50 states. in 1992, the high court laid the groundwork to undermine the rule saying states could pass restrictions that do not resent "an undue burden" to women seeking an abortion. since then, they have been testing what undue burden means. they have found restrictions in the clinic have proven more potent than blockading clinics or mandating waiting periods.
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in texas, a law forces clinics to have hospital-like surgical standards and require abortion doctors to have admitting privileges at hospitals causing half of the clinics to close and threatening to close another 10 or so if the law had been implemented. in a 5-3 ruling the supreme court said it in prose the undue burden on a woman's constitutional right to an abortion. it will likely undo similar restrictions and other states. high court turned away a peel's from wisconsin, mississippi, to revive dr. admitting privilege laws. how do abortion clinic limits affect lemon. half of the pregnancies each year are unintended. half of those end in abortion. 31 states outlawed abortion tomorrow, the vast majority of women would still travel to states where it remains legal.
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the impact on women who can't or won't travel could result in a 15% drop in abortions nationally. there is evidence that permission access results in more women resorting to dangers and illegal means to abort mother read. matt: not was one of many quick takes that you can find on the bloomberg. you can find them at bloomberg.com on the internet as well as the latest business news and analysis. 24 hours a day. that will be all for "bloomberg best" this week. i am matt miller. this is bloomberg. ♪
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