Skip to main content

tv   Bloomberg Business Week  Bloomberg  December 4, 2016 4:00pm-5:01pm EST

4:00 pm
carol: welcome to "bloomberg businessweek." i'm carol massar. oliver: we will talk about what the future holds for those just starting out. we are talking about a how to build your nest egg. by tweaking your business persona. carol: all that ahead on "bloomberg businessweek." ♪ carol: we are here with the editor-in-chief of bloomberg business week. good to have the issue of new money. what was the special intention? >> it's all about people
4:01 pm
starting out or starting over and how they will do with their finances and where they see opportunity and risk and how they plan and we look behind people who spam every experience of life from transgender to new couples and babies and kids. oliver: it's new as in taking new steps as well as young people? megan: it looks at what millennials are doing and people in their teens trying to get business. we have people taking their children as young as five and six a classically can learn how to improve their credit rating. oliver: you have one story that's youngish ceos. megan: theranos is one company we talked to. it was the implosion there and how they did the testing and jack dorsey and twitter about how they will deal with their
4:02 pm
business model moving forward and how to monetize their user base. carol: you took one of your reporters and deploy him to a social media/marketing agency to see what happens? megan: yes, it's about instagram and it's a must read. oliver: we spoke to the reporter. you wrote about what it's like to be an instagram or social media influencer. i don't know where to start. tell us what an influencer is. max: if you are under the age of sort of 25, you know all this but if you open up your instagram, the app that facebook owns, you will notice in between sort of your friends, there are some very attractive looking people wearing beautiful outfits with beautiful vacation shots
4:03 pm
and pictures of beautiful meals. many of these people are professionals. they are the equivalent of models and what they are producing our little miniature lifestyle magazines. especially young people will follow this for style tips. advertisers will pay money to get into those feeds. it's a burgeoning new media ecosystem. for business week, i decided to dive in and try to become one of these people. carol: these guys can make a fair amount of money. max: right, i would guess over 1000 people are making more than $100,000 per year selling you know, basically advertisements on instagram where they are talking directly to an advertiser either a fashion brand or a lot of nutrition and fitness stuff. they do sponsored posts.
4:04 pm
they will put on a shirt or go to a hotel and write a post about enjoying themselves and they will usually tag it with -- with a little, the standard way is hashtag "a" or hashtag "p" but you'll probably miss it. it is buried at the bottom of the post. there are norms. there is money, it's a real business. oliver: we will get into everything you did to become an influencer. i want to delineate the difference between instagram and stuff like snapchat. you call it the perfectly designed self-esteem subversion site. talk about that and java line between what instagram does and what snapchat does. >> it relates to why there is
4:05 pm
more money in instagram than snapchat. snapchat encourages people to create tossed off selfies. when you think about that as an advertising platform, it's not super-great. if you are an advertiser, you want an airbrushed shot and that's what instagram is. you have these filters that encourage you to smooth all the wrinkles out of your life. it's what makes the platform attractive to many people that we can make our own lives look like they are part of a magazine and it's what created this world of influencer marketing. carol: your mission was to become one so how did you do it? max: i did a story a few months back where i met a few -- these are agents who work with influencers to help them become who they are and help them manage their careers. one of these agents named daniel talked with me and i asked if this could be taught. he said yeah.
4:06 pm
he said i will advise you. so basically i sort of embedded myself with this agency and they introduced me to the right people and told me what to wear and who i should hire for my photographs. carol: it's not like max walking around taking a selfie? this was a controlled environment? max: the thing that was most eye-opening is you see these beautiful people and they are probably taking a picture and sharing it with their friends. they just have like hundreds of thousands of friends. the answer is, no. they have professional photographers, special stylists, connections with brands and they get new close and agents and publicists. as part of the story, spoke with someone who runs the instagram account for a dog. the dog wears men's clothing.
4:07 pm
it's a great account and she was telling me all the people who work on it. you have to have a photo shoot. you have a professional photographer and i asked about her agent. there is a new agent called wags society. wag society? is that like an animal agent? it's an animal agent for instagram pets. it's owned by the new york times company. this world sounds so crazy but it's working it's way into the mainstream of the media world. oliver: choosing the right image was the job of the creative director. vargas: it's a special issue. it's a bit of a challenge because there are many different stories. and so we always sort of need to sort of bring them all together. rather than try to address everything within the issue, we tried to look at the idea of new money.
4:08 pm
it's the opposite of old money so the opposite of old is young so we went with a baby for the cover. oliver: you talk about young people and millennials. i love the money coming out of the back. >> there are no babies in the issue but there are elementary aged kids. and so, yeah, but we thought the baby was the most fun symbol. carol: what is the gold? >> we wanted to make it look a little gaudy. there were curtains and marble floors. it was a little trump-esque. but yeah, we really wanted to get across wealth. oliver: what is the idea behind the money placement? rob: there are not a lot of places to put money on a baby's of the diaper felt like a natural. carol: when you do a deep dive into something, there has to be
4:09 pm
many people with different ideas so was there a lot of debate? >> the issue has a lot of great photography. we incorporated some of the photographs. a lot of it is portraiture and we felt it required too much explanation. we decided to simplify. carol: if you're struggling how to market your products to young people, we've got the consultant for you. oliver: a business boot camp that will teach your kids supply and demand. ♪
4:10 pm
4:11 pm
4:12 pm
♪ carol: welcome back. americans born after 1996 make up almost a quarter of the u.s. population and have $44 billion in purchasing power. oliver: unlocking their purchasing power can feel daunting. carol: unless you speak their language. you take a look at generation z. we talk about millennials but what exactly is generation z? >> it's anyone born after 1996. carol: it's a big group? >> yes. they are about a quarter of the american population and in the marketplace they have $44 billion in buying power. oliver: that dollar amount of
4:13 pm
what makes them a big target for companies and advertisers? >> definitely, people look at millennials in terms of what they can do in the marketplace but as time goes on, marketing executives and people in business are looking at teenagers because they seem to have an eye for the future. carol: that leads us to some teenagers, generation z if you will, that got together and created a consulting firm? >> these three kids met up at a cornell business camper for high school kids. melinda is from california and the two boys are from new jersey and they clicked and thought they could do something together. they've always been entrepreneurial and that was the whole starting point. carol: what is this firm? >> it's called juve which is like rejuvenate.
4:14 pm
it's a consulting agency that focuses on themselves. they questioned why there are teen experts when you can come directly to teens. oliver: there has always been teenagers. what is it about right now? are they particularly confounding? is it the advent of social media marketing to where they provide some value? >> you are looking at teenagers having a much different upbringing with the advent of technology. social media is like oxygen and they communicate through these platforms more often than anything else. when marketing executives look to target kids of this age, they have a hard time understanding the nuances of social media because it changes so quickly. the changes are coming from teenagers specifically. carol: the juve consulting firm, they are targeting generation z and created something called thevine.
4:15 pm
>> when they say they can speak for our generation, there is a lot of holes and that. they cannot speak for millions of kids around the world. carol: they have created a consulting firm so they are not your average teens. >> yeah exactly, so the vine is a focus group for higher and it's a crowd sourced -- they are not paid but these three kids have a lot of human capital around the world with connections through other endeavors. social media, the internet, etc. they put out a blast and said we are three kids representing generation z, does anyone want to be a part of this? the vine is a collection of 200 plus kids from around the world and 20 countries are represented from every single consonant. -- from every single continent. a company can submit an idea as
4:16 pm
an incubator and the kids can bounce around their views on it. maybe you focus on europe or east asia and that gets them back to the company. and then they can kind of say, "oh we want to do this or we don't." oliver: teenage consultants are one thing but what about pre-teens or toddlers? carol: we've got that covered and talked to a reporter about a boot camp for the k-12 set. this story is fun. tell me about the spark business academy. >> spark business academy was something my colleague ran across in a flyer of washington, d.c., summer camps. the flyer had pictures of young kids, young boys in suits talking on cell phones. it said it would teach kids about investing and budgets and entrepreneurship. this is for kids as young as five.
4:17 pm
i was fascinated by the idea that kindergartners would need to attend the future millionaires boot camp. as it was called. oliver: i'm thinking summer and running around having a good time. this seems like a buzzkill but people are doing it. tell us about the parents and kids enjoying this? >> the parents have to occupy their kids in the summer and they need to find things for them to do. i talked to several parents who would schedule a sports or music camp. when they saw this finance camp, it struck a chord with them. it was something they wanted to talk to with their kids but the time never seemed right or they did not feel confident in their own skills and this was a chance for them to have someone who is an expert talking to them about finance. although, there were moments when the kids looked a little sleepy. but the instructor did a great job of bringing things back to
4:18 pm
things that were relevant to kids like facebook or apple or things like that. carol: i love the light in the -- line in the story when you said you inventoried the different ways kids can slouch. where you think, maybe i can close my eyes and no one will notice. tell us about the individual behind spark business academy. >> chuchi is an entrepreneur who worked at price waterhouse coopers for a long time and eventually began teaching their training courses. he developed this interest in teaching people and he wondered why in this country, there is not more basic instruction about finance. oliver: up next, the good, the bad, the ugly way to split a check with your loved one. ♪
4:19 pm
4:20 pm
4:21 pm
♪ carol: welcome back. i'm carol massar. oliver: and i'm oliver rennick. you can also catch us on the radio on sirius xm. carol: and in london. and in asia. on the bloomberg radio app. oliver: in the new money section, how loved ones do finances. carol: facebook to seven couples. oliver: as part of the money issue, you talked to couples about their specific money issues or maybe lack of issues in the relationship. tell us about how you found the people and what you wanted to find out and the approach you
4:22 pm
took. >> i talked to about a dozen couples and found them through friends of friends of friends or through organizations or otherwise. a lot of people were not willing to put their personal lives and money under the microscope. i cast a wide net and found people whether they started the conversation or ended it that way, they had revealing things to say about that intersection of your money and your life, your economic situation and who you are as a self and a couple. it's a very thorny and part of what drew us to do this is the sense that these are things that people are not supposed to talk about and can be hard for a couple to talk about alone together. here is an invitation to talk about it with businessweek and their one million subscribers. some of the conversations -- one member of the couple said i
4:23 pm
never knew that. you never told me that before. [laughter] oliver: nobody broke up over the interview? >> i got a message from one of the couples after-the-fact the fact saying, thank you this has been so helpful. we talk about these things all the time now after the interview and it's good for the relationship. carol: one of the couples is ari and rebecca and they came in to the relationship with different kind of approaches to money. >> when rebecca started the interview, she said she was dumpster diving at 17. he had his whole financial plan and they have converged. ari helped rebecca become more aware and cut chances about money but rebecca helped ari reach a place of living with jewish values and the money you give away for the sake of justice. the couple now gives away 20% of their income, something where
4:24 pm
they went through a process to figure out how to do and it was important for them to do. it does not mean they don't have any conflicts. they still disagree about how to handle inheritance and be in a position of getting a chunk of money from a family member that wants to give it to you and wants you to have it for yourself. carol: trans persons are meeting challenges when it comes to retirement. let's talk about transitioning from a man to a woman or a woman to a man. the medical issues go on but there are economic and financial consequences and you write about that. >> i talked to a lot of transgender people about the experience, not only the medical and emotional experience that what are some of the economic consequences.
4:25 pm
there are employment issues. there is still a lot of discrimination against trans people so that's one aspect. i also wanted to get into and i heard from a lot of people, there are issues with your name change or insurance or taxes that get complicated. what i wrote was a guide to help people through the process or give trans people offering other's advice but it will be an interesting read for people who are running hr departments or want to be inclusive to trans people. oliver: let's talk about how you started the story. one subject transition from male to female so tell us about the problems she encountered along the way financially and what is unique about that experience. >> her transition wiped out her retirement account. she was in her mid-50's and had a long career in tv and radio
4:26 pm
and then could not get a job. she ended up -- she also got divorced which is common. with the midlife transition. carol: that could impact your economics. >> yes, she lost a huge house in the suburbs and a career and a car. she lost her retirement account and lost everything but she was also happier. she was very does it about the rest of her life and where she is now. she had to wipe out her retirement account for living expenses and the medical care she needed. there was no insurance to cover all of these procedures that cost money. we don't need to talk about details of health care but it's not the sort of final surgery that everyone talks about.
4:27 pm
there are many things that trans people need to feel and look like there gender. there could be electrolysis to remove hair from her face. facial feminization surgery. she said it's expensive and it costs as much of a hyundai and it hurts like hell. so it was sort of fun to talk to her about that. carol: it was a real cost to make the full transition. >> and she did but the good thing is that there is more insurance available for trans people. it's not very expensive for companies to offer this insurance. 60% of the largest companies now do it. the other problem is that trans people -- companies may think they are buying these policies but when trans people try to navigate the bureaucracy of getting those coverages, it's really difficult. carol: up next, the mixed emotions across the university of pennsylvania campus, the alma
4:28 pm
mater of donald trump. oliver: and the potential conflict ahead for donald trump and fed chair janet yellen. '♪\
4:29 pm
4:30 pm
♪ oliver: welcome back to "bloomberg businessweek". i'm oliver renick. carol: i'm carol massar. still ahead, university of pennsylvania and also the oscars of paper currency. all that is ahead on "bloomberg businessweek." ♪ carol: megan murphy, there are so many must-reads! you guys take a deep dive into the french election. >> this is something that has attracted immense scrutiny worldwide. what is interesting about this is we see this populism theme play out.
4:31 pm
marine le pen likely to face a runoff with the central right candidate. what is so interesting about this is many know the path of her nationalist policies, picking up a lot of the things that donald trump has been talking about. but in terms of her economic policy, she is trying to tap into that working class, improving labor policies, making sure the 35-hour work week stays. the other candidate is really focused on smaller government, cutting the corporate taxes. that actually goes against a lot among this working-class population. it's a really fascinating thing to see how this global populism is playing out. oliver: what will happen to mexicans in the united states who have to figure out how to send money home if remittances are held back or taxed by the trump administration?
4:32 pm
>> it is a great story where we are looking at this underground economy. donald trump stated as one of the centerpieces that he was going to tax or stop remittances. and also put in remittances to vet the legality of this. that is a huge deal. what we found is that people who are charging $350 per suitcase to send money back, what the article shows is that they are going to get that money back to their relatives, and how much this is going to sort of unravel what has been the policy to have the flows transparent. very available. carol: you guys take a look at president-elect donald trump and how he might he with janet yellen. he has been critical of her prior to winning the election. >> he was quite critical. accusing the fed of essentially manipulating the rates, calling
4:33 pm
for janet yellen to be replaced. as peter quite talks about in his article, we may be entering a new phase of that relationship. oliver: it's a question of what is in donald trump's best interest. i spoke with economics editor peter. peter, you cover a lot of ground on the topic of the fed, president-elect trump, and everything that could happen with rates, so let's start first by talking about what has happened since donald trump won the election. how has this changed the way economists and market participants are thinking about interest rates? >> the stock market and bond yields have soared. for those not versed in bond yields, when they go up, bond prices are going down, so a bad time if you are an investor in bonds. what it is signaling is higher inflation and possibly higher economic growth spurred by some
4:34 pm
combination of tax cuts and spending increases. oliver: one thing we have coming up is a fed decision on december 14, which up until a couple of months ago was up in the air. after the election now, markets are basically saying it is 100% going to happen. what are they looking at in terms of policies to determine the rate in 2017? do we have indication of where economists think things will go over the next year? over the next year? >> economists have raised expectations for fed increases in 2017 and beyond. that is the key question i try to address in my article. i'm going back to, we have donald trump about to become the most important man in the world. janet yellen may already be the most important woman in the world, possibly rivaled by german chancellor angela merkel.
4:35 pm
the two of them strangely enough were born two months apart, trump and yellen, 1946 in new york city, and they have taken different paths since then. and yet now they are coming together through a strange confluence of events, and they are very different. trump, we know, outspoken, brash. yellen, still the academic, soft-spoken, prefers to operate behind the scenes, quiet. and yet, she has to stand up to donald trump. because it's incredibly important for the federal reserve to be an independent voice, en independent decision-maker on interest rates. as soon as markets get the sense that the president is dictating interest rates, start to lose trust in the institution, which
4:36 pm
would raise american barring costs, which hurts american taxpayers. oliver: ok, so here is where the story gets very interesting. because donald trump was very vocal on several occasions that janet yellen's low interest rate policy for so long had inflated the equity markets, things will happen in a bad way when we raise rates. now that he is in a position that the economic results and growth will be attributed to him, what do we know about how he will view rates now? is he going to go back on what he said? is he going to stick on what he said? >> this is the $2 trillion question. everybody wants to know exactly that. what we can look at, for example, history. it is uncommon for incumbent presidents to dislike high interest rates and tight monetary policy because it tends to slow growth and increased borrowing costs.
4:37 pm
for the federal government when it is paying higher interest rates on bonds. nevertheless, there has been a general understanding that if you don't want to -- that you don't want to name a bunch of doves to your federal reserve board. the bond market vigilantes will come out and say, you don't care about the value of the dollar, inflation, and we will punish you by pushing up your interest rates, and that's where we stand now. there is one camp of people who say trump is going to continue doing what he said during the campaign and name a bunch of hawkish people. remember, he has two openings. there are already two vacancies on the board of governors. since 2015 have been vacant because the republican senator has refused to act on obama's nominees. oliver: so while janet yellen is likely to be there, the people surrounding her could change? >> she will be there until early
4:38 pm
february 2018. she said she is not leaving. oliver: our reporter traveled to donald trump's alma mater. >> most schools are generally liberal, have a liberal vibe. u penn we visited because the election of donald trump is particularly poignant for them. tell us about that. >> donald trump graduated from wharton undergrad in 1968. -- undergraduates, let's go talk to them and see how the election is impacting them for better or for worse and their outlook on life as they become the next generation of business leaders. oliver: so you are a hedge fund
4:39 pm
reporter. that is your beat at bloomberg. so, this is a bit of a different sort of experiment going and talking to these kids. what's the first thing you took away when you stepped on the campus and started talking to people about politics? >> the penn campus, especially when i went, i went one week after the election. it wasn't fragile, but a sensitive time for the campus. several members of the freshman class had been harassed with racist messages, added to this group. it is still being investigated, but it was extremely fresh at that moment. oliver: a community within the college campus? >> so, there is this app called groupme, and someone had obtained the phone numbers of a large portion of the black freshmen, added them against their will and started harassing them with racist messages, such as invitations to daily lynchings.
4:40 pm
horrific messages. and all the students on the campus were very affected by it, black, white, it doesn't matter, so it was a sensitive time. and in addition, that was all in the wake of the election, the election had been linked to those messages because there were trump comments in them. so, it was a very sensitive time to be on campus. oliver: so there is tension the building around the elections, tension building about a live of the issues on the forefront of the election. one thing you do a good job of chronicling is what it is like to be a conservative on campus as well, and you talk to a few students part of the college republicans, and they documented some of the things they have run into, their displays getting destroyed, what they feel to be intolerance.
4:41 pm
so tell us how that kind of breaks down on both sides of the equation where these kids feel out of place because they support trump. >> that was a surprise. the story took a turn there. because i went there originally thinking i will interview these kids about how donald trump will impact their business decisions or life decisions as they entered the business world and the surprise there was the conservatives were feeling very out of place, very put down, and that was what was really interesting. carol: a ninth circuit judge wants to make it so billionaires can't secretly fund civil suits. oliver: how a scooter in rome could lead to romance. ♪
4:42 pm
4:43 pm
♪ carol: welcome back to "bloomberg businessweek". i am carol massar. the days may be numbered for billionaires looking to fund a civil suits in secret. oliver: your team wrote about
4:44 pm
litigation funding and bankrolling court cases. this has been in the news, but i want to start off with history. the first line of your story is that this has been going on since the dark ages. what you think about that? >> litigation funding is nothing new under the sun. it goes back to the dark ages to when nobility wanted to mess with their enemies would underwrite petty lawsuits against people so they could cause trouble. oliver: so a not so petty lawsuit that has taken up a lot of media attention, was peter thiel and gawker. that sort of's birth is vertical. tell us what you decided to sort of examine this now. >> not about peter thiel, it was hulk hogan versus gawker, and it took a long time before it
4:45 pm
became clear that hulk hogan was not himself paying for his lawsuit against gawker. he had filed a privacy lawsuit after they had published a sex tape involving him. it became clear he was not paying for his legal costs. it was peter thiel, and famously then the jury award was so large that it bankrupted the site, and it was later sold. so, that was sort of in the background. what has happened unrelated and parallel is that judges have gotten fed up with this whole practice, and it's not clear whether that case fed into this at all, but federal judges around the country have sort of come out and said something against this practice because they don't like to be unaware of anything coming into their courtroom. judges want to have all the information and be in control,
4:46 pm
so in california, the federal judges in the northern district of california, the federal district court there, have a rules committee and put forward this rule that would require anybody coming into the court with a third party backer to disclose they have that backing. oliver: in this story, there are a few firms you mention that specialize in funding litigation. i am wondering, is the back drop, is the genesis for litigation funding from an ideological perspective, is it a business where they say there is money to be made here? we will finance it and take a percentage of the award? >> sure, it is a business. i mean, the u.s. court system goes after these enormous awards. jury awards are capped in other countries. here, the sky is the limit. it is not the case that the defendant can always pay it, but the jury awards are insane. the juries delight in giving ever bigger numbers. for these firms, there is upside, and you get litigants
4:47 pm
maybe in cases where they cannot put together a class-action, which we saw in the 1990's with tobacco cases, that's how those things got off the ground. you have a class-action so you can really get egg high-powered lawyers and they know they have a big settlement coming, and and a big payout for them, but in a smaller case where you have a single plaintiff, you can't count on enormous awards and necessarily pay for the litigation, so these firms will come in and say in exchange for a cut of the settlement or the award, we will pay for your legal expenses, so it is a real business that has grown dramatically in the last decade or so. oliver: how a scooter sharing app will give romans a ride, and maybe a date. we have a story about a startup that is the love child of uber and tinder. >> it was founded by a
4:48 pm
23-year-old american, oliver page, who was living in rome and looking for a way to shortcut the public transit system there. he looked around at the 500,000 or so scooters driving around rome and decided to try to make a app that would look familiar to a user of uber, connecting drivers and riders. oliver: the gap he is filling, is it the streets are crowded? a lack of competition in the car sharing space? do uber and these other apps not have a presence? >> a little of all three, i guess. this streets in rome are obviously bustling, and in some cases narrower than you would be used to coming from america, but it seems particularly in the city center, the traffic is so jampacked that scooters can sort
4:49 pm
of navigate in and around the cars and public buses he was using for that. a natural advantage. oliver: so that is the getting around part, the travel part. there is also this element of flirtation, which can't sound any more european, riding around on scooters flirting with customers. >> the app will look familiar to anybody who has clicked through uber before, you put your destination and your departure location in, and that's about all there is to it, except that unlike with a uber, the driver and the would-be rider have to match, they both have to agree to the ride, so that adds an element of tinder to it. oliver: tinder of course the dating app, swipe left for someone you don't want to go on a date with, swipe right with who you do. this kind of extends to the app in some way, so people choose the riders based on who they want to bring along.
4:50 pm
>> that's right. the drivers and riders in some cases are pretty upfront about how they choose who to ride with. oliver: an incubator for former drug dealers. carol: the awards for the best bank notes. ♪
4:51 pm
4:52 pm
♪ oliver: welcome back to "bloomberg businessweek". i am oliver renick. carol: you can also look for us on radio. in new york, in boston, in washington, d.c., and in the bay area. oliver: in london, and in asia.
4:53 pm
carol: in the special new money section, how former inmates are getting a fresh start in the workforce. oliver: you set out how to discover how former inmates are finding ways to become entrepreneurs as a way to sort of prevent going back to prison. >> one creative solution to finding employment with a criminal record, which is a huge challenge because of stigma and formal barriers to employment that people get when they have a criminal record, so some people were choosing to become their own boss and start their own businesses. and i went to hartford, where there was an interesting young incubator training former drug dealers to transfer those skills
4:54 pm
to the formal market. carol: tell us about this individual, his background and how he came to this idea that drug dealers could make good entrepreneurs. >> shawn brown is interesting because he has always lived in multiple worlds. he has done some time in university before becoming a drug dealer, and clearly he is very intelligent. he had a knack for business, and while he was incarcerated, started talking with other inmates about what they were going to do when they were released and found a lot of people had really interesting business ideas. carol: also in the money section, an award for the best paper currency. what is the international bank notes society? it sounds so official.
4:55 pm
it sounds so official. >> it is official for the people who belong to it. it was founded in 1961, a loose group of people around the globe who love paper and now polymer currency. carol: who are these people? >> a lot of these people are just hobbyists. it turns out that many, many people collect bank notes for aesthetic or historical reasons, but that then there are dealers who are interested in kind of trading these and make money from them because they are like coins. and because they are general numismatics, they are a collecting category, and as such, they have grown in popularity immensely over the last few decades. oliver: what proportion of the members are central bankers? >> if only i knew. i will say though that banks and treasuries specifically around the world are very interested in what these people have to say. oliver: right. >> you know, they have a newsletter and an auction people
4:56 pm
can participate in. then they have this thing called the bank note of the year award, which is this phenomenon where it is totally subjective. everyone writes in with a submission, and there is only a finite number of new banknotes released every year, and it has to have been released in the year. carol: it has to be a new note? >> it has to be a new note. oliver: the oscars of currency. >> that's right. oliver: the president of the -- >> the president of the society, who by day is a doctor and by everything else is this very devoted collector of bank notes with tens of thousands. he said, you know, within the first few votes, we know who will be in the top three. because everyone in this community has a base level of
4:57 pm
knowledge that allows them to appreciate the finer subtleties. of the few bills that are clearly the best. then everyone votes and they tally it up, and the winners are, i have to say, absolutely gorgeous. oliver: "bloomberg businessweek" is available on newsstands now. carol: and online. oliver: what was your favorite story? there's a lot of good ones here. carol: he went undercover to become a social media influencer. you know, i think we think things happen naturally, but it involves effort, money, a professional photographer. a professional haircut for max. the photos are priceless. what about you? oliver: as much as i want to say this scooter in rome. i have to go with my gut that tells me trump and yellen, which is going to be a big story. what happens with interest rates and what is going on in the market now. carroll: we will see a few tones down you know, what he was saying before the election. more bloomberg television starts right now. ♪
4:58 pm
4:59 pm
5:00 pm
♪ anna: coming up on "bloomberg best," the stories that shape the week in business around the world. bloomberg television is focusing on energy. we hear from the top leaders and opec ministers in vienna who are reaching a deal to cut oil production after weeks of negotiation. >> the market price has a 30% chance of a deal. our view was we expected a deal. one of the key reasons, the economics, not politics, but economics of the deal were incredibly compelling. anna: the trump transition continues to hold the world's attention. we dig into the latest cabinet picks from bankers to billionaires. >> our number one priority will be the economy and getting back to 3%-4% growth and focus on

10 Views

info Stream Only

Uploaded by TV Archive on