tv Bloomberg Business Week Bloomberg May 13, 2017 12:00am-1:01am EDT
>> welcome to bloomberg businessweek. in this week's issue, we will talk about cyprus, a hotbed russian laundering. not just money but people, as well. 2017 is shaping up to be the biggest year yet for the u.s. harrowing -- heroin industry. all of that head on bloomberg's this week. -- businessweek. ♪ we here with editor-in-chief meghan markle. i want to do something different this week and talk about the
cover story. this is a sad but important story in which you guys look in a lot of stuff. tell us abouwh happened in kansas and why it is such an important event to put in perspective right now. >> we are proud of the story and the journalism at the heart of it and reporting. we have gone back to a community in kansas where to indian born engineers who worked for a company called garman were shot, one of them was killed, one was shot in the late in -- in the leg in february this year by men who yelled, get out of my country. >> what happened that night in the bar? >> they were just drinking at the bar, what they do. they sent photographers to this bar, it is not unusual to see a mixed-race group of people hearing -- having beers.
the only thing that is a little bit interesting about this is just this community was in this area of kansas, the people don't know the investment these companies are making. this is a town that has a hindu temple. there are areas where there are inborn famiehaving celebrations of the community. it was disrupted by a who came in and shot and killed and opened fire in this bar. we tell the story of people who work and have been in this count who would hear from california and the east coast, who said we came here for the great schools and peaceful life. >> the american dream. >> this is a story of america's america, and it is how this has happened among rising rhetoric, 1-biting a 20 visas -- h
thesis. and how it is making people fearful for their family's future and for the first time looking over your shoulder as they walked down the street in kansas, and how disruptive that can be. we really need these kind of models and skills training for our workers. this is the workforce we are looking for that will be the next generation workforce. not into nes,ut tomorrow, working for these companies in this kind of town. they're worried about whether or not they will be able to stay in this country and if this violence is isolated or will be more prevalent. e very fabric of the community starts to fray. >> at the local level, what is the government and local communities doing to try -- there is also a big cost economically at stake because people have built up this area? >> exactly. we spoke to the head of police in thereponsibility
was almost a disbelief among so many officials. this is not a town -- have you ever heard of olathe, kansas? this is a microcosm of america that works in a way of providing opportunity and the economic in the structure and use. it's part of the world a lot of people would not know th i happening. it is happening in parts of india, is happening in japan and south korea. there are communities like this all over the world we don't know about. this is a community that now is under threat, and i think officials feel very responsible looking at their demographic breakdown, looking at what they have built in realizing the fragility of that in the face of takehing they need to responsible before, making this community feel safe. you mentioned crimes against muslims, these are hindus and with isisfused recruits. it is unacceptable in a democracy and i think by
bringing the stories to people's attention, they will understand these struggles the people face and also their successes. >> thank you. i spoke with juan vargas on the challenges of putting such a sad story on the cover of business week. headline, and it does sort of get to the fact that this is something, this is a crime that happens in a state in the u.s. but has larger imications. without the most appropriate way to show it was to show the memorial above the head word -- headline. >> the photo of the victim is not large. it is small relative to the amount of space and the text is very straightforward. it used the standard bloomberg thought you'd it is not -- bloomberg font.
it does not draw away. >> you don't wanto stract from the point. you want people to have a sense of what the story is about right away and on the inside, we have a good shoot of the town itself. for the cover, i think you want to see the victim first. >> up next, the refugee modernizing the way money is sent back to home countries. in thevenezuela disowns chaos, more and more citizens are packing their bags forhe united states. this is bloomberg businessweek. ♪
newkirk. >> you have csis that is getting worse and worse in venezuela. the economic level, i think 5100 boulevards is one dollar. people with good salaries are now earning $50 per month. food, medicine, everything is in short supply. they were coming with very little money. that is different from earlier generations of venezuelans that first started coming here after ez took power.v of chavez,e rule people started leaving. do they think there is hope or there is a light to create here? >> they miss venezuela, but most the people we talked to do not want to return. they are making a life here. they are applying for political asylum.
most of them probably will not get it. that would mean deportations possibly in two years or three years. >> and looking at numbers from your story you'd there is estimated 3 million venezuelans by 2013. these are numbers that keep adding up. how is this shipping the culture? i read a story that it has shaped miami, where you have a venezuelan demographic that is booming. >> you see the little sellurants that self -- venezuelan sandwiches over the place and the skyline has new venezuelan high-rises. then you also have lots of venezuelans looking for help. that is something kind of new. >> is the entire families coming over? is a young folks working to send money back to their country? is the wave of immigration out
of venezuela something that will continue? >> it is bo. it is both a young, single people and families. i did not talk to anyone who was sending money back other than a guy who was trying to help his mother get medicine for cancer. a couple of numbers are pretty interesting. asylum 14,000 political requests in the fiscal year that ined last year, that ended october. so far this fiscal year, 14,000 already. that is six months. it is on a pace to double. >> speaking of refugees, and the markets and finance section, once a molly refugee and on for newer is working hard to make it easier to send money back home. this month, his online money transfer ogram is connecting to android pay. i talked with reporter edward robertson. >> kenya was the first country
where you saw really widespread dissemination of mobile money through an outfit called intesa. that is 10 years old and it is long enough to look at the impact. a study m.i.t. professors did last year showed it had listed about 140,000 households out of poverty. it has done so because it provided them with a way to pay their bills, save money, collect money, not get robbed, which is a factor in many of these rural communities. kenya is the place where you can really start to see economic impacts from mobile money. now remittances are affecting as flows increasingly from families in the u k, the united states, japan start to go to africa, india, southeast asia, you will probably see more economic influence as that kind of ratchets up the volume of
hard currency that goes to those markets. >> prior to this, was it cash and envelopes? what was the method for remitting money back to the home country? >> it was anything and everything. it was going to remittance outfits that set up shop on main street and newsstands, it is going to western union, which is the number one money transfer player worldwide both to developing countries and the developed world. it is using ancient networks. they have been going for centuries and transfer money through systems based on trust, like community trust. this has gone on since the beginning of civilization, people have moved money around. thewith the advent of smartphone, that is why you are starti tsee this big change. it is also happening in the realm of the electronic, i
imagine there are alsoo -- legal hurdles that have to be crossed. what does this open up in terms of who is sending money, what the money is for, and is that particular going to throw a wrench into applications like world remit? there are a lot of rules and regulations to come in to play since 9/11 and trying to counter terrorist finance networks. there is also a lot o rules of common to place the fight money-laundering and other illicit activities. challengeems pose a for those digital remittance outfits because they have to ensure they comply with them. increasingly, they have turned to software that basically surveilled all of the transactions that run across the platforms and tries to fly anomalous or abnormal behavior that may indicate that there is
something illicit going on. these platforms are really depending on other software providers to help them flag suspicious activity. that also poses internal challenge for regulators because they have to make sure they are monitoring all of the extra volume that is coming on through these online players in addition to the traditna banking. globalhe global but -- economic session, cyprus has been known as a hub for russian finance. now they are findingew and sophisticated waysto camouflage what is happening. even the u.s. get you presidency -- residency, a lot of european countries do it, too. all the small islands in the the caribbean do it.
cyprus has perfected in the last two years because cyprus relies onort investments -- on foreign investments. every buddy i met over there told me that. officials, businessmen, bankers. when foreign investment dried up after their crisis, theyeed to find new ways to attract that. they thought, ok, we can speed up how we get passport for foreigners. it is really fast, it can be as fast as three months. the one guy i met while i was drinks,ver dinner and he got it in five months. , and byt two villas december, his passport was in the mail. he got it. it is faster than any other place than you can get it and it is easy. in don't even have to live
the houses, you can rip them out immediately. it is an investment. >> white russians in particular want this? >> they have multiple reasons. russians have been trying to get their meyut of russia for a long time because it is a scary, unstable country. politically, you're in one day and out e xt day. one morning you can wake out -- wake up with all of your assets seized in your in jail. you want to keep some of that out for safety. with thet helps you safety of little bit, especially if you get it for your family, it helps to get passports for all your family very easily. if you keep some of your investments in show countries -- show companies, the russians cannot see them easily. >> russians have been doing this
and other countries, but because cyprus had a need as well, it is sort of supply meaning demand. there are two parties again from this. this and thatrom in order to get this passport, russians havtonvest in something. what exactly are they investing in? >> all kinds of things. real estate is a top choice. you can just buy houses or commercial real estate like a hotel in trouble, or even government bonds. government bond prices have been doing well in the last couple of years beuspeople have been buying them. just last year the cap 4 billion euros of investment. for such a small country, that is one quarter of their economic output. >> coming next, james comey out of the fbi. and, the return of like market heroin. this is bloomberg businessweek. ♪
♪ >> welcome back to bloomberg's this week. you can catch us on the radio on sirius xm and in new york, ston, washington, and the bay area. in the politics and poli section, this week resident donald trump fired fbi director james comey. the move raises more questions answers.rovides ultimately, what does it mean for the white house ties with russia? we talked with editor matt phillips. >> the story the white house is telling is that the president received two letters from the department of justice. one writt bthe deputy
rosenstein,eral rod who was just confirmed two weeks ago, laying out the case against jim comey arguing that he had lost the credibility and faith of career staffers inside the fbi. as evidence, they pointed almost exclusively to his handling of the hillary clinton probe. specifically they were angry -- about last july in which he cannot and said no prosecution was warranted. these were all facts that were well known for months and months. on the campaign trail, then candidate trump praised comey by and large for reopening the investigation just 10 days before the election. then took those letters,
acted on them, sent a messenger , his longtime bodyguard, to deliver a letter to director comey, who was in fact in los angeles giving a speech to fbi staff out there. he, as it turns out, found out about his own firing from the news. >> what can we read between the lines in terms of why they revisited the situation of the investigation? >> timing is the question everyone has. the timing is very bizarre. these are all facts that the known for months and months. the president has acal on a number of occasionsprsed director comey, even since he is ken office. so even republicans are scratching ahead on the timing of this and the elephant in the room is really the russia question, and that the fbi was conducting its own investigation into trump's campaign, and what if any collusion or coordination
existed between his campaign and the russian government. so now the psint will be in charge of nominating and fbi director who will be leading an investigation into his own campaign. it is very strange. there is no real historical president for this. >> also on the politics and policy section, twice 17 shipping up to be a record-breaking year for the heroin business. on top of that, the product is more dangerous than ever. >> i have been reporting on the -- offepidemic often on and on, and one thing i wa noticing is when you talk to police officer officers, first responders, people who are dealing with dealers and addicts on the ground, the market dynamics of heroin are shaping up to make twice 17 probably the worst year ever in terms of overdose and profit motive for dealers. that was what i was really after with the story. what is the supply and dynamics
like. >> where did that take you. regionally, we know there are hotspots around the country. what area did you look at? >> was interested in cincinnati in particular. the reason cincinnati p my interest is bau they have seen an infx of some of the most dangerous synthetics. they are really potent and toxic, and the backside of that is it kills customers. if you are a dealer in you cut sentinel -- cut them into your product,ou might kill them. that doesn't make sense. margin soreases the dramatically because it is supported. it is also a marketing device. if you have it in the drug, everybody knows it is the most potent ring out there and people
are chasing bigger and better highs. it is a really strong way to say, i have the strongest heroin. >> as you point out in the story, one is an elephant tranquilizer. >> it is not approved for human consumption. it is approved for use by veterinarians to tranquilize large animals. it is actually called rhino on the street, which harkens back to the fact that it is a tranquilizer and not meant for people. >> the system and a focal point in the past year or so on the campaign trail. president trump along the drugsgn talked about coming from mexico. she also talked about the opioid epidemic and what he would do to stop it. how well are those promises holding up an early signs from the administration of what they're going to be doing to combat it? >> i had one person who researches this subscribe to me the situation the federal level of chaos. we don't know what it is going to look at yet.
on one hand we have president trump clearly speak out about the opioid crisis. he obviously is aware it is happening, he obviously has made a lot of promises about helping to deal with it. same time, -- at the we have the republican health care bill that would reduce medicaid substantially and reduce treatment. we've also seen the draft budget suggest they might be cutting one of the major offices that deals with the opioid crisis, a 95% funding cut. if that comes tbethat is a dramatic move. at the same time, they could be reshuffling that money elsewhere. we don't know all the details. at this time is not totally clear what the administration's response will be. up, and eu watchdog investigating apple and google. and why cruise line operators believe they stand to profit from cuba. this is bloomberg businessweek. ♪
>> welcome back. still ahead, can a single powerful personality overcome problems democratic institutions cannot? and as more american corporations target europe, one official wants to make sure they play by the rules. and our summer vacation guide that could literally save your life. all that head on burke's this week. -- bloomberg businessweek. ♪ >> i am back with editor-in-chief megan murphy to talk about more must reads in this addition. mens talk about strong
first and the change we've seen in politics around the world. >> this opens the book this week and it is a strong read peered it comes out of what we have seen with emmanuel macron taking a commanding when, but it is talking about how the trend of going to roll out way.many way -- mini we've seen it in turkey in the phipnes. or could we be at the end of strongmen politics given trump and everything that continues to go on around him, we're already at the apex of this trend? it is a fascinating look at places run the world where you don't know strongmen attempts bring backe to authoritarian forms a government. >> is france a turning point or a plant -- a blip.
this is about cracking down on corporations and someone leading the charge. >> she is a danish politician who is cveout a reputation of taking on companies, for misleading -- famously demanding back tas om google. the reason why i love it is you get a glimpse of someone who keeps a big sculpture of an outstretched finger, and i am not going to say which finger it is, has a statue that says you cannot please all the people all the time. she is making waves and not taking prisoners. >> it is a great look at the person, as well. we got some details. >> she is the competition commissioner for the european io and she has come to , most notably in
the last year, levying a decision against apple of more than $14 billion. >> that came as a big surprise. >> i think it did. they knew she was certainly pursuing the case the grizzly -- the case vigorously. i think it was the large sh decision ever levied against the company. >> it seems like when you are an fineidual able to levy a like that on apple, it seems like a big deal. tell us how it works. it is 900 people, definitely hundreds of people, she is a large research staff. rules,famously loves its and there are certainly differences in the way they go about it, particularly for state
aid and tax incentives are concerned, by and lar t spirit of e ws are similar to here. you don't want monopoly capitalism or in imbalanced market. force of it behind her in making this determination spirit >> there is a line i think encompasses by what she is doing s unique and it is large american multinationals are not used to being stymied overseas. it is very simply put because, take apple, for example. we always talk about these companies that always do in versions are put cash overseas. they put cash in a place like ireland. they go tohe countries in the eu, whh more favorable. this is a push in the opposite direction. she is looking at google right now, facing several different inquiries. this is not something that american companies necessarily, they honestly don't want that. to a certain extent, are they surprised? >> i think so.
bloomberg news did a really good in-depth look at how the apple case went down and the was aence, the extent it surprise to the company. from their perspective, i think -- what is pointed out is the jobs the companies bring, the innovation, these things are ordinarily very welcome. think it would be i making sure the rules are fair it opens up the possibility for someone else has a great gadget they want to introduce, they can ensure they can still compete with google or apple. and so, there is certainly a disagreement between the companies and the competition commission over the interpretation of those roles at times. >> up next, business week's
♪ >> welcome back to bloomberg businessweek. craft ceo and founder robert kraft sat down with business week and opened up about his friendipith the president read -- the president. billionaireaft, the best known for ownership of the patrioty'd we sat down with him and talked about what it takes to build a successful
franchise, what it takes to maintain that level of success. he is known as being a very personal honor. his coach, bill belichick, his quarterback tom brady has been there for years. we talked about his personal relationship with donald trump, whom he is known for long time. he is seen a different side of the president than many people of seen. >> let's talk about sports first. he talked a lot about his first foray into sports ownership in tennis. it is interesting how many times he went on that experience to draw on how to explain what he does with the patriots. >> he has learned lessons. his first and tries was the -- his first franchise was the boston lobsters. to me it was lobsters as in new england but also lob because of tennis. they were good, they had a coach
but they did not have a star. , andt martina navratilova he realized going forward he always needed a star. he also realize that most of the money you could make and how to control the franchise was to own the things that make revenue other thanict sales, which is parking and concessions. he brought that with him when he built gillette stadium. he finished it after 9/11, finished it in the years of just after that, took out a personal loan, a $300 million stadium. he knew from the very beginning that what the key was going to be of the franchise was owning the parking, the concessions and everything around the successful is part ofnd that what is made the patriots such a financial juggernaut when i think about a guy that is driven by winning, and has that attitude where people can hate us but we are still winng. there i say it seems like there is a bridge between the persona
of his friend donald trump. tell us about that. >> whenever robert kraft talked about his wife, he looked skyward and put his hand on his heart. he called her his sweetheart, she passed away. he told us that donald trump called him every week for a year. after his was so down wife passed away that he actually thought he was going to die, but he was having the darkest of dark thoughts. he said were probably four or five people around him that got him up every day and got him going. one of those was the president. what i find fascinating about that is that this is a side of the president a lot of people do not see. what is actually something you hear from some of his closest friends. that he is a listener and loyal, he is an incredib lal friend. another thing that was fascinating is he said, i know him close enough to know to not
believe everything he says and he does not believe everything he says. today we had done this interview, he is gotten a call from the president on his way talking about, he was at the air force academy and was asking for advice. relationship and differenfr what people see of donald trump and i think it is critically important, particularly in the thomas -- and the tamil of these first days that we see a different side of na trump. >> to think they will transfer to the presidency? >> think he is learning the hard way, maybe a little bit like bob kraft did in the early days with the lobsters. he is going to have to pick up more quickly and learn to get along in washington. that is a tough town and even be willing to compromise and he is not going to get anything done and escape some of this partisan blockade unless he can learn to get along. >> in the technology section, turmoil at rustenburg ventures. why silicon valley this not
breed whistleblowers. >>the started a few years ago, this guy in his 30's, he started a venture capital fund after getting out of stamford. he was in stamford around the sa te as mark zuckerberg and the guy from insta graham -- instaam. he created this fund for millennials but he got known for throwing elaborate events in the bay area. he was renting out luxury boxes at sporting events. he rented out at&t park in san francisco where the baseball where he hosted a big event called founders field day. he did another one i thought was funny called puppy hearties where they would print out part -- rent out puppies and people could come and at them. all of this over-the-top stuff. >> th iwhen the chickens
come home to roost. tell us how francisco became the centerpiece of this story you write about the investigation. >> he joined the company at the beginning of 2016 to work on part of the company's website and to run its i.t.. he was also having concerns about where the money was coming from and how it was being managed. entitiesg set up other which he controlled more, many from all these different things were being commingled in a way investors were not aware of. he went to the securities and exchange commission and voiced his concern and began sharing information and documents with them while also working at the company, so he became a whistleblower. -- he begang woing on the website. how quickly was he able to find this stuff out?
was a pretty obvious in the sense that it did not take shares at the company, it did not take a very long time is that this out to sniff this out? >> he worked there may be six months. he went to the securities and exchange commission and he had some meetings with them and then he learned that rothenberg in adjusting their i.t. system was deleting some in your account. the fcc sent a note to him saying don't delete anything in case we wanto ok at them. to the fund itself. later,hat, about a week francisco was terminated. he was fired. .here is some dispute there rothenberg said he is given notice before this and this basically accelerated his exit, he says that is not true. he is this sort of rare whistleblower that has come forward and gone public with
what he is done in silicon valley. some of this stuff happens in secret a lot of times, he was willing to tell his stormy -- his story. >> let me get to the crux of this, which is that this had the stuff is happening in silicon valley as excess grows but a lot of people don't come out and talk about it. why is this particular story taking hold in the culture there? why does it resonates a much? >> the thing with rothenberg adventures that resonated was kind of a soap opera over the past year. erwas this big prize with a were holding these big events in getting a lot of publicity and then there was this dramatic fall. there were a lot of stories about the mismanagement of funds and things like that. and the seclear began to investigate. people were following the saga. -- who not clear is what the people were behind this and the investigations being done. --ncisco was intra-mental
the mental in all this. >> was the future of a silicon valley whistleblower? >> it is uncharted territory. it is unclear what will happen. to a certain extent, he is already had trouble looking for work. he is gone on some interviews and rothenberg ventures is oneady a dating -- a ding your resume, and then he was willing to go public with his role as a whistleblower. this can sometimes be a stigma associated with that. how companies will see that is whether or not they see it as him being an ethical person who did the right thing or it makes them concerned he will turn around and do the same thing again to them. it just makes his career prospects more complicated than your average software engineer in san francisco. >> finally, what has rothenberg himself said about the points? -- the claims? >> he is said they are corporate
with the sec and they think they will be able to reach a conclusion with that. he also did a facebook live video in which he blamed a lot of the problems on sensationalist media coverage and said he did not done some of .he commingling of funds i to interview him and he declined. >> up next, the country -- the company providing my vision to a satellite. and wife cruising to cuba may be that are than flying. and suffering from insomnia and stress. this is bloomberg businessweek. ♪
boston, washington, d.c., and in the bay area. in london, and on asia on the bloomberg app. a new generation of satellites have night vision and can see down to the millimeter. >> was interesting to me honestly was the baselines of this thing called synthetic aperture radar, it has raised about $12 billion to fund development to transform it, so it can transform sar from spy satellites into the realm of day-to-day companies. >> this sar, this is synthetic aperture radar. tell us what this is and how it itks to the extent that won't be a frontal assault. >> it is traditionally been the province of the pentagon or governments around the world you'd they are about the size of
a school bus come away about 2500 pounds and have giant antennas. the reason for that is they have to being radar 300 miles down to the surface of the earth from space. the radar bounces off the earth itself and will travel back to the sensors on the satellite, which then reconstitutes the image, interprets the data so they can build. as far as we can tell, it is some of the most accurate and beautiful images known to man at this point. >> speaking of accurate, i was going to ask why the government likes this technology, but after reading the sry it seems pretty clear. the accuracy is that you can see trademarks from a car or truck driven over sand or dirt in the area. that is incredible. >> at least at the government level, to the millimeter resolution level. historically, the big evt in sar has over commercial high optical telescopes is a can see
through clouds andorat night, which a lot of satellites cannot. tocuba is opening itself up tourism, but the islands infrastructure leaves many travelers wanting. cruise lines say, no problem. to have a big bump in tourism last year, which is the first one americans were allowed to travel. a 70% increase. about 15 percent or 60% in the first quarter. the cruise industry is really kicking into gear just now and seeing a huge jump, well over 100,000 passengers since last year and growing this year genetically. versusgrowth in cruises in a rollins -- inirlines come and definitely favors the crews ships at this point, does it not? people aremore
flying, but there were a limited number of flights landing spots allowed and all the airlines jump in last year and overestimated demand and had to cut back on some of the flights and fly smaller planes. it aruise lines are taking little slower. in the arctic increases here. they have some advantages in the sense that one of cuba's problems is they don't have a tourism infrastructure that a lot of countries have. they don't have quite the level of hotels and restaurants and that. the ships have advantage where you can always come back to the ship and sleep and eat if you don't see what you like about island. >> he did a lot of research on to the different lines going there now. -- competingeted for time and passengers or will it be a big market for all the? u.s.sically none of the terriers were sailing there two years ago and now there are nine different lines failing. it is a big jump.
they have different approaches. carnival was the first one last year with thenew cruise line called fathom. they are supposedly going to be doing that work while you are taking a vacation, it did not take off as well as they would have hoped. now they are going to have a traditional carnival ship. all of the cruise lines are taking their individual approaches. some are just making it one stop any two-week caribbean cruise. is taking one of the shorter trips, just four days, you stay overnight in havana on the ship. the norwegian sky offers free drinks as part of a passage. if cuba is not your
destination of choice the summer, don't worry. editor walk you through it. during theave things year we want to work on, whether it is reducing stress or just generally feeling better or being a good samaritan or repairing that relationship going as well as you would like it to. total,ed 12 locations in two for each of the things we're trying to fix so you should look through and say, this is why want to work on, i am going to go here. >> it is a constructive way to approach a vacation. a lot of times a vacation is, i have to get away, and you to somewhere wheryocan get summary to go with you and it is kind of the default of beach. this is very specic what you want. how did you pick up all of these ideas? >> there are a kind of hotels now, a lot of places of trying to cater to very specific niche needs.
in the dominican republic, there is a place called the extreme hotel. basically, you talk to them before you get there about your weight and fitness goals and there are people there ready to set in motion a week of exercise anhealthy eating help you achieve this goal. you have to sort of think about these occasions, you can't just pick up and go that weekend, but once you get there, hopefully they are more productive. >> in that same vein, you guys take a pretty holistic approach to it where you also indicate activities you can do while you were there, maybe it is reading a book or an activity. >> we made six extracurricular recommendations, a trips you can take it we are talking about places like arizona, india, andorgal, berlin are great places to learn how to sleep. i know you would not think of berlin as a place to learn how to sleep, but a hotel there has a person on staff to help with that. businessweek is
♪ yousef: welcome to the best of bloomberg markets middle east. oil swung to its biggest gains this year. we asked the middle east ceo whether growing momentum cld help further stabilization. the countdown is on to iran's presidential election with the incumbent accused of not doing enough to capitalize on the end of sanctions. we get analysis from a global legal firm.