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tv   Bloomberg Best  Bloomberg  June 16, 2017 8:00pm-8:59pm EDT

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>> coming up on bloomberg best, the stories of shaped the week in business around the world. surprises are not in what these banks do but how they do it. >> it is amazing that they lost over both of the readings. >> i expected different votes. this is clearly something else. >> hackles are raised in capitol hill. britain's leader tries to hold their ground. china's economic picture may be getting cheerier. >> we see the chinese government policy.g help to fiscal
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>> tim cook holds apple's future on where he is steering the company. >> we focus on autonomous systems. clearly, one purpose is self driving cars. >> some of the world's most influential leaders weigh in on her to go issues. >> brexit is a decision we have to accept. >> i'm optimistic about what the president will do. >> it is straight ahead on bloomberg best. >> hello and welcome, i am ramy inocencio and this is bloomberg best.
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the week started on an anxious note for tech investors as a selloff that began friday continues into monday. everybody's favorite sectors hold off in a big way on friday leaving nasdaq to the biggest decline in nearly four weeks. globally withread europe and asia markets tumbling as well. >> the nasdaq established no high friday morning. beginningrior to the of the selloff that is continued into today as well. actions, yesterday's the nasdaq remains of over 13% year to date. ,tocks go up, stocks go down and that is all that we are being reminded over the past few days. >> much of it is due to apple alone. google, facebook, microsoft, have also made up of a part of it. 30% of other stock in nasdaq composite. >> what is happened is you
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stretched the rubber band a bit too much. negativerms of any connotations with respect to feature earnings, what, when you have a sector that outperforms a six-month. over , and when you look at the day to day correlation, of those two , and they are inverse, that is the kind of inbounds in the markets that we didn't see, don't see as sustainable is why our view is how it is. >> we think we could see tech come often present in aggregate over the course of the summer. general jeffney sessions rejected claims that he is glued with russia calling these allegations appalling . >> i do not have any recollection of a meeting or
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talking to the russian investor or any other russian officials. >> he was adamant that he had no delusion munication with russian officials. he was pressed on this and, to be quite frank, you would hear stronge hearing criticism coming from democrats who are going to say that he did invoke executive privilege. the president did. he dodged repeated questions about his own communications with president trump. republicans are going to say this was a boring hearing. a nothingburger. >> a shooting at a baseball practice in virginia. steve scalise was among those wounded. >> the shooter wasn't a to be armed with a rifle. anywhere fromay 50 to 100 shots were fired. >> the shooter came to the baseball field and began firing indiscriminately. the representative was on second
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base. they were practicing for the dos in 2017. 2017 core inflation estimates revised down as well. our decision to make a gradual reduction in the amount of policy accommodation, reflects the progress that the economy has made and is expected to make. on a day where the cpi report was released, it was very soft. then, the commerce released the retail sales which was also soft. theys amazing that basically glossed over both of those readings. there was no reference to the retail sales data. >> sterling is spiking higher in
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reversing overnight losses at a hawkish loan surprises traders. kept in theengland interest rate at 2.5%. corporate bond purchases are at 10 billion. >> it looks a bit odd. given the data news to my mind. it is depressing to me. i expected a seven cap-one vote -- a 7-1 votes. >> all three of these are called the external members. they're not the core members of the group. my expectation is that they can hold the group together. they will be inclined to look through this, but it does illustrate in real-time become how this can be for a central bank. the bank of japan has maintained his stimulus program saying improving's private
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consumption will support the growing economy. they voted 7-2 to keep it changed. the target remains elusive though. kurodaeally is no drama, here in japan. they just want to keep everything steady. ultimately,use, economic additions are good. they are improving modestly. big boomno sign of a coming so there is no risk of any bubbles anywhere. at the same time, you do have situations where price pressures are few and far between, so the japan is steady. >> how important was a reassessment on household consumption? >> the comments are very encouraging. what we are seeing in japan, it is interesting. we also see it in other countries, the economy is doing well. we have had five quarters of
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growth. we are on our way to the six quarter. consumption looks better. we have this problem with the core and feds is goal of the bha to raise inflation. we need to raise more awareness there. the disconnect that is the -- theect in inflation real problem is the disconnect in inflation. >> this has been a big week for monetary policy. it has been a critical week in global politics as well. recap maneuvers for theresa may after the u.k. election and, the bloomberg scoop expects his -- exposes the scope of russian hacking. plus, emily chang's interview inh tim cook on diversity the workplace. up next, executives are making the wrong kinds of headlines. and doubles atge the top for uber. >> we don't understand how the
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management committee will run when they have to decide on investing on autonomous cars --ried makes that decision on autonomous cars. who makes that decision? ♪
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>> this is bloomberg best. let's to continue with an unexpected executive shakeup at ge. the change out of the top of general electric in the 16th year in the house, the chief executive is stepping down and out thing that health care has john buttery assuming the role. explain the timing of this decision. >> the timing is a surprise. this was likely or increasingly likely now that try on stepped up its pressure on ge. was thatnal position
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we like the plan, we are leaving them alone. after several years, they decided they will step it up. >> what is flattery bring to the table? he is a third year company veteran. what will he add to the party? >> there are investors who are disappointed. there was a feeling that maybe ge needed an outsider ceo or a ge alumnus to a gone on to work with other companies having the non-ge experience to shakeup the institutional giant. is probably the best of the insider candidates and he is record --e -- track he has a track record. in the interim, the company will be run by management committee as it tries to navigate a wave of scandal. the board will also move to
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diminish the role once he comes back by giving some of his responsibility to an officer. at first it would be three months, now it is described as indefinite. we don't really understand how the management committee is going to run when they have to decide how much money to invest in autonomous cars. who makes that decision? some of the will go to the board. i think a lot of people will you waiting for the chief operating officer who has become a mystical figure. whoever that person is, they need them to make risky decisions. i think it is a holding pattern in truth. at least until they can find that person. to buyon is agreeing whole foods for $13.7 billion. >> this is the most challenging acquisition that amazon has ever done. asset that is almost in decline.
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seven straight quarters of declining same-store sales. a pioneer in organic foods in a world now or you can walk out of your office building and get organic foods everywhere. they are competing with everywhere. they need a makeover. amazon will ultimately have to .emake that supply chain they want to bring in the benefits of amazon prime into those stores, a beach on the stores into supply chain notes. it has a lot of work to do. it was a surprising deal to me. >> it's an enormous deal. it doesn't come as a complete surprise. we were told that amazon was exploring this last fall and it didn't go through. then, after we saw a lot of trial and tribulation, and the activists investors, that is when amazon then renegotiated these talks with holders. >> what are you thinking if you are a brick and mortar retailer today? >> you are worried because you had the physical locations now
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and that has been your primary defense against amazon. basically going to keep gobbling market shares as it gets more and more of your spend. think of all the things it can do it if it is engaging more customers on a weekly business -- weekly basis. the banks new proposal to help pay for misconduct present former managers with a tough choice. the german lender offers to pay for management members a portion of the suspended bonuses in exchange for a group of export members to forbid their claims to payments. >> they are saying you can keep your bonuses when they vest, but we will take away most of your suspended bonuses and that will financialntary contribution to the bank showing their willingness to contribute to a bank during difficulties. >> how is this proposal being
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met by former board members? >> is not entirely clear. there are 11 of them. it's not clear how many oppose or who would like to accept. they canlear is that keep their unvested bonuses when they vest, and those with a larger share of suspended bonuses are not as happy as the other group. deutsche bank has announced the new structure for investment banking division including the creation of a sever business for capital market operations. morning toling this see how this makes deutsche bank and easier organization to run. >> i agree with you. last year, john did what i thought was sensible which was pulling together the businesses. want tog is, if you
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split it apart again under the same umbrella, it is not quite clear what they want to achieve. they think they will be more efficient. when i would like to understand, is this about cost-saving, going after new segments? it is just not clear about what they hope to achieve. the trump administration said it was going to carefully review bank relations and report back to us. yesterday, we got the report. 150 page document. they say they want to cut back areae consumer financial in these up on stress tests. >> people are pretty enthusiastic about it. one of the things they all caution is, they pay most attention to what's the regulators can do without congress because that is always a? . mark.s always a question .
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you look at things like reduces rules on leverage lending which is used. that is one proposal. one role is easing the way it is enforced and some things that haven't gone into effect like the limits on hedge funds and private equity ownership by banks, bank of america put a report saying that some of the changes around how capital could banks toed would allow free up $2 trillion on the balance sheets. chinese factories and consumers remain resilient in may showing fines of stability in the economy. >> what is the key takeaway? >> stability is a worthy use repeatedly. the number for industrial production was the same number that we had in april. -- 6.5%. 5%
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we were expecting 6.4%. retail sales are steady as they go. 10.7%. april was 10.7. the survey was 10.7%. the consumers holding up. a .6% is expected on another front, it was a .9% on the previous month. raised the growth estimate or china or 6.7% and also cautioned the deep reforms are needed to break away from rignet -- from debt. >> we have been seeing the performance of the chinese economy and it is a fairly strong growth in the first quarter. we see strong growth in the rest of the world which is helping. we see the chinese government both throughport fiscal policy and the way credit policy was being managed. we think this is the right forecast. we do expect to the economy to
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slow a little during the course of the year, but we think the 6.7% forecast is the right one. ♪
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ramy: you are watching bloomberg best. emily chang recently sat down for an exclusive interview with the apple ceo tim cook. the discussion created a lot of buzz this week. the topics are apple's ambitions in china and, for the first time, he elaborated on the plans for the automotive market. >> i think there is a major disruption looming there. carsnly for self driving but also for the electric vacation -- electrification these.
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if you drive an all electric car, it is a marvelous experience. it is marvelous not to stop at the gas station. plus, you have ridesharing on top of this. three vectors of change happening generally in the same timeframe. on what we'reit talking about focusing on publicly, is that we are focusing on autonomous systems. -- one purpose of autonomous systems are self driving cars. there are others. we see it as the mother of all ai projects. it is probably one of the most difficult ai projects to work on. autonomy is something that is incredibly exciting for us. we will see where it takes us. we're not saying, from a product
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point of view, what we will do. we are being straightforward that it is a core technology that we view as very important. we make all of our decisions for the long-term. we are not investing for next quarter or next year. we're thinking about many years out. as i stand back and look at china, i see megatrends there an incrediblea market. i don't mean a market to sell in, i also mean a market for application developers. -- we have00,000.5 1.5 million developers, closer to 2 million developers now and -- it is anible incredible marketplace for talent and in size of the marketplace. term kinds of economic
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moves up and down, i don't get excited about. >> how realistic is it to expect that double-digit growth for apple can continue in china? >> i said last quarter that i think we will do better this quarter than we have the last several. that doesn't mean that we are growing double digits or that we will grow, it means it will be better for a year-over-year, than the previous ones. i feel pretty good about that. moste 7 plus is the third popular smartphone in china. last year, the size of our business was almost $50 billion in greater china. we are going to stick at it is a huge think china opportunity. at least, overtime. ahead on bloomberg best, we review some of the week's most important political
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developments including drum and the middle east and new revelations about russian hacking. bus, more compelling conversations on global business. they wanted to change the decision, they would find open doors. ♪
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>> one of the things i am doing is negotiating with the government a different deal for london, if we can. in the meantime, my message to the world is we are open to talent, innovation, and entrepreneurs. one of the reason london is the greatest city in the world is we have been open to people from different backgrounds, different ideas. >> my different deal would you like to see for london?
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>> we want to make sure the government recognizes we need a flexible immigration deal. i appreciate and respect that people in other parts of the country voted to leave the eu. one of the reasons was concern over immigration. parts of the country don't want immigration. monday and voted to remain in the eu. we need immigration and talent. the government has to recognize that london contributions -- contributes hugely to the country in terms of revenue, economic growth, and if we want to carry on being a success story, we need to attract talent. ramy: that was london mayor sadiq khan telling caroline hyde he hopes to arrange a special brexit deal that will meet the business needs of his city. with brexit talks scheduled next week, many guests focused on the uncertainty ahead for europe, including the u.k.'s future and the ecb's anticipated exit from qe. let's begin our roundup with matt miller's exclusive
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conversation with german finance minister wolfgang schaeuble. first we agreed from the that brexit is a decision we have to accept. minimize the potential damage and maximize the mutual benefit. matt: do you think britain has the ability to turn that around? is there a possibility brexit doesn't happen? >> it would not be helpful if we started speculation. the british government started brexit. wanted to change their decision, of course, they would find open doors, but i think it is not very likely. matt: what about if they want more time to negotiate? ,hey have said the eu is ready
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but the u.k. needs to sort some things out before they come to the table. it has already been three months since article 50. can i have some more time? >> i think the negotiations will now start, and i think they had agreed before the election that in the first round, they will negotiate the points of brexit, , weas soon as that is done can go in parallel [indiscernible] and what will be the further relations between the u.k. after brexit, the single market and european union and so on. therefore, let's start the negotiation. we will come to reasonable decisions. it is too early. matt: don't you have to move in the direction of shared debt
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responsibility, european bonds? your spanish counterpart was recently saying in has to happen that way. -- saying it has got to happen that way. it seems to be the only way if you really want a deeper, closer europe. the formerave seen governor of the bank of england [indiscernible] it makes things a little bit more difficult. my answer has always been and riskns, we can only sharing if we have the instruments to implement common decisions. if you have common risks without common decisions, it is the wrong contraction and you will in an economic disaster --
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economic disaster. >> we are still not seeing inflation where we would like it to be. we are still not seeing the criteria we have set for inflation to be sustainable. you need a sense of patients here. >> how much of a nightmare is stronger gdp and qe? guest: stronger gdp is unqualified good news. this has been acknowledged. that is why we changed our communication to adapt to the changing reality. it also shows our monetary policy measures are working, also jobs that have been created in the eurozone after the last -- over the last 3-4 years, a lot of them have been created thanks to the monetary policy stance. when it comes to the next steps, we will have to focus on inflation. >> why was tapering not discussed last week? guest: it is too early to discuss it.
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we have to acknowledge the changing reality. we discussed a lot of the economic situation, the prospects of inflation. there was a sense of progress when it comes to inflation, where despite of the inflation being revised downwards, if you look carefully at the forecast, you see inflation is less dependent on our monetary policy measures, which is one step in the right direction, but not yet quite enough to start discussing tapering. >> two and half years ago, i said france would be the next big thing. all my friends in the u.s. said, john, france, business that does not make sense. the year and half ago, i said france would become the startup nation in europe. people said, i don't think so. it actually is the startup nation in europe. they went from an average of 130 companies funded by venture capital per year to last year to 26 two this year 486.
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there is excitement going on here, which the new president is amplifying further. he will make france an example for europe and the world. he grasps how you take digitization and change the lives of all the citizens. does he have two areas he has got to address in terms of tax regulation and law and also the social issues from a labor perspective? yes. mi optimistic he will bring the whole country with him? oh, yes. i just came off stage with three hot startups from europe. you would have thought not only you were in silicon valley, with the three startups, one from france, one israel, one germany, but you would realize how much faster europe is moving than the u.s. in terms of new startups and generation of jobs from those. i am very optimistic about what president mccrone will do -- president macron will do.
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>> are you more hopeful for labor market reform in france or tax reform in the united states? >> i think both of them will happen by the end of the year. some topics in global business are not strictly about the bottom line. bank of america ceo brian moynihan joined us this week to talk about diversity and inclusion, issues that are vital to this company and close to his heart. he sat down with erik schatzker. erik: we hear all kinds of arguments for why banks should hire and promote more women. enter risk managers, generate higher returns, less greedy. is that true? [laughter] is anyn't think that good reason. half the population and half the
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talent base you are dealing with. those are interesting sideshows to the real reason, which is, are you going to draw talent from half of the population? put any analogies out there -- if you are an nba draft, you only get to choose from half the people, others get to choose from everyone, who will come out better? you are not going to fare as well. all of those ideas get into -- believe me, we pay people very well that are male and very well that are female. it is on the job and what they do and how they perform. those are all sort of sound narratives. the real question is, are you going to draw from 100% of the population in an industry, in a company that is completely dependent upon talent? we havedo two things -- talented people and big machines they operate, in terms of artificial intelligence, data, physical machines like all centers. we don't make things.
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from 100% ofget the population, you're in trouble. erik: have you figured out a way to isolate diversity's impact on the bottom line? >> another pet peeve. i don't think that is a relevant question. are you going to not serve have to customers in the united states? are you not going to serve women or people of color? there is no bottom line. when i became -- for years, people came and tried to justify this economically. why are you bothering to waste our time trying to justify this economically? i can do math with anybody, but i'm saying, you don't have to prove to me that half of the population should be excluded from our product services, thought processes, our u.s. trust executives serving women,
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our consumer design of products. you can exclude half the population thinking they're not going to be any good. i know some people take a completely different view. to me, it is the most irrelevant question in the world. ♪
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ramy: welcome back to "bloomberg best." i am ramy inocencio. let's take a look at his of the major political stories that move markets, starting with theresa may's efforts to shore up support and form a new government after last week's snap election. >> prime minister theresa may could be bracing for a civil war within her party. this comes after last week's election. she is facing pressure from lawmakers who hold her responsible from the outcome of the snap election that caused
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the conservative party their majority in parliament. this comes on the heels of the first meeting with the cabinet since the election. >> this afternoon, theresa may has been holding her cabinet meeting. as you say, leading members of the cabinet have come out and strong support of her, for example foreign secretary boris johnson and brexit secretary david davis, both sharing fairly unequivocal support for the prime minister. >> u.k. prime minister theresa may coming under increasing pressure to abandon a hard brexit as she tries to put together a parliamentary deal to stabilize her minority government. >> how stable is the government at this point? >> a lot more stable since the meeting on monday, where she spoke to lawmakers, said, i'm responsible for this mess and i'm going to clean it up. there does not seem to be a desire to hold another election anytime soon. maybe she gets challenged on the leadership front over the summer. that is obviously more likely than another election. for now, there is a bit more
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stability than there was in the wake of the election. talks begin next week. >> unease growing over the deadly blaze that devastated a tower block in london. it has highlighted divisions in british society, wealth inequality and frustration with the political establishment. we still wait for the conversations that take place, or the results of conversations, between the conservative property and the dup. >> the sequencing of the negotiations between the u.k. and europe. talk to me about that. >> certain early concessions from the brits to the europeans. the europeans have argued they want to deal with the diverse -- with the divorce first, the financial settlement, what you do with island borders and the rights of citizens of the eu in britain and british citizens on the continent. they have long said they wanted to discuss that first and then turn to the trade deal that theresa may wants.
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threes in may and the conservative government have said they would prefer to talk trade at the same time as the divorce, discuss the future relationship and break up at the same time. bloomberg reporting the u.k. has given way and are happy to follow the sequencing advocated by the eu. if they started the talks on monday and spent the first week discussing how to structure the talks, that would have eaten into the time available. >> gulf crisis mediator says qatar is ready to understand the concerns of its neighbors and bolster stability in the region. the comments by the kuwaiti foreign minister are assigned anddispute between qatar four arab states led by saudi arabia may be easing. qatar's main benchmark plunging last week, worst performances december. what is the latest? >> it is a statement. it is not the kind of statement
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that would presage a more wider resolution to the gulf crisis. it is an important step from the kuwaiti side. they have been peacemakers throughout. we have not heard that much in terms of reaction from the qataris, the united arab emirates. one minister asking the question, is this the beginning when reason and wisdom will prevail? they sure hope so. the minister of state from foreign affairs. what remains to be seen is the role of the united states. we understand rex tillerson is on the phone with the deputy crown prince of saudi arabia, but there is nothing tangible to reassure the markets and really be able to chart a path forward. this is about trust. once trust is broken, it takes some time to rebuild. >> let's go to washington and a bloomberg exclusive. we have learned the russian hacking of the i-16 u.s. election went wider than previously reported. people with direct knowledge of the investigation say electoral systems of 39 states were hit in the cyber attack. >> everybody knew russian
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hackers compromised the dnc databases and hillary clinton's campaign emails, because they leaked all of those. what was less clear was how far do these attackers go in trying to cover my's actual voter registration symptoms -- systems and campaign finance systems? thattory today reported the federal government, department of homeland security, flagged at least 39 states where systems were compromised. we consider electoral infrastructure, both voter registration databases, which are key to elections going up without a hitch, and campaign finance databases. greece's creditors have reached an agreement on potential measures to ease the debt burden. it paved the way for an 8.5 ofden -- billion euro trough emergency aid, possibly granting the nation a return to international markets. >> greece did get the 8.5
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billion euro disbursement, what it needs to make the debt obligations due in july, so that box has been ticked. in terms of debt relief, the eurozone finance ministers sought to offer more clarity on greece's future debt path. they outlined possible measures they could take to use its burden in the future. where they stopped short was providing definitive steps. they said those would, the end of the program in mid-2018. as you know as well, the big question overall this has been the imf's participation in this bailout. some think other creditors of the eurozone has been seeking, and the deal they got last night was not enough to ensure the imf's participation. ramy: from the big picture of politics to the laser focus of entrepreneurs. this week's edition of small to co-, auses on written digital media company with millennial women its target audience. the co does not stand for
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company but community. the ceo raised $45 million in venture capital and is finding success in a very competitive space. she describes her company's journey from small to big. is a new media company that largely reaches millennial women and is aimed to inspire, inform, and empower them to be more creative. my path is largely out of tech companies. i worked at google and apple and started realizing the world of digital media was a big trend. i left google at the age of 25, not married yet, and i had saved up enough money to bootstrap my own business for about six months. ultimately i made enough traction and the rest was history. we have a three-way good pool of revenue -- we have a three-legged pool of revenue.
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the first is advertising, branded content, experience, and events. we also sell classes online. we have almost 100 courses that women pay for. the last is our merchandising business. one big challenge has been the notion of whether or not to put our content natively undistributed platforms, from snapchat interest -- snapchat to pinterest, facebook and is to graham. a lot of platforms will give you more reach if you are putting content natively on them, but they initially had not built my decision tools. position -- monet ization tools. it was a question whether we wanted to sacrifice control. i believe these platforms would get nowhere if they do not have great content and that they would figure out a way to support people providing the content. that has been paying us. we have now reached 125 million
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uniques a month. we also have 350% growth in revenue year-over-year. some of our newer business segments, like online classes, have grown over 300% year-over-year. we are producing over 100 piece of content every day and hundreds of videos every month. i think it is so important for a digital brand to have an off-line counterpart, especially any brand trying to reach millennials. we started an event called remake four years ago, just a year into the business. today, it is a 15,000 person festival, doubling in size year-over-year, which is proof it is working and only going to go bigger and better. we know millennial women, and we want to create content for them no matter what they are, what they're listening to, reading, watching, or consuming. ♪
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>> here is what we are looking at. this is one of the many functions on bloomberg. what this helps you figure out is the debt maturity. what you want to do is pick u.s. you go into the debt column, debt distribution, and up is going to pop the maturity profile of a lot of this u.s. debt. ramy: there are about 30,000 functions on the bloomberg. we always enjoy showing you our favorites on bloomberg television. maybe they will become your favorites, too. here is another function. it will lead you to our quick takes, where you can get fast insight into timely topics. here is a quick take from this week. >> the war in afghanistan was the longest in american history. it officially ended in 2014 when
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the u.s. and its allies concluded their combat mission, but 13,400 nato-led forces, majority american, are still in the country to support an afghan government under siege from the taliban and the newer islamic state. if the coalition troops leave, the afghan military could be defeated by its tenacious enemy. here is the situation. since the afghan military took over security control and 2014, conflict and the country has escalated. the radical group islamic state established a presence in the country's east and has claimed credit for terrorist attacks in the capital kabul. a larger threat is a resurgent taliban, which has gradually taken over more territory. u.s. officials are worried russia may be arming the group. russia has denied it. taliban has been helped i the fact that the afghan military has suffered heavy combat losses and assertions. in 2016, civilian casualties , andto almost 11,500
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660,000 people were forced to flee their home. here is the argument. some u.s. officials and lawmakers think it is time to completely withdraw u.s. troops. they fear getting dragged back into heavy fighting as the kabul government fails. others say the u.s. has committed to much to leave and argue that with more help, the afghan government can contain the taliban, defeat the islamic state, and stop a resurgence of , which are provoked the war in the first place by planning the september 11 attacks from afghanistan. both sides point iraq. in 2011, the iraqi government forced the u.s. into a total withdrawal. but then the explosive rise of islamic state prompted a return of u.s. forces three years later. the iraq experience can stand either as a reminder of the danger of a complete pullout or at the argument for leaving before the bottom completely drops out. ♪
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ramy: that was just one of the many quick takes you can find on the bloomberg. you can also find them at, along with all the latest business news and analysis 24 hours a day. that will be all for "bloomberg best" this week. i am ramy inocencio. this is bloomberg. ♪
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♪ announcer: "brilliant ideas," powered by hyundai motors. ♪ >> ♪ i-d-e-a, ideas ♪ narrator: times square, new york, this giant projection is
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the work of swiss artist pipilotti rist. the video is part of an important exhibition about to open at the new museum in the city. >>
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