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tv   Bloomberg Business Week  Bloomberg  October 1, 2017 4:00pm-5:00pm EDT

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carol: welcome to "bloomberg businessweek," i'm carol massar. julia: and i'm julia chatterly. we're inside the headquarters in new york. carol: more details about the crisis in puerto rico. julia: steve bannon's crusade in china. carol: what it is like living next to america's number one -- julia: all that and more on "bloomberg businessweek." ♪ carol: we are with the editor in chief megan murphy. in opening remarks you look at puerto rico.
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what a year it is in between the bankruptcy, devastation by the hurricane. it is far from over. people cannot even find food to eat. megan: it is a true humanitarian crisis. when it was just the debt crisis and the bankruptcy of puerto rico or the electrical grid or the bankruptcy of what was going to happen with this mass exodus, now people are without water and food and electricity. for six months. and we are still having the kind of politicking we are seeing in the u.s. over it. we are hopeful, both at businessweek and bloomberg that by calling attention to it that hopefully, perhaps for once in recent times we would wade through the washington quagmire and get help down there. julia: i mean the pictures hit you in the stomach and you get a sense of the real devastation of the country. megan: think about being out of power for six months. think about being in the dark.
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what if you have medicine that is to be refrigerated? your diabetes patient getting access to clean water in puerto rico. it is crazy. but we have is a country that was so badly affected by an exodus over the years, they need to repay the debt they owe, which are massive. we should emphasize that they need to jumpstart the economy and looking at the pictures now, it is a long way away. carol: with the bankruptcy it was so much work to get anybody to take notice in terms of congress and washington to take care of the situation. i feel it is continuing even with the hurricane. megan: there is a shout out to antonio weiss, who made it his personal mission to secure a solution for puerto rico in
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congress that would enable them to go forward and try to create a stable plan. now it has been knocked backwards so hard by hurricane maria and irma. facing devastation on a scale you normally read about in third world country. this is a u.s. territory. these are americans and we should be supporting them. i think these pictures tell all the story you need to hear. unless you have an urgent relief effort, it could get worse. julia: the cover story is steve bannon. we were questioning what he would do outside the white house. he has not gone quietly. megan: no, i think this week we have seen not a surprise in terms of alabama. we should set the scene for people, but this is a race where bannon had supported a conservative firebrand. roy moore would rather step down from the alabama bench than to enforce a ruling for legal gay
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marriage. he has won the senate runoff against luther strange who was supported by trump. this pitted trump versus bannon. it pitted the establishment wing of the republican party versus the antiestablishment wing. and roy moore won with a resounding victory. he will go into a challenge of the democratic opponent and he will likely win. you are still seeing a fundamental rupture in the republican party which is yet to play out. mitch mcconnell and trump, the establishment continues to lose momentum. and bannon continues to drive his own political force. carol: don't give it away, but he is now going after china. megan: i'm not going to give it all away. enter bannon. we have more on this story from the editor of the story, matthew phillips. matt: the cover is looking at what influence he still has outside the white house and if he can be more effective working outside the structures of the government to push this nationalist, populist economic
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movement he is so keen on. and how he is training his focus on china. carol: based on his influence so far one month out of the white house, we look at the outcome of the alabama election. safe to say he is still fairly influential. and i'm just curious about panic conversations you are having with the white house specifically president trump. matt: i think it's safe to say he is influential. he is out on the stage with roy moore the other night in a born in alabama. he is flying to colorado. josh green reports to interview candidates he was to recruit to go after establishment republicans who are up in the 2018 and 2020 cycle. he is kind of taking it upon himself to be the tip of the
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spear in finding candidates to go after establishment gop types. in a way, he is very much the cutting edge pulling apart the gop for our eyes. julia: but he is not afraid to oppose donald trump. that is what we saw in alabama. with daca and breitbart. they were straight out tackling donald trump and his decision. matt: it is strange, this balance he is having to strike. when you look at what bannon said in alabama, we are not here to criticize trump. we are here to honor him. and trump, if you listen to his words in a rambling stump speech for strange the other weekend, he did not give a full throated endorsement of luther strange. he did say to some affect if his opponent wins, i will support him too. so bannon has this line, where he's saying he is outside the white house and going to defend donald trump and bring them back to this populist platform he thinks trump has been forced to abandon since he's been in the white house.
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this is a case where trump was clearly on the other side of the ticket and bannon won. julia: and clearly we can suggest that china is somewhere where donald trump has used a lot of fiery rhetoric, but the action has not followed through on some of the promises and threats he made during the election. if he had to pinpoint one area where steve bannon would be frustrated with donald trump, it would be china. he has been over there talking to individuals and some rather interesting ones. henry kissinger. matt: that's right, and another interesting thing josh green gets into in the piece is how bannon has cultivated this group of old cold war warriors to help him build this anti-china narrative the with a built-in anti-soviet narrative. in the vietnam war they felt america was kind of preoccupied for obvious reasons with ending the vietnam war and we'd taken the ball off the soviet threat. in a series of meetings with kissinger at his weekend house
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in connecticut, bannon has cultivated him and gotten him in with china. kissinger has obviously built his whole career in and outside of government around china. he has been there 80 times. what is interesting is kissinger tends to fall on the opposite side of the platform when it comes to china. he is a globalist. he has not historically been on board with anti-globalism, anti-trade rhetoric that bannon is so keen to push. it's interesting to see how -- we are not sure where kissinger falls in this conversation. but it does seem clear he helped facilitate some of these meetings that bannon took in hong kong. julia: turning steve bannon into a global cover model was the job
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of creative director rob vargas. rob: we worked with this young photographer or she uses color filters to alter the natural color of what she is shooting. she also has a bit of a softer focus. bannon, we are used to -- he has a distinctive appearance. we are used to seeing him a certain way which is a little harsh. we wanted to take a different approach and work with a photographer who could see him through a different filter than what we are used to seeing him. carol: how much discussion, how much time did you guys think about how we want to do this? rob: it is like bannon's third phase. first, behind-the-scenes, then a white house operative, now his life beyond that. and so, like i said, we sort of looked into all the past photos taken of him. we knew we wanted something different and we thought this photographer was the right person. carol: you've got some small
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writing that says where to next? people might be surprised for he is focusing on next. rob: yeah, the piece sort of outlines about where he is setting his sights, so yes. carol: next, the crisis in venezuela. julia: this is "bloomberg businessweek." ♪
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♪ carol: welcome back to "bloomberg businessweek." i'm carol massar. julia: and i'm julia chatterley and you can find us online at businessweek.com. a photo essay thing takes us deep inside the tragedy unfolding in venezuela. carol: we talked with david papadopoulos about the pictures, the stories in the people behind them. david: a good friend of mine who was that recently in the country said to me, i just can't believe people i've seen just two years ago, to see the physical difference took my breath away. it got us thinking. there has been a fair amount written about hunger and these issues in venezuela. this would be a very poignant and powerful way to show the world just what it is like when you see the difference. carol: we'll take a step back, four years into an economic crisis. these people in terms of access
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to food and basic necessities, it is just not happening. david: if you are -- it is a case where it is a socialist economy that has totally run afoul and totally run amok. the poorest venezuelans -- the middle class is an absolutely deeply precarious state. it is a photo essay, but with mini vignettes. it seeks to highlight in an up close and personal way what hunger looks like in a country that was very wealthy until just a couple of decades ago. julia: talk to us about juan domingo cruz. because he said, in the article, he does not even recognize himself when he looks in the mirror given the amount of weight he has lost. david: i consider myself half venezuelan. i am married to a venezuelan woman. i will say that a lot of it was hard to read. when the transcripts came in from the reporters on the
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ground, it is so raw. i will tell you that we had identified any number of people to participate in this project. and they said yes, yes, yes i will sign on, i'll do it, i'll go. at the last moment one after another backed out. i think there are a number of reasons that was happening. it became clear to me as material came in is it is just too raw, too emotional. we had any number of people broke down during the interviews. it is really hard to talk about these things, and about how you physically change. i think as we wrote in the piece, i think also when they see themselves, the new versions of themselves, it is a constant reminder of how their lives have fallen apart. julia: it's strange for us looking at those pictures, they look pretty healthy. but when you look at the before picture, the change in them.
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david: there is gallows humor that calls the weight loss the maduro diet. nicolas maduro is the president of the country. just think about it this way conceptually. if we were to randomly sample americans, half a dozen americans and we had gone to a similar crisis, it is true that if he grabbed an american from california, new york, kansas, arkansas, we would also be overweight. that is the nature of the population. it is possible they would also -- the after shots to them look ok. a couple of our people have actually even heard that on the ground. they say you look better. julia: that is the difference. carol: we were talking about juan domingo cruz. he's a social worker, 35-years-old, single.
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his pre-crisis weight was 209 pounds. he is now 140 pounds. that is just talking about the amount of food not available to people. david: he said he skips breakfast. he'll try to bring lunch into work. carol: he bought cake on credit. david: he decided to splurge and buy a couple of pieces of cake at the local cafe, and be bought them on credit. carol: will president trump be able to rewrite the iran deal? this is "bloomberg businessweek." ♪
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♪ julia: welcome back to "bloomberg businessweek." i'm julia chatterley. carol: and i'm carol massar and you can listen to us on sirius xm 119 and 106.1 fm in boston, am 960 in the bay area. julia: and you can listen in asia on the bloomberg radio plus app. carol: in the politics section, president trump has left his allies and staff guessing about the iran nuclear deal. nick: you have this extraordinary situation where the iranian president basically
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called president trump a rogue newcomer. and so what you saw out of the u.n. general assembly was essentially the united states looking isolated against the rest of the world. i mean, the nuclear deal that was put in effect in 2015 really has such broad support among the international community. now president trump wants to blow that up. and he's really on his own. there is a closing of ranks among european leaders with iran saying this is not something we are willing to except. -- willing to accept at this stage. carol: by reopening the deal, what is it the united states wants? nick: reopening the nuclear deal is really just one piece of a bigger picture. if you look at the totality of iran's behavior, supporting the regime of the syrian president
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assad, funding terror in the region. maybe you guys took care of the nuclear element in 2015, but that doesn't account for all these other things. so what they say is sure, the nuclear deal -- we don't like that deal because some of its provisions expire in 2025. iran will be able to continue to develop nuclear weapons. but we need to address everything iran is doing and not let it get away with any of these things. julia: so, what is the incentive for iran to comply and president trump does open up the deal and say, fine, we will add other things into it. the ballistic missile development, for example. what is the incentive to comply? nick: that is the question everyone is asking. for weeks we have been trying to answer it. so far, there really is no incentive. when we have gone to the administration to talk about this, they say what we want to do is reestablish a sanctions regime that was lifted as part of the 2015 nuclear deal. by doing that and putting in
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this really comprehensive battery of sanctions against iran, you essentially would force it to comply. we are going back to what things look like in the mid-2000's before the deal was put in place where iran was cut off from the global economy. you say ok, iran, if you want oil to flow, if you want to do business with banks and companies in the u.s. and europe, you have to do these things. you have to stop developing ballistic missiles and supporting terror. it is more of a stick approach than a carrot approach. the question is whether iran will see it that way. julia: staying in politics, on the eve of the german elections, american political operatives helped the far right party gain traction. carol: once again, google and facebook played leading roles. vernon: an austin, texas-based consulting firm does a lot of election work for conservative
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politicians and campaigns around the world. and on the day before the election, they went and sat down in berlin for the guys from -- running the outside consultants. the digital operation of this far right german party. they opened up to us about how they had done it. carol: and a lot of it involves search result advertising, which i think i knew about. but tell us about what it is and how they used it in this election. vernon: what's interesting is that i think most users of facebook or google have some basic idea of what they are doing is part of an advertising business. and one of the things is they paid google for the rights to use the term "angela merkel." that little ad that appears above the top search result. they had some trouble with getting the ad approved at first. leading up to the election anyone that googled her name was
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they saw a link that led to an attack website they set up. it appears maybe that it works. julia: they were actually calling her "oath breaker." the fact she had allowed on these refugees to come into the country and the impact that has had linked to terrorism. but as you kind of hinted there, google pushed back. vernon: how the role became public is when they tried to do the search result and display ads on youtube, which is also a google company. they got rejected by google for technical reasons and then for a couple of other different reasons. and what they did was decided we don't need to anymore google if you don't let us play the way we want to play. we will take our money to facebook. they made a public thing about it in german newspapers saying they would ever advertising euros to facebook instead. julia: so this for me was the fascinating angle, because they looked at likes, i believe.
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people who like posts from afd and then find other potential supporters for afd. describe this. they got a lot of people, access to a lot of people. vernon: what is interesting is this party already had a really strong social media presence, twitter, facebook. but what these americans they came in and took their 300,000 followers of the party on facebook and with very basic moves on the facebook advertising interface to develop yet another 300,000 people who match those profiles. so people who liked a lot of the same things that the party supporters liked, but had not clicked like on the party itself. they were able to get really high response rates from this other 1% of the german population. then they did it again. people were almost the same as that, sort of like a clone
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group. that was one of seven different groupings they created on facebook. another one was mothers. another was business owners, and another was people that belonged to unions. they were able to push the party's message, which included anti-immigrant and anti-muslim themes. carol: up next, why it may be impossible to get a job at facebook data centers. julia: plus, the trump-supporting lawyer that will not stop suing fox news. carol: this is "bloomberg businessweek." ♪ julia: welcome back to
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"bloomberg businessweek," i'm julia chatterley. carol: and i'm carol massar. coming up, why some talents may be regretting their bets on silicon valley server farms. julia: the lawyer behind sexual-harassment cases filed against fox. carol: the moms taking on a fire under st. louis. julia: that is ahead on "bloomberg businessweek." ♪ julia: we're back with the magazine's editor in chief megan murphy.
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and in the technology section, we are talking about this company, facebook. we are focusing on data centers and the tax advantages they get for opening these around the country. megan: yeah, this story is about facebook, but it's also about a larger issue. that is really something we spent a lot of time on talking -- on the magazine and on this show talking about, how companies have fundamentally disrupted the labor force. we are seeing these trade-offs like in this one. facebook has gotten huge tax incentives to open data centers, which they need to run their massive servers, in rural, disadvantaged communities. we talk about one in north carolina, one in iowa, and one in oregon. and they have gotten tens of millions of dollars in tax incentives with promises of job creation and training. and the problem is the actual jobs that are created are pretty minimal. one of the most fascinating things about this story in particular is as part of this package, this data center in north carolina, facebook agreed
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to sponsor a college forced to train people. this is a fundamental problem in this country. the labor forces need to scale up for the jobs of tomorrow. what has happened instead is this course has gone to mock ball, no one has really taken it. that is the issue we face. it is not facebook's issue that they need data centers, but if they create jobs as they automate them. and whether these tax incentives are needed is a huge issue. carol: the other part that i thought was fascinating is you also have these companies that are ultimately trying to reduce the number of workers they need to run these data centers longer-term. they are getting tax breaks to do this. megan: this is the whole issue. the other thing is these communities in these places -- i know you spend time going down to altoona, iowa. they don't have any other options. big manufacturing went out of town a long time ago. they are desperate for new kinds of jobs to give their workforce.
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they will take anything to skill up their workforces. college courses, hope of high tech, high skilled jobs. the problem is they come at a cost. these companies are in demand. we have amazon building a new headquarters, and the race for that is unbelievable. unless we find a way to deal with this automation we are facing in terms of these drops going away and really retool the workforce and figure out a way forward, you will have communities continuing to struggle. you can throw in as much money as you want, but whether you have a sustainable economic future is unclear. carol: someone who's got an important job is one of your featured stories this week -- who knew this man was bringing so many cases against 21st century fox? megan: this is douglas wigdor a very prominent attorney. he has led the charge against fox. they have suffered from a series of claims about sexual harassment and racial harassment.
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he has been involved in so many other big cases. charles oakley. the interesting thing about him is he is a republican trump supporting white guy from new jersey who's leading all these cases in what is traditional a left field. julia: this is not some liberal attempt to discredit a right wing news agency. and this is my story of the week, i have to admit. we spoke to the reporter on this, felix gillette. listen in. felix: he is a new york employment lawyer for plaintiffs. in the past year, he has come to prominence as the go-to lawyer in all these sexual harassment and racial discrimination cases involving fox news. carol: how did that happen? felix: well, it's been essentially a flurry of lawsuits surrounding behavior at this company that goes back decades. already -- julia: i get that, but why him?
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felix: he has emerged as one of the people best at advancing this strategy against fox news. he has more than 20 clients. what is fascinating about him is it's not 20 clients in one suit. he has 20 clients spread across -- he has seven active suits against fox news. he keeps filing new lawsuits over time. so just when the whole thing has died down or subsided, boom. another big lawsuit comes out. aanother big lawsuit comes out. there is always a huge hubbub, which is part of the strategy, to put an immense amount of public relations pressure on fox news. julia: he is colorful. it is not just about being media savvy. referring to 20th century fox as 19th century fox, he gets spin. felix: he does, he says that basically when he filed complaints, they make them as colorful as possible. him him some of them involve all of these -- they are usually 20
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or 30 pages long. filled with all sorts of crazy stories about bad behavior at the network and manufacturing of news stories. and some of it seems completely tangential. but as he says, the companies that have multimillion dollar marketing departments, they spend a lot of money publicly brandishing their own images. this is one way to combat the public perception about this company. julia: up next, a group of suburban mothers fighting an underground landfill fire. you heard that right. carol: it's an important story, plus, how china is raising incomes in rural parts of the country. julia: this is "bloomberg businessweek." ♪ ♪
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julia: welcome back to "bloomberg businessweek," i'm
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julia chatterley. carol: i'm carol massar and you can find us online at businessweek.com. in a suburb of st. louis, a group of mothers find themselves tackling a monster problem. julia: an underground landfill fire with the threat of becoming radioactive. here is susan berfield. susan: dawn and bryan they moved to a typical suburban in 2005. they moved for all the reasons anybody moved to the suburbs. good schools, parks, not too far or too close to her parents. and about seven years after they moved, a terrible stench overcame the neighborhood. and dawn called a local agency to find out what was going on. carol: and what suburb were they in? susan: i'm sorry, a suburb of st. louis. there was a terrible stench she describes as being like kerosene, chemically. people were gagging.
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people were getting headaches, nosebleeds, asthma. what she learned is that the smell itself was coming from a landfill. most people knew there was a landfill there. there was a fire underground in the landfill. and that was kind of overwhelming the infrastructure of the landfill. it was allowing terrible odors. the landfill is called bridgestone landfill, regular, but it was pretty smelly. pretty close by was another landfill called westlake landfill. radioactive waste had been dumped in the 1970's without government permission. so in a place that was not meant to store it, but it had been sitting there for years. and it was actually part of a superfund site. epa said it was a superfund site in 1990. this was 2012, and they were still trying to figure out what
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to do with it. dawn and many other people in the surrounding neighborhoods knew about the regular landfill, but were really kind of unaware there was a superfund site. julia: and how close to the site, when you are talking about the landfill site being effectively on fire? susan: that's the tricky part. the fire makes its way to its superfund site. as the years went on, the fire kind of slowly moved. there are two areas that have radiation. one is very close to the landfill. the fire itself was still several hundred, maybe more than 1000 feet away. for a couple of years it was moving in the wrong direction, moving towards the radioactive waste. carol: let's talk about the company, republic services. what did they say and have they done? because they have committed money and efforts and people to dealing with this. susan: they bought the two
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landfills knowing it was a superfund site as part of a big merger in 2008. at that exact moment, the epa had already suggested a remedy for the radioactive waste. which was to cover it with dirt and soil, concrete, keep it all there, keep it contained from the top. there was an estimate for how much that would cost. it wasn't too bad, about $45 million. there are other people responsible for paying that. so republic figured they will pay about one third of that, we can handle that. no big deal. they took the site and every thing else. then in 2008 after the epa selected this remedy, environmental groups brought up the fact that this radioactivity would -- the elements would become actually more radioactive over time, not less.
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and this landfill was just completely inappropriate to even try to contain it. not only is it in a now developed area, it is in a floodplain near the missouri river. the epa review board said we don't think this is the right decision. we need to do more studies. carol: i have to say, though, this story reminds me so much of erin brockovich. i was kind of reading this and going back to the case for her. are there a lot of people sick? are there enough fingers to point at the government? where are we on this? susan: yeah, so in the midst of all of this, scott pruitt, the new administrator of the epa -- carol: appointed by president trump. susan: yes, wants the epa to focus on superfund sites. westlake has become a real priority for the administration. and so they've promised to speed up a review of the remedy for
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the site. that has prompted some concern with some of the -- carol: that cannot be good. susan: exactly. it is also encouraging republic to step up its efforts to push for one single remedy, which is keep it there. the moms want most of it out of their community. the health effects are difficult to measure because the epa says all the radiation has more or less stayed on the site. there seems to me some anecdotal evidence that it has spread, but it is low level, chronic. there is not a good way to study that. the community has concerns about their health going forward. carol: speaking of land rights. julia: in the economics section, beijing is a rolling out reforms to allow farmers to turn profits. cristina: many of them are
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literally shackled to the land. because china does not have a system of private land ownership, so that is one thing keeping people in the villages. they have been piloting for years now different programs in different parts of the country to get around this without instituting private land ownership. so we went to a place to see how one of these programs is working. it was interesting to see. julia: so you, just to reiterate the point, it is a communist country. you cannot own land, but you can farm land. and with these new reforms, you can let someone else farm your land and collect the rent. what difference does it make to some of these farmers? cristina: it has been huge in that it's allowed them to move into higher wage occupations. in china, farming is still a low-wage. we interviewed people, one who had become a roofing contractor.
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another guy who actually moved into a town. he used his land as collateral for a loan, which is another thing you can do. he opened a supermarket to cater to all these other people, the farmers who moved into a nearby town. julia: are there restrictions on the land and who is taking over the small plots of land? the point of the story is how small these farms are compared to farms in the united states or australia. how are they being grouped effectively? cristina: we are talking subsistence farming. i think the average is 1.5 acres per farm, whereas in the u.s. for a farm worker in the u.s. is like 180. yields are not very high. so basically, cooperatives are coming in. they are going to farmers and saying, let us lease the land and pooling it all together.
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we talked to people who are doing something in a town like that. they have been able to really push up the yields on the land, partly by changing what they are planting. they are moving away from commodity crops to more organic kind of niche things. carol: up next, luxury resorts in the heart of africa. julia: and las vegas, the city of sin, sex, and hockey. carol: this is "bloomberg businessweek." ♪ ♪
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carol: welcome back to "bloomberg businessweek," i'm carol massar. julia: i'm julia chatterley and you can listen to us on the radio on sirius xm 119. and on am 1130 in new york, 106.1 fm in boston. and am 960 in the bay area. carol: and in london on dab and in asia on the bloomberg radio plus app. julia: rwanda is remaking itself as a destination for luxury travelers. carol: we talked editor emma rosenbloom about the new five-star hotels and tourism boom. emma: our writer traveled to rwanda, and she learned all about the influx of luxury tourism to the area. and when you think rwanda, you don't necessarily think super high-end travel. for for the past five years, they have been attracting very high-end hotels and visitors with means.
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tourism has increased about 30% in the past two years. it is very safe, revitalized, and there is a lot of stuff to see. carol: tell us about her experience because it really was kind of higher end. emma: it was, she went to a lodge owned by wilderness safaris. a company that owns about 40 such lodges throughout africa. again, as you said, very high-end. $1000 a night experience. it was right at the base of the mountains, where the mountain gorillas live. there are about 300 in the world. this is one of the only places you can go see them. and they have strict rules of how you can observe them. but she did it, and it is one of those bucket list experiences. julia: she described one touching her jeans. that gave me goosebumps actually. it is also inclusive for the local community, not just isolated projects. it's a regeneration project as well. emma: yes, but sorry, it is part of wilderness. wilderness safaris, their
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mission is to revitalize communities and work with local communities to build their lodges and grow their company. they went to this town, and they said, what can we do for you? how can we help you in this process? they said give us jobs, and we will help you. so most of the resort is staffed with locals and was built by locals. it has brought a lot of industry to the neighboring town and given opportunities to people that might not have them. carol: and it brought a lot of tourism. tourism has grown dramatically. in terms of exports or fueling the economy, it has driven them. emma: it has surpassed coffee as the number one foreign-exchange earner in rwanda i think last year, and will continue to grow. there are a few other luxury hotel companies about the open. julia: very quickly, we have to ask, how much does it cost? emma: baseta lodge is about $1000 a night.
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that is all inclusive. that rivals any five-star hotel experience in the world. carol: and you get gorillas. emma: which you can't get anywhere else. carol: in the features section, las vegas is writing his latest show, a gamble. julia: the knights take to the ice next month. here is reporter paul broun field. paul: they are an nhl national hockey league team. the 31st team to join the nhl, and the first in 17 years. julia: and the first of the four major leagues to make las vegas their home. paul: shortly after the nhl announced they are going to put a team in las vegas, the nfl owners voted to allow the oakland raiders to move to las vegas. and that's kind of upstaged the hockey team, understandably, but there's a lot of pride for that reason. hey, we are here first. we are an expansion team, not a
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popular team moving from another city so we can get a better stadium. this is a team for the people of las vegas, who have never had a professional team of their own, so adopt us. that is the message they are really sending. carol: you walk the strip. there are so many things you can do. you can go gamble, see a great show. will hockey make it in vegas? paul: that's one of the reasons it is such an interesting market. there is not a track record. carol: not a cold market either. paul: no, although the nhl is also in phoenix, arizona and tampa, florida. it is professional sports. the thing that cures everything is winning. if it is a winning team, yes, it will do well. the market is big enough to support a winning team. julia: but you have said it is not about the tourists. paul: they are saying it's not about the tourists. will do well. julia: you go to vegas. i'm not sure you necessarily go there for sports.
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i can think of many other things, whether it is gambling, the vice elements. how do they bring the sex appeal of vegas to something that is not seen as one of the most sexy sports in the united states? from what i've seen, anyway. paul: i think this is touching on a larger transition and problem in las vegas. i was really shocked at the revenues the hotel casinos get are not majority from gambling anymore. there is this millennial shift. julia: they don't gamble. paul: they will not sit at the -- they will not stand at the craps table for hours on end. that is not why they are there. you can now do a zipline in the downtown area. extreme sports, golf. so, i think in terms of the tourism, they are counting on two things. one, people from cold weather places in north america who are hockey fans and also go to vegas
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once or twice a year will say our team, the edmonton oilers, the boston bruins, they will be in vegas december 10. why don't we go december 8, 9 and 10? they are sort of banking on that. and the other thing is sports tourism. where people from other countries, too, this is a growing sector of the travel industry. you kind of organize a trip around seeing an american professional team. carol: "bloomberg businessweek" is available on newsstands now. julia: and online and on our mobile app. another great addition. what was your favorite story? carol: two stories, areas of the world that are crisis. it is told with the help of pictures. one is puerto rico. the devastation they are dealing with, struggling to get water and food. and we tell this story, the bankruptcy earlier this year, now the hurricane. i think it is an area of the world we need to keep reminding people of.
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the other story is venezuela also told in pictures. they too have been struggling. access to food. important stories, we need to stay on top of them. your favorite? julia: the trump-supporting lawyer tackling fox news. super interesting story. he makes his cases incredibly colorful, but gets involved with the bid for sky news in the u.k. and now regulators are not sure what they are getting into here. a fascinating character. great story. carol: and he has more lawsuits he is pursuing. more bloomberg television starts right now. ♪
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yvonne: coming up on "bloomberg best," the stories that have shaped the week in business around the world. politics dominated the headlines, from berlin to paris, to tokyo, to washington, d c >> this is a now or never a moment. >> we are creating a tax plan that encourages you to invest in our country and the future of our country. yvonne: mergers in europe. will they get the right to drive in saudi arabia? and janet yellen speaks and caution is the message. >> she said this is a controversial topic. we do not understand it all and we may have made mistakes. >> italy's finance minister speaks up. >> we are at a turning point. we have turned a corner.

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