tv Bloomberg Best Bloomberg October 7, 2017 12:00pm-1:00pm EDT
♪ david: coming up, the stories that shaped the week in businesses around the world. violence in las vegas and the u.s. responds to tragedy. president trump: it was an act of pure evil. david: conflict in catalonia. spain struggles for unity. >> it has given the movement a lot of traction. david: political missteps plague the uk's ruling party. >> they are negotiating with each other and europe is waiting by the sidelines. david: damage, disruption and at least puerto rico reeling. david: sizing up the gop tax plan.
>> i don't believe we will get tax reform if there is the elimination of the deductibility of state and local taxes. david: what it takes to lead the fed. >> theoretical knowledge and experience increases your self-confidence about what you are doing. david: bob iger and mark cuban reflect on innovation and investment. >> we are just living in a new world reality and we have to accept that. >> just like the net and streaming created our companies, block chain will as well. david: vladimir putin takes questions on donald trump and u.s. politics. >> do you think donald trump is a hostage of the american political system? david: it is all straight ahead on "bloomberg best." ♪ david: hello and welcome, i'm david westin and this is "bloomberg best," your weekly review of the most important
business news and analysis and interviews from around the world. the week began on a note of tragedy and horror with a nightmare unfolding in las vegas. >> it is the deadliest mass shooting in modern u.s. history. on the strip of las vegas, more than 50 people were killed and 400 transported to area hospitals when a gunman perched in a high-rise hotel and open fire on thousands attending an outdoor music festival. the suspect has been identified as 64-year-old stephen paddock. >> police saying they believe he was a lone shooter and police saying they have no sense of a motive for the shooting. president trump: it was an act of pure evil. to the families of the victims, we are praying for you and we are here for you. >> this is an important test for president trump and he and his
team responded with a carefully crafted and meticulously read statement that was put forward to a teleprompter and important for the president to not ad-lib on this but to offer a vision of unity and comfort. he did not use the word 'terror' and that's because law enforcement agencies are trying to confirm if there was a link from the suspected shooter to any outside groups and number two, because in the context of domestic acts of violence, the decision about whether to use that word comes loaded with the political base. >> president trump continues his visit to puerto rico to confront the devastation from hurricane maria head on. half the population is without water and they are still without water, supplies, or electricity. president trump: i hate to tell you, puerto rico, but you have thrown our budget a little out of whack because we have spent a lot of money on puerto rico and
that is fine. we saved a lot of lives. >> it's going to need money from congress in the way of an eight package -- an aide package. and private donations. they are glad to have the attention sean on this and this important humanitarian crisis and they feel like some of the -- despite some of the logistical challenges of having a u.s. president touchdown in the midst of all of this, they feel it is worth it. >> it cannot hurt for the president to be there. he is not there to rebuild relationships or get his hands dirty. i do not think we will see him shoveling storm debris out of roads like mike pence did in houston, but he is meeting with locals right now and this is the thing you expect from presidents after major disasters. >> president trump went to puerto rico to offer relief, but went beyond what people expected. he suggested the u.s. government should simply wipe out puerto
rican debt to get on their feet. trump: they all a lot of money to wall street and be left a wife that out. -- wipe that out. you can say goodbye to that. i don't know if it is goldman sachs, but whoever it is, say goodbye to that. >> mulvaney said the president did not mean a bailout for puerto rican debt. he said the trump administration , the federal government will be active in helping with the storm recovery but when it comes to , death bonds that needs to go , through the process congress started a year ago. >> if you look forward, there has to be debt reduction. what you hope for is orderly restructuring. it has happened numerous times in the corporate sector and it should happen again here. >> in the markets, dollar and treasury yields are lower as markets digest the future of the federal reserve. president trump's advisors have said to have delivered a short list of candidates in the
running. gary cohn, keven warsh, janet yellen, and noticeably absent is glenn hobart and richard davis. >> i think chair yellen is still better than even odds for the fed chair. she would reflect a continuity of the policy in place that president trump has said he does like her and admires her track record. i would say yellen, powell, and further down the list, maybe warsh, but he might be too hawkish for president trump. >> i think what is most interesting is that there are dovish republicans being proposed but what i mean is potential governors who would be dovish on interest rates, would pullback qe and get the curve to widen out a little bit, which i think would be good for markets. and probably the ones that trump, when he starts
interviewing these guys, he will go with one who is more anti-regulation. >> the house passed their budget resolution for the fiscal year, taking their concrete step to enacting tax reform. it allows the republican tax bill to be passed with a simple majority and reconciliation protecting the legislation from a democratic filibuster. how did the budget resolution become the easy part of this legislative process? >> you are absolutely right because not it turns to the hard part and that is trying to build consensus amongst republicans on a host of tax related issues, whether it is state and local deduction or any other issue in , particular in terms of how they they are going to pay and most estimates are saying is a $6 trillion plan. the bottom line is yes, the budget advanced out of the house of representatives. it is a step they needed to take, and they took it. it sets the stage for them to now get into the weeds of
actually crafting the tax policy and that's what we are going to see put out over the next couple of weeks. >> bob corker yesterday set the stage for what is happening right now is everybody is throwing around the sugar and tax cuts and nobody will eat spinach, which is how do you pay for them? that is a big concern for the few remaining deficit hawks out here. they want to see the administration and republicans bear down on these loopholes and tax deductions in the code and say, we will get rid of them, even if it means some people pay higher taxes. >> the estimates for payrolls is $80,000, the previous was $156,000. the jobs report drops right now. >> down a 33,000, a loss of 33,000 jobs during last month. however, the household survey, the jobless rate ticking down to
4.2% and the average hourly earnings month over month climbing .5%, better than .3% estimated. year-over-year earnings rising 2.9%. the jobless rate 4.2%, the , lowest since february 2001. >> i think fundamentally, the job growth numbers are probably fine last month. the 2.9% wage growth is the headline and janet yellen said that in a healthy labor market, wage growth is between 3% and 4%. we are just about there. i think that chair yellen will look at this and say, my understanding is basically right. >> this is the situation where analysis of the fed, a rate hike in december, as long as financial markets are firm, as long as wages began to rise towards 3%, they certainly are, and i think the fed is slam
dunk in terms of raising rates in december. david: still ahead as we review the week on "bloomberg best," conversations with larry fink, said vice chair stanley fischer and disney ceo bob iger. plus, vladimir putin holds court on donald trump. up next, more of the weeks top of business headlines. the former head of equifax gets grilled on capitol hill. >> what we learned this morning is that equifax messed up. david: this is bloomberg. ♪
leaders signal they may declare independence this week after 85% of voters backed independence. hundreds of activists were injured when they tried to stop police from shutting down the illegal referendum. >> what a weekend in barcelona. i was on the ground yesterday and it really got nasty. some nasty pictures, a pr disaster for the administration a total double whammy. , they wanted to stop the vote and the vote happened and the yes won and they wanted to contain this and make it a domestic issue. it is making news over the world and giving the independent movement a lot of traction. a lot of tension during madrid -- tension in the relationship between madrid and barcelona. >> the president has kept the rest guessing on if and when they will declare independence. they reiterated an offer about mediated talks attacking king felipe's condemnation of the illegal referendum. >> we have been totally open to
discussion and debate with the catalonia the government, but it has to be within the framework of legality and the spanish constitution. if we accept any mediation or arbitration, we are setting a dangerous precedent for all of europe. >> sources within the catalan government now saying a lot of numbers are getting cold feet. there are ready to push ahead but some are getting scared about what it can do to the economy. they want to reframe it, reword it. they are serious tensions as to how to do this. the coalition does not want to do it unilaterally and they want , to engage the central government in negotiation. >> the financial and political squeeze on the separatist government tightens. the spanish constitutional court has suspended a meeting held by the catalonia president in the regional parliament on monday.
they planted at a catalonia and board is meeting to consider a move as well. >> they are based here but a lot of their business is in spain but crucially they want to make , sure, and this is the message they want to send it to the market, no matter what happens, them out of the political noise they will still be backed up by , the european central bank and be part of the eurozone. that is the latest news. the business economy minister says they will make it easier for companies to move away if they want to. >> the u.k. chancellor hammond delivering a keynote speech at the conservative party conference today. instead of brexit, the address was primarily focused on the leader of the labour party, jeremy corbyn. >> he talked about the rival labour party. he described of them as a marxist and have moved to the left and grouped them in with north korea, zimbabwe, and
cuba and venezuela and others. boris johnson setting himself up as the keeper of the brexit flame. wanting to keep the flame alive in the u.k. and making sure his views and the views of his supporters are reflected in government policy. this is just one more reminder that she will keep answering questions about firing the foreign secretary. another reminder of how vulnerable she is at the moment. >> boris johnson is falling in line on brexit. johnson said he is behind every syllable of theresa may's brexit plan. his comments after an onslaught of criticism and calls for may to fire him after challenging her brexit policy. >> it seems as if he has fallen in line. why has he done that? we caught up with a number of mp's who say he realizes he is upsetting people he might rely on if he wants to launch a bid for leadership in the future. there could be something in it for him to back down in the short-term, but it doesn't change the conversation of the
conservative parties psychodrama, who leads this party into the future. it is still the french conversation here in manchester. >> theresa may was interrupted by a protester. >> while our opponents flirt and -- with a foreign policy of neutrality and prepare for a run on the ground. some people say we spend too much time talking about jeremy corbyn's path. >> the protester was identified as a comedian. the piece of paper was an unemployment form. we know they are planning for the worst case scenario. at least they are admitting it. there is no more no brexit is worse than a bad brexit. it is we are planning for the worst case. >> every day there is a new message on brexit and there has been no progress for the u.k., they have been negotiating with each other and europe is waiting by the sidelines, waiting for them to come up with something behind which they are united.
>> the manufacturing gauge rose to a five-year high, signaling efforts to clean up the financial sector and the environment are not hurting growth. the pmi number the private , gauges we have seen is showing a different picture. >> why are we moving in opposite directions? give us a little bit of color on this. what does it tell us about where the economy is going? >> for me, there is a bubble in china's official pmi. at the moment, i tend to trust the pmi, it paints a clear picture of the chinese economy at the moment. >> u.s. auto sales were firmer last month, helped maybe by consumers in houston who started replacing pickups and other vehicles damaged by hurricane harvey. the big u.s. automakers were on the rise as gm, ford, fiat, and chrysler beat analyst estimates. >> we have seen sales down or
flatter or down most of the year. the first half was slightly down. when you see a month like this, you have got to say that replacing cars that were damaged or destroyed in the storm has to be a big factor. maybe it happened sooner than analysts thought and maybe a bit bigger because numbers like nissan are blowing everybody out of the water. and really everybody was up and over their estimates by quite a bit. it has to be replacements from the storm that is pushing this. people did not think of -- wake up by providence and decide they needed to buy more cars they were buying in the first few months of the year. >> former equifax ceo appeared before a house subcommittee today answering questions about the massive data breach. smith apologized for the security failure but defended executives who sold stock before the breach occurred. >> it was deemed as suspicious activity. we had no indication that pii was compromised. we had a no idea that data was exfiltrated at that time.
>> what we learned this morning is that equifax messed up. there were systems in place that employees did not follow and the company was not prepared to deal with the fallout of this massive breach. that is definitely one of the things we learned. it is important because it will be a theme moving forward as we start to see more policy issues debated around what needs to be done to prevent abuse types of -- prevent these types of breaches from happening. the central question is are there rules and equifax did not follow them or does their need to be better rules and regulations put in place? >> convergence of two energy superpowers, the saudi king salman beginning talks with vladimir putin in moscow, it is the first time a monarch from saudi arabia has ever visited russia. of kinges ahead
salman's planned trip with president trump's next year. what are the problems of a closer saudi arabia-russia unity? >> it is a potential problem for the u.s. because in saudi arabia, one of the key allies in the region and putin looks like this to change in the country's position. obviously, the oil supply agreement between opec and russia that has succeeded in keeping prices stable is driving them up and has been a success. it looks as though russia will agree to extend it as saudi arabia has asked for until it -- the end of next year which is , what putin indicated yesterday. in addition there will be , possible cooperation on syria, another major issue for the two countries. ♪
david: welcome back to "bloomberg best," i'm david westin. president trump's outline for tax relief is under the microscope on capitol hill and for that matter on wall street. in an exclusive interview with bloomberg's erik schatzker, black rocks ceo larry fink discussed what he does and does not like about the proposal. >> there are a lot of merits and what was being proposed, but let's be clear. what is being proposed is a large extension of our deficits. according to the cbo, our deficits will grow to $25 trillion in the next 10 years before whatever this tax reform or tax cut is. whether this tax reform adds another $1.5 trillion or $5 trillion, we all have our scoring, but my biggest worry on the country so dependent on
foreign ownership of our debt, we have chinese and japanese owning as much as 25% to 30% of u.s. treasury debt. if you look at demographically, the domestic needs of china and japan, they are going to need a lot of that money. and to think we could have foreign ownership of 30% out 10 years is probably a bad assumption. my worry is, are we growing our deficits in front of some very big demographic walls? >> we are and we have. larry it only works if we can : successfully bring our economy up and this 2 to 2.5% range up to 3% to 3.5%. erik: that's what the president says he wants to do. that's what gary cohn says the tax proposal is designed to do.
larry that happened with a tax : reform during the reagan administration. it has not happened ever since. it brings growth forward. erik: are you saying the proposal used to be budget neutral? larry no. : but it has to be mindful of what we need to do related to our deficit. eric: what would you change? larry i'm not a tax expert. :you were asking me many tax questions. i don't believe we are going to get tax reform if there is the elimination of the deductibility of state and local taxes. that creates a bigger deficit. so we will have to find it somewhere else. obviously one of the ways is by raising corporate tax rates from a proposed 20% to something closer to 25% or 27%. that is still a net positive versus what we pay today. i think by and large, most
investors and corporations would welcome that. erik: you would be fine with that? larry we would be fine with : that. we pay about a 31% tax rate worldwide. it is fine for us. two, we need to make sure we are fair and just across the different sectors. i do believe what the president's tax proposal related to partnerships will help the small and medium businesses quite a bit. by having that 25% tax rate. david: coming up, a roundup of the week's top company news including another eu challenge , to a u.s. tech giant. straight ahead, more of the more interesting conversations. stan fischer is getting ready to step away from the federal reserve. he has some thoughts on who will be filling his shoes.
♪ >> the banks need to plan for a hard brexit. nobody knows if we will have one or not, but this is an assumption that is the most likely assumption right now. and if you wait until the very last moment in a financial landscape, that will change quite drastically, there are too many risks associated with that. it would be our, and the bank of england's, recommendation to start planning early on, because if every bank wants to go through the same narrow door it , will be a problem. >> what would be the impact of a hard brexit because the u.k. is
the single, largest export market for the eu? there will be implications for the economy. >> there will be implications for the economy. mainly on the british economy, but also on the e.u. economy. but the biggest change i would look at if the changes in the financial sector. and the financial sector will be very different. it will be a lot less productive and efficient than it is right now. so, you will have changes to the business model of the financial sector. banks will move cities, part of their business models. there would be new business processes, new supervision. it will be a big change to the way we do finance in europe right now. david: that was this bundesbank's bodar member, dombret. talking about the likelihood of a hard brexit. he was not the only one who spoke with us this week.
emily chang sat down with tech investor mark cuban and bob iger. disney announced a big bet on sports streaming services. emily sat down to talk about what this means for espn. >> espn still covers 16,000 sporting events a year, 65,000 hours of programming. in a few months in 2016, i noted 75% of americans watch some form of espn in a month. it is still an unbelievably popular service, and one that is still thriving from a profitability perspective, but the world of tv has been disrupted. we feel we need to adjust accordingly. and that is what we are doing by launching a streaming service. that is why we invested in stantec, and why we are making available these extra sports on a consumer basis. emily: nfl ratings have been
mixed. despite higher profile games happening. do you think ratings will go up? >> i think it's early for the nfl. it is still the beginning of the season. as playoff races start to emerge and a new stars emerge or we are reminded of old stars' presences on the field, we are all facing more competition for consumers' time. even the most popular content. whether it's the nfl or network tv, or some of the cable channels, i think we are living in a new world reality. and we have to accept that. it doesn't mean it is still among the most popular or successful things out there, or from a business perspective, but it is a reality of our time. emily: you told bloomberg you are considering getting into bitcoin. have you done so yet? what do you think about people like jamie dimon saying it is fraud?
mark it is interesting, because : there are a lot of assets whose values are based on supply and demand. you know? you have no true ownership rights or voting rights. you just have the ability to buy and sell those stocks like baseball cards. and bitcoin is the same thing. its value is a function of supply and demand and does nothing else. i bought some based on a swedish exchange because it gave me liquidity. pure bitcoin. i'm also involved with ico's fails because i think block chain is a great platform for future applications. just like the net and streaming creative, i think block change will as well. i am involved with mercury protocols, which i believe will change messaging using block chain. emily: how big is your stake in bitcoin of the mark mark relatively small. : david: speculation heated up
this week over possible successors to janet yellen. it was an opportune time for an interview with outgoing fed vice chairman stanley fischer. in his exclusive conversation with tom keene, he did not comment on specific candidates, but he did share insights on what the job demands. >> do we need a fed chair like chair yellen? i believe we have a number of candidates that have not even gone through these key chapters , which are considered the canon today. stanley they should read it, and : they should read the whole book, because at the end of the theory, it mentions what happens when the interest rates gets too low. and it is worth reading even today. tom: can we have a new setup with somebody like william miller of past times and places, anon monetary fed chair, who has a vice care of your capabilities
or chair yellen's abilities? or do we need to have that monetary expertise of crisis and shock as chairman? found in myl, i terms as governor, and the other as vice chair, that having the basic economic theory, theoretical knowledge, and experience increases your self-confidence about what you are doing. is it essential? i doubt it. there are some very smart people who could figure this out in many ways. but is it helpful? yes, very much so. tom: what is it like with a standard deviation shock? you enjoyed 1998 and the financial crisis and the struggles. for the next chairman, many people talking about that, what is the difference of people like you in a forced standard
deviation shock at the moment or set of shocks, versus a normal day at the eccles building? stanley: well, the difference is, is it something you ought to do or should you let the markets take care of it? and if you decide to leave it to the markets, you wait a week and see what it really means. those are things which depend a great deal on the experience you have, and your understanding of how the market works. that is what you get over the years. initial toof, the take a simple example, the initial reaction of people is that if something bad happens, you close the markets. that's terrible. tom: in your final thoughts in london, in your final speech, you talked about never say never events. what kind of chairman do we need to be steeled and ready for never say never events? stanley: you simply need someone who has the flexibility of mind
to see that he or she needs to take a different route at a particular moment in time, or over the next year or two. and someone who has also the capacity to lead a very large, very complex committee, the foreign committee, to agree with his or her thoughts. david: politicians and business leaders gathered in moscow for the annual russian energy rum. and vladimir putin took part in a panel discussion. he addressed the topic of his relationship with donald trump. >> our personal relations, there is almost none. we saw each other one time. yes, we had a couple of telephone conversations on various issues of mutual interest.
by the way, we also discussed the syrian issue. by the way, on certain issues, we are cooperating with america on many tracks. there has been problems, sanctions, tensions, searching overrtain confrontations our approaches, which are different. we are capable of coming to find solutions. after their effectiveness, you can judge for yourself. certain forces are using the russian-american relations to address their internal political problems, while we are awaiting for this process to come to an end. i do hope the fundamental mutual
interest, which are not a proliferation of weapons of mass destruction, commenting on cyber , cooperation in the energy field, corporation in approaching regional conflicts. i have been working tirelessly on those conflicts, coming up with solutions to these conflicts. in syria, for example, the fight against terrorism cybercrime. , these are fundamental interests that will change the nature of russian-american relations for the better. >> do you think donald trump is a hostage of the american political system? that seems to be what you just said. >> well, i believe someone with a personality like trump, his character will never be hostage to anyone. >> what would be advice to him?
that theonfident business community would advise him to establish normal economic and to workssia jointly in the interest of the american-russian economy. they are interested in establishing well-established cooperation. they will continue promoting ties with them for the current political situation. ♪
companies and european regulators. jonathan: amazon hit with a $294 million tax bill by the european union. it is the latest company to find itself in e.u. tax trouble. amazon was allowed to pay four times less tax than other local companies subject to regular tax rules. there are two issues they are dealing with. one has been a regulatory review coming out of the eu for a long time in many years. decades, quite frankly. that issue is there for the amazon and the google and the facebooks of the world. but they also have this growing tax issue. it is not just the tech companies. there are some growing multi national companies like starbucks and mcdonald's who are impacted, too. that feels more political to some of the players, but these are global players doing
business in every country around the world, generating tremendous amounts of cash in locales around the world. for the regulators, they want to make sure proper payments are being made. >> the director of uber voted unanimously to propose the limit to the government structure when it comes to ousted chief executive travis kalanick. , >> this is a move toward limiting the influence of travis kalanick and other board members who had outsized shares before this move. with the softbank investment, there will be money put in from a couple of other firms. that would move toward one share, one vote structure. that is part of the push softbank wanted as it came into this.
they are stepping into this conflict between benchmark and the former ceo, trying to reach some kind of resolution with they can invest the money, take equity stake, and put to rest some of these tensions between these two sides. >> monarch airlines has been placed into the spotlight, and it is watching a program to fly back to the u.k. the transport sector describes this as the biggest repatriation ever attempted in peacetime. what does it tell us about those that remain and how tough life is out there right now? >> it is fair to say we might see further anchored season along the road especially along the smaller carriers. we see a drop in fuel prices, which has allowed ryanair and easyjet to ramp up their pressure on monarch, even the
likes of the airline in poland. you are seeing the same kind of restructuring across the entire region. vonnie new york can rest easy : about their cable package. they reached a tentative deal yesterday that keeps espn, abc, and the disney channel on air for million new york area 2.4 subscribers. >> i think what this deal shows is that espn and disney still has a lot of negotiating leverage in these negotiations with pay-tv providers. a lot of people were watching this deal very closely as a litmus test as to whether espn could still manage to get those higher entire programming fees from the paid tv operators, which is important for their business right now because they are starting to lose subscribers, and they paid billions of dollars to air live sports. this is a really crucial moment for disney.
they got a lot of more contract renewals with pay-tv providers coming up. and they got a lot of what they are looking for, they got higher rates for espn, which is very important. and they persuaded them to carry to college sports networks. mark showing signs of solid : growth in the latest quarter. they are dogged the effects of brexit. shares of london fell today, the company's hard line on prices conflicted with an inflationary squeeze from the weak pound. the company restored its dividends and officials remain confident it can meet 3.5% to 4% operating margin. >> it is an important step for us and for our shareholders. it has been three years since we paid dividends. mark: why reinstate the dividend, might i ask? >> i think they go hand in hand. we see a clear path towards investment grade. we have been reducing in debt and bought back 500 million
pounds of bonds in the last half year, and paid one million pounds in debt, so we are focused on both of that. >> netflix raising its prices once again. $11 a month. that is what next six -- that is what netflix will be charging for its most popular u.s. trading service plan. it is helping to pay for its ambitious budget for their tv's and movies. the market is reacting quite favorably to the news. >> netflix has three different rates. the lowest rate at eight dollars a month will stay the same, but the two higher-priced plans will increase by a dollar and by they two dollars. need to raise prices because they are spending an enormous amount of money on programming. about $6 billion this year. $7 billion next year. and also, this is something that can improve their profit margins, as well. david: 10 years ago, three
classmates from georgetown university open the first sweet green restaurant in washington d.c. today, sweet green is a casual chain with locations in eight cities and the same three friends still share ceo duties. one member of the trio tells the growth story on the latest edition of "small to big." ♪ >> at sweet green, we make every single thing from scratch every day. the three of us were like, what if we opened this restaurant? it was solving a problem we had in our own life. wanting to eat something healthy, affordable, convenient, and really stood for something we believed in. we started the company by going out to anyone we could ask and we raised about $300,000. 40 people contributed to that very first restaurant. the average check with between $500 and $10,000. the first place was tiny. it forced us to simplify everything.
and that philosophy really stuck with us. it wasn't that sales took off in a crazy way right away, but the people who knew about us, let us. soon after we opened the first one, we started exploring the idea of a second and a we wanted third one. to stay in the d.c. area, but we knew we had to get things right before we scaled it. we have had to raise a lot of capital along the way as we build restaurants, but we never relied on institutional funding. it was about four years ago, one of our customer's friends approached us about investing a lot more money. he believed in our mission, and that kind of funding allowed us to invest in people and community and the systems and infrastructure. it allowed us to build a brand. we invested in mobile technology and rebuild restaurants in a responsible way.
you could pick up the phone and go online, and with a few clips, order it, have it on a shelf ready, come pick it out -- come pick it up and be out of there. it was more than building an app. everything had to be redone. the way we operate, our kitchen systems, our craft, everything we did had to be rethought. all of a sudden, it would someone restaurant, one engine t o two. it took us about two years to build that technology. we embraced it and figured out a way to do it the right way, not just achieve it the easy way. today, we are open across the country in eight cities. we are in d.c., philadelphia, baltimore, new york, boston, chicago, l.a., and the bay area. in 2017, we will end the year with 85 restaurants. for the next 10 years, we are focused on not only building restaurants, but building technology that can make it
we see here for revenue, updates for 46.4% back in but the bulk 2016, of their revenue, that is their traditional software. david: there are about 30,000 functions on the bloomberg, and we enjoy showing you our favorites. maybe they will become your favorites as well. here is another function you will find useful. quicgo, we can get important -- where you can get important context and insight on important topics. here is a quick take from this week. ♪ >> the baby boomers of the world are hitting retirement age, but many of them continue to work. the generation famous for rewriting the rules is now reshaping the twilight of their lives. here is the situation. for older americans, there are practical reasons to keep working. many retirement age homeowners have yet to pay off their home loans and student loans. some can't afford a 30 year vacation.
while others are not willing to give up enriching careers. compounding the issue has been the gradual privatization of retirement programs. in the 1970's, employers began to offer 401(k)s in place of pensions with guaranteed benefits. but 401(k)s invested in the stock market lost a lot of value during economic downturns. here is the argument. americans are starting retirement with little savings, and that means americans work more than most other wealthy nations. 18% of americans over the age of 65 are still working. that is in contrast to 6% in germany, 10% in the u.k., and 22% in japan. but avoiding retirement is not just an american problem. the world's birth rate is declining. that means fewer people -- that means fewer workers and people contribute to pension programs. governments feared pension programs could become insolvent without a robust workforce's of people. so many seniors are encouraged
to stay on the job. most people now work as long as they want. a new reality is taking hold. when asked what age they expect to hang up their hat, 10% of american baby boomer said, never. ♪ david that was just one of the : many quick takes you can find on the bloomberg. you can also find them on bloomberg.com along with all the latest news and analysis 24 hours a day. that'll be all for "bloomberg best" this week. thanks for watching. i'm david westin, and this is bloomberg. ♪
♪ david: did you always know you wanted to run fidelity? abigail: i never felt any pressure to. david: did your father say if you work hard in 20 or 30 years, you would be ceo? abigail: he was not the guy to make promises to anybody. david: what do investors want? abigail: everything. david: was it hard growing up with your father and family being so famous? abigail: we were not famous at all. this was the equity market in the 1970's, david. i think this is the moment that i have been waiting for. >> would you fix your tie, please? david: people would not recognize me if my tie was fixed. i will leave it this way. all right. ♪