tv Bloomberg Best Bloomberg November 11, 2017 8:00am-9:00am EST
♪ >> coming up on "bloomberg best," the stories that shaped the week in business around the world. a crackdown in the kingdom. saudi arabia's move is startling investors. >> there is a sense of trepidation at the scale of what has been done. >> we have to do the rule of law. >> president trump toured asia. president trump: we are not going to let the united states be taken advantage of anymore. >> his tax bill takes form on capitol hill. >> we have more work to be done, but this is and historic step. >> and facing a tough road ahead, bill ackman suffers a setback. >> they won the contest fair and
square. with the upscope and downs of earnings season. >> we are pleased with a positive first year. >> there is always something that can be and should be improved. tofrom free trade to fintech the gender pay gap. the best conversations. >> we are hoping to model what is possible. >> we are trying to find a way to protect local jobs. >> there is a need to change the model and embrace the new technology. >> it is all straight ahead on "bloomberg best." ♪ >> hello and welcome. i'm rosalind chin. this is "bloomberg best," the most important analysis around the world.
as markets open on monday, investors were trying to make sense of the weekend shakeup in saudi arabia. >> the crackdown in saudi arabia. the crown prince over the weekend has effectively carried out the arrest of billionaire ministers across saudi arabia. the purge in the name of a sweeping anticorruption drive brings the crown prince closer than ever to power. uncertainty for investors in the region. >> there is a sense of trepidation, the scale of what is being done. the enormity of the implication in terms of the influence. these are top names across industries that have been on the -- arrested on the business of corruption. it raises the question of whether this crown prince is moving too fast. this is a country that has historically not dealt very well with radical change. >> this crown prince, 32 years
old, is consolidating power and there has been a corruption problem in saudi arabia for generations. it is important to clean that up, and if the crown prince is doing that and is successful at it, it will add credibility to the saudi business posture. on the other hand, if it turns out to not be transparent, and turns out to simply be a power grab, i think it is going to hurt the saudi's in the long run. >> japan has stopped only one of pushes fromump's asia and is pushing the fair trade message very hard, slamming what he calls an unfair trade relationship between the two countries. slamming prime minister shinzo abe. president trump: for the last many decades, japan has been winning. you know that. right now, our trade with japan is not fair, and it's not open. >> donald trump reaffirming that he wants free, fair, and reciprocal trade. he wants to reduce that trade
deficit they had with japan in 2016. most of the comments from both gentlemen were on north korea, where they stand side by side in the face of the threat coming from pyongyang. donald trump said the era of strategic patience is over and that they stand in solidarity with japan against north korea. >> saudi arabia's anticorruption crackdown is spreading beyond the princes and officials that have been arrested. the kingdom is asking the banks to freeze the accounts of dozens of people who aren't even under arrest. >> you are getting beyond the 49 people that have been arrested, very senior people. the first report that this is going beyond that into hundreds of people, whose accounts are being present -- frozen as part of the investigation. >> if you think about allocating significant capital in saudi
arabia, you see how quickly it is being confiscated, does that not deter you to any extent? >> i think it is the difference between freeze and confiscation. we will see how much of what is frozen is confiscated. do i think everybody in the world is ready to write checks and run their investments to saudi arabia? no. does saudi arabia have to do a lot on the rule of law? yes. is there a lot to do in order to become an investment mecca? yes. is it possible? yes. is it necessary? yes. processore payroll decline victory over billionaire activists bill ackman. preliminary results show voters voted to reelect all existing 10 adp directors. that keeps the three nominees including ackman off the board. >> the company has three quarters. the next three quarters to demonstrate value to shareholders. they won fair and square.
they committed to returning to growth. they had a very tepid order this past quarter, and they are expecting the growth to turn the middle of next year. if shareholders don't see those commitments met by the company we will be right back there three quarters from now, nine months from now for the neck -- next annual meeting. >> donald trump has arrived in beijing on the third leg of his tour. he will look for wins on everything from america's massive trade deficit to reining in north korea. >> on trade, the deficit is a major bugbear for president trump. we saw these numbers coming out of beijing showing in the first 10 months, the trade surplus the at china has with the u.s. came in at about 220 billion u.s. dollars. that will be the focus. president trump: the united states and china will have a more prosperous future if we can
achieve a level economic playing field. >> the important thing is to act in the spirit of mutual benefit, understanding, and seek proper settlement. >> the deals are big. we hear boeing may have struck a deal worth 37 billion u.s. dollars. the $43 billion deal and the alaskan state situation infrastructure project. there pipelines. and the deal about 12 billion. these are memorandums of understanding. they are not firm contracts. the details will be important. >> these deals today, they won't necessarily shrink the deficit. i think for that you're talking about much broader issues such as market access and broader trade arrangement, broader trade agreements. on the one hand, president trump gets face with individual deals, but there are bigger issues that remain to be resolved. >> inching closer to tax reform, the house ways and means committee passed a republican tax plan.
after much anticipation, senate republicans have also unveiled their overhaul of the attack with a number of key differences from the house bill. >> we know we have more work to be done, but this is a historic step. >> the only areas where i can see they correspond is doubling the standard induction, which suggests issues for me. >> that is one of the issues where they have similarities. there are others were they have similarities, too. taxhouse bill restores the credit they initially contemplated taking it out. there are a number of differences. the top tax rate in the senate bill is 38.5%. is --use is keeping there theirs at 39.6%. the house bill does not eliminate the state and local deductions entirely. the biggest one, it goes against
what president trump and a number of republican leaders have said in terms of wanting the corporate tax cut to happen immediately because they believe it will lead to more economic growth. >> china is taking a major step towards opening their financial services sector. foreign limits on banks and asset management companies have been lifted. they should be allowed to own a 51% stake. >> it is very good for china. and in that market, it is an interesting and attractive market. >> it goes hand-in-hand with what they've announced. in one complaint about china, it is something that the financial system is woefully underdeveloped. in foreign banks, to own more does not sacrifice anything and they potentially gain from it. the question is, what kind of interest will there be in foreign bank? they have been selling chinese
banks instead of buying than the -- over the last couple of years. >> both president trump and chinese president xi have delivered remarks at the asian pacific summit in vietnam. >> despite risks and uncertainties, global trade and investment is picking up. president trump: we will not let the united states be taken advantage of anymore. we just heard from trump earlier saying he's no longer interested in multilateral trade agreements. if anyone wants to do trade with the u.s., it will be a bilateral basis and has to be reciprocal. when you speak to the leader of a communist country, he's now saying that globalization is irreversible. he is all for multilateralism. that is what he has maintained all this while. these two speeches today show how divergent views are on trade and policy all over the world. this speech comes from the back
of tpp minus the u.s. leaders here are trying to ensure that tpp gets to the finish line. remember, that was the brainchild of obama and rejected by trump. the leaders are now trying to pick up the pieces. as far as we know, some provisions will not be suspended to ensure that it is brought forward. take a look at the two speeches made by xi and trump. they are taking opposite ends of the approach to trade. rosalind: still ahead, exclusive interviews with argentina's president, and u.s. treasury secretary steven mnuchin. plus, new zealand's prime minister explains how she is taking steps to close the gender pay gap. we will also sort through another trove of corporate earnings reports. and up next, the week's top business headlines. the head of the new york fed says he is stepping down. >> he takes institutional
♪ rosalind: this is "bloomberg best." alind chin. international news organizations published a raft of articles based on the so-called paradise papers. documents leaked from the firm that detailed holdings by many prominent figures in global business and politics including a higher ranking member of the u.s. cabinet. >> u.s. commerce secretary wilbur ross under fire for business ties to vladimir putin's inner circle. ross reportedly failing to tell congress about his business putin'sship to
son-in-law, a russian oligarch. >> nothing to do with negotiations. i never met the people. sibor has never been under sanction, so there's nothing whatsoever wrong with the navigator having a deal with them. >> these are the perils of appointing billionaires as cabinet members. they have very complicated financial situations, and you run the risk that when they disclose those financial situations, there will be pieces of information that will be left out of those documents. that is what has happened here, and that is probably what has happened with other cabinet members. >> more details are emerging in what could be the largest tech m&a deal ever. broadcom says it is prepared for a tough proxy fight with
indications the bid for qualcomm will be rejected. this deal is going to be tough by all measures. >> this is not a two company deal. this is a four company deal. broadcom is buying brocade and qualcomm is buying nxp. so there is not a lot, staggeringly. >> it is very complicated. >> it is complicated because iciling that is taking place, there is substantial cost cuts that are coming out of the equation. several segments that may have to be jettisoned due to get the regulatory approvals. and qualcomm isn't particularly happy with the fact that they only got a 29% premium, so they might angle for more. >> another change of leadership at the fed today, announcing the
president bill dudly would resign in mid-2018. >> to do a search, you have to be public. it's public now. >> it is a big loss. i think he's been influential in the way he's conducted the work of the new york fed. he's been a very good vice chair at the fomc. >> what will this do to the fed overall? >> he is someone familiar with the plumbing of the market because the new york fed has the lead role in regulating and operating the financial markets. we don't know what it will mean for monetary policy because we don't know who will be selected to replace him. the president has nothing to do with this selection, so it's not like he's going to bring in somebody sympathetic to the administration's views. the new york fed will pick the next president. it is hard to say at this point. >> walt disney held talks to buy
most of 21st century fox, that would've given the entertainment giant control of another studio and tv assets. the two sides are reportedly not talking now and it may not lead to a deal. talk to us about the conditions which made such a deal more likely. is it a defensive deal? >> i think so. when you think about the media industry, the u.s. is facing a lot of structural challenges. most notably cord cutting. if you are disney, you are in a generally good position with your assets but cable networks including espn also facing pressure. it would not surprise me to see the walt disney company to talk to other media companies about is there a way for us to get bigger, better, address some of the weaknesses. 20th century fox clearly possesses a lot of high quality assets, film studios, media networks really the crown jewels
of that network. >> the ecb policy consensus is wavering. ecb governing council october 26 meeting, at least four heavyweights spoke against automatically extending asset purchases if inflation doesn't pick up. >> i would've liked to see an clear exit. we will see in the next year how things are developing. >> if inflation picks up, there will be no problem, no doubt that qe has to be wound down. the problem is how to do it. right now, the ecb has committed to extend purchases if inflation is not on a path towards its goal, which is just under 2%. forecasts say it won't be nearly there so we were saying, let's tie our guidance to the fact so we are not tied to the fact that we have buy more bonds. we can say that we will remain
very accommodative. this was the debate that took place from what we reported in october. ♪ >> shares tumbling after issuing voting shares to its ceo to stamp out dissent from an activist investor, the beijing-based owner. making the move after installing independent directors on the board. what happened? was it directly to chao or a company he owned? how was this transaction made? >> it was made to new wave, the vehicle through which he held about 12% of the company, and it's getting all these super shares so now chao runs the company. chao made it very clear that they think proxy contest are a waste of time, highly disruptive. so their solution is to permanently destroy them.
by doing this, anyone who tries to bring a measure against the wishes of the board and the wishes of chao will find themselves almost immediately out of luck. >> at&t gearing up for a battle with the u.s. justice department as the agency blocked the $85 billion acquisition of time warner. the trump appointed leadership is telling the country to win -- company to sell cnn to win approval of the deal. the ceo said he would not do that. could we be headed for a court battle? and if so, who wins? >> there is a possibility we are headed to a court battle. the odds of this being litigated have clearly gone up over the course of the last 24 hours. if it is litigated, the full extent of the litigation, i think at&t has a really good chance of winning. i think the doj's case in this particular matter is really weak.
♪ rosalind: welcome back to "bloomberg best." i'm rosalind chin. trade was at the forefront of the week's news and while the primary focus has been on asia, the issue is critical to many regions. in an exclusive interview with don mickelthwait, we discussed the country's ongoing negotiations with the u.s. and president donald trump. >> now on the table, we have two subjects. beef.
biodiesel. i expect to solve beef quite soon and biodiesel is something that we can agree, it came from -- it should come from the private sectors. both sectors should sit down to find a way because at the end, the state needs it. it is a question of finding which conditions in the american private sector will accept to continue importing biodiesel from argentina. the need is there. we are not replacing local production. i still, with the help of secretary rose, i am still optimistic that we will find a solution. >> do you see donald trump as a free trader? >> donald trump is trying to
find a way to protect local jobs. in that way i may not have the same view that he has because i don't think the challenges or the threats are outside, or in the case of the united states, are inside. it is the technological revolution that is destroying all jobs and creating new jobs. and creating new jobs. we have to be open and we have to be intelligent enough to gain new capabilities to our citizens to be ready to be part of that automation era, which is creating new jobs in different places. >> for the jobs you want to export, the agribusiness ones, does america look more protectionist than the european union and china? >> similar. they are all similar. all free traders. at the end when you sit down at
the table, start taking out we haveis snow -- no, to keep talking. we have to keep negotiating. step-by-step it takes a lot of , time. what is clear when you analyze , the last 20 to 30 years, what are the 20 countries that achieve more growth and reduced more poverty at home? they are the ones that have trade more. it is clear that we have to go in that direction. rosalind: we take a look back on a busy week for earnings reports. beyond the beats and mrs., some news as well as tencent takes a stake in snap. no one knows exactly what it -- the tax reform bill will look like, but no one looks better what the white house wants. >> we agree with the idea of getting the federal government out of the business of
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second referendum. what we want to do is negotiate the process through. we don't know when the next general election will be and we don't know what point we would hopefully be in the government. what i want is parliament to be able to hold the government to account. challenge the bill as it goes through. this bill, i have to say, is everything i disagree with in the way parliament should be run. parliament should be there to hold the government to account. that's wrong. >> we can see the type of deal on the table, there's no need -- >> we are not contemplating a second referendum.
>> that was jeremy corbyn downplaying the possibility of a second referendum in a conversation with bloomberg's anna edwards. bloomberg television also spoke this week with new zealand's prime minister, the world youngest female head of government announced this week that her administration aims to achieve pay equity for women in the public service within four years. she explained her objective to paul allen. >> we're hoping to model what is possible. our viewers think it should be possible. we do have an issue with government that we want to send a message that we see it as a priority. we cannot continue to send the message to a young woman. that is not a message that can continue. >> are there concrete steps you
can take to make that happen? >> when it comes to our core departments we , already know the size of the gap. there's already some measurement there. i think is been plenty of examples with how individual companies can weed out the gender pay gap. our expectation is we look at some of these and start lamenting it with those departments. >> a pair of prominent bank chief executives spoke exclusively this week. at the summit, he told robinson how they are keeping up with technological changes and sparking new competition in the industry. >> fundamentally, i think it should be as offensive as possible. what do i mean by this? taking the challenge, which means understanding there is a need to change the model and embrace the new technology. second, capitalize what is at
the heart of the banking relationship. we talk a lot about what is important, to to remain a trusted partner. it >> they will be creating a lot of challenges for banks and also opportunities. banks have controlled customer relationships for a long time. they are entrenched in market and could open new markets. one of the markets may be germany, which is very fragmented. do you see them providing an opportunity for the associate to go into a market like germany and it banned your presence there. >> the priority is to ensure we adapt on the networks in france. you still have, at this stage in europe, pretty different fragmented markets. and the convergence will take a lot of time.
our priority is france for the time reading. -- being. in the longer term, we will see what we can do. thanks to a capacity to have an extremely streamlined process for online banking. >> open banking is centered on payments right now. you see that as a battle shaping up over the next two or three years? >> it is already pretty fragmented. i think we see further competition which will not be that easy for their clients. and it will be at the heart of certain business models. so that is normal. >> in terms of brexit, we are watching closely. and from our perspective, the prudent thing is that we have to assume what has been termed as the hard exit. meaning there is really no transition and there is no sharing arrangements put in place. because we have to be open for business on that day.
and making sure we facilitate the things we need to do. that is the way we are approaching it. we have some latitude and flexibility in our model. being a global institution, we already operate in 22 of the 26th eu countries. we are on the ground and we have conductivity. it is not that we've been operating in the u.k. and going into those territories on an ad hoc basis. we have been there. we in on the ground and we have the conductivity. areas where we have chosen where we think fit us well into the future, years ago, we made a significant investment into ireland. and we have our european bank already headquartered. that gives us full passport capabilities across europe and the continent. that is done. right now, we are in the final stages of deciding where certain
trading settling activities will take place. it has been in the press. we will be in late stage conversations with frankfurt on that. >> there was a report overnight that some of the u.s. banks met with wilbur ross. they said time is wasting. you've got to sort this thing out. we will have to move a lot of people out of london. is that true for citigroup? are you looking at moving a lot of people out of london? >> we don't have the same construct. we already have a majority of our people in today's eu outside of london. we have a significant country presence. the answer is no. we will not be moving as many. we are preparing to do that. but it likely won't to be the same types of numbers or percentages that other people that don't have that presence already.
rosalind: as the republican tax reform bill makes its way through congress, it is uncertain what provisions will survive the heated negotiations. in an extensive interview with bloomberg, steven mnuchin says president trump prefers an immediate corporate tax cut to 20% but would not rule out phasing in the reduction. michael mckee asked about the politically sensitive proposal to kill the obamacare individual mandate. >> the president would like that as something he has encouraged them to look at. i was at a press conference yesterday at the senate. senator cruz give a compelling pitch for that. we will see. it will be one of the things that is obviously talked about and will be considered. >> when you do the math on who will vote or the package, does it concern you obamacare will complicate things in the senate? >> it is two different issues, but the appeal of putting that in is that it gets rid of a very
unfair tax, particularly on people that can't afford it and frees up a lot of money that will go to a middle income tax cut. having said that, whether it is included or not included, we are determined to make sure we get the tax cuts passed. >> they are talking about getting rid of it entirely. is it acceptable or will it not get enough republican support? >> fundamentally, we agree with the idea of getting the federal government out of the business of subsidizing the states. it makes a lot of sense. having said that, several states are a very big part of the economy. new york, new jersey, connecticut, california. we are sensitive to the impact on those tapes. -- states. of that is something we will continue to look with the house and senate.
we want to make sure middle income people also get tax cuts and that is what the house bill allows. >> the president said if anything goes wrong, i will blame steve mnuchin and gary cohn. as the president called you? -- has the president called you? mr. mnuchin: i have spoken with the president many times. we are comfortable with being accountable. it is the president's most important domestic agenda item and we will get it passed. michael: when will you get it passed? mr. mnuchin: the goal is to get into the president's desk in december to sign. ? rosalind: you are watching
disney. >> disney reporting fourth-quarter earnings showing the first drop in annual result since the financial crisis. profit dropped 1.2% to $1.24 billion, suffering from the weather hurting themepark tickets. disney also reported $140 million drop in income from investments citing higher losses at its streaming unit and hulu. >> the core network continues to struggle with some of the industry. one could argue that disney with espn at $7.5 per subscriber is most exposed to the cord cutting issues. people need to remember the other two pieces of their business, the film and entertainment business and the movie studio is doing very well. they are expected to have a strong 2018 here it the parks and resorts business, and operating income perspective relative.
overall, that business has been a very strong business for disney. >> results just out this hour and the company still isn't meeting lower projections for growth. the numbers that stand out are the user numbers, which came in weaker than estimated and the revenue numbers. >> the reason the revenue missed so badly is the company has been transitioning to it often based sales model. the prices have gone way down. they're not paying the high prices. the second thing that is important to note, the company is disappointed about its user growth. there will be taking a drastic measure to fix it.
it is a notoriously hard to use application and they will redesign it so it can appeal to a broader audience. >> after steadily falling since the march ipo, snap has gotten a boost. they revealed in an sec filing that tencent bought a 10% stake in snap on the open markets. >> here is a large and global well-regarded investor taking a stake in the company. it gives them a little bit of exposure to the u.s. market where they don't have much exposure. tencent may be saying, let's dip our toe in the social media's -- media space in the u.s. and see what we can do there. >> the session closing more than 11% down after talks with the merger when t-mobile collapsed. the news coming as they topped estimates. chief executive sought to
reassure investors of the failure of the american telecom tie up. >> we can buy more spread shares and achieve a price. -- at a cheaper price. >> what is the future for sprint. there was a body of thought. >> it is the number four wireless carrier with a week network. there were $38 billion in debt. earnings are improving the company's cash flow positive. they managed to reverse. some might think he's in a more advantageous position. there are cable companies that are also suitors. for now, sprint is definitely
going alone. >> the bank boosting the dutch government. the cost of risk declined, and we talk about restructuring provisions in the first order. is this about the shift toward digital banking? >> last year, we announced our attention -- in tengion to take costs down and serve customers better by investing in digital propositions. we expect to continue that through next year. we will take some more restructuring provisions in order to make those changes. that is part of a continuous process of change that we've been doing for the last year or so. >> shares of commerzbank are trading higher after the german lender say it may post a profit of 100 million euros for the full year in the missed of ongoing turnaround.
the group is refocusing on retail and corporate clients division. >> what the new strategy is about is it will lead to growth in assets which is what you can see already. it will ultimately lead to higher revenues. that is an environment where we are still losing revenue, especially due to the negative interest rate scenario. still running down the business. the top line for the groups are affected by this. if you take them out you can , pretty much see that the growth of the last year has produced additional revenues. we are very positive and very pleased. it will be a very positive year of our transformation journey. >> posting third-quarter losses, after that cyber attack conducted business over the summer. is the owner of the world's largest container shipping line
it was caused nearly $300 , million. >> the third quarter by any was a special quarter emerged last year. we announced massive changes that we want to break up the company and focus on transport. today, we announced selling the last stake in the danish supermarket. see you can really start seeing the numbers and it was a disruption in the third-quarter to have the cyber attack. >> they came out with third-quarter adjustment. it beat analyst estimates, and that is the line that a lot of analysts in germany look at the operating income. the german pharmaceuticals company confirmed that they do see the
operating profit -- >> we made the calibration of our expectations in our q2 earnings in august. we are facing a little bit of a different competitive situation in liquid crystals now. there are different headwinds in china. that was the main reason why we were adjusting our expectations for performance materials. we said we would overcome these challenges and compensate. we have not changed the guidance for the group. however, since august we have also seen significant further headwinds from currencies. given this challenge on top, we say that we still confirm the guidance and will be at the lower end. >> the company is surging after it maintained profit forecast
and modest sales growth for the year. where are we in the company? >> this is an interesting point in the story. they are trying to improve the turnaround. the stocks bounced as a little bit of encouragement. there is no more bad news here. they were able to reiterate their earnings guidance on the bottom line. they took the revenue guidance and sold units. it is not necessarily terrible news from an investor perspective. what they're trying to do now is grow the base business. it is more about bausch & lomb. they are trying to be an ordinary drug company. the investigations to get through some losses. they are trying to get down to basic business. >> a slump in demand for energy equipment. it is said to continue in the coming year. orders fell sharply. tacklek about having to
structural issues and some individual in. market will focus on the power and gas side. when can we expect an announcement from you, joe? and how good of a job the reorganization is it going to be? >> the company is big and it is always something that can be improved. four years now we have seen liquidity climb. that means for us, we need to reshape and realize resources in the business. we looked at it. needs to be done. we will execute that and make sure it is sized for business. the threat will be between -- [indiscernible] details and specifics about how you will solve the structural target.
>> macy is on the upside. quarterarnings for this by seven cents despite the fact that revenue fell. the outlook was reaffirmed for 2017. for kohl's, it's a different story. kohl's can't get on top of its margins. >> they are both companies that are structurally challenge right now. kohl's stock is getting hit harder, but that is a expectations game. it's not just amazon. there are companies that are structurally challenged right now. by beauty retailers as well. ? >> if you take a look at the
17.8 alien dollars. rosalind: there are a lot of functions on the bloomberg and we love sharing them with you. maybe they will become your favorite. this function will he be too quick takes where you can get context and fast insight into timely topics. here is a quick pick from this week. >> stocks and bonds have bounced back since the 2008 financial crisis. the public's trust, however, hasn't recovered. not with high-speed trading, unexplained volatility, and banking scandals creating the sense that it is unfair. many regulators and politicians see leveling the playing field is unfinished post crisis cleanup. a set of european union rules will force unprecedented transparency. the eu rules will apply if it's any institution.
here is the situation. traders are scrambling to comply with their revision of the markets instruments. it goes into effect in january of 2018. it is set up and the way brokers share information, sniff out the best prices, and get paid. many of the rules requiring brokers to synchronize clock and store recordings of phone calls are designed to give regulators information if things go wrong. others unravel conflicts of interest like the practice of routing trading commissions go for investment research. to address worries about automated trading, algorithms must be registered with new regulators and include circuit breakers that can shut them down. financial firms are building data reporting systems to deal with it. that can estimate it is close to $2 billion. some of the guidelines go much further than the dodd frank regulations in the u.s. . this is the argument. banks and brokerages say
regulators are overreaching. by forcing the disclosure of prices, trading may be inhibited and market liquidity may be reduced, cutting into bank profits. authorities say the new rules will help restore trust, foster competition, and encourage more independent research. rosalind: that was just one of the many quick picks you can find on the bloomberg. you can also find them at bloomberg.com along with all the latest business news and analysis 24 hours a day. that is bloomberg best for this week. thanks for watching. i'm rosalind chin. this is bloomberg. ? retail.
under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. david: is a big burden off your
shoulders now? you have succeeded a legendary business figure. jeffrey: if i was going to give advice, it would be -- david: the financial crisis of 2008. jeffrey: i kind of want to say, i want my mommy. david: if a president were to say come in as a cabinet officer, what would you say? jeffrey: i'm not sure business people make great public servants. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright.