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tv   Bloomberg Markets  Bloomberg  June 18, 2015 2:00pm-3:01pm EDT

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luxembourg. what now? republicansse reviving president obama traded d -- trade deal. now the bill heads to the senate. mark: and derek jeter says stop it to bullies. we will tell you about the newest tech investment by the new york yankees superstar. good afternoon from bloomberg world headquarters in new york. this is market day. scarlet: we need to get straight to julie hyman for some breaking news on greece with the euro group meeting taking place right now. julie: we are monitoring headlines from a press conference being held i the i am a's christine lagarde and the dutch finance minister.
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he is saying that is unthinkable for greece to get aid by june 30. earlier, the two leaders said they are calling for a summit on monday to urgently discuss the greek bailout. we are getting various headlines but the bottom line is they have not come to any kind of agreement. now looks like the dutch finance minister is not optimistic they will come to an agreement in the short-term, so that calls into question where that leaves greece at this point. they will be holding a summit on monday. investors in the united states are monitoring all of this, putting a debt in the rally we have seen. it really has not taken much of a hit. maybe a little hit on these headlines but we will keep monitoring the press conference and see if anything else substantial comes from it. much.t: thank you so
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the latest headlines out of europe. what's take a look at how the euro responded to this. euro area leaders will be holding a summit on monday, so they are kicking the can down the road a little bit. the euro taking a little bit of a leg lower but still positive on the session versus the dollar. areing at stocks, we holding onto gains of at least 1%. the s&p 500 up by almost 20 points. the fed's fomc helping to encourage bowls. mark: we saw them as back -- saw the nasdaq in record territory as well. -- investorsying paying close attention to what janet yellen says and keeping a watchful eye on greece.
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there could be concerns about contagion, considering greece keeps going to the brink. scarlet: we are used to it. it has been years now. let's take a look at some of the top stories crossing the bloomberg terminal at this hour. the suspect in last night's south carolina chewed -- south carolina church shooting has been arrested. he was arrested in shelby, north carolina after police got a tip. authorities say a white man walked into a historic black church last night and killed nine people. the shootings are being called a hate crime. federal officials have opened an investigation. president obama spoke at the white house earlier today. president obama: i've had to make statements like this too many times. state --. have had to endure tragedies like this to me times.
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we don't have all the facts, but we know once again, innocent people were killed in part because someone who wanted to inflict harm had no trouble getting their hands on a gun. mark: the charleston church's pastor who is a state senator was among those killed in the rampage. scarlet: when it comes to the trade will, the second time is the charm for president obama. the fast-trackd trade measure, winning with mostly republican votes. the senate could take up the bill next week but it still needs support from democrats. mark: there was a strong economic report from the philadelphia federal reserve. the philly fed factory index is 13. economists had forecasted that it would be eight. the bloomberg consumer comfort index stabilized after falling for a record nine straight weeks. the recent decrease coincided with the rise in gasoline prices. francis issuing
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his much anticipated statement on the environment today, calling for a bold cultural revolution to correct what he calls the structurally perverse economic system of the rich exploiting the poor. pope francis says it is turning the earth into an immense pile of filth. criticized bywas conservatives who says the pontiff should not be weighing in on such a controversial issue. mark: cuba says it is increasing the net access and making it cheaper, adding wi-fi capacity to dozens of state run internet centers. it's also cutting costs users pay for an hour online by more than half. home internet access remained illegal for most of cuba population. the assets of peter made off are being auctioned online. it includes jewelry and works of art. the auction began today and ends july 7. he's serving a 10 year sentence at a south carolina prison on
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fraud charges for his role in bernard made off's billion-dollar ponzi scheme. the fed previously sold his long island mansion for $3.5 million. scarlet: it's being called the biggest medicare fraud bust ever -- the justice department charging 243 people with false billing. almost four dozen of the suspects are doctors, nurses and other medical professionals. britain's parliament is falling apart, literally. the 19th-century complexes crumbling and needs repairs that could take three decades and cost up to $11 billion. most of the parliament complex was built after a major fire in 1834, but the oldest section, westminster hall, is 900 years old. those are your top stories at this hour. scarlet: coming up, the prognosis was in great for president obama's fasttrack trade bill, but it was passed by
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the house, mainly by republicans. devry education, whose stock has been tumbling in the united states, is expanding in latin america and enrolling a flood of new students. and we had to st. petersburg where the international economic forum kicks off in leaders discussed the challenges facing russia. mentioned, after four hours of deliberations, euro area finance ministers failed to reach a deal on greece . while speaking in luxembourg, the president of the eurogroup made it clear talks have not progressed. >> the eurogroup took stock of .his situation regrettable to say too little progress has been made in the institutions in greece. is no agreement insight. as we stand now, too little
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measures have been put forward that have been assessed to be credible and serious and to be put in a new agreement. the talks have not progressed. today, we send a strong signal to the greek authorities that it is really up to them to submit new proposals and additional proposals in the coming days to fully engage with the institutions within the framework of that statement. it is still possible to find an agreement and extend the current program before the end of the month. but the ball is clearly in the greek court. feel an agreement must be credible. it has to be credible from the
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perspective of sustainable finances and economic recovery in greece, but it also needs to be credible from a point of view of the credibility of our monetary union and the eurozone as a whole. we think that's still possible. if such an agreement is in the coming days put to the eurogroup, if it were to be reached, we would judge it on that, the credibility for greece and the eurozone as a whole. finally, let me make the point, you know this -- time is running out. there are parliamentary andedures to consider therefore very little time remains. scarlet: earlier today, matt miller and i spoke with pimco's strategic advisor about the prospects of greece leaving the euro. betterwe are in a much position than three or four years ago. in odds of greece staying
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the euro has diminished. the exposure of european banks is the minimus and most of the greek paper or loans is held by the ecb or imf. i think they've done as good of a job as they can, but there's an unknown. done as much as they can going into this. theill your confidence in analysis that has been done versus 2012? we are in the area of the unknown and a specific challenge is that it's designed not to have an accident mechanism and what officials want to avoid is a case study and what it takes even know would probably be a disaster. so no good choices right now. we also heard from imf
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managing director, christine lagarde about the urgency needed from grace. >> we hope the next few days will be used by the greek authorities to come back with tangible, deliverable measures so that we can determine whether those important criteria is for programs to be credible and for us to be accountable to the international community can be satisfied. area leaders will hold an emergency summit in brussels to discuss greece. still ahead, the house revives president obama's trade agenda, passing the bill to give the authority to strike deals. now it heads to the senate. ♪
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bloombergome back to market day. i'm mark crumpton with a scarlet fu. scarlet: let's go to julie hyman with a look at the markets. the headlines out of greece not doing much to this rally. julie: it's not doing much. we are off the highs, but not much. 1.1nasdaq at a record, up he 5% -- actually falling a little below the record but traded on an intraday basis. the dow and s&p seeing three day rallies, their biggest since february for the dow. take adaq, i want to longer-term look since we
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thought reach that record today. 9,s is going back to march 2009, before this enormous old market run we have seen. the nasdaq it took the longest to surpass its record once again, it is up the most because it had fallen the most, up about 300% even as the s&p rallied by 213%. this is a percent adjusted chart of the three major averages. i want to point out the many records we are seeing. some of them members of the nasdaq and some not. the natural foods company up 3%. gilead sciences trading at a record. we are seeing so many health care stocks outperform this year with direct tv up about .4%. helping to lift the
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nasdaq. hasbro trading at a record and papa john's pizza, all of them at records. i want to point out another nasdaq stock that has had an impressive today performance and that is trip advisor. it is gaining once again. marriott will be participating booking trading, so the shares have been gaining on that. scarlet: thank you so much. mark: let's take a look at some of the top stories crossing the bloomberg terminal at this hour. raise is in talks to money at a valuation of $24 billion according to a person familiar with the matter. that would make the home sharing startup one of the most valuable private companies. it's almost four times what it was two years ago.
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berkshire hathaway is increasing its stake in heinz to about 52.5%. this comes ahead of their merger with kraft foods. buffett was able to add a 5% stake as part of the deal two years ago when berkshire and 3g capital took heinz private. that addedchain super size to americans -- to the american vocabulary is downsizing. mcdonald's is planning to close more restaurants that opens this year. that hasn't happened since at least 1970. those are some of the top stories we're following at this hour. fight overw to the free trade -- the house has passed the president's free-trade bill. mark: peter cook is joining us now. just a week ago, democrats staged what i guess can politely be called a rebellion. they almost killed the proposal.
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what has changed in a week? peter: politely is probably right. what has changed is not necessarily the votes, but the employed by a house and senate republican leaders to get this bill passed. they had originally linked the to providetrade will assistance to american workers displaced by trade deals. now they have separated those passed they have trade bill for a second time, sending it back to the senate. the catch here is it is going to require a handful of democrats, many of whom remain opposed to the fast-track trade authority. asrequires them to sign up well and a sense we get from talking to some of the senate democrats is they have real questions about whether they can support it, unless they are convinced republican leaders will consider the assistance part of the trade package. one of those is a pro-trade, crack that i spoke with earlier.
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guest: what many democrats want to see a stronger enforcement and stronger and four spent for those who might be affected by a trade. without some path forward, it's difficult to take another vote on it. he needs to have assurances that not only will the fast-track will move forward but also that this aid for american workers will be part of the package. told me he doesn't have the assurances from republican leaders that that is going to happen. it sounds like the president has his work cut out for him. going to be for democrats like him? peter: he said it's going to be very tough. he has heard from organized labor, some of his strongest supporters in his home state of delaware, it's a tough vote for democrats, especially when you
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have the front runner in the presidential race among democrats not putting her support behind it, so a very tough moment for senate, kratz. the president is counting on a handful to get them over they finish line. not a done deal yet. what if it fails? is there a backup plan? peter: right now, there is not a backup plan. this has as much to do with process as it does with substance. to get it to the president's desk with his signature and is going to require the trust of republicans and democrats going forward and there's not a lot of trust going on out there. scarlet: any idea what the president is prepared to offer to senate democrats? peter: he has been having close conversations with them.
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they have been meeting privately with the president, trying to strategize this and find out how they can soften the blow. he has offered to campaign with democrats, but it's not exactly the kind of offered they were hoping for. scarlet: thanks, but not necessarily no thanks. peter cook joining us from washington. up, it isng redefining the meaning of study abroad. scarlet: why online for-profit education companies are headed overseas. ♪
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scarlet: what is in
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interest-rate to do when government scrutiny brings on investigations and lawsuits? the answer may be to grow abroad. betting ontion is brazil. if you look at its shares, they are down 40% over the last five years and the company is shrinking its business at home, closing 14 of its u.s. campuses while expanding in latin america. devry first entered brazil in 2009 and has built up its presence to 11 institutions there. devry currently enrolled more than 58,000 students and another -- 53000 and test education programs. there are other schools there like laureate which enrolls about 200,000 students and apollo which acquired a majority stake has 12,000 students enrolled. we are talking big business. scarlet: i've seen some other
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numbers that but the estimate at for-profit education companies that enroll about one third of brazil's total student body. so it is a sizable presence. and we are talking a lot the stats we got on this -- if you are the holder of a higher education degree in brazil, you earn two and half times counterparts with upper secondary education. we are talking about an inroad toward the middle class? scarlet: absolutely. and that is what a company like devry is betting on. , india -- all of these developing countries are seeing their middle-class grow bigger and bigger. does a burgeoning middle class want? a want education and opportunities for education, so devry is moving in. there are government loans in brazil the same way there are in the united states and we know how that has not scrutiny from prosecutors but for now, brazil has 20 of things to sort out and
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government loans to students is just one of many things. some experts comparing the educational system in brazil now to what was here in the united states about a decade ago. scarlet: absolutely. a lot of people say an online education is a poor quality education. studies have shown if you don't get a college degree from the most tedious schools, the numbers in terms of your income don't quite bear out. and a look education at the for-profits going to latin america. i will see you tomorrow, mark. we have much more coming up. we will speak with former defense secretary william cohen about his new book. ♪
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♪ ♪ ♪ get excited for the 1989 world tour
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with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. thelet: welcome back to bloomberg market day. we have some breaking news.
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let's head to olivia sterns at the breaking news desk. olivia: we have more headlines coming out of it meeting in luxembourg today. we brought you headlines from the head of the imf and the minister throwing water on hopes for a greek deal but in the past two minutes, we've heard from the greek finance minister and he's saying something different. the headlines i have your say that he told the press the two sides are close enough to making a deal possible. newaid that greece made a .redible offer to the euro area that is interesting because when we heard from christine lagarde, she cited the possibility of a greek default and saying she wants dialogue with adults in the room. she said the greek proposal cannot be about smoke and mirrors, so nothing happened in between her comments and his but you have to totally competing narratives on what the greek
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government that forward. the imf and creditor countries reiterate,- just to he said the two sides are close enough to make a deal possible and greece has made a new credible offer. blames it's not fair to greece. scarlet: it sounds like they are not even talking about the same subject. some top stories crossing the bloomberg terminal at this hour. lester holt is the new permanent anchor of nbc nightly news, replacing ryan williams after brian williams was suspended for exaggerating his role in an attack on a helicopter in iraq. brian williams will be moving to mse as anchor of breaking news. in its trading debut after its initial public offering let it to boost the size of the deal.
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that is the opening bell with the ceo in the middle. the maker of wearable fitness tracking devices raised $732 million. at the ipo price, fit it is valued at $4.1 billion. the supreme court came out today with a ruling on child abuse. justices ruled statements children make to teachers can be used as evidence even if the child doesn't testify in court. the ruling makes it easier for prosecutors to win convictions and child abuse cases. the state department is abandoning decades of tradition this fall. last -- waswas purchased last year by a chinese company. terms allow hilton to run it for the next 100 years but it calls for a major renovation.
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that sparked fears of chinese eavesdropping and cyber espionage. up in the next half hour, more people are turning to places like airbnb. where does that leave the hotel industry? and tropical depression bill pouring down on the midwest. how much rainfall is too much and should we be concerned? derek jeter stands up to cyber bullying with his first tech investment? all that and more coming up on the bloomberg market day. off its annual economic investment form in st. petersburg today. corporate and political leaders will focus on key challenges facing russia, emerging markets, and the world at large. former defense secretary william is a bloomberg contributor and a new york times best-selling author. his newest book was released this month. get to the book shortly,
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but i want to talk about the st. petersburg economic forum. we know the u.s. discouraged attending because of russia's action and crimea. is that a flash point again? hen:.tary co they said it was up to you if you go, we are not saying you can't, so i think it is one where we are trying to ease some in russia and these companies have major interests involved. you have the energy sectors and others with big stakes involved in these sanctions have been involved and are up for reconsideration by the end of the month. put into context for us the st. petersburg economic forum. it has been described as russia possible version of dominoes, but this is really about vladimir putin flexing his muscle and making sure he looms
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large over the geopolitical stage. secretary cohen: he presides over a country with 11 time zones, so it's very important to the world. unfortunately, president putin has engaged in conduct which has upset the balance of international law, so sanctions have been imposed. his economy is doing a little better, but not great. position toifficult encourage investors and other companies to say everything is and getting better in russia. there has been tremendous outflow of capital and sanctions have taken their toll. scarlet: let's show the outflow of capital. plunged last fall and through the winter, but since january, has stabilized. the bank of russia has rolled back interest rates. the dollar strengthening their versus the ruble. is inuld argue russia
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less economic pain than it was last year. what does that mean for putin's geo-political agenda? secretary cohen: it means he doesn't make the kind of money to talk about with something like greece -- would russia seek to make loans or some kind of transaction with greece to tie with a close greece? that's not in the cards. he does not have that kind of resource to make those kinds of investments. so he is playing a waiting game. he saying my economy will come back and i'm encouraging to come back and invest with us again. but the investment community is saying you need to make a lot of structural improvements. you haven't dealt with the withrchs, you have adult diversifying your economy. so long-term, it's on a great investment. short-term, we're not sure. i'm not sure he's going to be evil to persuade them.
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scarlet: the house passed president obama's fast-track trade bill today which paves the way for him to get into the senate. that trade deal leaves out china and we know russia has been cozying up to china and deepening their economic ties. what added leverage does russia have from its alliance with china? secretary cohen: is creating a .ew program i think it is limited. china is going to continue to look to russia for energy and weaponry. beyond that, russia doesn't have too much to offer. of it -- a lot of middle eastern countries at this conference and a lot of asian countries and european countries . surprisingly, you've got some ceos, but ceos of
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european divisions attending. it is a good sign for him. her than last year. booket: let's turn to your now. this is your third work of fiction. as a part of a trilogy? secretary cohen: it's actually the sixth. my most recent publisher -- it could be a trilogy. there are the same characters. scarlet: are you casting it mentally? secretary cohen: i'm not sure who could play shawn. he's an interesting character. he's getting a little long in the tooth, so we will see. maybe harrison ford would he in the age category. harrison ford. the secretary is thinking of you. talk about the level of truth involved. the dod probably has contingency plans for an attack from canada. are there plans for an asteroid attack? secretary cohen: no.
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and nasa, congress and the world is concerned about asteroids colliding with earth. have hitad some that -- in 1908 in russia and recently in 2012, we had a small 1, 56 feet in diameter that came at the earth, so they have potential to do great damage. nasa is trying to identify those. timeve to see them a long in advance to deflect them. if we can't see them, we are in trouble and as a nasa director said, give me three weeks. scarlet: is it a known known or unknown unknown? secretary cohen: we know that one is coming, we just don't know when. scarlet: you can read a fictional account in the secretary's newest book. thank you so much. on the bloomberg
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market day, just how much impact as airbnb having on the hotel industry? we dig into a very revealing study, next.
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scarlet: welcome back. there's no doubt the sharing economy is disrupting traditional business, but a new study is helping to quantify how much the impact is on some businesses. let's look at airbnb. what used to be a little-known startup has served over 35 million guest's worldwide. the company is currently raising funds at $824 billion valuation, surpassing brand like hyatt and closing in on hilton. alix steel joins me now. empirical, not just
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anecdotal evidence about how they are hurting the traditional industry. alix: this came from boston university. they measured the impact in texas, specifically austan. from 25 listings in 2008, it's jumped five times that. the company is growing expansion with air and of last year, there were 8575 listings. the study estimates the impact on hotel room revenue could be between 8% to 10%. it has been hard to qualify it. 10% is not in material. scarlet: particularly it has hit the lower and hotels that don't cater to business travelers. they are the ones seeing business go to these rented apartments. what the study found is these hotels are having to reduce the rates to attract people and that lines up hurting the revenue.
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you can see the huge growth in austin. what also made it unique is they have big events like sxsw. so it was a good measure to do that. hotel room revenues are reported in public tax records, so it falloffsee where the was in terms of the revenue made up from hotels. maybe you get more people, but is that enough to make up for what the state and city is going to you -- going to lose? scarlet: a good question. alix: have you stayed with airbnb? scarlet: i did. in europe, it was great. we had a kitchen and it was great. alix: i wonder if it's different in the u.s., but i thought it was very cool in paris. maybe -- scarlet: maybe on a
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weekend getaway. we are going to steer away from hard commodities like oil and start with wheat. to talk aboutoing the foods. wheat in particular had a rally during the day that and it slightly flat. but here's the deal. you are looking at tropical storm bill. that's hitting texas and causing a lot of water and floods. prevented fields from drying out and could delay a winter harvest which could cause further deterioration. the reason that is significant is the usda had an optimistic estimate for winter wheat. that, theyr impedes will have to rethink something. is whether a same factor for cocoa? yes. for cocoa, the main growing
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areas in west africa are looking at dryer weather, so it's going to be the opposite of winter wheat in the u.s.. out a noteup sent about one hour ago talking about a 9% decline in prices, saying they are at the peak. the new crop could actually see a surplus which would change the dynamic. scarlet: what about coffee? alix: we are going to talk about it tomorrow. the usda is going to come out with their world supply estimates. the key area will come out of roseville -- a weaker currency, so the ideas they will export a lot so demand for their goods is going to be very high and that's going to disrupt the global coffee market. i never got into coffee. it hurts my stomach. .8%. crude up by about in terms of how that is affecting the s&p 500 energy
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shares, they are higher, but not by much. the smallest gain in the index group. let's move on to some top stories crossing the bloomberg terminal at this hour. leaks regarding the hush money case against former house speaker dennis hastert are unconscionable and may ask the court to investigate. prosecutors appeared today for a static hearing. hastert was not required to attend. he's charged with breaking banking rules and lying to the fbi. they said he had panned -- had plan to pay $3.5 million for allegations of sexual misconduct coming out. authorities say joyce mitchell talked to the inmates about killing her husband who also works at the maximum-security prison in upstate new york. the prisoners busted out of the 107-year-old facility on june 6.
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more than 600 officers are involved in the search, which is now in its 13th day. an attorney for the st. louis cardinals says high-level executives were not involved in the hacking of the houston astros database. but the internal investigation is not finished. the attorney general's comments said any wrongdoing could be linked to the lower levels of the cardinals organization. those are your latest top stories. the sudden death of j.p. morgan chase vice-chairman jimmy lee shocked wall street. he was one of the greatest dealmakers in history, father of the modern syndication loan market and a formidable golf harder. but for many, he was so much more. betty liu remembers jimmy lee and his legacy. jimmy lee, the legendary jpmorgan dealmaker passed away wednesday morning. he was just 62.
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in his 40 year career on wall street, he earned a reputation as a master dealmaker, front and center of some of the biggest deals in corporate america. lee was a consummate banker. he never let up. he just always thought there was a way to get a deal done. ofty: comcast's acquisition general electric, general motors ipo after the government dell buyout by michael dell and most recently, three massive tech ipos -- facebook, twitter and alibaba. his massive rolodex was well known throughout wall street and earned him a trillion dollar track record. but so did his charismatic personality. >> he showed how you mix aggressiveness with being nice. his legacy as if you are going to be a banker, that's a you should be. betty: he ditched the pinstripes
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for a mark zuckerberg like hoodie and personally walked dick costolo to his suv. >> he was in the whole bank but he represented everything that's good about j.p. morgan chase. betty: jamie dimon wrote that he was a master of his craft but so much more. he was an incomparable force of nature. bymy lee's loss will be felt friends and colleagues a life, but his legacy will be forever etched on wall street. ♪
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scarlet: derek jeter has stayed very busy in his life after baseball. his latest venture is telling
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online bullies to stop it. it's also the name of his first tech investment -- and at that allows students to anonymously report abuse to administrators in real time. joining us to discuss it is the ceo of stop it. great to see you. how did derek jeter get involved with stop it? guest: there was a mutual business relationship. we got to know one another and introduce what we were doing and the rest is history. himlet: did you bring it to ? how does this fit in with his other interests? he was interested with jeter's leaders, being ambassadors to their communities, so the synergies were great. scarlet: he has invested in this app. how has he helped you get the word out? obviously with his
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awareness -- what he does on the field is fantastic, but off the field as we all know, he lives it. he is such a wonderful role model for everybody. that helps our brand and coming together with them is awesome. he is going to help us get the word out. inrlet: you wrote about this a bloomberg news today. how does this investment in with derek jeter's other business ventures? he stayed pretty busy after retiring. evan: he spent his whole career cultivating this image as a good guy in and euro where athletes, the spotlight is on the menu see a little too much and you realize they are not the person you think they are. derek has stayed above that completely.
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when he attaches his name to has more like this, it weight than you would see with a lot of athletes because of his public image and he doesn't add -- he doesn't invest as much as other athletes. he is kind of meticulous. when he does decide to invest or attach his name and his foundation to a company like stop it, the world takes notice. scarlet: not to make light of childhood bullying, but he had to live through years of relentless questions from the new york media which some people would describe as bullying. years of dealing with new york media taught him quite a bit. what have you observed in terms has proceeded with his post-mlb career? evan: he was smart setting himself up after baseball. he was friends with michael jordan, and friends with the ceo of pepsi, so he has aligned
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himself with the right people and that is most important for an athlete of his stature. when you are an athlete and you have a lot of money, advisers are knocking on your door and tearing down walls to work with you. you have to be smart about who you aligned with and derek has proved he's aligning with the right evil and doing it the smart way. what is the feedback so far on the app? guest: it has been in or miss. we are getting reach out from all over the world. we are doing a great thing and people are standing up and taking notice. scarlet: thank you for joining us. i've been speaking with the ceo of the anti-leading act stop it. we will have much more coming up on the bloomberg market day, including fit the trading. ♪
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inrlet: and political a.m. hunk hung.
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the eurogroup resident that is is unthinkable agrees with that money by june 30 while the card is on his minister says the two says her close to a possible deal. we've sort through the contradicting headlines. u.s. stocksalix: are trading. scarlet: good afternoon. breaking news the desk. olivia taking a look at the possible news about martha stewart. olivia: a takeover of the dow jones is recording that a company that markets and licenses a portfolio of consumer brands is about to buy market


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