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tv   Bloomberg Markets Balance of Power  Bloomberg  October 23, 2017 1:00pm-2:00pm EDT

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balance of power." here are the top stories that we are watching right now. the wheels are in motion on capitol hill to overhaul the tax code, but the debate over details threatens to derail efforts. the new cap on 401(k) savings is part of the tax plan. the former u.s. ambassador to , joins us thisus hour for future on relationship between the u.s. and china. and a joint statement with the prime minister of singapore is scheduled from the rose garden. we will review that live starting in about 30 minutes time. ♪ david: all right, let's check in on the first word news this afternoon. mark: president trump will meet .ith the philippian president
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he has been criticized for bloody crackdowns on drug dealers, who threatened to cut ties with the u.s. and european union's on ambassador complaints. the trump campaign's digital director is scheduled to appear privately before the house intelligence committee this week according to people familiar with the matter, who say that the appearance is part of the investigation into russian meddling in the 2016 presidential election. he has been referred to as a year in the russian probe but was unaware of the russian involvement in the trump campaign. optimistic that brexit negotiations will have traction before the end of the year. she took question today after her meeting last week with eu leaders. haven't reached a final agreement, but it's going to happen. i have a degree of confidence that we will be able to get to the point of sufficient progress by december.
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there is a new momentum, the florence speech was a step forward. mark: she faces a challenge to the brexit bill, the opposition party may join with rebels within her own party to force a vote on the final deal to leave the eu. in italy, leaders in the northern part of the country claim victory on the referenda more autonomyn from the state. news, 24 hours per day, powered by 2700 journalists and analysts in 120 countries. i'm mark crumpton, this is bloomberg. david? david: let's get a check on where the markets stand this afternoon with julie hyman. julie? julie: we are seeing the s&p and the nasdaq fall from the lows of the session as the dow hangs onto its record. every day last week, the major
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averages set records. we are coming off of quite a week there and seeing something of a pause. in terms of the dow and what is holding it back from further gains, there are a couple of stocks in particular, but let's take a look at the bloomberg and the skew index. let's take a look at the move in the deviation over the next 30 days. we are seeing that skewed index rise and rise, the white line even as the vix goes down. this essentially prices in the that there will be some kind of big volatility event. even as the vix doesn't remain very high. in terms of other individual stocks we are watching, we are looking at general electric and mcdonald's. there they are. down today, day two in terms of reaction to electric earnings. even though the stock was up on
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friday, it is falling today as the analyst called the analysis of a role in and among other things we have got morgan stanley cutting its outlook and price target as well, concerns are being expressed about a dividend cut. reports possible by 4.5% but the shares are pulling back. other movers we are watching, hasbro is a big one, down 9% today, pulling down mattel with them. it has to do with toys "r" us and their bankruptcy filing. the second biggest customer for hasbro, the second largest competitor for mattel, coming out ansaying that sales growth in t cre quaer could be half of wh wall stet was expecting. david? david: julie, thank you very much. joins me, john engler to discuss the workforce
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convening over the council on u.s. relations. that's coming up. this is bloomberg.
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♪ this is "bloomberg markets: balance of power." lawmakers and business makers are asking what policies can better address the skills get in theskills gap american workforce. our next guest was part of the task force on the independent future of the u.s. workforce. he has also led the business roundtable and before that he was the governor of the state of michigan. ray to have you with us once again. let's start with what you don't know. you are looking at this issue and one of the big -- what are the big unanswered questions that you hope to answer by the
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end of the report? trainngler: if we can america's youth, a lot of the jobs are very different in my generation's. a lot of technology is infused into everything we are doing. "the wall street journal" had an argument about scandinavian countries using artificial intelligence to run the machines to do what would have been in the past clerical work or in some cases even a little bit up the latter, making some financial calls. there are estimates that a lot of investing will be done by machines in the future. people have to have skills. it doesn't necessarily mean special -- four years of college, but it does mean specialized education and training and everyone needs to think about what they would like to do, what are they good at, and how do i get the skills? an executivember
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from siemens talking about their executive training program. seems like there has been a lot of focus on trying to replicate what has been done in germany and other places in europe, get people to do apprenticeships and think more seriously about two years of college or community college. what is the challenge of getting programs like that in the u.s.? it's about gearing up at the local and state level. washington can help, there is a lot of discussion about the potential. maybe the federal government ought to recognize, i think about 25 states today would have what would he considered to be an imprint -- an apprenticeship encouraging businesses to work with training institutions, like community colleges and, in some cases, regional collaborations of what would be high schools coming together to figure out, by talking with business. one thing we are looking at is how do you get these workforce every part ofrd,
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america has a workforce board. are they linked to training and education? often the answer is no, or not very effectively. the washington conversation is outstanding and there is, from the secretary and the council on domestic policy, there is a lot of effort in done, a lot of thought being given. they could put tools into the hands of local people, but today look at the competition for that second headquarters of amazon. one of the key components in each of these competing communities is -- hey, this is how we will train the people who will work in those facilities and that's what they are competing on. david: how much of this is replicate a ball -- replicateable? working on it in michigan, can you move it to maryland? is there enough cooperation between states, i guess i'm asking? there needs to be
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more. governors are great copycats, you know. you look at a company, and you mentioned siemens earlier, and this is a great example, in every location where they are, but are spreading the word you are seeing kind of the way they are thinking this through. ibm has been involved in starting schools and have been very shrewd in the way i think they have approached this. there was keen interest. thatk ago in minnesota wi unemployment below 3%, where do you find the workers? companies talking to schools, those conversations are beginning to we are not nearly where we need to be. -- other piece of this is understanding what is demand.
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when we talk 5 million open jobs today, where are they? what kind of jobs? what does it take to get them? in the future, how are we assessing the demand to be able to tell educators and traders that this is what we think the opportunities are for your young people in the community? if you could do this, you wouldn't have to move away from home. we learn lessons from history and of the same time move forward? thinking about what trade allows us to do or makes more difficult, how do you get past -- get beyond past grievances and there seems to be an almost questioning of that. i don't think that's in dispute. or it shouldn't be. i think the data is pretty clear. north america is highly integrated and nafta has been a big reason for that.
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in agriculture and manufacturing. we ought to build on it and recognizing that part of trade allows you to maximize what you are best at doing and maybe minimize what you are least able or least cost effective at doing. it all comes together if it is done right. i think one of the things they ought to be focused on, how do you protect intellectual property? that is a bigger challenge, it seems to me, then i worry that from one year to the next there will be a slight imbalance in trade or if manufacturing is in deficit while services are in surplus. some of that, the math gets a little fuzzy, but there are some fundamental things we ought to do in trade. from the.s., learning past, this country once upon a time had a very effective network of what we call trade schools and skills training. we kind of got away from that in the last couple of decades when
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we said for everyone to go to college. i talked to the president of the consumer energy department in michigan, you can get a job climbing up whole, starting at $70,000. that's a pretty good job, you don't need college for that and you don't need to be in debt for that. and go tot trained work. there are those kinds of jobs throughout the economy but we are not telling younger people what they are and also i think not doing a good enough job for that 20 or 30-year-old who maybe needs to be retrained or didn't do well. the other thing is, don't drop out, got to stay in school. talking about trade policy, modernization, dare we altering it just trade agreements, if nafta is terminated, would you consider that a failure? gov. engler: i would consider that a very big failure. i can't see why we would walk that back.
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the first international trade agreement important in michigan was the u.s. canada auto pact. building off of that, ultimately, you got nafta. you could make the argument that they have been responsible for saving the automotive industry in the u.s. because of the way we have integrated across borders allowing us to compete with other regions in the world. i almost think that's beyond challenge. talk is very, very careless. i think that members of congress , we worked with the clinton administration to get nafta ratified, even though it was negotiated by george h.w. bush. you had a bipartisanship approach to trade that made a lot of sense and we need to recover that and understand what is really important and what matters. you just cannot throw this stuff away and end up being in competition with a low-cost provider winning. i don't think that works for the u.s. at all.
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governor, we will leave it there. i wanted to mention that gov. is scheduled to speak tomorrow at the connected futures conference in washington, d.c. and i will be there to get more information at bloombergnt next.com. you can watch all those proceedings, live go on the bloomberg. to goucus will be here over the people's congress, taking place tomorrow. this is bloomberg. ♪
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welcome back to "bloomberg markets: balance of power." shanghai stole the headlines with the announcement of a free restrictions.ease china, taking a step forward with nafta negotiations stalling
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over stringent demands. filling a void left bit -- by the united states, we are joined by max baucus, who joins us today. great to speak with you, once again. as you look ahead to this visit, do you have a good sense here of how well the president has telegraphed what he wants the trade relationship to be like in china? think president trump will see a very confident chinese president. the meeting will be just after the 19th party congress. the new personnel will be placed in china. china is feeling its oats. there is a bounds in their step. feeling even more confident as years go by. president trump had better be well prepared, he is going to see a quite confident chinese president. take us back to november of 2013. how do you prepare for a visit like that? what goes into prepping, staff
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prepping officials in china for the visit of an american president? well, it takes a lot of work. it takes going in knowing that the best relationships are the ones that have mutual self. that is president trump knows what's the most important for the united states. but he also has to signal that we won't be taken for granted and that there are lines that be have to draw. he has to be very firm and say, respectfully, very respectfully, that china cannot take advantage of us in trade, for example, and they are taking advantage of us in trade. they are also moving into the south china sea against international standards. trump has got to say, hey, we can only go so far, we want to work with you but only so far. david: what should those of us
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who have only passively paid attention to what went on in beijing over the last week, what should we make of what we saw there? a three-hour speech and then tomorrow, more information on the standing committees. what should we take away from what we have heard over the course of the last week? takeaway is that very clear. a confident rising china. one that is focused on marxist, leninist socialism ideology. that is that the united states has to recognize that china is going to pursue its own form of government and we americans cannot just assume that because we have our own independent judiciary and a rule of law and china doing the same, they won't, we are just different and we have to understand the difference. that's the main thing that president trump has to understand. they are different and we aren't
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going to be able to persuade them into our form of government but we have to be able to work with each other and respect each other. boris johnson today talking about the nuclear nonproliferation treaty at -- treaty. "helped to avoid a great arena of mexican standoffs, a nuclear version of "reservoir dogs." it has to be the option we're all pulling for." i wonder, if you look at the things in north korea, will it be resolved by diplomacy? or will this be right in that way? that statement. he's typically boris, he likes to speak in that way and it has to be resolved by diplomacy because the alternative is to cataclysmic. we will find a way. it will take a lot of work and a lot of conscientious understanding all around and we have to work through china.
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with respect to north korea, it has to include china and that's where i think major efforts should be taken by president trump. saying that we are going to solve this thing. it's in our mutual best interest to put the kibosh or get some control over north korea. are you watching unfold in washington? i was struck over the weekend by mick mulvaney, the director of the office of management and budget, pressing optimism the tax reform could be done this year. you have set in that chair, chair of the senate finance committee. how difficult is it, do you think, to write an entire piece of legislation centering on tax reform? how likely is it that we will get something like that through congress in the next few months? the first question is, should we try to get reform? the answer is yes, that's what we should work toward. simplify the code, broaden the base, lower the rates and so
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forth, but it's going to take a lot of work and in my experience , major tax or legislative reform only occurs when the president is deeply involved and engaged. and solid, not changing his mind. if president trump sticks with it and sticks with a program that is good for the american people, it's going to pass. even so, i think we will get some kind of tax cut, maybe not reform, but tax cut, because it's pretty hard to vote against tax cuts and the republican party very much needs a win. on that note, you have seen your former colleagues working across the island things like the affordable care act. the president has weighed in, supporting it and not supporting it, what is your counsel going forward as those colleagues work to find a bipartisan solution? max: the lamar alexander patty murray meetings have been very encouraging.
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one of the few bright spots i have seen. i encourage them to keep it up, keep it up. i noticed leader mcconnell saying that he would bring the bill up for a vote if president trump indicates he would sign it. mcconnell is smart, he's going to put that dead cat on the president's doorstep and it isn't up to the president now. -- and it is up to the president now. providing insurance for people who otherwise would not have it. david: reconciliation, we have seen a tool deployed a few times over the last few months. is that the new normal? are there places that you are worried about as a result? max: well, the new normal, that's kind of a common catchphrase these days. i don't like it, but it is what it is. so, even under so-called reconciliation, where the senate only needs to pass legislation by majority, still the president
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has to work with the senate to make sure it is a fair bill and if this bill comes out as being waited too much in favor of the wealthy with too many giveaways to the wealthy, the american people are not going to like that, they will push back against its passage. it comes down to -- what is it? is it fair? is it really reform? does it feel good? does it pass the smell test? that's the question. max baucus, thank you for joining us from montana this afternoon. of next, donald trump said to administer a joint statement with the prime minister of singapore. we will carry that live, as soon as it begins. this is bloomberg. ♪
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is room for the taliban in afghanistan's government, in his words "with moderation and conditions." the conditions were announcing violence and terrorism and committing to stability. must step uptan action against terrorist groups, which have sought the avon -- safe haven in that country. he made the comments during an unannounced trip. france and the european union have decided to strengthen sanctions against north korea following talks in paris with south korean officials. the french foreign minister told worksers pyongyang's access an atomic weapon is "a huge violation of the nonproliferation treaty and to the security of the world, especially the security of south korea."
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--talks on a future relationship with the united kingdom are on hold until the rights of citizens are assured and a financial settlement is reached. he discussed the matter with theresa may at a dinner last week. he also brushed aside media reports that she was desperate for eu help out brexit meetings -- a frexit meetings. brexit meetings. guilty for desertion and misbehavior before the enemy. global news 24 hours a day. powered by more than 2,700 journalists and analysts in more than 120 countries. crumpton, this is bloomberg. david: president donald trump took to twitter today saying the tax reform plan would include changes for how people can save for retirement. he tweeted this morning, "there
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will be no change to your 401(k). this has always been a popular text that works and it is. " joining me now is alex wayne. kevin, looking start with you. what is the degree that this was driving the conversation over the weekend? evin: this is very controversial, particularly amongst the asset managers community. blackrock, aig, they were quietly mouthing a campaign and ready to go public over the sense that money allocated into 401(k)s would be taxed on the upfront as opposed to when folks try to take that out. that's according to the president's between is not going to be the case. i spoke to republican members on capitol hill this morning who said that would not blow up in -- there is no way that would not blow up in their faces. the house would likely vote on the senate budget, avoiding the
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need to go to conference on thursday. that would mean all eyes are going to be on the tax-writing committee for them to get the work -- to work as early as next week. david: how acutely involved is this white house? the president is headed to capitol hill tomorrow to address this at lunchtime. : that's right. he will just republicans tomorrow about the progress. i would not be surprised if there is frustration. this is at least the third time when the president has said here is something i do not want in the tax plan without saying much about what he wants. he said the corporate tax rate cannot go higher than 20%. he said the pastor rate for rate business -- pasture first home businesses can't go higher than acer certain percentage. now he says we cannot touch 401(k)s. i think they're wondering where they can go for money.
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it seems that the white house is hot and cold on that. david: are we seeing any movement on that front? there is a sense the white house is not in the policy direction it is going. are we going to see more engagement with the public about what the president wants? alex: it is funny you ask that. the president has been describing as what the white house calls major speeches on his tax plan for several weeks now. they are engaging with this issue a lot, differently than they did with the affordable care act. he is talking about will congress wants to do generally. i think the problem when it comes to giving this thing -- getting this thing through congress, the president is not being consistent with congress about what he wants. david: we ask you about the timetable. i think they're saying this is hard and that is what you haven't had tax reform in a long riod at sign.
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what are people writing this legislation saying about the timetable and likelihood that we will see legislation in the near erm? want to get it done by the end of the year but with the timetable, they're pushing into early next year. points, there is a 6 trillion dollar plan and they have to come up with ways to pay for it. the state plan will only cover $1.3 trillion. white house officials are doubling down on that. themyou take a look at massive 6 trillion -1.3 trillion, there needs to be additional ways for them to do that. that is why i think over the weekend we heard from president trump talking in the interview with fox business saying there room,be potential wiggle such as the number of brackets. you must reduce it from seven to
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three fracas that some folks on capitol hill are saying that a we may haveist and to go from 45 fracas or something like that -- four to five brackets. david: they're moving the coffee cups from the left and right of the podium. i imagine we could learn something about u.s.-singapore relations. what we can assume here is some sense of what the president hopes to get out of this upcoming trip to asia come november 3. an executive from boeing, we saw alongside him, confirming a deal that owing has was an airline in singapore. what kind of groundwork will be laid today during statement? : he is not going to singapore on the strip in november but i can imagine he will run into the prime minister again. whether he about
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wants to come back from asia with deals. he wants to say he delivered on financial results for the american ball. the strip is -- american people. the trip is also about legislator in south korea, which is unusual. they said he is probably not going to visit the dnc but that is not ruled out. the pressure on north korea and bring back money. party won ao abe's big election over the weekend. states- a strong united japan alliance. there'll be golf played by these leaders. what does he have to congress on that leg of the trip in particular? : how they will continue to pressure north korea for military ambitions. i think you could quite frankly also see some potential for -- w the united
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statesi. we have to waitt and see whether that will happen. the dominatingh headlines will be north korea. this is something up in the air. we knew there would be an event in the philippines for they were likely to interact. what does it mean or signify that these two world leaders are going to meet face-to-face? lex: he did not have a good relationship with barack obama. he insulted him in public remarks. and up canceling a meeting with the filipino leader. public and american our democratic allies will be hoping the president will talk about human rights when he meets with the filipino leader. he will talk about these ' and thened killings presidents' drug wars in the philippines. i would not get my hopes up if i was looking for the
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confrontation. state the secretary of touch down in afghanistan today. he is going to saudi arabia, pakistan, and switzerland. if sony issues were ambassador nikki haley has been at the forefront. are we seeing and more willing secretary of state? evin: the state department would say no but i think it is safe to say yes we are. we are seeing someone much more comfortable in that will then perhaps he was several weeks or months ago. pressure,ing intense not only from media reports and also united nations officials also within the administration. the kind of step up to the plate. fallout with the report of the distance between the secretary of state and the president. he changed that he is communicating.
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it will be interesting to see what exactly he accomplishes, what he says while he is traveling over there. david: thank you to both of you. kevin cirilli and alex wayne. we are awaiting remarks from president trump and prime minister lee. this is bloomberg. ♪
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david: the stock of the hour has fallen. a first look at the rose garden outside the white house. we are awaiting comments from the president of the united taken the prime minister of singapore. they will not take questions
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from reporters but they will be making remarks. you'll -- we will carry those for you live. is here with us. good news bad news situation let me see. -- news situation. let us see what happened. alcoa in the alumina making part. , and thenthe aluminum arconic makes the parts from aluminum. blankenship has a new ceo. remember, the previous bosses left admits a proxy fight with management. they were accused of being a loose cannon. --lankenship was changed
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trains as a medalist and he general years at electric. it looks like investors are .appy about that new part they said this rally support him becoming the ceo of the company. nothing like the positive part of the story. the company also came out with earnings. earnings-per-share al-shabaab two cents this year -- fell short by two cents this year. is a something called last in, first out accounting. with the timing of the price and disadvantaged them when it came to market than earnings-per-share. is benefiting from the crisis, arconic is not. -- do do so look at i
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you still look at this with the fall weather? julie: not in the same degree. like general electric for that matter. david: thank you very much with the stock of the hour. companies are learning what many in washington have long known. are bolstering their workforces with former government employees holding top-secret clearances new to share classified information. joining us is chris strong. the start with what a reporter with security clearance brings to the table. looking here she do -- what can hear she do? chri this persons is: able to act of classified information, and that can be valuable tech tech or social media companies and what you can have is these companies get someone out of government who already has a security clearance and then they can sit at the table and understand the threat intelligence and the classified
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information that the government has, which they can bring back to the company and use it to better secure the company's products and networks. david: is this a buyer's market or a seller's market? currently, there are more than 4 million government inquiries who have security clearance. the question is what kind of security parents the companies will be -- clearance the companies will be seeking out and can they will are some away from government service. using the companies would be able to pay enough money to make it appealing for government have clearance to leave. from the government point of view, the security clearance is something they do not have to pay for. the government has already paid back. the government spends a lot of money to clear people up. company like facebook are
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another tech company will be taking away from government and putting the person into their own workforce. david: has there been an edwards noted affect here? --ember the contract affect here?wden chris: after snowden, more stringent security measures were put in place. a few years ago, you have these tech companies fighting against the government over their surveillance activities. now they want people who have been involved in these government surveillance programs and were involved in these classified programs to come into their workforce. it prevents an interesting situation for these companies were now they look at the value of government classified information. david: 20 asking how difficult it is to guess -- i imagine
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people will see news like this and find out that it is a better way to make more money. how long does it take to get this kind of clearance? monthss and you have to give out rigorous:-- : it takes months and you have to go through a rigorous process. you have to give information about your residence, who you live next to, and security investigators will talk to people whom you might not have talked to in years and they will be after the people to about free credibility. it is a pretty rigorous rosneft. ford: thank you so much your time. breaking about under armour. wall street journal reported that one of the cofounders of that company is said to be taking a sabbatical. the company got into a lot of sports areas now and is starting to consider exiting tennis and fishing. under armour's co-founder is
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taking some time off according to the wall street journal. we are awaiting comments from the president and the prime minister of singapore from the rose garden. we will bring you the comments when they begin. this is bloomberg. ♪
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david: momentsdavid: away from comments in the rose garden from the president of the united states and the prime minister singapore. a few minutes late. we will bring you the comments as they begin. let's turn to japan work the prime minister has held on to its two thirds majority and yesterday's snap election. abes a a gamble for -actually-, this comes are just beginning. let us go to the white house. pres. trump: thank you very much. please sit. i am honored to welcome prime minister lee of singapore to the white house today.
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i want to thank you for visiting us and the entire group of people we are dealing with great our friendship -- with. our friendship has never been stronger than it is right now. imports one of our closest strategic partners in asia. the united states is proud of the deep and enduring partnership we have built since singapore gained its independence have a century ago. the rapid development from a poor island nation to an economic powerhouse under the leadership of the prime minister's great father. he was a great man. he really was a great man. singapore's strong commitment to and to the law principles of repair and
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reciprocal, one of my favorite words when it comes to trade, has made the country a magnet for business. today, over 4000 american companies are operating in singapore and we have a very large trading relationship. , we singapore earlier today notice the contract signing between singapore airlines and boeing, worth more than $13.8 billion. i want to thank the singaporean people for their faith in the american engineering and the american workers and our american workers deliver the best product. by far, our robust partnership extends farther than economic opportunities and trade. development of the economy is very important but equally important is the development of the nature of our society. so true. states and singapore share a profound belief in a society built on a foundation of
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law, a nation ruled by law provide biggest security for the rights of citizens and the best path to shared and lasting prosperity. both the united states and singapore understand the unmatched power of private uplift the human condition. these values that made our society stronger, sustained our andnership in the cold war, laid a critical foundation for a lasting relationship today. common values and interests have led to a vital security relationship. throughout southeast asia, the united states and singapore are currently working to enhance the capacity of law enforcement, fight terrorism, and bolster cyber defense. nations also share a commitment to countering the north korean threat and promoting freedom of navigation
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in the south china sea. singapore was the first southeast asian nation to join the coalition to defeat isis. that was very far thinking. more than 1000 of its military personnel trained here in the united states every single year. when hurricane harvey struck our gulf coast in late august, togapore deployed -- transport critical resources for those in need. the prime minister told me that that and called me. we want to thank you bring much for the use of your helicopters. when the american navy destroyed the uss john mccain, singapore came to our comedians -- immediate assistance i want to thank the prime minister and the people of singapore for their support, which has been
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tremendous, and for their friendship. -- few weeks i will attend in a few weeks i will attend a summit in the philippines, where we also break the 40th anniversary of u.s. relations. i look forward to continuing our discussions at this year's summit and to see the great thing singapore will accomplish as ossian chair and 2018. in other words, this great gathering will take place in singapore in 2018. thank you for your continuing partnership and leadership. us-singapore relationship has made her people former prosperous and our values have made as long-standing friends. we are fortunate to have such a wonderful and loyal partner. thank you very much. pm lee: thank you, mr. president. [applause]
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mr. president, ladies and gentlemen. i would like to thank president trump for his very warm hospitality. i am very happy to visit him in washington following our first g20ing, which was of the summit and hampered in july. we had an exchange in the oval office and over lunch. robust ands the enduring partnership between singapore and the united over the last -- states "last 51 years. -relationship- -- wide relationship. an important printer for many countries in asia, just as asia is an important economic partner for the united states we're a small country but we have sizable investment and trade with the u.s., and these continue to grow. we are the second largest asian
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investor in the u.s. with more than 17 billion u.s. dollars in stock investment in our total than $68unted to more billion last year. the u.s. consistently ran a trade surplus with singapore. exportedwords, america $43 billion of goods and services to singapore and on a per capital basis -- per capita basis, we must be one of the highest buying american customers in the world. iphones, pharmaceutical drops.s, ties, cough i discovered recently looking at my sports shoes, at my new balance shoes, which are very good, are made in the u.s. probably in new england. of course we bought boeing jets.
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president trump and i witnessed the signing between singapore airlines and boeing to purchase 49 boeing aircraft. it is a win-win for both sides. it will further modernize the sleep and support american jobs. leap and support american jobs. since 1990, we have hosted u.s. aircraft and ships on rotational deployments. we think the u.s. for hosting more than 1006 or military personnel -- 1000 singapore military personnel each year in the united states. we have forces at luke air force base in phoenix. base inain home air idaho, at grand prairie in texas. in fact, our military personnel
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were deployed to assist in the hurricane harvey operations and we are glad to have been some help to our gracious host. we have a close partnership to transnational security, terrorism, and cybersecurity. support to the defeat isis coalition. we are one of the first countries to anticipate and are still the only asian country to have contributed military assets and personnel. official president trump when we met, singapore will extend the existing appointment to the operation into 2018. naturallytrump and i discussed the situation on the korean peninsula. if you like to keep watching, you can at tv . the president of the united states enters on th

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