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tv   Bloomberg Best  Bloomberg  June 30, 2018 7:00am-8:00am EDT

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taylor: coming up on "bloomberg best," the stories that shaped the week in business around the world. trade issues again dominate discussion as uncertainty continues. >> markets go down because they see changes in policy and then a spokesman goes out and says, nah. taylor: a landmark departure from the u.s. supreme court. >> definitely a chance for trump to leave his mark on the court for a significant period of time to come. taylor riggs taylor: tackling the immigration crisis. the federal reserve releases results, and companies find themselves in the crossfire. >> in the trump administration, you can go from poster child to
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piranhanto -- toronto in a new york minute. >> they will have an impact in the long haul. >> we think demand the world needs everybody to be a part of that energy mix. taylor: ray dalio shares insights into the economic scene. downturn, ive a think it will be difficult. taylor: and the prime minister's of malaysia and greece speak exclusively to bloomberg. >> i do not believe in absolute free trade. >> the most important thing today is that this is the end of it uncertainty for greece. taylor: this is all straight ahead on "bloomberg best." ♪ taylor: hello and welcome, i am taylor riggs. this is "bloomberg best," your weekly review of the most important business news and
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analysis from bloomberg television and around the world. on monday, investors walk to the to theke -- awoke results of the presidential election in turkey. >> he won a mandate to government sweeping powers after a victory in presidential and parliamentary elections. the nation's longest serving leader took 52% -- 53% of the vote. what is it mean for the turkish economy going forward? >> it is a critical step for the president to has been in power for 16 years, looking to extend that can stay with more power. , thee first round expectation was it would go for a second round but that did not happen. there were claims of vote manipulation. we will see what kind of measure the election commission takes up a will be done about economic policy, will the expansionary aggressive easing and more
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towards reform and austerity measures to rebalance the economy? >> on friday, treasury secretary steven mnuchin and will release new restrictions on chinese investment in the united states. reports are that it will focus specifically on investments in the tech industry. electric vehicles, robotics, aerospace. >> so the treasury has until july 29 to announce a proposal on restrictions on chinese investments in the u.s. this would be in retaliation for taking of intellectual property rights for u.s. companies operating in china. >> if we go down this road, it -- restricting chinese investments in the tech sector, it will deepen the divide between the u.s. and china, the question has made clear that they are willing to buy more goods to close the goods deficit. but there are not willing to budge on their future industrial strategy. >> the chinese ministry did not
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-- but steven mnuchin took to twitter to disputed, saying that on behalf of president trump, the stories in bloomberg and wall street journal are false an fake news. >> and reaction to the new state there is a lot-- on the market front today as we see selloffs in reaction to the news that the administration was considering investment curbs on china, in a u.s. technology firms. we just heard from peter navarro who said that there was a misunderstanding about the policy, saying that there are actually no plans to implement investment restrictions on china and others. could the market action today have dissuaded the administration from putting those curbs in place? >> we have seen this situation where markets go down because they see changes in policy, then a spokesman who has been a cheerleader for that particular policy goes out and says, nah. that is not what i meant and increases uncertainty. >> a race to rebound shares
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today as the ceo shrinks the company in order to save it. >> this is a radical break up, what people have been waiting for, and it goes a long way in simplifying ge, to make it less of a conglomerate. john flannery views this as an opportunity to change the narrative in terms of the with the company communicates with investors. when you think about it health care business, it has been a starved for capital and attention within ge, and people ignore the fact that that is actually a good business. margins are increasing and revenue is growing, cash flow is great, but it is hard to get excited about that when your power earnings are dropping off a cliff. dividends potentially getting cut, nobody really cares. now you have this business, standalone where it could make acquisitions and invest in organic growth. that will be exciting for investors. >> the trump administration
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taking a softer than expected approach to trade, i guess harshest measures on chinese investment. how does that contrast with what we expected? >> president trump and sydney -- senior administration officials saying that they are getting behind bipartisan legislation on capitol hill that would expand of the committee on foreign investment in the united states, or cifius. what it does is expand the committee to allow them to investigate foreign entities, to not only have a potentially majority stake in u.s. businesses, but also foreign entities who are minority stakeholders. in addition to expanding the organization, the president is calling on congress to pass legislation as soon as possible. >> it is a victory for steven that -- at suggests friendlier approach. cifius can be lobbied, the way
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that other governments cannot be, if your deal is coming under scrutiny, it is probably easier to influence the outcome of that decision than just going to the president of the united states. >> anthony kennedy retiring from the supreme court, the longest-serving member. he has been a swing vote on a number of groundbreaking decisions, including legalizing same-sex marriage and preserving the roe v. wade decision. >> justice kennedy was the swing vote. of course, in the last week, we saw him citing mostly with conservatives. but you can expect that whoever replaces him but probably shifts to the right in key issues. many observers believe that whoever trump appoints will probably be to the right of kennedy on issues from immigration to gay rights, definitely a chance for trump to leave his mark on the court for a significant period of time to come. >> the federal reserve's tougher stress test includes
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scaling back proposals of dishing out additional cash to shareholders. deutsche bank u.s. version fail there stress test on capital management and risk management. >> the numbers pretty much came out in line. wells fargo is really the big winner in my opinion, a lot of people thought they might qualitatively fail the test, because they're are under the fed consent order. among the other banks, jpmorgan, their dividend came in better than expected, which i think is something investors will view favorably, especially for those who seek dividends. goldman sachs and morgan stanley, they received focus over the last week, goldman got things done in the beginning of the year and came in at the lower range of expectations. morgan stanley, they may have disappointed some versus expectations before last week, but i think it is enough. the result of the stress test, what it tells you for deutsche bank is that they have plenty of
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capital on the books. the fed said that there were material weaknesses in the capital planning process. they talked about issues with internal function which includes risk management. it was not a surprise, the fact that the issues really points to do process, and not something that is balance sheets related, that should quell concerns. ♪ >> italy's new prime minister has negotiated a package of measures at the eu summit to stem the flow of migrants in to europe and to spread the burden of handling arrivals. >> two main points is that european leaders will agree to create migrant control camps. or centers, as they like to call it essentially, to vet migrants. qualify professionally for asylum will be allowed to stay and those who don't, will be sent back to their home country. if a country feels overwhelmed by the flow of migrants, the rest will have to contribute and
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distribute the quota. the problem, it looks like a classic fudge from brussels. it is voluntary not enforceable , by law. it is unclear which country if any at all the volunteer. >> this morning, axios reported that the president is set to withdraw from the wto. >> we heard from secretary steven mnuchin, who is a globalist on trump's team, who said that it is an exaggeration, that there are no plans. it would take an act of congress to withdraw from the wto. that is in congress is per view, and he would need congress to formally withdraw. but what he pulls out of agreements, such as the paris climate agreement, the you and un -- un human rights council,
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it sends a sign that he is may be about trying to pull out of this agreement. taylor: still ahead, as we review the week on "bloomberg best," a conversation with ray dalio at the aspen ideas festival. plus, frank talk from industry leaders. at the world gas conference. next, more top is this headlines including canada, just one of the country's setting up a strategy to deal with the trade war. >> canada has no choice but to retaliate with a measured, perfectly reciprocal dollar for dollar response. taylor: this is bloomberg. ♪
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taylor: this is "bloomberg best," i am taylor riggs. let us continue our global to that -- tour of the weeks top business leaders with an exclusive from the united
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kingdom. two years after brexit, our reporting reveals that some hedge funds make huge profits from foreign exchange turmoil on the night of the vote. let us call it "brexit's big short." >> a bloomberg investigation has found that hedge funds hired polling companies who sold them critical advance information on the eu referendum, including data which would have been illegal for them to give to the wider public. this allowed some of them to earn fortunes by shortselling the british pound on the night of brexit. we have been looking into these relationships for seven months, what are the most surprising things you found? >> so many things. just on the surface, the fact that these relationships existed. there were generic references to the run-up to the vote, that hedge funds were looking at hiring pollsters to do things, but the depth of the relationships in the days before the vote and on the day of the referendum were pretty shocking. we had no idea that people were
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curating the vote were on an undisclosed basis working for hedge funds with major stakes in one side or the other or were betting on how the market was moving based on polling data. the secret relationships existed without anybody really knowing specifically what they were, or the depths of those relationships. >> the eu split without a deal, over 100 trillion dollars of derivatives contracts and insurance liabilities could go unserviced, that is the word of mark carney, the governor of the bank of england. there could be havoc and this is not dealt with, yes? >> yes, it is a strong warning for the european union that they need to put their house in order about this derivatives issue. >> what was the general tone via the financial stability review report? the overall tone today?
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sayinge -- >> they are -- i think there is recently saying, that without exit, things are pretty silent. that is where most of the risk comes from, the biggest domestic risk. >> the u.s. supreme court as upholding president trump's travel been in a 5-4 vote, giving trump legal victory on an issue that is half the fun his -- helped define his presidency. >> the supreme court did allow the administration to continue to enforce the travel ban, which currently prohibits entry from seven countries. it is important to know that the supreme court did not accept the administration's suggestion that they should ignore the president's comments, which suggested that the ban had been adopted for anti-muslim purposes. instead, the court says that when you look at the comments and the national security justification that the in -- the trump administration put forward, on balance, the administration can go ahead and enforced the ban, and it violate the constitution's prohibition against favoring one religion.
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david: the supreme court today could and its term with a bang, ruling that the practice of requiring public employees to pay union do's, "violates the amendment and cannot continue." the dissent said it would "alter the relationships of public employees and their employers in unexpected ways." >> a significant whack and how big labor camp allocate funds to fund themselves. the decision, this overturns a decision from several years ago and according to the supreme court ruling, they said that the decision had "led to practical problems and abuse, it is inconsistent with other first amendment cases." this of course, being written by justice alito, who delivered the opinion of the court. i want to note the political implications, this was a 5-4 decision. judge neil gorsuch, who was, off course, appointed by president trump, the conservative justice
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on the court, really tilting the court in the conservative favor. and this decision and the decision yesterday on immigration. -- in this decision and the decision yesterday on immigration. >> the u.s. is said to be pushing allies to end all imports of iranian oil. crude jumped on the news, that there will be no discussion of waivers or extensions before the november 4 deadline. how much pressure will there be on the price of oil given the u.s. rhetoric on iran? >> i think it will be a lot of pressure on oil. right now, there is a little bit of overhang in the atlantic basin, which we are clearing off. because we have hot u.s. exports in the past. once that clears up, substantial upward pressure. there was no reason why oil cannot go into it $90 a barrel a year and, given the volume of oil we are talking about that could be lost. >> the chinese renminbi is in focus today. what happened was the central bank extended the strengthening
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buying, fixing its currency. stronger than many levels -- than the level many traders expected. and there is pressure building on chinese authorities to support the renminbi. was that the moniker? -- grand master? >> certainly coming at a difficult time, as the trade talks or lack of trade talks go on, you have the currency coming off the weight that it is, all of those tensions and suspicions that mr. trump had, at what point is a policy decision to allow currency to weaken even further? or whether or not they step into put a floor under it? do they weaponize it as they do with trade in the u.s., or do they keep it stable? certainly, the risk is that they might weaponize the yuan, and it would risk significant volatility for themselves as well. shery: we now expect president trump to meet with the russian president this summer. do we know at this point what they expect to discuss?
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>> vice president mike pence told us in an exclusive interview last night, that they about russian election meddling again. the president has raised that in previous meetings, he says, but he has received assurances by vladimir putin that the kremlin was not involved. so we will see if the president indeed brings up election meddling again in this summit in july. the u.s. intelligence committee has warned that they think the russians will probably try to interfere in the midterms, and that our elections are not really properly safeguarded against that activity. shery: canada pushing back against protectionist policies with a lift on their own tariffs they have released a list of $12.6 billion of u.s. exports. >> canada has no choice but to retaliate with a measured,
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perfectly reciprocal, dollar for dollar response. shery: from the canadian foreign minister, targeting u.s. exports such as metals, chocolate, dishwashers -- saying that canada will not escalate on the tariffs dispute, but say that they have no choice. david: from the canadian point of view, is it a popular move? >> very popular, all the polls show that everyone was justin trudeau to fight back. they show donald trump is not exactly popular in canada, but there are fears to what it could lead to if it escalates. the point where the economy in canada could take a hit, that would fall. but at the moment, people like the idea of retaliating. ♪
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shery: billionaire investor is reportedly taking a step back from bridgewater associates, telling clients that they could go towards a partnership model. what could that look like? >> it is something ray has been working on for the last 10 years, stepping away from the business slowly. this is a next step in that -- other people will have more control of what goes on inside the firm. taylor: bridgewater's ray dalio is on a wall street's most outspoken figures. ready to offer insight into the markets, politics, policy. he spoke with bloomberg's erik schatzker this week at the aspen ideas festival. erik: risk in the financial system today, the risks to investors, people with capital are different than they were clearly, in 2007-2008. what would you say are the principal risks? in order of importance. ray: ok. as far as the debt crisis, we
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calculated that we would have a debt rollover crisis. we don't have that. we have a situation in which the number of ious that we have, in terms of not only debt, but health care, pensions, and so on, are a lot. there are more ious that can be -- dealt -- than can be dealt with, and that is a problem. as we sell more bonds into the market, because we are and the process of a larger deficit, and running down the balance sheet, that is supply and demand. if i take three things, in terms of what i would say are the three most important issues of our time, what they will become a other than how we deal with the next downturn, i would take a second on that downturn -- if you have a downturn and we are so much at odds, i think it will be a difficult time. i think you can get more political polarity. the left could be more extreme, the right, even more extreme. so i am worried about that. but the longer-term, the three
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things would be, how well does capitalism get reformed, in a way where it is working for the majority of people? erik: more people feel like they are benefiting were invested in it? ray: that it's right, in a way, it creates incentives that pay for themselves. not just social programs, but enabling others. number two issue, not in order of priority, is the relationship between the united states and china, and of course, other countries, as we come into a rivalry. how is a rivalry handled? will that be handled peacefully, or will it be antagonistic we? ;y? -- the third thing, is big data and artificial intelligence.
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when we look at the world 5-10 years from now, which is not so far, i think we will see a world that is very different, depending on how we handle -- the world in terms of data and artificial intelligence, how we use it, it will be a different world. the world in terms of that conflict or competition with china will be a very big deal. and the issue of whether we can operate in the country as a whole, in which we don't have the factionalism where we are united among common principles and pull together to be effective, those will be the three things. taylor: up next, more of this week's compelling conversations. energy executives from around the world discuss how our trade war would hit their business. and two heads of government speak exclusively with bloomberg. malaysia's prime minister pulls no punches in describing donald trump. >> he is mercurial in that he
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changes his mind every 24 hours. taylor: this is bloomberg. ♪
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taylor: welcome back to bloomberg best, i am taylor riggs. the energy sector have plenty on his mind dealing with new opec output levels and it was quite a further sanctions on iran and trade tensions between the u.s. and china. alix steel was in washington for the global desk operant and spoke with industry leaders about their concerns starting with the conoco phillips german -- german -- chairman. between u.s.cts and the rest of the world, how does it affect your business? it closelyatching and hopefully a does not escalate into a large-scale trade war, not good for the
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world. when you boil it down to our business, it is the aluminum and steel tariffs that are placed on some products. us not having a huge impact in 2018 but it is persistent in the next couple of years, the cost of that steel is rising. it has a material impact on the company. we use the steel in the tubing and the pipelines. we run across the surface to move product. in the long haul, it will have an effect but not so much today. we hope it gets solved in the near term and not have a material impact. >> what about the demand side? china buys a ton of oil, starting to buy more oil for the u.s., would you be worried? volumesof our export have made their way to china. to the refiners on the chinese
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coast. today, not a large impact on demand but we will see what happens if they placed a tariff on the liquid side of it. the market will be balanced and we will send volumes maybe not so much to asia but more to rotterdam, south america. lng side will be different, all eyes upon that. a lot of our natural gas in the u.s. is finding its way to asia, to meet their growing demands as they -- we are watching that closely. some of eric just makes it to the export channel as well. -- am of our gas makes it to the export channel as well. >> what would you see to have to make different business decisions? wille longevity, how long we think it will persist and in the shorter market.
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we are used to volatility in the shorter market and it is trying to make the assessment over the medium-term and long-term that will drive capital allocation decisions within our company and changes to where we are investing and the mix of oil and gas that we are investing in. largely, today, the gas production is rising pretty well in the u.s. and will continue to do that. we will have to find outlets, if it is not china, it will have to and tope, the backstop, places in south america and other places that need lng. >> if china as a reaction to buying u.s. lng, what kind of opportunity is it for you in china? >> it is important we leave lng and energy out of the trade war, if it is called a trade war, for us, important people can get access to clean energy and gas is the cleanest energy available. in the fossil fuel arena. if it getsts in --
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in? >> my advice would be to leave it out, it would make us more competitive and make the u.s. less competitive. if that is the case but we think the demand needs everybody to be a part of that energy mix. we are the largest energy supplier, qatar. we have announced we will grow our lng business from 77 million to 100 million very soon. there is the growth. we are investing in the u.s. to have additional lng. >> aggressive growth plans, a report today said the u.s. government of the biggest supplier, if there projects come online. if that happens, do you have to produce more, do you have to discount lng? more price competitive in asia? >> what is happening, if you look at the growth around the
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world and the requirement for clean the fossil fuel, gas, china, india, growing countries, europe, other areas, there is a need for everybody to have more gas to cope with requirements for the future. enough to go around and we need more people to grow and have a good supply to cater to the demand everywhere in the world. >> where does all of your natural gas go? >> recently, asia and more specifically into china. >> when you hear headlines about trade wars, back-and-forth between the u.s. and china, how do you think about that? >> i focus on our customer. we keep in close contact. we sent 50 tankers to china recently. they need us and we need them.
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we tried to keep the politics out of it. >> do you feel there is any circumstance where you would question lng going to china? >> it would be hard for us. we have a very diverse customer base. when i look at the grand scheme of things, with over 30 million tons, on the one in 1.4 million tons destined for china for the next 25 years. a very small position we have. i am not worried from a country risk perspective about china or asia. ministerlaysian prime is changing the rules when it comes to the country's foreign-policy. he is reopening a five decade dispute with singapore over the price of water, investigating the terms of contracts with china and he is not shy about expressing his opinion of donald trump. we sat down with him this week
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for an exclusive interview. should not tryy to dominate the world. world should the be shared. >> your personal thoughts on president trump? >> he is mere. and he change -- real imperial -- he changes his mind and 24 hours, he wants to meet with president cam, he does not want to meet, he thinks president kim is a great person to do business with. >> can you trust a man who changes his mind about issues and policies every other day? >> when you have a man like that, you need to be cautious. you need to know whether this is
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for real or not. >> how would you deal with a man like president trump? >> like any normal person, nobody in this world is perfect. everybody has weaknesses. we have to deal with them. knowing their weaknesses and strengths. orderyou think the world would change with a leader like donald trump, has it changed? we seem to have issues with nafta, now tensions between the u.s. and china, trade. are you concerned we will turn around and make a trade issue with malaysia? >> if it is a good proposal, why not? i do not believe in absolute free trade because the competition is between the weak and strong, you need to have protection for the week. -- weak.
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>> the prime minister of greece took over in 2015, challenging brussels and berlin over his nation's debt load, three years later, the nation has met the demand of creditors and cleared the way to exit its bailout program. john mickelthwait sat down with him for an exclusive conversation about the grease economic outlook. -- greece's economic outlook. >> the end of uncertainty for greece and they are coming back. at the same time, austerity comes to an end in greece. forecast, 202119 and 2022, we have fiscal margins above the obligation of 3.5% of the primary surplus between 2019 and 2022. the important thing about the end of this program is that the greek government commitment to
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these goals and other --ponsibilities are >> the other thing that has happened recently is the s&p last night upgraded your debt rating. are you likely to issue more debt, more bonds, because of that and when would you do it? >> i believe becoming time will be very good news for the greek economy. yesterday, we had the upgrade showing a positive way in which the euro group decision had been received by the investment community. i think the biggest success in greece is that it managed within relatively short time to implement so many important structural reforms. we believe we will not only reach the program goals but also have the physical ability to
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lighten the burden and heal from -- heal one's in the last eight years -- wounds in the last eight years. i am optimistic the international investment community will respond positively. we have seen we have down the trent in 10 year bonds. the fact that loans will be paid back after 2032 gifts some stability and certainty to investors to invest in greece. this is what we need now. ♪
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taylor: you are watching bloomberg best. i am taylor riggs. an iconic american company announced a plan to cope with impending tariffs.
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>> president trump's trade war is rippling back to american companies, harley davidson announced it has moved production out of the united states in response to retaliatory eu tariffs. what is going on? >> terrace for harley davidson go up from 6% to 31% and they say that will add a cost of $2200 per bike. they are taking this seriously, talking about reassigning production to locations outside of the u.s. >> detailing the impact the tariffs will have on their business, harley davidson said they will shift reduction out of the u.s. president trump said the company should be patient and this morning said that harley davidson said they would move much of the plant operations in kansas city to thailand, long before tariffs were announced, they were just using trade war
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as an excuse shows how unbalanced and unfair trade is but we will fix it. who will be after harley davidson? that inepisode shows the trump administration, you can go from poster child to pira nna in a new york minute. withthe past 24-48 hours harley davidson, the continental, these are just the canaries in the coal mine for what is going to be a slew of other corporate actors following soon. the pastl motors in few minutes announced it could cut u.s. jobs because of auto import tariffs. gm does not talking about specific tariffs, is it talking about the eu, canada, all of it? >> they are talking about the investigation that would slap potentially big tariffs on imported vehicles.
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gm does not like where this is going. they import a few cars from europe and a little bit from china, quite a bit from mexico. ,hey say if you tax vehicles you will reduce auto sales, reduce jobs. e wasr given a 15 month license to operate in london after working out most of his differences with regulators. a lot shorter than the five years they were hoping for. >> shorter than the 18 months they were apprised. this is a probation? >> exactly, they have 15 months to make good or continue making good on promises they have said they will make. behaving better and reporting crime and offering other changes. month time that he will have to keep doing the right thing and eventually reapplied for another license in
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15 months. hopefully they will get it without having to go to court. >> battle control for fox entertainment assets, latest round going to disney with antitrust regulators approving a $71 billion did, raising hurdles for potential rival comcast, disney got the department of justice vote of approval but still have to jump through hoops. disney,, a big win for especially in light of what at&t had to do to buy time warner, challenging the justice department in court and win. approval so relatively soon in the process is good news for disney. the one condition, they have to sell fox's regional sports networks, local cable channels tied to teams like the new york yankees, basically have approval for everything else. consolidation in the movie business and tv business. a victory so far. the supreme court handed down
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its decision, american express antitrust case, ruling the car company did not violate the law by prohibiting margins from directing margins from other -- customers to other cards with lower fees. >> they looked at the market definition and said you have to define a market and show that american express has market power in the market and has restrained, had been in restraint in that market. as one single market for transaction, rather than emergence i and a cardholder side, they said this is one transaction. if you look at the transaction as a whole, as merchant fees have gone up, benefits to consumers have got up and has to get that essentially but they did not show that. a second government lost in a month and a vertical deal and at&t i'm ---time warner, alleging a vertical merger and now a vertical restraint and the court said in both cases this will be a higher bar to prove there has been an anticompetitive effect, where it is a vertical issue. biggestup at hsbc, the
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night in europe announced it is hiring former rbs financial director to succeed ian. a good hire? >> i think it is. came across after four years at rbs, four years of losses, fines, getting involved in scandals. not behaving as they should towards their customers but he came out with a good reputation. as cfo, they have returned to public ownership, the government still owns a 70% stake until a couple of weeks ago. the person he is replacing have a good reputation. he had been there for 11 years and was considered for the coo job. this will not change the direction of the back, hsbc will keep doing what it has done but the people i have spoken to think it is a good move. a 4.7w me has raised
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billion dollars and the hong the beijing-based smartphone maker priced shares at 17 hong kong dollars each, the lower end of the market range. separate sources say george soros and a chinese company are among investors that place the orders. how does this match expectations we had? >> they said they were targeting a valuation of $100 billion in the ended up getting about half of that violation, $54 billion, the reasons complex. the markets are certainly rocky, the trade tensions have been challenging. they wanted to raise some money out of the mainland domestic market through the china depository receipts which did not work out partly because regulations are complicated. no caps on has done that successfully and they were not able to pursue that at the same time they did the hong kong ipo. the fundamental reason is they never really persuaded investors
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that they are more than a smart phone company. apple and samsung has reached a settlement in the u.s. patent battle ending a seven-year fight over smartphone design. what a saga. exhausting and they said forget it? >> someone told me the only people who won our lawyers with all the legal fees. apple got what they wanted, the quartz to go with them -- the courts to sign with them on patents and good motivation for an innovative technology company like apple because it confirms to than the patent system works, why they are doing what they are doing. they got $.5 billion out of it, not much money for them. samsung does not have to fight anymore. some people say the designs are cooler than apples at this point. buymazon and bring to online pharmacy in a deal that will further push it into the
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health care sector. not a lot of details on the deal. the company privately held. we thought amazon would go into the pharmacy or drug distribution business. >> until today, the one thing you could buy at cvs that you cannot buy on amazon is prescription drugs but that will no longer be the case and this is a huge deal. investors and amazon getting into health care, the one things walgreens had over them. no longer the case. this is a huge deal for the companies. opened wholesale has come of trading at 2111 -- 21.11. a nice premium on the opening to trade. -- two trades. >> shares at $17 apiece, on top of the range. they were taken private in 2011 by a capital partners, now
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coming public once again. seeing the strong demand, stock already i buy rating, saying good value, particularly compared to other types of grocery related chains. wholesale club model offers more value. ♪
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the one feature we would like to bring your -- to your attention, catch up on the conversation with catherine of fidelity investments. you can rewatch any of these interviews on the bloomberg function, the chats we talk about, join in by sending us is the messages during our shows.
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are about 30,000 functions on the bloomberg and we enjoy showing you our favorites on bloomberg television. maybe they will become your favorites. another function, quic go which will lead you to quick takes where you can get important contacts and task insight. sugar has always been somewhat of a good but only in small doses and with obesity on the rise, the bad image has grown much worse with added sugar blamed as a corporate public health experts like to the singers between natural and added sugars. pound for pound, all sugar, glucose, fructose, a combination, or equal. limited sugars found in an apple come with nutrients and dietary fiber. fiber is failing and lowers the
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likelihood of overeating and helps liver function and avoid spikes in blood sugar. who recommends the average person need at the very most 12 teaspoons of added sugar per day. find that amount in 15 ounces of coca-cola. how have advocates try to help people cut back? governments and 30 countries and a handful of u.s. cities have started by treating sugar beverages like they do cigarettes or alcohol in taxing them. signs they could be working, after mexico imposed a tax on sugary soda consumption drop of more than 7%. critics argue that disproportionately affect the poor and could lead to food and industry job loss. study found the wealthy paid the tax while poor people cut back on soda. taylor: that was one of the many quick takes you can find on the bloomberg, also find them on bloomberg.com with the business news and analysis 24 hours a day. that is all for bloomberg best. thank you for watching.
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i am taylor riggs. this is bloomberg. ♪
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carol: welcome to "bloomberg businessweek." jason: we are at bloomberg headquarters in new york. carol coming up, we have a very : special issue for you. jason: we are going all around the world looking at things getting lifted. carol: a reporter is really following the money trail on some high-profile burglaries around the globe. jason: bees, art, whiskey, so much to cover. carol: we definitely have to start in the u.k. jason: a blo

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