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tv   Bloomberg Business Week  Bloomberg  January 6, 2019 7:00am-8:01am EST

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♪ >> welcome the bloomberg businessweek. >> joining you in new york. >> apple stuns investors this week with a dramatic revenue revision citing weak iphone sale -- >> how the nra is spreading its message around the world.
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>> smartphones helping patients prescribed -- the fda is trying to roll out that proposal in 2019. jason: speaking of 2019, happy new year. plenty of volatility in the market. carol: indeed, some green, some read, a lot of swinging between the two has become the new normal. as peter coy points out in this weeks cover story investors can lay much of the volatility at the feet of president trump. >> last october, a few months ago, when the market had been kind of off and on but still generally rising and then the start of the fall all the way through october and november, the decline gained speed in december especially around christmas, the day before christmas was a disaster. we have had bobbling around since then. all in all, the 18 was the worst year for the stock market since the financial crisis year of
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2008. >> what's fascinating is, yes the worst year and we did kind of avoid a technical bear market -- >> by couple tenths of a percentage point. >> we are still up in terms of the equity market since president trump came to office. >> i think that is important. trump can still argue, i help stocks. but the trend is not his friend lately. article, i look at two things, the degree to which trump affected the stock market, also the degree to which the stock market affects trump which is equally fascinating. jason: you have this line in the piece when you say, now we have a stock market to match the president. peter: yes that is the volatility. volatility tends to be low in up markets and high in down markets. that's what we're seeing now. for a long while, if you just
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think about the degree to which president trump, like him or not, change agent, a boundary breaker, somebody who came into shakeup the establishment and has done so. jason: check. peter: you would think that would be consistent with a volatile stock market. but it was not. the market was remarkably calm. marched gradually upward in a stately manner. it's only now that we are getting them volatility which is kind of what you would think of with the trump presidency. carol: typically when you see the equity markets go up people start to get nervous. when there's too much complacency in the market sometimes you will see investors get more nervous as you are continuing to see those gains went on an upward trajectory. peter: complacency and nervousness are sort of opposites. it's a whole story of climbing a wall of worry, that is the expression. if markets become too
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complacent, they stop worrying, that is when they start to fall and i think that is what happened last fall, the markets had grown too complacent, stock prices got ahead of themselves, and we were due for a pullback. carol: why is it that volatility in the first two years investors, certainly equity investors, seemed to be ok with it and now all of a sudden the volatility continues and investors are like, wait a minute maybe we are not so comfortable with this volatility? peter: the sugar rush that came from the tax cuts is starting to wear off. of trump's trade not working out quite as well as one might of hoped. seemsnegotiated nafta like it worked out fairly well for him. but with china, china is off and on. right now we are in a truce with china so people are wondering is this the calm before a new storm. come march, the truce ends, will
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that result in trade frictions? something that is really barely related to trump, chinese economy is doing poorly. carol: this week again. peter: new news. factors.several people reassessing the trump presidency and economy now. jason: moving from the u.s. to europe, a big anniversary for the euro. for two decades the eu has been bound together by the single currency. carol: the block has been under a lot of political strain as of late. the euro seems to be surviving the pressure. something we've seen before. jason: team leader alan crawford joins us from berlin. u.k.eating the eu and negotiators but it's not going through the u.k. parliament yet and does not look like it will. literally, no one has any idea what will happen. so many different scenarios.
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seen unusual scenes in italy with this populist government an unlikely coalition .f antiestablishment party a fairly far right party which ,s anti-immigration and anti-eu that has been bumping up against the eu for its budget policy. then we saw yellow vest tests in france -- yellow vest protests in france. and in germany, the dominant country in europe, angela merkel agreeing to stand down at the end of this term. whicho domestic chaos really has made them something of a spectacle in germany which cried itself as the anchor of stability in europe which has looked anything but.
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jason: what is the aftereffect at this point of those yellow vest p protests? alan: in the short term you saw a relatively humbled macron giving his address to the french people. to -- inconcessions the face of these violent protests across the country. continue, the protests but they are diminished. i think it is fair to say he has taken the wind out of the sails of the protesters. these protesters were so successful initially because the organizer -- they organize over the internet, social media. they arranged to protest all over the country. they arranged that with an ad leadership.out any that same lack of leadership
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looks to be there achilles heel going forward. carol: we've seen these kinds of big moments of crises in the european union before. alan: it was divided between a richer north which was giving money to bailout funds to bail out countries in the periphery because it was not just greece. it went on to affect ireland, portugal, spain, and cyprus. at the time there were predictions by economists. i think it was citigroup at one point in mid-2012, predicted there was a 90% chance that greece would leave the euro within six months. that did not just affect greece interior, that that -- greece in theory, that that would be the breakup of the euro. the unpredictability of all of this that was really scaring investors. jason: popular sentiment for the
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union at its highest level in 25 years. how much of that you think has to do with the idea that geopolitically the world is being reorganized? you have the united states negotiating with china around trade and europe feeling some of the effects of that and maybe pulling together a bit in this new world order. alan: i would say it is in ,esponse to geopolitical events which is related to brexit right on the doorstep of continental europe. we see political meltdown in the u.k.. i've never seen anything like it. i've covered politics there. the government, the conservative -- it is that is why i was saying it is hard to see any way forward in the u.k. and as a
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, oflt the other 27 nations course they have differences and i'm not trying to taper over those. based on these grieve crises on the doorstep the natural reaction is to close ranks. carol: america's gun culture gaining international traction and that is the plan as nra stock is rising around the world. jason: u.s. restaurants facing an unusual problem, finding workers once the holiday rush slows down. carol: let's get more on our cover story. >> this is one where we had the lines for it before we knew what the visual is going to be. a lot of fun stuff to play with. elongation red tie worked well. it plays into this idea of stock market going into red but has a sort of frumpy look. a visual that works well. a really good cover. ♪
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carol: welcome back to bloomberg businessweek. join us from 2:00 to 5:00 on bloomberg radio. you can also catch up on our daily show by listening to our podcast. carol: you can find us online at and on our mobile app. as we flipped the calendar from 2018 to 2019 the debate over guns, gun safety and gun regulation in the united states show no signs of cooling down. jason: nor does the amount of gun ownership around the world topped off by the united states. this chart in the magazine, a bubble chart of gun ownership by
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country. carol: china, pretty big bubble but the big bubble is the united states. in the u.s. you have 120 guns per 100 civilians. if we did this truly to size it would have been off the charts. this is page 35 of our magazine and if we did it to size accurately this bubble would have gone all the way to 38. it shows the tremendous number of guns in the united states. jason: as for the gunmakers and how they've done, taylor riggs has a chart. taylor: we can full that into gun sales. that does bring in politics a little bit. what we've done in my terminal is normalize it back to november 8 of 2016. that was the day of trump's election. a lot of these brands like american outdoor brands, formally smith & wesson,
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performing -- underperforming. people are not really going out to buy guns until december when you had companies say they did see a big pickup in that month to get ahead of 2019. you saw more democrats come into the house. carol: a direct correlation between concerns overregulation and terms of their performance. of course, it is all but impossible to discuss gun policy in the united states without focusing on the political role of the nra, the national rifle association. jason: the group has spent years developing its all-american image dedicated to defending second amendment rights. lately it's been expanding that foot print. reporter neil weinberg told us more. carol: michael r bloomberg is a donor to groups that support gun safety including every town for gun safety. >> critics have been saying for a long time that the nra holds
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itself out as representing individuals. individual americans. there are a lot of corporate interests. what people don't really understand is that a lot of these guns are coming from overseas and u.s. gun manufacturers are trying to sell increasingly overseas. you can see these trends in the import and export numbers. so as the industry has become more global, the nra has become more global it has reached out to non-americans and non-american companies for financial support. jason: and these are companies that are probably well-known in the corporate sphere and to anyone who is followed the gun industry you're talking about ,eretta, clock -- glock representing u.s. gun buyers but as you say foreign gun sellers and that representation, whether it is literal or figurative that the nra has really is the crux of this.
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neil: you see two points. one is the financial interest. you also see the nra is sort of a standardbearer around the world for those who support gun rights. you seen this in brazil with the new president that just came to office. you also see this embarrassingly for the nra in russia with a a arrested forutin operating as an unregistered agent of a foreign country and the united states. carol: talk to us about the flow of guns. u.s. manufacturers going overseas, what have we been seeing in terms of those numbers? neil: if you look at the markets, the u.s. is overwhelmingly the largest market in the world for civilian firearms so everyone wants to sell here and what you seen increasingly is the products that are being sold, the guns being sold in the united states .re coming from overseas
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about 30% of the guns americans are buying a coming from overseas. in terms of exports this decade we've seen about a 60% increase to close to 400,000 a year and number of firearms u.s. manufacturers are exporting according to the data we have reviewed. carol: what about financial support coming from some of these gun manufacturers to the nra? neil: you might think the nra gets most of its support from individuals in the united states who are spending roughly $35 a person but they also get large chunks of contributions from gun manufacturers from overseas. you also have companies like taurus, a brazilian company makes fairly low-cost firearms sold in the united states, gets most of its sales here and offers every person who buys one of its guns in the united states a one-year membership for free to the nra. we don't know exactly how many
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are taking them up on that offer but presumably a fair chunk are. carol: coming up, new fda plan that will streamline the way americans with chronic conditions will get their medications. this is bloomberg businessweek. ♪
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jason: welcome back to bloomberg businessweek. carol: you can listen to us on the radio on sirius xm channel 119 and on a.m. 11 30 in new york, 91 fm in washington dc. jason: in london on dab digital and the bloomberg business at. carol: a look at how restaurants jason: ano face unprecedented staffing challenge. it is always been fairly easy for the industry to find low rate best low wage workers. consumer reporter leslie patton told us why.
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saide: dunkin' donuts ceo its labor is the number one concern for franchisees. that is right. so across retail and restaurants moving into the new year usually there are more workers, people free up. they were working at kohl's or macy's during the holidays that there are fewer of those people now and maybe they move into restaurants. a lot of these retailers have raised wages and they need people to bang. there are still there -- still this dearth of workers in the restaurant industry. jason: how are restaurants combating this? i have to say one of the things that really jumped out at me and i don't know if everybody was a watcher of the movie office space, but talking about consulting the employees on the uniforms i could not think -- i could not help but think about pieces of flair.
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>> increasingly asking employees to be engaged with the brand and to really show that their opinion matters. surveying them on a new red recipe or a new uniform to see if they like that. some are doing the more traditional thing, just throwing cash bonuses at people to get them in the door and to get them to stay there. carol: what's interesting, i think it is something we have talked about on our daily show. teenagers are not working in fast food. i remember one of my older sisters working at a mcdonald's when it opened up in town. it is not were teenagers go anymore. >> there are fewer young people in the workforce these days. that is a huge issue. that is part of it. i did a story last year on senior citizens kind of taking over the fast food space.
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a lot of these restaurant chains increasingly looking to older people to fill ranks that had once been held by 15, 16, 17-year-olds. jason: d get a sense of why the kids are not out there getting jobs right now? ,t is not just the younger kids it is the next level up, 18 to 21-year-olds too. leslie: maybe with the teenagers it is more they are getting internships at actual jobs that they want to do in the future so there's a little of that. some are just doing more school related stuff. with the older people like the 20-year-olds, the whole gig economy is changing things for them so they can go drive for uber, deliver for grubhub, take surveys on their phone and do it on their own schedule. no one wants to work at a dunkin' donuts at 4:00 a.m. when you can do some stuff on your phone. jason: also in the business section, americans with chronic
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medical conditions may be getting a technological assist. carol: instead of having to see a doctor to get a prescription the fda wants to make it possible for patients to access medication directly through their smartphone. the idea would be a drug company would create this app that would help customers who want to go into the drugstore and by what now is a prescription medication that would then be switched to an over-the-counter medication so they could look at the app, maybe answer a few questions and that would help them determine whether they actually need the drug are not. it could be a cholesterol pill, isbe migraines, all of this their prescription medications so thick over-the-counter what's happening is the company's have wanted to take them over-the-counter for a while but when they do studies they find
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out customers are not able to really make the decision on their own whether they really need the drug are not when they read the label. to app would be a supplement help a customer people to shoes correctly whether they should be taking that drug. you're talking about it can have a major impact on individuals in terms of their health care. there's a financial component as well as potentially ring down health care costs. right now we are seeing a trend in the insurance industry. these high deductible plans. even people who have coverage are paying a lot for medications at the counter and this could be a way to help bring that cost down a little bit to make the medicine more accessible and then if you don't have insurance this is hugely helpful because you don't need to make the doctors visit and you don't need to have the prescription to go get this drug. this would us how
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work theoretically. i got an app on my phone. what is the process from there? anna: i talked to the head of the fda, scott gottlieb, and try to exploit -- and try to get him to explain this. he told me how he might envision it. someone would go into the drugstore, they would have answered some questions on the app to determine if they have high cholesterol. if there cholesterol is high enough to warrant needing a staten and go from there. when they go into the drugstore they would go to the aisles and there might be -- we have seen some of the products like razors and things that are behind a lock so what would happen is you would be able to maybe get a code or something like that to .nlock the staten for you this code means you filled out the questionnaire and the act says you are eligible. you benefit from this drug.
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carol: we're talking tech. an unprecedented warming from sales.bout iphone still the faang stocks to watch. jason: very bold call. this is bloomberg businessweek. ♪
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>> welcome black the bloomberg businessweek. carol: still ahead, one of the worlds most respective text analyst talks apple in 2019 after a brutal week for the company. >> self driving cars generating buzz but analysts -- carol: getting to that massive
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headline. apple shocked investors and wall street by cutting revenue forecast for the first time in two decades. jason: shares plunged on the news. it put rising trade tensions with china back in focus and placed pressure on president trump. we caught up with the editor for more. >> in a surprisingly lengthy note to investors tim cook told them what a lot of analyst at bloomberg have been saying for years now, that apple pushing up sales price on iphones over a thousand dollars and other things, they have not kept up with features in the market and prices suggests that iphone trade-ins are not what they used to be. people are not just buying the latest one every two years. carol: it was interesting the timing of it. the holiday season is an we go out and buy them, we gave our daughter her first loan in the holiday season -- first phone in
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the holiday season. >> it is counterintuitive because while people have expected it to be a somewhat soft holiday season all early expectation show it did well around the clock. apple's weakness is relative to the rest of the market. >> the weakness was marked because it went straight to the heart of the world's second-biggest economy china and consumer demand there was the other reason apple gave and tim cook gave for this revision downward. >> cook in fairly broad terms lamed chinese market demand for the slowdown in iphones more broadly. this problem extends beyond whether demand for phones in china was weaker or not and apple had trouble finding a purchase in the market for the last couple of years and they have been pushed out by local competitors like huawei and ztwe.
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>> in the aftermath of this coming out we were scrambling and talking to our bloomberg intelligence team and they made that point that this is a competitive landscape in china for apple. they do not dominate in the way people assume they do. has coasted for several years on china in its ability to be seen as a status symbol. the president of china has enforced in broader and broader strokes a desire to push for an tech companies out of the market in the next two years. apple suffered from that. >> one thing i want to make sure we touch on is the ecosystem that apple affects when they make an announcement like this. we saw a lot of related stocks go down in the immediate aftermath. >> apple is the mcdonald's of this industry. one part it decides to add to
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its supply chain can add to global markets in a enormous way. when times are good apple uses that market power to extract favorable rates for suppliers. they are running such low margins that it can be serious problems. >> we have been hearing from apple suppliers in november and december about some concerns about demand for the iphone. not a total surprise here. >> that is true. as we saw over the last couple of years apple has rebranded various iphones to diversify its line with three new models the past year and cap prices edging higher and higher. phone sales have been flat this year as the average sales price went up 18%. not quite enough to make it every quarter the best. carol: more on apple in just a moment. we did notremiss if touch on tech stories in the magazine. one talks about the consumer electronics show and
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specifically about self driving cars. they have become a bigger and bigger component of that event. >> the keynote this year will be centered around self driving the head of the self driving car company for google. this -- the bloom is off the rose this year. that a lot ofzing analyst in these companies are pouring in billions of dollars into self driving car technology. it is still seen as the future to varying degrees. they are recognizing they have fallen short of the big thresholds and milestones they promised people for years they would pass by now. jason: more on apple. a veteran tech analyst is closely watched when it comes to that company, gene munster. named apple as the faang stocks to watch in 2019. carol: he is still long-term
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positive on the company. we asked why he has named apple as his company to watch among all faang stocks this year. >> we think apple will be the best performer of the faang stocks in 2019. the reason is there will be this slow adoption view from the buy side that apple is a services company. that should yield a higher multiple. to marchhere is risk numbers when apple reports of december quarter. the new reporting methodology around getting rid of iphone units is going to be critically important to investors focusing on what is most important. that is that this business, not just the software piece but the hardware part operating more like a services business which means higher visibility. we think this new reporting methodology will yield that. >> apple versus other faang stocks, what distinguishes apple
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besides their business model is data and the fact that they are not abusing customer data or exploiting customers the same way some competitors are. is this going to be a persistent problem for the likes of facebook and alphabet as more concerns about privacy and fake news and all these other things continue to gain attention among regulators? be a yeark 2019 will for greater regulation particularly on those two companies. we think google will be in a great condition longer-term -- position longer-term. we think facebook's best days are behind it. the world is not a better place because of facebook, when people use it they don't feel better. up and see a step regulation around privacy and what that means for people who are listening. it means they will have more visibility in terms of how data is used. you might click ok and move on
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and take a minute to view where your data is going. jason: we will dive deep into a incredible it immigration community and the ties between a town in rural iowa and guatemala. carol: we all need a vacation and here is where we may be headed in 2019. ♪
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carol: welcome back to bloomberg businessweek. jason: join us every day on the radio. from 2:00 to 5:00 p.m. wall street time. carol: you can find us online and on our mobile app. to an astonishing story. congress and the president battle over immigration policy and border security and the issue directly affects millions of individuals and thousands of communities around the world. cities,ok a look at two one in iowa and one in guatemala have been bound together for
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years by immigrant workers. that connection is being tested and may be severed. >> i read in may about a raid on a concrete plant on a small town in iowa called mount pleasant. in that raid ice arrested 32 undocumented workers. the majority of them were from guatemala. raide some calls after the and talked to people in mount pleasant. it'll by little found out a lot of those people detained came from the same place in guatemala. a small rural department. after visiting mount pleasant a few times it became clear there was this connection between the two places, to small towns essentially. one in mid-america and one in the middle of guatemala. i was interested in looking at that connection and seeing how these two places that are so different are connected by
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economics and the immigration issue. >> connected by economics and immigration. take us on a personal level to the people you met. >> i concentrated on a few people. one was a high school sophomore named alfred. his father, albert was one of was32 men arrested -- elmer one of the 32 men arrested and was supported in august. the son whodeported joined his father after he moved to mount pleasant to work at the concrete plant joined him from guatemala and the deportation left him orphaned in mount pleasant. june heirst met him in was still trying to figure out what he was going to do and where he was going to's day. -- going to stay. after that a woman decided to adopt him informally. their relationship was really
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because likeo me the two towns they were completely different and came from completely different backgrounds. as i got to know them more i could see that both of them had grown to depend on the other like these two towns had. takee of the things you away from this story is this idea that this is not an anomaly. there are these connections between towns in america and other places outside of the country all over the place. >> the sister cities or mirror cities. >> this particular circumstance started about 30 years ago when you look at the trends. the workforce population in small towns and rural areas in iowa began to decline. same time that happened there were industries that were moving into those areas where the population and workforce was declining, particularly industries related to agriculture. factories wanted to be
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closer to producers. you had this phenomenon where the workforce was shrinking but there were companies moving into these places. a lot of rural areas and small towns and i will became dependent on foreign-born labor. example a lotor of the people who were immigrating were from rural areas themselves. people who have studied this have noticed that particularly world immigrants in places like guatemala prefer to relocate to rural areas in the u.s.. it is more comfortable for them. they more easily set up networks. what happened in guatemala was there were a few people who immigrated early and by word-of-mouth it spreads back to neighbors and relatives in guatemala. what you have little pockets in
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rural america where the population of immigrant workers pretty isolated and contained areas in guatemala. this is something you will find all over the u.s.. bring of the things you to the front of your story, the story starts with a local official who is ambivalent to say the least about this economic evolution or economic progression that happened in towns like mount pleasant. help us understand that part of the story. attitude that is quite common in a place like mount pleasant. the town isnize becoming more dependent on foreign workers and along with that increasing dependence comes uncomfortablygly with that idea. a lot of people in mount
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pleasant, this particular person was a state representative who has been in the legislature there in iowa for 25 years, he was telling me that there was a first wave of immigrants who came to mount pleasant in the 1970's and this was part of a relocation program the government had set up for southeast asians displaced by the vietnam war. you had vietnamese and the laotian immigrants that came to mount pleasant. the people there, a lot of them view hispanic immigrants that have come in the last 15 or 20 years a little differently. issueanish-language certainly is controversial there. being somewhats distant from other people in the town, that is a view you hear a lot. there is definitely an ambivalence. for not quite comfortable with the fact that their town does
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not conform to what they want the town to be which is this homegrown iowa. up next one more look back at 2018. what hot trends told us the most about the u.s. economy. carol: a look forward for our guide of the top travel destinations for the coming year. ♪
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carol: welcome back. jason: you can listen to us on the radio on sirius xm channel in new york 11 30 and 90 91 fm in washington dc. carol: 960 in the bay area. also on the bloomberg business apps. jason: we are almost done breaking down the first issue of 2019 but we have to take one more look back at 2019.
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we have an analysis of the top social trends is one of the most read stories in the bloomberg terminal. carol: she joins us to talk ourt the fads that captured attention and imagination and what they taught us about growth, labor market and demographics. >> one that stuck out was sidewalk scooters. anytime i go to washington, d.c.. >> they are all over. they are everywhere. >> you see a bunch of guys in a suit and tie riding a scooter. thought -- we thought this was an interesting trend. i think it speaks to the fact that a lot of economic activity is concentrating in dense urban cores. we have seen that happen throughout this expansion. we are getting to the point where folks are trying to think of more efficient and cheap ways to get around and scooters are a natural outgrowth of that trend. >> cheap and more efficient ways
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to live, adult dorms. i read that and i thought oh jeepers that does not sound fun. >> it is something my colleague suggested. when he said that i did not know what was happening. i thought it was a real surprise. then i thought, is it really? 2018 and so in line with everything we know about how the economy has been evolving. places like new york and san francisco, year after year of really strong rent price growth. we have not seen commensurate wage growth. people are having a harder and harder time affording rent. rent did slow down this year. we are still at record highs. >> living together to afford living. >> they have pretty slang common -- pretty swank common rooms. i thought that was an interesting trend. >> then the ra comes out and
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says it is time for bed. >> think about amazon building their second headquarters. what a major competition. there was this big list. ultimately they end up going here in new york and then outside of washington, d.c.. >> this is one we thought was interesting. you have amazon looking far and wide and drawing bids from alaska and the middle of iowa and all the smaller towns. they pick these big urban areas that seemed like they would have always been an obvious choice and seemingly for obvious reasons. at the end of the day that speaks to the fact that it is a localized economy and you do need a base of employees and infrastructure and all of these things to compete. seeing these sectors, beyond amazon, not just amazon, seeing these actors of
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concentrated -- seeing these sectors of concentrated drop growth -- job growth. jason: it is all about travel this week. is a: where to go in 2019 list of 20 destinations that have different types and tastes of travelers. charleston usually gets all the credit in the south. you want to do a long weekend getaway you will most likely go to charleston. this is the year to go to savannah. it is a beautiful city known for its colorful historic houses. a lot more going on this year. the savannah college of art and design which is the anchor of the city is celebrating its 40th anniversary. and aof different events lot of alumni have graduated and stuck around town and opened fastening retail businesses, leather makers, honey makers. the riverside along the city is developing in a fascinating way. huge infrastructure development project will be caps off before
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the end of the summer by a jw marriott hotel, to concert venues and indoor outdoor retail spaces. jason: that is the one of the things toss and has had over savannah, the hotel seen has not been what it could be. >> savanna is upping the ante. they have two other hotels that have opened that have raised the bar. one of them is already open. .nother just opened it is part of a luxury collection with marriott. >> and easy flight from new york. >> we go into new ways to love paris. it is one of my favorite cities. new ways to approach it. >> a lot of things happening in paris. if you're a person who goes to paris and you have your favorite restaurant and you like to go to the louvre, you have your parisian routine, this is the year to shake it up. i am excited about a hotel opening called jk place, an italian brand that has so many
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cool things. it is where all the cool people in europe go to hang out, these hotels. rooms but theyof have these beautiful living room style spaces with great bars and great activations. there is something so special and fiber and about the social scene they create. they are opening their first non-italian hotel in paris close to a great location. a couple museums opening up will put modern art and fashion under the spotlight in a way they have not been in paris. it will offer different alternatives to classic museums. hop on the euro star get over to england. not necessarily just hanging out and on one -- england, heading to the countryside. >> we love london, never forget london, but this is the year to make sure you tech on a couple of days in the countryside. a couple of fabulous resorts and
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retreats have opened up a beautiful experience where you can do all the classic downton abbey style pursuits and eat like a king. it all is only about 30 minutes train ride outside of london. to a whereo get everyone will what to be in terms of a european weekend. go to monkeyt to island, it sounds amazing. isit is this old estate that on its own island off the thames, it has turned into a hotel. it has hosted a lot of historic writers and artists. it is channeling that whole history. >> when i travel i love to find beaches. you have a bunch of ideas, told me about where we should go. >> i think people should go to kenya to go to the beach. that is not a conventional choice which is what makes us great. there are flights from jfk into up the which opens
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entire country in a way that has not been accessible for a lot of americans in the past. if you don't want to go on safari which is a real treat you can head to a historic unesco protected island with portuguese to architecture and beautiful ancient sailboats dotting the harbor. tons of character and the beaches are gorgeous. >> bloomberg businessweek is available on newsstands now. jason: also online and on our mobile app. monte real story that takes a story that are thousands of miles apart connected by immigration. and i it is so intimate don't think i have ever understood the immigration debate and the immigration drama as well as i do having read this piece. >> i think we always think about the big macro stories of emigration and what is out of washington. impacted, ito are
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is a part of our labor force. thecan find more stories on bloomberg website. >> check out our podcast. more bloomberg television starts now.
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>> one of the longest-running ceos in tech history. hailing from west virginia john chambers got his start at ibm before landing a job at cisco in the early 90's. he became ceo in 1995, just five years before the tech industry went online. cisco out of devastation growing the revenue from $70 million to $47 billion when he
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stepped down in 2015. he is focusing on finding the


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