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tv   Bloomberg Markets  Bloomberg  May 11, 2015 11:00am-12:01pm EDT

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architect of the biggest drug deal of 2014. olivia: china cousin interest rates for the first time in months and we will get the reaction from the former treasury secretary hank paulson. president obama's meeting at the white house with some of the most successful innovators and the air bmb ceo is among them. he will give us details about the entrepreneurship summit. olivia: we look different and i think it will help you know everything you need to know during market day faster and sharper than before. pimm: we will show you the important stories and the features generating interest every hour and of course all the
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news moving markets right now. olivia: let's get straight to it and take a look at where u.s. equities are trading. you can see the s&p 500 is unchanged at this hour come off by 1/10 of 1%. the s&p 500 did hit an intraday record trading hyperion this was after the s&p rose why the most in months following the slightly weaker than expected jobs report. pimm: let's look at treasuries. selloff today there and the yield is going in the opposite direction of the price. the yield on the 10 year is yeart 2.25% and the twqo is 2.6%. olivia: let's take a look at the top headlines. or the first time since the talks, john kerry will meet with vladimir putin tomorrow in sochi. where the olympic tour held last year. the state department says the
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talks will focus on ukraine, iran, and syrian ties between russia and the west have been damaged by the fighting in ukraine. the west imposed economic sanctions on russia accusing russia of supplying arms and troops. arepean finance ministers downplaying expectations about their meeting ungreased today. they are in brussels and waiting for a final proposal from greece about proposed economic reforms put in the finance ministers have said they will not release any more bailout money until they are satisfied with the greek plan. >> there is no final outcome so there is no result at the table today. this is so we can just stick -- take stock of what programs can be made and hopefully that is positive but we will hear from the institutions first. olivia: greece faces another hurdle tomorrow by paying $840 million back to the imf. in the u.k., premised or david cameron begins his second term facing a big issue -- the great written future with the rest of europe. -- the great britain future with
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the rest of europe. europe is the subject of which will be big. for the business committee, that will be important. over the weekend, we heard that the confederation of british industry has been arguing that the u.k. business community wants the u.k. to stay within the eu for the single market benefits. they want to see the relationship between the u.k. and the eu renegotiated. you can expect that to be a big theme in the early part of this parliament. news from citigroup on the libor scandal -- citigroup will not be prosecuted. it says justice department has declined to prosecute the band -- the bank after the rigging of the benchmark interest rate. citibank says it's in talks with prosecutors's over another investigation, one that focuses on rigging foreign currency markets. the banks as a settlement in that case could involve a guilty plea. there is a takeover in the shale oil business. noble energy has agreed to
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acquire rosetta resources at a price tag of $2.1 billion in stock. noble will assume $1.8 billion in debt. the deal will give noble a position in two of the largest areas of shale production in texas. a key aide to bernie made of has died after spending years spending the government prosecute those in the ponzi squali died ofdepa lung cancer. he was awaiting sentencing for his role in the scheme. a fendernt to see what bender of the future looks like, go to california. an investigation by the associated press says almost 10% of the driverless cars in the golden state have been in accidents in the past year. two accidents happened while the computers were driving and two while human drivers were in control. there is good news -- the computer-controlled accidents were both at speeds of less than 10 miles per hour. the cars involved are from
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google and delphi. those are your top headlines. olivia: but probably not. still to come in the next half-hour, online retailers sales are searching after a big investment from ali baba and we will look at what's in it for jack ma. pimm: we will hear what hank paulson has to say about the economic slowdown in china. olivia: president obama wants to invest in global entrepreneurship. he says that's a way to solve some of society's ills. we'll hear from a new member of his innovation counsel, brian chesky up next. olivia: pimm: an activist pimm: -- activists are announcing profits after the allergan deal. joining is now in an exquisite interview was activist president fromeo brent saunders
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person pinnie, new jersey. thanks for being with us. describe exactly why it is you raise the guidance. brent: as we brought these two exceptional companies together, we started to see strong momentum from both companies which was not a surprise. it allowed us to put out guidance that i think is better than consensus. pimm: can you explain the strategic reason for the acquisition of allergan? does it compensate for drugs coming up at and protection? was not thereally case. as you reported a bit, allergan was a company that was under a hostile attack from valiant and pershing square. we stepped in as a white knight to save allergan. we saw a very compelling strategic fit for those products in our portfolio. also we saw that a lot of complementary overlap in areas like dermatology and areas like
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the rolla g and urology and that brought us into a private pay aesthetics market. it is very complementary, strong industrial and strategic logic and of course the numbers based on the guidance we just gave are also incredibly strong. olivia: as you say, it appears to have been a white knight move. also going on, it seems to be a shift in the strategy. further ofpushing up the value chain in brand name drugs like botox which is the crown jewel of allergan. activists, what is the business mix of brand names and generics question withrent: as we are allergan, part of our company, we are about 1/3 generic and 2/3 branded. our generic business had a fantastic order. we reported a 20% constant currency increase in revenue in
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our generic business. pipeline inest r&d the industry. i think it is the best in class competitor. we are finding many connecting rods were things like formulation science or commercial relationships are complementary and support the branded business. we like our generics business prayed we think we are the best in the world at it. it's very complementary to our branded business. pimm: can you speak about the actava bid? what is your take? i have said this time and time again -- with some exception, hostile bids against large global going concern companies are value destroying. i wish teva best of luck and mian best of luck in their bid but at the end of the day, these businesses depend on people to
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execute. they depend on people to make continues tosiness gain traction and have momentum and discover new drugs. when you set up a hostile situation, you really create that blood. it takes years and years to integrate bad blood companies. as you probably know, most integration fails. i think you are stacking the odds against you when you go hostile. olivia: your business model is to make integration work. he said the generic is this is doing well. why not save mylin? brent: you can never rule anything out. we have full scale in our generics business. even in the combination of a ylin potentially from the overlap issues. we know we have size and scale and a best in classr&d pipeline so we don't feel a need to do those kind of large-scale acquisitions in generics.
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we are probably more suited to do tuck-ins with our generics business. we're slated to close one in england in the second quarter. i never say never to anything but it's highly unlikely. pimm: brent saunders, based on the transpacific trade pact in washington, what is your position? i think free-trade is something i personally endorse. we have a robust as nice in asia. we would love to see that. your four head is looking very smooth. he got botox in january. did you get it again? i have not had it again but i would love to sign both of you up. olivia: what makes you think pimm does not already use it? brent: we can make it a new
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segment. if you pimm: want to come in, i will help you. pimm:thanks very much. dale i had, why is alibaba taking a 90% stake in zuliliy? ♪
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pimm: welcome back to "bloomberg market day." olivia: let's get straight to julie hyman. what'sif you look at happening right now, we are seeing a little change to the
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market. there is this push/pull going on between macro news trying to cut rates -- on china cutting rates and the finance ministers meeting in europe to hammer out some kind of deal on greece. and is on the macro level on the micro level, health care shares are up in oil is down. oil prices are having a pullback on speculation that we will see glut for quite some time and more of a micro level, the oil stocks are taking a hit and that's the biggest drag on the s&p 500. and aenergy, murphy oil long list of the various oil producers are down sharply. noble is also making an acquisition by buying rosetta resources for $2 billion. that is also weighing on that stock. olivia: thank you so much. pimm: let's take a look at some of the top stories -- early today, a tornado struck a
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northeast texas and southeast arkansas and two people were killed and dozens injured there was widespread damage. earlier there were dramatic pictures from north texas were helicopters had to rescue people trapped by flashlights. storms have dumped up to seven inches of rain on the region. comcast is getting a new chief financial officer. the company says michael cavanaugh is leaving the carlyle group to assume the role. he will join the giant media company this summer and he s whoeds michael angelaki will become the chief executive officer of the investment division called comcast ventures. comcast recently dropped its merger plans with time warner cable. volvo is going to south carolina. will build its first north american plant in south carolina. it's an attempt to revive u.s. sales which have fallen by more than 50% in the last decade.
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the south carolina plant will employ about 4000 people and is set to open in 2018. olivia: we are in the middle of two weeks of big money art auctions in new york city. the options are expected to rake in $2 billion. looking forre something to hang over your sofa, this will catch your eye. i checked this out at christie's a couple of days ago. --" is " women of ill jeers women of algiers" by public assess -- by pablo paso. this could go for 100 $40 million. that's roughly what the movie " furious seven" pulled in over its opening week and i'm what tk. if sculptures more your speed, christie's is auctioning off
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this jaclometti called "pointing man." it is five feet eight inches tall and i can set the record for the most expensive sculpture ever sold at auction. $130 million.t is if you are in this for bragging rights, this is elaine wynn who currently has the record for having spent the most on aps of art at auction. in 2013, the queen of las vegas spent $142.4 million on this triptych that francis bacon painted. olivia: a huge week of sales. also one is coming up at sotheby's. pimm: what you think? olivia: i appreciate the perspective. it's all monopoly money in these figures. what is it worth to someone worth eight billion dollars? look at the new museum being
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built in the gulf. shellment is willing to out enormous sums. steve cohought maybe en. much more coming up, stay tuned. ♪
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zuliliy shares arising after ollie bub increased its stake on the online retailer to 9%. it but about $56 million worth of zulily stock bringing their total to 9.3%. is seeking to diversify investment and bring in more revenue from outside china. cory johnson is here with us in new york to break down the details. yes i am. olivia: i know they want more
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sales outside of china but why do lily? coreyl: this is serious and it will not give them any revenues. is this an investment? do they see this as a way to put some cash to use? or is this strategic? it doesn't appear to be strategic because they are only buying less than 10% of the company. that means there's no control but they can sell the investment because there's less than 10%. is a approach that is similar to ali baba. it's not a plane retailer. theiy partners with different creators of lines and sells those two individual markets. the way they describe it as they want to have the experience of going into a boutique and you discover a new brand and follow that brand at their site. that's like ali baba does business around the world. pimm: $56 million?
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how much money is that compared to -- this is like a day at the beach for ali baba. tiny but curious. olivia: because the business model of zulily doesn't seem to be working that well. it's working enough to get investment of $56 million. olivia: they missed sales estimates and earnings per share were lacking. because they keep bringing down the growth rate. the last quarter of sales were up 29% and 50% the quarter before. if you expected more as investors did, that was a disappointment. it is a growing business. it has had success in retail. to pointit necessary out that they are a company based in the united states?
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ey: if this becomes a strategic investment and they partner with alibaba, it's more interesting because maybe that's a beachfront to use your metaphor for ali baba. olivia: do they have stakes and other retailers in the united states? corey: not like this but it's very curious. we will watch what they are doing because there are a million comedies out there they could have bought. olivia: very curious. pimm: one area that ali baba has no influence on his mother's a which was yesterday. some business leaders took to twitter to celebrate their mothers and mothers everywhere. a box chief executive honored his mom by tweeting - olivia: so sweet. corey: he's done 10 years at box.
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the social media stuff for mother's day was fantastic. facebook was such a joy yesterday. i did not know all my friends had mothers. olivia: very few people's mothers are actually on social media. pimm: you never know. they have mobile phones. two is johner ledger -- he was making fun of verizon. pimm: always marketing. let's go to a more sentiment on notes -- the huffington post president arianna huffington -- said he made mothers. it might be a pronoun issue. big deal in was a
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the day of retail and the hospitality industry. you say was big and social media? corey: and the flower business. the marketing around mother's day for the flower industry is enormous. it is a day were they i think it is their biggest day of sales. olivia: i got suckered in. spendi think the average was $172 per person, the largest amount eating spent person sense -- since the tracking was started 15 years ago. corey: why not? it's a woman economy. olivia: thank you so much. nice to have you in new york. pimm: did you tweak your mother?corey: i did not. olivia: i instagram my mom. pimm: i am in the middle. ahead, had, -- still hank paulson weighs in on china's latest rate cut as well as whether greece will stay in
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the euro zone. ♪
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pimm: welcome back. let's take a look at some of the top stories at this hour. it will be the first time secretary was a john kerry has had direct talks with vladimir
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putin in two years. he will meet with the russian president tomorrow in sochi, the site of last year's winter olympics. they are expected to talk about the conflicts in the ukraine, syria, and iran. the west accuses vladimir putin weaponsying troops and to the ukraine and blames the united states for helping overthrow the russian backed president last year. citigroup is off the hook for libor. u.s. department justice failed to prosecute the bank. last month, deutsche bank was pay $2d -- reported to billion finally case in citigroup says it's in talks with u.s. prosecutor's about another investigation, one that focuses on rigging foreign currency markets for it the banks as a settlement and that case could involve a guilty plea. dish network's first-quarter profit beat estimates.
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they are the second-largest largest satellite tv provider in the united states imposed a price increase in january and then they launched sling tv in february which is a skinny bundle for $20 per month. china is the biggest market for smart owns in the world. that market is actually getting smaller. new information published today shows shipments of full-featured mobile phones dropped more than 4% during the quarter. it is the first time that has happened in six years. therts say the reason for decline is simple -- there are no more first time buyers in china. those are your top headlines. coming up in the next half hour, former time warner chief executive and chairman eric parsons weighs in on consolidation in the cable industry. we will hear from the air bnb chief executive and the next hour, new york's laguardia airport was famously compared to a third world country by vice president joe biden. coming up, would get an expert
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who says he's got a solution, shut it down. we will talk to him. former time warner chairman and chief executive dick parsons says we will see more consolidation in the cable industry. in an interview on "market makers," room for two is big telcos and cable companies. cable has a lot of options because distribution is key. content or distribution but i worked for a guy who said content is in the distribution is the power behind the throne. without distribution you have nothing and they have a terrific distribution platform. what makes the most sense for them? they will have to figure out what makes the most sense for their shareholders. consolidation is been going on the cable business since there was a cable business. there has been thousands another only a few. it will continue. my view is that ultimately there is probably room for two big
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telcos into big cable companies. erik: verizon and at&t in one hannah presumably comcast and -- dic/k: i thought it would be time warner but that remains to be seen. stephanie: why exactly should washington intervene? these companies we're talking about, does not seem like customer service is a priority for them. washington should care about americans what they have to say. dick: washington cares about the politics. stephanie: washington cares about washington. dick: though it's never been definitively articulated from the government, i think they just felt comcast and time warner was just too big. particularly on the broadband side. they are not worried about the cable side but on broadband, time warner cable and comcast past 56% of the homes in this country. that's just too big. erik: in retrospect looking at the success comcast has had starting in cable, bringing
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content in with the nbc universal acquisition, would it have made more sense for time warner and time warner cable to remain one? dick: i don't think so and you just look at the market to come to that conclusion. we had an issue where we had a big content producing house on one hand, the distribution house on the other hand and they produce shareholders and people did not want us making the choice for them as to whether to put this together or not to put it together. they either wanted something that was pure play on the content side and pure play on the distributional side so they can make their own choice. i think the separation of time warner cable and time warner was appropriate and the marketplace has reported the shareholders. it just makes it easier to manage in an uncertain world the direction you want to move in. erik: you say there will be too
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big telcos, at&t and verizon presumably, and two big cable companies, does it go without saying that john malone will run one of those cable companies? dick: not without saying but his reputation when i was in the business -- he was the smartest guy out there. i never found anything to cause me to question that reputation. pimm: that was the former time warner chairman and chief executive dick parsons. still coming up, spirit sales are surging. i will take a look at the $20 billion industry and wife barb patrons are spending big bucks on our to settle -- on artisanal cocktails. ♪
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pimm: welcome back to "bloomberg
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market day." foreuropean markets closed a few months ago so let's go to john ferro in london. equities were lower through much of the session across mainland europe. 1/3 of 1%.down by the ftse 100 is down by one quarter of 1%. when china cuts rates committee would expect a bounce across the european industries -- indices but not so this morning. the miners were the biggest gainers in china is the biggest consumer of commodities and they are getting the bounce. i'm looking at fixed income. a huge gyration last week. up by five basis points and day and, it's groundhog running out of money but it
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looks like the tone is improving between greece and its creditors. it is off session highs come up 23 session points. fx market, a weaker euro is the story for a third straight day. sub $1.12. the other big story from friday is sterling, one pound buys you $1.55, up 8/10 of 1% in just short of a 2015 hi. theostelection gains, we had some this monday. pimm: thanks very much. begin with a look at some of the top stories crossing the terminal. deal the first big involving a big u.s. energy company cents oil prices collapsed. noble energy has agreed to buy rosetta resources for $2.1 billion in stock and noble also assume $1.8 billion in debt. noble aisition gives
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position in two of the largest areas of shale oil production in texas. the uaw is considering a plan that would allow automakers to hire thousands of lower paid workers. these new workers would handle low skilled jobs that are traditionally done by the automakers suppliers. the jobs would not pay very much, $10-$15 per hour. entry level assembly line workers make $19 per hour. the record drought in california is hitting starbucks per the company says it will no longer use california water for its ethos water brandon will move production to pennsylvania and look for a new supplier. california has imposed its first-ever mandatory water cuts of 20 5%. those are your latest top stories. the former u.s. treasury secretary hank paulson says he expects the euro area to reach a deal to keep greece in the euro zone. in interview with us, he commented on the latest chinese
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interest rate cut. said that's the new normal and i think that's optimistic. i care much more about where the growth is coming from. this is a country that has an economic model that has run out of steam. there is some underlying policies that are flawed. the leaders understand that but they need to change those policies. they have been too reliant on not just exports but on debt at the municipal level, debt investment in infrastructure, to fund growth. they have built up some bad debts. i believe this is manageable now but the longer it takes to correct the problem, the greater the likelihood is it will spill over into real damage to the underlying real economy. on is theocused quality of the growth. hn: you think three rate cuts
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in six months is related to the debt? what is that are response to? paulson: they are clearly trying to stimulate some underlying economic activity. just they want to see the private sector do more that's were 77% of the jobs come from. i don't think that's the main game. europe is different from china and the u.s. is different from china. areas, there are underlying structural issues with have to do with -- which have to do with flawed government policies and whether they are useful and need to be corrected. low interest rates is not the ultimate solution. you need to deal with structural flaws. the chinese leaders understand what structural flaws are.
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they inherited the current leadership group -- they inherited an economy where there was not much reform in the last 10 years and they've got a lot of challenges on their plate but they understand them and are working to deal with them. >> they are buying time? paulson: i'm saying it will take a while. the flawed municipal finance system, they cannot correct it overnight and need to replace it with a new system which means you will have to have a new tax policy and consumption tax and replacing your gross receipts tax and property taxes. >> it sounds like it will take a long time. paulson: it will take a long time and how you manage a just don't to me, i get breathless focusing on whether they will grow at 6.8% or so. i don't think that is what this is about. this is about how you fix the
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economic model. and do it where there will be a slower -- as low a cost as possible on the debt the government has to make good on and damaged the underlying economy. that andng of problematic underlying economy, let's talk about greece. do you think reasonably underserved leaving the euro if we are to deal with those things? i will not speculate on that because i just assume -- maybe i am naive but i just assume that somehow or other people will figure out how to keep greece as part of the euro. to me that's not the problem. the problem is the fundamental structural flaws in the euro. i am more concerned in terms of what's going on in italy and france and spain. marioy about it because draghi is a hero is for is
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unconcerned. monetary policy will only do so much. key to europe is to step up some of the structural issues and deal with labor reforms, more fundamental things that need to be done. pimm: that was former u.s. treasury secretary hank paulson speaking with bloomberg news in europe. americans don't seem to be satisfied with a can of bud light or a glass of jim beam. they are looking for craft beer and fancy cocktails instead. over of spirits have gone $23 billion in 2014. bartenders are out, mixologists are in. here is rodney williams about the trend at hennessey. rodney: we are excited about this explosion in terms of interest around brown spirits and the craftsmanship that goes into producing them. when people appreciate the
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agrarian roots of hennessey and the complicated, long, extended process of actually producing it, it gives a whole new appreciation to what they are actually drinking and enjoying. pimm: betty liu is here. after watching this even though it's a monday, do you have a favorite cocktail? betty: i appreciate what he just said. the finer things in life, people are preceding that. i do. we just had the kentucky derby. i had a chance to interview the makers mark chairman emeritus. he was telling me all about kentucky bourbon. say i started to become a fan of the mint julep. i don't make it very well but i drink it very well. pimm: i guess that's all that counts. why did you bring me out to talk about thinking on a
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monday morning question mark pimm: one thing we have to talk about is how companies make money selling the same thing to a different credit people? we know bourbon has been around and whiskey has been around but this is a new attempt to turn these into the artisanal cocktail experience were not familiar with it. millennials,of the what is old is new for them. bourbon and cognac and vodka, whatever our grandparents are parents used to drink, they are drinking them more now. they like the artisanal factor. they are not such big fans like me, growing up in college, we were drinking corona and rolling rock. they were terrible tasting. falling and are now it's these higher premium brands that are coming up. is one of theat biggest export markets for america?
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it's china. this is something you see in all the big duty-free stores and that's a big area for growth for them. betty: that's right, an american brand which is premium. once you have those two, they sell well in asia. particularly in china. pimm: betty: also that hannity cognac. what do you drink? pimm: as long as it's clear, a lot of water. thank you and we will see you in a few moments at the top of the hour. still just ahead, we will speak to air bnb chief executive brian chesky about how he is working with the you president to increase entrepreneurship in the united states. ♪
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pimm: president obama is honoring emerging global entrepreneurs at the white house. his investors help foster ownership in the united states but they also bring together
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business leaders to work on some of the world's toughest challenges such as poverty, climate change, and extremism to name a few. emily chang is in san francisco and you've got a special guest. emily: i do, joining me now is air bnb ceo brian chesky from the white house. on theulations ambassadorship. it's great to have you with us. how did this come about? did the white house reach out to you? did the president call you? brian: the president reached out to us to be invited here to be part of this entrepreneurship program. i am incredibly excited. i think the ideas that my story is i started as an unemployed designer six or seven years ago and now i'm a very successful entrepreneur and as a role model, my story is a story others can have around the world. we are here as role models to help inspire other people.
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emily: you also started out air bnb selling cereal boxes with obama o's on the front of them. did you in the present have 11 about that? brian: i will meet him this afternoon. i am curious to see what he thinks. -- i knowseen the he's seen the box. in 2008, we were introducing these people -- i was new to silicon valley. we had angel investors and they have the opportunity to invest bnb and everyone turned down the idea. they thought it was crazy so we sold collectible breakfast cereals. that's how that started. emily: you guys have moved into cuba more quickly than almost any other u.s. business. give us an up date on how business is going there. how is the supply meeting to matt and can you -- how is
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the supply meeting demand? 40 days ago, we launched in cuba with 1000 homes in cuba. today, we now have 2000 home so it's been 40 days. these are cuban households. to travel to cuba like an insider and be in a home with an intimate experience, this is the best way to travel to cuba. what i am excited about is president obama has a desire to bring these two communities together, americans and cuban spread what better way to than actually in their homes? the other thing we do is allow cubans to become micro-entrepreneurs. in a couple of minutes, they can earn an income. this is not something we invented. it already existed in cuba. we now make it easier. we allow an audience of americans to stay there. emily: cuba could be a huge potential untapped revenue stream for you and other u.s. businesses. what will cuba mean for the
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bottom line? give us an idea of the numbers? think cuba will be incredibly important. i don't know exactly -- it so new that i don't want to speculate on how big it will be for our business. to give you what the reference -- we have 2000 homes in cuba and it took us three years to get 1000 homes in san francisco, new york, and many other big cities. these cities are pretty large said to give you a sense, i don't think we have ever had a market grow as fast as cuba. by all indications, this will be a huge opportunity. perhaps century, americans have had the desire to go to cuba and it was not easy but now it is. emily: i want to talk to you about the fundraising environment. we have seen companies like you and uber and others reached huge amounts of money in private fundraising rows for it at the same time, there are private
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venture capitalists who say investors are taking on too much risk as well as companies. how would you describe it? are we in a risk bubble question markbrian: i hate to speculate on the environment. now, the companies you named in many others, they are strong companies that are making real revenue with real customers and it's hard to imagine that going away. 1.2 million homes around the world. on a typical night, we have about four hundred thousand people staying at air bnb and we are building real businesses but also are really disciplined. the purpose of a business is to be up to generate it profit in that something we are focused on. all of our investors take comfort in knowing we are serious about that. ceo inhow to you as a this environment -- you are
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meeting the president -- how do you make the decision to raise more money now versus going public? brian: we have not made any specific decisions that we have no immediate plans to go public. the focus is on what is best for the business and best for our community. we do not need to raise more capital. the company's doing great and it's a solid business. of course we are always open to opportunities and it's based on our expansion plans. we don't have anything to announce but it's growing last and we will see how it plays out. emily: thank you so much. markets"bloomberg after this break. ♪
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sent fors 9:00 and noon in new york, and midnight in hong kong. betty: welcome to the "bloomberg market day." the european finance minister's are looking for a sign of
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progress from greece at a meeting in brussels. running out ofy money and greece has to pay about $840 million to the imf. matterolombian finance -- minister is protecting inflation and his country will slow to within its target range this year. we will ask him how lower oil prices have hurt the colombian economy and why the central bank is cut its gdp forecast twice this year. betty: laguardia airport is set to be in such bad shape that vice president joe biden compared it to a third world country. one official has a solution -- shut it down. we will debate whether to close one of the countries most crowded airports. ♪


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