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tv   Bloomberg Business Week  Bloomberg  July 29, 2017 7:00am-8:00am EDT

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carol: welcome to "best of bloomberg technolog "bloomberg " 'samsungs's of successes for the arts. oliver: a mysterious hijacking of a $100 million tanker. all that had right here on "bloomberg businessweek." ♪ carol: clear with the editor in chief. in the business section you take a look at a chinese company that
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pillows. megan: this is the largest manufacturer in china. what is interesting about this is that epitomizes so much of china's struggles in the industry in general. they really want to take this print global. they were hitting on a way. that coats are very popular. we have seen that with people seizing on this. that had whatd you think would be in place to take it global apparel. a hot item, fashion forward, access to cheap manufacturing. it has struggled to capitalize that in globalizing its business. what it of his demise -- what it epitomizes is the struggle chinese counties have where they had cheaper costs and access to markets in both asia and the u.s. and europe but still does
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not have the cachet of some western brands and can't good over the line -- get over the line. oliver: let's talk about another asian company, won a little further south, for further east. samsung. the south korean company. -- academy of south korean the things that should attended this company but continues to go forward and continues to be a good brand and make money. megan: we have wanted to tell the story for a long time. we look at the trials and tribulations they have gone through, from exploding phones to a corruption trial involving their founders. really facing protests and south korea. you have to understand what a fundamental shift that is. samsung has always been central to the south korean economy. wedded in the way
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america sees walmart or mcdonald's. really mapping the trajectory of a company that is faced photoevable -- a literally caught on fire and banned on airplanes. your own founder seen in handcuffs going to trial every day, and still record profits. is an unbelievable story by the genius that is brad stone. carol: we have a highs and lows from brad who travel to south korea for this story. samsung has been around a long time but it's going to trying times. set the backdrop for us. brad: some trying times it also good times. financially and economically they have never been doing better. it is poised to be the most profitable company in the world, to overtake intel as the largest maker of semiconductors. at the same time is really enveloped in political and legal drama in his home country. -- its from country.
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a little background about what samsung is. we attribute the technology in its strength in consumer electronics, with the group is an informal association of companies. there is the league family -- lee family. ahead of the group is the grandson of the founder. right now he is in prison in south korea and on trial for allegedly corruption and embezzlement related to a scandal that led to the ouster of the president of south korea. every day over the course of the summer he has been in the courtroom in seoul listening to testimony about these allegations and what it reflects is the ambivalence or changing sentiment around is very large companies and south korea. they were really affiliated with the company's enormous successful economic growth over the last 50 years.
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now the are viewed a little bit more dimly. samsung being the most visible and largest company in south korea is right in the middle of that. carol: success of samsung has been important to south korea, correct? brad: not just samsung. samsung over the last 20 years has emerged as the largest company in south korea. there is a lot of pride as there should be in the success of this company that emerged -- samsung electronics was associated with appliances in our homes. low quality phones in the early 1990's. now it is next to apple as the world's largest maker of smartphones and always connected devices in our lives. that is the visible part. the invisible part is the enormously successful semiconductor business. south ofd a new plant seoul. you can't imagine the scale of
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which samson operates. they have broken ground and gotten to operational in the facility in the span of two years. ethics intel three to five years or longer to get a semiconductor fabrication plant up and running. the expertise, the almost militaristic efficiency in deploying construction and getting the automation and the machinery up and running is unrivaled. they have managed to go time these plants to go inside with upswings in the technology sector actor -- technology sector. carol: i love that he started off saying good and bad times for samsung. financially they are firing on all cylinders. you mentioned the grandson that is in jail. talk to us about that. those are bad times. brad: that is not a good look. what is interesting is not only
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that he is on trial -- his father also went through some of these experiences. many of the leaders often end up periodically in prison in south korea for whatever reason. it is just reflective of this conflicted relationship that the country and the government have a these large companies. what feels different this time is the country and even the media were so pro-samsung in the past. they are now celebrating the idea of this luminary being grounded. you see in the newspapers every day of photo of him in handcuffs being led into the -- they are exulting in his humiliation. butonstrously complicated, basically he is accused of engineering and merger between two samsung companies to
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strengthen his hold on the larger samsung route, and particular the crown jewel, samsung electronics. if he did it or not is beside the point. there is always been an unspoken agreement between big companies and the government to facilitate their success. now suddenly that contract within the government and the companies is under siege. is it with interesting has been several generations running this company. you talk about the lee family. is it possibly time for someone else to the running samsung? that the culture needs to change? brad: if you talk to shareholder activists might be elliott management group out of new york which is lobbied for changes at samsung over the years, they would say yes. it's an archaic management structure that other investors in samsung companies have to have their rights reduced because of the power of the lee family.
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it is not a modern structure. but at the same time you have to look at the success of the company and the investments. they really are only possible because of this unorthodox and somewhat and acronyms to management style. you have a founding family that has historically felt secure in their ownership and is able to make these long-term capital intensive bets. you look at the japanese semiconductor companies. they have faded into the dustbin of history. they were not able to succeed because they were not able to make a long, old, long-term -- bold, long-term bets. you have to give the lee family and this founding emily's management structure some credit. carol: turning samsung's success to a cover image was the role of brought -- rob vargas. oliver: samsung has been able to
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survive. headed you go about this? rob: it's amazing how much they have been through. its this wide range of things from government corruption to phones exploding. that was a little hard to portray in a literal sense so we went for a metaphorical sense like it's being tortured in physical ways. carol: it has been around for a couple of generations, a family-owned company. you did hone in on the phone specifically. rob: introduces somebody types of technology but the phone is the most iconic thing. oliver: the exploding phone. it does look like my phone. was this fund to brainstorm how many different ways you can show this? rob: our photo director was on set. at the studio he became excited when we got fire. anytime you like something on fire, you might as well do it. oliver: this is literally
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getting lit on fire. rob: you have a time and date up there? anything significant? rob: we definitely one of the fun to be on the show you it is still actually functioning. oliver: i guess that is the take away. have turkey and germany greece to breaking point in the relationship? theyr: president trump accuse reneging on promises to the ethanol industry. carol: this is "bloomberg businessweek." ♪
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carol: "bloomberg businessweek welcome back to." -- welcome back to "bloomberg businessweek." and the politics section, once ies, thebut no frenem
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complicated relationship with the turkey and germany. oliver: here is editor julian goodman. carol: turkey and germany have had long and deep ties. how long and how deep? an: trade between the two is upwards of $36 billion a year. this relationship goes way back to the 1960's when a lot of turks moved to germany. they were workers shortages. now there have been tensions for about a year and a half that in the last week sort of spilled over, over human rights mostly. carol: let's talk about the relationship. i had no idea how deep this was. a lot of german companies operating in turkey, a lot of workers, there is flow back and forth between the countries? biggest: some of the companies in the world have huge presences, german companies have a huge presence in turkey. germans made up the biggest tourist block in turkey.
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turks are one of germany's biggest ethnic minorities. the ties are complex and really deep and very substantial. carol: we know they have a great relationship, for they have had a great relationship. it has become strained. what happened? week turkeyt detained a few human rights workers, including a german national. angela merkel, the german chancellor uncharacteristically denounced this. for the last year and a half she has been treading lightly on turkey's the attention of journalists and whatnot because of this deal she brokered or helped broker in march of last year in which turkey agreed to except a lot of refugees coming out of serious. yria.have -- out of s that has cost are not to want to
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offend turkey who she relies on to keep the refugees out of germany. oliver: donald trump is a candidate-- as a carried the favor of the ethanol industry. carol: that has changed since he entered the white house. oliver: you are looking at the state of renewable fuels and alternatives to some of the more traditional types of energy. tell us where some of these people in the midwestern and certain areas of the u.s. are thinking about their future right now and what it means. mario: is a mixed bag right now. the future looked a lot brighter for them about 12 years ago when the renewable fuel standard was instituted under president george w. bush. now under the trump administration it appears to be a mixed. we had our first referendum on where he may stand and how he may kind of administer the program earlier this month when targets thatolume
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refiners have to use next year. carol: the renewable feel standard put into effect 12 years ago by president george w. bush, what did it require? mario: escalating amounts of biofuels to be mixed into the u.s. feel supply. -- fuel supply. ethanol, biodiesel, etc. the objective of the program at the time is to reduce dependence on foreign sources of oil and also to address climate and environmental issues. oliver: there are a lot of countries where ethanol is a big export and comes from corn. in the u.s. there are certain areas were a lot of that corn farming is done and ethanol gets made. this gets to the crops of the story.- crux of the industry the u.s., the
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is extremely concentrated in the midwest. we are talking about iowa, illinois, indiana, nebraska, etc. when we mention iowa that is the battleground in ground zero for presidential aspirations. carol: of next, was behind wall street's worsening diversity problem? bankersthe perks enjoyed even when the broker is a robot. carol: this is "bloomberg businessweek." ♪
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♪ oliver: welcome back to "bloomberg businessweek." carol: you can listen to us on 119, 1330 ands xm 960 inm in boston, am
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the bay area. oliver: in asia on the bloomberg radio plus app. wall street's top bosses have pledged to bring diversity to the workplace. carol: the opposite is happening. jordan, tell me in terms of diversity on wall street, what is the backdrop? they have been working to have a more diverse workforce. men, women, minorities. what is going on? things are not looking good at some of the biggest banks in the u.s. when it comes to diversity. i tried to write about this a couple of years ago. i might have even talked to you about it. our editor and i have this idea about writing a feature story about racial diversity on wall street, or the lack of it. we never really ended up finding the perfect story.
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i ended up with five main characters. it is hard to tell such a complicated narrative through one person. we put it on hold for a while. a couple of weeks ago robert said, can you go update those racial diversity numbers elected a while back? i did. i was honestly surprised when i took a look at the most recent numbers, which were almost all the banks is 2016. the numbers for black diversity, which were not great to begin with, our down at a couple of the biggest banks in the u.s. carol: what we are talking about is jpmorgan? fargo, jpmorgan, wells bank of america. carol: i'm thinking these banks have come out publicly and said we want to have more diverse workforce. what has happened? morgan: all have made public pledges. they have diversity pages on their websites touting the idea they are looking for a diverse
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and inclusive workforce. thosehe data shows, numbers are not always living up to the u.s. workforce aggregate. it is not on par with her industry at times. and also is lagging the u.s. workforce. max: america by and large is getting better these problems. not everyone is. something we have been talking about, including today, is the media is pretty white. we have a line in the story about how what is called the information industry that includes silicon valley, parts of the media, parts of hollywood. those numbers are not great. what i think is eye-opening for me is black diversity in corporate america is going up. if you look at most of the country, companies with at least 100 employees basically, not only is black diversity going up among the u.s. workforce --
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which we are talking about here. the six biggest banks in the u.s. like diversity is going -- black diversity is going down at the banks when it's going up in corporate america. carol: what is going on? how to people explain why it's going down? rdyn: we do not have one x phonation. from bankers in a kid a mix we talked to, they operate multiple reasons why these numbers are not working out in the way we expect them to be rising. some of them stated a lack of creativity in bringing in young black hires. some talked about maybe it's not caring enough. maybe some of the focus goes to gender diversity or other efforts to boost minority numbers. just not enough effort is being put out there. that: any of the firms were maybe doing better than the rest?
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joryn: wells fargo stuck out will be look at their executive suite and the total workforce. the numbers for executives at least for rising like 2%, 4%, 6%. i think it went up to 12% for the workforce, african-americans. those numbers really stood out because it was incremental at the other banks, either coming up or down. those were clear percentages. carol: investors are increasingly shifting to online advice. oliver: fund providers are paying for fancy junkets and what he. -- in hawaii. >> remind everybody for those who might not know what robo advisors are. >> they are almost a decade old. as the 2008 it started first robo advisor taking in funds, using algorithms to figure out the user's risk
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tolerance and putting them in appropriate bucket of investments. oliver: taking inputs on what an investor is comfortable with, what kind of return they want, and essentially going and picking mutual funds or the indexes are allocating across asset classes? >> age, how much money they make. all the things you want to know to figure out how much risk is appropriate for you. oliver: we are talking about people who either want to build out the retirement. these are average people in many senses, as lola sort of casual investors looking for some kind of return as well. >> people who can't afford a full price financial advisor. carol: k cheaper way of investing your money. >> much cheaper. oliver: who was then in charge of the robos. who offers those as products. where are the big shops.
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where other places people go to get this? >> there are a payer of innovators in the field. ist has happened since then schwab in vanguard of taking advantage. vanguard manufactures these products, putting together the algorithm and a channel to sell it made sense. they became huge and are the biggest players and what you would call robo or hybrid robo. what brings us to the idea of the big banks, and brokerages like morgan stanley in merrill areh, wells fargo, they recognizing the need to have this channel. ultimately all the people with the money will die out. there kids get the money. a lot of these kids are more used to direct additional channels than dealing with people at the table. they know they need to create this channel. that is what the are doing, making their own robo advisors. oliver: what is behind the
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world's best performing stock. carol: and the mysterious hijacking of a $100 million oil tanker. ♪
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oliver: welcome back to "bloomberg businessweek." carol: the showdown of five-star mega-hotels in london. a showdown -- oliver: all of that up ahead in "bloomberg businessweek." ♪ oliver: we're back with "bloomberg businessweek" editor in chief megan murphy to talk about more must reads in the magazine.
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let's go to the finance section, tell us about this from a hungarian company. megan: it is a big one. only sales of $900,000. what this story talks about is how this stock has rocketed based on its owner's association with hungary's prime minister, who has been incredibly controversial in what he has done. everybody knows that hungary developed quite rapidly after the fall of the berlin wall along with so many other eastern european economies but since the president has been in power, he really has centralized authority, bolstered the resiliency in terms of lack of reliance on imf and funding, but has also attracted controversy for centralizing control. he is suspected of enriching his friends close to him, and one of those people close to him is the owner. oliver: an incredible story in
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the features section that we want to talk about, the hijacking. carol: it is a movie, almost. oliver: you cannot read it without thinking about the movie. even if you have not seen it, the narrative is incredible. .he writing is awesome what do you think is most moving about this story? megan: what is so fascinating about this is that it should say light on two things, piracy and the lack of transparency in this market. this was a hijacking with a $100 million payout from ensuring that ship, debt ensuring this ship -- and murky connections between what we see all the treacherous high seas and what can be connected to somebody making a mark on a fountain pen in london to ensure a wide chain of where that money
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goes, who it connects to. i think when we told this story, we got to the heart of how callous people can the talking , about human lives on the ship and putting them at risk. it is an immense story. carol: we talked to our reporter, matt campbell, with more from london. tell us about the supertanker and what happened to it a few years ago. matt: it was a very large tanker carrying about 140,000 tons of fuel oil worth somewhere in the ballpark of $100 million on a fairly routine journey from the ukraine to china. this was 2011. it then ran into some quite catastrophic trouble in the gulf of aden. it was attacked by men carrying kalashnikov assault rifles. it was hijacked by these men. the crew lost control. in the force of the it -- in the
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course of the attack there was a , fire that was never explained, a severe fire that crippled the ship and caused the crew to abandon it. we have in the middle of the night, in one of the most dangerous waterways, certainly it would fit what people think of as piracy. evacuated. the crew were able to get off, they are rescued by the u.s. navy. and then strange things start happening. carol: this does remind me of the tom hanks movie, cannot remember the title. oliver: "captain phillips." i think that became such a cultural pivot point, that movie. these are dangerous waters. these are places where captains know what they are getting into. could you set the scene? -- half,a typical taff a typical time of day?
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what led to this situation happening? matt: the tanker made arrangements through its owner, a greek gentlemen, to bring on board a security team for the transit through the gulf of aden, this dangerous area. that is not unusual. a lot of vessels -- more a few will travelan now, through particularly risky areas with an embarked security team. what was more unusual was how what occurred. the tiger made an arrangement to pick them up some part into the gulf of aden rather than the start of the dangerous area and drift overnight, cut engines overnight while it waited for the team to turn up. now, the biggest thing that all of these anti-piracy handbooks say is the biggest ally of a large vessel is to keep moving and out run a dish out run
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anything that is after you. the idea of having a very large ship floating immobile was unusual. carol: that was one of many unusual things connected with this accident or this apparent hijacking. what were some of the others? matt: the u.s. navy began asking questions about this. as you probably know, there is a significant european union and navy operation to police these waters. they are very interested in piracy especially if it leads to , the destruction of a vessel. some things did not make sense to them. pirates are generally somali in that part of the world. these member reported by the captain to have instructed them to go to somali except the days -- except they spoke arabic. speak somali, not arabic. they seemed to have tan skin,
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more associated with the eastern world and west africa. what circumstances would lead a pirate to burn a ship? if you are in the piracy business, getting on the ship is the whole point. you do not abandon the ship and you do not damage it. the ship is valuable to you, your goal is to hold the crew for ransom. right from early doors, they veryht it was a very, atypical pirate attack. carol: speaking of crimes, in the economic section, how stealing fuel became a $1 billion a year business in mexico. oliver: we got the investigative story from reporter amy stillman. black tell us about the gasoline market in mexico. amy so mexico has had a problem : with fuel for a long time. this is an issue that has been going on for about three decades. but in the past six years or so, what we have seen is that the problem has multiplied.
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how it works is that fuel fees, or people involved in this trade essentially dig up pipelines owned by the big oil -- state oil company. they tap them, siphon out the it, and then they sell sometimes by the side of the road to truckers or even within markets where cars can actually come through in what is effectively a drive-through attended by these black marketeers. the problem has existed for a very long time but it has become more of an issue in the past six years as it has been a very profitable business for many people in mexico. oliver: why is the profitability, why do the margins make the most sense now? why is the proliferation coming
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to a peak, where, you guys have the story, we have looked at this topic before. why is is coming to something of a climax? amy yes. : one of the issues that is becoming increasingly of concern is that you are seeing organized crime groups get involved in fuel theft. it started off 30 years ago with some workers that were doing it stolenside and using fuels for their particular transport businesses. since then the practice has grown and basically fuel theft, thieves have found it easy to do. it has gotten bigger and bigger. now, people are more aware of it so people will go and actively seek out stolen fuel. also, it is important to remember that it is cheaper. it is 20% cheaper than what you would get at a gas station so it makes a lot of sense.
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oliver: up next, the newest star in sports news and how it plans to knock out the competition. carol: nasa says that it has a quiet supersonic plane. oliver: this is "bloomberg businessweek." ♪
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oliver: welcome back to "bloomberg businessweek." i am oliver renick. carol: i am carol massar. you can find us online on businessweek.com. oliver: and on our mobile app. a new sports site is gaining traction. carol: its ability to cover sports without covering itself in ads. here is a reporter joshua bruce the. writing about an interesting form of new sports media. tell us about the athletic. josh the athletic is a : subscription-based website for local sports. they operate right now in four cities. the idea is that we do not need to give everyone, we can get a
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-- 8000 people to 12,000 people per city and make a business that does not have to rely on as and the economic problems that come with it. carol: help me out because right off the top of your story, espn, fox sports, sports illustrated these guys have been cutting , back on sports staff. what has the athletic got, what is the approach that makes sense for them to be a new entrant into this market? josh: the big companies have been reshuffling their efforts a little bit. they put all this talent into the market. the athletic which is small and nimble, it has 25 people right now, saw a chance to raise money and hire what it would see as a lot of new staffers, and expand. it has low costs. they get $40 per subscriber per year and that gives them a different model than having to
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rely on getting as much advertising revenue per article or per video. carol: also in the technology section, nasa and lockheed martin have been vying for his supersonic aircraft quieter than the inside of a car. oliver: here is jeff muskets. something i never thought we would be discussing, sonic booms. talk about what this means for travel. jeff: the effective speed limit on most overland flights in the u.s. and around the world for 45 years has been 660 miles per hour. traveling at about 30,000 feet, that is about the speed limit for most commercial planes because any faster than that and the planes are going to break the sound barrier, creating a 30 mile wide continuous sonic boom that is going to shatter any windows below and spook farm animals. oliver: 30 mile wide. wow. carol: we have been here before with the concorde of the 1970's.
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they were around for a while and then they went away. jeff because of this problem. : there have been hurdles that supersonic transports need to cross, notably carbon emissions. and airport engine noise. the sonic boom has been the far,st problem by andributing to the concorde -- oliver: there has been technology advancing us to a point where potentially we were not have to worry about a sonic boom. tell us where this is coming from. jeff nasa. : researchers determined that according to their calculations there is going to be a huge surge in long distance travel specifically and air traffic in general over the next decade. in an effort to address that, they developed a design with lockheed martin that they say can, thanks to fluid dynamics and powerful computers to
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disperse the sonic boom across the fuselage of the plan so that overhead --g loud, overhead you hear is not louder than a mercedes on the highway or the din in a restaurant. carol: technology and health care, not a lot has changed in the aerospace industry beyond designs of planes. but this could be a big change because you write in this story that this advancement could make a flight going used to west coast, cut it in half. jeff the researcher leading the : project on there and told our reporter, thomas black that , effectively it would have the time going from new york to l.a. -- half the time going from new york to l.a. to london, irk
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felt like this was a very expensive, elite group but this would be something that would be used much more widely. jeff exactly, and dissipating : the sonic boom is the key to that. the reason the concord could only fly between jfk to europe, could not open up to the sonic boom level speed over u.s. soil. carol: up next, one of the only places on earth were you can ethically interact with elephants in the wild. oliver: london gets another set of crown jewels. we will tell you about the new five-star hotels. carol: this is "bloomberg businessweek." ♪
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carol: welcome back to "bloomberg businessweek." i am carol massar. oliver: i am oliver renick. you can catch us on the radio on sirius fm, new york, boston, and am 960 in the bay area.
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carol: in london and on asia in the bloomberg radio plus app. in the remarks section, senator peter mccoy writes about what the u.s. could learn from the french. peter mccoy, i think the idea of the french vacation keeps popping up. they take a month off. peter: they do, and they enjoy it. i talked to a woman who runs a b&b in provence. actually a place we stayed. she said, look, it is almost a right, as if it is handed down from the french revolution of 1789, we take our vacation, nobody gets in the way. oliver: the europeans maybe do things right. america does top rated gdp in unwilling toybe sacrifice my vacation to stay on top of the food chain.
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peter: some of the people that i talked to acknowledge that america has a pretty high standard of living measured in gdp per capita. the question is, what are you willing to sacrifice for that? or do you need to sacrifice anything? for example, americans work for -- fairly long hours. germans work for fewer hours per year than americans do, and yet they have an enviable lifestyle. but only is the gdp per capita quite strong, but they go home, pet the dog, go for jogs. tuneup their porsche in the driveway. oliver: now we know what peter coy does. carol: it is interesting that you bring this up because there has certainly been this debate with our own u.s. congress about, they get this nice little august recess. maybe they should be working longer to get things done. maybe work through some
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of president trump's agenda. peter: the funny thing is, the recessed from the formal idea of an august recess for congress, goes back only to 1971. before then, in the early years of congress, they just finished their work in the spring and went home. starting in the 1960's it became more of a year-round job and they were sweating through washington august which is not a pleasant place to be. right -- carol: right. peter tempers were raised, : nerves were frazzled. they said, this is crazy. we should take a break, gather ourselves, rejuvenate, talk to constituents. so they put this in. from the beginning of august through labor day, they are off. you always get some puritans saying, no, we have the people's work to do. oliver: speaking of vacations, in the pursuit section, a five star resort in thailand.
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carol: it is a must visit for animal that elephant lovers. emma: a lot has been in the news recently about elephant tourism. being not a good thing to do. you spend your money on, to go to places where you can ride elephants because elephants are not treated well in a lot of these resorts. in africa, there is a lot of poaching. in asia, where this resort is, there are a lot of elephants held in captivity, and they are becoming street performers, mistreated. anyway, this place, as you said, does not do that. it was created about 15 years ago with that in mind, as a sanctuary for mistreated elephants. and of the elephants there are rehabilitated. you can interact with them in a way that is not cruel. carol: so have breakfast and elephant comes up to you. emma: and eats with you.
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carol: i love it. emma: our travel writer she is , obsessed with elephants so this is a bucket list item and she was so excited to go. he said it was nice to be so close to these humongous animals that are so intelligent also and to see how they interact with each other and how they interact with humans. and it is really an amazing place to go if you can, it is in thailand. carol: i wrote in my notes, plum assignments. cool for her. emma: i love the phrase of her story, responsible wildlife tourism. >> that is a big trend right now in trouble in general. we mentioned in africa, a lot of safari resorts are on the forefront of animal conservation. this is one that is in southeast asia and that is what they're trying to do which is to create spaces for these animals that are safe and they are protected and you can also go and it is funded by the people that go, that is how they make their money and create these refuges,
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basically. since weso in pursuits are on this five-star theme. oliver: our digital editor thoughts about five star hotels in the city of london. >> the city of london is viewed as a place to get your business done and leave at the end of the day. it makes sense. it is where the banks are. lately it has become cooler and hotels wanted to capitalize on that. maybe at the end of the day you will want to capitalize -- be here. oliver: it seems like a distinction between the greater london area and a specific part. what is the specific area? >> what the city of london is a district in london. it is on the thames and that is where the banks are. when we refer to the city, we referred to banking and finance. carol: let's talk about two new crown jewels in london. one of them is a four seasons. >> the four seasons opened this year. it is a classic four seasons,
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very chic and posh. but it also has a private club aspect. people who live in the city can go and hang out too. it is trying to make a nod to the way the contemporary business travelers want to use a hotel. it has a cool lounge aspect to stays open until 9:00 p.m. this hotel recognizes the people want to use hotels. carol: does it feel like london in the four seasons? what is the decor? >> it is a four poster bed type of thing. it is fancy. it feels posh. but it is cool. carol: talk to us about the ned. >> it is something people have been waiting for, for a long time. it is huge. it was founded by the group that does the nomad hotel in new york and the lion in l.a. very
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, cool, very trendy hotel. isol: bloomberg businessweek available on newsstands now. oliver: as well as through our mobile app. a lot of cool stories. carol: i like what we just heard from emaar rosenbloom about the wildlife tourism, the elephant resort. rescuing elephants from bad situations. oliver: so cool. carol: letting them interact with tourists. the pictures are amazing. oliver: it really is cool. carol: got to say, if you're investigating a robo advisor, readis a story you want to . you think they are completely objective but maybe not. how about you? oliver: i like the story about samsung. my number one goes to the freighter, the tanker. we do not know what happened, lives at stake, money at stake. a reporter in mexico looking at oil feeds and the black market.
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a dangerous investigative report. carol: and credible reporting. oliver: more bloomberg television starts right now. ♪
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♪ >> coming up on "bloomberg best, the stories that shaped the week in business around the world. the federal reserve holds the line. the central bank sees balance sheet normalization starting relatively soon. we hear what that will mean for markets going forward. >> to me it means higher tenure -- 10 year rates, perhaps 2.5%. david an earning bonanza. : the busiest week of the season, we hear from tech giants samsung, amazon, and facebook. >> we had a really strong second-quarter and it was based on increased engagement and increased ability to work with marketers.

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