money,"me to "lunch where we tied together the best stories, interviews, and businesses.in in bernanke preparing to give his final news conference. ofipo, we hear from the ceo ipo,.aising an create an agency in hollywood. women creating -- making their mark in hollywood. the only handmade chocolate here in london.

fed willhours, the release economic projections. anticipation high. we will get a clearer picture as to when the fed plans to begin monthly bond purchases. ben bernanke will speak in what is likely to be his final news conference as chairman. what is he going to say? >> we think he can provide a lot areontent and guidance on they forming a consensus toward one of the myriad options they discussed in terms of forward guidance. setting the stage for 2014 and how they view the outlook. the last data point they have on continued to decline going into this meeting. growth was slowing, that has to be worrisome. bernanke has laid out 3 criteria for tapering. better incoming data and a stronger outlook, we have got

that. plenty of policymakers have shown we have had substantial improvements in the labor market by showing the unemployment rate falling. was his thirdhat criteria, that is turning upwards -- >> and i write -- right. >> many economists on the fence about the fed's message on tapering. sizeey will talk about the of tapering and if we go back in september when it seemed like a 0 billion dollars, it is likely to come back today because yellen will get the chair for the march meeting, that is more likely. a march topic. treasury, aat couple things interesting. the first is that despite -- even if they bring, the supply is lower than 2013.

the amount of securities as a percentage of supply bought by the fed will increase. the size of the balance sheet of the fed will continue to grow 3/4 in 2014. inre you could get an impact countries dependent on liquidity in the world. >> inflation a big fan. if the central bank decides to start tapering, what might it look like? >> particularly with yellen taking over for bernanke, it will be a dovish tapering. today or in january. they do not want to have a signing of financial conditions. do it innot want to september. deliberately shocked the market positively. one interesting thing is the housing market slowing down.

they cannot afford to have that persisting. in 3ld not be surprised, 1 shot of them doing something today. if they do, they might have extended guidance, lowering the unemployment threshold. the other interesting dilemma is inflation coming down quite a bit. that the fed wants to do -- it is the only big bear market i have been and, it is different. i think they will bring the unemployment threshold up to suggest they are that committed to trying to get lengthy periods of growth. abouthave been talking taper for 8 months. here is a question, how has it played out in markets? >> with the fed's failed first

act of talking about tapering over the summer and not tapering, volatility has been introduced, the risk. has risen, markets have been expecting tapering. it is not going to go on forever. we are prepared. markets are ready, they are just guessing which meeting air going to do it. i would agree -- a mild taper, so what. >> you know in your study of said history,-- of fed history. when in doubt, wait. they have every advantage to postpone. has more cautious fed surprised us every time. anyone who has bet against the fed has lost. >> giving us all this taper anticipation. here is the thing, what about ben bernanke's legacy? >> it will be years before we

know his true legacy. it is fairly easy to say he helped avert a great depression because of the actions they took immediately as the crisis developed. on the other hand, he did not foresee what was going on and it was his job to do so. you could argue he could not. the bubbleo this, formed and housing, he has to carried out. you have got to get out -- >> will janet yellen secure his legacy? >> it is possible it will be up to her. he is going to turn out to have been a good leader during a crisis. crises make leaders. perfecte say he was the man for the job because of his background, this was his interest, avoiding the great depression. >> he studied the great depression as a professor. nobody knew we would have another one. he took the lessons from that

and applied it to the u.s. do not just sit there, do something. he did a lot, did what he -- was what he did effective? >> the idea of ben bernanke is a difference between him, governor king. there was a real difference in the bernanke fed versus the major central banks. >> he was more activist. he was more inclusive and had a wider circle of advisers. will have full coverage of the fomc decision and chairman bernanke's news conference at 2:00 p.m. eastern time. max weinstein brothers' mira film library. we speak with the ceo of amc. ♪

>> this is "lunch money," on

bloomberg television and streaming live on bloomberg.com. i and adam johnson. an ipo -- amc theaters raise nearly three hundred 32 million dollars, pricing shares at $18. stephanie ruhle spoke with the ceo. >> we will retire some debt, we have more than our fair share of that. we will invest in the business, we have been in a capital investment land and we expected that it will moderate some investment. we will continue to invest in the customer experience in every one of our building. >> people complain movies are expensive, will that raise prices? >> it depends in what part of the country you live in. inflation and ticket prices for the movies is less than the rate of inflation over any period of time. we are a good value proposition for couples to come out or families to come out for entertainment. the idea is delivering value.

some of the experiences are more expensive to deliver, they will be higher-priced. we will moderate according to the experience and the supply and demand in every market. still, a pretty good value proposition to come to the movies versus just about everything else. >> you are in new york and l.a., do you plan to expand? l.a. are ournd biggest, we are in chicago, kansas city, dallas, d.c., all over the u.s. and in more than three dozen states. 25 markets.4 of we tend to be the number one player or the number two player in those. >> what about your positioning versus movie studios, who has the upper hand? >> is more about we all need each other. i need their movies, the number one people -- the number one reason people come to the

theater is to enjoy movies. the work we do helps them. the jar you of a movie is -- the movie is chosen by theatrical success. moviee being in the business. the studios need us and we need the studios. bigould you prefer less releases or do you want to crank out movies? >> i think business is in great shape. we had a record-setting year and only 12, 2013 looks good. we want a steady supply of movies, even more. we like the independent movie community to put out films, we have plenty of bandwidth and capacity. the 24 screenf and 30s green buildings than anybody. the better off we are. >> how important is china? >> we are us-based, we are owned

by a chinese company that just because public, they are only 80% owners. our business is us-based. >> and see is owned by one of china's richest men. we explain how he got in to the industry. >> mostly and property. he goes out and builds wanda centers. he had his assets in china and decided he needed to diversify. >> he just has a lot of money. >> you find a place to park it. you run into that situation a lot with billionaires. >> he has been very public about how he wants to control 20% of the movie industry globally. that would give him some leverage with the content providers. wn so many distribution

centers, you can get some leverage and force hollywood to deal with you, bring hollywood to china. why is wang jianlin so fascinated with the movie business? >> we talk about people and property or industry, they like the lure of entertainment. with a population the size of china, you are dealing with one billion people. someone has to control that this does. consolidating and bringing the entertainment industry together and talking about content providers and movie theaters, as a fascinating thing. there was speculation he was trying to take over the entire u.s. hollywood infotainment industry -- entertainment industry for the chinese government. that is obviously not true. real estate and movie theaters have a lot to do with each other. you're talking about creating multiuse centers. >> amc has a large concentration

of theaters and very expensive markets. their margins are actually much smaller when you compare them to rivals because they have to pay higher rents. arehe weinstein brothers back, one of several big hollywood deals. we have the details, coming up. movie watching, the web is transforming the movie industry. you have got to see this, china holds an air defense drill in the gobi desert. ♪

>> the weinstein brothers are hollywood revolutionaries. in the 1990's, miramax released fiction.""pulp new movie released a in years. now the weinstein brothers are back and i plan to make new movies and television shows based on the movies they have already made. brett tells us what to expect. >> it is all upside. >> for who?

for the weinstein's. they are getting a distribution fee and a percentage of the profits but they are not financing this. this is a company they find it in 1979. -- they founded in named after their parents. there is emotional resonance. as theribed it to me last scene of "raiders of the last arc." >> it still means that much to them? >> he thinks there is a lot of potential in this intellectual property to mine it in new ways. >> what might we see? >> certainly can't television. he is interested in doing a television show based on characters from "good will hunting." >> is the content dated?

that is a risk, but if you look at mgm, they are building their business model about a library, revitalizing library titles. >> these are different kinds of titles. when you look at marvel comics' superheroes, they live on in history. when i think about "shakespeare in love," i am not sure if those can be told again. >> i do not think anybody would think "the crying game" was "the dark knight." i am not sure there is a see through -- i'm not sure there is a sequel and that. >> i don't want to see that. >> these people know this material better than anybody. they have great relationships with talent. harvey weinstein said if there is going to be something off of affleckll hunting," ben

and matt damon will be involved. >> william morris endeavor and silver lake are buying img for almost $2.5 million. ofif you thought ari emanuel william morris endeavor was a big deal before, he is a bigger deal now. he is going to be combining william morris endeavor with img, diversifying his business away from hollywood -- not a way -- but in addition to having that agency business that we know him so well for. he will has a very big sports business. not just on the agency side, but on the licensing side. they are getting into a much different business right now. plays into, how it this is that they backed ari emanuel in 2002 and are backing him again. >> he is the inspiration for ari

gold in "entourage." >> i don't even want to know what that looks like. you and ari? >> full disclosure, i am a client of img. i am at the bottom of the list. tell us who the biggest stars are? >> peyton manning, you name it, they have big names. that is not the most profitable part. it is college sports that licenses all kinds of things related to sports teams. what they would say is that they have nationalized local sports. they have brought in national sponsors to local sports teams, this has been the driving force behind their growth for some time. this is one of the major reasons silver lake and william morris endeavor wanted this. there are going to be challenges. ari is a character, he has

pulled off mergers before. endeavor about william morris -- bought william morris. he is going after a big fish. between $1.5 debt, billion and $2 billion on this. you have got to pay your guys. all the guys are saying what is going to happen? >> holidays mean one thing, cookies. we will be talking to the ceo about his latest creation, coming up in eats. getting an influx of women. those details, after the break. ♪

>> it is 26 minutes after the hour. bloomberg td is on a markets. i am julie hyman. let look at where stocks are trading ahead of the fed decision and insight into taper ing. investors holding back until we get that information. the s&p 500 a little down, dow up, more movement on the individual stocks. are falling the most since 2007. the maker of electronics for apple and cisco had missed analyst estimates. citigroup could suggest the company is suffering from a slowdown in production of the iphone. down,le shares, trading little changed across the year. cvs caremark reaffirmed its forecast this morning and offered a forecast and efforts

-- in lines with estimates. a plan for $4 billion in share buyback next year. all time high in shares of cvs. ♪

>> this is "lunch money." we are also streaming live on bloomberg.com, your tablet, and smartphones. i am adam johnson. this is where the video is the story. president obama chooses an openly gay athlete as one of the was representative that the ceremonies in russia. russia has come under international pressure for anti- gay laws. for the first time in more than a decade, the president, vice president nor the first lady of the united states will attend. its first restaurant there tomorrow. the moscow location will send -- sell shake burgers for seven dollars, 50% higher than what it

charges in new york and priceough -- triple the -- mcdonald's opened its first outlet, that opening from 30,000 people. he does women -- winners in last night's mega millions jackpot pair the gift shop in san jose carus sought -- california sold one of the tickets and the other was sold in atlanta. there were 20 tickets sold with five of the six numbers. checked yours. men have traditionally dominated the industry. new hires in tech companies this year have been women. the cofounder and ceo of women 2.0's folks to the surveillance team. >> the number one users on so many of his networks -- these networks are women. we are seeing tech infiltrate things like education and health care and finance. other types of

profiles to enter because it is not about just building software anymore. >> does it mean the women being hired are not so much being hired as programmers and coders but more sales and administrative? make thatld not generalization altogether. some of these at the top companies are still engineers and designers. it is a mix of different talents. >> is it just that time is marching on and we have the idea of a lot more women coming out of top programs and top majors? i think of marissa mayer coming out of organizational research at stanford. >> that is one piece, but i think it is about the diversification of tech. it is not just software. women come out and can make this a tech company. >> was there a thinner glass feeling in the tech company than in other industries? was it easier for women to move into managing roles in tech van industry? class in general, startups and technologies, you

have to have a good product. you have to have a good idea. you have to secure the funding. if you have all of that together, there is a new wave of investors. >> when everybody wears black t- shirts and hangs out, you are looking great in black today, but everybody shows up and they are tasteful and all of that. what is the thing for next year for women in technology e >> the thing for next year is for them to have the opportunity to enter . shell samberg, do you see her imprint on facebook's functions and layout or is she just doing what someone else had envisioned and come up with? >> it is a really good point. envisioning the company does come from a founder. the changes will come from the founding level. the minute you have more women on the founding level, you will see a different culture. a different design in the product. qwest here is one woman fusing

tech and creativity in the valley. tiffany, who has partnered with aol to release a digital series of film and technologies. she spoke with church are made yesterday. -- she spoke yesterday. >> however people want to experience these films, whether it is on your cell phone -- i now watch the internet on my television, it is also fluid how people are experiencing things and the fact that, in just a couple of months, we made these films these -- this year, and put them out there, and in a couple of months, 12 million views and the response was omitted. people can access it all around the world. that is very exciting as a filmmaker. i still have my films shown in theaters. this model represents the future. qwest there are so many choices for people online these days. how is it you are able to breakthrough? >> hopefully, you are making strong films.

the public will either respond or not. we had a full gamut of choices. think what you will see, especially in 2014 and the on, is a lot more original films made specifically from the web and for the web. all of our episodes were released all at once. people call that binge watching, which i do not really like that term. i prefer visual feasting. some people watch all eight episodes, 45 minutes, all at once. the subjectpick that is interesting to them. requested a low pay you directly? was -- was there any sponsorship from outside sources? >> they pay directly and then verizon bought the first season. there is an ad that plays in front of each film, which is interesting. a couple of years ago, people's appetites were less for watching an ad. on television, you might have to watch 5-7. on the web, you know the arrangement. at and i findone

my appetite for doing that, i'm happy to watch one if i will watch a film i want to watch. up, a master chocolatier tells us about keeping taste buds surprised. let's say you do not want to eat chocolate. we have the chocolate massage. i am serious. ♪

>> this is "lunch money." we are also streaming live on bloomberg.com, your tablet, and your smartphones. 'tis the season of over eating. we are talking cookies with a ceo. you can buy them throughout canada. now they are in the caribbean and there is a gluten-free version, too.

our newest introduction is a gluten-free cookie which is a wonderful cookie with crystallized ginger. we have ginger: -- chocolate chip. trend. i would not say it is a trend but a lifestyle change. it is a lot about digestive health. people not eating we are feeling better. you are seeing our gluten-free category is 29% of our business. >> almost one third of the business. >> and we just opened up 4000 square per food. >> does it cost more to produce gluten-free products? >> it does not, but we have to take strict precautions in terms of how we bake and the allergens , etc.. some of the ingredients could be more expensive. we use zalman flower as opposed to wheat flour. a little bit more cost. >> different sourcing requirements. >> yes.

qwest low would you like to see happen in the next six months to 12 months. we have always stayed very focused. we would like to see our cookies go international and working on china, anden, japan, we are also beginning to roll out our brownie program and our store within a store. a whole pile line and cake line you will be seeing around the city and other independent markets. >> another holiday favorite is chocolate. caroline hyde spoke with paul young in london about where he gets his ingredients. >> there is a direct account that has people like myself to buy direct. we are very conscious if we buy chocolates, and then make our products by giving the right amount of money back, the growth can then put more infrastructure in, more support, and they can invest act in an attractive

young people to grow cocoa. qwest give us a sample -- of the demand. to expand throughout the recession. >> absolutely. it is an affordable luxury. reassuringly expensive. it is like buying gevo things and the affordable price gives you the same kick buying 1000 pounds, if you can afford that, the shift has changed and chocolate is accessible to everybody. >> extraordinary. class -- >> a bit tangy. we are both going to try it. me, inspiration. ingredients, what people love. this is about the time of year. christmas. i thought, why not? let's give it a go. i still love it. it is not too strong.

creamy. really festive. this will come off in the springtime. talk about having something slightly different but having the classic champagne, chewable caravelle. >> yes. the winner is the world cookbook. >> totally speechless. >> how many purely based chocolate recipes? >> savory sweet truffle. this is all about being accessible for everybody. that is the way the chocolate industry will improve. the more people embrace real chocolate and fine chocolate by making a simple recipe out of a chunk -- a cookbook, and then going to buy the beautiful chocolate to make it, the more money the growers can get to keep it going otherwise it might run out or the product -- the appraisal gets so high,

chocolate will be so expensive. qwest that listed. a new spot. if you like that, you will love this. it allows you to have all of the benefits of chocolate but without the kerley's -- without the calories. you will not believe it, but here you go. here is the report. ♪ >> these pots are filled with fine, dark chocolate. you are not allowed to eat any of it. they are destined for something altogether more decadent. a chocolate full-bodied rap and facial. >> it is luxury treatment with these chocolates. [indiscernible] qwest therapist and beautician works in london. she says the chocolate treatment is gaining in popularity and not just with women. men look after themselves and

really enjoy the luxury treatment. chocolate facial will cost you 109 million -- 100 and nine dollars. the other will set you back 150 five dollars. it rehydrates and vitalize's. the evidence might be light, but it is not all about the science. for chocolate lovers, a little bit of what you fancy does you good. >> he is the mysterious founder of bit cloying, assuming he is a real person. matt miller will give us the details. of bitht of our 12 days coin. as we had to break, a look at afghanistan's schools, a traveling group that teaches everything from -- trying to help children have a little fun in a war-torn country. ♪

>> this is "lunch money." adam johnson. day eight of bloomberg television's 12 days of the coin. we have decoded how to buy and change the currency. one mystery remains. the theoretical founder of bit coin. matt miller has got the details. released8, a paper was and in 2009, it coin version 0.1. we are not even at 1.0, someone would exclaim. named the lead of the bit coin foundation. in 2011, it said they have moved on to other things.

had ever had a face-to- face conversation with the guy who laid the foundations for this currency. >> went dark. stopped posting anything. the names -- name has been seen online. the character is not present online right now. >> went completely dark. qwest do we know he is japanese? >> we do not. the name is meaningful. wise,ns clear thinking, the origin, or foundation. people are saying it means thinking clearly inside the foundation. it is so mission impossible cool. >> we have not talked much about how bit coin works and that the next bit coin is so much harder to create them the last. >> that is why i make this connection. really the opposite of a modern central bank. modern central banks to

everything they can to the base their currency as fast as possible. they are in a war to print as much as they possibly can. only a 21 million bit coin can be printed altogether. the central bank must trusted not to debase the currency. this is what you need in order for it to work. current seas have a history full of reaches of that trust. qwest do they want to stay anonymous? wants to stay anonymous. not only has he gone dark, but he has not spent the massive it coin fortune he mined from the very beginning, from the genesis have read on a block from the guy, sergio, he has identified 900,000 at least the coins. have not been spent here they are just sitting in the wallet somewhere. scarcity value by locking it up. qwest that is right. one of the things about bit coin

is a lot of it will be lost and a lot of it will be ported like this. more of ans even opposite effect of a printing money central bank. will have full coverage of the decision and chairman bernanke's news conference starting at 2:00 p.m. eastern time. one thing you cannot buy with it coin. ♪

♪ >> it is 56 minutes past the hour. that means bloomberg tv is on the markets. but get caught up on where stocks are trading ahead of the fed division and any news on tapering. we are not seeing much activity in the markets. that is as investors wait for some news this afternoon. we will update you as we get

more. we want to highlight a couple of individual movers. a flow wild wings, shares getting a boost after deutsche bank reiterated a buy rating on the stock. from targets were raised 150 five per share to 150. already doubled this year. shares falling the most in two years after the automaker cut is 2014 profit forecast. plans to introduce 23 new vehicles next year and the cost to bring them to markets will lead to a decline. 78forecast earnings between -- $70 and $8 billion next year. with just one week to go until christmas, a new report shows that four in 10 americans are planning to spend less this holiday season than they did a year ago. more, greg,ith thank you for coming in. four in 10 americans plan to spend less. this on the face of it does not

seem surprising given the sentiment we hear about out there. what sort of driving? >> household budgets are still very tight. keeping income is not up. even the people who have had a raise, it barely kept up with expenses. about 40% they they will spend less this year. only one in seven say they actually plan to spend more this year. it goes to show how tight household budgets still are. >> another part of the survey found people feel more financially stable. financial security at the highest level since august. is it that they feel secure enough to maintain the status to, but not secure enough make some bigger news in terms of spending? >> they have seen improvement in some areas of finances and financial well-being. job security has improved. we put the dent in the rearview mirror and people feel better about job security and more comp

bowl with their debt. the network is improving. ibo are more likely to say higher net worth versus lower net worth than a year ago. all of that is very positive. when you look at the paycheck, the paycheck has not increased. that is really what drives holiday spending. >> we have gotten some retail spending numbers already giving us a hand that it will not be so good. how does this all translate? how poor are the holiday spending numbers going to be? class i do not think they will come in at the read. it is just that the growth will be meager and modest. it is in tune with a slow growth economy where consumers do not have a whole lot of extra money to throw around. this is not new to retailers. that is why you see these thrown around earlier and earlier. they know the consumer only has so many dollars to spend. there is a cop attention to grab the dollars as soon as they could. --re is still not a consumer

a diversionill have to credit card debt. >> we will see the margins from these retailers because they are offering these sales to get people through the door. class exactly. -- >> exactly. thes pulling the dollars consumer has to spend. i do not think it is pulling more out. i do not -- they are do not doing additional buying. they are trying to get the best bang for the buck. >> got you. thank you so much for coming in. we will be on the markets once again in 30 minutes. "bloomberg west" is next. ♪ . .

>> live from pier three in san francisco, welcome to the early edition of "bloomberg west," where we cover the global technology and media companies that are reshaping our world. i am emily chang. our focus is on innovation, technology, and the future of business. let's get straight to the rundown. china mobile beijing website is taking orders for a mysterious 4g smartphone that looks exactly chinahe iphone 5s, but mobile says as no deal with apple just yet. gine is a new