quakes from bloomberg world headquarters in new york, i am mark crumpton. this is bottom line. helps president obama dedicate the 9-11 memorial museum. then, a new harvard study examines what is killing all the bees. and carly fear reena discusses women and their contribution to the economy and the workplace. iorina discusses women and their contribution to the economy in the workplace. we have full coverage of the stocks and the stories making headlines today. looks atre reporter

the importance of bee colonies. we begin with phil mattingly and the dedication today of the 9/11 memorial museum. good afternoon. >> after a tour of the memorial, stood before a crowd and gave brief but very poignant remarks about what september 11 meant not only to new york city, not only to the country, but to the world itself, a key point he was making sure he hammered home, this memorial is there for all to remember what happened on september 11. take a listen. it is an honor for us to join in your memories, to recall and toreflect, but above all, reaffirm the true spirit of 9/11. love. compassion. sacrifice.

and to enshrine it forever in the heart of our nation. of a president was one number of top public officials to speak today. we also heard from chris , rudolph andrew cuomo giuliani, michael bloomberg, and bill de blasio. >> so, barack obama did not come to washington until 2000 and five, but the attacks more than 12 years ago have had a profound impact on his presidency. how? >> it's a great point and it's one you hear from his aides, especially leading up to his remarks today. it is hard to understate how much what occurred on september 11 has had an impact not just on george w. bush's administration, but on president obama's administration, and certainly on the administrations to follow.

one need only look back to last summer. were drivenlations entirely by what happened that day. it goes into missions, budgets, spending, two wars the president has worked to wind down, these are the most important takeaways. when you talk to his national security aides, they stress that president obama looks at what happened in 2001, looks at defending the country from al qaeda and national security threats as his number one security item. it is unquestionably the biggest thing he is paying attention to every day. >> coming up, stephanie ruhle mayorwn with former michael bloomberg to talk about the museum. he spearheaded the museum's creation. we will have highlights of that interview in about 15 minutes. a deeply divided federal communications commission voted advance tom wheeler's

controversial proposal to regulate internet traffic. the vote kicks off what should be an intense lobbying fight between tech giants like google and facebook and broadband providers like verizon and comcast. peter cook is at the fcc. despite protests, the proposal did prevail. , and thererevail were protests. arguably the egg is meeting we have seen the the fcc in years. have seen meeting we at the fcc in years. at the end of the day, despite criticisms and concerns, tom wheeler was able to move this forward. there were protests. or people had to be removed from the hearing room today. they were arguing that his proposal would destroy net neutrality. there would be a slow lane and a fast lane of traffic on the internet.eel or --

wheeler is insisting that will not be the case. his own plan would prevent internet service providers from blocking legal content and would allow certain fast lane agreements for businesses and internet providers but there would be a very high legal test for prioritization. hearately, very importantly, said he would put out for public comment the idea of reclassifying internet services altogether, a much more dramatic option that would expose service providers to more regulation. >> this proposal does not provide or mandate

prioritization. there is nothing in this proposal that authorizes a fast lane. questions, but don't jump to conclusions. >> don't reach any conclusions yet, but at the end of a four-month public comment, there will be a final rule here. and again, there will be opportunities for some of the biggest companies in the country to weigh in on this, companies that have a huge stake in this, as well as the general public. all of those internet users are trying to make sense of exactly what the fcc is considering at this time. >> peter cook, thank you. news could literally be considered a buzz kill. bee deaths in the past year have dropped, but figures are still bad enough to keep the keepers out of business. this is according to an annual report by the department of agriculture that was released today.

alan beardslee joins me now. what is killing the bees? >> there seem to be a lot of factors, but there are three that stand out. one is habitat. we are seeing less diversities and crops. bees cannot feed on as many plants as they did. long-timeactor is a standby, mites, viruses, pest, things that are scourges for honeybees that seem to be intensifying. but the really controversial part is pesticides. pesticides called neo-nicotinamide have been intensified in the past decade. a lot of environmentalists say this is dangerous to bees. productsopers of these all say the pesticides have been tested and they are fine for consumption. >> what are their products

accused of doing and how are the fighting back? were bannedmicals in europe last december. it can take up to a decade and $100 million to develop one of these chemicals. they look at their testing and say look, we know these are not toxic to insects. despite them are mental groups and beekeepers -- despite environmental groups and being concerned about the toxic effects they are seeing. at least half $1 billion has been spent lobbying about this. the battle will continue. >> what might help the bees? >> we are still seeing the pressure to ban neo-nicotinamide's. canada is looking at it as well.

they're looking at what might nextn in europe in the couple of years. the usda unveiled some new resources for beekeepers today. it's not going away. what else do we need to know from this report? annually,vey is done survey.s a voluntary because it is self-selecting it is not necessarily so scientific. even though we see declines this year, we really have to look at future years before we can tell if this problem is getting better or not. the rate remains above the level beekeepers say they need to keep it sustainable. of the woods yet. >> alan beardslee joining us from washington, thank you. will democrats be

able to take majority control of the house in the midterm elections in november? stay with us.

>> welcome back. the september 11 memorial museum was dedicated and opened to the victims families today. congressman, welcome to bottom line. thank you for being on today. president obama held dedicated the museum. he said it should be a place of feeling and hope. >> i think it stands as a permanent memorial to one of the darkest days in our nations history of not the darkest day. honoring theway of several thousand who lost their lives that day. everyone associated

with making the museum happen. i'm very confident it is going to attract huge numbers of people to visit, to reflect, and in some cases to mourn. it's a wonderful thing. >> congressman, everybody talks about 9/11. not a lot us at about 912. that's the day new york city got .ack on its feet >> new york city was an inspiration to the rest of the country. they basically jumped back up and went about the business of being new york city, went about the business of recovering. to mourn those who were lost. >> you serve on committees that oversee transportation and infrastructure. yesterday, president obama was on a bridge that was built 59 .ears ago

he was talking about the need for infrastructure improvements because we have deteriorating roads and bridges in this country. democrats and republicans. is there any way they can agree on funding measures to help the nation's roads, bridges and schools yucca >> i think there is. all know we have to fill a gap in the motor fuels tax. that revenue has gone down because people are driving more fuel-efficient vehicles, which is a good thing, but we have a hole to fill. there are a couple of proposals on the table. the president has one, that would make some changes to the tax code. the chairman of the ways and means committee has one that would fund infrastructure by manipulating another part of the tax code. basis for have some common ground. >> any chance there will be a

revisiting of the creation of an national infrastructure bank? >> i am a cosponsor of the bill that would create the national infrastructure bank. i do hope it is something we can take up again. we have a new financing mechanism, so perhaps we can get somewhere. >> a lot of criticism coming at you from republicans. they play near another other democrats for obama care. lied when you and other democrats said you can keep your insurance plan if you want. how are you defending that? >> my constituents on long island, in the main, are very supportive of the law because they are seeing him and he people are benefiting from it. the process of the exchanges in new york state went very well. people sayingrom

you would not believe how much i am saving on my insurance policy. with the respect to the issue of whether people can keep their insurance or not, the clear intent of the law was that if you like your plan you could keep it. the way that provision was hhs diminished that guarantee. for legislation that would've allowed policies to continue to be sold. >> to democrats have any chance of retaking control of the house in the midterms or is the country comfortable with divided government no matter how messy and infuriating it can be sometimes? >> it think it is a challenge for the democrats. i think the house is going to turn on the ability of each member running for reelection to get out his or her vote. elections are driven by turnout.

if democrats are successful in turning out votes, which we normally are, i think we are going to do ok. >> thank you so much. when bottom line continues, more on the memorial dedication museum. at the 9/11 former new york city mayor and chairman of the 9/11 memorial michael bloomberg discusses the project. ♪

>> crews are mopping up about

$10,000 of oil that sprayed into streets after a pipe burst. the 9/11 memorial museum opens to the public on may 21. and held a dedication ceremony today. former new york city mayor michael bloomberg is the chair of the museum. he spearheaded its creation during his time in office. stephanie ruhle spoke to him about the challenges of building the memorial. were big.lenges >> massive. he took over the effort in 2006. this was a time when some people thought the memorial was never going to be completed. it seemed like a black hole. finances were out of control. lo and behold, it's completed. keep in mind the world war ii memorial took 40 years. when you see this, you will be

so impressed. it is worth the wait. theked him what portion of museum took his breath away. take a look. >> one of the fire engines. i wondered what happened to the guys on that fire engine. it brings it back to human beings. i didn't know very many people who died. christie's husband was running the port authority at the time, the world trade center site. three of my employees who i did not really know, young people, died. guy i worked with died. you know, handful of others. all about people, ideas, freedoms. of those weeedoms left behind. >> that is what took my breath away. whatyou think about 9/11, mayor is most connected? rudy giuliani. obviously, he was in office at the time.

mike took over the endeavor, a lot of families did not know if he would have the sensitivity and capability. , he was the next mayor. clearly you should take charge. i asked him what his relationship with the families was like. >> the vast majority of think this was the right thing to do. not all of them were on board after we made the decisions, but i think after the memorial was delivered, after they saw it, after they recognized the power in the names, they all became converts. >> there you have it. i have not been to the memorial yet. obviously mayor mike is down there today. president obama is there, one of the reasons there is big traffic

in new york city. this was a momentous day. think about where you were this morning. i asked mike where he was. he was on the campaign trail. him, did yousked ever think for a moment maybe i don't want to be mayor of the city? he said he knew then more than ever it was his time. >> haven't you go about raising money for this project? >> -- how did he go about raising money for this project? >> the fact that you could get the likes of george soros, david david kochstuart -- wart, three men who have nothing in common all came together because this is important to remember and remember in the right way. >> michael bloomberg is the head

of the parent company of this network. bloomberg television is on the markets. here is julie hyman. good afternoon. >> thing so much. -- thanks so much. we are seeing markets pullback. the fall this morning was sparked by a worse than expected industrial report. we are seeing a pattern we have seen in recent days. technology shares and small-cap stocks are leading the declines we are seeing. in terms of individual movers we are watching, take a look. shares of gentiva health services are soaring. healthcare made an unsolicited offer to buy the company. shares are trading up. shares of chipotle are down. are examining the

executive pay plan. only 23% of shareholders voted in favor of the plan, which was beauteous to generous by those who voted against. we are on the markets again in 30 minutes. more bottom line after the break. ♪

>> welcome back to the second half hour of "bottom line." i am mark crumpton. we turn our focus now to the economy. the cost of living rose in april while u.s. jobless claims rose to the lowest level in seven years. chief economist at stern ageist joins me now from nashville, tennessee. welcome back. thank you for your time. is there any doubt whatsoever the u.s. economy is starting to gain momentum.

>> it is hard to make a clear-cut statement. we are seeing one half of the labor equation continuing to perform -- continuing to improve. >> we have not necessarily see that translate into the second part of the equation we have seen improvement as of late. when we take back and look at employment on the longer-term average, we continue to seek lackluster job creation. they're waiting to see a sustained pickup in consumer spending. is the caution warranted? are headwinds out there as far as you can see? they are. you have to look no further than the april sales report. we did see a nice rebound in february and march, counteracting the disturbing

2013. but the rebound has been very short-lived. the consumers have pulled back in april to a much more stagnant level. employers are very cautious right now to take on full-time employees. instead, they are supplementing with low cost weighed jerk -- workers which means temporary and part-time workers accounting for a big torsion that we have seen. >> wall street does not seem too impressed with the news. around midday the dow fell 200 points. now at 100 77. what has investors concerned. lex i think what the market is concerned about is the position between the strength and week mess in the very same report. look at the employment report as of late. the headline number was quite impressive him up 200 88 thousand. the gain was offset by 800,000 dropping out of the labor force. we continue to see this position

where investors can cherry pick the data and find plenty of reasons to be optimistic, but in the very same report we point to a plethora of indicators that suggest a lack of momentum or support the pessimistic view of the market. >> how concerned are you about the labor force participation rate? >> i am very concerned. i think this concern throw the committee members decision to move away from the target of 6.5% on the unemployment rate to a more qualitative broad-based assessment of the labor market. janet yellen attempt -- championing the idea that not just the unemployment rate determines the health of the labor market but we need to look at the participation rate. average hourly earnings rate, which are stagnant and the participation rate, which has followed to a three decade low. all of the indicators suggest much less improvement than the market decline in the unemployment rate. what will fed>

policymakers make of the latest data? >> i think the fed is very comfortable in the accommodative sidee and will air on the of caution. airing on the side of waiting and making sure the expert nation of further growth comes to fruition before changing monetary policy and expectation of further growth. meaning the fed is much more likely to wait until the end of 2016 to begin to raise rates. >> chief economist at stern agee joining us from nashville, tennessee. always good to see you. thank you for your perspective. still ahead, the white house says an average woman would have lost nearly half $1 billion over her working lifetime because of the pay gap. we will look at efforts to level the playing field when bottom line continues in just a moment. ♪

>> >> join us on monday in the first bloomberg interview with my colleague betty liu speaking to warren buffett live he will be in omaha where over 4000 children have submitted business plans to the warren buffett secret millionaire's club. will present their idea and a panel of judges on monday. the winning individual progress he $5,000. join us monday for the first bloomberg interview with warren buffett. the tel aviv stock exchange was in turmoil. europe ino exclude the trading index. now it has a new boss. to him andspoke asked about plans to once again

euroto the msci benchmark. >> the process was a constituents and ask them whether they should be in europe or not. we plan to go to the same constituents and mark the fact that these of the economies in so tight and integrated it is better for european investors. israeli banks are under valued. they are presenting an opportunity to invest. >> if you were a betting man, obviously you are, what would you wake -- rate your chance of getting integrated on the european benchmark? >> the next six months we will make a huge effort trying to do this. very difficult to tell. if we understand and can get to or constituents of msci commend a decision and try to market them.

if we can compete on the european tournament and when it a few times, i think our economy should be part of europe. large -- abecoming larger group exchange? >> i think it is the right idea to do something with a large global exchange. maybe create the product the company start here. some form of a trust -- fast-track to a larger exchange. the finale going to do that. >> it has been your job for six months. >> five. >> if we come back in 18 months or 17 months time, how would we decide whether you have been successful or not? volumes up by 25%? how would we gauge whether you have been a success. lex i would go a step further. i am not sure how long it will take to kickstart. >> i really want 100 new companies. i think volumes can at least

double. i have done that in five years, i am a very happy man. the start would be slower because it takes time to initiate the initiatives we just discussed. i am very confident if we can discuss a listing product and can start trading other things, things that are not necessarily listed here, we will see large increases in volume and a lot of companies listed. >> the ceo of the tel aviv talk exchange with elliot clock in. time now for today's latin america report. in marchretail sales fell unexpectedly. this as the central bank signaled it will and the world's largest cycle of interest-rate increases. sales fell by five percent, the largest decline since may of 2012 and was below forecast. venezuelan security forces arrested scores of people during a busy street. the student was protest came a

day after the opposition froze talks with nicolas maduro's socialist government. sosa with lysacek dialogue is impossible after the arrest of more than 200 student protesters who have been camping for weeks outside the united nations offices. that is your latin america report for this thursday. coming up, looking at efforts to employees -- close the employment gap between men and women. we will continue in just a moment. ♪

>> be sure to check out the latest edition of bloomberg "businessweek." one issue features cristiano rearinaldo. according to the white house, by the age of 65 the average woman would have lost 435 thousand dollars over her working lifetime because of the pay gap between men and women. joining me with more on building

a global strong -- stronger economy, carly the arena and opportunity international the key eschar up. welcome. thank you for coming on. when you hear those numbers, what do you think? >> i think first of all, any country any community, that does not fully utilize the resources that women represent are hurting themselves. women are half the nation, half the world. clear, whenreally women are fully engaged, women get better. it is in people's self-interest to leverage the skills and talents that women bring and to value what they bring. >> why are we still having this conversation in 2014. lex good to be with you again. the reason we continue to have this conversation is when you look at the statistics, only three percent of women are ceos in the u.s.. when you look at the developing world, we know 70% of the all

living on less than two dollars per day are women. the numbers do not point in favor of resolving this. of leadership spots, the current generation of female executives come and do you think they are using their influence enough to advance this issue? we keep your about leaning forward but it has to be more than that, right? >> we were at the summit today and wonderful talented woman talking about it. honestly i'm a i think men have to do their part, to. i think anyone in the position of power and influence needs to look at the organization for which they are responsible and ask the question, and my fully tapping the potential of everyone in the organization? >> what you find out actually is that most organizations underutilize the potential and talent that they have. i think it is incumbent upon people to create environments in which anyone can fully tap the

potential. >> are we seeing it enough in the board rooms? >> doesn't start with more women in the board rooms as opposed to just the ceo spot? >> i do not think there is a single bullet around the issue? the other thing i would add is that women have to really step into a role. one of the panels was around feminism. you need to assume responsibility for being leaders in taking control of our own lives. >> goldman sachs recently put out a report. it includes japan's workforce would swell by more than 7 million people and output would jump it or a patient of women equal that of men. talk to me about the gender employment gap. what needs to be done in this country. >> you are making exactly my point. the data is clear everywhere,

when you get women engaged, more jobs are created. again, i think it goes back to in this country and elsewhere, enlightened self interest, common sense. we know a lot of things get in the way of common sense. fear, power, hanging onto it. all of it happens. it is human nature. we are now at a place where we have so many problems and so many opportunities and cannot solve our problems or tap the opportunities unless we leverage the potential that exists. half the potential exists in women. lex you are both working on international issues as well. where do you see the most right overseas in which country still have a lot of work to do? >> there are many strides being made where international opportunity is present. we work with close to 5 million women around the world. and we look at the loans and

savings and insurance we are providing them, we know 90% of all the income they make goes back to making families, communities and world at her. we know that. everyone in the world knows that. made inare being africa. strides in certain parts of india and the philippines. lex women in the u.s. are and 77 on the sense -- $.77 on the dollar that a man earns. one possible reason come a cause of tension that led jill abramson -- jill abramson to lead her post. she was concerned about a pay discrepancy. where are we in terms of equal pay? barack obama's first equal legislation he signed with the lilly ledbetter faith -- fair pay act but in the senate we have a pay their bill that is stuck in legislative process. >> i think there is no question that women are not in as many high-paying jobs as men. that is

part of the disparity. not as many ceos. appear that would the situation existed where a man and woman were doing the same work and not being paid equally. i happen to believe the government cannot legislate this. i believe it is political showboating. the other thing -- the only thing that will fix it is when people are engaged in an organization and understand it is in their interest to make sure women are leveraged and valued. >> it is graduation season. young women are armed with agrees and confidence. what should they know about what they are going to face? >> they should know they will face a tough work market. a market is cap. there are many opportunities for men and women if they are willing to be flexible, willing to take risk, chances, willing

to move around and be resilient. huge opportunities in the international development for very smart young women and men. >> what do you tell these young women? >> i would say that i started as a secretary. vicki started as a flight attendant. do not wait for the perfect doll, just get a job. any job you get, you will learn something really important. job,u do a good opportunity will knock. when it does, do not be afraid to walk through the door. lex thank you so much. you.ank stay with us. and another check of the market movers on the other side of the break. we continue in just a moment. ♪

>> coming up, less moon says will be talking about the network's new prime time schedule, the premiere of nfl thursday night football and stephen cole bear taking over "the late show." that is on "street smart."

that does it for this edition of "bottom line." i am mark crumpton. on the markets is next. see you tomorrow. is 56 past hour. that does mean bloomberg television is on the markets. digging a look at where stocks are trading with an hour to go. continued sharp declines in the major averages coming off a record just two days ago for the s&p and the dow. now seeing the client on the back of worse than estimated manufacturing numbers out this morning although we are up off the lows of the session. i want to highlight individual movers also. walmart reported a five percent drop in profit. severe winter weather hurting same-store sales. walmart forecast second-quarter profit that missed estimates and continues to face a slowdown in the u.s., particularly at the sam's club business. coles reported or scored

earnings down 15%. same-store stale -- sales fell more than three percent and was encouraged by improvement as the quarter progressed. the retailers are the focus of the sector report. joining me is the senior retort -- retail analyst. there have only been a few out so far. macy's and walmart and colts. the theme does seem to be at least on the sales front things are looking up a little bit in the current quarter. >> absolutely. the retailer cited early weakness. things have gotten better. things have fallen into positive territory, which is good. >> at the same time, a big uptick in the march retail sales were economic data points. things in april world bunch worse than expected. how do you reconcile that with the individual retailer? >> one thing to keep in mind is the census report. it is seasonally adjusted and

month over month. the retailers sales year over year. that is the difference. when you look year-over-year come april was supposed to be stronger because easter is in april. >> i am curious about walmart specifically. the company made almonds about operable sales looking a little bit better. at the same time, the profit forecast was worse than estimated. it talked about a lot of the same corporate on health care costs, the effects of food bear stamps. >> do you think walmart will continue to drag along and not going to participate in a rebound overall? >> when you talk about sales, i think there could be a rebound in sales because they said the last 11 weeks of the quarter are positive. suggested ofmay be being conservative. on the profit runt, health care costs, 50 basis point venture meant.

that is continuing through the end of the year. this year profits will be hard to increase. especially as they invest in price, which we know has been hard to do. >> how big of a problem? >> fans is a problem. -- sams is a problem. sign up have been week. that is a problem they have to fix. >> we will watch that during the next quarter report. talking to us about the retailers. on the market again a bit later. ♪

>> hello, everyone. looking at a sea of red on wall street. worst day in over a month. i am trish regan and "street s mart" starts right now. >> welcome, everyone to the most important hour of the session. 59 minutes to go until the close today. the cbs ceo joins me. we have a lot to talk about. lineup.ork's new fall thursday night football and