>> from bloomberg world headquarters in new york, i'm mark crumpton. this is "bottom line>" ." president obama pointers to outline his strategy to combat islamic militants. we will tell you why kids rule at walmart. and soccer legend david beckham joins me in a first bloomberg interview. to our viewers here in the u.s. and around the world, welcome. we have full coverage of the stocks and stories making headlines today. tonight, president obama tells

the nation and the world his plan to defeat the militant group the islamic state. phil mattingly is at the white house. peter cook is on capitol hill. international correspondent indira lakshmanan on is in our washington bureau. what will the president specifically be laying out tonight? >> you will see and hear from the president as he pressed together the pieces that administration officials say are ready to go in their strategy to counter the rise of the islamic state. what that will include is the likely expansion of airstrikes into syria, not something that will immediately happen, but something that is within his authority and a possibility going forward. you will also hear about the arming and training a moderate syrian rebels. this is something the administration have been working on for the last couple of years. they have not solidify the path forward. tonight we'll hear the president say that that has occurred.

you also need to keep an eye on what he says on where he needs congress on this. yesterday, the president said he had all the authority he needs to move forward on it. lawmakers are a little wary of that, so that is an audience that the president will key in on. >> president obama believes he has the authority to go ahead with much of his plan without congressional authorization. how is that sitting with the leadership on the hill? talk depends on who you to. not everyone is convinced the president has the authority. beend large, he has supported by congress, including leadership, over the notion that the uss do something to confront the isis threat, but the devil is in the details. members of congress will screw things test scrutinize what the president says. there are teams uphill briefing lawmakers and they are trying to see what he is requesting of congress. training iraqis and serial rebels to take on the threat. there are some?

here.- question marks the sense is there will be some sort of standalone vote that numbers of congress will have to take. in this midterm election year. dealing with isis and military action in syria. and era, how broad of an expansion might we see of the u.s. military role in it combating extremists in syria? thee are going to see likely expansion of airstrikes from iraq across the border into syria. but i think this will all have to happen under the auspices of this coalition the president talked about after the nato meeting last week. the way you should think about it is the speech is to a triple audience. he will be speaking to the american people. keep in mind, on the eve of the september 11 anniversary. he will be speaking to congress. and he will also be speaking to the international community and

those middle eastern allies at the president needs on board to cooperate with. to stop thekey crossing of jihad is on both sides of the border, he needs intelligence and money from saudi arabia and jordan. that is part of what secretary kerry is doing in the region today. he was just in baghdad and is now in jordan trying to rally the coalition. >> is there an international coalition of the willing ready to stand with the united states? hates toministration hear that term, coalition of the willing. they do not want any association with the bush administration and what it did in iraq, but they do have a coalition of 10 countries that came together on the sidelines of nato last week. several are nato countries, including turkey. some are our usual allies like the u.k.. what the president needs is more buy in from countries in the region. aboutds them to be public

how they are going to fight against isis. it is not just seeing as the u.s. coming in from outside and doing it alone. talked about the political calculus here. this speech coming on the eve of the anniversary of the 9/11 attacks but also coming against the backdrop of midterm elections here in the united states. >> the president and the white house in general are aware of the political dynamics. it is in part why they are wary of taking a request for authorization to capitol hill. today is one year exactly to the day when the president gave another primetime address also related to syria. last year he said he would go to congress for authorization to bomb -- are all assad in response to the use of chemical weapons. har al-assad in response to the use of chemical weapons. >> peter cook come a what are

your sources telling you about the break down? down traditional, partisan lines, do we have people saying this is something that the president needs, is for national security? how might this go? >> there is certainly traditional party lines. the partisan lines are this. no republican or democrat wants to cast a tough vote on foreign policy right now so close to the midterm elections. that said, there are divides within each party. lawmakers have said the united states does not need to get involved with foreign conflicts in the middle east anymore because we all know what happened and has history. in the view of many lawmakers, it was a mistake. at the same time, public opinion , after the beheading of two american journalists, that public opinion on this -- more americans are supportive of taking military action.

lawmakers are being pulled in a bunch of different directions and that is why it is hard at this moment to gauge exactly how this will play out. not playing out along traditional lines this morning. >> indira, if the president gives an authorization for airstrikes in syria, what does that mean for the balance of butr, not only for isil, four other islamic militants in the region? >> it's a tough question. part of the reason the administration has held off and has been weighing its options until now is because it does not want to do anything to help ba shar al-assad. unfortunately, exactly what he predict it has come true. he said the people against me are extremists and al qaeda types. the u.s. wants to his mental isis but they also do not want to do something that will help

bolster assad. him doing something in somalia with an airstrike against the leader of al-shabaab , so they are trying and all parts at the same time. of coarse, new groups keep coming up, but what you will see is a combination of a diplomatic chatterjee, connecticut strategy, and also economic aid -- strategy, kinetics dreaded you, and also economic aid. thank you for joining us. stay with bloomberg tonight for live coverage of president obama's address on syria and iraq. mark halperin and john heilman will anchor the coverage from washington. that is not :00 p.m. washington time. word from capitol hill that john boehner has in headed the ukrainian president to address congress on september 18. president poroshenko will be the

second sitting ukrainian president to address a joint meeting of the u.s. congress. investing in global equities. a look at the geopolitical risk on global equity markets with a deputy chief investment officer with pimco. ♪

to bebal stocks appeared mixed as concern bills about the unrest in the middle east, the impending referendum on scottish independence, and the timing of the u.s. rate hike. a deputymaisonneuve is chief investment officer and global head of equities at him so's london office -- pimco's london office. she is with me right now from newport beach, california. thanks for your time. >> thanks for having me. >> are the global markets undervaluing geopolitical risk? why hasn't that risk led to what the imf called global macro economic repercussions? >> that's an interesting point because on the one and you have a lot of liquidity in the markets in this environment

where europe and potentially japan are talking about adding more qe. we are on the path to normalization in the u.s. but we have had a lot of liquidity in the markets. in addition, when you think about our view at pimco, although we see a normalization of rates, we see that on a slow pace, to a place where real rates will not have to be as high as they were before given slower growth and a lot of debt around the world. that environment is very supportive of equities. might not investors have paid attention to geopolitical risk as they might have in another environment. all this said, this geopolitical risk clearly creates uncertainty the. the middle east, russia, the impact that russia may have on business confidence in europe. in my view, given the back drop of the new neutral, as well providing buying opportunity in global stocks. withe managing director

deutsche bank in london, in july, told bloomberg -- are people of the tenant right now? >> i think you have a certain amount of complacency, but if you look at the long time time horizon, looking at the depth of the financial crisis, people are saying, i need exposure to stocks because the system is going on. yes, that experience is behind us. therefore, where can i find exposure? looking forward, there are three interesting areas to pick up in the markets. dollarst one is the strengthening, with the u.s. normalizing, the anticipation of normalizing, that means

companies in health care, for example, around the world exporting to the u.s., or even domestic stocks in the u.s. could do well. another area that i find interesting is that angels in europe. clearly, we know that conditions are going to get more loose, given the recent speech by draghi, and the slow healing will help financials in europe, particularly the insurance sector. finally, another area i like is japan. the japanese equity market has underperformed here today. it's a valuation that is cheaper than that of the u.s. market and we are seeing some structural changes. if you see those markets come back, though sectors coming back, i would use that as an opportunity to position myself. >> do you think central-bank policies are insulating

investors from a global panic, do those policies have the effect of shielding investors from risk? >> to a certain extent, and you could call that a bit of conflict see -- complacency on the part of investors. on the other hand, you have this continued support for healing. if you look at the ecb announcement recently, if you look at japan, the need for that continued healing environment to promote a certain level of growth, and importantly in europe, employment, is absolutely necessary and will continue, in my view. perspective,l risk might that change in the next 24 hours after president obama addresses the nation and the world about the threat from isil militants? >> you have a very good point. if we had something very clearly stated about intervention in the middle east, that would probably

bring that complacency, that element of complacency we see in the market relying on that liquidity back. the market will look at it in a different angle. again, given the environment and the neutral framework, i would markets to add equities. >> virginie maisonneuve, global head of equities at pimco's london office, thank you so much for your time. still ahead, the secret behind thed beckham's success off field. and also who he thinks is the best soccer player in the world right now. ♪

will bringrg west" you a half-hour story, all on the alibaba story. the special airs tomorrow at 9:00 p.m. eastern and pacific. the holiday season is just around the corner. retailers have been preparing you. hyman tells us why walmart decided to call in a team of experts to put together its list of top toys, which came out today. there she goes.

these are just a few of the toys on walmart's chosen by kids list for the holiday shopping season. year, walmart invited hundreds of kids to dallas with one important but fun task. play with toys. the kids ranging from 18 months to 12 years voted on their favorites. the retailer used to rely on an army of toy buyers to pick hot items, but with the kids in charge, they discovered what they wanted. creativity and crafting with girls crafting to the decorate your own mobile phone case. remember hot wheels? how about a hot wheels remote-controlled flying car? walmart uses the data to market toys in stores and online, touting it as a way for kids to

get insight onto what their kids watch. more importantly, walmart uses the list to drive inventory decisions. last year's top seller for girls was an earlier version of the f lutter by ferry. >> watching girls play with the item, we realized we needed more to satisfy all the girls that would want it. so this really helped us to see that the buyer sitting at their desk would not have known. goal, which can be challenging, the right toy, the right price, and the right amount to stock shelves and fill orders. right right toy for the price, the right amount. julie hyman is with me now. is this specific to walmart? >> we do not see a lot of other up toys,olved picking

but most come out with a list of toys they think will be hot in the holidays. even walmart is not just driven by the kids. they are presented with a curated list of toys that the buyers have already figured out will be some of the top sellers. then the kids play with them and figure out which one they liked the best. there is me running around. one of the various vehicles they had for the kids to test out. >> you mentioned that walmart uses this as an inventory management tool. how well have it done in the past stock shelves over the holidays? >> if you look at data, you look cap items that have gone out of stock, online and at the retailers. were relatively high. target was worse. amazon did the best at 2%. the other piece of this, if you're looking in the stores, what has been an issue in walmart is not having enough,

but getting it out to the shelves. walmart is focused on improving that. rider, julie hyman, thank you. bloomberg television is on the markets. you caught up on where stocks are trading. again in tech stocks driving the nasdaq up .6%. apple is behind that. the s&p and dow jones also up .3%. the pound is, strengthening at scotland's bid for independence lost ground in an opinion poll. it showed excluding undecided voters, 42% support separation from the u.k.. 58% for two remain in the commonwealth. 10% are undecided. manchester united is down today after they posted a fourth-quarter loss.

the drive is being attributed to an increase in spending on players and administration. if you keep it right here, ladies, mark will have an interview with former man u player david beckham after the break. ♪

welcome back to the second half-hour of "bottom line." i'm mark crumpton. david beckham may have retired from the soccer field but he's not allowed -- about two completely the sport just yet. and simonith sprint fuller, they are working to bring a major league soccer team to miami. hisas also been designing apparel line for the company and all staff. i sat down with him and asked him what he wanted to achieve with this iconic british brand. i am very lucky that over the

years i have been able to work with some great rant with great history. belstaff sees something that i can add to their brand as well. it has been a successful collaboration so far. >> what do you bring to the creative process? >> i would hope quite a bit. when i first sat down with the creative team, they got me straight away. we sat down, we looked at the boards, and it is everything i wear. it was an easy process and that is why it has been so successful . we have kept it very simple, we have kept it to the things that work for belstaff. obviously adding my creative side as well. that is what is important. it is important for the success of the collection because people want to see me wear it, people want to see stuff that i

actually wear, and i think we have created something that people see that in the collection. >> how has the david beckham brand been able to evolve? you are on both ends of the consumer scale, the high and the low end. how are you able to appeal to both ends of the consumer population? >> over the years people have seen how personal it is to me. i don't think people have ever seen me be a part of something , beinges not involve me in the process 110%. everything i have gone into people see there is a personal touch, from the booth that i'm wearing in games, to doing a collection like this with belstaff. people see it is personal to me and i have been able to keep dangling over the years. i am very lucky, i feel

privileged to be in a position where people are interested in buying the close that i create, or even the boots that i have worn over the years. >> that is the creative side. how did your discipline on the pitch enable you to jump into the business side of this? atis not just looking swatches and styles, but your business input has to be on this as well. >> i have been lucky over the years to work with some great rants. evolve and be more successful on the business side. to thes revert back underwear collection that we have. it started out with our money. with theessful collaboration i did with them. creatingad the idea of something ourselves and owning it.

now we own that but we are in a collaboration with h&m. it is something that i have just grown into over the years. my focus has always been in my career in football. i have always worked hard. i have always known what works. my career has always been about -- when people say one thing about your career is about -- and it has always been about hard work. it has always been about hard work and i have taken that from the soccer field into the business side of my life. if you work hard in life, things happen. >> speaking of the soccer side, you are still looking at miami for a major league soccer team. the locals and officials down there have rejected it twice. have you given up hope on leading the team in miami? >> miami will happen.

>> you sound pretty confident. >> i know it will happen. obviously, when i first went into this, i was very proud to be a part of the mls for the years that i was. obviously, even more proud to continue the belief that i feel, that soccer will grow to be one of the toughest and best leagues in the country. obviously, miami, for us is one of the first steps. and i said imi want to bring a team here. and i will take a team to miami. obviously, there are politics. there are speed bumps along the way, and we have come up against those, but to be honest, i have been very cheeky in a way. i have gone into miami and said, orant to build old trafford

wembley stadium next to buckingham palace. my dream of what the stadium they look like along the waterfront. that did not work out, but maybe there are some other options. talk to you about relegation and promotion in the mls. is it time for the mls to take another look at that? that is the way they do it in the premier league. >> it is what i have grown up with. when i moved to america, i realized that was not the case, which is kind of a relief in a way because you know you are not going out of the big leagues. but in a way, it makes you fight more. maybe the leak will grow into -- league will grow into having more teams.

it has grown so much over the past 10 years. don garber and a lot of the people in the mls have done such a great job getting believed league to be as stable as it is. people are now looking at the mls and coming up against their teams and thinking, this is serious. people are starting to realize that. >> who is the best football player in the world right now? but i love messi. between those two players -- ronaldo had a great year before that. it.re him, messi had people often ask me who i prefer, but you cannot pick between the two. both have been at the top of their game for so many years and they continue to do it week in, week out. that is a testament to them. >> before you go, this new

venture with belstaff, does that satisfy your competitive side? a lot of athletes may go into another sport. golfee some try to go into or somewhere else where they can be competitive. does this satisfy you from not being on the pitch? thinkan athlete, i do not anything can satisfy what you have on the field. the only thing that satisfies me on that side is watching my kids play, watching them win or score goals, playing well. that satisfies me. >> are you the father that jobs and screams at the ref? >> these days, you are not allowed to say too much on the sidelines. some do. i try to let the boys get on with it and let them make their own mistakes. they do pretty well. thanks to david beckham. very gracious with his time yesterday.

we will be back with a latin american report. ♪

>> welcome back. it is time for today's latin american report. argentina is tightening its grip on the currency market as international reserves decline following a second debt default. bank officials with direct knowledge of the matter say argentine band must now seek authorization for dollar purchases of $150,000 or more. that is done from a previous threshold of $300,000. bank of america and jefferies group tells us argentina is boosting controls on dollar purchases to retain foreign currency reserves it relies on to pay debt and imports. are you ready for some high tech football? levi's stadium cost over $1 billion to build. the center of silicon

valley and showcases innovation in ways no other pro sports stadium has done before. but the new home for the seven cisco 49ers has had its share of problems along the way. the first event held left tens of thousands in traffic gridlock. emily chang got an inside look at levi's stadium. fans.000 >> crazy excited. >> 170 luxury suites. $1.3 billion. >> we are talking about a world class stadium. >> the 49ers are kicking off the season in a brand-new state-of-the-art tech savvy stadium. >> the fans are going to love it. have signed onp to be ad partners and yahoo! is sponsoring the fantasy football lounge. >> we have many more partners than any other stadium and that is because of the vision we are

trying to build. we wanted this place to be the physical manifestation of silicon valley. flatscreen tvs are mounted throughout, and if that's not enough, fans can look to the end zone. >> this is the largest outdoor hd video board. no doubt, the players will run down the field and look up to see who is chasing them. competestadiums cannot with the high definition experience that fans now get at home, and the new stadium is in santa clara, 45 miles south of san francisco, in the heart of silicon valley. that means it has to woe the smartphone sect. you are going to be able to check your twitter, go to instagram, and most importantly, send text. >> they have a team of 29 engineers.

those engineers have built a special game day app featuring instant replay and stat feeds. you can even order concession from your phone. >> you will be able to order a beer or hopped onto your seat. whether you are a front row or in the upper decks. that is have technology and has industrial engineering. wi-fi access points are within 10 feet of every seat and 2000 charging stations have been installed. 40 gigabyte internet bandwidth. that, what about traffic issues and glitches? >> there will be a learning curve for everyone. we have tested a lot of sound, we think it will be very loud, bouncing off the towers here and back onto the field, but you will not know until you put 70,000 fans in here. >> one thing for sure, nobody is more punk than the players. >> i have dreams about the play

-- stadium. >> coming up, the fallout from the ray rice incident is not going away anytime soon. is the league's branded damaged? we look at the future of the nfl and its commissioner roger goodell. ♪

>> the national football league and its commissioner roger goodell are taking heat over how the ray rice domestic violence incident was handled. from an initial two game suspension to claims from the nfl that it never saw elevator footage of rice hitting his then fiancée. the public and media have demanded answers. commissioner goodell responded last night. speaking with cbs news about domestic violence issues in the league. >> what we have is a young man that is going to be unfortunately uninvolved in this if we do not provide the right resources. one case is too many.

what we have to do is go back and say, if we have one case, that is something we have to address. if we have multiple cases, we have to change our training and education to eliminate the issue. >> trish regan is with me now with more on the story. commissioner goodell saying one incident of domestic violence is too much. but it happens too often in the nfl. >> johnny-come-lately. where was he when we initially saw this tape and we saw a man dragging an unconscious woman out of the elevator? he just assigned to the bureau games -- two games to ray rice for that. you are right, domestic violence is certainly an issue in the nfl. since 2013, there have been 10 instances of this violence against women, so ray rice is hardly the first. caddell is trying to get -- god

ell is trying to get out in front of this, but it might be too late. he or nobodyat else in the league saw the tape of ray rice striking his then fiancée. are people buying that? >> i don't think there are. there have been a number of reports that suggest the nfl did know what was in the tape. some have suggested that perhaps he had seen it. think about it, it was in a casino. >> if tmz could find it, why couldn't the league? >> there are cameras everywhere in the casino. and how is it that we are looking for tmz to be reporting this instead of the nfl itself? they employ a ton of investigators, they have very deep pockets to be able to go out and get this type of footage, should they want and. you have to assume ray rice's attorneys had seen this, authorities had seen it. how is it that roger goodell saw at the same time that we did? ou talked about the --

>> i am used to criticism. every day i have to earn my stripes. every day i have to do a better job. that is my responsibility to the game, to the nfl, and to what i see in society. people expect a lot from the nfl. we accept that, we embrace that. that is our opportunity to make a difference, not just in the nfl, but society in general. >> what is the consensus, will he keep his job? >> there are some real doubts as to whether he will be able to stay. yes, he has really helped to grow the franchise. he has made a tremendous amount of money for them. but this has ratcheted up to a level now where the american public is demanding more. and if it turns out that he knew what was in there and lied to people about it, then you have a

real problem. >> sir richard branson is with you at the top of the hour. we will be right back. ♪

>> get the latest headlines at the top of the hour on bloomberg radio and streaming on your tablet and on bloomberg.com. that does it for this edition of "bottom line." i'm mark crumpton. -- on therkets markets is next. the hour whicht means bloomberg tv is on the markets. let's get you caught up on where stocks are trading. resurgenceled by a of apple after the slight drop yesterday helping the nasdaq gained .6%. the s&p and dow jones up a quarter right now.

one of the stocks that we have been watching closely over the past few weeks is family dollar. dollar general announced it is attempting a $9 billion now hostile takeover of family dollar after two of its previous bids were rejected by the company in favor of a lower offer. family dollar is competing against dollar tree. they claim family dollar has not sufficiently done with antitrust concerns. here to put this into context for us and to talk about others is an analyst with bloomberg rankings. he has been digging into the data to rounding hostile takeovers. always seemedthis a little bit fishy to me, when a , whenchooses a lower bid it looks like is because the board members have been guaranteed a place on the board of the new company. hereat is what happened with dollar tree. basically, two competing businesses. a seattree has promised on the board for the ceo of

family dollar, if i recall. >> and $8.5 billion bid as opposed to a $9 billion and change bid. >> that is a big difference, so you have to ask ourselves, are they looking after the interests of shareholders, or is there any antitrust concern, as they claim? takeoverswith hostile compared to friendly takeovers is you have to differentiate the two. >> hostile takeovers are more exciting, movies like "wall street" always involve hostile takeovers, but they are not really as prevalent as an out letter -- outsider may think. >> you have to look at it from the viewpoint of the board of the target company. it is not like people are coming in guns a blazing and demanding everything is turned over. there are a couple of ways that you could do it. a proxy fight or a tender offering, which is in the case of dollar general. what's interesting with a hostile takeover, opposed to the

other tight on is that hostile takeovers are far less common. as far as the total dollar amount in the u.s., there have /1000 the about 1 dollar amount as friendly takeovers and they have a lower success rate of occurring compared to from a takeovers. >> normally, giant takeovers generally erode shareholder value which are friendly. i always think of carl icahn as the prototypical corporate raider. what are some of the big ones that stick out when you look at the research? bloomberg has a great tool, the mergers and acquisition tool. you can see very few of the proposed hostile bids end up happening. two of the biggest are pending. you have this one and then the allergen one. the biggest one that happened was in 2005, a deal with boston scientific. these things only have a 30%

success rate before they even go friendly or take another form, which is interesting in this case, because there is a third party in the family dollar talks. you have to wonder if there is something else at stake here. >> thank you very much. i just saw a richard branson walking in, which means "street smart" is next. >> hello, everyone. welcome to the most important hour of the session. we have stocks. apple. equitiesmarkets decline. richard branson is here. "street smart." all right, coming today on the big show. president obama prepares to make his case to