>> states prepare a final proposal on a debt deal. pimm: jpmorgan chief executive jamie dimon joins the millionaires club, a rare compliment for a banking executive. we'll tell you how he did it. >> maria sharapova graces the of "bloomberg pursuits." magazine you about the 's focus on luxury for everyone. betty: we begin with a check on how the markets are trading at midday. the markets are higher right now. the dow is up by 80 points, about .5%. nasdaq trading at 5100, and the s&p inching along. pimm: big move in bank stocks

today. betty: that's right. in the oil market, a little bit of -- actually, quite a bit of a decline in brent crude. nymex also trending lower as well. look at whatake a is going on on the fixed income markets. the 30-year yield climbing above 3%. the 10-year, 2.35% for the 10-year u.s. government bond. let's finally take a look at treasuries -- rather, the currency market and see the strength of the euro versus the dollar. $1.12 79.ncreasing -- the dollar also losing ground against the pounds hurling. let's get right to some of the top stories crossing at this hour. ae great prime minister has message pushing lenders to be

realistic about what his economically imperiled nation can expect. of thers want a reform greek pension system and its labor market and so on. european central bank president mario draghi says any plan must accomplish several goals. mario draghi: the council of the ecb wants greece to stay in the euro, but it should be a strong agreement, one that produces social that has fairness, but that is also fiscally sustainable and sourcess the remaining or factors. this will be the component of a strong agreement. greece has submitted its own proposal, but one european

official tells bloomberg it's not good enough. meanwhile, the raising is forecast for inflation this year from 0% .3%. more on this at the bottom of the hour. the oecd is cutting its growth of aast, and the threat greek default is one of the reasons. the organizations is the world economy will grow 3.1% this .ear, down from 3.7% the oecd says the greek crisis is hurting investor confidence. it also says business investment is lagging. and consumers may be holding back the service sector. service industries expanded in may at the slowest pace in 13 months. the isn nonmanufacturing index came in lower than estimates, and the service sector makes up almost 90% of the economy. consumers have been waving the money from lower gasoline prices rather than going out and spending it -- had been saving the money from lower gasoline prices. betty: apple is recalling its

speakers after consumer reports of them overheating. one person's finger was burned. another reported damage to a desk. apple says customers can apply for a refund on the website. pimco rules designed to make the system safer have also made the market less liquid and more prone to sudden swings. the report also says global fixed income and equity markets seem reasonably valued. and meet jamie dimon, billionaire. his net worth is now $1.1 billion. almost half of that is in jpmorgan stock. shares are near a record high. diamond also has an investment portfolio jumpstarted by the sale of citigroup shares --

dimon also has an investment portfolio. citigroupcreate before being forced out. you have to pity warren buffett, who is no longer the second richest man in the world. a spanish retail baroness now billion,point $5 topping buffet, whose fortune is valued at a little over $70 billion. ortega pioneered the concept of fast fashion retail. his company operates 6600 stores . of course, the world's richest person is still microsoft cofounder bill gates. he has a fortune worth an billion dollars. staying with warren buffett, the bids are flying on ebay for a chance at lunch with him. the bidding is now well over one million dollars, but earlier today, someone decided to get a little cheeky with the numbers, bidding 1,000,230 $4567 and 89

1,234,567.89. in annual charity event is its 16th year, and there is still time for you to win. the bidding ends on friday, but this option has raised nearly $18 million. tom: do you think people did increase the actual amount that it will go for with no intent -- betty: do you mean some people put in fake bids? yes. now if you have to show that you have the money to make this happen. getting close to where it might top off. many people have been -- 3.5 million was the highest at one point. pimm: very expensive steak. worth it.'s hope it's

coming up, we look at who is driving the m&a reason -- feeding frenzy in pharma companies. we highlight some of the potential takeout targets. pimm: then shares of wendy's are on the rise after the purchasing -- the burger chain announced it is repurchasing stock including part of the stake owned by its largest shareholder. instagram about to get more commercial. we'll tell you why the photo app owned by ace book is opening itself to more advertisers. straight to our top story in 2013. jamie dimon under the now famous line to mike mayo, "that's why i'm richer than you." jamie dimon is currently worth $1.1 billion. this, of course, thanks to a stake in his own bank and the proceeds from his stake in citigroup we he worked in the 1980's and 1990's. betty: it is unusual for a bank

chief to accumulate this amount of wealth. as i was reading through the story, which is a great story, how confident are you in these numbers? >> party confident. the first bucket is just jpm stock. the other is a little more mysterious and requires a little bit of our special bloomberg sauce, which is to take a valuation, say all the stock he sold, he was lucky he got fired because he did not sell when it was 90% down. to take that stock and compounded over the years, on top of the salary he has received, on top of his board memberships, and to do that over worthrs, that stake is

$550 million. we are pretty confident that at $1.1 billion, he has crossed the threshold. jpmorganyou are a shareholder, should this be of any concern to you? bill: no, not really. as i have pointed out a few times, when jamie dimon first came to j.p. morgan chase through the merger, it was in one of his earlier shareholder meetings or investment day meetings. he said that jpmorgan stock should be $100 a share. however, he's still got, like, $40 a share he owes shareholders. it has been a tough ride to be a jpmorgan shareholder during the

last five or so years. --betty: he is a popper compared to some of his coworkers on wall street. steve schwarzman with something like $20 billion -- $13 billion. you know,ou wonder, why doesn't he just strike out on his own? he could be worth 10 times that. >> i've asked him that. he feels like this is what he is supposed to do, this is what he was meant to do. he built citigroup and rebuilt bank one, and now he is rebuilding j.p. morgan chase. this is sort of his destiny. when and if he retires -- i think it'll me it would be another five years, but it's up to the board -- that he might think about doing something like that, but i don't think this is a guy that sort of lust after 18 billion dollars, $20 billion, $30 billion. i think he can figure out a way

to be comfortable with $1.1 billion. pimm: is it unusual for someone to have this kind of money but for 40% of it to be in terms of shares of stock of the company he works for? bill: it's not unusual. you want your ceo to be in line with company investors. you point, jamie dimon is not a flashy guy. he's not like one of these hedge fund tycoons who is very flashy about his wealth. but if he had $20 billion, he might be a bit more. as you point out in your story, he has been criticized for being tone deaf, though, right, to the hole inequality issue? bill: absolutely. if you look at the value of their derivatives, he is personified sort of like the fatcat banker. the cliche. the fact that he is a

billionaire is only going to add more flame to that. pimm: one last point about the in linepay package, with other chief executives of large banks. it's the biggest bank in the country. he and lloyd blankfein jockey for who gets paid the most in any given year. years,look over the people like sandy weil, whom you mentioned, and bruce wasserstein , other pure banker types have also crossed the billion dollar threshold. you know, if jamie dimon is not able to cross that threshold after all that he has done, you kind of wonder -- it's a lot of money. we're not going to feel sorry for the guy. pimm: well done. thank you very much. feedingtill ahead,

frenzy. why investors are so hungry or pharma m&a deals. we will discuss that with top analysts at jefferies after the break.

pimm: welcome back to the bloomberg market day. check let's get a straight to julie hyman of how the markets are. looking at some of the

big movers, and frontier communications is the best performer in the s&p 500 today, rising even as it announces a stock sale. usually, that puts pressure on a stock. shares were up 5.5% because he's to fund someceeds lines in california, florida, .nd texas, so analyst are happy it is still at 11% of float. you're looking at both the total shares sold short as well as the .loat i also wanted to look at how it has done compared to some of its peers. frontier is the white line here, down about 18% for the year to date. verizon and at&t are both of -- up.

.his has been an underperformer today, less than a billion dollar company, but ups of 18% today. it said it would be planning trials of a drug to treat crows sweatingalso excessive . it's from the botulism toxin just like oh talks -- just like botox, and traders are looking forward to that perhaps being successful. everybody has crows feet once you get to a certain point. julie: not all of us want to do something about it, but if we do, we clearly have a solution here. pimm: i think we should just move on. we have a wave of mergers turning into a soon me or a full-fledged feeding frenzy as a

top analyst at jefferies puts it. it started with more than $25 announced.deals where already on a new record pace. 16 transactions with $99 billion. pimm: where do we go from here? go to the jefferies global health care conference in new york city. great to have you with us. explain if you can how many companies are showing -- give us an idea of how much more popular you are this year than in previous years. don't know if i'm more popular, but the presentations are packed. and in room only especially for pharmaceutical companies. pimm: tell us about the oncology space. david: there's really a merger mania going on encompassing all areas of life sciences. pharmaceutical companies, biotech companies, and in my particular area, there have been

16 mergers of either a public or private company in the last 18 months -- there've been 60 mergers. that these that mean days, a small biotech company would rather be acquired then go public? is that kind of the flavor now? the rampant bull market, investors are willing to take more risks than they used to. ofa result, there are a lot successful ipo's that raising a lot of money. investors want to raise a lot of innovative new technologies. those often become differentiated products, so this nullity.panies option or they can pursue their own growth path and become a big company in a relatively short time. you give us three

names of companies you expect to woo investors with their presentation? david: we've already had a numbers who presented. some of the companies that have , a smallestors dermatology company, which has a new drug forg atopic dermatitis, and they are already on the market with a drug for nail fungus. pimm: how do you measure the value of these companies? david: multiples are all over the map. for larger companies, multiples are in the range of 16, 17 times. for a smaller company like that, there's no multiple because they don't have earnings, but people are expecting five dollars a share, what have you, into the future. it depends on what kind of companies you are talking about, but nonetheless, very few of these companies actually have

taken out in their stock price at present. all right, i want to thank you very much. wendy's is whipping up a recipe that's pretty appetizing to shareholders. you how thell tell burger chain is stepping up the rewards. ♪

betty: this is the bloomberg market day. putting a smile on investors' faces today. the burger chain announced it's going to buy back $1.4 billion worth of its own shares by the end of next year. includes $211 million from its largest shareholder from a group planning to cut its position in the burger chain between 17% and 20%. though it has been noted he

still remains the largest shareholder. have talked about so many times, fast food is undergoing this huge transformation and struggling. wendy's has been doing better , thants counterparts mcdonald's, exactly, because it the food isgain -- considered better. their salads have done well. they have revamped their stores. last year, we got a chance to look at one of their revamped stores or restaurants that look a little bit more like chipotle. the ceo is trying to find a sweet spot between pure fast casual, which is chipotle, and p fast food, which is mcdonald's, and trying to find

that price point as well as atmosphere. that, whyng said would nelson peltz want to sell the stock? if you don't think the stock is going to go up, you sell it. if you think your investment will be worth more in the future, you hold onto it, so it always questions, why is it that someone who is probably a lot smarter than i will ever be in this industry -- why is he selling the stock now? maybe he looked at the landscape. pimm: i would like to ask in what is his favorite wendy's meal, and they be we could take them to mcdonald's and find out if he is interested in buying mcdonald's betty: stock betty:. people have asked who's going to be the activist investor to push mcdonald's. have you been at a wendy's? pimm: no. i'm just not a -- i said,ou know, like

their food is a little bit more diverse. they have various types of burgers. they have more salads. they would go. mcdonald's, chipotle, burger is now private. warren buffett and the investors from brazil. mcdonald's is selling its own brand of coffee in stores. good coffee.it's they are all starting to get into each other's markets. on that note, you are going to maybe get a wendy's burger. i don't know. much more ahead in the next half hour. start is going to streaming the nfl's first wed for free.b game will you watch? ♪

welcome back to the bloomberg market day. take a look at the top stories

crossing the bloomberg terminal today. the international governing body of soccer looking for a new leader. bloomberg news reporting u.s. prosecutors are looking into the sweeping corruption investigation. yesterday blatter made the stunning announcement he is resigning for days after he was elected to a fifth term. loretta lynch said she hopes his departure benefits the game of soccer. a comment ont have his decision to step down, we hope they that organization will be able to move forward in a way that is supportive of the goals of a truly wonderful sport. betty: he will have a meeting with eu justice ministers. history just a mile and a half away. the kentucky derby and pre- mistake winners preparing for it the saturday belmont stakes. american pharrell trying to become the first triple crown winner. -- american pharaoh/

. can he do it? ok. been djokovic has just nine time french open winner rafael nadal in the summa quarters. in the semi quarters. djokovic chasing his first french open. good luck. showtimering to offer cable channel as a standalone subscription on broadband. it will be available to apple tv customers for $10.99 per month. last month cbs launched on all access service giving customers access to new and old shows. a first for the nfl and yahoo!. the league has signed with yahoo! for the first three global stream of a live profile ballgame. yahoo! will stream the matchup between the jacksonville jaguars and buffalo bills on over 25 in london.

because of the location the game a.m. eastern 9:30 time. a look at the top stories of this hour. coming up in the next half hour, mario draghi says his any plan is working. the latest on his forecast for economic growth in europe. is russia gearing up for a war on the economy? activity thatt shows russia has started the largest military buildup since the cold war, and no one knows about it. the tennis star maria sharapova on the cover. the magazine's new focus on luxury for all. for more on the top story today, the touchdown for yahoo!, the company chosen by the nfl as the partner in an experiment to stream the game internationally in october. this marked another move by yahoo! to woo marketers and in premium content.

it is creating winners and losers. the global entertainment and for pwc has done this overarching report on digital advertising. perfect time to have you on. what do you make of the move? everyone thinks live sports. to get the holy grail the digital platform. what do you make of the move? >> i think it is very interesting time we have this enough meant. what we're seeing is more over-the-top content. clearly it makes sense, particularly on a global scale because of yahoo! had that reach. trying to build the brand globally. i think it plays to what we are

, which isthe outlook a do not worry about platforms as such. we do not care what platform we want. betty: streaming for cbs -- the super bowl or fox, i don't care about that. >> the key thing is you want to get it. you want to get it live and reliably. everything always still depends on the reliability, the connection, which it varies in different parts of the world. reality is yahoo! could do this with only one game , because cbs and fox have the broadcastng rights to the nfl games. this exhibition game in london is not included, but they pay the same amount of right essentially to get this. how much does that mess up advertisers?

doesn't mess them up? >> not necessarily. wherever there is an audience, people want to advertise. not just with football but content. if advertisers say i pay this amount of money to broadcast to this people, what is going on >>. so that is one of the classic dilemmas. seeing here is multiple partnerships and multiple experiments. i think to be there sitting here it will be difficult to say who will be the winner and two will be the loser. important thing is we are seeing experimentation. what we are seeing is a partnership we would have never dreamed of a few years ago. i think that is a big trend. that is a trend we are seeing globally. that is a huge trend.

there is a report about cbs launching over-the-top platform, which could come in the next 24 hours. saying they are going to allow advertisements in their feed. that was something people have been waiting for. result forl be the advertisers? >> what will be the result or advertisers and consumers. time, how back over do we view advertising. sometime it can be intrusive, sometimes we welcome it. the other point is not just the impact on advertisers, but how do we as consumers react. if it is intrusive, how do you react? where the rubber hits the road, which is the things have to be done in a way

that is sympathetic and empathetic to the content and consumer experience. it goes away from that, you will vote with your feet or viewing pattern. it has to be done well, what was that those -- what does that mean yeah ? >> at the end of the day, we are all mining information about how we behave. if this happens, then generally the level of intrusion is a lot less. how do advertisers, agencies use data about our behavior to give us the type of advertisements. who is going to benefit most from being on instagram? >> to be honest with you, it will depend on audience there trying to reach. betty: you see the coca-cola

and gm of the day. will bethe end, they everywhere because the consumers are everywhere. properly, thata is the result you will get. speaking about targeted advertising, what about the melding of interest -- pinterest? they said they will start t" buttons on the post. you see the products and want to buy it now. the retailers,ss consumer companies this must be a godsend. am i wrong? >> i am not sure i would go as far to say godsend. want to buy it, right? that is what true activation and is about.n

it will depend on the brand. betty: what was the most surprising thing? what was the biggest take away for you? the most surprising takeaway? >> not surprising that mobile. growth rates mid-20%. compound annual growth rate. well andthat mobile earth -- emerge as the number one type of internet advertising overtaking search by 2017. that is not necessarily a surprise, but that pace of growth. so in two years half of the world population are mobile subscribers or less than that? amazing. is the fact that we are not just now talking about consumer behavior. we're talking about mobile

behavior. behavior on the different screens is quite different from the home experience. understanding how mobile behavior, that will be the name of the game for the next few years. true. that is absolutely who we are in person is sometimes different than who we are in the mobile phones. thank you so much. global entertainment and media leader for pwc. much more ahead. european central bank keeps rates on hold. one point true -- $1.2 trillion qe program, hasn't been working? what mario draghi has to say about that. ♪ ♪

betty: welcome back to the bloomberg market day. i am betty liu. the top stories. another sign of the risk of deflation in europe is fading. mario draghi said in a news conference earlier today the central bank has raised the forecast from zero to .3%. he said prices should keep rising in the next couple of years. >> supported by the x acted economic recovery, the impact from the lower exchange rates and the assumption embedded in oil futures market of higher oil prices in the years ahead, inflation rate are eggs acted to pick up further. -- are expected to pick up further. betty: the ecb jumpstarted the economy with a $1.2 trillion easing program.

the ever-growing list of republican seeking the party presidential nomination could soon grow even longer. the louisiana governor bobby jindal will make a " major the 2016ent" about campaign june 24. he will enter a field that has presidential nine candidates. welcome to the real world, college graduates. a new report says adjusted for inflation young college graduates make less now than they did 16 years ago. the average salary just over $37,000. women salaries drop almost 7%. that is a look at the top stories at this hour. now we take a look at how european markets are reacting after mario draghi's comment. internationalief correspondent, hans nichols, in london.

>> mostly a positive story in europe. none more positive than what we see happening in greece. take a look at the exchange mostly by%, driven bank stocks. national bank up 11%. te also up. a look at what is happening in the bond market. we have basically the euro continued. all in positive territory. now the currency check wrote quick. this is exciting because we see what happens when mario draghi's weeks. here he is stock and about the economic data coming in better the next acted. hinting that inflation targets are on track. that is him talking. we write up 1.12. take a look at the pound. -- we end up 1.12.

this was disappointing pmi data coming out of the united kingdom. looks like it has claimed back most of the losses ending right about $1.53. back to you. making fed debut in hong kong, rising 6% on the first trading day. it is one of two entities created as one of the richest men re-created his empire. he is known as superman and hong kong. more from hong kong. >> hong kong's property combines the real estate to main companies. essentially the realization created the property and another company. he unveiled his plans and said it would allow them to more easily choose between a regional property business and expanding global assets in more than 50

countries. he held assets around the world. of the net assets are here in hong kong. 32% are in mainland china according to j.p. morgan chase. has a bigie hyman story of the market day. looks like we are losing ground. been losing a little ground. we are up, but not as much as we were earlier today. the adp jobs report beating estimates with a gain of 200-1000. on the other hand i is some services report coming in less than estimated. still showing expansion but the smallest in more than a year's time. holding on to the game. the as and you just barely. take a look at the push and pull we see and the s&p particular. thanks doing well.

-- banks doing well. wells fargo, j.p. morgan and citigroup are all higher. you can see an index of banks. i went back to 2008 financial like we areit looks near a post crisis high. not quite at the record several weeks ago, but very close to the levels. the banks have been on a long tear. on the negative side of the ledger, we do have energy docs as well asgging utility stocks. utilities are done were on a percentage basis. so we see them really having the negative affect. finally, quick check on the 10 year. the highest since november. the yield keep working higher on the economic data.

unbalanced seems to be viewed as positive, as well as what is going on with the central bank. now on a different tact -- track of where they are in the cycle. with: it is interesting the yields. on the one hand indicates confidence in the economy. on the other hand, such little liquidity in the bond market that any kind of move is amplified by the lack of liquidity. julie: the lack of liquidity and ample volatility. that is something mario draghi pointed out. he said we see the volatility. the volatility is here tuesday. at the same time, volatility is very low. that has led to alarm, or at least concern by some that the equity market will have to come up quickly. when people finally somehow realized rates are going up. betty: thank you. withg up, hitting it big

maria sharapova on the cover. more on her star power. the highest paid female athletes. ♪ ♪

welcome back to the bloomberg market day. i am betty liu. the all new bloomberg pursuits magazine relaunches this week. maria sharapova on the cover for the summer issue. the redesign quarterly magazine features stories about the best in luxury including travel, luxury and interior design, and much more. joining me is the editor. , the relaunch. tell me about the target audience. who are they? and what are you trying to cater here to? >> a goes out to about 375,000 getting the magazine. a breakdown of about 60% men.

which is surprising to me. not 30% women's of striving to bloomberg terminal. have. as the numbers we i think there is a high pass along great. people bring it home to their wives or whomever that they are living with. we do have female readers which is nice. it is basically everything you want to know outside of your workplace. what to wear, what restaurants to go to. where to take your next trip. maria sharapova on the cover. looks amazing. betty: she does. this is the cover. very retro. why did you put her on the cover? all, she looks amazing. second, she is a real business powerhouse. she has been number two for a

very long time. she has never quite surpassed serena, and i don't think she ever will. in terms of her endorsements, she makes twice as much as serena does. she makes 22 million per year from luxury. she is the highest paid you mail -- female athlete in the world. betty: why is that? she is very photogenic. greats a really personality. she has a huge deal with porsche. we talk about that a little bit in the article. she is just a brand herself that luxury companies have decided she is a really good representative for them. you compete with the other luxury magazines out there because there are so many of them. >> we are lucky to have the built in subscriber base. we have the readers that are getting the magazine.

they are the target audience anyway. within the markets we are super people whoat we have are going to read the magazine, and they are ready trust bloomberg with a lot of the news. we think by redoing the magazine, making a beautiful and great that they will trust bloomberg with more of their news. reader 500average $75,000 household income. incredible. >> yes. very wealthy. betty: thank you so much. much more ahead, including what will fifa look like without the long president? we will look at that next. ♪ ♪

betty: 10:00 and san francisco, 1:00 in new york. mark: this is the bloomberg market day. the great prime ministers said he will press creditors to be

realistic as they prepare a final proposal on the debt deal. -- the greek prime minister. betty: now that the fifa president has resigned, we will look at what is next. an exclusive interview with meg whitman as she talked about the challenges of turning that company around. ♪ betty: good afternoon. i'm betty liu. mark crumpton. let's begin with a look at the markets. stocks move higher in midday trading. investors welcoming encouraging news about the u.s. job market, and also keeping a close eye on greece as the company tries -- country tries to make the debt payment to the imf