capitol hill was not enough to sway the house of representatives. the fast-track bill vote denied. going to be a big weekend for the box office after 14 years, a t >> returns. t-rex returns. good afternoon, from bloomberg world headquarters in new york this is market day, i am mark crumpton here with scarlet fu. scarlet: u.s. stocks lower by at least 1%. no one wants to be long before the weekend because who couldn't

-- who knows what happened with the greek debt talks. yield got the 10 year to within very close distance of the highest percent. check ofe you a quick the dollar as well. the dollar get little change weakereuro was the week, but it has turned around a little bit this week. democrats blocked plans for a house vote on president bill, handingrack him an embarrassing defeat. earlier the week he made a personal appeal for a votes. democrats reject it a displaced were as a program that they would usually support so that they could not send the fast-track to the president. the taa,d vote against

and i wanted you to know where i was coming from on that. i will be voting today to slow down the fast track to get a better deal for the american people. bigger paychecks, better infrastructure, help for the american people to fulfill the american dream. mark: the obama administration and the president personally bloomberg for months to say it is needed to address trade agreements. twitter announcing yesterday that ceo dick costolo is leaving and will be replaced on and interim basis by jack dorsey. earlier on, we spoke with iran analyst to says that twitter

should remain a public company. think it's good days are yet to come. we are at this stage whereby we need an integrator of all those platforms. scarlet: the prince also said the new twitter will be a force to be reckoned with. mark: the grease prime minister that greek prime minister is pushing his country to the brink. the international monetary fund team negotiating with greece left after failing to reach an agreement. angela merkel says there is still hope, but that they have

to show they are willing to oppose -- uphold reforms. >> i would like to say once more, as i have in the past, whether as a will, there is a way. the will must come from everybody, and that is why i think it is right that we talk to each other again and again. mark: eu officials tell they are examining all scenarios is they refused to come to a compromise. scarlet: economic data, americans have not been the bullish about the president for higher wages in seven years. that is the news from today's consumer confidence for our confidence agrees more than expected this month. inflation at the wholesale level jumped last month and you can blame fuel prices. the biggest increase in five years. it was over 1% -- half of 1%. mark: the hack attack on federal

personnel records was lot worse than first doctorate bloomberg news is reporting that hackers may have stolen data on 14 million people, more than triple week.as reported last and a new report from zillow shows there are still some week points in the u.s. housing market. 15% of american homeowners are underwater, they oh more on their mortgages than their homes are worth. that is less than half of what it was three years ago. still, a healthy housing market would have more than -- no more than 2% underwater rate. the fee for president -- ex fifa vice

president is fighting extradition to the united states to face corruption charges. denied any wrongdoing. that is it for our top stories this afternoon. let's get back to the big story of the hour. they have rebuffed the president and voted down a bill that would have given helped to workers who were displaced by any global trade agreements. the so-called fast-track legislation would give the president the ability to negotiate trade deals himself. went toesident obama capitol hill to make his case in person. peter cook is on the hill now. this cannot be understated, this is a major blow for this resident and this administration. peter: absolutely.

most arguably the important economic issue of his second term. onn i have more information what is playing out in the house of representatives because this is not yet over. what happened after the first defeat, was that they moved to still consider the bill even though it was only symbolic. prevailed on a symbolic vote, with 219 votes. toovedaker the house reconsider the taa vote, the original of votes that failed. leadershipepublican saying that vote is going to happen again on tuesday. president and republicans can win enough votes to pass it at that point, then all of a sudden, fast-track has cleared the house of representative. that symbolic vote becomes binding once again.

ands still playing out, still some challenges for the president. the trade agenda remains alive because of the move by the house speaker john boehner and the republican leadership. the white house had hopes that today was the day this was put to bed. that has not happened. now he has to try one more time on tuesday at the earliest to try to win democratic report and some republicans who did not go back his way as well. scarlet: this is bizarro world. peter: welcome to washington capitol hill. john boehnerhave coming in and saving the day, so to is. what needs to happen between now and tuesday? needs to be a lot of arm-twisting by this president. i did not hear a lot of give by nancy pelosi on her colleagues in the house as to whether or not as whether they are prepared

to step up and support this president on free trade. they feel burdened by past trade agreements, and they do not feel this agreement is any better for them going forward. the president has a lot of heavy lifting to do. he is going to get some help on john boehner in terms of more republicans willing to vote for trade adjustment assistance, a separate components to the larger trade plan. behave inill going to left. the president did not get it today, he is going to have to do a lot for it we know and tuesday. the reality is, there is a chance for him to get this done. mark: one of the things, one of the refrain second hearing during this whole debate was those who were opposed saying that this legislation did not have enough transparency. i remember seeing barbara boxer, the senator from california, saying she felt she got earned by prior trade deals as you mentioned a few minutes ago. what was it that this transparency weston? what is the opponents of this not see?

example, it has more to do with the transpacific deal that is still being negotiated. they cannot show right now the current work product that the innate industry should is .egotiating members of congress can't go in to racing and private room and view the terms, but they cannot show that to the world. the response from supporters is that this trade promotion authority would actually horse -- forced the posting of the for of any final agreement 60 days before the president can sign a free-trade agreement. they argue that the transparency is there. that critics are overstating some of these issues. that is some of the debate we heard play out today on the floor. scarlet: thank you for that update. mentioned, not totally dead yet. we have to wait until tuesday. still ahead, goldman sachs

calls for reform of high sta kes stock trading, but wants to get back in the game. why? ♪

mark: welcome back to bloomberg market day. we'll go into julie hyman with a look at the markets. we start with commodities. julie: we are oil providers and s followingpanie today. oil is getting clobbered. there may be a judgment by wyoming which may be against him of these companies, specifically tell you about peabody.

wyoming is considering whether these companies want to take on additional insurance. they usually do self bonding, which allows them to do cleanup costs. happened to all financial resources. -- alpha natural resources. cole has been on a long downward slide. look at this: index of the minor index. 35%. the rest of the market has been up, but this is an area that has been hit harder than the oil producers. pricing,t net coal pricing that is used to make scale. the average price for each year and need quarter has been working lower and lower. they look at measures, a , we see thentract

prices continue to decline. that is one of the things that has hit these coal miners. down about 9/10 of 1%. to neutral the stock this morning, saying it faces three challenges. smoothing a consumer transition to its next generation device, reviving the cake of franchise -cup franchise, and making its coal system more marketable. they are trying to go up against soda stream. you.et: thank we will stay with the markets because golden stacks once called for the reform of high-speed stock trading. now it wants to get back in the game. mark: they are now investing in

software, and they want to catch their competitors and level the playing field for their investors. >> they would make the case that you can of, reforms and also be an active layer in this business. but certainly, they were trying thatt ahead of the things were surrounding us last year. calling for market reform. not that much has changed in the last year. they are falling in little behind some of their competitors. they want to revamp some of their technology and get back into the game. in the position of having to play catch-up. the technological advances, will they allow goldman to play on a level playing field? >> that is the hope. there are two ways of looking at

it. be playing for real in terms of the overall market, getting their clients to the market as fast as possible, having the best execution. the leveling the playing field with their competitors. goldman is the top equity trading bank by remedy -- by revenue in the last quarter. they have fought it out quarterback by quarter with morgan stanley. they have slipped a little bit behind, and want to get back to number one. scarlet: are they hiring outside to be. this up? >> they are hiring. they are hiring outside, and they are out there looking for especially on the tech side. the market structure needed improvement because risks were amplified by the dramatic

increase in the communications. is this a question for improvements made to goldman's satisfaction, or clients telling goldman to get back in the game? >> a little bit of both. of quantitative hedge fund clients. they have the priam -- prime brokerage, and they are saying we need to have the top technology to be able to service these funds and business as well. there is some demand for clients, like odor not, that they need to be able to execute in that. mark: let's take a look at some of the top stories crossing the terminal at this hour. a prosecutor says a prison employee is being questioned about her suspected role in

these gave birth to murderers. she reportedly supplied them with contraband before they broke out. the manhunt is now in its seventh day in northern new york. local schools are closed, hundreds of law enforcement officers are involved in the search and in france, former imf chief has been cleared of pending charges. this closes four years of legal drama. from sexes send parties held during the global financial crisis. -- mitt romney is still a big draw for republican hopefuls. likelylared or presidential nominees will be meeting to talk about politics and policy. he will be joining with all due respect. at 5:00 p.m.tch new york time. those are your latest stories at this hour. scarlet: coming up, one million

a day and counting, that is just china alone. ♪

mark: greece is trying to win -- walgreenss with is trying to win back customers they little makeover. scarlet: we will bring in cynthia kunz is who has more details. bought out a u.k. pharmacy and beauty change. what they are trying to do is bring in a little bit more of the booth model. that is a high-end beauty store, more than when you would see in a traditional pharmacy in the united ace. we want to bring in customers for expensive urgency of --

purchases. scarlet: do makeup and beauty products carry the higher margins? >> it does. thatu have your own line, is the best margin you can achieve. that is essentially what they are trying to do is leverage the brands they already have and improve margins. mark: this is to bring customers back, was this the first thing the thought of doing? are you segmenting the population? it seems like it would be geared toward women. >> there are men who wear makeup. the bulk of the purchasing for families and the home in the realm of health and wellness is the women. it helps them to spell more money when they get there.

scarlet: cbs tried something like this not so long ago, and they stumble. what does walgreens think they can do different? tried to do, and decided to abandon the was at a beauty component that was on the higher end brands, and bring in the top tier brands in the united states. those are usually sold in the department stores. ish walgreens is going to do sell the booth brand and their own brand. they are not going to get the chanel, that did not work. they have been losing customers, they have not been breaking up the foot traffic numbers of the merger, but they have been losing customers for the better part of the last two years. there are several reasons for that. there is the amazon phenomenon s customers away from the traditional drugstore. that is the best art of it.

havese walgreens does is a pharmaceutical manager, they do not have a way to lock in customers. mark: thank you. appreciate it. scarlet: we're going to move over to uber because it first arrived in china in 2014 and it growth has been explosive. trimersrivers -- uber are making more than one million pickups a day. the company plans to invest more than $1 billion in the fast-growing market. china is the number one priority for uber. tos is all according financial times. they are now in 11 chinese cities, and they plan to watch and 50 more over the next year. it does face some stiff competition. these are backed by prominent companies. they the whole thing was

wanted to take over the world. they are trained to expand everywhere they can. i wonder how that is going to work in the chinese market. is there really a market there? scarlet: there is absolutely a market. beijing started 2015 by cracking down on illegal taxis. you can imagine what uber arriving did. mark: my weekend has started. scarlet: enjoy. see you on monday. in the runtime, we have more coming up on the bloomberg market day. dick costolo will step down. what is next for the company? ♪ ♪

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this is a program that will benefit 100,000 american workers each year for the next six years. tot is a substantial benefit middle-class families that are willing to go and make sure that they can get the training and skills they need to compete for good middle-class jobs. that has always been the top of the domestic agenda. we will make that case in the house to build a bipartisan majority for that legislation. longer windlightly up than i intended. why don't we go to your questions? start out -- [inaudible] how disappointed is the president -- after he made a personal appeal. what happened there?

>> the president has enjoyed a very long, warm, productive relationship with nancy pelosi. speaker of the house she helped shepherd in one of the most substantial progressive, legislative agendas in history. a presented -- prevented second great depression. we reformed the health care -- thein a way that benefits of which are becoming clearer every day and bigger every day. she presided over the house of representatives that voted to reform wall street. to make sure that taxpayers would not be on the hook for bailing out the banks that make risky bets. she worked legislatively with the administration to and don't ask, don't tell. these are achievements that the president is proud of.

achievements that required the skillful leadership of then-speaker nancy pelosi. since that time there have been -- additionalt important progress in other priorities the president has identified. protecting the president's ability to prevent iran from obtaining a nuclear weapon. i do not know if anyone wants to talk about the iran negotiations one of the points of emphasis is to remind you that because of a letter that was written & by ,ust about every -- and signed he will be able to use diplomacy to prevent iran from obtaining a nuclear weapon. there has been an effort to interfere with that ability. because houston autocrats have

signaled they are prepared to stand strong with the president, we can encompass that goal. there is no one who has suggested that priority will be threatened because we have a disagreement over this issue. we will continue to make an aggressive case to all the houston regrets including leader blows a about why it is important for them to support trade adjustment assistance. >> what is the president going to do to turn that around? --the president has been spent time talking to members of congress. as i mentioned at the top, making sure that workers have access to trade adjustment assistance it -- assistance is a top irony. it is a top priority of every democrat. the last time it was on the floor it was not just the situation that many democrats voted for. every democrat voted for it, including 125 members of congress, democrats who were

still in office. and as i mentioned earlier we're not suggesting that they should renew with a voted for two years ago. we are suggesting -- four years ago. we're suggesting they should actually support a legislative package that would significantly enhance it. almost double the side of the cap, freeing up additional funds to help workers. it would allow 17,000 workers who have had their eligibility to haveto allow them their applications reconsidered again. that is an indication that this particular program can do a lot for middle-class families and we know that there are a lot of democrats in the house of representatives who ran for that job. specifically to benefit middle-class families and there was a voice for them in washington, d.c. >> the voting today was a little confusing.

if it cannot pass? what does a strategy become then? the subject of a lot of conversations today and over the weekend and possibly into next week. responsibility of members of the legislature. the white house will be involved in those conversations because this is a priority that the president has identified. some democrats leading that -- leaving that meeting because they felt insulted. that the president try to mp in their integrity when he told them to play it straight on the caa vote. is he afraid that he may have frayed relations? josh: the president had a

productive visit in need delivered -- and he delivered a very strong case, helping those members of congress understand precisely why he was strongly supportive of making sure that we are expanding economic opportunity for every american by opening up access to overseas markets for american goods and services. as a young man, he left new york and traveled to the south side of chicago where he tried to help the community deal with the closing of steel plants. and he talked about all the work he had done in the community to help that community confront the powerful forces of globalization. he went on to talk about -- earnest.that is josh his defeated a key part of trade legislation and josh

earnest saying the president will make an aggressive case to build support for trade legislation and what happened today, the house vote was a procedural snafu. we will continue to cover these headlines and bring you any other details that may happen. coming up, could we see more car consolidation? mergers do not guarantee anything. what will hear from bill for next. next.l ford ♪

scarlet: welcome back to the

"bloomberg market day." i'm scarlet fu. it's time to bring in alix steel for some perspective. we will start with crude oil. nymex dropping below $60 a barrel. t to like investors wanted to sell and you are probably seeing it across asset classes. stocks are selling off and treasuries are lower as well. it seems pretty rod based. thatu took a look at baker-hughes rig count, we saw a decrease of nine rigs in the horizontal fracking area. walk inian was down and -- that was confusing the markets. scarlet: why do we part -- highlight horizontal rigs?

horizontal is about shale. that is fracking. one is going down and horizontal. that is why we focus on that. that is where the growth has really been over the last decade . up 75%. also natural gas. that seems to have been the case last two days. alix: a byproduct of oil production is natural gas. it is still the same oversupply story. rige added a horizontal gas last week. that was pretty interesting. overall, looking at output, we will grow through 2016 according to the eia. drilled wells that have

not been completed that will come online. chesapeake energy. you have been looking at that company. it has come under a lot of scrutiny because of the ceo and how they spent their money. alix: this is the lowest level we have seen for chesapeake and more than six years. it is the second-biggest producer, u.s. producer of natural gas. 8 -- acids 83% of its output. oppenheimer. he was blaming losses and cash flow deficit. prices for natural gas. you're getting hurt on both ends for chesapeake. scarlet: chesapeake looking for a turnaround. alix steel, thank you. in 20 minutes to take us through the market close. let's get you a look at the stories crossing the bloomberg terminal. let's talk about youtube and it is unveiling a new app kettering

-- catering to fans of video games. youtube gaming will act as a video hub that highlights of stream so people playing games as they battle aliens or try to score in a virtual soccer game. more than 25,000 games will have their dedicated pages alongside channels from publishers and content creators. neutrality rules are taking effect today after the failure of a last-ditch legal bid. a federal appeals court denied a request by the telecom industry to put that on hold. the sec will oversee broadband providers the way they used to regulate phone service. them from slowing down of rocking some traffic. resulthas two weeks to -- remove search results. not all requests are granted. public figures cannot erase a criminals episodes and

actions can remain in place. now to exclusive. ford announcing it will return gt races with its ford car. earlier today, matt miller spoke with bill ford on what prompted the shift into racing. we finally had the car to do it and compete. and make no mistake, we want to win. we set about developing this car a couple years ago, racing was very much part of the discussion. talked to our race team and ship thought that was the place where we should start. matt: any idea on who will drive this car? bill: we will have to find

someone else. you would expect us to be talking to drivers and there are no shortage of drivers that are lenny up to drive this. racing is exciting but it is a capital intensive endeavor. why from a business angle to you pursue that sort of thing? because a lot of what we are doing in this vehicle we can translate to our other vehicles. we do a lot of first on our race cars. you probably have noticed we are doing an ego boost engine in this vehicle. although light weight and the aerodynamics that went into this vehicle, those will start to make their way into our mainstream products. a lot of what we do with racing is development for the rest of our product line. matt: i wonder how much it works as a marketing tool. motor sports viewership has not been on a tear. it has gone down in a lot of different league's.

is it still a great marketing tool for ford? bill: it is. it is great for the brand image and people who like racing pay a lot of attention to the manufacturer. butso, yes, it is important it is also important to our own employees because they get fired up to be able to work on a vehicle like this and our dealers like to see is competing. matt: you started this because ii wasncle henry ford arri. to a merger with fer i wonder you -- if you have talked to members of the racing family. ll: john elkin and i are friends. i have known him for many years. we are very happy where we are. veryo says there is a

capital intensive issue with developing cars, 30 different carmakers spending 2.2 billion, don't you need that -- think consolidation needs to happen in the auto industry? bill: people have been talking about this and many predicted that within 10 years back then there would be to european, and asian caran and two manufacturers. you would have capacity coming out. even if you merge that does not guarantee anything. you have to take the action to take capacity out. scarlet: that was bill ford talking to matt miller. coming up, a big weekend for the box office. t. rex is back in the first

jurassic arc movie in 14 years. -- parked movie in 14 years.

scarlet: "jurassic world" estimated to take in 21 million dollars this weekend alone. it is not the first time dinosaurs have brought in big money. elects orussia shelton president. when he houston -- whitney houston has a number one hit, -- stevens tilburg withberg wows audiences "jurassic park." original, pitting

dinosaurs against the eighth wonder of the world. although boss -- box office adjustingare sketchy, for inflation the film made $51 million. the movie shattered the opening box office record with a 51 point -- $51 million gross. its 20th anniversary, universal studios released the month -- movie. with the success of sequels, they were always on the table. acids -- box box office bank. both added 9080 $7 million to the jurassic heart franchise --

park franchise. " finally world arrived. the reaction is mixed area and -- mixed. people just love dinosaurs. scarlet: box office media is expecting the film to reel in more than $125 million. uria joins me now. $125 million,ing how much will this make globally? with receipts tallied from china and europe? are expecting north of $800 million over what -- worldwide. china is a big draw for this

film. was jurassic park 3d released it made 11 million more than in north america. scarlet: that was not a very good one. andt: they made it 3d audiences in china and love the 3-d format. right now it is $30 million in the bank. only two days and release. scarlet: is it done door subtitled? -- is it dubbed or subtitled? an issueere's always of how good the subtitles are. that is a factor with other movies. scarlet: what i found interesting is the only character to return to the fourth movie is b.d. wong, the chinese american actor. this is a thread that this equal to the first movie. it is also a blatant play for chinese audience. am not sure if it is a

blatant play. there are other films that had scenes featuring chinese actors. are organically placed in the new film. it is a good example of how hollywood films have more diverse actors. indian actor. publisheroes a movie create different trailers for different markets and countries? guest: yeah. you have teams that specialize in different markets and work closely and how to market the film. willet: what other content appeal to overseas audiences? will they have less kabul kidded dialogue because of the interest in making sure audiences stay with the idea? guest: that is always a concern.

if it is going to be a spectacle for the overseas audiences. a lot of overseas markets that under-screened. there are more screens being billed at a rapid pace. the best example is china. a lot of those screens are using the latest technology. a lot of those audiences coming into seeing these films, they want to see a spectacle in the most modern theater with the latest technology. that is why we have the 3-d push. scarlet: do the overseas markets care if it is to an half hours or 90 minutes? and amovie was an hour half when i was growing up. you cannot see a movie that is shorter than two hours and 10 minutes. guest: 10 -- depends on the culture. hollywood movies run over three hours each. every culture is different and how it manages that. usually, i am making this up right now. hollywood movies, usually running between two hours and

two and half hours. something like "pitch perfect 2" was two hours. they are packing in the spectacle. scarlet: is there anyone who is attempting to face off against "jurassic world"? night resultsy were $18.5 million. and we will see how it goes from there. scarlet: thank you so much. ceowork'sd, dish speaks out on t-mobile in an exclusive interview.

scarlet: it isn't in in san francisco and 3 p.m. in new york. this is the "bloomberg market day."

rare visit, house democrats should done a bill that would have helped him back track negotiating power. we will have more of our exclusive interview. scarlet: jack dorsey is getting his steve jobs moment. how they are taking to the twitter management shakeup. good afternoon. alix: we want to get straight to a look at the markets. we are seeing is still up -- a selloff. it appears like we're looking at a risk off day. we had