it is down to the wire again for greece as the nation faces critical deadlines to pay the imf and reach a new deal on aid with europe. olivia: we have an exclusive interview with venture capitalist john doerr. mark: and the treasury department making history by announcing a woman will be honored on the face of the new $10 bill. we will tell you what's behind that decision. olivia: good afternoon. mark: thank you for joining us. let's begin with a look at the markets. stocks on the rise -- a nasdaq composite hit an all-time high earlier, when day after the fed signaled it would continue to support the economy even as

growth picks up. motorcycle maker harley-davidson afterthe biggest gainers its board approved a big stock buyback program. up dow jones industrials over a full percentage point. the s&p 500 also up over a full percent. rising into record high territory today. gold rose the most in five weeks. gold is now trading up nearly 2% $1200 $.20 an ounce. stop00 $.20 an ounce will -- oil as you see, trading up three quarters of a percent. show you what's happening to the bond markets after the fomc meeting. treasuries selling off a little bit.

the yield on the 10 year is backed up by six basis points. slight sigh of relief yesterday, more strong economic data with weekly jobless claims that came in better than forecast. having investors bet that rate hike, at least one is coming. mark mentions the weaker dollar. stronger versus the dollar and the british pound little changed against the dollar. we did see a little bit of a selloff yesterday. a look at the top stories we're watching this hour. a suspect in the south carolina custody.ooting is in he was arrested in shelby, north carolina, after police got a tip. say he walked into a

historic black church last night and shot nine people. it is being called a hate crime and federal officials opened an investigation. president obama spoke about the tragedy half an hour ago. some point,ama: at we as a country have to reckon with the fact that this type of mass violence does not happen in other countries. it doesn't happen in other places with this kind of frequency. and it is in our power to do something about it. pastor who church's is also a state senator was among those killed in the rampage. when it comes to trade bill, the second time appears to be a charm for president obama. less than one hour ago, the ,ouse passed the trade measure winning with republican support. they will still need about a

dozen democrats who may be displaced by new international trade. mark: new developments in the crisis in greece. the country's creditors want to give a final offer by extending the current aol program until the end of december. lagarde, the managing director of the international monetary fund has set a hard deadline for greece to reach a deal. she says greece will not begin in a grace. -- a grace time. >> the imf has an obligation the its membership from sri lanka to switzerland to have a program that is credible, but we are always flexible. , wehey are good proposals can review them, of course. mark: euro area of finance

ministers are meeting with talks deadlocked. the euro area part of the deadlock expires on the same day the payment is due. -- the maker of wearable fitness tracking devices -- there you hear the opening bell and the cheers. fit it pricing above shares yesterday, raising -- now valued at $4.1 billion. that's a look at the top stories at this hour. coming up, the federal communications commission is voting on new rules for robo calls. it could change the way pollsters work. prices in china fell in fewer cities last month. we will tell you what the government is doing to restore buyer confidence. not: computer code may sound sexy but it has made

numerous appearances on movies and television. we will tell you how it has been portrayed over the years. paoia: in the case of ellen 's case against kleiner perkins, it's back in the headlines month after she lost the case. mark: a san francisco judge has entered a tentative ruling that she must pay $276,000 to the firm for its legal costs. kleiner perkins was seeking close to a million dollars but nevertheless called the ruling a fair result. emily chang sat down with the from kleinerers perkins with an exclusive interview, their first since the case. amalie joins us now from san francisco. fascinating even as it moves past the trial phase and guess toward legal compliance for her to pay kleiner perkins. emily: indeed.

reserved her right to an appeal and we will know whether she intends to proceed with an appeal, so this could continue to go on for years to stop this is the first time we have heard from partners at the firm about how they felt throughout the trial, what it was like behind the scenes, and what john said to me was we know that we won in court, but we know that we lost in the court of public opinion. opiniont of public found against the industry because there are not enough women in these high-profile positions. ellen pao is a woman he personally brought into the firm. she was his chief of staff. i asked him how she felt when he found out she was suing him. ellen is someone you personally brought into the firm. she was your chief of staff and you are her mentor. how'd you feel when you found

out she was suing you? john: i was sick. she was a good chief of staff, but when i read the charges, i knew from that very moment that these had no merit. were --ow aware of you how aware were you of the situation? john: i would rather not get into the past. she did some really good things and i wish her well at reddit. ceo ofnow she is the reddit. when she not senior partner material? important to look at the difference between being an operator and being an investor. be a great ceo. i hope that she is. but to be a successful investing partner is a different job. emily: have you talked to her at all? john: only briefly in the trial. i said hi, how is your family,

how are you doing? emily: what did she say? john: ok. i have not spoken with her since stopped emily: why didn't you try harder to settle? john: i always believed this should have been settled outside the courts. it wasn't possible. for $2.7e is asking million to walk away. why not just pay her and be done with it? easy, itit were that would have been done. i would just tell you it's not possible. >> and we have tried. emily: how hard did you try? are not whatails matters. what matters is we have tried really hard and it is not possible at this time. emily: do you feel if you pay $2.7 million it's an admission of guilt? john: i'm sorry that this happened to us, to her and the tech industry. it's a civil case, so the question is liability.

emily: is it an admission of liability? john: the jury found we are not liable after five weeks of testimony. emily: much more with my interview coming up on studio 1.0. there's a lot more there. tovia: we're looking forward your special, but what's next step for kleiner perkins? emily: there will be a few more back and forth with who regard -- in regards to who owns what. it depends on ellen pao possibility to pay up. but this is a case that could go on for years. intends tow if she proceed with an official appeal. it will be an expensive appeal, so there's the question whether or not she has the funds to fund the appeal. certainly some interesting insights and it's good to hear what's going on behind the scenes at kleiner perkins,

having not heard from them up until this point. we also talked about the future of the technology industry, whether or not there is a bubble. john doerr thinks we are in a sustained come along boom. so you will hear his thoughts on that coming up in the show. looking forward to it. everyone is trying to understand more about that case. changwhen you hear emily is coming to interview you, be prepared. she is tenacious. olivia: still ahead, much more, including pulling the plug on robo calls. rulesthe fcc debates new that would make it tougher for telemarketers, pollsters and others to call you. ♪

olivia: welcome back to the bloomberg market day. let's go straight to our senior markets correspondent with a look at how fit bit is faring in its first day of trading. very well is how it is trading. they're so much demand for this ipo. it's an interesting story -- fit bit, the wearable fitness devices, shares our pricing at $20 apiece in the ipl in the first trade of the day, 30, then 40, it's a little below that but it's still up 50%. it's valued at about $6.5 billion today. at this price at the opening 30 or 40, it's more

than twice the average valuation of go pro. elevated valuation. i want to look at some other recent tech ipos. y came public to much fanfare. it went up 88% in its first day, but since then, it has pulled back by about 48% as questions have arisen about possible counterfeits on the site, so that stock has not performed well. go daddy is a different matter -- the hosting service went up 31% onmarch 31, the first day and then up 20% thereafter. we have a bloomberg index of ipos and that has done for the well. it is up about 6%, but that is an underperformance of the s&p 500. we have talked so much about

this lackluster market for ipos. that in ao capture chart, so i ran ipo on my terminal. bars are the volumes of ipos in the green line is the number of ipos. so we have seen a decrease in both number and volume of ipos that we have had so many companies raise money in the private market instead of the course,arket stop of airbnb being the latest example today that says who needs going public when we can raise money privately. olivia: when you can raise a billion dollars on a $24 billion valuation. julie hyman, a wealth of information. now a look at the top stories crossing the bloomberg terminal at this hour. another sign inflation may take some time to reach that target -- the cost of living excluding food and fuel rose by .1%, the smallest gain this year.

overall, the consumer price index rose by .4% thanks to higher fuel costs. filedile, fewer americans for unemployment benefits, indicating employers are optimistic demand will pick up and they are holding onto workers. warren buffett is increasing his .take in h.j. heinz the move comes ahead of its plan merger with kraft foods group. he was able to add a five 14% stake for one cent a share under terms of the 2013 deal when berkshire took the food company private. the burger king that put supersize into american slang is downsizing. mcdonald's is downsizing, saying the number of u.s. restaurants it has is actually shrinking. mcdonald's says it plans to close more restaurants in the u.s. that it opens this year and that has not happened since 1970. this is accorded -- according to

an associated press review. mark: it's all about the bottom line. olivia: shocking that people are not buying big macs the way they used to. are you ready to get fewer robo calls? the fcc voted to close loopholes and strengthen rules on those always unwanted calls. biggest is one of the actions on the issue since the 2003 do not call registry. >> we've all been there for a robo call, survey or worse, trying to get our personal information like date of birth or social security number. unwanted calls and text are the number one consumer complaint to the fcc. ftcoke with the sec and the . they do not have concrete said it is the ftc

billions each year. they know that based on lawsuits they brought. their biggest case was against caribbean cruise lines in florida, not to be confused with more reputable companies out there. up to 16 million illegal sales calls between 2011 and 2012. one point 5 billion calls in just nine months. half $1 million as gone back to consumers but if that doesn't, gilad, turns out it's not. since 2003, nearly half $1 billion has been ported to customers but only 29 million has been collected. that's because defendant hide their money or spend it on luxury cars when they get the money. robo calls are cheap. it costs less than one penny a minute to make a voice over internet call, so the return on onestment is that is even call means someone buys a timeshare or cruise, the

technology could defend against robo calls. the fcc has okayed blocking technology phone companies can provide and the ftc has launched humanity strikes back -- a challenge for developers to make just that.o top prizes $50,000. you could add your number to this -- the national do not call registry. in 2014, 270 million numbers were registered, up 2% from 2013. the number of complaints dropped 13% to 3.2 million. still a lot, but half a million less than the year before. just minutes ago, the commission approved some of these changes. what can you tell us? the announcement just came down in the fcc voted to issue guidance that tells telephone companies that they can and should block these robo calls. this is a turnaround because the past several decades, at&t and

verizon has said we know this problem exists, but we are not going to do anything about it. this says now is your responsibility to stop it. text?what about robo tost: it does not apply those. so we may very well begetting nose those. and the problem is huge. billions are being sent across the united states. one big one that just happened was on the order of 28,000 texts . that involved yahoo!. the person had a secondhand phone number and so yahoo! kept trying to get to that person but they were getting to the new person. the fcc rulings would stop that from happening as well. that would alleviate some of the problem. are already on the books and have been since 2003 or earlier. even though the law exists, the

enforcement issue is the next big thing. it could maybe curtail some of it that in the long run, we might still be getting some of these. mark: thank you so much. olivia: we do have breaking news coming out on greece. julie: this is coming via twitter. the eu commission president says the eurogroup has not reached a deal on greece. he says the group is ready to reconvene at any moment in those negotiations. he says the group has ended its talks for now with no agreement on greek aid. reaction seeing much in u.s. stocks at this point in time because it still seems like incremental, all of this back and forth on the negotiations. we had a report in the german newspaper that creditors or willing to extend repayment deadlines to december, so there is still conflicting information out there.

we will bring you all the latest developments as we learn more. we will continue to monitor these headlines coming out of the eu meeting. there.chols is he said we might call a last chance, but they just have a way of kicking the can down the road. mark: in the next half hour, we will have more on the situation in greece as another deadline nears and the question remains will greece default? ♪

the: welcome back to bloomberg market day. we just got some breaking news crossing the terminal -- nbc naming brian williams the msnbc anchor breaking news. this is a significant fall from grace after he was suspended without pay. there were reports that he may be embellished stories about his

combat reporting in iraq. olivia: we have been reporting it as ms. statements. he was pulled from the air on -- and is now officially serve me forced out of nbc, he will be the anchor of breaking news. another story we will continue to follow. good to see you again. olivia: it's so much fun to be on with you. mark: coming up next half hour, we will continue to follow the grease story. can the country work some deal out with its international creditors? ofl it get another trench debt payments to keep the country surviving fiscally? those stories and more when we continue in just a moment. ♪

mark: welcome back to the bloomberg market day. i mark crumpton in new york. let's go straight to your top

headlines at this hour. as we just told you, lester holt will become the permanent anchor ,f nbc plus nightly news replacing brian williams. he has been in the chair since four months ago when williams was suspended for exaggerating as role during an attack on helicopter in iraq. williams will stay with the network and move to cable channel msnbc as anchor of breaking news. it in called the biggest care fraud bust ever -- the justice department has charged 243 people with defrauding the medicare system through false billing. involved, moret than $700 million. almost four dozen of the suspects are doctors and other medical professionals. the supreme court came out this morning with a willing on child abuse -- statement children make to teachers about possible abuse can be used as evidence even if the child does not testify in court. the ruling makes it easier for profit years to win convictions

and child abuse cases. pope francislls the structuralle economic system of the rich exploiting the poor. francis said it is turning the earth into it his words, and immense pile of filth. the statement was criticized by conservatives come assaying the pontiff should not weigh in on such a controversial issue. says it will increase internet access and make it cheaper. is addinggovernment wi-fi capacity to dozens of state run internet centers and cutting costs users pay for an hour online by more than half. home internet access remains illegal for most of cuba. you. the u.s. state department will abandon decades of traditionalist ball. base u.n.say it will operations at the u.n. palace hotel instead of the

waldorf-astoria. the hotel was purchased by a chinese company. the terms allow hilton to run the hotel for the next 100 years but also calls for a major renovation. that sparked fears of chinese eavesdropping and espionage. marketup, the bloomberg day, home prices in china fell in fewer cities. theill tell you what government is doing to restore buyers confidence. we will look how important the " is for, "inside out pixar studios after a two-year absence. and computer code has made absent -- has made appearances in movies and television. we will look at how code has portrayed throughout the years. tension is rising in the drama over greece. a meeting of euro area finance ministers stopped without no agreement. chief managing director,

christine lagarde, says there will be no grace time if greece fails to make a payment by the end of the month and the nation will immediately be considered in default. the german chancellor today said there is still time to reach a deal. chancellor merkel: i'm still convinced that where there is a will, there's a way. if local leaders in greece show the will, and agreement is possible. let's get more insight on what these latest developments mean for the future grace. joining me now is the managing director of sovereign risk at moody's. and from santa monica, california, the former degrees -2000 sevenfrom 2004 and is currently vice president international at the rand corporation. we talk a lot about what is going on with greece, but how the movement began to roll back

some of these austerity measures, but talk to us in terms of pure economics. what has this done to the economy of greece? just stepping back, this latest impasse is not good news. we did know that an impasse of this type would go on for quite some time and probably right at the till the end of the wire. that's what is unfolding today. we expect is that some breakthrough will come, that a breakthrough or an accommodation to greece will come from its european creditors and that's our best scenario as reflected in our rating and negative outlook. in terms of the economy, things are tough in greece. these are very tough negotiations and tough decisions, choices between pensions and debt service name and is always very difficult. this mr. ambassador, at

point, the creditors believe greece needs to stick to the --ms of the payout agreement the bailout agreement that was in place for the current prime minister took office. but he campaigned on a ledge to roll back some of these measures . he called them draconian and said they were harmful to the greece economy. where do we stand right now? where's the compromise? guest: that is exactly right. with respect to the greek dimension, you have to look at the politics. this government was elected on wouldoposition that they give the greek people a better deal, they would be tougher with respect to the europeans. their standpoint, politically, if they do what the greeks call a somersault and agreed to tighten austerity as creditors are demanding, then it could well be the end of the

coalition behind the prime minister and the government may fall, there may be a new government put together. in 2012, there is a government of national unity that was put together in analogous circumstances. on the other hand, should the ,overnment push until the end greece gets cut off for financing and it's hard to imagine the government could survive that either. from a political standpoint, as you look forward, regardless of how the next two or three weeks proceed, there is likely to be political, ultimate greece. whether ardless of greece reached, whether avoids default, how damaged is the country in the eyes of international investors?

guest: the country is certainly in a tough situation right now. they want relief and they would like some relief in terms of time to reduce the interest burden on the budget. relief, theike austerity measures that were agreed to this part of the original bailout package are viewed by the current government as too strong and the current government would like a primary balance of something like 1% whereas the bailout package is looking for something more like 4%. difference is a big number in terms of what the government can spend. outainly how this shakes will affect great possibility to act on capital markets in the

future and its ability to stick with the bailout program or a future agreed program would play large in the minds of creditors going forward. mr. ambassador, you served as u.s. ambassador to greece during the presidency of george w. bush. were there warning signs then? this is not something that happened overnight. you see signs back then that greece was headed toward a financial disaster? i cannot claim complete foreknowledge. it would have been hard for anyone to anticipate. but one thing we did see is the center-right government elect it platformame in on a under which they were going to tackle greece's fundamental problems.

tougher onoing to be the size and scale of the state ,nd reform the education system all of which was certainly needed. but greek politics are tumultuous and there were demonstrations and violence, student anarchists, all kinds of opponents to the government's measures emerge very quickly. in my time, the government both suggested reforms and when it encountered resistance, pulled back. those pullbacks were worrisome for many of greece's friends, that i wasn't able to tackle the fundamental structures holding it back. feet -- speaking of structural problems, where does greece go even if it dodges this bullet? what effect has it had on the

rest of the eurozone? >> greece has made a tremendous amount of progress through the last couple of years since the bailout package with privatization and reform of the government sector in the labor market. where greece is one of the more competitive labor market today in the euro area, probably two people surprise. still, there's a long way to go. we have seen some backsliding of those reforms and measures and the question is that what hayes can they continue to commit to reform and meet the bailout package terms and still achieve the political platforms greece set out when it took office in january. for the broader contagion risks, are central area remains that greece will find an agreement with its creditors.

there may be additional time allowed for them to meet their but they will agree ultimately and if they don't, if for some reason, default or exit hit to occur, probably a europe loss growth prospects would be likely to be short-lived. europe will recover with or without greece. term, probably some contagion risks for europe and those are most susceptible to that would be periphery countries like spain, italy and portugal which would be more susceptible to rising interest rates or lack of investor confidence. those are risks we cannot underestimate at this point. thank you both so much. ahead, we will look at how important the new film, "inside

out" is for pixar. ♪

mark: welcome back to the bloomberg market day. let's get straight to a check of the markets. julie hyman is sending by. i see green behind you. julie: it's a pretty notable market day. market was really sparked yesterday by the fed path statement and janet yellen's commentary to lead investors to conclude rate increases and at what pace they happen, it will be a gradual pace. is trading at a

record today, so that is quite notable. the s&p and doubt also getting some gains here. i want to look at the biggest gains. have some familiar says\microsoft and amazon trading higher. about 2.2%nces up and trading at a record. part of the overall trend we have seen of health care stocks doing well. green becauseof there is a broad-based rally today. else care at the top of the list. all 10 sectors on s&p 500 are -- are higher. it's the best performing sector for the year to date, up by about 11% for the year. part of that has to do with various drugs that have been approved and consolidation in the pharmaceutical industry.

all of that has helped to push that group higher. today, the highlight russell 2000 which is trading at a record, up by 1.2%. mark: julie, thank you so much. let's take a look at the top stories crossing the bloomberg terminal at this hour -- the pilot of a solar powered lane that made an unplanned stop in japan said his aircraft is ready to fly, but he has to wait for the weather to clear and that could take up to two months. at issue is a weather friends stretching from alaska to tie one that has to be clear enough for flying. the airplane is powered by more than 17,000 solar cells on its wings that recharges batteries. love lobster? get ready to pay more. theter prices are rising as summer fishing season gets off to a slow start in new england

it is an average increase of about one dollar to two dollars from last year. prices are high because supply is low. the streets of downtown chicago are lined with hockey fans as the city's elaborate the blackhawks championship. team members rode on double-decker buses on a parade to michigan avenue. tens of thousands of fans greeted the team when buses arrived at soldier field, home of the chicago bears. and sorry, alexander hamilton, you are being replaced by a woman. jack lew says he wants to put a woman on the bill and is taking suggestions from the public. whoever wins will replace the nations first treasury secretary. we spoke with a hamilton biographer about the founding fathers legacy. --he takes over a federal

takes over the federal government and restores america's credit and creates our first central bank, the first central bank of the united states. he creates the coast guard and the customs service and our first fiscal and monetary system , our first tax and accounting system. he creates the entire financial infrastructure of the united states and was the architect of much of the federal government. mark: those are the top stories we are following. can movies think? disney's animation studio is hoping to well fans this weekend after a two-year absence from theaters. so how important is this film and can it hope to be the next "frozen?" let's find out from the experts. how important is it? paul: it is important. disney only releases a handful of films every year and this is one of their pixar films.

pixar has been a tremendously successful franchise, so they hope they can get another successful name from what has been a great studio for them. but the movie business is a relatively small part of the business. scarlet: it has to fit in with their larger empire but do kids think i want to go see a pixar movie? do they know the distinction between pixar and universal animation? paul: i don't think so. certain brands resonate with young people -- the marveled rand and the star wars brand which disney also owns have a presence in the marketplace. pixar is known in the film commit -- the film community because they make a high quality product. that's one of the reasons disney bought it and it has been a great hit maker for disney. mark: these cost about $175 million to make? paul: and then another $100 million to market

it. but they play not only well here in the domestic market, but they play well globally and that is where the box offices. 60% of the global box office is outside of north america. that's different than it was 10 years ago. scarlet: they are packing the theaters in beijing. what does pixar do better than other animation studios? is it plot or character development or marketing? paul: it's a little bit of everything. when they started in the animation business, there were not a lot of competitors. they were trail blazers and have been a leader along with dreamworks animation. but since then, a lot of big studios have stepped in and the animation business has become a lot more competitive. but the pixar product stands out. it all starts with story and

characters and a layer it on with great animation and the great marketing machine which is disney. mark: what is coming up? scarlet i will be speaking with the ceo of a eric jeter-funded app that fight cyber bullying. we will talk about derek jeter's first tech investment after retiring from baseball. mark: thank you so much. some breaking news -- euro area leaders will hold a summit on monday to discuss greece. we will have more coming up. ♪

mark: welcome back to the bloomberg market day. cometer code isn't sexy exciting or visually appealing, but it has made numerous appearances in movies and television in -- in scenes that scenes thatt run are realistic to utterly fantastical. bloomberg is this week devotes its entire week to coding, explaining it all in a -- all in one article. here's a look at how code has been portrayed on the home or >> do you know anyone

who can debug 2 million lines of code? i see is blonde, brunette, redhead. >> give me a systems display. >> give me a reading on it. >> i think you better come over here. >> i've never seen code like this. >> i think we've got a hacker. >> i'm getting hacked. >> is that all you got? come at me. >> this is not good.

>> go, go, go. >> turn it off. shut it off. mark: be sure to pick up the latest special issue of bloomberg business week. why everyone needs to learn the basics of computer programming. from the, we will hear chairman and ceo of the cowen group and a former u.s. defense record carry. we will be right back full top -- we will be right back.

mark: it is 11:00 and 2 a.m. in hong kong. no deal -- the euro area finance ministers failed to reach a deal on greece after meetings in

luxembourg. what now? republicansse reviving president obama traded d -- trade deal. now the bill heads to the senate. mark: and derek jeter says stop it to bullies. we will tell you about the newest tech investment by the new york yankees superstar. good afternoon from bloomberg world headquarters in new york. this is market day. scarlet: we need to get straight to julie hyman for some breaking news on greece with the euro group meeting taking place right now. julie: we are monitoring headlines from a press conference being held i the i am a's christine lagarde and the dutch finance