difference in the lives of ordinary americans, are we going to give them more opportunity so that if they work hard, they can get ahead? are we going to make this a more inclusive economy, a more inclusive society, a more fair, just society? if that is our north star and we keep the heading in that direction, we will make progress. i feel pretty excited about it. i might see it can make next week even better. -- if we can make next week even better. i love press conferences. my team is always holding me back. [laughter] i want to talk to you guys every day. [laughter] sorry, josh.

>> we take the issue very seriously. securityhe question of . seriously. -- very seriously. it involves all those bodies and forces and the armed all of the state level police. experiencehave because last year, we organized the world soccer cup and we have to provide security, natalie just one city, but the whole country. -- not only to one city, but the whole country. thereby, establishing a very , asctive control system

well as monitoring, control ,enters monitoring all activity andplacement of athletes high-ranking government officials. if we ensure proper security , that iss to all those why i am certain we will be in a position to ensure absolute security, just as was the case during last year's world soccer cup. i actually believe the upcoming 2016 olympics will be a unique and special occasion because it will bring together the brazilians and the beauty of rio.

is the rio de janeiro world's most beautiful city. the olympics will bring together excellent organizational -- all of those who wish to come have been invitation -- have an invitation. i will now call upon our daily newspaper reporters for the second question. being sued by mary american investors who lost billions of because of allegations of corruption. --it an issue of concern

president obama: i make it a policy not to comment on active that are working through the justice system. partly because people here in the united states know that the lawyers work for me and i want to make sure we -- i'm not familiar with all the details of the case, so i will declined to comment on the specifics. i will make a general statement that i have had the opportunity to work with president rousseff on the open government initiative we've been trying to mobilize internationally. brazil has been a great proctor -- partner in that process.

the more we can create accountability and transparency in our government systems, the better off we will be. that takes work, takes time. brazil has been a strong partner with us in that process. i hope both countries can continue to make progress on that front. rousseff: i would like ishighlight that petrobras indeed one of the major oil-producing and oil exporting companies. it has more than 60,000 employees. some employees did engage in acts of corruption. therefore, the investigation is beingoing on

handled by the prosecutor's office and they are being sued by that office. the circumstantial evidence that is available from the prosecutor's are pretty substantial. that areegal measures being taken against petrobras will have to take into account wereacts of corruption practiced within petrobras, but it's not 100% of the company. did practice acts of corruption should be held accountable and be punished. the people who actually engaged in these acts of corruption should be punished. the good news about petrobras, it's a strong company, their well-managed today with proper government processes and

compliance processes. case, hownot the --ld you possibly understand this year, it was awarded the so-called oscar of the oil industry.oil and gas the innovation award was granted to them this year. is on corporation that full blast, a strong operational company. in regards to your second question, i have never appointed nor have i dismissed ministers dismissed by been the press. the event will be properly looked into undisclosed.

in principle, i think it is important and necessary that all access to the same information. the brazilian government does not have access to the court records. strangely enough, there was this selective leakage of information, those allegedly stemming from the court records. have noo are accused way of defending themselves because we don't know exactly what they are being charged. country marked by democratic process. all the arbitrary arrangements and violation of rights -- we record,iven our track we should stick with the principle of sentencing once evidence is available, not the other way around.

accuse should provide evidence of guilt. this is what we talk about when we talk about democracy. people's rights. the burden of proof lies with the accusing party. that's what we do in brazil today. i had a chance: to do the rose garden celebration of the court decision around same-sex marriage. i did not have a chance to comment on how good the white house looked in rainbow colors. week.ade it a really good to see people gathered outside

on a beautiful summer night and to feel whole and to feel feel that they had a right to love, that was pretty cool. that was a good thing. that was a good thing. the only bad part about it, i could not go out and peek at it myself because i would've had to clear out the people. i could only reflect on it from a television screen. thank you very much, everybody. president in the east room of the white house with president rousseff. with me are phil mattingly -- i want to ask you to start here, they went through questions to

both presidents. iran,alked about brazil-u.s. relations, greece. reflecting on last week, had he not only answer the question, but then came back around and brought it up again to close the press conference. what did you make of that? president obama coming back to the question he already answered once to reenter it again or extend his remarks. >> we can keep doing this for a long time. he was cool, confident, funny. i had a great week when i scored 27 points. he made serious points and then came back to the end to talk about the important societal gains. theought it was maybe not victory lap we spoke about. it was a clear victory lap.

reassuringng to be on the greek crisis. kept his position on iran. i thought you would be fascinated by the microeconomic risk issues. i guess you can get to those later. >> i will go to phil mattingly now. todayesident announced that he would like to hold a press briefing every day for the rest of his time in office. and then tossed josh earnest under the bus. how do you feel the white house will feel about that? of backgroundlot quotes coming from senior administration officials about the president lying to the media. the president does not really

like the media. his press team has to force them and out. -- force him out. i was talking to former press staffers -- had they still been here, the president would have never had the guts to make that statement at all. he might have to apologize to josh earnest. >> thank you and thank you to al hunt. seeing thent saying white house and those rainbow hues was "pretty cool." we will have more on bloomberg politics.com and tonight on "with all due respect." matt: looking forward to your further coverage. it was john heilman and al hunt and phil mattingly. i want to get you caught up on the top news stories of this hour. greece asks for a new bailout program just hours before the

old package is set to expire. alexis tsipras once enough to cover greeks -- greece's financial needs. angela merkel says there will not be new negotiations. erik schatzker is in athens. : let's begin with the fact that we are about to experience serious thunderstorm here. if i get swept off the rooftop, you will know why. more to the point, the rain is about to rain on the parade. rallyis a pro eurozone forming right now in front of the parliament building. this is the latest in such a stark contrast with the president has been talking about back home. the prime minister has not had a good week. yesterday, he had to impose capital control, today he finds

the eurozone unwilling to engage in the kinds of negotiations he wants. he wants a relaxation of the demands they are making for continued austerity. in exchange for further credit. this last-ditch attempt to request a new bailout from the esm doesn't appear to be going anywhere. the head of the eurozone finance ministers says it will be considered a meeting that is beginning right now -- angela merkel has indicated it's a nonstarter. she will not consider anything that-- mark: the referendum on sunday, do we have a sense where that might be headed? alexis tsipras has encouraged his people to vote no. : it is hard to call it right now. you talk to a democratic pollster and they will tell you that the winds are blowing at fair and the democrats give you

the opposite point of view. that's what i hear on the grounds here in greece. i spoke to some opposition politicians here who say there is a ground -- in favor of the yes vote. in favor of staying inside the favor of the in proposals the europeans have made to the greeks for a new bailout package, not the one that alexis tsipras is asking for right now. the one he asks for today comes with no conditions. he wants the money for two years , he wants to renegotiate the debt, he doesn't want to offer anything in the way of fiscal reform. the package that is on the table is the one the european commission put on the table on saturday. that would require greece to make pension reforms, labor .eforms

it's across the board and thus far, that has been categorically rejected by the government and that's why there has been no movement forward from either side today. matt: we hear protests behind you. erik schatzker in athens with the greeks on the ground. , two decades after they split, the rivalry is once again heating up between blackrock and blackstone. matt: which money-management giant will come out on top? ♪

mark: welcome back to the bloomberg market day. let's start by going to our breaking news desk with julie hyman.

julie: i'm just looking at the markets right now and we are seeing the stocks have come down off their highs of the session. not much changed. the nasdaq the winner, up .3%. i want to look at the stocks we were watching yesterday in the news unfolding from greece and china and puerto rico. ekhad the crisis trio of gr which dropped 19% yesterday, we had seen it does been singing rebound. -- we had been seeing it rebound. the last that you saw was mbia, the bond insurer that has been declining on concerns about its closure and puerto rico. it's declines are not as big today. mark: julie hyman, thank you so

much. more bloomberg market day in just a moment. ♪

mark: welcome back to the bloomberg market day. matt: the streaming music wars just got hotter. apple music launches today. it will be free for the first three months and then cost $10 per month for individuals, $15 for families. new: shazam is unveiling a connectivity feature. what's it going to take to grab the europe listeners -- year of listeners? thank you for your patience. are people going to pay that money? >> i think they will. the ability to have all the music you want for a fixed monthly fee is increasingly popular for people to consume

music. i think apple will deliver a great service. matt: you think you are competing with them on this? i've been using shazam for years. i automatically go to itunes to purchase because you have a direct link. do you work together or will you eventually can be? >> apple is one of our largest partners. we have integrated apple music in two shazam -- into shazam. we will let users by or stream or listen to radio, whatever they please. matt: it's an interactive service you are providing. i canhazam something, click and see what joni mitchell has been shazaming. >> we watched integration with apple music, which is great. we launched the ability for our users to follow artists and artists to share what they are

shazaming. , theyhose artists shazam can now share that with their over 600 million followers. to on boarding her as well. ,ark: the streaming music wars what will it take for one company to come out on top? >> i don't think we've seen an ecosystem where one company will come out on top. there are different services for different types of people. apple is going for someone who wants the culture around music and the music itself. partnerships with people like , them and rolling stone beats one radio station which has a live dj. it's not just picking up your phone and putting on the song you want. >> i use netflix and hbo go. where do you put shazam?

it's a uniquely situated cap because there is nothing else i can think of that does this. the main part of the product is figuring out what something is. >> over 20 million times a day, we connect people and help them discover music and then partner with apple music, spotify and others to help them consume that music however they would like to. we are in a switzerland like position in the streaming wars. thank you for the interview. we appreciate your time. matt: i'm leaving. you had enough fo of me. mark: nothing personal. bloomberg market day will continue in just a moment. ♪

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chief executive has become the 14th republican to join the race for the white house. he made the announcement at his old high school in livingston, new jersey. tired of hammering in indecisiveness and weakness in the oval office. we need strength and decision-making and authority back in the oval office and that is why today, i'm proud to announce my candidacy for the republican nomination for president of the united states of america. party leaders and business executives wanted governor christie to run in 2012, but he turned them down. early backers have signed on again, such as home depot posco founder. the obama administration will raise the wages of millions of americans by requiring employers to pay them overtime. the regulations will cover 5 million workers, making as little as $455 a week. they are not eligible for

overtime pay because they're classified as managers. many work in retail or the restaurant business. of free checked bags on jetblue is over. they will now charge of $25 for checked luggage. jetblue four years proudly proclaimed itself a holdout on fees and allow passengers to check one bag free. southwest airlines is now the only major u.s. carrier not to charge a baggage fee. reportedly was the source of $3 million in gambling proceeds at the center of a money laundering case. espn says he wired the money to a man who then laundered money in an illegal sports betting operation. he has not been charged with wrongdoing. you can get an extra second of sleep tonight. at midnight, atomic clocks will pause for a leap second. the earth's rotational is gradually slowing.

traders and tech firms are wary of computer glitches after the last leap second, read it and mozilla all crashed. coming up, european stocks fall for a second day as concerns over greece leads to the worst quarterly drop since 2012. two giants in the money are eyeingbusiness each other's lines of business in the hunt for growth. r is losing hundreds of millions of dollars as it expands worldwide. that's according to a document provided to investors. closer look at what the numbers mean for the company's future. we are all following the ongoing headlines out of greece. the country is asking for a new to your bailout program. -- two your bailout program. finance ministers will discuss it tonight. they're still big questions over

whether the eurozone will consider these requests. notla merkel says she will discuss the proposals before this weekend's referendum. gallo,ring in alberto the head of european credit research at rbs. and from san francisco, nicholas archimedes, a professor at nyu stern school of business. the call for this referendum, was it something that was needed? >> no, it was unneeded and quite unexpected. i thought the greek government and the lenders were very close to an agreement. suddenly, the greek prime minister did not want to take responsible before the agreement and instead called a referendum to throw the responsibility to the greek people. >> now that greece has asked for doeswo your bailout, where it put discussions as far as greece's economic future is concerned? i think it will be very hard

to get a deal before the weekend. the government has heavily no.aigned for a making a u-turn requires creditors to give concessions that the prime minister could sell to the population in victory. i don't think the concessions will come. whatever the deal we are going to have, it will be a kick the can measure. greek debt is unsustainable in the long run. we will not get any deal if there is a no and the negotiations -- the referendum is very key this weekend. have discussed the greek debt crisis for a number of years now. we found a couple of statistics that are startling. youthof greece's unemployed at this moment.

corruption caused -- cost greece up to 10% of gdp annually. can any amount of help from greece's creditors help to turn the situation around? archimedes: i think it can. the programs between greece and the european union always have two parts. one was the physical part, eliminating -- the other was the reforms pak. competitionpening -- reducing corruption, reducing -- making sure you collect all the taxes and so on. unfortunately, this last part was never seriously implemented because various groups protested against it. these groups were typically very small, like 5000 people get the benefit from a certain measure and they managed to keep that

forever. unfortunately, this has not happened, but it has to happen. coming back to the major issue, i think the vast majority of greeks preferred the euro. no matter how strong the campaign of the government is most greeks will vote yes. and then we will have to see what the government will emerge and howe referendum that government will be able to deal with the europeans and make any treaty. fundnternational monetary was always a secondary player in this group of creditors trying to deal with the situation from greece. what kind of role isn't going to play now and will be imf's reputation take a hit because of this? >> the imf is keen to get out of greece. they have been lending a lot of money to greece, more than other countries in emerging markets

where gdp per capita is lower and people -- the imf has critiquesseveral because of the large amount of lending to greece. they have asked the european union to take the hit. a lot of countries in europe want the imf to be involved because it is an external authority. tohink the imf will continue -- they have been adopting a tough stance on greece. the country is very close to a humanitarian crisis. one out of every two young people unemployed and queues at the banks -- the supermarkets may run out of food. this is a time to be a bit more flexible. mark: i have a little less than a minute i have to ask about these capital controls that were imposed by the banks.

if greece does exit the euro, will there be a bank run? archimedes: of course. there is already a bank run going on. on tuesday, the banks will reopen. it's a pure lie. there is no money for the banks to be open. unless people vote yes and unless there is a new deal, the banks will have no money to get out and it's extremely unlikely that there will -- they will reopen next week. i hope we have a deal and the banks reopen and we get to a more stable situation with growth and prosperity for greece again in the future. mark: gentlemen, thank you. still ahead, sony surprise. the company makes plans for its first share sale in 26 years. ♪

mark: welcome back. thanks for staying with us. let's take a look at the european market close. here's mark barton from london. on the75 billion euros stock 600 on monday when it slid by 2.7%. wipedr 90 billion euros off today as greece readies to miss its 1.7 billion euro payment to the imf and prepares to exit the protection of europe's bailout. throw into the mix we've got

greece requesting a new to your two-yearrogram -- bailout program. the plot thickens. says the outcome of earnings growth remains positive in europe. sticking to the forecast for the euro stock 50 the year at 4000. it climbed up 15% from monday's close when it sank by 4.2%. i want to finish with the dax index. tuesday, a finished the session down by 9/10 of 1% -- .9%. take a look at how it's fared over six months. this is fascinating. in the first quarter, the dax had its best quarterly rise since june of 2003, jumping by this much.

at the end of the second quarter, it had its biggest quarterly drop since the third quarter of 2011. the dax in the second quarter, europe's worst-performing european benchmark. doublehares of sony will -- dropped the most since september since the company announced its first share sale in 26 years. >> big fundraising announcement from sony. the first time in 26 years it is selling shares. the bulk of this will go into things like developing the business further. the announcement was made during the last hour -- it's a bet on sony's turnaround. it's more than just the playstation and the movies.

it has registered its first profit in years. mark: let's take a look at the top stories crossing the terminal at this hour. indonesian authorities say at least 37 people are dead after a plane crash today. a military transport plunged into a neighborhood in the country's third-largest city. it was carrying 50 people. it had engine trouble just after takeoff. just after greek prime minister filed a request for the bailout extension, reporters sought him out for answers. as hes footage we shot was leaving the finance ministry. that is a little chaotic. here is what happened. speaking a foreign language] mark: he tried to escape the media. one questioner grabbed him by the arm and he pulled away.

he climbed onto was motorcycle and try to leave. not as quickly as he would have liked. greece is getting a little kindness from strangers. donations are being gathered on indigo go. the greek bailout fund was started today. thousands of people have already pledged the ambitious goal, $1.7 billion. two giants in the money management business. blackstone and blackrock are eyeing each other's line of his miss. -- lines of business. joining me is jason kelly, he wrote about this rivalry in this month's bloomberg markets magazine. why are they getting closer? firms thate are two were once part of the same company, once part of blackstone in the 1990's. he andlit up because

steve schwarzman had a disagreement over how they should pay people. they were on these parallel paths ever since. what's happened is, in the new wall street where people are ,ooking for new areas of growth they're looking for new investors, both of them want the products the others have. mark: they're always sing companies are looking for synergies. what are the synergies here? really come toe dominate the world of alternative investments. private equity, hedge funds, real estate, they have put a lot of distance between themselves and carlisle and others. retaile looking at investors and they want a piece of that action. on the other hand, blackrock sees institutional investors who want those higher yield investments like private equity and hedge funds and they want to

get into that business. that is very profitable. mark: the firms are quick to say that they are not direct rivals. i would imagine there is some tension there. that. they say talk toy thing, you people at either firm and they know each other's business down to the penny. they know their profit margins and market cap and earnings. they're looking at each other at the side of the eye. mark: mr. fink did not even want to interview for the article. jason: they do push it off a little bit. these are businesses built on , really wanting to take on the world. these are two guys who have come to define the modern wall street. asked for their advice by has of state, the president of the united states.

they do travel in different political circles as well. schwarzman is a republican and fink is a democrat. jason: fink has been mentioned as a potential treasury secretary. funny story about how schwarzman acted as a go between bring the fiscal cliff negotiations. mark: i read your article and those of you who have not coming fascinating. to jimmy lee of j.p. morgan chase about these two firms. what did he have to say? jason: it was a great interview. one of the last interviews he gave. he really saw both of these firms and both of these men coming to their own. he speculated that they could come even close it together and he was one of the people we talked to that said it's not

impossible to think about blackstone buying a traditional asset manager or blackrock eyeing an alternative manager. they cross paths in certain social situations. jason: they do. when you deal in that rare binary, you are bound to run into each other. , thank you solly much. , cars and set on fire in paris by angry taxi drivers. the story is next. ♪

mark: welcome back.

i'm mark crumpton. let's get a check of the markets now. julie hyman is standing by. julie: we are looking at markets muddling along. stocks a little bit higher here but definitely off the highs of the session as we rebound from yesterday's losses. the biggest losses yesterday for the s&p 500 that we have seen since last april. still singing a lot of optimism despite all the headwinds. -- seeing a lot of optimism. looking at the differential between the s&p and the dax whereas the s&p 500's lunch changed, up .4%, the dax has gained by 11%. is the that differential largest we have seen, the third

largest on record and the largest we have seen since 2007. he is looking potentially at those two getting back in line. earnings arey poised for a rebound after we've seen energy prices recover. households are more willing to stem the savings they've gotten. the dollar risk is less of a concern than it was. the smaller investors are two bearish. -- too bearish. he is above the average forecast -- definitely not alone here. mark: julie hyman, thank you. uber is raising money at a approaching $50 billion. yet, the company is not turning a profit. bloomberg news obtained a document that it showed to prospective investors.

operating losses of $450 million in revenue. the document does not say what time period those results are from. corey joins us from san francisco. the document also saying that uber is seeing 300% growth annually. corey: the amazing. that's pretty amazing. one can pencil that out and you are looking at a business that's going to be a $1.6 billion business a year from now. that's spectacular growth. it's interesting to look at this document in terms of what it might mean for this company. is aes suggest that uber lot smaller than we thought it was. users might be as many as 8 million users. it's a lot less than that. 57y say they are in

countries and 300 cities across the world. users.ith only a million there is so much information lacking in this. it's a fascinating look at a company that is spending like crazy to grow. ing's mapping b business. they're working on robotic cars and self driving cars. the company clearly focused on expansion. mark: what about the heavy losses its incurring because of the local competition? : they are clearly in land grab mode. every company wants to be amazon. investors don't seem to care that there is no consistent growth and no real profitability. strategy for both companies out here and no

uberny is as aggressive as right now. they are going against regulators. for size inre going every market they are in. profits be dammed. mark: cory johnson joining us from san francisco with a look at uber. puerto rico bonds tumbled to record lows after the governor said he wants to delay payments for a number of years. we will have the latest on what the bond prices could mean for puerto rico's feature. -- future. ♪

11:00 a.m. in san francisco, 2:00 p.m. in new york . eurozone finance ministers will hold an emergency meeting after ae greek government requests

new bailout program, but german chancellor angela merkel says there will be no new negotiations before a referendum on sunday. reporter: home prices grew at a slower pace in april. we will hear from nobel laureate robert schiller about the state of the u.s. housing market. mark: the price of cocoa is headed higher, so you'd that are stock up on those new chocolate bars now. good afternoon from bloomberg world headquarters in new york. this is "market day." let's get straight to the markets right now. we did not extend yesterday selloff, which was the biggest and more than a year. we're looking at modest rebounds