♪ >> coming up on bloomberg best, the stories that shaped the week in business around the world. violence in las vegas. the u.s. response to tragedy. >> it was an act of pure evil. conflict in catalonia. spain struggles for unity. >> it really got nasty and has given the movement a lot of traction. >> political missteps, played the party. damage, disruption and debt leave puerto rico reeling. larry fink sizes up the gop tax plan.

don't think we will get tax reform if there is the elimination of deductible. >> stanley fischer on what it takes to leave the fed. bob iger and mark cuban reflect on innovation and -- >> we are living in a new world reality and we have to accept that. >> just like the net and streaming created multiple great companies, i think this will as well. vladimir putin takes question on donald trump and u.s. politics. it is all straight ahead on bloomberg best. ♪ david: hello and welcome, i'm david westin and this is bloomberg best, your weekly review of the most important

business news, analysis and interviews from bloomberg television all around the world. the week began in horror about the nightmare in las vegas. >> it is the deadliest mass shooting in modern u.s. history. on the strip of las vegas, at least 50 people were killed and 400 transported to aerial ,- area hospitals when a gunman perched in a high-rise hotel, opened fire on thousands attending an outdoor music festival. he has been identified as 64-year-old stephen paddock. >> police believe he was alone -- a lone shooter in this situation. police are already telling us they have no sense of a motive for this shooting. president trump: it was an act of pure evil. to the families of the victims, we are praying for you and we are here for you. >> this is an important test for president trump and he and his team responded with a carefully

crafted and meticulously read statement that was put forward to a teleprompter and prompted -- important for the president not to add live on this, but to offer a vision of unity and comfort. he did not use the word terror. two reasons for that. the security council and law-enforcement agencies trying to confirm if indeed there was any link from the suspected shooter to any outside groups at all. number two, because in the context of domestic act of violence, the decision about whether to use that word does become loaded with the political debate. >> president trump continues his visit to puerto rico to confront the devastation from maria. half the population is still without water, supplies or electricity two weeks without -- when the storm hit. >> i hate to tell you, puerto rico, but you have found our

budget out of wack. because we have spent a lot of money on puerto rico, but that is fine. we saved a lot of lives. >> it's going to need money from congress and the weight of a package and private donations. they are glad to have the attention shown on this in this important humanitarian crisis and they feel despite some of the logistical challenges of having a u.s. president touchdown here in the midst of all this, he seemed to feel it is worth it. it can't hurt for the president to be there. he is not there necessarily to get his hands dirty or rebuild relationships. i don't think we will see him shoveling storm debris out of roads like mike pence did in houston. he is meeting it with locals right now. this is what you expect from presidents after major disasters. >> president trump what to put her ago to offer relief, but way beyond what people expected, when he suggested they wiped out puerto rican debt to get on their feet.

youru oh a lot of money to friends on wall street and we have to wipe that out. you can say goodbye to that. i don't know if it is goldman sachs, but whoever it is, you can say goodbye to that. >> mick mulvaney was very clear that what the president did not mean was a bailout for puerto rican debt. the federal government is going to be very active in helping with the storm recovery, but when it comes to the debt bonds, that needs to go through the process that congress started up on it more than a year ago. >> if you look forward, there has to be debt reduction. what you hope for is an orderly restructuring. it happened numerous times in the corporate sector, the sovereign sector and should happen again here. >> in the markets, dollar and treasury yields are lower as the future of the federal reserve. president trump's advisers

delivered a short list of candidates. the fed chair in the running. gary cohn, walsh, janet yellen, jerome powell and noticeably absent from that list, glenn hobart and a richard davis. >> i think chair yellen is still better than even odds for the fed chair. she would reflect a continuity of the policy that has been in place that president trump has said he does like her, he admires her track record. i would say yellen, powell, then further down the list, warsh, but he >> might be too hawkish for president trump. what is interesting here is dovishre some republicans being proposed. what i mean by that is, potential governors who would be dovish on interest rates would pullback qe and get the curve to widen out a little bit, which would be good for the markets. the ones that trump,

when he starts interviewing these guys, he is going to go with one who is more anti-regulation. david: the house passed their budget resolution for their fiscal year, taking a step to enacting tax reform. the resolution allows the republican tax bill to be passed with a simple majority, in reconciliation, protecting the legislation from a democratic filibuster. how did the resolution become -- budget resolution become the easy part of this legislative process? >> you are absolutely right because now it turns to the hard part and that is trying to build consensus among republicans on a host of tax related issues, whether state and local inuction or any other issue particular, in terms of how they will pay for what most estimates are saying is a $6 trillion plan. the bottom line is that yes, this budget did advance out of the house of representatives, it is a step they needed to take, and they took it. it sets the stage for them to

get into the weeds, so to speak, of actually crafting this tax policy and that is what we are going to see play out over the next couple of weeks. >> bob corker yesterday set the for what is happening right now as everyone is throwing around the sugar, the tax cuts, and nobody is willing to eat any spinach, which is how do you pay for them? that is a concern for the few remaining deficit hawks out here. the want to see administration and republicans bear down on these loopholes and tax the directions in the code -- taxed inductions in the code and say, we will get rid of them, even if it means some have higher taxes. >> the estimates for payrolls is $80,000, the previous was $156,000. the jobs report drops right now. 33,000. a loss of 33,000 jobs during last month. however, the household survey,

the jobless rate, ticking down to 4.2% and the average hourly earnings climbing .5%, better than .3% estimated. year-over-year earnings rising 2.9%. the jobless rate at 2.4% is the lowest since february 2001. >> the job growth numbers are probably fine last month. 2.9% wage growth is, that is the headline. remember janet yellen said in a healthy labor market, it is between 3% and 4%. we are just about there. i think that chair yellen will look at this report and say, my understanding of the way the labor market operates is basically right. >> this is the situation where analysis of the fed, a rate hike in december, as long as financial markets remain firm -- they certainly are -- as long as wages rise toward 3%, they certainly are, i think the fed

is slam dunking in terms of raising rates in december. ♪ still ahead as we review the week on "bloomberg best," conversation with blackrock's larry fink, vice chair of the stanley fischer and disney ceo bob iger. vladimir putin holds court on donald trump. up next, more of the week's top business headlines. the former head of equifax gets grilled on capitol hill. >> what we learned this morning is that equifax messed up. david: this is bloomberg. ♪

♪ david: this is "bloomberg best," i am david westin. let's continue our tour with the top business stories in spain, where political crisis rages over the independence of catalonia. >> in spain, catalan separatist

leaders signaled they claim may independence later after 85% of voters backed independence. hundreds of activists were injured when they tried stopping police from shutting down the referendum. on the ground yesterday, it really got nasty. some nasty pictures, a pr disaster for the rajoy administration is a total double whammy. the vote happened, they yes won and they wanted to continue to make this a domestic issue. that obviously didn't happen. it is making news over the world and giving the independent movement a lot of traction. a lot of tension here in the relationship with madrid and barcelona. >> if and when they will declare independence. in a televised statement last night, he rhetoric -- reiterated an offer to mediate talks while attacking king felipe's condemnation of the referendum.

-- catalonia's legal referendum. >> we were open to discuss it, but always, it has to be within the framework of legality and the framework of the spanish constitution. if we accept any mediation or arbitration, we are setting a dangerous precedent for not only stain -- spain, but for all europe. >> sources within the catalan government saying a lot of numbers are getting cold feet. they are willing to push ahead, but some are getting scared. they are worried about the word unilateral and what it can do to the economy. they want to reframe it, reword it. various divisions of how to go ahead and this side of the coalition doesn't want to do it unilaterally and they want to engage the central government in some kind of negotiation. >> the financial and political squeeze on the separatist movement in catalonia titans. -- tightens.

the spanish constitutional court suspended a meeting held by caps -- president in the regional parliament on monday. >> they are based here but a lot of their businesses are in spain, but they want to make sure this is the message they want to send to the markets. no matter the markets, no matter the political noise, they will still be backed up by the european central bank and part of the eurozone. that is the latest news. and now saying they will make it easier for companies to move away if they want to. >> the u.k. chancellor delivering a keynote speech at the conservative party conference today. instead of brexit, the address was primarily focused on the leader of the labour party, jeremy corbyn. >> he described them as marxist. he grouped them in with north

korea, zimbabwe, and others. they are the set by infighting. boris johnson setting himself up as the keeper of that brexit flame. wanting to keep that flame alive in the u.k. and making sure the his views and the views of his supporters are reflected in government policy. one more reminder about whether theresa may will have to fire her former secretary kerry another reminder of how vulnerable he is at this >> point. boris johnson is falling in line on brexit. johnson said he is behind every syllable of theresa may's brexit plan. his comments come after criticisms for theresa may to fire him after he challenged her brexit policy. anna: it seems as if he has fallen in line. why has he done that? we caught up with a number of mps who realize he is upsetting people he might rely on if he wants to launch a bid for leadership in the future. there could be something in it for him to back down in the short-term, at least, but that

does not change the tenor of the conversation of the psychodrama, who leads this party into the future. that is the french conversation in manchester. >> theresa may was interrupted by a protester. >> while our opponents flirt with the policy and prepare for a run on the ground, some people say we spend too much time talking about jeremy corbyn's path. >> the tester was identified as a comedian. the piece of paper he had was an unemployment form. we know they are planning for the worst case scenario. there is no more no brexit is worse than a bad exit. it is just we are planning for the worst case scenario. >> every day there is a new message on brexit and again, there has been no progress because for the u.k., they have been negotiating with each other and europe is waiting by the sidelines waiting for them to come up with something behind which they are united. china's official factory

gauge rose to a five-year high, signaling efforts to clean up the financial sector and the environment are not hurting growth. the fact that the private gauges we have seen are showing a little different picture. why are we moving in opposite directions in these two gauges? give us color on this. what does it tell us about where the economy is going? >> i think you know for me, there is a bubble in the china's .fficial pmi for performance at the moment, i tend to trust the pmi as a more clear picture of the chinese economy at the moment. >> u.s. auto sales were firmer last month, helped like houston, -- by consumers in flood soaked houston, who started replacing pickups and other vehicles damaged by hurricane harvey. the biggest automakers were on the rise as gm, ford, fiat, and chrysler beat analyst estimates. we have seen sales flatter or

down most of the year. the first half was slightly down. so when you see a month like this, you have to say placing -- replacing cars that were damaged or destroyed has to be a big factor. maybe it happened sooner than analysts thought and maybe rigor -- maybe bigger because numbers like nissan are blowing estimates out of the water. over thereryone was estimates by quite a bit. it has got to be some replacement from the storm that is causing this. people didn't decide they needed to buy more cars they were buying in the first few months of the year. former equifax ceo richard smith appeared before a house subcommittee today answering questions about the massive data breach at his former company. smith apologized for the security failure but defended executives who sold stock after the breach. >> it was deemed as suspicious activity. we had no indication that pii was compromised.

that data was exfiltrated at that time. >> what we learned is equifax messed up. there were systems in place employees did not follow and the company was not prepared to deal with the fallout of this reach. -- breach. that is one of the things we learned and it is important because it will be a theme moving forward as we start to see more policy issues debated around what needs to be done to prevent these types of breaches from happening. the central question is, are there rules and equifax did not follow them or their need to be better rules and regulations put in place? >> convergence of two energy superpowers, king solomon talks beginning with vladimir putin and moscow, the first time a monarch from saudi arabia visited russia. it also comes ahead of king salman's planned trip with president trump's next year. what are the outcomes of this unity?

what are the potential problems with a saudi arabia, russia alliance? it is not good for the usa, he looks at it as a way to change his country's position in the entire middle east. succeededussia have in keeping prices stable, driving them up has been a success. it looks as though russia will agree to extend it as saudi arabia asked for until the end of next year. this is what putin indicated yesterday. in addition to that, there will be possible cooperation on syria, which is another major issue for the two countries. ♪

♪

david: welcome back to "bloomberg best." i'm david westin. president trump's outline for tax relief is under the microscope on capitol hill and for that matter, on wall street. in an exclusive interview with erik schatzker, larry fink discussed what he does and does not like about the proposal. >> there are a lot of merits in what was being proposed, but let's be clear. what is being opposed is a large expansion of our deficits. ourrding to the cbo, and deficits will grow to $25 trillion in the next 10 years before whatever this tax reform is, or tax cut is. whether this tax reform adds or $5r $1.5 trillion, trillion, we all have our own scoring, but my biggest worry on a country so dependent on foreign ownership of debt, we

have chinese and japanese owning as much as 25-30% of u.s. treasury debt. if you look at demographically, the domestic needs of china and japan, they will need a lot of that money. to think we could have foreign ownership of 30% out 10 years is probably a bad assumption. my worry is, are we going our deficits in front of a very big demographic wall? >> we are. and we have been. >> it only works if we can successfully bring our economy up in this two to 2.5% range to 3%. >> that's what the president says he wants to do. that's what gary cohn says the tax proposal is designed to do. >> that happened with a tax

reform during the reagan administration. it has not happened since. it brings growth forward. >> are you saying the proposal needs to be budget control? -- neutral? >> no. but it has to be mindful of what we need to do related to our deficit. >> so what would you change? beyond -- >> i'm not a tax expert. let me -- i don't believe we are going to get tax reform if there is the elimination of deductibility on state and local taxes. that will create a bigger deficit, so we will have to find it somewhere else. obviously, one of the ways is by raising corporate tax rates from a proposed 20% closer to 25% or 27%. that is still a net positive versus what we pay today, and i think by and large, most

investors and corporations would welcome that. two, -- >> you would be fine with that? >> we would be fine with that. we pay about 31% tax rate worldwide. so it is fine for us. two, we need to make sure we are fair and just across the different sectors. i do believe what the president's tax proposal as related to partnerships will help the small businesses quite a bit. by having that 25% tax rate. david: coming up, a roundup of the week's top company news, including another eu challenge to a tech giant. and straight ahead, more of the week's more interesting conversations. stan fischer is getting ready to step away from the federal reserve and he has some thoughts on who will be filling his shoes. >> the initial reaction is that

something bad happens, you close the markets. that's terrible. david: this is bloomberg. ♪

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♪ >> the banks need to plan for a hard brexit. nobody knows whether we will really have one or not, but this is an assumption that is the most likely assumption right now. if you wait until the last moment in a financial landscape which will change quite drastically, there are too many risks associated with that. so it would be our, as well as the bank of england's recommendation to start planning early on because if every bank wants to go through the same narrow door at the end of the process, it will be a problem. >> what would be the impact of a hard brexit because the u.k. is the single largest export market

for the eu. there will be applications for the economy. >> there will be implications for the economy, mainly on the british economy, but also on the rest of the eu economy, but the the biggest change i look at will be the change in the financial sector and the financial sector will be very different and also a lot less productive and efficient than it is right now. you will have changes to the business model of the financial sector. banks will move, cities will -- partly at least, new processes, supervision. it will be a big change to the way we do finance in europe right now. david: that was bundesbank's dombret. speaking exclusively with bloomberg about the likelihood of a hard brexit. he wasn't the only bloomberg guest looking into the future this week. emily chang sat down with tech

investor mark cuban and bob iger. disney announced a big bet on sports streaming services. emily asked eiger what this would mean going forward for espn. bob: espn still covers 16,000 sporting events a year, 65,000 hours of programming. months in 2016, i noted 75% of americans watch some form of espn in a month. it is still an unbelievably popular service, one that is still thriving from a profitability perspective, but the world of tv has been disrupted and we feel we need to adjust accordingly. that's what we are doing by watching a streaming service and that's why we invested in them tech -- and why we are making these extra sports on a consumer basis. emily: nfl ratings have been

mixed, despite higher profile games happening early on. do you think ratings will go up? bob: i think it's early for the nfl. as playoff races start to emerge and a new stars emerge or we are -- we are reminded of old star'' presences on the field, we are -- i have been around long enough to see there are cycles in the sport. all content is facing more competition for consumers' time. even the most popular content, whether it's the nfl or network tv or the cable channels, we are living in a new world reality and we have to accept that. it doesn't mean it is still among the most popular or successful from a business perspective, but it is the reality of our time. ♪ emily: you told bloomberg you are considering getting into bitcoin. have you done so yet and what do you think about people like jamie dimon saying it is fraud? mark: it is interesting because

there are a lot of assets whose values are based on supply and demand. most stocks, there is no intrinsic value because you have no true ownership rights, no voting rights, it is like baseball cards. it values of function of supply and demand and does nothing else. i bought some based on a swedish exchange because it gave me liquidity. pure bitcoin. involved with ico's, token sales because block chain is a great platform for future applications. just like the net and streaming created multiple great companies, i think block change will, as well. i am involved with mercury protocols, just to disclose that will change messaging using block chain. emily: how big is your state in -- stake in bitcoin? mark: in bitcoin? relatively small. david: speculation heated up

this week over possible successors to janet yellen. it was an opportune time for an interview with stanley fischer. the outgoing fed vice chairman. his interview with tom keene, he did not comment on specific candidates, that shared insights on what the job demands. tom: do we need a fed chair like chair yellen, who has read 1936? i believe we have a number of candidates that have not even gone through these key chapters which are considered the canon today. stanley: they should read it and they should read the whole book because at the end of the theory, what happens when the interest rates gets too low? it is worth reading even today. what is in there. tom: can we have a new set up with somebody like william millionaire of past times and places? a nonmonetary fed chair who has a vice chair of your capabilities or chair yellen's

capabilities, or do we need to have that monetary expertise for crisis and shock as chairman? stanley: i found in my terms as governor and vice chair, having the basic economic theory and -- theoretical knowledge and experience increases your self-confidence about what you are doing. is it essential? i doubt it. there are very smart people who could figure this out in many ways, but is it helpful? yes, very much so. what is it like in the four standard deviations stock -- shock? you enjoyed 1998 and the financial crisis and the struggles. for the next chairman, many people talking about that, what is the difference of people like you in a ford standard deviation

shock of the moment or set of shocks versus a normal day at the eccles building? stanley: the difference is, is it something you ought to do or should you let the markets take care of it? if you decide to leave it to the markets, you wait a week and see what it means. those are things which depend a great deal on the experience you have and your understanding of how the markets work. that you get that over the years. i have sort of -- the initial to take a simple example, the initial reaction of people is that if something bad happens, you close the markets. that's terrible. tom: in your final thoughts of london in your speech of the other day, a wonderful speech on the tapestry of the bank of england, you talked about never say never events. what kind of chairman do we need to be steeled and ready for never say never events? stanley: you simply need someone

who has the flexibility of mind to see he or she needs to take a different route at a particular moment in time or over the next year or two and someone who has also the capacity to lead a very large, complex committee to , the open market committee to , agree with his or her thoughts. david: politicians and business leaders gathered in moscow for the energy weak for him. russian president vladimir putin took part in a panel discussion. he addressed the controversial topic of his relationship with u.s. president donald trump. >> our personal relations, there are almost none. we saw each other one time. yes, we had a couple of television -- telephone conversations on various areas of mutual interest.

-- we also discuss discussed this syria issue. on certain issues, we are cooperating the americans on many tracks. yes, there have been problems, tensions. certain confrontation over our approaches are different. still we are capable of coming to find solutions, coordinating our approaches. you can judge for yourself. they have become hostage to the internal situation in syria. i mentioned that on many occasions. certain forces are using the russian-american relations to address their internal political problems while we are passionate, we are waiting for this protocol process of the u.s. to come to an end, i do

hope the fundamental mutual interests which are not proliferation of weapons of mass the committing of cybercrime, cooperation in addressing regional conflicts. i have been working tirelessly on those conflicts, coming up with solutions to those conflict. for example, the fight against terrorism, cybercrime. either of these are fundamental interests which will change the nature of russian-american relations for the better. >> do you think donald trump is a hostage of the american legal -- american political system? that seems to be what you just said. >> i believe that his character -- such a personality as trump, with his character will never be hostage to anyone. >> what would your advice be? that he willdent

be advised to establish normal innomic ties with russia order to prevent competitors from taking positions in the russian market and to work jointly in the interest of the american economy. we know that a lot of real friends that are interested in establishment -- establishing well-established cooperation. they will continue promoting ties with them irrespective of the current political situation. ♪

♪ david: you are watching "bloomberg best," i'm david westin. let's return to our roundup of this week's top business stories and the latest skirmish and ongoing battle between tech companies and european

regulators. >> amazon hit with a $294 million tax bill by the european union. the world's largest online retailer is the latest company to find itself in eu tax trouble. the eu commissioner saying in an email, amazon was allowed to pay four times less tax, this is illegal. >> there are two issues they are dealing with. one has been a regulatory review coming out of the eu for a long time in many years. decades, quite frankly, of the u.s. tech industry. that issue is there for the amazons and googles and facebook's of the world. it is not just the tech company, there are also other multinational companies like mcdonald's and starbucks that have the tax issue. that feels more political to some of the players, but these are global layers doing business in every country around the

world, generating tremendous amounts of cash in many locales around the world and for them, it is efficient tax planning. for some regulators, they want to make sure proper payments are being made. that uber voted unanimously to propose made changes to the governance structure to limit the influence of the ousted chief executive travis kalanick. >> this is a move toward limiting the influence of travis kalanick and benchmark, which had outsized shares before this move. now with the softbank investment, there will be money likely put in from a couple of other firms. that would move towards one share one vote structure. a gala tarrying across the board to limit the influence of these other directors. that is part of the push softbank wanted as it came into this.

-- is stepping into this conflict and they are trying to reach a resolution where they can invest the money, take this equity state and put together some of the tensions between these two sides. >> the u.k.-based carrier monarch airlines has been placed into modest ration and it is -- the civil aviation authority says it is flying stranded customers back to the u.k.. the transport sector describes this as the biggest repatriation ever attempted in peacetime. what does it tell us about those who remain and how tough life is out there right now? >> it is fair to say we might see further bankruptcies across the road -- along the road, especially along the smaller carriers. we see a drop in fuel prices, kerosene sitting around $50 a ton. that allowed airlines like ryanair and easyjet to ramp up their capacity and put pricing

pressure on monarch, even the likes of the airline in poland. you are seeing the same kind of restructuring across the region. new york sports fans can rest easy about their cable package for now. they reached a tentative deal yesterday that keeps espn, abc, and disney channel on air for 2.4 million new york area subscribers. >> i think what this deal shows is yes, disney, its owners, still have a lot of negotiating leverage in these negotiations with pay-tv providers. a lot of people were watching this deal closely as a litmus test for whether espn could still manage to get higher programming fees from the pay-tv operators, which is important for the business because they are starting to lose subscribers and they paid billions of dollars to air live sports. this is really a crucial moment for disney. they have got a lot more

contract renewals with pay-tv providers coming up and they got a lot of what they are looking for, higher rates for espn, they -- which is very important. they also persuaded all peace -- altis to carry to college sports networks. showingretail at tesco signs of solid growth in the latest quarter, shares of london fell today, the company's hard line on prices conflicted with an inflationary squeeze from the weak pound. the company restored its dividends and officials remain confident it can meet 3.5% to 4% operating martian -- margin target. >> it is important for our shareholders. it has been three years since we paid a dividend. mark: why rather than investment grade, some might ask? >> we see a clear path. we have been reducing

indebtedness. we bought back 500 million pounds of bonds in the last year. we have repaid one million pounds in debt so we are focused on those. >> netflix raising its prices once again, $11 a month. that is what netflix will not be charging for its most popular u.s. service plan. the premium -- streaming giant is looking to pay for its ambitious budget for tv shows and move it -- movies. the market is reacting favorably. >> netflix has three different rates and the lowest rate at eight dollars a month is going to stay the same, but the two higher price plans will increase by one dollar and by two dollars. they need to raise prices by the fact they are spending an enormous amount of money on programming, $6 billion this year, $7 billion next year. and also, this is something that could improve their profit margins, as well. >> 10 years ago, three classmates from georgetown university opened the first

restaurant in washington d c. today, sweet green is a casual chain with three locations in eight cities. the same three friends still share ceo duties. one member tells the growth story on the latest edition of small to big. ♪ >> at sweet green, we make every single thing from scratch every day. the three of us were like, what if we opened this restaurant? it was solving a problem we had in our own life. we wanted to eat something healthy, affordable, convenient, and really stood for something we believed in. we started the company by going out to anyone we could ask and we raised about $300,000. 40 people contributed to that very first restaurant. betweenage check was $5,000 and $10,000. the first place was tiny. it forced us to simplify everything.

that philosophy has really stuck with us through the whole history of the company. it wasn't that sales took off in a crazy way right away, but people who knew about us loved us. soon after we opened the first one, we started exploring the idea of a second and third one. restaurantsven stayed in the d.c. area. we had huge ambitions but we knew we had to get things right before scaled it. we had to raise a lot of capital along the way as we build restaurants, but we never relied on institutional funding. or any big investors. it was about four years ago, one hour -- of our customers and friends approached us about investing more money. steve really believed in our mission and that kind of funding allowed us to invest in people, the community systems and , infrastructure. it allowed us to build a brand. we invested in mobile technology and also rebuilt our restaurant

in a responsive way. you could pick up the phone and go online and pick it up and get out of there. that was really hard. it was more than building an app. everything had to be redone. way we operate, and our kitchen systems, prep, everything we did had to be rethought. all of a sudden, it went from one restaurant, one engine, to two. it took about two years to build that technology. sometimes the easy way is not the right way. instead of resisting it, embrace it. figure out a way to do it the right way, not just the cheap way or easy way. today, we are open across the country in eight cities. we are in philadelphia, baltimore, new york, chicago, boston, l.a., and the bay area. in 2017, we will end the year with 85 restaurants. in the next 10 years, we are focused on not only building restaurants, but building technology that can make it easier for customers to interact

and eat healthier. we always say, we want to meet customers where they are. ♪

♪ >> this is the financial analysis function in the

bloomberg on citric systems. we see here for revenue, updates for 6.4% back in 2016, but the -- so the bulk of their revenue, that is the traditional software that you see, that i see. >> there are about 30,000 functions on the bloomberg and we always enjoy showing you our favorites on bloomberg television. maybe they will become your favorites, as well. here is another function you will find useful. quic go, we can get important context and insight on important topics. here is a quick take from this week. ♪ >> the baby boomers of the world are hitting retirement age, but many of them continue to work. the generation famous for rewriting the rules is not -- now shaping the twilight of their lives. here is the situation. for older americans, there are practical reasons to keep working. many retiring homeowners have failed to pay off their mortgages or student loans. some can't afford a 30 year vacation. others are not willing to give

up enriching careers for golf courses and bingo matches. a compounding issue has been the the privatization of welfare programs. employers began to offer 401(k)s in place of pensions with guaranteed benefits. but 401(k)s invested in the stock market lost much of their value during economic downturns. here is the argument. americans are starting with -- at retirement with little savings and that means americans work more than other wealthy nations. 18% of americans over 65 are still working, in contrast to 6% in germany, 10% in the u k, and 22% in japan. but affording retirement is not just an american problem. the world's birth rate is declining. that means fewer workers and fewer people contributing to pension programs. with aging populations worldwide, governments fear pension programs could become insolvent without a robust seniors areo many

being encouraged to stay on the job. most people now work as long as they want. a new reality is taking hold. when asked what age they expect to hang up their hat, 10% of the be bloomberg said never. ♪ david: that was just one of the many quick takes you can find on the bloomberg. you can also find them at bloomberg.com, along with all of the latest is this analysis 24 hours a day. that will be all for "bloomberg best" this week. thanks for watching. i'm david westin and this is bloomberg. ♪

jonathan: 30 minutes dedicated to fixed income. this is bloomberg "real yield." ♪ jonathan: the jobs report shows payrolls falling and wage growth surge. the short list for the next fed chair reaches the president's desk. the divide between madrid and barcelona continues to grow, sending spanish funds lower and lower. we begin with a big issue, wage growth surging. >> this is confirmation we are getting real wage growth. >> 2.9% wage growth is the