tv Bloomberg Best Bloomberg September 22, 2018 12:00pm-1:00pm EDT
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emma: coming up on bloomberg best, the stories that shaped the week in business and around the world. >> more tariff trauma as the u.s. and china escalate the trade spat. >> we are hearing china will not engage. >> truth or dare between donald trump and china. >> north and south korea hold nuclear negotiations and the boj on stimulus. >> the doj would be looking at whether tesla broke any fraud laws. >> the ceo of ubs says his bank is planning for the worst. >> you don't know what is going to happen, how can you invest?
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>> the impact on global trade from leaders in finance and politics. >> everyone is worried about the trade war and should be worried about trade tensions. >> it is more the impact on sentiment. >> development. >> and the new president of zimbabwe. >> we feel the world is opening up. >> it is all straight ahead on "bloomberg best." hello and welcome. i am emma chandra. this is "bloomberg best," your weekly review of business news and analysis from bloomberg television around the world. the week began on a familiar note with trade tensions rising between china and the u.s., and reports of another round of tariffs.
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>> the u.s. trade spat with china heating up. donald trump threatening to impose tariffs on an additional $200 billion of chinese goods. china, ready to retaliate. >> president trump tweeted tariffs have put the u.s. and a strong bargaining position with billions of dollars and jobs flowing into the country and yet, cost increases have been a noticeable. if countries will not make fair deals with us, there will be tariffs. this is one of several tweets the president has made in recent days. >> what we are hearing from our sources is the chinese absolutely will not agree to have any more talks with the u.s. if these tariffs go forward, at least in the short term. there was invitation extended to china from the treasury secretary. we heard there was goodwill on the china side to engage in the fifth round of talks since june -- since may, but if these tariffs go forward, we are hearing china will not engage
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and again, we will be stuck in the standstill situation with china, expected to retaliate immediately. >> president trump, ratcheting up pressure on china by ordering a 10% tariff on $200 billion worth of goods and threatening more if beijing retaliates. a pretty fierce statement despite trump saying he has respect for president xi. >> right, but he is certainly trying to keep pressure on president xi with these new tariffs. they are 10% now, designed to give u.s. businesses some time to adjust supply chains and the like. they are scheduled to take up to 25% next year. the have excluded some items from those tariffs, including smart watches, bluetooth devices, children's car seats, and that is designed to ease some of the weig for u.s. consumers.
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>> effective september 24. i am losing count. where are we? how many goods and what tariffs? >> it looks like we are playing through toward their between donald trump and the chinese. the president, imposing $250 billion and saying they had $257 billion in reserves. china upped their total tariff products to pretty much everything the u.s. send them. about 130 billion dollars. this will impact china carried they seem to be willing to put up with it for the time being. .2% cut from their gdp to 1.5 if the president imposes additional tariffs. >> the offshore yuan has increased gains.
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>> china will never go down a path in stimulating exports by devaluation its currency. >> did china's premier offer any concessions to the u.s. in his speech? >> there were a couple of nods to the administration in this speech. you had the chinese premier talk about the need to crack down on intellectual property violations, saying they will be dealt with strictly, saying foreign firms in china would face a level playing field and really, the key takeaway, saying the yuan would not be devaluing. saying that is being used to boost chinese exports is not true. saying devaluing the currency would be more painful than not. >> eu leaders are meeting in salzburg ahead of a potential
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brexit summit in november. time is running out. there are issues to be resolved, like the irish border. theresa may said she would soon announce a proposal on how to avoid a hard irish border, but gave no details on the plan. >> for sure, we will never accept the deal which will damage the european union and its integrity, for sure. >> what a difference 24 hours can make in politics. theresa may walked into salzburg yesterday hoping to get to the next phase of negotiations, to get a roadmap to a deal but most crucially, to get support from her european counterparts. it's then the opposite. european leaders have told her your plan does not work. rework it, it is not acceptable. european leaders have said we want to see real progress and told her to do a november summit
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that would get us to a deal. >> president trump is said to deny exemptions for the latest round of tariffs on $200 billion of chinese goods. >> the white house saying it is giving companies time to adjust supply chains away from china. what is the importance of product exclusions for u.s. companies? is it something that we are going to get? >> that seems to be the state of the play for these companies that don't want to be subject to tariffs and certainly not the 25% tariffs due in january. that puts pressure on them to source cheaper supply chain and move manufacturing out of china. the problem is, that is easier said than done. moving supply chain is quite a complicated operation. you need to get staff up and running, facilities off the ground. it takes time. most importantly, china offers scale that many countries do
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not. on paper, you can say terrorists harris in china, let's make it somewhere else. that is more problematic than it sounds. >> we've got a stalemate after salzburg. theresa may this morning saying she expects respect as she pushes ahead with her plan. >> donald tusk said our plan would undermine the single market. he didn't explain how in any detail or make any counterproposals. we are at an impasse. guy: she looked really cross. >> she was very annoyed and at the end of her short statement, she turned on her heels and walked out. i thought that was emblematic of how she felt. it has been a humiliating week for theresa may. they went in thinking they would get warm words. this is two weeks before the conservative party conference,
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which will be difficult for her. she wanted to go in showing strength, but the league humiliated her. she woke up to gruesome headlines this morning saying she failed in salzburg and this was her attempt to clawback some of that respect. emma: still ahead on "bloomberg best," reaction from the latest flurry of tariffs from policymakers. plus, liam fox thinks britain will put together an economic deal and the country's prospects could be fine. first, more headlines. the costs are likely to be steep. >> these are historic floods. emma: this is bloomberg. ♪
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emma: this is "bloomberg best." i am emma chandra. let's continue our global tour of the business top stories. in japan, the central bank stuck to its stimulus script. >> the boj has left monetary stimulus program unchanged after adjusting its policy settings for the first time in two years in july. they maintained their 10 year bond yield guidance on interest rates by all economists surveyed by bloomberg. the decision leaves the boj behind its global peers, who are moving to return to precrisis monetary policy. >> the boj is the hind everyone else normalizing but the reality is the boj is tapering. asset purchases are falling. they are not buying as much, but they had this slightly
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conflicted policy-setting where they had the yield curve controls and the yield target and an amount to buy. there is a tension between those two things. there is reluctance from the bank of japan to drop their asset purchase target because they are scared of looking like they are tightening too much. >> the big news this morning out of the two korea's meeting was the second round of talks culminating in the military agreement. >> we heard promises from kim jong-un when it came to denuclearization. the question is will he follow through on his word? >> that is the question at stake. if you look at the joint statement released by moon jae-in's presidential office, it mentions specific nuclear facilities kim jong-un has agreed to dismantle and he has also agreed to invite professionals from related states, nuclear experts, other parts of the military agreement include withdrawing some of the
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troops -- guard posts along the border separating the two korea's, as well as the military efforts to excavate war remains in the demilitarized zone. we can see kim jong-un stepping up to really achieve the credibility within the international society. >> saudi arabia is comfortable with brent rising above $80 a barrel, according to people familiar. rent rallied on the news. a significant shift. >> the saudi's aren't necessarily going for a $90 oil, but earlier in the year, we saw tweets from donald trump about crude saying he wasn't happy with the high prices opec had created an now the idea saudi's are creeping above $80 and are content to see if there. it is an important shift because it suggests that in the
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short-term, the saudi's aren't going to step in and curb brent above $80 a barrel. >> oil, high after u.s. refiners eroded domestic stockpile to a new low. what is the push and pull here? >> what you see is based on u.s. stockpile numbers. we saw opec watching the cushing number with extreme attentiveness before they decided to act on production output. you are seeing refiners stepping in and chasing the margins while they have them, and you are seeing a lot of exports. it is hard to think of the u.s. as a major oil exporter, but you are seeing that. >> brent, up 1%, the second week of gains. that is before the opec meeting in algiers. however, the conversation will be about politics overproduction with president trump setting the agenda. he tweeted yesterday, we protect
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the countries of the middle east, they would not be safe without us but they push for higher oil prices. we will remember. the opec monopoly must get oil prices down. >> the saudi-russian view is that those that can, saudi arabia and russia, plus others, should take production that others can't make to bring the total to where they want it. the iranian position is though every country has an individual target, each country can produce to that target. that is where the tension is coming. what we will see at this meeting is the saudis and russians arguing that there is still less production and they have agreed, there is still more to make up, and this will feed through ultimately into an increase in production again from both russia and saudi arabia over the next couple of months. >> the saudi arabia and sovereign wealth fund has signed an agreement to invest more than $1 billion in an electric car
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startup that could challenge tesla. we are talking about lucid. why has saudi arabia gotten into bed with a rival? >> they are trying to diversify their portfolio away from oil, which is not the way they had been managing their wealth for the past several decades, but realizing a lot of the political tide turned against them, some of the climate change concerns, so to hedge themselves and try to provide for the future, they are making sure they get invested in some renewable energy, some clean energy options and maybe they don't want all their exit in one basket. with tesla, we've reported they are a little annoyed that elon musk really hung his funding secured tweet on informal conversations among them.
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maybe they are wanting to hedge their hedge a little. >> hurricane florence tore the carolinas on friday and state a while, dumped about 30 ages of rain, killed at least 17 people in north and south carolina and did more than $18 billion in damage. it is not done yet as some rivers won't crest until wednesday. >> we knew this would transform into an inland flooding event and that is what has happened. these are historic inland floods. even when the rain stops, the flooding will continue because the rain has to go somewhere and in those rivers that are already at maximum capacity, are going to continue to overflow and grow into populated areas. this is an evolving process. >> cleanup starts in hong kong and southern china after they were hit by the world's most powerful storm this year. it left at least four dead, damaged buildings and forced
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suspensions in the casino over the weekend. any read on the damages inflicted and how long it will take to repair? >> we can put some numbers on it. the casino closed on saturday, fairly unprecedented for casinos there. they were closed for 33 hours, estimated loss of revenue $86 million and one analyst said it may shave two percentage points off the revenue growth rate for the third quarter. hong kong, is slowly coming back to normal. the casino is getting back to normal and the airport, clearing a backlog there. there is not a dollar total on the damage, but it is significant. >> norway's central bank has raised interest rates for the first time in seven years by .25. as >> the country is ready for it. we have solid growth in the economy.
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more people entered the labor market. we have even lower unemployment looking forward, and wage growth is on its way up. also, in light of the international picture, which is also positive in the sense that there is growth and normalization of interest rate in policy, it is time to gradually raise our policy rate, as well. >> the japanese prime minister has won his third straight term as the head of the ruling liberal democratic party. the win with almost 70% of the vote takes him a step closer to becoming the country's longest-serving premier. was this the majority expected? we knew basically he was going to win. it is just a question of the margin. >> it was better than expected
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and moody's is out with a note saying this pretty much offers stability for policy of shinzo abe. it also wipes away any uncertainty about next year's planned value added tax increase, which shinzo abe has pledged to put toward more social welfare projects and he will also push to change the constitution. >> another day, another trade deadline missed. post nafta deal has failed to reach an outcome. >> in order for the deal to be signed by the new mexican president in office, they have to get everything published by the end of this month. that means any sort of text would have to be agreed to by the three principal parties here fairly soon. the u.s. continues to signal it wants to keep and preserve the ability to use these national security tariffs if they need to
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"bloomberg best." i am emma chandra. ubs has selected frankfurt as its post-brexit hub. the bank will have offices in madrid, paris, and milan. sergio ermotti spoke with haslinda amin as the deadline for a brexit deal approaches. >> whatever solution is coming, what would make it softer is no longer relevant for us.
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a few weeks ago, we had to make a decision to execute for a worst-case scenario. the financial system is already operating under the assumption there is no agreement so whatever is going to happen from now onwards will not make the exercise less expensive, will not make the feeling about the disconnect and resolving those issues, we don't back to what we started at the beginning. a complication that undermines the willingness to make investments. if you don't know what is going to happen, how can you start to invest? i would say in the u.k. and in europe, this has been something that has prevented people from taking actions and investing in the future.
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>> frankfurt will be the choice for you? sergio: yes, confirmed. we have an existing operation in frankfurt and have a multilocation strategy where frankfurt will be the base. we are branching out and some people are going to be located in madrid and in paris and milan, also a good chunk will go to frankfurt. haslinda: there is expectation out there that a hard brexit could lead to the next banking crisis. what is your take on that? sergio: i think the system is well-prepared. first of all, i don't think the next crisis will be a banking crisis. the banking system is very resilient and you may have some banks here and there like the past, the insurance sector was
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also part of the problem. i understand that the financial system is more resilient and ready to absorb any shock. i don't believe the brexit can be a trigger for a financial crisis or banking crisis, but it could undermine investments and trigger a slowdown in the economy. that is clear. yes. emma: coming up on "bloomberg best," we cover the week's top company news. the ceo of dansk bank stepped down amid scandal and a japanese billionaire may be the first private citizen to travel to the moon. first, more conversations. liam fox thinks the u.k. economy will thrive after brexit. he says the pessimists have all been wrong so far. >> the armageddon predictions that came with the referendum result have not materialized. in fact, the opposite has
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♪ emma: welcome back to "bloomberg best." i am emma chandra. the tariffs tit-for-tat with the u.s. and china. we discuss with guests throughout the week and here is in a sampling of those interviews starting with the jpmorgan asia pacific chairman. >> there is a lot of unknowns in you this environment, how are are you placed and how are you you making business decisions amongst all of this escalation of the trade dispute? of the trade dispute? >> the last two days, i was
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beginning to talk to a lot of people. i am less concerned about the direct impact of the recent announcement, the announcement a few hours ago. it is more the impact on sentiment, investors confidence, and so the second derivative is is what we will have to track a bit more closely. right now in this event we have over 100 cfo treasurers trying to gauge what is happening, it is important. there is a path that we have to do in terms of going through discussion. i do not think it will be resolved in the short term. there is no silver bullet. we just make sure we have a roadmap with specific milestones to be achieved in both parties are clear in terms of what they are trying to achieve, how they
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are trying to do it, and what happens if those milestones are not hit, what are the consequences. >> what does this do to risk appetite and financial stability in the world? >> if you look at the global economic outlook, overall, it is a positive outlook. also in europe, we expect economic growth in 2% or 2.1%. we have already indicated that this kind of trade conflicts are actually raising downside risks to the economy. we see this as a worrisome development. we expect that is going to have negative effects. >> how do you see it affecting eu-china relations? you are in beijing where you met some of your counterparts, are you encouraged about their pledges to the eu for market access? >> indeed. chinese authorities have
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announced market openness in the financial sector, and we are encouraged with the political signals and the meetings to discuss the developments, but it is important to see the implementation. >> there is uncertainty being injected into the environment and with respect to the u.s. ceo, they are trying to think can i pass those costs through to the consumer? if they cannot, you will see a squeeze in corporate profitability. >> how worried are they about trade wars? >> everyone is worried about the trade war and everyone should be about trade tensions. we have not yet seen the mathematical affect of the impact of all this noise on our portfolio companies. i am worried about the second and third order effect of what
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this does to confidence, investment spending, supply chain plans in terms of where you put your factories, and there is a level of uncertainty that is injected. we are strong believers in fair trade and hopefully the authorities can figure something out. emma: trade in europe is also a concern as negotiators struggle to put together a post-brexit framework. liam fox expressed confidence that a deal will get done and he explained his optimism. liam: we have seen the movements in recent weeks towards an agreement, and there are a number of reasons driving that, political reasons. potential stability with the italian government, and potential instability with the
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state elections in bravaria crossfire of the u.s. china dispute -- there is a strong desire so that we can have more time to be with the others. the mood music has certainly improved. amanda: we have had warnings from major corporations about what would happen in the event of no deal. do you think those are overdone? liam: i look back to the referendum and we were told that if we voted to leave the european union, just the action of voting to leave would cause a shock that are investors would desert us and our economy would go into recession. we continue to grow and we added 600,000 jobs. i understand the nervousness, i just think we need to be rational and balanced about the
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armageddon predictions that came with the referendum have not materialized. emma: this week, sitting down with the president of zimbabwe. he hopes to restore investors -- investor's confidence following the ouster of the longtime leader. >> a perception of the country, we want to move away from that and offer to the international community and open zimbabwe for business. >> china is a big investor in you at the moment. are you concerned about the relationship between the u.s. and china and will china remain a key investor, do you hope? >> china remains very friendly
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to zimbabwe and we will continue that friendship and have no problem. but i am embracing the entire community to say that zimbabwe is open to business not only to china, but the entire international community. investors coming in from across the world as a matter of fact. in the past, the eu had sanctions against us. so the entire international community is closed out because of the eu. america was closed out, but fortunately, today is the time with a woman prime minister in britain, things change.
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things are changing because of theresa may. minister, andther we are building our relationships -- she has sent another minister. our relationship with journeys -- our relationship with germany is coming back. we feel that their world is opening up. several high-level officials from the u.s. administration who i've met and i also believe that to be green signals coming from washington indicative of engagement between zimbabwe and the administration. ♪
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emma: you are watching "bloomberg best." i am emma chandra. let's review the top business stories with a focus on company news starting with a scandal at the danish bank which claimed the ceo as a casualty. >> danske bank, 200 billion euros up floated through the estonian operations at the center of a money laundering scandal, and the ceo has stepped down. >> the big question is how much of the dirty money was flown through estonia and baltic regions? right now, they are saying the flow is $200 billion, but how much of that was illicit funds? many are saying it's more like $900 billion. some are saying the fact that the bank has not given them a figure means that they do not know what they are looking at. they also cut their earnings target. the ceo is on his way out, so
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analysts are saying that today, they have left investors poor but not much wiser. >> when it comes to accountability, who knew what and when, that investigation has been completed, so we are not planning to put out any further reports, but obviously, we will report any findings for review for the remaining customers, and that will take time. >> considering taking tesla private at $420. funding secured. those were the words that sent the tesla world into turmoil and now the company is that the focus of a federal criminal probe. the department of justice opened a fraud investigation after elon musk is sent that tweet, meaning tesla is facing inquiries from the doj and the sec.
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>> the justice department is asking questions of tesla regarding the tweets and what were behind it. it is common for doj to run a parallel investigation to the sec. doj would be looking at whether any criminal fraud laws were broken. which would require an intent to deceive investors. if anything is found, you get into the next stage of what evidence is there and and who -- and who knew what and potential fines. >> a japanese millionaire is the first private citizen to go around the moon. the 42-year-old is ahead of japan's largest e-commerce company. he will make a journey that only 24 astronauts and on during the apollo era which ended before he was born. >> i'll be flown to the moon. [applause]
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>> our system is intended to be able to care anyone into orbit, so he is helping pay for the average citizen to be able to travel to the other planets. >> you have got this really feel good atmosphere going on, this young, dynamic japanese billionaire and he wants to bring artists along to do these are projects to bring the experience to people who could not make the trip. it's a good feel-good project for mosque. --musk. >> the german government is getting behind idea that we could push deutsche bank and to a merger. >> the german government takes an economic view. they say that german companies need a strong domestic banking market. that is why they want strong banks and that is what they would like to see.
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they are looking at the european level, and they would say, the european merger is a long way off and it only makes sense if we had a banking and fiscal capital market union. therefore if you would ask them, at the moment, they are favoring a deutsche bank merger. >> it has been a dizzying ride for investors. the stock nearly doubled only to see all of that game go up in smoke less than an hour later. even though was a volatile day, they managed to gain at the end of the day. >> yes. they managed to gain 40%. you talked about them almost doubling, 94% to was the high hitting exactly 300 bucks. no change, $300 a share and than -- then 45 minutes later, and -- it lost all of that and went
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negative. just in the last 45 minutes, the u.s. market session rising again, 40% to close at $217.75. ♪ deliveryinese food and and service giant has funding that increasingly causes headaches to china, it is up against some big boys, and it lost almost $3 billion last year. but the exchange says its core business will soon be profitable. >> our largest core business is growing superfast and also very close. on the third sentiment, we have believed that we are going to be the largest e-commerce with local services. we are going to become a more mature business.
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>> the battle for control of sky could be settled by a one-day action. the auction takes place on saturday. >> we will see three rounds of bidding, the way it works is that the lowest offer have to go first, that would be fox at the moment. they are at 14 pounds per share at the moment and then comcast has an opportunity to respond. and if the auction is still going about, there is a final round of bidding were each party could send their best and final offer and then it will be over. rupert murdoch is the biggest winner, whatever happens in the auction, he would like comcast to bid high, he can sell the 39% stake to comcast and he is a winner. if disney comes with a high bid, than he is winning because he gets sky. he is in a good place this
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weekend. >> sleepless in seattle, just after hitting the market can cap, amazon is revealing new products. it is all about alexa she is learning new things. she is getting smarter and learning new things. >> amazon does not have a smart phone. they are really going after the home where people live and even cars to try and be that platform that you use in your home. this is a market that is estimated about $100 billion investment in smart home technology. things like colette -- connected thermostats and lights. amazon wants to be at the center of that. $40 billion is at the center of the u.s. that number will grow until amazon is flooding the market with these devices to see what works and get people familiar. >> here is one more companies story featuring a start up. a man went to work on a family's farm and he made a critical decision.
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he decided the business would focus on organic free range egg production, well before the market took off. pete and gerry's organic eggs is one of the top egg brands in the u.s.. he spoke to bloomberg about the journey. >> i was in college trying to figure out what my next step would be. my parents had actively discouraged me from coming back to the family business. egg farmers and agribusinesses very competitive. at that time we had a few hundred thousand dollars in annual sales. they were nearly bankrupt, nearly going out of business. we started to make the conversion to organic as i was graduating. i describe it as the hail mary throw for transitioning the business. we used one of the barns that my grandfather had built in the 1950's. we repurposed that barn for organic production.
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we started thomas ball and disassemble the old barns and reequip them with nests, outdoor space, scratch areas and all of the things that go with organic egg production. we were taking a step back, with revenues and some of our business, to take a step forward. much to my surprise, the business has grown far more than i ever could have imagined. 2000 -- 2003 to 2007 we built several barns, it did not feel -- that have that much many hens and that many barns concentrated in one place. the next move was to expand our network and we found farmers who were just interested in being farmers and not marketers or processors or distributors of eggs, so it was a natural fit.
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we had mutually beneficial relationships with farms and we did not have to build up our farm. we could scale our business without scaling our own farm and keeping true to the mission. we have added anywhere from five families a year to almost 15 family farms a year. we are up to 125 family farms. we are in most major retailers all the way to the west coast. the future for us will be a national expansion into all of the retailers that makes sense for our product. we see the category and segment growing double digits year after year. even in more difficult economic times. the growth areas are organic eggs and free range. it could take up to one third of the entire category in dollars.
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♪ >> take a look at the commodity complex, this is a terrific function that you can use in the bloomberg. what we are looking at here, three different areas of the commodity complex, and we see pretty much every single commodity here green exception of natural gas that had been up big yesterday. emma: there are about 30,000 functions on the bloomberg and we enjoy showing you are favorites on bloomberg television.
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maybe they will become your favorites. here is another function you will find useful, quicgo, it will lead you to our quick takes. here is a quick take from this week. >> decades in the making. quantum computing is a technology that could make today's fastest supercomputer look like an abacus. teams around the world are racing to build the machine. the technology is moving quickly, but it is still too soon to tell when it will get there. this is your bloomberg quick take on quantum computing. the computer you are using now processes information in bits that represents two possible states, 1 or 0. quantum computers use two bits. this is called a superposition. they can also position a change to one that is a change to another. it lets quantum computers
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consider multiple possibilities at once, while a normal computer plugs away at one answer at a time. >> if we actually figure out how to do these types of calculations, we can solve complex and unfathomably long calculations with a quantum computer which would take a traditional computer thousands of years potentially. >> there is a lot of hype around quantum computers and researchers continue to make advances. >> they promised machines that could break the most impenetrable messages and diagnose and treat disease, but there is still a way to go. >> it is difficult to make these physical computers, the hardware for these kinds of things. a lot of these are in material science figuring out what is the best hardware to use. there are a few different options. when we talk about quantum computer, you are not just talking about traditional silicon chips. >> manufacturers use tiny loops of semiconductors, or even
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strange approaches like twisting subatomic particles into a braid. many cubits can only exist in temperatures colder than deep space. a canadian company became the first of sell quantum computers in 2011 but their usefulness is limited to certain kinds of math problems. ibm, google, intel, and others are working on quantum computers. microsoft is investing heavily while china is throwing hundreds of millions of dollars into the technology. >> anyone who knows the promise of the technology can help it -- but get excited about it and even if it is many years away and even if it does not work out the way that it could, this is something that people think is worth spending a lot of money on. emma: that was just one of the many quick takes you can find on the bloomberg. you can also find them on bloomberg.com along with all the latest business news and analysis 24 hours a day. they'll be all for "bloomberg best." i am emma chandra. this is bloomberg.
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david: you have become the wealthiest man in the world. jeff: it was fine being the second wealthiest person in the world. [laughter] david: what compelled you to sell things more than books? jeff: i thought we can sell anything this way. what happens when you offer a free, all-you-can-eat buffet? who shows up first? the heavy eaters. david: there are some things you criticize what the washington post says. jeff i have no idea what you are : talking about. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪
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