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tv   Bloomberg Best  Bloomberg  October 19, 2018 10:00pm-11:00pm EDT

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>> coming up on "bloomberg best" the stories that shaped the week in business around the world. the fate of a missing journalist raising questions and tightening tensions. this is the first sign the saudi leadership is starting to cave. >> china shows the trade war is taking a toll. report stopped short of labeling china a currency manipulator. >> a trend towards tightening in the latest fed minutes, and some big beats from big banks. >> morgan stanley's numbers are really good. >> bank of america and all the
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banks solid quarter. >> cannabis legal in canada. a huge potential and pot. $200 will be a billion opportunity over the long term. >> and a comeback for crypto. >> we have seen an acceleration and demand. >> q1, q2, new highs. >> it is all straight ahead on "bloomberg best." ♪ hello and welcome. ," your "bloomberg best weekly review from bloomberg television. let's start with a look at the top headlines. questions continue to swirl around the disappearance of the
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journalists who had then an outspoken critic of saudi arabia's government. the u.s. reaction drew particular attention. king salamon of saudi arabia has ordered an investigation into the disappearance of a prominent journalist and could hold people accountable. willdent trump says there be severe punishment for those found to be behind the disappearance. >> we will get to the bottom of it. there will be severe punishment. >> this is the first signed the saudi leadership is starting to cave in front of international pressure. ,hey may say we found nothing but this is a stark difference from what they announced yesterday where there was insinuation they may use oil and their position in the markets as a bargaining chip if they were sanctioned by the u.s. >> president trump just spoke to the king of saudi arabia, who
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theys knowledge and says are working with turkey to find an answer. >> he also said there could be "rogue actors" that acted independently of the saudis. now it turns to whether this davos in the desert will continue. a host of companies have pulled forward,, cnn, bloomberg, the new york times as well. >> bank of america reporting results. the company beat on earnings. fixed trading in line with estimates, net income rose 6%. the bank looked healthy. where does growth come from from here? >> that is the key question. in line,uarter
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interest margins holding up as well. -- core loanan growth caught our eye. what you need next year to continue growth his loan growth. >> goldman sachs and morgan stanley wrapping up bank earnings with better than expected numbers. both avoided the slump that weighed on rivals. helm onceo took the october 1, the group posting an unexpected 10% gain. i think people are excited about solomon coming in, the direction they will go in. we have an entirely different approach, the desired to build out corporate lending, relationships, banking. while solomon comes from within, he clearly has his own ideas.
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>> morgan stanley's numbers are good on their investment banking side. overlookingle are some weakness. it is steadily up. it has been one of their strengths after the crisis. ,he investment banking side trading revenues are up on fixed income and equities, which many have struggled to do. also, everything is good. they are all positive numbers. >> the federal reserve for publish the minutes for the september meeting in moments. officials raised rates for a third time this year. >> the big news is all about the rate hiking path ahead. read these minutes, they favor moderately restrictive rate policies going forward and could see rates above the estimate to the rarely, and only a couple said
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they would not favor restrictive policy unless they see an overheating of inflation and the economy. continues as the fed to deemphasize the neutral rate as a guide for policy. they said it was one of many factors they consult when setting rates. >> i did not see anything in those minutes that sounded different than what we were expecting, slightly more hawkish tone, continuing to say there will be gradual increases, targets are the same coming nothing new that would shock the markets. ♪ >> the u.s. treasury has stopped short of calling china currency manipulator. despite the concession, the currency remains on the administration's watch list. it fell to its lowest level since january 2017 after the report. the trade war has turned to mail. president will pull out of the treaty to gives companies
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discounted shipping rights and packages sent to american consumers. what has been the response from the treasury department report? stopped short of labeling china a currency manipulator and said it did not meet the requirements to be it wasa manipulator, but not a favorable report otherwise and said the u.s. was going to be keeping and eye on the currency. >> british prime minister may raise the possibility of extending the brexit transition to avoid an impasse with her european counterparts. >> what has emerged is the option to extend the implementation could be a further solution to this issue of a backstop in northern ireland. >> how much progress has been made? >> nine. that is what we heard from eu leaders. they said the town had improved.
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we do have sources inside the room who said the town was not great- town was not that and it is clear no one has a solution to the irish border, and it might be a a problem that cannot be solved. i think her thinking is the longer this goes on, the less ,ecessary a backstop will be but when we talk to european officials, they sent a backstop has got to be there. ♪ >> stocks at session lows after we got word that steven mnuchin has officially decided with donald trump and mike pompeo he will not attend the saudi arabia future investment initiative next week. mikes conference given by pompeo following his trip to need toabia, he said we give saudi arabia a couple of days to figure out what happened to jamal khashoggi.
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it is interesting to see the market reacts to this. the market expected the treasury would go to saudi arabia and there would be some way to sweep this under a rug. continues toce mount that the saudi government may have in involved in some way in jamal khashoggi's death. what you are seeing is a cost-free way for the u.s. to express disappointment or concern with saudi officials. this may be less an action that demonstrate saudi arabia will face severe consequences and 10 and aware of the optics of looking too chummy with the regime at this point. we are bracing for china gdp numbers. any minute now. we are expecting moderate slowdown. looks like 6.5%. this is after that print in the
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second quarter. your initial take so far? >> it is worse than the market expected. it will probably weigh on sentiment a bit. if you look at the details, some of the numbers people are expecting quite a lot of pressure improved. retail sales has improved. if you look at some of the demand, domestic demand indicators, at least at the margin, there are signs that some of the policy support measures are starting to filter through. for china'sst slide stocks since 2013 has persuaded officials to reassure investors they can keep risks under control. rishaad: what do they do to engender calm? already an indication of coordination at the highest level. on specifics, there is a large focus on pledge shares.
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the banking regulator said they will allow insurance firms to sell some products to address liquidity risks associated with alledge shares. they are urging banks to deal with pledge shares with the collateral has hit a for-sale level. ♪ rishaad: still ahead as we review the week on "bloomberg best," conversations about cannabis and cryptocurrency, investments stepping towards the mainstream. plus, christine lagarde and governor kuroda with insight from the imf meeting in bali. up next, more from a big week in corporate earnings reports. johnson and johnson among the companies quite happy with the result. >> we saw strength across all three segments. rishaad: this is bloomberg. ♪
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rishaad: this is "bloomberg best." with moreinue earnings reports from prominent companies, starting with a blowout set of numbers from netflix. >> netflix one of the least loved stocks after posting third-quarter earnings and subscriber growth numbers well above expectations, and a good fourth quarter forecasts. >> the forecast for the fourth quarter was the one that surprised me because it is the only time i have seen a nine in the subscriber addition for them. the more i dug into the international numbers, even if they miss their forecast they are posting growth quarter after quarter after quarter, which suggests it will slowly build another markup, europe, asia,
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latin america, continues to be true. >> johnson & johnson reported third-quarter results that beat estimates and braised full year earnings forecast. you beat topline, eps, what is the news? >> we saw strength across all three segments. business, we relaunched our baby franchise to make it more responsive to millennial moms and dads. that complements the strength in over-the-counter medicines and beauty and skin care. in medical devices, we broaden our portfolio. we had improved some areas weaker in prior quarters. our from a cynical unit, oncology, neuroscience, we have transformational medicines that translates to good business. >> intensifying its push to lower costs as the price of raw
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materials sores, aiming to say 200 million euros by 2020. analysts have described that target as ambitious. of 15% profitl margins by 2020. after the numbers today, do you still feel confident about that? >> we are moving in the right direction. we added two percentage points, so now 12.2%, depending on the businesses. we took a big step. buts a seasonable business, on the medium-term and 2020, we feel more encouraged getting to those targets, specifically because the third has had a significant amount of headwinds we were able to overcome and deliver stronger results than last year. its outlooks raised for the full year again on
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accelerating momentum for its cloud business. europe's acus technology company said new bookings rose 37% in the quarter, while cloud sales grew 41%. is this where you see the strongest growth and where you are putting your strongest investment? >> we see great momentum across all pillars of our cloud business. acrosss strong growth our cloud solutions, our customer experience management suites in the clouds, but our business networks have marched strongly ahead, and we are gaining efficiency in the cloud. gross margins have been trending up, so we are confident this momentum will carry us into q4 and next year. that is why we have phrased our cloud outlook and the rest of our guidance metrics for the year. surprises with
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third-quarter earnings, posting double its estimate. also announcing a $200 million share buyback, the first since 2007. thank you, higher aluminum prices. what did they say about trade and tariffs? ,> they put in the forefront china overcapacity is still the problem. china is overproducing, spreading aluminum throughout the world, and that is making 50% of smelters unprofitable or cash negative. they save more plants will have to shut down at these levels. they are pointing at donald trump's tariffs on imports in the united states don't address this issue. now they just put it up front in their earnings report. the world's biggest miner, bhp billiton, released attraction data which cut its
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full-year forecast for copper output. bhp? is going on at th >> it cut its forecast by 3%, certainly a disappointment for the company. what it saw was surprising production from the world's biggest copper mine, so good performance there, but those gains were offset by issues that other operations. there was a fire at a second outage in an australia, and the overall effect will be production lower this year. downars shutting potentially. the retailer has filed for bankruptcy protection after too much debt. the retailer's largest shareholder will step down as ceo. he still wants to restructure around the smaller number of stores. is it possible for him to restructure? >> i would not be optimistic
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about that. the logic behind that idea is he ,ill shrink to profitability but he has been trying to do that for a decade and it hasn't worked yet. he has cut costs to the bone. comparablethey're sales were down 13.5%. it is hard to envision meaningful progress on the top line either. >> invesco agreeing to buy oppenheimer funds, $246 billion in assets. have like this, they improved the shares of the companies. what happens here? >> those deals have struggled a bit. when you are trying to build scale, there can be hiccups in terms of adding companies together. invesco thinks this will be different. part of that is the structure of the deal. it will become a shareholder in
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invesco, and invesco were adamant that this is a partnership and they will work together. they want them to be a partner with this. agitatingon is against the plan to return to the public markets, arguing the transaction undervalues shares that track at stake in the vmware. >> what he is doing is coming out against this plan to go public, saying the price that dell is offering to buy these shares, the price is undervaluing the true value of these shares. as well thataying the threat of doing an ipo as of the part scaremongering in order to get people to vote for the transaction. >> bill gates says that personal computing would not have existed
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without paul allen. of billionaire cofounder microsoft i'd yesterday from complications of non-hodgkin's lymphoma. he was 65. he stepped down from microsoft for health reasons. in the past three decades, he turned his microsoft stake into a fortune vita $26 billion. lost the hands of dollars investing in cable tv and other companies. his most recent huge success has been real estate in seattle. he created almost a second fortune, making aliens of --lars by buying real estate billions of dollars by buying real estate that he fashioned into headquarters for amazon. he is involved in environmentalism, protecting the ocean, protecting endangered species am a brain research, artificial intelligence.
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he had a wide array of interest and things he invested or donated money to in a philanthropic capacity. ♪
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rishaad: welcome back to "bloomberg best." canada became the second nation in history to legalize the use of recreational that createsmove opportunities for retailers, producers, and investors throughout the industry. rayndan kennedy of til spoke with scarlet fu in canada. >> it is a global growth opportunity, why you are seeing companies, beverage companies, pharmaceutical companies desire to enter this space, because
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they are hunting for global growth at a time when there is not a lot of global growth. to $20050 billion billion opportunity over the and i expect multiple billion dollars market cap companies. >> how should investors value a company like tilray, a tobacco company, health care company, consumer discretionary? >> there are elements of all three. they are reflected in the value. the cannabis industry is disrupting the pharmaceutical, alcohol, functional food and beverage industries, and to some extent the tobacco industry. we became the first cannabis company to ipo on the u.s. exchange. we were optimistic about the investor interest, but even we have been surprised by not only interest in the u.s., but from
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around the world in this global growth opportunity. >> we know food and beverage companies have been trying to get a piece of the cannabis action, constellation brands or coca-cola. what is the one risk they are underestimating in the space? risk.ing is the biggest i believe we will see countries 3, 4, 5 next couple of years. that is the big unknown. we know other countries are looking at this regulatory framework in canada and looking to implement a similar system. >> coming up on "bloomberg best," we shift from cannabis to cryptocurrencies. one person thinks bitcoin will rally again and tells us when the move will happen. ,lus, the imf meeting in bali christine lagarde sang banks and governments should be on guard for more volatility. >> it is time to buckle up, improve and increase the buffers
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monetarily, as well as fiscally. ♪
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>> this is "bloomberg best." time to revisit some of the week's most compelling conversations. the imf, world bank brought together the many global financial leaders, including haruhiko kuroda. boj plans to signal a net it from its long-running program of monetary stimulus. ♪ what should market budgets be waiting for? when you are waiting to exit -- what will the signal be? changing interest rate? bond purchases? it is no more
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monetary operating target. it is cost control. it is cost control, it is current monetary easing. discuss exiting, exceeding monetary policy, when 2% target is met or is close to we can change the target, monetary operating target of interest rate in do force. ,ut at this moment, it is at 1%
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so we will continue the current control at the current level of interest. ♪ haslinda amin said down with the imf managing director christine lagarde. they spoke about the risks of a future financial crisis, and whether central banks still have room to respond. ♪ >> if you compare the situation today with previous crises, there is still now a limited policy space. but there a much stronger banking system. in the meantime, there has been strengthening of the capital base of many banking institutions, better supervision, better regulations, less nonperforming loans, and the leverage is still sensible. that part is much more solid. there are risks in the system, of course, and we need to be very mindful of that, and we
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need to make sure that the buffers are rebuilt. well we have this 3.7% growth this year in forecast into the next year, it is time to buckle up. it is time to improve and increase the buffers, both monetarily as well as fiscally. and there is space for that. we have seen, for instance, flexible exchange rate play a very good role as a shock absorber because of these exogenous shocks, one that is clearly needed. and those countries are doing also a wayh, that is to improve the space. >> you have talked about complacency in market, and how valuations in the u.s. are stretched. after the cuts in the growth projection for the world, do you see that as an anticipated reaction, or is there more to come? >> stock markets go up and down,
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and i'm not going to comment on any episode of up or down. i think what we are telling policymakers is just be prepared, because there will be more volatility. as the u.s. economy is improving, there will be monetary tightening going forward. everybody has to prepare for that. >> are there any risks that are being underestimated by the government today? anybody who doesn't keep their eyes on those levers that they have, whether it is monetary, whether it is fiscal, whether it is structural reform, is taking an unnecessary risk. now is not the time -- we have had 2.7 last year, this year, and next. a slowing down of the reforms. it is time to steer the boat and
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steer it decisively in order to will those choppy waters. ♪ >> 2018 is not been a great year for cryptocurrencies, but some investors and institutions will pull out of its slump. was a new there business devoted to managing digital assets. erik schatzker spoke to tom just a who will run -- tom jessop, will run this venture for fidelity. ♪ >> if you look at the existing market infrastructure, it heavily skews toward retail investors. we saw demand for an institutional quality offering. even though people see fidelity we surface manager, about 13,000 financial institutions. we have taken the learning from that client base to give them tools they need to invest in the space.
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as recently as last week, m.i.t. have harvard allocated resources. >> what exactly will they be able to do thanks to what you are offering? >> institutions will be able to securely store their crib no assets or digital assets with us. >> custody. >> custody, that's custody. we will provide a facility for them to trade with a number of providers. and then we are also giving them the services and tools they need to integrate these assets into their own businesses. ♪ >> erik schatzker also spoke exclusively to michael know the grand. it is one of the most prominent investors in cryptocurrencies. they discussed the state of them ar market. ♪ >> bitcoin, just to use it as a
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crypto proxy, is at $6,400 give or take. is this wave of institutional buying, where will it be? >> you have to take at $6,800 first at a technical level, and if that happens you will see people get excited and from run the institutions coming in. is a big level and i don't see us breaking 10,000. i think as the institution comes in they will put in new highs. >> u trade crypto. you go along, u trade short. how are you right now? >> we are long. bitcoin is held really well above 6200. interesting is in the last six months, people have divided the world, bitcoin and everything else, in bitcoin seems to have restored value.
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--last thursday or wednesday bitcoin dropped 5%. >> it is not going to be without volatility. we are still a very young asset. ♪
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♪ >> you are watching "bloomberg best." let's resume our roundup of the week's top business and financial headlines. in europe, were italy's government submitted a budget, still faces pushback from brussels. ♪ the ruling coalition has reached an agreement on the country's budget. it delivers on costly election promises, but risks a confrontation with brussels over eu fiscal rules. for more --
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>> certainly is confrontational. they have changed the figures put in place by the previous government. the real issue here is the widening of the structural deficit. structural that deficit is going to go to 0.4%, 0.9% next year, which would put it in line with the under 0.5% required, but it is actually widens now, up to 1.7%. that is what the confrontation and rome is essentially flouting the rules. leaders are attacking the spending plans as unprecedented, saying the draft budget deficit can stay at 2.4%. it also played out in the yield spreadshe reaching their widest level since 2013. who will give in first?
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the fight can't go on forever. can't, but the european commission has been very specific with the numbers, and the italian government has been equally strong about maintaining its own position. right now it's a bit too early to say who will blink first. ♪ merkel's party has dropped to a historic low in the regional vote. it is set to lose its absolute majority as the party braces resource result since 1950. >> the biggest winner of the day, arguably, is the green party. the greens are pretty centrist in bavaria, so with goes beyond the political margins here, but it is certainly is a rebuke to merkel. have aty is going to state election in two weeks, which will be a direct test for her party and authority.
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the day she is looking at is in december, when she plans to run , at stakearty leader is her authority in her party, in the political system, and how much has her leadership in eroded? ♪ >> china's consumer prices rose for a fourth month in september, driven by the cost of food. producer prices slowed, but not as much as forecast. so what is the factory gates story telling us about the broader economy? that has implications in terms of profitability and corporate. >> you saw the producer price index coming in 3.6% down from 4.1% in august, despite higher oil prices. it suggests that the economy is slowing in these producers can't pass on those prices. in terms of the consumer price index, it went up in line with expectations, 2.5% to 2.3% in
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august. things like fruit and eggs -- what you didn't have his pick up in terms of services, education and health care. that process softened a little bit. ♪ >> the white house has notified congress that it will start trading negotiations with japan, the eu, and the u.k., a procedural step before entering talks. what are we expecting? >> this is a procedural announcement they have to make. the trump administration said that they will, within three months, start negotiations with japan, the eu, and the u.k. on trade agreements. japan and the eu were initially reluctant, but now because of some threats of tariffs on their autos and auto parts industries, it seems that both are more willing to move ahead. ♪ >> breaking news. we are learning that the justice
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department in the u.s. has charged a russian national for interfering in the upcoming midterm election. who are these individuals, and why take these steps now? >> the russian national has been charged by the u.s. department of justice for election interference, not just in the 2016 election cycle but also in 2018. a woman from st. petersburg allegedly served as the chief accountant for an operation known as project latkya, this from a bloomberg exclusive by chris strong. we should also note that this comes to .5 weeks before the midterm elections in which state and federal law officials are working to make sure that u.s. election systems are better protected ahead of the midterms. it also comes as tech companies are also trying to bolster their security. clearly with this new doj charge against these russian officials,
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it shows that there have been attempts that u.s. officials have been able to thwart. ♪ >> the financial stability oversight council decided that prudential financial is no longer at special risk for the u.s. financial system. >> the big factor was the reconsideration of the fundamental nature of insurance businesses. we back insurance policies. we don't fund assets. understanding how those insurance policies might behave under stress is a very important part of understanding what happens to prudential, and the subsequent consequences for the market or global stability. ofhink the re-examination the way our policies are likely to behave in a stressful environment led to the right conclusions, which is that we are a very stable business model. ♪ wtorominent members of the
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are calling for an investigation into u.s. metal tariffs, opening a new front in this escalating trade war. >> china, the european union, russia, in norway saying the duties violate wto rules. >> it certainly puts the wto in something of a quandary. we have seen a real escalation in the pushback against u.s. decision to impose tariffs on steel and aluminum imports. that complaint from a number of countries will be heard the week after next by the wto, and they have a real conundrum to wrestle with. u.s., does that encourage other members, other countries to also look to impose protectionist trade measures, citing national security grounds? on the other hand, if they rule against the u.s., you get more scorn from the white house,
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and that could be a trigger from the u.s. to withdraw from the wto altogether. ♪ >> in the latest installment of small to big, food for thought from a successful startup. purple carrot began selling vegan meal kits in 2014, and the timing couldn't have been better. demand for meal kits is booming, and more americans are turning to a plant based diet. the company has high profile investors and partners to further growth. the founder and ceo ways out purple caret recipe for success. ♪ ♪ caret is a plant based meal kit, and we offer a range of plant-based dishes every week. if $72, or $12 per plate. the number of vegans out there is relatively small in this country, but i always said this will be vegan food for non-vegans, and 82% of our
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subscribers today are not vegan. ♪ 2012, i wasring of diagnosed with crohn's disease, somewhat out of the blue. as i ate more felt so much better and gained a deeper perspective on the diet. back in 2014, i started the business with $100,000, and within the first month we ship all the boxes from my house. lo and behold, we started to catch traction. we got great word-of-mouth through facebook. in the summer of 2015, i was able to recruit a well-known cookbook author and writer for "the new york times." we raised $2.8 million in september of 2015, as markets were compelling growth. overnight, we grew our orders by five times. we werepring of 2016, approached by cold foods to introduce the first retail
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product in a whole foods store. ♪ while the product was well received, it really was ahead of its time in the sense that grocers weren't quite sure where to put it, and consumers were not expecting to walk into a grocery store and find a retail meal kit. at the same time, we were in discussions of tom brady and tv 12,'s wellness organization, and we had to make a decision -- should we stay within whole foods and focus on retail, or should we put it on hold and focus on the commerce? we chose the latter. ♪ >> tom is a part-time plant-based eater, which matches up very well to the type of audience we service. he represents a great image of what someone can accomplish eating a plant based diet. adding those meals doubled the size of our company overnight. ♪ 2018, we secured a
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minority investment for over $4 million. may haveobal company, a tremendous amount of buying power, they have access to a whole host of fresh fruits and vegetables with the farms they own. they are servicing pretty much every retailer in the country. we have three distribution centers now, las vegas, chicago, and new jersey. we will probably ship 5 million meals this year to our subscribers. ♪
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white in in black and the notes, but it has been green and yellow on my terminal and yours. we can see, at least, that the projection on the dot plot is set to peak at almost 3.5% in 2020, then come back down. >> there are about 30,000 functions on the bloomberg. we always enjoyed showing you are favorites on bloomberg television. maybe they will become your favorite. here's another function you'll find useful. it will lead you to our quick takes, where you can get important context and fast on-site into timely topics. here's a quick take from this week. ♪ among the top 10 most valuable tech companies globally, a china tech giant is making his presence felt. it is set to become a serious rival to silicon valley, but there are political hurdles ahead. this is china's tech giants.
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early on, chinese companies like tencent at a reputation for being copycats. it's instant messaging app originally looked a lot like a popular messaging at used in the u.s. got theirthem original aspiration from a u.s. equivalent. the portal business was the equivalent of yahoo!, there's is like twitter, alibaba like ebay and amazon, the list goes on. >> comparisons are now harder to make. tencent messaging app has grown from a texting application to a platform for dating, flirting, watching videos, playing games, and ordering food. there is no u.s. equivalent. since the introduction of the internet in china, the government has controlled the way the complex system sensors the gateways.
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this is effectively quarantining china's technology ecosystem, blocking access to the likes of facebook, twitter, and instagram. tot has enabled local develop services without competition from abroad, building platforms with the uniquely chinese flavor. the internet users are more than double the entire u.s. population, and the companies grew to be massive. they became so successful that some u.s. companies are taking note. >> a lot of people would point to facebook trying to copy the we chat model, allowing third parties to open e-commerce stores, third-party games being introduced. >> but there is increasing push back. >> china, they are draining us, they are taking our money. >> president donald trump says china has imposed tariffs. bloomberg businessweek uncovered that the chinese even plant
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chips in computers to potential hardware hacks. >> two years ago we were seeing a lot of investment in the technology from chinese companies. that has all been put on the brakes ever since the trade war. >> yet chinese tech company names but only recently drooped like stairs outside china are becoming increasingly familiar. it reached a pinnacle and 2018, overtaking apple globally, but the chinese big tech companies keep expanding and need to convince other nations they mean no harm. ♪ 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 the latest business news and analysis 24 hours a day. that will be all for "bloomberg best" this week's. thanks for watching. i'm rishaad salamat. this is bloomberg. ♪
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comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?"
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"all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. ♪ brad: i am brad stone in san francisco filling in for emily chang. this is "bloomberg technology." in the next hour, netflix, the first a big tech to report earnings, third quarter subscriber growth that could impress, can the rest of the faang family do the same? plus, how a congressman wants to protect people online. in his internet bill of rights become the law of the land? and, lest than three weeks until midterms.

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