♪ welcome to bloomberg businessweek. crexendo joining you from bloomberg headquarters here in new york. investors with a germanic revenue revision citing weak iphones dales -- sales and slumping demand in china. am a how the nra is spreading its message around the world. carol: smartphones helping patients prescribed drugs for chronic illnesses.

the fda planning to roll out that innovative proposal. >> happy new year. it began with the way the old government ended that the older year ended, -- the old year ended with plenty of volatility , in the market. carol: some green, some red, swinging between the two. as the economics editor points out the cover story, investors can lay much of volatility at the feet of president trump. >> when the market had been off and on but still generally rising, then began to fall, the decline gained speed in december the day before christmas. we have had some bobbing around since then. 2018 was the worst year for the stock market since the financial

crisis of 2008. >> the worst year. we did kind of avoid a technical bear market. >> barely. >> we are still up in the equity markets as president trump came to office. >> i think that is important. trump can still argue, "i have helped stocks," but the trend is not his friend. who i think, in my article, i will get two things. the degree to which trump affected the stock market, which is what we have been talking about, and the degree to which the stock market effects trump, which is equally fascinating. jason: you have a great line in the piece where you say "now we have a stock market to match the president." >> that is the volatility. volatility tends to be low in up markets and high in down markets. that is what we are seeing. if you think about the degree to which president trump, like him or not, is a change maker, a

boundary breaker, someone who came in to shake up the establishment and has done so, you would think that that would be consistent with a volatile stock market. it wasn't. the market was remarkably calm. it marched upward in a stately manner. it is only now that we are getting the volatility, which is what you would think of with the trump presidency. carol: typically when you see the equity markets going up, people get more nervous. when there is too much complacency, you see investors get more nervous because you are seeing the gains when it is on an upward trajectory. >> complacency and nervousness is the opposite. it is a climbing a wall of worry. if the markets become too complacent, they stop worrying, that is when they start to fall. that might be what happened last

fall. the markets had grown too complacent. stock prices got ahead of themselves and we were due for a pullback. carol: why the first two years did equity investors seem to be ok with it, and now the volatility continues, but everyone is like, "wait a minute"? >> the sugar rush from the tax cuts is starting to wear off. you see some of trump's trade actions are not working out as well as one might have hoped. the renegotiated nafta seems to have worked out fairly well for him, but with china -- china is off and on. right now we are in a truce with

china. people wonder, is this the calm before the new storm come march? something that was only barely related to trump is the chinese economy is doing poorly. new news. you have several factors, like people reassessing the trump presidency and the economy. jason: moving from the u.s. to europe, this marks a big anniversary for the euro. for two decades the eu has been bound together by the single currency. carol: the bloc has been under strain recently. jason: the european government team leader joined us from berlin to tell us about it. >> it is a deal between the eu and u.k. government negotiators, but it is not going through the u.k. parliament, and doesn't look like it will. no one has any idea what will happen. there are so many different scenarios. we have seen rather unusual scenes in italy, an unlikely coalition of antiestablishment party and a fairly far-right

party that is anti-immigration, which is anti-eu. that has been bumping up against the eu budget policy. then we saw the yellow vests protest in france which made president macron weak. germany, the dominant country in europe, we have seen chancellor merkel agreeing to stand down at the end of this term, and domestic chaos within her coalition -- which has made them something of a spectacle of germany, which prides itself as the anchor of stability in europe and has looked anything but. jason: what is the aftereffect of the yellow vest protests in the short-term?

>> in the short-term, you see relatively humbled macron giving his economic concessions in the face of these violent protests across the country. that said, the protests continue, but they are diminished. is fair to say that he has taken the wind out of the sails of the protesters. we have seen the protests were him so successful initially because they organized over social media. they arranged to protest all over the country. they arranged that in an ad hoc way without any leadership. a that same lack of leadership looks to be their achilles heel going forward. carol: we have seen these big moments of crises in the european union before.

>> it was divided between a richer north, which was giving you money to bailout countries in the periphery. there were predictions by economists, i think it was citigroup in mid-2012 predicted there is a 90% chance that greece will leave the euro. yo that did not just affect greece. that that would be the breakup of the euro. it was never intended that countries would leave. the unpredictability was scaring investors. jason: popular incentive for the union at its highs level and 25 years. how much of that has to do with the fact that you politically the world is being reorganized?

you have the united states negotiating with china around doing you trade. europe feeling some of the effects of that and maybe pulling together a bit in this new world order? >> i would say definitely it is in response to the geopolitical events. but also what is related is brexit, which is on the doorstep of continental europe. we see political meltdown in the u.k. the conservative party is -- as is the main opposition labor party. that is why i was saying it is extremely hard to see any way forward in the u.k. as a result, the other eu 27 nations, of course they have

differences, but faced with me these great crises on their doorstep, they are not sure the reaction is to close ranks. carol: america's gun culture is gaining international traction. that is the plan as the nra stock is rising around the world. jason: restaurants facing an unusual problem, finding workers when the holiday rush dies down. carol: more on our cover story, designing this week's cover and more event. >> we had the line before we and>> we had the line before we knew what the visual was going to be. there was fun stuff to play with. we tried him fluffing a chair, but the elongating the red tie works well. elongating and i it plays with the idea of the stock market going in to red, but it also has a funky look to it. you it makes for a really good and it makes for a really good cover. ♪ you

jason: join carol and myself are bloomberg businessweek on the radio. you can also catch up by listening to our podcast. carol: you can find us online at businessweek.com and our mobile app. as we flip the calendar from 2018 to 2019, the debate over gun safety and regulation in the united states showed no signs of cooling down. jason: check out this chart in the magazine. it is a bubble chart of gun him him ownership by country. carol: the really big bubble is, of course, the united states.

in the u.s. you have 120 guns per 100 civilians. it is off the chart. if we did this to size it would be off the charts. this is page 35. if we did it to size, the bubble would have gone to page 38. it shows you the tremendous number of guns in the united states. jason: as for the stocks of gunmakers, let's bring in taylor riggs. >> you can fold that into gun sales. that does bring in politics a little bit. what we have done in my terminal at gtv is to normalize it back to the day of trump's election. you are seeing a lot of the brands really underperform. no fears of more regulation, people aren't going out to buy guns until december, when you had companies like american outdoor brand say they saw a big

tick up ahead of 2019 when more democrats come into the house. carol: great stuff. it is impossible to discuss gun policy in the united states without focusing on the political role of the nra, the national rifle association. jason: that group has spent years developing their all-american image. lately it has been expanding that footprint considerably. our reporter told us more. carol: michael r bloomberg, the founder of bloomberg, is a donor to a group that supports gun safety, including every town for gun safety. >> the nra represents individual americans, but there are a lot of corporate interests. what people don't really understand is that a lot of the guns are coming from overseas. u.s. gun manufacturers are trying to sell increasingly overseas.

you can see the trends in the import-export numbers. as the industry has become more global, the nra has become more global and has reached out to american and non-american companies for support. jason: these are companies probably well known in the corporate sphere. you're talking about beretta, about glock. they are representing both u.s. gun buyers, and as you say, foreign gun sellers. that reputation, whether literal or figurative, that the nra has is the crux of this? >> yes. you see 2 points. you see interest from glock and

so on, but you also see the nra as a standardbearer around the world for those who support and rights. you have seen this in brazil with the new president who just came to office. you also see this, embarrassingly for the nra, with russia with a woman, maria butina, who has been arrested and for operating as a unregistered agent of a foreign country the united states. carol: talk about the flows of guns. u.s. factors going overseas or coming into the united states. >> if you look at the markets, the u.s. is overwhelmingly the largest market in the world for civilian firearms. everyone wants to sell here. the products being sold in the united states are coming from overseas. you have seen over the past two decades, 20% to 30% of the guns

that americans are buying are coming from overseas. in terms of exports, we have seen a 60% increase to close to 400,000 a year in a number of firearms that u.s. manufacturers are exporting according to the data we reviewed. carol: what about political support or financial support coming from global gun manufacturers to the nra? >> you might think that the nra gets most of its support from individuals in the united states who are spending roughly $35 per person, but they get large contributions from gun manufacturers from overseas. you also have companies like a him and brazilian company that makes low-cost firearms sold in the united states, most of its

sales here, and offers every person who buys one of its guns in the united states a one-year free membership to the nra. we don't know how many take up on the offer, but presumably of fair chunk are. carol: a plan that will streamline how americans with chronic conditions get their medications. this is "bloomberg businessweek." ♪

jason: welcome back to "bloomberg businessweek." carol: you can listen to us on the radio on sirius xm channel 19 and 106.1 in boston. jason: in london on dab digital and the bloomberg business app. carol: a look at how restaurants are facing unprecedented staffing challenges. jason: it has always been fairly easy to find low-wage workers after the holiday rush, but this year, not so much. >> dunkin' donuts, the ceo said labor is the number one concern for franchisees. the number one, keeping them up at night.

across retail and restaurants, moving into the new year, usually there are workers that were working at kohl's or macy's. but there are fewer of those people. a lot of these retailers have raised wages. they need people, too. there is this darth of workers in the restaurant industry. jason: how are the restaurants themselves combating this? i have to say one of the things that jumped out at me, and i don't know if everybody was a watcher of the movie "office space," but consulting the employees about the uniforms -- i could not help but think of pieces of flair. >> asking employees to be engaged with the brand and show them that their opinion matters.

surveying them on a new recipe or a new uniform to see if they like that. some are doing the more traditional thing, like throwing cash bonuses and hiring bonuses to get them in the door and to stay. carol: what is interesting, and this is something we talked about on our daily show, is that teenagers are not working in fast food. i remember one of my sisters working at a mcdonald's. teenagers, it isn't where they go anymore. >> there are fewer young people in the workforce. that is a huge issue. i did a story last year on senior citizens taking over the fast food space, and a lot of restaurant chains looking for older people to fill the ranks once held by 15 or 16-year-olds.

jason: why aren't kids getting jobs? it is not just younger kids. it is 18-21-year-olds too. >> maybe they are getting internships at actual jobs they want to do in the future. there is a little bit of that. some are doing more school-related stuff. the older people, the 20-year-olds, the whole gig economy is changing things. they can drive for uber, deliver for grubhub, do surveys on their phones, and do that on their own schedule. no one wants to work at dunkin' donuts at 4:00 a.m. when you can do stuff on your phone. jason: americans who suffer from chronic conditions may get a technological assist. carol: the fda wants to make it

possible to access medication directly through smartphones. >> the idea would be that a drug company would create this app that would help customers who want to go into the drugstore and buy what now is a prescription medication that would be switched to an over-the-counter medication. they could look at the app and answer a few questions. that would help them to determine if they need the drug or not. it could be cholesterol pills, drugs for blood pressure, maybe migraines. if they go over-the-counter what is happening is companies have pointed to take them over-the-counter for a while. when they do studies they find customers are not able to make the decision on their own if they really need the drug or not when they read the label. the app would supplement a customer to be able to choose correctly if they should take

the drug. carol: a could have a major impact on individuals in terms of their health care? there is a financial component as well. potentially bringing down health care costs? >> we are seeing a trend in the insurance industry that high deductible plans, even people who have coverage are paying a lot for their medications at the counter. this could be a way to bring that cost down a little bit to make the medicines more accessible. if you don't have insurance, this is obviously hugely helpful because you don't have to make the doctor's visit and have the prescriptions to get the drug. jason: tell us how this would work theoretically. i have an app on my phone. what is the process? >> i talked to the head of the fda and tried to get him to explain this.

he told me how he might envision it. obviously, it will be up to the pharmaceutical companies, but someone would go into the drugstore, they would answer some questions on the app to determine if they have high cholesterol, or if the high cholesterol is high enough to a warned needing a statin. when they go into the drugstore, they go through the aisles, and there might be -- we have seen those products like razors behind a lock. they might need to get a code to unlock it for you. this code means you filled out the questionnaire and the app says that you would benefit from this drug. carol: next, why an unprecedented warning for apple about iphone sales is still the stock to watch.

jason: a bold call. this is "bloomberg businessweek." ♪

♪ >> welcome back to "bloomberg businessweek." carol: one of the world's most respected tech analysts talk apple in 2019 after brutal week for the company. jason: self driving cars generating buzz, but analysts say, wait for it, there is a long road. carroll: we have to dig into the massive headline. apple shocked investors and wall street by cutting its revenue forecast for the first time in

almost two decades. jason: shares plunged with global knock on effect to chip suppliers and it put rising trade tensions back in focus and placed pressure on president trump. we caught up with our editor for more. >> in a surprisingly lengthy note to investors, tim cook said what a lot of analysts have said for years now. apple pushing up the sales prices on iphones well over $1000, and among other things, the fact it hasn't kept up with varying features in the market along with its prices, suggests iphone trade-ins are not what they used to be. people are not buying every 2 years anymore. carol: the timing of it. at the holiday season is when we get our daughter her first phone around holidays. this is when people buy these things. so to see a slowdown at the holiday time is remarkable. jeff: and counterintuitive, because people expected this to

be a soft holiday season, all early expectations showed people did pretty well around the clock. apple's weakness is outside the rest of the market. jason: the weakness was especially marked because it went straight to the heart of the world's second-biggest economy, china, and consumer demand there. that was the other recent tim cook gave for the revision downward. jeff: this is a problem that extends beyond whether demand for phones in china was weak or not, and apple had trouble finding purchase in the market for a couple of years it has been pushed out by local competitors like huawei and xiaomi. jason: that was something in the immediate aftermath, we were scrambling and talking to tom giles in san francisco, john butler in new york and our team, and they made that point.

this is a very competitive landscape in china for apple. they do not dominate the way people assume they do. jeff: apple has coasted in china on its ability to be seen as a status symbol. xi jinping has in forest in broader strokes a desire to push for an tech companies out of the market in the next few years. apple suffered from that. jason: one thing to touch on is the ecosystem that apple affects when it makes an announcement like this, because we saw a lot of related stocks go down in that immediate aftermath. jeff: apple is the mcdonald's in this industry in that one supply chain can change global markets in a major way. when markets were good, apple used that market power to extract favorable rates from their suppliers. now they are running such low margins that one big problem for apple can mean problems for the rest of them.

carol: we have been hearing from apple suppliers in november and december about some concerns, about demand for the iphones. not a total surprise here, potentially? jeff: that's true, and as we saw over the last couple of years as apple has rebranded its various iphones, diversified its line with three new models the last year and kept prices edging higher and higher, even as phone sales appeared to be flat this year, the average sales price went up 18%. not quite enough to make every quarter the best anymore. carol: we will have more on apple, but i would be remiss if we didn't touch on the tech stories in the magazine this week because they are terrific. one talks about the electronic consumers show and self driving cars. they have become a bigger component of that event. jeff: absolutely, and the keynote this year will be

centered around self driving cars by the head of google's self driving car company, waymo. the writer says this blew us off the road this year where people are recognizing that even though a lot of analysts in this company are pouring millions of dollars into this self driving cars, they recognize they have fallen short a lot of the big thresholds and milestones that they promised people they would hit by now. jason: more on apple. one veteran tech analyst who has watched is gene munster, who recently named apple as the stock to watch in 2019. carol: apple's disappointing news hasn't changed his view. he is long-term positive on the company. we asked why he named it as the stock to watch this year. >> we think apple will be the best performer of the faang stocks in 2019. the reason is, there will be

this slow adoption view from the buy side that apple is a services company. that should yield a higher multiple. i want to be clear. there is a risk to the march number when apple reports the december quarter, but that is missing the point. the point is, the new reporting methodology around getting rid of iphone units will be critically important to investors focusing on what is most important. that is this business, not just the software piece, but the hardware part operating more like a services business, which means higher visibility. we think this new reporting methodology will yield that. jason: thinking about apple versus the other faangs. what distinguishes apple besides their business model -- an aspect is data and the fact that they are perceived as not abusing customer data or not exploiting customers the same way some of the competitors are.

is this going to be a persistent problem, particularly for the likes of facebook and alphabet as more concerns about privacy and fake news and all these other things continue to gain attention among regulators? gene: it will, and we think 2019 will be a year of greater regulation on those two companies. we think google will be in a great position to power through that. we think facebook will have difficulty. we think facebook's best days are behind it. not just the privacy's, but the world is not a better place because of facebook. people use it and don't feel better. we will see a step up in regulation around privacy and what that means for people listening? it means you will have more visibility in how your data is used. you might click ok and move on,

or look at where your data is going. jason: next, we dive into an immigration story about the ties that bind in iowa for rural -- with a town in rural guatemala. carol: here is where we may be headed in 2019. jason: this is "bloomberg businessweek." ♪

carol: welcome back to "bloomberg businessweek." jason: join us every day on the radio, carol and myself from 2:00 to 5:00 wall street time. carol: they can find us online at businessweek.com and our mobile app. now to an astonishing story. well congress and the president battle over immigration policy and border security, it directly affects individuals in thousands of communities around the world. jason: two cities, one in iowa and one in guatemala that have been bound together by a flow of immigrant workers. now that connection is being tested and may be severed.

>> i read in may about a raid ice did on a concrete plant in a small town in iowa called mount pleasant. in that raid, ice arrested 32 undocumented workers and the majority were from guatemala. i made some calls after the raid and talked to some people in mount pleasant. little by little, i found out that a lot of the people detained came from the same place in guatemala, a small rural department. after visiting mount pleasant a few times, it became clear there was this connection between the two places, two small towns. one in mid-america and the one in the middle of guatemala. i was interested in looking how these two places are connected by economics and immigration issue. carol: connected by economics,

connected by immigration. take it to the personal level and the people you met. monte: i concentrated on a few different people and one was a high school sophomore. his father, elmer, was one of the 32 men arrested and he was deported in august. when he was deported, his son, who had joined his father about a year and half after his father moved to mount pleasant to work at the concrete plant, he joined him from guatemala. the deportation essentially left him orphaned in mount pleasant. when i first met him in june, he was still trying to figure out what he would do, where he was going to stay. shortly after that, an 82-year-old woman named kay young decided to informally adopt him. their relationship was really interesting to me, because like the two towns, they were

completely different, came from different backgrounds and as i got to know them more, i could see that both of them had grown to sort of depend on the other, just like these two counts have. jason: one of the things you take away from the story is the idea that this is not an anomaly. there are these connections, it seems, between towns in america and other places outside the country all over the place. carol: these sister cities, mirror cities. monte: this circumstance really started about 30 years ago when you look at the trends. the workforce population in small towns in rural areas in iowa began to decline. at the same time that happened, there were industries that were moving into those areas where the population and the workforce was declining, particularly industries related to agriculture. these factories wanted to be closer to the producers, so you had this phenomenon where the workforce is shrinking, but they

are moving into these places. a lot of small towns in iowa became increasingly dependent on foreign-born labor. in guatemala, for example, a lot of the people who were emigrating were from rural areas themselves. people who have studied this have noticed that particularly rural immigrants in places like guatemala prefer to relocate to rural areas in the u.s.. it is more comfortable for them and they more easily set up networks. so what happened is they were a few people who emigrated early, and by word-of-mouth it spreads to neighbors and relatives in guatemala. what you have then is little pockets in rural america where the populations of the immigrant workers come from pretty

isolated and contained areas in guatemala, and this is something you'll find all over the u.s. jason: one of the things you bring to the fore, and the story starts with a local official who is ambivalent to say the least about this economic evolution. this economic progression that happened in towns like mount pleasant. help us understand that part of the story. monte: this is an attitude that is really quite common in a place like mount pleasant. people recognize the town is becoming more dependent on foreign workers, and along with that increasing dependence comes increasing -- they are increasingly uncomfortable with that idea. a lot of people in mount pleasant, this particular person who is a state representative, he has been in the legislature there in iowa for 25 years, he was telling me that there was a

first wave of immigrants who came to mount pleasant in the 1970's and this was part of the relocation program the government had set up for southeast asians who were displaced by the vietnam war. you had vietnamese and laotian immigrants who came into mount pleasant. the people there, a lot of them -- of them view hispanic immigrants that have come in the last 15 or 20 years a little bit differently. the spanish language issue certainly is controversial there. they are seen as being somewhat distant from other people in the town. that is a view you hear a lot. there is definitely an ambivalence. people are not quite comfortable with the fact that their town doesn't conform to what they want the town to be, which is sort of homegrown iowa. jason: next, one more look back

natural outgrowth of that trend. jason: cheap and more efficient ways to live. adult dorms? i read that in the story and thought, oh jeepers. that does not sound fun at all. jeanna: one of my colleagues suggested that to me and when he said it, i didn't know it was happening. this is a real surprise. is it really? this feels so 2018 and so in line with everything we know about how the economy has been in places like new york and san evolving, because francisco, we have seen year after year a really strong rent price growth and we haven't seen wage growth. naturally, people are having a harder time affording rents. though the rents did slow down this year, they are still at record highs. carol: people are living together? jeanna: exactly, so they have pretty swank common rooms, but all the non-bedroom rooms are common rooms. i thought that was an interesting trend. carol: till the ra says it is time to go to bed. ultimately, it will get worse. amazon building their second headquarters. where will they be?

ultimately they end up going to new york, another big city, and outside washington, d.c. jeanna: this is one we thought was interesting and spoke to the economy, because you have amazon looking far and wide and drawing bids from alaska and middle of iowa and all of these smaller towns. carol: urban areas that could have really used it. jeanna: they pick these big urban areas that seemed like an obvious choice and seemingly for obvious reasons. but at the end of the day, that speaks to the fact that in a globalized economy, you need this base of employees, infrastructure, conductivity to compete. we are seeing these sectors, even beyond amazon. it is not just amazon. we are seeing sectors concentrate their jobs growth in winner take all cities. jason: time for the pursuit section. it is all about travel and i already feel like i need to get

away. carol: where to go in 2019. a list of 21 definitions --that tap into the different tastes -- 21 destinations that tap into the different tastes of different travelers. >> charleston usually gets all the credit in the south. you are most likely to go to charleston. this is the year to go to savannah. savannah is beautiful, known for its historic houses, it has more going on this year. carol: what is going on? >> the savanna college of arts and design is the anchor of the city and is its 40th anniversary. there will be different events. a lot of alumni have graduated, stuck around town, opened retail businesses, leather makers, honey makers, it runs the gamut. the riverside along the city is developing in a fascinating way huge infrastructural development projects that will be caps off by the end of the summer by marriott hotels, indoor, outdoor spaces, you name it. jason: that is one thing that

charleston had over savanna. the hotel scene has not been what it could be in savanna. >> this year, savanna is upping -- this year, savannah is upping the ante. it has two other hotels that have really raised the bar. the relay and hotel just opened, you can use marriott points. jason: and an easy flight from new york. carol: and new ways to love paris. you don't really have to sell going to paris. but there are new ways to approach it. >> there are a lot of things happening in paris this year. if you have your favorite restaurant, you like to go to the louvre, you feel like you have your parisian routine, this is the year to shake it up. i am excited about the hotel opening called jk place. an italian brand that has so much cache.

this is literally where all of the cool people of europe hang out at these hotels. it is small, a handful of rooms, but they have beautiful living room style spaces, great bars, and there are things that are so vibrant about the social scene the create. they are opening their first non-italian hotel in paris in a great location. a couple of museums opening up will put modern art and fashion under the spotlight in a way they haven't been in paris. it will offer different alternatives to the classic museums. jason: you hop onto the euro star, get over to england, but not necessarily hanging out in london. heading over to the countryside? >> we are seeing skip line. i love london. never forget about london, but this is the year to tack on a couple of days in the countryside. there are fabulous resorts that have opened up. a beautiful experience where you can do the classic downton abbey-style pursuits and eat

like a king. the scene has blossomed. hatfield place is the center of it all. it is only a 30 minute train ride outside of london. easy to get to and where everyone will want to be. carol: i just want to go to muncie because it sounds so fun. -- monkey island because it sounds so fun. nikki: it is this old, old estate on its own little island off the thames. it is a historic home that has been turned into a hotel. it has been a hotel in the past and hosted historic artists, writers, and avant-garde types. it is channeling that history. carol: when i travel, i like to find beaches. tell us about where we should go. nikki: i think people should be going to kenya to go to the beach this year. that is not a conventional choice. there are nonstop flights from jfk to nairobi, which opens up the entire country in a way that hasn't been accessible for

americans in the past. if you don't want to go on safari, which is a real treat, you can head to the protected island with portuguese-style architecture, ancient sailboats dotting the harbor. it has got tons of character and the beaches are gorgeous. carol: "bloomberg businessweek" is available on newsstands now. jason: and online and our mobile app. what is your must-read? carol: my must-read is monte's story that looks at two cities worlds apart, thousands of miles apart, but connected because of immigration. jason: i love about this story because it is so intimate. i don't think i've ever understood the immigration debate and the immigration drama as well as i do having read this piece. carol: i agree. we always look at the macro stories of immigration and what is coming out of washington. this will put you on the ground level, and the people impacted, and it is important part of our labor force. you can find more stories on businessweek.com. check that out. jason: and our podcast is available.

more bloomberg television starts right now. ♪

♪ francine: axel weber has held some of the most influential and important roles in european banking. he was the president of germany's bundesbank and a member of the ecb governing council from 2004 to 2011, which is included the early years of the global financial crisis. now he is chairman of swiss banking giant ubs and a member of the group of 30, an international body that looks to deepen understanding of global economics and financial issues. today on "leaders with lacqua," we meet axel weber.