♪ carol: welcome to "bloomberg businessweek." i am carol massar. jason: i am jason kelly. carol: a new ai product that plans to give superhero like hearing to the masses. media,and social global anyone under 15 probably knows about it. carol: we asked the question --

is inflation dead? a new era of lowflation is confounding and calling into question the independence of the federal reserve. peter: the fed is having a series of conferences over the course of this year, culminating in chicago in june. that is called fed listens. it is a combination of listening to work where they are talking andeople -- listening tour professional economists. are we communicating wrong? do we understand what causes inflation? it is not just inflation. jason: inflation is the heart of monetary policy. that leads us to a really important point because monetary policy and fiscal policy, monetary policy being what a central bank does, fiscal policy being what government does, taxing and spending.

we have an administration that probably would be ok if those were done more hand in hand. there is a case to be made for that, apparently. peter: it is interesting that lefties hate donald trump, that is a fair statement to make, yet they share some interests. both believe the economy can run hotter, and trump is all over it -- all over jay powell for what he says is throttling the growth we deserve to have an holding back the stock market. thele on the left of democratic party agree with donald trump on very little, also believe the economy can run hotter. the fed finds itself being attacked from two different directions. jason: and running hotter would mean do not raise interest rates or even cut them? carol: right. peter: the unemployment rate could even fall.

maybe people are ok with that. carol: this idea of combining federal reserve policy with fiscal policy, the fed giving up some of its independence and may working with, i guess congress or something, or the government on fiscal spending policies. peter: larry summers is one of the people who has been talking about the secular stagnation as being a persistent, chronic threat, and saying that the fed alone cannot tackle that. a chronic shortfall of private investment demand, so we have more savings than investment. that pushes interest rates down and the government can come in by spending more, doing investing, soak up some funds and put a floor on the industry. carol: we talked about this with

infrastructure, private money waiting to be put to work but governments have not moved ahead. peter: one thought is if -- adam posen, peterson institute will argue if you crowd in, you can buy more government investment and rather than crowd out private investment, it might induce more private investment as complementary. with: taylor riggs is here another look at lowflation. taylor: despite the efforts from the federal reserve, we cannot get to the two percent target on inflation. i have charted pce and white, there preserve cash preferred method -- there preferred method here and really not even able to push inflation up even 1.8%. quite the conundrum.

what do you do? carol: up next, spies and refugees make bogota the new casablanca thanks to the crisis next-door in venezuela. alln: the huge risk almost nuclear power plants in the u.s. face, thanks to climate change. carol: this is "bloomberg businessweek." ♪

♪ carol: welcome back to "bloomberg businessweek." jason: join us for "bloomberg businessweek" every day on the radio from 2:00 to 5:00 p.m. wall street time, and subscribe to our podcast. carol: you can find us online at is newsweek.com and on our mobile app. mercenaries, spies, double agents, and refugees are gathering in bogota. jason: they are turning the

colombian capital into something like casablanca. carol: seemingly everyone is looking for a way to help or take advantage of the venezuelan crisis. like 1.3mething million emigrants have left venezuela and this is the proximity. so many colombians moved to venezuela when it was an oil-rich paradise, so a lot is going on. columbia is newly relatively stable. jason: after many years of being the opposite. ethan: that is right, guerrilla wars, the farc. suddenly you have a country which has kind of come into its own, in a position to be welcoming of refugees. unlike say syrian refugees in germany, they all speak the same language and have a similar culture. there has been a generous

opening of the doors. carol: emigration was never an issue for this country. was never ann issue for this country. ethan: they never even passed an immigration law because nobody wanted to move to columbia. carol: the flow to venezuela -- from venezuela surpassed syria. that is pretty amazing. ethan: if the situation with maduro continues for the next year, they will reach from 3 million to 4 million now, to 5 million to 6 million refugees. jason: this is much bigger than those two countries. the united states and other countries have taken a strong stance. how does the rest of the world play into this narrative? ethan: i think there are several key points in the world today -- north korea, syria, venezuela is not alone.

it has become a central superpower rivalry hotspot because the russians are resisting the american effort. the trump administration, which has not got a very active foreign policy, has taken a deep interest in venezuela. jason: why do you think that is? ethan: there are several reasons. one is that the whole shift in the region which was focused on leftist populism with brazil, cuba, has begun to shift and that fits with the ideology of this administration, which is conservative, a great believer that socialism has seen its last days and we in the united states need to push it out of the region. there is also the revitalization of the monroe doctrine that this administration has without any sense of it being old-fashioned, said maybe if syria were not

going to be dominant, this is our region and we will not let the russians push us around. with a little more work, we can get the cubans to play a big nicaragua.ezuela and john bolton has picked venezuela, nicaragua, and cuba as the countries he views as a troika of terror. he wants to see the united states play a role in turning this region around. jason: nothing dangerous could be named peach bottom, right? carol: we're talking about a nuclear power plant in showslvania and a chart you u.s. nuclear power plants that may be facing risk from flood zones. jason: the red dots are the flood zones that were not incorporated into the initial plans. a lot of nuclear power plants and a lot of red.

carol: the conditions got worse because of climate change. chris: the purpose of this analysis is to look at the most extreme event, flooding or otherwise, that is possible enough that it is worth accounting for? in any high-tech industry, there is always a question of how safe is safe enough. there is no perfect answer, but they are trying to get the data by figuring out, give us your what level oft rain led flooding or storm surge flood or ice melt flood, it has been a thorough process but the prism is around what happens afterwards. the commission said that plants steps would remain voluntary. former commissioners say that is not good enough. jason: these guys are not deeply

incentivized to maybe give the worst case scenario. christopher: incentives are tough, and i think to be fair to the industry, they have got a pretty strong incentive to avoid a fukushima type meltdown, because as we saw in japan and germany, that can lead to the industry being shut down in a company -- country where opinion sways against it. there is an insistence and reliance on regulation in this country for potentially dangerous industries. it is an example of the reason climate change makes -- more difficult. trying to balance risks and costs, climate change throws it off whack with additional risks that are making -- getting worse but nobody knows exactly how fast. there is the separate question of, what do you want to do? you cannot reduce the risk to zero. how much are you willing to

spend? carol: the owners of a nuclear power plant said rather than design -- redesign their plants, it would be enough to store emergency diesel generators and other equipment in on-site concrete anchors. the commission agreed and said emergency equipment was adequate , and this january they ruled it would be voluntary. is there political pressure? christopher: it is a five hour commission, three of whom reported -- appointed bipolar -- republicans. have -- to impose this, the democratic members disagreed, and there is a question of how much this is a function of the facts and how much is this new deregulatory policy we have seen from the trump administration? it is hard to separate it from the baggage that someone brings

to it. talkedmentalists, i have to them at length and they know their stuff, but there frame of reference is the priority of safety. the frame of reference for the industry is let's keep this business working. it is a tough time for nuclear. from gasunder pressure and environmentalists. the nuclear industry has never won favor despite their claim that they provide more carbon free energy than any source. that has not gotten the many points. jason: we are able to keep our mobile phones safe with fingerprint scans, but we cannot do that with guns. carol: a french businessman hopes lady gaga can turn his lousy year around. jason: this is "bloomberg businessweek." ♪

♪ welcome back to "bloomberg businessweek." i am jason kelly. carol: i am carol massar. you can also listen to us on the radio. 960 in the bay area, in london on dab digital, and through the bloomberg business app. carol: why we have smartphones and not smart guns? jason: gun makers have resisted transformations that could -- administration cut a deal with smith & wesson, one of the most historic gun makers in the united states. they said they would put in about 2% of revenue into finding out whether there was a research and development path for smart guns. the clinton administration supported this.

some folks on both sides of the aisle supported this, but the nra did not. they said smith & wesson were not being loyal to their base or the nra and were siding with the clinton administration. essentially overnight, smith sent -- smith & wesson saw about 40% of their sales plummet and they ended up being sold for pennies on the dollar years later. carol: there is a study you cite, nearly half of gunowners in the u.s. would consider buying a smart gun. polly: part of the thing with the studies is they come from different organizations. that one is an academic study and some done by the lobbyists show slower numbers, but there is a lot of interest. diehard proponents of these political issues are very opposed or very for it. while you may have middle-of-the-road gunowners who home,ne shotgun in their

you also have super owners who have 17 or more firearms on average. they are spending big money and they might be the most loyal, the biggest givers to the nra. if the nra says they are not on board with it, it will be difficult to sell even with general interest. jason: tell us about legislation that came through new jersey, because it hinges on that law. polly: there was an effort to bring smart guns forward in the way of legislation, however the way the legislation was written, it stated if a smart firearm is available, it must be sold in new jersey. that would have to be the main firearm in new jersey, basically. maryland, california, relatively small gun stores

started carrying this firearm at the nra tested and found was somewhat faulty. carol: a smart gun? polly: it relied on rfid technology, a smart bracelet. the nra said it would be glitchy or faulty. soon thereafter, there were other reviews from less partisan organizations that found the same thing. magnets could unlock the smart gun, defeating its purpose. you are going to make us buy this gun? carol: a faulty gun? polly: they are very unhappy and want that legislation done away with. jason: our podcast this week, we were joined by cohost sarah stewart holland. cohost camend her

to talk about both sides of an issue in a respectable way. some: and maybe find common ground between liberals and conservatives. sarah: i thought i will do a podcast about women in politics. we will have -- i have all these fabulous friends who work in politics and i will interview women. i didn't interview. . like to -- did an interview i like to give answers rather than ask questions. ondid a test run, talking the phone about kentucky politics. 45 minutes in, i said we are not going to talk anymore unless we are recording. carol: how many years ago did you start? sarah: three and a half. carol: what was the first podcast? sarah: matt bevan was elected governor. it was a good conversation, and we felt like our friends and family would listen and it took

off quickly. we stay committed to, we are just talking to each other. carol: you come at it from different ways. you are more liberal, beth is more conservative. how do you keep it simple? this has become much more difficult. sarah: we talk a lot about this in our book. it is not a secret sauce. it is a practice. it is not, one time you have a conversation and you are going to fix it. you are committed to the practice of listening to each other, engaging each other in conversation and being curious where the other is coming from. that grander vision about where we are going with the relationship instead of feeling like every time we have to sit down and agree on health care, that will not work. jason: for more, check out our "bloomberg businessweek" extra podcast or subscribe.

carol: french billionaire vincent bola ray has had a tough year. jason: he had a difficult year. typical alien air blues. -- billionaire blues. carol: he is the number one shareholder in vivendi. jason: it may help his family regain control to that vast empire. throwback to an era of corporate radars. his style is going in with a minority stake in companies, and he has done this with shipping companies, and electric car company, and the big one is vivendi, a media conglomerate, one of the biggest in europe. small4, he started with a steak and started exerting influence by overtaking the board, driving management

decisions. he became chairman and started a big strategy in southern europe to build something modeled on disney. carol: they call him the smiling killer. edward: he has a reputation of being a tough customer when it comes to taking over companies and exerting influence on the board. the latest one is telecom italia. it used to be the state run monopoly so it has the landline business in italy, and he wanted to use this distribution to put vendee content. that will be familiar to a lot of us. it is universal music, you too, , andgaga, taylor swift canal, thenow, -- biggest film studio in europe so he had a dream of becoming a disney in southern europe. it has gone sideways. jason: enter paul singer.

that is not a phone call you want to get. has been watching this amazing battle between paul singer, the hedge fund manager e for control.llor you are dealing with an old technology, land lines and the way of mobile is tough. singer smelled blood and saw value. he wanted to go in and take the board away from bollotr and and -- bollollotr re and spinoff. they cannot control the fate of this company anymore. that has been a rare thing for bollore, which is a defeat. jason: tell us about the kids

and the role they play. vivendithe chairman of and his younger brother just his daughterllore runs the electric car company and sebastian, the oldest, is involved with a video gaming company. lessre wants to do nothing -- it is similar to the murdochs. he wants his children to pick up where he left off, and his family has controlled this -- the wealth came from a paper company. they made cigarette papers, the pages in bibles. he has taken this company in brittany and transformed it to the empire we are talking about. he wants to pass that onto his kids, but investors will want to know, do they have the chops to

run the empire? carol: do not call it a hearing aid, call it an apple watch or fitbit for your ears. jason: the electric car maker outselling tesla on a massive pace. carol: this is "bloomberg businessweek." ♪ xfinity watchathon week has sadly come to an end.

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"activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. ♪ jason: welcome back. i am jason kelly. carol: i am carol massar. marketing the global ez one b.i.d. at a time. jason: lamborghini and bugatti made a big splash at the auto show. carol: in our features section, the entrepreneurial success story behind starkey hearing technologies.

founder ay made their billionaire and are preparing a new product for people who do not even need hearing aids. carol: we will let josh dean tell his story. austen started a hearing company in the 1960's in his basement. he was making money fixing hearing aids or helping a guy who made them, and he saw how it transformed a life. if i am a doctor, maybe i can only change one life a day. hearing aids, i can do 10 and 20 and 30. he has a vision. he sees a saying on the side of a bus, goes home and sits on his bed and gives himself a pep talk. being a doctor is great that i can change lives by bringing hearing to the world. jason: they are rethinking the relationship and purpose of this thing that goes in and around your ear. josh: everybody has always

thought of it that way, but hisin claims -- i think first vision was in the 1970's 1998, the and in future of the hearing aid was not a hearing aid but a communications device. you should be able to get medical data from it and what if you can translate language? all these things that were not possible, he said he saw that coming. 20 years later, that is finally what they are doing. he started to realize this is a good place to take body reading, heart rate, temperature. carol: when you take -- jason: when you take your kid to the pediatrician, that is how they take the temperature. josh: and with bluetooth, you can connect your phone to it, so they looked for all the ways to leverage tech with chips. smaller and smaller mostly

because of your iphone, the sensors are tiny and turned the hearing aid into a computer. carol: this is a way to get so much health care information. josh: they hide it a guy who headed a group -- hired a guy who headed a group in intel and brought him into run this project. you can think of it like a little iphone type. you wonder, and i asked him about that, will your competitors of the future be like apple or google? you are putting technology in a place that apple is not thinking about or did not know how to do. carol: this is a really cool story. they also went through a really tough time. some people were defrauding the company. jason: flat out stealing. carol: millions of dollars. josh: 20 millions of dollars.

recruiting people on the payroll to start a competitor, things in violation of your fiduciary duty. president, human resources chief, cfo. jason: this was a conspiracy inside the company to defraud the company. josh: a palace coup is not quite the right term because they were not trying to take over his company. jason: they were trying to create their own. carol: they brought in a bunch --new josh: a divine intervention idea, he spends most of his days flying in a gulfstream, helping people in lower income countries with hearing aids. he felt like, that is what i should be doing and i lost track and fell asleep, and he got pulled back in. he installed his stepson as

president. that was terrible, i feel super betrayed, but he may have found out three years later when they have taken a bunch of his employees. think ofny americans tesla when we think of electric cars. carol: warren buffett knows better. in is the global leader electric vehicles. we have a chart showing the projected sales of electric cars. we expect the ev market to grow a lot. what is significant is the chinese share. is such at is why byd fast growing an important player, and the company has bigger ambitions. in china is a big name , one of a few chinese auto

brands that have taken off over the last decade or so. what is interesting as it is pumping out more plug-in vehicles, passenger cars as well as buses, forklifts, you name it, then anyone else. that includes a company run by a certain twitter addict south african. tohas done quite a lot electrify the transportation mix and china while getting relatively little information. -- attention. carol: why hasn't it received more attention than someone who is on twitter a lot like elon musk and tesla? matthew: it is in china, a long way from most english language media. they do not export cars outside china. they export buses and taxis, but the passenger car export business is mainly chinese. byd has until recently,

not been in the glamour business , not trying to create status inbols or something people silicon valley will lust after. it is creating utilitarian, reasonably priced electric vehicles for the masses and has been successful. jason: carol mentioned at the top, the battery piece of this, the origins of its -- this company, how did they become what they are today? started in the mid-1990's as a batteries business. a chemist started it and it was a company that was supplying batteries for nokia feature phones and laptops and cordless drills, all these gadgets that really emerged in huge volumes in the late 1990's, early to thousands. in the early 2000's, byd

burchard -- purchased a troubled state owned carmaker. it was pumping out a chinese version of the ford pinto, a bit of a joke. many were be welded by this acquisition. -- be well dirt by this acquisition -- bewildered by this acquisition. we intend to make the cars and the batteries. that did not look like such a great bet until earlier in this decade when ev's took off. carol: the retailer that breaks all the rules and is raking in billions. jason: restaurants and brace the gig economy but some workers are calling foul. carol: this is bloomberg -- "bloomberg businessweek." ♪

♪ jason: welcome back.

i am jason kelly. carol: i am carol massar. join us every day on the radio from 2:00 p.m. to 5:00 p.m. wall street time, and listen to our podcast. jason: you can also find us online at is this week.com and through our mobile app -- businessweek.com through our mobile app. you may be disoriented and confused if you step into a don quixote store. carol: they sell everything. chain bases itself on the fact that don quixote was unconventional and they are unconventional, breaking a lot of rules that retail has. you have products in one location, and 500 locations. stores are arranged the same, and that is not how it works at don quixote.

carol: chaos. jim: floor to ceiling sensory overload. carol: you have been there? jim: i went to one in thailand. this is the made in japan sort of phenomena, and japanese love things that are quirky. this place is quirky. it allows store managers and staff at each store to decide what the product mix ought to be, how they ought to be merchandised, and allow them to purchase on a local level. carol: letting store managers figure out the product mix lets them react to their customer in real time. jim: it is a place where if your local market wants to have sort of dried, sliced prawns, you will have those. if your market is fashion conscious, you will get a lot more clothing. they have expanded to singapore, and singapore, about 80% of the

store is centered around food. that is different than what they do in japan where it is about 30%. what they have discovered is people want food in singapore and also like the idea of japanese stacks -- snacks and stuff like that. tourists are crazy about japanese stack -- snacks. you can also change and turn on a dime. if the weather looks like it will be rainy tomorrow, the storm -- store manager says, .ring out rain gear if it is going to be sunny, bring out sunscreen and stuffer the beach. each store is its own entrepreneurial outlay. carol: the revenue number forecast, something like $12.6 billion. jim: this is very large. this is in its own way, a very

unusual but disciplined retail strategy, which is that by allowing, pushing down the decision-making as low down as you can, it gets you closer to the consumer and therefore makes the consumer want to shop there. and by having so much merchandise that is done in a way to actually get through, you built a sort of treasure hunt deal experience. carol: a mashup of t.j. maxx, dollar tree, costco, and aldi with japanese eccentricities. jim: it is a mishmash of retailing styles. that is what draws people, because it is unpredictable. appl: pare.com is an restaurants can use to fill vacancies in their kitchen. jason: some workers are not happy with the disparity in pay.

thet was created for restaurant industry to solve staffing problems but it faces both ways, so it is good for employers and employees. carol: how is it good for both sides? >> it happens more frequently than you know, probably every time you walk into a restaurant. somebody is a no-show and usually it is a dishwasher because all these things are going on. the average restaurant employee stays less than two months, one month and 26 days. within 16 months, most restaurants experience a complete turnover. it costs close to $6,000 per employee. carol: think about running a restaurant, the business model. that is not easy. kate: to the rescue, this app called pared. a guy who worked at the french

laundry new what was going on behind the scenes, and a technology expert, you can get on the app and say, i need a dishwasher and generally within an hour someone will walk in the door. jason: i am a cook and running a kitchen. carol: if you are a cook, i am running a kitchen. if the dishwasher does not show up, what do i do? app: you get on the pared and they will match you with somebody with experience similar to your restaurant, if it is fine dining or a small plate restaurant, they will match you with somebody in sync with your needs. carol: what will you pay jason, the dishwasher? jason: i was a cook. kate: he is doing at all. ,here is an issue with pared that they pay $20 an hour in general. most people in the kitchen are

not getting paid that money. jason: let's say i am a dishwasher for carol. i am in the kitchen and my buddy does not show up. i show up to my job and she goes with the pared app and bring somebody in. i learned this guy is getting $20 an hour and i am only getting $15 or $16. kate: you throw your apron off and say, i am going to sign up on the pared app. you are not getting your taxes , soheld on the pared app come april 15 you could have a big bill. it can cause problems in the kitchen of people are comparing salaries. jason: have you seen the kids filming themselves singing and doing jumping jacks? the app of the moment. carol: lamborghini and bugatti showed off at the auto show this

week. jason: this is "bloomberg businessweek." ♪

♪ carol: welcome back to "bloomberg businessweek." i am carol massar. jason: i am jason kelly. you can also listen to us on the radio. in the bay area, in london on the dab. the next thing is made in china. jason: it is called tiktok. carol: it has interesting ideas about censorship. , no relation to bloomberg, is an app that looks a little like snapchat or instagram stories. it basically lets kids do live streams and music videos, very

big with between's and teens -- tweens and teens. it's the first time one of these chinese internet companies has had a hit outside of the mainland. jason: that is an important point because we talk a lot about alibaba and tencent, but those are essentially domestic chinese companies. >> the chinese market is so huge , you can build a huge company on the backs of those users. what is sort of interesting is tiktok, which kind of grew out of a chinese app that launched in 2016, was grown through the acquisition of another company called musically. facebook or user of snapchat or youtube, you have seen a deluge of abs trying to get you to check out this new app.

in january, according to one of the analytics trackers, tiktok was the biggest app in the app store's in the u.s.. ads that ran all on androids were for tiktok. >> they raised a lot of money from chinese investors and the valuation as of last year was 75 billion, which puts it just ahead of uber as the most valuable startup. carol: what is facebook saying? they are watching. >> they probably have a room full of people watching. you may remember mark zuckerberg getting into an interesting exchange with a senator talking about his journey from the dorm room to becoming a global tech mobile -- mogul, and he said only in america. zuckerberg said, there are some pretty impressive companies in china.

created a facebook knockoff service called lasso which did not go anywhere, but showed the company had interest. carol: tiktok taps into tons of data using ai, artificial intelligence to manipulate data and see the videos you want. all of this information data troves they are collecting has caught the attention of u.s. regulators. >> it is not an american-style social network, it is chinese through and through. ideas this data first where rather than focusing on social connections, which is the backbone of twitter, facebook, and snapchat, it is focusing on ai and recommending content. it is much more into censorship and privacy. there is no controversial content on tiktok. carol: online at

businessweek.com, hannah elliott got a look at lamborghini's new car before it debuted. jason: here she is with the ceo of the americas. >> the goal is to create a wing and the front bumper where the car has more downforce for the driver to be in the best ,ondition ever while driving because they have the highest downforce in the front, and this has been improved. agility, speed, and easiness of driving the car, and control. for control, here is the big part of the evolution. ldvi, the integrated manages theem that

entire behavior, the dynamic behavior of the car. this brain is not anymore reactive a brain or system, it is predictive. with this car, it fits a lot of sensors, gyroscopes with intention to read data. itselfsame time, the car -- the steps of the driver itself. lamborghiniy at artificial intelligence, already candidatese previous we launched years ago. the full system -- talk in the active together managed by this brain,

to give the utmost experience to the driver. head showedti's hannah the limited edition kyron sport. >> the idea is to make something timeless, to connect the driver with the car without too much and too many items, but with the essentials, to make a car that will last forever. this is the essence of bugatti. have -- the steering wheel is very special. hannah: this is a unique shape, a flat bottom. >> like a formula one. you have four driving modes and it is easy. we can start? jason: of course -- hannah: of course. that sounds good. that sounds really good.

they will know you are coming. >> let's have an idea of how it sounds with 16 cylinders. hannah: the only one in the world. carol: "bloomberg businessweek" is available now. jason: what is your must read? carol: the story by josh dean on starkey hearing technologies, a fascinating look at the hearing aid technology industry or hearing aid industry, and the man behind it who built an incredible firm and has created hearing aids for popes, presidents, celebrities. jason: you just start to think about that technology in an entirely different way. carol: what it might mean in the future. what is your must read? jason: tiktok. my 14-year-old watches these videos. he switched from youtube to tiktok. carol: you can find more stories

on businessweek.com over the weekend. daily check out our podcast at itunes, soundcloud, and the bloomberg app. carol: more bloomberg starts now. ♪

taylor: coming up on "bloomberg " another report sends shockwaves through washington. congress and the public get more detail on the mueller probe. barr: the special counsel evidence thatny violate law. >>