now let's talk a little about what will goldman sachs recently well they made a projection but others here want three g.d.p. growth regression and twenty chain when i mean well russia's own ministry for economic development expects only two percent gross if i remember right yeah i believe so why but you mean if it isn't from call that said why do they see a more jolly picture than the russian government or maybe there are jolly fun people listening to that that could certainly be one reason but there is quite a different set of numbers there so. you know there are so many various analysts and experts some of them predict less than two percent growth for russia believe our ministry's projection was just over two percent which of course it will be very nice to live up to the three point five percent growth projections go even higher but i believe we can begin to talk about such numbers in a couple of years our task for now is to run a comprehensive structure reorganization that would trigger. a move that would involve reorganizing that taxation system work restructuring our expenses ref

now let's talk a little about what will goldman sachs recently well they made a projection of what three g.d.p. growth were russia and twenty chain what i mean while russia's own ministry for economic development expects only two percent gross if i remember right belief so why but you me if it isn't from goldman sachs why do they see a more jolly picture than the russian government or maybe there are jolly fun people listening but that could certainly be one reason but there is quite a different set of numbers there so. you know there are so many various analysts and experts some of them predict less than two percent growth for russia believe our ministry's projection was just over two percent which of course it will be very nice to live up to three point five percent growth projections go even higher but i believe we can begin to talk about such numbers in a couple of years our task for now just to run a comprehensive structural reorganization that would trigger. a move that would involve reorganizing that taxation system works restructuring our expenses reforming economic sectors and t

goldman sachs. and, coming up, we will speak with famed venture capitalist bill gurley of benchmark capital. --me over uber investor. this is bloomberg. ♪ emily: welcome back to "bloomberg technology." we are live from the goldman sachs tech conference in san francisco. i'm here with bill gurley, venture capitalists, investor in uber, stitch fix, and more. you just got off stage. one of the things you are sounding the alarm right now is that vc's are being too nice. nobody wants to be a nomad. that's hurting companies and the industry. what are you most worried about? bill: this is something that has been going on gradually for like a 20-year period, rather than something that just happened yesterday. if you go back years, decades ago in the venture industry, there are famous people who are known for coming into a board room and demanding -- the world was more oligarchic back then. hyper competition has made it so the majority of vc's biggest fear is missing out on the next biggest investment, so they are afraid to have a reputation as someone who asks too many questions or pushes too hard.

we will have goldman sachs' president and co-coo, coming up.e thinks this is a good environment for trading. what did you see today? cory: we knew that -- let's go back to last friday or two fridays ago. we saw this sort of amazing slight, very slight increase in the employment number and wages. we were waiting for wages to go up. every economist under the sun has been telling us that wages were going to go up. we finally saw it, as wildly predicted, and the market went haywire. the vix went through the roof. the volatility index had been trading at 10 or even high nines for even months or years, with very few increases above 12 or 15. it suddenly shoots up to near 15, to near 19, to 30. it blows up the reversed traded exchange. it takes billions of dollars out of the market. for the first time ever, two weeks ago, we saw the future volatilities contract one month and two months both of 80% in the same day. it was incredible. today, we get the cpi with a higher price than expected. the market waved it off, and the stocks rallied. emily: what ab

we will hear from goldman sachs president david solomon.ur deep dive on how to get more women into tech. former uber board member weighs .n on life after uber why he sees a lot of promise ahead. to our lead and our coverage from the goldman sachs technology conference. we will hear from tech heavyweights throughout the hour , including the ceos of gopro, ripple, fireeye and bill girly of benchmark. let's kick it off with david solomon. >> the year has set up in a way that i think it should be very constructive for ipo activity. ipo activity picked up a little bit toward the end of 2017. we have a very healthy ipo backlog, but we also have an environment for a variety of reasons why 2018 should set up to be a pretty active year. are they healthy right now or are they bubbling? >> i think private market valuations actually have tightened a little bit over the course of the last 12 or 24 months. capital has been a little tighter for private market funding. i wouldn't say that valuations are bubbling but there is no question that in an environm

will join us. and don't girly ways in on life after over since the fall of travis kalanick. why sees a lot of promise ahead. to our lead and our coverage from the goldman sachsechnology conference. we will hear from tech heavyweights throughout the hour including the ceos of gopro, ripple, fireeye and bill girly of benchmark. let's get it up with david solomon. >> the year has set up in a way that i think it should be very constructive for ipo activity. ipo activity picked up a little bit toward the end of 2017. we have a very healthy ipo backlog but we also have an environment for a variety of reasons why 2018 should set up to be a great year for this in the technology space. points are they out the right now or bubbling? >> i think private market valuations actually have tightened a little bit over the course of the last 12 or 24 months. capital has been a little tighter for private market funding. i wouldn't say that valuations are bubbling but there is no question that in an environment for the last five years where growth was sluggish -- investors were really looking for a place where there was growth and silicon technology was a place where there was a

first tour coverage from the goldman sachs technology conference right here in san francisco. we willear from technology heavyweights over the hour, including the ceo of gopro, ripple, and goldman sachs. >> the year is set up in a way in which i think it should be very constructive for m&a activity and ipo activity. activity. we have got a very healthy ipo backlog, but we also have an environment for a variety of reasons why meeting should set up to be a pretty good year. >> are private market valuations private -- healthy right now? >> i think private market valuations have heightened the months. the last 12-24 capital has been tighter for private market funding. i would not say that valuations are bubbly. environment where growth was sluggish, investors were looking for a place where there was growth, and silicon valley is a place where there was a lot of growth. you look at a company like amazon, it is growing 30% on when hundred $80 billion of and $80 billion of revenues. these are big companies with large market caps. they are growing very quickly, and that obviously creates inte

still ahead, we will hear from wall street heavyweight heather bellini. she covers all the bat facebook for goldman sachstake on performance from 2018 ahead. later this hour we will speak with a ceo about the cyberattack that has already plagued the olympics. this is bloomberg. ♪ ♪ emily: the ceo of salesforce says a movement is coming at facebook and it will not be pretty. in the new york times, it was said that unilever's recent threat to pull advertisements from the social media giant is just the start of a growing backlash against facebook. he also criticized facebook's decision to dismiss human editors in favor of algorithms saying, "that is -- that started the downward spiral that are in today." i posed this question to our next guest, heather bellini. we talked to her about this week's goldman tech -- sex meeting. i ask her just how important it was pulling the ads from facebook. i think if you are a chief marketing officer, you want to make sure that your protecting your brand. brand safety is top of mind. it is not just for facebook, but it is also for youtube and google. it has been experiencin

will be giving that, no doubt . i am joined by the chief global economist at goldman sachs talking about what the recent rally tells s it made you rethink your view? >> know, it hasn't. -- no, it hasn't. we think the fed will hike four times this year. that could change. what we have seen to date has not changed the picture. the basic reason is that even with the downturn in equity prices and the tightening in financial conditions, it has only brought us back to where we are -- where we were. i thought that was consistent with an expectation of good growth and tighter monetary policy, and that is where we are at the moment. tom: obviously, we are not in a bad market at the moment. there has been a correction. what if there was a radical selloff in the market again, without be something you would have to factor into your forecast? >> it certainly could. if we had a much bigger decline in equity prices, widening of credit spreads, maybe more evidence that the turmoil is spilling out of the equity markets and to other financial markets, then that would be profit tightening. it could be something like we saw in the earl

will interview the ceo of goldman sachs. julia, back to you.we look forward to that interview. this is bloomberg. ♪ scarlet: this is bloomberg markets. julia: after the recent selloff, wall street may be getting the job needs. volatility is back, but the big question now is whether it will last. where joined now by bloomberg executive editor for global finance. is ons a sense of what the trading floor at the moment. >> this is a very welcome change for trading floors. lousy trading results because the market had been so, coming in the industry wants people buying and selling and that is how they make money. we have been hearing example by example that people are excited for this change. today you have goldman sachs ceo talking about how there were caught wrongfooted last year because they were waiting for volatility which never came which hurt their bottom line in the end. he said things look different this year, and he also had ike of america coo saying that things are looking at this quarter and volumes are up. this is a very welcome developm

will probably the tough for the government as well. emily: thank you for that update on blue apron. coming up, goldman sachsaw dealmaking infor 2017, with more than one chilean dollars worth of deals. we will hear from the cohead next. this is bloomberg. you're watching bloomberg. checking in on the first word headlines from around the world. they indicated that the timeline for rate rises remains unchanged. the u.s. central bank is on the lookout for threats of financial stability and turmoil in the markets. president is -- sources say impress the white house. none since had stanley fischer step down. police are recommending the israeli prime minister be bribed with -- charged with bribery. favors.d influence for he denies any wrongdoing and claims he is the victim of a witchhunt. data show japan's economic growth slowed sharply in the fourth quarter. iny were just under 0.5% three months. that is far short than the 1% they estimated and down 2.2% growth in the third quarter. will berican president at a meeting. it comes after ruling that they describe its newly elected leader will replace him as president

we will get the view from goldman sachs. there are record deliveries for airbus. will speak to the ceos of both companies this morning. matt: remember how inflation scared markets into a massive selloff a couple of weeks ago? yesterday we got the strongest month over month cpi numbers 12 12 years anders in u.s. stocks rallied. you saw a spike in treasury yields. take a look at the 10 year here. you can see just a massive yields.in treasury the yield has gone up, as investors sell the debt. that makes sense if you expect more increases from the federal reserve. the question is, what happened to stocks? guy: i don't think that you or i could even bother to explain. the yen is really strongly bid, so the dollar continues to go down. the strong concerns see -- currency out of japan does not seem to be bothering the authorities. kei wask kind -- nic also trading higher. is big this morning, gasoline is also. with parsing a bid -- we are seeing a bid coming through on some of the muscles. we are going to be talking a lot and airbus. juliette: jacob zuma has resigned as

coming up, we will hear from goldman sachs president and co t -coo. dick costolo joins us.rley joins us.

it will bring the congressional testimony from the new fed chairman. goldman sachsas an interesting play this morning as well, in terms of doing their worst-case scenario, the disaster recover scenario, in the market. and theyds hit 4.25%, would see the stock market dropped by 25%, but no recession. a couple big interviews on "daybreak." we will be speaking to the deutsche telekom ceo. he joins the show at 6:30 a.m. u.k. time. let's get to juliette saly. she is standing by with the first word news. juliette: manus, china is describing terms to allow xi jingping to rule beyond the 2023. a current law bars the current president for serving longer, but the communist party wants to change it. there's a wave of reaction on social media in china. some comments were supportive, others were critical and mocking. hash korea's kim jong-un indicated he may be willing to hold talks with the u.s., but the white house says it will see if the move represents the first denuclearization. it comes after north korean delegates attended the closing ceremony of the winter olympics, stan

so this is part of the small program educational process. >> now will ask you my favorite question what about the ceo of goldman sachs told the 22-year-old that you learned from your experience? >> i would be doomed to repeat every mistake. [laughter] here is what i would say. instead of being so wired and learning about everything, ease up and enjoy things more to be more effective in any sport and of course i can say that because things will work out. my old self says what are you worried about? you are doing pretty well. but guess what? i didn't know that then. so let me tell you if when i was young i was insecure and what i have secure i'm not young. [laughter] so if you are telling me i could go back to be accomplished and is confident as i am today i will take it but i don't know if that's available. >> now going to a lightning round. answer in 30 seconds. go to person for advice? two my wife comes to me. i don't have to go to her. [laughter] [applause] always well intended, often his right but the advice is never welcome. [laughter] i'm glad she's not here right now. the most memorable career moment so far? >>

source of profitability mesha guess that is a source of profitability for goldman sachs the whole world sort of attacks you so i will not talk about pick up on that because. goldman sachs and wall street they are in the business of making markets in those markets there is a spread and by being both the buyer in the seller in these markets and providing quote unquote liquidity they are highly profitable in a business with you might argue very little risk in a way and they're printing money ok let's talk about your latest creation g.'s euro because this is as the name implies really touch into a huge profit center because there is no. ability to do a lot of the shenanigans that we've seen over the years is that a fair statement and can you give us an update on teaser well i would say and because there are various public offerings going on i have to be somewhat restricted by what i say i can't talk about the profitability or potential profitability but yes this diagnosed exactly what we're doing we're taking this core business of goldman and the various prime brokers unfortunately i don't think they make all their mone

it is yet to be seen what will happen with goldman sachs. te to investors right now. is a hodgepodge of consumer facing businesses. they have not yet defined to us how this will live together. they are planting seeds for future growth. into huge trees, great. if they don't come it will be considered research and development. alix: favorite bank? the: citigroup has come farthest in the crisis and still has the farthest to go. we think their returns go out more than anybody else and we think they should have the biggest structural risk reduction of anybody else. alix: thank you. good to see you. finally bringing me a prop to play with. david: stay tuned for bloomberg markets and the open. scott wren will be here, as well as anastasia amoroso. live from new york, this is bloomberg. ♪ jon: from new york city, 30 minutes until the start of trading, this is the countdown to the open. coming up, chairman powell's positivity opening the doors to a conversation about four hikes in 2017. eurozone inflation starts heading in the wrong direction. it drop

will go in the future. but, watching goldman sachs, that is my advice. we'll see where it goes tomorrow. back to you guys. cheryl: charlie gasparino says watch goldman sachs, they will do better more volatility we have. we seem to get that every day. thank you very much, gerri willis. david. david: market volatility not a concern for the chief economist. they are betting on chief economic growth. take a listen. >> we project a 3% growth rate going forward next several years. real gdp will be two trillion dollars higher in 2028 because of president trump's policies. some quarters we have growth in excess over three are probably very high given the ambitious agenda. david: kevin kelly and john tamny. good to have you both. kevin, first to you, after reagan tax cuts kicked in the '80s, 1980 we had a growth rate of 4%. 1984 we had growth rate over 7%. i'm wondering if the white house economist is too timid? >> seems if he it under promising sew an overdeliver. even during kennedy we saw over 5% gdp prints. first quarter of president barack obama, it was .6%. first quarter is seasonally weak. we're anticipating

coming up, we will hear from jeff currie of goldman sachs next.s is bloomberg. ♪ alix: this is "bloomberg daybreak." i am alix steel. we made it, everybody, to friday. futures are down by about 95. a big selloff in emerging markets. over to europe, you can see the dax almost felt by 2%. it is still trading in the u.s., but less than we thought throughout the rest of the world. this will no doubt be an active trading day as you head into the weekend. the safety trade, dollar-yen actually on the upside of .1%. it is a mixed dollar story today, and the stories continue to be -- south, bond, sell, bond, yields moving higher at 2.3%. the vix still elevated route the week, and crude below a 50-day moving average, 100-day moving average, only three dollars away. what technical downside could we see? let's get an update of what is making headlines outside the business world. kailey leinz this year. ailey: congress ended a brief government shutdown. the house narrowly approved $300 billion that will extend the debt ceiling for a year. a number of republica

source of profitability mesha guess that is a source of profitability for goldman sachs the whole world sort of attacks you so i will not talk about pick up on that because. goldman sachs and wall street they are in the business of making markets and those markets there is a spread and by being both the buyer and the seller in these markets and providing quote unquote liquidity they are highly profitable in a business with you might argue very little risk in a way and they're printing money ok let's talk about your latest creation g.'s euro because this is as the name implies really touched into a huge profit center because there is no. ability to do a lot of the shenanigans that we've seen over the years is that a fair statement and can you give us an update on teaser well i would say and because there are various public offerings going on i have to be somewhat restricted by what i say i can't talk about the profitability or potential profitability but yes this diagnosed exactly what we're doing we're taking this core business of goldman and the various prime brokers unfortunately i don't think they make all their

will get back to -- we will get erck to peter oppenheim from goldman sachs. will talk political risk later. this is bloomberg. ♪ ♪ economics, finance, politics, this is "bloomberg surveillance." cehic.nejra nejra: the price rally has proved to be a double-edged sword. profits were lifted to a three-year high while trading fell short of expectation. adjusted profit came in at the highest since 2014. cash flow was the weakest since 2016. we i am very confident that th we can meet the commitments, the promises that we made for the end of the decade. said theyy have expect profit growth to come to a sudden halt this year. results -- quarterly results highlight how the car industry has shifted into an intense rebuilding mode. latin america is paying off the spain banks. net income came in at 70 million euros compared to estimates of a .oss of more than 140 million in extendeded trading after ebay said it it' shifting its payment business. paypal will remain a checkout option until at least 2023. paypal separated from ebay in 2015 to concentrate on expanding its bu

shery: he will have a very busy day because we have even more from the goldman sachs 10,000 small businessest. goldman sachs ceo lloyd blankfein will join us 3:30 p.m. in new york and 8:30 p.m. in london. let's get to the bloomberg first word news this afternoon. mark barton has more. mark: senate majority leader mitch mcconnell says the time is now to address the plight of the dreamers. called on hisy colleagues to immediately submit any amendments they want considered in the debate on immigration. >> senators have had plenty of time to prepare. there's no reason why we should not reach a bipartisan solution this week. but to do this, we need to get the debate started, look past making political points, and focus on actually making law. mark: the gop proposal would provide a path to citizenship for about 1.8 million immigrants living in the u.s. illegally as well as $25 billion for border security, which includes a border wall with mexico. the russian foreign minister is accusing the united states of trying to maintain control over eastern syria. he said today that the u.s. has "taken dange

this tuesday, we will be at the goldman sachs conference here in san francisco talking to a great lineupminder, we are live streaming on twitter. check us out weekdays. that is all for now. this is bloomberg. ♪ ♪ anna: good morning from bloomberg's new european headquarters in the city of london. manus: these are today's top stories. anna: asian stocks rally after up s&p 500 closed back almost 2%. morgan stanley joins the call. is the goldilocks market really over? manus: president trump proposes budget,rillion federal favoring military spending and a mexican border wall. anna: south africa's ruling anc

here. 3.5% in yields will hit the next few months, according to goldman sachs asset management.s easy yields increasing at the feds trims the holding of treasuries it purchased through quantitative easing. io sayswdy oh -- ray dal the risk of a recession is rising. he says bonds are past their peak, but it is unclear how far the stock market is from its top. slump was a minor correction, typical of late market behavior. jacob zuma refused to resign voluntarily, according to people familiar with the matter. the african national congress's executive committee made this is -- the decision. bank of england policymakers are uniting against the key message of last week's inflation report, telling investors that rate hikes will come quicker than previously inspected. athe u.k. will need succession of rate rises in the next few years to stop the economy from running to hot. policy makers are yet to dispute the view that the next move could come in may. a cyberattack has paralyzed internet networks in pyeongchang, and what has been appeared -- and what has appeared to be an attempt -- in

the lead underwriters will be goldman sachs and jpmorgan 2017 revenue was $1.1 billion, up 31% from 2016 loss of $112 million last year 2017 though, that is 47% lower than the year before and losses at the company have been shrinking. 67% gross margins. also numbers about users, 500 million registered users, 11 million of which are paying users. 100% is subscription base giving them 28% free cash flow. narrowing its losses in recent years, growing revenues and a health free cash flow margins. questions will be swirling about its valuation, last valued four years ago at $10 billion it could have a down round ipo but we know there has been a lot of money sloshing around in the private market so it may not mean that much when dropbox does go public. >> deirdre, thank you. deirdre bosa on dropbox. we'll come back with the closing countdown as we go out wh itthe countdown as we go out wh itthe highs of the week, up 304 points and gold markets. okay. on the dowhave global access 24. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see wh

goldman sachs in new york and say change your name now or else? >> they probably wouldn't shop there. they probably wouldn't shop there. >> tucker: what if he were shopping at goldman sachs. wille man is adult male and we need to change it like wo-man has the word man in there. just call us a person. >> tucker: so gold person sax? would that be better. >> i think. so i'm less offended, yes. >> tucker: by the way, what if you just -- since the rule is if you spell it and i will stop with this because i know this is angels on the head of a pendant. if you spelled man differently like maa so it's like mailman but maan. >> professions male dominated but they changed. spelling mailman differently doesn't apply. profession now applies for men and women or persons. all people. no man needed. no man needed. >> tucker: isn't there a man in the world woman. >> call me a person. i would be less offended. no need for woman. yeah. >> tucker: in the end the revolution often eats itself. thank you for that guided tour of the loonier regions. appreciate it. >> no problem. >> tucker: the left loves the great outdoors. why do they wants so much of the outdoors to be bulldozed to build skyscrape

chris coons discusses his plans on immigration and republican senator james langford will weigh in and goldman sachsblankfein joins us the conversation. "morning joe" is moments away. 40 million americans are waking up to a gillette shave. and at our factory in boston, more than a thousand workers are starting their day building on over a hundred years of heritage, craftsmanship and innovation. today we're bringing you america's number one shave at lower prices every day. putting money back in the pockets of millions of americans. as one of those workers, i'm proud to bring you gillette quality for less, because nobody can beat the men and women of gillette. gillette - the best a man can get. pepsoriasis does that. it was tough getting out there on stage. i wanted to be clear. i wanted it to last. so i kept on fighting. i found something that worked. and keeps on working. now? they see me. see me. see if cosentyx could make a difference for you- cosentyx is proven to help people with moderate to severe plaque psoriasis... ...find clear skin that can last. don't use if you're allergic to cosentyx. be

herea bloomberg exclusive and we will speak with the goldman sachs president.from the close of trading, let's get checked -- a check on the markets with julie hyman. now?ok with it julie: apparently. stocks are at record highs at the moment. that is how certain economists are seeing one data point with inflation hotter than estimated. and that retail sales were weaker than estimated. stocks pushed to the highs of the session with a winning streak for the u.s. markets. has been lower consistently during the rally just as it was higher during the selloff. important to note at the 10 year yield pushing up to its high of the day, 2.91%. it is interesting we are seeing the 10 year at that threshold without it having a negative as it has in the past several weeks. to put a selloff in perspective, this draws out data from the investment group which shows the selloff that we saw, which now amounts to about 6% from the close of training -- trading on genuine 26, is the shortest on record and joins the second lowest in terms of magnitude. this shows other selloffs lookin

gates will admit to fraud related charges in order to agree to testify is former trump campaign manager paul manafort. goldman sachsll be a surge in the cost of servicing american debt. expansion, historic and economic growth along with rising bond yields. goldman says that will eventually put u.s. in worst position than in the 1990's. in the u k, make or break week for the pound is it is likely to be driven by economic data that could determine whether the bank of england raises interest rates and three months. traders will put the most weight on british implement figures, out on wednesday. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. francine: thank you. just two weeks ahead of the italian elections, >> are beginning to show for the right block. are beginning to show for the right block. both the x premier and his key ally snubbed a rally that had been billed as a show of unity. while coalition separate from fragile in the past, the track record of the government remains above the average. serra.et back to davide great to have you her

stephanie ivy and john goldstein from goldman sachs, john will speak first. and then ofear second. they'll be 15 minutes. third will be allan and i will go last and allan and i, we pledge total of 15 minutes of two, if he takes 8, i have 7. john, if you could. stephanie, please reintroduce yourselves. >> good afternoon to the board, thank you for having us. protecting the environment and thinking about esg, it's been a longstanding focus of our firm. we have a very large clean energy business, we've already deployed about $40 billion in capital to clean energy and have expanded that goal to $150 billion by 2025. we've held 89 companies scale up the clean energy and renewable efforts in 29 countries. our own building was built to the gold esg standard, so we focus a lot of resources thinking about this from an investment perspective as well as business. we worked with some of the largest institutions on ways to think about reducing the carbon footprint because we agree this is a critical issue that needs to be addressed. we did partnership with the state of new york which was announ

will become profitable. they told the goldman sachs tech conference that his company was in crisis and he has seen no lack of surprises. he wants to partner with more ridesharing company's and that over has more people than the aviation industry. global news, 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dollar-yen is to watch. pushing through 107. i want to pull up a bloomberg chart. 9511, you see the movement of the dollar yen. the correlation between the thread and the yen has pretty much been broken. the yen may see some freefall. where does it go from here? our next guest says it will be pretty quick. global markets, he joins us. you're saying it could go to 102. we had valentine's day yesterday and a lot of the iflar-yen remembers that every 14, 1994 we did -5% on the dollar-yen. based on the things we have with u.s. rates moving higher. he did not have to say it. >> is that a green light for them to push? >> absolutely. i think you take a step back. for dollar-yen, wanting to yen to weaken, you need bad problems in japan. we are econom

will it exacerbate and inflation problem? looked at the notes this morning from goldman sachs and jpmorgan. they agree this deal will at about a third of a percent to gdp growth in 2018 and 2019. jpmorgan is looking for the unemployment rate to hit 3.2% by the end of 2019, extraordinarily low. you cannot have an unemployment rate that low without getting strong upward pressure on wages. it becomes inflationary. that is what i think the federal reserve would be concerned about , they would start to raise interest rates to keep the economy from overheating, so you could have a collision between the fiscal side of the economy which is stimulative and the monetary side which will have to be more pulling back, cooling-off. julie: as your piece pointed out, that sets a possible showdown between the fiscal side and the monetary side, represented by the guys in charge. jay powell and donald trump. what will that look like? speculateis hard to gave an interview with bloomberg when he was in davos, where he said it would be easy for him to imagine trump tweeting in the middle of the night about his ne

goldman sachs. under negotiate will be both price and terms of payment. madam chair? >> thank you. so i think we have -- this is a closed session, so -- skbl >> we only have that one speaker, and it was ace, and he's not here. >> can we close? do we follow the process for closed session? >> if there's nobody else here, make sure everybody else leaves who are not part of the closed session. >> okay. everybody else is here, who's not part of the closed session -- okay. >> okay.

will probably be tough for the government as well . emily: all right. thank you so much for that update on blue apron. coming up, goldman sachsaw a record year for dealmaking in 2017 with more than $1 trillion worth of deals. we will hear from the bank's cohead of investment banking. that is next. this is bloomberg. ♪ >> here is a check of first world news. mitch mcconnell says the time is now to address the plight of dreamers. mcconnell calls on colleagues to submit any consideration for immigration. >> the senate has had time to prepare and there is no reason we should not reach a bipartisan solution this week. to do this, we need to get the debate started, and focus on actually making law. >> the white house is considering making bank of cleveland president the vice chair of central bank. a person familiar with the matter says there is no front runner but the master and passed the selection team. netanyahu says police recommendations to indict him on corruption charges will and with nothing. netanyahu traded his influence for favors. south africa's ruling national congress has decided to replace president jacob zuma, but t

of a very high base, i think environments for the business will be better and tough but it is part of a portfolio of businesses at goldman sachsch are doing very well and this environment overall. >> i know you cannot speak to specifics what do you think that size of a deal will be an outlier or would be? >> it is still a very large deal by any stretch. an interesting thing, bringing us back to the technology space, is when you look at these companies with $5 billion plus market caps, they really have not participated. they have pretty much grown organically and they are. of the bigble one companies steps in and wants to enter a space and does something significant? that is possible but by and large, $100 billion will very bigto be a transaction. >> speaking about cryptocurrency, a lot of curiosity about it. how can goldman help clients who are interested? the space andhing we are interested and one clients say they want to learn about this, we are learning. clearingment, we are for some clients. that activity is small. no immediate plans to trade the currencies. -- there is at lot of hype and activity for this. we are watchin

goldman sachs. under negotiate will be both price and terms of payment. madam chair? >> thank you. so i think we have -- this is a closed session, so -- skbl >> we only have that one speaker, and it was ace, and he's not here. >> can we close? do we follow the process for closed session? >> if there's nobody else here, make sure everybody else >> we are back on -- are we on? >> yes. >> no report on closed session. >> okay. the next order of business is item 11, adjournment. >> yes. a motion from commissioner singh, seconded by commissioner rosales. >> and time. >> it is oh, 4:48. >> thank you. >> meeting adjourned. - >> tenderloin is unique neighborhood where geographically place in downtown san francisco and on every street corner have liquor store in the corner it stores pretty much every single block has a liquor store but there are impoverishes grocery stores i'm the co-coordinated of the healthy corner store collaboration close to 35 hundred residents 4 thousand are children the medium is about $23,000 a year so a low income neighborhood many new immigrants and many people on

goldman sachs. under negotiate will be both price and terms of payment. madam chair? >> thank you. so i think we have -- this is a closed session, so -- skbl >> we only have that one speaker, and it was ace, and he's not here. >> can we close? do we follow the process for closed session? >> if there's nobody else here, make sure everybody else >> we are back on -- are we on? >> yes. >> no report on closed session. >> okay. the next order of business is item 11, adjournment. >> yes. a motion from commissioner singh, seconded by commissioner rosales. >> and time. >> it is oh, 4:48. >> thank you. >> meeting adjourned. >> usf donates 100-120 pounds of food a night. for the four semesters we have been running here, usf has donated about 18,000 pounds of food to the food recovery network. ♪ ♪ >> i'm maggie. >> i'm nick. >> we're coe-chairs of the national led organization. what food recovery does is recover and redistribute food that would go wasted and redistributing to people in the community. >> the moment that i became really engaged in the cause of fighting food waste was when i had

rob box filing for an ipo by goldman sachs, it will list on .he nasdaq under dbx alex joins us now froman francisco, what more can you tell us about this ipo? what about valuation? alex: it is highly anticipated. this document gives us the nuts and bolts on the financials. those are some of the things i look at first. i did report revenue of one per one billion. that was up 31% from the year earlier, which is a nice juicy growth rate for a company that does claim it is at scale with 500 million registered users. it is still posting net losses of around $112 million in 2017. the company did continue to say what it has said in the past year, it is cash flow positive. when these documents come out it is not only the financials that , it is alsook at how it is positioning itself. dropbox is coming out with a letter from cofounders saying they are working on a path to an enlightened work environment for teams which brings back some of that old tech vibe as this fire sharing -- filesharing company begins to move into the ranks of apple, dropbox and amazon. joe: what does this tell us about th

will be profitable. this ceo told the goldman sachs tech conference in san francisco that he joined a company in crisis and lack of surprises. he said he wants to partner with more ridesharing companies and that uber are ready moves more people than the aviation industry. jumped the most after is trading revenue rebounded with market volatility. the bank says the first six weeks of 2018 showed a strong start in market dependent businesses with revenue gains of 10% and its global markets unit at 18% in the asia-pacific. the ceo says it shows the last piece of his plan is falling into place. >> if you look at profits and the target we gave, we are 85% of that target after two years. at cost, 75% after two years. it is fair to say we will hit it. haidi: treasury secretary stephen mnuchin says the irs aims to close a loophole that hedge fund managers have tried to exploit to dodge higher taxes on carried interest. he told the senate finance committee the creation of shell companies prompted him to act. the guidance will negate plans to open shell companies in delaware. >> i have met with the irs and our office

will see. i would rather be good at .orecasting david: is it safe to assume that goldman was planning for that contingency? mr. blankfein: i thought you were going to ask me about the goldman sachsset. they never retreat, and there's no way it will be that way in our lifetime. things are going to happen. a company will go under, there will be cyber attacks, war, pestilence. things that will happen it will cause all the relationships from one asset to another to readjust against each other. my own best guess is when i write dissertations down the road and i look back, at one point in time because of kiwi and central banks around the world buying risky assets, as much as they could get, they bought them. but probably kept things low. i think they will see more volatility. is your job, but a contingency. a planning for the possibility of. is it fair to infer the goldman is doing well right now? with commodities, fixed income, and trading? we have heard that the problem with treating really was a lack of volatility. >> this is a much better environment. we sell insurance to people. we take risk away from each other. if there hasn't been a hurricane on the east coast for years, peopl

goldman sachs. shery: first, president trump's budget. we wille discussing it with democratic president of john yarmuth of kentucky -- democratic representative john yarmuth of kentucky. ♪ david: this is bloomberg markets: balance of power. i am david westin. shery: let's get a check on the "first word news." mark crumpton has more. mark: top intelligence officials told the senate intelligence committee that russia is intent on meddling in the upcoming u.s. midterm elections, particularly through the use of cyberattacks. national intelligence director dan coats said that the threat to the integrity of the elections needs to be addressed. >> there should be no doubt that its pastrceives efforts as successful and views the 20 u.s. midterm elections as a potential target for russian influence operations. that director coates added no single agency is in charge of dealing with potential russian meddling and that efforts to utilize cyberattacks will likely continue because they are considered low cost and low risk. hackers hit the winter olympics in w

. >> i will ask you my favorite question what would this wise thoughtful ceo of goldman sachs tell thehat you learn from your experience. >> i would be doomed to repeat every mistake i would say instead of being so wired and tight about everything. these up. enjoy things more be more effective in your business is up. and of course i could say that because things had worked out. you'd be doing pretty well. so ease up but guess what i didn't know that then. let me tell you if when i was young i was insecure when i was secure i'm not young. eou're telling me i could go back and be as accomplished and is confident as i am today i will take it but i don't think that is a valid point. we are going now to a lightning round i'll have a go to person she comes to me. that's my wife. who always means will and always will intended. often is right but the advice is never welcomed. i'm glad she's not here right now. what is your most memorable career moment so farab the most memorable one was the one that i was not very will prepared for which was the financial crisis. you run 10 miles and then the

goldman sachs says the fed will hike four times this year.ty isica's ruling set to tell president zuma to quit after he refuses to resign voluntarily. they hold a key news conference later today. matt: we are less than a half hour away from the european open. let's take a look at what futures look like here in europe. we saw gainsafter in u.s. stocks for two days in a row. we saw gains in asian stocks as well. down have european futures we see a negative open for everybody except for the ftse. , they have gone up another coming back down. 2.8385. you can get a sense of where we've been. on friday, backup yesterday, and down today. hanging in that range for just about the last week. maybe the fears are unfounded that yields will spike up to 3% or higher. we wrote the headline that europe was going to open higher but only just about four minutes ago so european futures on the turn as we speak. lower but only just, seems to be the new thing. the yen seems to be reasonably strongly bid. the tokyo markets have faded in the post-lunchtime session.

on thursday, goldman sachs said we will go bullish on this, 82.50, it investment -- investors followeder, but on friday, not so fast. all of this coming together. earnings be go, this was the biggest laggard. taking a look at revenue on the top side of your screen. eps on the bottom. 15.6% fored, up revenue growth year on year. sounds good, at its highest in the past three quarters, but they are expecting $6 billion more in terms of revenue, so that 15.66 did not cut it. -- upevron in blue, up by year on year, it beat estimates by a little bit. eps, looking at the actual profit, bottom line is it did not come in. a huge mess. the numbers for exxon, eps at mid -- a miss. chevron was three times as much, $.55. but wait, there is more bad news. in terms of worldwide output, the blue bars for exxon worldwide output, you are probably saying, at about the same level, not really. in terms of changes, even small percentages, a huge factor. 3.9 million barrels is what happened, they were expecting about 4.1 million, off by about 4.6%. in for chevron, 2.7 4 million barrels, they were expecting a

will be here. we had a great event last night for goldman sachs. it was at union station here in washington, d.c. incredible venue. there's my mom, my best friend, my brother, my niece. it was fun. it was the largest ever gathering of small business owners in the u.s. there's michael bloomberg. >> i asked michael bloomberg actually for some money. >> no. >> every time he walks past. he has 50, 60 billion. >> he was lovely. >> what's a couple million. he wouldn't miss that. >> stop. it was fun. joe's band played. and the band was amazing. blew the roof off union station. people were really psyched. >> i put a briefcase right in front of bloomberg hoping he would throw thousands dollar bills in there. >> floyd was dancing with the small business owners and everyone was having a great time. >> you cannot report on goldman sachs because you two were dancing. >> what? >> this is making me sick. we'll be right back. liberty mutual stood with me when this guy got a flat tire in the middle of the night. hold on dad... liberty did what? yeah, liberty mutual 24-hour roadside assistance helped him to fix hi

will put damper on demand. if we come out of the seasonal drops in demand, these markets are going to come out much tighter. julia: a fascinating conversation. global head of commodities research at goldman sachse levels and wti today, i will show you a session chart to give you a sense of what the price action looks like. we bounced off the lows, but tilted slightly again to those lows, being down 3.6% as far as wti is concerned, and that is a message from the broader market when we look across the sectors. we are holding in positive territory, but when i look at the sectors, energy, lexus are weighing down, 1.5%, also consumer discretionary in the red. all the other sectors in the green. saidet: i liked what he about gold, how gold does not get that bit of safe haven until you see systemic risk, and we are not there, which is why you have seen gold decline through february, even as equity prices have sunk lower. julia: we saw a pickup in the dollar as well. monday more to come from us. from new york, this is bloomberg. come from us. to from new york, this is bloomberg. ♪ retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. r