berkshire picked up that business. them the first year, but for the long-term they built a tremendous amount of present value. betty: that is very well known about warren. i know a lot of long-term investors respect the fact that he is such a long-term investor. quarter by quarter and year by year is meaningless. what is not meaningless is the $100 billion cash pile he is sitting on. i have been hearing the same question over and over without a great answer. the more money he has the harder it is to move the needle with the money. he has to buy something. even he has no idea what it is out there. responsest interesting in light of what is going on in amazon and the technology world, there's a big positions. billion input $20 apple. there is a transformation underway. work sure we'll have an opportunity to take advantage of it. there is no question that some days that $100 billion will be extremely valuable to berkshire shareholders when another " their numbers, warren will be there. he will not have to worry that this

but his holdings were reduced by about 2/3 or thereabouts so there was a net gain for berkshire, but that was composed of him needing money for something else he manages $11 billion but both of the two manage about $11 billion that work for me but that's all they manage so when they get some new idea, they have to sell something. i've got a lot of excess money around, so he decided he wanted to go do something else. but i never sold a share and i bought apple stock. >> are you continuing to buy >> well, i don't think i'll tell you that much. but i certainly was buying last quarter. and i don't pay attention to the calendar when i'm buying. >> well, let's talk about another holding. maybe i'm talking about this on the flip-coin. ibm, last time you said you sold many shares of ibm are you still dubious about ibms recovery process >> well, they may do extremely well in the future, but i was wrong in my original analysis. that was my fault. so five or six years ago, i thought that their prospects were going to be better in the next five or six years than they turned out to be significant

in about what berkshire is going to look like 10, 15, -- thinking about what berkshire's going to look, 15, 20 years down the road, it's not out of the question that he will look for other ways to return cash to shareholders. as far as what the next move might be, he has plenty of brilliant managers working for him. i'm sure they give him ideas and he gives them the thumbs up or thumbs down. grexit interesting, because we never expected apple to -- >> it's interesting, because we never expected apple to be an investment for berkshire. he swore off tech for so line -- so long. same with airlines. it kind of opens the doors to anything. well, if anybody is on it, you are. our bloomberg gadfly columnist, check out her stories. why steved, find out isner says the trump bump fading. he's coming up at the top of the hour. take a look at the markets as we head toward that interview. dow basically unchanged. the nasdaq up almost .5%. this is bloomberg. ♪ >> from bloomberg's world headquarters in new york, i am david group.- here are the top stories we are watching at this hour. president trump

. >> we've got an earnings alert here on berkshire hathaway way courtney reagan has details. >> berkshire hathaway way just cross, 4.11 billion. that is below last year's 4.607 billion. the result why it's lower is that there was a small loss in insurance underwriting investment income from insurance also lower than last year. railroad utility and energy however stronger than what we saw last year book value for berkshire hathaway way up 6.2% to 182,000 per class a a share. >> thank you very much take a look at the slight dip in the after hours session on berkshire. not trading too much volume here >> if waer going to talk about berkshire hathaway, the stock is what it is you would be remiss to talk about that without mentioning what part in wells fargo today i thought that was a significant headline many thought all the bad news was behind them. now, we find out that maybe six or seven years ago they got into other interesting activities let's leave it at that, where the reserves they have put away for potential lawsuits will be exceeded you look at wells fargo, you're talk iing about a

they would provide a substantially greater recovery than berkshire would offer. more, let's bring in our deals reporter. let's start right there. exactly how much more does this bring to the credit towards question ma? >> they support does bid because it brings in more. my understanding is that they will recover about $.50 on the dollar versus $.18 for the berkshire bid. vonnie: that's a big difference for half $1 billion. how it's structured. elliott owns a lot of the unsecured debt. there are other dissenting creditors that do as well. what had happened essentially was that the berkshire bid did not give the same level of pra bidwell.the sem vonnie: will warren buffett walk away from his deal and maybe put this money to other uses? >> berkshire just put out a statement that said they were disappointed that their agreement have been terminated. the wording on that is very carefully chosen. there is an issue that that will put a rise in the termination fee. vonnie: explain. 200 $70 million termination fee in the berkshire bid that was contemplated. now there is s

the biggest creditor had opposed the sale to berkshire.erkshire said that it would not increase its offer for oncor >>> maersk will said to sell its oil on unit to total the transaction is the latest sign of consolidation in the industry which has been dealing with a downturn. the deal is still subject to regulatory approvals >>> and b and g foods is buying snackwell cookies. b and g says the deal gives it more leverage with natural food retailers. >>> and barons is positive on starbucks. the stock down 18% in the past two months now trades at the cheapest valuation in five years. barons oig believes shares can recoup the recent losses and rise at least 20 percent over the next 12 months 145 shares unchanged at this hour. >>> hollywood is remembering jerry lewis. he passed away at the age evof . jim carrey tweeted jerry lewis was an undean r. deniable genius aund fathomable blessing, comedy's absolute. i am because he was. and ellen dewilliam shatner tweeted the world is a lot legs funnier today. youth pouring from all around the world.he

berkshire hathaway chairman and ceo speaks to bloomberg tv. we cover his biggest regret the tech industry and what industries are still ripe for disruption. first, the world's most viable startup could be going public sooner than we think. the incoming uber ceo met with uber employees wednesday and says he thinks the company should go public in the next 18 to 36 months. he also outlined some of his top priorities on the job, including coming up with a new set of values and bringing a new chairman to help drive the agenda. uber's communications team tweeted some of his remarks after a staff meeting, saying this company has to change, what got us here is not what is going to get us to the next level. in addition to talking to employees, the ceo will likely get a seat on the board opposite over former ceo and cofounder travis kalanick. meantime, kalanick has expressed interest in returning to a more active role of the company, creating a potentially more awkward dynamic that dara khosrowshahi will need to manage. arianna huffington shared this se

he's doing very well in the case of berkshire hathaway.11.5 billion but it is worth pointing out that, shareholders lusted as well as warren buffett in the amount of money, the return generated on the stock since the day that buffett made his investment. it is almost the same. the only difference, and a difference worth pointing out here, is it is because buffett had preferred stock and was higher up in the capital structure, so his risk return was better than the common shareholder. but his nominal return is only slightly better. vonnie: that is fascinating. i do not think people would have realized that until you pointed it out. he mentioned in the interview that it is likely that shares will go higher, but he pointed to -- >> the interview he did with david westin? exactly. he pointed to more re-share purchases, which was interesting. >> when i speak to brian moynihan, it will be hard for him to say at this point how a willsively be ofa -- bof want to pursue this. it is possible that in future years, the fed will be a little more light

this one is very similar to what berkshire would have done.n buffett's name attached, though. story ofs is a real california utility buying a texas utility and that sector has been distressed, especially in the northeast, there have been so many deals with private equity coming in. how much more consolidation have you heard his left? scott: i think there are lots of players that are still out there that could continue to be balled up into strategic or private equity. david: how big a bite does this take out of warren buffett's strategy on energy because he has been pro-energy and pro-these companies? scott: he owns quite a bit of utilities already and i think this was a great piece that would have added to that portfolio. did a good job. they have been working on this deal for about four weeks in the background while elliott and warren buffett fought in the public realm. i think they swooped in and got a buffet-like asset. it's a great thing. david: at the same time, warren buffett sent a message to future sellers not to go about his face. and

obviously, berkshire has been the largest shareholder there for a very long time much longer than bank of america. now, they have struggled in recent years -- well, in the last year or so. wells fargo has had many struggles as they've been dealing with some scandals and tim sloan, the ceo, just recently warned that there are going to be some negative headlines very likely coming once again as the company is wrapping up an investigation with a third party that's going to be putting out a report talking about some of those issues so he has warned that there is

buffett warren berkshire hathaway sitting on almost $100 billion in cash.r pressure to put the money to work. what do shell holders want him to buy -- what do shareholders want him to buy? berkshire makes up about 12% of one of his funds. tom, great to speak with you. the key for joining us. is what he should do with all that cash. do think you should institute a different end until the market corrects him for more opportunities? tom: i think both of those outlets could prove to be useful overtime. at this time, i think the renspects of war putting huge money to work, a crisis situation will appear. this is a larger amount of money that he is dealing with. opportunities to act decisively and quickly, which has been his hallmark. forability to write a check huge acquisition is unviable. he hasn't really developed much in the way of an international portfolio yet. withepped abroad recently a motorcycle equipment company. i would look for some international investment to round out his university. julia: he kind of made the point this weekend that it is not gre

is chairman and ceo of berkshire hathaway.he two have famously been friends for more than 25 years. together they started the giving 0, they donate the bulk of their wealth to charitable causes. i am pleased to have both of them back at this table. welcome. i have to say in the interest of full disclosure, we just did something like this at columbia university with a thousand students. there is something special about the curiosity and interest of young people wanting to know how to they learn from you, wanting to know if you were starting wantingat would you do; to know about values, you do a lot of this? ande met on july 5, 1991 hit it off immediately. if it wasn't for his mother we probably wouldn't know each other and we have had a good time ever since. we come together particularly on the giving things, but other things as well. charlie: he sits on your board? he sits on the berkshire board. the big thing that came out of discussions was the giving pledge. that has worked out so much better than i ever anticipated, charli

exposure there berkshire does have exposure when it comes to auto insurance. geico insures about one out of every ten cars in texas. he expects many of those losses will be a complete loss. those cars, flooded and will have to be completely scrapped when it comes to catastrophic flood insurance, that is not something that berkshire has exposure in. they have not sold flood insurance there in a long time and gave us a little bit o of a reason why >> if super cap rates get to where we think that the odds are in our favor, we'll write it but it's been five or six years since we've written any real amount of super cap here in the united states. the rates just keep going down and adown and down and there ar more and more houses on the coast and they're worth more money. and there's been a lot of money come in from outside the insurance industry with cap bonds. so it has not struck me as a good business in recent years. >> obviously, it's still too early to say exactly what kind of exposure is going to be there, but he did say that some of the numbers that we've hea

berkshire hathaway loses out in its bid to take control of encore. pact withnters herbalife as the supplement company ends talks to go private. today as opecting meets to check compliance with its production goals. will libya and nigeria, who have fallen behind in a deal, get back on board? those are just some of the questions we are asking the next few hours. we are 30 minutes into the trading day and the first question our minds is how are we trading? abigail: the bears are in control to some small degree. this is after last week's big selloff. we had the dow and s&p 500 down two weeks in the well. the dow's weekly loss was the fourth down week in a low. we're looking for daily declines for the three major averages in a row. very small declines an earlier small gains. let's see what the day brings. as for the four-day losing streak, we are actually now looking at a fifth weekly decline. the week is very young, so let's see if it holds. five down weeks -- the last time we saw that happened was all the way back in 2012. if the nasdaq is turned positi

berkshire hathaway converted the warrants it held in bank of america in shares. as a result, they are the largest shareholder in bank of america. buffett had signaled this was coming but this makes that news official being the largest shareholder that's something that buffett says isn't going to change at b of a any time soon. >> we're very happy, 700 million shares and i like the business and valuation and i like the management very much so that -- i think you'll see that for a long time in our holdings. >> wells fargo the other big bank, berkshire hathaway i should say, he's standing by that company despite the troubles that have emerged at wells fargo. >> becky, it seems like as you said he's happy in terms of being shares of both of those banks, but more happy than bank of america than wells fargo. what did we learn about his holding in apple >> in apple, he talked about how he looks at this -- we kind of compared apple and ibm because last time we talked to him he told us he was selling shares of ibm. when he looks at apple versus ibm, has a easier time tryi

hathaway is officially exercising warrants in bank of america to allow berkshire to kwir shares at $7h or over $5 billion b of a is currently trading 23.5 a share meaning on paper this is an $11.5 billion gain. this will make berkshire the bank's biggest common shareholder by way of background you'll recall this investment was made in 2011 as a vote of confidence in the bank remember, bank of america, there had been some capital concern surrounding the bank at that time the reason buffet is exercising those warrants now, the last stress test for the bank, the dividend rose above berkshire's threshold, and lastly i'll leave it with this this is a chart bank of america since buffet's berkshire made its initial investment in august of 2011. those shares are up about 238% back over to you >> wow thank you, morgan, and, michael, should they file to become a bank holding company at this point, almost at 10% on wells >> exactly. >> and i'm sure at that point with bank of america. >> not quite but up there, and obviously -- not that huge in the scheme of berkshire hathaway's market value. thi

paddle two days ago, berkshire was standing firm on $9 billion offer in the deal which when said and done would be $17.5 billion including the debt, but paul singer started to buy up the debt so he would have more control. it's really not buffett. it's top guy in energy, berkshire hathaway energy's greg able, if mystery man and paul singer get shoved out of this. if greg able is the victor for oncor, confirms title as buffett's successor to run all of berkshire hathaway. we will see. we're going to bring you more updates, it is not a publicly traded company, it is part of another company called energy future. complicated. it's the people involved. >>> to the latest on the staff shake-up at the white house which is moving the markets around right and left. news breaking that perhaps one of the most controversial figures on president trump's team who very often clashed with other white house advisers and members of the president's cabinet including new white house chief of staff john kelly is out. steve bannon officially leaving the white house. blake burman is at the white house, it's

, the biggest creditor to encore's parent group opposed the sale to berkshire.kshire said it would not raise its offer for encore. >>> marist agreed to sell its oil unit to france's total the transaction is the latest sign of consolidation in the oil and gas industry which has been dealing with a downturn. the deal is still subject to regulatory approval. >>> joining us now, vene pend e and jim kierney. both of you guys, concentrated growth for you, right? >> yes. >> short-term investment opportunities for you. these are very specialized skills that both of you bring to the table today. >> i hope so >> what we do is own 15 to 20 stocks, growth companies, great businesses, operating around the world. so very, very select portfolio. >> do you care at all about the overall market >> we do we want to see the overall market going up, obviously,but i think if we're in a period where we're just churning around, that's the type of stock picking environment we can do really well, so i'm enthusiastic. >> time frame in your world? >> is six months and under the options we

berkshire has had the capacity to do nothing for great long periods of time.uld be the number one thing you want him to do with the cash? ultimately, dividend policy. , over time, the flow continues to grow, if the cash flow properties continue to exceed their own ability to reinvest, it will beg the question of a dividend. the dividend is raised as shares go into foundations, and they have spending requirements. there is a link to relieve the business of some of the pressure. jonathan: how difficult is it to be a value investor right now when one of the companies with the biggest climb horizons is also the biggest growth stock, and that is amazon? are we seeing a serious challenge to the current investment model? tom: everything is changing with amazon. they have hit a stride that seems to allow them to take on ever more amounts of business with superior economics. delivery costs go down because they are no longer relying on fedex or ups. i am trying to understand how it changes things for you. they understand what it means to be a value investor. how much ha

we're going to stay on berkshire hathaway news for you. it is america's fifth most valuable company, sticking behind apple, microsoft and google. let's get reaction to the shkreli case, bring in the legal eagles, leeza garber, shkreli and team acted like this is a big win, do you agree? >> i think this guy has a lot of issues and to call it a big win, we'll see what happens when sentencing comes down, could be up to 20 years, and this is a man that has already been judged in the court of public opinion, much more and, of course separate for the drug that it helps aids patients, cancer patients, pregnant mothers and he is not well liked. he's eccentric, i'm not surprised to hear he thought this was a good result. it's not a great result, and he deserves it. liz: shkreli said he got off on the most important count. take a listen. i'd like your reaction. >> we're, i think, delighted in many ways with the verdict, count 7 was the government's attempt to theororize that i robbed peter to pay paul, and the jury had spoken incluesively. some made

plus berkshire hathaway is the company he runs. he's going to join becky quick this morning. >> do you think he's going to trash bank of america? wells fargo. >> i don't believe he will there's my point that's why again you can end the show. >> thank you we'll start a new show right now. the latest on hurricane harvey, of course that deadly storm makes land fall again this time in louisiana the flood waters continue to rise >> unbelievable job. >> futures were flat you saw that after looking as though we would get a bit of a higher open this morning investors are shifting their focus toward economic data we had adp out this morning. private sector jobs were up 237,000 in august. that was ahead of expectations which were about 185,000 in job gains. also revised second quarter gdp showed the economy growing faster than initially thought notching it's quickest pace in more than two years. we have 3% that's a kwar. doesn't mean it's a year. >> no, it doesn't. >> it's full of things that could move the market today. it's an internet of

>> i enjoy running berkshire if you get right down to my psyche. it's been my painting for 50-some years. i get to paint what i want. i don't have to-- i don't have to do-- you know, follow what wall street is telling me to do next quarter or something like that. so i own the brush. i own the canvas, and the canvas is unlimited. that's a pretty nice game. and i get to do it every day with people i like. i don't have to associate with anyone that causes my stomach to churn. if i were in politics, i'd have to smile at a lot of people i want to hit, you know. >> rose: you just don't-- >> it's really. i've got a good deal. i'm hanging on to it. >> rose: i often repeat the story, brook aster once said to me, "i spent too much of my life worrying about what people thought of me and now i only care what i think of them now." >> he was good. >> rose: i own want to see people i like. >> in my business, i'm luck they way. business is so much easier than philanthropy. philanthropy may be a whole lot more important. but in business you're looking for kind of e

it is being pursued by berkshire hathaway.tonit comment and representatives did not immediately respond. biggest dividend. will reward with higher payouts. is the frontrunner to become the next ceo of uber. unidentified sources with familiar -- information on the situation said that the border director is likely to meet in the next two weeks. shell is supposed to have oil from libya for the first time in two years. 600,000 barrels of crude oil were loaded. a spokesperson failed to comment on the shipment. cheapis interest in the division. to buy cheap and want to see negotiations. representatives could not immediately comment. that is your bloomberg business flash. >> breaking news coming through on the energy deal in the united states. they have an ownership interest. lien dollars.18.8 are looking, they and you the utility have representatives declining to comment. around theke this is energy complex here in the united states and globally. let's talk about the agenda for are at odds over how soon the talks could pivot. >> fiv

these things in the past can be complete disasters so you really have to trust the guy running it berkshireld be a disaster if it weren't for warren buffett and charlie munger it's all a bet on the intelligence of chamath and the team there will be appetite for this. >> that $500 million, enough to fund uber's losses for 72 days >> that's the thing. $500 million in silicon valley right now is couch change. it's a start, but not much you talk about the old days like it's a golden age. people who bought globe.com thinking they were getting in early, too >> it depends what you think the purpose of the public market is. if the idea is to protect savings, of course, have companies go public later. there's a lot of demand for investors that can afford to speculate in start-ups and smaller stage companies to actually do that and not have to go through the hassle of private investments and so forth so for those investors, being able to access companies earlier, is a positive >> we'll see where it goes good stuff today, henry. >> henry bl rery blodgett, busi insider. >>> paul ryan set to tour a boei

berkshire hathaway earnings coming up yet. dave and melissa are coming up.ow closes for a brand new record high for the 8th straight day. this is the longest streak of records since february. s&p managing to pull out wins as well. happy friday. i'm david asman. melissa: happy friday. i'm melissa francis. this is "after the bell." we have more on big market movers. here is what else we're covering in this very busy hour. will farmer bro go to jail? the jury reached its verdict in the case against martin shkreli, guilty of three count of conspiracy fraud and conspiracy. the latest from brooklyn federal courthouse coming up.

joe: not surprised that analysts are bad at estimating berkshire.hire trade with financials and industrials? some people called it a glorified hedge fund? what is it most similar to? oliver: there is something interesting right now about what they will do with their money. the companyge how is viewed fundamentally. that is the big takeaway. it is roughly $33 billion in cash. and i willreal quick click through on the cash flow. it's a nice little chart. it goes up. they want to put in more investment. it looks more like a big investment firm, which is largely what they might be doing. they of their cash allocation. a little bitve more investing to do. julia: oliver renick -- scarlet: oliver renick, thank you for setting up berkshire results coming up after the close. we have less than four minutes to go before the close. that jobs report that basically beat on all fronts. from new york, this is bloomberg. ♪ we check our phones 85 times a day. so it only made sense to create a network that keeps up. introducing xfinity mobile. it combines america's la

the late bid to block berkshire hathaway's bid.ve acquired about $60 million of leveraged buyout notes in intermediate holdings. -- shares intes, cisco systems have fallen in extended trade after it predicted another revenue decline as the business tries to remake itself amid a change in networking industry. the backbone of the internet. revenue in the current period may decline as much as 3% from a year earlier. the c.e.o. joins us at 2:30 p.m. u.k. time. that is your bloomberg business flash. anna, manus. manus: thank you very much 3 japan exports continue to grow. imports surged again. the latest sign that the domestic demand is recovering. anna: for more, let's bring in bloomberg's brett miller. great to have you on the program. what has the takeaway been from today's data? domestic story. >> we saw a really good figure for exports today. we also saw the same thing for imports indicating strong domestic demand. we had double digit gains, gains in terms of volume for imports and exports. that was very good. we saw exports increa

perhaps most famous as the specialist for berkshire hathaway a very good friend of warren buffet whoradertalk.cnbc.com and called jimmy the world's greatest specialist and appreciative of the time he spent with him a dear friend and beloved on the floor. when i came down here 20 years ago i spent hours standing behind him watching hick trade berkshire and very patient with me understanding how things work. >> every time i came down here filling in for you on occasion i would stop here always and say hi to jim el just that kind of guy. sweet, soft-spoken man. >> i was thinking about his family clearly today. >> i am. >> and three sons also work on wall street. what a wonderful man and a great legend. >> interesting question as to whether the rally is just resting or getting tired enough to get sick. >> i think it's important that we have this sort of sideways move today volume was extraordinarily light, and i do think the solar eclipse may have had something to do with the trading action. >> thanks so much. the "closing bell" starts right now. thank you, scott welcome to "closing bell

bad news when warren buffett berkshire hathaway attempted by encore failed.d the company from creditwatch negative the s&p says berkshire hathaway has had a negative status in july to reflect uncertainty over how it would pay for the proposed $9 billion acquisition. that is the latest bloomberg is this flash. or minutes away from the end of the tuesday session -- four minutes away from the end of the two-day session, stocks rising. volumes 86 percent below the 100 day . ♪ ♪ mark: live from london and new york, this is the european close. stocks finish in the session high today, up three quarters of 1%. one of the industry groups on the main gauge getting, led by basic resources which i will come to. predicting an upside of 5.8% for the euro stocks from yesterday's close. investors say a loss of momentum in the euro's rally against the dollar, coupled with earnings growth, and an improving economy will boost equities through the end of the year. volumes about 36% below the 100 day average for this time of day. first daily gain in four days. bhp in talks with p

berkshire hathaway is said to report earnings after the close of u.s. trading.ntelligence says certain insurance initiatives at geico and aig may have heard the results. the forecast for berkshire should be $57 billion. that's your latest bloomberg business flash. vonnie: time for our bloomberg quick take where we provide background on issues of influence. today we are looking at active versus passive investment. they say passive investment is danger of devouring capitalism. is a trillion dollars invested in active management funds. more and more people are saying no. is the world's largest asset rock, paring back and focusing on what's known as passive investing? is that going to work as an approach endorsed by legendary investor warren buffett question ? 1/3 of all american assets are in passive funds which is up. $500 billion was sold from active into passive. bogo created the first one for retail investors and that has been a big winner. some companies that specialize in active management like fidelity and franklin resources are slimming down. they are mergi

would you have as a consequence is berkshire hathaway outperforming the s&p by about 38%.w tim, you stay with us. let's talk about market a little bit more. asian stocks hit highest level in almost 10 years, amid strong u.s. hiring data. there is economic growth in the world largest economy. 200-9000 jobs rally in july, more than anticipated, which boosted the u.s. dollar initially on friday. take a listen to what some of our guests were saying about the report. >> this is a very fine report. >> these are good numbers. >> i do not think it moves markets much. rate tickingoyment down, labor force picking up, the labor force beating expectations. the recovery is continuing. >> i think it's a we see a lift back to 2% in terms of that core inflation rate, the fed probably will produce quantitative tightening, but won't raise short-term rates this year. >> the one thing we are really not seeing his wage inflation. why aren't we, despite the fact that the economy is strong? towe would obviously like see some wage inflation. that means we are putting more income in consumers' poc

news, at least with berkshire hathaway, he said they are improving every quarter, and it is unlikely they will sell any of that bank of america stock. purchased shares worth about $11.4 billion. quite a good profit for him, there. bank of america, trading higher. story, that is something we continue to follow. some of the insurance companies are trading lower. now,ve losses right estimated for $10 billion. that number is going to change many times throughout the next few days. but there was a report from accuweather, saying that harvey could be more costly than katrina. that is definitely weighing on the insurers here. some of that would be covered by the government, for flood insurance, but anything else like the wind and the storm, that is on the insurers. up, on thethat bloomberg we look at some of the losses that insurers like aig, allstate, travelers have faced. you can see mostly, it has been steady over the past few years. we have not had major losses, as a percentage of premiums. that number is going to rise, as we see some of those losses come in from harvey. that number is

the executive officer of berkshire hathaway spoke to bloomberg's david westin. warren: they are still very attractive compared to bonds. you are paying 45 times earnings when you buy that bond. if you put $100,000 in that bond, you are paying 45 times that rate for a form of investment. earnings can't go up. stocks still look attractive compared to that. if interest rates go up, that comparison becomes far less dramatic. nejra: a part of french president emmanuel macron's political and economic strategy is due to be unveiled this afternoon. prime minister edward philippe will set out plans for major labor reforms. finance minister bruno lemaire told bloomberg the measures are needed to boost the economy. >> this is a clear sick of that we have to -- signal that we have to strengthen our economy. if we want to face this new appreciation of the euro, we need to have a stronger economy. that is the sense of the reforms we want to introduce. nejra: china's official factory gauge rebounded this month. the manufacturing purchasing managers index increased, beating for

berkshire hathaway attempt to buy oncor electric failed.as removed the company from -- s&p says berkshire had been on watch negative since july, reflecting uncertainty on how it would pay for that proposed $9 billion acquisition. cannot keep up with the demand for insulin pumps. sales will rise less than expected and revenue will be lower for the quarter ending october 31. they maintain their full-year outlook as the diabetes business will temporarily dip for rising in the second half of the year. that is your latest bloomberg business flash. why hp ink is outshining hewlett-packard enterprise? we break it all down next. this is bloomberg. ♪ ♪ is "bloomberg markets." i am vonnie quinn. one of the biggest corporate breakups was when who lit -- hewlett-packard broke into two companies. hewlett-packard enterprise which handles data centers, software, and services was the privileged offspring. hp was the runt of the litter handling things like printers and computers. now that the runt is outshining -- why exactly. pc's are not really going anyw

berkshire hathaway profits were hurt by lower investment gainsance loss of the insurance underwritingusiness. grows 6% in the first half of the year >>> shares of delta airlines look attractive after 10% pull back it is an aggressive plan to return cash to shareholders. delta could rise 35% in the next year or two. not moving shares, this morning shares are unchanged >>> and voya financial is poised to raise 30% barron's says the investment business is growing, those shares unchanged. >>> the company that runs much of the uk tv and mobile infrastructure may be going public the company carried the first television broadcast in 1936 it works with british broadcasters, mobile operators, independent radio groups it could be worth more than $7 billion. >>> the brexit divorce bill. denying reports the uk will pay 40 billion pounds to leave the eu details coming up. >>> here's european trade this morning. germany down after weak prodti da. ckn cole of minutes. ♪ we check our phones 85 times a day. so it only made sense to create a network that keeps up. introducing xfinity mobile. it combine

the forecast is for berkshire to post revenue topping $57 billion.hat is your bloomberg business flash for this hour. mark: take a look at the european markets as we moved to the close, roughly four minutes away. all the indices are gaining. after two weeks of losses, stocks are on track for a weekly gain. i will leave you with the currency board this week approaching the close of the session. we had the u.s. jobs report today, this is the european close. ♪ mark: live from london and new york, this is the european close. i'm mark barton with vonnie quinn. all 19 industry groups on the stoxx 600 rising today, propelling it up five 9/10 of 1% , ensuring the gauge rose over the week after two consecutive weeks of losses. we had some macro data today out of germany. factory orders jumping at a .tronger than forecast orders were up 5.1% versus earlier when ingested -- adjusted earlier. manufacturing coming to a driving force for germany. you --see can send continue to see confidence among businesses. economic activity -- this is interesting. at the start

berkshire hathaway chairman and ceo. you will not want to miss that.is going to be on august 30 at 1. let's check the headlines for the bloomberg first word news. taylor: mitch mcconnell conceded today that the top forward on repealing and replacing the affordable care act is unclear at least for now. mitch mcconnell in steve mnuchin and a chamber of commerce event. >> obviously, we had a setback on the effort to make dramatic changes on obamacare. the way forward now is somewhat murky. taylor: mitch mcconnell has hinted about turning the page on health care legislation for the time being. congress returns in september when discussions on raising the debt ceiling are expected to be the top priority. louisiana chrisman steve scalise says a date has not been set yet for his return, but when he reports back to work, and will be based on his doctor's recommendation. he participated today in a conference call with fellow republican lawmakers. steve scalise was shot by a lone gunman that opened fire during a baseball practice in june. he has since had severa

the berkshire hathaway chairman a huge as he locks and investment in bank of america.rg's scoop on apple's grand plans for the upcoming iphone. will bidding the home button ditching the home button lead to a wave of new sale or scare customers away? let's start with a check on bloomberg first word news, with

berkshire hathaway is now bank of america's largest shareholder.arren buffett's firm exercising war warrants to buy 700 million shares of stock. those shares a s ars are worth$ billion and gives berkshire a 6.5% stake in bank of america. we knew they would be doing this warren buffett will be joining us live today on "squawk alley," that's coming up at 11:00 a.m. eastern. >>> also autonation is launching a 2$250 million stock buyback program. yesterday on "squawk box" mike jackson told us that the company plans to scrap vehicles damaged by hurricane harvey which will hurt august sales number >>> j.j. watt has raised a whopping $5 million for hurricane harvey relief. he pledged $500,000 of his own money. the owner of the tennessee titans made a million dollar donation watt has a goal of $6 million. that's cool. >>> when we come back, gasoline prices ticking higher once again today. this is happening as tropical storm harvey adds to one of the worst flood disasters in american history we'll get an update on the refineries in the gulf after this break

he traded the stock of the washington post but perhaps most famously he was the specialest for berkshire hathaway and very good friend of warren buffets. he was widely respected on the floor for his witt and leadership and always lead the christmas carol singing wait until thenelly he allowed me to stand next to him and watch trading in berkshire. i learned a lot about how the floor on rats by staperates ande me to warren buffet. he is survived by a very large family including his sons james jr. and paul that also work here on the floor jimmy maguire was 86 years old a titan has passed away. we will miss him. >> absolute legend bob, thank you very much let's get to the oil sector this morning and check out prices jackie at the commodity desk. >> good morning. well, bob laid out a nice picture of the things to watch as we head into the fall but group prices are a little tentative this morning and sits balancing factors now keeping prices in check. the things you need to work for, we have an eye on that refinery outage in tex. it's small 25,000 barrels a day and it was already on maintenan

i'm not a bear but let people sell berkshire hathaway and other stocks down to your level so you get them at your prices. this is what's going to be called a bargain when we're done with it. hey, august, where you been? you need to get used to the periodic and somewhat painful sell-offs. raise a little cash by selling the ones you don't like to buy back your favorites and what i think are going to be bargain prices hang on for the ride, okay do not get out now google ai brought to fox's platform what it means for the stock going forward. the one company that amazon should fear, just ahead. and students of quality education, without even having to leave the house i'll tell you what it is when i turn in tonight's homework so stick with cramer your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to impr

so it's silly to say that berkshire can be a hedge because if there is a real market down turn, he can put that to work. he has in the past. >> so has the large cap banks. look at jpmorgan they haven't redeployed it yet they're waiting to buy back shares they're sitting there and you can see consolidation, a lot more movement in the financial's area. >> judge, when you look at josh's point, we both made this point recently, that you've got a european central bank that instead of being punitive, like when greece has to go back and get the next round of financing, not going to be the same as it was two years ago and three years before that. it's not going to be the same because they're trying to keep the union together now for all the points that josh made already. that means there's going to be significantly more drivers to our markets as well because if european banks, if the italian banks and the spanish banks are just -- well, what does that do? that doesn't mean that -- >> is that a technical term? >> doesn't mean that jpmorgan and all the others -- >> doctors, there's a senior fina

in berkshire, 77 for you. voorhees township 76. that's your expected high temperature.ersey shore seeing low to mid-70s. more clouds 74s, your expected high temperature. wildwood, partly cloudy skies. 75 for you, that's your expected high. and avalon, you'll see low 70s at 76 degrees and a mix of sun and clouds. dover 76 and the 10-day on 10 brings us temperatures mainly in the 70s for the next couple days. upper 70s for tomorrow. back to school for some. harvey remnants on tuesday, wednesday and thursday. w we'll be monitoring, of course, the temperatures we just saw. on friday temperatures do get a little chillier. 76 your expected high temperature, 84 on saturday and sunday. monday, although cloudier, 85 degrees. back to you. >> thanks, erika, and a live look at the made in america festival. two lanes in front of the art museum are currently closed. the two-day music event over labor day weekend includes 60 bands over five days. here's amy with sports. >>> thank you so much, i'm amy with csn. he made an impact with his bat and also a big impact in the outfield. >>> h

warren buffett's berkshire hathaway getting out of general electric..6 million ge shares. the stake worth estimated $315 million. take a look at the stock there, ge trading a touch. berkshire hathaway trading up a touch. >>> shares of costco and tiffany, we're watching them, federal judge ordered costco to pay $19 million damages selling diamond rings selling them in tiffany's name. of the costco said it was generic term. judge wasn't buying it. if you're buying at costco think you're getting a tiffany diamond ring, you ought to put two and two together. nonetheless judge deciding in tiffany's favor. shares of dick's sporting goods tanking, hitting seven-year low with earnings miss, poor 2017 outlook, continuing the whole retail demise. >>> disgraced pharmaceutical ceo speaking out exclusively to fox business today, telling our own maria bartiromo that he doesn't believe he will go to jail despite his convictions on securities fraud. take a listen. >> i don't think i will forfeit any money. i will not go to jail. this was a case we saw major insider tr

the billionaire and chief executive officer of berkshire hathaway was talking to bloomberg. you look at [inaudible] paying 45 times earnings. if you put $100,000 in a 10 year bond you are paying for a form of investment. stocks still attractive compared to that area they do not look as attractive nearly as much as they used to and if interest rates go up the comparison becomes for list romantic. key part of emmanuel macron's political and economic strategy for the next five years is to to be unveiled at a news conference this afternoon. the prime minister will set out the plans for major labor reforms. the finance minister said the measures are needed to boost the economy. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top. higher, the seven -- gain.1% gain in a are seeing and commodity players particularly in iron ore. have a look at the switch out at hong kong and the csi 300 in china and we are seeing some week's comes through in the kospi. motor under pressure, losin

a book about its history, with the subtitle"" creation, disruption, and renewal in the northern berkshiresmoca is certainly the prime example of renewal. without mass moca, believe me, there'd be nothing. i don't think there'd be anything left of north adams. that's the question: is it enough? that's the story all over the united states. it's not just the story of sprague electric or arnold print works. that's a manufacturing in the united states problem. >> brown: and another question: whether art, culture and tourism can be a solution. for the pbs newshour, i'm jeffrey brown at mass moca in north adams, massachusetts. >> woodruff: finally, another in our brief but spectacular series, where we ask people to describe their passions. tonight, we hear from christopher ategeka. the ugandan-born entrepreneur founded "health access corps" - a non-profit that aims to combat the shortage of health care professionals in sub-saharan africa. >> if you look at the united states, the doctor-patient ratio is about one doctor for every 390 people. but if you look at a country like uganda, my home countr