betty: there we go.he cruise industry raked in more than $37 billion in revenue last year, setting sail with more than 21 million passengers. what does it take to be the biggest fish in the sea? we find out from the two biggest ceo's in the business. richard fain: they want the biggest and the best. and this is the biggest and the best cruise ship out there. betty: richard fain is the ceo of royal caribbean which earned more than $8 billion last year. to stay on top, his company has spent $3 billion on new ships that have everything a cruiser could want, and some things they never expect. richard: this is the next generation of cruise ship. and we are constantly striving to move the bar higher and higher. betty: royal caribbean may have one of the biggest boats in the water, but carnival ceo arnold donald says bigger isn't always better, and it has got the market share to prove it. arnold: we sell 80 million -- we sail 80 million passenger cruise days a year. 80 million. betty: carnival has 50% of all cr

tisch: here we go, betty. after you. betty: all right. newly renovated rooms. of the regency hotel. betty: you have designed pretty much -- or you picked out almost everything in this room. tisch: i can tell you stories behind the carpet, behind the finish on the dresser, behind artwork, behind the pillows. so, you start with carpet. you have a color idea. they will come in and they will may be present a gray scheme. it will be presented as a warm grey scheme and then a cool gray scheme. betty: this is what? tisch: this is a cool gray scheme. betty: the regency has 380 rooms, each one brand-new, with almost all of the design elements selected personally by tisch himself. the most expensive part -- the marble bathrooms. tisch: the bathroom has become a point of competition. a lot of the new hotels being built in town have big bathrooms and they sparkle. we wanted the bathrooms to -- betty: i noticed there was a television. tisch: we have televisions in the mirrors. every bathroom has a tv in it. betty: one thing i have to ask is do you test the mattresses out? t

betty: ok.d: how many cabins are left unfilled, or how many cabins have one guest versus three or four guests in a family? that kind of thing. we are absolutely willing to trade off occupancy to get the price up from a business standpoint. betty: coming up -- there is one demographic that both companies have a hard time cracking, millennials. they may be the key to sailing towards higher profits. later, it is full speed ahead to a place that may just push the entire industry into bold new waters. ♪ betty: this is shiprock. it is norwegian cruise lines' solution to younger cruisers. millennials on the whole have a lot of money to spend. $1.3 trillion of it. and a piece of that demographic could help the industry sail back into double-digit profit margins. the clia, the cruising industry history group, they have came out with numbers say that the average cruiser is about 50 years old, makes over $100,000, white, and generally an affluent traveler. but they are essentially that demographic so it's

betty: big vision. lawrence: big vision, and we need to give our customer something they have not seen before. it is about being more innovative. and being bigger and better. betty: bigger, better, and wetter. part of his vision is attracting customers through live performances, including this acrobatic experience called "house of dancing water." it is the crown jewel of city of dreams. five days a week, 3.7 million gallons of water flow through the custom-built stage as actors dance, dive, and dazzle a captivated audience. building it was a huge gamble. it premiered in 2010 in the wake of the financial crisis. lawrence: we went ahead and built out our $250 million "house of dancing waters" show. it has been a huge success. the fact that we tried these things that nobody wants to try has given us an edge. betty: in the beginning, business was far from booming. lawrence ho's first casino opened to disappointing results. it seemed as if his gamble to go big in macau was destined to go bust. but then ho fo

betty: and i am betty liu.'s get a check on what the markets are doing in light of the agreement in greece. looking at some specific winners in the nasdaq, starting with garmin. becausen is up 4.6% baron says its share price should get to $60. shifting to wearable fitness devices and those sales and profits have been helping their bottom line. over to another gainer in up after and win is the government of mccallum says it may ease bans on smoking. in hong kong also rallied on that news. american airlines is up by about 3.1%. this year, after a bloomberg report showing that jet fuel prices fell 37% from a year earlier in the second quarter, and that means margins will gain likely by 740 basis point. 4.9%,x is trading at nearly 5% in the noon hour because goldman sachs raised their price target today to $780 from 620. this year, it is because of the company's international expansion. netflix international subscribers could jump to 450 million people by 2020. you can see that the buys have fallen over the past fe

betty: wow.in fact, the bandwidth on this ship is better than the combined bandwidth of every other cruise ship in the world combined. betty: but according to carnival ceo arnold donald, the millennial, as you might expect, defies stereotypes. and providing wi-fi is far from the only magical bullet to get them to cruise more. arnold: the millennials all over the place are just like every other generation. you know? some millennials like heavy social exchange and interaction in terms of parties. some just like doing it on the internet. some want more private time. a lot of them are adventure seekers. a lot of them want to give back. you know, they like impact travel. you know, travel where they can go do something and help a local community or help an individual. that sort of thing. betty: do you even need to get millennials more cruising? is that a misperception of the industry? arnold: i think it is a little bit of a misperception. millennials do cruise because in our brand, families cruise. we

betty: tom? tom: i think when we all started doing what we are doing, got into business, we were rallying against those restaurants that were around, that were established for a long time. we wanted to be independent. we wanted to do our own thing. the thought was never let's build something and it will be here for 100 years. certainly, when i was 26, when i had my first chef's job, i wasn't thinking along those lines. even when danny and i opened gramercy tavern, we were not thinking 20 years in the future. betty: but you were hoping it would be successful, obviously. tom: yeah. but when i started cooking, i had no idea that i would be working in new york. i started cooking in new jersey. we did not have a model for a young american chef doing whatever cuisine you are doing. that example of that kind of longevity. >> there was nobody to follow. tom: prior to that, you didn't know about chefs. getting the cooking job was the last thing you did after you got out of the military before you went to

betty: let's get a look at how the markets are trading as we are heading toward the closing bell. the s&p is down once again. it is coming off of those highs. we were in positive territory for a while but we have slip back down into the red as we head toward the closing bell. the dow is down about 27 points. economic numbers set the tone including slow, abysmal growth in wages in the u.s. you see this reflected in treasury notes. there is some buying here. yield down 2% create we have seen rates go up. is getting a bit of strength intraday. at some point it has been going on the last couple of days, it looks like it has been all over the map. betty: it does. first of all, the dollar influence and that being affected by commodities and the second, it seems like every day we are getting more conflicting headlines out of europe. mark: very much so. but still it at the other stories we're following. betty: hiring issecond, improvit pay is not. new figures from the labor department. the growth in

betty: that afternoon. i am betty liu. mark: i am mark crumpton.he markets on this tuesday. stocks rebounding from their longest losing stak

i am betty liu.ording to some reports, it is not so fun to work for charlie ergen. dish network got some of the lowest ratings in the country for its work environment. ergen told me he is trying to change some things internally but also defended the culture he has built at dish. charlie: i am a really great guy to work for if you are a high achiever. if you just want a job, you will probably not like it too much. i think dish is a culture for those people who want to achieve something. there is some uncertainty, as you know, with what you can do with the wireless. it takes a little bit of bravery as a shareholder. i think even for employees, they like to know what will happen tomorrow but we don't always know. it is a special -- it takes trust in your management, a bit of an adventurous spirit to work here. you have to be more of a self-starter. for those people who like that, we have people who started in the warehouse that are executives. people who are achieving their own internal potential and th

i am betty liu. welcome to "titans at the table." dish network founder charlie ergen has always been something of a fearless renegade. from being thrown out of casinos for counting cards to starting satellite out of his car truck in california. ergen led a group in the 1980's and started dish in the next decade. in the process, he has become one of the richest men in america, worth nearly $20 billion. he stepped out of the spotlight in 2011 and handed the ceo reins to joe clinton. he is back in the hot seat. television is undergoing another revolution. video is moving to another screen. like the satellite tv business in its early days, he wants to get the forefront of this change by creating a new over the top product called sling tv and buying up the billions of dollars worth of wireless assets. assets he says can be used to build a legitimate competitor to at&t and verizon. when we first sat down for an interview at his headquarters, i asked ergen to describe this new frontier. charlie: now we are

betty liu.is weeks he can to the good life. how do well to managers court the next generation of the rich? by teaching them how to buy art. that is one of the methods that big answer using the reverse a drain on family wealth. peggy collins recently attended an event organized by citigroup for wealthy young heirs and joins us from l.a.. tell us about this. the money was all fake, right? the money was fake, the art was actually -- you know, real, but they got a good lesson in how to bed. tell me what you saw. >> it was actually, they try to simulate an auction as best they could. the twentysomethings were split into teams and each got a mock catalog of about a dozen are pieces. they ranged from paintings the polaroid prints to earrings that have been auctioned in the past. $100,000, fake, and they got to bid on it. some teams held back on their money and bought multiple pieces. one team went all in on a print of kate moss' face and spent $95,000 on that. afterwards, the experts from christie's to

betty: mark: indeed. let's -- betty: indeed.ark: let's take a look at some of the other top stories. an object found on a french island will be analyzed. officials think it looks like a wing jet -- a wing from a jet. -- ofce of the training the plane has been found since malaysian flight mh 370 disappeared. of it's the first evidence the possibility that part of the aircraft may have been found. it's too early to make that judgment, but clearly we are treating this as a major lead and seeking to get assurance about what has been found and whether it is, indeed linked to the disappearance of nh 370. mh 370. mark: they also found a suitcase with wheels. americans are increasingly worried about money. the bloomberg sumer -- consumer was at awed it five-month low, dropping to a at a 10owest levels month low. one economist explain his worries about growth on bloomberg surveillance. 2% -- ould say below tom: you are saying below 2%? >> yes, we had a very weak first quarter. was slightlyarter above 2%. we will not be doing great. consu

i am betty liu.elcome to "titans at the table." dish network ceo charlie ergen has been known as something of a renegade, being thrown out of casinos for counting cards to selling satellites out of his car in colorado. in the process of starting his company, he has become one of the richest man in america, worth nearly $20 billion. he stepped out of the spotlight in 2011. just four years later, the founder is back in the hot seat. as television undergoes another revolution, video moving on to your second screen. like the satellite tv business, ergen wants to be at the forefront of this change by creating a new over the top product called sling tv. he wants to buy assets of what he says can be used to build a legitimate competitor against at&t. when we first set down for our toerview, i asked gergen describe his new frontier. charlie: people are looking more for what they want to watch and not paying for what they don't want to watch. they want to watch their tv everywhere. part of that is the technol

i matt miller, here with betty liu. betty: let's get to the market. in the equity markets, we saw the relief valve after the chinese had stepped in -- the chinese government stepped in to stave off the selloff. here in the equity markets, we have seen gains starting to lose momentum as we head toward the closing bell. in the bond markets, some selling going on. that has gotten yields a bit higher. 2.3% for the 10 year note. the big chinese investors are selling off their u.s. treasuries to raise cash. take a look at the euro traded. more. not moved much down belowcoming $1.10. take a look at oil. it's been exciting to watch, volatile as all get out. it has been over $53 today. just a couple days ago, it was under $51. it has come down - 12%. let's get the top stories crossing the bloomberg terminal at this hour. we begin with the imf, downgrading its forecast for global economic growth. the global economy will grow 3.3% this year, down from 3.5% in april. much of the downgrade is driven by the u.s. the imf cut its forecast for u.s. growth from 3.1% to

betty: and i am betty liu.t is always great to join you, pimm. pimm: thank you. we heard everything from jobless claims this morning to the passing greek bailout measure. markets are near the highs of this session as you can see on this chart. in fact, no, it has come down white a bit. -- hasy were trading come down quite a bit. but they were trading at the opening. pimm: the nasdaq is up more than 1%. betty: exactly. let's move over to the oil markets and see how they are trading. even though we are seeing a bit of a gain here, we were trading at a three-month low. that had to do with a stronger dollar. with the news from the ecb with the euro. pimm: and they are going to be spending a lot of money. let's take a look at the bond market. unchanged for the 10 year and basically unchanged for the 30 year as well. we will have to hear what janet yellen says this afternoon. let's take a look at the dollar currencies. the dollar is strong against the at thend take a look pound sterling. the pound is at a seven-year

betty: i'm betty liu. seeing strong gains across the board. we are near the intraday highs for the s&p and the dow. the s&p is up about half a percent. the best equity gain yesterday in two weeks. we are building upon that as we gains across the board. we are near the intraday highs for the s&p and thehead to the'. there is technology shares that are tumbling, twitter and yelp. twitter came out with disappointing numbers today. m easily 2 million -- a measly 2 million active users. yelp down a record 28%. part of that has to do with their cutting their sales forecast but also cutting back on their national branding campaign. lots of analyst cutting their forecast on the stock, rating on the stock. a different story in commodities, inventories in the u.s. dropped by over 4 million barrels. were actually a gain which is why you're seeing nymex crude higher than 2%. giving a dropon in oil prices has gone down. also looking at industrial stocks and commodity stocks. oh's are higher today. let's take a check on -- those are higher today. we can see

betty: welcome back to the bloomberg market day. i am betty liu.are the top stories making headlines this hour. general motors says you have not seen nothing yet. they easily beat wall street estimates. americans flocked to gm light trucks. sales were stronger in china. the chief financial officer tells us this sets the stage for the next 12 months. >> our growth has been driven by strong performance in north america and china, and we expect that iscontinue, and underpinning expectations that the second half of the year will be better than the first half. betty: gm broke even in europe last year. ford is looking to shake things up in contract talks with the uaw. ford workers have the most general -- generous contracts dating back to 2009 because they did not seek bankruptcy protection like chrysler and gm. if you ever wanted to make a ferrari purchase -- here is an affordable way. the automaker is planning an ipo. no word on the share price, but it is sure to be cheaper than one of their cars. models start at $180,000. the u.s. men's soccer team bl

betty: i'm betty liu. look at the markets trading here at midday.tocks are paring back from the session lows. remember that they were really taken down overnight by the overnight slump we saw in chinese shares good stocks hitting their lowest level since 2007, down as you can see there 8.5% for the shanghai composite. everything else was pretty much read across the board. while prices are now in a bear slump. they are in a bear market. particular for brent crude, which is rebounding if you look at the six month chart. bathroom we offer a moment. pimm: what are we talking about? $40 a barrel for crude? commodities tend to follow. brent crude is $53. gold, while a little increased, that is not biting well for gold. thus boding well for gold. let us take a look at the bond market. a little bit of a change there . below that crucial 3%. take a look at the two week trend of the u.s. 10-year. prices go higher. let us look at how the u.s. dollar is performing. 11115 against the euro. the pound sterling basically unchanged. we take a look the spot index and

betty: i am betty liu. you can see equity markets are lower but remember we were much lower earlier. there was the knee-jerk selling reaction and now we're making up some of those losses. the dow is down by about 42 points. the oil markets, most of the market besides gold are moving down. it is below $60 a barrel level. with the safe haven search, that is about 1/10 of 1% up. pimm: lots of binding on the bond market. more buying in the 10 year, 32. let's look a look at currencies and see what the dollar is doing versus the euro. just a little bit of a decline. the japanese yen strengthens against the dollar and the pound sterling losing a little bit of strength. let's take a look at some of the top stories crossing the bloomberg terminal. president obama is making a rare visit to the pentagon to ask his national security team for an update on the fight against islamic state militants. they flew 38 bombing visions against islamic state targets this weekend. the president hopes to hold a press conference when

betty: good afternoon. scarlett: good to have you here. i'm excited to be here with betty liu. betty: let's begin with a look at the markets at this moment. stocks are little changed. we are pretty much near an all-time high for the s&p 500. we are a little bit off the highs of the session. any commodity related stock right now is being hit particularly withminers and gold prices. gold is at a five-year low right at, down 2% and trading $1108 per ounce. nymex is also trading deep in the red. some of those are over concerns about global demand and global growth. scarlett: and data out of china is disappointing folks who thought china would continue to stock up in gold reserves but it's not at the pace anticipated. gold has lost favor as a safe haven celeb look at treasuries. the two-year yield is now at a three-week high. the short end of the yield curve is so much more sensitive to interest rate expect haitians. -- expectations. in foreign exchange, the version monetary policy is the theme and you see that in the way the euro is trading versus the dollar. two-month lowar a when

betty: thank you so much. ♪ betty: welcome back to the bloomberg market day. go to the top stories -- there is a surprise and labor market -- job openings unexpectedly rose in may to the highest level on record, more than 5.3 million which is the second month the opening exceeded hiring. the u.s. trade deficit got eger in may as the gap rose on his percent, $42 billion. exports fell by the most in three month in the biggest decline came in commercial aircraft and industrial equipment. it's a sign businesses are having problems selling to overseas customers. where's the demand? pope francis is setting a fast pace during his south american trip. he has a full schedule and quit or before going to bolivia tomorrow. he has one long and i shown no ill effects from the high-altitude. coming up in the next half hour, samsung suffers through its seventh straight quarter of declining profits. 6 arm of the galaxy s losing more ground to apple. carnival cruise line says it will launch a cruise to cuba next spring as relations between the u.s. and cuba. normalized a meetin

betty: is there a threat?t is an excellent question, and one i have seen different commentary and varying opinions on. analysts have said yes, there is possible contagion. it is difficult to get a broad-based default cycle in just one sector, especially when it accounts for such a big portion of the market. high yields energy companies were down 4.5% for the month. you are seeing pain continuing to be taken out of these to faces that will have real deadlines to increase the revenues after such a long time of low oil prices. betty: what about the winners? lisa: the winners were in europe. portuguese debt was up 3%. italian and spanish debt. this is people renewing their hope for the eurozone. will last, let's be clear, everyone is wondering when the next chapter of the greek saga will come up and we will talk about the same things, but for now, everything is good. the macro story is that people feel like we will not have anywhere.flation certainly not in europe. you have the european central bank continuing the

i am betty liu.n to sit down with charlie ergen, but according to some reports, it is not so fun to work for him. from reports in 2012 and 2013, conductedsurveys somelass door gave charlie of the lowest ratings. dish network got some of the lowest ratings in the country for its work environment. ergen told me he is trying to change some things internally but also defended the culture he has built at dish. charlie: i think i am a really easy guy to work for and with if you are a high achiever and you want to achieve something. if you're just wanting a job, you are probably not going to like it too much here. i think dish is a culture for those people who want to achieve something. and there is some uncertainty, as you know, with what you can do with the wireless. our shareholders don't know exactly, so it takes a little bit of bravery as a shareholder. thinking.longterm i think even for employees, they like to know what will happen tomorrow but we don't always know what is going to happen tomorrow. it

betty: in betty liu. that blue looking tempting. right before the weekend. i am betty liu.hat blue sky looking tempting. s&pe: google and the languishing here. what is pushing them down? individually you can point to best buy, the worst performer in the s&p 500, downgraded to either performed by merrill lynch, which is saying that the second half will be tricky for best buy. the second half of the year, bank of america-merrill lynch say there will be a mixed product cycle. you will not necessarily have a big iphone 6 introduction or something comparable. there is not the hot product to drive traffic. those shares taking a tumble today. also taking a tumble today -- earnings per share missing estimates and they increased provision for energy exposure. loans to energy companies. the energy loans in the second quarter at $3.3 billion. that was their exposure. you can see shares falling. and then the curious case of betsy -- etsy. marketplace up 33%. the source of this game is a tiny, tiny line in the google conference call in which it said developers like etsy are seeing an in

betty: indeed.e a look at how stocks are reacting, not just in reaction to the nuclear deal, but also to greece and the economic data we had today. still at they are their highs of the session. the s&p is up by 0.3%. the dow is up by about 0.28%. in the bond market, you have seen yields come down. felll sales unexpectedly last month, dashing optimism for the second quarter. change thatping to tomorrow through its first amazon prime day. the company is rolling out for tens ofrs millions of prime subscribers, hoping to goose membership and sales. what is amazon really trying to accomplish by manufacturing a retail holiday? rick watson is the head of merchant tree, who has managed retail operations for barnes & noble, amazon. and reminds me of alibaba single state. a made-up holiday that hits it out of the ballpark for jack ma and company. will this be the same thing? rick: that is certainly the model they are trying to follow. betty: this is their 20th year. how do you think amazon prime is going to g

mark: he just menu, betty liu. betty: it's hard to do it, but you can do it.rently, they tell a television on girl who was at starbucks and she wanted a certain kind of rapid you know -- from apuccino. it shows you are really into the restaurant chain if you take the time -- betty: makes mcdonald's seem a little cool. mark: mcdonald's has been having problems with mobile app. people want to order stuff and they are trying to work some kinks out with that. betty: this raises some of the issues -- their menu is too cumbersome. it backs up the kitchen, the franchisees are unhappy. mcdonald's has been suffering all around. in japan, they had the beef issue. in china as well. here in the u.s., again -- i think it's ironic that people are excited about a secret menu when they been talking about mcdonald's serving unhealthy food. mark: it seems to be doing well -- the secret is going to have to be consolidation of the menu. mcdonald's and other fast food chains will have to do that as well. one person who is disappointed -- every year when they come out -- they haven

betty: there you go.r way, saying essentially, i mean, you read between the lines, taxi drivers disseminate. >> you are right, it does put the heartstrings and uber encompass like that like to say it is about competition or innovation. betty: but isn't it? >> ultimately, it is about the rule of law. even competition thrives on respect for the law. does notrk state, uber respect the law. that is what this case is about. there's no question competition is good for the markets. there is no question that innovation is good for the market. and there's a democratic process in place to save the policy considerations that created a regulatory structure have changed, and you need to advocate for change in the law. what you don't be to do is simply ignore the law. and that is the predicate of their business model, and i think that is what is underpinning the real debate. the real controversy that is at the heart of uber. betty: not just here, but in india or california or anywhere else is that, what are the laws th