betty: wow. richard: and in fact, the bandwidth on the ship is better than the combined bandwidth of every other cruise ship in the world combined. betty: according to arnold donald, the millennial, as you will 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. some millennials like heavy social exchange and interaction in terms of parties. some 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. they like impact travel. travel where they can go do something and help a local community or help an individual. 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. in our brand, families cruise. we have weddings on our ships, and those are often young people getting married and the

betty liu: hi. tom steyer: good morning. betty: tonight on "titans at the table" -- this place is gorgeous, it really is. i will be chatting with billionaire businessman turned environmental activist tom steyer. tom steyer was born and raised in the financial capital of the u.s., new york city, but chose to open his investment firm farallon capital management in san francisco. he founded the company in 1986 with $8 million, and by the time he stepped down in 2012, he turned the initial investment into $30 billion, making farallon the fourth-largest hedge fund in the world. his personal fortune is an estimated $2.6 billion. not satisfied with retiring on the golf course, steyer reinvented himself as an environmental activist, even funding and starring in a series of public service announcements. tom: i am tom steyer. each week, we are taking a look at the keystone xl pipeline proposal. betty: steyer believes building the pipeline will escalate the production of the controversial canadian oil sands. tom: so the question here i

tisch: here we go, betty. after you. betty: all right. newly renovated rooms.20 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?

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 best cruiseship 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 ships. 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 is not always better, and it has the market share to prove it. arnold: we sail 80 million passenger cruise days a year. 80 million. betty: carnival has 50% of all cruising business and pulled in ne

betty: is actually betty. stocks soar, the shanghai composite put together its biggest 6-they rally since november 2008. no one saw it coming david ingles has more from hong kong. david: the stockmarket rally in china has been so good that even the most bullish forecasts now look so foolishly pessimistic. the estimate back then was about a 28% rally. the index is pushing towards 120%> analysts have been scribbling to catch up. the focus is on fundamentals, the market is moving based on the charts. now,u dare put out a call remember that ever the past 12 months it was only wrong and v ery wrong. betty: wrong and very wrong. in the states, julie hyman has the story so far, including charter and time warner. we've also been talking about the federal reserve. comments from stanley fischer today and over the weekend. a lot of economic data coming out, better than estimated. both new-home sales numbers, we had case-shiller, durable goods, consumer confidence -- all better than estimated. in terms of the treasury mar

betty: two y, scarlet.ck in two minutes on "in the loop." ♪ betty: let's get back to bring you the most important stories before the bell. bloomberg's olivia sterns and bob irvry joining me -- and bob ivry joining me. number 4 -- walmart -- walmart will relocate the regional staff from its 4500 locations around the u.s. to its corporate headquarters in bentonville, arkansas to reduce costs. they also want more control over their operations. is this like a red lack here guys? olivia: i think cutting the sales forecast earlier this year is a big red flag. doug is trying to improve efficiency, keep on cutting costs, so remember he is also going to eliminate a layer of management, he is going to give workers more money. he is hoping to resent july's employees and will give him more control. bob: i like the cutting out the layer of management, but i am nervous about bringing the executives to the home office because that makes them less responsive to the customer. the closer the executives get to the customer, b

betty: very true.ou have to wonder if the central bank of china who have indicated they will be supportive of the broader economy -- you have to keep in mind the nature of the investor base in the shanghai composite. it's heavily retail investors. you can get stock tips on the corner. betty: that's right. olivia: they will buy anything. betty: we will be back with the opening bell. betty: welcome back. let's bring in the most important stories you need to know before the bell. alex sherman and olivia sterns are joining me. one more story -- oil. the commodity extended its advance trading above $61. it's $70 for brent crude. it's looks like the supply glut is easy. they say this will be a bad year but maybe they are saying not as bad as we thought. olivia: the rig vcount has come down significantly at but many analysts say that does not matter. the inventory numbers show we are basically near records. alex: the demand is remained healthy which is one reason why the prices kicked back up or you knew the

betty: all right.10 years ago stephen ross and his business partner and a renowned chef cooked up a revolutionary concept that elevated the retail restaurant model. the time warner center in new york it brought together the largest collection of stars under one roof. today, rock and they are teaming up once again to curate the restaurant/in. another step in the plan to remake the area into one of the greatest shopping and dining districts in the world. i caught up with the treo for an interview. that restaurant is gorgeous. to talk about upping the ante. >> 30 years of putting the restaurant collections and selecting great chefs and restaurants stores in real estate projects, nothing has worked better than the real estate amongst the three of us sitting here. right away, you say to yourself, nobody has more respect in the industry than thomas. what we really want to do is curate a collection of great chefs and restaurant tour's. that is the way to start. that is what hudson yards will be all about. it

betty: there you go. after her remarks, japan's yield made its biggest jump in two years and australia's benchmark on his highest level since december and germany's bond rose to its highest yield this year. a huge selloff. the election is underway in britain. david cameron has already cast his ballot. he is one of 50 million britons registered to vote. the challenger is ed miliband. a change for china's biggest e-commerce company. alibaba naming jonathan lu to take over as ceo. he will take over for jonathan lu who is staying on as vice-chairman. alibaba reported strong quarterly results. daniel zhang will join us in the next hour. september view customers say they are the ones who took a beating in saturday's big fight. comcast, showtime, and hbo are being sued. because it up to $99 to see the about. manny pacquiao revealed he injured his shoulder before the fight. he had successful surgery. will the nfl suspend tom brady over deflate gate? some oddsmakers say yes. one sports book will not take best on n

betty back to you. betty: betty: thank you so much.dline on the greek crisis is three days away. the debt ridden country must make a $230 million payment this week to the international monetary fund. there is still no deal. the greek government won't cut pensions or raise sales taxes. the investment world is watching the crisis closely. >> we think there is potential for better talks this week. that being said, greece has large payments beginning of june through august. we think there will be a back-and-forth over risk of capital controls, and there's certainly a risk that they will take a recommend -- a referendum. i actually don't think ultimately that a greek exit is as devastating as people think but the headlines will create some volatility in the coming weeks and. betty: a greek official says that government should have enough money to get through the week. the overnight curfew in baltimore is over. national guard troops patrolling the streets will leave soon. they were deployed when riot erupted after the funeral of freddie gray

it got its way this morning. ♪ betty: welcome back. i am betty liu.es crossing the bloomberg terminal. this is the fastest cost of living has risen in more than 3/10 ofs, core cpi rose a percent, the inflation level, minus the cost of fuel and food. price increases were across the board. the federal reserve is considering when to raise interest rates and says it was inflation rising at a 2% labeled. best -- level. john deer is expecting that are that expected profit. sales of the tractors have been falling, but offset by growing demand for other construction equipment. facebook is offering a new feature for people when contacted with strangers. caller id within the messenger feature, the company says when you get a message from someone you do not know, it will just lay the persons location, job, or school information. workers race to clean up the oil spill in california, fighting heavy winds and waves. cleanup crews have been slowed by mother nature, only half of the oil that made it into the ocean has been recovered. skimmers were ordered back to cou

betty: huge.wrong -- i think coke try to re-create this for the modern day but it did not work. someone tried to. mark: at some point you leave well enough alone. it was iconic and brilliant and should have been left alone. we continue with the advertising team. i will peak with paul sweeney, , we discuss the changing face of advertising and the seismic shift that got caused by social media. advertising is -- betty: can we replicate this again. mark: absolutely. betty: we have 1000 points of light, as they say. mark: singing and clapping. betty: coming up, the ceo of the most valuable company has a message for grads. ♪ betty: tim cook is getting shot advice from carl icahn on what to do with his mound of cash at the company. for himself had advice graduating seniors at george washington university. he challenges them to make a difference and get involved. >> the sidelines are not where you want to live your life. the world needs you in the arena. there are problems that need to be solved. injustic

pimm: i am pimm fox with betty liu. betty: breaking news. senior market correspondent julie hyman on charter communications. julie: china continues to work on a takeover of right house networks. it sees that deal as a precursor to potential bid for time warner cable. this according to people with knowledge of the matter reported by alex sherman and ed hammond. charter had already agreed to by bright house for $10.4 billion, however, that acquisition was contingent on comcast buying time warner cable. that deal is no longer happening but included in the agreement was the ability of the two to continue to negotiate for 30 days that was called off. after the comcast-time warner cable deal called off and that happened april 24. some of the market has been discounting that this deal will happen but indeed, those discussions are still active and they could continue after that 30lusivity period that lasts days end. we are watching those shares of charter on the news coming out and looks like shares are down slightly. they did spike up after headlin

betty: much more ahead.ng up in the next half hour of the"bloomberg market day," we will take you live to montrÉal's festival, where the top advertising minds mix art with science. ♪ betty: kind of a hazy day in new york. welcome back to the bloomberg market day. let's take a look at our top stories this hour. no promise into greek bailout talks. greece will likely miss the deadline for a deal with creditors. four international officials said reese is not close to reaching an agreement with the imf and european commission. greece needs more ballot funds so it can repay an imf loan . bank of america may begin to make more cuts in its trading unit. speaking at the sanford bernstein conference today, brian moynihan said there may be more expense cuts. staysthe environment flat, less volatility, we will have to work on getting that expense down. we have to work it down again over the next couple of years if the business stays where it is. betty: he also said resolving all of the mortgage cases was their biggest

betty: and i am betty liu, so let's go out to julie hyman.ulie, you are monitoring this a fun situation. it -- this avon situation. it looks like they are up right now? julie: they are, but there is a rally, and it is a pretty wrought based rally. -- broad-based rally. we are watching what is going on in the treasury market today, we had a measure of wholesale inflation fell. at backing outk food and energy, all of the things that the fed likes to back out, we are seeing it yields as a result go lower. at three .06%,ld and by the way, the treasury is going to be auctioning off the 30 year bonds today. let's take a look at the dollar as well. some selling has abated but the dollar is heading for a fifth weekly define -- decline. those inflation numbers today not helping matters there. you can see it is trending up a little bit on the day from where it was earlier. finally, i want to check on oil prices. yesterday, the reason was the big drop in oil refinery activity in four months, so what does that mean for crude demand? it looks like we are

betty: welcome to the bloomberg market day. i'm betty liu.ial, we are going into the second round of voting 's new president. sepp blatter did not get a two thirds majority. julie has more from the breaking news desk. julie: this is

i'm here with betty liu. betty: equity markets are a little bit lower. two hours before the fed releases minutes from their last meeting. the s&p is down 1/10 of 1%. the dow, off by 22 points. crude inventories came out this morning. a surprising drop in stockpiles piles dropping by almost 3 million barrels. that put a bid under oil. nymex crude up. rent is higher as well. pimm: let's take a look at the bond market. looking at a decline in yields. a little bit more than 3% for the 30 year. prices did a little bit higher. how the dollars faring against euro. big strength. dollar versus the yen. more strength and sterling versus the greenback, 155 point 39. -- 155. 39. some of the bank's largest banks . the settlement claims they conspired to rig foreign currency markets. citicorp, j.p. morgan chase, barclays, royal bank of scotland. ubs will plead guilty in an interest rigging scheme. attorney general loretta lynch says the damage was widespread. >> their actions inflated profits while harming consumers, investors and institutions around the globe. includ

liu -- betty: good morning, i'm betty liu. erik: i'm sure it's -- i'm erik schatzker. betty: julie hyman is in the newsroom with headlines. julie: another number that the economist estimates, showing a gain of 3.4% month over month. this is a measure of people who are signing contracts to purchase previously owned businesses. some of the recent data we have gotten is showing that this trend in housing market could be continuing. the number, 3.4%. economists had been looking for a gain of 0.9%. that puts the year over year number at a gain of 13.4%. it looks like another good sign for the economy. saw a add on to what we few days ago with new home sales and durable goods. erik: lots of strong numbers. sales. -- new home sales. weston a look at what -- let's take a look at what is making news. new figures indicate job market remains well. applications for unemployment benefits remains low for the 12th straight week. when the number is that low, it typically means there is a healthy level of hiring. debate about of the definition

i am pimm fox with betty liu. let's get a check on the equity markets. 2100,ly higher s&p 500 at a gain of maybe two points. dow jones adding three points. quarter of arly a percent. let's take a look at the oil markets and some commodities. the dollar showing weakness today. nymex crude up about .4%. gold up nearly 2% today. betty: inventory shrinking in the u.s., causing that bid in oil markets. the bond markets, the dollar is falling. bitks dropping quite a based on those retail sales numbers. the yield unchanged for the two-year. the tenure is still being bid up. the dollar at a three-week low. let's get straight to the top stories at this hour. we begin in philadelphia where authorities say six people died in last night's amtrak crash. 140 people were injured. there has been a potential breakthrough for the investigators trying to figure out why the train derailed. ,> whatever is comparable referred to as a black box, that has been recovered. it is now in the amtrak operations center in delaware for analysis.

betty: all right.out video ads earnings are out for aol and momentum is gaining in its advertising business. we will hear from the chairman and ceo of aol tim armstrong, next. betty: we are counting down to the opening bell. it's time for our deep dive at number five. shares of aol are rising more than 5% in premarket trade after the company reported a first-quarter beat. they are benefiting from an increasing global advertising sales. tim armstrong managed this after or reorganizing his sales staff in the first quarter. tim: q1 was great because we had accelerated revenue growth and we did a great job and growing consumer traffic and we were able to update the structure of the company while we did those other things. it was a quarter where we improve the business while we performed in the business and that was a solid quarter. betty: i know you restructured the sales force. is that done? is there more to do? tim: throu q2 is what we are making sure is that that is put through the whole process of the

betty: good luck.heard ceos over and over again say we need more certainty in washington, in the data that we are getting, but let's face it here in a new age where there is a lot of uncertainty. mark: very much so. coming up i will be speaking with a panel on what's today's consumer factory data says about when the that is going to move on interest rates. it will not happen in june, probably not july. a lot of people are looking at september. they have the charge, they are looking at the dots. betty: much more ahead on the bloomberg market day. we will give you the inside preakness.he ♪ betty: the elusive triple crown begins tomorrow again with the preakness and the kentucky derby winner american apparel has been described as a freak of a horse. pharaoh has been described as a freak of a horse. this horse really is a freak of nature. talent,s extraordinary the way he moves, it is almost like a cat over the ground. it is a big cat, like a pu ma. i think he is a standout talent. if he does not win tomor

betty: welcome back.e a look at some top stories is morning -- for the first time since the start of the ukraine crisis, secretary of state john kerry will meet with vladimir putin in russia. he will see the russian president tomorrow in sochi, the site of last year's winter olympics. talks will focus on ukraine, iran, and syria. ties between russia and the west have been damaged by the fighting in ukraine and the west has imposed economic sanctions on russia and accused vladimir putin of supplying pro-russian separatists with weapons and trips. news from citigroup on the libor scandal -- the justice department has the client to prosecute allegations of alleged rigging of the interest rate. citibank says it's in talks with other groups and this one could involve a guilty plea. network's orderly profits beat analyst estimates and a imposed a pricing increase in january and february. its so-called skinny bundle that sells for $20 a month. china is the biggest market for smart phones in the world but the mar

betty: new york city schools are lower interest rates. scarlet: and the summer movie season is upon us. it is all about summer sequels. scarlet: good friday afternoon, i am scarlet fu along with betty liu. betty: let's see how markets are trading right now, stocks are mixed. they started to retreat a little bit and started to make up for the losses after janet yellen spoke. it does not look like we are going to hit that record high again, the dow is off by 24 points. nice way ofed is a putting it, it is just sort of deathly right now. betty: bonds are mostly lower, so lower prices means a higher in yield, so that could change it to .90%. to 2.98%.hange treasuries were on .02, so that's the treasuries. betty: and you can see the greenback is up, and new can see can seeumbers -- you the numbers shot up and even during a yellen's speech even held onto those gains. scarlet: let's take a look at the top stories across the bloomberg terminal at this hour. share said there is the possibility every zine interest rate before 2016. she made her spe

betty: that was.here were a couple of moments where she was like -- i was li ke, she's a real person. scarlet: she paused and turned the page, to the economy. [laughter] we have the labor report as well in the beginning of june. betty: that is one big data point as well. >> the stakes are only ever higher because the question of the labor market, was it a harbinger of more weakness? scrupulously avoiding the topic. the many you look at janet yellen's comments today, they were talking out of both sides of her mouth, there are signs of weakness, signs of strength. the take away is that the fed does not want to get wrongfooted by the data. they do not want to make a call on hr and -- a trend. >> did you get the impression she was very interested -- she seemed to talk about slack in the labor force and people working part-time. i have not heard them give a u6 employment number they would like to see. it is still above 10%. looks at more granular items like involuntary part-time, labor force participation.