still with us is bill simon, former walmart u.s. ceo, joining us from kansas city, missouri. nship with u.s. business on the when hand and the president on the other -- what are the hopes and what are the disappointment? week, it was disappointing for all of us spirit the president's shortcomings are well-chronicled and have been apparent through the campaign and even into today, but he is the president of the united states. anything that happens in this country has to go across his desk, and we still have to tackle infrastructure in tax reform. whatever side of the political spectrum you are on, the affordable care act or obamacare, whatever you want to call it needs to be fixed. repealed, replaced, fixed. by disengaging, i get clearly that the ceo's expressed displeasure with what the president said, but we have got to move forward and find a way to engage. somebody needs to step forward and take a leadership role to move some of these things forward, whether it is the speaker or senator mcconnell or the white house or the business leaders. this has to be addressed. otherwis

president's council let's bring in john mcnabb, vice chairman of the american leadership council and bill simonank you both for joining us mr. simon, as a former ceo yourself what do you make of the decision that mr. frazier chose here hand mr. rensi's criticism? >> well, it's a difficult situation, as you can imagine. you know, i don't -- i certainly respect what mr. frazier did, but the times that we're in are very, very difficult and we really need everybody pulling. certainly understand his comments and i appreciate his statement right up until the end when he resigned we really need everybody to engage and if the business leaders, the great business leaders withdraw or disengage because they don't like what the president is doing, and i agree, he should have responded much more quickly and much more forcefully, we won't achieve the things that we need to achieve i tend to side with what m mr. rensi just said and said stay on the council and battle him every single day that's how we get the progress that we need. >> you're actually saying that the executives -- because there's going to be m

goes on, guys, back over to you >> all right eamon, thank you let's bring in former walmart usa bill simon, mr. simon, we spoke on monday when this was all first happening, and you had said like some others who chose to stay on the councils that if good people will not engage on these critical issues, where will we be i ask you given his press conference yesterday, would you have joined those who then left the councils and said that they couldn't continue working with this white house >> well, i won't criticize any of those who -- based on their conscious decided to walk away the fact that the president makes insensitive remarks and does it on a frequent basis without thinking is not new news he's done that all through the campaign and they knew that when they joined the council. the question that i would have to ask myself and the one that i'm sure they wrestled with it where do we go from here we still need tax reform we still need health care reform we still need to run this country. and now, they don't have aseat at the table and now the president doesn't have the best assets that he h

to 3.1 million customers but could push up inflation as it is a big component of many household bills. simonation continues to rise. uk house prices upjust 0.3% month on month. full details, as you can see, on the bbc business live page. you're watching business live. our top story: shares in bp are on the up. they posted a second quarter profit of $684 million. a quick look at what the wider markets are doing. reporting season is well under way. we have had a whole raft of figures this morning as sally said from bp. we've heard from toshiba and sony and from rolls—royce. if you're a small business, getting to know your customers is pretty easy, but as firms grow — that gets more and more difficult. but knowing your customers helps firms build loyalty, make better products and sell more. so companies are turning to social media sites like twitter, facebook and instagram to predict what their customers want. one of the tools to do that is called enflux. it says it analyses millions of social media posts and brings together 18,000 different sources of data. it's just one of many firms that do

joining us bill simon, former president and ceo of walmart u.s.a. bill, great to have you with us.the notes our producers -- >> great to be with you. >> about amazon, you say the biggest mistake retailers can make is replicating amazon in any way. for walmart and amazon, there seems to be a convergence in their business models. amazon has been picking up online properties. walmart has been going in the physical bricks and mortar sort of direction beefing up its network. in the meantime you've got these models sort of coming together is that the secret to success here >> well, you're right. they've been getting closer together i think the whole foods acquisition with amazon was significant but maybe not for the reason a lot of people think. what it really does, i think, is validate amazon's position in that they've sort of concluded that they can't become what they want to be or get where they'd like to be without physical retail so it validates physical retail in a way. and as amazon moves closer towards walmart and walmart moves closer towards amazon, you are yo' going to see kind

washington and the future of the president's once promising business-friendly agenda joining us now is bill simonresident and ceo of walmart and jimmy pethokoukis. let's just kind of sum up where you think you stand now has some are questioning whether the market itself has lost confidence in the president. >> well, i think the market's reaction today is to be expected we don't live in a parliamentary system in government where you can vote no confidence in the administration and sort of have a do-over. we have to deal with president trump for the next three and a half years as distasteful as that might be so when the ceos and councils all disbanded this was a predictable outcome. it's sad but predictable. >> jimmy, meantime, this idea that deregulation or the president's agenda is not going to happen is probably true with the bigger agenda that involves congress than the smaller things playing out across federal agencies, correct? >> listen, there's always been the good bits and bad bits of the president's agenda k.deregulation business loves. they would love big sweeping tax reform, particularl

coming up next week on "bloomberg daybreak," we will catch up with bill simon.erg tv. ♪ ♪ this is bloomberg. i am david westin. a wild week in washington. trump came under fire for his comments about charlottesville. ceos fled his counsel. and senator bob corker says the president has not shown stability or competence in the job. public policyf joined us yesterday on what a tax policy reform will now. >> look like>> the best you get now is tax reform lite. at the end of the day, it is more like a tax cut. that we do not think it is a powerful enough to affect the economy. david: joining us now is grover norquist. great to have you here. care about this deeply. where are you on what you think can actually get done this calendar year or in 2018? a couple of things did you will see significant rate reduction on the corporate side the goal of the white house is 15%. i think you're looking at something between 15% and 20%. anyone would go to 50% if you could make it fit. what you're looking at dramatic rate reduction on the corporate to talk about higher numbers. tha

up, will bill simon be joining us right here on bloomberg. ♪ jonathan: from new york, this is bloomberg20 minutes away from the cache a couple of weeks of losses on the s&p 500. futures are a little bit softer now. some broad based weakness. 24 of 30 dow stocks down on the month led by disney. the dow average indicating a third session lower. down by .1% on the s&p 500. other asset classes. the bond market through last week. yields by a basis point. in the fx market euro starting to push higher. central bankers are gathering in jackson hole later this week. as janet yellen speaks there is growing speculation of how long she will be the fed chair with her term of this coming february. only 17% thought she would still be chair come march. half thought she would be succeeded by gary cohn. mike mckee joins us with more. still with us is chris harvey of wells fargo. you're on your way out. how much is the janet yellen possible lame-duck chairmanship going to affect that meeting? not at all. we don't know whether she will be replaced. we knew going into the 2010 meeting that ben bernanke was

bill simon. another retailer with tattoo williams-sonoma, better profit. of 7% as we speak.bercrombie lost $15 million. when you lose less in your stock goes up 13% in this case. look at some of them old ladies. all over this story. he shares a name with a confederate general. here's the latest on that. espn has released a new statement, blaming everything on that amount. we will be back. out type 2 diab. you have type 2 diabetes, right? yes. so let me ask you this... how does diabetes affect your heart? it doesn't, does it? actually, it does. type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke. and with heart disease, your risk is even higher. you didn't know that. no. yeah. but, wait, there's good news for adults who have type 2 diabetes and heart disease. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit. jardiance is proven to both significantly reduce the chance of dying from a cardiovascular event in adults who have type 2 diabetes and heart disease and lower your a1c. jardianc

bills down. once again, energy is a hot political issue. simon jack, bbc news.tting some breaking news connected with venezuela and the troubles and protests there. the foreign office is updating us saying the british embassy in caracas are withdrawing diplomatic staff and dependents as a precautionary and temporary measure. that is obviously about concerns for safety following on from the protests there have been after an attempt by president maduro to create a new constitutional assembly. that has been met with much violence, deaths on the streets, so clearly the foreign office deciding that in the british embassy in caracas they are going to withdraw diplomatic staff and their dependents. they say it is a precautionary and temporary measure. the national crime agency says that 60 people have died in the uk in the past eight months after taking the painkilling drug fe nta nyl. it's 50 times more potent than heroin and is the drug that was linked to the death of the rock star, prince. now dozens more deaths are being investigated. the painkiller is usually give

patrick griffin is a former media consultant for republican presidential campaigns, simon rosenberg is a former bill campaign advisor. i have to ask both of you the same question. why did she write this, of all the things you could do right now, she's got all the money in the world, i don't understand. why write a book? >> let's look at the title, "what happened." she is reporting back to the tens of millions of americans that voted for her. as you pointed out in the audio clip, she is taking responsibility. she feels like she let people down and she wants to give her best take to explain what happened in the selection and why she did not win. >> melissa: i guess. that's probably the thing that makes the most sense. it's a topic that has been exhausted. everybody involved with this has come out and talked about what happened, including herself. she sat on stage and she's done it, there were a million other ways to do it, she could write a long piece for "the new york times." why write a whole entire book? >> two reasons, melissa. the clintons like money and i think she believes she can get some mone

bills down. once again, energy is a hot political issue. simon jack, bbc news.tical correspondent, alex forsyth, is in westminster. i , can the governor do to keep energy prices down? what should the role of government be in the energy market scratch but this was an issue during the election campaign because theresa may had said if the conservatives win power than they would introduce the energy price cap. the conservatives did win power but they did not win a majority, so that plan has been shelved. that is in part because of brexit. the government has a heavy programme of legislation to get through the commons. not every tory mp with back the idea of a price cap. this is a parliamentary battle they cannot afford. ofgem has sufficient powers to do something about this. there is currently a consultation and ofgem is expected to bring forward proposals later this year which may help the most vulnerable customers that ministers are stressing that idea of a price cap is not entirely off the table. it is something the threat warning to energy companies. if you do no

billed. as the largest dementia study in history with scientists using the response of players. to study out simon's simon harding has more. a video game developed for starting dementia. see he requests which owns his own shoes they will allow scientists to collect thousands of hours of data. stay hope will help them in the fight against sounds on this disease. smartphone version it came out in twenty sixteen has already been very popular. we got three million before playing a hundred million to three come. and i gave us an enormous amounts of information. is really allowed us to. and when a. different ages. now the. in the gap. then applied deutsche time. sich uk in science is university college london and the university of anglia. stimulating. brains through a series of task based on memory and orientation skills. researchers will be able to collect five pounds worth of data in just two minutes they have that. technology is helping to track when the president is looking at all times. well that's where they've gone so i guess and i would hope for a loss. how they behave in this situation is that th

simon. thank you. president trump has said that a bill on sanctions against russia, that he signed into law earlier todaying his powers to lift the sanctions on individuals is unconstitutional. the sanctions were imposed in retaliation for russia's actions in ukraine and its alleged interference in the us presidential election last year. we can go to washington and our correspondent laura bicker. in a drawer marked bleeding obvious question is, if it was significantly flawed, why did he sign it? he had no choice but to sign it. the rules of american governance state that if there is this overwhelming majority in congress both in the house and in the senate it means they have the votes to override any presidential veto so if he had vetoed, congress at the vote to override him which meant he was boxed into a corner. it did not like the bill and made that clear and he said he tried to work with congress to improve the language of the bill but he has had to sign it and done so behind closed doors so the press did not see exactly perhaps his face when he had to sign something he did not like. but he has signe

simone, hold on. hold on. members of the senate were asked to vote on a bill they said they didn't want to pass. by their own admission was a bad bill and some saying why am i going to do this when they weren't even sure they were going to put this ball in. >> which is why a lot of republicans can't stand people like mitch mcconnell because they had plenl plenty of time to do this. saying our bill is a bad bill, can't blame donald trump for that. >> donald trump repeatedly contradi contradicted himself. demanded the republicans in congress do completely different things at different moments. and finally got behind a bill that had like less than 20% support in the country as a hole. >> these are representing people. >> and before that set an artificial timeline. >> didn't do their job. can't blame the president for republicans like mitch mcconnell and john mccain and others would say it's a bad bill, well, you're in congress, do your job and get a better bill. n cat criticize donald trump he didn't write the bill. >> clearly i'm not here. to defend donald trump or any of the republicans currently

to do that and then face-off twin bill that would calculate it in brussels, i think we would get data from david davis. manus: symbolic walkout before christmas? simonds on the end of october, european council meeting which is crucial. will the european council conclude that a not -- that not enough progress is being made. that walkout could happen. manus: if you had a genuine seat at the table, you would be to create theters lead on the brexit bill? what i would do is set out the parameters for the exit well. -- exit bill. prompter'soretical on how -- parameters on how you would calculate it. something that looks like a text for both the exit in the transition deal. those blanks can be filled in during negotiation. it presents the u.k. for being on the front foot. he can say, hang on, we are on the front foot. have some assurance in your future investment prospects. manus: maybe liam is having a cup of tea with david davis. this is the pound. trade weighted basis is back to where it was. can it keep going on and not have a mention of it again? simon: i expect mark carney talking up sterling. that is not actively but within his narrative. theill sta

bill -- traded deal. meetvolatility that might any trade deal if the british government is unfriendly. guy: we had the paper, got and another on what is next? simonok the rest of the week. we will have to see. the eu noted, that produced nine and maybe half a dozen. there are bigger issues. guy: great stuff. simon kennedy, bloomberg brexit editor. their wraps of things with "bloomberg surveillance" and tom will continue on radio. the daybreak team will continue next. ♪ jonathan: president trump says both sides are to blame. the controversy takes away focus from his legislative agenda. amazon joins the credit binge, adding to the $1 trillion of u.s. high grade bonds already issued so far in 2017. and investors lock to the federal reserve minutes for clues on how inflation figures might shape the central bank's next move. from new york city, good morning, good morning. this is bloomberg "daybreak." i'm jonathan farrow alongside david westin. alix steele is on assignment. yesterday, a pretty black session for the s&p 500. this morning, stocks firmer in europe and firmer, if you look at futures, up about .2%. euro-dollar softer by about .3%. reuters

bill of £7.4 million in 2016, compared to almost £16 million the previous year. the firm says it meets its tax obligations. let's talk to our business editor, simonjack, hello, let's talk to our business editor, simonions, but talking about amazon uk services, the bit of the company where people process your orders and send them to your house, picking stuff out, putting it in boxes. their turnover went up 50%, but the tax bill came down to 7 million. you are quite right that although their turnover went up, their profits went down, partly because of the way they pay their staff. they have 24,000 staff in the uk, about 60,000 working in the centres. when you arrive as a permanent staff member, you get £1000 worth of shares, there you get £1000 worth of shares, there you go. over time, you get £1000 worth of shares, there you go. overtime, if you get £1000 worth of shares, there you go. over time, if the share price goes up, the value of those shares goes up price goes up, the value of those shares goes up as price goes up, the value of those shares goes up as well. you can't catch them in on day one, but when you do, if they have gone up a lot in value, the company as to account and say, this is the