blackrock could even assign the executive to the investing office in oakland. expected to more than double investment in private equity from around $4 billion to over $9 billion this year. thethe college bill for u.s. workforce. the retail passes 1.5 million employees will associate all bachelor degrees in management at three nonprofit schools. , and engagement. that is your business flash update. we will talk more about this on what did you miss. >> we're talking about the fed power player. he funds the influential think tank that is now home to formal fed just former fed officials. we're joined now with more. how did the story come about?

jeff rosenberg of blackrock staying with us.credite mustier of joins us at 7:00 in new york. this is bloomberg. ♪ scarlet: i am scarlet who with francine lacqua. across bearishness global oil markets. longesthe losing streak since february. ianning us is jul lee. even with this change from saudi arabia and russia to start boosting supplies later this year, have goldman sachs maintaining their bullish view. the demand picture is still very robust is that out of consensus? at then't think it is moment, nobody really knows what size this output increase is going to be. total sees it as being a abandoning of the output deal. we are already losing half a million barrels a day venezuelan output. more expected. the sanctions on iran could take another half a million by the end of this year. that is one million barrels a day less production than the world was expecting. we still have white request oil demand growth -- quite robust oil demand growth. there is a strong argument that this is just taking back or replacing some of the oil th

blackrock funds somewhere, let's just say i do.nly inso fares s as i do, black is snot the owner. and they're not controlling the vote and so -- >> they do, actually >> that's what larry has wanted to do lately >> but i'm not raising my hand as a shareholder to say i want it in a different way. >> they have hundreds and hundreds of people who go out there and do corporate governance >> and you think it is in blackrock's interest for drug prices to go up? >> no question no question. why not? because they effectively are owning a portfolio of the whole economy. they want in general for the stock market to go up. and the stock market goes up at the expense of consumers prices. >> the consumer power is 60% of the economy. >> and that's their customer that's right but they want a larger share of the pie. they can get that by taxing the rest of the economy. >> i initially heard market forces were going to be what's used to try to help things, but i'm hearing that you basically think the profit incentive is a flawed business model. >> not

us he was at 4% as a possibility but the market could deal with that in overnight we heard from blackrocking about 4% would be downward drafting and hurt growth. the chart tells me what move us towards that 4% route, which is inflation hac tracking. deal on a one-way track story and we get the fed reacting or than expected to that. where do we need to get to before we see pain in the credit markets? randy: great question, and what we look at his long-term investors and the king several years and looking at the history of investors than this for 13 years as a team and look back at 2006 and two dozen seven is the potential mark of where rates were and there were roughly headedness and direction as we are today before the recession. is hard to remember what the fed funds rate in july into thousand seven was 5.5%. where less than 2% and with a long way to go. in thefed raises rates next three by five years will get to that 5.5%. i think the stock of the economy is such that the upward bias is up based on what jb and others at blackrock have mentioned. a long-term view it is not going to be a

vonnie: do not miss the fed special today with the guests ,ncluding the guggenheim cio blackrock's blackrock's 2:00 p.m. new york time and 7:00 p.m. in london. you are seeing the new fed chair who will not be making a statement or having a press conference today. he is firmly in charge as they meet. let's get to the first word news. policy of the federal reserve are expected to leave interest rates unchanged this afternoon. they are meeting after data shows it is facing inflation rose 2% in march. if there's statement cited price increase, it will reinforce expectations of a rate hike next month. south korea says u.s. forces will stay, even with a peace treaty with north korea. there are almost 30,000 american troops in south korea on north korea has long demanded they be removed. as one of the conditions for giving up their nuclear weapons. that did not come up in the summit meeting last week. the european union has started drawing up his new long-term spending plan. they are seeking a bigger budget to finance new priorities like britain's control and departure, brussels want an agreement on

still with us, jeffrey rosenberg from blackrock. diane, give us your thoughts on the comments on inflation with inflation moving higher and closer to the 2% target. the added use of the word symmetric. diane: i think it is important because it goes back to the idea that they are willing to overshoot on inflation, even as they raise rates, and allow unemployment to continue to fall. i think we will get to four rate hikes this year. i mean, charlie evans, who has been intellectually consistent, wanted to see the whites of the eyes of inflation, jeffrey made the point that they are following the data, and it is exactly that. metadata has come to them and they feel validated in their view that the the acceleration that we saw last year was a transitory phenomenon. they got the numbers in march and they're coming up, pce is moving up, but the extra comment of it being outside of energy and food, very important. butt in the service sector, securely transportation and lodging, we see that in places where you would expect it most, that is i

i was not until this week when blackrock but the subject up. -- brought the subject up. >> we have primarylers. the idea of a failed auction does not exist is every primary dealer has to put it in there. theuld define it as, when market trades at a certain rate, the auction comes in five or seven basis points higher. that would be a shock to the market. we have not seen the signs so far that these auctions are having trouble but that is because the rest of the world is buying our debt. is if we areme going into this trade war, does the dollar lose its status? we have countries who say why do we hold reserves in dollars? i think that can result in a big tail which can move rates higher. what matters is the end customer buying of treasuries and levels will adjust to that. primary dealers will set up well in that regard. what is amusing from a longer-term perspective is two or three years ago we were worried about a shortage and now we are drowning in them. in both cases, somewhere in between. there will be demand for the treasury curve, -- >> you worry about people worrying about a shortage,

i was not until this week when blackrock brought the subject up.ld you define a failed auction and are we due one in the united states? >> the one good thing with u.s. treasury markets, we've got primary dealers. the idea of a failed auction does not exist because every primary dealer has to put it in there. when the initial market trades at a certain rate, the auction comes in five or seven basis points higher. that would be a shock to the treasury market. we have not seen any signs so far that these auctions are having trouble, but that is because the rest of the world is buying our debt very happily. what worries me is if we are going into this trade war, does the dollar lose its reserve status? we have countries who say, why do we hold reserves in dollars? do we see reduction in foreign demand? i think that can result in a big tail which can move rates higher. >> i think it is a fair assessment. what matters is the end customer buying of treasuries, and levels will adjust to that. primary dealers will set up well in that regard. what is amusing

it wasn't until later this week when blackrock brought the subject up to me.ou define it and are we due one? priya: we have primary dealers, the idea for a failed auction doesn't exist. the way i would define a failed auction would be if the deal is significant. when the wi market trades at a certain rate, the actual auction comes in 5, 7 basis points higher. that would be a big shock to the treasury market. thoseen't seen any sign options are having any trouble but that is because the rest of the world is buying our debt happily. what worries me longer-term is if we are going into a trade war world, you have countries who say, why do we hold all these -- our reserve in dollars? thatcan result in a failed moves rates hires. guy: that is a fair assessment. what matters in the end is customer buying of treasuries and levels will adjust to that. primary dealer system is set up well in that regard. aat is an amusing from long-term perspective is three years ago, we were worried about a shortage of safe haven assets in this world and now we are drowning in them as

it even bumped out blackrock must be vanguard and then berkshire hathaway and then blackrock.hat happens as apple starts to buy in stock. >> amazing to think carl icahn owned about $3 billion and we were talking about him all the time pd now 43 >> becky, can i just ask you one more question about another buffett investment you talked to the ceo of kraft heinz this morning they never talk to the media they're so media shy very secretive i was wondering your take and impression after speaking with him about their capability and the likelihood they'll make another deal since their failed bid for unilever >> i have never spoken with bernardo hess before this. this was the first time so i didn't know what to expect or what to take he was more open with their plans and i thought answered just about every question i could throw his way. it did sound like he's eager and potentially taking on more acquisitions he said organic growth is something that is here he doesn't think they need to make acquisitions but he said they'd continue to do smaller brands they kind of fold in to the comp

ruger's largest shareholder is money management firm blackrock. >>> and goldman sachs is reportedly lookingo form a credit card with apple. thal's according to "the wall street journal". goldman apple card would be tied to apple's payment service, apple pay. goldman has been slowly moving into consumer banking. they personally added doing personal loans and savings accounts under its market brand. anne-marie. >> diane king hall at the new york stock exchange. thanks a lot, diane. >> thank you. >>> still to come, a special send-off. an elite force will be saluting one of their own at next week's royal wedding. g. [ director ] action! k9 advantix ii kills fleas, ticks and mosquitoes through contact. no biting required. [ director ] cut! i'm not feeling the no biting required line. bah. [ growls ] somebody get this guy a muzzle. k9 advantix ii from bayer. wise choice. you wouldn't accept from any one else. why accept it from your allergy pills? flonase relieves your worst symptoms including nasal congestion, which most pills don't. flonase helps block 6 key inflammatory substances. most pills

blackrock could even assign the executive to the investing office in oakland.e investment in private equity from around $4 billion to over $9 billion this year. thethe college bill for u.s. workforce. the retail passes 1.5 million employees will associate all bachelor degrees in management at three nonprofit schools. , and engagement. that is your business flash update. we will talk more about this on what did you miss. >> we're talking about the fed power player. he funds the influential think tank that is now home to formal fed just former fed officials. we're joined now with more. how did the story come about? york were covering the new fed presidents search. , the sanjohn williams francisco fed president, to head up the fed hit when it happened, the brookings institution came out with a strong response which made a lot of sense. they are all friends with him and it was perfectly logical. it is the first time that this guy, the nexus of the power of the fed, he funds a center home to former officials. essentially, he did. he did not go out and recruit them h

he has a plan to do it involving blackrock.he fact that you can get a better deal with morgan stanley because they have allowed in. -- aladdin. brooke: it is basically to point out outliers in people's portfolios. you may not know you are over positioned in risk, but look at what you are holding. ubs also has this technology. morgan stanley thinks it is a better position because it is fully integrated into its platform. david: that is for high net worth individuals. goldman has an app for you. brooke: it is interesting, both of these trends in technology are popping up and traditional banking roles and using that to subsidize the advice they traditionally gave their clients. the asset class looks at who your investors are, how your company factors into their positions. are you outperforming their other holdings? that gauges their likeliness to act as active investor. if you are doing that well in that investor's portfolio, maybe they are willing to give you more time. jump -- willing to jump on board. the goldman sachs coleader

skewed heavy positions -- mark: thanks for joining us. , director of emerging markets fixed income at blackrocke f8 congress -- conference kicks off. will enable people to sendhich website and apps information when you use them. this is bloomberg. ♪ this is bloomberg. ♪ >> noon in washington, 5:00 in london, and midnight in hong kong. i am shery ahn. david: i am david westin. welcome to "bloomberg markets." we focus on the intersection of power and the economy. trump extendsnt tariff exemptions for the eu and canada. revealingetanyahu information, hoping to sway president trump to pull out of the iranian nuclear deal. we will hear from senator ben cardin. i have this hour, some big news from the milken conference, the ceo of fannie mae and jane harman are among our guests. ♪ david: 30 more days. president trump has extended a temporary exemption for steel and aluminum

blackrock and somebody else are ahead of them?s it fidelity are larger shareholders or state street? two major fund holders are ahead of them. that bumps them to position number three in the shareholdership. as you mentioned, that's between 12 billion and $13 billion. buffett himself today ld us lat that was between 12 billion and $13 billion. this is all ahead of the annual meeting, which is why we're here we're sitting on the stage now that warren buffett and charlie monger will be taking when they address the 40,000 shareholders on their way into town to hear from them. they'll take 5 1/2 to 6 hours of questions from shareholders. they'll come from around the century link center here this is the beginning of a big weekend. you will get berkshire hathaway earnings on saturday morning that's why buffett told us he had been purchasing additional shares of apple. it would become public on saturday any way you heard it here first, an additional 75 million shares of that lots of folks will join us to talk about what they expect at th

vonnie: michael fredericks his head of income investment for blackrock multi-asset strategies team. let's check in on the first word news with taylor riggs. taylor: the trump administration has a warning for iran now that it has left the nuclear agreement. mike pompeo is threatening the strongest sanctions in history. pompeo demanded that iran hold uranium ballistic missile programs and give nuclear inspectors access to the entire country. for the first time, president trump is using the authority of his office to counter the special counsel's russia investigation. the president is demanding that the justice department look into whether the obama administration infiltrated his campaign. it agency responded, saying has not asked the inspector general to determine whether politics has tainted the fbi's role in the russia probe. china is planning to lift all limits on the number of children families can have. that's according to people familiar with the matter, who say the move could happen this year. it would be a historic and to afford decadal policy that left calais human rights abu

chicago,burbs of naturally, the coverage of the industry leads us to blackrock, leads us to vanguard,cause of the fee argument. it is almost like an enigma. i looked at all the average fees for each etf sponsor. julie: the big companies you are talking about. >> vanguard is 11 basis points. six times more than a vanguard etf. it is not just that you have one product skewing the average. broadave 130 etf's, offering of products. they're playing in that higher-end spectrum. julie: they are taking in money. >> that beautiful chart of flows, 20 basis points or less. they are quite the opposite. most of their flows are going to the more expensive products. managerin active getting in this business from i want to study what they are doing. they are barking the big -- bucking the biggest trend. julie: how are they doing it? >> they have a couple things working at the same time. performance always helps. tech ends up getting a lot of attention, but this product, you don't hear about it a lot. fdn, and internet etf. over the past two years it is the best-performing tech etf out there. you don'

the new funds have investments from blackrock, blackstone, and goldman sachs asset management.e colleague. general electric has taken the biggest step in the ceos plan to get rid of unwanted units. ge has agreed to merge its century old locomotive business with a train maker. 2.9 pill -- $2.9 billion in cash. --ended its shareholders said its shareholders will own part of the company. netflix has agreed to a multiyear pact. the former president and first lady will produce films and series, possibly scripted series , documentaries and features. president obama said at their hope is to share stories that promotes greater empathy and understanding between people. that is your business flash update. china's population control policy could be coming to an end. the economic impact of removing the country's performance next. this is bloomberg. ♪ erg. ♪ ♪ vonnie: this is "bloomberg markets." i'm vonnie quinn. shery: after nearly four decades, china's birth limit may be coming to an end. the country is said to be considering an end to the controversial policy is in is is here. joining u

adjusted there is a prospect of opening of china's markets more to financial services, companies like blackrock infidelity international have been eager to get into china and with this equities markets there. so that could be another piece of the puzzle that is he a to be fit in. betty: beijing has played a major role in the possible summit upcoming between kim jong-un and president trump, so is that playing into the trade talks? joe: donald trump himself suggested it might well be, because he said that president xi had enough leverage over kim jong-un to, if things were not going his way on trade, he could encourage or influence kim to take a harder line in some of the set of talks for the summit. that is at least the sign about the same time as the u.s. was approaching the idea of tariffs on chinese goods, that the north koreans started a more harsh rhetoric than they had before. now we will see whether or not that softens, now that the china-u.s. tensions have eased. china has a unique characteristic offer for north korea to influence behavior, because they provide the bulk of the imports in

we've not seen passives show their might so much but there's been public comments from larry fink of blackrockbout the impact of profit is this the vote where we see the passives have the vote for corporate governance >> i think yes but also the vote last year it was actually much closer than i think people remember. last year the italian independent soes yassociation pp an alternative slate at that point vivendi won with 29% of the vote last year, 28.8% by some passive investors. given that we now have new shareholders on the register like elliott, cdp, some other activists, along with passive investors, i think they will be backing the elliott slate here as a fresh reset on the company. >> i heard all sorts of comments about the impact of vivendi. you mentioned vivendi itself is an activist. others have said changes have already taken place and elliott is come ing plate to the party if you look at some deals done, one of the comments is vivendi has been milking telecom italia for some deals and there are contracts around content particularly where ballore's group or vivendi wins. do you thin

much.hank you so we will continue with rupert harrison of blackrock. last more to talk about.obs a. martin feldstein will join us in the next hour. jim glassman on bloomberg radio. we will release the data at a: 30 today. later, after the jobs report, the chairman of the fed with it's jobsdvisers, day. this is bloomberg ♪ mom, dad, can we talk? sure. what's up, son? i can't be your it guy anymore. what? you guys have xfinity. you can do this. what's a good wifi password, mom? you still have to visit us. i will. no. make that the password: "you_stillóhave_toóvisit_us." that's a good one. seems a bit long, but okay... set a memorable wifi password with xfinity my account. one more way comcast is working to fit into your life, not the other way around. tom: good morning, everyone. francine lacqua in london and i'm tom keene in york. we will get to much more on the american economy in a bit. right now in new york city, your first word news with taylor riggs. taylor: in beijing, two days of trade talks between the u.s. and china have wrapped up and there's plenty of work to be done

this would put berkshire hathaway in the number three spot behind vanguard and blackrock.he revelation about the purchase coming in and in a view with cb and -- cnbc with warren buffett. finally, let's look at dieting and eating. as expressed in the market. meta-fast and weight watchers having of days, weight watchers with earnings that beat estimates and a record number of people signing up for meetings and online programs. overillion in increasing 2017. ast, a diet and weight loss company, at 42% year to date and adding to that substantially today. they raised the forecast after his first test -- first-quarter earnings beat by a wide margin. shake shack, people are dieting and eating burgers, they raise revenue forecast for the full year and earnings beat estimates as comparable sales showed an unexpected gain of 1.7%. -- the commentary around earnings are quite positive. shery: i am the one eating a burgers. his outlook ones fed policy and the strength of the u.s. economy coming up. that is next and this is bloomberg. ♪ ♪ shery: this is bloomberg markets: balance of pow

blackrock with jpmorgan would have -- with deutsche bank would ave it with pimco.ble. it tells you brappings tweeting these individuals plus a host of less well known hedge fund coast treating them as if they were institutions in their own right. guy: i'm an individual. - the hunting license. within your walls. we are a different party. >> one of the interesting things that came out of this report deutsche bank and goldman sachs still has -- with some of its executives. they would say or one argument is that it helps the bank to keep tabs on the personal trading of individuals. so there is no conflict of interest. however, we have had other people say if it is the senior traders, they can lean on the junior guys. give the boss a good price on the trade. we have comments from deutsche bank saying there is no conflict of interest. you can see how such suggestions could arise in that scenario. matt: the way i look at this, in the u.s., i could have a shotgun or a glock but i'm not allowed to have a stinger missile. i don't think you're allowed to in the u.s. this is l

but looking at blackrock and vanguard, they have a clips to you when it comes to assets.ere a strategy to catch up and what is it? jay: we have a multipoint strategy and asset management. the number one strategy is to invest franchises and we have seen progress over the last couple of years. the passive etf's get used interchangeably. etf's were initially a way for institutions and individuals to get cloture. exposure to japanese banks, exposure to this and that, exposure to technology, but they have transformed the investing world and are now being used as whening or components combined together to produce certain outcomes, often called solutions. the point of mentioning that, scarlet, is i think the etf industry as a long way to run because of the way that these component parts are being utilized, d engineered, and then recompiled to produce different outcomes. in the institutional world and in the retail world. we are investing in product innovation, distribution. we think that they will continue to be a winning hand. ultimately, doesn't it come down to cost? a lot of

are, you will see a rising tide in terms of european yields coming closer to the u.s., that is a blackrock the past hour on bloomberg. let's get to juliette saly, she has your first word news. juliette: thank you. u.s. lawmakers have pressed the economic advisor in china to [indiscernible] vice premier is in washington for talks with secretary steven mnuchin. it is his second visit after an meetings endedf in discord. the white house has distanced itself from the hardliner north korean stance of donald trump's top surgery advisor. -- security advisor. it is written to walk away from next month's summit. the president said north korea has not directly raised concerns d meeting.planne >> we have not seen anything, we will see what happens. rex tillerson has taken a veiled shot at president trump warning that a growing crisis of ethics and integrity has put american democracy at risk. he criticized assaults on facts that he said would lead to a loss of freedom and added that only society is it will to pursue the truth and challenge alternative realities can truly be free. trump philip -- fire

ownlet: you and karel icon 13%,u and carl icahn own and we are talking about vanguard, blackrock, and other investors. have you reached out to them? >> i do not want to speak of conversations with other shareholders. i suspect there have been significant conversations. scarlet: ok. ed: understandable. in regards to the process, you say you are going to run an immediate option for the company. is there any sense of a timeline how long? >> no, other than these auctions , in my experience, and i have done several of them, they run anywhere from 90 days to 120 days. you set up your data room and you get the companies that are interested into the data room, let them do their due diligence, and it takes a little time. i suspect 90 days, maybe a little more. hey, guys, i need to be going. ed: one must question. the crown jewel lockup was a key part of this lawsuit being launched. are you confident that is sending xerox can exit now? very comfortable that we will be able to exit that crown jewel lockup. that is the big thing that started all of this. scarlet: darwin deason, thank you so much

jason: you are getting names like wells fargo and kkr who are moving their entire operations and blackrocknotably. it is a story that in some ways talks about the evolution of this business. wall street said in part that the story was tethered by paper. they are rate -- literally hand-pickedecks i when midtown came on, it was much more attractive for commuters. you are coming into grand central. now, new office space, and this has the potential to reshape manhattan. julia: the buildings are incredible. david: when they first said they were going to build skyscrapers, look at it. jason: they are building it over the train center. you come in from under the hudson, and it is a spectacular place. it speaks to how companies are trying to -- and we talked about this in different ways over the weeks and months, how they are recruiting new employees and a shiny new building with lots of amenities is a way to do it. julia: a cool place to be. david: thank you to jason kelly. coming up, one of president trump's most contentious foreign policy projects. the us and the u.s. embassy in jerusalem opens

oil stocks rise in asia as well as wall street and blackrock sees a stronger case for investing in energys over crude itself. it's positive on e&p firms as well as midstream companies. yvonne: oilyvonne: and china trade. this aussie budget of course. saw some leaks leading up to this announcement later on today. andie: we have retail sales aussie stocks have reason for aheadsessions out of nine of the data, and we have household spending following on year in march. we are keeping an eye on to akeda. it's to make a firm offer according to u.k. regulations. sophie kamaruddin checking the markets for us. australia's government is expected to use tuesday's budget to win back disaffected voters before trade tensions between the u.s. and china could undermine the economy. usl allen in canberra joins from the lawns of parliament house. what are the specifics in this budget that we can expect today? paul: as sophie mentioned, a lot of the details trickle out in advance. one of the things we know is the government has had a revenue windfall. it was not really forecasting it a year ago. tax revenue

more recent, you saw with larry fink, the letter he wrote coming out of blackrock, a big call to companiesnd the world saying, if you do not have a social purpose with what you were doing, you might lose your license to operate from society. he argued, essentially when you look at the long-term time horizon, your financial and social rewards converge. if you've not seen the letter, i recommend reading it. dave: the other point to be made withoutthat stron -- strong infrastructure, the private sector cannot make money. by helping on these infrastructure projects, like we see a new yorker, what we see in brazil and india, maybe the returns might not be as great on those projects but they create a society with a digital highway throughout india where private firms can make lots of money. the example you are showing no, city, notin new york only benefit everybody with his but itul public spaces, had a demand is impact on the real estate market and on local businesses. bill: there is a symbiotic relationship that benefits everybody. yvonne: how dave: how do we marry the concept of a strong man?

local up, the blackrock fixed income cio. now, to your bloomberg business flash.ts from automaking and the first quarter. the second largest luxury carmaker said returns on sales were of even though technology dragged on revenue. of a recordhe midst rollout of new and refreshed models. thevo has been dropped from hong kong stock. shares have plunged 57% since they were added in 2013. the company has been struggling since they're mobile business suddenly lost market shares. issounds like elon musk having second thoughts. he saw shares tank after cutting off analysts asking questions on an earnings call. he says it was foolish to ignore the questions. earlier he said 2 analysts were working against investors' interests. thed: elon musk back in news. on the analyst call there was a twitter exchange where one of the people said the fact that you were unwilling or unable to answer was a red flag to investors. elon musk said "true." alix: i said, who just schooled him? are unable oryou unwilling to give a straight answer is a huge red flag to any investor and also the b

anders include blackrock goldman sachs, agreed to accept an immediate cash payout of $.20 to the dollarrest into a three-year security. panasonic says tesla is still slightly behind its model three mass production schedule, but is making steady progress. panasonic supplies batteries for tesla in nevada. the high goal set by elon musk -- also says panasonic is open to making batteries of for tesla in china. jpmorgan the latest to be accused of currency manipulation, charged in new york with the rigging of african, european and middle eastern currencies. prosecutors say he and his accomplishment -- accomplices competitionliminate by fixing prices and raising bids and offers. yvonne: core cutting continues apace in the u.s. networks down 4%, your to date. another down 5%. switchingof viewers to streaming services such as netflix is set to continue in the near term. betty: coming up, we will unpack the latest inflation numbers. that is in 15 minutes time. casino operators work toward japanese expansion. caesars entertainment joins us. ♪ retail. under pressure like never before. and it's con

stanley $2.4 trillion wealth management unit is tapping blackrock technology.nagement system will help clients shift all of their assets to the bank. like rocks technology sews -- shows client risk appetite and reveals risks they may not be awar of. looking at an expanded class-action lawsuit for discriminating against older candidates here the communications workers of america alleges the algorithm routed ads to younger workers. the union also alleges that facebook used a filtering tool to find its own employees. kkr has agreed to buy software, information technology provider. the terms of the deal were not released. the firm's took the company private for $6.9 billion. that is your business flash update. oming up, secretary steven mnuchin says they will target chinese goods. how they are responding. this is bloomberg. ♪ w amanda: this is "bloomberg markets." i'm amanda lang in toronto. shery: and i'm shery ahn in new york. the white house going ahead with plans to target chinese goods announcing a final list of affected products will be released on june 15,

. -- blackrock poss jeff rosenberg 's jeffkrock rosenberg.. ♪ julia: this is "bloomberg markets congo a julia chatterley. time for a look at the bloomberg business flash. goldman sachs will pay $110 million to settle charges that foreign-exchange traders took ,lients for an advantage allegedly sharing information on client orders on an electronic and 2013.etween 2008 payments will be divided equally between the department of financial services and the federal reserve board. mark zuckerberg has been asked to testify before british lawmakers on fake news and disinformation. the u k parliamentary committee say that if he doesn't respond, they will be issuing a formal summons for him to appear the next time he is in the united kingdom and he must confirm by may 11. main capital is leading a group to acquire a school in pennsylvania. the investment comes as employers struggle to find properly trained workers for jobs requiring more than a high school education, but less than a four-year college degree. no terms word disclosed. your business flash

blackrock is the clear leader. morgan stanley, this is literally a fraction.ere is a lot of banks in between. >> the bank of new york mellon and morgan stanley, dot, dot, dot. they need to first get back to where they were. not too long ago, they were at $600 billion, now under $500 billion. david: he knows the busins and he was brought in to do that. you look at their earnings, they are dog well. alix: do they have to buy to get it? what kind of acquisition with a have to do? >> it is a theme we have been hearing from the banks and the private equity firms that have invested in that business, that this is an area of activity, this is the place where people may be are investing organically, but you may need to buy to bolster that. david: carlisle is not having trouble raising money. head said it is easier to raise money than any other time i have been in the business. is it good news or bad news? >> great news if you are david rubenstein. money,if he can raise why can't other people raise money? >> one way to look at it is -- david: i am a glass half empty guy

berkshire is now the third largest holder of apple, behind vanguard and blackrock.s expensive now, this is what it will cost in 18 years. the numbers can be intimidating but can help you prepare.in 2036, 18 years from now, four years at a private university will be around $303,000, up from $167,000 today. to get a degree at a public university you'll need about $184,000 in 2036, compared with $101,000 now. forget the kentucky derby, the real money is made from being a stud . . . .it's triple crown season, when the belmont stakes, the preakness and the most prestigious of all, the kentucky derby, take the spotlight. owners' wallets get fat and the horses become media darlings for a while. horse breeding is a huge business - $39 billion and growing. in a stallion's first years at stud, the fee starts on the lower end. it typically takes about five years to prove he can produce top class runners and consistent winners. every fire department every police department is part of a bigger picture. that bigger picture is statewide mutual aid. california years ago realized th

gun sales soared they said gun sales have come down plus of course the backlash from vanguard and blackrockeven with vegas and parkland, so many terrible shootings in this country >> reporter: yeah, there have been there's three of the four -- thanks, guys all right. >> sorry we got to go >>> still waiting forpresident trump as we talked about we're going to take you there live as soon as it happens don't move feel that? that's the beat of global markets, the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow. show of hands. let's get started. who wants customizable options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest onl

the ceo of the giant investment fund blackrock said in a letter to ceos in february that financial performance companies have to "make a positive contribution to societ society" there are all kinds of things that are within the framework of the -- >> by the way, who's to say he's right? can't apple come out and say we have a fiduciary duty to our shareholders and it's part lly apple fault and companies like that saying we want to fulfill a positive social purpose allowing them to be criticized for not pursuing funding the w.h.o. like you suggested? >> no. by comparison, gigantic, more than epa, world health organization, on and on. i'm saying consult with their owners excuse me. what kind of capitalism is it when the owners can't even be consulted on $100 billion of their own money? that can go into many other areas that fulfill a longer-range stability and mission of the apple corporation, starting with the horrible conditions in the african mines for a supply chain to 350,000 workers in china surf labor in terrible condition. >> last word in. also sell the shares that's how you exercise -- >

blackrock's chief -- the conditions on how foreign policy is made in the u.s. on trade tensions. >> i think there have been tensions between the u.s. and north korea for as far as people can remember. we have an indicator of market attention to geopolitical risk, which measures current attention to the last 15 years. right now, we are just about at long-term average for u.s.-north korea tensions. marketsthat is why have not jumped up or down. there is no immediate impact on the global economic outlook unlike the trade tensions. you could tell a story, and china is an important piece of the puzzle, but it is an important connection. in terms of the economy, there are much more directly relevant issues. francine: is there a danger that markets become complacent? that there is significant foreign-policy intimated by president trump that the market is missing. >> i'm not sure that is the case. the markets are paying attention. something that would impact the economy over a long time, this is not something you would expect markets to react to on a day-to-day basis.

blackrock earlier this year saying it wants to hold companies accountable to have a purpose and a wayn't, that's a problem. i think we've talked about the idea that a lot of people would say the company -- the purpose of the company is to satisfy the customers. that this idea of a higher purpose -- >> because one man's higher purpose is another man's, you know, totally lly an -- opposi. use your imagine one man's chick-fil-a is another man's starbucks is another man's -- you know, it's just -- if i was a shareholder and i happened to have, you know, beliefs very strongly held about something and then i see someone deciding how i should feel about something that i'm 180 degrees from, why do it? why not let a company just do what it's supposed to do earn a profit for shareholders, you know, treat its employees with dignity, give them a way to earn a living and retire why throw something -- what if you don't like big gulps 18 ounce cups. what if you don't like sugar what if you don't like guns? what if you don't like abortion? what if you don't like -- then we're all going to be tribaliz

journal says he made 28.3 million last year up 4% from the year earlier so here are the top five, blackrock'srd blankfine, goldman sachs they all made significant money. singapore airlines will launch the world's longest commercial flight from newark to singapore takes about 19 hours, non-stop by the way. that's about 9,500 miles and these flights begin in october. ashley: good news is it's quicker when you come back because of the prevailing winds it's only 18.5 on the way back. >>stuart: okay if you're in first class you've got a sleeping bed but in the back next to the bathroom -- ish good luck. >>stuart: warren buffett wanted to vast 3 billion in uber but the talks fell apart. he says he's a fan of uber's new ceo and in the past he's avoided technology companies he says they're out of his area of expertise but his interest in uber surely gives uber's ipo, when it comes a shot in the arm. tens of thousands of casino workers in vegas could be off the job at midnight tonight when the contract expires. the city's two largest resort operators, mgm and caesars could lose more than $10 million a