that is also the principal blackstone. except they ta ke principal blackstone.he uk. absolutely. there are problems with re nt absolutely. there are problems with rent caps and better security for tenants, so in common with other european countries people don't get obsessed with owning their own home because they know they can live somewhere and they are going to be safe and secure and their rent will be capped and affordable, but i think this will stir up problems. the bbc is looking at housing issues and today we were looking at those who are renting in particular and we hear about young people who can't afford to buy their first home but what we heard today was that it wasn't just those what we heard today was that it wasn'tjust those people, it was the next generation up, almost middle—aged people. next generation up, almost middle-aged people. if you are on a teacher's salary or a nurse's salary, you won't be able to afford a house in london or the south—east, so this is one to watch. and now the daily telegraph. one of the other stories on theirfront daily

does that mean blackstone is going to be competing with what you do? steven: i think they do in intended to compete and there are plenty of people who compete in the business when you look at the large asset managers, particularly those with a focus asset management business. i would say this, though -- when we started metlife investment management, our focus was on investment-grade private assets. for now we compete in different realms, although we will see if they move into the investment grade. when you look at what we do with private assets -- private place in corporate debt, private infrastructure debt -- it is nearly all investment grade. erik: that said, they want to take some of the credit products originating lower down in the capital structure and package it in a way that it can appeal to insurance companies. might thatossibly --

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this is a big acquisition for blackstone. they bought the whole thing and then sold it with hna and got back almost the entire thing. blackstone will be selling the remainder of hilton. that's the news out across the bloomberg. alix: they bought it for $26 billion, but it was not a sure bet. they had to kick in about a hundred million dollars to survive -- $800 million to survive. it paid off before, but it now really paid off for them. david: isn't it perceived as one of the greatest real estate deals ever? alix: because it took so long to turn around. david: now for bloomberg first take, we are joined my michael mckee and by gina martin adams. our first story really has to do with the china trade deficit and whether it's going away or not going away. we've had conflicting reports. we will put up a chart that is showing the u.s.-china trade deficit and it continues to grow, including under president trump. the purple line across the middle is $200 billion. the reason why that is relevant as we heard yesterday from a u.s. off

blackstone will realize some $14 billion in profit, meaning it has tripled its investment. get a venezuelan vote update from caracas and find out how geopolitical tensions surrounding the oil markets. that is up next. this is bloomberg. ♪ this is bloomberg. ♪

blackstone to take out gramercy properties cross rounded up to a billion dollars -- $8 billion. worldwide, this is bloomberg. ♪

to buy stakes in competitors such as blackstone group. 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?

investment firm sued gso, which is part of blackstone. it was interesting reading this. gso and solace are actually on another deal. so, this is show business. [laughter] david: exactly. julia: speaking of messy business, deutsche bank. you have to get your dollars and yen right, those are two big figures that are really messy. >> $35 billion, 28 billion euro went to the wrong place it is somebody hit the wrong button. the errors. david: we knew that there was one in march, but there is also 14 years ago that they thought they had fixed. the one in march was after already a huge one. >> it is literally about that they did not have two pairs of eyes on something. in one case a but he said it is yen? it should actually be euros. david: and how big whether dividend the --b be?

jumping in sydney after the blackstone takeover bid. directors are not saying that they will be recommending unit because it does offer significant value. shares up more than 12% year to .ate >> some of china's biggest tech names are buying into what promises to be the biggest ipo this year so far, alibaba and tencent are investing in foxconn and alibaba. they say they are spending the equivalent of $2.15 usd per share ahead of the upcoming. want a june said to 7 listing in hong kong which could raise about $10 billion usd.

your screen, getting some news from blackstone, 5.25 a pop. give the math, that is about -- yvonne: 15% premium. david: the offers from atckstone, all caps proposal 5.25, so that is the breaking news for you. that is the pricing on the screen. we will see, get more details on this one. maybe directors might support this one. it seems to be a good one. some of the world's leading central bankers are making concerted called for their independence to be safeguarded. they agree that political interference is growing. speaking of stockholm, jerome powell said the pressure is one -- is rising. challenginglearly a moment for central banking. trust in government and public institutions is at historic lows . in this environment central banks cannot take our measure of independence for granted. yvonne: our chief asia economics

john blackstone took a tour. >> reporter: a playground is a key feature of a ground-breaking new children's hospital at stanford university. christopher dawes is proud of all the details. >> this is a photo op for the families and for us too. >> reporter: dawes heads the newly opened lucile packard children's hospital at stanford university. >> we have an outdoor patio for every floor. >> i have the view. >> reporter: karina garcia is one of the first patients. >> how many things are you hooked up to anyway? >> like a million. >> reporter: her recovery for surgery for serious intestinal problems has been made easier in a hospital designed from the ground up to serve young patients and their families. >> i like these. >> reporter: when she is able to take a walk with a nurse and her mother, lucila, she seeks out the animal sculptures that dot the hallways. she was particularly delighted to discover the cow, made out of toys. >> what difference does it make having something like this in the hospital? >> it's just cool. it's distracting.

especially kkr and blackstone and others, have started to dive deeper into how do we get this as a means of distribution? you have to think there is a little bit of that at work here as well. ,avid: talking about superrich we had a change in state laws and new tax laws, but it goes away potentially and they are worried the democrats will change it back again. if you're worried about the superrich is grandchildren -- are you worried about the superrich's grandchildren? jason: to tell you how wealth is trending, heart of this is that the key element here is the notion of the dynasty trust. the reason there is such fervor around it is because this text change could go away in 2025. people are scrapped -- tax change could go away in 2025. people are scrambling. julia: amid a political shift.

caruso-cabrera blackstone had staking hilton private. in a leverage buyout and took it public in late 2013. when they bought that thing, the timing could not have been worse, but they made it out and made it out so successfully, it's been one of the great success stories. the food and drug administration haze approved first-ever treatment to prevent migraine headaches. it's going to be comarketed by novart novartis it will cost $575 per month. and for those who suffer from migraines, a lot of people looking forward to this. also shares of nordstrom taking a very big hit in pre-market trading this morning nordstroms did beat on the top and bottom lines that's the good news but here you go. comparable store sales at 0.6% was only half of what analysts were expecting you're looking at that stock now down over 7% in the pre-market this morning >>> we are less than 24 hours away from what is expected to be the most watched news event of

wendy: and jodie blackstone. still to come... a—list celebrities grace the red carpet in dresses inspired by goddesses, angels and the pope at the met gala but those wild, beautiful and bizarre clothes. but those wild, beautiful and bizarre clothes. new york‘s biggest social event of the year. should all 25—year—olds should receive a £10,000 payment? to help towards the deposit for a house or to help start a business? that‘s the suggestion from the resolution foundation, which has published its big report on inter—generationalfairness today, following a two—year study. they also suggest that pensioners should be taxed more and the money spent on the young and the nhs. in a moment we‘ll talk about the ideas suggested — but first let‘s just run through how the generations are classified. you‘ve probably heard of millenials and baby boomers — the resolution foundation breaks society into groups based on when people were born. those born between 1911 and 1925 are part of the greatest generation, many of whom would have fought in the

blackstone shares finished up t% $31.68. shares of lasallelimbed by5% to $33.61. hospital operator hca health care and kkr are reportedly foring up on a takeover bid envision health care. reuters said that the two are working together to create what they hope will a compelling offer even as other buyout firms eye ension. envision has requested that all offers be submitt this month. hca's shares are up to $103.86. shares of envision were at . $43. >>> pinnacle foods has hired everore partners consider strategic partners. janaartners has pressed the maker of dunkin' hines baking mixes to mer with conagra brands. the two companies have reportedly disssed the potential combination in the past. pinnacle foods was off $69.93. >>> world wrestling entertainment has found a new broadcast home. as first reported by espn, 21st century fox's company reached a massive deal with wwe for the "smackdown live" show. it will take ace october 2019. shares of wwe were up to $57.86. >>> restaurant equipment company middleby is buying the ice cream d frozen drink services company for $

jeff. >> glor: john blackstone from our l.a. bureau.n, thank you. >> glor: development in the russia investigation, michael avenatti the lawyer for stormy daniels claims that in the month before the scorn election, a russian billion nightmare send $500,000 to michael cohen, president trump's personal attorney. avenatti is suggesting some may be used to reimburse cone to keep quiet for the affair, cbs news learned robert mueller is utah today became the first state to allow what's called free-range parenting. supporters say it gives parents far more latitude to raise kids as they see fit. jamie yuccas takes a look. >> you ready to go? >> yeah. >> reporter: when melissa butler sends nine-year-old guy and seven-year-old sammi off to school, they walk alone. >> ultimately, i decided my parenting decisions are not going to be based on fear. >> reporter: butler is no longer concerned because utah's free- range parenting law prevents parents from being prosecuted for allowing kids to roam on their own. why would you even need to put a law like

closing in on blackstone my raising the wage on warehouses. apparatus up, let's start with the last one first, blackstone which owns the largest fund on record, striking out again. >> i love this story because if you know about the history of blackstone over the last 10 ,ears, going back even further they have been known for making big bets. this move into industrial speaks to a major trend in the market. julia: and opportunistic. they spot a theme. fundsal estate investment are all under pressure. those focusing on office rental and ones that look at warehouses. they played to a bigger theme. >> in the valuation, that is part of the playbook. seeing that ultimately the , theyage opportunity public market is inefficient when it comes to real estate. iny are seeing how to get and what they're looking at specifically, e-commerce. ist of what is driving this the distribution, the logistics that you need to service the amazon.com world we are living in. you need to make sure he gets to the right places. they are buying up real estate in a lot of a

john blackstone, cbs news, san francisco. >> glor: kind of want to do that now.he cbs evening news. i'm jeff glor. good night. captioning sponsored by cbs captioned by media access group at wgbh access.wgbh.org lockdown at a mill valley apartment complex. tactical units move in on an 80 year old gunman who police say... >>> kpix5 news begins with breaking news. a shooting and lockdown at a mill valley apartment complex. tactical units move in on an 80- year-old gunmen who police say shot 2 people. >> we are live over the scene over a three-story apartment complex. within the last few minutes we learned that officers are standing down. the suspected gunman is dead. >> all of this happening near the 101 freeway. katie nielsen is live at the scene with some new details from investigators. what are they telling you?>> they gave us an update a few minutes ago and said the incident is now over. >>>reporter: just a few minutes ago tactical teams reached a door inside the apartment complex using a flash bang and were able to enter the residence and found a man deceased i

john blackstone, cbs news, palo alto, california. >> morgan: all right, still ahead on the "cbs weekenddanica patrick ends her career chasing a win at the indy 500. danica patrick ends her career by chasing a win at the be indy 500. this is called pseudobulbar affect, or pba. a condition that can occur from brain injury... or certain neurologic conditions like stroke or dementia. nuedexta can make a difference by significantly... ...reducing pseudobulbar affect episodes. tell your doctor about medicines you take. some can't be taken with nuedexta. nuedexta is not for people with certain heart conditions. serious side effects may occur. don't take with maois or if you are allergic to dextromethorphan or quinidine. tell your doctor if you have bleeding or bruising. stop if muscle twitching... ...confusion, fever, or shivering occurs with antidepressants. side effects may... ...include diarrhea, dizziness, cough, vomiting, weakness or ankle swelling. ask your doctor about the only... ...fda approved treatment proven to reduce pba episodes. nuedexta. which is the only egg good eonly eggland

blackstone has stepped out of one hotel deal into another.he firm has agreed to buy a luxury hotel owner and an all-cash deal. last week, blackstone sold the last of its hilton worldwide stock. there is a tank over in the banking business today. it is a cash and stock deal valued at $4.7 billion. that is your bloomberg business flash. david: there is a truce and the trade war with china. mnuchin said "we are putting the trade war on hold. we have agreed to put the tariffs on hold while we try to execute the framework." the u.s. dollar is responding this morning. welcome our guest. welcome. the u.s. dollar as shot up. is thee chart shows extent to which there is a negative correlation between the u.s. dollar and emerging-market currencies. up, emdollar goes currencies go down. >> it is pretty significant. we have had a move in the dollar that has been global. in the last week or so, it has been led by emerging markets. we had big moves in turkey, brazil, indonesia. been catching a lot of investors by surprise because we had that breakdown in c

john blackstone, cbs news, san francisco. >>> that is the "overnight news" for this friday. for some of you the news continues. for others check back later for the morning news and cbs this morning. from the broadcast center in new york city i'm jeff glor. >>> this is the "cbs overnight news." >>> and welcome to the overnight news. i'm don dahler. president trump's new lawyer has some new explanations for some of the controversy swirling around the white house. first rudy giuliani dropped a bombshell, that the president did repay his lawyer for the hush money payout to stormy daniels. then giuliani came up with a new reason why the president fired fbi director james comey. major garrett sorts it all out. >> he didn't know the details of this until we knew the details of it, which is a couple weeks ago. maybe not even a couple. maybe ten days ago. >> reporter: that was president trump's new personal lawyer, rudy giuliani, describing what the president knew about a $130,000 payment to adult film actress stormy daniels to gain her silence days before the election about an alleg

john blackstone, cbs news, palo alto, california. >> still ahead. danica patrick, end her career, chasing a win at the indy 500. dove men+ care stain defense go beyond sweat protection? um... clean doesn't stain my clothes i don't get the underarm pit stains well, we couldn't have said it better ourselves. try new dove men+ care stain defense for anti stain and anti mark protection only remfresh usesody's ion-powered melatonin to deliver up to 7 hours of sleep support. number one sleep doctor recommended remfresh-your nightly sleep companion. available in the natural sleep section at walmart. i ...prilosec otc 7 years ago,my doctor recommended... o, yelast w eek.5 agars just 1 pill each morning, 24 hours and zero heartburn. it's been the number 1 doctor recommended brand for 10... ...straight years, and it's still recommended today. use as directed. >> danica patrick ended her last race hitting the wall at the indy 500. she finished as the first lady of racing. not hurt in today's crash. in 2009 placed third at indianapolis. the best ever for a fema

blackstone is checking out of hilton. the private firm bought the chain for $20 billion in 2007.illion worth of profit, the most profitable private equity deal on record. it was not all smooth sailing. have you with this. what is the motto? by it, fix it, sell it. >> indeed. >> talk about what blackstone did. this was an 11 year journey. there were a lot of early stumbles. probably timing was the biggest issue. >> they did not plan for the world economy to blow up after making this large purchase, for sure. yearsad to endure several of bad times for the travel industry. .ompanies are doing poorly people are not traveling for work. a 70% they took write-down. talk about how they reshaped the business. this is ultimately what happened. fundamentally different company now. president, this was his signature deal. >> they sold off assets for almost $2 billion. and owner of hilton hotels. now increasingly their business is collecting fees for franchising hotels. is a stronger business. >> sure. it is where hotel companies have gone. hilton was -- it certainly followed the larger compet

blackstone group has agreed to buy gramercy. a 16% premium to gramercy's close.bout a nightmare link to new accounting rules. it has come true for his company. the rules require brush are -- berkshire hathaway to report unrealized gains or losses in net income. that helped lead to a $1.1 billion loss for brookshire in the first quarter, the company's first net loss since 2009. that is your bloomberg business flash. david: we will take advantage of ey, weinberger, the ceo of and talk about this accounting change. i was out in omaha. this is quite the subject. rick sharga -- berkshire lost money because they had things they had to mark to market. changehis was a consistent with international accounting rules to better reflect the value of equities with a readily -- when you have a copy like berkshire that has so much asset whatquities, it will dwarf may be the operating income. it gives you a real-time vision, as if they sold the stock that day, what it would be worth. companies report gap and non-gap to explain the difference. had a a shareholder question, saying

blackstone group is run by steve swartzman. it is a terrific buy let's go to bill in new york bill >> caller: hi, jim thanks for taking my call. i appreciate your thoughts on zylinks. >> the stock jumps up and came back down. you have to think back and get the crypto currency out. finally it's locash in georgia >> caller: boo-yah, jim. >> boo-yah >> caller: long time listener, first time caller. i'm thinking to take a position in sell jecelgene. >> buy amgen or regeneron. i think celgene over paid and is still recovering that said, i don't like the group. leonard in new york. leonard. >> caller: boo-yah, jim, from bayside, new york. >> okay, man what's up? >> caller: i'd like your thoughts on exelixis. >> another biotech they are not working now i won't say other than for total spec should you buy it joaquin in florida joaquin. >> caller: boo-yah, cramer. >> boo-yah >> caller: i have volatility driving me crazy when i buy it goes down, when i sell it goes up. i have one next with money gram. >> that's not a high quality stock.

how can you catch up with blackstone? alix: you mentioned it. david: he chuckled. we have a dedicated real estate investors since 2013, with running fiduciary capital. over our 40 years, henry and george were prolific in real estate space. it is since 2013 when i joined, we have been a global real estate investor along third-party capital investors. we have a global brand. a dominant franchise in europe, asia and the united states. my job is to connect the dots across the different parts of the firm that are established in these geographic locations to take advantage of real estate related opportunities on behalf of our capital and our clients capital. -- what talked earlier are your favorite plays, retirement homes for example -- housing. blackstone just me to play into warehousing. where is the best opportunity you see? ralph: globally? alix: yes. ralph: korea, the logistics opportunity is interesting. theard the earlier segment, discussion around retail consumption and brick-and-mortar. in korea, 23% of retail sales are online compared to 10% in the united state

john blackstone, cbs news, palo alto, california. >> you know, you look at those children and just goe's going to be ok and i'm sure all that helps. >> having mom and dad by your side or loved ones makes all the difference. >> that's everything. we hope they're all doing well. >> on that note, thank you for watching. we'll see you back here at 11:00. >> for news throughout the night, latest on cbssf.com. see you at 11:00. [ music ] >> announcer: the following program is sponsored by operation smile. every year, hundreds of thousands of children are born with cleft lip and or cleft palate. >> dr. bill magee: why should any child, anywhere on this planet, have to live a life of misery. >> kathy majette: a lot of people think that children that are born with these deformities are cursed. just imagine a life alone, that nobody wanted to be around you. >> norrie oelkers: and we had children coming in for screening with brown bags over their head. they're never allowed to leave their house unless they have a bag on their heads. >> kathy majette: some children don't live, because they have p

outrage and a petition to drive to remove him from the bench -- in an exclusive interview with john blackstone, he says he can't let reactions to judgments sway the courts. >> we make a decision, we are disappointing one side or the other. if one side or the other is disappointed is able to generate outrage, get it out there on social media, raise money, based on one decision, it is not right. >> the judge and his sentencing followed the recommendation of the probation department and the california commission on judicial performance concluded that there is no clear and convincing evidence of bias or judicial misconduct. the recall has raised more than $1 million and he has raised $400,000 to fight back. >>> heavy rain continues to pound the southeast and mid- atlantic states. all the result of a powerful storm alberto. it has been downgraded to subtropical depression but when it made landfall on monday on the floor to panhandle it brought wind gusts of 50 miles per hour and pounded some areas with more than four inches of rain in 24 hours. it also turned up the surf along the coast. >> you get

after 11 years, blackstone is finally checking out.h this exit, blackstone will realize some $14 billion in profits. coming up in the program, we had to malaysia where politicians talk to us. this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. 7:00 in0 minutes past the morning, beautiful, humid morning -- morning. 30 minutes from the open in japan.trade data due in information we will get when we get it. betty: we will indeed. it is 7:30 in new york. still a beautiful almost summer evening, where the markets ended the week pretty much unchanged. you can see the nasdaq taking a bit of a hit on friday. i am betty lou. david: i am david ingles.

i'm glad you brought it up do you think blackstone would do that, too.o see them do that >> yeah. we own more kkr than blackstone because it's trading at a more depressed price. we think blackstone is on the edge i hate to say on the one hand but it's a close call. i'm going to say they're going to watch how kkr reacts when they convert and if that does have the positive impact that we're thinking it's going to happen, i think they will follow suit. >> finally, bill i want to bring up emerging markets. some of these currencies and markets have been absolutely hammered in the past few months. as interest rates move up and the u.s. dollar strengthen you know, the old warren buffett when the time goes out, you see him swimming naked some of the countries have their own problems like argentina and turkey but their currencies have been absolutely bashed. l look at the double digit weakness down 22%. the lira down. the rial down 14%. what do you advice investors pouring into etf or emerging market exposure over the last few years on cheap money that has been o

shareholders need to approve blackstone's offer.ar currently where they stand. the singapore exchange says it has full confidence in the sgx position. rishaad: [indiscernible] -- stxnwn -- f nifty down by 1%. what the prime minister can do to reduce anger among voters. >> that is a tough one. his fiscal space is limited. monetary policy is not great either. there are growing expectations that modi might have to lower excise duties to protect consumers, especially those in the rural sector. -- higher oil prices are a threat to growth also. that comes under threat if the recovery space -- if the recovery in india slows from here. that means that modi's rule to hand out freebies is limited, given that he has been tightening purse strings in the last few years by cutting down or holding welfare spending and subsidies spending until recently. modi have room in the budget to hand out more freebies? >> that's right. moody's recall that upgraded india just last year, reforms modi for the that he took part in fiscally. the pressure of headin

the company recently struck a $17 billion deal with private equity giant blackstone, which now has asiness. joining us is maike currie, investment director, fidelity international. yesterday was the day where potentially we were going to get a rate rise from the bank of england and then all of the mood music changed, and then they said they wouldn't do it. but the most interesting stuff was in the detail about growth forecast and inflation reports. things can change quickly ina reports. things can change quickly in a month because in mid—april there was a 90% probability that we would see a quarter of a percent rise. if we look into the detail of what the bank of england said yesterday, one, global growth is slowing but uk growth has slowed significantly and inflation expectations have been reined in the key thing the fragile consumer and we can see that with retail sales as the high street is struggling and with the housing market cooling because the housing market is a key driver of how affluent or well off we feel, and all of those factors have given the bank of england caused to

blackstone makes a pitch to be ultra-wealthy hedge funds and avoid paying taxes forever.ds good to me. collins.s is peggy george soros is saying that we may be on the cusp of a great financial crisis. this is not the first time he has warned this. investor made it as an in the early 1990's when he wagered against the pound. he is back again with his somber tone when it comes to europe. he is saying they are in the middle of a crisis, pointing to things like italy and focusing on a refugee crisis and the fact that countries should potentially have a volunteer system in terms of refugees heard they should be able to decide where they go and countries should have more power over they accept. interesting, a marshall plan of an idea for africa he mentioned in his speech in paris, where he also pointed to that as potentially some of the float into the european union. david: he really is concerned about the breakdown of the atlantic alliance which has been in place since world war ii. he has been an advocate for many years. peggy: he also pointed to brexit as a major problem for

blackstone did a deal with gramercy trust. that's showing something is happening in the real economy on the ware house and industrial side. charles: do you get the sense these companies are bulking up to meet new demand that's coming in. >> jobs are coming back to the united states, manufacturing is coming back to the united states. and the fed is not even worried about oil. the economy is doing well within the consumer is doing well, we are not worried about it. >> we are snuck that market purgatory. i think part of the problem is that we probably hit some valuation levels the last 5 years that have given investors pause in the past. charles: in january we saw sharp pullback in valuations. >> but back then we had free money, and money isn't free anymore. the fed is the elephant in the room. that puts pressure on multipled. >> we are still at his tearically low levels with the strengthening economy. so i don't understand how we can complain about 16 times ford earnings. share buybacks are increasing and earnings are going up.

alix: what about blackstone? >> blackstone, oaktree, and others have been considering this.ear what happens next. nameobviously being the that it is in the history that it has on wall street, this will be a big move. again, the numbers do not lie. the stock initially was of about 6%. went up 14% the day it announced, the biggest jump it had as a public company. alix: numbers do not lie, and recorded sound does not either. what happened on it -- this is what happened yesterday on the tesla earnings call. >> next, next. are not cool.s next, sorry. this questions are so dry. killing me. i am not here to convince you to buy our stock. do not buy it is volatility isn't scary. there you go. alix: what does wall street make of this call? >> everybody's talking about this. overnight, this morning, all across the globe. for wall street, the analyst call is, as both of you know, a little bit of a kabuki dance. when i was a young reporter covering tech companies, it was one of the things you had to do. you listen to the back and forth. it is very scripted. time, there is information th

blackstone is targeting a fund it will use to make global energy investments.t the same amount the last energy fund raised in 2015. blackstone's energy team makes controlling equity investments around the world. africa's largest company has delivered another major investment coup. it made $1.6 billion from the sale of its stake in flipkart. walmart bought 77% of flip card -- flipkart. naspers made about $10 billion after trimming its $32 million state in tencent. vodafone has made it clear it will clear its -- vodafone has made it clear it would challenge deutsche come on its home turf -- deutschecom on its home turf. the deal rattled europe's markets. thedeutsche ceo saying that agreement will distort competition. this is bloomberg. ♪ julia: this is "bloomberg markets." i'm julia chatterley. scarlet: i'm scarlet fu. time for options insights. julie: joining me is alon rosin of oppenheimer. as we walked -- watched the action today, one thing some traders are pointing to as a trigger for stocks to move higher is the vix breaking a little lower. is that what you

off awe john blackstone from l.a. bureau. thank you. >>> utah became the first state to allow free range parenting. supporters say it gives parents far more latitude to raise kids as they see fit. jamie yuccas take is a look. >> you guys ready to go? >> when melissa butler send guy and sammy off to school they walk alone. >> ultimately i decided my parenting decisions are not going to be based on, fear. >> butler is no longer concerned because utah's free range parenting law, prevents parents from being prosecuted for alug kids to roam on their own. >> why would you need to put a law like this into place? >> a good question. >> utah state representative brad daw. >> nobody wants to see a kid abducted. but everybody wants a kid to be a kid. how do we find the balance? >> the idea can be traced become to something former new york columnist, wrote a decade ago. she let her 9-year-old son ride the new york city subway and got labeled world's worst mom. >> if you are neglecting a child that's awful. you've will be prosecuted. if y

these are forms -- blackstone, kkr, carlisle, oaktree, apollo -- all who over the past decade have hadncing investors they are good stocks to buy. this will broaden that. the shift from a partnership to a corporation is no small thing. shery: it is a big commitment. you can't go back. no wonder these other ones you mentioned are not doing it. jason: this is a parlor game among the private equity geeks like myself as to who will go when in this regard. as i talk to people the past two days, there's something of a math problem to figure out how much they will be giving up because of the tax rate and the tax change and does it make sense for us going forward? david: in the broader span of history, goldman dated, morgan stanley did it. -- goldman did it, morgan stanley did it. coors blameslson ak beerbers on we sales. this is bloomberg. ♪ ♪ this is bloomberg markets balance of power. head tos u.s. delegates china, president trump delayed the decision on whether to -- including the eu and canada. guest is president and ceo of the beer institute, joining us from washington. it is great to ha

here is john blackstone. >> reporter: judge aaron persky remained largely silent as campaign to removeim from the bench built over nearly two years now. now in his only television interview he defended the send fence that has been widely condemned. >> if a judge is thinking in the back of his or her mind how is this going to look? how will it look on social media? will i be villified on cable news? that's the wrong avenue. we can't do that weechl shouldn't do that. >> reporter: his sentencing of brock turner meant the former swimmer walked free after three months in county jail for sexually assaulting an uncon sthus wom -- uncon sthus woman. >> you did have an idea before you passed sentence it would be a controversial sentence? >> yes, and by my ethical constraints by the rule of law, i had to completely tune that out. >> reporter: in court, turner heard the word of his victim. a powerful statement, widely shared on social media. you took away my worth, my privacy, my confidence, she told turn ter. i don't want my body any more, i was terrified of it. >> reporter: if this case were yo

here is john blackstone. >> reporter: like other summer music festivals, there is plenty of music atside lands in san francisco. headliners last year, were the who. and metallica. but for a decade now, jut side lands has been about more than music. it also features, food from celeb rip t celebrity chefs, fine wine, craft beer. other festivals have taken notice. as the they lean up band. promoters across the country are raising the bar on food and drink. often inspired by the success of jut side lands. >> this is a few levels north of hot dogs. >> the drummer, comes to jut side land every year, whether he is playing or not. >> so we come and we check out the band. and, we have a little, you know, little glass of wine. cheese, food. this is, a very sort of northern california, festival. >> reporter: it all happens in the meadows and forests of san francisco's golden gate park. >> the haight-ashbury just on the other side of the park. >> greg, one of the creators of outside lands, remembers golden gate park as the epicenter of the summer of love, 1967. it wouldn't beep the same anywhere

you obviously combine poverty and we have talked about everything everyone is doing led by blackstoneg hotels and residential in some cases. but participating from the technology prospect is an interesting point. david: that leads to the ipo from volvo cars, not trucks. we thought it would be a good time to revisit exactly how the banks are doing with the ipo's. let's look. citi has done very well here. you see the list of banks. notably, goldman not at the tops but clearly in the mix. a wallthe things from street perspective, investors are always like, i want to get my hands on ipo's. what anchors talk about is that they want to get their hands on the fees. ipo's are seemingly coming back and that is good news for the investment banks, who is not have a lot of success. is -- are some big kahuna's out there like aramco that are hanging out, but we have not had nice flow of ipo's. there is a big -- these are a big money maker for the banks and to get their names out there. what we talked about with deutsche bank, it is a chance to get high-profile bankers, and those of the men and wome

this time by blackstone. as we've seen online shopping become more popular some of eits haveustrial r become more attractive. an israeli flavoring company, $7.1 billion including debt. the largest sale yet in the food flavoring industry. mark: 19 minutes until the end of the monday session. a bank holiday in london. is a wonderful step. ignore the price. that is the ftse on friday. european stocks are rising for a second day after gaining for six week last week best winning run since march 2015. a lot of of ocean on the bloomberg telling us that volumes are 15%. the 100 day average. the stock 600 is at its highest level since february, led by technology, led by oil and gas aboveies as oil trades $70 a barrel for the first time since 2014. air france, these are one-day percentage moves. you can see the 9.9% is special. the chief executive throwing in the towel late friday, resigning from the pose he held for two years after failing to win backing from employees for paid coastal's. analysts saying the result is

blackstone has some big ambitions when it comes to tapping the so-called retail channel.ow important do you think it is to the alternative asset management industry to develop those new pools of investment capital? bruce: as i said earlier, there is anbang enormous amount of institutional capital and you could stick with that. it's always good to diversify sources of liquidity. the high net worth system or individuals and it really goes back to technology. it was very difficult to figure out how to deal with individual investors without the technology advancing to be able to deal with lots of individuals. today, that is now evolving and we can do that, so we probably will have longer-term 10% to 20% in the high net worth systems of our funds. eric: any other pools of capital you plan to tap? have four listed partnerships that trade on the new york stock exchange. they are perfect for 401(k)s or retirement accounts. so that is really a high net worth product. institutions can buy them, but they are very attractive things. longer-term there is a lot of capital there for hig

blackstone will have realized about $14 billion profit and that is triple the original investment. ,hanges campbell soup they say the ceo is retiring today. they have been struggling to death through a three years sales slump -- they have been struggling through a three years sales slump. that is your business flash. set to launch. is a bribery investigation into glencore, the giant under scrutiny for its dealings with israeli billionaire and the leader of the democratic republic of the congo. they have consistently denied any wrongdoing. no charges have been brought. joining us is will kennedy of bloomberg news. we are in the luminary stages and what do we know? >> no investigation has formally been launched but there is an office in london looking at investigating the relationship between glencore and the russian billionaire. -- the is really billionaire. an important man in the congolese mining industry. glencore and the man had relationships that went back to 2007 in certain mining opportunities in the congo. we think they will look at that. nejra: shares are down short -- sharply and

blackstone is national and and -- ould face that is according to a court filing claiming it on fall -wfully collected personal data. google denies the claim. -- the magazine finds the controls hard to use but praises the battery range and handling. up, lower for longer. why trade for brent oil is set to steal the show. ofck out g tv , a number charts highlighting the movement of oil right here. you can see the outlook has been falling. be talkingoing to about the futures as well and what that means for equities. that is the place to be. 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. welcome to bloomberg markets. in new york.e china hit the pause button on paris for now. interview

john blackstone sat down with aaron persky, who said the campaign against him is sitting close to home. >> if the judge is thinking how is this going to look, how will it look on social media? will i be vilified on cable news ? that is the wrong avenue. we should not do that. >> reporter:'s sentencing of brock turner meant the swimmer walks free after spending only three months in county jail. he sexually assaulted an unconscious woman. you did have an idea that this would be a controversial sentence. >> yes. and my ethical constraints and the rule of law i had to completely to net out. >> reporter: turner heard the words of his victim that went viral on social media. you took away my worth, my privacy, my confidence. if this case were before you today, the me too movement being what it is, would you been more sensitive to the feelings of the society around you?>> let me say again, based on the code of judicial ethics, i cannot discuss details of the case are my decision-making. that i can say that generally the answer is absolutely not. >> reporter: the commission on judicial performa

let's go to blackstone, agreed to buy gramercy property trust in a cash deal by at $7.6 billion.reen on the screen for both companies and the acquired company getting a big boost. togine the company offering buy athena health care for $6.5 billion, a huge jump in those shares. an elliott management is activist company and get actively involved in this is a big move for them. nestle is spending $7.15 billion for the rights to market starbucks products. is going to put a huge chunk change in starbucks his hands and they plan to use it for their u.s. and china strategies growth. starbucks has been absolutely explosive, not so much in the u.s. market there is a trend towards making coffee at home products and that has caused stocks are don't 5%, so the money from that deal will go directly to u.s. and china strategies to boost the bottom line. betty: still ahead, budget day in a civilian were collected tells on tax cuts and investors however looking deeper into those numbers and will have more. up next, more on the swings of oil prices as trump first announces decision i iran sanctio

blackstone will realize some $14 billion in profit, meaning it has tripled its investment.enezuelan vote update from caracas and find out how geopolitical tensions surrounding the oil markets. that is up next. this is bloomberg. ♪ this is bloomberg. ♪ haidi: it is 8:30 in sydney, markets open for a brand-new trading week in 90 minutes. beautiful morning, futures looking less than beautiful, even though we had progress on the trade front. equities looking lower, tracking the u.s. betty: a lot of questions. i am betty liu, it is 6:30 in new york. let's get to first word news with paul allen. administration says it is putting the potential trade war on hold after making progress with china on reducing the deficit. treasury secretary stephen mnuchin said tariffs against beijing will be cost while an agreement -- paused while an agreement is finalized. he promised up to $150 million, and beijing said it would retaliate. >> we are putting the trade war on hold, so we have agreed to put the tariffs on hold while we try to execute the framework. the president has been very clear si

john blackstone, thank you. it's good to hear from him. lot of people, as john pointed out, he was vilified. interesting to hear his thought process behind the decision. >> this is a judge where voters vote them in and out. that's the power of your vote. >> the voters will get a chance to weigh in on this. >>> the next generation of wireless service is close to reality. but it's too close for the critics. neighbors question safety of the new antennas required for the high-speed technology. >>> and we invite you to subscribe to our "cbs this morning" podcast. what you do get? there you go -- the news of the day, that's good, extended interviews, and what we like best of all, podcast originals. find them on itunes and apple's podcast app. you're watching "cbs this morning." we thank you for that. we'll be right back. ♪ er. do you offer $4.95 online equity trades? great question. see, for a full service brokerage like ours, that's tough to do. schwab does it. next question. do you offer a satisfaction guarantee? a what now? a satisfaction gua