carol: this is "bloomberg businessweek." ♪ ♪ jason: welcome back to "bloomberg businessweek."lly. carol: i'm carol massar. still ahead in this week's issue, the davos rivalry between the united states and china. jason: the six politicians who could chart britain's brexit future. carol: the former espn president is plotting his comeback. jason: he has a new startup that aims to be the netflix for sports. >> he left espn about one year ago, a little more than a year ago, and came back six months later at a startup called dazn. they are the netflix for sports. they have live events, operate in five markets right now, and charge you a monthly fee. their goal is to i think supplant espn and any other competitor in the world of global sports broadcasting. carol: that's not easy to do. when i think about the big sports franchises, they cost a lot of money, get locked up for years at a time. how does he break into them? if anybody is able to do it, you think it would be him, because he did it with espn. >> dazn started without him while he was at espn. that's why they could maybe do i

carol: this is "bloomberg businessweek." ♪ ♪ carol: welcome back to "bloomberg businessweek.": join us for "bloomberg businessweek" every day on the radio 2:00 to 5:00 p.m. wall street time. you can also catch us on our daily show on our podcast. carol: you can find us online at businessweek.com. on the cover this week, zte's cautionary tale. jason: this is one of china's biggest tech companies. carol: it nearly became a casualty with president trump's trade war with china. jason: this centers on china's dominance of 5g wireless technology. carol: zte managed to avoid a crippling ban on working with u.s. suppliers. jason: that ban has been labeled a death penalty. carol: global technology companies are studying this story very closely. jason: here's more. >> zte last spring, a company that some people had heard of, few people understood, was announcing that it was basically at risk of going out of business because the u.s. commerce department had done something to it. i thought that was a really interesting illustration of just the way that the united states and the chinese ec

carol: this is bloomberg businessweek. ♪ ♪ carol: welcome back to "bloomberg businessweek."arol massar. jason: and i'm jason kelly. join me and carol every day for bloomberg businessweek on the radio. from 2:00 p.m. until 5:00 p.m. wall street time. also catch up by listening to our podcast on itunes, soundcloud, and bloomberg.com. carol: and you can find us online at businessweek.com and on our mobile app. jason: in the finance section, investing legend jeremy grantham has got a strong track record of predicting bubbles before they pop. carol: right, and that includes the tech crash and the financial crisis. jason: now he is giving a talk titled "the race of our lives." carol: is warning is about the warming of our planet and he has donated $1 billion of his own money to help the world avoid catastrophe. >> he is 80-years-old. he has wound down a lot of his involvement with the firm he founded. he is touring the country, touring the world, really, and getting this talk called "the race of our lives," and it is about the race between climate change, which is accelerating, an

carol: this is "bloomberg businessweek. ♪ carol: welcome back to "bloomberg businessweek.m carol massar. jason: and i am jason kelly. join carol and me every day on the radio. you can also catch up on our daily show with our podcast on itunes, soundcloud and bloomberg.com. carol: you can find us online at businessweek.com and our mobile app. this week the economic section is all about china. jason: and specifically the risks and rewards with beijing's clout. carol: to see that clout, see this chart in the magazine. it shows you how important china is to many of the world's biggest companies, and what you see, take a look at apple, boeing, procter & gamble, huge multinational companies. the dark part is revenue from the rest of the world. that top light part of the chart, the white part shows you the amount of revenue coming from china. just take apple alone, $52 billion coming from china. jason: i think back to earlier this month, that news hitting the tape about apple's exposure to china about it being responsible for its revenue shortfall, that had a huge impact on the m

carol: this is "bloomberg businessweek." ♪ carol: welcome back to "bloomberg businessweek." am carol massar. jason: i am jason kelly. you can catch up on our daily with our podcast on itunes. carol: you can find us online at businessweek.com and our mobile app. the economic section is all about china. jason: specifically, the risks and rewards with beijing. carol: check out this chart. it shows you how important china is to many of the world's biggest companies, and what you see, look at apple, boeing, procter & gamble, huge multinational companies. the dark part is revenue from the rest of the world. the white part shows you the amount of revenue coming from china. apple alone, $52 billion. jason: i think back to earlier this month, that news about apple's exposure to china being responsible for its revenue shortfall, that had a huge impact on the market, and it raised the question and turn the ed the tables in terms of what your exposure to china meant. carol: china has always been the market everybody has been looking to to grow their topline. jason: we have more from our

carol: this is "bloomberg businessweek." ♪ ♪ jason: welcome back to "bloomberg businessweek."y. carol: and i am carol masser. join us for "bloomberg businessweek" every day on the radio from 2:00 to 5:00 p.m. wall street time. you can also catch up on our daily show. check out our podcast on itunes, soundcloud, and bloomberg.com. jason: also find us online at businessweek.com and the mobile app. we are everywhere. carol: yes, we are. in the solution section this week, it's really looking at geopolitical relationships around the world. first up, we look at the rivalry between washington and beijing as the world economic forum kicks off in davos, switzerland, this week. jason: economics editor peter coy came back. he talked to us about how the u.s. and china are pulling multinational companies and countries in different directions. >> back to the 1970's, there was a guy who wanted to have a european management forum, and then it just grew into this world economic forum that brings ceos, heads of state, but also, interestingly enough, like artists, scientists. it is a real glitte

carol: this is "bloomberg businessweek." ♪ ♪ tool: welcome back "bloomberg businessweek.". jason: and i'm jason kelly. you can also listen us to the radio on sirius xm, in new york, boston, washington, d.c. carol: in london on dab digital and of course on the bloomberg business at. let's talk about bloomberg, because you never know who might stop by. just recently shaquille o'neal visiting our bloomberg businessweek radio studios. jason: it was something to behold. very electric moment. we talked about a lot of things, but he told us how he has built a very successful investment portfolio. shaq: i heard the great jeff bezos say that if you're going to invest, you should invest in things that are going to change people's lives. it made a lot of sense and he said this a long time ago. i'm always in silicon valley meeting people, at ces, which is happening right now in las vegas. i just like to get information by hearing people that are smarter than me talk. invest in things that are going to help people out. when i first came and i was wanting to get rich quick and do a lot

jason: this is "bloomberg businessweek." ♪ carol: welcome back to "bloomberg businessweek."oin us every day on radio, carol and myself from 2:00 to 5:00 wall street time. carol: they can find us online at businessweek.com and our mobile app. during the battle of immigration policy, the issue affects millions of individuals and thousands of communities around the wheel -- world. jason: two cities, one in iowa and one in guatemala that have been bound together by a flow of immigrant workers. now that connection is being tested and may be severed. >> i read in may about a raid ice did on a concrete plant in a small town in iowa called mount pleasant and in that raid, ice arrested 32 undocumented workers and the majority were from guatemala. after the raidls and talked to some people in mount pleasant. little by little, i found out that a lot of the people detained came from the same place in guatemala, a small rural department. visiting mount pleasant a few times, it became clear there was this connection between the two places, two small towns. one in mid-america and the one i

carol: this is "bloomberg businessweek." jason: welcome back to "bloomberg businessweek."'m jason kelly. carol: still ahead, nancy pelosi's dealmaker reputation is being put to the test. jason: and real estate experts see deals ahead. carol: paypal is as well known for who founded it as what it does. andgreat and it has more -- drake bennett has more. >> they went on to do totally different things and for a lot of people, paypal is still associated with ebay options and a button on a website but at this point, it has become a that -- a much bigger company. ofon: for a certain segment the audience out there, they probably heard of paypal but nmo. have heard of thven thathey are talking about much more than paypal. a couple of acquisitions that have framed the company in a different way. >> braintree processes payments , stub hub, a lot of these instantaneous mobile phone transactions you are not aware of. braintree does that and that is part of paypal. which also owns vennmo was created to handle informal social payments like buying a round of drinks. to notff that used req

this is "bloomberg businessweek." ♪ ♪ >> welcome back to "bloomberg businessweek."e of the world's most respected tech analysts talk apple in 2019 after brutal week for the company. jason: self driving cars generating buzz, but analysts say, wait for it, there is a long road. carroll: we have to dig into the massive headline. apple shocked investors and wall street by cutting its revenue forecast for the first time in almost two decades. jason: shares plunged with global knock on effect to chip suppliers and it put rising trade tensions back in focus and placed pressure on president trump. we caught up with our editor for more. >> in a surprisingly lengthy note to investors, tim cook said what a lot of analysts have said for years now. apple pushing up the sales prices on iphones well over $1000, and among other things, the fact it hasn't kept up with varying features in the market along with its prices, suggests iphone trade-ins are not what they used to be. people are not buying every 2 years anymore. carol: the timing of it. at the holiday season is when we get o

this is "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek.": you can listen to us on the radio on sirius xm channel 19 and 106.1 in boston. jason: in london on dab digital and the bloomberg business app. carol: a look at how restaurants are facing unprecedented staffing challenges. jason: it has always been fairly easy to find low-wage workers after the holiday rush, but this year, not so much. >> dunkin' donuts, the ceo said labor is the number one concern for franchisees. the number one, keeping them up at night. across retail and restaurants, moving into the new year, usually there are workers that were working at kohl's or macy's. but there are fewer of those people. a lot of these retailers have raised wages. they need people, too. there is this darth of workers in the restaurant industry. jason: how are the restaurants themselves combating this? i have to say one of the things that jumped out at me, and i don't know if everybody was a watcher of the movie "office space," but consulting the employees about the uniforms -- i could not help

♪ welcome to bloomberg businessweek.rexendo joining you from bloomberg headquarters here in new york. investors with a germanic revenue revision citing weak iphones dales -- sales and slumping demand in china. am a how the nra is spreading its message around the world. carol: smartphones helping patients prescribed drugs for chronic illnesses. the fda planning to roll out that innovative proposal. >> happy new year. it began with the way the old government ended that the older year ended, -- the old year ended with plenty of volatility , in the market. carol: some green, some red, swinging between the two. as the economics editor points out the cover story, investors can lay much of volatility at the feet of president trump. >> when the market had been off and on but still generally rising, then began to fall, the decline gained speed in december the day before christmas. we have had some bobbing around since then. 2018 was the worst year for the stock market since the financial crisis of 2008. >> the worst year. we did

this is bloomberg businessweek. ♪ jason: welcome back to bloomberg businessweek.: you can listen to us on the radio on sirius xm channel 119 and on a.m. 11 30 in new york, 91 fm in washington dc. jason: in london on dab digital and the bloomberg business at. carol: a look at how restaurants jason: ano face unprecedented staffing challenge. it is always been fairly easy for the industry to find low rate best low wage workers. consumer reporter leslie patton told us why. saide: dunkin' donuts ceo its labor is the number one concern for franchisees. that is right. so across retail and restaurants moving into the new year usually there are more workers, people free up. they were working at kohl's or macy's during the holidays that there are fewer of those people now and maybe they move into restaurants. a lot of these retailers have raised wages and they need people to bang. there are still there -- still this dearth of workers in the restaurant industry. jason: how are restaurants combating this? i have to say one of the things that really jumped out at me and i don'

guest is peter coy, economic editor of bloomberg businessweek. take us through the reaction to that proposal, some of the pros and cons that have been put out there since alexandria ocasio cortez has been talking about specifically to 70% rate. >> you can guess that people who like low taxes like grover norquist, he is the one who goes back to the reagan administration and came up with the taxpayer pledge, the one that says i will not raise taxes in my life. a lot of republicans have taken that pledge. for him to have them come on and say this is a frontal assault on the mission that he is successfully prosecuted for more than 20 years now. i talked to him and he tossed it off as, i welcome this because all she is going to do is destroy the democrat chances of winning in the next election. i don't know if that is true. i am not taking sides on the issue but looking at the polling data it shows that quite a lot of support for higher tax rates on the rich. take literally what she is saying, the 70% rate would not take in and tell you of $10 million

and bloomberg businessweek economic editor peter c will be on to talk about the tax policyoy of alexandria ocasio-cortez from new york. then double row hack discusses the latest on brexit and the future prime minister theresa may. be sure to watch c-span's washington journal live sunday morning. join the discussion. >> in a saturday address to the nation, president trump offered a proposal, which if approved by the congress, would end the ongoing government shall -- shut down. the borderunding for wall and an extension to the daca program, which allows children of illegal immigrants to stay in the country. this is 15 minutes. president trump: just a short time ago, i had the honor of presiding over the swearing-in of five new great american citizens. it was a beautiful ceremony and a moving reminder of our nation's proud history of welcoming legal immigrants from all over the world into our national family. i told them that the beauty and majesty of citizenship is that it draws no distinctions of race or class or faith or gender or background. all americans, whether first generation or 10t

this is "bloomberg businessweek." ♪ ♪ carol: welcome back to "bloomberg businessweek."arol massar. jason: and i'm jason kelly. join us for "bloomberg businessweek" every day on the radio. carol: you can also find us online at businessweek.com and our mobile app. consumer and food brands are continuing a wave of consolidation in the face of competition and changing consumer tastes. no one knows that better than our next two companies, both product and spinoff. jason: the president and ceo of the dutch food retailer and the chairman and ceo of -- international sat down with jackie simmons to talk about where they see growth in the year ahead. >> i think that if you look at our sectors, in this moment where the growth is coming from, it is about certain segments to be in. and not everything is the same in food. so if you are at the center of the store and largely north american focused, that is probably not a good place to be. if you are in snacking, and 75% of our business is outside of north america, you are in a much better place. i think if you focus on the segments th

a conversation with grant reid on this "bloomberg businessweek debrief." ♪ joel: grant reid has been of mars since 2014. he previously led the company's chocolate business. when i spoke with him at bloomberg global headquarters, i began to asking him why he thinks mars' legacy candy brands remain so popular. mr. reid: i think it is the emotional connection with the consumer. you look at some of those brands, i remember i was skiing some time and was on the lift on the way up. there was a young guy next to me who was in there early 20's. he probably is thinking, i have this old guy i have to chat with. he said, oh what do you do? i said, i work for mars. he looked at me vaguely and i said we make m&ms, and he literally shouted out, "m&ms! what a great brand!" that is the emotional connection. when you make that connection, it is part of the heritage and part of the culture, you also add the consistent quality and the brand is a promise to the consumer. as long as you keep keeping that -- keep meeting that promise over the years, your consumer will keep coming back. joel: mars today so

we are joined by businessweek economic editor peter coy.ria osasio-cortez knows how to stay in the limelight, talking about up to a 70% tax. that is really not going to sit well with businesses. peter: no. it would apply as personal income taxes she is talking about. it also refers to incomes starting at $10 million. which is really excluding all but a tiny handful of americans. the campbell's nose under the tent. you can imagine if that idea catches fire, then she will start talking about applying it to more people. or maybe applying it to capital taxation as well. kind ofhave people worried. i have been hearing back from bloomberg subscribers who think she is really heading in the wrong direction. economists, as you would know, would say that 70% is the rate at which it still works. the tax will still gather the maximum amount of income. to your point, it is the question of how the politics will play out, not even hillary clinton or bernie sanders were willing to go as far as 70%. given the way this is works and how funding of campaigns w

a conversation with grant reid on this "bloomberg businessweek debrief." ♪ joel: grant reid has beence 2014. he previously led the company's chocolate business. when i spoke with him at bloomberg global headquarters, i began to asking him why he thinks mars' legacy candy brands remain so popular. mr. reid: i think it is the emotional connection with the consumer. you look at some of those brands, i remember i was skiing some time and was on the lift on the way up. there was a young guy next to me who was in there early 20's. he probably is thinking, i have this old guy i have to chat with. he said, oh what do you do? i said, i work for mars. he looked at me vaguely and i said we make m&ms, and he literally shouted out, "m&ms! what a great brand!" that is the emotional connection. when you make that connection, it is part of the heritage and part of the culture, you also add the consistent quality and the brand is a promise to the consumer. as long as you keep meeting that promise over the years, your consumer will keep coming back. joel: mars today so much more than candy. what has b

we will show the front page of the bloomberg businessweek. the collar is correct that very few people actually paid those high marginal rates. shelters, there are ways to knock down that rate. i was talking about creative accounting. thosef with those shelters, they are higher than they are now. there is not strong evidence are bad or rates good or the low rates are bad or good. frustrating that such an important question after all of these years hasn't been fully resolved. is not a hard science like chemistry. host: glenda is in texas. good morning. caller: i want to talk about our taxes. 10% to would put everybody in the whole united states, it would solve all the problems. if it was a trash collector and , he would be happy to do host: is that called a flat tax? guest: the way it does work is that if you are below a threshold you pay zero income tax and the richer you get the higher the bracket is up until the mid-30's. the reason for that is the feeling that rich people have more wherewithal to pay taxes. they should pay more. poor people

josh wrote the cover story for k's bloomberg businessweek. we are looking at how u.s.se tensions are impacting the global market. we have heard about the revenue forecast cut for apple. chinese smart phone sales falling off a cliff. samsung also cutting revenue but not mentioning china specifically and now xiaomi. what is happening? >> i think with apple you see a reminder that the u.s. and chinese economies are really interconnected. and any action that u.s. policymakers take that have a negative impact on the chinese economy will eventually end up impacting american companies like apple. obviously there is more going on in the smart phone market then just the trade war. there are other reasons that the market is slowing down but it is one factor. emily: what is your take on all things combined here? the revenue cut from apple was unprecedented. >> i kind of pointed that out. apple is essentially a luxury product, especially in chinese markets. and all of the luxury brands have suffered pretty aggressively in that market. sales have slowed down. but if you add to that

also "business week's" -- "bloomberg businessweek's" peter coy will be talking about alexandria ocasio-cortez and her influence on capitol hill. and american enterprise willtut's dalibor rohac discuss brexit and the influence of prime minister theresa may. we will see you tomorrow morning at 7:00 a.m. eastern. [captions copyright national cable satellite corp. 2019] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >> today on c-span, some of the new members of congress. then the confirmation hearing for andrew wheeler to head the epa. live coverage at the women's march in washington, d.c. the government shutdown continues, in its 29th day. president trump will make a statement from the white house at 3:00 p.m. eastern. the virginia senate is in session. they are expected to speak about efforts to reopen the government as the senate gavels in at 11:00 a.m. on c-span2. >> a record number of women, minorities, and first-time politicians are part of the 116th congress. c-span recently spoke with a number of th

carol: welcome to "bloomberg businessweek." i'm carol massar. jason: and i'm jason kelly. we're here at bloomberg headquarters in new york. carol: in this week's issue u.s.-china trade talks front and center. jason: the magazine has several stories enter into a relationship with big tech and its impact on the digital economy. carol: on the cover the technology zinet president trump spared,

. ♪ yvonne: welcome to "bloomberg businessweek." rishaad: and i'm jason kelly.ne sales in china. >> and america's gun culture is good -- is going global. >> and helping patients

welcome to "bloomberg businessweek." carol: i'm carol masser. issue week's u.s.rade talks front and center. jason: the magazine has several stories enter into a relationship with big tech nd its impact on the digital economy. the : on the cover technology giant, we're talk

other "businessweek" come to a halt because of th shut-down too. >> it is scary. >> molly is concerned government assisted rent won't be paid and she would be evicted because of the political deadlock. >> i am upset with all of them, all political speck trumps of it. it is tit for tat. enough isnoh. you guys have a home. you have security. you are worth millions of dollars. we have hard-working aricans here that are doing the right thing, and you guys are doing tit for tat. peoples lives are in jeopardy. >> and molly is worried it all means her 86-year-old father,ve who here will always -- always become a victim of an increasingly far-reaching crisis. "bbc news" in boston. >> for more on where this stand-off stands, i am joined now by our north america reporter, anthony. lots of activity in wash, but in washington, but any progress? but lot of wheels spinni maybe. there are two bills coming before the senate later this week. one is donald trump's wall funding. democrats are ying they are not going to support that. there are a lot of poison pills, for protection of undocumented migrant

. >> welcome to "bloomberg businessweek." i am carol massar.anies tackling our global macro concerns. combatinge ceo on global warming. then we have the global cover story.

. ♪ carol: welcome to "bloomberg businessweek." i am carol massar. jason: and i am jason kelly.g you from bloomberg's headquarters here in new york. america's gun culture is going global. how the nra is spreading its message around the world. carol: smartphones helping patients prescribed drugs for chronic illnesses.

m bloomberg businessweek economic editor will be on to talk about the tax policy of freshman democratic representative alexandria a cause you cortez from new york. discussions on the latest on brexit in the future of prime minister theresa may. be sure to watch "washington journal," live at 7:00 a.m. eastern sunday morning. join the discussion. announcer: senator kirsten gillibrand spent saturday in iowa, talking to democrats about her candidacy for president. she visited several cities during the day. here's a look at a stop in des moines. this is just over an hour. [cheers and applause] >> hello. thank you for coming. thank you for getting the best seat in the house. [indiscernible] >> good evening, everyone. welcome to the paul county democrats. on behalf of our organization, thank you for coming out in joining us this evening. we would like to welcome senator gillibrand, here tonight. she served in the u.s. senate and began her career in public service by standing up for everyday americans. she has been a very vocal care, infor health various transparencies in our government. she su

our guest is peter coy, economics editor at bloomberg businessweek and co-author of a recent cover storynew york democrat alexandra o cousi

josh will the cover story for this week's bloomberg businessweek, looking at how u.s.-china tensions are impacting the global smartphone market. give us a bigger picture here. it we heard about the revenue forecast cut for apple. also cutting revenue. but not mentioning china specifically. and now xiaomi. what is happening? see awith apple, you reminder that the u.s. and chinese economies are really interconnected. and any action that policymakers take that have a negative impact on the chinese economy will eventually end up impacting american companies. there is more going on in the smartphone market than just the trade war. there are other reasons the market is slowing down, but that is one of the factors we are seeing here. i mean, this revenue cut from apple is unprecedented. i pointed out that apple is essentially a luxury product. especially in the chinese market. all luxury brands have suffered pretty aggressively in their market. if you add to that the overall isand for smartphones, it softening. it has been a growth industry for 12 years. it is growing at such

a new bloomberg businessweek article to go look at how four major companies fared after the enacted. $22 billion as of september of last year. to washington with the author of this piece laura davidson is standing by. talk to us about how apple compared to the rest. laura: apple compared to every other company. the numbers are of greater scale, but in terms of trendlines how they spent their money, it is in line with what we saw a lot of companies do. disney, starbucks, visa. they put a lot of money into buybacks. they saw the tax rate go down to 21%. what they heard from investors and when they were looking around, they had a long period of growth and investing in new things. we are going to give this back to investors. you saw that someone with dividends but it was really buybacks that was the strategy of choice. emily: how does it compare to what they promised to do with this money? laura: really in line. apple promised to spend a couple of million dollars in buybacks, which that number 72 billion represents the first three quarters of last year. assuming what they did in the last

to discuss, let's go to new york with our bloomberg businessweek columnist. made a new year's resolution or something to get the workforce right at all his companies? >> you do wonder. one of the interesting things about elon musk and this interlocking group of companies is that there aren't bright lines between them. musk is famously going back and forth between spacex in tesla, aspects of the tesla operation are located close to spacex, with shared staff. they are two different companies, but at times the lines blur. it does feel like maybe while mosque was looking at test was getting this company as close to profitable -- as profitable as possible, he may have said maybe it is time to trim some at spacex. i don't think you are wrong in that assumption. emily: so why are we seeing these layoffs at spacex? the coo said there would be fewer launches this year. why? >> the thing that's happening with spacex is it is transitioning from its falcon 9 rockets, which are the ones that everyone knows, to this new or a think they just change the name. biggerly it's a

. ♪ ♪ carol: welcome to "bloomberg businessweek." i'm carol masser.ere at the bloomberg headquarters in new york. carol: in this week's issue u.s.-china trade talks front and center. jason: the magazine has several stories enter into a relationship with big tech and its impact on the digital economy. carol: on the cover the technology giant, we're talking about zte. jason:

ets "bloomberg businessweek." >> germany is where we might be having a recession.y had a down third quarter, and with these bad industrial production numbers for november, that continued through into december and a down fourth quarter, which by some measures is considered recession. joe: if your business model of your country is selling stuff to your neighbors and the rest of the world, it is kind of unavoidable. peter: i agree with that. germany has a big account surplus. that is how it sustains this economy. it's vulnerable for that reason. the fact that both trading partners would slow down fory list, and reasons politics. the only country donald trump dislikes more than china right now is germany. germany is a big exporter of cars. trump has repeatedly talked about the possibilities of tariffs on imported automobiles. romaine: are we overplaying this a little bit? governing council in europe saying don't worry too much about this, that when you balance out the data with consumer spending data, everything is, if not fine, within their models. peter: i'm somewher

só'ñó carol: welcome to "bloomberg businessweek." i'm carol massar. jason: and i'm jason kelly.e at bloomberg headquarters in new york. carol: this week, how things operate at the world's best performing stock market. jason: we're talking about the jamaican stock exchange. also, investing legend jeremy grantham. carol: and this businessman is using his deep pockets to take on climate change. jason: and we talk about one of

we will show the front page of the bloomberg businessweek. collar is correct that very few people actually paid those high marginal rates. shelters, there are ways to knock down that rate. i was talking about creative accounting. thosef with those shelters, they are higher than they are now. there is not strong evidence are bad or rates good or the low rates are bad or good. frustrating that such an important question after all of these years hasn't been fully resolved. is not a hard science like chemistry. host: glenda is in texas. good morning. caller: i want to talk about our taxes. 10% to would put everybody in the whole united states, it would solve all the problems. if it was a trash collector and , he would be happy to do that. if it's bill gates making billions, he would be happy to pay his 10%. there should not be any tax shelters and everybody should pay. everybody pay 10%. outfth grader could figure the taxes. all the people in the irs could be on the border getting people to come through. host: is that a flat tax? the way it does

a spring in the host of "bloomberg businessweek" david kelly. branson is not having it anymore.eporter: not having it. this is quite a fight, and it really comes down to branson versus jes staley. these two guys have very different visions of what they want this firm to be, and it really centers on the corporate and investment bank. branson is saying this isn't doing what i think it should be doing. vonnie: barclays shares are down about 26%. what can jes staley due to placate him? reporter: that sounds like what he wants is a sea on the board -- a seat on the board. he really wants to have a voice here. will it be enough for him to just hear him out? that remains to be seen. it seems like some action needs to be taken from bramson's perspective. it is interesting this is the bank he's choosing to go after, given all the turmoil that's happening across all of the other european banks as well, whether it is deutsche bank, ubs going through succession planning it sounds like. we will see where this one lands. guy: jason, this guy is obviously getting pretty frustrated. he's been f