. >>> henry kravis, the co-chair and co-ceo of kkr joins us >>> could volatility be a good thing?ese drops should make investors feel better that's coming up (music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. >>> welcome back to "the exchange." it's been anything but a ho-hum day in the markets, though that's what it looks like this afternoon. stocks are way off their highs the dow was up 800 points at the high it's up 200 right now, an eighth-tenths gain all three are on track for their biggest weekly declines in 12 weeks because of that huge selloff yesterday. the worst week in 12 weeks still today, s&p up 15, nasdaq up 32 let's look at the financials making a comeback today after two terrible recessions where they were down 17% cyclical areas coming back today as well and utilities selling at about half a percent some of the names on the list include lululemon is at 4% following its first earnings miss in three years. again, year to da

kkr, for instance, is another one i trimmed. kkr is almost back to those -- i'd probably jump back in there immediately. i thought it was a couple of names that i needed to trim and some names i absolutely took off. i think that's part of what you do with your portfolio you analyze it and see maybe where you have more exposure or taken out what you think you're looking for and that's what i did. i adjusted a lot i did an incredible amount of trading throughout the options world as well. i took off a bit of that exposure in financials for sure. >> also disney why did you trim disney, pete? >> i look at did knsney, it's am we talk about almost every day it's highlighted because of what's going on in terms of when will they reopen and at what point will they do it versus california and florida and the rest my problem now is i think we are in for a little bit longer period of time than i first suspected. i took about half off. i think around 100 disney, is a buy. somewhere between 110 and 120, it's probably sitting in an area you ca

kkr has raised more than $10 billion for their third asia fund.on track to having the biggest buyout assembled by a u.s. private equity firm for asia. this according to people familiar with the matter that say the buyout -- the buyout giant has achieved 80% of its $12.5 billion target within seven months of the official launch. kkr, now amassing $10 billion for their biggest asia buyout fund. let's go to the tech sector. it may be enjoying the equity rally, but they do not like president trump's decision to freeze several types of work visas, including the h-1b visa used widely by tech firms. twitter, amazon, microsoft, airbnb and the ceo of tesla, apple and alphabet all expressed disappointment in the move. senior tech reporter joins us from dallas, texas. great to have you with us. how big of an impact will these visa freezes have for these companies? y: the estimate is expecting between $300,000 and 500,000 people in the short term. of these visa holders go to tech companies. in the short-term, it will have a big of an impact. the long-term imp

signed the definitive agreement it's now a done dell kkr making a billion dollar investment to coty convertible shares, a 9% coupon and the conversion premium is 20%, $6.24 when the deal was announced, coty stock went straight down. you can see what it's doing there. straight down after that deal. and it's come back a bit today peter harth, the guy who oversees j & b is coming back, he's coming back as coty's ceo kkr is making this majority investment in the wella brands, the professional air dresser brands, and others for 4.3 billion, that's cash, about 12.3 times the company's adjusted ebita from last year but there -- you know, they delevered, they got their balance sheet in shape, now the question is whether they can get the business in the right place. at the end here of all of this, j & b will still own 50% of the company, and kkr will be the second largest investor at 17% >> but they didn't bring anyone in from the outside. he is 74, and obviously they have tremendous faith in him i would have hoped they were bringing in a rock star from ulta i don't know just -- it's -- i fe

blackstone or kkr? >> two great things. right now i only own kkr when you look at the valuation level, it trades less expensively. i think there's much less up side >> what's going on with oracle >> it's been flats f for the ye. it hasn't picked up like the tech stocks. >> brenda. marty in delaware is dan her a buy, sell or hold? >> there's been a will the of other companies participating in the early rally, it's up just as much as apple this year. great business we would continue to hold it here because it has performed so well given the diagnostic. >> michael it's the delay i apologize, brenda. michael, cvs, is it a buy? >> i already done it where i don't own it, i would buy it the integrated health model is working. i would buy it where i don't own it >> josh, before i go to break. i upda any update on store capital? >> huge move off the lows. i'm still long >> okay. good stuff thanks for that quick question uaming up, we have pete's unusl activity we're back in two minutes. after my dvt blood clot, i wondered. could ano

i wish i were the chairman of the kkr. thanks to all those in the audience for joining us for this virtual celebration of grants 198 birthday. it is great to be back with the grant monument association. it's a wonderful association which is led so spur bleep by frank scaturro. an organization that has done so much to refurbish and maintain the magnificent monument in which grant and his wife julia are buried. also the organization that does so much to preserve the legacy of the distinguished general who truly did save the union. it is also a pleasure to be on a virtual stage this evening with professor elizabeth samet. a highly respected professor of english at west point academy for over 20 years now and the author as you heard of several highly acclaimed works. i have known and admired elizabeth for well over a decade. she's a truly racist with words and a consummate student of history, literature and soldiers at war. with her annotated memories of ulysses s. grant, she demonstrates those attributes convincingly once aga

in stakesld about 22% to buyers including facebook, kkr and others, valuing the company at around $65with the .urchase of sabic more than 2 million sawtek shares changed hands on sunday -- sabic shares changed hands on sunday. this acquisition is a key part of aramco's plan to expand from oil production into chemicals and other sectors. oil trading lower monday morning in asia, extending last week's decline as there are fresh cases of coronavirus in china and the u.s., futures coming to an abrupt end as of last week. su keenan the latest. the fed warning also stoking the markets. su: robert kaplan said he believes there are a lot of worries about the oil economy recovery. itsbill market snapped longest strength -- streak since 2018. closed itsas beijing largest fruit and vegetable supply center and locking down dozens of people associated with the market tested positive for the virus paired there is concern about the second wave and we are concerned about the u.s., florida in particular with a sharp increase in cases. there seeing a real halt in fierce rebound we saw in wti oil and al

we have noticed a big players , they arerlight, kkr writing large, i feel like checks.m going to have them place holding what an ipo is going to be in the second half. we'll see if what you are saying pans out. thank you so much for joining us. coming up, just three weeks into our -- her new role as the for -- the first lawsuit against president trump, the executive order on social media. we will hear from her next, this is bloomberg. ♪ legal challenges are mounting against president trump's executive order aimed at curbing the power of social media. the center for democracy and technology was the first to file a lawsuit against the order. so far, the only -- alexandra: this is trying to turn social medias -- and i are most worried about doing that during election year. about aery concerned wide public conversation around the power of social media, around the significance following the conversations that have on information platforms. we are very anxious about any order that is trying to coerce social media companies that are trying to take responsible action to inform

he names some examples of companies like jpmorgan and kkr and said they kind of gone in the right direction on this front but he still lamented the fortune 400 has so little representation among african-americans. you could have solutions come down from the top in terms of the political system but there's a lot people can do right now. >> i think it has to trickle up or down. one of the issues is not just what has to be done at the management level of companies whether it's around internships, whether it'shiring or the board level. we talk about esg all the time environmental sustainability and governance it's that piece, the g piece you see people who say i'm not going to take companies public that don't have a diversed board. he's requiring them to have at least two diverse board members and that's a minimum the question is whether that trickles down across the board and how much investors actually value that it requires the whole community to decide this is what they want to do and requires the investment community and this is not about paying lip service to decide this is something they

iny have raised $10 billion recent weeks from high-profile backers, including facebook and kkr.estor mark mobius says he sees a v-shaped recovery from the covid-19 pandemic despite the view that many global job losses will be permanent. he told us while consumers are ready to buy again, the u.s. government needs to invest in infrastructure to help out. mark: i see a v-shaped recovery because that is what the markets are telling us. if you look at every market around the world, they have gone up by 20%, 30% or so. i am talking about both emerging and involved markets. so i think a v-shaped recovery -- >> financial markets are being driven higher by central banks. that is straightforward. we can see that happening. there is a divorce from the economic reality and associate economic impact that we are seeing on the street. there is a racial element happening now in the u.s. the market is looking past all of that because they know and the investors know the central bank has their back. will that blow up in their face? mark: i do not think so. over, theyckdown is are going to get cus

significant work in terms of diversifying the investment bank employees and kkr is more reflective of the demographics of this country. we have to say that a system if we look at the top, for example, the forbes 400, richest 400 people in this country, if it's a fair system, 12% should be african-american not less than 1% that is the actual fact of today. i think, also, that we have to look at employing people in positions of opportunity and investing in our talent to give young african-americans opportunities to develop a skill set and advance their careers and also we have to knock down this unfair double standard that african-american entrepreneurs, professionals and african-american business leaders have to bat 1,000 and be perfect opposed to counterparts to bat .250, .200 and be hall of famers and this double standard and a low expectation that our country has for most of us that creates an environment where it's only the outliers that actually can achieve in that and we cannot have a system saying success based upon an outlying event. it has to be a successful outcome based on e

you have that big in vision problem for kkr as well because a lot of health care advisors were forcedose up during this pandemic. to ask theant esg,ion that vonnie asked, how they need a diversity of thought. how does private equity stock up on the front? sonali: it is still very much a club, but carlyle has the most women in their senior ranks. it is significant to hear kewsong lee talk about it. also he is one of the few asian executives in a private equity firm as well. we do want to see a bigger commitment from the industry at large in terms of their operating companies, and the companies they own, since they are owning an increasing swath of america and internationally, really. this is something that we will want to watch. they arepressure putting on their pension funds to seek change, because their voices matter, too. amanda: great to have you with us, sonali basak. you can continue to watch the global investor summit on live go. vonnie: today, we had a couple announcements of actual mandated changes. blackrock saying 30% of their employees across the company by 2024 will be bla

kkr is large position, total confident in the team.one with ceo of mattel a lot of confidence there. they have a new cfo in place we think they have the turnaround on track. tremendous ip utilized in to 21, terrific also there's been great new ideas out there. my favorite is envista, the dental products company known for great products people have to go to the dentist again. there's been a lot of people waiting to go to the dentist and probably need to get back there and get things repaired. that's a great bargain here, great value. vail resorts, another one interesting for us it got crushed when the spring season got decimated it got hit pretty hard if you think about it, it's the perfect business to come back. you think about it, if you're wearing your skis, you're automatically socially distant for 6 feet you're used to wearing masks when you ski we think they will come back stronger than people anticipate as they move into 2021 >> didn't think about the social distancing while skiing. i want to fog up with mllow up . this has been

coty went into this over-levered and there's a turnaround plan that kind of got scuttled and the kkred in and there's a very competent and someone that can navigate some of the moving pieces here. this is good news and this isn't great news and it doesn't solve the problem, but two kardashians is probably better than one. >> karen, beauty has always been looked as as a small luxury. times are tough you buy a lipstick or a lotion and it makes you feel better. >> right i mean, i was wondering was kylie upset that kim then did this i don't know i don't know if they'll fight about it, i don't really know, but you know or she's, like, hey. coty overpays. i don't know there's a lot of debt here and i would rather be in an ulta and sort of a wait for traffic to come back which it will at some point. >> time for the final trade and let's go around the horn >> steve grasso. >> spirit airlines and i've been on this one for a while. if the stock had doubled and i spoke about it at $14, and i thought it could double again, the stock was up 20% again and i think it's going twa28 bucks spirit save

according to sources, kkr, since then and add event, blackstone.ve a bidding war on our hands if these bidders stay. the deal is expected to get about 5 billion pounds for the tea business. unilever could start the process after the summer ends. finally, easyjet is another one to watch today. a breach of data not too long ago. it is expected to affect 90 million customers and thousands of credit card information being taken. there is a class-action lawsuit about 10,000 customers have joined the case. it would be one of the uk's biggest group action claims over personal data. thanks very much. dani burger with your stocks to watch. we will keep an eye on solvay and unilever and easyjet. let's keep an eye on what is going on big picture on these markets. european futures suggest the downside. .6% inocks futures down all the major markets. of u.s. futures, a slightly more positive picture. around .1%. up by similar moves on dow futures. nasdaq of performing -- outperforming .3%. tech stocks was a theme on wall street yesterday. if you look at a compar

kkr amassing more than $10 billion. it puts it on track for the biggest buyout for the region.rces saying it managed 80% of its target within seven months of launch. it is planning to close the first round by the end of the month. it could surpass the record $10.6 million. that was raised by hillhouse capital in 2018. potentialto a conflict of interest for credit suisse. the lender is looking at finance funds, which provide short-term corporate loans. the loans are sourced by green helped capital, which is backed by softbank. top live streams are under pressure for the central government. out three singled apps backed by firms run by tencent for what they call vulgar and problematic content. among the are crackdown. it is not clear what if any sanctions may follow. tom: let's check in on the markets. and of the u.s., you have concerns about the virus -- in the u.s., you have concerns. about the virus california has seen four days of record infections. it seems the outbreak in beijing is under control. just seven new cases reported in the chinese capital. the focus is on the cen

facebooks whatsapp has 400 million users in india. 20% to buyershan including kkr, silver lake, and generalcici bank is looking to raise as much as $3 billion to bolster its capital ratios. bloomberg understands mumbai-based lender is considering a share sale as early as september depending on market conditions. stock in icici is down around 35% this year. indian banks across the board have been struggling with equity issues made worse by the coronavirus lockdown. let's get you a check of asian markets after we saw that decline on wall street. investors failing to climb that -- worsening coronavirus case across major states across the u.s.. 1.2% for new zealand. trade numbers coming in pretty much in line with estimates. they offered up the possibility of more stimulus if needed. futures pointed lower by 2%. early decline, particularly led by energy. they saw energy as one of the leading decliners. 1% overnight. nikkei futures are trending lower by about 1.25%. seoul kospi futures, the rare bright spot we see. coming up on the next hour of "daybreak asia," stocks in this part of the world a

he's a senior social impact advisor of kkr and a nonresident fellow at brookings. thanks for being here today. >> good morning. i'm happy to be here. >> first of all, explain blue meridian for those who aren't familiar >> blue meridian is a unique philanthropic vehicle for philanthropists to invest in solutions to scale try to meet hard problems with hundreds of millions of dollars so you can actually solve them >> you say that talk is cheap. we have heard a lot of talk but we've also heard some ceos and some corporate executives who are really putting their money where their mouth is this week, too, in terms of trying to effect change. what do you think needs to happen and what are ways things stick around longer than when the public's attention is captured >> i think the conversation we're having before the break is apropos for this break we have to have faith that we're going to prevail in the end but we have to be willing to face the brutal facts of where we are today. i appreciate the efforts that have been made this week to confront the crisis that we have, b