. >>> kkr's cofounders s.kravis and roberts are stepping down, effective immediately. but, jim, let's start with the markets, of course, something we've been talking about for quite some time, which is a surge in energy prices they've been volatility, but generally the trend has been up and up sharply, more so in europe than even here, but we have said and we are keeping a close eye on this, as we inch closer and closer to colder weather, and oil as well, above 80, so energy has been performing fairly well tech has been kind of a bill of a roller coaster lately. >> there's a short just four paragraphs with barclays, okay the stagflation threat this is what people -- what happened as to the stagflation scenario we know that stagflation has historically been the curse of the market the fact that oil is so visible is incredible to me. there's just no supply and, it sounds like demand is through the roof natural gas, by the way -- -- -- >> you're looking at a note from goldman sachs, cutting that you are growth forecast, just talking about what they expect to be a slower t

you also have another major move over at kkr.hey are going to eliminate their controlling preferred stock class. they are transferring into a one vote per share system, which is intended really to bring more investors to the firm as they continue to change, become more situational lysed, and really make this that more institutionalized, and really make this a next step -- make this more institutionalized, and really make this a next step. matt: both of these guys have been working there for a while. obviously this has been on track. this is the last generation to handed it over. we've seen this happen at apollo, at other big private equity shops. >> we can't even spend the day without hearing from the different private equity firms, the new people they've hired and the new businesses that are standing into kkr means more net worth, the business is expanding more, infrastructure, private credit. you have one leader taking over at apollo, at carlisle, and blackstone at the helm, but john gray is number two, pretty much a clear succ

henry mcveigh of kkr.berg. ♪ ♪ alix: we are about half an hour away from european markets closing. we are off the lows. here's ritika gupta. ritika: a pretty ugly session today in europe, but off the lows. it really is those concerns about inflation feeding and from the energy market, where we have seen soaring prices and gas. we have the race to the gains in gas for the day, but really hitting energy supplies. -- energy suppliers. they are facing big cost pressures now. we did see in the session earlier that yields were rising, but banks were getting hit. we have some of those moves were first, but still, barclays down 1.3%. it is red across the screen in terms of sectors, but there are individual movers weaving went to the upside. ? is soaring, the top performer in the stoxx 600 after beating on its earnings, announcing a share buyback, boosting its profit forecast. very interesting time for grazers in the u.k., with bids from the likes of morrison's. we are also seeing hsbc getting an upgrade, and that

i give kkr doing this over a number of years. jonathan: there's a lot of effort here at bloomberg to put this story together. we need to talk about this market. we can do that with mark howard, bnp paribas microstrategy director. right now we are -- perry barre -- bnp paribas macro strategy director. mark: thanks, jon, and good morning, everyone. we are moving in that direction. i think it is a really important narrative. we don't think the number for payrolls is going to change the u.s. taper story. we think the taper call is a tight one. central banks want to take some of the largess back. it is complicated, heavily complicated, by what you were talking about earlier in the energy and power markets. that is a really important narrative that i urge investors not to be complacent about because it greatly complicates the task. tom: tell me about bnp paribas' thoughts about gradual. i -- the hope of thes bulls is that the moves forward will be smooth and controllable. do you buy it? mark: i do, and i don't think there is a proverbi

kkr, leslie? >> that's right.firm there's a new guy. really guys in charge. kkr announcing that henry kravis and george roberts are moving up and the ko-presidents to be co-ceos and moving to one share one vote structure the elimination of shares with special voting rights could allow a broader suite in indexes. guys >> thank you so much for that. i guess that change will give you quite a few vote just still significant shareholder of this one? does this change in leadership alter the view at all? >>no tft well signaled before this is a final step they did a great job to put in place several years ago and the reorganization is shareholder friendly they're now giving more voting power. getting rid of the partnership that some people thought produced a conflict between p publish shareholders this is a great company and business that continues to grow. very well run. >> in the broader financial space approaching earnings what is the top pick? >> kkr hastripled since announcing they won't be a partnership. i think '21

so certainly, kkr on a tear. they are also moving to a one share, one vote structure.hese firms are also creating a more shareholder friendly business as they change what they look like inside in terms of leadership. alix: sonali, thanks a lot. let's get to my special place. energy is looking to kick off the week on the front foot. we mentioned brent. calls coming out for $90 a barrel. abigail doolittle is digging through some of those moves. abigail: lots of green on the screen for the commodity comp >>. starting out with the underperformer, gold, which is up nonetheless, 0.1% per get aluminum on fire, aluminum and copper. take a look at thermal coal, up about 9.7%. this as there are more coal plant shutdowns in china over cold-weather. crude oil, it is really pretty amazing, at $81.50, the highest level in about seven years, now on pace for the eighth up week in a row if that holds at the end of the week. it feels like these -- these holds and energy are out. we can see why there may be reason to think that this oil boom is going to continue. this is a year to date c

among them, kkr, blackstone, and carlyle group.he unit could also track some of the biggest pharmaceutical companies. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm leigh-ann gerrans. this is bloomberg. ♪ >> they may start tapering in november and you have a sharp quarter of tapering. they are going to win about and postpone any raising of rates. jonathan: nouriel roubini, ruby macro associates ceo -- nouriel roubini, were beanie -- nouriel roubini, roubini macro associates ceo. yields lower by two basis points to 1.5944%. in the fx market, 1.5552. tom: certainly, the houses are suggesting we grind higher. jonathan: we heard that from ed morse yesterday. could see $90 in 4q. we are almost there. $90 is not a big call. tom: there's two prices of oil. you quote wti, which i think is fine. going up, i look at brent. going down, i look at the lower-priced wti. i really don't know why i do that. i am looking at $84 oil right now. jonathan:

kkr's new co-chief executive officers will be joe bae and scott nuttall.conomists at goldman sachs have cut their forecasts for u.s. growth this year and next. the bank blaming the delayed recovery in consumer spending. goldman expects 5% growth in 2021 and 4% next year. meanwhile, goldman also predicts the equity market will continue to rally. a report says investors will gain confidence that the current pace of inflation won't last. the international monetary fund's executive board will deliberate today over the fate of its chief, kristalina georgieva. directors have spoken with her and the law firm that alleged improper actions in her previous job at the world bank. georgieva has denied any wrongdoing. the u.s. and european union plan to announce that at least 20 more countries will join the pledge to reduce emissions. canada and germany are among them. methane is one of the most powerful greenhouse gases. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm lei

the billionaire founders of kkr are stepping down to make way for their handpicked successors.ry kravis and george have handed over the reins to newco chief executive officers. they become executive cochairmen along with the leadership changes. they say it will move to a one share/one-vote structure within five years, giving all shares equal status. credit suisse is delaying publishing a report into the collapse of a $10 billion group of investment funds that it ran with green sale capital. the bank hope to present key findings with its word quarter results. sources say executives want to spend more time looking at how they can recover money for investors. a major management revamp has been announced as the dutch bank pushes ahead with plans to access investment banking and refocus on corporate lending in europe. the research -- the restructuring will see them acts 2800 jobs in its planning to cut one third of its business with corporate clients, drop company clients outside of europe and exit training commodity financing altogether. haidi: let's check in on currencies today. w

kkr publicly traded stock, it's flat right now, but it's $65.50 at the moment.very quickly want to just point out something. can we put its session lows at the moment dow jones industrial down 181 points at the moment, the s&p down 17, nasdaq down 33. we had talked a lot about the rising price of all energy, the entire complex, but we also have a situation developing in china, where it appears that once again, china will be attacking its own publicly- traded companies, attacking is my word, they wouldn't see it that way but they're being very very heavy handed when it comes to regulat ing their own companies. that news broke, i want to say, shortly after noon and you can see on these intraday charts exactly where we started to see the downward turn, because we had been higher for all three major indices including the russel 2000, most of the session as far as the first half of the day you can see now the transports which were really higher, they were up 4% for i believe quarter to date, we now have the transports in the red. russel 2000 is the one here, as i sai

among them, kkr, blackstone, and carlyle group.nits also attract some of the world's biggest pharmaceutical and consumer goods companies. in the u.k., a parliament tree report found that boris johnson's government made serious mistakes in the early handling of the coronavirus pandemic erie lawmakers say that imposing a full lockdown more quickly would have saved lives. the european union drew record demand for its debut green bonds. there was more than one under $56 billion in orders today for a sale of almost $40 billion of securities. the money will be used by you nations for energy efficiency, clean energy, and climate change at a patient's. -- clement change expectations. -- climate change expectations. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm laura wright. this is bloomberg. alix: so the green bond story i think is really fascinating. it shows how strong the demand is. what i will he to know going forward is how much you ac

sonali: this is interesting as you have so many private equity firms in the world pushing into growth, kkrblackstone, carlyle. the old strategy, the warren buffett strategy they vote for so long may have worked better. what does that bode for private asset returns moving forward? nir: private assets are interest -- interesting because the value seems to be that the valuations are quite high. we don't have much data on private equity, going back to the 1990's, but the valuation is as high as you've ever seen. you can understand why people don't like the returns they are seeing from traditional assets and they are piling into private equity. as those valuations go higher, what is that going to do to returns? there is another thing about private equity that unlike the traditional -- you are talking about a quarter of the sector, highly levered, and then combine that with high valuations and you have got a cocktail. romaine: i'm curious. talk a lot about valuations in the equity market and the public equity market. there has been a lot of talk there are bubble conditions in some corners of pri

aramco executive to talk about what it will take to combat the rise of prices >>> an investment group kkr-ledoming up near a deal for rights to music by lorde and the weekend. >>> millionaire jack ma has resurfaced reportedly is in hong kong and met with business associates in recent days here and sad news this morning with the passing of hasbro ceo brian goldner. announcing his death days after he stepped down for medical leave. he announced last year, he was battling prostate cancer at the age of 58. ♪♪ in boxing or any other business, one day, you're gonna take a hit you didn't see coming. do you stay down? or do you get up? [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ isn't it a paradox? that the love for this world that gets us out in it sometimes leaves behind the things that can harm it? but now, flight by flight, we can make a difference. because delta has committed to becoming the world's first carbon-neutral airline on a global basis. we believe you shouldn't have to choose between seeing the world, and saving it. ♪♪ firefighter maggie gronewald

potential suitors include blackrock and kkr. after an offer of cash in stock. next, a look at china's economy. some of the stresses previewing out in the next hour. hui shan haidi: cpi number is out of australia. a stay on expectations when it comes to quarter on quarter, 8/10 of 1%. year on year, a little stronger at 2.1%. the weighted quarter on quarter number, 7/10 of 1%. we have seen some dramatic moves in the three year, sparking expectations it would hit levels that would attract intervention. you can see the reaction when it comes to the three year yield. we will give the markets some time to process this. but not the standout that perhaps traders were taking on -- banking on. kathleen: third quarter gdp slowed with many economists downgrading their fourth-quarter outlook. let's talk with the chief china economist at goldman sachs. do you feel that the fourth quarter will fall short, 3% or 4% instead of 5%, and will it continue into next year? >> we are having high upstream community prices. there are questions about how

we had kkr, held men and freedman in the u.s., eqt in sweden.hile ago but hellman and friedman upping their bid. they did not actually outbid eqt, and this is because they've actually had backing from around 17% of zooplus' shareholde saying they will favor their bitrs. interestingly, the stock was actually lower than this price yesterday, so perhaps we could potentially see a bit of downside. it depends which way investors want to hold onto that stock for zooplus. anna: i need to ask you about royal mail and football news, and newcastle. dots, joe -- thoughts, joe? joe: the newcastle fans were parting industry yesterday. we will have to see if they are the next man city, chelsea. i'm hoping it's not successful. in terms of royal mail, they are doing a deal over in canada. they are buying -- they see it as a way to build out their operations in north america. it's quite a small do in terms of the financials, around 370 million canadian dollars, but it looks like it could be a big opportunity, as i mentioned, to expand in canada, also expand in n

the billionaire founders of kkr are stepping down further successors.g over the reins to newco chief executive officers. kravitz and roberts executive co-chair men. they say they will move to a one share-one vote structure within five years, giving all shares equal status. this chinese startup, "little red book" is considering a hong kong listing. the company calls itself a lifestyle content platform, and it could file an application for a hong kong apo as soon as this year, according to bloomberg sources. is backed by tencent and alibaba. and we are hearing that this company will get an update on planned shanghai apo this week. the company's offering, which could be the biggest this year, hit a roadblock after its application was suspended pending an update on earnings. 50 other companies are also facing a delay to their star board apo applications. airbus reported just one plain order in september, halting momentum, after august was the best month for sales since the pandemic began. it still delivered 40 jets, as it works toward a goal of 600 handover

we're in a next generation of industry leadership here >> you are as well now we see it at kkr. >> theselass private equity, private credit, infrastructure, solutions, real estate, these are world-class strategies and it's not just here in the united states, it's around the world, and it's a wonderful platform again, if you can figure out how to pivot, look for opportunity and really move to where the opportunities are, it's really a good reason why i believe you're going to see secular growth in private markets for many, many years to come. >> all right private markets have been the place to be for least this year, if not longer. thank you. i appreciate you taking time kewsong lee from carlyle. >> thanks. ahead of apple's unleashed event this afternoon a look at what to expect later on and whethers the stock still has room to run, coming up next plus it is the tenth anniversary week and kicking off icahn and chenos. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, wh

other potential buyers include blackrock and kkr.e next hour, is the worst over for the semiconductors? our guest joins us. that is it for "daybreak: australia." "daybreak: asia" is next. keep it right here. this is bloomberg. ♪ this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. ♪ shery: good morning. we are counting down to the major market open. welcome to daybreak: asia. top stories, asian stocks dipping. wall street delivered a mixed verdict on big tech reports today. u.s. dance china telecom over national security risks and be

we are looking at buyout firms bain, blackstone, including kkr -- unclear if they see separate or togetherre bidding on a chinese software maker for $1.8 million. that is the value of yayoi. that is what we understand, according to our sources who are familiar with what is going on there. that is what we know so far. again, buyout firms bidding. yvonne: that deal could end by march, some, according to our sources. tensions between china and taiwan escalate, as type a sends a delegation to the czech republic to boost ties. we look at the fraud relationship. this is bloomberg. ♪ -- we look at the fraudght relationship. ip. yvonne: equity markets are in the green. on the back of the treasury call between janet yellen and newhart. you have taiwan still in the crosshairs. taiwan sent businessmen to the czech republic to boost ties. this comes as beijing raises the pressure on taipei. let's start with the delegation in prague. the uptick do not look good. how has beijing responded so far? >> it was a group of 60 delegates. this has angered beijing because it demands that countries that have form

george roberts and jerome goldberg started a firm called kkr.han: one of the k's and one of the r's stepping down. tom keene and jonathan ferro together this morning with kailey leinz. equity futures down 23. -.5%. the bond market in america is closed. in germany it is open. tom: closed? why are we here? jonathan: from new york city, this is bloomberg. ♪ baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? >> we are starting to get some signs that we are getting back to one labor market, but it is still not back to the way it was pre-pandemic. >> i think wage growth is actually as important as the federal report. >> the stagflationary environment, they are going to tolerate the higher degree of inflation. >> i think chair po

you also have cryptocurrencies and blockchain's been adopted at a fast rate by folks like apollo and kkrother major credit providers to this economy. so, are the banks going to also invest in those technologies? tom: i would kill to talk to brian moynihan about this over a beverage of his choice. with moynihan it would be a narragansett logger beer. this is serious stuff. can they do what clay christiansen talked about? i am hugely skeptical. jonathan: this is one of the big questions to the industry. lisa: for they have the capacity to do it -- they certainly have the cash. have investors been rewarding banks were making investors that are risky, but looking forward? shonali: at the end of the days -- day, these are constrained. we have had a run-up in their stock price, but not as much as the fintech, by and large, and not as much as their private capital appears. you are seeing huge diversions when it comes to the way capital market function today. jonathan: sit taipei the numbers are moments away. we will get the thoughts of kenley on later. -- ken leon later. there is a lift out the

we and apollo and kkr and blackstone got lucky because the world turned out to need the solutions we. as i say, it is a rather new development and people have not gotten to us yet. we are highly selective and the challenge is everybody i know who has done it is a man or is a white man, they make life tough. you have to break through that. we are tried to break through that and raise awareness of the alternative investment world on the campuses of starkly black colleges and universities and then provide curriculum and we are developing a kurt from -- a curriculum in partnership with morton, and provide fellowship money so people can afford to go to school and deal with emergencies that arise, and provide internships. we are looking at a 360 package that should, over time, raise the representation of the under representative in the alternatives industry. that is our goal. in so doing, attract desirable staff members ourselves. romaine: of course this comes at a time when alternative investment is not the niche it once was. everyone seems to be hanging out under no alternative investmen

. >>> new this morning shake-up at kkr. chinese tech stocks are rebounding the food delivery company. eunice yoon joins us with more now. good morning >> good morning, joe the fine was about half than what was previously reported a lot of people felt this one was very good for meituan. the formula was less punitive than those used for the aen ty communication behavior hit for 3% of sales revenue for the year alibaba, 4% punished for sales revenue in 2014. between the u.s. and china where officials would be over again. that relationship would be improved and lead to something better a lot of people were still talking about the ipo process. still signs that the regulations would be forth coming still. securities daily, which is one of the official papers here did run a commentary today about meituan and said tighter regulation will become the norm in the future. >> eunice, thank you, everyday it is good to be able to check in with you. would you read anything into this from some of the other issues any softening whatsoever di

there was some news in kkr recently >> yep they set up a perfect succession plan with george robertssure he'll be involved to some degree here's a question for josh i'm the kind of guy back in 1992 when i'm starting to invest, and i buy big blue, i buy ibm. and it's one of those things where it's all over the place, especially during the romeni era. i keep saying i wake up in the morning and say i got to get rid of this thing, and i should've got rid of it yesterday. where do you see ibm over the next few years it's one of those things where i see this every day for 25 years and i just have to keep it >> josh, it's yours. chanos is a bear, he's short he gave you all the reasons why. josh, what would you tell al >> so, declining revenue for ten years, al. this company has not been able to figure out how to turn this battleship in a decade actually, it's been in a down trend, the stock price since march of 2013. coincidentally march of 2013 is when the s&p 500 finally broke out to a new high from before the great financial crisis so, this stock has been going in the opposite direction

kkr, the leadership change at the iconic equity firm. handing the reins over. i'm not sure if you read the famous "barbarians at the gate." i did. one of my favorite business books during the finance courses. i'm sure people know kkr. ashley: eye chronic initials down to k. susan, thank you very much. now this, the art gallery that housed hunter biden's artwork received an increase in covid relief loans after president biden was elected. okay. eric shawn is with us now. eric, good morning to you. give us the story. reporter: good morning, ashley, george berges is an international art dealer and showcase as work by hunter biden. critics are faults his government relief payments. he told fox news he did nothing wrong. a federal covid-19 went to george berges gallery in trendy soho that is the center of the chic and tony art world. after the first $150,000 was scheller out, the small business administration upped the payouts including 80,000 in ppp loans. berges received over half a million in pandemic loans in total. all that money must be

. >> whether it's apollo or carlisle or kkr, but not at blackstone yet but they're killing it, man.ket value now. >> i understand they actually got out of individual houses and could end up being -- >> they did a strong job there in terms of getting in and out they are fairly nimble as we know few related earnings. >> brilliant as always today. >> all about having permanent capital to a certain extent and over the last 12 months distributable earnings of 1.6 million, becoming a c corp, be dividend. >> what's important the stock was at 40, my friend was on, tenth anniversary show, saying when it was 40 a buy fell on deaf ears. it's a housesien day for the rails. csx reported terrific numbers and led by coal believe it or not. metal good, fertilizer good. metals, mining and fertilizer. and then union pacific, now i had -- >> we'll be talking to lance fritz in a little bit. >> i had lance on. this is important. you have him on and i don't. like andrew sorkin -- >> it's not like that because we're on the same show. >> the braves and red sox. >> this is important i had lance fritz on rec

president, ceo, kkr senior adviser bill simon you are saying you have never seen retails shelves thisis don't think anybody in this country has when this is really unprecedented. the supply chain is mess from start to finish, backed up in ports in asia backed up on water backed up at ports in u.s., shortage of truck drivers schork of labor in distribution shortage of people to put on shelve, he other than that everything is going pretty well dagen: of all those problems, that you just listed what is the one that most easily would be fixed the administration moved to operate port of los angeles 24 hours a day seven days a week, clatter ships to make sure supplies get here, but broadly speaking what by one of those links is easiest fix? >> well the easiest will be more labor to get, a difficulty to aing thing in environment operate i go i don't think this gets solved until we alleviate the labor shortage out there people driving trucks unloading at docks, stocking shelves, that is really what has to happen short of that has to be increase in supply hoping operating 4-7 will begin to all

cost pressures hurt labor relacingss a change at the top for one of the largest private equity kirmz kkrh maria" live on fox business right after this. . working on a night move ♪♪ ♪♪ working on a move ♪♪ ♪ . this is mike. mike blew his entire life savings on a permanent perm shampoo invention, which actually attracted more cats than customers. now instead of wasting money, mike is looking to save it with amerisave's great rates. see how much you could save at amerisave.com. >> this week with more needs with maria tomorrow taking you to the scene with one of president biden's biggest blunders. wednesday janet yellen's to access your bank account, congressman warren davidson says not so fast. thursday earnings season kicks off with the major banks analyst raise the results. and friday one of our favorite millennial millionaires ryan sir, hans unveils his recipe for success. that's all here on "mornings with maria". dagen: time for the big buzz a reality tv star, business mogul prison reform advocate, kim kardashian can cross saturday night live host offer list. order, order, order in the