i am laura keller.ry: i am shery ahn. tax reform is a done deal and how have the big banks never appearing, the citigroup ceo michael corbat joined us in november before the bill passed and here are his thoughts on the potential economic impact of the changes. michael: let's start with u.s. economy. you look at what is going on, what tax reform in many ways is about is trying to spur incremental growth. we have an economy this year probably slated to come in in the low twos. below where we have been historically and where we would like the economy to be feared what can tax reform do? on the corporate side, u.s. companies are among the higher taxpayers in the world and if we get a reduction, maybe it will be the catalyst that changes the psychology that is there. maybe that as opposed to a topline growth, expense discipline, stingy in terms of. --.ee -- and terms of what is being proposed, we have to see the math and that is not done. it is making u.s. companies competitive and moving somewhere near the

laura: i'm laura keller.k founder masayoshi son has invested in more than 1000 companies, but one investment looms above all the rest. an early been on alibaba. he talked about the deal on a david rubenstein show. one of the investments you made is considered by many people to be the most accessible investment in the history of mankind. you invested roughly $20 million in alibaba. at the time it went public, it was worth roughly $90 billion. $20 million of $90 million, a return of 4500%. jack ma is a distinguished individual, one of the most successful burners in the world. what made you feel this was worth putting in $20 million? >> he had no business plan. [laughter] zero revenue. , maybe 35, 40 employees. his eyes were very strong, strong, shining eyes. i could tell from the way that he talked, the way that he looked, he had that charisma, leadership. his business model was wrong. the way that he talked, the way that he can bring young, chinese people following him. >> before yahoo! was famous, you made an

joining us is bloomberg's laura keller. what is topping their concerns? a: i think the biggest thing is deductions. they are worried about having less ability to a deduction mortgage interest, state and local taxes. they have concerns over the pass-through arrangements, where they are not going to be like smaller businesses. david: but they will not be distributed like now. laura: it will be better. david: they will just not get the breaks. laura: exactly. smaller businesses, like they greece even, if you are a small business owner, you will have a bigger right -- like bakeries. shery: will more people go independent? laura: i think so. when you talk about financial advisors who get paid with a corporation, they may take this opportunity to go out on their own. if they are a smaller business, getting the credits would be better for them. david: these are not poor people. they are making a fair amount of money on wall street. there are ways around it. they will find some fancy way, some offshore partnership or something. is there a way around this? laura: i

laura keller has the inside story on bank of america's brexit planning.t have senior leaders been discussing? >> bank of america executives have an talking about these plans really coming from tom montag subordinates to push into paris really quickly from london. he is the coo has asked his deputies to give some numbers how many people could move from london to paris and some of the things that we found out, some of these plans call for 600 able to be moved to paris and other areas. on clement was floated was a thousand people being moved into paris. mark: why is it breaking with the other big banks choosing paris? the other big three are heading to germany. >> exactly. bank of america has chosen to break from these american rivals. jpmorgan, goldman sachs, citigroup. they see paris as a recruiting place. you have people who really want to be living in paris versus frankfurt a lot of the bankers don't find the culture to be as much in frankfurt. that's one area. when you think about it from an operational perspective bank of america wants to get out ahead

many thanks to laura keller.anies and a trump tweet are in the news, apple, uber, and amazon. apple issued a formal apology for upgrades that hurt the performance of iphones, six and 6s. they said they would never do anything intentionally to shorten the life of any apple product or degrade the user experience to drive customer upgrades. our goal has always been to create products that our and makingove iphones last as long as possible. is this a big deal? >> it is. apple slowing down older phones washey were release new ones the thought to make people buy new ones. they made a couple of tweaks that slow down older phones that had degraded batteries to avoid costly shutdowns to the phone. the problem is that apple did not communicate this message at all to people, and it fueled conspiracy theories, and now they are apologizing after the got caught. if you rewindike a few years ago, they would not have had to do this. nobody would have cared. they would have brought their product anyway. what is different now for

laura keller, thank you.the marijuana business facing a new crop of legal challenges. how lawsuits could be a real buzz kill for the industry. we will explain. this is bloomberg. ♪ scarlet: the house of representatives must revote on their tax bill tomorrow. there was a senate rule issue. bernie sanders pointed it out and the house will have to vote once again. julia: we were talking about this earlier on bloomberg markets. nitpicking, pouring over the details of this. will it still hit the president's desk tomorrow? we shall see. america's pot industry facing a high hurdle. they have seen an uptick in the use of and direct the tearing rules to restrict applications for marijuana businesses. its cased -- case was featured in bloomberg businessweek. a company based in cambridge, massachusetts, we caught up with them for the details. >> we are a medical marijuana dispensary company in massachusetts. they currently have one dispensary open in georgetown, massachusetts. they're planning to open a second dispensar

let's bring in the senior writer for bloomberg news and laura keller, who covers banking for bloomberg news. laura, let me start with you. we have seen bank stocks surging, but in the near term, they could take a hit. laura: it depends how investors look at this. for the most part, investors consider this to be a positive. some i am surprised that of these are a little bit bigger than people were expecting. overall, investors look at this as positive going into 2018, better tax rates for the corporations. shery: goldman gets a big chunk of their revenue from abroad. there are global banks with u.s. units that could get badly hit because of this tax change. >> yes. there is a provision in their which is called the base erosion tax, and it is supposed to really catch companies that try to ship earnings overseas to escape u.s. taxes. now that the tax rate is lower income is not supposed to be taxed at the u.s. rate, it even at a lower rate, the base erosion tax is supposed to keep -- make sure everything is taxed properly. but foreign banks that have operation in the u.s. -- they could ge

julie: laura keller, thank you so much. bloomberg's banking and wall street reporter.owna threat is dragging bitcoin -- a regulatory threat is dragging down bitcoin. this is bloomberg. ♪ julie: this is bloomberg markets. shery: we have breaking news from italy. we are hearing that the italian president has officially dissolved parliament, paving the way for elections. we have heard this could be imminent with the prime minister saying that italy's election campaign was imminent. we're expecting a national vote, probably in march. a state official has said this could happen on march 4. the prime minister is expected to meet the president thursday afternoon and the national book could take place on march 4. what is important is that this could spark a long period of political turbulence now that the italian president has dissolved parliament. shery: let's turn back to the markets and talk about more about bitcoin. it turned sour yesterday. below $14,000. a regain a little bit of ground at $13,820. the south korean government said create a normal situation of speculation

laura: i am laura keller.berg markets. ♪ shery: here are the top stories we're covering. the traders are keeping a close afterafter apple shares forecast for the iphone x are cut by analysts and bloomberg "surveillance is rebounding today -- and bitcoin is rebounding today. what will come for the headscarf -- hedge fund industry, major reshuffling. with christmas in the books, was it a merry holiday for retailers, the early read on how retailers did this holiday season. 90 minutes into the trading day. emma chandra with the latest. a little bit lower for stocks. >> not too much this first day of trading after christmas.

laura keller, thank you very much. julie: still ahead, commodities.ng, crude has been fluctuating. the biggest weakness today's in the agriculture. elsewhere, a lot of green on the screen. the commodities closes coming up next. natural gas is getting a big bump, as is cold. it is really cold. from new york, this is bloomberg. is this a phone? or a little internet machine? it makes you wonder: shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet. you get up to 5 lines of talk and text at no extra cost. so all you pay for is data. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. ♪ joe: from our world headquarters in midtown manhattan, this is bloomberg markets. i'm joe weisenthal. let's get the first word news with nabila ahmed. has been certified as the winner of the alabama state election. the democrat defeated roy moore theier this month in traditional red state after accusa

laura keller really got inside the discussions at the of a -- bank of america.ve made some aggressive moves. it looks like they are going to be more measured for now. david: it's the trading part of the operation. they thought about 600,000. alix: the labor laws are the issue here. david: they already said dublin is going to be at the european center. >> that's right. that may be more for tax purposes and planning purposes. what is so interesting is you do have this derby among the non-london financial capitals of europe. you have dublin, frankfurt and paris. david: and a lot of uncertainty which leads to we works. your favorite story. there offering the business space in london. >> we will see how the story plays out. it's one of the most read stories on the bloomberg today in part because this is really where the rubber meets the road. >> one of my favorite stories came from the financial times. they said that the -- big banks are selling their inventory and basically taking on more risk. walk us through some of the numbers. >> $170 billion has been added by s