oliver: i'm oliver renick. week, the current state of the workforce and what it might look like five to 10 years from now. oliver: how job advancement looks a lot different in asia. carol: the real reason the gender wage gap persists. oliver: all that and more on "bloomberg businessweek." ♪ carol: we're here with the editor-in-chief of "bloomberg businessweek." this issue is all about the jobs market. how did you guys approach it? >> who want to pick jobs because it is so much the center of what we talked about on a political basis every day, but it is such a nuanced argument and i feel that a lot of bloomberg feels that so much of the new wants has been stripped away from this argument. we can all talk about bringing jobs back and manufacturing and automation and a number -- and how jobs are going away, but we don't talk about the real fundamental issue paralyzing parts of our economy -- how we train the people for the jobs of tomorrow, not the jobs of today. whereabouts going to take over, and how are companie

i'm oliver renick. welcome back.atch us on the radio on sirius xm, and on the radio in new york, boston, washington, d.c. and the bay area. also, in london and asia on the bloomberg radio app. in the politics section, concern is growing about russian hacking in germany's election this fall. stefan: in germany, we have seen a range of hacking attempts and successful hacks over the past two years. it started in 2015 when the german parliament was hacked and criminals actually stole 16 gigabytes worth of data. that is about 1.5 million emails. lots of hacking going on and the german government is concerned that in the run-up to the election, increased hacking will go on and hackers will try to influence the german elections that way. carol: talk about the 16 gigabytes. 1.5 million emails. what's interesting is, you put in your story, those hackers were roaming around within the german parliament for about a week. stefan: that is correct. i will walk you through how this happened. picture this. in 2015, several german la

oliver renick. how a former staffer and lawyer, margaret peterman.d the trust of rex tillerson. as well as president trump's. nick, this is a story you have about a little-known figure in the administration. that is margaret peterlin who works with secretary tillerson. tell us about her role and how important she has become. >> she has become one of the most influential figures in the department and certainly one of the most powerful. she's not very well-known, though she served on the hill for a long time as a staffer and has really become rex tillerson's most trusted aide. where we have seen her influence lately is on some big hiring decisions. the head of policy planning, she brought in the guy who is leading that. a man named brian hook. she introduced rex tillerson to the man would become the deputy secretary of state. john sullivan, whose nomination was confirmed last week. oliver: you probably know more about secretary tillerson than me. he seems like an old-fashioned guy who gives his trust out, not exactly hand over fist. how did she earn th

i am oliver renick. carol: and i am carol massar. nies and industries section, israeli tv networks have been successfully exporting concepts for shows. oliver: and now they want to start selling their productions across the globe. this is a very cool story about entertainment, and the influences that have changed israeli television. tell us about what is happening there right now. ethan: it is interesting, because israeli tv was like a lot of stuff in israel, not especially great for much of its history. it was kind of slapsticky and not very serious. and in the last 10 or 20 years, there has been a lot of changes in israel. first of all, there has been an increase in the digital parts of the economy, and it has spread to tv. what we are seeing here is, production houses doing very sophisticated shows, and they are being exported. originally, they were exported as ideas, so "homeland" is a classic example. it was done for israeli tv, and then they made a version in this country, which has been a huge success. carol: a favorite show of

i'm oliver renick. in norway, the economy runs on oil and gas, but not the cars.and why are they pushing to the electric vehicle? >> it is a combination of incentives that have been around since the 1990's and cars like the tesla becoming viable second cars for people in the last five years or so. norway, with a population of i million, has more electric cars on the road than anyone besides the u.s., china, and japan. oliver: they have a higher number of cars per population. what made it amenable for them to get ahead of the curve and push for incentives? >> a number of things that make it hard to replicate. norway has a lot of cheap hydropower renumber two, vast oil wealth that the government uses to subsidize electric vehicle purchases for people. electric vehicles have been exempt from sales tax, the special car levees that can cause as much as 100% on the price of cars. oliver: if you are buying a regular car, it is sort of a double tax. you buy one car for the price of two. >> among other perks, electric cars don't pay tolls on most toll roads. there is a tow

brilliant reporting, oliver renick.ad atg announcement the e3 gaming conference kicking off tuesday. microsoft is targeting hard-core gamers with the new version of the xbox. its smallest and most powerful ever. it is designed to work with a new generation of tv sets as well as with games that offer more realistic scenes. we will be live at the conference with the c.e.o. and the nintendo america president wednesday at 5:00 in new york, 2:00 in san francisco, and 10:00 p.m. in london. uber ousts its senior vice president for business. where uber can go from here. exclusivehe show, our conversation with the london mayor on keeping innovation growing in the u.k. capital and his relationship with president trump. this is bloomberg. to offera may decided that. it was wrong for a number of reasons. it was wrong because of him changing the long-standing policy on refugees and a host of policies and views he has. ♪ caroline: after years of watching silicon valley innovate, wall street is ready to unveil its own answer. more tha

now oliver renick joins us from new york. we will have a bit of a chart off. going to bring you my first one. i am digging into the terminal. the audience can do it, # 9317. i am looking at the slump in european stocks, down 3.6%. i'm looking at the slump in the u.s. nasdaq in the blue line. we have seen the biggest two-day selloff, $230 billion of market value wiped off. down 2.3% asia is being hit as , well. big players, apple, netflix. , this seems toou be worldwide. oliver it is not pretty. : when you look at what happened overnight, europe came into the u.s. today. we saw a repeat of what happened friday. selling parrot off as the day went on, but ultimately what happened is it is not just about technology or the fundamentals of these companies. it may not even be about that at all. i think it is about a reversal that is unique given how far some of these companies have gone in the past six months. really, we had a first reversal in the equity market at the beginning of the year when the trump trade's stopped. then we saw investors looking to growth. we s

oliver renick is staying with us. is the seniorst equity strategist at r.o.e. equity. laura, thanks for joining. it appears that investors on both sides are happy with this deal. is there anything to not like? >> there is a lot not to like if you are a high-end grocer, a big box retailer. for amazon, the concerns that this would be a lower returning business because the business is more capital intensive or it might slow down growth, most of those concerns are assuaged by whole foods higher margins than amazon's margins. the growth rate is going to change radically with amazon owning it. vonnie: obviously activist investors pushed for this to happen. what do you make from this happening? >> there may be a little bit above. the timing is wonderful. amazon is not large enough in grocery yet for this to run against any antitrust concerns. shareholders will believe they are getting a fair share rise. amazon is getting a good deal with this regaining some of its previous highs. vonnie: this is $10 off of where it was. is it fair premium? >> i think it is. there is also a $4

brad stone in san francisco, and the bloomberg stocks report oliver renick. >> the dow closes at a newhigh. we dig into the biggest market moves. this is bloomberg. ♪ ♪ be in a scalise will hospital for weeks, requiring additional operations. last 36mproved over the hours. the doctor says that when he arrived at the hospital, he was critically injured with an imminent risk of death, adding that he was as critical as you can be when he came in. his wife thanks capitol police officers for hero is him -- heroism at the scene of the shooting. signed a newmp policy with cuba that rolls back parts of president obama's historic deal. while many are applauding numeral, democratic opponents are strongly opposed. patrick we spoke to -- patrick lee spoke to kevin cirilli. havew that people who never been to cuba, they don't understand cuba, that they're trying to do is fulfill a campaign tweets, this is american foreign-policy, and they know sense. >> the new policy includes a ban on doing business in cuba. tos trust completed a deal create the james a farley police office building, it is part of

. -- two weeks after the tech selloff, oliver renick is here to explain. to describe what is been happening, it is two weeks after we had that deep in technology stocks -- dip in technology stocks were everyone freaked out. here is what is going on with the sector. this is a look at the company to have been doing well since that selloff two fridays ago. we are seeing a very different shift. companies that lead in the first half of the year are falling to the back of the pack, and companies like lines data, csr, they are doing better. what has happened is investors got scared about pricing tech, they moved out of the highfliers, and moved into some of these companies that up until now had been pretty cheaply valued. let's look at where that rotation looks on the sector basis. these bars are showing the percent of companies in each relative index that are reaching all-time highs or 52 week highs. over here in the red, that is a clear transition. first we had tech stocks getting high, and for a few days, financials, and now it is very much health care. i fina

here is oliver renick..ank indeed, things have been very positive the way we of talked about earnings lately, with a third-quarter earnings -- better than expected. something happening under the surface, not looking good. that's the idea of negative .arnings basically, unprofitable companies in the u.s. stock market. the getting bigger and bigger. click aware this is happening. it's no secret -- anyone watching the equity markets, knows that things have not been good for energies. it's not just, energy companies. this has been happening at us a couple different sectors. lately seen technology, discretionary companies, consumer shares that actually have not been profitable. this means overtime, more and more companies have not been running shares. this is something that is very unique, doesn't happen this late in the cycle usually area will look at major effects in terms of longer-term picture -- the bigger picture of you well. this is looking at the 12 month earnings per share in the white over here. were l

oliver: and i'm oliver renick. carol: this week, some twitter advice for president trump. nside a brazilian construction giant, more specifically, the department of bribery. carol: and why buzzfeed claims to be king of online video. oliver: all that ahead on "bloomberg businessweek." ♪ carol: we're here with the editor in chief of "bloomberg businessweek," megan murray. you spoke with tom barrick. megan: tom barrick is a legendary financier,ea

trading suspensions and a couple of other factors -- ,oining me now to discuss michael mckee and oliver renickmberg stop reporter. let me start with you. why should it change here? >> a couple of reasons. they are addressing some of the concerns over the last couple of years. getting your money in and out of china, they have the hong kong connect system to shanghai and the indexes. about how theerns operate,n the country whether or not you can get your .oney back and questions new rules have been put in place. a key reason this happens this is becausets say vanguard is already using the emerging market index which includes these shares produced by the london stock exchange and they do not want to fall to behind in providing this information. vonnie: a little pressure. but what has been the experience of people who have been investors in this already and is it a little less -- oliver: relative to the past, i think yes. the measures the government has taken to control things in the market, at the same time, you are an investor and you do not of control and manipulation, we haven't been talking a

emily: bloombergs oliver renick and james way, thank you for a hearty debate this afternoon.ext, the uk's showingne is going -- no signs of slowing down, but we need to keep the party going. that is next on bloomberg. ♪ emily: france's startup scene is gaining traction against the backdrop of booming investor -- investments by capital funds. cisco executive chair john chambers joins us from the viva tech conference in paris to show us why he is so optimistic about tech in france. >> i said france would be the next big thing, and everyone in the u.s. said john, france and business does not make sense. i said it would become the start of nation in europe, and people said that does not make sense. they are, they range from an average about 130 companies by being funded by venture capital per year to 200 26, 226, to this year, 486. there is an excitement going on here, which the new president is only amplifying further. people understand how great opportunities are. europe france will leave -- lead europe in evolution, and lead europe for the next generation of europe. i think it

oliver: i'm oliver renick. t state of the workforce and what it might look like five to 10 years from now. oliver: how job advancement looks a lot different in asia. carol: the real reason the gender wage gap persists. oliver: all that and more on "bloomberg businessweek." ♪ carol: we'

oliver: i'm oliver renick. , the current state of the workforce and what it might look like five to 10 years from now. oliver: how job advancement looks a lot different in asia. carol: the real reason the gender wage gap persists. oliver: all that and more on "bloomberg businessweek." ♪

i'm oliver renick. i'm coming to you from the magazine's headquarters in new york. tim cook talks about doing business with president trump while western union finds itself in the crosshairs of the white house. then, fallen hedge funder phil falcone is making new bet on vietnam. all that ahead on "bloomberg businessweek." ♪ oliver: we are here with

oliver: and i am oliver renick.lient construction giant, -- braz illian construction giant. on ahead on "bloomberg businessweek." carol: we are here with the editor-in-chief of "bloomberg businessweek." >> tom

oliver: and i'm oliver renick. carol: this week, some twitter advice for president trump. inside a brazilian construction giant, more specifically, the department of bribery. carol: and why buzzfeed claims to be king of online video. oliver: all that ahead on "bloomberg businessweek." ♪ carol: we're here with the editor in chief of "bloomberg businessweek," megan murray. you spoke with tom barrick. megan: tom barrick is a legendary financier, head of colony capital.

what oliver renick was telling us earlier is it's not so much a rotation out of energy into tech, it'sion out of energy and tech into some of the growthier parts of health care, and coming out of the growthier parts of tech. on the downside, we can't ignore energy stocks down by almost 3% as crude oil entered a bear market. they continue to get hit. the are not really dragging the auto market down -- bottom market down with them. it looks like that price were continues, in terms of the different service operators try to outdo each other with more limited data or super data plans, it continues. individual movers, bed bath & beyond, lowest level since 2009. worst day in more than three years after its unexpected drop in same-store sales less quarter. guggenheim, the country's worst quarterly operating performance in recent history. home builders doing well on the back of new home sales numbers that came out today. 500,the leader in the s&p and natural gas explorer, after a pipeline that is key to moving supplies of the fuel, cleared a major regulatory hurdle. joe: let's take a quick look

joins us on the phone and oliver renick.lth care bill goes through as it is? >> the clear winner is not the hospital over the long run, it is the health plan, and we specifically like health group, which we have violated at a 200 and a $200birated price point. if you look at the next two years, where it is more or less the status quo being preserved, a whole lot less worse than the house version, the hospitals to ok for a couple of years but the back end of the bill is potentially pretty damaging with the medicaid cuts in figure and sometimes absolute values matter and that is not good for you to our position is better than what we had not good. our position is better than what we had in the house, not good long term would be better if you were able to preserve coverage. alix: i like that you brought up medicaid expansion because insurers are exposed to that. the absolute reduction is worse than the house, so is this a fail signal when it comes to these guys? cheryl: let's -- sheryl: these intense cuts do not start for seven

jonathan: joining us now is oliver renick and from baltimore, barry bannister.e to talk about the specifics of the deal, but talk about the nature of it and what it means for the equity landscape in the united states. barry: amazon going into groceries is a little bit like a dog chasing a sports car. what do you do once you catch it? i am not sure groceries are a good business. they are highly deflationary. it tends to be a deflationary industry. it is narrow margins, high-volume, low growth. maybe they have experience but i'm not thrilled with the grocery business long-term. jonathan: if you are the source of deflation, you are amazon, you have built a business on it. iizabeth: barry: -- like said, narrow margins, deflationary business, lots of turnover, but it is a tough business to grow and how much can you eat? we are all getting older and fatter and it is not the best industry in the world. it is defensive, though. david: joining us on the phone is the chairman of debate of its and associates. let me ask you what we just heard from barry, that this is not a

special thanks to oliver renick. i want to get to what is happening in london.decision earlier -- five voting to keep rates on hold, three voting for a rate hike. hawkish surprise on the vote for a rate hike that did not come. you saw the spike, then we rolled over at 1.2736. the news kind of dripped out after that. we have been looking forward to the annual speech from philip hammond and governor of the bank of england mark carney. block fire is cited as the reason why they pulled out of that dinner. theresa may is saying there will be a full public inquiry. the mansion houston or is now being canceled. there will be no speech from chancellor philip hammond. out of thews coming city of london. ♪ david: this is bloomberg. each day seems to put this front and center, with the most recent report being that the special counsel, robert mueller, we'll be talking with senior intelligence officials joining us from washington with more on this is chief washington correspondent kevin cirilli. what is the latest on this development? is tweetingresident this morning a resp

. >> darrell cronk of wells fargo investment institute and oliver renick, thank you for letting techtriority for trump that ministration but when i we going to get it? we spoke to commerce secretary wilbur ross who said it is still important it is an ministration. >> i think cutting the tax rich hugely, as we have, plans to do, is a very big benefit. tax structure used to be a major disadvantage. similarly, our regulatory structure has been a huge disadvantage. we david: also sat down with secretary of treasury steve mnuchin earlier today who says he is trying to make sure it happens this year. >> i think we've been pretty consistent in saying we are working every week, very closely, with the house and the senate to have a joint plan when we come out. the idea is to get us all on the same page so when we release the combined plan it is going to get past and it is going to get passed by the house and the senate and the president will sign it and that is our focus this year. it is critical to the economy and we are working to get that done. david: this is what the administration is say

joining us is oliver renick. equities, matt says there has been a lot of movement in european equities and i am worried. oliver, take us through what has happened with the european equities. oliver: what people are focusing on when they look at the economy between the u.s. and europe, they look at fundamentally the earnings growth and what you're seeing is a nice rebound from the corporate profit plan in the s&p 500 british look abroad, i think -- s&p 500. and look abroad, i think there is potential growth. you look at stock 600 and it is quite a bit more. looking at basically trailing 12 month levels that are higher, significant way higher than in the u.s.. if you look at the forward 12 month price earnings, when you have the expansion, it goes down about 18 times earnings and it is agreeable to concede -- to see the gap. alix: and brian, you are the bowl. -- bull. the optimism of where we will be re-rating, it is there. brian: it is more the case in the u.s.. inwill not see a slowdown earnings in the u.s., 8% ha