paul allen has more. paul: the company that stopped doing this, to start growing this.iders its stance on medical marijuana, struggling capital mining approached u.s. based neutral works for a lifeline. taking over a listing and taking the gold miner into the cannabis business. >> we have the technology and infrastructure to rule out a program in australia to serve the needs of patients. there is a lot of resource companies in australia who have not done well in last new year's because of commodity prices for resources. those companies are available for reverse takeovers. this isn't the only foreign company to enter australia's stock exchange through the backdoor door. last year, there were 30 reverse listings, up from 19 the year before. that is when they lowered the minimum stock price for reverse takeovers from $.20 to less than five cents. this opens the doors to zombie companies to be reborn as something new. last month, wireless reading service int became online luxury marketplace. another company was reinvented as a security firm. it has provided a surge in busin

let's get over to paul allen in sydney. regulator then explain these rather strange moves with the aussie dollars? paul: yes, shery, it was all very curious. a.s.x. says there's a rational explanation and liquidity before the reserve bank of australia announces its cash rate decisions is very low. there are a lot of positions being unwound at the time and this causes big variations in the aussie dollar we were seeing. just a background on all of this, back in february when we first saw it, when reserve bank cut the cash rate to record low 2.25%. and a few seconds before that was announced the aussie dollar plunged suggesting somebody somewhere knew something. then it happened again march and april when the r.b.a. held rates just a few seconds before those decisions were announced, aussie dollar climbed. again predicting correctly what the reserve bank was going to do. now, each time that happened, gaffs went up around the office in bloomberg. journalists naturally predisposed to think the worst when these things happen. but

let's go over to paul allen in sydney. u.s. markets seem to be going cold on these two. why? it has been a rough ride for rio tinto and bhp in the u.s.. , fifth straight day they are down. down 4.5% over the last three days. similar story for bhp in the u.s. they are down the most in five months and continued declines from overnight. back home, bhp taking a bit of a chair started trading. more that is there. that is down 3.5% as well. we are back below $60 a ton for the spot rise. that is against the backdrop for we have -- agitating government inquiry for the production strategy of bhp and rio. the chair has been unhappy for some time at the excessive production that he sees coming from these two. are trying to squeeze out competitors and argues it is against the national interest. he was given some sympathy out of camera for a while. tony abbott, the prime mister, says there are claims without production. it is important to get the facts and an inquiry may do that. this morning he appeared to be backing away from the sport of an inquiry, saying he did not want to turn it in

paul allen has more. paul: a story to delight hippies everywhere the company that stopped doing this, to start growing this. as australia reconsiders its stance on medical marijuana struggling capital mining approached u.s.-based nutra works for a lifeline. take over the company's a.s.x. listing and take the gold miner into the cannabis business zfments we have the technology and infrastructure to role out a program in australia to meet patients. there are a lot of resource companies in australia that have not done well because of commodity prices for resources. so those companies are available for reverse takeovers. >> mutual x sent the only company to enter through the backdoor. last year there were 30 reverse listings, up from 19 the year before. that's when the a.s.x. lowered the minimum stock price for reverse takeover from 20 cents to less than 5 cents. throwing open the doors to so-called zombie companies to be reborn as something new. last month whilst wireless meter reading service i.n.t. became a

there's mark cuban, paul allen, and steve ballmer, b lacob has a message for ballmer, running an nba team is a lot harder than it looks. ballmer was at microsoft for a lot of years. i think he'll find this to be more challenging than he thinks. it's not easy. this is a very complicated, though not the largest business maybe some of us have been associated with it's very very complicated in terms of the media, the sales aspect in terms of you know so many things the basketball side. it's really a multidisciplinary type of activity. >> harden tied up knocked loose, and the game is over! go state hangs on! >> lacob says he doesn't care about the team's evaluation what he does care about deeply is winning championships. game three with houston is tomorrow night. for "nightly business rep" i'm josh liptonn >> good luck to everybody in that. >> all right. thrilling game. >> that's "nightly business " for tonight, i'm sue herera. thanks for joining us. >> and i'm tyler mathisen. please enjoy the holiday weekend and join us for a special edition of "ni gwen: collapse in iraq privacy and gett

let's go to paul allen in sydney. it has not been a good week for them. ey are not going to remove or this one fondly. the share price was down. there was talk of a government inquiry. paid to united states securities and exchange commission. this is related to events surrounding the entertainment of foreign government dignitaries at the beijing olympics. fromovernment dignitaries countries including the democratic republic of congo. these packages were worth eachen 12-16,000 dollars including tickets to the games, luxury accommodation, sightseeing over four days. the sec says this came at a time foreign government officials were in a position to help the company with its business or regulatory endeavors. recognize they created a heightened risk of violating anticorruption laws that failed to implement yvonne: control. yvonne:hospitality for sure. any response from bhp? michael -- paul: there is some contrition but neither an admission of guilt. they haven't been found guilty of anything but they are paying $25 million to u.s. mega regulators. they thank t

we have paul allen for the budget. a surplus really relies on a fairmont of optimism, doesn't it? ul: he has been very optimistic over the last 24 hours and he unveiled a smaller than expected deficit. over 35.1 billion australian been forecasted in advance continues to shrink over the coming years to 14 billion and just 6 billion in 2018. it does rely on a fair degree of optimism. that would require trend growth. currently, we have below trend growth. we're talking 3.5% gdp growth. 2007 was the peak of the mining boom. our debt continues to rise. 2017.l be at 18% gdp by it is pretty bad by australian standards. we have not been at that level since the last recession more than 20 years ago. when i spoke to joe last, he assured me the credit rating was safe. he is optimistic and upbeat. here's what he had to say. >> we see a balance and the australian economy from mining construction to mining production being carefully managed. the non-mining side of the economy, which is 90% of the australian company, is getting a lift out of this budget and we see in numerous opportunities for ne

angie: paul allen watching the australian budget coming down today in canberra.aysia's fundamental economic picture remains clouded despite the recent oil rally. the rating agency is preparing its second-quarter review and it has flag a 50% chance of a downgrade. let's go to as haslinda amin. : it all comes down to macro economic fundamentals and they are not looking good. fitch says the rally may help the overall picture. it does not alter the fact that my lay ship has a shrinking -- strugglings been with a fiscal shortfall for almost two decades. mounting debt after a stage one investment company. that makes malaysia's debt more exposed. the concern remains. no doubt there have been some effort to address the issues like the new policy implemented last month, but they are not enough. rating, the minus fourth lowest investor grade, is at risk. angie: the state investment fund is prompting increasing calls for the prime minister to step down. what has been his response? haslinda: he has brushed off calls for him to quit. he says he will not succumb to pressure, t

julie: that was paul allen reporting there from australia.top stories crossing the bloomberg terminal this morning. a mixed result for apple in its appeal of its first patent mobile phone infringement case. a federal appeals court ruled samsung infringed on apple's patent. the court said samsung did not violate apple's traded just. it did not copy the physical appearance. and i'm hundred $30 million award to apple will have to be adjusted. today, j.p. morgan chase will reveal its new investment into trite, the second stage of the bank's five your plan to help the struggling city p are j.p. morgan has already put $34 million to work there for job creation and neighborhood renovation. detroit emerged five months ago from the nation's biggest municipal bankruptcy ever. a new sign the residential real estate market needs more time to gain momentum. u.s.dence amongst homebuilders fell in the month of may. the national association of home builders dropped to 54 this month from 56 in april or the decline reflects cooling sales and slower buying traf

paul allen, bloomberg, perth, western australia. rishaad: australianer quities doing well today. as business gets urn the way. trade data which is not a very positive morning session. ♪ >> the stop stories this hour. greece says its creditors must compromise. it does not have the money to pay other creditors next week. however the prime minister said greece will honor its commitment. australian gold and nickel producer independence group has agreed to pay syrius resources for $4 billion. it will give control of us a trailees second undeveloped nickel. independence stock is down more than 10%. japan's trade balance went back into deficit in april but not as badly as forecast. ex-pors to asia and the united states surge. it was a $40 million deficit. in march, japan registered its first trade surplus since 2012. >> april ex-pors rose more than analyst forecast. but japan still has some way to go. >> the way japan is falling short is really the inflation numbers. it's up by 2%. but at this juncture the coin inflation numbers rung at about 0.2%. if you exclude the sales tax hike impa

betty: paul allen. pimm: larry ellison.his is headed to the middle east and build in germany. betty: or china, let's say. coming up in the next hour, google's i/o conference kicks off in san francisco. we will be headed there. ♪ . . betty: it is 11:00 in new york. pimm: welcome to the bloomberg market day. we will be deciphering fed speak -- more signals a rate hike will come later this year despite a less than impressive run of economic data. betty: the fit bit is moving from your wrist to the court -- they are revealing their trade secrets. pimm: and what is life really like in greece these days? a country that is bankrupt in everything but name. betty: we start this hour with breaking news in the oil markets -- crude inventories are out a day late because of the holiday this week. julie hyman is in the newsroom with the headlines. julie: we are seeing a bigger than estimated drawdown and inventory, down 2.8 million barrels according to the energy information administration.

two super bowls, winning one, started the third highest quarterback on his own people owned by paul allenworth 76 zillion jillion dollars. maybe they can share the wealth. >>> and a world war ii hero wounded in combat once came close holding the title that president obama holds right now and former senate bob dole looking frisk. 91 years old. 4r569 week dole's life former senator elizabeth dole came to washington with pastor joel osteen to shine a light on the hutses wives, mothers, fathers and other family mens and friends caring for our nation's returning heroes. jake tapper caught up with olestein and dole to find out more about their campaign to honor and help these caregivers. >> you two are spear pr heading this effort hidden heroes to honor and support military and veteran caregivers. i'll ask you both start with you, senator, what role do you think faith plays when it comes to addressing issues like post-traumatic stress? >> goodness plays a major role. no question about it. we had the rand corporation do two years of studies. the first evidence-based research on military and vete

you've got mark cuban, paul allen, others that own teams.ot advice for steve boll mer, running an nba franchise is a lot harder than it looks. >> bolmer was at microsoft for a lot of years, think he'll find this to be more challenging than he thinks, this is not easy, this is very complicated. though not the largest business that some of us have been associated with. it's very complicated in terms of the media in terms of the business, sales aspects, in terms of the so many things, the basketball side, it's a multidisciplinary type of activi activity. >> i asked lacob about the $1.3 billion valuation. he said that's not what he's focused on. he says what he does care about deeply is winning the championships. >> the truth of the matter is, i don't know what it's worth. it's probably worth a lot more than we paid for it and that feels good for my investors, i know i'm doing the job for them, my limited partners. but other than that, we're trying to do good, trying to build something the community can be proud of, something we can be proud of.

and paul allen reports from perth. paul: it's too bad this townhouse is not in sydney.t and for a amount. >> this is truly one of the best properties in perth. you're probably looking at a property like this worth $1.5. today under $1 million. paul: property prices arose 6.5% to december. and in sydney the growth was a staggering 12.2% but in perth it was 1.2% and trending down. probably a downturn in perth. they're reacting on the outside and sydney reacting on the downside in perth. we're on opposite sides of the spectrum. we need a drop in perth probably in sydney it rises. mining boom not seen in australia since the 1850's goal rush. at its peak real estate prices sored but new mines are not being built and real estate is now a tough sell. >> hay street was once the home of wernl australia's small cap mining companies. today the four signs are up. they announced a doubling of the eficit as mining companies decline. >> it has been prepared in the most challenging and fiscal economic the state has faced in at least three decades. >> last ecoos of the resources can sti

paul allen reports from perth. bad this it is too townhouse is not in sydney.d have sold by now, and for a princely sum. instead, it is in peppermint grove, a wealthy suburb of perth. what you think of this place? >> it is in the property. at the peak of the boom, looking at $1.5 million. it has been on the market for more than five months and has not attracted a single offer. property prices across australia rose to export a percent. in sydney, the growth was staggering. 1.2% and it was just trending down. in perth, downturn people overreacting and suddenly , so we are opposite ends of the spectrum. thatnteresting thing is interest rates are dropping in perth. the fortunes of australia's most isolated that he have changed quickly and dramatically. northron deposits in the of perth at the front of a mining boom not seen in australia since the 1850's. at its peak, real estate prices soared, but iron prices have fallen, new mines are not being built and real estate is a tough sell. a downtown street was once the home to many of western australia's mining companie

let's get over to paul allen for more. another chapter in this family feud.ng. the legal battle may not be over yet. with john hancock, gina rinehart's oldest son, seeking to have her removed as director of hancock prospecting. we need a little bit of a history lesson. the week, a judge appointed cacle rinehart -- bian rinehart as trustee of the family trust. billion trust was due to vest, but gina rinehart said if , it will be wiped out by capital gains tax. it turns out everyone knew that was not the case. push the vesting to 2068. so they went to court and the court found in favor of bianca and john. justices this the demonstrates she's prepared to go to extraordinary lengths to secure the trust and is capable of exerting enormous pressure. it is those words that seem to have emboldened john hancock to possibly push further with this case. he said the judgment raise the legal questions over whether gina rinehart can continue as director of hancock prospecting. he says the conduct exposed in the judgment may lead to further court action. so the saga may not

paul allen joins us. what is the atmosphere like?ay for south the dirt that south32. -- south32. they will breaking out champagne or slapping each other on the back i was suspect. there does stock trading at $2.2 0, a very wide range was given. it will be interesting to see where it settles by the end of the day's trade. bsp has taken a beating, perhaps declining by equivalent amount. be at the shareholders got a share -- bhp shareholders got a share. in interesting position on their hands whether to stay or sit or sell shares that a are now the proud owners of erie when the dust settles, it will be down to business for south32's ceo, graham kerr, you will feel behind me from time to time. on the acquisition trail or graham kerr is looking for opportunity, much of a strategy. what to their almost certain to do is looking to cut costs. losses, we dojob not know where or how many. they will look to extend the life of some of the older as fast. it is the world's largest maganese producer and also aluminum producer. it will be interestin

. >> adrian paul, allen iverson, ben mckenzie, burt reynolds, carrie, danny have you seen that commercial where he is biting the candy, real tough looking guy. big tattoo on his belly. d snyder is here, frankie moones. >> malcolm in the middle. >> keisha knight pull ham. michael rooker, michael kendricks. >> all these celebrities are here right now. >> penn badgely, sting. but that is all well and good, ladies and gentlemen with but of all of the people we were asked who would you like to have on your tv show "good day philadelphia", you you know who we chose because i cannot wait to meet her. she played the grand mom, what are we showing this for. she played the grand mom in something about marry. do you remember how tan she was. >> i remember. >> she has a new movie come out insidious chapter three. >> i don't care about that. >> something about mary, she was a very tan grand mom. we will meet her next. >> am i excited. >> i am excited too. very excited. >> oh, for the love. >>> well, i know this. i have found a set of twins, twins they have separate fathers. how does that work. i will

plus, paul shafer joins us in the studio as letterman gets ready to sign off. former nba star allenut his new documentary. that's the "cbs morning news" for this friday. thanks for watching, i'm alison harmelin. alison harmelin. >>> this is a live look at san jose leave in the foreground there or the background. [ laughter ] >> somewhere. >> in the background there. [ laughter ] >> we have a big story about levi's stadium coming up in a few minutes. good morning, it is friday, may 15. i'm michelle griego. >> we survived another week. you did, too. welcome aboard, folks. i'm frank mallicoat. hey, it's 4:30. let's get a little traffic and weather, the gang is all here. how are we doing? >> i forgot my lunch! it's going to be a really long day! [ laughter ] >> good morning. we have no rain in the forecast. okay, maybe an outside slim chance of a residual passing shower. overall we're going to be partly cloudy. we are now in the 40s and 50s. it is mild outside. later today 50s to just shy of 70. the full weekend forecast is coming up. good morning, liz. >> good morning, roberta. just yo

paul douglas, cbs soundman james brolin and u.s. army officer her team was filming with captain james allen funkhouser.own as sam, was also killed in the blast. kimberly dozier herself came very close to losing her life. army doctors call it a miracle that she survived and when she was finally able to walk again, kimberly and jennifer alex's widow, got to meet. kim dozier and jennifer funkhouser join me now from washington. thank you for being here guys i appreciate it. >> thank you. >> good to be here. >>> a remarkable story it's up about that i certainly followed very very closely, kimberly, as you were recovering and jennifer all of our thoughts are with you. i'm so many innocent lives lost. what's amazing is how the two of you have come together in all of this. can you tell me a little bit about that, jennifer? >> well i was -- i was called almost a year after the attack and asked if we wanted to meet up and i really wanted to. i really wanted the answers that i was searching for. and i wanted to be with the person who was with my husband in his final moments. >> yeah it was a chance for jennifer b

allen martin, kpix 5. >> final sale price, $1.58 million. according to trulia the median home price in mountain view has shot up 10% in the past year. >>> rain totals went up a little bit. paul58 million. >> 1.58 million. >> picked up a little bit in some neighborhoods, right? >> we got some rain in mountain view for all the -- for all the home rich people there. the googlers. >> yeah. >> it rained on the googlers today. rain will not let up in union city. you are the final stop of this rain today. stretching over to pleasanton now in dublin over by stoneridge mall we are getting showers. so we're watching that shower but things are winding down aside from that. but it was a very active afternoon. mountain view, sure, palo alto, san jose, los gatos, milpitas, concord, walnut creek, san ramon, livermore, more rain today in livermore than you get in an average month of may. but things are now winding down. kpix 5 weather watchers sending in a lot of great pictures of the cloud cover. foster city not much rain but good-looking clouds. linda mather sending this in the north bay. unstable air later in the day. sun peeking through. becky from san carlo showing wet pavement a rarit