keeping his mojo, billionaire trader paul tudor jones wants to make riskier bets as he faces his worst performance since 2008. and, buying british for now. the pound rallies on u.k. retail sales and job market resilience. well the good news out last summer weather? we speak to heathrow's ceo. welcome to "the pulse" live from bloomberg's european headquarters in london. we have a great show lined up for you. at 9:30, we have our weekly brexit show ringing you all the news and conversations around the u.k.'s vote to leave the eu. we speak to heathrow ceo john holland-kaye and go through the markets and central-bank action. first to the markets. two things you need to watch out for. oil trading above $48 a barrel. the dollar paring some losses for the week as stocks decline somewhat in europe. they are also declining in asia. this is a picture for yen. twice this week it went below 100. i don't do this very often, but i want to show you the south korean won. it slid to a low in the last five weeks. let's get straight to the bloomberg first word news with nejra cehic. nejra: the u.k. finan

islionaire paul tudor jones demanding that his managers take more risk in their pets according to annvestor letter obtained by bloomberg. it also says the legendary macro trader has boosted the amount of money he is managing to more than 50% of his main hedge fund's net assets. the moves are scheduled to shake up the business, which cut 15% of its staff this week. a spokesman declined to comment. inle has hit a roadblock making major changes that would connect its watch to cellular networks and make it less dependent on the iphone according to people with knowledge of the matter. the tech giant still plans to announce new watch models this autumn. u.k. betting companies have abandoned their pursuit of william hill after it rejected their 3.1 billion pound bid. under u.k. takeover rules, they for ate a hostile bid least six months until someone else does. that is your bloomberg business flash. guy: thank you very much. ppi data out of germany shows a decline of 2% on the year. but bear with me. the is an improvement on may figure and slightly better than anticipated. are we starting t

syrian air hedge funds owner paul tudor jones dismisses 15% of his workforce. the employees affected range from underperforming money managers to support staff. seenuts, as they have more than $2 billion in investment withdrawal. and shares have slumped in cathay pacific, first-half profit that missed analyst estimates. toy say net income fell $44.5 million usd. and cathay pacific's ceo will be a guest on "surveillance" at 10:15 a.m. that is your bloomberg business flash. guy: thank you very much. yen is preparing to open the most expensive casino with his career in macau. revenue has tumbled. speaking to bloomberg, he addressed the environment. ip, the demand went away. the customers went away. i don't think that the government took aim at the operators, at least that is not my opinion. that is not the impression i have. think that the policies of central government in beijing in effect of reducing consumer spending the high-end -- louis vuitton, chanel. it fell into that category. who are moreoney aggressive spenders seem to have been constrained by the atmos

billionaire paul tudor jones is demanding that his managers take more risk in their bets.ording to an investor letter obtained by bloomberg. it says the legendary macro trader has boosted the amount of money he is managing to more than 50% of his main hedge fund's net assets. the moves are central to a shakeup of the business, which this week cut 15% of its staff. a spokesperson has declined comment. apple has roadblocks in making major changes that would connect its watch to cellular networks and make it less dependent on the iphone. that is according to people with knowledge of the matter. the tech giant still plans to announce new watch models to help tracking. that is your bloomberg business flash. you very much. have a great weekend. it has been a week of pressure for the u.s. dollar. sounds divided over the timing of the next rate hike. the san francisco fed president fomc is in play for a rate move. williams says that while he is not in a hurry, he does not want the economy to overheat. >> we start getting packed on the path -- getting back on the path of gradually

you mentioned paul tudor jones, tudor investments, those are discretionary macro primarily. banks being so active in the markets, it's a difficult environment to outperform. and those things will happen. they happen in equity cycles, credit cycles. so the performance of strategies fence and flows -- ebbs and flows. know aboutagers that, and this is where they can be more flexible in their terms. if you are getting 20% returns on a consistent basis and you are paying 2 and 20, you are happy. if you are getting 6%, you are not. so i just fees down. keep your willing to money in place for longer, you should be rewarded, and you should have discounted fees. if you are a large allocator, like most of the pension funds, you should be rewarded. 2008, the marginal dollar being allocated to hedge funds has been from pension funds. we know there is a significant pension fund crisis, particularly in the public sector in this country. if you believe that hedge funds and hedge fund managers are unique, and they bring diversifying strategies, which i do believe, you should keep them in yo

they're doing now and it could have changed by now but look, i'm big believer, watching soros and paul tudor jones and jeffrey gundlach, they're all very bearish on the markets of the as manager of money it goes into my financial manager. price first, everything else second. market is acting a okay notwithstanding. these are geniuses that made billions of dollars. melissa: dan, one of the reasons why this is interesting to the average investor and regular person out there who is watching the economy, it is an indictment. economy. they were saying i don't know any of this run-up in the market is justified. we've seen weak economics out there but at the same time stocks keep going up, really only because of the fed. these guys were calling the ball and getting out. what does that tell you? >> what it tells me, melissa, i think it is one of the most extraordinary ironies that george soros is getting out. he was one of the biggest backers of barack obama. this is a extraordinary vote of no confidence in the obama economy. like soros is going no mas. sitting on the table and not going to get back into

and paul tudor jones is ending does urging managers to take more risk.rg, who says he is staying money to more than half of his assets. the business this week cut 50% of it its staff. that is your bloomberg business flash. francine: thank you. let's dig deeper. there was a technical hiccup, but the bank of england struggle to find enough bonds to buy as part of its stimulus package before getting back on track tuesday. track?ark carney back on first they had the hiccup monday, then it was fine tuesday. but we also have some pretty good data overall from the u.k. economy. it has held up so far. i think it is still too early to draw any conclusions. and perhaps, in part the reason it is holding up is because the pound has fallen as much as it has. and that is a consequence of what the bank of england has done. we will never know what would have happened if they had not done it. but so far, it is justified. the markets have taken in stride. i think it was a technical hitch that struck the first and buy that. -- first end buy that. the basic idea is connie t

taylor: billionaire paul tudor jones has fired around 15% of the workers at his hedge fund.o people familiar has beenmatter, tudor hit by more than $2 billion of investor withdrawal. 35% because ofll legal costs. it is controlled by the dutch government and just returned to the market last november. the bank says it has identified the cost savings it will make next year. ford is taking the driver out of the driver's seat. the carmaker says it plans to have a fully self driving vehicle by 2021. it is designed for use by right hailing services. ford says the car will have no steering wheel, gas, or break pedals -- brake pedals. francine: let's talk now about emerging-market stocks and whether they have further to fall. they are following today. will a u.s. rate hike upset the party? we stay with richard turnill. tracksa chart here that relative strength index. this is the relative strength index of the msci emerging markets index. it is the highest since 2010. what shows us is that the steepest rallies in 2009 could be under threat as shares reach the threshold. this is a thre

i like see him to point to a record, people like paul tudor jones, eli broad, who have supported alternatives see that. stuart: maybe, if you prod hard enough, given new direction, maybe he will listen to you. >> this is the time. stuart: thanks for joining us as always. we like that book. what is the name of it again? >> the new trail of tears, how washington is destroying american indians. stuart: that is a story. come on back and tell us about that? >> i will. thanks, stuart. stuart: let's get to something totally and completely different. it is the sector report. legal drag racing. i don't know how we got to this, on public roads. jeff flock is in pontiac, michigan, right outside of an auto plant there, he will give me a story about which i know nothing. dear lord. reporter: holy christmas. i am behind, i am in the front seat of a dodge hellcat. this is 707-horsepower. and today is the start of the woodward dream cruise, what they do is bring you all sorts of hot rods and race them legally on the street in woodward avenue. stuart: okay. >> this guy is burning some tires back here. this is

paul tudor jones demand top traders take on more risk in the hedge fund shakeup. is still with us. than 230 billion dollars in assets under management and she thinks some belong with hedge funds. why hedge funds? katie: we believe they can give you two important things and when we talked about, deborah's vacation. to can get exposure to areas of the market -- and that is exposure. you can get exposure to areas of the market that you did not even alpha,f and outperformance, off of the ultimate holy grail of diversification. it is not correlated to anything else in your portfolio so if you can find hedge funds that can provide shrew alpha -- to office or skill, which reducing the and prevalent hedge funds, or if you can get exposure to other risk factors you do not have in your portfolio, they make a lot of sense, especially in this time of low returns. jonathan: the other issue is transparency. take a listen to this. >> that is the main issue that we have with hedge funds, there hard toally -- it is have full transparency and what is important is i want to make sure there's no corre