peter cook is with us for two hours this morning. we are thrilled to have peter join us. >> coming up, the annual conference kicking off in berlin. who is in the spotlight in new competition for smartphones? samsung and apple have new ones coming out. hans nichols will take us there and run us through the latest. you are watching "bloomberg surveillance." ♪ >> good morning, everyone. "bloomberg surveillance." some do while others talk. what a success under armour is. the founder and ceo is coming up this afternoon. kevin plank on the baltimore orioles, among other things. i'm sure we will hear about his love affair with the first-place baltimore orioles. good morning, everyone. this is "bloomberg surveillance." fu and adamrlet johnson. get us going on technology. >> watching samsung this morning. smart phones, tablets, wearable technology are expected to steal the spotlight at the consumer electronics show in berlin today. hans nichols is there on the ground in berlin. this sounds like it is samsung front running apple, which is expec

peter cook, joining us from the nation's capitol. obama addressed the crisis surrounding the ebola virus. the president called the disease a threat to the world. >> this is more than a health crisis. this is a growing threat to regional and global security. in liberia, in syria, public health systems have collapsed. economic growth is slowing dramatically. if this epidemic is not stopped this disease could cause a humanitarian catastrophe across the region. like the outbreak has hit liberia hardest and affected other countries, killing 2900 people and infecting 6200. one of those is nigeria. its ambassador to the united states joins us now from washington. nice to have you here on "taking stock." can you update us? >> i'm happy to report that just yesterday my president declared that nigeria is now ebola free. this is a result of well calculated measures by my government to prevent the spread of the virus. it came to nigeria through somebody from liberia who was starting to attend a conference. the source was located and all those we

peter cook has word that attorney general eric holder will step down. we will get to all of that in just a minute, but first, stocks are falling the most in eight weeks as apple shares tumble and concern is growing that russia macy's foreign assets. the dow extended a four-year high, fueling speculation that the fed is a step closer to raising interest rates. let's take a close look at the numbers. the s&p 500 is down about one .5%. the dow jones industrial falling as well today. the nasdaq falling as well, down 1.8%. we will get a check on the markets from olivia sterns as we follow equity trading throughout the hour. now let's get to peter cook with details on attorney general eric holder's resignation. peter, that afternoon. >> good afternoon, mark. not a total surprise. we got word over the last year or so that eric holder was future and to his parting. he told the president he would until hisfice successor is confirmed. the qualification that he could stay on the job until he gets a replacement could keep them there longer than you might think. the

peter cook looks at congress vote on president obama plan to militants.ic state the scotland referendum on the biggest industries. the latest on the gm compensation claims. we begin with the compensation representative kenneth feinberg. it shows the total number of people killed by the ignition switch is maybe higher than initial estimates. so far 19 death claims have been claimed eligible for compensation while gm had counted 13. we spoke with him earlier today and began with its gm got it wrong. >> no, gm applied a different and are. gm was looking at engineers and asking engineers, can you definitively say it ignition switch defect caused the accident? our standard is much more liberal, much easier to apply, a legal standard. was the defective ignition cause, ae proximate substantial likelihood as the cause of the accident. that is one reason there is a discrepancy and also remember under the program i am administering, passengers are eligible, passengers of other vehicles. some estimates suggest they need as much as 1.5 billion. where do you see the numbers falling? >> we will see.

peter cook joining me from the white house. thank you all so much.ight on charlie rose on bloomberg, the president of turkey for the hour. you could watch the interview in full on charlie rose bloomberg tv. up next, and on the markets update from our senior markets correspondent, julie hyman. plus, my exclusive interview with the president of road. that and more when we continue in a moment. ♪ >> we are coming up on 26 minutes past the hour. bloomberg television is on the markets. julie hyman, good afternoon. >> hello. let's take a look at where stocks are trading right now. declines are across the board. concerns about strikes in the middle east as well as concern about potential crackdown on tax inversion deals have been pushing stocks lower. news, discussing an acquisition the core and the people with knowledge. even as the treasury secretary is cracking down on that strategy to lower taxes. numeral's on corporate inversions will make it difficult for companies to escape u.s. taxation according to the treasury secretary jack lew. we are looking fo

joining us is michael mckee and peter cook.e have not yet about the political implications of an ugly number like this for the white house. are there going to be ramifications, peter? >> timing is everything in politics. the labor day holiday, americans start to focus more on the midterm election and thereafter to be democrats were not thrilled with the number. president has been talking much more effusively about the economy in recent appearances, campaign stops with democrats across the country. this makes it harder for them to talk about the economy turning the corner and gaining more traction. there are some aspects of the report that are pretty good but overall, this is an outlier compared to where we have been. 200,000 jobs for 6 straight months. revisions made the prior months not as good as well. getting a number of press releases from republicans pointing to this. this is when americans start to focus on the midterm election. had this been a really good number democrats would have been feeling better. >> there were not

and peter cook joining us.ave approached the health-care dealer about creating another tax inversion. we have to look at details. trackerse first global of ebola will join me. look at efforts to contain the virus in west africa. this is "taking stock" on bloomberg. ♪ >> fresh off of jack lew's actions to combat tax inversions, pfizer has actavis.d possibility of a tax inversion. here to tell us about it is jeffrey mccracken and steven brozak. s and thesion pharmaceutical industry. explain how they might or might not work. >> it has been a fairly self-evident story. he went out there and you bought a smaller or midsized company and got the tax credit overseas so you did not have to pay the same tax rate. there's a big question of what will happen next. is this a deal for -- what does but esther do when you do not have lock buster? it is a game of armor cynical clue. >> let's play a little pharmaceutical clue. pfizer -- astrazeneca, that is the $14 billion that did not happen. >> that is the one that got rejected

peter cook is in d.c. i suppose no surprise he would cover some of the same ground the president omar ended yesterday, the subject of extremism and the fact opposes a challenge not just to the united states, but the entire world, including some of the states accused of sponsoring it. >> that's right. we've seen over the past couple of days, president obama and the iranian leader have both talked by thehe challenge posed islamic state. iran has an interest in taking on the islamic state that is a concern of them, a concern going forward. there is no sense at this point that the united date and iran are coordinating efforts against islamic state. i don't think we will get any suggestion from president rouhani that is about to happen. we are not heard any reference to the negotiations over the nuclear talks because these issues are related, in some respects, and there certainly a feeling that perhaps the iranians might help more with the islamic state because it helped him in terms of leverage with the nuclea

than >> peter cook, thank you. we look at the american economy now, the mix a back and forth. >> inflicting dead and housing this week whether you look at existing home sales or new home sales. data on housing this week whether you look at existing home sales or new home sales. i want to get to some company news headlines first. we need to start with air france, backing down in a battle with its pilots. reporting to drop local subsidiary outside its french and dutch home bases. 10 day strike. management called a destructive. solid returns of your stock market for citizens financial, shares up more than 7% closing on the nyse. the unit raised $3 billion in an ipo earlier this week. 140 million shares were sold. ford makes good on a pledge. the automakers have three years ago it would hire 12,000 workers by 2015. harding has topped 14,000 since 2011. the latest edition was at the kansas city assembly plant. that is today's company news. >> that is a granularity of job formation. for september,rt october 3, one week f

and others to step up their response. >> peter cook, from washington, thank you. more on the militants, i am by ourfrom washington reporter. wife they had successfully intoht the mosul dam back and theyf the iraqis, will be hitting the islamic state throughout northern and western iraq, and as the president himself admitted, you cannot attack isis without also attacking them in syria, because they are not only using that as a base and a haven, but they are at that border, pretending as if it does not exist, and we have talked about the american journalists who have been executed, and we believe they were executed on the syrian side of the border, but president obama was really ill or read for it, and he essentially said we do not have a strategy for this this.was pilloried for you are talking about this being a linchpin in serious and iraq. how is this so? that isis true, and because turkey shares more than 500 miles of a border, across which the last three years of this uprising against bashar al-assad, it has been very easy for foreign fighters as well as any tu

that is one take away so far from the strip. >> peter cook, thank you.now on our top story after nine months of pressure, carl icahn. what he wanted. ebay will be splitting up paypal. trish regan joins me now in studio. he talked about this earlier with paul sweeney. said this ebay had separation was not going to happen. >> he was on with me about eight months ago saying he absolutely thought this was the worst thing for the company. there were some new synergies between paypal and ebay. they needed to stay together. carl icahn was insisting these are two different companies doing two different things. he kept saying it's very hard to recruit top talent when all you have to offer is ebay. whereas paypal is more of a tech company where you can get better people in if you are reporting -- ebay stock had gone nowhere for quite some time. think -- this is not a new idea. carl icahn got on the bandwagon for this one. a little bit later than most. ebay and paypal are two separate ideas, separate companies. paypal has been getting the majority of its revenue fr

peter cook, thanks so much. surprisingme, the drop in the august jobs report. a seasonal blip or a signal of a downturn in the u.s. labor market. ♪ >> american employers hired fewer workers in august than expected. advance000 was a small this year and far lower than estimates. ."lcome back to "bottom line it's interesting about today's report because, up until today's jobs report, the numbers appeared to be improving. the concern was that janet yellen might bring forward her time for the race like. -- raise hike. it does take some of the pressure off the fed at their next meeting. they can now point to the jobs report as a sign that the economy is not rapid the exhilarating. that's rapidly accelerating. -- is not rapidly accelerating. fourth-quarter gdp is adding up to 3.6%. that's up from our original estimate of 3%. you look away from the jobs number, we are doing pretty good right now. >> are you more concerned that the fed is going to wait too long to raise rates? >> i think the fed is appropriately cautious here. the fed has to think about this from a risk

you, peter cook. john, thank you very much for the former security advisor to dick cheney. >> we need to take a break. when we come back, we will stick with the chairman of google, eric schmidt. ♪ . . >> live from bloomberg world headquarters in new york, this is "market makers" with erik shatzker and stephanie ruhle. >> you don't need google to find this -- look for a book on the world's most popular search engine. google's chairman, eric schmidt wrote one. fax is this the passport to the blackberry turnaround? the one-time leader launches its new smart phone. we will talk to blackberry ceo, john chen. >> welcome to what will be a great hour here on "market makers." fax indeed it will be. >> there have been dozens of ands written about google others one by a true google insider, executive chairman, eric schmidt. he cowrote it with jonathan rosenberg, the company's former product manager who helped develop gmail and android. makers." as irket like to joke -- how google works, i typed in google. >> tha

we are joined by cory johnson and peter cook in washington.hat steps are the government taking -- is the government taking? >> it only involves deals closing today and forward. it is not retroactive. that was a big question. how far back would they try to reach, if at all? we know it is not retroactive. what they are doing with the rules, it is safe to say that they have chosen to do things that tax professionals and tax attorneys i have been talking with over the last couple of weeks thought this is where treasury was heading. jack lew said that he did not think treasury had any tools in the toolbox to deal with these issues. what they are doing is hopscotching. it limits firms. it makes it less economically attractive going forward. they are tightening the rules on what constitutes ownership stake and equity ownership stake in the company. it makes it more difficult for foreign companies to meet ownership thresholds required by the u.s. government for tax purposes. they are tightening the tax rules for subsidiaries for taxation purposes. the

we will hear from peter cook at the fed in a few minutes.is afternoon from los angeles, chief economist of -- of alternative investments. may, irark, here with jersey. michael mckee, lisa abramowicz, who covers the debt market for bloomberg news. thank you so much. and julie hyman will also join us. michael, let me start with you. what are we expecting in a couple of minutes? >> do they drop the considerable language, suggesting it will be a long time after qe ends, and what will they do for when they start raising rates and how high they will go. we will see if the time moves up in the rates move up or down. they also will talk about the exit strategy. do not worry about it. >> is too much being made of the nuanced language? >> i think it is not. expecting not really any significant changes to the statement. if they do, you could see a lot of market movement on it and request what is the market looking for? what do they wanted here? ? to hear the timeframe of staying in place. we're looking to really, the new projection will come out from t

peter cook has the fallout from the fed meeting and news conference. thee hyman is monitoring alibaba ipo. asked forpresident u.s. military aid. the details of this aid package that president poroshenko was seeking? a jointnt before session of congress making an emotional appeal, saying we appreciate the help we have already gotten from the american government, but frankly speaking, we will not win a war with blankets and night vision goggles. we need you to's debt but their game and bring into military assistance. -- we need you to step up your game and bring in military assistance. approved annt also aid package for equipment that the ukrainians made. >> i'm sure it's more than just a photo op. peoplet is underscoring in the united states and for the audience in russia and in kiev that the united states is 100% behind this democrat lee elected government and it will be there just like europe will be there. for them. the reason it is important is because, watching back in kiev, it is a morale booster for people to see their president in the white hous

peter cook join us from the white house. the largest ebola outbreak on record is getting worse by the hour. the virus has spread to five west african nations infecting people.00 the u.s. centers for disease control and prevention says more than a million people could contract the disease if the outbreak is not addressed immediately. is entitledory "ebola is coming." we were talking about how disturbing this story is. congratulations. it is exquisitely written but it is very disturbing. the subtitle reads the u.s. had a chance to stop the virus in its tracks and it missed. what happened. >> the pharmaceutical companies, small parts spend about $5 billion a year on developing drugs. a lot of it goes to research but some is to go to taking those ideas that come out of research treatment. them into so, the antibody cocktail that we know might work, it is not really gone through clinical trial but it has been used on two aid workers who were were with ebola and they recovered. we don't know why. were they lucky or did it work? we

peter cook is on capitol hill. international correspondent indira lakshmanan on is in our washington bureau. what will the president specifically be laying out tonight? >> you will see and hear from the president as he pressed together the pieces that administration officials say are ready to go in their strategy to counter the rise of the islamic state. what that will include is the likely expansion of airstrikes into syria, not something that will immediately happen, but something that is within his authority and a possibility going forward. you will also hear about the arming and training a moderate syrian rebels. this is something the administration have been working on for the last couple of years. they have not solidify the path forward. tonight we'll hear the president say that that has occurred. you also need to keep an eye on what he says on where he needs congress on this. yesterday, the president said he had all the authority he needs to move forward on it. lawmakers are a little wary of that, so that is

peter cook has more on -- democracy. peter cook has more on this meeting. happening down there? this is a relationship the president hoped to kick off well in his first term. the first date visit was with narendra modi's predecessor and the first state in her was in india's -- first state dinner was in india's honor. this meeting is supposed to reinvigorate the relationship. they had an op-ed in "the washington post." they talked about the shared interests between the democracies, the world's largest two, and a big focus is going to be on the economies. do not expect deals to be announced. it is more of a chance for the leaders to get to know each other, and the president hopes narendra modi's popularity will rub off on him. he had a landslide victory and has been writing the popularity -- riding the popularity. a lot of indian americans are eager to see what he can do is prime minister. >> is this just a goodwill meeting with nothing hard actually happening? meeting, butodwill he is trying to get tangible results. . the dinner -- results. the dinner last n

i want to bring in our chief washington correspondent, peter cook. sayingpresident obama climate change is happening faster than we are working to address it. what you make of his remarks? >> this is a big issue for this president. he announced that big climate action plan in 2013, taken some very controversial moves on his own. he is use executive authority to curb emissions in this country. on the international stage, not a lot is happening. this president is prodding a lot of the 120 leaders around the world, more important like, the leader should make it to the summit including china's leaders and india's new prime minister. trying to get them at the negotiating table as well. there is not a lot of inertia right now. not a lot of push towards getting a deal done by the end of the year. the u.s. secretary general would like a draft agreement, much less a final agreement in a years time. president is trying to push the international committee along, saying the u.s. is doing its part. where theressue hasn't been a whole lot of progress, both domesti

here is peter cook. >> a lot to go through in the statement. multiple press releases here, including an exit strategy. the statement that it does not include any major changes. you look at the forecast for where it rate -- where the interest rates are going. there is a contradiction that policymakers do see rates at a higher level at the end of 2016 than they had previously. a separate statement on the exit strategy. other technical data to go through as well. in the statement itself, bond buying will come to an end, according to the fed. his incoming information broadly supports the expectation of ongoing improvement in labor market conditions and inflation moving back toward the longer run objective, the committee will and its current program of asset purchases at its next meeting. they are not at a preset course. based it goes on to say on the assessment of the factors, it is likely it will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase rogue ram ends. the line

our chief washington correspondent, peter cook. gary, director of research for science and international affairs. make sure to watch bloomer television this evening. there will be an in-depth interview -- watch bloomberg television this evening. there will be an in-depth interview with hassan rouhani at 8:00 p.m. a traffic jam that means even some billionaires have to act just like us. we are talking about boehner blackstone ceo steve schwarzman. he could not deal with the traffic jams caused by the u.n. session, so what did he do? the steve schwarzman hopped on the subway. that is the picture that ended up on twitter. he is said to be going to a meeting with heads of state. that is certainly one way to get there, good old york metro. coming up, the islamic state is now targeting oil facilities. we will talk to tom harper of delaware. plus, to inventions that were made for each other, drones and action sports cams. we are 11 minutes away from the opening bell. ♪ >> as we head toward the bell, moving and shaking this hour. this is a

our chief washington correspondent, peter cook, in d.c.. i suspect peter we may hear from you later. >> it is time to give you the newsfeed top business stories from around the world. the crackdown on so-called tax inversions being felt in stocks this morning. jack lew imposed new rules that may make companies think twice about getting a foreign address to pay lower taxes. shares of companies involved in potential deals were lower at the open today. among them, burger king. apple is denying a report that it plans to shut down music. apple acquired a streaming service when it bought a company cofounded by dr. dre. according to a person familiar with the matter am apple puts beats music under itunes branding. issue maker plans an ipo in london as early as -- next month. larger luxury companies such as product have been hurt recently in a slower growth environment in asia. >> folks, the president is on the verge of ordering marine one, a helicopter that will take him from washington dc to new york city for the u.n. general assembly. we expect h

what we heard a few seconds ago from john boehner, the speaker of the house, and let's bring in peter cooko talk about it. i think the statement of speaker boehner was not necessarily as supportive as one might have thought at a time of crisis. his statement, what he said, and where you think that leaves republicans. >> i think the president was looking for a bear hug from john boehner, and he certainly did not get it in the statement. some words of support but also some trepidation. he set a speech is not the same thing as a strategy. however, while the president gave a compelling call for action, there are many questions still, and one thing he points out is that the president, he said, framed it as a counterterrorism effort, and john boehner about there was something more necessary in response to isil, and it will be interesting to see how her publicans react green bay will be meeting behind closed doors to look at how to handle it, particularly authorizing the training of the syrian rebels. will this ultimately pass muster with house republicans? some questions about that. some for spo

peter cook joins us from washington right now. a lot going on in washington.ont and center. why does the prime minister not get a state dinner? >> i think this is a relationship in evolution. this is an effort to reinvigorate the relationship. 2009 wase dinner in the first one of the obama administration and yet the relationship drifted apart after that. this is an effort to reinvigorated, to restart it, if you will. president obama is tapping into the popularity of narendra modi. is the star of the moment. what can the president give india? would likething he to give india or help give india is more investment, american investment. that is going to be the big focus. there are going to be a couple of deals announced, in terms of u.s. businesses, opportunities to get them to india. it is on the flipside of that. india breaking down issues of bureaucracy, barriers to indian investment. lloyd blank find from goldman sachs, top executives from pepsi, from boeing. this is a business trip. i would not expect major deals announced today. this is an opportunity for so

also thank you to peter cook, our chief washington correspondent.e will be back in two minutes this monday morning. ♪ >> here is a look at our bloomberg top headlines. a proper use -- $641 million. he could face up to 13 years in jail. is by nonglomerate billion.care for $2.2 the combined business will have annual sales of nearly $3 billion according to both companies. that deal is all cash. it allows global leaders to expand health software. it is 26 minutes past the hour. bloomberg television is on the markets. equity futures are unchanged right now. julie hyman has much more on our on the market segment. >> i do. let's look at futures and focus, as we do every monday. we are taking a look at oil prices. economic datato we have got out of china. i want to bring our guest to talk a little bit about that you're joining me on what else , ouriving that price guests, and scott bauer out in chicago about what is going on with oil prices. >> the question is about demand. the supply is doubtful. demand is just not there. that really drives globally what h

peter cook has more on a possible successor. how soon will he be picking a successor? >> a lot of democrats are pushing the president to name someone sooner rather than later because that will increase their chances of getting someone in the job quickly. this all depends on the midterm there.n, what happens if republicans take control of the senate, democrats have a limited window in the lame-duck session to confirm his replacement. republicans do not want to be jammed with somebody under those circumstances. they want to handle it in the new year, in a more thoughtful way. my bed is the president will move sooner rather than later because he wants to get that person in place. certainly, eric holder does. he does not want to serve into next year. >> who is running in terms of placeholder? >> massachusetts governor deval bahrara. preet you have the president former white house counsel, you have the solicitor general arguing at the supreme court. are not safe picks, but the easy fix inside administration. otherwise, the attorney general in california, come all harris, th

peter cook, thank you for the latest. i know somebody from new jersey who likes to make fun of a comedian. >> just 10 days from now great britain may not be so great anymore. for the first time voters in scotland are leaning toward a yes vote for independence on september 18. it is a referendum with enormous implications. let's ask danny blanchflower fhat it would mean i scotland were to split. he is professor at smith college and conjure beating editor here at bloomberg. -- at dartmouth college and contributing editor here at bloomberg. what is the cq? -- what does this say to you? kulaks i spoke to the person in charge of the no campaign. he was worried that the poll for the independence was so big. prices inen share banks down. uwe don't know what this would mean. it is a cataclysmic poll. maybe people will have to show a scottish passport. i can understand the opposition from within scotland. --tland is very row europe very pro-europe. they are pro-immigration. in some sense you can understand it. this would be a monu

peter cook, our chief washington correspondent. while it will be days before conclusion commitment on the success of those strikes, the u.s. continues to combat other ways to destroy the militant group, targeting their money in particular. by some estimates, the group could be getting as much as $2 million a day. this is the islamic state, from the oil trade, helping them becoming one of the wealthiest terror organizations in history. i want to bring in someone on the business of how the terrorists are making this money. vice president of the research for foundation of the defense of democracy. jonathan, first off, how concerned are we about this to million dollar a day figure that the islamic state militants are raking in? >> well, we continue to hear that there are about 200,000 barrels a day of oil under isa's control that is being sold to isisemen -- under control. the number continues to pop up, looking at tulane dollars to $3 million a day. >> and the role of turkey is crucial because their border is very porous and this mone

peter cook, chief washington correspondent. also josh green of "bloomberg businessweek."op 10 stocks you don't want to miss after this break. ♪ >> welcome back. you are "in the loop." liu.betty it is 26 minutes past the hour which means a bloomberg is "on the markets" and we are in the final moments before the opening bell. the jobs report is coming in worse than expected. let's count down to the top 10, the only trades and stories you need to know. olivia sterns and julie hyman joining me. number 10, boeing. shares rising in the green market. deftly marketed and $11 billion order for the going 737 jet. the airline after going to make a new version of the plane that squeezes in morsi. -- more seats. >> i was going to say, this is -- >> is for the low cost, long haul. >> i don't want to go for low-cost long-haul and be squeezed in even more. >> this is a man who suggested paying to go to the loo. number nine, share of this by a former company plunging in the premarket. the company terminated development of a diabetes drug after it discovered misconduct by some employees. -

peter cook is back with us for more. have democrats already lost the senate? >> no. their favor. i know you are laser focused on control of the senate right now. >> laser. >> the odds were always in republicans' favor. to playing field played their advantages. they need to win a net of six seats to control the senate. democrats have run some really good races in places they were not expected to. georgia. has run until recently a very good campaign. you also have kay hagan in north carolina. the race people should watch most closely, north carolina. if republicans win back the senate, what does it mean for obama's next few years? >> welcome to gridlock. >> presidential veto city. >> the outlook is not very good for anyone who wants to see substantial legislation passed. it will not happen with that kind of environment. subdued be a very two-year period in which nothing gets done. there is one sliver of opportunity when you talk to folks in washington. maybe corporate tax reform could start to move. it might be easier for president obama to negotiate with a fully repub

michael mckee tells us why the obvious jobs number doesn't change the overall economic .icture peter cook is following the latest developments on inversion and we begin with phil mattingly, the obama administration's strategy to deal with syria and iraq. >> administration officials and the president himself have been working for weeks to describe what exactly they are doing to counter the rise of the islamic state in iraq but also in syria. on wednesday the president himself will give remarks to the nation where he will lay out what the administration has done up to this point and what we can expect going forward. administration officials say there will not be any jarring new announcements. expansion of bombings into syria. they do believe the president will work to explain the threats and what is at stake for u.s. armed forces. take a look at what he said just yesterday. asking i'm going to be the american people to understand is this is a serious threat. we have the capacity to deal with it. i am going to be asking congress to make sure they understand and support what our plan is. it w

i am joined by peter cook. break this down for us. how does treasury secretary jack lew plan to keep companies from moving overseas? >> he will make it more painful, at least in terms of making -- paying their taxes. there are a couple of steps the treasury announced. they go further than a lot of people expected. a crackdown on what is called loaning to ans -- foreign entity and avoiding u.s. taxes -- now, a lot of those loans will be treated as a u.s. event, taxable. there are now new rules regarding ownership stakes in these companies. if you merge with a foreign company it has to be very controlled in terms of how much the former u.s. ownership -- how much they hold of that new company. taxe will be tougher treatment of spinoffs -- overseas spinoffs -- it has a lot of companies have been using those -- because a lot of companies have been using those rules to get around paying taxes. this does not affect retroactivity. it does not reach back in time. that is a plus for companies that did yields in the last few weeks or months, but

congresswoman bachmann is standing by in washington with our own peter cook. >> thanks so much. joined by congresswoman bachmann. thanks for the time. want to start first ask you about your departure from congress in a moment. want to start first with current invents. you're a member of the intel committee. pretty outspoken. you're pritsism of president obama and taking on the islamic state. what is your reaction to his plan. you would like to see american boots on the ground? >> i don't criticize president obama taking on the islamic state. i wish he would take them on earlier. sitting on the intelligence committee we knew about the lamic state, we knew and presumably the president did. a lot of this jihadist tempo was up-tempo for the last year, year and a half. we knew it was coming. that's why it was patently obvious the last thing the president should have done is pull u.s. residual forces out of iraq. they were there for one purpose. maintain the peace. now we see the lack of wisdom. >> the decision the iraqis made -- >> we were the economy. we were the backbone. for us to

now he is standing by with our chief washington correspondent peter cook with his first tv interview office. peter, it is all yours. >> erik, thank you very much. congratulations on your job. >> good to see you again. >> i want to ask about how you will approach this job really than gary gensler. he was known for ruffling a few feathers. do you see part of your job as striking a different tone than gary gensler? a questiont really of striking a different tone, it is a different time and place. i think kerry did an amazing job did anlly the -- gary amazing job, and we're ahead of where other nations are in terms of regulating this market, and that is a credit to him as well as the staff of the agency. we have a terrific, hard-working staff. now we are in a different place, different time, with slightly different challenges. now our challenges are things like as we see how these new rules affect the marketplace, we will need to fine-tune them in some respects. we have got a lot of work to do with respect to our international counterparts, our international regulators to make sure the g

members of congress making of changing the rules will stop our chief washington correspondent, peter cook has more on that story. is to give here average americans a tax preferred way to save for retirement that taxpayers are taking advantage of the opportunity. million people part $5 trillion in iras according to the government accountability office. that same report says more than 9000 of those taxpayers had $5 million in an ira and that is raising concerns on capitol hill that the accounts may be becoming tax shelters for millionaires and people like that romney. it made news in the 2012 campaign because he reported an ira worth as much as $102 million and everex plane how it rousseau large. says it's out of control and sweetheart deals were stock executives they be at play. he promised to include a review of ira rules in his push to overhaul the tax code. the average american worker may only have $59,000 saved and wants to make sure the focus is on those americans. there is real money at stake are the government will stop the 17.5 uncle sam will forgo earlier dollars in tax revenues t

peter cook joins me with the details. >> good afternoon.economic snapshot for the fed's 12 districts paints a pretty steady picture of the economy, continuing to grow but not necessarily

peter cook joins me with the details. >> good afternoon. the latest economic snapshot for the fed's 12 districts paints a pretty steady picture of the economy, continuing to grow but not necessarily busting loose at the seams. the key take away, economic activity in all 12 districts expanded since the last report, but there was no distinct shift in growth in any of the districts. six districts report moderate -- th, six report that others said individual sectors reported more optimism. , generalspending consumer spending grew in most districts at rates ranging from slight to moderate with few changes in the pace of growth compared with the last beige book. the beige book says chicago was up, but philly was slower and atlanta had some slight weakening. there were some discussions about auto sales at record highs in some parts of the philly district and dallas district. reports on manufacturing were mixed. almost equally into three characterizations, expanding, contracting, or unchanged. in terms of labor market and -- measured by hiring tren

peter cook with an rv

he's got a lot to say on tax inversions and we will play some peter cook's interview with treasury secretarylew. he says more needs to be done. >> some of them sent a letter to burger king saying u.s. taxpayers pay for the roads you track your goods on, how can you do this? >> we will talk about the importance of tax reform. of president and cio virginia research will he there with ideas on how to invest in these markets. we will talk to him about these street will stop >> " smart" is at the top of the hour. coming up, watch out for that strange fax message or e-mail. research shows it's the most common form of a data breach. we'll have more on cyber security and how you can attack yourself in just a moment. ♪ >> welcome back. it's time for today's latin america report. argentina's house approved a bill that would allow the government to pay international bonds locally. it's an attempt to get around the u.s. court ruling that had the nation default for the second time. it would permit overseas investors to swap bonds for new debt -- new debt issued under domestic laws. the bill must now be a

peter cook is in the nation's p are -- capitol. peter, what will the president be saying today?will be all that different. the backdrop is what is different here. the president with some of the , meeting directly with some of those generals, including lloyd austin, commander of central command. he's going to be hearing about how they're going to execute it, what they will be doing on the ground. an important visual for the president to see these uniforms, the brass around him as he flexes his commander-in-chief muscles. >> they're going to have to coordinate the airstrikes that they plan to wage against isis or the islamic state in syria. how much of a challenge is that going to be given the tentative response that washington has had from any other governments in the gulf? >> this is going to be difficult. there are a lot of moving pieces here. well we have successfully carried out airstrikes and iraq, syria is a different place. you have got to worry about the risk about american pilots being shot at and potentially shut down. we have not lost anyone in iraq so far in this late

howing us now with more and this could play into policy, peter cook. the pressure is on the president to do more, particularly in from of the comments mccain. >> we are used to hearing that from mccain and his cohort. other republicans urging a much more aggressive policy. they have been critical of the president's handling of iraq and syria in particular. not a huge surprise we're hearing john mccain laying it on the president right now. more of the surprises we now have democrats also joining the .horus dianne feinstein of california was on the sunday shows that as .ell -- shows as well have learned one thing about the president. he is very cautious. maybe in this instance, too cautious. i know the military, the state department, and others have been putting plans together. hopefully those plans will coalesce into a strategy that can encourage back coalition. the meantime, we're hearing from right out -- from white house officials. they do not want to rush into problems. they want to rush into the notion of military action in syria. at the same time,

let's bring in peter cook. he is on capitol hill.also have our white house correspondent, phil mattingly. you've been talking to house republicans there. how does it look? meeting ofst at a house republicans over in the capitol building. the general sense i get is that there is support in general for the president's strategy and his decision to go after the islamic state. there is going to be an effort to change some aspects of his request, particularly with regard to training and equipping syrian rebels. he wants more oversight of that. there is not uniform support for this. i just heard from michele bachmann, strong words from the minnesota congresswoman, criticizing the president's proposal saying it does not go far enough. we are either in it to win or we are out. suggesting she and others would support a much more comprehensive american involvement in dealing with isis. even potentially boots on the ground. she is more of an outlier. the president's proposal. >> that is michele bachmann's thoughts. how important is congressional

. ♪ >> for more on modi 's visit, i want to bring in peter cook, who is much more. -- who has much more the big take away? >> there are a couple of things we should expect from this meeting. this is really a meeting that is supposed to reinvigorate the u.s./india relationship. when he first took office, it was within -- his first dinner was with the india prime minister. this meeting between these two leaders is a chance perhaps to redirect the focus, especially the economic relationship. we are being told that this is more than anything a chance for these two leaders to get to meet each other, get to know each other better. they have never met before. they had a private dinner last night. prime minister of india right now is getting rockstar treatment everywhere he goes in the u.s.. he had a landslide victory back in may. he is still riding high in terms of popularity. he is looking a lot like an american president was not too long ago when he was first elected. maybe president obama is hoping the popularity for the prime minister might rub off on him right now. they do have very tough

for more, we are joined by peter cook. there seems to be some progress in ukraine but a bit of confusion. >> at 4:00 this morning, we heard of a permanent cease-fire which was the statement from the president of ukraine. after that, we heard from the russians that maybe it's not a full cease-fire. now it seems like there is something in between. and ifoward a cease-fire this is true, this is good news. president obama said the same and press conference in estonia this morning. voice thear in his skepticism and the question about whether russia will deliver here. the timing of this comes as the nato member countries are meeting at their summit in wales area could this be an effort to undermine that summit or raise some doubts about where this is headed? this is what president obama had to say -- >> if, in fact, russia is financing, stop arming, training, in many cases joining with russian troops, activities in ukraine and is serious about applico settlement, the -- that is something we all hope for. i have said consistently

peter cook sits down with the secretary of treasury and the secretary of transportation.o doubt about it. -- tax in version will be front and center. i'm tom keene. with me, scarlet fu and adam johnson. shares are already moving in the premarket for apple. the company is unveiling a new iphone today and included in that unveil will be the mobile wallet payment system allowing users to buy goods at brick-and-mortar stores with a click of their phones. shannon cross has analyzed the transaction economics and she joins us now by phone. what is the significance of that youyments given write that apple views it to be less of a direct revenue opportunity? mind, they have not announced anything yet. when we think about it, apple tends to look at services as a way to sell hardware devices. one they first launched the itunes store, they ran it to breakeven. walked before they run, effectively. when you think about what a mobile wallet could do, it will make the iphone much more user friendly and usable. it becomes your wallet eventually. it becomes a device that people need to hav

taxes will suck >> all right, peter cook, our chief washington correspondent with the latest out of washington inversions. coming up, real estate shifts. we speak with redfin coming up on "surveillance." ♪ >> good morning, everyone. "bloomberg surveillance." iron ore in shanghai just produce a major breakthrough 80. it is down 57%. wow. >> over what period? or fourthe last three years or whatever, but it is a collapse of iron ore in china front and center of course. much of what we have been talking about on markets at "bloomberg surveillance." >> jimmy choo betting on big dollar shoes. it is getting ready for a london ipo next month. sell itr plans to leastways i percent of the shoemaker in and for a stock market debut in late october. people familiar say the company hopes for a $1 billion evaluation. yahoo! emerges as an early casualty of the alibaba ipo. shares are down more than 8% in the two trading day since the chinese e-commerce, and he went public for sub yahoo! is still losing ad revenue to google and facebook. -- net revenue has declined in the last four quarters. an app fors san fr