86 percent and the next highest source of revenue is 6.91 percent and this is our federal grant revenue. and as you saw in the past you had a large amount of federal grant, revenue last year because of the one time parkway milestone, we also have the huge expenditures for the island ramps project. this year in the fiscal year, we are wrapping up the ramps project and that will be completed in september and so this is going to explain why the federal grant funding revenues are lower than it was in the past year. we also have our regional grant funding of up to 2.2 percent, and this is a project that are the school transportation survey and the interchange and the improvement study and we have the state funding, and that is our planning program and moni r monitoring and the state contributions for the island and the improvement program. we have the interests and revenue and consist of any sublease office space that we have during the year. moving on, to next slide. our next slide, this is the history of sales tax revenue. this is the ten year history. as you can see last year we broke 100

revenues. there's no way around it. this will, then -- because those revenues are less volatile, if you have consumption-based taxes, income-based taxes more of a typical emerging economy tax base you'll have less volatility in your revenues, so you need to diversify and develop these nontax revenues. secondly, you have to improve the efficiency of spending. if when a lot of the metrics we do in terms of looking at how much bang for the buck you get out of spending and oil producers it's quite low. there's a lot of inefficiency including -- including in the public investment. but also energy subsidies, many oil-producing countries provide gasoline at a price really below the market, world market price. that's really an implicit subsidy, and if you just get rid of that charge at least the global market price, plus perhaps even a higher price to cover negative external effects from energy use like many countries do, that would allow more resources to be used for better purposes such as education

there's room to do more non-tax revenue -- not commodity revenue. here's an idea looking at certain components. on the left side, personal income taxes, these are even lower than the non-say resource rich mena countries. goods and services taxes, such as value added tax, general sales tax, these are the two areas in terms of where there's a big scope for raising revenue. and the right hand side is saying even revenue mobilization in terms of the quality of revenue administration, how much revenue you get for percentage of tax rate. that's not very high. that's part of the institutional improvements that are needed. improving the efficiency of spending. the problem has been the boom bust cycle. if you look at the rates of spending on the right hand side chart, you can see in terms of what happens during the cycle when your commodity prices are down you cut prices when prices go up, then spending all of a sudden zooms upward and then afterwards, spending growth goes down. it's kind of this yo-yo cycle of this -- which i think it m it o itwhich i think

revenue. >> that's factually wrong. we had 2.1 trillion in 2009 and now at -- >> what do you want to cut? >> -- deficit right. now it is not a revenue right now. >> what do you want to cut? >> what entitlement do you want to cut? >> -- pro spending in 2009 we'd be fine right now. the problem is the more revenue you wring in nothing gets cut. nothing. entitlements yes. deal with entitlement, social security. deal with it in the future -- >> -- [inaudible]. >> the more revenue we bring in the more programshe whole premise is look if we raise to fund the government. many in the world? i don't think so. do i as a person that earns a fairly good income. do i need the full social security benefits that may maybe is going t a 10% cut in their budget with all the fraud and abuse? that's the reason why you don't raise taxes. you don't need to fund -- >> pretend for the sake you have to raise a dollar in tax revenue. no one wants to do but we have -- >> why? >> because we're running it's not gonna happen. >> who are you electing

revenue. >> that's factually wrong. we had 2.1 trillion in 2009 and now at -- >> what do you want to cut? >> -- deficit right. now it is not a revenue right now. >> what do you want to cut? >> what entitlement do you want to cut? >> -- pro spending in 2009 we'd be fine right now. the problem is the more revenue you wring in nothing gets cut. nothing. entitlements, yes. deal with entitlement, social security. deal with it in the future -- >> -- [inaudible]. >> the more revenue we bring in the more programs we stack on programs already there. >> gary b. i can hear you sighing. >> the whole premise is look, if we raise taxes, we need the revenue to fund the government. many question is why. it's been shown -- >> -- >> let me finish please. if government spending decreased 10% we would probably balance the budget to within 10 years. do we need a department of defense that's bigger than the next six countries in the world? i don't think so. do i as a person that earns a fairly good income. do i need the full social security

that this is revenue problem. and as $69 billion in not just a revenue problem. it is a management problem. so how do we take this without raising rates as being the ultimate answer and really fundamentally reform it to make it work? are you in support of safe and secure delivery through cluster box? is that something you would support wholeheartedly? >> depending on the characteristics of the delivery environment, yes. we currently do effect delivery to cluster boxes. >> would you support expanding that in a meaningful way, grand fathering understand, we may have to grand father a lot. what we've been discussing really looking at safe and secure delivery, which you may get pushback from mr. rolando and some of them on that side, let's recognize that but we all have to come together to figure that out. are you supportive of that, yes or no. >> yes, sir, if i may the comment i made earlier about new delivery, based on delivery characteristics. what we would not recommend mandatory conversion of existing door delivery which we have over 37 1/2 million businesses an

there's room to do more non-tax revenue -- not commodity revenue. here's an idea looking at certain components. on the left side, personal income taxes, these are even lower than the non-say resource rich mena countries. value added tax, general sales tax, these are the two areas in terms of where there's a big scope for raising revenue. and the right hand side is saying even revenue mobilization in terms of the quality of revenue administration, how much revenue you get for percentage of tax rate. that's not very high. that's part of the institutional improvements that are needed. improving the efficiency of spending. the problem has been the boom bust cycle. if you look at the rates of spending on the right hand side chart, you can see in terms of what happens during the cycle when your commodity prices are down you cut prices when prices go up, then spending all of a sudden zooms upward and then afterwards, spending growth goes down. it's kind of this yo-yo cycle of this -- which i think it makes it difficult to make sure, for example, all public

with the contraptions plus those revenue changes we ended up with $10 million operating excess of revenuesver expenditures that we had to play with over a billion dollars budget not a whole lot we tried to be strategy and invest in areas that we identified specific gaps such as safety and maintenance activities within transit we invested a lot actually in transit and microscopes over the last couple fiscal cycles with the sustainable streets that manage the paints and signs and signals on the streets through our vision zero efforts and others capital improvements we've put a lot of the infrastructure on the streets it is the maintenance and upkeep of that infrastructure the caltrain operation we pay the san francisco county share of the 3 county operating contributions that the members make every year it is set by formula to allocate the expenses across the 3 counties and that amount has gown up a little bit this year we're investing increased amount in the safety division new federal transit administration regulations coming out of the government it requires us and other other federal gra

the additional revenue from competitive products is not sufficient to offset the future revenue lost resulting from determination of the surcharge which was removed april 10. in order to maintain operating income, the postal service would have to make up the loss of that revenue, which is approximately $2.1 billion annually. with the growing liability of health benefits, the ability to borrow for needed capital investments, and the continued loss of high-margin first-class revenues come of the important task of improving the financial condition of the post service is daunting. despite the financial news there is still strength in the system. the postal service is the one government agency that touches every american on a daily basis. it is a notarization that literally serves 155 million american households and businesses on a typical day. it facilitates trillions of dollars in commerce. the fundamental problem is the postal service and not currently generate sufficient funds to andr its mandated expenses also invest in critically deferred capital needs. where can we look for answers

the additional revenue from competitive products is not sufficient to offset the future revenue lostesulting from determination of the surcharge which was removed april 10. in order to maintain operating income, the postal service would have to make up the loss of that revenue, which is approximately $2.1 billion annually. with the growing liability of health benefits, the ability to borrow for needed capital investments, and the continued loss of high-margin first-class revenues come of the important task of improving the financial condition of the post service is daunting. despite the financial news there is still strength in the system. the postal service is the one government agency that touches every american on a daily basis. it is a notarization that literally serves 155 million american households and businesses on a typical day. it facilitates trillions of dollars in commerce. the fundamental problem is the postal service and not currently generate sufficient funds to andr its mandated expenses also invest in critically deferred capital needs. where can we look for answers?

the advertising revenue of course so critical. 44% of all total revenue last year. we're keeping eye on that. beat on earnings and little shy on revenue. david: ashley, thank you very much. we finally got it, melissa. melissa: yes. prepare for veep impact. the race is on for the next vice president of the united states. ♪ no certainly consider him. he is something i have gotten along with during debates. during intermission i always seem to be talking to john. i am considering talking to a number of people. think we'll have a great choice in the end. this might look like a zero-gravity drop... but it's actually a triumph of predictive analytics. because of optum. through population health data, they provide insights so doctors and hospitals can identify high-risk patients. like me... asthma... potential hospital visit. . . . . powered by optum. from health plans to providers to employers. we connect all parts of health care. healthier is here. you're all set to book a flight using your airline credit card miles. and surprise! those seats sometimes cost a ridiculous

with the contraptions plus those revenue changes we ended up with $10 million operating excess of revenuesver expenditures that we had to play with over a billion dollars budget not a whole lot we tried to be strategy and invest in areas that we identified specific gaps such as safety and maintenance activities within transit we invested a lot actually in transit and microscopes over the last couple fiscal cycles with the sustainable streets that manage the paints and signs and signals on the streets through our vision zero efforts and others capital improvements we've put a lot of the infrastructure on the streets it is the maintenance and upkeep of that infrastructure the caltrain operation we pay the san francisco county share of the 3 county operating contributions that the members make every year it is set by formula to allocate the expenses across the 3 counties and that amount has gown up a little bit this year we're investing increased amount in the safety division new federal transit administration regulations coming out of the government it requires us and other other federal gra

revenue slightly below the what the street expected. revenue came in at 3.7 billion. couple things to pay attention to, same-store sales actually fell 3% but full 2016 fiscal year sales growth is expected to be up to 3%. david? david: all right. good after-hours. thank you, adam. appreciate it. melissa: lot of earnings there. david: indeed. melissa: claims more lives in america than respiratory disease, stroke and alzheimer's and totally preventable. results of a new report on the high cost of medical errors. david: john kasich is expected to announce suspension of his campaign within the hour, leaving donald trump the last candidate standing in the running for the gop nomination. we will take you live to columbus, ohio, when kasich takes the mic. melissa: one of trump's main selling points has been his self-funded campaign. how long can he keep that up in a national election? our panel weighs in. >> i think it is most likely i will because you're talking about a billion dollars or a billion 1/2 dollars. and -- >> you've got it. >> i do have it. all i have to do is se

item 17, ordinance appropriating approximately 158 million of hetch hetchy revenue and water revenue bonds for capital improvement program for fy 16-17 at 65 million and 2017 to 18 at $93 million. >> thank you, the puc is here 250 speak. >> the next 7 items-items 15-20 relate to capital funding. all the proposals were vetted in the public meetings with the commission as well as public meeting with capital planning committee. item 15, 16 and 17 relate to hetch hetchy water and power. item 16 and 17 relate to 2 year capital appropriation and funding authorization for the next 2 fiscal years for hetch hetchy water and power totaling 158, 125, 130. happy to answer any question. >> thank you. colleagues, any questions or comments? i think we'll go to public comment for those items then. we wanted to harvey. mr. rose. >> madam chair, members of the committee, on page 19 of our report for these items, we note the descriptions of the projects are included in the attachment on 23 of the report. on page 21 as you know supervisors the power bonds are repaid from the sfpuc hetch hetchy power ent

corso my answer in terms of the revenue was that at some point that was supposed to be a positive revenue stream that is that accurate or it is definitely not projected to be positive to the event it pays for all the ems services the department provides that is kind of given some of the insurance regulations as far as reimbursement and in general, i guess the demographics of some of the locations we transport and treat not necessarily ever going to be the case that's part of what the city assumes in the interest we'll be taking on the costs. >> we're coming in on is it positive or a good thing for the department. >> i think i understand your question when it comes in on budget we don't recover all the costs that relates to the amount of revenue we've budgeted in the current year i assume we are ref. >> to the vice presidents question in terms of gap. >> right there is that gap we've seemed a level of reimbursement we're recording we'd like to meet that level but not necessarily meet all the costs. >> in terms of revenue identification is our plan check still concentrated revenue i'm sayin

with the contraptions plus those revenue changes we ended up with $10 million operating excess of revenuesver expenditures that we had to play with over a billion dollars budget not a whole lot we tried to be strategy and invest in areas that we identified specific gaps such as safety and maintenance activities within transit we invested a lot actually in transit and microscopes over the last couple fiscal cycles with the sustainable streets that manage the paints and signs and signals on the streets through our vision zero efforts and others capital improvements we've put a lot of the infrastructure on the streets it is the maintenance and upkeep of that infrastructure the caltrain operation we pay the san francisco county share of the 3 county operating contributions that the members make every year it is set by formula to allocate the expenses across the 3 counties and that amount has gown up a little bit this year we're investing increased amount in the safety division new federal transit administration regulations coming out of the government it requires us and other other federal gra

item 17, ordinance appropriating approximately 158 million of hetch hetchy revenue and water revenue bonds for capital improvement program for fy 16-17 at 65 million and 2017 to 18 at $93 million. >> thank you, the puc is here 250 speak. >> the next 7 items-items 15-20 relate to capital funding. all the proposals were vetted in the public meetings with the commission as well as public meeting with capital planning committee. item 15, 16 and 17 relate to hetch hetchy water and power. item 16 and 17 relate to 2 year capital appropriation and funding authorization for the next 2 fiscal years for hetch hetchy water and power totaling 158, 125, 130. happy to answer any question. >> thank you. colleagues, any questions or comments? i think we'll go to public comment for those items then. we wanted to harvey. mr. rose. >> madam chair, members of the committee, on page 19 of our report for these items, we note the descriptions of the projects are included in the attachment on 23 of the report. on page 21 as you know supervisors the power bonds are repaid from the sfpuc hetch hetchy power ent

item 17, ordinance appropriating approximately 158 million of hetch hetchy revenue and water revenue bonds for capital improvement program for fy 16-17 at 65 million and 2017 to 18 at $93 million. >> thank you, the puc is here 250 speak. >> the next 7 items-items 15-20 relate to capital funding. all the proposals were vetted in the public meetings with the commission as well as public meeting with capital planning committee. item 15, 16 and 17 relate to hetch hetchy water and power. item 16 and 17 relate to 2 year capital appropriation and funding authorization for the next 2 fiscal years for hetch hetchy water and power totaling 158, 125, 130. happy to answer any question. >> thank you. colleagues, any questions or comments? i think we'll go to public comment for those items then. we wanted to harvey. mr. rose. >> madam chair, members of the committee, on page 19 of our report for these items, we note the descriptions of the projects are included in the attachment on 23 of the report. on page 21 as you know supervisors the power bonds are repaid from the sfpuc hetch hetchy power ent

the annual volume of the revenue loss is $21 billion per year. nevertheless, the postal service is required to maintain an extensive network to delirv the mail to every address six day as week. the cost is largely fixed or growing regardless of volume. however, less volume and limited pricing flexibility means there's less recvenue to pay fo that and costs imposed on us by law. we continue to adapt to a rapidly changing market place. we have streamlined our operations, and improved productivity for six consecutive years. we've achieved annual cost savings of nearly $15 billion. and we've been successful in growing our package delivery business, which together enable america's e commerce. however, all of these actions cannot offset the negative impacts caused by the continued decline of the u.s. of first class mail. since 2012, the postal survls has been forced to default on more than $28 billion to the treasury for mandatory retirement benefits. without this, the aggressive management actions, we would not be able to payory employees, our supplie

as you know, the extensive, the cfd revenues, professional tax revenues as well as net tax interim revenues that are supposed to be generated within the district as well as the redevelopment plan area, what this is showing there's sufficient revenues showing they're just not coming in the time frame needed to complete the project by 2017. so the intent would be what we've been able to demonstrate through due diligence if revenues come in in the time frame we anticipate, we would be able to take out the financing in 5 to 6 years. if the recession based on some analysis we did with professional, it would last an additional 3 years. at most it should not be holding the paper for longer than 10 years, hence the partnership with mtc where they have agreed to stay with us for 5 years with an renewal of an additional 5 years within the district to mature. the next slide shows just the uses. the a typical format, it shows you a not 20 exceed amount of 260 million, it also shows you while providing (inaudible) as well as mtc's hundred million and the 247.5 million for the project and cost of issuanc

some kinds of revenue are a lot more equal than others. the holy grail here is service revenue, the customers don't mind paying, because it represents a valuable asset they don't live without. you don't jump up and down and extreme like it's a tax. i use the term asset rather than cost. who has a service revenue stream like that? how about costco. i'm proud to be a costco member and happy to pay the membership fee. if i have spare time and there's a costco nearby, i'm going to it. the other day i was going to the white house correspondent area, she said my wallet was too stuffed. i took it out, pulled it out of my pocket and showed her how i made the wallet thinner, she said it wasn't thin enough. what the heck, why aren't you leaving your costco card at home. you're not going there tonight. i said, i'm never without my costco card. i left it in, took out a bunch of ones and fives. netflix is a ridiculous bargain, given how much i love the original content. i don't even know how much i pay for that amazon prime thing, but that is worth the

item 17, ordinance appropriating approximately 158 million of hetch hetchy revenue and water revenueital improvement program for fy 16-17 at 65 million and 2017 to 18 at $93 million. >> thank you, the puc is here 250 speak. >> the next 7 items-items 15-20 relate to capital funding. all the proposals were vetted in the public meetings with the commission as well as public meeting with capital planning committee. item 15, 16 and 17 relate to hetch hetchy water and power. item 16 and 17 relate to 2 year capital appropriation and funding authorization for the next 2 fiscal years for hetch hetchy water and power totaling 158, 125, 130. happy to answer any question. >> thank you. colleagues, any questions or comments? i think we'll go to public comment for those items then. we wanted to harvey. mr. rose. >> madam chair, members of the committee, on page 19 of our report for these items, we note the descriptions of the projects are included in the attachment on 23 of the report. on page 21 as you know supervisors the power bonds are repaid from the sfpuc hetch hetchy power enterprise revenu

they did beat on the revenue, which clearly the market takes pre-well. company that has had as much trouble as it has, it might take a little more to get the stock moving higher. scarlet: news corp. has just come out with its results -- revenue slightly lighter and analysts were looking for. this is the old-school part of that is miss, the newspaper business, not the new media assets from news corp.. that was spun off into 21st century fox. adjusted earnings per share was four cents. not much of a reaction in after-hours trading. alix: looking at should near energy, that company reporting a loss -- estimates were for $.42 a share. loss forlike a severe the first quarter for the first u.s. lng terminal. their processes has commenced, they are one step closer to shipping out liquid natural gas and it's a good sign. but once again, a loss of $1.41 a share. scarlet: what kind of indication did you get that things would go on as planned, given the volatility we have seen in oil prices over the past year? alix: in terms of what is constructed, it is good. wait

overseas revenue has declined the last three straight quarters. it's only 6% of total revenue.e he is still needing to go a long way to achieve his goals. emily: let's talk about international growth. jack ma said international growth will contribute significantly more to the bottom line, but it has been slow going. how much progress of actually making? stephen: it is slow going because right now this is a domestic play. we were in beijing last ever for singles day. the incredible amount of volume of goods and dollar figures that have been transacted for the chinese market. that is where they are really getting most of their revenue right now. they have huge competition from the likes of jd.com which is seen growth of 50% the last three quarters. they have a lot of domestic competition. that is why jack wants to go abroad. -- asiasoutheast area is an area where he is pushing forward with his e-commerce goals. emily: good times in beijing with you. thank you so much for joining us. out who waso find having the best day ever. respawn winner is entertainment. they will burst into

havee same time, we increasing finance revenue because more capital is at work, so i think the revenue pretty strong given the environment. remain in a pretty volatile environment in 2016, but our first quarter was better and i guess there might be no business before. we can expect [indiscernible] that will not present as to and havingrther commercial success. caroline: you are saying you may have additional provisions. could you give us more details? given the slight recovery in oil prices, is that improving your outfit for the business? the majority of this comes from the oil and oil sector. at the same time, i can confirm that they cut the risk since last year, so i'm pretty confident at the end of the day. caroline: so what about provisions? federic: last year, we had a little bit more than 400, so we have arranged between 400 and 50 million -- and 500 million euros. caroline: the last concern was the target. the rle is at 7.1% for this quarter. are you looking at the 10% target in the short-term? federic: it is a counting standard, where all the taxes are boosted one quarter. if y

how do we grow profitable revenue? how do we look to failed dish still the mill box and fill the truck? --how do we still the mailbox and fill the truck? they stopped giving those pensions to their new hires. have you considered doing something like that? reducing the pension benefits for new hires? would that make any difference? i would say we have a plan forward, there is a way to result these legacy costs and liabilities. that is by allowing the postal service to integrate with medicare. our employees, as noted by the chairman, have paid more than $29 million -- billion and we should benefit from that opportunity. there is a way forward without looking at diminishing benefits to either current or future employees. when you look at these figures, they are so staggering. figures, $56 billion in total losses over the last several years. to be theonsider most troubling aspect of the entire financial positioof the postal service? what is the worst problem, or the biggest problem? ms. rectanus: the postal service's busin

alix: i want to piggyback off the cable network revenue you were talking about.art of it -- they did have an increase over at espn, which was the good part of it. the bad part is it was offset by lower equity income at a any. -- at a&e. the big concern was espn. it looks like that part of the does this held up well. &e that was the big question. as you mentioned, there was a lot of optimism about disney due to the fact that the cable networks had shown increase in a video growth and other media company said shown strengthening and market for tv. scarlet: not to mention the movies that alix gets so excited about. joe: disappointing that disney earnings and i joining the beat parade. alix: all right, what'd you miss? the truth behind the recent selloff in commodities. in china,ll of money then real estate, then equities, then commodities. that great ball of money is now leaving. +++ bloomberg here. aggregate interest for steel, iron ore, and cotton. it has come back since then. is on the normalized basis. the long positions have gone nowhere fast. jeff currie, glob

item 17, ordinance appropriating approximately 158 million of hetch hetchy revenue and water revenue bonds for capital improvement program for fy 16-17 at 65 million and 2017 to 18 at $93 million. >> thank you, the puc is here 250 speak. >> the next 7 items-items 15-20 relate to capital funding. all the proposals were vetted in the public meetings with the commission as well as public meeting with capital planning committee. item 15, 16 and 17 relate to hetch hetchy water and power. item 16 and 17 relate to 2 year capital appropriation and funding authorization for the next 2 fiscal years for hetch hetchy water and power totaling 158, 125, 130. happy to answer any question. >> thank you. colleagues, any questions or comments? i think we'll go to public comment for those items then. we wanted to harvey. mr. rose. >> madam chair, members of the committee, on page 19 of our report for these items, we note the descriptions of the projects are included in the attachment on 23 of the report. on page 21 as you know supervisors the power bonds are repaid from the sfpuc hetch hetchy power ent

it does not have the same revenue volume.t represents the beginning of a shift in how you think about these companies. i have been arguing with the ceos of these companies some time and it's about your installed base and not how many iphones you sell to them. emily: later in the show, t mobile adds customers for the seventh quarter in a row. john ledger slams the competition and verizon's interest in yahoo!. ♪ emily: now to facebook. it saw shares surge after reported better-than-expected revenue on wednesday, up 52%. also positive engagement metrics and steady growth in active users but the biggest surprise is a proposal for a new class of stock. mark zuckerberg wants to issue a new class of nonvoting shares so he can continue to make big that some things like comic 70 and virtual reality without diluting his own ownership stake in i sat down with gene munster and josh marshall and steve case for a deeper dig into what this means for the company. i want to start with you, jean. facebook beat on every measure but i have to as

86 percent and the next highest source of revenue is 6.91 percent and this is our federal grant revenue. and as you saw in the past you had a large amount of federal grant, revenue last year because of the one time parkway milestone, we also have the huge expenditures for the island ramps project. this year in the fiscal year, we are wrapping up the ramps project and that will be completed in september and so this is going to explain why the federal grant funding revenues are lower than it was in the past year. we also have our regional grant funding of up to 2.2 percent, and this is a project that are the school transportation survey and the interchange and the improvement study and we have the state funding, and that is our planning program and moni r monitoring and the state contributions for the island and the improvement program. we have the interests and revenue and consist of any sublease office space that we have during the year. moving on, to next slide. our next slide, this is the history of sales tax revenue. this is the ten year history. as you can see last year we broke 100

cory: we know it is 2/3 of revenue for the company.mily: and is saturating and still growing at 7%. cory: you have shrinkage at apple. it really shows this is increasingly a seasonal product story. secular growth taken away. the real concern, and the reason the stock is down i think is because the margin number was disappointing. you wanted to stay high, but they are coming down. bob: this is a serious realignment of what is going on in the smartphone market and apple is suffering from it. the smartphone i have is sufficient, i don't need upgrades that often. i have a big screen. it does what i want. i will keep it as long as i can. i think that foretells a very different future for apple. it is good that services group, because that is where the opportunity is. frank: i don't agree with bob. we are talking about a dramatic shift down. many are overlooking how tough the compare was with a year ago and the huge burst off the large-screen iphone. the real question is will we see a burst of new innovation that will motivate people to get

days.partment stores have s traffic is down, so is revenue. and growth. and this week with a number of earnings reports due we may learn how big that sector's obstacles are. >> reporter: it's not as if the last several quarters have been great for previous standouts like macy's and nordstrom. but many retail watchers suspect something further has been happening recently. it doesn't bode well for department stores' results this week. there's a lot of chatter that starting around march, traffic began to slow. retailers started slashing prices but still clearance merchandise built up. weather wasn't great in some places, easter was early, gas prices increased 50 cents per gallon since bid-february, and amazon recently launched its own private label clothing line. rbc analyst brian tunic notes department stores have spent more than $4.5 billion in the last several years investing in their own online shopping initiatives but the return on that investment is uncertain, if not unfavorable so far. there are other worries. l brands is one of the few retailers left

revenue forecast a forecast of revenue between 39 billion and 40 billion and the street was looking for39.8 billion. the forecast range is good for mercik. -- merck. we will talk about the tesla stories all day long, shares soaring, yesterday was an incredible day for them because it looked like their entire production staff was leaving. they have lost five important managers over the past two or three months and they said the unbelievable target that they will make 500,000 cars in 2020, now they say babel do it in 2018, -- now they say they will do it in 2018. it,market seems to like though difficult to get your head around how he will do it. jon: a highly intelligent man, is this a business or ego? conversations in new york, the biggest names in the hedge fund industry gathering for the conference, the overriding message clear, go short. stan druckenmiller says the bull market in stocks is wearing itself out, he says i now feel the weight of the evidence has shifted the other way, high evaluations, three more years of unproductive corporate behavior, limits to further easing at excess

claims to that revenue on a source bases. i would be prepared to have a multi layered interpretation of source. >> that is not source. that is a different definition. it is not residence for sure. a source country in my experience typically looks to whether it has to bare a deduction. if it bares the deduction they will tax the income and i don't think that is crazy. >> we are wrestling with a problem of income tax in a mobile capital world. when we sell something into the u.s. we collect the tax. but we are trying to do something that is impossible which is catch a light beam. his moderate income tax isn't that at all. we are in the death rows of moderate income tax. >> if you want to tax income capital you have to tax it so it is not mobile by the owners. >> i am not taking a position on it. >> any other questions? it seemed to me you came around. >> i am saying administratively. i was suggesting every economist will say that is because it doesn't tax savings and it will create a lot more economic growth and i am just sayin

but revenues rose and square raised its guidance and revenue for the year. >> the core business is really strong. the small business economy and moving upmarket towards medium-sized businesses has been our sweet spot. we're seeing growth in the mid market and upmarket opportunity. and we have this fantastic new reader as well that allows any one of our sellers to accept apple pay, sam sung pay, android pay, and emv. >> shares of square fell sharp isly in extended session but finished the regular session down over 2% to 13.05. >>> activision blizzard posted results that easily surpassed street estimates. the strong report prompted the company to hike guidance for the year. the news sent shares higher. the stock finished the regular session up more than 1.5% to 34.91. >>> prince's roughly $hundred million estate is in limbo all because the muse eceic icon die without a will. surveys differ but surveys say well over half all adult americans, including two-thirds of women aged 45 to 54, don't have a will. the consequences can be devastating. joining us now with more on this is sharon epperson

billion inover $2.5 revenue.erated from 27%, and thatr to is also what it was higher in the september quarter, two quarters in a world of acceleration. they are systematically taking over your wallet, that was the biggest take away. but this into perspective, as at 1%.ew, 1% versus 27%. only about 6% of revenues, but a vast larger percentage of overall profits of this company, 64% year-over-year revenue growth, so very powerful. it is really changing this business. >> an all-star panel from the business and finance world dissects the concept of brexit. how is ahead and opinions on the world economy from outspoken interview guests. you're watching "bloomberg best." ♪ ♪ this is "bloomberg best." it is time to replace the week's most interesting interviews and we'll start with my colleagues exclusive conversation with the chiefs rolled asset manager. >> i believe what is happening in spain with the lack of governance sunday lack of governor, they're going to push new elections in june, so there is no real government

q2 revenues between 167 and $171 million. that's q2 revenues.n terms of specific metric, jeremy stopperman, the co-founder of yelp and ceo said we had a great start to the year with local growth accelerating. we made a great mark in the first quarter. keep in mind it's a stock that has been in focus this week. on wednesday, david einhorn announcing a steak stake in the company basically saying yelp has had a convincing turnaround and if yelp can execute its current plan, it could double revenues by 2019. you're looking at stock up by about 9%. kelly. >> what's yelp doing right? >> it's the game. it was at quite the stock price. >> are you talk about people using the yelp? i'm literally asking because i don't remember it's become the go-to spot. >> am i searching through the browser? >> when you said, what are they doing right, it has lost 80% of its value. so at this point it's got 12%, short interest. not enough to really goose it enough but people are taking flyers. the david einhorns in the stock,ite's good place to enter it. >> i think they

beginning in 2007, expenses began consistent wli outgrowing revenues. it has lost over $56 billion since then. this is primarily caused by mail volume is commensurate with expenses. in fiscal year 2016, the gap between revenue and costs continues, despite the significant efficiency initiatives undertaken by the postal service. regarding unfunded liability and cost, they a largely a purpose on the postal service. at the end of fiscal 2015, the postal service had about $125 billion in unfinisheded liabilities in outstanding debt which account fold 182% of its revenues. retiree health benefits account for 55 billion of the unfunded liability due in part because the postal service stopped making requirements payments in 2011 and does expect to make the required to 16 payment. given this history and future events, it is not likely that the postal service will be able to make the retiree health and pension payments in the near future. beginning in fiscal year 2017, the postal service will be required to start making annual payments for health benefits on top

there is quit a bit of possible for new revenue measures that local level. as we put together a expenditure plan for half cent sales tax we have a couple measures we need to keep in mind. in year 20 of the prop k plan we can adopt a new expenditure plan extending prop k between 2033 and 34. it is a easier list than increasing sales tax. we have the vehicle license fee san francisco is authorized to go after a geo plan. the region is talking pretty seriously about a probably bridge toe increase. we are trying to be strategic what will go in the half cents sales tax measure, what may fit and prepare. one thing we wanted to talk about with importance of replacing vehicles. veckerize hard to fund with local funding. that is the little bit in the weeds details but something important to consider as we put together a expendsture plan. easy math for planning purposes. we see about $100 million a year from half cent sales tax. currently the san francisco sales tax rate is 8.75 percent and if approved it bumps up to 9.25. on the screen it is little small but at your