david rubenstein: much less.rivate equity has a penetration of 1/6 of what it does in the united states. there are a lot of good firms. compared to the u.s., not very competitive. >> talk to me about what is going on in china and india, which is a pretty substantive area for carlyle. david rubenstein: china's capitalist dominated because of the supposed roots. it is very entrepreneurial place. one out of every 10 adults is an entrepreneur by the definition of the u.n. there is a lot of welcoming all foreign capital. the chinese governor the dutch government welcomes it. india is more complicated. have made a lot of investments. -- the chinese government welcomes it. -- we have made a lot more investments. we think it is more receptive to private capital. vonnie: that was david rubenstein and he is the host of the david rubenstein show which airs on bloomberg television. gets ahead -- the ritz into the luxury cruise business. this is bloomberg. ♪ in today's bloomberg pursuits, ritz-carlton is taking ride onea offe

i'm here with david rubenstein, the cofounder of the carlyle group and host of the david rubenstein showoomberg. >> it is a modestly named show. >> you are here 24 hours. >> that's right. >> that is a very short trip. that doesn't signal the small opportunities. you are here quite often. >> i typically come here 6-8 times a year. billion ofested $17 equity since 1997 in 210 transactions. world's 60% of the population and 30% of gdp, so this is where most of the growth in the world will be. >> you've mentioned you have been here since 1997, but hasn't picked up to you in your view in the last few years? >> when i came here in 1997, the only places you could do minority equity were hong kong, singapore, taiwan, some korea. there was no china and india. now china has opened up. we have invested $7 billion. you could not do that in 1997. >> what is interesting to you right now? what are the areas where you are seeing the most growth? india, and china and japan is important to us. we have been there since 2000. we are looking at companies in china heavily involved in the growing middle class,

the co-cio of elliott management is sitting down now with rubenstein, host of the david rubenstein show-to-peer conversations, on bloomberg television. let's listen in. >> 23 hours later, it was filled up. months ofme preparation. >> let me fill better, supposing one called you and said i'm a friend of yours and new you from law school, is there any room to get in later? >> no. we set in a limit of five dollars overall. it is $34 billion at this point. >> you started your fund in what year? >> 1977. >>, much money did you have? >> $1.3 million. >> where did you get that from? >> friends and family. i was a practicing lawyer. decided what ii had been doing, managing a small , a tiny amount of friends and family, money was more interesting than practicing law. >> so you grew up in manhattan and then you went to harvard law school. when you went to harvard law school, did you think people were smarter than you thought or not as smart? >> way smarter to a thought they would be very smart and the professors were smart. it was a wonderful experience but it was daunting. especially because i d

if you are david rubenstein and if you are david rubenstein and you have got a lot of your money tiedlyle and in all your funds, very illiquid, very long-term trap that you don't want to take out, then you're probably going to be very conservative with that which you put into the markets. i would think prudently. you are not buying the hottest stocks. that's not what you do. you have your risk already in your business. if you have got $35,000 to invest, i would say you should buy an s&p index fund and sit on it and never look at it again and wait until you are actually near the date of retirement. david: who manages your money? [laughter] james: i have a wonderful financial advisor. david: at morgan stanley? james: at morgan stanley and she does a terrific job. david: ok. so does she call you up and does she worry that she does not do a good job for you that she might lose her job? [laughter] james: she is a professional. she treats me like -- hopefully like all of her clients. i probably get a little extra care and attention, i suspect. but they are a professional team. they do what

that was david rubenstein -- scarlet: that was carlyle group ceo david rubenstein, who also hosts thew here on bloomberg television. still ahead, the senate health care bill is being met with heavy opposition from within its own party. we will examine the passage, just ahead. from new york, this is bloomberg. ♪ ♪ scarlet: this is bloomberg markets with julia chatterley and starlet through. -- scarlet fu. let's move on to health care. what is happening right now, donald trump has in speaking out against for a public and senators who have come out against the bill. bill has not said it would repeal obamacare and lower health care costs, but they are open to negotiation. joining us now is sahil kapur. on arrival,not dead because there are areas they can negotiate. but is everything up for negotiation, are there any sacred cows here? are, the basic shape of the bill is the same as the hospital, but includes new features that they will not hard ways with. that will be received, medicaid cuts, and tapping the amount of program sends -- spends for the first time in its history after 2025. cu

we spoke with david rubenstein. interview from hong kong. >> in asia, we are focused on china and india. japan is very important to us and has been for a long time. we have been there since 20,000 -- 2000. we're looking at companies in that service the middle class like health care, financial services, consumer retail. the entrepreneurial sector in china is growing at a high rate. the soa sector is growing at 2% or 3%. but the entrepreneurial sector is growing 50% annually -- 15% annually. >> valuations? >> they are lower in asia comparable to what you see in the united states. asia might seem expensive in certain areas, but it is cheaper than the united states right now. there is a bargain here. >> there is less competition, i imagine, right? david: less competition. it private equity has a penetration rate that is less than it is in the united states. me about the opportunity to train what is going on with china and india, which i know has dozens of markets. david: china is a place that is very entrepreneurial. ve

we will be joined by david rubenstein. do now.carrie lam talking a long serving bureaucrat, and probably number two to cy leung. >> she has been a civil servant for some time. she will be sworn in a week from today. rishaad: correct. carlyle group, david rubenstein as well. thomasman as well -- friedman as well, talking all things brexit to the tensions in the middle east and israel-palestine, and now. she has versus sunnis and saudi al.ia versus qatar aet hand give what the other hand takes away. there we go. that is the international commerce center. ♪ haidi: i am haidi lun. rishaad: i am rishaad salamat coming to you from bloomberg's asia headquarters in hong kong. this is "bloomberg markets: asia." ♪ haidi: asia pacific markets limping towards the into the week after wall street close essentially flat, oil week, gold up. rishaad:

david rubenstein sees better investment deals in asia than the u.s.to cash in hotel reward points for a luxury cruise? the consumer be possible as ritz-carlton gets into the yacht business. let's get a check on the markets , it is friday, off the rebound and midsession and abigail doolittle. abigail: we are looking at gains. down, trading higher -- in the

scarlet: that was still night speaking with david rubenstein. can watch the whole interview tonight at 9 p.m. eastern. shares of nike are higher by 8/10 of 1% before the company's reports results tomorrow. it is up 5.7% if you include dividends. dow is up by 10%. julia: time for the bloomberg business flash. central banks across europe and asia are exploring using virtual currencies. that is despite the influx of cyberattacks and the wild swings of crypto currencies. dormant college economics professor andrew evans told bloomberg digital currencies can benefit small businesses and consumers. vietnam, china, and denmark's central banks are said to be considering options. investors blame a brokerage firm on the regulatory inflation for the sudden plunge of hong kong stocks. companies say more than 90% while 17 others dropped more than 40%, losing a combined $6 billion in market value. hong kong's benchmark indexes among the year's best performers.the selloff drop those enterprise markets, the most since 2015. 2015.ce joe: i wanted to talk a little

the david rubenstein show, peer-to-peer conversations coming up.ime for the bluebird business flash. the biggest stories in the news right now. amazon is stepping up its ad game. they are now emphasizing a range of options. analyst estimate amazon add new for new -- ad revenue this year growing to $2.4 billion by 2019. illinois could kickoff the fiscal year without a state budget and billions of dollars in the red. it might become the first u.s. state on record to have an obligation rated as junk. illinois owes at least $800 million in interest, late fees, and unpaid bills. says the ceo aggressive buybacks by the insurer are a thing of the past. speaking at the annual meeting today, it was said they will cut down on repurchasing shares to provide flexibility for other priorities such as beefing up units or acquisitions. a different approach from peter hancock, stepping down after losing investor confidence. that is your business flash update. up, theresa may wins her first big challenge in parliament. we will have the latest on this developing stor

on the sneaker wars -- watch for that with david rubenstein on the sneaker wars.aining in london. , i have toetty gray say, after what appears to have been the british summer, we are back to normal business and the british pound is trailing 1.2826. get a first word news update with taylor. >> moving to south africa and of the central banks, just ahead of the central banks -- the head of the central banks will defend the constitution to remove the central banks focused on containing inflation. bloomberg spoke with reserve bank governor. proposed read what was for the well-being of south africans, welcome back. inflation targeting mandate has managed to improve the welfare of the south africans. so if this improves the welfare of south africans, i am saying we are going to have to bring inflation lower in order to preserve the economic well-being of south africans. >> he also said he wouldn't consider resigning. in the u.s., president trump's former campaign manager has revealed he was paid $17 million for his work with a ukrainian political party. took placert's wo

david rubenstein says you can find cheap investment options in asia. carlyle group talk to valuations with betty liu in hong kong. asialuations are lower in by 20% of comparable assets and the an nine at states. that theory has been that asia is expensive. it may seem expensive in certain areas, but it is cheaper than the united states, which is very expensive. thanks carlyle has done 90 deals in china with $70 billion. -- worth $70 billion. francine: janet yellen made it clear she will go forward in tightening on plan. are pricing and low in the september move and seeing even.mber increase as an where back with kettner.ignos elsa: i think the problem is even if they tell us they will raise three times, people will be skeptical of what happens between now and december that could derail them. it could be that we will leave it until we see it. we already had this week saying optimistic things about the economy from chair yellen last week here at the fact that it is still only a 50-50 bet shows the market will not believe that until we get closer. maximil

coming up new york time, david rubenstein will sit down with paul singer. a conversation you will not want to miss from the bloomberg invest summit. this is bloomberg. ♪ >> this is bloomberg markets. scarlet: it is time now for options insight with julie hyman. today withing us options insight is the equity --ivatives strategist for and visors. a lot of the scenes investors have been talking about is how they prefer outside of the u.s. to the u.s. that has been at least a big line of a lot of investors and today, you are examining that thesis and whether it makes sense and how to play it. do you think the -- outside the u.s. is more attractive now? on people are bullish european equities and for good reason. it is also cheap compared to the u.s. people are getting interested in invest in outside the u.s. you look at u.s. listed european we have seen a key motive $12 billion of these products, much of which came right after the first round of the french election, the green light along european risk. is youinteresting thing are not seeing influence of fx 2015

mark: you can see that interview tonight on the david rubenstein show tonight at 9:00 p.m. eastern.ropean close, thoughts to talk about. -- lots to talk about. have a look at what is happening to european equities. little change for the stoxx 600. is lower, falling for the fifth day in seven. check out the currency board. lots happening in the currency markets. the euro with soaring. the euro is down against the pound but up against the dollar, falling as much as .4. sterling rallying today, after comments from mark carney. a perfect opportunity to get over to sintra in portugal, where that panel is continuing. this is bloomberg. ♪ . mark: 11:00 a.m. in new york on 4:00 p.m. in london and 11:00 p.m. in hong kong. 11 minutes left in the trading day in europe. i am mark barton. vonnie: i am vonnie quinn. this is the european close on bloomberg markets. ♪ top stories from the bloomberg, a wild ride or the , spikes backgames after the ecb suggests mario misread the words by mario not be sounding a more hawkish tone. prime minister theresa may in the u.k. facing her first major vote unde

earlier, david rubenstein talked about how the deal would disrupt the grocery industry. >> when jeffamazon makes a move, it makes the world pay attention because they are the largest online retailer in the world is moving toward online sales. if the food world were to go this way, it will clearly change the way people shop. emily: let's dig into why jeff bezos is now taking the plunge into the grocery industry with shira ovide. you have a new piece out today talking about the behavior of grocery shopping, that it mostly still resides off-line. i wonder if that is what it is going to be long-term? is it something people want to do in person? >> i think it is too early to whether shopping for groceries is going to be online or in physical stores. for me, whether amazon spendingt $14 billion on whole foods is a sign they believe at least for the near term the 98% of grocery shopping that happens in stores is going to continue happening in stores and amazon needs to have a significant play in physical locations to capture a significant share of the market. emily: one of the big questions

more of that event at 3:30 eastern, 8:30 london time with david rubenstein. sit down with elliott management founder paul singer. a conversation you do not want to miss. mark: stocks are a little bit , that is the losing run. tomorrow we are going to be directorrmer fbi's -- james comey's testimony, and this will raise 7 billion of those euros in a boost in the balance sheet. that was a big band getting -- banking story of the day. to 120d call that fall on friday. should the election lead to a hung parliament, this is according to a poll of analysts here today. the median, if it is on tolerant, is one .2 350 -- 1.2350. that is more damaging than the outcome of the labor party victory, according to the poll. it will hurt sterling in the short term. -- 1.2484 in the short-term, and sterling will be roughly the same level. this is what risk reversal agents are telling us as traders have not been as bearish since july of last year, slightly less bearish today that nowhere near the levels we were ahead of brexit. that was record bearish sentiment, and this is rea

later on, david rubenstein will set down with paul singer.is a conversation that you won't want to miss. this is bloomberg. ♪ d.c.,: to washington and the u.s. and mexico have reached a preliminary deal on the trade of sugar after weeks of talks. it could set the stage for the white house's path to renegotiating nafta. we take a look at president trump street agenda in today's quick take. in the black-and-white world of economics, free trade is good, each country figures out what it does best and then exchange is it with other nations, creating wealth on both sides. of two centuries, the virtue free trade when almost unchallenged. now is the target of a populist backlash that helped to propel donald trump to the white house. the intrigue critics argue that free trade can aggravate inequality, cut waivers standards, and weaken democracy. last month, president trump notified congress he intends to start renegotiating the north american free trade agreement. notably he chose not to withdraw from nafta completely, as he had been threatening. mean

golf onness of bloomberg tv's david rubenstein show. >> it is a very simple equation.or 20 years on equipment and balls. nike got out of the gulf business one year ago. that is the latest rumored business flash for you. vonnie: and checking blew away from -- blue a brand now, adding apronir starting -- blue now, climbing and holding onto those gains. gain for the.3% meal kits delivery country, they started trading today. we are 90 minutes before the european close, stay tuned. ♪ whoooo. you're searching for something. like the perfect deal... ...on the perfect hotel. so wouldn't it be perfect if there was a single site where you could find the right hotel for you at the best price? there is. because tripadvisor now compares prices from over 200 booking sites... ...to save you up to 30%... ...on the hotel you want. trust this bird's words. tripadvisor. the latest reviews. the lowest prices. ♪ mark: it is 11:00 a.m. in new york. 30 minutes left in the trading day. from london, i am mark barton. vonnie: i am in new york and there are 30 minutes left in the european tradin

coming up,vonnie: carl group ced rubenstein will stick down with paul singer.hat conversation is that 3:30 eastern, 8:30 london time. here's a quick check of the market that we had toward the next part of the session. equities is basically unchanged. this is bloomberg. ♪ vonnie: this is bloomberg markets, i'm vonnie quinn. let's get a quick check of the day today. not much happening before all of the events happening tomorrow, and if you were to look at equities, that would be the case for the most part. but look at the yen in a holding pattern of 109.54. it is not moving. crude oil is an interesting feature to look at today, 46.06, testing the $46 mark. higher forecast than we were looking for, same thing for gasoline, even demand was lower for gasoline and it is supposed be the high demand in gasoline season. the 10 year u.s. treasury at 2.17%. i want to point out that the 10-year u.k. guilt is trading at 1% even before tomorrow's election. coming up -- ♪ vonnie: live from bloomberg world headquarters in new york, i'm vonnie quinn. this is bloomberg markets.

to whathave a listen david rubenstein had to say about jeff bezos being a genius.d the last laugh, he's one of the two or three richest men in the world with one of the most accessible companies. underestimating him is not a smart thing to do. i would say of jeff bezos thinks it's a good idea, i suspect it is a pretty good idea. vonnie: he's into the turnaround and he should know what he's talking about, at least. cory: i'm not a big subscriber in that if they've had a good idea in the past, they will again as well. there are two kinds of people in the world. investors who say i've seen it all before and it's never different, those who say this is different. and amazonare wrong is a very peculiar company. there's no with a company like them. today and angeles amazon spends about $4 billion treating original content. they have a massive technology business, it's complete with changing the way every technology company does business. the fact that they are getting in the groceries i think is too small of a way. i think this has the potential of all ofssive extent amaz

vonnie: tom keene was just talking with david rubenstein of carlyle group who said this is genius. what have we learned about how this operates from say "washington post," acquisition? >> he is one of the two or three most richest men in the world. underestimate again is not been smart. if jeff bezos thinks it's a good idea, i suspect it is a good idea. vonnie: brad, what have we learned about him since the "washington post," acquisition? does he cut quarters? brad: that's the best comparison, because the post was an asset in decline and he came in with a very long-term orientation a lot of patience. it was a personal deal, not amazon deal. i think it's interesting that amazon is paying cash, it's not that its own equity on this deal. it validates his own equity very highly even though that equity is very well valued at this point. it's come in with the technology orientation to the "washington post," and slowly turn the ship around. i see the same thing happening with whole foods, bringing in the amazon payments technology that they are trialing now with the curious amazon booksto

and david rubenstein. you don't want to miss those conversations happening tomorrow as well. ecb,e plenty of nerves, the u.k. election and the james comey testimony. you have to wonder what is going to have the biggest potential to affect the markets. it is a relatively risk off so far, stocks down. 71, 84 u.s. cents. australia, numbers coming out a lowon, we are expecting current coming up from the government. maybe even a contraction. futures pointing higher, a bit of a relief after the biggest one-day drop yesterday in two months. the study. not as pretty in japan. futures lower with the yen surging past 110 overnight. 109. we are looking mixed but still following wall street with the vix, the yen. >> indeed. it has been curious. the bond market rally, the dollar softening. the equities rising. all of that, we have been talking about over the last several weeks. let's get to the first word news with more. treasure research after bloomberg was told china is preparing to increase holdings of u.s. government debt. thingces officials treasuries are becoming more attack -- attr

emma: rubenstein says carlisle has about 20 deals in china.e want to get you up to speed on the action and keep you up-to-date in brussels are that summit. it is -- brussels for that summit. it is set to conclude. alongside angela merkel will be the french president emmanuel macron. we do not have a time. , that we will bring it to you on bloomberg -- we will bring it to you on bloomberg. minister u.k. prime theresa may. we will bring you the joint conference and any comments get from the u.k. prime minister, as well. in the united states, it is about the financial sector under pressure kind of. banksf the largest u.s. cleared the stress test, examining their ability to withstand economic shocks. but a test comes next week when they look at their conference of analysis review and they will be watched by investors as they determine whether lending can increase dividends and buyback stocks. joining us is chris wheeler, atlantic equities banker. let's begin with the stress tests and move on to what investors are waiting for, this objective stuff

david rubenstein and his conversation, catch that 330 eastern. -- 3:30 p.m. julia: it is 3:00 p.m. in new york, 12:00 p.m. in san francisco, 8:00 p.m. in london. i'm julia chatterley. scarlet: i am scarlet fu. welcome to "bloomberg markets." julia: we are live in bloomberg world headquarters in new york over the next hour. here are the top stories we are covering on bloomberg and around the world. in politics, tax reform and health care on the agenda at the white house. president trump is moments away from meeting with house and senate leadership to discuss the next step of the legislation. staying with politics, the future of leadership on climate change is at stake. california governor jerry brown tells bloomberg that the country's role has been released because of the president's decision. and south africa is falling into its second recession in eight years. what it means for emerging markets coming up. we are one hour from the close of trading let's check on markets with julie hyman. mixed bag? joe: it is turning -- julie: it is turning to the next. not m

me from davidhelp rubenstein and doll votes last year -- -- davos laster and nationalism.y, it seems that they have to do a domestic role up of their banking system, do you agree? : theyrn macklow-smith easiest acquisitions are within border and it was clear over the last 10 years that the consolidation within the country needed to happen. if we take spain, the spanish and advantage of the crisis the number has fallen for more than 50 two around 10 or 13. -- to around 10 or 13. that is why we can be confident we are nearing the end of the problem. in germany, a completely different structure. most retail banks are not publicly quoted. but nevertheless, the ecb has said further toleration within the land of banking sector and we should not be surprised. tom: this is been very informative -- this has been very informative. .e will continue later on today is a bloomberg conference, david gura and i will be part of a party one part ofgross -- will be it. -- one boy engrossed in new york, in the house, this is bloomberg -- one william gross in new york, in the house, this is bl

tonight, the david rubenstein cofounder and's chairman emeritus. that is 9:00 p.m. eastern.your bloomberg business flash. lou apron has cut the price to 10-11 its ipo dollars per share. that is down from 15-17 dollars. they are hoping that the price cut will convince investors to jump on board. shares are respected to price after the market closes today. but to bank is trying to overhaul the way it manages risk. it may want to start with derivative traders. it made a bet on u.s. inflation that could lose $60 million. people familiar with the matter say they want to see of the trade is reached with the limits on the deal. alix: it is part two of the fed's annual stress test on banks. this one is the biggest. it is how much the banks will be able to return in payout. let's see where we are at in terms of big banks and their dividend payout ratio. jpmorgan tops them all with that white line. sachs,at payout, goldman that redline has a dramatic change over the last few weeks but still above the likes of city and bank of america, straight in the middle with their ratio at 70%. jo

rob rubenstein does it come in until the end of april.a problem why did he not speak out. i thought his testimony was credible and compelling. and they have an opportunity to address. what was new to the public but not new to both of us. was a criticism of loretta lynch. in the wake of the testimony they instructed him to downplay the significance. he was running as the judge pointed out. the senators on both sides of the aisle are now calling for an investigation watch this. >> i would have a queasy feeling as though to be candid with you. we to know more about this. that is a judiciary committee to take a look at that. they have become a political office. i want to get to the bottom of that. what could possibly come out of any investigation. he has laid out a case that she made decisions that moved the levers of power in the justice department based on the political needs of barack obama in the clinton campaign. the only evidence he is given for that are two things is still unexplained. it's probably unexplainable in that context. but t

. >> trying to figure out how do that >> we should say hi to your boss >> david rubenstein who thankfullya fan of my whistling and wrote the forward to the book. and he actually read the book. it's clear based on what he wrote. i'm truly grateful i work at carlyle, it's an amazing supportive group and it's a blessing to have colleagues who think this is cool >> we think it's cool. >> can you do a cat call >> no. no i whistled at symphony orchestras >> glenn miller band bb king's place. >> there's times you can't get a cab. >> uber. >> right they're driving by, you're like stop, stop you can't whistle. your instrument is not used for that >> no. no but on the way here, i was whistling a beethoven piano concerto >> did people stop you on the street >> this is new york. hopefully i made some people happy. >> we wanted to thank you for being here "find your whistle." we appreciate your time. will you whistle us to break on your way out >> sure. this is belle from "beauty and the beast. ♪ ♪ >> joe was doing duet. ♪ so familiar ♪ >> do you know this? >> yes >> love that i do >> thank you, chris