he the grand son-in-law of sam walton and he will succeed rob walton, sam walton's son.s old and has had a number of management positions at walmart. he is also been a venture capitalist. alibaba wants to ulster its presence in the united states. -- bolster its presence in the united states. they are opening a washing did in office -- washington office. those are your top stories of the morning. the markets are closing in europe, so for the latest let's go to narrow in london. nara: let's start with the big picture here. you can see the kleins pretty much -- declines pre-much across the board there. grease a big concern. itgreece a big concern here we still have no agreement on that bailout. it runs out at the end of this month. a big concern not just in europe, but globally. if you look at the movers we are watching today in terms of benchmarks, the worst-performing in european markets today is the athens stock exchange. the only benchmark that is posted losses so far this year. ftse 100 also not doing well. extending a two-month low. 600 extendingtock to its lowest lev

he is married to the granddaughter of sam walton. elected of vice president to the board. he is 45 years old. he is been groomed for this for the last several years. he was running a venture firm in silicon valley for about 10 years, that he also serves as cfo of walmart japan. he joined the family by marrying the granddaughter of sam walton. at the annual meeting, the board has decided that it greg penner will become the new chairman. erik: handing the torch to the next generation. 45 years old. thank you very much for the latest on walmart. we are just a few minutes away from the opening bell in new york city, so we wanted to bring you three things moving the markets. the j.p. morgan asset management chief investment officer is with us. and joe weisenthal is here. joe, what is moving markets? joe: obviously, job spear the end of limit rate picked up a little bit, but who cares? that was probably a function of the labor force participation rate. the story is the strong may number wage growth. nothing not to like. you saw the move in

grandson of sam walton. he is taking on a new role after joining the board of the world's largest retailer in 2008. penner: we have a great balance. this is so important right now with the tremendous change that all of retail is going through. scarlet: walmart sets the state a year ago when they need him to the newly created position of vice chairman. that is a look at the top stories. generator --a lawsuit, deciding not to appeal. look at the tough odds. strain of banana killing fungus threatens to wipe out the crop. much more coming up on the "bloomberg market day." added 250,000my jobs. mohamed el-erian spoke with betty liu about his reaction to the unexpectedly strong jobs report. mohammed al arian: this is a good report and lots to like about it. -- netver reviews and revisions and wage growth, 2.3%, the best monthly gain in two years. people are coming back into the labor market. all of this points to a healing labor market. the market reaction with textbook in terms of yields higher, the dollar strong

5.5%.ise 1/10 of 1% betty: the walmart board has elected a new chairman, the grandson of founder sam walton and will succeed rob walton. he is taking on the new role after joining the board of the world's largest retailer in 2008. >> when it comes to our board, because of our families commitment combined with strong independent director voices, we have a great balance. now is so important right with a tremendous change that all retail is going through. fory: walmart set the stage his succession when they named the newly created position of vice chairman and has been a venture capitalist and formerly worked at goldman sachs. u.s. officials are familiar with the hackers who stole data on as many as 4 million current and former government employees. they say it's the work of chinese cyber thieves who have already stolen information from health care companies. the hackers may be targeting employees who have applied for security clearances. china is rejecting the suggestion that it is responsible. whichs staying the course means more competition for market share between oil producers. the oil ca

mark: they are naming the grandson in law of sam walton as the new chairman.ket day continues after the short break. ♪ back to theome bloomberg market day. i am mark crumpton along with my collie, betty liu. eddie: -- a big announcement in arkansas. penner has been named the chairman. greg: because of our family's commitments combined with strong director voices, we have a great balance. this is so important right now the terminus change that all of retail is going through. mark: olivia sterns joins us from fayetteville, arkansas. we understand that doug mcmillan got off the stage. what did he have to say? olivia: i would like to point out that he got off the stage and then rod stewart got on the stage. walmart knows how to throw a shareholders meeting. my big tech away was that he wasn't so much focused on his competitors. we talk a lot about why is walmart losing market share to the dollar stores, how will they compete with amazon. doug mcmillan feels the biggest obstacle is internal. >> we are threatened much more by the things that we control than those ou

you are arguably the most prepared person for this job since sam walton, the founder ran the companyu have now been at the top job for 16 months. you you look back, anything think you are not prepared these socialome of decisions. walmart has become of the company. we try to keep it simple and run it like it is all. it seems like every day there is some sort of surprised and judgment comes into play. i do not do it by myself. we have a great team. we are sincere about using the company's platform to do good. the core mission is to save money so we can do better. we think that is an important business to have in life. we want to use the policies of the company to create a more sustainable supply chain. two point 2 million people. third largest employer in the world. perhaps what made the biggest news under the tenure is your decision to raise the minimum wage for employees going to nine dollars per hour $10 next year. how did you arrive at that decision >> echo >> it is not just the starting rate weight but the system where trying to put together, the environment we want to create. we

he's the grand son-in-law of sam walton. the 45-year-old is taking on the new role after joining the board of the world's largest retailer in 2008. >> and it comes to our board, because of our families commitment combined with strong, independent director voices, we have a great balance. this is so important right now, with a tremendous change that all of retail is going through. the stage forset his ascension a year ago, when it made him a vice-chairman. he has also been a venture capitalist and formerly worked at goldman sachs. those are some of the top stories we are following on this friday. scarlet: coming up on "bloomberg weather may berm here, but only one half of americans will take time off work to enjoy it. why the great american vacation is on the decline. and the high-end airline that is revolutionizing air travel between paris, london, new york. scarlet: tomorrow is the belmont stakes. we look at the big bets ahead of the race. we have added more coming up. mark: back to one of the big stories of the day, jobs.

i think the old day sam walton going to the different store ss, talking about going to the stores doingty, looking at things. brian cornell popping in on stores looking at things. mcmillan has to make changes on the spot. i think he is a bold man and i am rooting for him. i want to go to my walmart and feel great. >> i will say this. the walton family. the numbers they are able to take in in terms of dividends are astounding. each month. >> i know. film's a nonwalton, i wouldn't know how i'm doing. >> they have to be careful there they can get so large be to be a moral majority owner of the family itself with the buybacks. it's an interesting balance they had to maintain at walmart. >> do you think that it's possible to shake things up at that company? you spend so much time with that. can you literally blow it up? >> an organization of that size it's not that easy to affect change. when you have over 2 million employees. it's i stunning. >> that's as many in the armed forces. >> incredible to think about. perhaps they can. we have other stocks to get to. before we get back to stocks, l

greg penner is the grandson in law of wal-mart founder sam walton.ll take over for rob walton who has been chairman for the last 23 years. advisory firms had umped shareholders to vote for an independent shareholder. >> it's an event that brings together some of the best chefs in philadelphia. and it's not just about the food. it also raises millions of dollars for a great cause. alicia vitarelli has a preview of a special night celebrating a big milestone. >> reporter: this is the tenth anniversary. >> it's crazy to even like -- to even think about that. >> reporter: in the past decade the vetri family has helped raise millions for alex's lemonade stand and the fight against childhood cancer and next tuesday roughly 1200 hungry people will once again pack the navy yard for a great cause with great chefs. >> this brings together some of the top chefs from not only around the country but around the world. >> jose is coming. >> reporter: alex. >> this is her first year. >> reporter: always a staple the chew's chef michael simon. >> he always does my ev

. >> what's interesting to me is sam walton died as a relatively young man.in his world wouldn't he? >> yeah. his descendants are doing oklahoma. >> $150 billion or something. >> what's interesting is walmart has had a tough patch in the past few years. sales have not increased rapidly but it's so big that on this list of revenues it really dominates the top. >> what about apple? >> apple is the one that's really coming on. if we ranked the companies by profit or if we ranked them by their market value, apple would be number one. it's valued at $700 million. the first company ever -- thank you for correcting me. first i need an editor. it's really -- that's really an amazing story. >> and they have a lot of cash on hand don't they? >> a lot of cash on hand yeah. >> facebook jumped nearly 100 spots. >> that's right. it came in at 342. again, if you ranked them by market value, facebook would be number ten. they see a lot of potential for it to continue to grow. >> and on the subject of tough companies you were saying this before. whether it's cloud computing o

you are arguably the most prepared person for this job sam walton ran the company himself.en in the top job for 16 months. you look back, is you -- is there anything you think you were not prepared for? doug: yes. some of the social decisions. we try to keep it simple and run it walmart like a small. it seems like every day there some sort of surprise. we've got a great team to work with. we are sincere about trying to use the company's platform in a way to do good. our core mission is to save people money so they can live better. we think that is an important purpose to have in life but we also employ a lot of people and we want to have great jobs. we want use the policies of the company to create a more sustainable supply chain and all of those things are good business. olivia: 2.2 million people third-largest employer in the world. that is incredible. perhaps the biggest news under your tenure, your decision to raise the minimum-wage for employees $10 an hour next year. doug: it is not just the starting wage rate but the system we are trying to put together, the environm

his father moves to bentonville because he saw big opportunity because of the big business sam waltoncmillon had his first up at walmart as a teenager in a warehouse in arkansas. he is been there for 23 years. tom: he is the one who sold the cases of gummy bears that you went home and eight so then you had to go see his father, the dentist? olivia: he has done every thing from focusing on u.s. stores he ran sam's club, he ran walmart international -- vonnie: he have a tradition of being hands-on. olivia: exactly. william: you have to ask him about china because they have had a big push in china. they have had problems in china but they keep coming out and saying that one of their great objectives going forward is to build a tremendous business in china, see you have got to ask him -- olivia: i sincerely well. one of my questions for him on china will be why is store traffic down and china, but also is alibaba a more formidable opponent of an amazon? oh bill, i love you. thank you. [laughter] brendan: olivia sterns talking to doug mcmillon in about an hour and a half, the ceo of walmar

wal-mart announcing that breath penner will be the grandson in law of the founder, sam walton.is week that wal-mart is changing store temperatures by one degree. see if you notice it. after employees complained that some stores are too cold. the former executive and cnbc contributor and the king of all things is here. >> pleasure. >> do they do that in lots of stores? >> trying on winder growths. wal-mart is going out of their way to get the employees to be more happy. why are you doing that? the higher morale in the store the better your sales are. they are trying to pay more money and make it warmer since they are complaining about the cold. that will make people happier in the store. they will get better customer service. it's also wal-mart and target that control the temperature of the stores. we wanted to mention that as well. you have for example, higher temperatures and higher wages for the workers at wal-mart and initiatives like bringing it back and we don't all have to listen to celine dion on constant loop. they translate to higher shares and higher sales as you were

this was an invention of sam walton himself.liked having people there to smile and when he did write his biography he said part of it was to give a warning to thieves so they wouldn't be stealing things noticing somebody is there checking things. three years after they got rid of them they're testing a new format where they bring the greeters back in to about 3,000 of the stores and they'll be doing double duty. not only smielgling and saying hello. they're going to make sure that you're not sticking other stuff in and they'll be checking your bags on the way out the door. >> so they're not greeters. >> that's kind of weird. greeters. >> it was always a nice thing. someone that would smile. >> the lowest possible prices. >> employment. >> shrink is what they call it when somebody steals stuff. >> shrinkage. >> at walmart it's 0.13% of the market. >> i'm thinking george castanza right now. >> so anyway 0.13% of their margins are lost to shrinkage. but they have sales of $288 billion so it's a big deal when you look at the grand s

walton,succeed rob sam's son. he is taking on the board of the world largest retailer in 2008.ot a bad marriage there. erik: china says it did not have anything to do with the massive hack attack on the files of u.s. federal employees. officials say the hackers broke into the office of personnel management and stole as million million- as many as 4 records of current and former federal employees. mediahave seen many remarks about this, but are they scientific? many hacker attacks are committed anonymously. it is irresponsible to make these trump up assumptions without an investigation. erik: among the targets of the hack attack are workers who applied for security glances. a motive may be to obtain personal information that could be used for blackmail purposes to turn some of those u.s. employees to spies perhaps. in greece, the prime minister will adjust parliament an hour from now. yesterday, he would suspend a scheduled loan repayment to the imf and reject the latest a lot offer. elliott is an athens. lliott: greece's decision last night -- this announcement that was not wid