steve schwarzman is incredibly active as a ceo and chairman and he has shifted a lot of his time andt to being a bit of a global statesman. at this point, from a and theropy standpoint, u.s. president who had has known for some time and shirt a business council with president trump. also consulted with other world leaders weather is president xi in china, and that dovetails with a lot of shorts men's activities as a philanthropist, and he great the shorts men's after rhodesel scholars, with the university in china. so the expect steve schwarzman to go anywhere, but he certainly has been handing over responsibilities as lieutenants as activities broaden globally. vonnie: the forget his multimillion dollar birthdays as well. jason kelly, thank you. goldman sachs summit kicked off today in washington dc, and the event highlights the big power of small business pretty together industry leaders and in theirelp businesses chart for growth. david is standing by with more. we have a special guest right now, you know him as an actor, an author, and he is also a businessman. tyler perry, great

john gray has long been considered the likely successor to tony james and eventually steve schwarzmanr and ceo of blackstone. gray has distinguished himself as one of the world's leading real estate investors, so this completes the puzzle for the private equity business as an industry transitions to a new generation of leadership. >> barclays has said the serious fraud office has brought charges against its barclays bank operating unit in a case linked to a 2008 fundraising at the peak of the financial crisis. we thought barclays had faced charges on this. explain the second leg we are seeing here. >> in june, the serious fraud office in the u.k. charged the holding company and four of its top executives, including the former executive, so what has come up now is that the operating company here is being charged as well. all banks receive their operating licenses based off the operating units, so that is why people really care about what is happening to the operating company here. >> on to the fight, comcast mulling another bid after its initial offer was turned down for a deal with di

were talking to steve schwarzman earlier this morning and he said this level of volatility feels prettyu agree or is this an aberration? >> i agree that you have more volatility in the equity market. you arechanging is losing the cover of the federal reserve. we have had the fed protecting us for quite some time and now they are clearly changing interest-rate policy. we have not seen that in europe. in japan, we had the opposite where they are still very accommodative. i have a slight difference in that there is a shift in monetary policy leading to more volatility. we are seeing it in interest rates right now, not necessarily in credit. that makes sense. this is more about changing the rate than the conditions of corporate's around the world. a lower tax rate in the u.s. probably makes corporate profits stronger this year. ♪ ♪ nejra: you're watching "bloomberg best." i am nejra cehic. it has been another whirlwind week. nestle posted full-year sales that rose to the slowest pace in more than two decades. revenue was up 2.4%. the swiss food company was increase this%-4% year. >> all cat

we just the had steve schwarzman on he just showed up. i'm coming in.ouldn't say you were friendlies it's an offshoot >> family. >> it's nice >> a different business. >> some similarities >> anyway, we like representatives from both, futures right now. they've pulled back from their best levels up 250, 260 earlier. we were up 187 ia enone yesterday morning, we moved up from 150 to down 250. anyone that knew we'd close up 250 and another 180, great volatility if you like it. treasury yields, should be interesting when we get the producer price index when it's hot. >> that number there on the left the 2 there on the ten year, that hasn't hit a handle in years and years. even though everyone thought we would. today would be a day i hope we do it before you leave sorkin >> not for me? >> you, yeah, sure equal time for you would you be excited about the 3? >> not really. i'd like to buy a house flu is can't buy a house at 3%. you remember the old days? rec you remember, 13%, i thought i'd never own a house. >> are you going for a mortgage? is that what you a

equity funds a lot of pension funds are invested in our run by blackstone, blackstone run by steve schwarzman, a friend of presidents trump. the financialover crisis buying up homes and evicting people. they were involved in buying companies and busting unions. a lot of these public-sector pensions are owed to public workers but a lot of the investments are used to pursue an antiunion agenda, including actual unionbusting. we not only need to look at the returns. we also need to look at what is being done which is not always good for the average walker. host: go-ahead from georgia. caller: thank you. i have been calling your network for 30 years, super network. david perdue is a good friend of mine. he is a friend and confidant of president trump. david has a successful business background like donald trump. i predict a team of trump and purdue will give america the best economy and world history. he says we can get 4% to 5% growth and that would go a long way toward solving the debt crisis and everything else. i would vote for david purdue for president. i think the purdue-trump team is the

john gray was tapped as the steveated heir justo schwarzman. today, steve spoke to bloomberg.spoke to jason kelly. normal,nk it is pretty and if you look at the world, the developed world will probably girl around 3% -- grow around 3%. % or less..25 multiply that for 12 months, and what do you get? you get stock market performance if you just annualized that somewhere in the 80's to 90% with 3% growth. that is simply ridiculous. stop that have to kind of compounding or else you have almost a whole year's performance in one month. what is going to happen in that scenario? will, got to go down -- well, got to go up and then down and then up. a volatile world is what should happen at the end of the day? not hour to hour the way television works or traders work or day-to-day or week to week. i think with the economy looking so good around the world, , and ithave an up year cannot be hugely up because we already did huge last year. it will find its way. jason: to using more dealmaking this year or less in terms of private equities specifically? stephen: just generally, usually have

mike: i think the best companies are still -- like steve schwarzman, you have u.s.ne, jpmorgan, microsoft, the biggest insurance companies in china, all relatively ok valuations. we have had a huge run and they are still ok, even with interest rates going up because you have jpmorgan with 2% yields, and 13 times next years earnings. you are doing ok relative to the interest rates. david: staying with us, michael holland, and stephen stanley. coming up, we will get a read on the economy and the point of farr,f hiring with david a chairman and ceo, live from new york, this is bloomberg. ♪ ♪ i have talked to in the is a sleeved or participant, and sooner or later, it comes to employment. are we growing jobs fast enough? our wages going up? do we have enough workers, and are they right for the job? david farr is on the front lines of the debate as the chairman and ceo of emerson electric, employing over 75,000 workers, and the chairman of the national association of manufacturers. welcome. david: great to be here. david: from emerson's point of view, what is the situati

. >> murtaugh at the steve schwarzman earlier, and he says this level of volatility feels pretty normalree or is this an aberration? you get agree that volatility in the market, and what is changing as you are losing the cover around interest rates. we had the fed protecting us for quite some time, and they are clearly now the lead horse changing interest rate policy. europe,'t seen that in but we are hearing heads of that and in japan we hear the opposite word they are accommodative. the slight difference to me is there is a shift of monetary policy and that will lead to more volatility. we are seeing it in interest rates are now, not necessarily in credit, and that makes sense given that this is more about change in the risk rewrite than the conditions around the world. corporate tax rate in the u.s. probably makes corporate profits stronger this year. >> let's talk about credit because it is a theme yet been writing consistently about for a few years. it feels like there is a fundamental shift in the appetite for credit, especially in private credit. where are we now in that? henry:

. >> annoying as everybody else's taxes go up, steve schwarzman's go down. literally that corporate tax cut is trillions of dollars of stimulus. you know, i think it has to, at some.impact postively to gdp. trish: that is what i was going to say. david stockman, i like david a lot, he is very concerned about spending he is wrong, not assuming what the corporate tax cut can actually do for the overall economy, charlie. >> right. what he is saying, what a lot of smart people are saying we'll not get the bounce of gd president of growth to pay -- you have to get gdp 3% and above to start paying down deficit. trish: you have a lot of smart people, jamie dimon. >> yeah. trish: i know you're not crazy about the at at that fed but they give a five handle. >> i take jamie over those guys. i say one thing. this is something that is not going to be very, very much well-embraced by our viewers. president trump had a lot to do with the fact that so much retail plowed into stocks at the end of the he endlessly touted the market. he should be touting the economy, his poli

steve schwarzman on his global ambitions to the people's republic of china. keep filling his shopping cart. the weakest earnings growth in 20 years. one hour from the close of trading. let's get a check on the market. the s&p 500 set for its best week since october 2014. if it doesn't give up any of these gains. now that we are entering the fifth day of the rally, the final hour of the session which pretend change, which hasn't yet today, it is a broad-based rally. energy has been consistently week. we have seen a little bit of a calm down in the trading range we see on a daily basis. as you look at the trading range today, about 1.3% for the high and low. consider this. the s&p 500 is average daily spread, half a percent. it has been about 1.3%. we more than double as we see the swings widened in the market. something else, we saw volume spikes as the s&p 500 was selling off. volume is falling off considerably. selloff, do we see capitulation? there was certainly a lot of trading volume and now the trading volume is down. it could mean there is less convicti

steve schwarzman with the strootman scholars obviously has invested heavily in china himself.vested in blackstone. joe: in addition to the waldorf-astoria, what else has anbang most notably been active in? jason: active across the world in commercial and hospitality. there is not much they have not touched and have not looked at. one of the most interesting deals they almost did but did not do was starwood. they were involved in the beginning and ultimately pulled out of that. again, it had such a market of fact on driving the price of. lisa: are there other chinese conglomerates that have been leveraging up and purchasing property that people are targeting as the likely next subject? jason: hna is really the one everybody is keeping an eye on most notably. not only in real estate, but also a big holder of deutsche bank. that obviously has the attention of wall street in a totally different way, especially given the issues that deutsche bank has been under. lisa: so this can set a precedent as far as what china wants to do with potential liquidity concerns. are we going to see

i'm here was steve schwarzman are.you. .ig personal news for you $25 million to your high school and what is notable is it is a public high school and you have given a lot of money and over the years. an expansion of your philanthropy and education. why now? what profit you to do this? steve: i was asked to do it. it is like a lot of things in life. than you think about what .omeone asks you i had a great experience at high school. jason: track star, i believe. steve: yes, apparently. hard to imagine now but that was the case. had a great experience. the reason i am doing it is high school was relatively new when i it is now being upgraded. they are adding a wing for science and technology. the state of public education varies all over the country but is havinge problem enough money to do everything they wanted to do. they did a bond deal and had a variety of needs and can to the high school but they really wanted to do a friday of things that cost 100 here they can to me to fill the difference. the issues on my mind w

we look into the changes made and who will succeed steve schwarzman.s you commute today, you can tune into our colleagues, tom keene and jonathan ferro, from 7:00 to 9:00. and pimm fox joins from 9:00 to 10:00. bloomberg surveillance can be heard across the united states on sirius xm radio. this is bloomberg. ♪ >> this is "bloomberg daybreak." coming up in the next hour commended ben sheets -- next hour, nathan sheets. ♪ not to bloomberg business flash. in japan, toshiba has brought in an outsider as ceo in the wake of losses and a downsizing. the new chief executive is the director of cvc capital partners. toshiba is in the process of selling their memory unit after billions of dollars of losses in their nuclear energy operations. they are forecasting that sales at the brick and mortar stores will return to growth next year, the retailer trying to attract shoppers back to the mall and grab a share of e-commerce. &m saysnd m says -- h that all my sales and should rise 20%. and investing in an ipo. russian banks and a joint russian chinese fund are eage

steve schwarzman, paul tudor jones. it was for a very good cause, an important cause.in part, the reason they were drinking tap water, clean water is a big issue, especially in florida, as it relates to the cleanliness of the everglades. an important cause but it is always nice to see billionaires acting just like us. when you have the optics of that, a super fancy place, fancy people, tap water, the optics don't hold well. not sure how concerned people in palm beach are concerned about optics. jason: if you are concerned about optics, maybe don't wear that shirt. alix: the dress code was carried head posh.rot david: thanks so much, jason kelly. coming up, calls for latvia's central bank governor to step down. more on what i'm watching. alix: and you can watch us on the line, check out our graphics and interact with us. this is bloomberg. ♪ david: this is what i'm watching today, latvia. 2 million people a joining russia, used to be a part of the soviet union. it turns out latvia has a thriving banking sector, particularly after cyprus one out of the money laundering b