taylor: welcome to "bloomberg businessweek," i'm taylor riggs. we are inside the magazine headquarters in new york. still ahead in this week's issue, we look at china's new gateway into europe, a billionaire working overtime to impeach donald trump. and youtube having its worst year ever. all of this straight ahead on "bloomberg businessweek." ♪ taylor: we are here with the editor in chief joe weber and it starts with the cover for asia. it takes a look at the malaysian prime minister. bloomberg got an interview with him. >> he hasn't spoken in about three years. we were interested in talking to him because this is a couple of weeks before the election in malaysia. it is not a sure thing. if you kept an eye on the country, it has been rocked by this scandal. it's still lingering. they are still investigating. the fbi has been involved in some of it. here we are three years later, he hasn't been public at any of this time and now he is up for reelection. carol: talk to us about the scandal. we have covered a lot at bloomberg, remind us what this i

taylor: and i'm taylor riggs. the radio, sirius xm 119, 106.1 in boston, am 960 in the bay area. ux3ol: and in london on dab and in asia on the bloomberg radio app. in the focus on section, a fun story. a startup called museum hack that is working with the world's top galleries. taylor: while helping them connect with first-time visitors. >> museum hack started out as a hobby that turned into a small business. it is a company that organizes very quirky, irreverent, unusual tours of museums. in the process of doing that, with some of the leading art museums in this country, it started -- the museum started to realize these guys know something about getting younger people into the museums. as with everything else, we want millennials. [laughter] and millennials might not be interested in the same things in art museums that people two generations ago were. they want to take selfies and they want to find the one object that speaks to them or that is cool or irreverent. museum hack started bringing in these crowds. and

taylor: and i'm taylor riggs.an find us online at businessweek.com. carol: and on our mobile app. opening the magazine this week, talking about the looming threat of a trade war between u.s. and china. taylor: and the phrase, i love the law of unintended consequences, here is peter. peter: the law of unintended consequences was actually a phrase we think we had forever that was coined in 1936. it says what you think it says. you do one thing, and you think you will get this result, but instead you get this result. so, the question is whether the tariffs that trump wants to impose would be like that? taylor: and what countries would win, and what countries would lose in the current situation we are looking at primarily between the u.s. and china? peter: it looks like both are going to lose. trade wars are not good things to have. i should back up. if we actually do have a trade war. trump says he does not want one, and his advisers say the same thing. that putting out the tariffs is just a way to force china to the

taylor: and i'm taylor riggs.ten to us on radio, and a.m. 960 in the bay area. 106.1 and boston, 91 fm and washington, d.c. carol: and in london, on emulex three and in asia, on the bloomberg radio plus app. in the pursuits section, adam lowe has created a new studio for artists to create the next work. taylor: it's a factory for million-dollar art. here is james tarmy. james: it's on the outskirts of madrid. it's a block long of different factories. it's a place where contemporary artists go to have their work made and make their work. carol: so the factory is in the look of andy warhol. a little bit. james: yes, in the sense they are making additions, reproductions, they are also milling sculptures, they are using incredibly sophisticated technologies to make things that previously would be impossible to make. and it's really quite amazing. i went there. there's a massive 15 foot-high sculpture next to the most detailed glass busts people are kind of polishing and painting. there is the three-dimensional printer

taylor: this is "bloomberg businessweek." ♪ ♪ taylor: welcome back to "bloomberg businessweek."u can also listen to us on radio on sirius 119. 106 in boston. and in london. and in asia on the radio plus app. moving over to the politics section, london is starting to worry about it reputation of being home to russian oligarchs. carol: and as a playground for billionaires. have riseny tensions substantially since last month on it russiangent spy and his daughter. since then, you have repercussions. you have dozens of russian diplomat's who have been expelled by quite a lot of countries, more than 25 led by the united kingdom. russia responded in kind. on the other side, you got the announcement of new u.s. sanctions against russia which happened on friday. it is not directly linked to the spy, but more ex- to do with russian meddling in the u.s. election. this was seen as a bad development in moscow. it targeted a number of sominent billionaires, getting to london, the situation in the u.k. is that it has been a big center for russian money for many years. particular since the yea

taylor: and the demographics?s fair to say republicans tend to be older and hiter and more mail -- male. you asked about opponents and one group are trump fans. they think he is a george soros character, a puppeteer in the shadows -- he is a rich hedge mention and i can't not he worked for goldman sachs and morgan stanley. then he has another group of opponents, who are mainstream surerats who are impeachment is the right idea, or aren't sure impeachment is something to do now because the numbers aren't there. next, a pyramid scheme leaving a trail of unhappy women across the u.s. and what may be wall street's most popular board game. this is "bloomberg businessweek ." ♪ ♪ taylor: welcome back to "bloomberg businessweek," i'm taylor riggs. at can find us online businessweek.com and our mobile app. looke featured section, we at the risks of signing up with a multilevel marketing company known as mlm. claire investigated one company. >> if you are on facebook, you may have heard of this company because there are tho

taylor: and i'm taylor riggs. we are here inside the magazine's headquarters. carol: coming up in this week's issue, the french president, what he has been up to, and his influence on president trump. taylor: and a tech firm that may be knows too much about who you are. carol: also, colors are taken for granted, but there is so much science and chance behind them. taylor: all of this ahead on "businessweek." ♪ carol: we are here with the editor-in-chief of "bloomberg businessweek," joel webber. let's start with politics. it is actually the european cover story this week. you take a look at the french president emmanuel macron. he is trying to energize europe. joel: he has had a to do list. it is probably never ending but we tried to whittle it down. the big one, he has had a lot of checkmarks he has put next to his resume already, and this next one, what he was elected to do was fix france. this is a big test that is coming up for him, and it is being viewed somewhat as a make or break moment. because if he can get around this, boy, the sky is the limit and he

taylor: this is bloomberg. ♪ ♪ taylor: this is "bloomberg best." i'm taylor riggs. another pointed exchange of trade measures between the world's two largest economies. the latest tit-for-tat began with u.s. sanctions aimed at a chinese tech company. ♪ >> chinese telecoms gear maker zte has been barred from the -- -- from exporting sensitive technology from the u.s. after the commerce department alleged it made false statements to officials. our china correspondent, tom mackenzie, is standing by in beijing, in front of the zte headquarters. tom, the details here? tom: this isn't about one single corporate, this is about a broader, concerted effort by the seems, intion it the u.s. to further restrict chinese access to that crucial u.s. technology and innovation. this really goes to the heart of the concerns amongst chinese policymakers who are far less concerned about any tariffs on steel or aluminum and far more concerned about moves like this, restricting their companies from getting access to crucial technology. >> china removing a two decade foreign ownership res

taylor: i am taylor riggs. carol: bitcoin, we have talked a lot about it. there is a story about how to regulate it. taylor: facebook and the online scamming business. carol: why pay equality is still out of reach. taylor: all of that ahead on bloomberg businessweek. ♪ carol: we're here with the editor-in-chief of bloomberg businessweek joe weber. we start in the finance section.

i'm taylor riggs.er appointment exchange of trade measures between the world's two largest economies. the latest tit-for-tat began with u.s. sanctions aimed at a chinese tech company. >> chinese telecoms gear maker been barred from the u.s. after the commerce department alleged it made false statements to officials. our china correspondent is standing by in beijing, in front headquarters. tom: this isn't about one single corporate, this is about a by the effort administration it seems, in the u.s. to further restrict chinese access to that crucial u.s. technology and innovation. ofs really goes to the heart the concerns amongst chinese policymakers who are far less concerned about any tariffs on steel or aluminum and far more like this,bout moves restricting their companies from getting access to crucial technology. ownershipemoving in restriction and will let companies like volkswagen and tesla own more than 50% of local ventures. on the other hand, they slapped a 179 tax on u.s. imports. it is a carr

thank you, taylor.o be in talks about a close relationship, including -- according to a person familiar with the matter. what does this mean for the entire health care industry? us is john palmer. and marc chandler. what does this relationship would like? -- look like? mr. ballmer: it's unlikely they by humana outright. combining together to deliver more health care in walmart stores follows both of their 218.egies to achieve -- mr. palmer: we've seen a wave of consolidation in the industry with cvs aetna, express scripts and cigna coming together. my guess is there's going to be destruction and the big winner is probably going to be united health care, who is just going to keep sticking to their knitting and deliver what they have been delivering. lisa: why does this make sense for walmart as well as -- how does it make sense? mr. palmer: we've seen all this disruption in health care and we are worried about amazon coming into health care and i think we know that a retail company is struggling -- walma

here is taylor riggs.carried out a missile attack on an airbase in syria the day after president trump warned of a big rise to pay following reports of a chemical assault third israel is not commenting. people were killed and a suspected poison gas attack that took place on a rebel stronghold outside damascus. kimu.s. has confirmed that jong-un is willing to talk about nuclear grade weapons. the president expected kim jong-un for a summit before learning that the offer was genuine. he time and place of the meeting has not that set. a majority of britons say the public should have the final say a final brexit deal or stay in the european union. that is according to the group us for britain, which wants to remain in the eu. prime minister theresa may hopes to finalized the divorce with the eu in the fall. majors. has won its first title. jordan's be held off ricky fowler. eith held off ricky fowler but fell short. patrick reed ones. global news 24 hours a day, powered by more than 2700 journalists and analys

here's taylor riggs.de a secret trip to north korea to meet with kim jong-un. according to people familiar withthe matter, pompeo met kim jong-un over the weekend of march 31 to prepare for a possible summit with president trump. it could take place by early june or before. the trump administration says it's considering imposing more sections on russia. larry kudlow says the u.s. ambassador to the united nations, nikki haley, got ahead of the curve by discussing them publicly. she said new sections would be announced the next day. investigators have found evidence of metal fatigue on the engine that exploded on a southwest airlines jet. one person was killed, the first in-flight fatality in southwest history. boeing 737 was flying from new york to dallas and made an emergency landing in philadelphia. former first lady barbara bush has died. she was 92 and was the wife of one president and the mother of another. over the weekend, a family spokesman said mrs. bush was in failing health and decided not to se

i'm taylor riggs..wo books, the threat matrix the other is a no-brainer. , seniorert kaplan youser, when he publishes, purchase it. --is a terrific set of aces essays on eurasia and indochina and china as well. we are thrilled that robert kaplan joins us. congratulations on a must-read book. if president trump read your book, if you even read one chapter, if even read one paragraph, what would you want the message to be? >> thank you for having me. i would want the message to be that there are processes, vast, , going on insses eurasia now where china is thereating the routes of dynasty from the high middle airasia,ss new building up with iran, building roads, railways and pipelines in order to connect east asia with europe. locked out of this competition if it does not support free trade. all america has to offer in this , aseurasian landscape cliche as it sounds, is a democracy free trade society. so much of this is asian patients. robert clapp -- robert kaplan, does asia and way president trump? >>

>> taylor: i took a fall. you know, that's the least of your worries right now. >> bill: let me get you some water. >> taylor: not necessary. >> bill: something stronger? >> taylor: i don't want a drink. >> bill: oh, that's right.

he interviewed cecil taylor in 2016.d his own style within the jazz tradition. he started playing the piano aged six. i mean, he was classically trained, a complete master of the keyboard. i think that is one of the most common misconceptions about taylor, that he was some sort of iconoclast or rebel against jazz tradition, when, in fact, he loved more traditional players like duke ellington. he was very much on his own path. he was creating his own music. but fitting it within a much broader artistic tradition. for those who'd never witnessed him play, i just want to give this example of a video that i saw — you can search on youtube, and watching him play, i held my breath. i grabbed onto the chair that i was sitting on and just held on to it while he played. yes, i remember, i saw him five times between 1997 and 2016, and there was one time in particular i remember seeing him, at avery fisher hall, part of lincoln center in new york, and he was playing solo. he played this tidal wave of notes. you were sure that it wa

taylor: i'm taylor riggs. carol: bitcoin, we have talked a lot about it. there is a story about how to regulate it. taylor: facebook and the online scamming business. carol: why pay equality is still out of reach. all of that ahead on "bloomberg businessweek." carol: we're here with the editor-in-chief of bloomberg businessweek joe weber. we start in the finance section. cryptocurrencies have captured our imagination this year. but you guys take a story and say maybe it is not the new thing out there. we have been here before. >> i love ancient history. i think this is a fascinating story. crypto and bitcoin really caught the public's imagination at the end of 2017. it stayed there at the beginning of 2018. then sort of maybe gravity took hold. it is a big dvd of where this space goes. peter coy, who wrote the story, did a really interesting job of stepping back and trying to put everything in context and make sense of it. one of the things i am proud of is is this -- that is implied is it going to be something else? currencies have been around forever. we

this is bloomberg. ♪ taylor: this is "bloomberg surveillance." i'm taylor riggs. the bloomberg business flash. samsung reported better-than-expected profit in the first quarter. demand for the south korean conglomerates memory chip remained strong. according to people familiar with the talks, recruiters contacted a former hea hedge fund trader that kurt the debacle. he has signaled that he wants to remain in the u.s.. crisis is starting to hit facebook's revenue. sheryl sandberg says that some advertisers have curtailed spending. in an interview with bloomberg, sandberg discussed facebook's next move. we also didn't build our operations fast enough and that's on me. we had 10,000 people working in security at the beginning of the year. at the end of this year alone, we were more than doubled to 20,000. we are massively investing in smart technologies. and we are doing all this to make sure we get to a place where we can proactively protect people's data. taylor: facebook ceo mark zuckerberg will testify about the issue next week at a congressional hearing. that is

taylor: and i'm taylor riggs.some of the big -- biggest business stories in the room right -- in the news right now. spotify, going public, but not in a traditional way. it could create more volatility as offense will be harder to predict. trading starts tomorrow. general electric is selling part of its health care business for about $1 billion to veritas capital. management has streamlined operations and is looking to pull the company out of a deepening slump. the cash deal is expected to close in the next quarter. that is your bloomberg business flash. julia? time for a bloomberg exclusive. intel shares taking a pretty big hit in the session. apple is planning on using its own chips and mac computers starting as early as 2020. taking processors from intel. joining us with more, mark gurman. to you.big scoop thanks talk us through the initiative and when it is likely to come. >> my colleague, ian king, and i, are reporting that apple is going to start moving to custom as earlyp processors as 2020. it is a signifi

here is taylor riggs. praise donald trump d james comey for his loyalty theng the 2016 campaign, asked for his loyalty and dropped him to drop the investigation into michael flynn. that was turned over to u.s. committees by the u.s. department of justice. comeytweeted, since the memos came out, they show there is no collusion and no obstruction. he leaked classified information. the witch unt continue? rosenstein told donald trump last week he is not the target. according to several people familiar with the matter, rosenstein brought up the investigation himself and offer the assurance during a meeting with trump at the white house. they say the development helped president's desire to remove rosenstein or mueller. european union officials will adjust the issue over the irish border after brexit. according to three people familiar with the eu position, britain has not made a formal proposal, but has indicated that the solution for maintaining an invisible border should apply to the whole of the u.k. it wou

—— cecil taylor. 25 years of hatred and rage as theyjump up on the statue.became a massive demonstration of black power, the power to influence. today is about the promise of a bright future, a day when we hope a line can be drawn under the bloody past. i think that picasso's works were beautiful, they were intelligent, and it's a sad loss to everybody who loves art. you're watching bbc news. the headlines: the legal team of the former brazilian president lula asked the supreme court to suspend his 12 year jail sentence hours after he was due to hand himself in to police. russia's foreign ministry said there would be tough responses to the impact on sanctions. earlier i spoke to an expert. i asked him how effective these sanctions will be. they're probably not going to be very effective at all because even those these are very famous people, very rich guys inafew very famous people, very rich guys in a few arms companies, ultimately these people have their money and positions because they're close to putin. they don't have any independent political power so

we have taylor riggs with first word news. taylor: the u.s. will pull out of the iran nuclear deal if it can't be fixed to president trump's satisfaction. that's according to mike pompeo who met with leaders in the middle east. it will enrich uranium for peaceful purposes. the may 12 deadline to fix the agreement to fix the worst deal o ever. afghanistan, a double suicide bombing killed at least 12 people. 45 were wounded and eight were journalists killed in the blast rushing to the scene. the islamic state has claimed responsibility. british prime minister theresa may has moved quickly to replace a pro-european ally on brexit. she has named the home secretary replacing amber rudd. rudd quit over and immigration scandal. he is a former banker who campaigned to stay in the eu but now supports brexit. global news 24 hours a day on air and on tech talk on twitter powered by 2700 journalists and analysts in over 120 countries, i am taylor riggs. this is bloomberg. david: the united states economic numbers out on friday show growth, but a bit of so

taylor branch. if you have spent the morning with us at the symposium, i hope you found the discussion very thought provoking, rich, and informative. i would like to again thank our partner for this symposium which ,s the university of memphis cecil c humphreys school of law. can you give them a round of applause, please? [applause] is president rudd in the room? he is not here, ok. the university has been an incredible partner on this endeavor as week launched our 50th commemoration and we are so appreciative of their willingness to participate with us. as we stated this morning, events like these do not happen without committed friends and sponsors. please look in your program and see our list of sponsors on page 15 of your program. for today's lunch, blue cross blue shield of tennessee is our presenting sponsor. welcomingn me in kasha winston. [applause] >> thank you for that introduction. good afternoon. i'm a little short. winston andkasha it's my pleasure to be here today to honor martin luthe

. ♪ ♪ taylor: this is "bloomberg daybreak." i'm taylor riggs.rt is on the verge of taking a leading stake in india's leading e-commerce company. the company's major investors are now on board. earlier they had considered a deal with amazon. company suspended its attempt to purchase a larger stake in the u.s. drug company. planned $4.3e billion takeover. accusations that it enforced its rights under the merger agreement. china's hna has reduced its holdings by 1% to about 8%. they are dealing with financing problems at home. alix: in the market you are seeing the selloff across the bond market in europe and the u.s. we are close to reaching that 3% level for the first time since 2014. noise or signal? we spoke about that earlier today. >> the psychological barrier of 3% may drive investors, but institutional and private, diversifying into bonds and going back into long-term bonds. it is early to say. i think it is more psychological than anything else for the time being. pelosky -- jay pelosky of pelosky global advisors joins us now. jay: i don't

now that i look over i hope taylor is here. he was sitting over here. taylor has written many books. you probably have read some of them. if not, you need to. i would be remiss if i did not call them out as being one of our great alumni from the university of north carolina. he is a tar heel. heels.the hydes are tar he is also a morehead scholar. with hisnted to say many achievements and awards he has received i think the biggest of course is the pulitzer prizes he won in his narrative history of the civil rights era. it is called america in the king years. throughout my career at fedex, which is meant decades and decades and decades and decades -- i hit 42 years yesterday if you can imagine. . thank you. i think fred smith would not be applauding right now. i've had the privilege of taking my family with me all around the world. canada. we live in canada. we live in europe, the middle east. i have seen many times throughout my travels differences of people's culture, their diversity, their backgrounds, there believes. things that they view may be diffe

this is bloomberg. ♪ taylor: this is bloomberg surveillance. i'm taylor rigs.business flash. another fine cheese -- chinese tech company is talking about a public offering in the u.s. according to people familiar with the matter, the startup could be valued at $4 billion. it is backed by china's internet giant, meilishuo. management and other deficiencies were first noted more than two years ago and according to documents and pentagon officials and involves production of the f-15 and f-18 jets. boeing is working to fix the issues raised. and the chairman of nissan and renault is reviewing the two companies cross share holding arrangement and says all options are open. in an interview with japan's nikkei newspaper, he said he wants to find solutions by 2022. those comments follow a bloomberg report last month the two automakers are in talks to merge. and that's your bloomberg business flash. tom and francine? francine: thank so you much. let's go back to a conversation , the border between the germany and france and i have a happen map that goes to davide serra'

>>> a major breach compromises the credit card data of millions of saks and lord & taylor customers. >>> for the win, good! >> and the women's ncaa tournament ends in dramatic fashion. "early today" starts right now. >>> good morning, i'm phillip mena. >> i'm richard lui in for frances this day. the daca deal is doa. president trump spent his easter sunday blasting political opponents for the country's immigration woes, hitting democrats for congressional inaction on the daca program currently protecting the nation's 800,000 dreamers from deportation. while simultaneously targeting mexico for what mr. trump referred to as dangerous caravans are undocumented immigrants streaming into the country. >> it is reaching a fever pitch as he effectively ends negotiations over the crucial program shielding hundreds of thousands from deportation. for more we go to kelly o'donnell with the latest from mar-a-lago. kelly, good morning. >> reporter: good morning, phillip. the spirit of the easter holiday did not keep the president from venting frustration, even misinformation sunday. president trum

amy: taylor branch?> one reason he may have lit up so much is this idea of racism, poverty, and more that you mentioned. he called it the triple scourge of evil. that was not a new idea for dr. king. it is the theme of his nobel prize lecture that they are related, racism, poverty, and war. violence of the flesh and violence of the spirit. so he had done racism. he had done war in vietnam. and poverty is equally violent in his worldview. so an opportunity to make an explicit witness on the third leg of what he called the ancient triple scourge of racism, poverty, and war, i think is something he knew he needed to do to make his message complete. he is been speaking on a but not demonstrating poverty. amy: let's move on to memphis. and this is not the final moment of memphis, but it was in two parts. again, we're talking about enormous tension within the sclc and dr. king's closest advisers. did being concerned about king going to memphis, he is then invited to stand with the sanitation workers as they tr

this is bloomberg. ♪ ♪ taylor: i am taylor riggs. let's get the bloomberg business flash.quarter earnings that beat the highest estimate and reported revenue higher than expected. united raised its full forecast for the full year. sanofi has agreed to sell its european drug business to be private equity firm. the price is 2.4 billion dollars, part of the ceos plan to focus their resources on biotech and you medicine. raisex is proving it can prices without losing customers. they posted their strongest subscriber growth since going public 16 years ago, despite raising prices for most customers of their streaming service. they added 7.4 million subscribers in the first quarter and sales went up 40%. that is your bloomberg business flash. tom: right now, harm bandholz is with us and gideon rose with foreign affairs magazine. is someone wea have spoken to many times and he will become the new vice-chairman of the federal reserve, replacing stanley fischer. those are big shoes to fill. harm: it is almost impossible, but i think if richard clarida is concerned, he will be a good

there was one child who would never speak except with taylor he would laugh and that was the effect taylor had upon others. after school taylor decided to serve our country but joining the marines. he went on to become a ch-597 crew chief. one who served with taylor had this to say. he was the gold standard. he pushed everybody. he cared about everybody. i wouldn't be the marine i am now if it was not for taylor. our hearts go out to everyone who's life was touched by taylor, especially praying foyer his family, including his daughter born just last october. their loss is great. hearts are heavy. i want them to know that louisiana and our entire country mourn with them because our loss is great, too. when they lost a brother, a son, and a dad, we lost a good man, a great marine, and a fellow american. thank you. mr. president, i ask that these remarks appear separately in the record. the presiding officer: without objection. mr. cassidy: mr. president, i'd like to speak about nominations for the u.s. department of education and the approval of those -- or i should say the lack of approval.

benjamin taylor, the son of john taylor, realized that to keep pace with what was going on in other cities in the u.s. and to bring the accommodations and the luxuries and modernization that was going on in the hotel business to washington, he needed to bring somebody into washington to run the hotel. marie: between the years of 1818 and 1847, there were several different managers. each attached a new name to the hotel. in 1847, henry willard became the manager. from that time forward, the willard family played an important and prominent role for the next 100 years. let's talk about henry willard . henry willard came from vermont and was a very astute, energetic businessman. he and his brother joseph were on the steamship niagara that ran from troy, new york to new new york city on the hudson-new york steamship line. he made it his practice to provide the best service to anybody on the ship. the fiancee of benjamin taylor met henry on one of those trips from troy to new york. she was impressed with his service to everybody and when her fiance mentioned they needed a manager for the willard

taylor's younger brother austin is pursuing his passion -- movies.as with him exclusively last night at his big-screen premiere. >> we can get a three album deal. what's the number? half a million dollars. >> austin jumps into the spotlight with a leading role in the film "cover versions." >> we're playing in that show tomorrow. >> he plays a rocker in a band, so why not get advice from his superstar sis? >> are you ready for it? >> i think the best advice i get from taylor is that she says i can do things. a lot of times i'm more reserved and cautious, and she's like, you can do it. you can handle it. and that's always nice to have that in the background. >> austin is two years younger than taylor, and they've always been close. >> my brother is off at college, so the ideal day off would be, like, if my brother came back from college and my whole family was there. >> after graduating from notre dame, austin followed his dream of becoming an actor. you may have seen him with pierce brosnan in "i.t." and ben affleck in "live by night." >> keep up the

this is bloomberg. ♪ taylor: this is "bloomberg surveillance." i'm taylor riggs.iness flash. deutsche bank is shaking up its supervisory board. it has proposed a former merrill lynch ceo to take over from existing board members this year. ceo john cryan has been struggling to turn the bank around. that led the chairman told fox of potential -- talks of potential successors. china get a foothold in the cash rich reinsurance is trade. it is in preliminary talks to buy a stake. the stake is unlikely to exceed 10%. report that the world's largest advertising cap and looking into allegations of improper personal behavior by ceo martin sorrell. sayswall street journal" it is also investigating possible misuse of company assets. there's no comment from sorrel or the company. that is your bloomberg business flash. tom: let me look at the market right now. guy johnson pointing out that second leg down minutes ago and it continues. that's a big move in the last 10 minutes. down 554 points. market, down 18% on the dow would be 21,000 at 300. we have two economic stars with m