if you look ahead, this is a look at the earnings, the lumpiness if you will. could be a concern going ahead for investors if they are not able to somehow beef up the situation for 2019. mark: abigail, what likely happens than one 2019 comes more into focus? question.hat's a big in my experience in 2012 when there was an upgrade cycle, as they started to take a look at margins, the stock was hit. we saw similar things. now we could see something more similar. let's hop into the bloomberg to take a look at a longer-term chart. looking at roughly a 10 year chart here in 2007, when the first iphone was introduced. a big pop up and it declined. some of that could be the financial crisis but we have another upgrade cycle and the point is that we see these rallies and these declines. it's worth noting that while apple is trading at a discount to the s&p 500 on a multiple atis, it is actually trading historical high. there is a reason to think that this your today rally for apple is going to cool off a bit. certainly into 2018, mark. abigail, thank you for visiting. c

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you are looking at 4.1 on monday.t what the market is baking in around the nine-month mark. in terms of where the story goes, the exit strategy is the other unknown. even if you prolong 46 to nine for six tot is -- nine months, what is a winding down going to look like? how will they manage that? >> if you look at what we are forecasting, we already revised our budget deficit from 7.7% to 6.8% on a five dollar rise in oil prices. i think in the medium run, over the long run, these countries are doing a better job of managing the budget within a price range of $50 to $60. the key question is how long can they take the pain of cuts in oil prices versus they need to manage oil prices at that level? >> goldman sachs says opec may may not be able to deliver on that nine-month extension. at $80 a barrel. do you buy or wait for the meeting? buy as the data comes in. the agreements, potential surprises over opec. >> will it be the biggest disappointment coming out of this meeting? they have said they are data dependent. is ke

and actually if you look over time, if you look over all of the bbc, what we call output, all of the bbc programmes, it's something that we think really carefully about. actually, if it's all right with you, i think there's something different that is really worth thinking about. it's not about the representation of political parties, it's about the representations of views and personal points of view that are not necessarily captured by political parties but are captured by groups of people come individuals who feel as though their voice should be heard on the bbc. one of the things we've really tried to do is change that, too. trust in bbc news has been eroded under your watch, hasn't it? well, actually, it moves, so the truth is with trust, it moves. i think that obviously i arrived here on the back of savile and mcalpine, and those were big issues facing the bbc and confidence in bbc news. actually, that trust and confidence was significantly restored. but you're right, there's also a very profound argument going on around trust in the media generally in the light of what's happe

when you look at the losing teams blame each other. after a loss like this you'll see people point fingers. i found that that's not very constructive. you need to get at the root of the question. roy moore was just not a great candidate. jones was a horrible candidate. very different than alabama has been for a long time and i think that will turn up the 2020 election. >> was their mistake made then by steve bannon to push for roy moore and to call for republicans to vote for him? they still never got behind donald trump despite taken pledges an oath to support our party's nominee because they thought donald trump would renege on that pledge. as it turned out they were the ones who reneged on that. how did roy moore become the candidate. >> it looks like breitbart.com did this start that this starts with mitch mcconnell everybody had their opinions some people got in their race and on tuesday they decided they'd rather have doug jones than roy moore. >> one big item is repealing the affordable healthcare law, this is the headline, they

if you look at your portfolio you probably own those stocks outright. and funds as well. so it's probably getting overrated. dagen: what looks under valued? my years of covering markets and business and finance. you have to be careful because they are cheap for a reason. does anything look reasonable in the u.s. industry-wise? >> i think the pipeline is a great place to put money. think about when you go on the highway and pay a toll. it's the same thing with the pipeline infrastructure. they make money on transporting oil and gas. if you look at domestic and global demand, it pays some pretty nice dividends. i think that's a good long-term buy. dagen: what about the outlook commodities. 345 of the developed countries all growing at the same time in 2017, the first time in a decade that that happened. what about commodities? a be strong global economy of smeengs jong desmanlds generally. >> i'm bullish on commodities. it's a great inflationary hedge. it should spartanburg more global demand. but i'm bullish on commodities. dagen: great to see you. happy new year, my friend

are done covering, you want to look for a little bit of -- are done covering, you want to look for aasically saying the stock is extended, we will look for a pullback. the train that i highlighted was buying some january 42.5 puts. you are paying about $.60 for them. it is a win or lose proposition. if the stock goes back down to the $40 support level, that would retrace a big piece of the move. you profit very nicely. if it doesn't, you are out your premium. , again,simple bet hoping there is a pullback. julie: quickly, one of things you mentioned in your notes is how ordinary options traders can spot a hard to borrow stock. is shake shack a hard to borrow stock? steve: shake shack has been. right now it is not hard to borrow. there is a little trick. you would normally see the implied volatility column if you have that highlighted, but the implied volatility on the puts him the calls tend to be roughly equal because of put/call parity. they are never exist because of bid offer spreads. they should be in the ballpark. a lot of times you see implied volatility on the puts is much hig

yousef: the question becomes how should investors look at it. youre saying look at it as an isolated event. i went back to the last terror event. egyptian assets remain strong. >> it's quite interesting. if you look at it and go back a year, you almost have to view this as the timeline situation. they year back, very few foreign investors had an appetite toward egypt. you had capital controls out of repatriation, security was a bit today they are $36 billion, the imf program, half of it has either been dispersed or approved. things are looking good. even if we talk about ourselves ve participated in both egyptian securities on the equity side, we overweight that in our funds, and on the fixed income side we have participated from august onward in the local markets. twoy week there are treasury auctions, tuesday and thursday. so interestingly, today is the nine-month auction. that would be a key one to look at in terms of foreign participation. yield ont week, the those were still 18% in local terms. that will be an interesting one to watch. >> we wi

you see people that are looking at gold and saying even digital currency is better way. is a faster transfer. it is something people are -- as you and that can see, it is succeeding. >> just to show our viewers what is happening with one of the newer cryptocurrencies. rivalsls its two biggest and bitcoin cash has quadrupled. either has been the best year today -- to date. associate withld bitcoin and now there are others out there. are we going to need consolidation? onlyat is not the cryptocurrency out there. while bitcoin was designed to be youth. -- e, tokens.get utility there's lots of utility when it comes to the new cryptocurrencies. you have things outside of traditional borders and other utilities that can be used to buy services available in the future. >> what about the security question? last year we saw a $30 million hack by -- that said, our member gold in the 1930's. the government confiscated gold. how should we be thinking about bitcoin and gold as a safe haven question mark -- safe haven? >> gold has been a safe haven for 5000 years. 1990's,er in the lat

you get a different rate. what i like is what happens and how close the race becomes and what it looks like depending on how you set up the scale. look at the top one. the scale up. 50% and then down to 38%. the one at the bottom goes from zero up to 50. don't think for a second that polling and data cannot be presented in different ways to give you a certain look. certainly, the trump campaign liked the bottom one because it was tighter. at the same time as the national polls that were out through the cycle, there were different statewide polls. one of the things we had to recognize with those is that there were not as many of them as it were national polls. one of the knocks on what happened in the electorate -- and the election was how many polls were there? looking at mid-october, clinton and mccain were just a few points away from securing the points that they needed. now, i had been with the campaign for several months. we managed to get 10 electoral votes. we were on our way. minnesota. i am highlighting minnesota for a reason. minnesota was in the tossup category coming even in the middle of october. re

if you are on c-span you are now looking ridiculous. wait until you get home, do it in front of a mirror when you get home. all of that anatomical knowledge, despite what was said about it being a waste of time, culminates in the greatest smile ever painted. the mona lisa, you see the river connecting to the rose of civilization and us as humans. how the tiniest brushstrokes, oil, pigments in it because the light goes down the back and he knows he can make it look interaction, muscles and movement and shadow exactly right. he makes it, the tiny black and white details, goes straight. on the corner of the lips close-up, the smiles were lucid and it disappears on you. if your eyes go to her for head or chest or cheeks suddenly the smile lights up again because you're seeing it with a different part of your i. she is somebody with an emotional reaction, as the emotion changes she seems to interact as if an augmented reality, a deep mystery, and facial and other gestures and changing interactively. that is why among many other things there i

you know and so i wonder looking at you know shouldn't they be these big companies be broken up and wehad standard oil we had other major companies that were broken up i mean it seems to me there's too much concentration of power too much concentration of money and it's bad for the marketplace and for consumers go ahead scott. well they've tried that they did break up ma bell bell was broken up and then read. a actually at war divorce they remarried under age n.t. and all the all the bells came back together they also tried that with the seal x. and they a lot of people did make some decent money but obviously those have been all basically gobble back up they did the same thing in the cable industry those all started out very local and you had advance newhouse one of the ones early on here in the florida area but they've also the time warner isn't the individuals that own the backbone impose structure you know it's very similar like you brought up with standard oil they own the railway system that was transporting the oil and that's how they control the industry well the same thing goe

and you can look at that one, you can put your energies in there.et to decide which one you want to take. >> we are out of time, i get to say goodbye and thank our wonderful guests, thank you're audience and everyone who joined us tonight. let's continue this debate. thank you. [applause] ♪ of accidental death for young children. simple safety steps are the best way to prevent these tragedies. make sure kids learn how to swim. designate an adult water watcher to watch kids in and around water. save the phone calls and texts for when the kids are out of the water. properly fence all pools with fences at least four feet high and with self-closing, self-latching gates. when above ground pools aren't in use remove the ladders. when pools aren't in use, cover them. teach kids to stay away from drains. and if a child is missing check the pool or spa first. consider the steps you take then add a few more. because you never know which pool safety step will save a life until it does. simple steps save lives to learn some new ones visit poolsafely.gov >>> goo

you. and looking at your latest monthly investment outlook, you say be careful in 2018. in one area that certainly requires caution, bitcoin. tell us what your read is on pastin's relentless surge $16,000. bill: bitcoin's search depends upon its potential for replacement for use. exchange, aof dollar-based type of currency. for bitcoin to do that, first of all, it has to gain momentum in popularity. as a medium of exchange and stored value. the store value, the price of gone up so obviously there's sense of value there but sooner or later it will go up and down and it may inhibit bitcoin from being a currency, such as the euro are the dollar. in addition, the medium of exchange that bitcoin hopes to becausehas a problem there will only be $21 million of them in their price at $16,000 a unit. find a bag of groceries at the grocery store with a bitcoin is going to be a little difficult. scarlet: i love how you can always bring it back to concrete uses here. what does this move tell us about the state of global financial markets? roots, i think are based upon an expansion o

but, you know, when i look-- maybe it's because i ran product development for a while. whether you're talking about a chevrolet spark or a heavy-duty pickup or, you know, a cadillac escalade, i really feel we've worked hard to have a vehicle for every segment. we work hard to improve quality, to have the right features. so i guess i can honestly say across our wide portfolio of vehicles we've got you covered. i mean-- and i mean that in all sincerity. i really feel we've worked hard to do the right thing for the customer and have great vehicles. if i said i wanna buy a general motors car today and i have $50,000, what would you recommend that i do? a lot of vehicles you can buy for $50,000. i mean... well, suppose 30,000. so we're on a 3-- [audience laughing] mary: you can buy this vehicle right here, the bolt ev after federal incentives. for under 30. you can get our entry-level camaro. so if you have a need for speed. the camaro's a good one. or the gmc canyon or the colorado, the chevrolet colorado midsize pickup truck. again, these are all products that have won a l

we are joined by david with a look at the markets. hope you are off to a good start today. ish we had better news. we are looking at a fairly shaky start as we get underway in the midweek session in the asia-pacific. new zealand slightly higher roughly at the open. when you look across the bigger markets that are set to open up in about 30 minutes, that market looks to open close or to 1% lower. keep in mind, the close in sydney on tuesday was closer to a 10 year high. when you look at japan, flat to lower start. half of 1% futures right now. the bond will be in markets after this almost global synchronized move up in bond yields. you look at the early movers in the asia-pacific, australian 10 year yield up seven basis points. lots of things to watch. the rate decision in thailand. the bank of japan has the meeting underway as well. the bond market and currency markets as well very much in focus in the asia-pacific. that is a look at the markets on wednesday here. more from bloomberg technology next. ♪ ♪ emily: i'm emily chang and this is bloomberg technology. amazon hits se

if you have a look at that fix, would you buy volatility based on that?ople said it is a waste of money to buy swiss and euro and gold. it is a waste. how do you position for political risk if you are thinking it is underpriced in 2018? chris: we have more broadly diversified portfolios and they would have in a normal situation. the problem with trying to buy it is impossible to forecast when these events will happen. it is hard to forecast when the geopolitical event is going to kick off which may mean we get a sharp reversal in markets. what we say to clients is during these times, if you think the world is going to be more uncertain, make sure you have that diversification in your portfolio across equities, fixed income, and the alternative space. manus: we will talk more about fixed income. st. james's place wealth management. lower side.e this is the state of play of europe in the moment. it will be than metals and miners that transfer from this trillion session. copper taking a battering. concerns about the growth levels in china. 10-year government

when you look beyond that, it's not a currency in the sense it's an accepted means of payment by everyoneit's accepted by a few but you cannot generally use it. it has been too small to matter. now it's too big to ignore. i'm pretty sure the regulators would have to have a look at it. there are retail investors flocking into it and the regulators have to look at it and say is that an investment that's suitable for everyone. in the hedge fund industry there is a clear warning. you can lose all your money if you invest in this product. a product description does not exist for things like bitcoin. but it's hard for me to understand what the intrinsic value is of bitcoin. but it can easily go to to -- it can easily go the other way. it shows a sign of search for yield. everyone looks at it not because they have some true underlying value. but they look at the price increase. and say should i miss the rally and be part of this. maria: if we were to see a heavy regulatory hand that changes the dynamic. but what's backing bitcoin? u.s. dollar is backed by the full faith and trust of the u.s. gov

when you look at the of adnoc,tion what specific targets are you looking at? will you know that the been armation has success? >> we have set our own targets. to some it might sound ambitious. we know with our and with the support we have from our leadership, those targets will be definitely achieved. as?uch give us an idea? >> i can't specify our targets. oilhat about the 70% recovery rate from new projects? is that still a goal? >> that or 30% and the of our drilling costs, our drilling time. again, these are targets information.ic but in terms of our real gpi, our transformation is concerned, i find this to be more confidential, internal numbers. >> okay. how important is the transformation of adnoc to the wider abu dhabi economy? because, of course, abu dhabi is attempting to attempting to change in response to this era of low oil prices. >> what i can comfortably tell you is adnoc continues to be an integral part of our oil economy and the fact adnoc is undertaking positive holistic has made a positive effect on the economy. to adnoc.e thereen energy part

you look at kansas.ld trump won kansas last year by 14 points and the democrats picked that 14 seats in the kansas state house. why? because people like sam brownback and chris coback are off to the right. we can win everywhere and we have a 57-state and territory strategy, and what doug did yesterday was exactly what we are doing nationwide, going to every corner of the country and lead with your values, talk about the issues that people care about the most, and that's how you win elections. that's what we have seen in 2017. that's what we are going to see, i think, in 2018 as well. >> your fellow democrat, congressman, debbie dingell of michigan feels differently and she feels it's a little premature for the victory lap. let me play for you what she cautions. >> a i-thii think we have to bel not to overreact and the american people in general are still angry, and they are going to hold us accountable. we can sometimes get very much -- too much into the beltway, and i think we have got to remember what

thank you very much. we look forward to january 24th. >> thank you. up next, curtis swoop. >> good afternoon commissioners. just want to echo what jed said. i didn't always agree with the mayor but on that side he was right and i hope you listen to that. last time i made a big moral argument, i'm just going to read headlines from articles, i have the links if you want them. these are from earlier this year. more than 40 catholic institutions will make the largest ever fossil fuel based divestment. from the gao, the government accountability office, climate change linked to flooding, wildfires are going to increase the costs in the coming decades, possibly as much as 35 billion a year by 2050. the world's biggest fund are ditching oil and gas. the norwegian oil and gas, the world's biggest has told the government to dump shares in oil. just last week -- i think a few days ago insurance giant access dumps in pipelines. john hopkins to stop investing over climate change concerns. moody's warns to address it or face downwards from the managing director, w

donald trump saying look at the numbers, the numbers do not like. you got a tax break. for a lot of voters they have to look hard and maybe disappointed it was not bigger than they are going to get actually. ofrlet: that will take a bit time before we see the effects. republicans will continue to sell the tax plan is something that is positive for individuals and the economy. we know that congress has passed a stopgap funding so we are not getting a government shutdown at the end of today. they have kicked the can down the road. they need to sort it out and mid-to-late january. as they do that they will be sorting out through other issues as well in terms of the republican agenda. we have been hearing that because of the tax cuts widening the deficit, republicans might start looking at reforming welfare. what have you heard? >> absolutely. house speakering paul ryan talked about a couple of days ago. he likes to call it welfare to work. if you are getting welfare and if it's too get to a tough time you have to group you're looking for work in getting job training. bill c

look at u.s. markets. as can you see the spigot a little rosier today. dow jones looking to open up 30 points higher. s&p one point higher it is a very thin stratrading session as we head into the holiday season and new year's. we've seen a lot of profit taking coming out of equity funds. and the picture if europe again is a little bit mixed as well, footsie was the outperformer today. overall, it looks like equities are set for another boring but positive day that's it for today's show "world wide exchange" is coming up next. these birds once affected by oil are heading back home. thanks to dawn, rescue workers only trust dawn, because it's tough on grease yet gentle. i am home, i am home, i am home >>> the countdown is on. just two trading days left in the year what you need to watch as we close out 2017 ahead. >>> page dr. copper the red metal on a win streak. it's 16 straight sessions. we will tell you what is drive tag run. disneyland park, stranded on rides. >> that story. it's thursday, december 28, 2017 "world exwiwide exchange" start right now.

have a look at the substantial moves again. .9% of the downside. let me refresh is for you. o>. at the open, tencent leading the gains. one of the hav heavier weighted ones, down. we talk about the hong kong dollar, and obviously, it looks like a big move. a tight trading range. that being said, it is these increments that matter, right? we are seeing a move up from -- int is obvious the reaching end. if you look at the one year view of this, you do see a move weakening in the hong kong dollar. you take this back on the way to 2004, and you get a sense of where the sort of limits of the trading are. the downside on this pair to the upside. some concerns perhaps of liquidity. rate differentials obviously might be a problem, so this move up we have seen, because of this normalization process in the u.s., that is a normal thing that happened. do we get implications in a market? perhaps we will. interesting. currency on your bloomberg. haidi. much for that.o let's get you caught up today with the rest of the world headlines. ramy inocencio in new york for us. ramy: thank you very

speaking of dividends, where do you want to put your money? have a look at this. we tetherednt are by tax? the dividend yield, this is what you have got. a warning sign in the market. you have got the dividend yield, the white line. the s&p dividend yield has dropped below treasuries for the first time since 2011. is that sign about where you want to put your money? the blue line, the european markets, in positive territory, 2.7%. the japanese market delivers 1.7%. this is a sign perhaps that we are in midfair property. if you don't get a return, it's better than treasuries. what are you going to do? rbs stretch valuations? that is the mood in the market, 6109. they will talk about the treasury bonds, the bunds, and dee bank of portugal upgra from the ratings agency. anna: absolutely. i was just going to say -- you took the words out of my mouth. we will go to the head of global research at hsbc. he says the tax story is crucial for anybody watching the yield curve and u.s. rates. janet yellen did not seem all that impressed about the extent to which the tax change

you look at the reaction so far. it is hard to imagine there is a plan. u have watched this develop through the years. what do you think that plan is? >> it is not clear. ,ared kushner was speaking saying there was a connection to a wider his plan that involved saudi arabia. it is difficult to see, prejudging one of the final status issues, is connected to that. palestinians have pronounced the scheme dead on arrival. was the king warned he playing with fire and the muslim world. reason, trump thinks this could move the talks forward, although i find it difficult to do so. he did leave the door slightly ajar with the issue of boundaries and the final status of jerusalem as well as the holy places. david: can you help us understand that? a lot of these holy places, someone not familiar with the intricacies. help us understand that aspect. moste holy places, th of the holy places are in the old city of jerusalem. there are various -- there are controversies with different christian communities. also between the muslim and jewish community over the temple mou

i've said this before, we have a generational change, change ine the electorate, you look at the change in the legislature, i understand doug's points on the history of this, but you know what, history and polls are not always right. >> that is right, democrats are singing the same tired tunes that they sang in 2016 when they say donald trump would never win, their optimism, they have no cause for it now, because donald trump has gotten historic victories, you look at isis, fewer than 1000 now. you look at tax cuts, $1000 in american people's pockets starting in february, every single front, donald trump has achieved and every single front democrats have obstructed and distracted from the issues at the american people care about. democrats do not have cause for optimism in 2018. >> david: secret service agents are blue-collar guys, you get paid okay when you were there, but not a whole lot of money, the blue-collar economy, the blue-collar billionaire donald trump, do you think that those centrist democrats, the midwestern democrats are going to go back to the democrats over the republi

if you look at apple, you can look at all the super cycles but the reality is apple delivers the highestriced phones. and the entire ecosystem around it. in a lot of ways, these companies are unassailable. their growth will continue. emily: we saw what happened with apple earlier today. where do you see weakness? michael: the biggest weakness will be as these companies are moving into international markets, they are facing very tough competition. if you look at alibaba, jd.com, tencent, these companies are not just staying at home. they are moving beyond. i think we will see a lot more of the penetration of android phones. of course, there is a big backlash against facebook and instagram at this point. somebody else will come out with a service that drives consumers. do i think these are near-term trends? no, but i think it will affect them longer-term. emily: where do you think the battle lines will be drawn? abroad? what countries or what markets do you see these companies clashing with chinese tech companies? michael: certainly in asia, but the chinese tech companies will be moving he

if you look at the dollar at the moment, there are longterm yields. francine: ok, so that that changes when you have inflation? simon: people are looking out and saying, ok, the on the next 12 to 18 months, do we believe this growth will continue? francine: i also have a great volatility chart, which i will show you shortly. hunter, thank you for joining us. for more on policy, we speak to the dallas fed president. plus, minneapolis fed president neel kashkari, speaks to us later. hardline negotiating position on finances. all that next. this is bloomberg. ♪ francine: good morning, everyone. this is "bloomberg surveillance ," and we focus on economics and politics. let's get straight to the bloomberg first word flash. reporter: the producer of frozen canned fruit and vegetable says an agreement has been reached and the secured appropriate financing. the deal is valued at $2.5 billion. vivtims of bernie madoff's ponzi startingll get checks in 2018. that will boost the total payouts to almost $11.5 billion. it would mean that more than half of those who

you look. honestly at. the man that had. i know. that you mustn't let me see what i know but no i don't know layard have an image the symbol is a little bit of a better as you were a mother sent could you live. with. an actual granny and mother say look the. mission among the forty much you had a checklist of what are you in now and who is now my need to see. me i don't know mood pisani not highly them not you know honey them i'm not there yet. you look over at them you should not but there are times you could. kick whether driven by optimism stubbornness or courage the surviving residents of your bar show no signs of bowing to the assad regime and leaving their shattered town. here to here now here is no. oh no not me though you know about my years here with. you about that home. and i have. a job offer. but that may depend on the capacity of those who fight to defend your book to hold out against the regimes increasingly ferocious of talks. in the next episode of people in power as the siege intensifies we go on to job as parents f

and when you look at the valuations, they feel stretched, but they're in the right spots. >> you have to look at where people are spending their money. macy's was down for a reason there's a structural change going on you want to go to a proven winner like home depot. >> how about, does a lower tax rate give them an extra lifeline to survive >> here's the thing, though. rates will be going higher, we know that, in 2018 so these department stores have a lot of debt, so it's going to be more expensive to service the debt s we also know the tax raid is -- that's why callen was using a 124% number without going crazy. >> there's one industry group that's been on fire this year. next guest, carter worth, says it's time to take proved now, which groups, carter >> wherever there's -- like semis and fang come up, but home builders are the best-performing subindustry this year, and i would want to harvest gains. what we know is there are 158 sub-industry groups in the s&p 500, and the number one performer is the not so much talked about home builders there will about 45. them we have a fairly

and will invest them again so the balance sheets will be larger and larger in the next years if you look at your crystal ball across the rest of the world where do you see other interest rates at the moment monetary policy in the us for example in japan going in general it's striking that all the interest rates are long term interest rates went down in parallel the last twenty five years and so in the next years i also expect from dictating the fed interest say it decreases again so this will be only a short upturn in terms of the exit but i don't see longer term interest rate hikes in the u.s. so everything's going to roughly stay as it is i think so. thank you very much for this update now all this week we are taking a look at the new silk road china's attempt to revive a thousand year old trade route by investing hundreds of billions of dollars in ports well as roads and bridges across asia africa and europe and today we're in greece at the port of pier reyes last year china's state owned shipping and logistics firm costco spent more than two hundred eighty million euros to secure a m

well yes or no if you look at the argument of cost for the c.e.o. that it's the algorithms that sounds like a real he childish argument i'm amazed to hear that from a man like that of course you can program your software so that it complies with the law and with regulation and love times it can do that at the snap of a finger if it wants to do so but of course it's using this situation now where it's the last airline standing and we're is where that there isn't the other offer from the other airline or other airlines to fill the slots for german customers and flying within germany and to european destinations but he does have an argument cost for and that there is that loss of supply air berlin had one hundred forty planes ninety are grounded yes there isn't enough supply and lufthansa is supplying what there is at a higher price. really competitions towards the end customer complaints this side of the house done very well this year hasn't it. that's right it's a really stellar year for loved ones it's a record year the profit is as high as it has ne

if you look at that schools especially the schools in the southeast and you look on the left side, we have racial segregation, we have as a system what we are trying to overcome is bias and oppression. when you think about those schools also we have usually new and either inexperienced teachers or leaders. i will give you data to back that up. the districts overall attempt to remove that barrier is in through our support we give additional resources which ends up being more coaches, the social workers, more professional development is an attempt to remove that predictive power of demographics. that is our attempt as a district to remove the predictive power so we end up without comes that students are receiving those skills to thrive in 21st century. in some cases we have seen and we have heard this tonight as people were talking that we are seeing some areas where things are beginning to change but a few i guess a month ago when we saw the data presentation, i think the board expressed it best in saying that no one was excited about the data and we really want to see changes speciall

thank you for joining us this morning. a lot of us lookad stepped up and said i am going to create my own school that reinforces the things we are missing in our culture today. >> that's right, pete. thanks, lisa for having me on your show. in a sentence the modern higher educational system is too expensive. it's academically weak. and it's hostile to face. and these institutions are very resistant to change and so we decided to create our own college here in boston, massachusetts. lisa: finney, you focus on character, which isn't often something we see in recruiting tools as a reason to attend that school. why is that so important to you. >> when you look across the country, across a wide is a right of ethics. pornography addiction or drug use or cheating, sexual promise execute, you name it, the average student is worse off after four years than when they began. that's a terrible tragedy. most people are focusing in on the gpa and on their transcripts rather than the whole person. the original vision of college and university was about d

you look at nevada and you look at arizona and you look at tennessee and other opportunities out there and what i have learned from the last 12 months is democrats can win virtually anywhere. if we lead with our values and have candidates like doug jones and what we saw, this wasn't about right versus left, but right versus wrong. voters put country over party. i think there are opportunities everywhere. tennessee will be competitive. i'm very bullish moving forward. tonight was a victory for decency. a year ago trump won by 28 points and in one year you see a 30-point swing because they are so overreaching and the senator mentioned the tax bill. they ought to slow it down and actually listen to their constituents. they continue to overreach at their political peril. >> talking about overreaching, your candidate won and i'm happy about it of course, but doug jones was pretty far out there to begin with on abortion rights. he said it was okay to be pro choice and he pulled it back. is there enough flexibility in the democratic party to allow people to take the row v wade position. not s

you are looking far beyond that. the banking community there are banks that sit atop the payment structure. all the other banks pay them to the global liquidity required for commerce, small business, retail. across the board it is amazing we live in a world where to send money to london, the fastest drive to jfk and fly the money to london. that is crazy. we cannot move our own money in real-time. the cost can be real high. cory: it is a fascinating thing. be as easy as sending an emailed. when you make the sale for this business, or to whom do you make a sale? business ofe selling technology to banks. part of that is software sale. part of it is for customers who take advantage of a digital asset, that means instead of of-funding the trillions dollars banks have what other banks, they pre-fund that amount, it is dormant cash sitting there. with digital assets you can make that more real-time to make a payment across a border into another currency in real-time. today ripple is doing that into mexico. we see that expa

as you look to 2018, will you get relief on the policy front? e relief is what you would use right now? guest: that has happened a bit of late. we make our decisions based on where it is trading on that particular day, we do not do that, we look at the longer-term forecast. what we looking at is what is happening with corporate tax rates. it is not just the trump tax cuts, the french government, the united kingdom government, and here in our region, even the japanese government -- have been making some noises. we have our own response to that in our tax plan which could bring corporate tax rates down to 25%. we remain very committed to get it through the parliament. yousef:. howar of recovery, that is one strategy is discovering the 2018 best describing the 2018 outlook for the middle east. this is bloomberg. ♪ ♪ yousef: welcome back to best bama 2018 -- welcome back to best the bloomberg markets: middle east.. according to simon kitchen, he is saying that economies are heating up and nations are shaking off the effect of geopolitical stresses. h

you can do it unbelievably efficiently. look, the tunneling technology today is so superior and so quick that you can do this relatively cost efficiently and most importantly you can do it without a vote of government funding. the funding to do this in the private sector is up there. we just need to deliver them the access and the right ways and the need for how we deliver them to write it was underground. >> next to the president will start both infrastructure while for reform on the same track. which will go first? >> that's a good question. it really is. we are working on that right now. we've got a beating literally with house and senate leadership the first week back to plot out the legislative agenda. >> but those are your top two? >> those are the president top two, but in that we have a lot of other things going on next you we have a big banking reform bill working its way through the senate, banking committee. with bipartisan support. jeb hensarling has already his choice ask there's a we will run those bills together.

how much more are you looking to invest? still we are finishing for projur projects. , youain and most important can't compare it to anything like it in the world. , thene 35 star hotels vegas,, more than las -- i mean, you cannot find that in new york. we are finishing that. we finished one hotel. resort.inishing a ,f you go and see that, i mean i have been with her majesty the or.en of england in winds it is nothing compared to the resort. ,ou see the plan, the layout you think you are somewhere else. yousef: in terms of the additional expansion, is this a good time to be investing in new projects? there is concerned there is too much supply coming on the market. we have cranes left and right wherever you go in dubai at the moment. the market is soft. how concerned are you? >> i am happy about the expansion of infrastructure. they are doing it everywhere. they have a huge budget and the right people to execute it. i am very proud of them. a lot of countries, big countries, big cities, i haven't seen like them doing this wo

if you look at that chart, what is this telling you about what we could see now? ks like we are just about as tight here as we were then. ira: basically we are running out of steam. i agree with the other guests. i think what is really important when spreads are this tight, and spreads can stay tight for a number of years. it is not that spreads being tight necessarily need to have to widen and excess returns are negative, but because of that you have to be very selective and careful. this is an alpha market, not a beta market. you don't just want to buy the market as a whole, you want to pick your specific spot, whether it is individual credits or sectors you think will perform better if there is a hiccup in the market. julie: kathleen, broaden it out and talk about corporate debt. i'm curious how the tax cuts affect corporate issuance going into next year. they will presumably have more cash. does that mean there will be less issuance? kathleen: we are expecting less issuance. it also appears that the tax bill favors equity over debt. supply should be lighter tha

. >> you have a video you haven't shared with the public yet. it looks like a helicopter. takes off vertically, transitions to a horizontal plane, then lands vertically. and you feel like you've achieved a test flight with this vehicle, right? how far along are you? >> yes. we've been working with this, with nasa, for about six to seven years. and in around 2013, we started flying our first electric aircraft. and the video that we show is where we flew vertically and transitioned to about 60 miles per hour horizontally and then safely landed again. since we've made a lot of progress. >> when i think about this, i'm also thinking, my god, there's going to be chaos up there. you're going to have these drones, you know, with humans in them, and they're going to bump into each other. there will be traffic in the sky just like there is here, except it's dangerous because if somebody bumps into the other, they're going to crash and die. >> agreed there's an issue about how to deconflict flying vehicles if all of us use them every day to and from work. but there's much more space

but certainly the one thing you would look at would be the fed. d forecast, whether you believe it or not -- the fed does not believe there is going to be 3% growth. it thinks growth is going to slow. there is a great deal of uncertainty about what comes. will there be cuts in spending, as ryan and others have talked about? that is the uncertainty. will this move to put money to corporations -- will that generate a boost? we will see. brownbackexamples of in kansas that tried the same thing, and it did not work. economists are much more concerned about it than it essentially politicians are. i think there is a risk. we will see. i think there is a risk that companies will say, i don't know how permanent these changes are, with the possibility perhaps that the democrats turn things around in 2018. the story is of uncertainty. a companies think this is permanent change, presumably they will start investing and hiring and the world will turn around. ,ejra: danny blanchflower professor of economics at dartmouth college. just before you go, i am glad yo