Marc benioff on success in the cloud, unicorns, and more. It is time the corporations had to their core value system the word quality. It is all straight ahead on bloomberg best. Yvonne hello, i am vyonne man, welcome to bloomberg best. The weekly look at the most important news, analysis, and interviews from Bloomberg Television around the world. We begin with a significant decline in the price of oil, which is where we start our review in the weeks top headlines. We start with oil, the big story, down the most in seven years. Investors are worried that oversupply will Carry Forward after opec abandoned to limit prices. David covers oil from our bureau in houston. Lets go back to that decision. So much as it was a decision by consensus. It is every member of opec for himself. Give us some sense of what saudi arabia is trying to do . A lot of people think that they are going after shale. They are going after the competition in the market with the shale producers here in the u. S. The crazy thing about that is the shale can respond very quickly to price movement. What might be the affect is it what have an effect on areas around the world where it is more expensive to drill oil. The arctic in canada and offshore, everywhere around the world. This man of having an effect on many other markets. The latest trade data from china confirms the slowdown is continuing. Exports fell for a fifth month in november. A slump in imports means a trade balance at 54 billion smaller than forecasted. Still, we have that surplus coming out of china. Joining us is an asian economics correspondent. Paint this picture for us. In a way that these numbers cant. I think its a pretty soft story. On the export side, it is hard to see circuit breaker. Well get them out of there they are suffering from deflation on one hand. And weak demand from key trading partners like japan and the eurozone whose economies are not in the best light at the moment. On the import side, there is a pricing impact. But there is some sense of a pickup in demand as well that is helping to drive imports. There is pickup in demand. Taken together, the trade data story out of china is reflecting a down global economy. Yahoo has scrapped its been off of alibaba shares after pressure from investors with risk associated with the deal. Yahoo shares are currently up. The company is said to be exploring a reverse spinoff where assets and liabilities. Will be, the think of as yahoo would be transferred to the newly formed company. This is a mirror image of what we have proposed before. Instead of spelling got yahoo , we will spit out Everything Else. Alibaba shares will trade under new tickertape yhoo. Yahoo would go to what . Yipee . It is another beautiful euphemism and a mirror image that before they could do something with the rest of this business, and now they are saying they cannot do something with the rest of this business. I will ask you the same question. What can be done with the assets we used to call yahoo . One, they can try to go through their turnaround plan. They had not been very successful. To turn the business around in the past four years. They could potentially try and sell the business. Or find suitors that would be interested in buying the business. Cable companies, like comcast, verizon, could be easy acquirers of yahoo . Or even private equity. What could and acquirer of yahoo do . What has arrived and him with aol . Verizon said they are bearers in the aol content business. But it is ad platform that is the gem. Yahoo has been caught up in this hamletlike who are they . To be or not to be . This is the battle of yahoo . Every single ceo has struggled with this decision. Marissa mayer is doing the same. You see the company have a success and technology and struggles in content and everyone on the outside telling them what they should do. Take one side of the other. But it is a business that is possible, yet not growing. Bank of england left record low Interest Rates saying low oil prices installing wage growth would keep inflation under control. This cop between the ecb decision to add stimulus and the fed likely decision to raise rates later this month. John nicholas, you spoke to mark carney not long ago and that these conflicted monetary policies globally. It is not like they can make a decision in a vacuum. They have got to factor in all the decisionmaking made around the world. He claims they are just looking alone. The truth is he is genuinely stuck between two huge forces. You have yellen going into one direction and mario draghi going into another. He has got to sit in the middle. It looks very unenglish to say theyre waiting to see what the americans do. There is another element to this. Mario draghi giving them more flexibility . A little bit. And gives them a little bit of cover. I agree. They are stuck between the u. S. And europe and might as well take a timeout and see what they want to do next. The other dilemma that they face is that they are not very good at irony. They really havent got the joke that seven years of ultraloose Monetary Policy created the boom cycle in energy. The global tail winds is coming from the energy complex. It is one of the things the bank of england is wringing their hands about. That is a consequence of coming from all the investments blowing up from the energy patch. We minutes is a fitting this for three days. The Dow Chemicaldupont merger. They will create a 130 billion in the largest merger ever. With us now, dow and dupont chairman. Please explain to us a fundamental underlying rationale behind this merger . You go. Listen, maybe it was a moment in time or this could happen but both of our companies we have known for a long time, fit together. It just so happened that are our stocks were basically trading on top of each other from a market cap standpoint. We could do a very tax efficient transaction to our shareholders by merging first, capturing all the synergies, and then doing a threeway split up. It is very efficient from that standpoint. What really ended up happening was that we did not create the world leading ag company, but we ad company, but we get to create a Specialty Company that will trade with high growth businesses. Andrew, with the dow business, gets the parts at dupont that always fit with his business. We strategically created three of the perfect platforms that will fit together, and all the synergies on top of it. It is a pretty Incredible Opportunity for both of our companies. A 10year odyssey for the dow board. Industrial logic of this was so powerful, that doubt from the beginning, the coincident that we are here this week. Not just this deal but the dow corning deal. I couldnt pull off that coincidence. No one could. We have activists in the stock. This is great for all shareholders. Yvonne welcome back to bloomberg best. Im yvonne mann. It has been a week of compelling conversation on Bloomberg Television. A round up of our best interviews with Global Business leaders starts with the volkswagen ceo. He spoke with hans nichols about the road ahead for a beleaguered company. To put all nonessential spending on hold. Help me understand that. What is being put on hold . For the moment, we have to tighten the belt, as they say in this country, and that affects all different areas. This has something to do with the fact that we should appear more modestly, savings is important. As far as investments in the Volkswagen Group, it will be 12 billion euros. One billion euros less in the previous year. Were going to scrutinize all projects and we will revisit them. Kennedy postponed can they be postponed . We are quite confident. In the incoming years, we will be spending less money. Can you get through this crisis without job cuts . That is an important topic for volkswagen with stuff job security. It is to in this time of crisis that we want to keep the workforce and all of the plants worldwide as it currently stands. That is a very important task for us. We have always been committed to that target. 12 brands, 300 models, should we expect any trimming of models or brands . 12 quite excellent brands i should add. The entirety, they make up the Volkswagen Group and we are very happy. Nothing will change in the coming years for sure. When you talk about the variety of different models or the complexity within the Volkswagen Group, it is true to say that we are going to see some adjustments in our portfolio. We just have to see that we have many different engines drive train combinations that make our life harder when we work through this crisis. So, we will be quite sure we have to look at a number of questions related to brands and the regions of the world. How they are positioned, or is their need for change when it there need for change when it comes to specific skills and potentials, we will be better coordinated. I do think that in just a few years we will see a more successful Volkswagen Company then we see right now. Brands including assets like ducati, will those stay within the volkswagen family . These are all very successful and there is no reason whatsoever to consider to get rid of those assets. Talk to me about the debate, the conversation you have had over the last day. Why didnt you cut rates today . There is no reason to change Monetary Policy. We have negative rates,. 75 basis points negative. We also need to intervene in the Foreign Exchange market is necessary. You have to look at the inflation forecast. It is roughly unchanged. The International Environment changed. The Business Outlook is that we expect 1. 5 growth for 2016. You seemed a little more upbeat than i have seen you before. The economy, you say, is better than the data suggest. Is there a question that the economy is much more resilient to a stronger swiss bank . Has that diminished in the last 12 months . The situation for a large part of the economy remains very difficult. For those firms that export or are under pressure because of import companies. The situation remains very difficult. The swiss bank remains overvalued. Significantly overvalued. That means a difficult situation. Nevertheless, firms are starting to adjust with this environment and we are hopeful that it will be able to adjust to the situation. There have been times where i had to get on the phone with really big managers, who have really been clients, and tell them what the downside was for them leaving their product off of spotify. Its Still Available on youtube for free and the Piracy Services for free. Youre missing out on a big revenue stream and you are ignoring the future. Hurricane katrina is coming. You know what i am saying . And you are staying in the house right now. Have you talked to taylor swift . No, i did not talk to taylor swift. So how does spotify get over the taylor swift problem . I dont know it needs to get over the taylor swift problem as much as it is. People have to see the future. Free already exists. It is a flawed argument when you say that i dont want my music any service that offers free when free already exists. Is taylor swift wrong on this issue . In general it is a flawed argument. A lot of television is ondemand in an increasing amount, whether it is dvr or a server or cloud. Or whether they are going and watching digital video on other devices. As we see this transition take place, we call it board cutting. What does that mean for Cable Companies . Obviously it will change one revenue stream but make another revenue stream more important. I think there are a couple things going on here. Just because it is ondemand doesnt mean people are going to cut the cord. It just means they are not going to watch every day. I think there is some cord shaving and cord cutting, but some of it is overstated. I am more bullish that Cable Television will be around for the longer term. As you point out, cable itself has two revenue streams, a Digital Stream and a stream from video. I am bullish in that business. I dont think it is going away. Yvonne you are watching bloomberg best. A host of Companies Made headlines this week, some reporting good news, some dealing with setbacks and some just making deals. Here is a sampling of the week big story. Angloamerican shares sinking. They suspended the dividend. Miners are among the biggest on the losing streak. The disposals selling at the bottom. There is a lot of stories outside the actual dividend story. In this environment, you are going to see a real reorganization of these companies. It will just be anglos. Wont just be anglos. We know a certain amount of it already. No surprise that the dividend is cut. They will go for a slightly different sort of dividend policy going forward. On the other side, you have the likes of bhb with a much more lower castoffs. In terms of iron ore. Anglo move on the dividend, where is the line in the sand . They are going to want to set themselves apart. They are a lower cost producer and are better focused in commodities. They are a safer place for investment. Anglos is more diversified and carries more risk. With that, there are more opportunities. You have more exposure to south africa. There is a lot less about that used to be. I think mark has done an amazing job here it looks like a better company. Glencoe announcing new financial targets. Parts it is business updates today they are cutting debt targets. It has been a brutal week in the markets. They fell short. Havent done enough to turn this story around . Investors clearly liking these new goals for debt reductions. In a statement, glencore said they intend to cut debt to about 18 billion to 19 billion. The previous was in the low 20s. Glencores debt right now stands at 30 billion, which is more than anybody has in the entire industry. We learned how they are going to achieve that. A cut in cap x to the tune of 1. 2 billion as previously forecasted. Also asset sales, the previous target was to raise about 2 billion in asset sales. Today, in a presentation, they said they want to raise about 4 billion. You wonder how he has held hostage to the fortunes of what is happening with the ultimate demand side of this story. There is a lot that is out of his control, isnt there . Yes. In the presentation glencore made it clear that they will cut production and cut costs further if necessary. Shares of chipotle falling yet again. The mexican food chain closing a restaurant in boston after dozens of Boston College students got sick. Local officials said to be leaning to nora virus and not e. Coli. Norovirus and not e. Coli. It doesnt matter at this point. Join me for the latest is craig. Get us up to speed . 80 students getting sick. Including members of the basketball team. The Company Coming out quickly to say lets not rush to judgment, this was not e. Coli. They said there has been no new e. Coli cases since november 7. Nobody exposed after november 7. The point they are making is that, yes, we have this issue started in seattle and portland, oregon. This is a new incident. Here is another bad headline. They had another norovirus incident in california over the summer. This is feeding questions about their Business Model and food safety standards. It is not a good thing for chipotle. Is there a National Effort underway to find what happened . You heard comments from chipotle where they said it has been unusual the way cdc has been reporting it. A little bit of frustration from chipotle in the weight and handle. It is trips in drafts. Way its been handled. It is trips in drafts. Three more cases, five more cases. Until cdc comes out and says, we know what it was, all clear, chipotle cant just move on. There is no closure. It is an incredible risk in the stock market. What does it mean for the companys bottom line to intimate the kind of testing and Safety Measures you are talking about . They said we will pay whatever it takes but it will pressure margins. So it will be something to watch when we get on new report in the next couple of quarters. Something to watch closely. This is a company that had questions about growth even before this food safety stuff hit. Yvonne it has been a tough year for ipos with deflated ideas. One Australian Software maker is set to buck the trend. What made you guys decide to go public . We have tried to build a longterm company and we have been preparing for this for a long time. For the last four years, we are making sure the company is ready. We have a very disruptive model in the business. We have always said we could go public in any market. The company is ready, rather than the market. Some want to hold you up as an example. A unicorn, you did it right, you did it right, you have been profitable for several years. Have you felt additional pressure from these comparisons to square and other tech unicorns . We cant make any comparisons. We feel we built a unique company. We help teams collaborate and be more productive, and that is really different as well as our Business Model. We spent a lot of money on research and development. Less on sales and marketing. All the way through to our 10 years of profitability. I dont know if you can use our company for other tech ipos. Fifa signed its first new sponsor since the 2014 world cup, the arrest of dozens of executive in a corruption investigation. It has forecasted a loss this year of 100 million. Lets look closely at the challenges facing fifa. Looking at the challenges is jeffrey. I want to talk about the latest headlines when alibaba auto group joining us the first officer in two years. Fifa said it was not an easy sell. Were you surprised . The timing is not very bright for alibaba. They need to have the right platform. Alibaba is not tainted by the past. Right now coming through is less of alibaba using this platform. Rather, fifa using alibaba as a way to cleanse itself. When bloomberg best returns, Stephanie Ruhles exclusive conversation with mark benioff. And one of Silicon Valleys most thoughtful executives coming up. Yvonne welcome back to bloombergs best. Bloombergs Stephanie Ruhle recently sat down for an interview with salesforce chairman and ceo marc benioff. He leads the most successful Cloud Computing Software Company and his leadership style has brought him attention and acclaim. Wideranging conversation begins on the topic of salesforce and the cloud. Stephanie the cloud has been your signature for so long, but without an infrastructure platform, do you think you have the full offering . Marc i think the exciting thing about technology and technology always changing in the industry and in san francisco, where i live and work, the only constant is change. The technology we started with and started the company with 16. 5 years ago and the Technology Today has changed. Yes, it is about the cloud, social, mobility, the rise of the smartphones, it is about incredible changes in data science and Artificial Intelligence and cognitive computing. But technology is always changing. The number one thing that will not change for your business is your important relationship with your customers. That is our job at salesforce, whether in sales, service, marketing, building communities, analytics and apps. Everything that we do, we are focused on customer focus. Stephanie when i look at other big tech companies, microsoft, microsoft seems to have lost their groove. Everything is about san francisco. If you are a mature tech company like a microsoft, what can they do . Marc you have to realize the world has changed. You can see that just Walking Around the streets of new york and talking to customers. The conversations are radically different in this post2008 world, where the most prized commodity is growth. Every ceo i have met with wants more growth. They know if they do not have more growth, they will have something to dont want which is an activist shareholder. When they do not have growth, they do not have Market Capital improvement. This is a serious issue for every one of the major ceos. It does not matter what industry we are talking about. That is a precious commodity. My advice to them is very simple. Lets talk about what is your vision between now and 2020 for your company . What is your vision to connect with their customers in new ways . What is your Customer Growth strategy . I think for every other tech ceo who walks into that office and meeting with the same ceos, they have Something Different to sell. It can be computers, smart phones. We only sell one thing, how do we help you grow and connected to customers in new ways . That is it. It is a simple mantra. Stephanie we have seen oracle and sap start to have good cloud numbers. Is that a threat to you . Marc we are not about the cloud, we are about customers. That has been true for the beginning. Stephanie you are about the cloud. Marc we have been Crystal Clear on the future technology and that part is true. And we have done a great job using the cloud to grow our business, but our sales force is not about the cloud. Salesforce is about being number one in the market, number one in sales, service, marketing, number one in Building Customer communities, Customer Analytics and number one in customer apps and the internet of things. That is our focus, and the cloud is important. We are one of the very largest of the Enterprise Cloud providers. It is certainly the vehicle where we do that but note ceo asked me about the cloud. They want to know how to grow their business. That is what they really care about. They have never really asked me about the cloud. Im sure if i went down to the it department or the cio, they might want to talk about the dates and the bites and i could around all kinds of buzzwords but that is not where we are today. The are in a world where growth is the precious commodity that everybody seeks and that is what we want to help companies acquire. Stephanie all of these buzzwords that make some of us feel tech is in a bubble, the importance of social and the internet of things and being a disruptor in the valley, they start to feel gimmicky. When you think about who is the ultimate distractors are, it is activist investors. From your perspective, you are an actual operation guy. You are a creator. You built a business and you are a founder. Is it fair that founders like you have to deal with activist investors knocking on your door saying, try this and do that, and they had no requirements in their Holding Period . Marc back in Silicon Valley, we are where the dreamer dreams. Stephanie that is nonsense. That is giving Silicon Valley too much credit. Marc this whole country is based on the concept of ideas and innovation. That is what we do and what makes the United States great and different from everybody else. That is what makes Silicon Valley great and different. What i love about my job is creating value, but i have to tell you where the dreams come from. You can be the dreamer of dreams, but the dreams come from the customers. The reason why i go to new york, or london, tokyo or any major city and meet with the customers is to listen. Listen deeply to our customers and to ask, what did they want, what are their fears and anxieties, what other plans and are there plans and what are they focused on . Some do have activist investors and some have incredible product visions in the future. They are talking about our job is to partner with them wherever they are in their evolution and say, lets figure out how we are going to get you to have that oneonone relationship with the customer. That is what they are going toward. Theyre going to that point where we can have that level of customer, as i said, fidelity, customer intimacy that they may be do not have today. Yvonne you are watching bloombergs best. Lets return to Stephanie Ruhles conversation with salesforce chairman and ceo marc benioff. Salesforce has been a publicly traded Company Since 2004. What does he think of investment, valuation and growth in Silicon Valley today . Stephanie your stock is trading at an alltime high, in large part because of your massive growth, because you have the apps, internet of things, the buzzwords marc and the revenue and market him and shares and the customer satisfaction. Stephanie and the customer satisfaction. This takes me to the tech bubble. Beneath you and around you there are so many businesses that talk about who is on their board and all the money they raise. Does this mean we will see a lot of dead unicorns in 2016 . Marc you will seek some unicorns that are dead, sick, falling over and doing fine. It is an amazing time in san francisco. I have never seen it time quite like this. Stephanie in a good or bad way . Marc a good and bad way. First and a good way, the level of innovation, creativity starting that is unprecedented. In a bad way, the unicorn thing, i have been saying this for a while, it is not great. The reason why is it is not necessarily that the companies are not worth this much money we do not actually know because they have manipulated the private markets to achieve the evaluations and i do not think a day goes by today that i do not get a call of the company raising money at 1 billion or more, and this is unheard of. I think the reason why this is now, it has become a selfesteem issue for entrepreneurs that if the company is not worth more than 1 billion let me tell you, when salesforce went public, we had barely 1 billion in 2004. It has been an incredible run for salesforce from 2004 to 2015, but at that level of market cap, i am like, that is amazing. Personally, i am not investing anymore in companies with 1 billion or more violation because i do not believe in that unicorn the theory anymore. I think it is a bad thing. I tell you what i tell those companies, if you think you are a 1 billion valuation, get out of the Public Markets. Stephanie how would you compare it to 1999 . Marc the difference between 1999 and today, those companies were going in the Public Markets and getting rationalized for good or bad. That is what needs to happen today. You will see Great Companies emerge. We were just talking about fitbit. It is a product i wear myself and i was an early investor and it is fantastic. The market rationalized fitbit. It is a publicly traded stock, the ceo has to have earning calls, run his company in the same way i run mine and that is my advice to these other cios. They need to get into the market, run the companies with the right level of governance and let the market rationalize these valuations. Stephanie how much easier would your job the salesforce was private . Marc i dont think easier, i think harder. I think being a Public Company is good. My friend michael dell might disagree. In our case, it is good for us. It forces us to make sure that we keep the cadence. You talked about how we are number one in sales automation, Customer Service and support we have to keep our eye on the ball. Where are we in this magic quadrants and market shares in revenue by Market Segments . What does our performance matrix look like . How are we doing across geographies . We cant just sit back and relax. We have public investors to answer to. That is what is so exciting about being a Public Company. There is no reason why these companies who claim to be worth billions of dollars and making billions of dollars to stay private. They should get out into the Public Markets. Stephanie some of your largest shareholders, fidelity, blackrock, they have gotten involved in some of these private companies at very late stages when valuations are skyhigh. Have you told them they are making a mistake . Marc i am telling them now that i think we have gotten involved in Certain Companies at Different Levels of capitalization, but today, this has turned into a mania. Stephanie they are dangerous. Marc i agree and that is why i am talking to you about this, stephanie. Here we are in this unicorn we never had that word before. Think about it. Stephanie i was always talking about it. Marc the rest of us were not talking about unicorns and that is what everyone is talking about, unicorns. A few months ago, i tweeted, get ready for dead unicorns. And i am a fan of the Public Markets. I am. And i am a fan of public investors, Like Fidelity, blackrock, these are great investors. Of course, they are going to make bets on private companies, that is appropriate. As i said, the mania, the unicorn mania is dangerous for our Silicon Valley economy. Yvonne welcome back. As we wrap up our show this week, more of Stephanie Ruhles exclusive interview with marc benioff, chairman and ceo of salesforce. They turn to the accountability and responsibility of the ceo. Stephanie is it dangerous for companies, for ceos leading the companies with activists . You have a shareholders Like Fidelity and blackrock, but they are not writing public letters. Look what Marissa Mayer is going through. Can you run a company and do your job when you have Hedge Fund Managers in new york behind desks, pointing fingers and shouting accusations . Marc yes, that is your job. That is what you sign up for. You are running a Public Company and answering to public shareholders and you have to answer to customers also. If you want to be successful today as a Public Company ceo, let me give you some advice. You have to move from being focused on shareholders to stakeholders. That is will create success. Activist shareholders are a key stakeholder, but let me tell you another, customers, employees, partners are stakeholder, the community you live in is a stakeholder, your k12 schools that your employees have their kids in, women are Key Stakeholders in Silicon Valley. You better be ready to run a multistakeholder dialogue. That is the key to being a great ceo. If you can read, manage, run a multistakeholder dialogue, and yes you have to deliver, but you have to evolve to a new level. That is the key. If you get tunnelvisioned and it is all about activist stakeholders, that is fine, but do not forget about Everything Else that is key to being successful as a ceo today, and that is the key, the fundamental key. Stephanie that is not one key. That is like 17 different locks that have 58 different keys. Are other ceos in america and around the world sleeping . When you talk about all of these verticals that you need to be on top of, i do not know how there is time to do it and i do not hear other ceos, who are not just preaching this, but you are doing this and delivering it. Marc this is what my message is if you want to be successful today, stephanie, and you whether it is successful financial, technical or whatever it is you need to think about the world we live in holistically, everything. I think ceos today and Business Leaders are as important as political leaders and that they have a role like political leaders and they have to stand for something. I think this is important. When things happen in the world that you do not agree with, as the ceo, you have the responsibility to come forward and say i do not agree with that because it does not support my employees or customers. You also have a role to do things you saw this last month pay women the same as men. Stephanie why werent you before . Why do you have to do this exercise to right things . Marc mostly we were, but we were not on the tip of the t that we had to hold ourselves accountable to. Every company today has an hr database, and they all know the names of their employees and salaries. Can you say on the public stage, i stand for the e word, equality. Can you say i stand for equality . You walk into headquarters and into these beautiful towers and there is always a plaque close to the elevator that says, this is our value at the company integrity, honesty, hardware, hard work, team play, but i did not see any plaques with the word equality. I think we have a call to arms for ceos that it is time the corporations add to their core value system, their core value system, the word equality. That starts with women, and you can see it where we have an hr database with everybodys name and we know how much everybody is paid, hit a button that says are all men and women paid equally . And say we stand for equal pay. Stephanie we talk about ceos being compensated well. Does the ceo deserve to be paid millions of dollars when the company is not doing well . I look at hewlettpackard, the ceo being paid 23 million for a stock that has gone in one direction and a product people dont want to buy. Stephanie i think pay has to be linked performance. I think it is mostly critical with the ceo and a great way to do that is make the vast majority of the ceos package linked to the stock price. If the stock goes up, the ceo should be rewarded because he is performing for all shareholders and stakeholders, and if the stock does not deliver, the ceo should be removed. Stephanie do you think Marissa Mayer do think we are too harsh on her because she is a woman . Marc i love Marissa Mayer. I think she is one of the most incredible people i know. No, i do not think you can be critical or judgmental enough of somebody who is going to be a Public Company ceo. You have to be willing to be in the fire. That is what you are standing up for and why ceos get paid a little more. That is also a big thing. These are hard jobs, this is tough work and you are submitting yourself at a very high level of performance. And she has got a great pay package. She has to be held accountable, and that is where she is right now. I have a lot of confidence in her ability to create a great yahoo i have confidence in her ability to be successful at whatever she does. She is one of those people. Stephanie would you hire her . Marc in a second. She is amazing. She is completely magical. Yvonne that is all for bloombergs best this week. Remember, you can always get more news from around the world at bloomberg. Com. Thanks for watching Bloomberg Television. Brilliant ideas, powered by hyundai motors. The contemporary art world is vibrant and booming as never before. It is a 21stcentury phenomenon, a Global Industry in its own right. Brilliant ideas looks at the artists at the heart of this. 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