All in that all of that and more but first, carol massar. The snow is indeed slamming the northeast. New york city is expected to get 812 inches of snow with the heaviest coming down right now. Andral offices were closed flights were canceled. Ibm report reported a seventh straight sales decline. They cite plunge in demand for hardware. Missed the 28. 3 billion projected by analysts. Texas instruments pricks profit that may miss some estimates. Predicts profits that may miss some estimates. We learned that pimco chief executive officer has resigned. We are joined by julie hyman. Allianz owns pimco and he is stepping down. From his roles that it is unclear what precipitated this although we know have inco has had a tough year. We fixed income industry has generally had a tough time because equities have been the place to be. Treasuries have not. 1. 9, almost 2 trillion of fixed income asset. And enormous company. It looks like he is going to stay at allainz in some capacity. He will advise the ceo on political and Global Economic issues. It is unclear what exactly that is going to entail. At his pimco job, he is leaving as of midmarch. There are three gentlemen who are fulfilling his various roles once is leaves 20 leaves. One is the chief operating officer at pimco and he is been there since 1989. He is a veteran. Be other two are going to deputy chief investor officers are people who were already at pimco. A number of different Management Changes that are happening it pimco. Remains the chief investment officer. He shares that title with that odge. Ug koch h tweetserally sends out on behalf of bill gross and they sent out a tweet today that said that they are not going anywhere. Fully engaged in the battery is fully charged. I am ready to go for another 40 years. Norm that firm that he built. Exactly. He says he is still committed to what they are doing there. Erian was also at Harvard University and the International Monetary fund. Is there any indication what he will do . No. There is little indication of anything at this point, either why he is leaving or what he ianzt be doing if that allai position it seems to be more of an advisor position. Both he and bill gross have talked about the new normal. The Slower Growth environment, the lack of growth and jobs strength as well as wages. Over them, over the past couple of years, and pimco as a firm, have made some calls in the treasury market that have not been correct in terms of, mostly having to do with the timing of when we see rate start to grow up though up and when the economy might turn, what the fed might do. It is unclear what lack pimco try it to build larger equity it is unclear pimco was trying to build larger equity. Well done. Im sure youll keep us upto date. He has been a guest on many Bloomberg Media outlets. We are wondering if he is in davos right now. Davos, switzerland. Thank you very much. Julie hyman. The u. S. Northeast getting pounded with snow this afternoon. The snow is a nightmare for computers but a dream, in fact, a realization for the next guest. He is the son of one of Merrill Lynchs founders. He has a new book called catching lightning in a bottle. He joins us on the telephone from vermont. I heard you are on the slopes earlier today. What is it like out there to go . Cold but they say there is never a bad day of skiing, just bad equipment. If you are dressed right it was fun. Can you give us an idea of how many people you expect at suagrbush . We do about 380,000 over the course of the year. This was a long holiday. We had a lot more visitors than normal. We had a record three days. Despite some of the roller coaster weather, i think people knew that we made a lot of snow. We had good conditions and people came up and skied and i think had a great time. Have you noticed any change in people skiing in the west versus the northeast because of the drought in the west and the lack of snow has made a lot of ski resorts there look more like rock quarries. I think they have. The east has always had to be more dependent on snowmaking so it started years ago. We have source water. We spent a lot of money on the infrastructure. We have very efficient snowmaking equipment. If we have a drier than normal winter and we have good, cold temperatures we can make a lot of snow. Stuff, which was frankie horrible, the new snowmaking, because of the new equipment, is really good and you can have excellent quality manmade snow. What makes different qualities of manmade snow . Is a combination of air and water. The manufacturers have created an equipment that actually uses a lot of air which means it is less expensive for us. We dont use as much energy. Particle the finer comes down drier. Our Mountain People really know how to let the snow settle before recruitment. It. We before we groom visitors have you expected in the past or a seasoned . What about hiring those who work resort . The ski i have about 150 people that work for me around. Over the course of the winter i am probably paying 1000 people. The trick is to have good seasonal supervisors comeback teacher and we hired good quality people for the course of the season. In vermont i have been very lucky. I have not had to hire any international students. They have all been u. S. Citizens. Localome mostly from the environment, although we do have people come in from the multivariate ash metropolitan come in from the metropolitan area. Do you have any plans for the Winter Olympics . Anything to celebrate the winter games . It is exciting to see the olympics. The u. S. Has a fantastic team and were hopeful we will do as well as we did four years ago. At sugarbush, we are affiliated with a wonderful ski academy called the Green Mountain valley ski school. They turned out excellent people. There are five students who are on the development team. We are behind the skiing olympic effort. When did you first learn to ski . Im a great case because i played a lot of sports and i never skied as a young child. I skied one year in college, horribly. I did not start until i was 35 and then i got hooked and became a it took a family up there and i skied 130 days last year. It shows you are never too old to begin. Thank you very much, winthrop smith. Coming up, im going to speak with the former United Kingdom foreign secretary, david miliband. Helping people displaced by wars natural disasters around the world. He is focusing on the crisis in syria. More microsoft chairman and cofounder bill gates and bloomberg lp founder and majority stakeholder michael bloomberg. They came together today for a discussion on ending world poverty. Dates says that progress has been made but there are certain myths that stand in the way. Lacks cynicism is holding us back. Thinks it is a big part of a budget. It is less than 1 . If you ask people, they will say. 5 or certainly about 10 . There are fewer people sleeping without a roof over their head. If your people that are literate. Life expectancy is generally longer. By any rational mother measure, things are better. That does not mean every person, and there will always be 20 bottom 20 . We will always redefine what that means. To say that all before and eight and money that bill and melinda that all the foreign aid and money that bill and Melinda Gates have invested, has not done anything, that is not true at all. Me is david miliband. He is the president and chief executive of the International Rescue committee. Formerly he was a United Kingdom foreign secretary from 2007 to 2010. Welcome. What is the irc . The International Rescue committee was founded by our einstein when he fled not degenerate not to germany. Nazi germany. In those days it was conflicts between states, and now were working in up to 35 entries with people mainly displaced by civil war. Sudan, Central African republic. We are there delivering education, health care, life saving help. Likeu have something 12,000 people working for the irc, about 400 if the Million Dollars budget that you have to deal with. 450 Million Dollars budget that you had to deal with. I wake up in the morning there are 250,000 syrian children that made it to lebanon that are no longer in the crossfire of the fighting. Theyre getting no education. I know we are failing when we are not giving them an education. When i think about afghanistan, 3800dly, we have people in villages there. I know u. S. Troops are coming up but there is huge need. I want to do more there. The third thing i think about is in these protracted african conflicts. We have had a yuan force in the democratic republic of congo for. N. Force in the democratic republic of the congo for 53 years now. Lets talk about syria. There is a police peace conference scheduled to take place in geneva. There is not a lot of hope that buescher all assad as well as the revolutionaries and the rebels it doesnt seem there will be much hope that it will solve anything. The hopes are dashed for peace are relatively low the hopes for peace are low. This has displaced half the population. Were a big on . Turkey, lebanon, jordan and also iraq. Turkey is a country of 80 million people. It can withstand the shock. Even there, 500,000 people not in refugee camps around the country, towns, and cities. Tiny lebanon, always the victim of other peoples wars. 4 million. Is now they have 800,000 refugees. That is like the whole of britain coming to their in a year and a half. Theres massive human suffering on a scale that few people expected to see. Inside syria, it is not an exaggeration to say that 60 of the hospitals are bombed and pouliot is breaking out, it is a return to the dark ages. Breaking out, it is a return to the dark ages. The biggest and best thing would be a ceasefire that would allow us to deliver age. Other agencies who are bravely putting themselves in harms way. We think we have her help about one million serious axis health care. Syrians Access Health care. I think it is clear when john kerry talks about starvation being used as a weapon of war, hes talking about the assad regime. Where therthy milk military hardware has the greatest numbers. Governments are held to Higher Standards and terrorist organizations. Some of the rebel groups fall into that category of having breached the basic norms of war but it is also the case that the Assad Government bears primary responsibility for ensuring that its soldiers behave in a way to protect civilians. What happened at the moment is the very notion of a civilian has been lost in the syria conflict. We will continue the conversation. We have more with david miliband, head of the International Rescue committee. This is taking stock. Might guess is david miliband, president of the International Rescue committee and foreign former u. K. Foreign secretary. I mentioned your past as being in british politics. I want to mention that your brother is head of the labor party in britain. As a former member of parliament, and a former foreign secretary, does the issue of refugees ever reach that level of day to day government concern . Yes. It is daily on your sheet. I think an interesting thing is going on. Able will talk about the being able toause do with the failures of politics. That is true in places, but equally, the eight humanitarian crises across the world can cause instability. And people talk about the pressure on jordan, lebanon, turkey, is the humanitarian burden that is destabilizing local politics. The is what gets it up to level of president s and prime ministers, not just aid in development. The tragedy is it that in too africa,ts of the of it is not considered enough of a strategic problem and people will say we should have seen this trouble coming. Places were organizations like mine are trying to make a difference. Are all refugees created equal . If you are internally displaced, within your own country, you dont get recognized as a refugee. There is one ref one inequality who determines that . The United Nations. It is a technical term that if you leave your country for fear of persecution, that makes you a refugee. There were about 16 million of them last year. Internally displaced, 27 million. That is i you get the figure of 43 million. Im afraid lester was a record. One every 1. 43 seconds. Towas founded by einstein help victims of interstate wars. Fewer wars between states today, but more refugees. A thesisou developed for why this exists . I think there are two or three elements. First, there is the scale of civil conflict. It is undoubtedly driving refugee flow. Above all, religiousethnic division drives it. Poverty is part of the cocktail. Thirdly, a new category is people who are moving to the as a resource stress. The livestockof or wiped out by a drought. You have resource stress driving people along with the more traditional causes of civil war. Another point is worth making. To the extent of the west, countries like ours are looking inwards rather than outwards to the extent we are focusing on our problems instead of engaging internationally. That can allow problems to fester and grow. That is dangerous. Is the infrastructure that exists right now, be it the irc, the United Nations, we have the World Economic forum in doubles os taking place. Is the infrastructure capable of dealing with all these issues simultaneously . I think the evidence is that we are not dealing with them in the kind of comprehensive, preemptive, print preventative way. Bedoes it mean you have to more specific earlier and you have to be willing to take smaller steps . Yes to both, although some steps need to be big steps. I think the of the structure you talk about is probably about with United Nations can do, probably what agencies can do. Although we have responses, too often they are not getting to the root of the problem. I want to thank you very much. David miliband, executive of the irc. This is taking stock. This is taking stock. I am pimm fox. I want to go to my radio cohost carol massar. Question on the and and on reported 2014 Johnson Johnson reported 2014 earning estimates that came in lower than estimates. They will try to save 1 billion for the next three years through consolidation. Verizon said it is responding to intensifying price competition as it contends with a note contract plan, lower roaming fees, and other lower fees offered by rivals. If fund run by dan loeb will invest in dow chemicals. That is it for headlines. Thank you. My next guest best illustrate where wall street means needs mainstream. Thergan chase awarded quarter Million Dollars in grants to Small Businesses across the states. One of the companies is called rolling in dough. It serves woodfired, brick oven pizza from a fully restored 1943 International Harvester firetruck. Gellerined now by Scott Matthew miche. Pizza, huh . This is how it starts, a truck and a dream. Are a fully restored 1943 International Harvester and what we do is private of thats all long island in the north fork. We will keep cater all laments cater all events imaginable. But you have able moving Woodfired Pizza oven. What did you decide to give this gentleman your money . Appreciate what Small Businesses do in the local communities and what they do to the general economy as a whole. Isch and main streets grants our opportunity to go above and beyond mission main street rants is our opportunity to go above and beyond what we do every day. A panel of experts reserved reviewed 35,000 applications. Question is people from the chamber of commerce judges were people from the chamber of commerce. They look for passion, giving back to the local community, and they had to answer the question, if you had a next or 250,000 what would you do with that . The answer was pizza. One of the 12 was pizza. That, when you first heard this is where the money was going to go, what was your reaction . I was fascinated. You read the story, you read what matt has been able to do with the restored truck, taking two of his passions, cars and pizza, and bringing them together. Everyones pageant has to be pizza. Passion has to be pizza. Why the firetruck . I think it as a certain charm to the operation. You could buy a lot of different trucks. What about that one . You could go the extra mile and spend a little bit more money. I think you get a lot more back and i could be your difficult food truck what did you have to do to the truck in order to make it a woodburning pizza oven . We have a 1. 5 ton woodfired oven on the back. Restored. Truck fully how much did that run . It ran about 40,000 for the truck. Add in all the expenses of the Custom Sheet Metal and the oven and the sinks and the plumbing, it gets up there. How many pies what is the volume you are doing . We do a perperson rate for catered parties and we will do anywhere from 50 people to 150 people. Morning,o party in the a party for lunch, and departed for dinner. Breakfast, lunch, dinner. This 250,000 grant, doesnt have to lead to something specific or is it just ag, you are doing a great job, we love you youre doing, do more. It does not have to lead to anything specific. It is at the discretion of the recipient. Our hope is that we do great things. I have had the opportunity to speak a number of ash to a number of the winners. I have had the opportunity to speak to a number of winners. There is a woman in detroit to the livers nutritional meals to innercity children. She said she is going to renovate a building and buy a new piece which it equipment to expand her business. We had a doctor in atlanta who developed a painfree weight to deliver vaccines to small children. It is almost as if you are in the Venture Capital business but youre really just giving them a grant. This is obviously something very different than what we do every day. We had an opportunity to be an Angel Investor and to give 12 grants of 250 thousand dollars. 3 million in total. They went to 12 fabulous, innovative Small Businesses. Ask matt, what will you do with the money . Im going to open up a 20 seat kitchen. Just a small in greenport, new york. Eastern long island. It is about 20 seats and i will do some wholesale out of there. It will also be my private kitchen for the truck. Any chance you will have a pizza named after j. P. Morgan . I think i can come up with something. Any specialties . You come from a call and very background . Ive always been interested in the food service industry, but no background, so to speak. I am from new haven, connecticut where i think pizza is a mecca for me. Ive always had a passion for it. I love the mashed potato bacon. Mashed potato bacon pizza . Have you ever heard of such a thing . I have not heard of such a thing. I have a feeling that scott already has his order placed. Thank you very much. Scott geller and my thanks also to matt michael, owner of rolling in dough pizza. Has joinedbeats apple, spotify, pandora, indie Music Streaming Services party. I will give you the details. The fun continues with the mosteeper for sundances exclusive parties. I will tell you i companies such as hbo trust him to put together the guest was. Beats launched its own music streaming service. It is called eads music. Music. S it joins a crowded field. Joining me from San Francisco to discuss this is mark mahaney. Anothersign up for radio music streaming process product . Whats i am running out of Attention Span and out of dollars because some of these are costing you. The biggest service has always been the ad supported free service. There is a big megatrend here. I hate to overuse the expression, but there is a trend going from an ownership media culture to a renting media culture. Youre seeing it in video and now in music. Sales of music is declining and what youre having his people instead looking to stream. There are great options out beatsand needs ads adds to the feel. It is a more convenient way to stream . It is more expensive. Pandora costs you nothing and beats will cost you 10 a month. For people who like professionally curated, personalized streaming capabilities, beats may be the answer for them. We are seeing an arms race in terms of innovation, tweaks that selection,e to the add or remove variety. It is great for the average is a glistening. Average music listener. How will they make money . Is the market enough for them to displace other customers . That is trickier. I think the Business Model model around streaming radio is not proven. Pandora is the 800 pound gorilla in the space. Theyre coming around razor thin margins and very heavy costs. Those of the royalty payments that need to be paid. The Business Model actually looks worse for spotify and beats. Theyre paying very large percentages of revenue out to songwriters and artists. A lot of people are taking a share. You need a lot of scale in the business to turn profitable. Showingas not been sustainable profitability and they have 73 million active users. Pandora has not been showing sustainable profitability and they have 70 73 million active users. We think the winner in the spaces pandora. Services such as sirius xm and the Onstar Service from gm plan this . That is a billion dollar question. The reason is that all of these streaming Radio Services to date have been in one or two places, or maybe three. The home, the office, and people on their mobile phones as they go around outside. You are just now starting to see some of the Radio Services integrated into the radio into the automobile. It matters because half of already a listening occurs in the car half of all radio listening occurs in the car. Itunes radio, spotify, that is a requirement for them to succeed over the next five years. If they dont get that right they will not succeed. Brandalso that the beats is something theyre trying to build the . It is not just the streaming service. It involves the headphones. The headphones will help whether that is enough where do you think the vigor brand halo is your brand halo is . Owned bydio or beats the headphones . They both have interesting rants. Brands. Based on on we have not seen much traction for itunes radio but that could change. I want to thank you very much, mark mahaney. Ats ing about be partnership with at t. We want to keep the party going but are you on the list . This is probably the most common question being asked at the sundance film festival. Is about getting into schools of parties as much as it is getting into the movies. The unofficial gatekeeper is christopher ryan. He is featured in the etc. Boomerof this months business week. Bloomberg businessweek. Want to be list you on or are there other lists you can get on . List you want to get on. It is a compilation of every Important Party happening at sundance right now. Sundance has become this kind of overblown party circuit. A lot of parties are sponsored by corporations. Oryoure a manager are publicist, you have to get your client on this list manage by chris ryan. How can and might get on all the right lists to be invited to these parties . Basically, i have a qualification for getting on the list. To be a talent publicist or a press outlet that all the event reduces approval or a film publicist with a film in the festival. I keep the list very strict on who actually gets all the contact information. How did you come to be the keeper of the list . Outbout 2006 i was helping and doing an event at sundance and i noticed that everyone had these Different Party lists. They all had incorrect information. Sometimes the start time started at 7 00, and sometimes they were nine. I started contacting people asking what times they started or ended. Lohan behold, everyone like that it was all in one spot. It was just a matter of figuring out a way to secure the list. This year we switch to a Different Program which makes a username and password protected. Can you tell us the name of three parties that you want to go to . The party scene is over already. The ones i went to that of really liked were the hbo game of thrones though maker party. That was a really good party. There are a bunch of parties at the collective but the one i saw was was pretty unique called the flavor tripping party where they brought in a South African flute fruit that changes the flavor of fruits and vegetables. It was a weird experience. The one that everyone loves to go to is tao. The club from new york and vegas. There is a popup location and that is another one that is one of the toughest to get into. This is big business as well as big social. You have sponsors, individual parties, deals get done . I think a lot of schmoozing happens at the parties. Im not sure people are shaking hands and making production that bigt i think more companies are sponsoring the parties and giving away free products. If greg goes if grey goose promotes a party, they won a start to be seen with a product they get away. Swag of slag is there is there. Cinema and swag. Thank you very much, emma rosenblum. Our thanks also to chris ryan from sundance. Coming up, the traditional one shower is becoming allusive. A new report suggests it is disappearing for Many American workers. What did you do on your lunch break today . Wait, do you even take a lunch break . Nearly half of americans say that their typical lunch break is not an hour, but 30 minutes. With more on the disappearing one shower i am jordan by daryl pigat. I am joined by daryl pigat. Thank you for coming in. Did you have lunch today . I did. Aspent a few minutes having little mill reviewing my notes. You said a few minutes. The one shower is no longer an hour, according to the survey. What the lunch hour is no longer an hour, according to the survey. The dividing line is 30 minutes now. Halfsaid more, asset said 30 minutes. Eddie Corporate Culture where lunch is not ok to do, and the thate of your lunch may be you have to be back in a certain amount of time. It is closer to half an hour than an hour. Are the rules and regulations that govern how much time you should have for a break break . Whether it is ok to go on the foreign an hour or get food and eat it at your desk, i think those play more into what is acceptable at the workplace. Doesnt segregate based does it segregate on based on you are on a union, or Assembly Line definitely. Some places have definitely luck lunch ranges lunch breaks. Is because of technology . You may be eating, but at the same time you are looking at e mail or trying to eat with or talk to a mobile phone . Eight or talk to a mobile phone . Eat or talk to a mobile phone . What characterizes a good lunch hour right now . Is it going out or eating in . There are a few things you can do. His connect completely. Away from your computer, put your phone down. Completely. Ct look away from your computer. What your phone down. Go for a walk or maybe a light workout at the gym. You can come back and avoid the afternoon crash. There are a whole bunch of things you can do. Whether it is networking with other people in the organization so often we are defined by our four walls. Any out and speaking to new people could be a new initiative. Getting out and speaking to new people could be a new initiative. The lunch break is not in a cafeteria style setting anymore. More availablely to businesses throughout the day. More of anecome individual thing instead of a communal meal. Some time toke walk across the hall and see another department and colleagues and catch up what they are doing, it is good for the company. It is good for management to have that culture. Aboutthere any detail certain professions having a lunch break and those who dont . If you have sales, maybe youre taking a client to lunch. If you are an engineer, maybe you need to focus on a project you are working on. We focused on Office Workers but in general you can look at it from industries and they have different more raise about what isright morays about what right for lunch. Some days you may skip lunch and some you may not. Best wishes on your lunch break. Daryl pigat is a staffer from the robert half company. It is 56 minutes past the hour it is time for on the markets. The s p gained five points. The dow jones drops 44 points. Nasdaq gains more than. 6 . It is up 28. Thanks for taking stock. Im pimm fox im a good night. Live from pier 3 in San Francisco, welcome to the late edition of bloomberg west. We focus onang and innovation, technology, and the future of business. Lets get straight to the rundown. Microsoft chair bill gates talks about his future and a conversation with bloomberg lp Founder Michael bloomberg. Bloomberg has learned that amazon has acquired rights for an online paid
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