Iterates more than a billion dollars a year. He is the grandson of the famous explorer jacques cousteau. Been putting under the ocean. But get more from my compost. The Federal Reserve has extended deadlines until next year for capital plans from o. Igroup and hsbc banks tests measured how handle a financial crisis. At Morgan Stanley they received 90,000 applications. 1000 positions. Dreamworks big sequel is dragging. At theie was a Miss Box Office and dragging dreamworks to a loss. Chief executives of at t and dreck tv are defending their 48 billion. They testified before house members. Megan hughes has been covering all this. Do lawmakers seem to be for or against this combination . X that is a good question. You did not hear a lot of direct attacks from lawmakers. We did hear some tough questions from senator al franken but we heard more broad concerns bemoaning the state of the saying wedscape. Cannot consider this plan in a vacuum. It has been a to the executives to say why this is different, why he argues this is going to be it for consumers. Here are some of the stats. He says content costs will be lowered by 20 for subscribers and there will be 1. 6 billion in cost synergies and it will expand rock band to 15 million locations especially in earl areas rural areas. That is the sekk sell. They do compete when it comes to pay tv. There is some overlap. The consumer groups are predicting prices will go up, not down. We heard from the Tv Writers Guild about how this will mean less competition. Fewer outlets to sell their programming. That was the backandforth but not a lot of strong opposition. Thank you, megan hughes. Sherman, if this deal is approved, what does this really mean for consumers . X it is good and bad and i will are an why. If you Wireless Subscriber and you want direct tv. Then you are going to pay less money for the bundle of services. Then you willou win out. Over the longterm something will need to be done for the andets where at t uverse directv both exist. At t would own two forms of atv. Not said howas they will address this. Will either to best the sub scrubbers or stop offering. Aid tv through uverse that pay tv doubt costs are going to be drawn back here. Even though this company is gaining scale. In the end the sports programmers out there, the Regional Sports networks, they will still have all the leverage. This is not a game changer in the sense you could expect your cable bill to go down if he barks. You still need espn and you will still need to pay for espn. The ideapoint out that for this combination on the part of at t is it will make them a better, stronger, more Profitable Company. Do you get to be a stronger, bigger, more comfortable Profitable Company by charging less . How does that square with what they do in the board room . Rex this is a harder sell for at t to its shareholders. For her at tb this makes direct tv it make sense. It is a huge problem so you come together with at t and you can lower the subscriber acquisition costs. For directv. Sense for at t, i agree. They will make a case where if theyre not going to push costs onto consumers they need to make a strong case that people want the bundle. What if they actually made the case that says things are going to get more expensive to my we are going to have more control over how that hype gets into your house, but we need to do it because you did not let us do the deal with tmobile, Deutsche Telekom so please let us do the direct tv deal. Regulators may look at this as megan said not on a standalone basis but in the world of other deals that are happening. Like the potential tmobile sprint deal. Are the three telecom deals. Of the three this is the easiest regulatory cell. You have got satellite and wireless. Exactly. If you were to look at it and say is this going to lead to more consolidation, are all these deals going to lead to more consolidation in the industry, will the content Companies Start to come together, so will we see mergers. You have fewer companies controlling media access. Forcell that this is better consumers might be difficult. One of the big things for cable providers has always been we have invested a lot and we are waiting for this return. This investment return. Nbc buy nbc. If that is the case, have you heard shareholders say you might just give us the money. , part of the problem is that the starts to get into an issue. That is a viable, logical thing. At t investors rely on the dividends which is getting their money back. Buying direct tv in part goes a long way toward shoring up that dividend longterm. It is the onions of dollars of free cash flow. More than 2 billion a year. Why not just buy back your own shares . It is doing the same thing and you do not have to shell out 40. 5 billion. It is a valid argument and not one that i can defend. You have to ask randall stephenson. He believes in the longterm business of video. Consumers over satellite or wireless. We want to thank you very much. Bloombergs alex sherman. Get even longer. We will talk about infrastructure and find if there is any clear path to funding. First a major announcement by two titans. Give us details next. Rex signs that the u. S. Housing market is on the mend. Purchases rose in may by the most in 22 years. Sales of existing homes picking up last month as well with more on the Housing Market and some exclusive news regarding a partnership. Raskoffned by spencer and dottie herman. Great to have you both here. Do you want to begin with your exclusive Partnership News . We havee thrilled, worked on this for at least a year and both of us, two great companies, one marketing and technology and we are a real estate company, probably one of the largest in the nation. At what we looked at was our consumer and giving them the best experience so we took all their data with handson, data is great to have but you have to get through it. Unit to price some data out of spencer. Elliman andouglas zillow. We are supplying our clients with all the data and maximum exposure. Zillow is the largest on the web. 80 Million People use zillow every month. Llow. Ngs will appear on zi listeings listings will appear on zillow. Inventory is on zillow but it gives the consumer a personal experience. You have access to tremendous inventory and information with the personal specialty of someone in real estate in every area. Florida,cluding self l. A. , all over. You would be able to see whether prices have increased or decreased, how long something is on the market. In real time. We adjust the prices every 15 minutes. Timere going to get real information. You will not look at a listing that has been on the market six months. Or if there is a price drop you will get that in real time and that is big for people. Especially where the market is moving so fast and it is great for the zillow users to seed Douglas Ellimans listings in real time. Theive us a little check on Real Estate Market. Two thirds as mobile. Homes are viewed every second on zillow mobile. Three years ago it was 20 homes of viewed. Huge mobile growth. The real estate shopper has moved from the newspaper to the desktop computer and to the smart phone and tablet. That is where our audience is and that is where it Douglas Ellimans listings are. In terms of the health of the Real Estate Market as you mentioned it is pretty healthy. We are seeing some good data. Existing sales came out across the country. It is up in both places. Growth is steady. Youre not seeing double digits anymore which is good because that is unhealthy, it cannot be sustained. We think that inventory is going to loosen up because as people get their equity return, their equity comes back, they are able to move. Interest rates are a little higher than they were last year low. But they are hopefully the job market will get better. One of the uses of detail in the home report has to do with the various locations. Nevada and las vegas showing big increases in sales prices. In places such as phoenix, texas, florida as well but from the peak. even though you have seen this gross. Is there more price of freeseas shouldnt coming . That is why it is important to have someone take those numbers and interpret them. When the prices dropped in the minus, they went up 30 . We never got hit that hard in new york. We got bruised we did not get killed. Obviously the places that were the most depressed show the biggest increase. You cannot cookiecutter that. You have to look at the specific parts of florida. U. S. Itay in all of the pretty much is up from where it was. The nationwide dataset and home values are increasing five percent yearoveryear. That is a much more sustainable and Slower Growth rate. We forecast an increase. The story now is a local story. This is why the data is so confusing. The data seems conflicting. Different things are happening in different parts of the country and what is driving it is inventory. Constrained inventory in places. 19 of homeowners with a mortgage are still upside down on their loan. They cannot sell their house because they have no equity. Parts of the country like las ofas which have high levels equity have constrained inventory. There is a lot of demand for buyers and rapid price appreciation. In places like new york in the bay area they are geographically constrained. There is not that much inventory and theres a lot of foreign buyer interest in that drives the new york market. Congratulations on your partnership. Up to my americas favorite banana. Details from the worlds so banana reporter. That is next. The and and industry is in a billion dollar a year business. Disease choking the favorite brand. Guest joins us from los angeles. Arent all bananas the same . In terms of what we see at the supermarket, yes. This is the cavendish banana. There are 1000 other paredes around the world. We never see them here. Lets never talk about this fungus. Where is it happening right now . Rex the fungus has been chasing the banana around the world created appeared in the late 1980s in asia and it has spread from asia through the South Pacific into indonesia, australia, and in the past six months it has appeared in africa for the first time. It has yet to hit latin america. Most folks including meet believe it is only a matter of time. Is there any work done to stop this spread of this fungus . There is a lot of work being done to stop the spread but one of the things we have to acknowledge is this fungus is most likely on curable. Has to be done to find a different kind of banana that is resistant. That means that all the bananas that are being grown in the western hemisphere will have to be replaced by a new variety. Some miracle happens and a cure is found and people have been searching for decades. There is going to have to be a new variety or hopefully many varieties available at the market. We said should see a shift. What role do bananas lay in the nutrition of the world . In the world the banana in many parts of the world is the prime source of calories. In Uganda People eat 500 pounds a year. They would starve without bananas. Pounds. S. We eat 25 more than apples and oranges combined. It remains the cheapest, most important fruit in the supermarket. If this is such an important piece of the food chain i hasnt more been done to eradicate this and create a new banana . The answer is monoculture. We have to keep bananas cheap. The cheapest fruit in the supermarket even though it should not be. It is imported from great distances and it is very parish will. They pretty much focus on this one variety because that is the one they know how to grow cheapest. Until recently they have not had to worry about whether it will go away. To change for righties will require a massive retooling of the industry. From growing to shipping to marketing. What about the color and taste . Consumers expect something pacific specific. Will they have to change as well . Tasted over 200. The cavendish can is very bland. In india where they grow more called the hotel banana because it is served to tourists. Means to to develop grow them and ship them. That is the hard part. I want to thank you very much. Na the fatef bana of the fruit that changed the world. We will be looking at the nba draft next. This is taking stock. I am pimm fox. With walgreen. Considered buying Alliance Foods and may move overseas to lower its tax bill. And bill dudley says you might want to think again if you are expecting an Interest Rate hike next june. Hed knowledge is that is the kansas forecast but says forecasts often go astray. Lebron james is testing the waters for new team. He has opted out of his final two years with the miami heat. He is now officially a free agent. The federal governments Highway Trust Fund funnels 35 billion a year to individual states for Road Construction but it is not collecting enough revenue from the gasoline tax and could run dry this summer. Officials are warning the u. S. Is approaching a transportation fiscal cliff. Phil mattingly has more details. What you had is for sets of columns all of which have varying degrees of damage. The columns of its ridge were tilting and the state moved fast. They shut down a roadway used right 90,000 vehicles a year. We got it closed in time and no one was injured and we have to get back open area Emergency Repair cost 2 million more million needed. The federal department of transportation is footing the bill. We have projects that defendant depend on that federal funding. That is a real risk confronting delaware. The primary source for road projects has shrunk to a billion dollars and it could be drained by late august. The federal gas tax which accounts for 72 of the Highway Trust Fund has been stuck at . 18 a gallon since 1993. This is and national issue. Anthony foxx says unless Congress Works to fix the fund states will suspend summer construction plans. By late june, maybe middle july, some states will pull back ject and slow other down others down and maybe stop some. 35 in utah to a high of 98 in rhode island. The trust fund is not replenished, and reebok will reach mainstream america. Of 167,000100 one bridges. Infrastructuren crisis. It is a deficit. It is estimated in the trillions of dollars. Oureep even when we are at most aggressive we are talking about getting the funding levels back to where they were last year. Senators are proposing to increase the gas tax by two cents. That will not be considered until after lawmakers moved to keep the trust fund solvent this summer. With more on the countrys infrastructure and funding needs lets go to washington. And from the American Society of is casey dinges. How do you come up with this grading system and what does it tell us . We are not investing adequately and we have not been investing well for a long time. The infrastructure, key parts of , they were put in place 50 or 60 years ago. It is a perfect storm for water systems, transportation systems, dams and levees. Of 3. 6 we found a need trillion dollars. 2 trillion of that will be met. A doable challenge, it is not just a governmental issue. There will be a bigger role for the private sector going forward. You wrote in a recent oped for the New York Times one of the big structural changes in the u. S. , the bridge condition but the travel condition. More People Living in urban areas. Is it going to have to get bad with commutes to get congress to do something . I do not think congress should be looked at to solve committing problems. One the reasons it has been difficult to get the fuel tax beenase is it has not increased over 20 years. People do not vote in National Elections thinking maybe this will help my commute. Their vote does affect their commute. Fund infrastructure and transportation at the federal level we will see economic losses. We will see people having a harder time getting to work. We are very depressed about our future commute. Are there any solutions . What about state or local funding. You heard Phil Mattingly talk about how there will be a private public ownership. That the department of transportation saying that is also likely. A study looked at the capacity of states to substitute for federal funding if that funding was lost. It was rather limited. States cannot bear this burden fully on its own. It is too big. Publicprivate partnerships, we have done a lot of work in that area. They are a small fraction of the total amount of investment and they do not generate revenue in and of themselves. The bottom line is you need more money but we could also spend more effectively. And potentially operate the system more effectively. Those things we should be looking at. Aboutyou want to talk roadways and bridges but the water system. That is a good point. Andater, we spend a lot investing in Treatment Systems and delivering that water. There are a quarter million breaks in this country. I would like to loop back a little bit. That themic risks nation is facing by not addressing this issue, we did the failure to act series of economic reports in between 2013 and 2020 the u. S. Is putting at and 1 trillion in gdp llion in trade value and by not stepping up in dealing with it. It is worth voiding out the states have been stepping up. They have been indexing user fees to inflation but the states are counting on the federal government being a reasonable and reliable partner. The highwaynot let trust fund go bankrupt. They have to, with a solution. There are several proposals out there. Some politically tough for but when you explain we have not adjusted this user fee and it was never adjusted for inflation, they will understand and then you point out if the states are going to lose half the money for Capital Projects and transportation folks will start getting the picture. We want to thank you or a much. He can science help you win at sports . We will talk with the founder of smarter performance science. On taking stock. This is taking stock. I am pimm fox. We hav speciale coverage of the clinton initiative. Will have an interview with former president bill clinton. Lets turn to our next guest. The nba draft is just days away. The health and fitness of these players is crucial. One company is smarter performance science. Joining me is the companys founder and joining us is Jon Erlichman. Tell us something about the potential draft picks who have used your technology. They are looking into how they produce force in the ground. Teams are looking at the pressure not only to determine where those injury risks lie but also where some performance opportunities are. Every player possesses unique injury risk as well. X i have had a chance to check out your facilities. They are impressive. This is an important story. For people who are not necessarily familiar with the nba tell us about the star athlete who is expected to go number one who we have now learned has injuries and that affects the draft physician. What is happening behind the scene and how do teams figure out the true health of a player . Came out of the university of kansas who began to analyzeechnology force production. A lot of these programs, the developmental times was so short. There is less than eight weeks to get ready. Do iifficulty becomes how identify those risks and in this case sometimes theres not enough time that one to identify them to properly treat these as apes. The sensitivity and reliability of such technology is becoming more and more important as the offseasons get shorter. Would you say that we have fivea huge way in the last or six years . We now understand moneyball. And the analysis of athletes. What about using science, how is the track record . That age whenring we are aware of it. This next stage is the predictive side. Software seeks to identify what is going to happen. The first step is identifying which values are important. What we should be looking at. Gathering enough that we can identify it with a far enough lead time to make a difference whether that is an nba team making a different decision with that pick or whether it it is a coach developing that player for a longer time. The predictive aspect is the next frontier. We are becoming aware of it the last five years. Visit theone were to facility you put together, what would they see that is different from going to a regular gym . Friday. Every athlete is different. Science and technology should seek to identify why it is different. Subsequently provide a prescription for every different individual. The most shocking thing walking into our facility is to see that nobody is doing the same thing. It all begins with data and software that can identify the injuriesth different and stay ahead of what is going to happen. You want to thank you both very much. The founder of smarter performance science in san francisco. And Jon Erlichman in los angeles. Fabian e speaking to cousteau. Almost completing his mission to spend 31 days underwater. Him 63 feetseeing below sea level life. I will speak to the leading artists responsible for adding eventsmore than 1000 every year. Moved new york city and took a position asto a photographers assistant. Now he lights more than 1000 alist events a year. He is working on a big project to eliminate illuminate harlem. Was going to put the spotlight on your little bit. The project is called the h in harlem. Thes approached by department of transportations art program and they asked me to put together a project. So basically we came up with the idea of the h in harlem. To blend in with the architecture of the bridge and the neighborhood. I wanted it to be a gift for people. The gift is we were talking about earlier, lighting as visibility. I put a different couple of kinds of light together. And a different structure together. Rnallyeading the h inte with this brandnew technology called a meeting light emitting plasma. It is a small light bulb that puts out twice the light of a streetlight and has half the greater than most leds. A is jacketed with radiofrequency. Oval so the juxtaposition of two different Light Sources will get people thinking about light as connectivity. Rather than visibility. What is the most exceptional lighting event you have done for a celebrity event, what stands out . The one that stands out in my clinton during the administration. The white house had asked me to do a small dinner tacked onto the delegates Cocktail Party which was at the museum of the american indian. There was a collectors office. This is done in this amazing lewis comfort tiffany wood. They said make it beautiful. We cannot tell you why. When they walked in, it was Madeleine Albright hosting the other female heads of state and it was the most powerful, moving experience i have had in my career. D to more inorwar the future. From illuminating the world to illuminating the oceans depths. He is looking to spend 31 days in the deep joining us now. 63 feet below sea level where he is researching aquatic environments. Fabian, good to have you with us. When you first went down, tell us what has been going on in these past 24 hour days. Everybody getting along . Every buddy is getting along just fine. What is interesting is now we are starting a panic that we do not have enough time to do all the research and the filmmaking we need to do. There is so much see life out there as you can see from the viewport. I noticed the fish swimming around but one of out the fish that are being painted inside your underwater home . Ago few weeks ago, 10 days we had one of the famous painters that paints aquatic see life. We have had some interesting visitors come and visit us. Is there any restriction as to what is going on inside that capsule question mark you are painting outside, what are you doing inside keep busy . Inside. Almost never this is more of the place we go to sleep and most of our experiences are in the water. We spend sometimes 12 hours a day diving from about 6 a. M. To about 10 p. M. We are quite busy. We are trying to get dry. You have got seven more days in order to get to 31. Anything that you can point to at the window that tells us that you are doing stuff that you never thought you would say. You might be able to see some manta rays flying overhead just above our habitat. Fabian cousteau. We look forward to day 31. Live from pier 3 in san francisco, welcome to bloomberg west, where we cover the global and Media Companies that are reshaping our world. Apple will be starting mass production on a new line of iphones next month. This is a brandnew design for the iphone. Bigger and a five 55 inch screen. Consumers are buying more larger devices. And taking a hard look at the takeover of direct tv. Executives urged approval of the big deal
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