Denied in a statement that the vice president spoke to someone about investigating the Bidens Barisan which is the gas company were Joe Biden son Hunter served on the board or the conditional release of financial aid to Ukraine based upon potential investigations short added someone was never alone with pence in Poland and that the alleged discussion recalled by the ambassador never happened I'm Julie Walker reaction to the ongoing House impeachment inquiry was the 1st topic addressed by 10 Democratic presidential hopefuls on a debate stage in Atlanta tonight who are at least 6 of the candidates corrupt or criminal is their description of President Trump candidates war include which are Sanders and booted judge see it as a justice obligation for the Democrats to win the White House in 2024 Vice President Biden said that the president's concern with the Biden history in Ukraine suggests that neither Trump nor Putin want Biden as President Senator Harris calls the consequences for what she is calling a criminal living in the White House left out of the 1st round where candidates gathered Booker Yang inspire George ones on a reporting Pacific Gas and Electric says it expects to get the all clear before dawn Thursday to begin the process of restoring power to more than 100000 people hit by a planned blackout the utility says 48000 customers about 120000 people in 10 northern and central California counties lost electricity Wednesday that was only about a 3rd the number p.g. Any originally estimated it would blackout on Wall Street that I don't buy 113 points the Nasdaq dropped 44 the s. And p. 500 down by 12 more on these stories at townhall dot com. 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For 11 for 11 will send you a link to your free market for Cassel you take back control of your financial future tax money 241-1411 good vantage point for terms conditions and privacy policy over will let passengers and drivers record audio of their rides in an attempt to improve its safety record ride hailing company plans to test the feature in cities in Brazil and Mexico next month eventually hoping to launch in other markets including markets in the u.s. Although there is no timeline who has struggled with safety issues facing accusations that some of its drivers of assaulted passengers and some of its drivers also event attacked by passengers correspondent rich Tomlinson u.a.w. President Jerry Jones of broccoli resigned Wednesday capping entomology was day that saw union leaders move to oust him and General Motors accusing rival fiar Chrysler in a lawsuit of bribing union officials to get more favorable contract terms from the u.a.w. The news of Jones is a real resignation came shortly after the u.a.w. Filed paperwork to expel him from the union over allegations raised by a federal investigation into union corruption that's resulted in multiple arrests starting in 2017 news and analysis at townhall dot com I'm Keith Peters. They're going to bring you the latest money news interview like Bloomberg Radio your home town station 1520 w.p.c. W. Favre means a chance for Zuckerman to represent the u.s. In the country of his birth the u.s. Or the United States of Romania in emotional testimony before the Senate Foreign Relations Committee earlier this year Zuckerman recall that he was born at Bucharest and move to the u.s. As a child he told the panel his parents proudest day was the day they became Americans Zuckerman says he looks forward to advancing u.s. Interests in Romania and vows to help push back against corruption in the former Soviet satellite by new capital who Britain's Prince Andrew is stepping back from public royal duties because of his association with a notorious American sex offender the 2nd son of Queen Elizabeth the 2nd set in a statement Wednesday that its ties to the late Geoffrey Epstein have become a major disruption to the family's charitable work and it says he obtained the Queen's permission to step away while on these stories available at townhall dot com I'm Keith Peters. I just want to get a fair trial all this and more coming up in the next hour of burden. From Bloomberg world headquarters in New York I'm Doug Krisna Let's check this hour's top business stories and the markets the mood in markets right now is risk off thanks to an earlier report on the u.s. And China being unlikely to reach a trade deal this year complicating matters passage of the Hong Kong pro-democracy bill by the u.s. Congress and we are told President Trump is expected to sign it no response yet from Beijing you'll recall that yesterday after the Senate passed its version of the bill China did threaten to retaliate a short while ago China's vice premier league said he's cautiously optimistic about reaching a phase one trade deal right now in Hong Kong the Hang Seng is down wanted to half percent on the mainland though Shanghai Composite is weaker by just 110th of one percent l.v. M.h. And Tiffany are said to be in talks about a deal we're told the companies began discussions after l.v. M.h. Offered to pay about $130.00 per share for Tiffany Tiffany shares were up 3 percent in late u.s. Trading Intel sent a letter to its customers describing challenges in meeting demand for personal computer processors and apologizing for shipment delays Intel shares were down 2 percent in late u.s. Trading a.m.d. Shares seemed to benefit they were up one of the half percent in the late u.s. Trading Pay Pal holdings will acquire honey science Corp honey science has a popular browser extension to compare prices at online shopping sites price tag on this deal is $4000000000.00 Shares in Pay Pal were up more than $1.00 of the half percent in late u.s. Trading we check markets every 15 minutes here on Bloomberg we've got a stronger yen at $149.00 and a weaker Nikkei down 1.2 percent Kaspi is off 1.2 percent and in Sydney the s. X. $200.00 is down 8 tenths of one percent global news 24 hours a day on air. And a tick tock on Twitter powered by more than 2700 journalists and then most in more than 120 countries this is Bloomberg. There are 2 significant risks on the horizon for financial markets according to William Dudley the Bloomberg opinion columnist and former New York Fed president tells us low bond yields are not sustainable and corporate credit could eventually become junk he spoke with Bloomberg Jonathan Farrow So let's talk about it what do you see right now that concerns you there are 2 things in the Fed report that I thought were noteworthy number one is financial market valuation is the Fed concluded are not high relative to bond yields but bond yields are extraordinarily low so I think there's a risk that if a bond yields rise which seems likely to me given the large budget deficits that we see as far as the eye can see that's going to put financial market valuations under pressure and 2nd day highlights the build up of corporate debt corporate debt is to increase because businesses are deciding to borrow to buy back shares because that boosts their share price all well and good as long as we're in an economic expansion but next time we have a recession and that big load of corporate debt that we've built up is going to be problematic because a lot of that's in the triple b. Sector and some of that trip will be death going to come junk debt and people are going to be able whole that they're going to sell it and that can put a lot of upward pressure on credit spreads at that time the corporate tax law changes and acted in 2017 will make that worse because under the new law you can't get refunds against prior years federal income taxes that you paid like you could in the past also there's a limit on the deductibility of interest so as your earnings go down that that is going to become more binding so the corporate debt market's going to get become very messy the next time we have an economic downturn just reading your pay spell it seems to me that the underpinnings of the concerns are rising Treasury you know it's not trying to understand why Treasury u.s. Withdrawal. Because of budget deficit concerns when they haven't over the last company years as the budget deficit has obviously exploded Can you just explain that Bill Well I think in the current environment people are more worried about recession than they are worried about higher inflation and so bonds are basically viewed as a hedge against bad economic outcomes but remember the Fed is just take out insurance against recession so the risk of recession I think now is lower and the risk of higher inflation is higher and so the concern about the outlook may shift away from fears about bad growth outcomes to higher inflation inflation starts to drift up I think the bond market's going to not be as benign as it's been recently have been essential if the Fed is successful and generating inflation it basically exacerbates the next downturn Well it means that body else will go up which will put downward pressure on financial asset values and then when we have the next recession so the corporate sector problems are not gonna cause the next recession but when we have the next recession this corporate debt build up will make the recession worse the tradeoff between extending the Sancho and addressing some of these issues but how do you view that right now if you are back on the f.m.c. What would you be suggesting in terms of policy Well I think what the Fed did in terms of taking out insurance makes sense especially an environment where there isn't an inflation problem the Fed doesn't want to be blamed for causing a recession that was totally unnecessary So I think what they did was appropriate but there are some risks that I think the market is ignoring who's resounded to deal with but I think it's really about investor the best or is being a little bit more cautious in terms of their view that bond yields are going to stay low indefinitely and I think it's quite surprising that at a time that the economy is in the longest economic expansion in history that the prospects for continued expansion look quite good that we have a 10 year treasury no you know that one in 3 quarters percent but something you've written about a lot as well the frequency of recessions it's dropped but the magnitude of them when they hit the viciousness of them much more. Why is that though what's going on but I don't know that the recession is necessarily have to be more vicious in terms of having a sharper decline in growth but I do think that there's a bigger financial component if you if recession become less frequent people become more used to expansions as opposed to recessions and the recession that is a bigger shock when it occurs so the thesis that I've had and I've I've been working on this with that McHale the way when we were at Goldman 20 years ago or more ago when you have long economic expansion when you actually do have economic downturn there's going to be a bigger financial market component because people are going to be surprised by the fact we're now in a bad economic environment but I read pieces like this from people that used to work on the f. One c. And I wonder if the people on the f m c At the time are aware of things respect I want to speak openly about them is a piece like this something I can find under things you can say when you are no longer at the f.m.c. How do you handle the situations when you are at the Fed even if you do recognize the same things well look I think that said financial stability report that they published on Friday was a very reasonable reported think they're assessing the current state of risks and I think they're right that the risk currently are that high but there are some risks embedded within their discussion that I think are important and that's the fact that we have chronic budget deficits as far as the eye can see and the fact that we have had a big build up in corporate debt and so those are in that report there is that immediate risk there little bit further down the road that was former New York Fed President William Dudley coming up the ox wagon of America c.e.o. Stop this isn't for. Yourself. Something serious and I know you like using me wherever you are but I feel like this isn't working out when you're driving. Possible to focus. Away from each other when you're driving for the back. Visit stop tax stop or. Org a message brought to you by the National Highway Traffic Safety Administration project yellow light and the Ad Council you don't usually find the titans of finance business and politics sitting around together there's been this transfer of royal power and royal prerogative but amazingly they're nearly all here every week but still for the title What are you looking for Bloomberg Surveillance with Tom Kean and Jonathan So where does the Crikey come from weekday mornings at 7 Eastern he's got a respond doesn't he on limbered radio the Bloomberg business that in Bloomberg Radio Doug come the world is listening stocks finished modestly lower on new concerns about the outlook for u.s. China trade agreement the s. And p. $500.00 suffered its worst loss in a month that Jones Industrial Average sank $113.00 yes and p. Drop 12 the Nasdaq composite lost for all packages for a living a gas powered Mercedes-Benz sprinter delivers transport people a sprinter band with 0 percent financing is a 5 star idea if food deliveries your thing in a gas printer caters to you and if you're a general contractor half price or thought on ice is back that's right you can get com offices all to munch Springs I want to help. And sacrifice if when you have children sacrifice just comes with the territory of the sacrifice because you love your children and you want them to have every advantage let us help you lessen the sacrifice it takes to send your son or daughter to the finest Christian schools in central Florida buy half that's right when you go to amazing radio Deals dot com a Bloomberg pursuit and luxury Europe's richest man has spent a $1000000000.00 on a department store less amount and 10 part of billionaire Bernardo nose l b m h luxury empire is set to reopen in Paris next April after a 15 year renovation I know is counting on rich Chinese shoppers to fill its grandiosity half of which will include a 5 star chef hotel restaurants offices and a question to your branded spawn the retail space will be filled by d.f.s. The l.t.m. a Tone to travel retailer known for its expertise selling as you have all see perfumes and Fendi handbags tax free to Chinese shoppers Meanwhile in l.a. Aston Martin joined Lamborghini Bentley and Porsche and offering a 6 figure luxury s.u.v. The $189000.00 Aston Martin d b x is a $542.00 horsepower twin turbo charged b. 8 engine borrowed from the handsome d b 11 Coupe de b x M's at a critical time for the English brand who shares are down 60 percent this year Amanda wrote a Bloomberg Radio from the Bloomberg Interactive Brokers studio this is Bloomberg announced. Bokes wagon of America c.e.o. Scott Keogh says 15 to 16 percent of company sales will be from electric vehicles by 2025 as he unveiled its new electric s.u.v. Built in Chattanooga Keogh spoke with Bloomberg David Westin from the Los Angeles auto show behind me of course is what I call today's vehicle this is the Atlas cross sport it's the fastest growing segment in the in the market this vehicle is being ramped up in Chattanooga as we speak come to the marketplace in February and frankly we couldn't be more excited to add to the segment 5 seat s.u.v. $33000.00 right car so tell us about the strategy on the electric vehicle side of this is all the talk of all the articles about that even means exactly where are we right now in the percentage that fleet that is electric and what are your projections. The next 3 to 4 years. Right now if you look at the markets approximate 2 percent of the market so you can see if the market 17000002 percent of the cars is is not huge numbers but where we see it going and if you look at most industry analysts they say somewhere between 10 and 15 percent by 2025 if you look at our sales and what we're projecting it's exactly that about 15 to 16 percent of our sales will be coming from E.V.A.'s to me it's quite simplistic there is going to be a revolution there is going to be this new wave coming and when you have that you want to position ourselves at the front of the line so that's what we're doing that's why we're ready in 3 cars that's why of course we did that brown Bridgeport groundbreaking for our factory in Chattanooga last week we want to get the front aligned it's as simple as that and what sorts of cars will the 1st the edge of the wedge be for Volkswagen we just saw Ford announced that Mustang Maki they're going with the hybrids cross crossover So what are you doing Look I think we have some similar research our 1st vehicle will be what we call it a segment s.u.v. So a similar size to the product that you mention this will be a car that will be importing next year or so to be coming out the end of next year that will be the 1st vehicle the 2nd vehicle of course will be the mythical id buzz you know a car that takes you back to the glory days of the Volkswagen bus and then the 3rd vehicle is the one behind me and the one behind me is fully tuned for aerodynamics it's a large vehicle it's a c. Or d.c. Size vehicle that gets almost 300 miles a range but of course you know the great thing for us David is we have this m.e.b. Architecture this is a platform that's going to be making nearly $20000000.00 cars worldwide that gives us huge scaling effects huge economy of scales and it's a platform that's flexible you can make something as extreme as a buggy or something like that car you see behind me so this is a massive competitive advantage for a 4 Volkswagen one obviously we want to take advantage of it has some fairly aggressive projections by 2025 about how many models are going to have that are both electric but also hybrid but also what percentage are say. Ells will be treated as those where will those vehicles we made we have a plants across the world so again something we're ramping up quite aggressively you know there was a opening just a few weeks ago the id 3 the 1st m.e.p. Car came off the plantains fix but of course we are doing our groundbreaking in Chattanooga Tennessee the 1st car will come off the line in 2022 but across the entire network 8 plants are being electrified as we speak this is the largest commitment of any manufacturer from China to Europe to of course here in the United States which I was going to kill he is the president of books like America so it's got as you look at the Electric Vehicle world around the world how much of this is being driven by trying to China and how much is being driven by subsidies from government you know this is a fair thing that comes up and I know there's a fair amount of citizens in the say is this a consumer led revolution is it a political led revolution it is a conspiracy of sorts started by you know environmental and climate system frankly at the end of the day I see this thing with the dust all settles being consumer led the reason I see it being consumer led is these products are going to be extremely cool they're going to be quick they're going to be fast they're going to give you great range and at the end of the day I always focus on the consumer so when I look specifically for us in America there's 2 data points I look at we did research 2 years ago showed consumers our entire electric fleet and we got a market reaction we did that same test same cars modifications and the market basically doubled to tripled in terms of people intending to buy so we see the wave coming the other one of course was last week we had 900 of our dealers down in Chattanooga and whether it's in Milwaukee or whether it's in Santa Monica California dealers see it as a business opportunity is they're saying let's bring it and let's go so my reaction from consumers and from dealers is is the wave is just starting to hit right now and again we will be there so Scott you talk about the wave coming in the consumer drives. Might that give more force behind the demand for vehicles overall because there's some softness in the United States right now certainly in China you're seeing softness is a possible renewal of the demand people using you know an electric I want to replace my car so when an electric vehicle you know there that is a key insight and something I see as well if you look at the average age of a vehicle on the roads in the u.s. It's about 11 to 12 years this has a massive opportunity to drive an entirely new stimulus and I think that. When you get the pricing right of course when you get the value story in terms of lifestyle and life cycle ownership it's going to lead to a massive refreshing that was Volkswagen of America c.e.o. Scott coming up Werner after rector of the Western Hemisphere Department this is the number. Of. Context. Of interest our focus is on water. Earthquakes for Frank with Bloomberg David Wessel the situation the link is basically mostly with the deposit of the dirty water that comes out of the well along with the oil you have to deposit that water some place you see put it down a deep well and unfortunately that happens to be in an area where there are fault lines that the oil industry wasn't aware of the background fracking is hydraulic fracturing and it's the pumping down at a very high rate of speed a combination of water sand and chemicals and you try to push it down and blast this very tight rock that has oil in it we can't get oil to come out of it unless we crack it really hard the argument it means they have to be careful they have to do a little bit more homework to know where the fault lines are underground when they do their reserve or analysis but it also means when they're depositing dirty water from the oil well back into the ground sometimes slow and easy is the best method for more on fracking rather quickly. Number going calm for for trouble customers go to 10 I quit dime Charlie thought Bloomberg Radio. When it comes to financial advice there are a wealth of options out there but is the advice you're getting clear and straightforward with the Delany wealth management you'll have a financial advisor who helps you grow and protect your well being for strategies designed to reduce the impact of taxes while explaining our fees and your options and will always offer clear recommendations for your full financial picture learn more at fidelity dot com slash well but brokerage services member n.y.s.e. S.i.p.c. . 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Now than he did Democratic presidential contenders are debating it Atlanta correspondent Bob costs and teeny reports much of the focus has been on impeachment and health care while impeachment defines the country Medicare for all seems to be dividing the party senators Warner and Sanders defended their plans with Warren taking heat for the potential cost of hers if taxes are not raised on middle income Americans Joe Biden and Pete both argued against forcing a government run health care plan when all Americans suggesting a public option is the way to go for those unhappy with their coverage all day President Trump has been tweeting about the impeachment hearings Democrat Russia Krishnamurthy ask u.s. Ambassador Gordon silent about to tweet on October 8th. Of this year the president tweet tweeted that you are a really good man and a great American and of course on November 8th one month later he said let me just tell you I hardly know that gentleman Easy Come Easy Go have a name. And I'm dead prisoner of Bloomberg world headquarters in New York let's check this hour's top business stories on the markets the mood in financial markets right now risk off following an earlier report that the u.s. And China are unlikely to reach a trade deal this here and complicating matters passage earlier tonight in the u.s. Of the Hong Kong pro-democracy bill by Congress we are told President Trump is expected to sign it no response yet from Beijing now to put this in context like yesterday when the Senate passed its version of the bill China threatened to retaliate a short while ago Chinese Vice Premier Leo said he's cautiously optimistic about reaching a phase one deal and it was on those comments that the equity markets across the APAC region have come off their session lows Nonetheless they do remain down with the Nikkei weaker by one percent in Hong Kong the Hang Seng down 1.6 percent the c.s.i. $300.00 is down 6 tenths of one percent. L.v. M.h. And Tiffany are said to be in talks about a deal we are told the companies began discussions after l.v. M.h. Offered to pay $130.00 per share for Tiffany Tiffany shares were up 3 percent in the late u.s. Trading Intel has sent a letter to its customers describing challenges for meeting demand on personal computer processors as well as apologizing for shipment delays Intel fell 2 percent in late u.s. Trading the beneficiary Advanced Micro Devices it shares were up one of the half percent in late u.s. Trading and Pay Pal holdings will acquire honey science Corp honey science has a popular browser extension to compare prices at online shopping sites price tag on this deal $4000000000.00 we had paid more than wanted to have percent in late u.s. Trading we check markets every 15 minutes here on Bloomberg right now in Seoul the cost be down 1.4 percent the u.s. 10 year with a yield of 1.72 percent this is Bloomberg. Heirs to. Broker studio in New York during the period to Washington d.c. We're not going to go to Boston for one of those 61 to San Francisco Birdland 62 the country Sirius x.m. 21000000 t.v. And around the world for member businesses Radio dot com He's a member best. I'm Jim Grasso. Alberto Fernandez has a plan for Argentina that's what the president elect told the i.m.f. In his 1st phone call with the new managing director as he works to renegotiate the country's record $56000000000.00 credit line Fernandez valid to tackle the nation's debt problem while spurring growth but ruled out any austerity measures in a future deal for the latest on these negotiations Bloomberg David Westin spoke with Alexander Warner i.m.f. Director of the Western Hemisphere department so give us a brief update exactly where we are with Argentina at the moment there is this large one and we have a new government and we've heard Ms the order of business and we're eager to hear what your plan is when we get it exactly so so we had a very large program with Argentina from those $57000000000.00 that you mentioned $44.00 have been disbursed and then given market volatility a day that a new government that was elected a recently a we have been in talks with the current government or expecting eventually to see a program by the new government and be able to engage with them with a the objective of basically helping Argentina and there they sign all their new program to bring Argentina back to growth to bring inflation but inflation in Argentina might end up being 57 percent this year and that has mean the big driver of the increase in poverty so that it would be very important for a good thing and to have a comprehensive program that helps to bring but down inflation a jumpstart a growth. And therefore significantly improve poverty that hurts worse in a lot and the magic or designers are debt sustainability they have a plan basically sustainable over the longer term but is that possible without us there it is a practical matter do they need to come closer to balancing the budget as they have been saying what we need to see is the whole plan is in its integrity it's very hard just to talk about government expenditure or taxes or a dead level if you don't put anything together so in a sense a way to engage with the government in there has increased go over and that he's trying to implement policies to correct significant Michael cannot make it even balances that was a 100 Werner i n f director of the Western Hemisphere department and coming up Carole Goan wife of former Nissan c.e.o. Carlos Ghosn this is the. Where the Bloomberg business of sports report on Michael Barr an appeals court has ruled the Baltimore Orioles baseball club has the right to arbitrate a dispute with Washington Nationals regarding the league's financial interest in the Nats in front of the American Arbitration Association the teams are contesting millions of dollars in fees for t.v. Rights the dispute stems from the September 2005 partnership agreement giving mid Atlantic sports network the exclusive rights to broadcast Orioles and national games to be agreement the teams must 1st mediate any dispute if mediation fails then the teams go to arbitration before the commissioner of baseball and investor in the sports unit of Chinese billionaire Wang jangling real estate to entertainment group is leading a lawsuit against the company alleging want a sports group and its bankers disseminated falls statements related to the July initial public offering and that is a Bloomberg Business of Sports Report I'm Michael. 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Oh hi everyone Peter a studio and Derek is back with us from Thompson jeweler spot an exciting time because it's a time of Thompson to discuss. We're going to be celebrating 71 years in business it all started in 1948 was quite the birth there's a liberation Yes it's an incredible party and we're going to do some special word to give 48 percent all anyone jury I'd have that's incredible from rings necklaces bracelets pendants single jewelry I did 48 percent off incredible and you know what we can do this we've been around for 71 years because of listeners like you guys we believe what's you but life this is the oldest jewelry store in central Florida and you know why because people keep coming back time after time after time because this is where the quality is this is where the great service is substance you are so why go anywhere else can't wait to see you guys and celebrate the birthday with us you must mention the 40 percent off at the store cannot be combined with any other offer in store merchandise so much ounce of jewelers in the colonial town plaza you think about what to do the hobby like shopping center Don't miss it. 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The late great Reggie White an all pro defensive end for the Green Bay Packers used to greet offensive linemen by saying hello you're about to meet Jesus he was only half joking the field Reggie might have said the same thing as part of his strong Christian witness another gentle giant former Chicago Bears offensive lineman Paul Blair is offering a similar welcome as pastor of the brand new Liberty Church Orlando 55 Maitland Avenue in springs having started Oklahoma State before embarking on a professional football career gave his life to Jesus Christ in 1909 in Oklahoma native and son of a pastor Paul went from blocking mountainsides been to preaching about mountaintop faith as pastor for many years in Edmond Oklahoma where he was born and raised Paul led his congregation with strong preaching and a fearless dedication to God's institutions of faith marriage life and family has now brought that spirit to Liberty Church Orlando for $55.00 Maitland Avenue and l. To month Springs you are invited to come and be a part of this new family of believers Liberty Church Orlando online and Liberty Church Orlando dot org. Heavy yet a delay in transmission and delay in transmissions dot com. 10 Democratic presidential contenders are debating in Atlanta correspondent Bob Constantini reports much of the focus has been on impeachment and health care the impeachment of ice the country Medicare for all seems to be dividing the party senators warning Sanders defended their plans with war and take each for the potential cost of hers if taxes are not raised on middle income Americans Joe Biden and people both argued against forcing your government run health care plan when all Americans are suggesting a public option is the way to go for those unhappy with their coverage all day President Trump has been tweeting about the impeachment hearings Democrat Russia Krishnamurthy ask u.s. Ambassador Gordon Sunland about to tweet on October 8th. Of this here the president tweet tweeted that you are a really good man and a great American and of course on November 8th one month later he said let me just tell you I hardly know the gentleman easy come easy go have an enemy. With a Bloomberg Small Business Report I'm John Tucker New York based digital media startup Action Network was founded on the premise that a sports betting mania will find its way into the American mainstream last May The u.s. Supreme Court overturned the federal law that had confined legal sports books to Nevada Action Network doesn't take wagers Instead it's love to become the go to source of information for sports bettors through a subscription based service offering news data and to analytical tools the company has been steadily adding reporters and editors over the past year now has about 30 on staff out of a total headcount of about $75.00 their base $8.00 monthly tier provides access to expert picks same information on where other betters are putting their money Action Network says it's been averaging almost $2000000.00 unique visitors per month over the past 3 months and that's the Bloomberg Small Business Report I'm John Tucker from. Bloomberg Interactive Brokers studio this is number best. It's 47 minutes past the hour now it's time for Bloomberg opinion David Westin discusses the trade war with columnist Carl Smith remembered opinion informed perspectives and expert data driven commentary on breaking news from the Interactive Brokers studio it's time now for Bloomberg opinion and we welcome to Day columnist Carl Smith Carl welcome to a couple of columns actually we're talking about here I want to start actually with the trade work here your headline is Trump's trade wars undermining his tax cuts now a lot of people thought that might be true just because it costs more to taxes such as the consumer but you have a somewhat different analysis that has to do with cattle investment Yes So I think the way the tax cuts were was a work or at least the largest side of them the business side you know both production corporate rates and expensing is the but that was they were supposed to encourage grader's of capital investment in states that would grow the economy through a number of different means one of them was in the nerdy sense were economists call Tobin's Q But what happens is that. We cut corporate taxes asset prices rise that encourages more people to invest we see these kinds of phenomena all the time Spike market goes up start ups and stuff get more funding the train were undercut that partially because it raised taxes on something but even more important in that because it raised uncertainty among businesses about supply chains and one of the things that you can see is that as soon as some of their their Republicans have won it became clear they were coming into office all of them to talk to other wanted to use tax cuts that it started taking on and it kept it kept rising to $2700.00 too much 1800 and really when the trade war started in earnest It's not going sideways and we've seen now for you know I guess you know going here now more than a year that the trade war in any talk about the trade war sort of dominates the stock market because of uncertain about what's going to happen to business profits supply chains and if you believe that. Higher sort of like higher corporate profits or higher and higher asset prices drive greater startup investment then you've got to see that that original effect from the tax cut has been sort of undermined by the uncertainty of the trade war thanks to Bloomberg opinion columnist Carl Smith You can read more on this and other stories from Bloomberg opinion at bloomberg dot com slash opinion and on the terminal by typing old p.i.n. Go and now let's check in at the Bloomberg affiliates to find out what's happening on the nation's most influential radio stations. I did Corey young k.f. B.k. In Sacramento I'm reporting p.g. And he will cut power for 150000 customers in Northern California early today 40 Donahoe one k. Or l d in Dallas Exxon's credit rating lowered by Moody's today with substantial cash burn Buzby on k y w in Philadelphia I'll be reporting on a new study showing nearly half of credit card users old more than they did a decade ago Mark Mills for w.b. B.m. Chicago reporting on Tribune stocks soaring after an investor known for cuts choir's a stake. Thanks Mark Time now for a Bloomberg exclusive the wife of Carlos Cohn said the phone auto Titan should face trial in France because he won't be given a fair hearing in Tokyo Carol go on an outspoken critic of that country's legal system labeled it a hostage justice system just a year after her husband's arrest she spoke with Bloomberg scarlet food in New York Carol it's been one year since her husband Carlos was arrested he's currently out on bail but in Japan that's a lot different than out on bail in the u.s. What are the restrictions on him. First of all I haven't seen my husband and almost 8 months or spoken to him this is the 1st bill restriction they they put out I was actually in this one year yesterday was his one year of his arrest I've only seen him one month. So this is the 1st very hard and severe and humane risk. Section. They have no reason because they have nothing to do with the case legally I'm not involved so we don't understand why they won't let us see each other now the Japanese prosecutors argue that you shouldn't be allowed to see each other because you've criticized the Japanese legal system and you could conspire and exchange material and as well they say that you participated in the destruction of evidence how do you respond to that 1st of all it's not true I didn't I knew nothing about my husband's business so there's nothing to destruct but that's not true and 2nd of all I did not criticize their system I think I stated the facts of how my husband was treated when he was detained and about their what is called now their Hostis justice system how they you know detain a person and they don't then all of the lawyer to be present while he's being interrogated and he it's under very severe conditions and they keep them there the course of the month so they confess that's why they have a $99.00 conviction rate just like China and Russia because of the system that they have in place but this isn't it that's in place of highs to everyone do you worry I know that Carlos won't get fair treatment because he's not Japanese because he's a foreigner What evidence do you have to suspect that there was after my husband got arrested there was a Japanese see who took his place called Mr psycho and then Mr psycho we find out that he earned an earned money he had money that he wasn't supposed to receive and my husband did not take any money and was arrested for 130 days in solitary confinement this man admitted to taking money and he gets he gets fired he gets to go home to his wife live a normal life while I haven't seen my husband in like almost I told you 8 months and he was detained for 100. 30 days in solitary confinement but it's not just the charges that Congress faces from Japan in September color settled with the f.c.c. Civil charges that he had more than $140000000.00 in compensation doesn't this hurt his case in Japan because a judge in Japan could see this as this settlement as weakening his argument that he was framed he settled for the us because he wanted to focus on his trial than Japan he didn't want to open to France and when he settled with the as you see there was no admission or denial so I mean to make it clear that there was very even the s.c.c.s. Says there was no money taken. So the i.c.c. And Karl is going settlement did not involve any admission or wrongdoing but what about the accusations themselves that he misreported income that there was misuse company funds Miss misreported income they've accused Carlos' of a future bonus that he's going to receive once he retires the bonus was not approved he didn't sign off on it the board did not sign off on it so how can you arrest a person and put them in jail for the money he has not received and he hasn't even been approved you know so bear apparently this Japanese system this judicial system because they wanted to get rid of him because they did not want to lurch with no the French company and they were scared of this merger they found the easiest way to do it was to put my husband in jail this was the way they wanted to get rid of him don't you think there could have been a more civil way to do this couldn't they have the board met with him and spoken to him and said We'd like you to step down this is so violent and they've destroyed our lives and they've you know we're scarred forever and over why it's if you think about it who has won in this new son there that you saw how badly. They're doing renos doing badly in Japan their reputation has been ruined I don't know what foreign businessman would think twice of doing that you know working a Japan after what happened to my husband and my husband's life has been destroyed and the Army all of this you know this merger between Renault and Nissan has been destroyed so who won in this thing is that when you look at the situation and Carlos is out on bail bill is more the exception than the rule in Japan judges in Japan are less likely to grant bell to those who fight charges do you think that all the pressure and all the progress of the surrounding his arrest led to their granting bail not once but twice because it's not typical for them to grant I think you have because they've been criticized a lot and their system I don't know anything about their system I'm sure a lot of us didn't know that they were so strict and severe and there's so much Western criticism that I think they decided for political reasons to let them out on bail but to put them under very severe and strict conditions so they're still punishing him he's still being held hostage now Carlos holds French Lebanese and Brazilian passports he has children who live in the United States you called upon presidents Micron presidents Trump and Boston r.-o. To intervene and to help Carlos how far along have you gotten in this request for help well it's a loan fight I mean I've Yes I've called upon all of them the French have finally started to react to actually President Sarkozy was and. In Japan for the maybe 23 weeks ago and he met with my husband with the approval of micro and also now a bunch of French Government senators and ministers signed a petition to repatriate Carlos to France or to get a more humane treatment so the French are finally moving That was Carol gong wife of former. Nissan c.e.o. Carlos Ghosn and that's all for this edition of Limburg best you can see all of our best work and in my best job on the Bloomberg terminal our show is produced by Carolina Brian thank you both so and this is Bloomberg. 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Or your recent studies the average human attention span has fallen to just 8 seconds that doesn't give me a lot of time so here I go if you're a student at any cost we're having a contest for major. Prizes and a paid internship all for writing a great research paper and you're probably doing this for free anyway so why not try to get something from it you go to our Web site pick one of the 6000 companies listed research it write a report and submit do that best you'll win at the $7500.00 in cash a trip to Miami for the noble con investors conference tonight to the multibillion dollar Hard Rock Hotel and the paid internship no strings attached it's sponsored by the same folks that do the national spelling bee because today being thorough and detailed and doing solid research has become a lost art just Google it doesn't cut it we have some of the best emerging companies that need to have their stories told and we need to find some great people to help us do it want to find out more go to channel check dot com That's channel c h e k don't need that 2nd c dot com for all the details sometimes we can't decide but our failure to make a decision is a decision if you fail to make an estate plan then you have decided to let the government make it for you when you pass away your property will be distributed in a manner dictated by the legislature is that what you want for your family cherries and friends if you nod then you will need at least a will and possibly a trust and a lawyer to write them call me I am caring nice try but tourney and my job is to help ensure that your last wishes are made known and your worldly treasures are distributed in the manner you would like upon your death I can also help you and your family with probate and other legal challenges you encounter in life my office is conveniently located in Baltimore on springs near high for you can reach me at 407-869-0900 extension 0 s. 407-869-0900 extension 0 or the mail bag Karen at Baltimore dot com offices fault months for rings I want to help. Still bring Christian years as a caucus hold down stay shooting 20 w.b.c. Go up go. The way the site insurance whether traffic service should proceed. I want to know we broke the president called committee chair Adam Schiff quote phony and a corrupt politician. Who misrepresented the content of a July phone call the president had with the president of Ukraine a top aide to Vice President Mike Pence is denying a conversation described by Sunderland's impeachment inquiry testimony ambassador Sandlin assessed the 5 that he spoke with Vice President pence before a September 1st meeting with Ukrainian officials but Mark short Pence's chief of staff denied in a statement that pencil spoke to someone quote about investigating the Bidens Aris money or a conditional release of financial aid to Ukraine based some potential investigations that's a reference to that gas company were Joe Biden's son Hunter served on the board Shelley and or Washington separately a State Department spokesman is called flat out false any suggestions that Ambassador Sandlin told Secretary of State Pompei o that President Trump was linking aid to Ukraine to politically motivated investigations in medical news the American Medical Association is calling for an immediate ban on all electronic cigarettes and they've been devices citing the surge in teen cigarette isa great use more a townhall dot com half price orthodontics is back that's right you get braces for you or your child for half the regular cost go to amazing radio Deals dot com and click on the half price for the comics button and save looking for an amazing Christmas gift for a grandchild perfect smile can change a child's life.