Continuing the trend we saw last week that pushed the s p 500 above 2500 for the first time all three major averages are at record once again as we see this upward trend and investors are keeping an eye on at whichs fed meeting they are anticipating some details of the fed Balance Sheet wind down. All three major averages are higher. One trend we have seen change in the last week or so is that stocks have continued to go up we have not seen the same for bonds. We have seen yields go up and prices go lower. All this year we have seen stocks rallying and we have also seen bonds rallying. The u. S. Treasury index has been trending higher as yields have largely been trending lower. In the past week or so we have aen some the virgins as stocks have continued their upward trend but bonds have gone lower and bond yields have gone higher. Pretty significant move higher in yields and some analysts and strategists thing that tells trouble for stocks as we get more details on the Balance Sheet wind down. We will have to see what happens on wednesday. Some stocks we got the monthly sentiment indicator for homebuilders. The things they are paying attention to is rising costs for materials. The various makers of materials are going higher. Not so much talking about lumber that rather stone and other different kinds of material. Fertilizer makers are also doing quite well in todays session. This is after some analysts talk about rising prices. Prices shown the biggest monthly gain in 10 months. The best performer in the s p 500 today. Trump makingent his debut at the United Nations and mincing no words about the need for reform at a u. S. Sponsored event. In recent years the United Nations has not reached its full potential because of bureaucracy and mismanagement. Aile the United Nations on regular budget has increased by 140 and staff has more than doubled since 2000 we are not seeing the results in line with this investment. Shery he speaks to the u. N. General Assembly Tomorrow amid tensions with north korea. Also on the agenda syria iran and climate change. Chinese president and Vladimir Putin arent. Kevin cirilli joins us now. Thank you for talking to us. We dont have Kevin Cirilli at the moment. Ets talk to bill ferris sorry about that. Whats on theut agenda because President Trump he wants to make the United Nations great not again, just great. Whats on his agenda for this to happen . Saw him headlining this u. N. Reform summit this morning. Thats normally not a thing u. S. President s get excited about what it has been away for the Trump Administration to work very closely with the new u. N. Secretarygeneral to cut costs at the u. N. Peacekeeping is a major expense. Have haley and gutierrez been working together to cut back some of those peacekeeping expenses. The Bigger Picture is going to be north korea. Rounds ofas led to sanctions in the Security Council against north korea. They want to see us take affect and they want to keep the united front with russia and china together. He is having a lot of meetings this week. Latin american leaders, the israeli Prime Minister. He is basically made everybody. Will he use the u. N. As a vehicle for u. S. Action or will he be getting it to try and do more . I think he wants to take advantage of the fact that you have 200 World Leaders here in new york all at once. He wants to make progress on these issues. Not all of them from his point of view will have a u. N. Solution. Big decision on the Iran Nuclear Deal coming up next month. Hes going to be talking about the reform process. Hes going to be talking with china on the side about trade issues. He and do an wants to do in Foreign Policy he has a chance to work on this week. The president is not attending. How much does that affect his pressure on china . Deliveries issue has been a big stumbling block for the u. S. And china when it comes to dealing with north korea. Hold has always wanted to that card very close. There was some success in the latest sanctions that it does make it a little bit harder with the chinese president not being there. Hes got a lunch with gutierrez tomorrow. What will his message be . So far he wants dialogue. They have sort of formed alliance. Wei think his message is, are investing a lot. We dont feel like were getting a lot out of that investment. The peacekeeping reform and changes are one area where the u. S. And the u. N. Can work together. Say aoing to want to continued united front on north korea and he wants the yuan to prove that it has a lot of value. Other issues on the agenda as well. We have climate change. Venezuela as well. What are the things he needs to get on the table and talk about with these leaders . Its almost unprecedented for a u. S. President to come up for four days of the u. N. So there has been talk about the state department ending a smaller delegation. Shery is the smallest delegation in decades. 15 or 16 years. Promisedistration has hes going to be doing a lot of handshaking, backslapping, deals in the hallways. Thats typically where the news comes out of the u. N. Summit. We are awaiting the speech by President Trump which is going to be the big one. Thank you for joining us here on the set. Lets check in on the first word news. Is notresident trump backtracking on his pledge to withdraw from the Paris Climate Accord according to his chief Economic Advisor gary cohn. It sold for in climate and Energy Officials the conditions dont exist for the u. S. To stay in the deal. Force in thehow of skies over south korea. Warplanes took part in a bombing drill and flu the border with north korea. That happened after the Trump Administration says it wants a peaceful resolution to the Nuclear Standoff with the north. Officials say the u. S. Will use force if necessary. Vladimir putin attended military drills in western russia today. 60 miles east of estonias border troops from russia and belarus participated. The maneuvers have raised concerns from neighbors such as poland and the Baltic States who criticized the lack of transparency and . A intentions. Russians as the exercises trueve a combined 13,000 troops. The british Prime Minister has slept on foreign minister Boris Johnson for his unauthorized intervention in the brexit debate. She said the government is driven from the front and she is clear on what the cabinet has agreed on. He wrote a newspaper article that led to the accusation he was trying to undermine her approach to brexit. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. Why geopolitical risk isnt making a bigger dent on market volatility and which sector stands to benefit the most from bipartisanship. All of that next. This is bloomberg. Shery welcome to Bloomberg Markets. Im shery ahn. Vonnie i am vonnie quinn. Off a big week. President trumps first u. N. General assembly address. The Federal ReserveRate Decision wednesday. Until we seet says political volatility in the economy expect a low mix and elevated entity multiples. Basically keep calm and carry on is going to be the motto. Until conditions change. You need to see significantly inflation or economic volatility. Economic growth has been very strong on a real basis and now inflation is stabilizing. Until those conditions change you should expect a low fixed across asset classes. Its a verycal risk binary event and so if the outcome is either catastrophic it doesnt necessarily make sense to trim up on your apple position. Shery what about rising inflation . How will those sectors be affected . They come under pressure. They are very overweight. Expected growth and price momentum stocks. Would are to see that i expect things like financials and value factors to outperform at the expense of a lot of the that activegiven performance has been better this year on the hedge fund side the probe blue want to for protect performance a little bit. Vonnie you are looking outside the u. S. As well. The risk is potentially overstated. I do think its overstated. Investors are starting to worry about the slowdown in china. Potentially a bottoming in the u. S. Dollar so all of the perfect conditions that have set up for emerging markets to go away. I just think its vastly overstated. What matters for emerging markets is relative growth plus developed world interest rates. There likely to be relatively pinned. If stocks to continue to outperform and people are just getting a little too carried away. The chart is 9531. You can see the emerging markets index rallying. In the second panel you can see the earnings yield near the which level since 2010 also means we are seeing a narrowing gap with the 10 year u. S. Treasurys. Given this environment how much more room is there for the stocks to rise . Its a very good question but as long as volatility is expected to be low and the next recession is expected to be anywhere from three to five years away it can continue to narrow. You have a long way to go as long as the conditions exist for low expected economic volatility globally and next recession not being very far off. Vonnie what would a surprise from the Federal Reserve look like this week . A more indication forceful indication the transitory factors are holding down inflation. You have seen ppi up. The numbers are still in a downtrend. If the recent increase were to reinforce some thought process that veryomc idiosyncratic factors and they reinforce their rate path for the next year that would be a pretty big shock. That would be a very big shock. The dollarould see gaining ground. How much of a linkage is there any more from the u. S. Dollar with the emerging markets . I think the link is relatively broken as long as the u. S. Dollar is increasing for the right reasons. Because inflation is trending higher, i dont worry about a dollar increase impact in emerging markets. If its because of the shock on the fed totally different story. The u. S. Dollar goes up and emerging markets come under pretty intense pressure. Leader of Portfolio Strategy Research at ever core isi. Shery lets get a check of the business flash. Opened a criminal investigation into whether a Top Executive at that was faxed equifax violated were aware of a massive data breach before they sold shares. Equifax announced that it discovered the breach july 29. The three sold shares worth more than 1. 8 million in early august. Sprint has just fired the latest shot in the iphone price war. Andting today the new existing sprint subscribers can get an iphone eight for trading in iphone 7 or the Samsung Galaxy s8 or note 7. It is also offering people with older iphones half off prices. At t started the war by offering a buy one get one free deal last week. Subscribe towho its directv service. No word yet on any iphone x deals. Time in more than 20 years gm auto workers in canada have gone on strike. The union behind the strike says its fighting to stop auto jobs being moved to mexico. The strike will cut production of the top sharing equinox. The suv is currently produced in canada and mexico. Thats your business flash update. Vonnie still ahead we speak with their participation in putting the worlds biggest ipo. This is bloomberg. Vonnie mrs. Bloomberg markets. Im vonnie quinn. Shery im shery ahn. With theter is standby head of citigroups debt and equity origination group. Over to you. Jeffreyent with phillip at citigroup. Welcome to the show. Good to have you here. Citigroup has been in a good position this year for ipos and in the top three for debt origination. If you could tell me whats the next between debt and equity finance for companies this year. 2017 has been very active. 2016 was also very strong. Lovely dcm volumes are off about 2 . Globally dcm volumes are off about 2 . 2016 Equity Capital markets hit loans given the overall geopolitical activity and the fact that a number of windows were closed to the Equity Capital markets. When you take a Company Public theres a longer duration in time to market. In 2017 we have seen a real upswing. Up 60 andmes are the pipeline that we see moving forward into 2018 suggests more to come. Have worked on two of the biggest ipos in the world. Alibaba and lisa. As the market is getting ready for the big ipo from the middle east what are things a company should consider when planning the worlds biggest ipo . Global ipo issuers have the same baseline considerations. We start with petitioning. What is the right go to Market Positioning of the company. We moved to valuation and benchmarking. How are investors going to drive valuation. Whats the optimal capital structure. And whats the right composition of the ipo. Do you have a primary need for use of proceeds. Is there a secondary cell down. Together in terms of the expected demand for the ipo and how do we size the ipo appropriately. Theres a focus on lifting venue. As a leading global bank we are somewhat agnostic on listing venue. Its our job to bring labeling leading Global Investors to the corporate wherever they vest. Any guesses new york or london . No comment. We have been talking a lot about Chinese Companies which were very active in the market in the last year. Themhere constraints for to get funding from banks especially on the megadeals . We dont really see constraints for china corporate financing. There is a very vibrant local verycing market competitive and attractive terms for chinese corporates. To the extent that there is industrial and Strategic Logic to target International Financing then city is there and many of our peers are available to finance china corporate. Mind there has been recent implementation in china of capital controls. There needs to be a sovereign advocacy in order to really get that International Finance and. In terms of market readiness absolutely. China corporates have Access International capital. Whats the pipeline looking like . A lot of it has been government companies. Do you still see private equity . If you look at 2017, the 10 largest ipos that have come to been sixere have corporate one government and three private equity selldowns. We are an ipo environment were equity valuations trading at or around historical highs. Its a really attractive time today to potentially consider an ipo. At thisors are looking window and are potentially engaged. The government selldowns occurred in prior years. We have seen number of government follow on equity offerings. As the equity last week dutch government sold down. These companies are already public. Corporate and private equity has been active and will continue to be very active. Much for joining us. Vonnie coming up, one of the bestperforming mining stocks on the yuan Stock Exchange this year. What their chief executive has planned this year. This is bloomberg. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. Vonnie im vonnie quin. Sherry and im sherry. This is Bloomberg Markets. Another day of major record highs for all major averages. Take a look at the s p 500. Function on the bloomberg. You can see we are now seeing another day of gain. Financials leading those gains. Up. 9 . The bank index has the best week since june 30 and now at the highest since august. Utilities, though, are leading in the declines down more than 1 . Of course, everything is right now focused on the potential fed rate hike coming up later this year. F course, we do have the f1c meeting. Yeelings rising again adding to last weeks gains, the highest more than a month. Reviving on the fact we could see a faster pace of rate hikes and the dollar is being supported. The dollar index up. 3 . Rebounding along with treasury yield. And as we see those expectations, we are seeing emerging markets being pretty resilient despite expectation for a fed rate hike. We are seeing the market topping 1100 and up. 9 as that global rally continues. European stocks also, vonnie, of course, hitting their sixweek high. Vonnie global synchroized growth story. Which central bank will pull away . Shery, thank you. The first record news with mark crumpton. Mark vonnie, thank you. President trump is warning washington will walk away from that Iranian Nuclear deal if it believes the u. N. Agency monitoring the agreement isnt being tough enough. In a message today to a meeting of the International AtomicEnergy Agency led by rick berry, the president said, quote, we will not accept a weaklyin enforced or inadequately monitored deal. Irans nuclear chief is erging the iaea to resist the, quote, unacceptable demands, including the agencys right to inspect tehrans military sites. Former president barack obama has apparently become a hit on wall street. According to a person familiar with the matter, mr. Obama was paid about 400,000 last month to speak to clients of northern trust. Last week he spoke to carlisle group, and next week mr. Obama speaks to caner fitzgerald conference. Storm watchers looking at hurricane maria. Threatening islands battered by hurricane irma. Meanwhile, a weakened hurricane jose could graze the northern u. S. Later this week. But the matter will be big waves and beach erosion. Ryan zinky is recommending 27 National Monuments under review of the Trump Administration be reduced in size. A leaked memo from zinky to President Trump recommends two tribal uments, sacred land, and another be reduced. Two marine monuments in the Pacific Ocean also could be reduced under secretary zinkys memo along with zincys memo along with zinkes memo along with a site in las vegas. Bloomberg powered in over 120 countries. Im mark crumpton. This is bloomberg. Vonnie. Vonnie mark, thank you. Ken rothsgold faces a future hich gold assets are increasingly hard to find. Another says theyll move forward with multiple expansions. He joins live from the Company Headquarters in toronto. Vonnie, thanks very much. Paul, thanks for taking time for us today. Big news for the company, obviously. You are pulling the trigger on the two expansion projects. An initial spend 128 million. You say that will stabilize your production at 28 ounces a year. Is that a lot to spend to essentially stand still . Well, i guess i wouldnt thank you for having me. Paul i would say i dont look at it as standing still. I think what were doing is bringing a world class asset into our portfolio. Were going to quadruple production from where we were last year and we are going to significantly drop our all in sustaining costs. Top Line Production will be similar but the cash flow thats coming out of this asset will be democrat matcally different. Danielle i guess these are the assets all the miners are looking for, right . Everyone is scrambling to get their costs down and to try to find those rich deposits. Do you have any interest in being a Mining Company that generates more than 2 1 2 million ounces a year . Paul absolutely. All Mining Companies are depleting assets businesses. Its simple. You find it through exploration or you buy it. The good news here is we got organic opportunities within our own wheel set. So we understand these, you know, very well. Weve understands them in the last few years. We think we understand the risk internally much more than you would externally. We do look from time to time in m a but we demonstrated weve been very disciplined. Weve only bought one thing in the last five years. Danielle is that because the opportunities arent there to buy . I guess im wondering, if you could find an economically big viable asset, would you buy it and how much could you afford to spend . Paul well, we would if we saw something that made sense for our shareholders where we were creating value for our shareholders, there was a quality valued proposition wed absolutely look at it. Danielle how much could you afford to spend . Paul again, thats an if, what question. Is it a shared deal, cash deal . Theres a whole bunch of considerations. What i will say on the m a side again, we are in a happy place where we dont feel we need to do m a, the strengths we would bring to the table are really on operating. We have a very strong technical culture and Balance Sheet with one of the strockest Balance Sheets in the business. Danielle so lets get back to understanding execution risks. You mentioned a second ago in todays Conference Call you said theres a 3 move on i. R. R. For over 5 move in the price of oil. Theres quite a bit of sensitivity. Whats your hurdle rate for these projects . Paul again, it would vary. We accepted a hurdle in downtown nevada at an existing mine where weve been operating for 20 years. Very low risk. Its removing waste. So in that particular case we were comfortable with the 13 i. R. R. At 1200 gold. Closer to 1,900. In the case of in the case of mauritania, an i. R. R. Of 17 and of course we proved through feasibility to have a robust 24 at 1,255 which of course would be close to 2,900 at spot. Danielle youre also moving forward to extend the mine life of Bear Mountain that you bought in 2012. I notice your stock selling quite a bit during the Conference Call. Within analyst said the Round Mountain expansion looks 1,200 gold l is price. How would you respond . Paul everyone talks about this in the context of spot. I think 1,200 downtown nevada where its one of our best run mines i see it as an extremely low risk expansion. Were comfortable with 1,300. As i said, the i. R. R. Will move up and down at the gold price. Todays gold price is closer to 20. Danielle you talk about being downtown nevada. You guys are next door neighbors, basically. Paul well, we are. We have a ton of respect for barrett. They are great operators. We were fortunate that we found something that worked for them and for us. When we were joint ventures for barrett at Round Mountain we had a ton of respect for them. Danielle havent answered my question. I wonder if you guys will be doing anything else in the neighborhood . Paul nothing i will be able to point to you at this point in time. Danielle you know. Everyone talks about replacing production these days. We dont hear a lot about growth. Just very quickly before we go, is growth even a realistic goal for miners nowadays given how hard it is to find deposits . Paul well, i think there is a cycle to these things. Theres a lot of stuff out there. Not all of it is for sale. On the external and on the organic i think what were doing it shows you what you can do with your own portfolio. We doubled reserves. Were doubling production. Were extending mine life in russia. Look what were doing with Round Mountain. Theres something going on at just about every asset. Danielle we wish you the best of luck. Back to you, vonnie. Vonnie and that was danielle in canada with paul, c. E. O. Of kinross gold. Coming up, a state of confusion regarding the Trump Administrations stance towards the paris climate agreements as International Leaders descend upon the United Nations this week. What this means for environmental policy. We talked to one expert, tom steyer, next. This is bloomberg. Vonnie shery this is Bloomberg Markets. Vonnie it happens to be National Cheeseburger day. I am just finding out. It is a stock mover of the day. Ombine the two and you get shake shack. Well, it is lunchtime, vonnie. So it seems an appropriate mover. Shares had been up 2 . Now they are welloff the highs. The day they are celebrating cheesburger day. They are giving away burgers. Its shack week. So a lot going on here. Bigger picture here. Lets take a look at shake shack since the i. P. O. Since january, 2015. The stock is up 54 , but lots of volatility. At one point 300 out of thamplete p. O. And Bloomberg Intelligence analyst said that was due to a short squeeze, if you can believe it, the street was so bearish on the stock. It helped the stock go way high. Now sales coming in. A reason why is because their expansion. Lets take a look at a great map. This is a bloomberg map in the terminal, of course. Its 5029. This is not all their locations. They have more than 00 stores between domestic and international. 100 stores between domestic and international. You see new york. More than 15 stores in new york, miami, los angeles, austin. And they are cannibalizing perhaps some of those locations. There are some fear between whether there is smart Site Selection or trying to grow to grow. Time will tell. I dont know. Maybe everybody is going to run out and get a free one. Vonnie an hour and 15 minutes on the east coast. Abigail, thank you very much. There is a line for the stores anyway. It remains to be seen. Thats abigail doolittle. Shery gary cohn sets a tone at the United Nations today that the u. S. Still intends to withdraw from the Paris Climate Accord echoing Rex Tillersons words. I think the president said he is open to finding those conditions where we can remain engaged with others on what we all agree is still a challenging issue. Shery white house officials talked about the stance saying they would reverse course on the agreement after the e. U. s climate chief said in an interview that Trump Administration was shifting its approach. So whether this administration sort of inconsistency mean for environmental policy going for. Joining suss tom steyer, the president and founder of nextgen america. Thank you for joining us today. How are you interpreting those latest remarks coming from the Trump Administration . Steve i think the Trump Administration has been very consistent. They have done everything they can to dismantle Environmental Protection and to put americans at risk. So ive never doubted that the thrust of their administration is going to be away from paris regardless what they say and i pay no attention to what they say because i watch what they do. And every single day they are putting americans health, americans safety and americans prosperity at risk by their actions. So i dont really listen to them very much. Vonnie there would be a lot more to do to pull out of the climate accord, though, and begin to roll back some sommelier of the goals that had been in place, right, tom . Would it be symbolic if the u. S. Not to do that . Tom well, honestly, i think you have to look through the words and i think this is an administration that doesnt tell the truth. I dont think theres any reason to listen to what they say if every single day theyre attacking Environmental Protection, if every single day theyre dismantling the rules that provide for the safety of americans. And i dont really care what they say. Really. I think thats a smokescreen for them to try and get attention away from what theyre doing and what theyre doing is consistent, its destructive and its unbelievably stupid. Shery on your point, in fact, just until last week i was based in asia and what we usually talk about is how china is on course to crush the u. S. When it comes to taking advantage of a clean energy. This chart on the bloomberg. You can see bisolrg, go is the function and you can see china has been investing hundreds of billions of dollars creating millions of dollars in clean power. You can see the big chunk thats china in red. How much does the u. S. Stand to lose here when were talking about monetary issues . Practically speaking when it comes to these technologies. Tom well, lets talk for a second about electric vehicles. For the big Car Companies they are going to have to spend tens of billions of dollars to produce electric vehicles and they need to know that the policies are going to be in place to support that investment. The Trump Administration has made it clear that you cannot count on that. How are you expecting American Business people and Business Leaders to figure out how to spend billions of dollars looking at the future when you make the future extremely unclear, when you dont give them the policy support to say go ahead and make the bet because were going to make sure thats going to be a bet that pays off . Thats just crazy because if we arent there and china is there, then theyre going to dominate that business and we are going to be left behind selling cars that are suitable for the 20th century. Vonnie so u. S. Has subsidized for a long time various different sort of portions of clean energy. You know, the question is always there, could it survive on its own . Shouldnt we be getting to that point now . Tom well, we are there. If you look at the vonnie what does it matter what the Trump Administration says . Tom because it didnt get there on its own. The fact of the mearlt when you think the matter when you think the way business works, the government sets up a policy framework and business competes on that framework. If you say whats the cheapest way to produce a kilowatt hour of energy, its renewables, its by far the cheapest. That wasnt true 10 years ago. The fact of the matter is because there have been policies in place that have pushed the adoption of renewables, the cost has come down really, really dramatically and continues to come down. And the same will be true of electric vehicles. You get the economies of scale, you get additional technologies. We had over a hundred of years working on the internal combustion engine. Electric vehicles, the cost and capability is going to calm it down really dramatically but not without the government providing that support to make it happen. Shery so we know exactly where you stand. What are you doing in order to counteract these policies coming out of the administration . Tom look, i think what we believe in as the ultimate answer we believe this is a political problem. We believe that the American People are the answer. We believe the answer to this as to every single political problem is more democracy, is to try to go directly to the American People to give them the information, to give them the ability to make up their own minds because we believe that they are smarter than any one person and they will make good decisions. As long as theyre informed and engaged we will get the right answers. Vonnie yeah. What does that mean, though, tom . Obviously the American People will respond to incentives, right . Tom well, i think what the American People care about, all of politics is a local human question and we can show that actually moving to clean energy is the way to create more jobs, that they can be good paying, that we can increase the health of people in terms of particulate pollution in the air so we can actually be richer, better employed, have higher wages and be healthier. Theres no argument on the other side. In fact, they dont even make arguments on the other side. They really dont. They dont have any substance behind the argument of just sticking with what worked 50 years ago. Shery well, the arguments on the other side are from people losing jobs in traditional areas and youre obviously very involved in virginia which is one of the places where people are losing jobs thanks to the newer energies and the lack of reliance these days on older energy such as coal and so forth. Vonnie and i think 40 of the electricity is coal powered but nevertheless tell us about virginia. I mean, youre involved tom for instance, lets talk about virginia for a second. Vonnie yeah. Tom so there are 3,000 coal jobs in virginia. Thats how many people. Now, that does not mean we dont care about those people. Actually, we believe that taking care of americans, investing in americans is the absolutely essential part of moving forward and that includes people who are working in coal. It includes people who are working in industries that are declining. But we cant prop up those industries to try and save those jobs. We need to go directly to those workers and make sure theyre taken care of while the economy moves on to tomorrows jobs. So if you think about virginia, virginia is a state which is going to create many, many more jobs in clean energy than 3,000. And so when you think about where were going, hanging onto the past in order to hang on to the old industry is a mistake but investing in the American People and making sure that the people who are in the declining industries are taken care of and that youre absolutely addressing those communities is imperative. Shery thats where youre backing the democrat there in virginia . Tom well, theres a whole bunch of reasons where we vonnie one of them. Shery you talk about the governors race. Tom when we think about the difference right now between the options being put forward, i dont think theres been this big a distinction between the parties in my lifetime and we think its extremely clear that one party is focused on the success of the American People and one party is focused on the success of american corporation. This is a democracy thats supposed to represent the people, not the bottom line of private vonnie shery tom, thank you for joining us. Tom steyer, president and founder of nextgen america. Coming up Rolling Stone magazine faces an uncertain future. Why the iconic publication is looking for a buyer, next. This is bloomberg. Vonnie Rolling Stone, the 50th anniversary, not looking to celebrate. Theyre looking to sell. Amid declining ad revenue and sales, the publisher is seeking a buyer for his controlling stake in the magazines Parent Company winter media lets bring in jerry smith. Is it they left it too late to go looking for a strategic partner, jerry, where they are not on the ball so it comes down to this, sell outright . Jerry yeah. Theres a bunch of different factors involved. Rolling stone is not unique in the magazine and the magazine industry as a whole is struggling. Print circulation is declining and Digital Advertising is not making up for it because facebook and google dominate the online ad market. Winter media also has been in a lot of debt and they had to sell off some of their other magazines like mens journal to help pay that off. Vonnie who might be potential acquirers here . Gerry one is American Media the c. E. O. Is david pecker, who is a longtime trump ally, and hes actually purchased the two other publications of wenner media that they recently sold. Rolling stone is a iconic publication. You think somebody like a vice media could be potential buyer for Something Like this. Theres a lot of different possibilities. Vonnie and 49 of the magazine is already owned by ban lab technologies. All right. Gerry smith, thank you. We will continue to follow all updates on this particular story. Rolling stones 50th anniversary. Imagine that. Shery and Jose Angel Gurria trevino will be joining me now. His thoughts on President Trumps u. N. General Assembly Speech and also the intensifying competition in Corporate Tax rates. We will have all of that coming up next. This is bloomberg. From bloombergs world inquiries in new york, im julia chatterley. Shery and i am shery ahn. Welcome to Bloomberg Markets balance of power with a focus on the intersection of politics and the economy. Trump makes his longawaited debut at the United Nations general assembly. What it means for the Iran Nuclear Agreement north korea and the future of the yuan u. N. The organizations economic operation and development will join us live. His take on President Trumps and the at the u. N. Intensifying competition and Corporate Tax rates. Hillary clinton says it she made a mistake when she gave speeches on wall street after leaving government. Her old boss doesnt seem to share that concern. More on Barack Obamas transition to wall street this hour