Transcripts For BLOOMBERG Bloomberg Markets European Close 2

Growth, Economic Growth, will we be able to vote in 2020 based on things like this, or will be focused on things like the conversation with ukraine . Michael i think we have the best journalists in this organization. You have every reason to be proud of the competency our organization has. Having said that, the public wants the ukraine stuff, so you the ukrainelic stuff. I would argue that we have given the force estate the Fourth Estate certain predictions so that you dont have to do that. Your response ability is to inform the public of what is going on honestly and fairly, down the middle. Unfortunately, the economic models of most news organizations not bloomberg, because we dont depend on it as a Revenue Source everybody is moving away from the news that the public needs to know to what is the news the public is going to click on. So you take a look at these 5 nowapers that are 1 print and 4 5 click bait, and they are not helping the dialogue. If the public doesnt understand what is going on, thats not good. I think we can blame the press for a lot of this stuff. Having said that, if the public doesnt have a better education, they are not going to know what they want. Education is the only way we are going to solve poverty, solve income inequality. We can do some temporary things, but the bottom line is without a good education in a more technological world, youre not going to be able to enjoy the good things in life. David michael bloomberg, founder and majority stakeholder of bloomberg lp, thank you. Michael good interview. You still have a job. [laughter] david that is a relief. Vonnie thank you for that. That was david westin speaking with bloomberg Founder Michael bloomberg. Plenty more panels to listen in on and interviews to come from their. I do want to point out that the s p 500 has turned around. It is now higher by about zero point 25 after President Trump unoke to reporters at the and mentioned that the china deal could happen sooner than you think. That has the footwear index up 5. 1 . The tobacco index is up 3. 1 after Phillip Morris and altria said that merger talks are called off. This is the same time that juu tipping down. The Health Care Index are still lower in the s p 500 as House Democrats are going to proceed with impeachment proceedings. Guy absolutely. I think the move in the s p is worth paying attention to, but it is still relatively small. If you look at the s p over the last five days, its been tracking lower and lower, and the last few hours in a very tight range as we try to figure out what that impeachment story could mean for domestic and international policies. China firmly in focus when it comes to this story at the moment. Could it accelerate it . Could it decelerate it . We mentioned what is happening with the story relating to the tobacco stocks. That is affecting the situation over here as well. Britishooking at bat, american tobacco, trading up by 2. 9 . Imperial brands also being affected to the upside. On the downside, we have the british pound. It is certainly a laggard today, down by 0. 9 . We are expecting the Prime Minister to address parliament a little later on after yesterdays bashing he received in the Supreme Court. He has now returned to the united kingdom. Parliament is open again, and that is certainly a story. European equities, i think we are just drifting sideways, but the politics front and center right now on both sides of the atlantic. U. K. Prime minister Boris Johnson was forced to cut that trip to the United States a little shorter than he would have liked. The mounting political crisis he is facing at home bringing him back to britain. The parliament returning to work this morning following that Supreme Court ruling on the suspension of both houses, that was illegal. The Prime Minister is due to speak a little later on today. Bloomberg opinions Teresa Rafael is joining us now. Talk us through what the options are right now for Boris Johnson. Reporter his choice after that verdict is either double down, effectively say we will comply, but nothing has really changed. The strategy is still to leave by october 31 or acknowledge what that verdict really meant, which was that he misled the queen, that the prorogation strategy failed, and pivot. It is clear from the outset he has chosen the first option. He has been very defiant. We heard geoffrey cox, the attorney general in parliament, also striking a very defiant tone. We will see when johnson addresses parliament, but i think one thing he will do is continue to insist hes going to get a deal, that the to get a deal. The eu is saying we have not gotten any viable proposals. The other side say they have been waiting until after the Tory Party Conference and didnt want anything in writing yet. The reality is this looks very performative right now. This doesnt look look a real effort to strike a deal, yet the incentives for johnson to try to get one have never been higher. Vonnie of course, he is facing domestic scrutiny as well over funding and some domestic scandals. What will Parliament Debate over the next few days . Theres nothing new to debate, just more accusations. Therese that is really the big question. The legislation that was passed before the suspension of parliament, which forces the government to seek an extension, that was the landmark piece of legislation they wanted to pass. But can they do now . They will try to hold his feet to the fire. They will try to deny him the pulpit heerial bully had during the suspension, and try to put him in the position to answer to parliament. We have to remember, we are on election footing. All parties are on election footing now. This government doesnt have a majority in parliament. In fact, it kind of has a 40 minority. It cant pass legislation. The rest of the parliament knows it wants to stop a no deal brexit. Beyond that, it cant agree on what it wants. Inhink we are moving big verbally toward a new election, but it is not clear when. So i think we will see a lot of movesing, but no clear until probably after the Tory Party Conference, which is in manchester next week. Guy maybe some hints from the attorney general about how that election may come about today. We will wait and see. Rafa. Anks to therese raphael. E Bloomberg Business forum is happening in new york. Anchorerg Businessweek Jason Kelly is there. Next week when they combined with oaktree, 500 billion, give or take, assets under management. As you are moving around at this event, and around new york city this week, you are talking to a lot of heads of state, a lot of investors. It is a world of instability, but how does it feel to a big investor . Guest i would say politically, many countries are up in the air , and pretty extreme politics in those places. But on the ground, it is pretty constructive. Most countries in the world are doing ok. Foralue investors, we look places where you can put money for the longterm. You can make decent returns in the fullness of time, and instability sometimes brings opportunity, so you just need to think long term and the situations. Jason as you say, maybe some of this uncertainty drives valuations down. Valuations have been pretty high, it feels like, for the past couple of years. Have you seen that yet . Bruce not in the developed markets. Valuations are still high. Our focus is special situations in those places. Europe is being driven by Interest Rates that are really low today. Has a situation where the Financial System needs capital, so theres a lot of opportunity there. In china, we are seeing more opportunities because of deleveraging going on in the country. That is a positive, and it creates opportunity. Trade iss. China obviously top of mine. How does that play at all into your investments or into your thesis about the world . Bruce our business is about buying real things, real assets. We buy pipelines, toll roads, power plants. Countries in the world, but we are a local investor in every country. Trade doesnt really affect us on the margins. Country,ects a it affects a global investor, but we are on on the ground investor, so trade isnt as important to us. Jason do you worry about the applications of a decoupling between the u. S. And china, or does that just mildly change what the lansky looks like . Bruce i would say, again, as a longterm value group, we try to find great places in the world which have rule of law, functioning systems, respect for capital, standards that we can operate with. We like to go there and invest for long periods of time. Do all of these things affect us . Yes, but in the short term, not really. Jason another situation is brexit. We had Boris Johnson leave new york early to get back. We are going to be hearing from him later on today. You are a big landowner and landlord, i should say, there in london. Bruce canary wharf obviously has been a big project. Jason youve got a lot invested there. How does that play through . Bruce business has been good since brexit happened. Every day that this gets extended and nothing happens, fewer decisions get made, and that is not helpful for business. In the fullness of time, i think just getting something resolved will be a good thing for everyone. London is going to be a center of commerce for a long time. We just need guy brookfields bruce flatt speaking to jason kelly at the Bloomberg Global Business Forum. Vonnie we want to get to the United Nations General Assembly in new york now. Irans president Hassan Rouhani is speaking now. Lets listen in. Rouhani are certainly doomed. As a gets to the u. S. Disruptive plans, the Islamic Republic of irans cooperation on security and counterterrorism decisive. So much declare example of such an withach is our cooperation russia and turkey. Within the format on the Syrian Crisis and our peace proposal for yemen, in view of our active cooperation with the special envoys of the secretarygeneral of the United Nations, as well to facilitate reconciliation talks among the yemen parties with the four , whichn countries resulted in the conclusion of the stockholm peace accords. Distinguished participants, i hail from a country that has resisted the most merciless and has terrorism defended its right to science and and Technology Develop ands. The u. S. Government, while imposing extraterritorial sanctions and threats against other nations, has made a lot of effort to deprive iran from the advantages of participating in the Global Economy. And has resorted to International Piracy by misusing the International Banking system. We iranians have been the pioneers of freedom seeking , whilets in the region seeking peace and progress for our nation, as well as our neighbors. We have never surrendered to foreign aggression and imposition. Thatnnot believe invitation to negotiation of people who claim to have applied the harshest sanctions of history against the dignity and prosperity of our nation. How someone can believe that the silent killing of a great nation and pressure on the life of 83 million iranians, particularly women and children, are welcome by American Government officials who pride themselves on such sanctionsand exploit in an addictive manner against a spectrum of countries such as iran, venezuela, cuba, china,. Nd russia the iranian nation will never, ever forget and forgive these crimes and criminals. Ladies and gentlemen, the of the incumbent u. S. Government towards the nuclear jcpoa not only violates the provisions of the United Nations Security Council resolution 2231, but also constitutes a breach of the sovereignty in political and economic independence of all of the worlds countries. The american withdrawal from the jcpoa, for one year iran or fully faithful to all of its Nuclear Commitments in accordance with the jcpoa. For the Security Council resolution, we provided europe with the opportunity to madell its 11 commitments to compensate for the u. S. Withdrawal. However, unfortunately, we only whileyou to forwards witnessing no effective measures. Clear for allome that the United States turns back to its commitments, and europe is incapable of fulfilling its commitments. We even implement a stepbystep approach in, betting paragraphs 26 and 36 approach in implementing paragraphs 26 and 36 of the jcpoa, and we remain committed to our portion of the deal. However, our patience has a limit. When the u. S. Does not respect to the United Nations security when europe displays way shall bee only to rely on national dignity, pride, and strength. They call us to negotiations while they run away from treaties and deals. We negotiated with the incumbent u. S. Government on the five plus one the negotiation table. However, they failed to honor the commitment made by their predecessor. Nation andf my state, i would like to announce that our response to any negotiation under sanctions is negative. The government and people of iran have remained steadfast against the harshest sanctions in the past one and a half years, and will never negotiate with an enemy that seeks to make iran surrender with the weapon of poverty, pressure, and sanctions. Require a positive answer , and as declared by the leader of the islamic revolution, the only way for talks to begin is to return to commitments and compliance. If you are sensitive to the name well, you can return to its framework and abide by the you denied nations by the United Nations Security Council resolution. Sanctions so as to open the way for the start of negotiations. I would like to make it crystal clear, if you are satisfied with the minimums, we will also convince ourselves with the minimums, either for you or for us. Minimum for you and for us. However, if you wish more, if you require more, you should also give and pay more. If you stand on your word that you only have one demand for iran, i. E. Nonproduction and nonutilization of nuclear weapons, then it could easily be iaeained in view of the supervision and the fatwa leader. Instead of a show of negotiations, you shall return to the reality of negotiations. Memorial photos are the last station of negotiations, not the first one. We in irangentlemen, despite all of the obstructions created by the u. S. Government, are keeping on the path of economic and social growth and prosperity. Economy in 2017 registered the highest Economic Growth rate in the world. Vonnie iranian president Hassan Rouhani addressing the you in General Assembly the un General Assembly. The headlines are that iran will not negotiate while sanctions are in place. Guy one of the big headlines over the last 24 hours has been relating to wework. Lets join one of the big conversations happening at the global Business Forum in new york. We are looking at whether big tech can manage its own risks. Bloombergs Erik Schatzker is speaking to her ceo dara k hosrowshahi and google and alphabet executive ruth porat. Erik do you agree that Tech Companies have a bigger was possibility . Agree. Absolutely our view is that we have an absolute obligation to our users to be not just helpful, but responsible. We are fundamentally tech optimists. Technology throughout history has been a force for good. When you look at the services we provide, things like information detection. Nd but throughout history, there has also been a negative unintended consequence, and it is our role to make sure we are ahead of it. One of the particulars comments on this was president kennedy. He said that science has no conscience of its own. It is what we do with it. For us, it is about raising the bar on our self on security, or content, and working with Civil Society on smart regulation where that may make sense. It . Howo using of do you think of it . Dara i very much agree. For uber, we not only operate in the digital sphere, but we are very much rooted in the physical. You push a button and a car shows up. Every day, there are 17 million interactions that happened between a driver and a rider. I think that the early e sos within technology the early ethos within technology, of young people who didnt think about what they are building, is that we are connecting people and people will be people. But technology increasingly creates people with agile superpowers. These are people with digital superpowers. These are people on twitter who etc. A lot of followers, we then have to take responsibility, and for us, the responsibility we look at, our version of content is safety. How do we make sure every interaction that happens between a career between a courier and delivery is safe . As it relates to content, we have put a number of safeguards, a 911 button, using our data to essentially help make our content safer, which in some ways is making the physical world safer. Erik i am going to challenge you. I suspect that