Fed rate debate. She is watching the rates and then changing the fed thinking has been how much attention it paying to global events. As i assess the situation, im prepared to be patient. Ramy bigname guests on bigname issues. We have to balance the Financial Framework at every level. Put almost any human being against Hillary Clinton. Disney brand thumbs in china is what we want to do. Ramy thats all ahead on bloomberg best. Hello and welcome. Youris bloomberg best, weekly review of the most important Business News, analysis, and interviews from Bloomberg Television around the world. Lets start with a look at the headlines print on monday in philadelphia, Federal Reserve chair janet yellen gave a speech on Monetary Policy and with the next meeting coming up in days, investors hung onto every word. Believe that it will be appropriate to gradually reduce the degree of Monetary Policy accommodation provided that labor Market Conditions strengthen further and inflation continues to make progress toward our 2 objective. Isshe is saying the economy strong which was a repeat of what she said at harvard. Now we have this wild card of a winter labor market of a weaker labor market so we want to spread out where possibilities are. It does not it means that june is off the table. She did not endorse that idea. Tableould be on the depending on the data we get between now and then. September certainly. She thinks the economy is Getting Better and her frame of reference is an economy that probably deserves higher rates. The question is, will the data support that and thats the unanswered question she posted today. Shares of valeant are plunging after their sales forecast. Tellew ceo aims to investors that he can stabilize the company. To be realistic of what we know and where there is uncertainty, we try to be conservative so there would not be any overstatements and what we are trying to accomplish. Vonnie investors reacted negative negatively to that. Betty he said he is trying to be reasonable. There were new red flags raised on the call. Investors got this feeling that when you feel we are getting out of the woods, Something Else comes up. Some things that came up on the call and the guidance they provided put them pretty close to their governments on the issue of whether they will be compliant with their debt agreements, it has reared its ugly head again. Do,atter what they try to it has only been a month and he is not been able to show a new valeant to wall street. Hillary clinton has become the first woman to run as the president ial candidate of a major u. S. Political party. It feels like this is over. Bernie sanders did not get the memo. I start night for Hillary Clinton last night and an historic night for the usa she became and declare yourself the Presumptive Democratic nominee, the first female from a Major Political party. Did not get the memo, vowing to fight on through next week at through the primary in d. C. The math is the math and Hillary Clinton emerged with pledged delegates and has won a majority of states and the population and she is now the candidate the Democratic Party will have to rally around. We saw a different donald trump last night on teleprompter and he was scripted and he did not express remorse from his controversial remarks about it judge who was overseeing it private lawsuit who he said may be unfair due to his make hispanic heritage. Maybe he offered a knowledge brents an olive branch to the republican party. This is a brutal cycle between deeply personal attacks. David lets go back to brussels. What are you hearing from the economic form . Aboutthey are talking this stage two of european integration, trying to make the European Monetary Union tighter. Obviously, it comes at a time when there is a vote in britain to exit the European Union. That is the issue being discussed over and over again. On the other hand, mario draghi was here. They listened to what he had to say. There are many understandable political reasons to delay Structural Reforms but there are few, very few good economic ones. The cost of delay is simply too high. About thes talking completion of the Single Market in want to get the uncertainty faced by firms doing business or trying to do business when they dont know what will happen as far as brexit or tax laws. He says that gives them less ability to move the inflation needle. He said policymakers need to join a because it makes their measures less able to achieve the goals they want. It is nothing new. Central bankers always ask for fiscal help. The russian government bonds issued that the rush in government bonds is not changing. We are seeing record lows in most countries around the world. The search for yield and what do you get . One mark one traded everyone is in bonds. The potential for disaster gets bigger and bigger. The job report, youre buying treasuries and disappointing job numbers. You are buying to say place to park your cash until you know what will happen. Into theybody moving bond market, short term papers becoming more expensive and harder to get so investors are being pushed out on the yield curve and we see the impact of longerterm bonds. Investors are concerned. All gross said this good and very badly, like a supernova. Part of this has to come , could thisbrexit be another crisis that people are getting ready for this potentially binary move . The markets were not prepared for it and now they are getting prepared but it raises the question of how low they can go and at one point is the lack of income than investors were are receiving from fixed Income Investment stymieing their ability and willingness to invest in riskier assets . Later, we will take a deeper dive into the fed Rate Decision with an interview with the atlanta fed resin and a look at Employment Data that may give the committee a jolt next up. With stimuluse from the ecb and a new level of intensity or the brexit debate. Ramy this is bloomberg bast. Best. Continue in the euro zone where ecb president mario draghi has embarked on a new kind of expansion to stimulus. For the first time today, the ecb has plunged into the corporate on the market. Invested in European Utility companies and inbev. Has the market priced in this purchase . I think some of it, when the program was announced, there was discussion about the ecb having enough hans to buy and econ 101 and supply rose to meet demand and a lot of is coming from u. S. Companies with european operating subsidiaries. This could be a case of by the room or sell the news. We will wait and see how much ecb buying occurs. What do we know about what the ecb is buying . The ecb has been buying corporate hans. The most interesting is they have been buying bonds from volkswagen. This tells us that the ecb does not mind that they will eventually be paying damages. What is the impact of all of his biting . We see the yields across the board and they are below 1 . Investors are loving corporate that now. Corporate debt now. Francine theres a name to curb public debt. You read through the announcement, what was most significant . I think it is the debt portion of this announcement. Bargain for a society of people which is taking a nation with nearly 80 work for the government and increasing the debt load to 30 which will create a huge liquid market in the middle east. Was aboutbig piece the nonoil revenue and trying to break that link between the in oil butdi arabia they are talking about nonoil revenue going from 163 billion to 500 billion and bring in Public Private partnerships. This is reform. The debt load is one issue and going from 45 of the nation employed by the government to 40 employed by the nation, cutting subsidies and boosting nonoil revenue is the key to this deal. Samsung maybe looking to beat apple in the bendable smartphone market. It is considering two new models with bendable screens, including one that folds in half. Samsung is looking at these very interesting new display is that you can bend them fold and put into your pocket. They would be smaller in your handbag or jacket pocket. They are doing this because they can. They developed their Screen Technology invest a lot of money and are working on these new oled screens that have more capability than they had in the past. Samsung competes with apple and smart phones and this may be a way to draw in additional consumers for these kind of phones. They make screens that they sell to other smartphone makers so they may be marketing to the rest of the world that other seart phone makers can use the in the future. Mobilehe most popular app in china is on in japan is on pace to grow the most. Its really interesting, if why are theyk, looking at an ipo now especially when tech ipos have not been doing well globally. Management is anxious to get the show on the road and raise some funds and push for growth. What is behind it is probably linux has a compelling story to tell. It has about 200 and 50 million users but makes money off of them through popular stickers and ads. The story that management will can make moneyne and with more investment, they can probably be one of the worlds most profitable messaging apps. Fiat has discarded discussing a deal with ridesharing uber. Uber is holding other conversations with other carmakers. Nne has been dying to do deals with detroit. Yes, its part of the new marchionne. Sergio he got a deal with google first. On the self driving cars. Then he wanted to make a new partnership with other tech giants. He had initial contact with amazon. He is quite active in this field. A day of decisions in the asiapacific with a surprise rate cut by the boj. This was unexpected. Sachsryone but goldman did not get it right. They were the sole forecaster but others were saying it was only a matter of time. Ofre were some indications this with the bond yields. Which fell to a record low. They thought easing would come up and continue. There is no clear trend in this recovery right now. He also said uncertainty to the country has grown fast. The benchmark rate is at a record low of 1. 25 . In another move to cut costs, ubs is cutting management positions in the u. S. Essentially, ubs is changing the way it pays Financial Advisors in the u. S. To reward the more for staying with the bank longer. Plan too announced a reduce the amount of Financial Advisors they recruit from competitors by 40 . Has beefedafter ubs up a number of advisors when credit wes left World Management division in the u. S. Fair coming off of recruiting heavily last year but they are also cutting some jobs mainly in the middle to Senior Management levels including some on home offices in new york and new jersey. This is a response to the increased competition and Wealth Management in the u. S. As we see a rise in technology more brokers leaving big banks to set up their own firms. Ramy you are watching bloomberg asked. A june 23, the u. K. Hold referendum on whether to stay or leave the European Union. The socalled brexit. The election is tightening and that rates of the intensity of the date right hero Bloomberg Television. Sudden gainis there in the left sleeve campaign . I dont know but i inc. It will be very close. Certainly, i very much hope that the people of britain will vote on the 23rd of june to leave the European Union. It is right we should become a democracy with a global perspective it is the best thing for the economy. Disappointingt is that there has been this focus on whats been called the blue on blue war. What would be better is if we had a proper discussion about what i post brexit u. K. Would look like. The lead campaign has done nothing to help us understand what kind of training arrangement we would have or what relationship we would have a Single Market and what happens with the 2 million british People Living outside the u. K. It has become a false debate. I call it only half a referendum. Prime minister David Cameron said the leave campaign is resorting to total untrue to leap intouths the dark. Is the leave campaign lying to the public . My view is that the prospects for the u. K. Outside the eu are incredibly bright and the risk of staying and it are incredibly serious. Suggestion that its a leap into the unknown, the u. K. Is the worlds fifth against economy and 83 of the worlds economies are outside the European Union. Tradings a declining bloc in its economies are almost all going backwards or stagnating. The u. K. Exports to the eu have flatline for 10 years. The Single Market for services which is not completed. The commission admits it is not completed and here we are stuck in an eu trading area which is not succeeding and negotiating with the rest of the world. If we leave, we can negotiate freetrade opportunities and it will be so much brighter for the u. K. Do you think David Cameron regrets calling for the referendum . I think he probably doesnt. He knows it something you have to deal with and i have some sympathy with that. And is welling up inside within britain. 40 years without any kind of vote on something that matters to many people. I disagree. One of the ironies of the prime ministers decision has been, until february 19, he had to pretend he may campaign to leave the European Union. He has saids done, leaving the European Union would be a terrible idea in terms of the impact on the economy, trade, investment, jobs, collective security, whole host of reasons. Brexit the question if is a bad option and i agree that it is a bad option, why has he brought forward the possibility . Cin he promised it. He is desperately campaigning against the proposition, the possibility he comes through on his promise. Matt you have written a piece on how you think historians would view this and 300 living historians have signed a letter supporting the remain camped here. The history of europe, you say trade on this or the history of europe relies on the eu staying intact. There are two arguments for europe, pour remaining. I was a skeptic about monetary unionizing in many aspects of the european integration but writtens membership of the eu is a good thing not only economically. Most of the arguments have been economic since the campaign began. The overwhelming majority has said it would be in Economic Disaster to leave. The historian argument goes beyond that. It says think about the european history and how extraordinarily violent and conflict written ridden it has been until recent times. You cannot attribute the whole story of european peace to nato. I think that is why i have come down firmly on the side of remain. I think if the eu unravels and briggs it would begin that, the longterm prospect to europe are quite troubling. Francine we had this report that new trade deals may cost 50 billion euros question mark why take the risk . These ludicrous government reports have been wrong. You have had 4 budgets the last year and every one of them have been wrong. Francine investors pull out money. Mark carney is pointed to. A nice impartial man there. We had it with the euro. Nissan pulled out and now they run the most efficient car plant in western europe. I just dont buy this. People buy products because they have good value and are the right price and that will carry on. How damaging to the eu project couldnt eu a u. K. Vote to leave the eu be . Willoughby the first of many dominoes to fall of that happens . I dont think so. That would mean a Quick Reaction from the european leaders. There will beerm, an impact in that impact will not be a nice one. If it happens and somehow i expect them to happen, but if it happens, it will definitely need a Quick Reaction. Europe is sitting on top of a pile of a large number of issues and i hopeh, it triggers european leaders to advance and to do big advances in those discussions. I think we will remain, but of course the referendum, you look at opinion polls, it is very close. Most of the polls seem to they are less likely to vote. Mr. Blair i think people do understand that a decision with seismic consequences, economic consequences i cannot believe that people will shuffle this one off, and i think we will get a substantially higher turnout van a general election. I may be wrong about that. Are you surprised . Alwaysir i think it has been there. People are coming to terms with what is it all about, and they find the terms confusing. There is a relatively small group of people who care absolutely passionately. It is a debate that concerns the whole country. Ramy remember, bloomberg customers can follow all of the brexit polls by using the terminal function brexgo. Businessthe biggest stories with interviews from mary barra, jack geithner, and more when bloomberg best continues. This is bloomberg best. I am ramy inocencio. Lets begin with david westins exclusive commerce asian with General Motors ceo maryborough exclusive conversation with General Motors ceo maryb barra. Avid it must frustrate you bit that the stock prices have not capped up. Kept up. An industryis effect going on right now. A lot of people, specifically in the u. S. Market, a large percentage of our profits are made, there is a big question of are we at peak, or are we h