A second Scottish Independence referendum is very much on the table. Those comments came after a the cabinet hi te. Er the brexit vo lower the uksay a one Credit Rating after the country voted to leave the eu. Uks a1it may lower the Credit Rating. We will be speaking to the managing director of credit strategy at moodys investor timece at 5 20 p. M. U. K. Later. Want to recap the big market moves yesterday. The pound falling the most on record against the dollar to its lowest level since 1985. It had dropped as much as 11 . European stocks something most since 2008 after falling as much as 9 . The yen was the haven currency biggestce with its oneday move against the dollar since 1998. Gold had its best day since 2009 , rising 8 earlier on friday. Lets get an update on the latest news on the brexit vote with anna in westminster. Sow significant was sturgeon statement. Anna an independence referendum could be on the table or was on the table and she took it on the step another step towards that today. Talking aboutn how legislation is being ve the way for a possible independence referendum. We want to be sure they can when it before calling one, of course. Will they try to go for another independence referendum before the conclusion of talks between the eu and u. K. From enabling scott and to scotland to stay in the eu . We heard from Jeremy Corbyn saying he would rule out a second brexit referendum. He blames the conservative party for the move. Blame him for not capturing what they see as the traditional labor voters. Not supporting any emergency budget the chancellor might be planning in the wake of that brexit vote. Mark the six founding members of the eu are meeting in berlin today. How are european leaders reacting to the brexit news . Anna many of them talking about the timing of this and the overwhelming message we are getting from europe right now is this needs to be dealt with quickly. Wetark contrast from what heard from Boris Johnson yesterday who said there was no need to rush. It i spoke to the former chancellor in the u. K. Yesterday howhe was talking about there were advantages to doing it quickly because it takes away that uncertainty. We had the foreign minister in berlin saying it needs to be a quick process. The french minister sing the process needs to start now. Anna edwards bringing us brexit coverage throughout the weekend here on bloomberg television. Special coverage all weekend here on bloomberg tv. We have hourly updates throughout the day and a special live show at 5 00 p. M. On radio. We will bring you surveillance from 12 00 to three clock and sunday, a full day of coverage starting at 5 00 a. M. U. K. Time. He is their device guy right now. It is a more collaborative environment then some places ive written about. Carol you talk about pingpong tables and comcast is getting this whole thing on and it got away. Once upon a time, it was symbolic for comcast to be all we get internet and we get technology. That era was 78 years ago 78 years ago. David they are putting a lot of eggs in one basket, this x1 system. What they saw five or six years ago, a lot of customers were getting overwhelmed in terms of too many cable channels and so many movies and tv series on demand. The menus were not keeping up. You could remember a couple numbers i like some channels in the 300s. People are starting to cut the cord and they see all this and think, we better design a better system. 1012 can they rolled out x committed this proprietary system. It aggregates everything according to john the. Genre. Kid come i want to see all the movies available for free on demand. It has been a good product for them. Their customers that have x one watch more tv, watch a broader selection of tv. Part of the reason comcast is adding tv customers at a time when the industry as a whole is losing them. Carol its not just about being ownggregator, they want to you in a lot of different ways. You are tapping into other company systems, whether it is nest or sonos. They suddenly decided we could use the same platform to aggregate your entire home. That is kind of terrifying for th a lot of the consumers. We built this platform on your tv. We can use the Software Platform to hook up with your thermostat, all these door Smart Devices people have in their homes that people are controlling individually through apps pr. The idea is you will control it all through your ex one tv and voice activated remote control. David youve heard of trump tower. St . About trump 40 wall carol the lifestyles of the free and famous. All that ahead on Bloomberg Businessweek. Carol welcome back to Bloomberg Businessweek. David be sure to listen to us on serious xm maam 1200 in boston and a. M. 960 in the bay area. 40 wall st is what is the favorite story of yours . They would be tied between two separate guys who faked their suicides, allegedly, once they got into trouble. One of them just went to jail a couple weeks ago. , his scam came to light in the wake of 9 11. Both of them allegedly picked their suicides. Carol a laundry list of crazy schemes. People, companies at 40 wall. It is a donald trump building. It is a donald trump building. No one had ever looked at 40 wall. Its one of the most important parts of Donald Trumps empire. Hes got golf courses and trump tower. 40 wall, there are few things that are worth as much. Wall, fornside 40 example, a lawyer pleaded guilty to stealing money, millions of dollars from his clients, he pled guilty a few weeks ago. Are people mother with strange stories getting in trouble with regulators or getting in trouble with the law. David what made you interested in looking into this building . Donald trump doesnt have a political record to speak of. Hisyou can do is look at Business Record and we are business reporters. Is really fun because buildings are amazing, real estate is amazing. I dont remember the last time i saw also many people getting into trouble the fec keep the list of all the buildings where have complained about companies. No building is home to more of them than 40 wall. Carol and trumps book, he said the tenants at 40 wall st are many of the topnotch businesses in the world. To be fair, literally the girl scouts are in 40 wall st. There are a lot of upstanding people, but its true, we found an investment advertiser on the 17th floor was accused of running a ponzi scheme just a few months ago. A lawyer went to jail, a Hedge Fund Manager faked his death. One guy told me how much he loved the views. Hee left, he cried went to jail later for running one of the biggest immigration fraud mills in the country. David how to donald trump come to have the least on this lease hold on this building . The story of this building burr. Ack to alexander the Manhattan Company wanted to build the biggest building ever. Come ins were closed on knitted up in the 1980s in the secret control of edna and. Ernando marcos it fell into disrepair and donald trump went to the german family, the hindenburgs and said look, you should stay on the land. Donald trump got the leasehold. We found an article from 1983 that says it is a ghost town. He found a lot of tenants. Some of the run into big issues. David the tax loophole is getting ready to close. Katherine burton about how some of the worlds richest Money Managers are trying to find a workaround. Carol you write about a deadline thats coming up on december 1. That is the deadline that Hedge Fund Managers who have money sitting in their offshore funds have to recognize it as income and bring it on shore. David why did this come about . Why has there been this 10 year period . Congress figured it was a loophole, it wasnt the worst loophole theyve ever seen because it was just a deferred income and eventually, they would have to pay it to so they gave them 10 years to bring it on shore. The Hedge Fund Guys hoped there would be individuals who come up with ways for them to protect their money. Absolutely. Thats why some people have brought the money on shore. There are others who are waiting and most of those people who are waiting are people with chunks of money. David what are these managers going to do . Advisors have said the best way to mitigate these taxes is to give money to charity. Give it to your school or another public charity. If you want to get really fancy, you can do something, a private charity that you control. Couple that with a Life Insurance policy. You end up having to pay a little bit of tax, but your heirs are taxfree. George soros, john paulson, these are the guys youre talking about. Yes. David tepper, steve cohen, john paulson, george soros, these are people that have still not brought the money on sure yet. Least 100re at billion. Carol thats a lot. Eventually, the money will flow into various coffers connecticut and new york will be specific beneficiaries. David whole foods trying to whet the appetite of millennials. We will explain why. David welcome back to Bloomberg Businessweek. Whole foods is trying to attract young shoppers with experiences. Whole foods is trying to appeal to a millennial audience. Sales at the regular stores have been down, so they are looking for alternative models. A lot of younger shoppers are enamored with places like trader joes and all these lowpriced, nofrills, trying to match that. Carol this is the market that whole foods created. Organic food, different choices from your traditional supermarket but they are getting hurt from all this competition out there. They are victims of their own success. They got shoppers to go to the market more often and not live out of their freezers. A lot of other places have replicated the model. , and nowere first we are getting hurt. One thing they are try to do is bring in more experiential thanks to the stores. Things to the stores. Getting millennials off their couch and not ordering on ins to cart. Rt. Instaca there is something called the teapot. It will allow you to personalize a blend of t4 yourself. You can also order beer and wine at the cafe, sit and hang out. For yourself. A a place to hang out and also shop. A lot of the millennials he talked to were not buying groceries. They are there. The millennial he was with did not commit nor did most of the other millennials he saw there. There were a lot of gen xers. Did he like it, did he think it was promising . Did. It is cheap and clean and well lit. There is a playlist you can subscribe to on spotify. David this sounds very silverlake to me. A very hip neighborhood in la. Will this work across the country or just in this hip corner of l. A. . Their opening 19 of these stores, so they think its going to work. They have this big sign that says silverkale. Hey want you to instagram it carol its an anagram. Silverkale. All these big chains are looking to do cooler, younger versions of themselves. They are putting produce front and center come others fewer isles, fewer products on the shelf. David up next, president obama reflects on his last eight years in an exclusive sitdown with Bloomberg Businessweek. Carol laws not keeping up with technology. The issues on the front line. David still ahead, is big pharma barking up the wrong tree when it comes to Alzheimers Research . Carol and tesla. Elon musk needs all the big batteries he can get. Its all ahead on Bloomberg Businessweek. We are here with the editor of Bloomberg Businessweek. There are so many more must reads. You talk about poland the rest of its world is turning its back on coal. Poland is not. Poland is doubling down on coal. They get 90 of their energy from coal. While the rest of europe is moving on, theres some any parts of europe that are really going to wind and solar because its important for the economy. ,avid you look at fleet street the long legacy of tabloid newspaper starting to feel the pressure that newspapers around the world have felt. Yes, digital. Newspapers in the u. S. Have been feeling the pinch for quite some time. It took a little longer for the street. Rs on fleet s revenues for digital have not made up they are not doing some layoffs and rethinking business models, etc. ,arol this weeks cover story you along with john, our editor in chief, sat down with president obama. The president is a really smart guy. You already knew that, but when you talk to him, it comes out at you because he thinks on his feet, so to speak. Thought through a lot of issues and really, we try to talk to him mostly about business and the economy. Heomething he is obviously feels very strongly about. We talked about his legacy and about theught position of the country right now. Perceived andis what he is perceived to have done for the economy and business. We asked him why he is still considered to be an thebusiness president when stock market has tripled since he took office and weve come out of the worst financial crisis in decades and decades and decades. The economy is expanding, albeit slowly. He seems to think his relationship with the Business Community is stronger than it used to be. They develop an understanding between Business Leaders and the white house. Carol i love that you guys asked him whether or not one of his daughters mika work for wall street. Might go work for wall street. He said he did not think his daughters would work on wall street. Has he thought about his legacy Going Forward . His plans us what were, but it was very clear that he is very future oriented. He has a genuine passion for , very interested in the sort of intersection of innovation and medicine. While he did not say what he was going to do, i have the feeling that he was going to do something that really looked at innovation in the future. Carol how do you take a unique photo of one of the most photographed men in the world . David we asked robert vargas. Theres consistency in the way hes been shot for other magazines. , helly a gray background feels very post, feels very formal. We wanted to do something more natural. A response to everything thats been done. Something that feels unique to us. We hired this photographer, jordy wood. He is good at represent people in a naturalistic way. He did a good job with obama. He got as the same sort of feel. David i imagine a photographer take time to set up the shot. He had three minutes. It was 90 seconds total that we had with them. You plan out what you are going to do in that short a time . Theres a lot of prep work ahead of time. Sort of just having conversations about what were looking for what we are looking for. Carol no wardrobe changes or anything like that . Just one shot. We did have to direct him a little bit. It was very fast. David coming up, finding a cure for alzheimers. A new theory about how the disease works could lead to a breakthrough. Carol is the shell revolution just a pipedream . Just ahead on Bloomberg Businessweek. David welcome back to Bloomberg Businessweek. Carol you can find us on radio in boston, washington, d. C. And the bay area. Whyalked with robert about what we know about alzheimers may be all wrong. One theory of what causes this mysterious disease is really predominated research, these comes of protein clumps of protein called amyloid. It has dominated Drug Development and Big Drug Companies for years have focused heavily on this one theory, trying to block these proteins called amyloids. So far, the trials have not worked. Most of the drugs are still targeting amyloid, prompting people to look at other possible approaches. Carol what is a new possible approach getting a lot of excitement . Amyloid is one thing found in the brain. Brainr thing found in the neuron tangles. After these amyloid drugs have failed or have done poorly in trials, now, the companies are starting to focus more on these tangles. There are some drugs beginning trials. These tangles can andad and kill brain cells spread like a virus. David this sounds like such a challenging disease to find a cure for. What makes it particularly so . It is very hard to test. In thousands of people and you would essentially wait to see if they would get worse or better compared to those given placebos. A super objective numerical readout. The cause has long been mysterious. Brain. Ard to study the it is called the black box for a reason. It is the largest untapped market for Drug Companies. Carol millions have alzheimers but a lot more will have it. Fewer people are dying at an early age from cancer. People are living longer not dying from other causes. We already have more than 5 million americans with alzheimers now. That is projected to go up to 13 or 14 or 15 million. There could be a huge explosion and right now, there is not a lot for it. Huge costs. Thats why the Drug Companies are pursuing it. They has spent hundreds of millions of dollars and net not come up with anything to slow the progression. David how pipeline economics could spell disaster for the shale industry. Full advantage of this huge amount of natural gas we have tapped with the shale revolution. Ithave to be able to move around, that means redoing the Pipeline Infrastructure in the u. S. That means a lot of new pipes. Building new pipeline is getting a lot harder in the u. S. It is not just environmentalists and Property Rights activists that are pushing back. The economics are changing on Pipeline Companies quite quickly. Much senseking as for them as if they just a new,e years ago to build a big Pipeline System where you have to have consumer sign up for the long term contracts. Carol you write about various Energy Companies pulling back on the pipeline aspirations. Getting caught in the crossfire are some families. You write about one. This family in northeastern pennsylvania near the new york state border,