Transcripts For BLOOMBERG Bloomberg BusinessWeek 20161008

Editorinchief ellen pollock, and i want to take a look at your focus on section, and it is all about design. You take a look at zambias stephen center. What are they . Ellen they are small store like places that were set up by an ngo with the help of idea. Org. And they are meant to bring young women in and explain to them about Birth Control. Turns out so many young people in zambia get pregnant. They do not have enough information about Birth Control. The way they are reaching them is by doing things like putting padding and putting on nail polish and a way of making it an easier conversation. They are doing it in urban areas and finding it is really working. David 30 of women under the age of 18 get pregnant, and that is astonishing. How did they come up with this idea to do it this way . Ellen they realized what they were doing when they said we want to talk about reproductive planning, they did not want to talk about that. But when they did it this way, they were very responsive. And maria stokes international, the ngo, has a lot to do with idea. Org. Carol they had personalities and with different forms of contraception, very clever. Ellen they put personalities to the characters with, are you a risk taker, are you consistent, and they helped matchup girls with the right kind of Birth Control or young women, i should say. David in the market and finance section, you look at Deutsche Bank. The last few weeks have been grim for that bank. There is rumor of a settlement of about a 14 billion. It is a bank that is not in great shape right now. Ellen it is really having problems. 14 billion is a lot of money, no matter how you look at it. And it has other problems creeping up on it. There are investigations in the u. K. About whether Deutsche Bank helped clients move assets or money laundered for clients in russia in violation of sanctions. The Money Laundering rules. So they have looming problems. They dont have some of the resources of banks that have a sort of bigger Wealth Management component, etc. It has created a problem for the German Government where Angela Merkel has made it a big point that they do not do bailouts. The question is, how were they going to come back . A lot of bankers are being very supportive of Deutsche Bank. It is murky, the future is murky, and they will be facing problems. Carol european banks are lagging behind what has gone through the u. S. Financial system, some restructuring. They are a little bit of behind. Ellen they are a little bit behind. They do not have the Retail Banking to kind of bolster them. Obviously Interest Rates are really low. That is a problem for them as well. And it is just a continuing problem. David and then john cryan, britishborn but speaks german, he has been trying to turn this company around. Ellen he really is. The other bankers have been supportive, he has only been in that job for about a year, and he is confident that they will be ok and has been saying that this the plummet in the stock , prices because of speculators has been a lightning rod because they were saying, the at government officials were saying that the bank was too speculative anyway. So he has his hands full. Carol i feel like the story will be around a little while longer. Lets talk about Global Economics. In that section this week, you look at what is going on with wind farms. There is a real resurgence in the United States. Ellen windfarms wind is the fastestgrowing source of alternative energy in the United States, and that has turned out to be a big boon for rural areas, especially with areas that are down on the luck because farmers in some of these areas are having such a hard time because corn prices have dropped. They are having trouble making a go of it. And what they are finding is they can lease their land to windfarms, and it is changing lives. We talked to a number of farmers for whom this is allowing them to hold on to the family farm. For another generation. It means they dont have to sell off their land. It has allowed a few to actually retire. It has been a big economic boom to these communities. David i was going to ask you about the cover story this week the fight against zika , continues. You profile it in an innovative way, and how people are doing it. Ellen basically this kills off mosquitoes after a generation and generations of mosquitoes are extremely short. And they do it without irradiating the mosquito. It is a process that involved genetics and a little bit of antibiotics. They have met big resistance in key west and areas near key west as they try to test it out. It has been used in other countries and elsewhere and it , looks like it may be successful, but in key west and , as i said nearby there has , been a huge amount of resistance. They are saying, you do not know what will happen. You dont know what the side effects are. Carol i spoke to a reporter about what was going on. This is a mosquito that if you have ever been worried about malaria or zika or dengue, it is what it is called. It is famous for going anywhere and everywhere that pesticides cant seem able to reach, and that is why it is so dangerous , and that is why the diseases it carries keep spreading. Carol we are all kind of on alert thanks to zika. This has been done before. Scientists have been trying to find ways to wipe this out. Obviously there are pesticides. Ddt did not quite work, but they still use spray. They wanted to do something more sophisticated, they wanted to sterilize the insect. And so for years, they tried radiation, but the problem with radiation is it is a blunt instrument, and it winds up weakening the mosquito so much that it does not even try to breed so it cannot compete with regular mosquitoes out there. Carol there is a new method. And that is what you go into depth talking about. Foxy tech . That is right. It is a Biotechnology Company out of the u. K. They were recently acquired by bytracks on, which is run the billionaire investor r. J. Kirk. This company specializes in crazy science projects like the apple that never gets brown. You know, genetic modified stuff. Hoxie tech has been working on the eta subject i mosquito that has kids, but those kids never get past the larva stage. They are Strong Enough to breed, but when they do breed, the new mosquitoes never mature, they never become adults, they never fly around, they never bite anybody. Carol sounds like a smart idea. It sounds like the millis ghettos do the heavy lifting. The mail mosquitoes do the heavy lifting. The females are the ones that bite. The males are the ones that seek out the females. The idea was what if we only genetically engineered the males with a super powerful gene that made their kids not able to grow up and then send them out to go out and do our work for us and find females that are hard to find, mate with them, and then those, you know the fruit of , their loins no longer becomes an issue for us . Carol it sounds like it should work, but there are small areas of the world were this has been tested. Does it work . Long before zika was known to dengue a horrible thing, was the real target in tropical climates and difficult areas. Hoxie tech was testing this in brazil and malaysia and panama. Carol which is where you went. Thats right. Bloomberg businessweek, i hung out in grand cayman, root around in a van as they tested genetically modified mosquitoes mostly outside the van, but some stayed inside the van. Carol how did that go . At first i was worried that we were going to get eaten alive by mosquitoes inside the van. I was reminded that these were males that do not bite. It was just a mess inside the van. It was interesting because the locals know about it. And they would glance over and say. Oh yeah, here come the mosquitoes. They did not bat an eye. Carol you mention all these places where they are testing it. What about the United States . Well nothing is happening , here. For years because of the dengue outbreaks in the florida keys, artsy tech has been trying to be in the keys. They proposed it as recently as keys but the locals in the have been fighting it to tooth and nail. When it comes to genetically modified mosquitoes in america is that the cutting edge of science is going headtohead with the gml protest movement. There have been protests against oxytech in Great Britain and the cayman and other places. This is where the media and activism really winds up giving more of a voice, so they have been successfully fending off artsy tech for years. Carol the concern is we do not know the longterm effects of genetically modified organisms, so that is some of the worry. Right. You have got unintended consequences here. The picture we just painted of this amazing science project that could get rid of mosquitoes , it sounds wonderful, but what if someone told you it is coming to your neighborhood and that nobody had ever taken a look at what happens neighborhoods after this treatment, three years later . Four years later, five years later . We know that in the history of all things, there are unintended consequences. There was a time that we thought radiation did not have much of an effect, and then years later we see people having health , effects. David turning from zika to this , our creative director. You we are learning about how to make a zika recover you have not seen before. The obvious thing is to show mosquitoes, but we do not necessarily want to be alarmist because zika has been around for a while. It has been a concern for a while. This is specifically about the new potential combatant for it. Carol have to do with sterilization. They sterilize genetically modify males and they release them so that they make with females and then basically their offspring dies. It is pretty morbid. David lets talk about the line you have to tow here. Zika virus is a serious thing. You dont want to scare people. Like i said the story is not , necessarily about the victim. You know, it is specifically about this lab hoxie tech which has developed the sort of genetically modified mosquitoes, and some of the concerns that is raising, some of the communities specifically in the florida keys where it is being tested. When we honed in on that, we can separate from all the bad set bad stuff that has been happening. Carol you do it like a dating kind of thing. I mean when i first read the , story, it is kind of shocking. It is obviously a good thing to miami beingika and safe, but it is also a bit shocking about how harsh this seems. In the insect world, kind of like the worst thing ever. So i basically created a dating profile for the genetically modified mosquito. Carol not like swipe left, swipe right. It is loosely referencing dating apps. Yeah, it is sort of like a, gets a reference from a lot of different sources. David up next, what revelations about parts of Donald Trumps tax returns may tell us about the state of tax policy, overall. Carol who gets a fair shake and who does not. David welcome back to bloomberg businessweek. This weeks opening remarks focus on the broader implications of what we are learning about Donald Trumps tax records. Carol i spoke to reporter. Donald trump is not the first president ial candidate who has resisted releasing his tax returns. He is the first one in many decades who has not released any returns at all. You know mitt romney resisted , for a while and eventually released two years of returns. There were a lot of calls to rigidly things not leading up to the presidency, the years when he would have had incentives to clean up his returns, but trump is the first one in 46 since ford who does not released a single tax return. Carol although a piece of it came out courtesy of the New York Times. Right, so we have gotten glimpses of pieces and if this point it is five years of returns we have gotten glimpses of. A couple of years in the 1970s and a couple of years in the 1990s. We have not seen those returns, but what the Washington Post and politico have reported as a result of information he provided in his tax returns to casino regulators in new jersey. Carol because he had to. Because he had to, and that information has become public. What is interesting about those releases is that they essentially show us the same thing in the most recent one, which is no taxable income and therefore no income taxes. Carol we are talking about he is saying he lost money like almost 1 billion. How do you do that . So, it is pretty simple. I will give you the simplest example, it was not quite that simple, but emagin he borrowed 900 million to fund his casino and real estate empire. The money was not coming in to serve as the payments on those loans, and he defaulted on the loans or he worked out something with the lenders so he would not repay the 900 million. Carol so are these personal taxes, corporate taxes . It is a little complicated. Donald trump and the corporate entities donald trump runs were in some ways synonymous because they were largely structured as partnerships that were entirely or nearly entirely owned by donald trump. So the way to think of it it is that the trump corporate entity part results for the most flow onto Donald Trumps personal tax returns. Carol interesting. What he did, this is what we are trying to understand is not , illegal. Right. Here is the punchline or the most interesting thing about this. So lets take with the New York Times reported and kind of unpack a little bit. Basically they said he reported a loss of a little over 900 million in theory because of the way the tax rules work, he is able to take deductions equal to 900 million. He is able to take that and 900 million deduct it over 18 years or up to 18 years. Earned 900 million over the course of 18 years, he can be able to completely wipe out his income Tax Liability i by taking a deduction equal to the amount that he earned. The loss that he earned was equal to the amount he made. If you think about it for a second, you can say, that is not objectionable. I lost a ton of money, i should be able to take that as a deduction and cancel out my Tax Liability. The difference with donald trump is that he almost certainly for the most part was not losing his money, he was losing other peoples money. And so, the benefit that he, in all likelihood was able to take , advantage of, and i have to hedge this because we have not seen the entire return is that he was basically able to lose other peoples money, but then he could take the deduction. Carol how does that happen, or is that illegal if that indeed happened . No, no that is legal for a , couple of reasons. This gets unbelievably complicated, but to keep it carol tax law, complicated . I know. If you are normally, if you stop uping a loan let me back for a second. If a bank loans you 1 million or gives you a mortgage to buy a house, you dont know taxes on the receipt of that money. But that is a loan, you are repaying. If something happens and they forgive the loan, normally you know taxes owe taxes on what they have given you up to that point. Because it is income. It is no different than your employer giving you money. Normally that gives rise to what is called cancellation of debt income. There are some exceptions to that. One exception is if you are insolvent, and another example is in 1993, Congress Gave a benefit to the then struggling commercial real estate industry, which is to say if the loan that went bad was a real estate loan, then you would not have to count that as income. So in all likelihood, he was taking advantage of this. Carol what i love about your story is that you realize whether it is donald trump or mitt romney that there are loopholes or Tax Strategies that there is a small part of our income strata, if you will, that can take advantage of it while most americans cannot. That is the most interesting thing we saw, both in 2012 and with Donald Trumps partial return here, which is both show examples of how people at the very top of the strata have available to them things that are either straightforward tax Code Provisions like the one that donald trump probably took advantage of, or in the case of romney, more complicated trusts that they can use to avoid income taxes, gift and estate taxes strategies and code , provisions not available to most americans. David up next, could patagonia save the world . How the companys threeyearold food start up went to tackle climate change. Carol welcome back to bloomberg businessweek. I am carol massar. I am david i am david gura. You can also listen to us on the radio on sirius xm. A. M. 960 in the bay area. In the features section, patagonias plans to combat climate change. Carol it is all about a shift from Outdoor Clothing to food. You write about patagonia and they are getting into the food business with patagonia provisions. What exactly are they doing . At first blush it looks like they are doing some sort of a trail food. They did a smoked salmon and a foil, prune and nut bars, certain things you would take on a trip when you are wearing your patagonia. As they explained to me, it is about shelfstable goods entering the markets with stuff that is not perishable. They have done some real Due Diligence on the sourcing to make sure it is environmentally sound. Carol this is a company that is known for their goods, but they are also known for their concerns about the environment. It is part of their mission ended they are bringing that into what they are doing in the food area. They are taking what they have learned from organic cotton and sourcing you know sort of torture free goose down and even taking petroleumbased rubber out of dry suits and wetsuits. For surfing. Taking that knowledge, going deep into your supply chain and taking it to food. Seeing if they can scale that now. Carol you spent some time with the people involved in this, including the founder and the person who is driving patagonia provisions. What did you kind of get from them about their approach and how they are going about this . For the founder, this is a legacy play. He probably wrote his legacy on some granite laws and waves in the past. He is a celebrated outdoorsman. But he thinks that food can make the bigger difference. He wanted his company to be an example of how you can improve the environmental welfare, but you know, stewardship, but there is a limit. There is a limit to the footprint, there is going to be one always. But with food, they are finding with his practice that you can challenge written adrift agriculture regenerative agriculture that you could , actually grow some food that is good to eat but also restores the soil. Carol that is what i like about your story. You talk about patagonia and i was intrigued. I have done some things with who arely chipotle very concerned about the impact that production has. This regenerative agriculture. They are very involved with this. They want to be. The question i think that is raised is whether or not it can scale. Carol right. What they are interested in doing is seeding these projects that might bring a new wheat into our supermarket. Adding diversity. The big idea is to try to do agriculture more the way nature does it, and in a way, when you hear that, a person that celebrates being in the wild, you want to do that. You did great without with down parkas, stick with that, but when you want to take pressure off of wild places, you have to intensify agriculture. Carol up next, china gets a new tech billionaire. And it already won a big war with uber. David google wants in on amazons territory. We will have the companys answer to echo. David welcome to bloomberg businessweek. I am david gura. Carol i am carol massar. The google phone that they hope will be an iphone killer. David and problems with the prius in the u. S. Carol an exclusive interview with the chinese tech billionaire that won a 1. 5 year battle with uber. David that is ahead on bloomberg businessweek. David we are here with the editor and chief. Lets talk with the Global Economic sector. A lot of people were in mexico talking about the donald trump candidacy. Here, all of the interest in donald trump is making it easier for the mexicans and that u. S. To send more money back . The value of the peso has dropped against the dollar. You can buy more with u. S. Dollars sent to mexico. What is happening is that is good for immigrants sending money home. It has allowed people in mexico to take care of their needs better, to take care of their houses better. It is a weird byproduct of the trump candidacy. He is helping the folks in mexico. Not just the folks in mexico, but illegal immigrants. I talked to one who is able to get more money to his family because of it. Maybe people dont realize it is because of trump, but they are aware and are taking advantage of the conversion rates. Carol the mexican economy is not great, so this is helping them out. It is and im sure that is not what he intended. Carol you look at what seattle is looking to do, safe places for heroin addiction. It has been tried in canada, but not in the u. S. The idea is to avoid overdoses and prevent deaths. That are considering setting up centers allowing addicts to shoot up in a supervised way. It is not meant to encourage drug use, but if there is an overdose, people will be helped as opposed to being left to die. Law enforcement is on board. David thats talk about the controversial nature of this. The mayor of seattle is saying if we can help people, why wouldnt we help people. It is not without controversy. Federal drug laws are pretty strict. Many states are saying marijuana is legal, but it is no a violation of federal law. There is a question on if the feds will crack down on it. David is it a problem in seattle . It is a problem everywhere. David the founder of didi, tell us about him and the company he founded. Didi is a hong kong taxi, a competitor to uber. They played hard with their homegrown competitors and uber. Uber in china through in the towel. Date invested in didi and sold their operations to them. Didi is one of the few companies that has been able to mount a successful fight against uber. Carol almost shocking. This is a gentleman that does not do many interviews. You call the founder of didi the ubertamer . He is the one entrepreneur who beat back uber. The story is remarkable. Uber is six years old. Didi is four years old. The story starts in alibaba where chen way is a midlevel sales manager. He is working for a sales manager. They are, along with other executives, brainstorming startup ideas. Early 2012, they see the activities of a british ride handling Company Called halo. It was working with a licensed taxicab in london, the black cabs to create an uberlike experience. Cheng wei wonders, why cant we do this in china . They invest 100,000 in this company. To their horror they realize there are 30 other companies in china that has done this too. No one just clones companies in china, it is a mass migration of entrepreneurs into an idea. They start in 2012 in beijing. It is called hong kong taxi. They basically try to uberize the yellow stripe taxis in china. Carol do they have any advantage . There were other companies. It was a crowded space. Do they have advantages over their competitors . Brad they did. They were taking the halo approach to work with licensed taxis. Many took an uber approach trying to work with licensed chauffeurs of town cars or limos. There were not enough of those cars in beijing. Those companies had trouble. Some had more early investment from Silicon Valley venture capitalists trying to replicate ubers success in china. Didi took a more licensed approach with yellow cabs. That worked better. They had the mentality of alibaba. They called each other classmates. They would see competitors get an exclusive contract to talk with cabdrivers at airports. They would work the bus stations. Instead of giving away iphones, they targeted young people. They gave apps to young drivers. I would say that early was their advantage. Things did not take off until 2013. Cheng wei is having problems fundraising. He realizes alibaba has invested in a competitor. What happens, long story short, they scurry to the alibaba archenemy. That is when things take off. Alibaba and ten cent are archenemy and funneling volume in payment services. When those giants fight each other, that is when they take off. David google is going after the apple iphone. Mark was there when google unveiled its pixel smartphone. Carol they announced new phones. The strategy with the new phones is different than the past. Mark right. Google has done phones before, but it has not been their own. After talking to executives today, we learned they have a new strategy. They have been proponents of a nexus strategy. They bought the software and worked with them to bring their software to their hardware. They partnered. Now, google has a new phone called made by google with phones starting at 649. They are called the pixel and the pixel xl. They run a new version of android and new functions like google assistant. The strategy is that google worked to develop its own supply chain. They are doing custom work inside the phone. Theyre looking to the future and how to build more custom work and a successful unit. Carol why is google, who has had a successful model, putting out the Android System for hardware makers to work with and come up with devices, why is google in the hardware game . Mark the iphone from apple has been extremely successful because of the premium price point and premium features. For google to keep its own software, android, and he Services Like gmail, google maps, google voice very prominent, they have to come out with their own hardware to promote these features. The time was right given that google is solidifying its services lineup. Carol google is going headto head with apple in the smart phone market. Google announced another product going headtohead with amazon with its echo. Google is introducing its own home speaker market. Mark amazon echo has been surprisingly popular. Apple is working on its own amazon echo competitor. Google announced google home, a speaker system for the home. Today, they gave more details like the pricing etc. It will be a key excess rate for the home when it comes out ahead of christmas. Next year is when it will be more powerful. Some google executives were talking about the Company Working on 2 software developments, one for apps and one for hardware around the house. This means developers from Companies Like uber, twitter, and facebook can create applications for google home to interact with their services via Google Hardware. The other platform involves other hardware. Companies like phillips can make Software Packages making existing Accessories Compatible with google home. So i can say, google, turn on the lights, and i will interact through the speaker. Carol it is interesting to see them going, as i said before, headtohead with apple in the phone market, and going after the amazon echo as well. What is it to with its relationship with hardware makers it has worked with for years, samsung or lg . Mark google explained theyre going about this with a careful balance. The android division, the platform at the heart of the company, 1. 5 billion devices, players in china, india, around the world, there will be a firewall. Like samsung and lg is treated as equals on the android platform, so is this hardware. Just like samsung gets treatment from google, so will googles own software division. The key is believing what google says about the firewall, and trusting that there will be a line between google Platform Company and Google Hardware division. Carol why it is not next being a prius these days. Carol welcome back. I am carol massar. David i am david gura. Carol toyota failed to win over American Consumers with the recently redesigned prius. This necessitates to lot over the life of the prius. Even Silicon Valley and hollywood stars were driving it. Now, that position is taken by tesla. The same way that hybrids were considered to be revolutionary at the time, people think about that as electric vehicles. People want to move on to what is new, hot, and cool. That has been to the detriment of the prius. Carol the previous isnt cool . Not that cool. They redesigned the prius to make it appeal to a wider design of people. The redesign went from what was admittedly not a good looking car to what is now maybe a little more out there than the typical person may want for this type of vehicle. It is very flashy, sort of angular look that is not particularly popular with u. S. Buyers. Carol people who have owned a prius are not necessarily buying another . More than half the people who had a prius would buy their next car as a prius. That has fallen to the lower 40 and that is not a good sign longterm. Now, we are dropping down 25 on the value of prius sold in the u. S. Carol when prius came out, you mentioned test p or they are high and then coming out with a less expensive model. There are more choices when it comes a lot more choices. In 2011, there were three all electric or hybrid vehicles. Now, there are 33. A big difference. If you really loved toyotas, it is competition in the brand. The rav4 has its own hybrid version. Carol what does toyota say . That the prius is not as popular as it used to be . It has nothing to do with redesigning the car to make it look somewhat strange to a lot of people, but it has to do with cheap gas. The big appeal is it gets a great mileage. If gas is cheap, people want an suv. Carol the redesign, they sell this in japan. It is extremely popular there. The prius came back this year to be the bestselling car in japan. The brand is the 31st selling car in the u. S. A big difference in the style. I asked a coworker, what do you think of this . They said, i like it. It is like fast and furious tokyo drift. That might be an issue. There is a difference between what the younger drivers in japan want versus what the younger ecologicallyoriented drivers here want. Carol it is hard when you have tesla on the other end of the spectrum, beautiful design inside and out. A prius is small. It is cozy. So Many Americans have gotten used to larger cars and suvs with a lot of Storage Space and room. It is difficult for what started as a subcompact that is now a compact to midsized car on the but still without a lot of room. Carol toyota is not giving up on prius . No. It is a big deal for them. If you think hybrids will be the high mileage, lowgas car for a long time, you just have to make it look better. David do devices could be used to revolutionize digital payments. Carol you know what i mean. That is coming up next. David welcome back to bloomberg businessweek. I am david gura. Carol i am carol massar. You can also listen to us on xm radio, in new york, in boston, and washington, d. C. , and in the bay area. David the focus on the design section, a studio with an idea for creating a physical dimension for online payments. Ever since people started using credit cards, it is easier to spend money without thinking about it. You do not have to go to the atm and put cash in your wallet. You could take out your card, spend it, maybe not keep so much track, especially if you are buying things you couldnt really afford. Carol you write about an individual that notices with his own daughters. A designer with two daughters. Would give them allowances when they were younger, he would give them cash. They would meticulously budget. When they were teenagers, he switched from cash to a debit card. They were constantly going broke. They could not keep track of their money. He started thinking, is this because my girls are older and less responsible, or the way they are spending money. He did an experiment. Carol what was the experiment . He came up with a device that is like an elongated token. It is a demonstration device. It is like a digital wallet that you have to manually load money onto, swipe your finger across it, and think about the money you are spending in the same way that you have to think about handing money to the clerk. Carol it is a fixed amount . Yes. And every time you spend money, it says you just spent 350, here is your new balance. Carol you are right. There has been research that has looked into the disconnection with money, especially with credit cards. There has been a lot of research that shows people are less responsible with credit cards, even setting aside the fact you can spend money you dont actually have. The action of paying with a card rather than cash, you spend more money here and you value those purchases less you value those purchases less it you value those less. There is a disconnect. Companies that design payments like it when you spend money. I asked about this. He said we did not look for a partner. It would probably be hard to find one. There are more niche cases where this could come up here places looking to help people budget money, they can offer this to making more mindful. That is one case, but i do not think it will become the replacement for the increasingly carol taking us to chuck e. Cheese. David here is editor julian goodman. You are right. Anyone who has kids, you have probably spent time there. There are changes. They are phasing out the famous tokens with chuck e. s face on them. Theyre going to an allcard system. Carol that is a big change. Tokens have been part of the fun. For chuck e. Cheese they are a moneymaker because you give money up front. Then you get tokens. Whether you spend them or not chuck e. Cheese keeps your money. You can still trade them in for credits on your card. It is for the benefit of the chain, but more easy for them to keep track of. Carol as a parent, many times i have walked home with tokens, and then i forget to bring them back. And if you lose your card you can get the credits returned. It is making use of better technology. Carol having said that, some people collect tokens. Some of them are collectible. There are variations. There have been many designs. These to be printed with the name of the location they were destined for. There is one mythical set that was printed for a california restaurant that were misprinted and had to be returned to the mint. A handful were saved from the melting pot. They go for almost 1000. Carol what was your favorite story . David Deutsche Bank. Looks at the proposed settlement with the doj at 14 billion and the debate in the bank, the debate about the size of it. Looking at the condition of the european bank. It is not in great shape. John cryan has a fiveyear plan. A lot more to do. Carol i love the his story of going to beijing and talking to the founder of didi. We got insight to the competition between didi and uber. The growth of the ridehandling services in the chinese market. How didi beat uber, which is phenomenal. A lot of nuggets in that story. Bloomberg businessweek is available on newsstands. David and online. Carol more Bloomberg Television starts now. The following is a paid program about humana paid group. Welcome to your medicare, your decision, the program that guides you through the Medicare Options available from humana