earnings. disney, groupon, potbelly. >> i have never been in one. >> the sandwiches are keller. -- killer. they are not exactly the healthiest. >> road trip. let's do a road trip right now. equities, bonds, currencies, commodities. futures, -3. euro is weaker. to 98.43 four nymex crude. on to the next screen. the vix. the ruble i am watching carefully. 35.79. that is a weaker ruble over the next few days. let's go to the ruble a look at the putin litmus paper. here is the angst. weaker ruble. then they do better. they reverse. 80% of the better news. >> in other words, your dollar buys more rubles. strengthening dollar, weakening ruble. that is a big deal. of troops.g we have not been talking about it. >> we have been talking about the middle east. gaza, iraq. >> that brings us to our front page. the newspapers and the webpages. >> let's give you an update. a 72 hour cease-fire begins in gaza. this is the latest attempt after four weeks of fighting. israel has pulled out all of its troops because it has completed its mission, which was to destroy tunnels used by palestinian militants to launch attacks. >> the headline is that they are both involved. >> they are both involved. we do know that other truces have broken down within hours. humanitarian truces, 72 hour truces. we have seen them all fall apart. >> we have. >> ukraine military spokesman said that there are 45,000 russian troops along the border. 130 rocket systems. new numbers there. >> i want you to see what scarlet fu works with. this is the dump of aggregated headlines worldwide for ukraine. i have them color-coded. scarlett does too. here are the headlines seconds before we go live on air. here is what we try to bring you. what is the sum of all this? >> the fighting continues. there are been clashes with rebels over the last 24 hours. >> take about that number. 130 rocket systems. it was one rocket that brought down the ukrainian airliner. there are 130 of the systems. >> it has really heated up. in iraq, we have these serious battles between kurdistan and nowsunni islamic isil, called the islamic state. my headline is that oil has not moved. if you said to me over a beverage of our choice six months ago that we have israel-gaza, ukraine, and iraq and oil was a moving, i would be like, yeah right. >> we did see equity markets move at the end of last week. let's get to our second front-page story. this struck a lot of fear in people's hearts. ebola perhaps in new york city. with early treated symptoms of the virus is likely to not have the virus. he had just returned from west africa. they are testing his blood samples right now. >> yesterday, that one dr. was taken over the weekend. >> he was infected in liberia and was brought over. you have to sell newspapers. ebola! i would direct you to abby phillips of "the washington post." a fabulous article about what is really going on on the ground in these west african nations. about the food. it is difficult reading. tested six blood samples of suspected ebola cases in the u.s. none have turned out positive. the two here, one was a man brought over and another patient will be coming over today as well. let's move on to the financial markets into banks. this is on the cover of "the financial times." this is a warning from hsbc chairman douglas flint. he said the gamut of global regulations, new rules is contributing to increased risk aversion among employees. they are risk-averse. >> of course they are. >> they don't want to do anything that could lead to punishment or finds. -- fines. they are sitting on their hands. >> they have five separate fines. >> tens of billions. >> bank of america suspended trading of russian equities for two hours because there were questions about whether they were doing things. >> this is remarkable. jpmorgan sent to me mail to staff eight weeks ago encouraging them to raise your hand. >> raise your hand. >> more foreign exchange. hello. more foreign exchange. >> all of this risk aversion. the bank is spending $800 million more per year. >> $800 million? >> more. >> we need to go to jerusalem. our top story of the hour. 72 arbor cease-fire between israel and hamas. betweenease-fire israel and hamas. what do you presume will occur when the truces over on friday? >> i think everybody is hoping that talks will start in egypt over the next 72 hours. then there will be no further fighting in the talks will continue on a more permanent kind of agreement that would hold for a while. >> when we say that the israeli , where doleft gaza they go? do they go just over the border and they are sitting there? or are they sitting there? >> as far as i understand, they are on the border. israel does not a lot of details of deployment. is that they say have no more troops in gaza. they did not say specifically where they were. from what i have understood, they intend to stay on the border until it is clear that the cease-fire will hold. >> the fragile truce that has been part of the life in jerusalem was shattered yesterday when there were two incidents involving a couple of individuals who lost their lives. can you tell us what it is like in jerusalem today? >> jerusalem is a city used to violence. people really just move on. these incidents were portrayed to the public is isolated and not something that the police think will become a bigger kind of uprising in jerusalem. things are back to normal today. >> thank you so much. with ourrmann jerusalem there's bureau. -- new spirit. >> our guest for the hour -- news bureau. >> are best for the hour is for martin sorrells fr -- sir martin sorrell from wpp. >> good morning. >> away from the geopolitics, we talked about risk aversion. you are on the frontlines about whether companies feel ok about the economy. what is the state of the economy from your perspective? >> douglas flint's, the but risk aversion applies to clients -- comments about risk aversion applies to clients, too. many companies are just around making revenue forecaster expectations. they are making it by cutting costs. currency makes it much more difficult to make those targets. ,oreign multinationals multinationals based in the u.k. are struggling to make their numbers even at the top and bottom line. in that environment, or fast growth markets are slowing down, not so much western continental europe, but the u.s. has improved, not as much as we would like to say, that environment makes companies risk-averse. average life of a ceo is for-five years. years. boards do not want any trouble. activity it's a little bit puzzling if you believe that people are risk-averse. that is the way through to getting more growth. in a world which has become very risk-averse. there is too much focus on cost and too little focus on the top line. you have had an exceptionally cautious view on american economic experiments. then we get 4% gdp. to ask you if you are wrong. >> i'm not wrong if you look at the bottom line rather than just looking at the headline. 1.5% of that growth came from inventory accumulation. i would maintain it is unintended inventory accumulation, something that is going to be worn out and run down. , if you hade that inventory accumulation of zero, the gdp growth in the second quarter would have been 2.5%. >> i need you to brave sir martin sorrell right now. there?animal spirit out excuse me. it is a surveillance correction. i hope you noticed that. sir martin sorrell put me in the timeout chair. when does this turn? when do we find the animal spirit? >> i would say from a macro point of view, we are seeing the risk aversion that you made reference to, from a macro viewpoint, i see that, in terms of the 10 year treasury yield. it did not stay up as it went up. you see high yield spreads which bottomed out. they are rising. this is similar to what happened in 2007. as far as animal spirits are concerned and the turnaround to isimism, my view is that it going to come, but only after it is displaced. not aroundspirit is the corner. it is something we have to wait to happen. >> let's come back. two great guests. company news this morning. here is scarlet fu. >> federal investigators want to know about general motors. hasjustice department subpoenaed gm for records on loans to people with low credit scores. g.m.'s financial unit says that it is cooperating. allied financial agreed to pay $98 million to settle claims about minority borrowers. a proper sendoff. posted second-quarter profit that beat it estimates -- the analyst -- beat analyst estimates. professional website networking site linkedin has agreed to settle claims that it did not pay employees for all hours it worked. the cost is about $6 million in overtime pay and damages. the so-called off the clock hours are all too common for the american worker. that is the company news. >> coming up, leaders from africa are meeting with president obama in washington. they are talking about future investment. the summit is being overshadowed by growing concerns about ebola. we will bring you the latest. that is coming up after the break. this is "bloomberg surveillance." we are streaming live. ♪ > good morning, everyone. "bloomberg surveillance." coming up this morning, steve schwarzman, chief executive officer, founder of blackstone group, great supporter of the new york public library, he will be on "market makers." 10:00 a.m. this morning. an update on m&a. a feverish, frothy pitch. >> if you analyze the volume we have seen your to date, we are going to set a new record. >> $2.6 trillion. >> how do you know that? amazing. this is "bloomberg surveillance." i'm here with adam johnson and the amazing scarlet fu. >> thank you for that shameless plug. let's get to washington. 40 african leaders are meeting with president obama in our nation's capital this week to discuss the future of investment in africa. but ebola is stealing the headlines after a man was admitted to a new york city hospital to be tested for the virus. hans nichols is up a summit in washington and joins us with a look at what people are saying. how big of a shadow is ebola casting over the summit? or people discussing it on the sidelines? >> yes and no. the ebola conversation is localized. to three west african companies where they have found it -- countries where they have found it. when the world bank had the announcement of $200 million to combat ebola, it seemed like a dampened the conversation so that the conversation could switch back to investment, growth, and opportunity. >> on the same day the world bank came out with this package, ghana is seeking imf assistance. isn't that casting a bit of a shadow over the proceedings, given that it was one of the fastest-growing economies in africa? >> yes. na has largely been a success story in africa. it was the first african country to free itself from the shackles of colonialism. it has been largely peaceful. it has a lovely capital. things are functioning. you have some sewage problems. you have good electricity. it was always thought of as niscove offshore. even with all of that, they cannot get all of their books in order. ton you look at the deficit gdp ratio, their debt to gdp ratio, it is much less than what you see in southern europe. investors in the bond market are demanding more from africa than the demand from europe. >> one of the big success stories, one of the big themes is what is happening on mobile banking. mobilephone carriers are doing the banking. what are the other business themes coming out of this summit? thingscan buy a lot of with your mobile phone, especially in kenya. it is a great story. i want to ask sir martin sorrell a question. the number was $900 million in new deals, which frankly is a small number. the white house popped $14 billion. the expectation was $900 million. we're going to get to $14 billion. when africa and china had a summit, the total number of deals was $20 billion. sir martin, $14 billion, is that a good number? >> i think it is a good number. expansionf africa and , we're certainly seeing strong interest from our clients in exploring out of south africa into west africa, east africa, even northern africa, despite the political tensions there and the issues. africa in terms of growth for us is about $750 million worth of revenue now out of $19 billion and growing. it is one of the fastest billion -- growing subsectors. there are big challenges. not just ebola. corruption as well. the other thing is that it is a very fragmented set of markets. people forget that there is very little concentration and there was a tremendous spread of markets. therefore, efforts tend to be rather fragmented. do i feel what? >> we will come back to it. [laughter] we are sure to come back to it. >> hans, we will catch up later. throughout the hours on bloomberg television. bloomberg television will have all-day coverage of the u.s.-africa leaders summit in washington. be sure to keep it tuned bloomberg television. coming up on "bloomberg surveillance," we want to tell you about what is coming up in the next hour. we will discuss the latest concerns about food safety in china. the council on foreign relations. have you been to a mcdonald's in china anytime soon? >> no. definitely not. i don't go to mcdonald's here. it is not healthy. i'm sorry. >> he has the temple to worry about. [laughter] >> the oreo milkshake is healthy. ♪ >> good morning, everyone. "bloomberg surveillance." i'm tom keene. let's get to our morning must-read. >> the former governor of hong kong writing about mr. putin. sir martin, chairman of wpp group. >> ceo. humble ceo. >> that's right. you just run the company. [laughter] >> is russia shut down? >> our business in russia is doing well. is a big market. an aging market. sanctions have had an impact. it will have an increasing impact. about amaral 2% or 3% of our revenues. ukraine is very small. russian sanctions have an impact. >> sir martin sorrell, one of our guests. we will discuss facebook and twitter when we return. ♪ . . >> good morning. "bloomberg surveillance" from new york city. the left,oup tower to i'm tom keene. u.s. stocks recovered after the selloff last week. >> rices over. ready for abe rebound. >> a correction is 10%. >> we had that debate yesterday. >> we have seen the 10 year yield fall below 2.5%. currently at 2.49%. below $100 ays barrel at 9847. >> futures are negative three right now. brilliant. and then to newsfeed, janet with your friends, romans, countrymen. show them selective news you can use. and you need advertisements that no one can see. of 2014, facebook, google, and twitter are doing great at grabbing billions of dollars in ad dollars. users rebalance they are you kidding me? is this a fad? -- ins in social fee via social media are they a fad? >> 36% of our revenue is now coming from digital media. >> has a compare with the year ago? >> up one or two points. every year, social media, online media grows faster than regular media. they naturally can increase their share about 1%. our target is to get 45% in the next five years. we should get there. it's not just mature markets. they leapfrog the pc, and smartphones -- you're going to be talking about china. smartphone penetration in china. the iconic moment i think will be the flotation of alibaba. i think it will focus even more tension on technology in china. >> when you talk to your young practiceat is the best of doing advertising in my newsfeed when i hate to see ads? irrelevant. we are buying audiences online. we have a platform which competes against double-click and atlas. what we are doing is buying targeted audiences for clients. the best practice is to find the relevant context. so that you won't be irritated. if you are searching for something, we display advertising, search both for pc search and mobile search. you're looking at video and social. relevanceng out the of the advertising, the timing, and the context. you can target a much more effectively than you did before. you said billions of dollars are being spent. the dominant force here is google. media books, google is the biggest investments at around $3 billion this year, $2.5 billion last year. news corp. was around $2.5 billion. if you've corpse -- if news corp. and fox by time warner, they become number one. >> google is the dominant force. -- sheto bring in this talks about how your facebook feed suddenly looks a lot more emotional than usual. istter is snarky, pinterest bragging, facebook is earnest. you share photos, you console each other over her life losses. it is very emotional. is there going to be a knee-jerk reaction to that? will people get fed up? >> there will be a lot of movement in these platforms. it is extremely fashionable. i think google, and its dominance, is because it strives across these five areas i mentioned. mobile,ssic search, to video and social, and display advertising. it has the breadth and coverage. my view has always been that facebook is a branding medium. it sets the context for brands am a rather than search, which is oriented towards effectiveness. you have to balance the two. people are starting to explore the emotional aspects of this. emotion was something that was meant to be just rooted in traditional advertising, not in online stuff. it is interesting it is coming that way. one other thing is the initial surge on social and mobile, digital, has relaxed. people are now focused on value. that article refers to advertisers looking in value, and the possibility they might be amazing some of their investment -- wasting some of their investment. >> if you follow the path of the click through's, what is the advertising on digital works? >> sales. >> and you actually quantify that? >> you can. ,he sort of work we are doing we see some of our competitors like nielsen is doing. tvvery much measured audiences and online audiences in about 40 countries around the world. with a non-us nielsen, if you put it that way. what we're seeing increasingly as an ability to measure at a level that we haven't been able to do before, either in legacy media or in online media. cut in here. wonderful to have you with us. they comment on this, sir martin scarlet. >> a newspaper publisher coming this will focus on its broadcasting and digital content unit, and then it will spin off its publishing units. it will be debt free at the separation, according to gannett. they are separating themselves into broadcasting and digital businesses, the other on the publishing businesses. >> this is a good bank, bad bank. consumershing -- spend about 45% of their time in the u.s. on digital and mobile. we only invest with our clients budgets onr 22% of newspapers and magazines of the old variety. consumers spend about 6% to 10% of their time with, and we still invest 20%? that's the reason they are doing what they're doing. >> this is one example. surveillance disclosure, we used to deliver papers for again at -- for the gannett avenue. [laughter] >> the truth comes out. >> my mother ran it like a fortune 500 company. she brought in mckinsey, and i was like i was that kid doing that? >> you wonder where the new york this is -- >> this is all bloomberg's fault. [laughter] >> here it is again. separating into two publicly traded companies. coming up, we're three months away from the primary elections. which party's voters are more ramped up? we will tell you, next. ♪ >> good morning everyone. "bloomberg surveillance," twitter question of the day. is the market selloff over, or is this just applies -- a pause? that at @bsurveillance on twitter. this is "bloomberg surveillance ." with me scarlet fu and adam johnson. truce't in the two-hour has begun in gaza. the israeli military says they have completed their mission to destroy the tunnels. a previous cease-fire had broken down within hours. ukraine says russia is building up its forces on the border. rush is said to have 45,000 troops there, along with hundreds of tanks and rocket larger's -- launchers. and m.i.t. considering a plan to let students graduate in less than four years. that would get undergraduates off the campus sooner, obviously. it would allow m.i.t. had more students. one of the schools biggest problems is not enough student housing. princeton offered me the chance to do it in three years. they said no, you are on a four-year track. >> they should do for years, if not five. >> you want to pay five years of tuition? >> that's what i was talking about. our single best child was in ahing that went through perfect four years. >> three months away from the midyear election. the public and party holds a clear advantage in terms of voter engagement. the national survey showed that 45% of gop voters -- that is a redline. they say they are really enthusiastic. more enthusiastic about usual than voting this election. but he 7% of democrats. percent of democrats. one thing that both parties can agree on is how effective parliament is. law ins voted in the something like 13 years. >> ineffective in general. 28% view congress favorably. >> and surprises that high. of workm has done a lot on midterm elections. they basically say wait until november. is that figuring and your calculations? -- in to your calculations? >> i have to look at november and preparations for 2016 presidential elections. i continue to believe that the economy is not going to keep up the second quarter growth that tom talked about. 4% not just a fluke, it was caused by a majority build up. that again leads to worse growth in the third and fourth quarters. when that happens, it is not a good sign for the democrats is they going to midterm elections. the is happening to republican side is probably going to be the same thing. my expectation would be that if you lead into that in the midterm elections with the senate changes hands, it is clearly going to have more applications as well for 2016, and what happens in the final couple of years of the obama presidency. it ittin, are you seeing pick up on -- seeing it pick up on bloglines -- a lyrical ads? a presidenthave election and winter x, that always helps. you have the world cup this year, that helped. year, we will have the european football championship as well. basically, we do see a pickup. we see it in 15 that, for 16. and we see it in 13 for 14. in advance of the midterm. generally the midterm year tends to be better. >> we need your perspective on this. adam, you get a started with photos this morning. 1.1 million copies being released from a tank. this is a symbol of all those who died in world war i. look at this tremendous event, holding these using poppies, recognizing world war i. >> what is the difference and how we recognize world war i in europe rather than america? >> it's generally should only -- .orld war ii is done originally any trace is something that we did -- we are proud of the fact they had done that program. i think world war ii is much more relevant. not relevant, but much more in people's minds than world war i. i think that is really the background. >> again, can we pull that photo up. it's just an amazing image. it's shot of the jason turner of strategic projects. front in the minds for members. >> what we have here? indonesian fishermen -- takes 42. grand >> one of the today this -- what are the two greatest days in the life of the boat owner? the day he buys it, and the daisy cells. .> -- the day he sells it enteringitchell the water. men's the gold in the platform. he's thinking about not retiring. won more gold then australia. are we not going to ring the gong? >> we will discuss how investors are pivoting in terms of raising interest rates. we will discuss, next on "surveillance." >> this is "bloomberg surveillance," i'm scarlet fu. gannett splitting into two. it will focus on broadcasting, and split off the rest to shareholders. this move comes a day after they acquired full ownership of cars.com. a new leader in the world's largest smartphone market. mi is based inxiao beijing, and it was founded as four years ago, and has displaced samsung. the world's biggest internet radio company is considering formats like sports, news, and talk radio. it is part of a strategy to reach listener's in cars. number of-- pandora's active listeners has been stalling. >> change is scary. the s&p 500 fell the most in two years last week, deflation risks had diminished somewhat. wall street has been forecasting a correction for months. how vulnerable our sf prices if the fed starts to pull back? >> if the fed starts to pull back, and the question is what does the pullback mean, i wouldn't call that a pullback. afloat notis staying because of the bond purchases, because they are ending up in the banks excess reserves. more board is what happens to interest rates. to continue with a zero interest rate, do we go into a seventh or eighth year with it? them is no prospect of increasing interest rates anytime soon, and we have had a scare about that in the past. if youctation is that want to stay with that killed 2016. >> you have been so right about interest rates. continue, and is it a lubrication foreign m&a boom? >> i think the m&a boom will go for a while. i think he will continue because you have low rates, both on the short side and on the long end. 249 that we had on the 10 year, i see that going to 225. it looks like interest rates are going further, lower down. if that is the case, m&a activity will be boosted. the only fly in the ointment we have is the high yield spread is starting to increase. that is a big change. >> they went from 220 basis points late june to about 350. >> that is suggesting that the high-yield market does not believe that all this liquidity is going to keep everything afloat. high-yield and borrowing is very important to the m&a activity. >> what drives that? too much activity? --i think eventually the egg the markets decided the spread was too low. i think the spreads finally are just -- >> we borrowed it 5.6 for about three net. you could buy the company at 33 times earning without feeling anything. without we were doing well. we were doing 5.1 of the last time i checked. warren buffett, three g, borrow 30 years, strong management, you buy baked beans and tomato ketchup. makes a lot of sense, especially if interest rates are low. >> we talked about ukraine, we talked about iraq, we talked about israel. he said argentinian defaults will have more applications. walk us through how that plays out. smaller, aa is much much smaller part of the total debt market than it was even in the early 1990's. but the default is happened. i think the government is not going to do anything till beginning of 2015, when the clause expires. expectationtime, my is the currency will continue to depreciate. the economy will go down. in terms of the additional fallout that you asked about, it is a big producer of food. a big producer of beef. you should look for some of those to become more scarce. foodgrains to be on commodities. that's what you see the big fallout taking place. >> what is your grade for janet yellen right now? camp.in your she is really concerned about slack in the economy. >> i would agree with her, rather than with alan from kingston who has been talking about the slack not being very much. an amount, thes participation rate has gone down. the percentage of population is much lower than 2007. but i would still only give her c in terms of overall performance, because i think she has continued with the liquidity and easing policies far too long for the economy zone good. own good.es >> let me do a forced report. sterling, 168. a scandal. just a good cup of coffee ago. at 39.7 five. showing some of the tension in russia as well. dow futures -17. >> coming up, we have robert a friend of president obama. he will be speaking with bloomberg's hans nichols on investment opportunities in africa. ♪ . . >> this is "bloomberg surveillance." >> israel and hamas are in truth. will fighting recommence friday? russian troops on the ukraine border, the ruble turns, and michael bloomberg in a conversation with the secretary of commerce on the united states and africa. good morning, everyone, this is bloomberg surveillance. we are live from our world headquarters in new york. it is too thick of august that. i am tom keene. joining me scarlet fu and adam johnson. our guest host the sour from bloomberg news a pulse on wall street, max abelson joins us. >> euro area expended less than forecast, which u.k. was better than forecast. are going to get our own service sector data today, 9:45, we have got the market u.s. services pmi, and then at 10:00 we get the isam factory data. but it isrky data, important. stay tuned for that. earnings before the ball, coach, liberty media, time inc. and cvs caremark. disney andell, groupon and potbelly. bloomberg will have covered all day today of the u.s. as the summit heads down and washington, d.c. and coming up right here on "bloomberg surveillance," there will be a conversation with bloomberg lp founder mike bloomberg and u.s. secretary of commerce penny pritzker. areant to make sure you up-to-date on everything happening in washington. >> in terms of company news, we have got to start with federal investigators. they want to know more about general motors' subprime auto loan. gm's financial unit says it is cooperating. they settled and $98 million to help boost financial claims. american international group giving a profit to his retiring ceo bond in motion -- bob benmosche. benmosche paid the record government bailout, cut jobs, and narrowed. agrees to settle claims it did not pay employees for all hours worked. $6 million inhi overtime and labor pay. off the clock hours are all too common for the american worker. that is today's company news. >> very good, scarlet. 40 african leaders will meet with president obama in washington all this week to discuss the future of investment in africa. our international correspondent hans nichols is standing by with an important conversation, this former ubs wolf, president and of course a supporter of the u.s. president. >> tom, i am joined by robert has a bazaar who marketplace. what are we going to get today at the u.s. business africa for um ? >> you have 45 of the 50 plus president's ear of the african countries. you have a who's who of the business side from both sides of africa and u.s. the panels are always good, but the truth is it is what happens in the hallway, in the private room. >> how many cards are you going to geive out today? 30probably more than on my years on wall street. i was recently in africa, and you know -- pick a country, there is opportunity. energy,it is infrastructure, telco, media. everything is about helping develop their gdp, so you obviously enhance their education and their health care, but you can do good work and do good. >> so china obviously has a big presence. are we late to the game? >> we are not late to the game. it is not us vs. china. china is at least a decade plus ahead of us there. there are some countries that engagede incredibly with. the president must be coming down now. so they are incredibly engaged with, but there are also countries that we have incredible opportunity that we are building good partnerships with. but let's be clear -- of the 50 plus countries, you know, 50 plus all need work, and it is no different than the united states. we need infrastructure, public-by the partnership, we need inbound investment. >> do they need drones? we talked about this a little but off-camera. tell us what your plan to bring drones to africa. >> we have a company called measure as we talked about on bloomberg recently and our company uses drones for industrial and commercial use. agriculture, uganda, zambia, border security, facility security, we are looking at mining, energy, pipeline capability. for us, it is a way to really cut costs, have a better return on investments, and it is better for the security and data. and we're working right now with a couple of ngo's on the possibility of anti-poaching capability. >> so a game in tanzania, they see some untoward activity come of radio ahead -- how does it work? >> you kind of gave me the whole sale point. we're looking at business development, by the way. [laughter] is example, midnight, which where a lot of times the poachers go out when it is dark, the rangers cannot see as well, and there are drones that have infrared crap capability that will go out at midnight, do a two-hour run. you will know where the elephants heard or the rhinos or whatever it may be, whatever is he sees you were looking at, and you will have someone at a datacenter that will be able to see on video and scanning where -- if you see obviously a cloture, you will immediately be able to know the coordinates that poacher is at, and you will be able to get there. but we are also looking at places -- order security for trafficking or deforestation. there are so many opportunities for our company to measure right now. we are less than two months old, and we have 50 different opportunities in africa. >> talk about opportunities, we talk about the business community. you are often cast in the role of defending president barack obama against sometimes harsh comments. he just gave an interview from air force one to economists. he had harsh words saying they are whining, complaining. what have you heard from your old pals on wall street? >> i have been called the fact that with the presidency. other than being a little heavy, i cannot say i love that adjective. the rhetoric has been up-and-down for five or six years -- >> you main critical and then nice? they agreee things on, things they totally disagree on. they agree on immigration reform, they agree on free trade, they agree that they want to read tax reform, you know, -- they want corporate tax reform, you know, they may not like the recent comments on inversion. you can take any given day which is blowing.d you can only look at the facts -- or the economy is booming right now in many areas versus where it was. overall, the economy you can say is half-full, half-empty, but where we came from -- because remember, i was there that lehman day. their eyes were bulging because that is how nervous everyone was. where we are versus six years ago is a lifetime away, but we have a long way to go. >> the business community is basically working the rest, is the business community working the rest for favorable cause? surewill say -- let's make we do not define wall street as the business community. duke, so i like coach cash, but there is opportunity everywhere. manufacturing is growing. we are doing in the media space is just second to none, so i would to say that yes, wall their views on regulation, but wall street is doing fine. you have seen the recent earnings. >> wall street is doing fine, you're doing fine, thank you very much for joining us. back to you guys. >> thank you. thankvery good, hans, you so much. bloomberg television, our all-day coverage of the united states-africa summit in washington. look for that all day today on bloomberg television. >> our guest for the hour is max abelson a bloomberg news. he writes about wall street and the feeling on the streets. max, i have to refer to this hsbc article in which hsbc's warns of risk of inversion. employees are fearful of being punished for mistakes in the tough regulatory environment. is that what you are hearing? yes. i do not think it is the summer 2014 thing, either. seeing of robert wolf talk reminds me of another bob, the former head of barclays, who said the time for apology and contrition is over, and that was years ago now. i think wall street has had a few years of feeling like this, of being beat up, and they want to take some risk again. i am not sure they will be able to do that with regulation. >> what is the mood right now? i cannot get a handle on it. people say it is terrible, it is slow. is that true? >> i have the same problem because people insisted to me that they are bored and that the markets kind of stink and there is no excitement. on the other hand, these banks continue to make a lot of money, especially compared to other sectors of the economy, so hsbc, for example, it is doing ok. >> they are making a lot of money, but they are not necessarily growing. it is almost like a bond. >> i will say quickly i will they cannot make up for their profits equity, and that really bothers them. >> all right, our twitter question of the day -- is the market selloff over, or is this just a pause? please tweet us @bsurveillance. tom, scarlet, and i will be right back. ♪ >> good morning, everyone. "bloomberg surveillance." a weaker euro this morning. that is what i am watching. the futures -5. this is "bloomberg surveillance." i am tom keene. with me adam johnson and scarlet fu. the state of wall street, how about the boutique banks? they are boutique banks, but they do not like to say that. institutions creating a bank is different in 2014. desired as a complete service operation, we see that none better than evercore partners going out and buying aed hyman's ifi. max abelson joins us here as well. discuss. whenore's stock goes down you buy the rockstar of economics? >> i thought ambition seem to be what it is, but evercore wants a big-little wall street shop. the market sees a different climate. >> i know your team has looked at it as well, they are bringing in equity research to help with their equity market capability. from where you sick, is the stock market and wall street over? everybody wants to be in bonds, derivatives? >> that is the feeling, this malaise, and what makes it more upsetting is not only do people feel like the markets are not more exciting, but they may not come back, so some of the great work my colleague has done is reacting not happily come maybe the time -- >> evercore, the stock trading in three days. commissions are a fraction of what they used to be, and all the fed and evercore is going to effectively publicly traded markets with the acquisition of isi. why? >> at one i started as a wall street reporter, i remember the first time people talk to but a low margin business. i remember thinking what a meaningless phrase that is, but i think it makes a big difference if the work you are doing you will be paid a very small amount. the plus side is you can make a little bit of money, you can do it a lot, and it will last forever, but maybe that is not good enough anymore. and a risk that mr. hyman select few that go down the elevator every night and up the door -- >> just a few smart people, and that is all the business is. ofthe other hand, speaking just a few people, i will say that roger allman, they seem like some of the smartest people around, see you get the sense -- >> arguably they have been on m&a. >> the talent goes out the door every civil day. that is a risk of anyone. -- every single day. that is a risk for anyone. max abelson, to every month. the rise of china. ♪ >> good morning, everyone. "bloomberg surveillance." coming up, an interview with penny pritzker, she is the secretary of commerce, with michael bloomberg. look at that 7:45 this morning. the u.s.-africa leaders summit in washington, d.c. bloomberg.d much to talk about this hour. futures -5. here is adam. >> tom, a 70 two-hour truce has begun in gaza. israel has pulled out all that strips. as early military says it has completed its mission to destroy the tunnels used in palestinian attacks. the militant group hamas has accepted this truce brokered by egypt. the cease-fire, however, broke down within hours. 4500 troopsays along with hundreds of tanks. -- 45,000 troops along with hundreds of tanks. and m.i.t. have a plan to let students graduate in less than four years. it will get undergrads off the campus quicker and will allow him i.t. to add more students. one of the problems that m.i.t. -- not enough student housing. >> how long did it take for you to graduate college? >> 6, 7 years. [laughter] >> but you did it! solarre were, like, two eclipses. >> you just wanted to play ckey longer. >> you got that right. >> let's move on to china. >> one more course, dad. fast food chains are slogging through a rough summer, mcdonald's, burger king accusationsed by that their shanghai supplier repackaged old meat. mcdonald's says the scandal is hurting their asian sales. we have perspectives. the author of several books on china including "the river runs ack: the environmental challenge to china's future." elizabeth, and certainly anyone who rates a chinese newspaper knows you have a baby formula scandal, noodle subleased white. should mcdonald's be held to a higher standard, shouldn't they know better than to get caught up in this? >> i do not know whether they should be held to a higher standard, but i think they probably are. i think if you look at the attention they are getting, it is really disproportionate to the role that they are playing in these food scandals. i was a multinational scandals our response before about 1% of the problem and given about 99% of the negative attention, but yes, i think multinationals should understand that part of the risk of doing business in is a foodhe food area safety regime, and they will have to be more proactive themselves in terms of monitoring inspections and auditing if they want to maintain the high standard. >> are they relying on being a small subset of food suppliers not forcosts low and instance in investing enough to broaden that food safety chain? >> frankly, rather than broadening the number of food suppliers, and helps to have a narrow basis of suppliers because that should enable them to do a better job in terms of inspections and auditing. >> yeah, but that has not happened. >> it has not happened, and part of the fault of the chinese government as well, local government, who simply have not put the money into enforcement infrastructure to ensure that their food regulations are being enforced. loveod quality is able clam chowder in shanghai, which is a fiction. where i go in china is a total fiction. you're the expert beyond that. what is the quality of food this revision and hygiene and safety beyond the six cozy cities that we go to? >> the food safety challenge in china is an endemic one. they have 500,000 food processing plants in china compared to 30,000 in the u.s. they have one inspector for every 420 farms. they simply do not have the quality management in place that the u.s. or other advanced, industrialized countries are used to. it is a huge concern for the chinese consumers themselves. there was a recent magazine pll oll that that said 40% of chinese people ranked food security as their number one of security issues, so it is not inconsequential to them. they know the problem. >> if i have the numbers correct, and correct me if i don't, china has 15% of the world's population, but less than 5% of the world's arable land? >> pretty close. >> is that right? >> certainly going abroad in search of resources, soybeans, lands to grow products, but in terms of what is being sourced internal to the country, it is often not simply a problem of the food growing but the food processing that is actually a big part of the problem. it is all along the supply chain. packaging, they are all allowing for violations to occur. >> u.s. companies are at both ends of the scandal, both the buyer and the supplier, but shanghai foods is owned by a company based in chicago. what kind of opportunity does a present for u.s. multinationals like yum, like mcdonald's? can they play a leadership role in trying to fix a? >> exactly. walmart has become more proactive in terms of trying to address its food supply issues. it has faced its own scandals in the past, so it has two bands that do surprise inspections a place of that sources from. it is that farm to table or form to store so that they can attest whether that food is really organic or not as it is labeled, so i think that is one possibility. if they can become much more active than their own sourcing process. and then they can work on education, partner with the local food inspection agencies, do more to train and develop the sort of ability of the chinese to inspect their own food. >> a big to-do list for the yums and mcdonald's of the world. elizabeth economy, thank you so much, the author of several books on china, including "the river runs black." we will be right back on "bloomberg surveillance." ♪ >> this is "bloomberg surveillance." i am scarlet fu here with tom keene and adam johnson. let's get you some company news. we start with a surprise record profit at toyota. $5.7 billion beating analysts' estimates. surging demand for toyota suv's in u.s., which offset surging demand in japan. meanwhile, a record quarter for the world's biggest luxury carmaker as we say with vehicles. bmw reported its highest profits in three years. rose 30%,he x5 suv plus demand picked up in china as well. and a huge deal may be taking place in the telecom industry. gdt forca offer to buy 9 billion dollars. telefonica is europe's second biggest phone company. it is trying to expand in a market where demand for video streaming has boosted revenue. time now for this matters now. tom, back over to you. >> this matters now to our guest host, elizabeth economy is from the council of foreign relation, and also the author of "the river runs black," and her latest is "by all means necessary." she has just returned from india entrance formed by democracy and a china flexing its regional power. what should the u.s. fear about this nascent power grab by china? >> i do not think the united states needs to fear china, but i do think it needs to be cautious and proactive. a we see china rise, we see much more assertive security policy within the region, a far more expansive economic trade and investment policy, and i think the united states needs to understand that china is going to rise, and as it does, it is going to try to put in place at the own rules and its own norms. when it does this, united states needs to be able to prepare to advance its own sets of values and ideals. >> we can go out eight different ways here. te.'s go the silk rou an american time silk road. discuss these ideas. >> china has in mind linking all of asia through both the maritime silk routes that would go through the strait of morocco the horn of africa. >> russell crowe is in this movie, right? [laughter] >> i hope so. and a land-based that will go through china, central asia, and through europe and italy. there is a plan for infrastructure, for roads and for ands, four ports, entire energy infrastructure. in some respects, all roads lead to beijing. in some ways, the rejuvenation of the great chinese nation. >> we look at africa, this u.s.-africa summit in washington, we have got to mike bloomberg speaking with penny pritzker here in a bit. late question is china is always out front of us in africa. how far out front along the maritime silk route is china in africa? >> i think it is important to recognize that they are out for and in some respects but not in others. we have an inflated view and some weights of china's role in africa. while it is the largest trading company for african countries, it's not the largest source of investment. it is third and sometimes fourth in terms of investments in africa. there's a lot of unrealized investment, but certainly china in its vision have become far more expansive than the united states. quite there is corruption in china. give us an update on the role of law in china. excited not think there is much of an update unfortunately. -- >> i do not think there is much of an update, unfortunately. top chinese leadership has gone after former members and expanded network of senior officials, but it is not being done with the rule of law, there is no transparency in this. that legalt a sense rules are being followed. it is still up in the air whether this is primarily personal campaign or truly a widespread and far-reaching anticorruption campaign. >> your book "the river runs black" changes the dialogue in china. give us the word on water. is there hope they will solve this huge issue? hope, but ialways do not think there has been any real progress. in some respects, producing new energy sources like fracking, which is water intensive, i think concerns can only grow as to sort of what china has in store for its water supply. economy with us, the new book is "all means necessary," with michael leavy. we have much to talk about on "bloomberg surveillance" today. cannot forget on bloomberg television all through today, we are looking at this interesting u.s.-africa leaders a summit with 40 world leaders from africa meeting with president obama. nety the way, adam, get shares are moving up by more than 16% after announcing it can split into two publicly traded companies. i like the way sir martin sorrell mentioned good assets versus bad assets. quite a few publishing assets and one and advertising in the other. >> all right, something we will keep an eye on. this is "bloomberg surveillance." on bloomberg television, streaming on your tablet, your smartphone, and bloomberg.com. i am scarlet fu here with tom keene and adam johnson. adam has our top headlines this morning. >> san diego company came with the experiment will drive for two americans being treated with the deadly ebola virus. it is made from tobacco plants and appears to be working. it is made from pharmaceuticals and until now the fed only been tested on animals. as the cease-fire is in gaza, the u.s. is giving israel more money for its antimissile defense. president obama has signed a bill giving israel $245 million to restock his iron dome systems. iron dome was developed by israel and the u.s. and is said to have knock-down dozens of missiles that have been filed by hamas in the past couple of weeks. and finally, colorado, environmentalists facing a setback to give global communities more control in the effort to limit fracking. governor john hickenlooper reached a deal with a key opponent. headlines.he top certainly the other top headline that we are all talking about -- israel pulling all its troops from gaza as part of a 72-hour cease-fire having completed its mission to destroy tunnels that had been billed by hamas. ryan joins us now from washington. every cease-fire up until now has been violated. the fact that israel is pulling back this time, actually pulling troops out of gaza, means that it is different? >> it is a hopeful sign, but if we want to avoid a repeat the next year or the year after, there needs to be a political settlement in cairo, and then there needs to be economic development. they're than billions committed to trying to develop gaza after previous conflicts, and part of the reason why this cycle continues is that those commitments are never implemented or fully fulfilled. >> part of the other problem is that concrete and steel used to reinforce concrete that has been sent to gaza was not used for buildings or roads. it was instead funneled into the tunnels, so how do you possibly try to monitor materials going in? >> you need to have i think a strong international presence there. i used to live and work in gaza back in the 1990's, and it was a much more hopeful period. you cannot trust this hamas government that rules gaza right now. what we need to do is strengthen the moderates, and there are millions of them among palestinians, but that is going to require a stronger international presence and i is presentan i think right now to avoid what you are talking about there, adam. of a proxy war involving turkey and egypt and how they fit in with the changing dynamics in the middle east right now? >> and this is the problem with the middle east today -- it has got this unfortunate coincidence. it has got the energy that fuels global growth, but it is also got a bunch of fanatics i cannot get along and a number of countries that cannot get along at the same time, so it indicates that's a big part of the problem here is the lack of leadership in the region. leaders that are not seem to want to get along. i think a lot of what is going ,n in gaza is part of a broader regional conflict between multiple forces, so -- >> right. brian, we have crisis fatigue weathered his ukraine, russia, israel, gaza, oh yeah, we are back to iraq in the last few hours, kurdistan and the islamic state or isil. abilityan update on the of the kurds to fight back against the sunni of islamic states. >> it is stronger than the a government, butral at this point, the kurds are more cohesive than the rest of iraq, but they do need support and help. this is a big part of the problem. what we are seeing, tom, is the sweeping away of the store institutions that have been there for a long period of time and challenges from these actors like challengers from the united states. first and foremost, the leaders of the region about to step up. we could offer support, but there's no way we're going back in there with troops. >> right. adam and i have talked about this. is these borders forever -- the border between syria and iraq now an historic artifact? >> in effect, it may be, but the challenge is, look, tom, we have oils that need to be ship ped and there is a legal this feud over that, so it is easier said than done to wipe away these borders, but i do think the region is moving to a different future than we have seen over the last 50, 60 years. senior fellowis, at the center for american progress, thank you for joining us. >> thank you. >> houston does not know what to do with a huge tank. >> and. >> we will be right back on "bloomberg surveillance." ♪ >> good morning, everyone. "bloomberg surveillance." i'm tom keene. with me scarlet fu and adam johnson. >> a betty liu is here on set with us, anchor of "in the loop ." >> we kind of match today. >> we do. it is the purple-red explosion. >> exactly. we have great guests. greg rayburn will be hosting with me, the guy who turned throes oftess in the a fight with the union and near bankruptcy, so he is going to be our guest host to sound off on lots of issues weighing on corporate america, but one issue particular is adversity. with any tech companies like ebay, linkedin, facebook out with her diverse city report. jesse jackson has been behind a push, and he will be joining us a little bit later to give his assessment on the report so far. >> who came out the best? i think ebay. >> ebay, the best surprisingly. of their workforce as women and minorities. >> otherwise, sitting pretty if you're a white male or asian mail. >> if you are a man, you are doing ready well. >> what is shocking with the s&p 500, there are only 25 give or women.mpanies run by that is incredible. >> it is incredible, but it is not shocking given how much publicity there has been that the ec suite is lacking and women and minorities. >> yes, it is lacking. >> a betty liu, "in the loop," beginning at 8:00 a.m., thank you very much. >> this comes from our good friend and colleague al hunt in washington. of course it is on the late james brady. this is a personal moment for owl hunt. the james brady -- well, did not get him fired. he has a wonderful anecdote about al hunt, and james brady save his blood, the former governor of sex us, john conolly on the brady we all knew. "jim never really recovered from his near fatal brain injury, but he did not disappear. he and his incredibly consistent and gutsy wife, sarah, became the most visible champions of a sensible gun policy in america." he was very ill through the entire process. >> yes, and i do remember vividly, and i was very young at the time, i was in high school, ninth grade, when that happened, -- we all witnessed >> the attempt on his life. >> and there was no twitter or e-mail back then -- >> that was a good point. >> there were phones ringing when you had to dial on a phone, did you hear? >> and the persistent campaign that's a very ill mr. brady gave over the decades with his wife, sarah. al really paid homage. >> i like what al said about how he dedicated his life to this mission. he wonders that if the passport for gabrielle giffords who also suffered her own injury when a gunman shot her. lookmes brady and our al, for that at "bloomberg view" today. >> our al's nichols will be sitting down with penny pritzker, the u.s. secretary of commerce, also with mike lumber, founder and owner of bloomberg lp at the u.s.-africa leaders summit in washington, d.c. penny pritzker, mike bloomberg, and hans nichols coming up on "bloomberg surveillance." we will be right back. ♪ >> this is "bloomberg surveillance." i am scarlet fu here with tom keene and adam johnson. let's get you company news now from the files of "bloomberg west." splitting into two. it will spin off its newspaper division to shareholders. newspaper ad sales have been plunging, and the move comes a day after gannett acquires cars.com for $1.8 billion. there is a new leader in the smart phone market. xiaomi replaces samsung. xiaomi is based in beijing and was founded just four years ago. and pandora may expand its programming beyond music. the world's biggest internet radio company is now considering formats to include sports, news, and talk radio, part of a strategy to reach listeners in our cars. and/or its number of active number ofandora's active users have been stalling. that is from the files of "bloomberg west." resident obama hosts around 50 leaders from across africa. bloomberg's international correspondent hans nichols said that with u.s. secretary of commerce penny pritzker along with mike bloomberg, founder of talk aboutp, to business opportunities in africa as well as ways that u.s. companies can compete on the continent. >> the president and the administration are 100% xm bankd to getting reoffer is a bit of an absolutely fundamental tool that we need to help american businesses sell their goods around the world. 60 other countries have similar xm banks. we do not want to give up a financing tool for whatever reason i do not understand. this is really important, and there are american jobs on the line, and that is what seems crazy to me. >> there is clearly opportunity. the president wants to spend $7 billion, but five of that billion dollars is from the ex-im bank. >> i think we will be successful on capitol hill because every district in this country have a company that is selling something around the world that if it is not their product that is getting ex-im financing, they're supplying to a product that is getting ex-im financing. >> should be administration have a plan b if the reauthorization does not happen? >> if something doesn't happen, look, we cannot have a plan b for everything. in this case, i think penny is 100% right. this is not a political thing. this is something that every other country does. if we are going to be competitive, we have to do it. if you think that we should not do it and you can get all of the countries to stop, then we will have a level playing field. we will not have as much business because it is a catalyst and gives people the ability to buy now and pay later, but it is the competitive aspect i worry about. >> we talk about growth, infrastructure is one of them. $2 ge announced another billion today. they sell big-ticket items on infrastructure on the basis of building roads and cities. where are the opportunities? >> i lead a trade mission to ghana and to nigeria just a few months ago. there is enormous opportunity. there are companies that are helping, one from north carolina is helping the ghana electric company get the most out of their grid. how they make it a smart grid, getthey do more to electricity out of their infrastructure. there is so much opportunity in terms of power, electricity, technology, solar. doeshat we know and what the president know and why has he been pushing power to africa? you need power in order for your economy to continue to grow, and africa is underpowered. everywhere you look at it, i do not care how you analyze it. billions hundreds of of dollars of infrastructure, particularly power. and you will hear the president -- the president will announce not only deals but a greater intention around power. >> obviously power important, so our roads, getting to and from places. when you look at cities, mr. mayor, what cities are investing in the right way and their infrastructure? it is aioned nigeria, pretty tough town to get across if you want to get from center of town to the airport, it can take a good day. >> look, there are clearly not enough roads for a lot of places in the world, including some cities, it is tough to get around in some american cities, and that impedes the ability to get to a place for education or medical care or commerce and that sort of thing. one of the things you have got to look at is technology is different today. you don't have to have the same infrastructure that you used to have to have. today, 50% of the people in africa have a smart phone. they did not go and run telephone lines all over the continent. you do not have to do that in this day and age. there are satellite communications, cellular communications, and the same thing is true for commerce, there is air today, which you did not have before. and recently in south africa, cape town, johannesburg, bus cities. do they have poor people who need help? absolutely. so do we and we have to take care of our poor, and they have got to take care of theirs, and sometimes we can help each other, but they have the spirit. you look on the street and you say wait a second, these cities are going to be real competitive. >> urbanization africa, big cities, potential for finance -- is africa going -- when you look at finance, investment vehicles, are they going to be the new asia? what is the next hong kong and africa? >> it is going to take a wild. the generation, 20 years, that goes pretty stocky, but there are exchanges alter africa. they traded derivatives. there is all sorts of financing that will let you have different risk profiles and payment profiles, cash flow profiles. this day and age, things are happening much more rapidly than what they did before. >> can i build on that? africa, one of the places we visited was meltwater, where they are training young innovators and entrepreneurs, african innovators and entrepreneurs how to take an idea and make it into a business plan, created entity, get it financed and get out and build a new business. that is a key part of the opportunity in africa. help the entrepreneurs begin to build their businesses with the kind of infrastructure that we are talking about. that becomes more and more possible. it is very exciting to see the innovation that is going on in africa, and what is really cool is you do not need anymore to personalificant infrastructure to be able to invent and create him a let's say, a new app, a new game, new products that the market takes up on his cell phone. it is amazing what is going on there, and i think it is one of the reasons to be very excited. opportunity for american business. >> that was penny pritzker, secretary of commerce, and mike bloomberg, the founder and majority owner of homework lp, speaking with bloomberg's international correspondent hans nichols at the u.s.-africa leaders summit taking place in washington all this week where the president is meeting with more than 50 leaders from discussnations to investment opportunities. >> vice president biden also met with them and was really started about the elephant in the room. within any continent, corruption, whether it is north america or asia or ever -- but vice president biden was front and center that corruption has to be straightened out. we mentioned yesterday with charles of columbia university, between columbia and new york university, i think both sachsen easterly would say you have to fix corruption to move the africa dial. >> that is part of what a thing which is the u.s. is a stable accounting and legal framework. on fumes has extensive investment throughout -- hans humes has extensive investment drought africa and pointed out the opportunity is huge but sometimes it is difficult to get the position not because it is still small. hard tos africa is, is get positions on because liquidity is not what we are used to. >> that is front and center. it is a huge issue. ceo is up in arms think the u.s. africa trade could suffer -- >> well, ge has done business with the export import bank, financed some of the purchases of the countries of ge products. >> let's get to our twitter question of the day. we asked everyone -- is the market selloff over, or is this just a pause? here are some of the answers. will it depend on the data we received from companies in geopolitical tensions. #ukraine #gaza #selloff how about this -- pause or not, great opportunity to increase my etf position. everyone comes in and buys the dips. >> i counted nine dips over the past 14 months. the average decline was about 70%. waxy were killing me. >> and it is just a pause, the worst is yet to come, so perhaps a grind? lower, sideways through august and 94 midterm elections -- there is a historical trend. >> historically, markets or fly going into november. >> there you go. "bloomberg surveillance" on radio continues. ♪ . . >> good morning. it is tuesday, august5. we are live from bloomberg world headquarters. you are "in the loop." i am betty liu. what is going on in the c suite hosteg rayburn is my guest this hour. he will give his take. activist and president of the rainbow push coalition, jesse jackson will be "in the loop." bes he think ceos should paid on how diverse they make their workforce? our coverage of the u.s.-africa summit continues throughout the day including highlights of an interview with penny pritzker and mike bloomberg. in washington, president obama is ready to announce $14 billion in commitments from u.s. businesses to africa, part of the shift from usaid to u.s. investment. the commitment comes as president obama hosts a summit of several dozen african leaders. more