New yorks longest running art and jewelry show is set to take place this week. You are going to meet the chief executive running the show, and ken mine can mine for some good art. First, carol massar. Alibaba will raise its ipo price range to 66 68 a share. The current perspective shows a 60 66 price range. The nasdaq declining more than 1 . Tesla, trip advisor, and twitter helped drive the index lower. A manufacturer agreed to but t to buy an automotive maker, to make the worlds secondlargest maker of auto parts. Like startling news about General Motors and the ignition switch defect. A new report says that the number of People Killed might be 10 times higher than originally estimated. That report comes from ken feinberg, who was hired to manage the Victim Compensation fund. Feinberg spoke with bloomberg today, and a reporter asked if gm got it wrong. G. M. Applied a different standard. Gm was looking at its engineers and asking, can you definitively say ignition switch defect caused the accident . Are standard, as you know, is much more liberal. It is easier to apply. It is a legal standard. Was the defective ignition switch the proximate cause, a substantial likelihood, as the cause of the accident . That is one reason there is a discrepancy. Also remember, under the program i am administering, passengers are eligible, pedestrians, occupants of other vehicles. Gm was only looking at the driver. Bloomberg automotive reporter jeff plungis joins us from washington. What do you think . Did gm get any of this wrong . Ken feinberg says they did not. We do not know yet. We do not know what the final fatality numbers are going to be. We do know there is a number that has been fixed in peoples minds of 13. That is how many fatalities jm gm has consistently listed with this defect. We already know today that number is higher. Feinberg says he has gotten 125 claims for fatalities. He has already validated 19 of those. So the number is going up. We know it is going to be higher still. We are only a month and a half into this for Months Program fourmonth program where they are accepting claims. We do not know how high it is going to go. Taste on your experience dealing with gm, are they being forthright . Do you feel you are getting the information to offer investors and the public details about the Ongoing Investigation . Well, on this particular defect, i do think they have been unusually forthright, for auto safety cases. They have really fallen on their swords. They have come to washington for times four times. They have shared a lot of information with the transportation department. They have agreed to the extraordinary settlement, where they are going to be monitored in a really close way by the safety regulators. There is a question on some of the other recalls. Gm has recalled this particular set of cars twice to fix the ignition switch defect. There have been about six other recalls for problems that sounds very, very similar. But they are not part of this Victim Compensation program. And as of today, gm is still saying that, you know, even though they were ignition switch problems, they were different, and the ignition switch and the saturn ion and chevy cobalt what went wrong in the company on that problem was so unique that that is why they have set up this special program. My thanks to bloombergs jeff plungis, joining us from washington, d. C. I want to turn to another recall that is already five times larger than the gm ignition switch recall this year, and could get bigger. It involves air bags that can function malfunction, sending shrapnel flying through the passenger cabin. Karl brauer joins me from Kelley Blue Book. What about the airbag issue . These airbags are in a bunch of different manufacturers. Automobile manufacturers. To get them all from the same the same supplier, called to contact tocatta. Are they made here . There are facilities all over the place. There is a facility in north america. The trickiest thing is, they have been going off and throwing metal and plastic shrapnel at people and there have been deaths tied to this. I dont think the number of deaths is known yet. Is similar to what were seeing with the gm situation. 11 automobileed lawmakers. Return to about gm, ford, bmw, ew. Da, toyota has a f these are big volume automobile manufacturers tim cook is it a defect in the airbag itself . Theyre claiming that the inflator, which causes the airbag to inflate quickly, is exploding itself. It itself is blowing up, and since it was not meant to blow up, the actual mechanism is exploding and they are made of metal and plastic. Its a little scary to say the least. Its deploying without any kind of collision. It will happen in a collision. You get in a minor collision and you just have the airbag deployed. It seems like they keep changing their story. They think they have it identified, how many cars, and then they have to revise to more cars. There is a yield action that knits that is performing the national highway Transportation Safety administration. They are performing a field action in hawaii, puerto rico, and the virgin islands, because those are high humidity areas. Tocatta is telling us it is a humidity issue. If it is a weather condition, you have to know that. The Company Holds is there in that theory . Some of these deaths have been in california, virginia, alabama, or oklahoma. I did not say any of those areas where they have the recall. What if your car is registered in arizona and you vacation in florida every summer . It feels very sloppy and messy. It feels like we are at the beginning of this. The bottom line is the ignition switch situation, at least you can be told and maybe plan for it if your car is turned off. The essence of an accident is, it just happens. When you have an airbag, you might have shrapnel flying out of it. Would karl brauer of Kelley Blue Book say, go into a dealer and say, i want to get a takata airbag replaced . The scary thing is, there are millions of cars with takata airbags, so which ones have this problem . We do not know. Some may be deteriorating more rapidly in high humidity situations, what not necessarily all of them. Which ones, when they go off in an accident, are going to throw shrapnel . Nobody has any clue at this point. A story that is going to continue. We look forward to your looking at it. Karl brauer is the senior director of insights at Kelley Blue Book. Coming up, the Newark Liberty International Airport is getting a facelift, designed to improve your ground experience. It is not about shorter security lines, but more dining at your fingertips, courtesy of an electronic device. And later on, i will speak to a threetime olympic ice luger he is a winner on what it takes to find the great losing athletes luging athletes. How do you improve the airport experience . One company, otg, is working on it. Currently, otg is responsible for 200 restaurant locations at 10 airports in north america. Now, they are working with United Airlines to make your time more pleasant. Founder and chief executive rick let steam joins me now. Rick blatstein joins me now. Give me an idea of what you have already accomplished at otg. Give me an example of what someone experiences going to an airport. We like to bring a sense of place to the airport and customers. Give them the full control, operating through an ipad. Choose what you like. Modify your meal. Track your flights. Have a unique personal experience. We have some of the greatest crewmembers in the world. You go to an airport that has got otg. Sometimes you see those barheight tables, and people are charging their smart phone or computer. You get to log on to a wifi network, or the airport network. All of our ipads are free to use. In the united experience at new work there will be 6000 ipads. Apple must be happy with you. Are you one of the largest purchasers of ipads . This will be the largest customerfacing ipad experience under one roof in the world. We are the second largest just behind apple now. But maybe we will eclipse them. United airlines is a partner with you in this. Is this part of a larger relationship between the two . This is our first large airport with United Airlines. They have driven us to reimagine the airport experience for a customer, and how we can make it unique. A lot of our customer interface will be really fun, unique items for united customers. These customers get to order food. Can you give us an idea of some of the restaurants that are participating . There will be roughly 55 restaurants and food halls in 60 date areas. Gate hold areas. Over 20 locally renowned chefs. It is going to be pretty special. When you say gate hold areas, those are the areas people wait before they board the plane. They will be able to order food and it will be delivered to them at the gate area . Everywhere you are, you are going to have the availability for whatever food and drink, order retail, dutyfree. This is the first time we are in control of all the dutyfree and specialty retail, with great partners. We are going to tie the entire experience together and make it seamless. Every single gate hold area will be loaded with ipads, different styles of seating, and very comfortable. While you wait for your plane, you surf the web, sit your drink, and have a great experience. Otg was already at 11 airports in north america. For example, at jfk, jetblue areas have been enabled with otg. Jfk terminal five was our first fullscale program. What have you learned from the customer, based on that installation . You know, i have been in the Restaurant Business my entire life. I really thought that we knew about the customers from doing it all the time. But once we enabled the customers to control with ipads, and to really interact how they want, when they want, whenever they want, we have learned so much we never knew. Every day, we continue to learn. We launched our recommendation engines about 16 weeks ago, and now, through our recommendation engines, what we are learning about the customers, we can customize your experience much more. What is a recommendation engine . When we see where you are flying to, and you start to have some orders you choose a burger or state steak, and different time slots of the day, we can start recognizing other places. Things like when people are on the plane. You want to go to the caribbean, maybe you are on a flight going someplace warm, and an advertisement says, would you like a pinnacle lotto . Pina colada . Maybe there is a great glass of wine you like, and we can customize orders around that. If you are glutenfree, if you are vegan, we shuffle the menus and learn about that. It is beneficial the airlines do not do a lot of the catering themselves anymore, or charge on the plane for the meals, it has been people will not buy food in the airports after the security line, and they can take it on the plane. We drive the airport experience, you get the customers what they want. He believed our customers are kings and queens. We believe our customers are kings and queens, whatever they want. Coming up, where does the metal in solar panels, automobiles, and Semiconductor Chips or does it all come from . Meet the chief executive of 1 billion company. And from metals to minecraft. Microsoft officially acquiring the maker of the longrunning hit game. Price tag, about 2. 5 billion. One executive knows all too well the power of minecraft. Solar panels you see the installations around the world. They are expected to reach 4050 gigawatts this year. That translates into 275,000 metric tons of silica metal. That is going to keep the flow keep globe Specialty Metals very busy. They are one of the largest inducers of silicabased specialty alloys. Jeff bradley joins me now. He rang the opening bell for the nasdaq earlier today. Great to have you with us. We were having a science lesson, because you were explaining how silicon as we know it, in terms of silicon valley, chips, and solar panels it starts as something you have to dig out of the ground and melt. You have got to do something to it to put it into the correct form. Walk us through it. The basic elements are courts quartz, in the form of either gravel or quartzite, and a unique carbon source, which for us is coal and wood chips. That goes into an electric arc furnace. He did not to 2800 degrees heat it up to 2800 degrees. It comes out in molten form. It goes into a mold. It ends up in silicon and aluminum, and semiconductors and solar. Silicon valley all starts with that. It does not have a substitute. Markets are growing. It is a great business for us. And the conductivity of silicon and its fragility its fragility, i wonder if you can speak to those issues. When we ship to companies that use it, whether it is silicon, aluminum, or solar panels, it is crushed into a fine powder. They have Different Things they react with it, and it comes out in a different form. We either sell it as a chunk or as a product that is crushed, and customers take it and do other things to it. What about the price of the final product . Today, it is priced by the pound. Today, silica and pricing is about 1. 45 per pound. A year ago, it was about 1. 20 a pound. Demand has been very good. There is only so much supply. There is no new supply coming on. The outlook for all those markets i mentioned, excellent. Where do you fit in the global silicon supplychain . I know you are north americas largest supplier. We are the only producer in silicon valley. There is a small plant in alabama owned by dow corning. They have a facility where they make their own. Outside of that, we are the only producer in north america. Most of our product stays here. The u. S. Is a net importer of silicon. What companies . I cannot name names. I can tell you the chemical industry, silicone, and it goes into aluminum, in solar panels and semiconductors. You were in the steel business and had no idea the silicon business it is such a unique business. When you look at our company, the only producer on the continent. We are totally backwardintegrated. We are the lowestcost producer in the world. We are in markets that the Growth Outlook is fantastic. And there is no new capacity coming on. Hence we are very excited about the next couple years. Thank you for sharing your story. Global Specialty Metals chief executive jeff radley. It is time for on the markets. The Dow Jones Industrial average at 43 points. S p 500 drops on the close. The nasdaq down more than 1 . This is taking spot taking stock. I want to go first to carol massar. Alibaba has ranged its ipo price range to 66 68 a share because of strong demand. The company could raise 21. 8 billion, expected this thursday, september 18. Star running back Adrian Peterson returning to the Minnesota Vikings today, saying he is not a child abuser. He says, i want everyone to understand how sorry i feel about the hurt i brought to a child. He was charged with a felony for using a tree branch to spank his fouryearold son. The iphone 6, 3 million preorders in the first 46 hours. The first 48 hours. The end of this week, smartphones officially go on sale. The cause of heavy demand, many people will not receive their iphones immediately. They will have to be a little more patient. Speaking of apple, recently charlie rose had a chance to sit down with chief executive tim cook. They spoke about what makes me of phones different from previous models. Iphone 6 is not the first iphone, but it is the biggest advancement in iphone history. We think the upgrade cycle here, and the number of people that will switch from other smartphones it will be enormous. Apples new product unveiling was not just about the iphone. There was the apple watch. That is supposed to be coming early next year. Tim cook explained why the watch is going to be different than any other products. It is the most personal device we have ever created. I think it takes us into a whole different area. We had an intense team working on this for three years. We explored many Different Things. As the product came to fruition, it became not only the timepiece that you would expect, but a device that can do many Different Things, including a whole new way of communicating and connecting with people. And it has a health and fitness component that we think could really be profound. You can catch the full interview with apple chief executive tim cook on charlie rose, tonight on bloomberg tv, 8 00 and 10 00 p. M. Eastern. Apples rival microsoft purchased the company that makes the game minecraft for 2. 5 billion. I am joined by the chief executive of thinkgeek and its Parent Company, geeknet, which caters to lovers of star wars, star trek, and marvel. Catherine mccarthy, thank you for being here. For people that might not be familiar with your catalog and Online Presence, what are some of the products you can get at thinkgeek . We love to sell products that are going to bring out the inner geek in our customers. We have collectibles from videogames and movies that you mentioned. We have apparel. We have excellent kitchen and home, around geek themes, fandoms. Game of thrones, hunger games, things that excite our fans. If you want a star wars mug or collector item, you go to thinkgeek. If you want a yodeling pickle, do you also go to thinkgeek . You do. We are celebrating our 15th anniversary. We are proud of that. We are inviting everyone to geek out. We are trying to make more and more exclusive products you can find only at thinkgeek. Many of our licenses, we will have an exclusive license. The product will be available only on our website or at certain specialty retailers. He give people an idea of the business thinkgeek has turned into. His is not a momandpop operation anymore, although you have that kind of attitude. We are 15 years old, but i would say the company has come into its own the last five years. We have grown 182 in the last five years. Last year, we did 138 million in revenue. We have a significant Online Presence and have built some relationships with retailers such as toys r us, target, and nordstrom. If i was to go to the headquarters of thinkgeek, in fairfax, virginia, did me a description of what i would experience. I think you would see it as a lot of fun. It is an informal environment. It is a place where we encourage creativity. You would see people with all the products we make in their office and cubicles, a cause they are fans. Our employees are fans. They would be using the minecraft knapsack . That is a product that is very popular with children. It was extremely popular for backtoschool. We are also trying to capture moms, and get them to come to our site. You would also see dogs in our workplace. There are sometimes costumes for dogs as well. Microsoft, 2. 5 billion for minecraft. This has got to be good for your business. It is an exciting deal. Mojanks been an excellent product. Excellent partner. We have an exclusive license on some products. We look forward to more minecraft games and working with microsoft. Are you capable of determining the most popular item, what is trending, so you have a window into a community dedicated to all Things Technology . We do. Our customers are so engaged on social media that we get a window into what is popular. We have over 830,000 facebook fans and twitter followers, so we get instantaneous feedback. Lately, we have seen the backpacks, very popular. Big bang theory . That continues to be an excellent seller. The premier is coming up. Television programming has always been something that could lead to merchandising. I think with that, geek has become more mainstream. Technology has become a big part of our lives. We have seen the audience is more broad than it was five to seven years ago. What is a jane hat . It is a hat from an older show that not many people know, firefly. It is an amazing product that sold for us for many years. Do you have one of these, or a favorite thinkgeek product . My favorite is the star trek enterprise pizza cutter. It is a beautiful product that is exclusive. Our geico our geek labs engineers invented it. It is also practical. If you want to be part of the star trek crowd. And it is a conversation starter. You can have it in your office, or at home to have a pizza party. You had a career at general electric. How did you come to thinkgeek and geeknet, and what have you done since you have been there . I was at ge for 18 years. I got to know one of our board members, who was a ceo of our company and is currently a board member and investor. He asked me to come on board as cfo in 2011. We moved the headquarters from california to fairfax, virginia, where most of the employees were. Since then, we sold our Media Business to focus exclusively on ecommerce and invest on growing the ecommerce platform, because we believe that is where the opportunity is. What about ken langone, one of the original cofounders of home depot . Is there a particular thinkgeek product he . He loves the product he likes . He liked the minispeakers he asks about them all the time. Are their chief executives of Technology Companies that come to you and say, we have a product we want to get into a more mainstream crowd what do we do . We get requests from people all the time. Would this product work . Would it appeal to your particular crowd . Definitely, we get requests. The best place we can test things is in our office. Our employees are such amazing customers, they wont know if something is going to work. They will know if something is going to work. He iphone is scheduled to go on sale, the larger version. Does that mean you will come out with a lot of new accessories for the iphone . They are always looking at the evolution of the iphone, planning for the next step. There will be new accessories around iphone 6. We also know not everyone goes to the six. Error people who want to stay with the five or go to the five. We will be ready for that. Ask what about the monkey . Our mascot has been there from the beginning. We went to a rebranding as part of our anniversary, but timmy will remain part of the company. He is a symbol of the fun and the energy and passion around thinkgeek. I bet you thought you would never be talking about monkeys and technology when you were at ge. Maybe i did not, but it is a lot of fun. Katy mccarthy is the ceo of thinkgeek, as well as Parent Company geeknet. Coming up, i speak to a threetime olympic ice luger about what it takes to find the next big talent. Also, the chief executive of new yorks oldest running art and jewelry show. Find out why the antiques market is hot. This is taking stock. If you are interested in fine antiques or would like to learn more about what is going on in the art world, the Palm Beach Show Group has been producing shows where vendors sell luxury art and jewelry pieces. In september, they will be hosting an event at new yorks arc avenue armory. The value of the items . About half a billion dollars. We are joined by chief executive scott diament. Tell me a little bit about the show and your connection, because the show is separate from the armory space, and you recently purchased it. I purchased the show about 11 months ago and am holding it at the park avenue armory, each is one of the most fantastic buildings in new york. Tell people about your background. I know you produced many other Art Exhibition shows. I have 10 events across the united states. New york is one of them. I am also in chicago, dallas, florida, baltimore. Seven cities, 10 events. It is really exciting. Tell me about the show that is going to begin in new york. What are some of the aspects that make it different than the other locations and other shows . Because new york is the city to hold a fine art event, i was able to get dealers that are very international in origin. There is a great mixture of european art, american art, asian art. You can really purchase across the fine arts for the last 2000 years. There will be everything from roman glass to contemporary art at the armory. I was reading some of the items that are going to be offered for sale, and one happens to be collected connected to rollsroyce, but is not an automobile. It is a jet engine that is a piece of design history, and actually is affordable as well. Where did you get a jet engine, and how much would that go for . That was brought they by a british exhibitor, and the asking price is 12,000. If you have room in your house for the mirror of the jet engine, it is for you. Let us say you bring your decorator and say, i always wanted something that has historical significance when it comes to the churchill family. You have something special. We have a vanity case. What makes that unique it was made for a churchill family member. It is a personal item. In the past, they did not have cvs or walgreens, and you had to bring all your toiletry items with you. This one has items made of gold. Estimated 320,000. And this was commissioned in 1844. That is correct. Let us say you want to move toward the ecclesiastical. You have a cross for sale, and has it has a unique provenance. Hope paul pope paul vi donated this item to raise funds for the United Nations. It was auctioned and will be at the park avenue armory. The asking price is 1. 85 million. That estimate does that go to the private collector, or the United Nations . When it was originally donated, that is what it originally raise money for. It now has an interesting provenance from when it was purchased at this auction house, many years ago, to now, how it came to be at the park avenue armory for sale by one of our dealers. That dealer is from new orleans. How do you compile the different dealers and galleries to come to a show like this . I travel the world. I can be in shanghai one week, london another week. I can be in california. I travel the world to get the best dealers possible in that timeframe, in a given year, to exhibit with me and one of these 10 events in seven cities. I gather you will be at the event in the armory . Every hour, you will see me there. Thanks for sharing this with us. Scott diament, Palm Beach Show Group chief executive officer. Coming up, i look at why u. S. Lodz luge, why it is taking to crowd funding in order to find the next luge sensation. Alibaba group may be heading to the history books as the largest initial Public Offering ever. The company just listed its price range just boosted its price range. Full details, coming up. This is taking stock. A headline to pass alone along. The California Public employees retirement system, calpers, plans to divest the entire 4 billion it has with hedge funds, saying they are too complex. The pension plan has not decided where to invest the money after they pull out from hedge funds. This process will take about a year. They do not get pensions. They do not get anything. But they win medals. Luge, an olympic sport where a person or duo goes down an ice luge at speeds of over 90 mph. U. S. Luge is currently raising some money to fund that effort. I am joined with the usa luge director of marketing and sponsorship, gordy sheer. A little inside information they are not called lugers by all the people in the sport. You are called sliders. Luge athletes, hey you why are you called sliders . We slide downhill on ice. It is our business. And you have been sliding since you were 12 years old. My career was about 17 years. I have since retired, stopped racing in about the year 2000. I have since gone on to become the director of marketing and sponsorship for u. S. Luge. What is the extent of the olympic team for mens luge . How big is it . How many people are involved . Do you have to secure sponsors for yourself . We get about 45 of our findings from of our funding from team sponsors. Another 45 from the u. S. Olympic committee. The rest comes from the luge foundation, private donations, and the like. How much does it cost . Our budget is about 2. 2 million this year. We would like to have a bigger budget. Has your appearance on indiegogo, the online crowd funding you want to get people involved. We have a program called slider search. That takes wheeled sleds and goes around the country. It is our primary recruiting tool. Research for kids age we search for kids ate age 913. It has supplied most of our team since 1995. The goal is to continue this program around the country, looking for the next great talent. We are looking to raise about 20,000. You can go online to learn more about our campaign. That is going to help us reach potential luge athletes around the country. What is it like to go down at 90 mph . You are very focused on the driving, on the act of making the sled go straight. It does not like to go straight and it responds to the most subtle movements. You really need to be very smooth. A lot of finesse. Custommade . Yes, they are custommade. Our sponsor is very involved. One sponsor is dow chemical. They are very involved with the design and execution of building our sleds. Thank you for spending time with us. Gordy sheer, director of marketing sponsorship for usa luge. Thanks for taking stock
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