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tv   Bloomberg Markets Balance of Power  Bloomberg  September 17, 2018 12:00pm-1:00pm EDT

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to alan's of power where the world of politics meets the world of business. we go to washington where the world awaits more tariffs on chinese goods. to the white house where judge kavanagh possibly mccord kavanagh's -- judge supreme court appointment gets combo gated. -- gets complicated. kevin: ted kavanagh meeting here at the white house earlier today as all of the democrats on the senate judiciary committee urging senate judiciary committee chairman chuck grassley to delay the confirmation vote later this week as a result of christine ford's allegations from 36 years ago ros regarding sexual misconduct at a party. judge kavanagh says i'm willing to talk to the senate judiciary
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committee in any way the committee deems appropriate to refute this false allegation and defend my integrity. a lawyer for miss ford says she is also willing to testify publicly about an allegation she said in an interview earlier today was "attempted rape." all of this comes with the republicans holding onto a razor thin majority, 51 republicans in the senate. two senators of the republican party say they feel this vote ought to be delayed. bob corker as well as jeff flake. the latter of whom is the senate judiciary committee member. this puts pressure on mitch mcconnell about whether or not there will be a new hearing for judge kavanagh to publicly denied this allegation and for his accuser to stand questioning.
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to get this done this week. that is a giant to get this done this week. that is a giant question. david: to get the judge on the bench by october 1 will be a tall order. let's go to raleigh, north carolina for the update on the aftermath of hurricane florence. we should have another update in about an hour. the number stands at about a quarter of their customers lost power. one million of those have been restored. just over 300,000 customers without power. a lot of different technologies they been using, talking a lot about drones. crew notg to avoid being safe, being able to use drones to check out the most flooded areas. we are getting comments from some companies. i got off the phone with walmart, launching a new program .
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on mobile pharmacy trailer. they will start deploying that around areas near wilmington where most of the flooding is to get pharmacies and prescriptions to people who can't necessarily access the store. from waldo.eard no significant damage. i want to bring you comment from a moody's investors service about some of these utility companies. long-standing record of managing these finances through some of these storms. some insurance reimbursements and their desire to rebuild. companies starting to get back to business as we know some estimates that we received from experts around here have put the cost at about $32 billion. typically a storm of this size
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only being a category one as opposed to a category five, would cost about $12 billion. the extra 10 million going from the floods. making flooding extremely hazardous. the fact that it has been such a slow-moving storm, not expected to peak. david: let's go to sarah mcgregor on the subject of trade. , wemoment, perhaps today might get additional information on tariffs. sarah: the tariffs the trump administration is excited to , it has been a work in progress since july. an initial list of goods that came out that the u.s. is going to target and its gotten public feedback. a lot of businesses have been unhappy about the list of goods .aying please exclude our items
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the trump administration has had to go through remarks and come up with a final list. what we are hearing is the final 180 depending on what is excluded. david: we have talked about negotiations with china. various reports that maybe the chinese don't want to do it. our negotiations going forward? is what we're hearing from sources is that the chinese absolutely will not agree to have any more talks with the u.s. if these tariffs go forward , at least in the short term. there is an invitation extended to china. it -- if these tariffs go forward we're hearing china will not engage. -- we talk with john kerry
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, hasfan of the president admitted something needs to be done. >> we need a new trade arrangement and there are serious issues with respect to china. access to the marketplace. , currentry information same. we all know those issues. it is appropriate to try to do something. david: has there been any indication the chinese may be willing to move on things like interest of full property -- like intellectual property? sarah: china defends its practices and says it does not violate intellectual property.
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there's no sign that china is this issue.ive on looks like the trump administration is trying to squeeze concessions from china. sort of causing china to back away. isn't looking very positive. return to abigail doolittle. abigail: a split for the major averages. the dow in the s&p 500 down slightly to modestly. at theunderperforming lows. the nasdaq index down more than 1%. it pays for the worst day in a week and a half. facebook and twitter executives testify before congress. it may have to do with the trade he were just talking -- fears of that uncertainty with china.
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all of the big names, apple, amazon, facebook, twitter, it is .ot entirely clear lots of weakness we've seen here. using the gtd function, here's the buyers very much in control relative to the 50 day average. a uptrend. we've had the nasdaq testing down on the 50 day several times. the buyers defending it but at the same time the fact that it's happening so much tel us buyers -- rsi are starting to move to the downside. be interesting to see
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how this does play out for the tech space. david: we won't really have a read on the extent of damage in the carolinas until flooding goes down. how emergency services coping? we will talk with the deputy director responsible for preparedness. this is bloomberg. ♪
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david: this is balance of power. we turn to mark crumpton for first word news. mark: florence is dumping rain on north carolina. forecasters expect the store to
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pick up speed and had for the northeast. the national weather service says nearly 34 inches of rain fell from thursday through sunday in swansboro on the north carolina coast and rivers are still rising. duke energy's north carolina president david fountain spoke with bloomberg about restoring power to homes and businesses in the aftermath of the storm. we prioritize critical customers. hospitals, emergency personnel. also, business is an important part of that segment. we work closely with our large account management team to ensure we are providing inaccurate update to all of our business customers so they can plan accordingly. mark: florence is blamed for at least 17 deaths. officials plan to airlift food and water to the city of wilmington, which is virtually cut off from the rest of the state by rising floodwaters.
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we get the latest on florence and her aftermath when we speak with fema's deputy administrator for preparedness in a few minutes. in the philippines officials say of the fading that any people buried in a huge landslide set off by a typhoon will be found alive. rescuers are digging through the mud and debris covering the chapel where dozens have taken shelter. at least 65 people are presumed dead in the typhoon that struck on saturday. brett kavanagh is fighting back. the nominee arrived at the white house after issuing a statehouse denying a woman's claim he sexually assaulted her at a party when they were in high school. all 10 judiciary committee immigrants want the republican chairman to postpone the plan committee vote on cavanaugh's nomination. susan collins, seen as a pivotal vote for the cavanaugh nomination, has tweeted that the judge and his accuser identified
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blasey ford, should testify under oath. theresa may urged to reach a brazen deal with the european union. the organization says all options for leaving the eu involve cost but leaving without a deal would inflict substantial costs for the u.k. economy. the british chancellor of the exchequer says a no deal outcome was likely but not impossible. global news 24 hours a day on air and on tic toc at twitter powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. david: thanks so much. as mark talked about, hurricane florence tore into the carolinas and stayed a while dumping 30 inches of rain, killing at least 17 people and did more than $18
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billion in damage. untilivers will not crest wednesday. , hen with the aftermath comes to us today from fema headquarters. if you so much for your time. i know you are a busy man today. give us an update on where we stand. as i've been at work today the number of dead has gone up. estimate of damages have gone up. where do we think we are. daniel: we are focused on life safety. this has been our focus for the last several days and we knew this event would transition from a wind and sponsored event to an inland flooding event. these are historic inland floods. with that, there's no guarantee for safety for anybody in any of these low-lying areas. even outside of the traditional low-lying areas we see significant flooding causing some of these communities to be cut off.
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david: i won't ask how bad it could get. when will we know how that could get? , we may haveivers another 36 hours to go before the crest. when daniel: the rain stops the flooding will continue because all that flooding has to go somewhere. in those rivers that are largely at maximum capacity, going to continue to overflow and continue going into populated areas. realize that one area that is find today may not be tomorrow. we've seen several communities cut off and inaccessible and cut off again later in the day. david: give us a sense of the scope of fema's actions. how many people do you have? what is the thing that concerns you the most? daniel: we deployed assets essentially from georgia up to maryland in the week prior to the landfall. with this storm the forecast was
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isht on track and the storm incredibly slow moving. that was a good thing pre-landfall. when it is only moving a few miles per hour the rain continues to dump it is creating challenges for everyone on the ground. we knew there would be significant flooding impacts. we deployed high water vehicles and commodities equipment and all kinds of supplies to assist. you see some of that in real time. look at all the rescues the coast guard has been making as well as state and local partners working through urban search and rescue teams. those are the ones on the ground making those rescues all day for the last several days. david: as our account shows about 18 people have died so far and every loss of life is a tragedy. are you disappointed in that performance or are you satisfied
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given the number of people in the area? with any natural disaster you have a lot of damage and death. certainly a possibility. as you said, even one death is too many. we at fema have done everything we can do to minimize the loss of life and damage to these communities. -- david: onengs of the things we are hearing is these houses are places that have been flooded before. is the government doing anything to encourage people to rebuild places they should not be rebuilding? daniel: many of those decisions are made at the local level. local zoning laws and building codes put in place at the local level. we at fema tried to do everything we can to prevent these losses. we have predisaster mitigation homeowners offer to and communities to do things
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like relocation of homes or razing homes higher so they are above floodwaters. we at fema run the national fema run the national flood insurance program. too few people understand -- u.s. senator john kerry about his new book. he talks about climate change. no storm can be attributed to climate change overall but scientists believe in general we are getting more extreme weather. we talked to mr. kerry about his alarm at the trump administration's actions on climate. >> with respect to paris climate change, our meeting at the climate action summit, governors and mayors are making it clear they are going to continue to move to try to meet the paris standards despite what is
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happened with respect to the president. 38 states in america have renewable portfolio laws or they are going to move to sustainable energy production. sustainable environment policies. equal 80% of the population of america. donald trump may pull out of the paris agreement. the american people are staying in the paris agreement and they're going to do their best to meet the goals. the goals of the paris agreement are not enough to do what we need to do to protect the planet from the effects of climate change. we're headed toward four degrees in temperature on earth in this century. that will be catastrophic. we are behind where we need to be. the reason donald trump's decision will cost lives, there will be more hurricanes, more fires, more damage to property. more dislocation of people,
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refugees and he is ignoring fundamental science. fundamental fact. you can't make up facts on this one. david: part of my interview with john kerry. still ahead, speaking with bill daley, trying to follow in the footsteps of his father and mother as mayor of chicago. 1:30ll speak to me at eastern time. ♪
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david: you are watching "balance of power." we are looking at u.s. listed chinese companies in the crosshairs of the trade war. aba lower today after the trump administration said it was ready to impose a 10% levy on chinese goods.
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what is happening with the stocks? emma: just ticked up into the green. this is after reporting the president is ready to impose a 10% levy, $200 billion on .hinese goods could happen as soon as today. the president tweeted saying tariffs have put him in a strong bargaining position. alibaba, jd, a way for u.s. businesses to access the number of chinese goods. the stocks have plummeted since the first round of tariffs. you can see alibaba is down 23%. also impacting the broader market in china.
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a number of indices down about 1.2 to one point -- 1.2% to 1.5%. you can see it has now hit a four year low. what we thought would have been an ameliorating situation -- david: that may suggest the president is right. the reports -- we're not even going to talk to you. this could affect u.s. companies. emma: we heard the chinese are saying if you institute another round of tariffs we're not going to talk anymore. -- treasury secretary has it had extended an invitation to counterparts and another round therade talks it looks like chinese say they will not engage in those talks if more tariffs happen and they will retaliate. the wall street journal quoted a sayingchinese official they will not negotiate with a
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gun to their head. american companies falling on the news the trade war could escalate. microsoft, the philadelphia semiconductor index also down. concerned american consumers are going to be hit much more than they have been before. billion, that200 brings the total to $250 billion, half of all chinese goods imported to the u.s. david: it changes the political situation. thanks to emma for that report. women are having a breakout moment. my 2018 is shaping up to be the year of the woman. this is bloomberg ♪ .
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we turn to mark crumpton for bloomberg news. mark: u.s. ambassador nikki today's urgent meeting of the security council are the violations systematic and include ship to ship transfers of banned items and looking the other way while citizens and companies engage in for been activities. russian officials say the miss all that shot down a malaysian fromne 17 years ago came ukraine's arsenal, not russia's. the claim was made today by russia's military. the jet was shot down by a soviet-made missile in july of 2014 about 25 miles from the russian border. all 298 people on board were killed. it is crunch time again for trade talks between the u.s. and canada. negotiations are expected to resume this week and could potentially reach a deal that would keep the canadians in
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nafta. trump has threatened to keep the u.s. possible largest export market out of the deal with mexico. does not consider it to be a hard deadline. the international monetary fund is among those urging theresa may to reach a brag that deal with the eu. the organization -- reach a deal with the christine lagarde says all options have a price. lagarde: any deal, a likely scenario of any deals will most economyead to a weaker than the economy as it is now. news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in over 120 countries.
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this is bloomberg. avid: call it a milestone or breakthrough, but 2018 may end up being the year of the woman in u.s. politics. with a record 255 women on the ballot in november as major congressional party candidates. fromve more on this story washington. a really fascinating piece. why this year? >> first, i worked on this story with two others, and what we found is that this is the first cycle where women who are upset about donald trump winning the presidency are running. this is a cycle of me too. women donors and women candidates are making their voices heard. 255 women are running for congress. 15 are running for governor. there will definitely be an uptick of the number of women in office. the map are on
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places where at least one woman won a primary. how many democrats and how many republicans? >> democrats outnumber republicans 3-1. in a way, this is the year of the democratic women. republicans are trying to protect incumbents and recruit women, but this is definitely a democratic wave. senators,re are a few but let's be frank, not many. what about the governor's races? focusing onces are the governor's office in a way democrats didn't used to. >> there are 15 democratic governors and 33 republican. this cycle, there are 15 women running for republican seats. is nine.d number right now, there are six. and of those 15, 4 are republicans. it's again, the year of the
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democratic woman, but it does seem like there's going to be a record number of female governors after this year. david: thank you so much. reporting from washington. for more about a possible female we look atitol hill, the state of the midterms with only 50 days to go. chamberlain, president and ceo of the republican partnership joins us from washington. let me start with you. as we just heard, democrats are benefiting more from this than republicans. sarah: i am sorry to say democrats are, but the gop is coming and we hope to be ready in two years to show that there will be just as many gop women in the fight in two years. what is going to happen come election day? is that number going to carry through in your estimation as far as who wins the races? sarah: we will certainly be adding more women as a whole to the house.
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which, as a woman, i am thrilled about. the gop will hold seats, especially the organization i represent, because we do understand what women in our districts one and we talked to them directly. david: for the democratic perspective, we just heard that people understand what women want. is that true in the races you republicans and democrats tailoring their messages to be more attractive to women? >> absolutely. what we know is that midterm elections this year are all about women, women at the booth, because women will decide the elections, and women running for office. it's an incredible year across the board. i agree that we want more women running on both sides of the aisle. we never want to pigeonhole women is just liberal or just conservative. represent an, we
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variety of ideologies. this is a good thing. i was reading the piece on bloomberg today that was fabulous. in 2001, 9 women in the senate got together and wrote a book called nine and counting. we thought at that time we could not get over the number nine. two c 23 women in the senate is not enough, but we are headed -- to see 23 women in the senate is not enough, but we are headed in the right direction. david: men and women are equal but not the same. you need women in there. to what extent are issues going to appeal to women that are somewhat different than those that appeal to men? i would saywoman, every issue is a woman's issue. but we care about the right to try. we care about safety for our family, mental health, the environment. david: how important is the
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president whether you like him or don't like him in this election? i'm going to pull up a graph on the economy that we have been using for a couple of weeks. this is the first president since before ronald reagan whose popularity has gone the opposite way of the economy. he is less attractive in this economy. people'st is about feelings about him personally. republican women like his policies. it's his behavior that is problematic, particularly to women. a recent poll showed 70% of women in the country are frustrated with the president and the job he is doing. and again, it's not the policies, necessarily, although democratic women certainly do it'sike his policies, but about him personally. and that has driven up -- he has been a catalyst for increasing
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the number of women who decided to put themselves out there and run this year. on the democratic side, particularly young women, we are going to see the youngest woman ever elected to the house of representatives, the young woman from new york. and she is not alone. to talk about judge kavanaugh's hearings in the senate because we are about to hear from senator grassley about whether they will go forward or not. everyone now is saying we have to postpone this. we have to hear from judge kavanaugh again. we have to hear from the woman who accuses him of misconduct in high school. how will this affect the midterm elections? sarah: i think we should delay and i think both sides need to be heard from. the decision is made, we will move forward on that. i think it is yet to be known how it will affect women in gop districts, to be honest. david: what is your view on
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whether it will be a factor? alreadyi think it has been a factor. i think the news we got over the weekend of these allegations will make it more of a factor. and i agree, you need to postpone the vote, you need to allow both sides to judge and to speak. should judge kavanaugh sit on the bench, this is the last time we publicly will get a chance to hear from him until he decides to speak again. that's why these hearings are so important. david: final question. but for ronan farrow and the me too movement, would we be in the -- with judgefor kavanaugh today. if these allegations came up -- from high school? sarah: we probably would not be. as a mother and a daughter, i am glad we are in this position and that we are standing up as women and being counted. david: sarah chamberlain, ceo of thend
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republican main street partnership in washington, and zaino,a no -- jeanne political science professor. coming up, the financial services forum. this is bloomberg. ♪
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david: you are watching balance of power. i am david westin. saturday marks 10 years since lehman brothers collapsed and helped trigger the biggest financial crisis since the great depression. a lot of work has been done since then to make sure it doesn't happen again.
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was assistant secretary of the treasury and director of affairs for former speaker dennis has to. thank you for joining us. from a financial point of view, are we in better shape than what we were hearing from jamie dimon over the weekend? >> we are significantly stronger and the reason for that is that these institutions hold significant amounts of capital and liquidity since the crisis. stronger, forward-looking supervision that we did not have before the crisis. we have a process in place to create systems that serve the economy at all times. we have new tools that institutions and the government have worked together on to us stressed institution has a process in place to safely unwind and manage that situation as well. david: we have a different chair
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thehe fed, randy quarles vice chair responsible for regulation. how are they changing the course of regulation? i think they are looking at regulation that has been developed quickly over time in a holistic way. and that's to ensure that safety and soundness objectives are being met in the most efficient way possible. if you look at the capital framework, at the securities markets, across the board at ,verything that has been done you can imagine there are ways to make safety and soundness achievable and less burdensome, and more efficient. this is don't know if efficient but it's been addressed, the relative state of with the regional and local banks, saying it should not be equal across the
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board. what has not been done? all, in situations like this, there can be instances of overreach. but congress realized that segments of the industry needed to have an adjustment to the rules they follow and i think all segments of the industry have done a tremendous amount of work with regulators to make themselves as strong as possible. i would argue that the system as , from a banking perspective, has never been stronger. with regulations, i think congress has taken an appropriate look and made decisive actions on that. you said the system as a whole from a banking perspective, but let's be frank. there has been a big change over creditt 10 years in
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coming from nonbanks. what about that? >> some of those issues i think are important to take into account as we go forward, and that's why i think the banking supervisors are looking at this, and i think regulators and thecymakers need to look at financial services industry as a that, and to the degree there are pockets or corners of the financial services industry that need to have additional attention, they need to do that. largest think that the banks or the banking sector generally are going to be the root cause of the source of whatever the next situation is that the economy may face that affects financial services. i look at the dramatic growth of blackrock, for example, over the last two years.
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is it possible for washington to have effective regulation of legislationthout because they are not a financial institution? what they are not. thever, if you look at authority given to the treasury department, the financial stability oversight council was given the responsibility of looking at the system as a whole with the information that they have. they have the ability to extent to which more needs to be done in non-bank sectors. but again, those who lead these institutions are not going to be complacent. i think they are going to be vigilant. and it should be for the benefit of the entire system. our banks looking at a competitive disadvantage because they are competing increasingly
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with private lending and shadow banking without the same regulations as their competitors? >> from a competitive standpoint, the banks have always undergone significant supervision and regulation. they perform in that environment. they have over time. there are other pockets of the thattry, as you know, don't undergo the same type of scrutiny. like the, if entities treasury department and others are able to use the tools that they can control these situations. in planning for the next crisis is something that is the responsibility of anyone who has authority in this area. i would expect they are going to continue to look at this because you and other commentators have identified other areas of the system they need to trust. david: you are experienced in washington with the treasury
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department, with the hill. weyour opinion, where should be looking for the next crisis? what should we be trying to protect ourselves against now? >> that's an excellent question. i will start by saying that having gone through that time, i take the view that there are multiple reasons why we had a and other effects on the economy that followed. we have to be looking at all parts of the system, but i would go back to the point that the largest institutions that i have represented have never been stronger. behink they will continue to a source of strength during economic distress, and i think we should be looking at other corners of the financial services industry to be aware of whatever connections exist and protect those.
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kevin frommer, president and ceo of the financial services forum from washington. larry could low is speaking right now across town. he says the administration is ready to talk again with china, that trump inherited a trade mass, and that trade reform is necessary. we will bring you headlines live from new york. this is bloomberg.
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power this is balance of on bloomberg television. i am david westin. word today that coca-cola is companywith a canadian to activate a key ingredient in cannabis to deal with pain, not to get you high. coca-cola and pot. how do they fit together?
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when it's an interesting question. we have seen that the beverage guys made a big bet on cannabis not too long ago. saying we areola looking at cbt for wellness drinks and the backdrop is the decline in soda consumption. sugar has become a no-no for a lot of people and these guys are trying to figure out how they are going to grow in the next five or 10 years. >> i spoke with the ceo of coca-cola a little while ago about this issue. they said they have to find some business and possible acquisitions. let's take a look at how stocks have done. the pot stocks, so to speak, have really gone through the roof for the last couple of weeks. a situation where marijuana is going to be legal recreationally in canada in a couple of weeks. it's fairly legal in the u.s.
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this has created a dichotomy where big companies are viewing canada as a testing ground, a place were they can dip their tell in the water and figure this out while staying away from it in america. even know it's legal in california, they will not test it there because it's not legal on a federal level. are they betting on the fact that the federal law may be changed in the united states? >> i think they are. particularly if you look at the value of the pot stocks. it's hard to justify those valuations based only on the canadian market. canada is a country of about 30 million people. it has become industrialized, parked the money and waited to figure it out while they see what happens in the u.s. i don't think it's any kind of slamdunk. david: there are some mainstream players. we have a list of people who own
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aurora. vanguard, toronto dominion, ubs, black rock. these are not fringe companies. >> know, and federal legalization in canada was a huge game changer. people are looking at canada as a safe place to invest and they don't want to miss out on growth. there is curiosity about how this is going to work. there is an established consumer base. the problem is regulations have not caught up in the u.s. david: as a practical matter, if they bring this out in people want to get high, can they resist putting ingredients that will give you a little buzz? get federal regulation, and then a year later, you can have edible and drinkable products. this is coaxing see that he is the first place, but drinks that will get you high -- coke saying that cbt is the first place, but
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drinks that will get you high are coming. subject.fascinating the ceo of elmore a will be joining bloomberg markets at 1:50 eastern time. sign-up for the balance of power newsletter at or and get the latest global news in your inbox every day. coming up, i sit down with bill bailey, the former obama chief of staff and clinton commerce secretary who hopes to replace rahm emanuel as mayor of chicago. remember, you can browse recent charts using btv go. live from new york, this is bloomberg. ♪
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mark: record-setting still rising floods covering much of eastern north carolina are preventing companies, regulators, and environmental groups from making a
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comprehensive assessment of damage from hurricane florence. many rivers are days from cresting as lawrence, now a tropical depression, leaves unprecedented disruption in its wake. >> we have more than 12 hundred rd closures, including 356 primary roads. our major north-south connector, interstate 95, and portions of interstate 40 remain closed traffic. as of this morning, little more than 484,000 people in north carolina don't have power. florence is expected to accelerate tuesday. parts of the mid-atlantic as far north as new york and new england are set to receive additional rainfall. bring court nominee brett kavanaugh and the woman accusing him of sexual assault both indicated today they would be willing to testify to a senate panel.


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