We do. Last year we did a special design for the year ahead issue and we are doing it again this year. We are parodying other magazines. I love it. Is really fun. There is a lot of material in this issue and it makes it more digestible. The economic section looks like the economist. The tech section looks like wired and you have to wait and see the rest. Our department did a nice job of both helping the reader get through it and also helping the reader read the text. It is all very readable and i put a smileyoull on peoples faces also. This is the fourth year that you guys have done the year ahead issue. You have an editors note at the beginning it would you are urging caution. That is the message of a lot of the stories in the issue. The economy is still in a muddle, but the people we spoke to sort of saw a clear path to growth. Was not a time to take huge risks. As i Read Everything we did caution was the word that jumped , out at me. But i think will jump out and readers too. In the finance sector you talk about the doubt and uncertainty heading over hedge funds. The hedge fund situation remains very murky. We talked to people who are managing funds and one of them said that there are too many funds at this point. They havent been performing well enough and really what well enough and really what needs to happen is a number of hedge funds need to be cut, substantially, to make the market kind of work for them. In the energy sector, which i must admit, is my favorite department. You just like the cover. Pretty good. You look at solar power. The industry is expecting a decline. Congress extended benefits for people who are installing panels and that, which was not immediately it was not the immediate outcome that people were expecting so, the question , is, how does the Solar Industry going to change . They need to focus less on installations, because they were convincing people to install solar panels because the law was going to expire. Now they had to think about their productivity. So it is a complete with it for them. The whole introduction to this year ahead issue, you guys talk to economists, ceos in terms of their expectations for growth and it is not very upbeat. It isnt of the. The sense is there will be growth, but will continue to be modest. That is the way it was last year and people are a little bit more optimistic, but growth is going to be tested. The world leaders, finance chiefs, they were all gathered for the Imf World Bank meetings and the chief economist at the imf gave a forecast for global growth. It was fairly dire. What did he have to say . Sideways. So it is not dire in the sense we are heading for a crash, but it is not robust growth. We are looking for a year where we keep edging along, growing but not at the kind of pace we , need in order to help raise Living Standards and to get people out of this negative mindset we are stuck in. He said the crisis has left a cocktail of interacting legacies. High debt overhangs not performing low on banks books. Deflationary pressures and an eroded Human Capital that continues to depress potential and development levels. This is a global phenomenon. When he said that he was referring to the rich countries. It is interesting because that is where you see the most moping around. Certainly there are parts of the developing world, i will mention brazil, for example, that are having a lot of difficulties. You also see some countries doing very nicely in the developing world and i would name india number one. India, for a long, long time was such a disappointment. China took off and india didnt. Now we have the reverse. India is growing faster than china. Looks like 2017 will be the third year in a row in which indias growth rate surpassed chinas. Take down another level in 2017. What is it about india . I talked to strategist who have a Global Outlook and they think of india as well. What has positioned so well . It is finally shaking off its legacy of socialism and is feeling they need to make everything themselves. They are inviting foreign capital in and the regulating. And the regulating. These are nobrainer things from the point of view of the developing economists, but there was such political resistance for so long. Now we have the Prime Minister of india going ahead with some of these reforms and succeeding. This year, 2016, he managed to push through a new National Sales tax called the gsp to replace a bunch of regional taxes. That is a big positive in terms of aiding interstate incomes in india. In 2016, we had a new bankruptcy law. These are things that are getting india out of it s sclerotic old self ever since independence. Doesnt hurt that india has been integrated into the Global Economy as a whole. That is happening. Right. Although, its funny, india being so big is not as exposed as singapore is to global trends. So, they can actually india, just based on fixing its own problems, can have a of growth, even if the dress of the world is not growing. Turning fear of it next year into a cover image was the job of the creative director. We started with the idea of how to package a magazine. With one of our designers pose, and i thought it was great. From there, we kind of worth thinking, how do we feature all these covers and the natural idea was news panels. It could be in the subway station. We did some research and the newsstands in london and new york all of the same. We look for a model that called for a middleaged worldweary man. And we actually printed mockups of all the magazines on office copiers, shipped them to the sets, and chop them. Shot them. Did you guys play around with a different angles and the model doing Different Things . We knew we want to to feature all the models. We had the models try Different Things. He was a great actor. There was one where he was pretending to be asleep. So we actually ended up using that. Strikes me that doing this in concert with all these other sections within, what a lot of work you guys must do. It was fun. Up next, the 50 companies to watch next year and the industries we will hear the most about. And what is that tax bubble when is that tech bubble going to burst. That is next on Bloomberg Businessweek. Welcome back to Bloomberg Businessweek. And im carol massar. This weeks issue has the companies to watch. You will find household names and multiple up and comers. We spoke about workday. If you go back in history, these are the founders. Hr related software to on premise clients. You would buy the software and you have someone deploy the software, and you would run your hr systems on it. Then after a really messy takeover with oracle, the founders left and started this Company Called work today. Their product was essentially to sell that similar product, but on the cloud. Thats why, slowly and slowly, companies moved to their applications or work to the cloud. This came among the 50 companies to watch. The more interesting part of it here is cloud applications is becoming a very interesting place right now. We have a lot of competition coming in from legacy companies. This Company Workday as well as salesforce is doing some very interesting work right now. Cusp ofwe are at the creative competition in the industry. A lot of fighting going on and also consolidation. Theyve had very little impact because of the competition so far, and the question is going to be, can they remain independent in 2017 or 2018 . Where is it operating in that ecosystem of Cloud Computing . When i look at oracle, the bulk of their products in the applications world is on premise products. That is when you buy them, install them, and then you work on it. Salesforce is the Largest Company that is not deal in the Human Capital management or hr operations. Workday is the largest Hr Solutions Company and there are a lot of them out there. There companies that specialize in certain verticals. But from an hcm point of view, this is the Largest Company. In the technology section, the big Venture Capital funds keep getting bigger. I asked about what we can expect in Silicon Valley next year . Areenture capitalists raising unlimited amount of funds from their partners, which are university endowments, mutual funds, overseas investors, and on the other hand, startups are actually struggling to raise money. We are seeing this rush of capital into the startups that are perceived as the most successful. The socalled unicorns and everyone else is trying to feel this myth about the coming year. The money is going there because they are big and perceived to be safe . Or these are companies that can go public anytime . Both of these things. Just take it over as an example. Uber at that example. Your choice is between a startup that is trying to compete in that space or an adjacent space money that is raised is still raising money. As bloomberg reported, it were lost an enormous amount of money in the first half of 2016. Theyve been in a price war with their rivals. This is being caused by the huge amount of money going into Silicon Valley. You have dd in china and lift in the u. S. , those Companies Raise a lot of money, so they are subsidizing their rights. This causes some investors to be mere more concerned it looks like a bubble. When you have a bunch of companies raising tons of money, brooding up prices, and the economic prospect of all of them dont seem certain. You look at the days of old in Silicon Valley where you went to an investor and said, can you pop up a few million dollars. What changed their there . The changes smartphones. If you had something that was pretty good and worked on smartphones, you can ride that wave of growth to the bank. Basically, its somebody bribed its somebody buys a smartphone, they need to download some apps. If you are in the app store, they would download your out. Your app. Now most people have smartphones. There are candidates for the next big thing, things like Virtual Reality and driverless cars. But none of them have broken out. There is no new iphone yet, although there will be at some point. You talked to one big investor who said there is no underlying wave of growth. He is one of the big stars of the past boom. He invested in instagram and tumbler and square. Those are examples of these smartphone driven companies. He said yeah, basically the times are not as good and a lot of the innovation is happening inside of large companies, which are consolidating. They are buying of smaller players and there isnt this market that is super friendly to startups. Up next, we will turn our attention to retail and the 50 companies to watch in 2017. And how to capture the spending power of millennials and next year. Welcome back to Bloomberg Businessweek. You can listen to us on the radio. On sirius xm channel 1. 19. A. M. 1200 in boston. 99. 1 fm in boston and a. M. And 960 in the bay area. Lets get back to the issue of the 50 companies to watch next year. Retailers are facing multiple challenges. We talked about walmart, jcpenney, and American Eagle outfitters. Walmart, why should it be one of the 50 companies to watch in 2017 . Definitely the largest retailer, but think about where you shop. You are doing your shopping online, and that is where walmart is placing its best for 2017. They are investing in online. You saw the jet. Com merge. An acquisition, but basically the companies are coming together. And theyre going to place a on taking that customer away from amazon. They are definitely going after that prime customer and trying to get someone to spend their wallets. Theyre online scales were only up 7 last year. About 7 in one q. That is the focus. If you look at online, it is about 2 of their total business. Another big retailer, jcpenney. Weve watched the change in leadership over the next few years. It is all about diversification. The Department Store channel is under a lot of pressure. I will think that is going to change. But jcpenney stands out there. ,the reason for that is if you , think of the Department Store, they sell apparel. Jcpenney is selling appliances. Not many Department Stores sell appliances. Only sears and we know what is happening there. They have a unique opportunity to rebuild their Home Business , get in a new customer, an increase that ticket. They are about a 12 billion company in sales. They were 17 billion prior to 2012. That is still 5 billion lost in sales. I dont know if they will ever get back to 17 billion, that they have been showing signs of improvement to increase sales, while others have been contracting. We start with the big box, we look at the department sale. American eagle, why are you looking at that in 2017 . That is the turnaround story. When you think of teen apparel, it is one of the hardest hit sectors in apparel retailing and American Eagle has done a phenomenal job to turn that business around. Why that is the case is they are focusing on the product. When you think about apparel, a tshirt is a tshirt. What makes it different and what makes them want to spend the money on it is the fabric, it is the fit it is the innovation. , that is what we will be seeing in 2017. A lot of retailers experiment with innovation in fabric. Having stretchy jeans, having denim, but not just denim that looks like denim. It has to fit well and have that elasticity. That comes with innovation. In the retell section, a helpful guide to get millennials to spend their money. We cant stop talking about millennials because they are the biggest generation since the baby boomers and big band so much power. Command so much power. Theyre very health conscious. They make choices, as we see and hear all the time, without without about eating healthier, being more active. All these trends that we see. People leaving their lives in yoga wear. Those are millennials. They live in sneakers, they live in cool athletic sneakers. Awareness very social they goes to their spending as well. They want to buy things that they can feel good about. Organic products, responsible products. Not to say that these dont carry into over groups, but this is a big factor. I think what is the biggest defining characteristics of the millennials is the approval. They will not make a decision about something to buy, whether it is an item of clothing, if they havent checked in with friends, check out the reviews online, see what people are saying on social media, and then they will say they make a decision. There is not a whole lot of individualism. We always talk about millennials and housing. That trend continues that we dont see millennials interested in buying homes at this point . Goldman sachs is pointing to the huge potential that is there. Theyre starting to age. They are into their early 30s. That is something they are starting to think about. They are not doing it yet, but theres going to be a lot of potential there. At the moment, it is whether they are renting, whether some of them are home with mom and dad or living a way that is at this sharing of economy that permeates everything that they do. That is what is going on right now. But that is going to change. , i think there is a lot a stock that marketers and others are putting into what is going to open up when they have more money and can make some of these choices. Generation x cares a lot about how this. Housing. Some of the most popular brands with them are home depot , Restoration Hardware and , lowes and pottery barn. Generation xers are working on their homes. They are straddling that time that is very interesting. Technology is something they are comfortable with, and they use it. But they are the mall rats. They are the original mall rats. They are spending a lot of time in both of these ways, shopping and it is about who , they are caring for right now. A lot of them are caring for or helping aging parents while raising their teens and other children. It is a choice that is typically going into the home. So, that is what we are seeing with them. Theyre very individualistic. The generation xers were the individuals. Another group is dual incomes. Dinks cross all of these lines. There are probably some dual income lineals, that we see them as generation xers and maybe even boomers. As we learned and discovered in doing our research on this they , were an offshoot of the yuppies in the 80s. We are talking about people with more disposable income and they are spending and in ways that are not so surprising. Their trips are more lavish and involved because it doesnt have to factor in children and keeping them busy. Active travel is a really big thing with binks. Hobbies that required year. Gear. Their cars might be more expensive and they might be giving more on philanthropy than some other groups. Because that money is the fair. Across the board, boxers, personal grooming, very big with the dinks. Sometimes the dinks are no longer dinks because if they are a little older, they have decided to have kids. But, it is an Interesting Group of people. Is a little tough to pin down. If we are thinking about what we pitcher when we think we see a dink, we pitcher that middleaged couple that is skiing at that great resort in aspen or flyfishing out in wyoming somewhere. And they are enjoying their lives. I think a lot of them really do this by choice and they are doing things they love to do. Up next an industry that you , get a big boost thanks to brexit. Plus a program that could offer visas to startup founders and their employees. Coming up, much more from this weeks special issue, 2017. We talk about jobs that will boom for brexit. And the products that may be defining the future of Virtual Reality. All that had on Bloomberg Businessweek. We are here with the magazines editor in chief. Lets start with the technology section. You look at how some entrepreneurs are pinning hopes on a change it to visa roll your in the u. S. A lot of entrepreneurs who have done well in Silicon Valley are from all over the world. There are a lot of people who want to work in this country and want to start companies, but they cant because they have to leave after their visas run out. There is a plan contemplated that would allow them more time in the u. S. To get their start up going. That would make it easier for them to find funding. That is been difficult for them because you have binge or funds venture funds saying, yeah, you may not be here. It would extend the time. It seems tailormade the set for entrepreneurs. Big electionyear all around the globe. In the Global Economic sector, you talk about the elections in china. This is a big year. Doesnt happen often. The question is whether xi will want to put another term on the back of the terms you will be starting next year. And it is also unclear who else is going to be in favor and that is not decided until next fall at the big party conferences. There is a chance she could stay on for another term and that would be pretty radical. It would be radical. Ji shung, there was a since they needed to put limits on how long somebody served. It will be quite radical and the question would be whether he would still be controlling the military. We continue to follow what happened with brexit. Also in the Global Economic section, you look at a number of other elections and referendums happening on the european continent Going Forward and how that could destabilize things further. It a super cycle of elections. You have elections in france, elections in germany, and a lot of these countries in europe, there is a very conservative candidate and the question is, very antiimmigration candidate, the question is whether they will, even if they dont succeed, how much they will gain in parliaments. There is a worry about this election playing out and what it could mean for a developed world that wants to create Economic Growth and having a tough time at it. And whether some of these parties will put pressure on the e. U. And whether others will think they want to withdraw from the european union. It is a remote chance, but the issue bubbling up. And that brings us to the setup. In the runup to article 50, we will see how this plays out, but there is one job that will be in demand, at least temporarily. Is going to be a good year for consultants and the law firms. Whenever there is trouble and uncertainty, they bubble up and of dollars. A love companies, a lot of agencies even are trying to plan for the plan. It is a little early because it hasnt been negotiated yet. We dont exactly know how that. How that period after theresa may pulls the trigger. You have law firms setting up specialized brexit departments and Accounting Firms doing the same. Again, you may have your lawyer lined up and they may be doing research and coming up with plans, but it is a little early. Then it could all crater for them because once it is decided, those practices, those lawyers are going to have to do back to what they were doing before. I spoke with matt campbell. One of the few groups of people in the u. K. He will benefit economically from what happened with the brexit vote is the lawyers and consultants. That is a function of this incredible, legally complex exercise to extricate the uk from 40 years of european integration. Someone i spoke to compared it to reuniting the two germanys after the cold war or the fall of the soviet union. Were talking about that level of legal and legislative regulatory complexities. If you or someone in the business of helping deeppocketed professional clients sort through a problem, this could be a extremely lucrative time for you, even as the broader economy begins to spiral. Take there a few of those naughty problems. What are firms looking at . What are they worried about . The big one is finance. I think, no secret london is one , of the two or three true financial capitals of the world. If something called the financial passport, which is a piece of legal jargon that refers to the ability of banks domiciled in the u. K. To do business across any you state, state, ifopean union that goes away banks are going , to have to go through their operations in London Business line by business line deal by , deal and what can be legally conducted here and what will have to be moved elsewhere in europe. Whether that is to dublin, paris, or amsterdam or somewhere else. That is one area where lawyers and consultants will have a huge amount of work to do. Every other industry is regulated by the eu to an extent. They all have to run through everything in the event of brexit to be on the right side of the numerous. Of what the new rules are going to be. We dont even know when article 50 will be triggered. What are these consultants is doing at this point, not knowing the rate at which we are going to get to that point or what will happen we hit it . As one Senior Consultant put it, they are planning for a plan. They are developing scenarios for various clients as two different outcomes that could occur. Theres not an infinite range of outcomes here to what the brexit settlement looks like. There are infinite nuance and independent variation. There are several models that we are looking at. It is a question of which one. The noise coming from westminster, from Prime Minister theresa may has been in the direction of a hard brexit whereby the u. K. Would have no special relationship with the eu and deal with the eu, or the remainder of the eu, much as the u. S. Or australia does as a separate, independent country. At the other end of the scale, there is Something Like norway and switzerland, which are well integrated into the eu, are not being members themselves. Those two outcomes and every scenario in between have applications for the volume of regulatory and legal change. The year ahead issue gives a nod to Bloomberg Businessweek s competition. The topics are far ranging. Global economics, energy, retail, and we paired of the section with the magazines we thought most naturally fit. Global economics we took inspiration from the economist and for retail we took other inspiration from in style magazine. For energy, theres not a wellknown energy magazine, so we put the energy idea and put a business aesthetic to it. We got playful at times, but at other times we borrowed very heavily from our sources. Is the addicted to mimic it as completely as possible or get a sense of what this looks like and try to replicate it . It was a twostep process. First we try to replicate it as closely as possible. And then we added our own brand. Which is, a little more playful. How much fun was doing it this way . It was a lot of fun. When we look at the magazine a couple of times to make sure everything is progressing well and i would say it was more laughter in the process of this magazine than usual. Up next, well wall street will wall street make it through 2017 without another financial crisis. And why the good times may be Getting Started for u. S. Energy producers. Welcome back to Bloomberg Businessweek. Im carol massar. Section, heces looks at the years that end in seven. Help us understand why that debate is so important and economic circles . Im thinking that up from the International Monetary fund which cited that in there World Economic outlook. The positive shortterm trends would include some export signdities and also some of easy money in the developing markets. The reason that is important is if you are a developing economy and suddenly rates are going up in the rich world, they really worry that money is going to be sucked out of their economies into the rich world, for example, the united states. The u. S. Has held back on some of the Interest Rate increases have been expected. The fed is going to raise, but probably not as quickly. There will be such a giant sucking sound of money coming out of the developing economies. The shortterm is relatively good. Not such a crisis deal it mightve been six months or a year ago. The median term is still problematic. These are things we talk about all the time like a decreased public support for free trade. These developing economies really need free trade. They need to be part of the world economy. They need to have markets for their goods. And just eroding fiscal balances, the cost of supporting the social infrastructure and so on. Every corporate debt in china would be a great example of that. We could talk about china more. That is something that may not in the conflagration immediate term. It is always there as a dry tender. How worried are people about debt right now . If you look at what might lead to the next prices are the next recession, debt is high on the list. Debt makes an account of me or a household or a company brittle. Debt juices your growth. You dont have to put all the money for your investment. In a house, for example, you can borrow money. The house price goes up because you only put down two percent and can keep all the games. Gains. What happens when the house price goes down . The same thing for an economy. You still owes the money even though your wherewithal has decreased. You become brittle that way. As the debt mounts, household and corporate debt, as well as Government Debt worldwide, you become more and more vulnerable to any count of downturn in your ability to pay. In the energy section, why next year the shale boom and the u. S. May hit hyperdrive. Next year we are going to sell more natural gas than we buy it. At some point next year, is not going to be an annual average, we will not get there until 2018, but sometime in november, well have more natural gas to sell to the world then we buy. This is going to be the first time the shale revolution has kicked into gear and given us enough gas to really push out there into the world more than we buy. A huge shift in a big reversal from where we were a decade ago. What happened in the interim gekko . 10 years ago the government was saying we are going to be basically forever short. And were going to increase our imports and continually go up. You saw the Big Energy Companies spend billions of dollars building these really important, expensive import terminals. That left overnight. Around they said, oh my gosh, we 2008, are not short, we are long. We have a century of gas. The industry took seven or eight years to recalibrate around that. You have a couple of these import terminals done in the gulf that were never used. One terminal based in houston opened in 2008. Immediately they turned around and said lets build and export terminal. That is what came on line the early part of this year. Well see a few more come online next year. This is the geopolitical weapon we can use. One, pushing our influence in europe and latin america, and two, trying to get our trade balance more in line. Up next the company that finally figures out what Virtual Reality is for. And what would the editors get right and wrong. Welcome back to Bloomberg Businessweek. You can also find us on the radio on sirius radio. Thats channel 119. ,lthough a. M. 11 30 in new york 91 fm in washington dc and a. M. At 960 in the bay area. Lets get back to the 50 companies to watch. Media companies have a big presence on that list. We talked to and analysts about netflix, comcast, and cbs. I think 2017, they will focus on the growth areas. Number one will be there consumer broadband business. The highspeed internet a they provide to consumers has become a basic utility as they consume more and more content over the internet. That is a strong growth story for them. Also is the commercial business for them. They are providing highspeed Internet Access to small, midsize, and even larger enterprise businesses. That is something for comcast and the other Cable Companies is becoming a very big profit contributor to then. It is growing about 20 a year. It is a business that comcast is going to allocate more capital to. Comcast has it under control. Lets get to netflix now. Their Big Aspirations here spanning all around the world. It hasnt got into china yet. Netflix just put up a very Strong Quarter in terms of subscriber growth. That is the primary metric for this company. They are trying to grow their subscribers on a global basis. That will attract profits will their everincreasing programming budget. About 67,000,000,000 dollars a year on programming. The largest of any network out there and it continues to grow. Especially as they continue to to provide more original shows on their network. They have big programming ambitions that have their programs on a global basis of that requires lots of capital. You are keeping an eye on traditional broadcasters. Cbs and the drama surrounding the redstone family. What is the future hold for that company . Cbs as a Standalone Company has done very well. Cbs network has historically had the top ratings of any of the broadcaster ratings. Showtime has shown some good growth. Their businesses are performing very well. The stock is performing very well. The question now is is there another life for cbs in the context of viacom. As you are aware, the controlling shareholders of viacom and cbs have pushed for a merger of the two companies. The question is what will the role of cbs be . My sense is a merger is highly likely to take place. Task tobe the ceos revive the fortunes of the Cable Network and the paramount studio. In the Technology System that section, we look at the different Virtual Realities on the market. Quest and how we might see the cream rise to the top in 2017. 2016 was supposed to be the year of Virtual Reality. We saw oculus, which is up by facebook, release a highend Virtual Reality headset. As did htc and bowel. Those are the highend of the market. They need powerful computers. There the deluxe experience. Google gained a lot of steam as well for releasing a cardboard thing you put a fun and. You put a phone in. It really is cardboard . Is a cardboard holder for a phone that fits on your face. They gave a very basic Virtual Reality experience. A lot of people didnt want to refer to it as Virtual Reality. They refer to it as 360 video. There is something where oculus worked with samsung to make a plastic headset they put a phone in. But that has a little bit more the bells and whistles associated with Virtual Reality. Kind of a range of costs. I feel like oculus and htc are like at the highend. In addition to hundreds of dollars for a headset, you have to spend about a thousand dollars for a pc to run with them. And the google thing is free. If you have a phone, you just plug it in. The sam something is in between. And this fall, google released a competitor. Google released a headset called the daydream view, which is also, it is not nothing, it is 80. You can use your phone with it. Only one phone works there right now. That gives you something in between, not quite oculus, but good enough. Have you tried some of the different ones . Yes. It is clear what you are paid for when you get the highend experience. Like especially the htc valve the one that allows you to move , around and it tracks you throughout the room. It is an immersive experience. I would not want it set up in my own living room. Is it that complicated . There are two cameras that you have to set up that track your movements. You have to plug this into a computer and you have a cord hanging off your head. You have to have someone following you around, curing carrying your court. Each year we get some things right and somethings wrong. This is the third year in a row where we done this thing where we got right and what we got wrong. There are all kinds of predictions that show up in the issue. There are some better quantitative and some that are qualitative. Some are insights that come from the larger Bloomberg Team or analyst we talked to. A reverse fact check. You go page by page and find anything that is a prediction and either some of them will leap right out like the death of Justice Scalia or you have to check others with analyst or subject Matter Experts and see, well, did this come true. Talk about what you did mainly this year. The whole issue of businessweek nodding to other magazines here. Using the matrix that is a weekly facet of a new York Magazine . We like to be a little weird at business week sometimes. This is a nod to the approval matrix, but there is another weirdness level on top of that, which is, it is a nod to the movie the matrix. You can see that in our low category in the grid. You mentioned Antonin Scalia up. What happened . Im like you brought that up. That was my prediction personally. The egg is on me there. This was about the counterintuitive likelihood of the Nine Supreme Court judges, if there was one who would be a swing vote who both sides would have the most reason to focus on and to look to to make a 54 decision one way or another. It is extremely painful case in this extremely impactful case about mandatory union fees, Justice Scalia, not roberts or kennedy, with the one who could make it go one way or another. Talk to various experts, went into what scalia had written in the past and the reasons why on this issue he would not take the same position at the other conservative justices. But on the other hand, might. Instead, he died. Still wrestling with what will become of the court in washington d c. That particular case a deadlock and others left the status quo in place. It is an issue that deadlock the court. People are trying to get back there and what happens depends on what kind of majority we see on the court. Bloomberg businessweek, is on newsstands now. I like the nod to newer magazine and their approval matrix. It was honorable for them to go back to the things they got wrong. What about you . I like how the magazine divided into five sections and gives a nod to the economist, in style, People Magazine to cover different areas. More Bloomberg Television starts right now. Coming up, the stories that shaped the week in business around the world. Big banks headline a week for corporate earnings, but do their big beats add up to a quarter turnaround . I think we will have to get another quarter of data. From saudi bonds to russian oil to italian banks. To the latest data from china. We will move through all the news moving the markets. That gives policymakers a bit of wiggle room. Is verybond issuance much like an ipo for saudi aramco. Plus, conversations with barclays jeff daly, bank of americas michael moynahan, and michael dell