Transcripts For BLOOMBERG In The Loop With Betty Liu 20140307

You know why god created weatherman . To make economists look good. The number has been revised down. Now we are only expecting 149,000 jobs created during the month. 145,000 in the private sector. Unemployment rate stays unchanged. 6. 6 . We have had some weak numbers. 80 p and i is and services came in week but it is really all about the adp and ism services came in week but it is really all about the numbers. Compare that to last year when we had a lot of pink on the screen and it was a lot warmer. Everyone on wall street is going to start with this number today. They want to know how many people were unable to get to work because of the weather 3009000 the average for a rubber worry. We will find out how much worse was it than that. How much worse was the weather in this month than normal . Was it worse than seasonal adjustments anticipated . Or is there a nonrelated weather hiring underway . And did a lot if you will drop out of the labor force because they lost the unemployment benefit . Ok, so mike, if weather plays a big role here, then will it not reversed when weather warms up . That is what a lot of people are hoping. 1996, a huge january snowstorm. Initially reported at 2001000 jobs lost. 201,000. The following month had a big bounce back. The magnitude remains a big impact on the markets. We could see that again. Speaking of revisions, it has been really significant in recent months. You want to watch that today. In fact, through all of 2013, the average monthly reversion 40,000 higher. We were initially reported the jobs numbers. You can see why people feel bad about the labor market. Look at what the revised numbers are today. Imagine if those had been the initial, how would you feel about hiring now . Very interesting. Revisions are key. What about the 6. 6 Unemployment Rate . Would do absolutely nothing. Yesterday, l dudley, president of the new york fed and is seen as one of the core his view is pretty much with the fed is going to do, he says it is time to drop the threshold, it has come down too far too fast. They will look at more quantitative, broader measures of the labor market. It will probably not look at the february report. All right, mike, i will see you in just a few moments. Back to international news, president barack obama leaders united against russian president Vladimir Putin in an attempt to pressure the country to ease those sanctions in the ukraine. For more on the ukraine crisis, i want to go to Bloomberg News Ryan Chilcote. U. S. Halted trade and visa talks. What are these next steps if those fail . I think the next step is financial sanctions if those fail. Theifically going after assets of president putins associates. It is worth or memory that all the United States has done thus visas for some russian officials and pull other visas that have been deemed having been responsible or involved in russias intervention in ukraine. You just heard from the German Foreign minister and he said for eusthes next step the afterhat would be going foreign assets. Angela merkel, the german chancellor, has said there could be sanctions, but and this is an important but that would be only after president hu to do something more, if im affordable, russia were to declare crimea as part of its territorial integrity. Secretary lou already has the power to go after these foreign assets. He also has the power from president obama to ban americans from doing business with russian embassies, but this is something that he would only want to do in concert with the European Union and the european leaving and obviously is not that point right yet. Remember, there are 28 countries in the European Union. They have to make decisions by consensus, so i could take some time. What about the Crimean Parliament, voted to secede from the ukraine and join russia . Is that a done deal, ryan . Done deal. T a with the Crimean Parliament has done is we want to secede from the ukraine and join russia, and we want to hold a public referendum in the region on the 16th. They were already going to have this referendum they just moved it up by a couple of weeks. If the people of rye me a decide they want to secede, that it would be up to russia of crimea decide to secede, that would be up to russia. For a country to ask to be youxed by russia clearly have the Ukrainian Government here, you have the u. S. Government, and all of western europe saying that would be illegitimate, a responsible, illegal. I think russia would think twice before doing that. The Russian Parliament is changing the laws to allow russia to accept crimea should crimea ask them to be accepted as part of russia. Ryan, thank you so much, Ryan Chilcote in kiev. Moving and shaking this hour california senator dorian citizen dorian nakamoto. Public profile stating he created thbitcoin. He said he was no longer involved in it had been turned over to other people. Within hours, a heard of photographers showed about as home and there was a multicar chase as nakamoto fled to an Associated Press bureau. He said it was the first time he ever heard of bitcoin was last month. We will have to figure that one out. Blackberry Ceo John Chen has surprised many by cutting costs and fueling the recent surge in the sport in the smartphone makers stock. Chen spoke with senior west coast correspondent Jon Erlichman at a tech event in l. A. Yesterday and john begin 10 about by asking chen about changing his. I never got a thought about changing names. Something you have given a lot of thought is your future devices and you talked recently thet the cable device for keyboard enthusiast, which is going to be launched later this year. In terms of the timing, is this something you would like to have on the market by september, before september . I would like it to be there yesterday. But i could not get there yesterday because i have to be making sure that the user in a race the user interface is one that has modern technology 9900 user leading the base be very comfortable and familiar with. Two am breaching the worlds. Theyll take a little while. It will probably be toward the end of the year, september, october time frame. I am very much looking forward to that of vice. What are your best known one of your best known users on the plan is president obama. Not to say that he would not use an iphone was a bso to said publicly for security reasons he iphone. Se an anything you would do to sort of , you know, along this process he is president obama had any input and what he would like to see in a q20 . Not in the queue 20, but as customers, ieting have briefed the white house. Part of the plan going forward. We spoke to them as a customer outrage and they were nice enough to share some of their thoughts with me. What are they interested in . I probably should not. That would make National Headlines news. They gave me some thoughts, some of the things that they like and some things they would like us to work on. And i take it all too hard. I want to talk a little bit about this tmobile story. Tmobile unveiled this Trading Program thomas to trade in blackberry, they dont tell you guys that they are doing this. You blasted them in a blog, and they backed down a little bit and tweet this Trading Program, and in recent days, these reports come in at this tradein program was very successful for them. Can you weigh in on that . Yeah. It is a strange situation. First of all, i have not seen the data of what they claim to be successful. I have to be honest. See it would be nice to see what the legal memo that t mobile has, that there are some facts behind, some numbers behind it. I do not know if that is real or not real but i do not see what the fanfare has really generated. But that is me not seeing it. Are onond thing is we the ecosystem together, and t mobile has always complained it went to the congress and saying are suffocating us, give us space to survive. I wish in my case, i also have the big two riding on my shoulder, and i would have thought it would be a more natural order should to help each other out and to get a better penetration of the market and to have more customers will stop instead, they are intending take some of my effort away, so to speak. I can only say that i would love to see the numbers. I do not see the numbers. Tmobile portugal you are not focused on enterprise, they are not know to be there. Fortunately, my strength is enterprise. So although i do not like it, but it will not hurt that much. Was john chen, blackberry ceo, with our senior west coast correspondent Jon Erlichman. Still ahead, we will have your look at the hiring market with matt ferguson, the ceo of careerbuilder. Com. And stay in the loop as we countdown to the february jobs report. This is week just this week, president obama revealed his budget proposal. It is a roadmap for creating jobs with good rate good wages and expanding opportunity for all americans. And in a time when efforts have been cut in half, it allows us to meet obligations for not leaving a mountain of debt. We look at all those factors. We say it is going to be a pretty positive year. Some bullish forecast from the ceo of choice hotels, Stephen Joyce. He talks about what he sees an quite a rosy picture for the economy but will we see the same positive signs in the monthly jobs report that will be out in just about 15 minutes . As we await that report, i am joined by matt ferguson, the ceo of careerbuilder. Com. He has also coauthored the talent equation. Economics editor mike mckee staying with me throughout the numbers as well. Matt, are you as optimistic as we just heard Stephen Joyce . I do not know that i am just as optimistic about todays report. I am optimistic about the remainder of 2014. I think the weather will have an impact on todays report it will be a good year in general as we go through the year. Isnt going to be a good market for job seekers . Is it going to be a good market for job seekers . We see demographically a lot of people retire at the older end of the spectrum but younger people do not seem to be coming into the labor force. There is a big gap there in the 19yearold 224yearold space. Are they getting the skills youre talking about or are they just unemployable . I think it is a combination of both the things you just said. It is a tough week liver market for younger people it is a tough labor market for younger people. Some are struggling to find those first just to get a chance to show what they can do. We need to be cognizant of how to get them involved in the labor market as we go through the remainder of this year and into 2015. You are right at the other end of the spectrum, there are a lot of people retiring early. The Labor Force Participation rate has dropped to the lowest level in 30, 40 years. I think we have to think about how to engage people at the end of their career to stay on working longer. It is interesting, mike, you talk what the Labor Participation that is partly why we have seen this jobless rate fall. Are we going to get any clearer picture of whether the jobless rate has fallen because of a stronger economy or just because of people dropping out they cannot find jobs . Reallyhis point, nobody knows. A lot of literature would suggest it is mostly demographic but because the numbers will be distorted by the weather this past month, we not have we may not have a real clear picture. As the eurozone, we should get a better idea because as the economy does get stronger, more people should get out looking for work. And would that effectively list the jobless rate . It could because the jobless rate goes up more than a goes down because more people come in looking for jobs. Matt, what are you seeing as far as what areas are seeing biggest job growth and which areas are falling behind here . To see, we continue Information Technology and engineering be very strong. That is not surprising. That has been true for a couple of decades with some small changes in that segment. Health care continues to be strong. Some things we see earlier this year, which is positive, we think a construction and manufacturing show big year overyear gains. We hope that trend will continue and be reflected in the jobs numbers as we go through 2014. What about Small Business versus Big Companies . Bigl, medium size are the job creators. We are speaking with the ceo of a company that essentially helps logistic companies, right, and company like amazon and Walmart Store their inventory. What he was saying is that i am not seeing as much demand coming out from Small Businesses as he is seeing from the big fortune 500 companies. So to him, that is a little but of a warning sign that the economy is still pretty sluggish, that jobs growth is still going to lag here. I think that is right. I would say mediumsize businesses are doing pretty well and hiring quite significantly and i think that is positive. What you see on the small end of the market as a couple things. One, those businesses have struggled more. It had lower access to credit so they have had a harder time hiring. The other thing that is happened is we have created fewer businesses in the last three years than we did in the three years prior to that, and so we just have fewer startups. We hear a lot about the start its in california and other places but when you look across the economy, there have been fewer startups in the last three or four years than in the predict in the preceding three or four years. Which means less job creation. That is a turnaround to see the Small Business play a big part in creating jobs and 2014 and what he 15. We were talking about at the top of the show about how people do not feel about how many jobs were crated last year the best year since 2005. One reason may be we are not making any money at this point. Median incomes are not going up. Are you seeing any increase in the pay being offered for jobs out there yo . Not a lot overall. I think you are seeing some improvement but not a significant improvement. Obviously in engineering and healthtion technology, care in some specialties you see big gains. But we still do not see big increases in wages. I am curious, what are you going to be looking out specifically in the jobs report, mike . The biggest number i want to look at immediately is how many people unable to work because of the weather. That will really tell us a story. Interesting in january, the number was below average, so some people say it may be not entirely a weather story. So we want to see that. You have to look at things like the Labor Force Participation rate and see whether or not there is any sign of anything we can take away from this. All right, we will see. M, thank you so much, economics editor mike mckee will be with me throughout the numbers. Massey ferguson, thank you, ceo of careerbuilder. Coming up matt ferguson, thank you. Not make, if you do enough in salary, you cannot afford to take advantage of a retirement plan. Stick with us. We are moment away from the jobs report next on in the loop. You are watching in the loop , live on Bloomberg Television, streaming on your tablet, your phone, and bloomberg. Com. Good morning. I am betty liu. It is 26 minutes that the hour which means Bloomberg Television is on the markets. We are Just Moments Away from the jobs report. Ready much unchanged right now. The jobless rate is expected to stay at 6. 6 , 100 50,000 jobs expected to have been created last month. We are on the market again in 30 minutes. Yesterday, we reported that mcdonalds has a general 401 k program. When we dug deeper, we find out therimarily benefits corporate staff, not the coax and the cashiers who need to save for retirement. They are the ones who need the 401 k plans. We are joined by dr. Bridget, policyfessor of public and corporate minutes at the Harvard Kennedy school. Is this unusual that this kind of bifurcation, you might say, the 401 k plan where it is available to a varies small number of corporate and and but corporate and executive staff at mcdonalds but not to the rest . Waxman donald is a little bit unusual because a lot of their is aions mcdonalds little bit unusual because a lot of their locations are franchisees, so most Big Companies, microsoft, google, great places like harvard, even retailers like target, all of the employees would be under the door preparing and probably would be eligible for the plan, but you do see it in some companies. Employeest that these ,re employed by the franchisee essentially, is there really an obligation for mcdonalds to make sure that they are heart of some sort of 401 k plan . Know, unfortunately, no, there is no legal obligation for them to do that. If they were part of mcdonalds, the parent corporation, then the company would be required to have a plan that is broadly available to everyone, but due to the way theyre set up, unfortunately no. This is all part of the Way Companies right, the way they are just changing their retirement benefits. They used the pensions, now it easilyk plans, automatic enrollment, and now it is more voluntary, and it is all a way for companies to try to ind the most cost effective, guess they would say, way to offer these kinds of benefits. Yes, absolutely. The move from a traditional pension to a 401 k plan is driven in large part by first the regulatory cost of offering a traditional pension and second, the traditional pension poses a lot of financial risk on companies whereas with a 401 k plan, the participant is bearing all of the risk. It is attractive for companies to transfer that risk, and they wholesale tomost 401 k plans. Are you finding that those plans are becoming less and less generous as a whole in Corporate America . I dont think we have really good trend data on that. Certainly what happens is that when we have a market downturn, and is happened in 2008 and 2009, a lot of companies will cut back on their employer match are financially constrained, and in the big question is when the economy picks up, how many of them reinstate their 401 k plan. I think what is surprising is in the last few weeks, we have had announcements of Companies Cutting back on their match and were not in the recessionary environment of the 2008, 2009. That is a cause for concern. Quite why do you think that is . Why do you think that is . I think companies are trying to be more cost conscious and what we have seen over the last few weeks is companies deciding that they are only going to provide a match once a year and the match will only be given to employees who are still at the company, so they are basically trying to save money in matching contributions to employees who leave the firm. That is great for the companys bottom line but it is not a great Public Policy of what you are trying to do with promoting saving for retirement. Right, a key component, obviously, of your career and your goal, essentially. Professor, thank you so much for joining us. Because her Brigitte Madrian professor Brigitte Madrian, professor at Harvard Kennedy school. We are a few moments away from employment numbers. Chief markets correspondent scarlet fu is with us. Economics editor mike mckee is with us and our chief washington correspondent peter cook it outside the Labor Department with those numbers in just a few seconds. We are expecting 100 49,000 jobs to have been created in february, 6. 6 jobless rate from the prior month. Peter . 175,000 jobs in february, betty, better than our survey forecast. Plus, we had upward revisions. The Unemployment Rate ticked up to 6. 7 . The 175,000 jobs is the best number we have seen since november. Better than our survey of 149,000. We had revisions to january and december. January revised to 129,000. Our threemonth average 129,000, our 12 month average 189 thousand. The Unemployment Rate does take up to 6. 7 . The unemployment number rose, employeee dash and the did rise. The Participation Rate holds steady at 63 of unchanged. Longterm unemployed 3. 8 million, up 208 thousand. The weather, wasnt a factor here . Hard to say immediately, but in the Household Survey, we learned that 6. 9 million americans worked reported a work part time instead of fulltime because of the weather. That is the biggest number we have seen there since january 1996. They were still counted as employed. Likewise, six under 1000 people said they could 601,000 people said they could not get to work at all. They are too counted as employed. Jobs up. Temp 15,000, so there was some construction despite the weather, although not as good as the 50,000 you saw in january. Who was losing jobs . The information sector, particularly hollywood. Information down 16,000, 14,000 from movies and sound production, retail down 4000. This is of interest to economist average Hourly Earnings at 0. 4 month over month, the best weve seen since june 2013. The yearoveryear number 2. 2 . The best number we have seen since november 2013. Average workweek numbers down. The big question for janet yellen and the fed does this bolster ther case that weather with the biggest factor, and likewise, does the upward take mean that we change our Forward Guidance at their next meeting . We have to wait and see. A lot to sort through, peter. Hang on for a moment because garlic, looking at futures, and we are seeing a bit of a spike in these numbers. Ina noticeable leg up futures. S p futures up by. 4 . They were up by only. 1 earlier. Futures had moved up higher as well. There were little changed before this 8 30 number came out. Looking at currencies, the euro weakened versus the dollar. Remember, the ecb left Interest Rates unchanged earlier this week. Perhaps the u. S. Moving closer to normalizing Interest Rates. This is moving in that direction. The dollar yen, dollar strengthened, so you and we can stoop 1. 0350. 290 before the number was released. Treasuries are falling, yields are up. The 10year just below 2. 82 . It was at 2. 72 he for the unemployment number came out. We will continue to monitor these markets. It does look like the idea is strong for now. Do not go away, scarlet. Mike, peter pointed out some really interesting numbers here in this report. It seems as if perhaps, as peter with saying, weather may have been more of a factor in kind of the muddying of some of the numbers we have seen. The softness in the economic data. Interestingly, not in the survey we thought it would be. In the establishment survey, we saw the strength. It is the Unemployment Rate it comes out of the Household Survey that may have been affected. We have the number now on how many people were in a dodge on able to work. Were unable to work. 601,000 people were unable to work. You can see in the fact that the Unemployment Rate, the Participation Rate was unchanged, but the Unemployment Rate went up because more people would into the labor force. Fewer people were employed. More people were unemployed postup the thing that caught my eye today was average Hourly Earnings, the strongest in some time. If earnings are starting to go up, it is the sign of a tightening labor force that goes along with the idea that maybe there was more hiring in february than we thought. Average hours worked, look for that to snap back the next month. It will be interesting to see how wall street deals with a report they did not really expect, not only in the strength of hiring, but in the paychecks people are getting. What does this mean for the fed, mike . Anything is not mean at this point. They will continue with what theyre doing tapering on a median pace on this point. There does not seem to be reason to go one way or another. The Unemployment Rate went up, but it is not think it is particularly valuable anymore. Now they have more data points, including earnings, to look at what they call qualitative measures of the labor force. Peter, are we going to listen to the white house play this number . Wifi do not think the white house will play this number up to much. Certainly they will know to be improvement, betty, but so be questions about the economy, we have seen so many numbers that have been mixed. Obviously the weather can play a factor. I do not think they will say this is some blockbuster number that they can start celebrating, popping champagne. You have a president talking about again, raising the minimum wage, extending unemployment benefits. This is a timeless does row this is a time that does have real questions. Some of those questions may get be getting a little more muted because not only was astronomy month remember, we had eggs storms that week when they took the surveys. The revisions continue. It is something we saw all through last year. Average monthly increase last year 40,000 in the revision. So the fact that we are continuing to see that happen suggests maybe there is more strengthen the economy than people thought and there really is a weather affect more than there is a slowdown effect. Heading into this jobs report, the downside because of indexurgis and employment coming and weaker than anticipated along with the adp jobs report, the whisper number was much less. As a result, you are seeing more of an outside reaction in some of the other Asset Classes in addition to stock. Declining gold, dropping to 133 8 an ounce. The yen decreasing comparing to the dollar. One item, copper, is not dissipating in the rally. 15week low. That is tied to that of china with chinas first onshore bond default rattling some investors, raising concerns about slowdowns in the chinese economy and what it means for china for copper, betty. Let me jump in here and know something scarlet was just saying. A lot of people marched on their forecast after that came out because it was such a big lunch this past week but apparently no correlation between the two. One hundred 40,000 Service Industry jobs last month, much more than the prior month. At this point you cannot say that will be a good indicator. Other thing, betty, to bear in mind. I mentioned the president lobbying for extending those emergency unemployment benefits. This month once again could have had some impact from the fact that those benefits expired at the end of last year. Could have been a factor there. Some people thought it might drive the Unemployment Rate down because of these people, fewer people actually up there looking for work, they would just would not show up in the tally. That is another thing to factor in here. I know other confusion, a little bit of noise in this number. Peter, thank you so much, our chief washington correspondent, peter cook, scarlet, thank you, our chief markets correspondent, and our economic executive mike mckee. Were going to head to the white house and hear from that the hear from Betsey Stevenson who sits on the White House Council of economic advisors. And a group of canadian investors found a way to save 250 jobs by repurpose thing a 100year old tomato factory that was slated to be close and has ties to warren buffett. Stay in the loop. Heres a look at our Bloomberg Top headlines. The u. S. Economy added 175,000 jobs in february. Better than estimates the copper 149,000 jobs to be added. The jobless rate added to 6. 7 as more people injured the labor force. The First Chinese company to ever default on its onshore corporate bonds. The company can pay less than five percent of its 14. 5 million and interested owns the that shows on bom owes on bonds. And board awarded Ceo Alan Mulally 13. 8 million in stock for the carmakers 2013 performance. The nathans famous second largest automaker earned 7 billion last year and his shares climbed 19 . Well, girl power. In honor of international isens day, Market Makers devoting two hours to showcase some of the most extraordinary women in business, politics, tech, sport, and media. The series of exclusive interviews will showcase women in their spec of Internet Industries going beyond gender and image issues. For someone who was always broken grounded her own areer is analysts market makes coanchor stephanie ruhle. It is to see how eric shut her feels to be the one token man among some how eric Erik Schatzker feels around so many imported women. The man running walmart started in 1984. In 1992, the Management Training program really running a Division Side of the store. She is now ceo of the company and then were going to be sitting down with the cfo of jpmorgan. Think about it. Jpmorgan, americas bank, led by jamie dimon, who everyone says he is americas favorite banker. Well, until he became public enemy number one in the apartment justices eye. Jpmorgan Customer Satisfaction and Employee Satisfaction as well as stoplights is doing admirably well. We have to find out why. What are the big issues he will talk or will you will tackle with them. We will talk with lisa france. Daytona is going through a multibilliondollar overhaul of renovation. We will talk about how they will fill those eaten with him. Which interview are you most excited about . All of them we are going to talk to the founder of taskrabbit. You got the books you dont want to carry upstairs . You can go on taskrabbit and say who is going to help me. I want to know how i can get a rabbit in my apartment. Thank you. 10 00 a. M. Today. You do not want to miss it. A special edition of Market Makers. Thiss coming up, reaction morning, better than anticipated jobs report. To austinure going for this years sxsw festival or not, there are three things you will hear a lot about. And you will hear about them here first. State in the lootay in the lo it is time for todays bloomberg big numbers. 70,000. How many people are excited to show up in austin for this years sxsw possible. Ady coyne was a much of pioneer last year. This year, he will do it again at the academy for five nights starting on sunday. Wallowimmy kimmel will suit hosting a show all week long live from a local performing arts center. So a lot happening in austin. Gear that time of the again. Sxsw interactive conference is opening today. Tens of thousands will be taking part in this festival. Whether you are going or wondering what is exactly happening, what are the fanfare is about, sam grove art of Bloomberg Businessweek sam grobart of Bloomberg Businessweek head down. Not going but still kind of curious . Here are three things everyone will be talking about. There is a paradox. Everybody loves coming down to austin for its laidback vibe, but with every corporate marketing blowing out its budget, it kind of blows that five. Last year, the police shut down the pandora party, and this year, lady gaga was denied a permit to do a concert in a giant doritos vending machine. We are heading into dangerously close euro b perez territory. Berra territory. This year, there are more discussing south by the role of women in tech. 17. After leaning in and analyzing Marissa Mayers every move, it is natural that that will be a huge topic. That means we are in the second tech of women in issue. The first is recognizing there are not a lot of women in tech. He second is to talk about a lot. The third is when women in tech is not an issue, it is just a reality. It is almost too obvious to bring this up, but facebooks 19 billion otis of messaging Service Whatsapp is going to have everyone wondering what company is going to hit the new Mna Powerball this year. It has already been a big deal going back to 2011 when the conference dolling when a waserence darling there. Otherwise, we will be standing around here talking about a groupme and beluga. Googles up, Interactive Technology center is finding a new home away from San Francisco. Time now for this versus that. You can leave your heart in San Francisco but not your mysterious barge. It is a place that is accustomed to our usual people and unusual thing but apparently googles are looking for story tall barge was way too much. Officials decided that google did not have the right permits to build in San Francisco bay and they ordered it to leave, so that is the google barge. Reportedlyome is stockton, about 80 miles inland from San Francisco. Google signed a deal to let the barge stay there for six months. The company joked it was time to get a bit of risk and enjoy stocktons asparagus. What exactly is on this bar . The company says it will be an Interactive Technology center just floating around the bay. The hourminutes past which means Bloomberg Television is on the markets. Equity futures spiked up after the jobs report came in better thanexpected, 175,000 jobs printed in february. The jobless rate to because more people came into the jobs market looking for jobs. That is a good sign of a healthy economy or a recovering economy. We are on the markets again in 30 minutes. We will see how the opening bell goes. Coming up in the next hour, how a couple of investors saved 250 jobs at a heinz factory, all part of the transition after Warren Buffetts acquisition of heinz. And struggling grocers join forces in a deal worth more than 9 billion. You are watching in the loop, live on Bloomberg Television, streaming on your tablet, your phone, and bloomberg. Com. Were 30 minutes away from the opening bell. You are in the loop. I am betty liu. Employers added more jobs than expected last month. Payrolls rose by 175,000 in february. A surprise jump in rate of the jobless rate. To 6. 7 . And a centuryold heinz tomato factory in canada. More on that story in a moment. And a first for china. A solar cell maker failed to pay full interest on its bond. That led to the countrys first onshore default. And the past, the country has bailed out companies with bad debt. I want to bring in our chief washington horse by peter cook at the Nations Capital and also economics editor mike mckee joins me here in new york. On the jobs report, mike, lets start with you because you mentioned this is going is not going to change much in terms of what the fed is going to do. At least not in the short run because you can see certainly 80 weather affect. The number of people who work unable to work because of the 601,000, way above the historical average for february. You see the number of average hours worked kicked down. April could not get there because the storms hit that week. The fed can throw that out. They can also not worry particularly about the Unemployment Rate, so you really dont have to consider what is going to happen in march with the fed. The number you want to look at is average Hourly Earnings up. 4 . When you break down the numbers across professions, you see strengths in many different professions. It is not just jobs being created or raises given to hamburger flippers, as some would say. It is a broadbased month of payroll gains, and if that continues, then you start to bring the question of inflation into the fed picture. Longerterm, the central bank has to start worrying about that and whether or not their call for no interest in Interest Rates until mid2184 mid2015 or later is correct. So kind of a wait and see attitude for now. Waiting to see what more data on the jobs trend is going to bring for the fed, but peter, on the political side, it appears to be sort of the same situation for both democrats and republicans. They want to see more evidence here for republicans that the jobs market is deteriorating, and the white house, as he mentioned earlier, they dont want to pop the champagne cork yet and say the recovery is really on its way. No, that is absolutely right. There is nothing in this report that will change the dynamic all that much. I will say this the increase in the average Hourly Earnings, month over month and year over year that mike. 2 could perhaps bolster the republican argument in that there is no need to raise the minimum wage right now. A side issue here. There are much bigger factors inside. I will say this about the fed this is a number, 175,000, that is better than expected, but it is still far below, betty, what we saw for the average of last year 194,000. This is not a blockbuster report by any means and does not perhaps totally answer the question can weather alone be blamed for the softening we have seen recently . Janet yellen and her colleagues have a lot to digest between now and the meeting time on march 18 when she steps in for the cameras for her first press conference. What about the debates over minimum wage, peter, and extending the jobless benefits . Are they pretty much on the back burner for now . This job report not helping create any urgency around those issues . They are not on the back burner, betty, but it is because these are vital pu political issues for democrats in this Midterm Election year. He saw the president this week in the midst of all the ukraine situation still out there, traveling the country, making the case for raising the minimum wage. Democrats see the poll numbers on this and see them as positive and they believe they are imported to the u. S. Economy and will help the u. S. Economy. You will hear it constantly throughout the course of this year although it is very unlikely anything will happen in congress. Mike, on a final thought on these numbers, are we going to start to see were going to get rid of this sort of weather affect, as we go further towards the year. I what point are we going to start to see cleaner numbers here in jobs . One would hope we would start to see them this month in march. Right now, there is a forecast for some snow and bad storms in the United States next week when they do the job survey, but if we can avoid anything like what we saw in february, you will get a much better idea of whether or not companies have started to higher. There may be a feeling among companies that we will wait until the weather clears up before we get anywhere, but it is also the month where you see the home depots and the lowes start to add workers. March can be in a very interesting month to watch, betty. Ok, mike, thank you so much. Economics editor mike mckee and our chief washington correspondent peter cook will stop coming up, we will get the white house response to the numbers. That the stevenson will be on. Ey stevenson will be and the safeway will combine the grocer with the dow rescinds business in a deal valued at more than 9 billion but there is still time for others to surface. Our deals reporter Cristina Alesci has more on how this takeover can together. Preks it is a Pretty Simple Business Case this is a deal about getting bigger and fiercer anda fiercer competition and not just from the krogers of the world, which, by the way, is still 200 stores bigger than this combined company, but again, walmart and amazon. Amazon is getting into the food business, walmart has been there and really eating the Traditional Grocery stores lunch for a very long time was up at the highend, you have thees like whole foods, so middle, the plainvanilla supermarkets, have been getting squeezed. So much so that this year, sales in supermarkets are projected to drop about 1. 7 . So you are not going to get the growth on the top line. You have to take costs out pretty drastically, and that is at the heart of what the deal is about. Exactly. And that is where these private equity players come in. They are able to do that very well. Right. The big this the Business Case is simple but the way you can together is complex because back in 2006, cerberus decided to get into this business by buying some i wasnt stores come about 655 stores. He added to that last year by buying some brands from supervalu, and this is the latest link in the puzzle. It is what could be called in traditional private equity business. Rollup of a this is an indication that private equity cannot just go out and do the traditional leveraged buyouts, though this one kind of looks like one. They have to go out and do more Creative Things and this is one of those Creative Things. One question that you brought up in your intro is whether or not kroger, who you have a Good Relationship on, you had the cfo on, and you asked him about this yesterday, whether or not they would come in and make a competing offer for this, and shot is a 21 socalled go period where they can come in and make a higher bid here. Wife i am glad you brought that up because we did speak with michael shwab and chlotman, and i asked him what do you like about safeway as a competitor, what do you not like, and this is what he said. There is a lot we try to learn from them. They had a stronger organic privatelabel program than we did. We think we are closing that cap with our simple truth line. They have priced some things in Home Delivery and the like that we actually like the solution that harris peter has a little better than worrying about the Home Delivery. So there is always something you learn when you go inside of a competitor. Kroeber, by the way, is more than double the size of safeway, so however, there are questions, do they really want to swallow up the whole company . Maybe they just want pieces. That is where the play might be because of this point, as you mentioned, kroger acquired harris peter. If they made a play for safeway, they could come under an antitrust scrutiny for the government. There is a play for them and gobbling up some of the asset that my fallout of this deal, but the combined company now, albertsons and safeway, has about 2400 stores, and kroger has won a 600. They are kind of has 2600. They are kind of neck and neck. More to come in the grocery world. Thank you so much, Cristina Alesci, our deals reporter. Moving and shaking this Morning College football star johnny manziel. No one knows where the texas a m quarterback will go in the nfl draft. Top of theat the nikes list. They have signed into an endorsement hundred according to espn. No word on how much money is an ball. Espn said adidas, under armour, and new balance have also tried to find manziel. He has hired lebron james Marketing Manager to help them with endorsements and other deals. Starting big. Coming up, a factory in canada hoping to save 250 jobs by turning tomatoes into tomato juice. With samsungules and it could set a precedent for more cases. Stay in the loop. You are watching in the loop live on Bloomberg Television, streaming on your tablet, your phone, and bloomberg. Com. We have been talking all morning about jobs, how to create more and how to save them. Investors in canada found one way to do it. It is saving hundreds of jobs at a unit ofeinz, now Warren Buffetts berkshire hathaway. That plant would have shed a tomato factory in ontario. A newly formed Investor Group submitted a letter of intent to take over this plan factory in ontario to make tomato juice and save 250 of the 700 plus jobs that are there. With me now is one of the investors in that deal. Thank you for joining us. You decided, you heard that h. J. Heinz is going to be closing this land as part of their transition after being acquired by buffett and three g. What gave you the idea to go ahead and try to do this . Announcedhen heinz the departure, some of the situationser to the came to me and discussed that opportunity that this departure represented, and we also came to know that heinz was trying to look for a copacker in canada to keep the market, so we get together, put together a chamber through ontario and the minister of economic development, got connected to the decisionmakers in heinz and then proceeded on this project. How has heinz been to deal with on this . Excellent. I think they are are a professional. They understand i think the impression i get is they did want to stand in canada somehow. But like large companies, they had their own decisions and process plants of a whole company, so this was a Good Opportunity for us, and an excellent conversation with them. And you were able to save possibly about 250 jobs, but there were about 700 plus, am i right, in this factory. You can save all of them, so why not . Mainly because they are taking some of the equipment and moving the production to the u. S. , so the production that they are leaving behind are the tomato juice and a couple of other products. To hire about 150 people. Take me back. The reason they are closing this plant, obviously apart of it is cost, trying to look where they can save cost for the entire company, but there was also a change of rules in canada that tomato product has been made out rightle tomatoes, is that , and not out of tomato paste . It is not a change in rules. This rule has been there. Tomato juice has to be fresh tomatoes. Canadiansarily tomatoes come a can be u. S. , for quality tomato juice. I see. Are you going to, by the way, as you are going through and closing this deal, do you expect that you may at some point expand this plant, that you may actually hire more . Yes, absolutely. We are adding a few lines. Also, hiring more people for the lines that we plan to add. What is your background, pradeep . I am a chartered accountant from india. I have been in business for over 20 years. Shops in foode manufacturing. And this is certainly going inbe another big stint that. Are you going to working in the future with heinz . Are you going to be selling other companies tomato products as well . Yes. Our copacking agreement with heinz and also the debt solution in canada. We will be copacking for other companies and doing our own brand. All right, pradeep sood of y, thank you. Coming up, blackberry ceo tries to convince the president has to andk with the president his cabinet to stick with his companys product. Here is a look at the top tech stories on her bloomberg west radar. Sams undefeated apples bid of smartphone. Apple hopes to have pliny of smartphones band. Twitter, which filed publicly last year, paid 36 million to acquire 900 patents from ibm. The agreement, announced in january, resolve a dispute that prompted ibm to write to twitter about possible infringement of at least three patents years. Heldberry Ceo John Chen talks with the white house who assured president obama and other staff continue to use their blackberry devices. Chen who has met with over a hundred clients since he has as ceo, would not elaborate other than please give using our products. We are Just Moments Away from the opening bell. Im going to go in by David Rosenberg was a keep it here on in the loop for his reaction to the jobs report. Welcome back. You are in the loop. I am betty liu. It is 26 minutes past the hour which means Bloomberg Television is on the market. Chief markets correspondent scarlet fu has the latest. Fromtures got a bump up the february jobs report, short the headline number of 170 5000 jobs added to the economy last month. In move things higher but it was a gain in Hourly Earnings,. 4 , that was really the focal point for investors and economists. We do see the s p 500 at a record high already after yesterday closing. To continue that bull market. Safe haven continuing selling at a result. We see the yen weakened, 103. 60 right now. Rightyear right at 2. 8 now. Gold falling to 1334 an ounce, down 1. 25 . Thank you, scarlet. 175 thousand jobs created. I want to bring in David Rosenberg, the chief economist and strategist at gluskin sheff, and also with me is economics editor mike mckee. M and david know each other very well. David, are you surprised by how strong some of these numbers are in the job data . I actually was the view that we were going to get a weaker than expected number. My view of to change the Economic Outlook because so much has been whether effective. I know that causes a lot of eyeballs to roll when you talk about the weather but the reality is that in february, when you look at the data, over 600,000 americans did not make it into work because of the weather, and normally in march, it is a high number, but it is usually 300,000, so double the number of people that did not make it into work. It does tell you actually that yes, the weather has had an impact on most economic data. But in the context of this weak, int crisis recovery, 175,000 todays new normal is actually a very good number in my opinion. You are going to be laughing in toronto at the number of americans who do not go to work because the snows in the states. [laughter] in toronto, we have the snow removal equipment. Im not so sure about atlanta. That is true. You early with the call for inflation picking up more quickly. Then we get this number on earnings,. 4 gain. Does this ratify what you have been saying . Well, there is never one data point that ratifies anything in either direction. I think that my call on inflation coming back, and i am not talking about the 1970s. We are not going to go back this goy and listen to music or where bill bottom jeans again, but whether you are bull or bear, everyone has the same conclusion which is that inflation is dead. Log is one data point a of the wage pressures are coming out of select industries. You saw that in the facebook. The mining industry, the resort sector in the United States is on fire, and that is where a lot of the wage pressures are coming, but you are starting to see it in some parts of durable goods manufacturing. I would not say that i won that argument just yet, but we get another two or three data points in the. 3 area, and i will start feeling better about my call. May be against the fatah little or confidence, david, that they are going to be able to achieve their inflation target . Going toagain, that is be down the road, but i think that for them, what is important is the direct and. It will be important that we show signs of approaching that 2. 5 . I think we will be heading that wrote in the next two years. Tapering is clearly going to continue. Is hurdle for tapering for a high. This number will hasten the process in my view. I fully hasten the process of raising Interest Rates will it hasten the process of raising Interest Rates . May 2015 is too late. 2015 is too late. Life this is not your fathers fed, like, and less your brother grew up in the arthur burns arrow. Era. Neither did i. I would say that this is a fed that actually wants moderately higher inflation. It is not the volcker or greenspan but that was against inflation. I do not think they will lean against it that hard. The reality is you cannot keep all rates close to zero to perpetuity at a time when nominal gdp growth by this Time Next Year will probably be pressing near 4 . I think you will see that process. They look site we will be talking about this in 2003 and lo and behold they and bark in 2004. I am looking at much the same. Mike, are you going to see more people, the trend of people going into the labor force, seeking jobs . That is almost impossible to say the way we have been going the last couple of years because every time we think that is going to happen, something happens and it changes. But it is what you would normally see in a recovery. Now we are way into the recovery, but you would normally see more people coming in as they perceive they can get jobs. And that pushes upward, puts upward pressure on the Unemployment Rate. If that continues, then we could see the Unemployment Rate go up and the fed be more concerned that the labor market was getting more slack. David, are there any policy changes you can foresee right now in government . Is that going to improve the jobs market, or is it just lets let it happen . Well, you know, in some sense it is too late. In my view, and again, looking at this from a canadian perspective, which is almost like a european perspective it was always a little unusual to have 30 Million People uninsured in the United States as far as health care is concerned. But to embark on a real radical change in policy that affects such a huge chunk of the economy so close to the end of what was the biggest financial and economic destination since the 1930s, that is a bit of a disruption. The aca has been disrupting business activity. We may look back 20, 30 years ago isaiah was wonderful social policy, but it impeded job creation. The president the other way has impeded the credit market to the extent that the financials sector which is usually a big attar of jobs is not doing a whole lot. So regulating, regularly be is basically, that a constraint on job creation. I would say that would be beneficial to have an immigration policy that would help address one factor, which comes out a Quality Survey thereation, which is that is a burgeoning Skills Shortage in the United States. The reality here is we have 4 million inti job openings right now. 4 million jobs that the private sector has opened to be filled. When you take a look at the chart of unqualified applicants for those jobs i mean, it anything we can do to address the Skills Shortage, i think immigration policy would be a good start. David, i want to turn to this story out of china. I dont know if you had a chance to take a look at it, but it basically this solar cell maker in china failed to pay full interest on bonds. Basically an onshore default. That is not unusual in the corporate world, but it is a pretty big deal in china, and mike, i know you have been looking closer into this story. It sort of just came out of nowhere. I want toto tell the significance of it. It has been building for a while. We have all been watching credit creation in china. If you bought the bonds in china, you are definitely out of luck and you had to buy them because these bonds were only sold there. More than the circumstance is the symbolism. It is the first of the government has just let a company go. Did not step in. It may be a signal that is changing its practice of bailing out companies with that debt. Solarmpany is Chaori Energy and science company. 14. 6 million dollars. They can only pay 653,000. They did default. The yield had gotten to 22 , and people were still buying it when trading. In chinas bond market has grown from almost nothing to the third biggest in the world, so a lot of interest in this because they do not have the regulatory obstruction to go along with it. Quite how significant is this, david . Well, it will really depend on how the financials and outperforming in china. My hat to paulip krugman who wrote about this in his blog a couple of weeks ago that if you are concerned about a bear stearns or leave an event emerging in china, focus on their equivalent of the test spread or the quality spread at the short end of the yield curve because frankly as everyone was theing their eyes at financial and bear stearns, it was never going to be a big problem in the u. S. , everyone was focused on the quality spread in text right back in that period in 2007, you would have been early and right. I agree with everything that mike just said. Longterm, this will be good for china in terms of weaning off ive reliance on leverage. Focus on the short term quality spread at the front end of the chinese curve. Are we going to see more default like this, mike . Yeah, it is almost inevitable if the government is no longer going to step in. 63 copies of a debt to equity ratio exceeding 400 . Atot of people looking solar, obviously, where this company came from. Overcapacity huge in china. Shipbuilding uses a lot of steel as well. There are a lot of industries where this could happen. It never had until this point a domestic bond default. Now that thats happened and it happened during the week the Chinese Central Committee is meeting, a signal you should watch for more of the stuff. M, thank you so much. Also david, David Rosenberg, chief strategist at gluskin sheff. Willg up, Betsey Stevenson be with us with more on the jobs report. We just learned that the economy added 175,000 jobs last month. Much better than what the economist had estimated despite the weather of fact. For more, we are joined by Betsey Stevenson, a member of a president obamas council of economic advisers, who is with us from the white house. Professor, thank you for joining us. There are a couple of issues here that we want to tackle first. Number one, there are still millions of people who are without their jobless benefits. They failed to have been extended at the beginning of this year. Does the fact that this report came in better than expected it looks like despite the weather, more people got jobs than we originally thought, does that make that issue even harder to bring to congress . Well, what we are focused on is the longer running trend. When we see a recovery that is continuing, but one that is not happening fast enough or many americans, including the 2 million americans who have lost their extended benefits. We are focused on trying to get cash backs and their cash back in their pockets. Right, but does this number, this data point, while good for the economy, make that issue less urgent . I dont think it makes it less urgent because it is not change what we have seen over the last few months. Change where the economy was compared to when benefits were first experiment. Expiring. Rst we said it was crucial for congress to act both for the families who receive those benefits and for the economy. This report, monthtomonth, there is a lot of fluctuation, but this report does not tell us that we fundamentally changed our labor market situation. What about the issue of minimum wage, professor . We saw an interesting and surprising uptick in the average Hourly Earnings of american workers. If that is happening and that trend continues, perhaps that undermines the idea that we need to urgently increase the minimum wage. Wheneverays celebrate we see wages taking up like that but i do not think that undermines the need for an increase in the minimum wage. The real value to the minimum wage have been eroded by inflation and there are too many people struggling to survive. If you work fulltime, fullyear at minimum wage, you are not necessarily earning enough to get your old family out of poverty. Obviously that is too little. The president believes that raising the minimum wage is the right thing to do for families and it is the right thing to do for the American Workforce will stop it will boost productivity and have substantial benefits. However, the cbo came out with that report and said boosting the minimum wage would to onessibly 500,000 million jobs to the economy if to theices are economy. If wage pressures are increasing, perhaps that leaves it unnecessary to push that issue now. Askirst of all, you need to to our wages are increasing for, it obviously this report, the fact that we have seen a little bit of increase in wages does not necessarily tell us that them away to workers are getting those ways is raises. The cbo report also told us that increasing the minimum wage would list 900 families out of 900,000 families out of poverty and put more money in the pockets of 28 million americans. That report pointed to some of the really strong benefits that come from raising the minimum wage. You just alluded to this idea islets really see who really benefiting from these wage increases, and as you know, professor, there has been a lot of talk about how this economy is really improving the lives of the very affluent here in america and not improving the lives of those who live just at the property line. I want to play for you one comment that morton zuckerman, the chairman of Boston Properties who was on our show earlier this week, who wrote this oped in the wall street journal, saying stop blaming the affluent, the wealthy in the country, and start putting more resources and Energy Behind education. Let me play for you what he said. Strategy. Political to shift the blame off to some group that is doing well in seo, it is all there fault, they are grabbing all the best Economic Opportunities in this country. But these Economic Opportunities are available to everybody who has the skills, and my whole argument here is that the government is going to do anything, they have got to enhance the level of skills necessary for a modern economy and that requires a higher level of education. What do you say to that . First of all, the president just put out a budget which showed his vision for increasing education and opportunity for all americans, so certainly be administration and president believes that all americans do need access to these opportunities, need access to more education. There is a reason why he has put forth a vision of preschool for all so that all people do actually have the same head start in life and that they have increased programs to make sure that they have everyone has similar access to going to increasingly concerned about College Affordability for the middleclass. There is a belief that we need to make sure everybody does have access to these same kind of skills. I also have to come back and say you ask do we need a minimum wage increase, and i said lets look at where the wage increases are coming from. If we are not seeing wage increases for people earning minimum wages, then clearly i dont think you can say that a wage increase tells us that we dont need an increase a wage increase for the general population does not tell us of the bottom does not need it because we are not seeing these things happen to be bottom and one way to ensure that people are in a fair wage is to raise the minimum wage. All right, professor, thank you so much. That the stevenson from the president counseled economic advisers stop we will be back in two minutes on Betsey Stevenson. Ukraine that it would not compromise on the crimea as lawmakers try to accept the result of a march 16 referendum. Homework economic Bloomberg European editor david tweed. They have taken steps to bring you can gross to bring ukraine closer. How so, david . This is a really important point, betty. They have agreed to sign what they call a partnership agreement. This is a agreement of that thisry in a code which is an agreement that victory in a code which that Viktor Yanukovych ditched. It means the European Union is absolutely recognizing the administration, which was then kiev at the moment. The third reason is that in the end, this pac is going to foster security, alliances within the European Union and the ukraine but also a freetrade zone, and that is exactly what mr. Putin did not want to see happening. So what happens next, david . There are two things they have to watch out for. One is that the European Union and United States are both insisting that moscow start to the europeanh union, with United States, but also with ukraine, which means of a have to recognize the immigration and kiev, and they have not done that up until now. That is something that will be really key. Happen, thatt could trigger sanctions. The second thing to watch as the situation in crimea because the they wantiament to have a referendum for crimea to succeed, but almost everybody apart from the russians and a few others, have said that that would be an illegal act. That is something to watch because that is only in nine days time that that is supposed to happen. How split are the leaders in the eu, david . Betty,g into the talks, it was her interesting because you could see that there were two camps. Certainly had the polish community baltics, that are obviously very close to the situation in Eastern Europe into russia. Extremely concerned. On the other hand only of the big countries like germany who are worried about their trading interest. Washe end, what came of it a certain agreement because what they decided to do was to set down certain automatic sanctions which will fall into place if certain threshold are not met. I would say right now they are speaking with one voice. Twice all right, david, thank you so much. Our european editor, david tweed. That does it today on in the loop. We have a great lineup of guests next week. We have a soccer player, and a billionaire who is renting space from warren buffett. Adoveaks ceo steve state will discuss his stores. Stay in the loop. It is 56 minutes past the our enemies Bloomberg Television is on the markets. Im scarlet fu. About half an hour to the u. S. Starting trading day, this is what is happening. , we got theutes ago jobs report for the month of february, and it with a good one if youre looking at the increase of job growth for february. A positive or version for the month of january. What investors and were really focused on was an Hourly Earnings. It is one of the biggest constraint on the economy. The s p 500 trading at a record high. All it needs to do is do better than yesterdays close. By the way, it is almost five years ago today that the s p 500 bottomed out in a bull market began. It closed out on march 9, 2009 at 676. 53. As for safe havens, you are seeing a safe haven in the japanese yen. It is coming back a little bit. He 10year yield is also higher, reflecting treasuries. The yield out 2. 79 was up for the jobs him out, it was 2. 72 . Gold futures trading lower, 17 to 1334. We are going to check in with the senior commodity broker at rj obrien and joins us from the cma. Cme. It is not the weather driving commodity prices. I know. We saw that unemployment report come out and it was really good. Revisions over the last two months was kind of shocking. He saw a lot of Gold Investors step out of the market. Gold came up to the 1350 level. Now we are back down to the key level support. With those upward revisions, it shows the economy is starting to approval. We will probably see the tapering continue and it may even accelerate. A lot of people shifting out of gold may step into oil. Oil bumped up a little bit. Oil could be a new safety play. Explain that. You have got those rising geopolitical tensions between u. K. And russia right now, and because of that, a lot people are anticipating that there may be some kind of possibility for increased military action over in russia. So we are seeing oil prices they bounced off at 100 level yesterday. Theyre starting to move their way up. I would anticipate at the day goes on, we will probably see some of those shorts in oil start to cover, Oil Prices Start to come back up, and they hang out a bar on the highs by the end of the day. Now that the Federal Reserve is on its tapering schedule and it plans to keep to that, producing monthly bond purchases by 10 billion, do you expect commodities to start trading more on local supply demand factories and less on macro events such as the Federal Reserve, such as the jobs report . Greg s. We are already starting to see that a lot of the grain markets. They have been concentrating. They have been looking at drier conditions down in south america and they really have broken off of their connection to the movement of the dollar index. We have seen the dollar get hit quite a bit in the last two know, and that has you it gave some boost to commodities. I think the ones that are really tied into the Federal Reserve, like gold, silver, some of the other metals, i think they will start to come back down. A quick exclamation on why copper is moving down so much. It is risky. One of the cyclical commodities. Why is it not getting a boost along with the other commodities that move in line with the economy . There is a lot of talk about corporate loan defaults and china. Because of that, they will most likely decrease the lending and the capital that is available. You may see some of those banking restrictions that start to come back up a little bit. People are divesting out of copper right now. He supplies are already quite big over in china right now. Thank you so much for your perspective. We are on the markets once again in 30 minutes. Market makers is up next. International womens day. We will talk to women who offer ends eyring inspiring stories. Most importantly, they leave some of the Biggest Companies in the world. We will hear from top women in finance, media, technology and startups. All of them Inspiring Change in leading global business. Welcome to a very special edition ofma