Selloff. Bond yields around the World Soaring today. Janet yellen poured gasoline on the fire yesterday. She said longterm Government Debt is overpriced. She warns the dangers posed by low rates. Low Interest Rates can certainly incense some investors to reach for yield. They can incense them to take on leverage positions. If they unwind, can create Financial Stability risks. Betty there you go. After her remarks, japans yield made its biggest jump in two years and australias benchmark on his highest level since december and germanys bond rose to its highest yield this year. A huge selloff. The election is underway in britain. David cameron has already cast his ballot. He is one of 50 million britons registered to vote. The challenger is ed miliband. A change for chinas biggest Ecommerce Company. Alibaba naming jonathan lu to take over as ceo. He will take over for jonathan lu who is staying on as vicechairman. Alibaba reported strong Quarterly Results. Daniel zhang will join us in the next hour. September view customers say they are the ones who took a beating in saturdays big fight. Comcast, showtime, and hbo are being sued. Because it up to 99 to see the about. Manny pacquiao revealed he injured his shoulder before the fight. He had successful surgery. Will the nfl suspend tom brady over deflate gate . Some oddsmakers say yes. One sports book will not take best on new englands opening game next season. The patriots cornerback is likely to have known staffers were deflating the balls according to a report. Those are your top headlines this morning. Lets get back to the top story the bond route that has gone global. I want to get straight to Jonathan Ferro in london. We have been tracking this selloff. Can we blame it on janet yellen . No. I think you put the nail on the head when you said during gasoline over a fire. The fire was already burning. The german 10 year at a yield of about five basis points. A blowout over the last couple of weeks. As for the why, i dont think it is a primary driver that we can single out one thing, but i will point out two things. A tremendous rally. A phenomenal rally. Global bonds. You have seen multiyear lows on japanese debt, u. S. Treasuries. You have seen record lows from france, italy, spain, germany. Eventually you get to weigh risk that you get twoway risk. This is the second point and the important one. The debate going on globally right now. Remember the back drop to the yields . The idea investors would accept a ridiculously low yield because they didnt think the deflation oil rebounds. Data picks up. Those two things and into Inflation Expectations picking up. This is the reflection a lot of people were waiting for. This could go on for years. That could speak to the idea that the bull market in bonds is over. The debate on that right now is really strong. Betty it is very very strong and hot. Thank you so much. I grace synopsis of what has happened and why there is this debate. Back to one of the big company stories, it is alibaba. The management shakeup their eclipsing somewhat the earnings news. Daniel zhang was named the new ceo am a replacing jonathan lu. This is on some of the earnings that came out. Revenue beating wall street estimates. I am joined now. Is this a complete surprise . It was a complete surprise. We knew something was happening that we could expect some kind of news tied to earnings today. This is a reflection of mas desire for efficiency and his big business. He said alibaba is not too big to fail and then a couple days ago we saw him raising hiring to 30,000 employees. He said they need to stimulate innovation. Naming daniel zhang who is an accountant by nature and was a cfo and now coo, in charge of operations is a signal this committee wants to be more efficient and focused on the fundamentals. Betty they seem to be. The earnings came out. The monetization appears to beginning momentum. This and that was some people criticize them for . Leslie absolutely. Some analysts we spoke to said they tempered down to expectations this time. They gave wall street more of a sense of where the earnings could commit. They did beat those estimates despite the slowing chinese economy and despite more competition from other ecommerce players. He is coming in at a good time. The shares are reflecting that premarket. Betty they were up 10 . They are down considerably from where they were in november. Clearly some work to be done to get the shares back up. The cofounder was speaking on a Conference Call i dont want to play a little bit for you what he said about daniel zhang and some of this being more efficient part of alibaba. In addition to investing and computing logistics, they dated technology, crossborder trick of ability, and our ecosystem partners, we believe it is important to invest in our talent. This is needed to embrace the challenges of high growth scale and complexity. Betty he is talking a little bit about where they see the growth. Cloud came up in this conversation. Leslie Cloud Computing was a huge thing for them. Mobile is huge. International expansion is key. Daniel zhang is known as an international guy. Ion the call today, he spoke with not a strong accent. That is seen as strong. Betty easier to communicate. Thank you so much. Be sure to stay in the loop. We will hear directly from daniel zhang in the next hour. You do not want to miss that interview. Tesla reported their earnings after the bill yesterday. A narrow First Quarter loss. The carmaker said it is on track to deliver 55,000 vehicles this year. Construction of its massive battery factory is running ahead of schedule. Elonjamie butters joins us now from detroit. Tesla shares are falling after Morgan Stanley called it cry called it by watering. Just a word like that in the stock goes down 2. 5 . Jamie the cast dropped quite a bit from 1. 9 billion to 1. 5 billion. The Companies Making cusip investment is making Huge Investment in the batteries. There is a lot of investing going on. It really puts a lot of pressure on a really solid launch of the model x suv later this year. If they get down to perhaps a billion dollars in cash he has to deliver on time and it has to go smoothly and the have to ramp up reduction quickly before they find themselves in need of more cash. Betty that is true, but in the meantime, everyone is fixated on a tesla growth story. Growth seems to be batteries. We were just showing some of the photos of the tesla battery that was unveiled last week. Elon musk said he cant keep up with the demand. He might have to increase the size of his factory in nevada. Is that going to eclipse and he of those cash burn concerns any of those cash burn concerns . Jamie he said there was a tremendous overwhelming response and demand for the stationary batteries. If you think back over the years, there has always been the talk of is this a Battery Company that puts batteries in a car or is it a car company that created a battery . There is a sense that maybe it could switch from being 70 auto and 30 batteries to the other way around. There was the question if you are making higher margins on the stationary batteries should you prioritize that over the cars . He said no because they have a whole factory the has to stay busy in cars. It is a huge potential for them. They are getting a lot of demand. That is exciting but it is always this balance with any start up. Elon musk plays like a start up on a very high wire. Betty he does. Jamie 1 billion investment in big burns. Betty what other ceo is allowed to pivot like this and everyone goes yetay . Still ahead, we will hear from one wall street titan who just wont quit because he is going strong at 90. Hank greenberg, the ceo of to be start is coming up in just a few minutes. Betty here is a look at our top stories this morning. A key test coming up for the iran nuclear bill. The bill would give congress the ability to stop iran from building atomic weapons. President obama said he would sign it. Iran sibley later said irans Supreme Leader has final say over most matters in iran. Four of the worlds biggest banks will confess to currency rigging. The banks will admit to reading foreign rates and pay billions and find. Barclays, citigroup, jp morgan, and the royal bank of scotland included. The report says a settlement could be announced as early as next week. Many investors hang on Warren Buffetts every word. One manager says the billionaire talks from both sides of his mouth. During a las vegas conference daniel called buffett inconsistent. He says buffett criticizes hedge funds and Financial Services companies but he invests in them. He is like one, he says. Whole foods is going after millenials. The chain is introducing a line of lowerpriced stores to attract younger shoppers. The company known for its organic foods is using traffic is boosting traffic. Revenue came up short and sales growth slowed down. We are focused this week on jobs. Within the next 15 minutes, we will get the latest read on jobs claims at a 15 year low right now. That comes ahead of the governments Monthly Labor report on friday. We are working with someone who works 20 47 but that doesnt mean he wants to stay all day on the court. And greenberg now the chairman and ceo of star. We wanted to say happy birthday to you. Mr. Greenberg great to see you. Betty what are you seeing through your businesses on the economy in jobs . Mr. Greenberg it could be better. Jobs are created by the private sector. Government created jobs, they are not very good. To have to tax to get funds to do that. There are a lot of funds offshore. American companies have kept money offshore because they would be doubled taxes and bring it back. If we can straighten that out those funds can come back and be put to work. Betty you have been pounding the desk on that for so many years. Do you really have any hope that that kind of move will happen in the next two years . Mr. Greenberg it will only happen if the president takes the initiative. Has to be for it. Has to come out and say let us do that. We have a congress that would be very supportive today. Could it be a better time to do it. Betty have you given up on that . Mr. Greenberg no. You have to keep pushing for it. Why would you give up . It is the right thing to do. Betty is the economy still good to you . Mr. Greenberg yeah. Better than last year. Betty any credit to the president for that . Mr. Greenberg i give credit to the private sector into having a Republican Congress now. That balance has made a difference. Betty there is one issue that you actually agree with the president on. That is the past track trade authority the fast track trade authority. Mr. Greenberg congress can vote up or down so there is a safeguard but i think it is important to do that. Betty looks like the senate will take it up. It may or may not pass. Members of his own party are the humanly are opposed to it. One said we are already deep into negotiations with the European Union on a trade agreement and big banks on both sides of the atlantic are giving up to water down financial regulations. She is worried you but any more agreements on the table and wall street will benefit. Mr. Greenberg doddfrank is going to far. And needs to be overhauled anyway. The pendulum went too far in one direction. You cannot grow if you over regulate every company out of existence. It doesnt make any sense. We have gone too far. Good jobs will be created by the private sector, not any other way. Betty are you saying then that in some ways Elizabeth Warren is right . That we may see trade agreements benefit some of the banks by rolling back some regulations . Is that the right thing to do . Mr. Greenberg you cant generalize. You have to see what the change in regulations are going to do. You dont pass anything without having a lot of debate. It will not open overnight. We do have to have a balance if we are going to grow jobs. Betty on a final note, i know you cant talk very much about this case at all because it is with a judge but your case against the government, how do you feel about it . Had closing arguments a few days ago. Mr. Greenberg i went down for the closing arguments. I could be present in the courtroom because i was supposed to be a witness called by the government. But they didnt call me. I was not permitted to go. I am very pleased with the way it went. I cant say anything more. That judge is making his decision. It would be inappropriate for me to talk about that. Betty great to see you this morning. And greenberg Hank Greenberg the former chairman and ceo of aig. Much more as we await for the jobs numbers. There is a mobile apps second connect your business to a smartphone armie of temporary workers. A really mobile workforce. That is next. Betty betty youre watching in the loop live on Bloomberg Television and streaming on mobile and bloomberg. Com. Want to stay focused on jobs because we will get jobs claims numbers at a 15 year low. If you are one of the millions still looking for a job, this is likely the image that comes to mind. You have to stand in line at a job spare. You have to fill out forms and go through a lengthy interview process. My next guest as a new way to look for a job. He doesnt call them jobs, he calls them gigs. You find them through your phone and you take on as many as you want. Copies from microsoft and pfizer are using the app. David am a great to have you on this morning. I tried to explain a little bit but explained to us exactly how this works. Someone who is looking for a job downloads this app and there are companies waiting to hire them . David giglock is a disturbing of workforce platform unofficially connecting people with work. Betty what kind of work is it . David they can be a variety of jobs. Something as simple as taking a picture of something happening inside a store and relaying information to one of our large clients like pfizer or whirlpool or redbull. It could be taking a picture of something that might be happening in other Retail Locations to give those customers a better picture of what is happening inside the retail location. Betty i am looking at some numbers here. 750,000 gig walkers you have. The jobs you described it to me sound like they are lower paying jobs. Can you really make a living off of this . We would view this as supplemental income. It is a second paycheck. One of the interesting trends we see is the growth in multiple parttime jobs where people might be doing this as a second income to pay for a onetimers miniature or to help them get through the end of the month. Betty on average, jobs are 2. 50 an hour. David no. There are two uses for our platform. One is people that would be performing gigs in stores and another is for our customers to use to minister large to manage their large workforces. We have Staffing Companies that actually have w2 employees that would use this to disturb or their workforce as well. Betty we looked at a number of jobs that are out across 6500 cities. We looked at the biggest one, new york. We zoomed in and we found just one job in manhattan and three in brooklyn. Why are there so few in a city as big and dance as new york city and dense as new york city . David there are people out there looking for it. As soon as jobs are posted, they get picked up fairly quickly. You would only see the jobs that people are not taking. A soon as they are posted, people accept those and they would pull off the map so you would not see them anymore. Betty do have the highest turnover in new york city . What is it where is it . David i would say just across the city actually i am not entirely familiar with new york in particular. Generally speaking, about 70 of jobs get completed and picked up within 48 hours. Betty tell us about the other side of your business, which is the gigwalk enterprise. That is for internal use. Companies like walmart or others can keep track of their mobile workforce. David yes. Companies have very large distributed teams. It is very difficult to broadcast assigned work to those people. They need mobile technology. Companies have not leveraged mobile technology to its fullest to manage large distributed teams. Betty thank you so much for joining us. I appreciate it. You can find a job within walking distance of your smartphone. Jobs numbers are just out. 255,000 is the print. Scarlet fu has more. Scarlet looks like 265,000 job claims holding that the lows we saw at the previous week of 252,062,000. Since late fall, we have held the low to 300,000. This is a good number for those who want to see the labor market continuing show signs of being robust. It doesnt factor into tomorrows jobs report because it doesnt get folded in. Nonetheless, it is a good print for anyone looking for the jobs report on friday. One thing we should mention is we have the challenger job cuts as well. That shows a 53 pickup in job cut announcements for the month of april. The payroll numbers we looking for tomorrow is for an increase of 230,000. The estimate has been missed in the previous month when we got a disappointing 126,000 for march. 255,000, lower than what economists were looking for and it is holding near the lows we have seen over the previous two weeks week. Betty thank you so much. We will keep track of how the markets are reacting. A watershed moment in stock and bond markets worldwide. More than 2 trillion has been drained in less than two weeks. Bond yields across the world are soaring today. Many investors say janet yellen poured gasoline on a fire yesterday. She said longterm Government Debt is overpriced. Her words about stock prices were heard far and wide. Equity market valuations at this point generally are quite high. They are not so high when you compare the returns on equity is to returns on safe assets like bonds which are also very low. There are potential dangers there. Betty after her remarks, japans 10 year yield made its biggest jump into years. Australias at its highest level since december and germanys rose to its highest yield this year. The election is underway in the u. K. Prime minister David Cameron has cast his ballot. He is one of 50 million britons registered to vote. The challenger is ed miliband. The greek finance minister says he hopes a bailout deal is