Maintain the comfort of your pretty pooch when you go on vacation. Lets get headlines. The imf has cut its growth forecast for this year. We have revised downwards of 2014 numbers. We do not think that it will be a downward spiral. We believe that 2015 will be at 3 . However we have revised our growth trend on an ongoing basis to 2 . We have done not on the basis of the aging of the population on the basis of lower productivity based on latest trends. She added that the Federal Reserve may have scope to keep Interest Rates at zero for longer than investors expect. General motors recalling 3 million more vehicles. The latest announcement rings the total recalls this years to 20 million. Manhattan is poised to add the most office space in 1990. Those are the headlines this hour. Thank you. More on general motors. Mary barra is expected to testify before congress on wednesday. She will be appearing before a house panel, and matt miller, bring us uptodate on what is happening at general motors. It is recalling more cars. Julie hyman put it really well earlier, they have a kitchen sink approach now to recalls. Theyre going to recall aggressively and as many cars as they can for anything they think may be out of order. In the past we have seen recalls for small things that may not affect the safety. Today is a real recall, 3. 1 6 million vehicles they know of, with eight injuries. It is the same kind of ignition switch problem that they recalled the vehicles at the beginning of the year for. 20 million vehicles, it will cost them 700 million. That will be a grand total of 2. 3 billion that this has cost them year to date. That number will only continue to go up. Ken feinberg has yet to release his findings. There were probably be calls from congress for a real fine or punishment of gm like we saw in the case of toyota. That was a 1. 2 billion criminal fine for the recall issue which had to do with the accelerator pedal. The chevy and follow from 20062014, a couple more buicks, and chevy monte carlo, it is a wide range and you can expect to see more of this from gm. They want to get as much of the out of the way as possible before she goes to testify before congress. Do you think that gm has a check that is signed and they are waiting for ken feinberg to tell us how much to fill in . Absolutely. They want to say that they do not want to forget about this, they will keep it in mind going forward, but surely they want to give it over this hump. When ken feinberg says how much, they will sign it and given to him. They cannot get over this quickly enough. And they want customers to focus on the good products they make now rather than the products in the past that may have caused accidents, injury, or have been fatal. Thank you. Now to other headlines. Med tronic is buying a smaller rival at almost 43 billion in stock. By moving its headquarters to ireland from minneapolis, they say they will free up almost working billion dollars worth of cash that is trapped overseas because of u. S. Tax policies on u. S. Profits overseas. Joining me to discuss this is our Bloomberg Tax policy reporter. Thank you for being here. I want to start off with zach, what is the tax issue that the med tronic and other u. S. Companies face . Over the past three years, they have recognized a lot of its profits offshore in other countries. They have chosen not to pay u. S. Income taxes must so as those profits accumulate they would like to use them for something, but they cannot do it until they either pay the tax man or instead with you doing now. Becoming an Irish Company that will give them access to that cash. Let talk to the Strategic Issues related to this acquisition. What does med tronic yet after it swallow this company, does it become different . It becomes a more diverse company. It will be the Largest Company in that is this business. They do a lot of surgical materials and equipment, consumables, the things you use during an operation. It will be a very diverse product line. That is why people say this is more about the tax, because there is no synergy in terms of manufacturing. When the story first broke, they knew it had to be a tax play because there will not be a ton of cost savings in terms of what they do. Theyre going to avoid the tax man with some of this. Is it possible that the European Union is going to investigate the irish tax rate for corporations, maybe raised by 12. 5 . Will they try to harmonize tax rates across the eu . The situation and a lot of other countries is not that different from ireland. The United Kingdom is becoming just as popular in some areas as ireland is right now. The key differences is that a lot of countries am a big developed countries, do not tax the poor and profits of companies incorporates it into their economy. The United States has a high rate and they tax overseas income. And that is why people do not want to be american anymore. Is that related to tax individuals may face . It is analogous in a way because even if you live in germany and maybe have to pay taxes there, if youre a u. S. Citizen you will will be on the hook were u. S. Taxes very. David, when these two companies are able to finish this merger, does that increase the option for more m a . You see greater consolidation. What everyone is trying to do is figure out how they can do a similar deal, and do what these tax inversions are doing so they can have toward heaven quarters and not be taxed on their overseas income. Rather than have them close off any more chances of a deal like this, if parties cannot come to agreement on how they would change the tax code, you can lows off that loophole. You have lots of different sectors that may do a deal like this. Thank you for sharing your thoughts and giving us more detail. Coming up about from cover model to a model for entrepreneurs. Kathy ireland reveals the Lessons Learned from her business success. Beginning tomorrow, the annual licensing expo in las vegas. Licensing expo is the place that you go to to do some deals. Also to build your brand. Kathy ireland started selling socks at kmart. Finding success, she is now a multibillion business. Tell people what is licensing expo for those who have never attended . Thank you. Licensing expo is the intersection of commerce globally. It is the Academy Awards for the licensing industry. It is retail, manufacturing, some of the most powerful brands coming together. A company exhibits each year. The first year i had the privilege of giving the keynote speech, and the following year it was given by gwyneth paltrow. It is a wonderful opportunity. Tell us about the transition you made with your career from the modeling industry to turning your vision into a brand that encompasses many different lifestyle items. I entered the modeling industry as a business person already. It was never part of my plan, but i was grateful for the education. Being a person in design and business, the transition was always there. My eyes were opened when i worked in the modeling interest read long ago. We knew that i belonged on the other side of the lens, it just took me a while to get there. And with licensing, it is the mechanism that allows powerful brands to focus on their intellectual property, rather than working in the area of manufacturing for each of the categories in which we serve our customer. We cannot be all things to everyone, but our partners work with our team very closely, they follow our specifications, our design, our vision. What we get is an implementation from listening to our customers. I have the best boss in the world, it is primarily the women of the world, and the guys as well, we are expanding our brand. Give us some specifics. The apparel, accessory, jewelry, furniture industry, your presence at all of these, tell us some of the products and things youre most proud of. It is difficult to pinpoint one area in which i am most proud. I am proud of our team, i am proud of being able to be of service to our customer. Our brand is brought in its category, everything from home to fashion, to entertainment and publishing. We have a long way to go. We are a baby brand and were just getting started. In the area of weddings our destinations, we are announcing next week that we are opening a new destination in fiji where we can serve brides. Many years ago, the little girl that i designed a bedroom set for, she is coming to us. It is all about relationships, trust, you have to give it right. Liberty endorsements are wonderful if youre a celebrity, but one of the big distinctions between a brand and a celebrity endorsement, if we have a season that does not sell through with our product, we do not get paid. Celebrity endorsements get paid, which is good because they should because they have built a brand. They should go on in that area they became famous for, acting, singing. For the brand that we built, i was ok as a supermodel once upon a time, but i do not we could not build a brand on something that was so passing. This year we are celebrating our 21st year. And even before the kmart socks we were in some stores, where we focused on the independent channel for distribution. We were able to be under the radar for so long because independent retailers do not have large ad budgets. We build relationships one at a time. Thank you for joining us. Getting ready to go to las vegas for licensing expo. Coming up, as seen on tv, the creator of the infomercials describes his market for online funding. The crowd funding market is growing. The concept was created and has increased exponentially with companies all looking to raise money from the public for a variety of projects and services. According to one Research Report is expected to be a 93 billion industry by 2025. Joining us to discuss is kevin harrington, pioneer of as seen on tv, and kendall almerico. What is your role in this whole idea crowd funding . As seen on tv are infomercials, but this is a twoway street. You put something out there, and you hope people say they want to invest in that. Investors come to me every day, and they need capital because they have an idea but they do not have the money to execute the manufacturing and patents. I have either written a check or financed, but now i can say lets crowd funded. With the kickstarters of the world you are prepurchasing a product. Youre giving a donation in exchange for something. What is coming is equity crowd funding, and actually purchase stock in a company. Instead of buying a product, or helping them out with a donation, you are actually purchasing a share, a part of the company. If you hit the right company, that hundred dollars can turn into millions. What role will you play in this . You can put up a lot of things online, but you do not know what will take. There is a lot of legal involved. You cannot just go on a site and say send me money. Theres a lot of compliance, things you have to do with the sec, a lot of filing. Once you have gone through that compliance you are allowed to sell the securities through our site. It sounds a lot simpler to the public and it is behind the scenes. Is this going to change not only the way that Companies Get funded, but the kinds of products . Because as seen on tv, those are typically product base is this is based businesses. Are you able to guide them and offer them specific advice . Yes. Also what will happen is that people are going to be able to do some of this on their own. They will not have to come to the Industry Players Like myself, they be be able to raise the capital themselves. There is a reason they come to people like me, they do not have the capital. They will still need advice, and that is why people like kendall will be there to give them advice on how to do it so they can comply with all of the regulations. I think youre going to see many more people coming into the market that are able to do it because they are going to use the crowd to fund their idea. Can you give us an idea of what timeframe you will see this happen where you can actually buy shares in a company through these sites . The law, the jobs act, was passed in 2012. It was supposed to be the law in january of 2013, and we are now in june 2014. It is whenever the sec rolls it out. I will be the one telling you all about it. Thank you. Kendall almerico and kevin harrington. Coming up, 3d printing. This is taking stock on bloomberg. I am pimm fox. Now for a look at the headlines. Thank you. More on that gm recall. The company is saying it is replacing the keys on more than 3 million additional cars because too much weight can move the ignition switch out of the run position. It knows of six crashes related to this problem. The Environmental Organization says it lost more than 5 million last year after one of its workers said that the euro would remain weak. Level three is one of the content Delivery Companies for google. Alibaba has yet to become a publicly traded company, get it has given us new details about its business. It flowed Revenue Growth in the Fourth Quarter and margins that contract did. He did not bode well for the shares of yahoo what did we learn about alibaba today . One of the biggest things we learned was that the company is not going to grow at an incredible pace forever. While it was great Revenue Growth, the sales went from about a bill into one billion to 1. 9 billion, which is great. The fourthquarter growth really accelerating, they were hoping the trend would go better into the ipo. Yahoo shares down about 5 today. What is yahoo s position on alibaba and what is going to do with the stock after ali baba goes public . Were going to sell some of the shares under the ipo, it is a substantial portion of the company. It will raise a lot of money. We do not know what they will do with the proceeds. Fundamentally yahoo will walk away from this. They have some wiggle room. As we start to get a sense of what the Market Reaction is going to be, they may sell even more in the ipo deal. If alibabas business is doing so well, why would they want to sell it to the public . A lot of investors want their money out of this deal. They have watched it grow to a certain point, and when it rolled over like that, they are willing to endure the burdens of having to share the results with the public and actually tell us what is going on. The burdens are greater than in years past. I think that fundamentally with this company is what we see is a company not growing as fast, but still growing wonderfully. When the ducks are quacking, feed them. That is certainly true about industry. What about those margins that were contracting . The Profit Margins and Gross Margins were a little bit lower. They have had consistently lower Gross Margins, but when they have gone to 71 Gross Margins, that is a fantastic business. Lets compare ali baba and china to walmart in the u. S. Alibaba represents about 200 basis points of all of the gdp in china. Walmart in the u. S. , three bases points in terms of its contribution to gdp. This is a massive play on the chinese economy. This is also the reason we see a lot of companies being acquired by alibaba in the u. S. This is a proxy for growth in the chinese economy, and the results show that. Thank you for sharing that. Lets stay with the theme of technology and asia. The worldwide 3d printing market grew by 35 last year. I am joined by alan meckler. He just returned from the first inside 3d printing trade show in south korea. What did you witness while you were in south korea for the 3d printing trade show . Shock and awe. It was a feeding frenzy, starting about 10 00 a. M. On the first day of the show. Hordes of people showed up. It was walltowall people. It lasted for two days, next year it will go three days, maybe four. What was amazing was some of the Korean Company said we have no knowledge of in the United States that are claiming they will control the world of 3d printing. Did you have to take pictures of all of this . Any of those Companies Going to go into your mutual fund . None of them are public right now. There is one company that i had never heard of, rokit. The ceo was the keynote speaker and he came right out and said right after stratus ceo spoke, that they would become the biggest 3d desk top printer in the world. People are getting ahead of themselves, not understanding that it is not 3d printers in the home. In this 3d printing and manufacturing, were coming into a third Industrial Revolution right now. That is the part that the Financial News and the popular news does not understand. What about the performance of the fund . You and i spoke at the beginning of the year when you started this fund. All of the main, fewer 3d printing stocks is about 30 down. But we are having a nice run right now, and we are not in that short term. Our whole model is based on longterm investing, and we do not believe the first batch or is even out of the dugout yet to give a baseball analogy. You also have a background in the media business. Jack ma sought me out in 1999 when i toured china, and wanted my validation because i had been in this space for so long. Lets say you connect alibaba to what is going on in asia and the attraction at this trade show. Were deals getting done . I was not privy to that, but theres no question in my mind that there were western Venture Capital people there, as well as koreans and other asians. Three other companies around the world have contacted us about starting 3d printing and other countries. We will shortly be announcing taiwan and the netherlands. When is the next important 3d printing conference that people should put on their calendars . Melbourne, australia, and july 10 and 11th. And then were doing the first whenever in hong kong at the end of august. And then japan in september, and then santa clara, california in october. Some frequent flyer miles. Thank you for joining me. Coming up, how about a vacation for you and a staycation for your pet . And i also talk with the creator of an app that helps you to create your own animated videos. Would you like to create your own animated movies . What about skit . A Software Designed to be easy enough that anyone can create their own movies. The Company Behind skit has reached a deal with warner bros. To feature characters from the lego movie. Robert johnson is the cofounder of storytime studios. Thank you for being here. You try to describe something that is best seen. An app is something you associate with a mobile device of some kind. What would you see if you downloaded this mobile app . What would you do . The best thing about skit as it rings out the creativity that everyone has. We believe that everyone is born creative. It allows them to create the story together and share them at effortlessly. You can get your app on all of your platforms, and then you can grab and import pictures, facebook, and photos. We could take a picture of you on vacation. Then you can manipulate that image and put yourself into different locations and scenarios and create a cartoon, something animated just using this photograph we took . Absolutely right. You hit the record button and then it is recording your voice and your moving characters around with your finger. You can do it at the same time, so a father and child can animate at the same time. It is great for vacation trips, or you can do it so low and you can tell whatever story you want to tell. You use preprogrammed weather patterns. You can make it snow, rain, i could do this. You can make it snow, you can begin with a nice fall day, you can make hearts come up. Tell us about the connection between skit and the lego movie. The interesting thing about warner that i do nothing other companies doing as much is that they are tying into the social feed. They are allowing their fans to give back and create content with their assets. What this does is it bridges a release. The partnership with us and what we do for warner, they let the fans keep the story going. They can do alternate endings, how it should have happened. This in turn drives a much more interesting awareness of the different releases. If you go and see the movie and you liked it enough to pay the money, then you can download the app and you are able to take the characters from the lego movie and manipulate them into scenes of your own creation. Absolutely right. You could take those characters and line them up with the different goals and backroads from the movie and really tell their lego story. And you can post them to the social media apps like you told us about. All of the videos that are shared are remakes of all. You can take a video and break it down into all of the pieces of and few want to change the scene you can just change the background. You do not ever have to start from scratch. It is super easy to do and that is why we see so many skits being created. What is your background . I used to make firstperson shooters with electronic arts. I transitioned right around the time the ipad came out to doing animation for dreamworks. I did another app for the ipad, and it was well received, but it was that time when my cofounder and i instead of spending this money making the absent the Big Development team, the whole idea was to put the money toward a platform that will let everyone else tell the story. Give them filters so they can make it magical and feel good about what they create and share. What would be your ultimate animation . If you could create anything . Is there something that you are looking at . We talked about harold and the purple crayon. Something you would like to be able to animate . I would like to see what other people are doing and how those stories that together. It is not just about one story here and one story there, but how one story lives on and gets remixed. People can go in and see the other skits other people have made and comment on them and like them. I get enjoyment out of watching it and helping it along. Thank you for being here. Check out skit. Coming up, 300 million a year on kennel boarding. One company that is helping to reduce these costs. According to one Research Report there are over 55 million dog owning households. What if you would like to go on holiday without your canine companion . Flipflop dogs has a solution. Mans best friend is going to be picked up and taken care of by one of their screened families about at a price tag of 40 dollars a day. Thank you for being here. Where did you get this idea that pets did not have to go to kennels . It was a problem for us, because we never can old our dogs, so we heard about a concept that was beginning called home from home pet care. We never heard of anything like that in the United States, so we decided to start that here. We have one in cleveland, and were starting to branch out. Are their high concentration canine populations out there . There definitely are, but this could work any place. Any place that people prefer not to put their dogs in a kennel, or do not do well in a kennels. Want their dogs to have a vacation too. It is placed in a foster home for a little bit . And there is a big screening process. We do not just take anybody. They have to be dog lovers and passionate about dogs. Many of them are retired or graduate students or teachers who cannot have a dog fulltime, but love the companionship. What comes along with the concept of the franchise . Are their food requirements, services . One of the reasons we did franchising is because we have been in the pet industry for over 25 years. We used what we knew previously to help influence this. The people send their own food, whatever they do with their own dog in their own home is done at the companion. If they one their dog to run a mile, they will run. If they want them to sleep in a bed, that will be done. This is complementary competition . We have some that will refer to us, as dogs do not always do well in kennels. We have had kennels and pet sitters referred to us. You said you loved chows. I do, we just do not have one right now. I love dogs with big personalities, small or big. Thank you for sharing your story. Thank you for taking stock
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