Transcripts For BLOOMBERG Taking Stock With Pimm Fox 2014070

BLOOMBERG Taking Stock With Pimm Fox July 2, 2014

She is a competitive teaching competitive eating champion. Her rise to the food clean and the business of competitive eating. All that and more open the next hour. First, headlines with carol massar. Constellation brands out with earnings today. The company Beat Estimates and raised the forecast for the year. The stock higher on the day, gaining more than two percent. In the meantime, it is official. Tyson foods acquiring phil scheier or 7. 8 billion. Acquiring hillshire. Mark fields will be paid salary nd bonuses as much as 5. 25 iemilchang. In reort sa fein this year. Intety. Look at the top is not spying on aca nes to sure citi arecong headlines this hour. Me changes. Back over to you. U. S. Employment climbing by the most since november 2012. This according to data from the adp research institute. Tomorrow morning we will get job numbers on the u. S. Labor department. And how the us more Federal Reserve might react to tomorrows scores is josh wright. A former strategist at the Federal Reserve bank of new york where he advised policymakers in the wake of the financial crisis. You survived that, and now you are going to tell us about what is supposed to happen with the jobs market tomorrow. What do you think it will tell us cap go i think it will continue to post solid gains. A lot of people start to discount the number. And you look at the broader trends in the past month we have seen some really encouraging signs. 281,000 private sector jobs having beenadp is created in the past month. Tomorrows report we get from the labor department, that will include government workers. A big sanction. Absolutely is. Adp does not always tracks perfectly with nonforeign payrolls. These are very different surveys. The average deviation has been about 40,000 on average. So there is a discrepancy between the two and cannot divine one from the other. Based on the initial jobless claims we have been getting every thursday, does that tell you anything about the trajectory of the employment market tiago absolutely. Over the past month initial jobless claims have declined 11,000, which is pretty good. I think it is another encouraging sign to say we will see another solid report tomorrow. To janet link that yellen Federal Reserve potential for the end of the Stimulus Program and another discussion about raising Interest Rate . Will be watching this report like a hawk because they now said their focus right is labor market slack. I think the tapering of the asset purchases is really baked in and the question is when will the fed raise rates . One of the number one cents there is looking at inflation. Eyesave to keep your focused on average Hourly Earnings tomorrow. Earnings may be just as key as the Unemployment Rate number cap go yes, i think one of the trends we have seen over the recovery is remarkably steady gains in payroll. A little bit of volatility the left than review cycles. What people are concerned about is will we see some kind of wage impression inflation pressure here you go e . You hear about the partition rate participation rate. It is people who either do not have a job that are looking for those trying to find a job. Maybe you stop caring about getting a job. Of the Big Questions is how representative the numbers are now that we are in a different recovery from before people wonder if the assumptions go into the way the labor force rate is calculated will still hold. Need toere a number we Pay Attention to tomorrow . What should we look for . Average Hourly Earnings is the thing to look for. Josh wright, bloomberg lp economist. Lex moving across the atlantic to france. The influence peddling charges against him are humiliating and defaming him. And howh washington this affects politics in france. S in ze fore held in Police Custody 15 hours. What went on . That is right. Certainly not experiencing the summer fund that you talked about as the theme of today show. Uncommon not only in france but throughout europe or any former leader to be held on irruption charges. Being accused of influence peddling. This stemmed from an original case in 2007 when he was campaigning from four election and prosecutors allege in the initial case his campaign was illegally financed by fit a Million Euros from libyan onel amaral qadhafi admiral qadhafi. They said they basically wiretapped his phone and discovered the wiretapping and got out a separate phone account and with that was essentially trying to influence magistrates and judges, and with his lawyer colluding to try to offer a highflying job to one of the magistrates in monaco to find out what they knew in the investigation. I am wondering if you could describe the process he will go through and the detail of how this unfolds. Held for 15w, hours. In the middle of the night taken before to registrants in the company of many police officers. Essentially the french ivalent of an arrangement arraignment. If you found guilty going forward, that would be punishable in france by five years in prison and potentially a lifetime ban from politics or there could be a shorter ban. I think the big question a lot of people in france are asking, was this a politically motivated prosecution because sarkozy came on television today nationally and made the comments you said and also said he was the victim of political x limitation and being done to humiliate him and claims it is all baseless and motivated by the socialist government now in charge in france. Having said that, i am wondering if the charges are deemed worthy of further investigation . Be indicted for there to be a trial. He has not been indicted yet, right . I think the french legal system is different than ours but i think what weve seen so far suggest the french investigators believe they have thegh to warrant bringing charges because you would not bring a former president up unless you have the evidence. Assettivating mating have this has become up litmus test in france. Guy in his heyday that was close to george bush. Famous for being married to carla bruni, quite a fall from grace and has been trying to rehabilitate his political career, trying to run for president again in 2017. Interesting people on the left say this is about the legal system taking its course in showing that even a former president is above the law. Want to thank you very much. Running us from washington, d. C. Giving us details of the former president Nicolas Sarkozy and ongoing investigation. Beginning of the peak season for the nations Amusement Parks. Downs of the roller coaster business for the chief executive of cedar fair. This is taking stock on bloomberg. Im pimm fox. The july 4 holiday marks the peak of the Summer Season for the Amusement Parks. The company cedar fair rang the closing bell on the New York Stock Exchange remotely. They did it from cedar point Amusement Park in ohio. The company owns 11 parks, which hosts more than 23 million guests per year. Joining me now from the Cedar Point Park is the chief executive of cedar fair. Great to have you with us on bloomberg. Tell us what you are in front of. Give us the names of bride people can come and see. Rides people can come and see. I am at cedar point. Immediately behind me is gatekeeper which guards the entry. Behind that would be raptor. Top thrill and millennium force. The whole collection of other ones here in northern ohio. Collection of the Amusement Rides and a collection of Amusement Parks. Tell people about a newsman there and how you came to assemble National Amusement entertainment. We have 11 major parks around the country. We entertain 23. 5 million guests per year. We do that in parks that range in attendance for more than 3 million down to parks that bring about one million in. A little over a billion in revenue. We generate north of 400 million per year in ebit off. Da. Ebi there are water slides and water parks that are part of the family. Described those. Most of our Amusement Parks is a water park to parks for the price of one. We also have two standalone parks. One in cedar point and one in are part of the portfolio and a great part of the overall guest experience. I will use knots berry farm as a jumping off point for you to tell us about your background. You spent a lot of time at his knee. Disney. I was very fortunate to work for the Walt Disney Company for 17 years and it taught me a lot. I hope i was able to bring that here when i joined three years ago. I was fortunate to have that experience, bring it here and mix it with a Management Team that is number one in the industry and my opinion, and so far, so good. You also worked on the Disney Cruise lines and experience at starwood. What are the plans now for cedar fair . Our number one plan is to continue to make these a Great Entertainment experience and a great value for the consumer. We are on track for the fifth record year and a lot of that has to do in this particular economy with providing a product to consumers really enjoy them think its worth the price. So we started off where he well this year and think we will have a great summer across all of our parks. The one thing i would say is summer goes faster than our roller coaster so i would encourage people to get off the couch and come to cedar point etc. Give us the cost that might be involved today and maybe a look into the demographic of whose goes of who goes to the Amusement Parks. A really good question. Much like other Consumer Discretionary products today we have what we call a benefited oriented consumer. Have the ability to come to the park and give themselves a premium experience. The valueoriented consumer is the young family and a lot of cases who have two kids, three kids and theyre trying to find the right ticket package for them to come and enjoy a great day or two at cedar point or other parks. That particular audience we are paying a lot of attention to. Basically we are like a lot of people dealing with a bifurcated economy and will be for a long time. Tell us about the hospitality heart of the business. One of the thing that knots berry farm has a good example or in toronto, they provide great food offerings that are not available outside the park. Chocolate covered churros and other things you cannot get except for that special day in not thinking i went. A big part of the business, no doubt about it. Once we get you in the park we like to tempt you with something to eat before you go home. Is the stock you of cedar fair is not really stock. Theyre not buying a stock of buying something else. Explain that. A Master Limited partnership. Understand it is more common in the oil and gas industry. Essentially a premise in the stock units is the dividend or distribution we provide. This is a stock defined as the basic investment thesis to give a very solid return. The target is 2. 80, which is a 5. 3 return. We look to grow that as we grow. We are in very good shape to do that. I want to thank you very much. Have a great summer. The chief executive of cedar fair. Are you looking for a custom suit but do not want to break the bank . You will meet a worldfamous taylor who makes clothing for president , limit lawmakers around the world. This is taking stock on bloomberg. Im pimm fox. What do george bush and others have in common . He has been making custom clothing for the high and mighty ever since. He is now heading to washington to meet with members of the house, senate and was the well be spending time at white house. Thank you for being here. I know you are heading off to washington, and meeting some of yourountries leaders, but background is in Clothing International leaders. Tell us about how you started the business. I started with the army the british when they were in hong kong . We used to make uniforms and that is where we got our name from. In london we were working very hard. Then i got all the tailoring done, got the knowledge the british were happy that i got to know about the suits and how to make it, uniforms and everything. The shop rightt now. 1957 was a long time ago. You can imagine with success you farmed out everything and nothing goes on for the premise and nothing could be further from the truth. I have it to seven workers, chinese. Working with me at my shop. They are all hand works and getting up to the age of 72 and 75. They have been very loyal to me. Some of them getting retiring. Do you think there are new people coming into the business. Go we are training a lot of youngsters but they do not have the patience. Them by sweeping the arers, and then i know they using the right hand. Are they cleaning properly or not . When we do the stitching, i see the stitching on the righthand side. You do not go to 90 degree or something. You go 60 degree. You do not get tired. It. Is about a very patient game. Exciting. Not that knowledgeable to be successful. It is like a dock or successful. If you we if we were to come to your shop, give us an idea of the photographs we would see on your walls . I have all the photographs. When people are asked them, i asked them, can i have a nice photograph of you . They say yes. They are all very important to me. Lex for example, bill clinton, george bush, john boehner . I care for everybody. A person making money spends one dollar or two dollars. Same treatment. Like going to the lawyers or doctors, you should treat the people as the patient properly equipped they are paying the money you need to treat them. I am glad you mention money. You can spend anything you want on a suit. Kloss cost can be 500 u. S. Up to 10,000. Students ith suits people are having gold thread, which is going up. A lot of rich people want gold thread or some people asking for enough shows on their suits. Takes about seven to eight weeks. It is the latest new thing coming up. They can also get your insight, which is something they cannot get anywhere else. Go the owner of sams tailor. Coming up, look at consolidation in the banking industry. This is takin gsg stock. I am pimm fox. Elliott management, the Hedge Fund Operator by paul singer urging argentina to begin negotiating a settlement to resolve a dispute over the defaulted bond. Elliott said talk should not wait until july 7 but a team of argentine delegates set to meet with a courtappointed mediator. President obama taking a price on the economy from ben bernanke today. Of the whitet house luncheon. The meeting coming just one day before the u. S. Jobs report. Interfered e interfered a couple of times but done with his record 31 days. Said he was feeling great. Good news from him. Top headlines at this hour. Back to you. A bank designed to build assets, profit and help move the business forward. Connect one working to strengthen its business. Combined thing combining with center bancorp. Talk about the strategy behind the deal, frank sorrentino, chairman and chief executive of connect one. Thank you for being here. As we were just talking about, cases, this has in many you might say why does it take six months, but in the banking world that is considered a short amount of time . Very short. Six months from the announcement an actual deal closes including rebranding both companies and getting ready for System Integration three weeks from today, that is a very short time. It was a really big lift but that is connect one dna. We do everything with a great sense of urgency. That means you have to combine to systems, to work or, give us an update. What is going on . All those things are going on. Itstarted happening the day started going on. We will do that immediately. Carpetsay of the close were changed. People answer the phone as connect one email systems changed. Phone systems changed. In one day. All congratulations for making that all happened. 2. 2 billion. Over 3 billion in assets. 2. 4 billion in deposits. Locations. Hes . 24 number four bank in new jersey . As ranked by deposits. We will be close to number three soon. You are a very competitive guys. Just a little. Tell us about the construction business. Think the construction portfolio has a lot to grow. We are very bullish around construction today. We like the business. With the enhanced Branch Network geographicanced capability, looking to grow that. We happen to be in some of the greatest market in new jersey with jersey city, hoboken. Really seeing a boom in multifamily housing. From thep away commercial and industrial. That is the big thing. We are seeing a resurgence in singlefamily homes. Nothing like multi family. It is on fire. It is being built everywhere where there is real transportation to the city. If you went by jersey city you everywhere. Ranes very exciting marketplace. Could you apply the same kind of strategy to other urban markets around the United States . Are these trends similar . I think there is a trend across the country where people want to live now and more urban areas where there is mass transit. The days of taking your nice buick out to the suburbs may be changing. Yes. I think we are seeing that across the country. What does that mean for the future . For us it is great. Connect one located directly across the river from the largest metro area in the country. One of the deepest markets in the country. I am very excited about the market expansion. Now that you know how to do these deals quickly and efficiently in maintaining the momentum, any chance we will see more deals . I would never say no, but connect one has always been known for its organic growth. I think that is where we get the greatest value or the company and shareholders and clients. However, we did say and did prove that having a seat at the country where there is a lot of m a activity ,appening in the banking city people really wanting a return on capital for shareholders i think we will see more. We are very well positioned today with competency now and being able to do th

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