comcast business outmaneuver. cheryl: once again i want to bring you up to the breaking news we just brought you before we got to that commercial break. president trump has now said that the epa chief scott pruitt has resigned. blake burman now in front of the camera live in d.c. and of course the more i thought about it there was so many allegations against him, blake. i couldn't think of one whether it was a phone booth, the travel , the security detail, the apartment, the list was on and on of things folks were so angry at him for. >> tough to figure out where to start and where to finish, cheryl, with all of the allegations with scott pruitt you just ran through what was maybe a fourth of then, a fifth of them. this had been dodging scott pruitt for months. the white house had been asked questions for months on end, when is it enough for scott pruitt remember this is a president that came to washington saying he was going to drain the swamp and many thought that scott pruitt was the complete opposite of that.

will comcast come back, what we hear the end of that story? >> comcast expects them to come back. the markets think the contest is not over and comcast will come back and we could see this price be pushed up higher. juncture atere a which comcast could be stymied from counter bidding? i go back to the debt story. many people have written the winner in this contest will have deep pockets. comcast are going to have to want to take on a big bit of debt if they want to counter this bid, don't they? >> exactly. this is where the two battles come into play. the wider battle between comcast and disney for fox and that could be pushed up higher. that contest could affect the extent. they have to make up some big decisions. and where he wants to target his cash. the government still has to have its final say. we have been through this process so many times. to murdoch ands what they are likely to say by tomorrow, we are supposed to hear. -- we have been looking at the question rupert murdoch will gain too much influence over written -- britain's media because acquiring sky news would give

sky is heating up, with comcast raising its bid. us.reporter joins the credits have not rolled on this fight between these two media giants. >> not at all. companies inajor the u.s., comcast and disney, vying for sky, the u.s. broadcaster which has international opportunities for comcast and disney. as well as a chunk of fox assets. comcast has raised its offer for 14,000, which is 5% up. fox's leadings, -- fox's lead has evaporated. the question is what does this mean for a potential bid for comcast? it is complicated. it is unclear and investors are scratching their heads to know what this means for what comcast really wants. does it want sky, or fox, as well? four fox, the 5.4% that they were outbid, any insight into whether they will bit higher than that? the earlier proposal was 14 pounds a share. >> we do not know yet. ,t the core of this strategizing behind the scenes and who raises their bids first, is a u.k. rollcall the chain principle. the u.k. has strict roles -- rules to protect shareholders. this chain principle applie

>> this is great news for comcast. the biggest risk for comcast equity was some crazy bidding war that would have driven up the price to really unpalatable levels and if comcast won in that situation it would have been an awful outcome. the fact they're walking away in a disciplined fashion at this point is a great outcome for the equity >> what about sky, though? are they overpaying or overchasing on that as well? should they walk away, too >> in my view they're overpaying a bit. i think sky is worth 13 pounds with the synergies they're paying 14.75 at the moment the magnitude of overpayment is worth about a dollar of shares of comcast stock it's a really bit of lost value but it doesn't matter. even if they bid up to 16 pounds, which i think is the limit where they will go, it's very inconsequential in the grand scheme of things they've done that sooner than i would have expected at a lower price. i actually thought the fight could go higher for fox, so this is big relief, and it's why the stock is trading up today.

comcast are interested in fox and sky. disney is interested in fox and more interested in fox owning sky. it's a very complicated dance with powerful figures all of whom are in the same room for the next few days. maybe they can go what water rafting or golfing this afternoon and come together on their differences. vonnie: why doesn't binder come in and take out sky, ed? ed: that's a good question, he could come in in do that, but i think there is an issue with him doing that, he would also have to take out the portion that fox still owns. i'm not sure whether the murdochs want to just exit and be left with a legacy news business in the u.s.. they are very clear that they want to be out of the news business in the u.s.. doing just the sky deal won't cut it for them. they want the whole thing and if they can acquire it through fox, that makes the fox assets that disney would ultimately end up owning more valuable and gives them a better egg that. lastly, he says to go write about something else, but what else are you writin

. >> comcast will get hulu. but bob iger wants sky because disney doesn't have an international footprint, and they don't have anything outside to have u.s. in streaming. they have espn, and they're going to have the disney channel streaming, which is going to be huge. as i said, a serious competitor to netflix. but sky gives them 23 million subscribers across europe. liz: heck, walmart wants to get into the streaming business. cbs, the news broke around noon -- >> really sad. liz: -- that there may be another sexual harassment investigation, this time around les moonves of, of course, cbs. >> the cbs board is doing a full investigation. liz: particularly sensitive time, does it not, for this company in a pitched battle with sherry red stone and viacom. >> -- shari redstone and viacom. >> i suspect if les is gone, which is likely, shari -- liz: wait, can i just push back? cbs has to launch an investigation. >> they already announced that's underway. liz riz so i don't know that les is gone. i just want to make s

. >>> comcast up against offer from european group sky escalating the bidding war for the company. hi, julia. >> well, mike, sky shares hitting an 18-year high today on that series of new bids plus an upgrade to this potential target stock price by jeffries and ko this morning british regulators gave the expected approval for fox's long-standing offer for sky that opens the door for the murdics to counter comcast bid about $34 billion that it made just last night topped fox's offer from earlier in the day yesterday and that $34 billion is about 18% higher from comcast's initial offer back in february all the key players are here he would oversee sky and he was head disney's cheap maker before getting that new roll. bob iger is here but he has managed to avoid the cameras the murdochs are also here both of those sets of moguls are awaiting the british take over announcement what price disney would be willing to pay for sky assuming that fox goes through that announcement from the take over panel could come any day now. if fox in concert with disney do not counter comcast's bid then

laith, why do both comcast and fox want sky so badly? good afternoon, rachel. sky basically, they are both offer a pretty lucrative european business. what is pricing is how much they are willing to pay for that business, and the price tag hasjust willing to pay for that business, and the price tag has just been ratcheting up echoes obviously they are battling each other but also in the background of course, these big traditional media companies also battling netflix, and amazon who have really stolen a march on them, in terms of content and subscribers. we mention fox is looking to get regulatory approval in the uk this week for a deal, they have been trying to get it since 2016. they already own about 39% of sky, trying to buy that extra 61%. what are the issues there? it has been a long old road because they have been concerns the deal would hand too much control over the uk media to the murdoch family. that looks like that issue has probably been cleared up by the fa ct has probably been cleared up by the fact that there is kind of a secondary bidding war g

they felt that this indicated that comcast would have no problem gaining regulatoryov ap. it's worth noting that disney has already gained regulatory approval for its bid for fox. so we'll see if this pacts comcast's decision about whether or not to go back and get b anothe. >> a lot of balls in the air, certainly. julia boorstin, thanks for covering it for us live from sun valley. >> the justice department is apparently not going to challenge cvs' acquisition of etna. the drug storage chain said it would buy the insurer for a9 billion i deal that is designed to reshape the health care business.ep today'st sent shares of both etnand cvs higher. meg terrell takes a look at what the combined company might look like. >> cvs and etnaou aed their planned $69 billion merger in december, but a q bigstion for the closing has been antitrust coearance. the two any's businesses don't significantly overlap and it owns a drug benefit manager while etna is a health insurer, they do have some areas of direct competition sfically in the sale of drug plans to medicare beneficiaries and the

comcast's interest in making another bid for the assets remember the comcast bid on fox in the immediate wake of judge leon's decision a month ago. sources say we can expect this to be decide bid roughly february at&t said it would manage as a separate business unit until then or until any government appe appeal randall stephenson arrived here yesterday afternoon. of course we'll be sitting down with him in the next hour of "squawk box. back over to you >> thanks, julia 8:15 excellent. we will be here and looking forward to that. in the next hour, you'll billion joined by at&t randall stephenson live from the sun valley media conference. will go over all these things. >>> coming up, we'll head across the pond to the uk where president trump and theresa may are meeting. wilfred frost is there wilf >> melissa, the words of the president, i told her how to do she didn't listen. talking there about her brexit negotiation strategy they are meeting at checkers now for the first time sense those explosive comments from the president. quk x"etnsview and update when "sawbo rur are you ready to ta

comcast shares went up. when we first broke the news a couple -- on july 2nd, i believe comcast shares went up, but 2 21st century -- liz: and, charlie, i asked for a one-year chart of sky which has been a huge winner. hey, it's great to be wanted, right? >> right. liz: it's been kind of a moonshot. >> well, the question really is now does disney go after sky, and that remains to be seep. now, the other story that we have, and this is where we are going to break news today. like i said, comcast was our story two weeks ago, not cnbc's, and you would have made a lot of money. is the sinclair tribune deal. and as we reported, fcc rejecting the deal. the deal's going to go before an administrative court judge to approve the purchase of tribune. that's a very heavy lift. if the fcc rejects it, generally the judge agrees with it. and that's why. they had to sell some of these assets, and we have a whole write-up why the fcc doesn't like the divester plan. i am not going to wrap, i'm going to finish my hit. sources

but could comcast still coming? they could say, we want to write a bigger cheque and we want the business and at the moment sky shareholders are sitting pretty and thatis shareholders are sitting pretty and that is precisely because they will be in that is precisely because they will beina that is precisely because they will be in a more aggressive bidding war. the market figures over their callous the story of what the markets think of the latest salvo between china and the league —— us and it's important to say that ta riffs have and it's important to say that tariffs have not come into force yet, but how has sentiment been affected ? yet, but how has sentiment been affected? sentiment is depressed because we have had nothing but upgrades all year particularly in the us where people have said that the us where people have said that the tax comes —— cuts will add to revenue again meaning that second—quarter earnings which will kick off in the states will be something like 20% up, year on year, a huge driv

that really is the case. >> you're a gent because comcast can come back, it's really, you got to just -- you're waiting for that bid. david, when we waited for their bid, you said we should wait for the bid. i am not hearing from you wait for their next bid i'm just not. >> no, you're not. but you're going to have to wait for me to say more because we got to get to rick santelli. he's at the cme group, he's got some data for us, rick, take it away >> we're looking for the university of michigan sentiment, it's down at 7.1, that's definitely a miss, we're looking for a number near or above 98 in march we were at 101.4, that was a huge read going back to january '04. so this read will get pulled at the end of the month so we want to pay close attention we want to look at inflation, especially this week's twin reads of gpi and cpi, we're looking at the one-year on inflation, and that's actually down a 10th from last month, it did hit 3% it the five to ten-year read, that dropped .2, this goes hand in hand with what came in earlier in terms of import and export prices. usually not that ex

comcast clearly wants it. the question is, disney already owns 39%, why would they give up on the single largest asset that they were trying to acquire as part of the fox transaction. it would really surprise me. i think there is still a bidding war to come over the next o couple weeks. vonnie: it would cost them dearly. every pound that is increased in terms of the sky offer, it adds about $16 million in interest a year, $1.5 billion in debt over offer disney, so you really do not think in any way that there would be an agreement between comcast and disney to split the jewels? rich: collusion is illegal, so i would be surprised if there was a specific agreement. is it possible that disney stands down because of the leverage of buying both assets is simply too high? anything is possible. when you listen to bob iger and his vision for what he is trying to create, in terms of a global direct consumer company, the single biggest direct to consumer asset that they were after in this whole transaction was sky. so,

dear god and as much as my cable cuts out i bet comcast employees are playing. candy crush in the bathroom stall instead of pooping. stop langue games on the throne so i can watch game of thrones now. back off was our shows of what not to do in ireland has actually shown the world what we should be doing to break this down we sent correspondent john a fellow doll to ireland and he filed this report. ireland is a magical country full of wonder. and i'm not just saying that because my last name is o'donnell and as an american in i feel utterly disconnected from. and some overcompensating by romanticizing and idealizing a far off land especially relative to the box of corruption that my country has become that's what i'm doing i'm giving credit where credit is due the republic of ireland will become the world's first country to sell off its investments in basel fuel companies after a bill was passed with all party support in the lower house of parliament that's right ireland is the first twenty three in the world poised to divest from fossil fuel that's a big deal

here we go with comcast looking to get bigger. i'm telling you in order to get bigger and really make this work they would have had to bid maybe $50 a share, right? just for the risk, dealing with the regulatory risk. they clearly don't have that type of money. they are highly leveraged like most telecom carriers are, issue a lot of debt. they did not have the money to do it in the end because doj would have put up a stink. they would have to way overbid to entice 20 furs century fox, looking -- 21st century fox, the numbers didn't work. that is why they pulled out. that is what i told rich. my point to all the analysts, wall street guys, they think it is numbers around dollars and cents, i outbid you, you outbid me, you have to talk about the government here. the government plays a big role. as we were first to report, the government going back at at&t and time warner. they're essential isly to kill the deal, appealing judge leon's ruling that approved it. justice is very fick kill with these deals. now -- neil: reared head in si

comcast business outmaneuver. maria: welcome back. we are watching markets and earnings this morning, looking for a he rebound in stocks after a 200 point selloff yesterday on the dow. the dow industrials looking up 200 today. investors worried about an intensified trade war with china. will a strong earnings season be enough to right this ship. keith, it's good to see you. >> great to be here. maria: your characterization of the markets here, would you be poised to put new money into stocks right ahead of the second quarter earnings period? >> we would be, maria. we're bullish on equities. i think you have to also understand we're late in the cycle. so our expectation is you'll get returns that probably are more closer to the longer term return profile of the country. so think nominal gdp, so 5%ish, 7%, 8% returns are leal liss particular going for -- realistic. maria: you said 5%ish. >> if you get 3% real growth, we think in the second quarter you're going to get 4%. that's not going to sustain. and 2% inflation

comcast business outmaneuver. ♪ mark: 11 a.m. in new york, 11 p.m. in hong kong, 30 minutes left in the trading day in europe. from european headquarters, i'm mark barton. vonnie: this is the european close on "bloomberg markets,." ♪ mark: here are the top stories we are covering from the bloomberg and around the world. global stocks falling as president trump threatens to raise tariffs on china. china vowed to retaliate. over a russian pipeline, president trump telling nato leaders, germany should kill the massive oil and gas deal with moscow. reaching for the sky, fox raises the bid. will comcast come back with a sweeter deal? what is happening to european markets, stocks down. austria, spain, sweden germany, france, stocks all down by 1% after we saw a day of gains yesterday.

comcast is dropping its bid for 21st century fox. comcast will try to buy sky tv in europe. the e.u. imposing a record $5 billion fine against google. google has 90 days to comply or face another fine. google has said it will appeal. maria, back to you. maria: as the market and investors continue to react to microsoft earnings. the company continues to make the cloud its number one priority. something satya nadella said he would do. microsoft has become a premiere player in cloud. and the stock price has nearly doubled under nadella. alphabet and apple are sitting on the doorstep. now microsoft is teaming up with walmart to take on amazon. satya nadella calls it a $4.5 trillion opportunity. >> we describe our mission as empowering every person and every organization on the planet to achieve more. our success, whatever we have of it, is dependent on our customers succeeding in an increasingly digital world. that's what you see with walmart and others. they are using digital telling as an ingredient as they transform retail or healthcare or industrial manufacturing. maria: thi

now, comcast say we want to buy sky. they've also said they want to buy the fox assets so they're in in two ways, sky is there, fox is there. it's a really complicated moment.at the all of the main players in that are here. dance brian roberts actually stopped pressy to talk to the this morning and his message was you guys need to find something about.to write >> well, as you say this is sort moguls.tle of media brian roberts, bob eiger. end game?e let's start with comcast and brian roberts. >> well, i think for them, sky is a huge price. they want to expand their international business. get them into that kind of immediately and there would be no regulatory issues so thatcould foresee closing deal quite quickly. the issue of them buying the fox their shareholders have been fairly discontented about already and when you say movethey made their last to go after the fox assets their shares traded off quite a lot. haveseen they're going to to overpay if they're going to beat disney. deal they want to do. they want to do the

>> comcast will be stronger because we know comcast has a track record of successful diversification and they have the revenue streams. they have recurring revenue streams from their broadcast subscriptions and from their paid tv subscriptions and they have a diverse media offering from nbc universal as well they're also primarily u.s. focused which is another key distinguisher here disney is a global business. disney is looking to move into a space which it doesn't have many assets it's looking to become distributor. it's looking to become a full snap media operator to compete with amazon, to compete with netflix. so from comcast's point of view, they can survive this. it's not ideal it's going to reflect negatively on their ambitions to wall street, but they can survive this for disney, if they don't make this happen, there will be existential actions asked about where do they go next? i suspect you're right i suspect they will leave themselves open to a potential takeover by another acquisition ner, another company that's looking to capitalize on this huge disruption because, reme

fox upped his offer to sky to top comcast's bid and comcast is expected to counter quickly. we asked murdoch if this could spark a bidding war? >> how high are you willing to go for sky?s >> tha it. >> that's it? not higher? >> we will see. >> the battl f for and sky imd the completion of at&t's acquisition of warner are expected to kick off the next wave of deals and the growing valuations of fox and sky speak to the growing value of premium content companies and thef scarcity acquisition target. >> there is an expectation that there's going to be more m and a terms the board just in of the media landscape. there have been a lot of deals that have happened a there's a lot of deals in process and there's only a limited amount of beach frontperty out there and when you think about what you're seeing in terms of some of the bleding cand the things happening today, the companies are trying to stay with thers consumend stay with scale. >> who are potential buyers? barry dillard, o chairmanf iac is reportedly lking at buying groupon and greg mathay is here. no comment from jeff b

comcast bows out. they are driving their pursuit of 20% jury box assets. it was going head-to-head with disney to compete for those assets. comcast had been $65 billion. this needs most recent bid topped $71 billion. comcast is continuing to pursue other interests. larry haverty joins us now. it is good to talk to you. this seems to be quite a surprise, even though every time there is news of conquest that's comcast, the stock would go down. is this comcast bowing to investor pressure? i think there are two aspects to it. one, brian has always been very responsive to the market, the forany, i have watched them 30 years and had marvelous relationships with investors. certainly, the market relentlessly and methodically pushed comcast stock down. where i thought, when it was hitting is a 52 week lows, it was really preposterous given the quality of the company's assets. the second thing is that fox had a big-time advantage. they had regulatory approval. the shareholder vote is set for next friday. there is time and money. as you learn lesson one of finance, t

comcast business outmaneuver. streaming must see tv has never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile, saving money is effortless too. it's the only network that combines america's largest, most reliable 4g lte with the most wi-fi hotspots. and it can be included with your internet. which could save you hundreds of dollars a year. plus, get $150 dollars when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. shery: welcome back to "bloomberg best." i'm shery ahn. leaders in global aviation came together this week at the in international airshow. airbus and boeing and other manufacturers announced major deals with airlines, and u.k. prime minister theresa may in stopped by to update the an industry on her brexit proposal. bloomberg's guy johnson was you -- was there and he's oak with several top executives, starting with boeing's ceo, who talks about the impact of trade tensions on aerospace. >> growth is growing. review aer

and it is contrast versus murdoch's fox —— comcast. find out what is at stake. good morning, asia, hello, world. it isa good morning, asia, hello, world. it is a thursday. glad you could join us is a thursday. glad you could join us for another exciting addition of asia business report. i'm rico hizon. we start off with us china trade troubles, and they are dragging us markets down afterfour sessions of games. us stocks in retreat overnight after president trump said he wanted to slap 10% ta riffs trump said he wanted to slap 10% tariffs on another $200 billion worth of chinese goods. the dow jones industrial average falling by 220 points. and this pushes the world's two biggest economies closer toa world's two biggest economies closer to a full—scale trade war, with beijing saying that it has no choice but to retaliate. despite the concerns, one analyst says the market outlook for the rest of the year is still bullish. we have to recognise that the starting point for these tensions is actually not that bad. so the us economy itself, which at the end of the da

the other news of the day. 21st century fox raising its bid for sky as the company ramps up bid for comcast over control of the european broadcaster julia boor steen is joining us live from sun valley where the media moguls are meeting julia? >> reporter: good morning to you, morgan. the future of fox and the future of sky is very much in focus here in sun valley we caught up with rupert murdoch on his way to the conference this morning of course, this is fresh on his company's higher bid for sky with comcast now expected to make another counter bid for sky within the next couple of days this could, of course, start with a building war. take a listen to what he said. how high are you willing to go for sky? >> that's it >> reporter: that's it not higher >> we'll see >> reporter: we'll see he is closing the acquisition of time warner. it's all expected to set off another wave of deals. a number of potential buyers headed into the conference this morning, jeff bezos, who wouldn't answer if i considered he was buying a media company. and we saw barry diller whose company is looking to buy group

was a fortress and in the course of time it came to be virtually incorrigible calcutta's song means comcast design the clock that means and why i resound it i should tell you later if you have a little patience patience is essential here it was for ways of the asness patients and enjoyment this was as true of the besieged as of the besiegers i mean patients could carry the day. i am i was i. am a man. i am a caucus on the common tree in the old valley is not a lofty one but it had great strategic importance from time immemorial the roots of trade as soldiers and pilgrims crossed here and south and from as early as the sixth century b.c. the hill was settled fust by iberia and celts then by the romans and women mosaic floor was recently discovered the place was already known as kaka so under the romans proving once again how far sighted they must have been wisely getting my name to the place centuries before i was even born. it was they who fortify the hill and parts of those hills opposite of to this day. after the romans candide is a god and then in the eighth century the arabs which bring

shares of comcast andisney were up on the day. fox was down ever so slightly. >> as traditional television and movie studios do scramble for content and viewers an old competitor has been growing exponentially and ttht would be video game industry and the hottest game around right now is fort night and it recently became a billion dollar business. julia boorstin tells us why. independent game developer epic games has ats hit on hands. the company topping that landmark billion level in large part from in-game purchases around the pular battle royal mode, which allows people to play in one game at a time. in-game purases growing to $318 million in may according to super data research. >> it is unusual to see this s level ofcess that fort night's had being that it's an independen developer. we typically do see the majority of major titles coming from the big three publishers, activision,ct enic arts and take two, i should say. when we look a this title, it's unique. there's not goi to be a lot of title like that that come from indepe

comcast business outmaneuver. streaming must see tv has never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile, saving money is effortless too. it's the only network that combines america's largest, most reliable 4g lte with the most wi-fi hotspots. and it can be included with your internet. which could save you hundreds of dollars a year. plus, get $150 dollars when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. shery: welcome back to your "bloomberg best." i'm shery ahn. leaders in global aviation came together this week at the in international airshow. airbus and boeing and other manufacturers announced major deals with airlines, and u.k. prime minister theresa may in stopped by to update the an industry on her brexit proposal. bloomberg's guy johnson was you he's oak withnd several top executives, starting with boeing's ceo, who talks about the impact of trade tensions on aerospace. >> growth is growing. review aerospace is

es fox do they want disney, comcast? do they not care? guy: if i was a sky shareholder, i want the person that will pay me the most money. leave it at that. in which theyriod thought they would get a bidding war. that would be fantastic. that seems to be fading into the background. money talks. tom: money talks. this is going to be good. have bob profusek coming with us later in the hour to talk about this idea of private equity piling in. we will talk about the president and his language tone to your. your first word news in new york. taylor riggs. taylor: shares of glencore are taking a dive today. it has been subpoenaed by the u.s. justice department to hand over documents related to money laundering and corruption. it has to do with their business in nigeria, the democratic republic of congo, and venezuela. the former prime minister of malaysia not cheap razak has been arrested. it is looking at the troubled state fund 1mdb. in germany, chancellor angela merkel has ended the immediate threat of a government bi breakup over migration.

comcast, building america's largest gig-speed network. get down to the new york stock exchange jim cramer joins us now. we got the big reveal. it's texas, jim. the only thing i was going to say, you know, richard fisher, our contributor. >> yeah. >> he took issue with the idea that texas is just oil and why it does so well. he always whenever he comes on, he said it has to do with, you know, pro growth initiatives from the legislature and tort reform he brought up and deregulation, in addition to that, the oil-based economy. but that can be good or bad. and the last couple of years when it got down to 30 or 40 texas was doing pretty well. he went to great lengths to say it's not just about oil all though it helps at 75. i should put that statement number one. >> i have to disagree with that. he's an imperial thinker there are many companies that chose to relocate in texas from other parts of the world u.s. concrete they're talking about these huge construction jobs in texas because corporations want to be headquartered there. inexpensive

comcast business outmaneuver. streaming must see tv has never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile, saving money is effortless too. it's the only network that combines america's largest, most reliable 4g lte with the most wi-fi hotspots. and it can be included with your internet. which could save you hundreds of dollars a year. plus, get $150 dollars when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. david: when you are at harvard, you have a classmate named bill gates. steve: the guy who introduced me that you both are weird, energetic guys. you should meet. david: you are the 30th employee of microsoft. steve: i was the salesman for ibm. why? i knew how to wear a tie. david: you are the biggest individual shareholder. steve: i am a loyal dude. i still drive fords. my dad worked at ford, and i still own microsoft stock. david: do you give tips to your l.a. clippers coach? steve: no! i hear there are owners who do t

comcast surrenders. the media giant dropping its bid for fox entertainment assets, leaving the field wide open for disney. is still on the hunt. and we discuss the impact of tariffs on the economy. pacific, theion t traded railroad. and we will talk with the chairman of the house ways and means committee. but we have 30 minutes until the end of trading in europe. let's how it shaped up across europe. a sea of green, personal household goods, food, and beverage all in the green, but what is leading the downside -- media. all about media today. we are talking about the media m&a, but also the earnings situations that have not been positive. technology is also on the downside. what are the key concerns? again, it is trade. we are focused on autos in particular. will we see a deal done with the eu and the u.s. with the eu threatening to push back on the united states if they do indeed introduce tariffs for the auto sector in europe? over in been debated the united states today. and this is not just concerns

comcast is raising its bid for the pay tv giant to $34 billion. the move by the owner of nbc came less than 2a hours after 21st century fox increased its offer tojust over $32 billion. we'll have more on this story later in the programme. chip—maker broadcom says it's buying us business software company ca for almost $19 billion. the firm says the move will help it to become a world—leading infrastructure technology provider. it comes just four months after president trump blocked broadcom's $117 billion hostile bid for semiconductorfirm qualcomm, arguing it posed a threat to national security. ryanair is facing its first day of industrial action in ireland since the airline bowed to pressure from staff and recognised trade unions. the budget airline has cancelled 30 flights today between the uk and ireland. ryanair is facing further strikes in spain, portugal, italy and belgium later in the summer. papa john's founderjohn schnatter has resigned as chairman of his company's board after admitting and apologising for using a racial slur during a

comcast business outmaneuver. trish: markets on a tear today as traders shake off more fears about the impact of a trade war in china. and that trade war was front and center as treasury secretary steve mnuchin testified today on capitol hill. watch it. >> if we find ourselves mired in a full-fledged global trade war with no end in sight all of the economic gains he has helped bring us may well be lost. just because other nations punish their consumers with tariffs doesn't mean we should necessarily follow suit. >> the president is very focused on free and fair trade. as you mentioned, at the g7 the president specifically said, let's sign a free-trade agreement with no tariffs, no barriers, no subsidies. so the president is very much focused fighting every day on having free and fair trade. trish: all right. i mean free trade, is fair if you actually got free trade. senate overwhelminglying adopted a non-binding resolution to oppose tariffs in the name of national security. joining me republican congressman markwa

comcast calls off it's chase at fox. jay powell takes questions on capitol hill. >> he noted very little about the biggest issues chasing wall street. shery: trade tensions could be trouble for investors. >> clients are worsening the -- questioning the whole foundation of international investing and that is the foundation of globalization. shery: and donald trump's campaign manager claims of the media slanted against his candidate. >> their employees have bias. those decisions go into every line of code they write and everything they do. shery: all straight ahead on "bloomberg best" ♪ shery: hello and welcome, i'm shery ahn. this is "bloomberg best," from bloomberg television around the world. the week began with a summit meeting in finland between donald trump and vladimir putin. after it concluded, the reaction was decidedly mixed. ♪ >> a good start in helsinki, that is how president trump described his meeting with vladimir putin, but members of his own party have different words for it. shameful, disgraceful, biz

e: disney will have fox and comcast will have sky. comcast has focused on this battle for sky. even if disney comes back with a bid, comcast has focused on this asset. mark: wasn't sky the crown jewel for bob iger? said.hat is what he a real crown jewel. fake even better than a one. joe: the question is financial capacity. can disney also add fox to sky? it is a question of firepower. comcast is not in the fox battle anymore. mark: where do you buy your fake jewels? joe: i buy real ones. mark: [laughter] good to see you, joe. fights rising boj yields, live in tokyo. this is bloomberg. ♪ mark: 7:17 in london. roughly 40 minutes away from the market open. let's get the bloomberg business flash. payette: bp has agreed to $10.5 billion for most of bhp's onshore shore and natural gas assets, including the permian basin. it is the company's biggest acquisition in almost two decades and gives the energy giant a position in the fastest-growing major oil regions. it could signal that big oil has mostly rebounded from the price crash. loriel'sin mass-market brands is weighing on becaus

comcast business outmaneuver. cheryl: former fbi lisa pages define a subpoena by refusing to appear. the house judiciary and oversight committee says page has three choices to show up today for a public hearing with her former lover, fbi agent peter stzrok coming to the closed-door deposition friday or face my legal trouble. >> it does appear that lisa paige apparently has something to hide. she has been in complete defiance of cooperation with the house judiciary committee and the oversight government reform committee for seven months now dating back to the first letter we wrote to the department of justice in december of last year. >> peter stzrok to appear before the committee. mr. marist, good to have you here. >> good morning to you. gerri: this is the show. they've been waiting for this for a long time. 11 hour interview with him. now he's under the hot light. here's what "the associated press" is reporting he will say today that his work has by politics and the intense scrutiny puts another notch and couldn

seldom do you hear corporate ownership mention comcast, at&t now. jeff bezos writing check every year for a propaganda outlet. there's no possible excuse for their conduct other than they've decided to be a propaganda outlet. >> if you can give the president credit for it a number of things as you sighted look what he's done in less than two years. i used to own a newspaper so i know what it's like. i own and alternative newspaper where i had to compete against other media and for years i wish i could have coined the term fake news then. they were always in the tank for the status quo and who that was and in this case it's really just all day long, never trump. doesn't matter what he does or says if he says what obama said exactly, they meltdown in hysteria and it's too bad. >> i think it will be too bad for dems in december. so long as republicans attach ourselves to the trump agenda, we'll be fine. as a matter of fact i think dems will have a lot of explaining to do. congresswoman it's great to talk to you. come back soon. >> thank you. have a gre

comcast upping it's bid for u. k. broadcaster sky papa johns founder leaving the company after using a racial slur on a conference call. broadcom with a $19 billion deal, all cash for software maker ca technologies. oil rebounding after posting it's biggest drop in more than a year it's thursday, july 12th, 2018, worldwide exchange begins right now. ♪ >>> good morning and welcome to worldwide exchange i'm sema mody. brian sullivan is off today. we're pointing to a higher open. a rebound from yesterday's sell off reduced from those trade worries. a lot of focus on oil which did see it's worst day of the year yesterday also on the growing tensions between the kwiets aund states and the u.s oil is bouncing back here. the international agency just put out it's monthly report in the headline higher oil prices could impact global demand growth and more on that coming up but first to this morning's top story, president trump back on the attack >> good morning sema president trump arrived for day two of what has been a cont

so comcast has a short fuse. it's got to get there by the end of this month. >> craig, do you think they will up their bid or do you think they're going to back down ha halfheartedly and focus on the individual efforts or is that a strategy >> a great question. and i think that's exactly right. that they have a tough challenge here because it's pretty clear at the board at fox would prefer to do a deal with disney instead of comcast and so for comcast to win they're going to have to come in with an offer that is both materially higher than disney's bid. and you have to assume that disney would match an offer in the low 40s, so you're possibly talking about getting into the inhigh 40s that's a very unattractive valuation for comcast. you have to be prepared to do break up fees and that sort of thing if you don't get regulatory approval. it's very hard to see how comcast emerges with fox in this case >> and the formal bid for sky is do on friday in the final moments that we have, what else are you expecting in term

it beats the bed by its rival things in complicates terms of fox and comcast. stay tuned. >> thank you, sue. not the first world news. pushedident trump chinese markets to the biggest selloff in three years. beijing said it would be forced to retaliate against proposed tariffs. stop felt deeply into a bear market. in the past month so-called chinese investor in society risen the most in the world. closedmodities a deal is for the world's gold deposit. they are expected to sign an agreement thursday with indonesia. the deal relates to crawford which is a giant gold and copper mine. although the counts of not been released. for more than a year the two sides of been discussing the long-term presence in the country. new world bank data shows india has overtaken france to become the world's sixth biggest economy. it is now worth $2.6 trillion. the imf says it expects india to be the world's fourth-largest economy by 2022. back to the world cup news, croatia will face france in the world cup final after dashing england's dream with a next her time victory in moscow.

dear god all right and as much as my cable cuts out i bet comcast employees are play. candy crush in the bathroom stall instead of pooping. stop playing games on the throne so i can watch game of thrones now yes. jack off was a large dose of what not to do in ireland has actually shown the world what we should be doing to break this down we sent correspondent john a fellow doll to ireland and he filed this report. i lend is a magical country full of wood. and i'm not just saying that because my last name is o'donnell and as an american i feel utterly disconnected from. and some overcompensating by romanticizing an idealized in a far off land especially relative to the box of corruption that my country has become that's what i'm doing i'm giving credit where credit is due the republic of ireland will become the world's first country to sell off its investments in basel fuel companies after a bill was passed with all party support in the lower house of parliament that's right ireland is the first twenty three in the world poised to divest from fossil fuel that's a big de

dear god all right and as much as my cable cuts out i bet comcast employees are playing. candy crush in the bathroom stall instead of pooping. stop lang games on the throne so i can watch game of thrones now look. back and off was a lot of shows of what not to do in ireland has actually shown the world what we should be doing to break this down we sent correspondent john a full doll in ireland and he filed this report. ireland is a magical country full of wonder. and i'm not just saying that because my last name is o'donnell and as an american in i feel utterly disconnected from. and some overcompensating by romanticizing and idealizing a far off land especially relative to the box of corruption that my country has become that's what i'm doing i'm giving credit where credit is due the republic of ireland will become the world's first country to sell off its investments in fossil fuel companies after a bill was passed with all party support in the lower house of parliament that's right ireland is the first twenty three in the world poised to divest from fossil fuel that's

comcast has sweetened its bid for pan-european t.v. group sky to more than thirty four billion dollars in statements of raising its offer to oust rival twenty first century fox which upped the stakes just hours earlier rupert murdoch's fox already owns part of sky but hopes to take control of the entire company comcast is also a boiled in a takeover battle with disney for fox entertainment assets that are being split off from murdoch's empire. the dreams of global bike sharing startup have turned into a nightmare it's filed for bankruptcy in singapore and left tens of thousands of bicycles apparently stranded the company says it still wants to continue doing business but problems with its app means many of the bikes comp be located. that's it for you all the business update i'll be back with even more in the next hour thank you for joining us. on. the. half. more intrigued international talk show for journalists discuss the topic of the week clearly have two dishes in mind nato allies spent on more open display than it this year summit