1 00:00:02,720 --> 00:00:07,000 Speaker 1: Broadcasting live to New York, Bloomberg eleven Brio to Washington, 2 00:00:07,120 --> 00:00:12,160 Speaker 1: d C. Bloomberg to Boston, Bloomberg twelve hundred to San Francisco, 3 00:00:12,280 --> 00:00:17,400 Speaker 1: Bloomberg nine to the Country Channel one, and around the 4 00:00:17,440 --> 00:00:21,200 Speaker 1: globe the Bloomberg Radio Plus appen Bloomberg dot Com. This 5 00:00:21,560 --> 00:00:26,720 Speaker 1: is taking Stock. Coming up on taking Stock Alexandria, Virginia. 6 00:00:26,920 --> 00:00:29,920 Speaker 1: Is it a city of the millennials? Well, we also 7 00:00:29,960 --> 00:00:33,720 Speaker 1: know that it is a city in the successful television 8 00:00:33,720 --> 00:00:37,400 Speaker 1: and movie The Walking Dead. So we'll talk to someone 9 00:00:37,400 --> 00:00:40,159 Speaker 1: who knows a little bit about the Alexandria, Virginia. That's 10 00:00:40,159 --> 00:00:42,880 Speaker 1: all coming up on our special live broadcast on the 11 00:00:42,920 --> 00:00:45,960 Speaker 1: Keptain Morrison House Hotel just right in the center of 12 00:00:46,000 --> 00:00:50,000 Speaker 1: Old Town in Alexandria, Virginia. Let's get back to Bloomberg 13 00:00:50,000 --> 00:00:52,480 Speaker 1: World headquarters now in New York City for a look 14 00:00:52,560 --> 00:00:55,280 Speaker 1: at the latest business news with our own Charlie Pellett. 15 00:00:55,280 --> 00:00:57,360 Speaker 1: All right, thank you very much, Kathleen Hayes, thank you. 16 00:00:57,400 --> 00:01:01,800 Speaker 1: Pim Fox Stocks are extending lawsuit just under thirty minutes 17 00:01:01,840 --> 00:01:04,360 Speaker 1: to go ahead of the close. We have got hit 18 00:01:04,440 --> 00:01:07,520 Speaker 1: his stocks getting loads of the session right now. Amid 19 00:01:07,560 --> 00:01:11,200 Speaker 1: growing speculation that the Federal Reserve sees firm lelf economic 20 00:01:11,240 --> 00:01:14,760 Speaker 1: growth to raise rates as soon as June. The Dow 21 00:01:14,880 --> 00:01:17,920 Speaker 1: down two hundred nineteen points, the drop there of one 22 00:01:18,240 --> 00:01:22,200 Speaker 1: two percent, SMP five hundred index down twenty three points, 23 00:01:22,200 --> 00:01:25,520 Speaker 1: the drop of one point one percent, and as stackdown 24 00:01:25,600 --> 00:01:28,600 Speaker 1: sixty five points, a drop of one point four percent. 25 00:01:29,000 --> 00:01:31,959 Speaker 1: Gold up five sixty ounce to twelve seventy nine, a 26 00:01:31,959 --> 00:01:35,240 Speaker 1: game of point four percent. Brian Belski is chief investment 27 00:01:35,280 --> 00:01:39,640 Speaker 1: strategist that Demo Capital Markets. He says, the pessimism is overdone. 28 00:01:39,760 --> 00:01:41,800 Speaker 1: We are skating. If you're a hockey player, We're skating 29 00:01:41,800 --> 00:01:44,880 Speaker 1: with their heads down. We are so scared if everything 30 00:01:44,959 --> 00:01:47,760 Speaker 1: and we are reacting on what happened last quarter. Look, 31 00:01:47,840 --> 00:01:51,000 Speaker 1: we're talking about filings for first quarter. I don't know 32 00:01:51,040 --> 00:01:53,440 Speaker 1: if you know this or not, but it's may indeed 33 00:01:53,480 --> 00:01:57,320 Speaker 1: that his Federal Reserve report out today finds US manufacturing 34 00:01:58,080 --> 00:02:00,720 Speaker 1: rose in April four the first time in three months. 35 00:02:00,920 --> 00:02:05,280 Speaker 1: Total industrial production including minds and utilities advanced seven tenths 36 00:02:05,280 --> 00:02:08,720 Speaker 1: of one percent, the most since November two thousand fourteen. 37 00:02:09,280 --> 00:02:12,079 Speaker 1: You home construction up in April, extending a pattern in 38 00:02:12,280 --> 00:02:15,519 Speaker 1: of gains and losses that signals the US home building 39 00:02:15,560 --> 00:02:19,919 Speaker 1: industry is contributing little to economic growth. Home Depot down 40 00:02:19,960 --> 00:02:22,960 Speaker 1: the most in three months after executive said same store 41 00:02:23,000 --> 00:02:26,800 Speaker 1: sales gain shrank as the first quarter progressed. Home Depot 42 00:02:26,840 --> 00:02:32,200 Speaker 1: down three percent, the tenure yield one point seven crude 43 00:02:32,520 --> 00:02:36,480 Speaker 1: seventy three cents of arrolt A game narrow one and 44 00:02:36,520 --> 00:02:39,600 Speaker 1: a half percent three thirty two on Wall Street. Now, 45 00:02:39,680 --> 00:02:41,959 Speaker 1: let's look at other news from around the world on 46 00:02:42,200 --> 00:02:46,680 Speaker 1: Bloomberg Radio. Thank you Charlie from the Bloomberg News Room. 47 00:02:46,680 --> 00:02:48,600 Speaker 1: On David Gura. This news update is brought to you 48 00:02:48,639 --> 00:02:51,440 Speaker 1: by the Jeep Grand Cherokee, the most awarded suv ever. 49 00:02:51,639 --> 00:02:53,760 Speaker 1: The Grand Cherokee continues to raise the bar with its 50 00:02:53,840 --> 00:02:57,240 Speaker 1: luxurious interior and legendary four by four capability. Drive one 51 00:02:57,280 --> 00:03:00,000 Speaker 1: at your local Jeep dealer. Today, the Senate is voted 52 00:03:00,040 --> 00:03:02,360 Speaker 1: to allow families of nine eleven victims to sue Saudi 53 00:03:02,400 --> 00:03:04,799 Speaker 1: Arabia for any role the government may have played in 54 00:03:04,840 --> 00:03:07,440 Speaker 1: the terror attacks. The House must still act on the bill, 55 00:03:07,480 --> 00:03:10,239 Speaker 1: but White House spokesman Josh Ernest says President Obama would 56 00:03:10,280 --> 00:03:13,160 Speaker 1: not sign it, concerned it would give foreigners the ability 57 00:03:13,200 --> 00:03:15,240 Speaker 1: to sue the US given the concerns that we have 58 00:03:15,280 --> 00:03:18,280 Speaker 1: expressed its difficult pre mention the president signing this legislation 59 00:03:18,639 --> 00:03:21,360 Speaker 1: that continues to be Voters in Kentucky and Oregon are 60 00:03:21,400 --> 00:03:24,080 Speaker 1: at the polls today casting ballots and their state primaries. 61 00:03:24,240 --> 00:03:28,600 Speaker 1: Bernie Sanders says, voter turnout is crucial and our close 62 00:03:29,360 --> 00:03:31,880 Speaker 1: usual problems for us of the SUTs that they are 63 00:03:32,120 --> 00:03:36,520 Speaker 1: closed primaries and independence not allowed the vote. Something that 64 00:03:36,560 --> 00:03:37,920 Speaker 1: I picked up will make a lot of sense for 65 00:03:38,000 --> 00:03:40,760 Speaker 1: those laws of rules. Although Hillary Clinton's lead over Sanders 66 00:03:40,760 --> 00:03:43,960 Speaker 1: is almost insurmountable, Sanders has won the last two primaries. 67 00:03:44,280 --> 00:03:47,080 Speaker 1: How Speaker Paul Ryan says he and likely Republican nominee 68 00:03:47,080 --> 00:03:49,840 Speaker 1: Donald Trump are continuing to discuss how best to unify 69 00:03:49,880 --> 00:03:52,440 Speaker 1: the Republican Party. For heading the kind of conversations that 70 00:03:52,440 --> 00:03:55,080 Speaker 1: are necessary to make sure that we are unifying around 71 00:03:55,120 --> 00:03:58,840 Speaker 1: are commonly held principles and policies. Federal investigators are blaming 72 00:03:58,880 --> 00:04:01,760 Speaker 1: last year's deadly and tractor railment in Philadelphia on a 73 00:04:01,800 --> 00:04:05,080 Speaker 1: train engineer who was distracted by radio communication and a 74 00:04:05,160 --> 00:04:07,600 Speaker 1: lack of equipment that could have automatically slowed the train 75 00:04:07,640 --> 00:04:10,040 Speaker 1: as it went over the speed limit. The crash killed 76 00:04:10,080 --> 00:04:13,480 Speaker 1: eight people. A federal appeals court is delaying the release 77 00:04:13,480 --> 00:04:15,600 Speaker 1: of a list of co conspirators in the two thousand 78 00:04:15,640 --> 00:04:19,320 Speaker 1: thirteen George Washington Bridge Lane closing scandal. The ruling calls 79 00:04:19,320 --> 00:04:21,679 Speaker 1: for a June six hearing to decide whether to release 80 00:04:21,880 --> 00:04:24,360 Speaker 1: the list. Global News twenty four hours a day, powered 81 00:04:24,360 --> 00:04:26,640 Speaker 1: by our two journalists more than a hundred fifty news 82 00:04:26,640 --> 00:04:30,159 Speaker 1: bureaus around the world for the Bloomberg Newsroom. I'm David Guray, Charlie, 83 00:04:30,600 --> 00:04:33,480 Speaker 1: and we thank you and again recapping stocks lor SMP 84 00:04:33,600 --> 00:04:36,880 Speaker 1: down twenty three points a drop of one point one percent. 85 00:04:37,400 --> 00:04:43,720 Speaker 1: I'm Charlie Palaton. That's a Bloomberg Business flash. This is 86 00:04:43,760 --> 00:04:47,719 Speaker 1: taking Stock with Kathleen Hayes and Pin Fox on Bloomberg Radio, 87 00:04:48,520 --> 00:04:52,800 Speaker 1: continuing our special live broadcast on the Kinton Morrison House Hotel. 88 00:04:53,600 --> 00:04:55,680 Speaker 1: We are in the heart of Old Town, which is 89 00:04:55,720 --> 00:05:01,440 Speaker 1: the historic center of Alexandria in the Commonwealth Virginia, right 90 00:05:01,480 --> 00:05:05,400 Speaker 1: across the river from Washington, d C. And of course 91 00:05:05,480 --> 00:05:08,680 Speaker 1: the Washington metro area is the home of Bloomberg and 92 00:05:08,880 --> 00:05:11,520 Speaker 1: one or five point seven f m h D two, 93 00:05:11,839 --> 00:05:14,400 Speaker 1: a city of more than a hundred fifty thousand people, 94 00:05:14,880 --> 00:05:17,560 Speaker 1: a budget of over half a billion dollars, a workforce 95 00:05:17,600 --> 00:05:22,560 Speaker 1: of more than dred employees, and a challenge to keep 96 00:05:22,600 --> 00:05:25,880 Speaker 1: this area growing attracted tourists, attractive business that you want. 97 00:05:25,920 --> 00:05:28,120 Speaker 1: This is the job of our next guest. Mark Chinks, 98 00:05:28,279 --> 00:05:30,760 Speaker 1: city manager for the City of Alexandria, will thank you 99 00:05:30,800 --> 00:05:32,880 Speaker 1: for joining us today. It's good to be here. So, 100 00:05:32,920 --> 00:05:34,719 Speaker 1: first of all, how long you've been city manager and 101 00:05:34,720 --> 00:05:37,480 Speaker 1: what exactly does the city manager do in Alexandria. I've 102 00:05:37,520 --> 00:05:40,120 Speaker 1: been city manager about a year and a half h 103 00:05:40,320 --> 00:05:43,960 Speaker 1: city manager basically is the CEO of the city government. 104 00:05:44,080 --> 00:05:46,320 Speaker 1: We have a council manager form of governments, that's an 105 00:05:46,320 --> 00:05:50,320 Speaker 1: elected city council who sets policy uh and as city manager, 106 00:05:50,360 --> 00:05:53,640 Speaker 1: I'm responsible for managing the bureaucracy to carry out that policy. 107 00:05:53,680 --> 00:05:56,840 Speaker 1: And you have a long history in this field, yes, 108 00:05:56,960 --> 00:06:00,520 Speaker 1: at forty years in state and local government. In twenty 109 00:06:00,600 --> 00:06:04,240 Speaker 1: years the CFO of of ten years of this organization 110 00:06:04,640 --> 00:06:08,760 Speaker 1: and ten years of in the neighboring jurisdiction. Tell us 111 00:06:08,800 --> 00:06:12,720 Speaker 1: about Alexandria and the report the City of Millennials tell 112 00:06:12,800 --> 00:06:18,800 Speaker 1: us about there's a demographic uniqueness here in Alexandria. Well, 113 00:06:18,839 --> 00:06:21,960 Speaker 1: you know, millennials seek what's authentic and you can't get 114 00:06:21,960 --> 00:06:27,760 Speaker 1: anything more authentic than a city that has UM five thousand, 115 00:06:27,960 --> 00:06:32,400 Speaker 1: eighteen and nineteenth century buildings that we've preserved UH and 116 00:06:32,960 --> 00:06:35,760 Speaker 1: it's a great environment. UM. We have a lot for 117 00:06:35,839 --> 00:06:37,960 Speaker 1: millennials wanting to start their own business. We have a 118 00:06:38,000 --> 00:06:42,640 Speaker 1: lot of small spaces upstairs from these colonial UH and 119 00:06:42,839 --> 00:06:46,200 Speaker 1: in nineteenth century buildings. We have an atmosphere. We have 120 00:06:46,480 --> 00:06:50,800 Speaker 1: a big arts community and that spawned at advertising, public relations, 121 00:06:50,839 --> 00:06:56,359 Speaker 1: political consulting. Also, we're at the home to Virginia Tech's 122 00:06:56,520 --> 00:07:00,480 Speaker 1: Architecture School where they're at their fifth year. They're architecture 123 00:07:00,520 --> 00:07:02,440 Speaker 1: students come up here and we're the home of their 124 00:07:02,520 --> 00:07:08,120 Speaker 1: landscape design UH school as well. So Alexandria is a 125 00:07:08,200 --> 00:07:13,840 Speaker 1: place that has has attracted highly educated UH workforce, and 126 00:07:14,040 --> 00:07:18,600 Speaker 1: UH it's one that UH has also attracted. We've got 127 00:07:18,880 --> 00:07:21,560 Speaker 1: we're got good transit system. We've got four stops on 128 00:07:21,600 --> 00:07:23,760 Speaker 1: the metro system. So millennials that are working for the 129 00:07:23,760 --> 00:07:26,760 Speaker 1: federal government are working for an eight UH an I 130 00:07:26,880 --> 00:07:30,200 Speaker 1: T firm or some of the downtown we've got a 131 00:07:30,600 --> 00:07:34,800 Speaker 1: place where they can live urban and have immediate access 132 00:07:34,880 --> 00:07:38,160 Speaker 1: to downtown Washington, d C. How do the prices for 133 00:07:38,360 --> 00:07:41,840 Speaker 1: apartments for rentals for buying a home. Compare in Alexandria, 134 00:07:41,880 --> 00:07:44,520 Speaker 1: if you or versus across the river one of the 135 00:07:44,760 --> 00:07:49,880 Speaker 1: popular DC neighborhoods. UH, they're probably comparable. Uh. This is 136 00:07:49,880 --> 00:07:53,480 Speaker 1: a wide range in the city. Uh. It is on 137 00:07:53,680 --> 00:07:57,760 Speaker 1: the the middle of the high end of this metropolitan 138 00:07:57,800 --> 00:08:02,560 Speaker 1: region because we're close in immediately cross the river from Washington, 139 00:08:02,840 --> 00:08:07,240 Speaker 1: immediately south of Reagan National Airport. UH, so we have 140 00:08:07,320 --> 00:08:12,720 Speaker 1: good transportation access. And UH they were also building smart growth, 141 00:08:12,760 --> 00:08:17,160 Speaker 1: So we're building our new developments basically targeted around our 142 00:08:17,200 --> 00:08:22,240 Speaker 1: metrorail stations. UH. And we've seen millennials. Uh. It gives 143 00:08:22,240 --> 00:08:25,920 Speaker 1: them new new housing. At the same time they've got 144 00:08:26,080 --> 00:08:29,240 Speaker 1: access to uh well the oldest, most historic cities in 145 00:08:29,280 --> 00:08:33,400 Speaker 1: the United States and access to via the metrorail system 146 00:08:33,480 --> 00:08:36,800 Speaker 1: to the entire Washington region. Tell us about the plans 147 00:08:36,840 --> 00:08:40,760 Speaker 1: and investments at the waterfront in the old town and neighborhood, 148 00:08:41,160 --> 00:08:43,160 Speaker 1: and then maybe give us a little bit of a 149 00:08:43,200 --> 00:08:47,000 Speaker 1: taste of what's going on. For example, National Science Foundation 150 00:08:47,520 --> 00:08:53,079 Speaker 1: new headquarters. The waterfront is where Alexander started. We are 151 00:08:53,120 --> 00:08:56,120 Speaker 1: a port city and have been since the beginning of 152 00:08:56,240 --> 00:09:01,040 Speaker 1: the um eighteenth century. UH. And over time it became 153 00:09:01,120 --> 00:09:03,280 Speaker 1: very industrial like a lot of American cities that turned 154 00:09:03,280 --> 00:09:05,840 Speaker 1: our backs to the to the water. UH used the 155 00:09:05,880 --> 00:09:09,800 Speaker 1: waterfront areas industry, and about thirty years ago forty years 156 00:09:09,800 --> 00:09:13,760 Speaker 1: ago there the planning started for basically to to reverse that. 157 00:09:13,920 --> 00:09:17,000 Speaker 1: Part of that is the rivers are much cleaner than 158 00:09:17,040 --> 00:09:20,160 Speaker 1: they used to be UH and and people wanted to 159 00:09:20,200 --> 00:09:23,480 Speaker 1: get access to the river. So through the redevelopment process, 160 00:09:23,559 --> 00:09:27,080 Speaker 1: we've been requiring developers to basically open up the areas 161 00:09:27,120 --> 00:09:30,440 Speaker 1: between their UH as they build new buildings, create walkways 162 00:09:30,480 --> 00:09:35,000 Speaker 1: and parks along the river. And UH this past several years, 163 00:09:35,600 --> 00:09:37,720 Speaker 1: we've been buying up the remaining parcels. We have a 164 00:09:37,800 --> 00:09:42,120 Speaker 1: number of missing links and we are um filling those, 165 00:09:42,200 --> 00:09:46,920 Speaker 1: filling those in. We are one of the opera down 166 00:09:47,000 --> 00:09:52,360 Speaker 1: landscape architects the United States. UH orelan to basically redesign 167 00:09:52,400 --> 00:09:55,360 Speaker 1: our waterfront and as far as because we believe it 168 00:09:55,440 --> 00:09:57,760 Speaker 1: should be access for the people who visit here the 169 00:09:57,800 --> 00:10:00,200 Speaker 1: people who live here. UH and so we're build thing 170 00:10:00,200 --> 00:10:02,520 Speaker 1: a number of parks and some of the warehouse spaces 171 00:10:02,520 --> 00:10:05,960 Speaker 1: that are left are being turned into UM excuse development. 172 00:10:06,400 --> 00:10:09,480 Speaker 1: So in your forty plus years in urban planning in 173 00:10:09,520 --> 00:10:13,400 Speaker 1: public administration, state and local, being so close to what's 174 00:10:13,400 --> 00:10:15,880 Speaker 1: actually happening. What's what's the biggest change you've seen? What's 175 00:10:15,880 --> 00:10:19,360 Speaker 1: it because lesson you've learned. I think the biggest change 176 00:10:19,679 --> 00:10:23,160 Speaker 1: uh the last number of decades has been the impact 177 00:10:23,240 --> 00:10:27,280 Speaker 1: the metrorail system has had on the Washington Entrepolitan area. UH. 178 00:10:27,320 --> 00:10:32,319 Speaker 1: It has opened up areas for development and redevelopment UH 179 00:10:32,679 --> 00:10:35,120 Speaker 1: as people look to want I think the other big 180 00:10:35,160 --> 00:10:37,839 Speaker 1: trend across the US if people want to live urban 181 00:10:38,520 --> 00:10:41,520 Speaker 1: uh and you can't get anything more urban than Alexandria 182 00:10:41,520 --> 00:10:44,240 Speaker 1: and some of the inner suburbs of d C. UH 183 00:10:44,280 --> 00:10:48,240 Speaker 1: and we have basically used transit to to enhance that. 184 00:10:48,600 --> 00:10:51,480 Speaker 1: Thank you very much. Market Jinx is the city manager 185 00:10:51,520 --> 00:10:55,520 Speaker 1: of the city of Alexandria, Virginia. You're listening to taking 186 00:10:55,559 --> 00:11:05,280 Speaker 1: stock on Bloomberg Radio. Commodities, oil prices, industrial metals. These 187 00:11:05,320 --> 00:11:08,360 Speaker 1: have been frequently calling a tune for the US stock market. 188 00:11:08,679 --> 00:11:11,840 Speaker 1: Dennis of Gartman coming up on Bloomberg Radio, economist and 189 00:11:11,880 --> 00:11:13,640 Speaker 1: publisher of The Gartman Letter,