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Speaker 1: Global business News twenty four hours a days, Bloomberg dot Com,

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Speaker 1: the radio plus mobile LAPP and on your radio, this

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Speaker 1: is a Bloomberg Business Flash and I'm Karen Moscow. Banks

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Speaker 1: facing in early advance in US stocks which are extending well,

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Speaker 1: but you're now little changed, and their trailing which are

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Speaker 1: now little changed. We'll leave it at that. The SNP

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Speaker 1: five days little changed at nineteen thirty down, Johns Industrial

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Speaker 1: Average up about five points to sixteen thousand, four hundred

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Speaker 1: eighty nine. In the NASTAC it's down two tents percent

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Speaker 1: now or about eight points to forty five thirty four.

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Speaker 1: Attend your treasury of eleven thirty seconds. The yeld one

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Speaker 1: point seven zero percent, the yield on a two year

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Speaker 1: points seven one percent, NIMAX screwed oil down one point

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Speaker 1: three percent or forty three cents to thirty one dollar

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Speaker 1: seventy two cents a barrel, and comic school is down

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Speaker 1: two tenths per cent or two dollars forty cents to

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Speaker 1: twelve thirty six sixty and ounce. The euros at a

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Speaker 1: dollar ten twelve, the yen one twelve point seven zero.

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Speaker 1: Consumer sentiment in the US remaining stable last week and

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Speaker 1: close to a three month helped in part by upbeed

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Speaker 1: views of buying conditions. So Bloomberg Consumer Comfort Index a

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Speaker 1: little changed at forty four point two in the period

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Speaker 1: that ended February second part four point three the prior week,

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Speaker 1: and orders for US capital goods rebounding in January by

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Speaker 1: the most since June. Bookings for non military equipment excluding

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Speaker 1: commercial aircraft jumping three point nine percent. That was more

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Speaker 1: than forecast after a three point seven decrease in December

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Speaker 1: that was smaller than previously reported. That's a Bloomberg business flash.

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Speaker 1: Tom and Mike carl Mosco, thank you very much. This

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Speaker 1: is an exciting day. The only thing you didn't do

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Speaker 1: is bring the champagne. Peter Elliott, who is in charge

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Speaker 1: of our rest trust restaurants and UM drinking establishments, coverage

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Speaker 1: Bloomberg briefs, which of course everybody wants to get a

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Speaker 1: hold of Bloomberg's briefs. Reserve is is the product. And

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Speaker 1: if you have a Bloomberg, and of course who doesn't,

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Speaker 1: everybody would want one dying Go. And there is a

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Speaker 1: new Dying Go coming to a Bloomberg near you, and

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Speaker 1: you're all excited by this. I am good morning. Sounds

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Speaker 1: from what you were telling me like it. It's going

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Speaker 1: to be pretty cool. I'm I'm I gotta say it's

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Speaker 1: you can teach an old dog new tricks. And if

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Speaker 1: and if we are able to pull us off the

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Speaker 1: way that now Apple pulls these things off, I will

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Speaker 1: indeed bring you both a bottle of very good champagne,

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Speaker 1: not just the not just the juckie stuff. UM. Yes,

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Speaker 1: we are, we have been. Uh that's true. We'll do

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Speaker 1: it outside. Um. We we have been working on developing

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Speaker 1: a new dine. Dine is our dining guide and think

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Speaker 1: of it like Yelp for the financial world, and it

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Speaker 1: works unlike Yelp. I'm happy to say all around the

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Speaker 1: world everywhere there's a Bloomberg terminal, So from so Apollo

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Speaker 1: to Tokyo to Hong Kong where we actually some of

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Speaker 1: our most affectionate UH users London. So we're starting to

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Speaker 1: roll out the new product and it's fascinating because it's

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Speaker 1: takes advantage of so many of the things that we

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Speaker 1: talk about in this room, namely the ability to find

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Speaker 1: restaurants that you want to go to find them, particularly

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Speaker 1: for the financial community. And UM, I've been very excited

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Speaker 1: to be working with a number of these fledgling reservation companies, um,

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Speaker 1: who are all competing with each other. So I really

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Speaker 1: want Dying to be the place where we can make

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Speaker 1: a reservation on Dying Gold. Yes, what we've really found

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Speaker 1: is that Open Table, which is the largest reservation platform

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Speaker 1: certainly in this country. Um. They bought up a company

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Speaker 1: in London called top Table, and that you know, for

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Speaker 1: the for the Bloomberg audience. Just the act of spending

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Speaker 1: two minutes finding a restaurant that you ultimately get told

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Speaker 1: you can't get into is a waste of time. So

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Speaker 1: so so we've been really looking for products that are

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Speaker 1: guaranteeing our clients the ability to get what they want.

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Speaker 1: The seventh thirty table, the eight thirty table, just because

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Speaker 1: the time part of it is if you make reservations nice,

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Speaker 1: if you show up in the restaurants still in business.

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Speaker 1: It's that time of year. I mean we all know that,

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Speaker 1: you know, you get to the holidays and like the theater,

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Speaker 1: it's like Broadway that time of year. What when when

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Speaker 1: restaurants go out of business, is it just presumes somebody

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Speaker 1: takes their spot right away? What's that backstory? Well, it's

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Speaker 1: it's the real estate story. And as you know, we

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Speaker 1: could have our own program just on just on the

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Speaker 1: real estate. Sometimes yes and sometimes no. Sometimes it just

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Speaker 1: came up yesterday in conversation with with with a client. Barbudo, wonderful,

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Speaker 1: terrific restaurant down in the West Village. Barbudo has sort

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Speaker 1: of been on a death watch for almost two years now.

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Speaker 1: Nobody has well. You keep saying Barbudo is going to close,

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Speaker 1: but in fact it's still open. And the reason it's

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Speaker 1: still open is because, luckily, Jonathan Waxman is a smart

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Speaker 1: guy and his other restaurants are making money elsewhere, so

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Speaker 1: he's clearly talking to his landlords to find a way

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Speaker 1: to come up with a decent rent deal which works

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Speaker 1: for him. So Barbudah lives on in that space. That's

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Speaker 1: his particular story. Other restaurants are literally head people knocking

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Speaker 1: on the door um waiting for them to take over spaces.

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Speaker 1: Others will sit empty for years and years and years

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Speaker 1: for a variety of reasons, but mostly landlords certainly at

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Speaker 1: the moment feel the need that they can hold on

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Speaker 1: and hold out for places that will come in and

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Speaker 1: pay or groups that will come in and pay higher

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Speaker 1: rents and they tend I'm sorry to say, to win

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Speaker 1: what what What leads to a closing more often the

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Speaker 1: fact that they run up against something like the landlord,

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Speaker 1: or does somebody just get tired of you? And I

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Speaker 1: used to go to cocktails every Tuesday night at Cereals

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Speaker 1: at the Pierre Hotel just because we're massive hitters, Mike,

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Speaker 1: we don't anymore. There's that um that is a more

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Speaker 1: complex story. One, it is in a hotel. To it

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Speaker 1: is in a very difficult space. Three, it is controlled

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Speaker 1: by the one word that that restaurateurs just like most

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Speaker 1: in the city called the Union, uh For it's owned

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Speaker 1: by TAJ Hotels, which is a very powerful brand right

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Speaker 1: now elsewhere in the world. So what's really happening in

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Speaker 1: Syria is a story of what's happening elsewhere in the world.

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Speaker 1: You know what TAJ is is achain that is running

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Speaker 1: hotels in India and running hotels in Hong Kong. They

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Speaker 1: don't really give of too much about what's going on

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Speaker 1: at the Pierre, so they want what they want in

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Speaker 1: that space. So that was a headwind for that particular restaurant.

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Speaker 1: That was even worse for them than the Union, even

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Speaker 1: worse than the two of you showing up on a

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Speaker 1: Tuesday night. So every restaurant has its own particular, particular

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Speaker 1: and complex set of problems. Um. David Waltalk one of

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Speaker 1: the most talented and beloved chefs in New York City

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Speaker 1: of Um, you know, closing a lawn in a few

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Speaker 1: days in the twenties, So the closing of restaurants in

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Speaker 1: the city is currently happening everywhere. Uh No, it's it's

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Speaker 1: it's really a tough time in the time left. It

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Speaker 1: was mentioned to me the other day, and I actually

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Speaker 1: got brave and went out and tried to do my

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Speaker 1: Peter Ellied imitation. I went down in flames tell us

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Speaker 1: how to buy knack or how to order it in

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Speaker 1: a restaurant. Um, well that for the those of us

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Speaker 1: not as attuned as you. Um well, I'm I don't

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Speaker 1: don't don't. I mean, I would like to claim that

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Speaker 1: I'm in tuned to everything in the food world, but

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Speaker 1: you know, one kognak or a grappa. You know, if

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Speaker 1: you want to see see me on the floor scratching

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Speaker 1: my belly. I mean, it's a it's a hard thing

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Speaker 1: to do of a of a Wednesday night. I'm at

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Speaker 1: a table in Boston or Washington. I'm done in Washington

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Speaker 1: and some guy goes, let's have a knyac. I'm like,

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Speaker 1: oh God, am I gonna embarrass myself? Go yes, well,

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Speaker 1: I I wonder then how you wake up at three

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Speaker 1: o'clock in the morning and appear on the air. But

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Speaker 1: once you're once you're beyond the process of doing it.

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Speaker 1: The simplest way if you you really don't know what

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Speaker 1: you are doing is to throw yourself on the mercy

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Speaker 1: of a samelia who should help you guide through the process.

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Speaker 1: And the thing with Koonyak's in particular is that you're

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Speaker 1: spending a great deal of money. It's not like you're

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Speaker 1: spending eleven dollars for a you know, you're not spending

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Speaker 1: eleven dollars for a glass of wine. You're spending on something.

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Speaker 1: So you really sort of want to know that you're

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Speaker 1: as like all things. When you're in what I call

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Speaker 1: the Browns Kognak Whiskey's Bourbons, you really want to put

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Speaker 1: yourself in the Samelia's head and say what it is

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Speaker 1: that you like? Do you want p D? Do you

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Speaker 1: want eight? Do you really want to roll out of

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Speaker 1: the restaurant or just keep going. So in the in

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Speaker 1: the Konyact thing, you know, you're probably looking for the

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Speaker 1: closest way to describe what you're feeling smooth, I want

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Speaker 1: to go to bed in an hour. Something like that

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Speaker 1: will help them help you get a terrific glass. This

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Speaker 1: is why you know Reserve and Peter so valuable because

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Speaker 1: you learn stuff like that. Hey, I was looking at

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Speaker 1: speaking the new Reserve. You got an interview with Bobby

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Speaker 1: Flake coming up. Bobby Flay was in this week speaking

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Speaker 1: of somebody you know. Here is one of another New

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Speaker 1: York icon, a kid who dropped out of high school,

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Speaker 1: you know, became UH an icon for his restaurant Masic

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Speaker 1: Grill in the early nineties, set the tone for the

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Speaker 1: Food Network. Um, we had him in here on Monday

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Speaker 1: for a really hard look. And here he is at

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Speaker 1: age fifty one, asking some of these questions. He's the

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Speaker 1: guy wants to move to Italy just so we can

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Speaker 1: love Italian. But he runs two restaurants here in New York,

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Speaker 1: Gatto and Bar American. And he says the pressure on

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Speaker 1: restaurants not just from the tipping thing, not just from

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Speaker 1: higher costs, not just from landlords but just the dated

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Speaker 1: a grind of it is so hard um that even

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Speaker 1: he considers, you know, is when when is the right

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Speaker 1: time to get out and how restaurants are going to

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Speaker 1: start changing over the next few years. Can I ask

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Speaker 1: a dumb question and only m Welles does he have

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Speaker 1: equity or something in Food Network? I mean he was foundational,

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Speaker 1: he was and success and tune in tomorrow for Bloomberg

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Speaker 1: Best and you'll and you'll hear his answer to that question,

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Speaker 1: which I will gently hint goes something like, you know,

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Speaker 1: Mario Batali for Who's terrific in the kitchen just reopened

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Speaker 1: and just opened a first restaurant in ten years, Lust

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Speaker 1: Arena down and Chelsea Let's in the end doesn't have

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Speaker 1: that kind of charisma. He's not a TV guy. He

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Speaker 1: was a foundational member with Bobby. Bobby still has this

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Speaker 1: boyish energy that just radiates. So No, he has absolutely

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Speaker 1: no relationship with the Food Network other than what he

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Speaker 1: does on them. I know n nothing about Mr Flight.

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Speaker 1: I love how he always looks dusper. He just always

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Speaker 1: looks like the story just opened, turn into Bloomberg Best.

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Speaker 1: You'll hear him say He's still a kick. New York

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Speaker 1: who wants it bad? Peter Elliott, look for that Bloomberg

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Speaker 1: breast with Mr Robert Bobby, Bobby coming. This has been

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Speaker 1: a most interesting. Nay sometimes, folks, the days are most

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Speaker 1: interesting where the markets are just churning yen one seventy nine,

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Speaker 1: sterling rebounding, a bit one thirty nine, twenty N curve flattening.

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Speaker 1: It's still there under a hundred beats, but some stability.

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Speaker 1: Are we on the G twenty watch tomorrow, Mike, when's

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Speaker 1: the photo op? It'll be after we're done, but we

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Speaker 1: will be on the watch over the weekend. Monday morning.

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Speaker 1: You'll come in and they design it that way. They

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Speaker 1: don't want it. Why aren't you there? I mean you

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Speaker 1: were born to go to chap dark good question. Yeah,

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Speaker 1: it'd be great to Michael McKee inter change. Yeah, and

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Speaker 1: we'll look at Apple two little while going on tomorrow.

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Speaker 1: The future is up fourteen again. That does sixteen thousand

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Speaker 1: four to ninety seven. We've been quoting the tenure yield

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Speaker 1: a one point seven now in a good three basis points.

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Speaker 1: We are produced by Bodin ken Fellow, or our global

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Speaker 1: technical director at Bloomberg's Surveillance