Speaker 1: Broadcasting live to New York, Bloomberg eleventh, Yo to Washington,
Speaker 1: d C, Bloomber to Boston, Bluemberg twelve unders to San Francisco,
Speaker 1: Bloomberg nine to the country, Channel one, and around the
Speaker 1: globe the Bluemberg Radio Pluck Davin Bloomberg got gone. This
Speaker 1: is taking Stock. Coming up on taking Stock, We're gonna
Speaker 1: be speaking about Hispanic owned businesses. Do you know that
Speaker 1: they are the fastest growing segment of the small business population. Well,
Speaker 1: we're gonna be speaking with the chairman of the Latino Coalition.
Speaker 1: We've got Hector Barretto. He's gonna be talking at the also,
Speaker 1: and just to mention, he wrapped up the sixteen Small
Speaker 1: Business Conference in Washington, d C. Yesterday which he spoke
Speaker 1: and we're gonna learn about what the messages is for
Speaker 1: small business. And of course it's an election European and
Speaker 1: we know the whole question of immigration and Hispanic vote
Speaker 1: is very important. Hectors been coming to down that on
Speaker 1: the show in past. We will get that into the
Speaker 1: mix as well. Now I want to get Charlie Pellet
Speaker 1: back in the mix. Iss the limit Business flash Man.
Speaker 1: We've got twenty nine minutes to go Kathleen before that
Speaker 1: closing bell on a Thursday, the day after the Fed decisions.
Speaker 1: Stocks now rallying SMP five hundred index up six to
Speaker 1: two thousand seventy eight, a gain there of three tents
Speaker 1: of one percent down Industrials of one oh three now
Speaker 1: up six tents of one percent sum to. Redstone has
Speaker 1: removed five members of the Viacom board, reasserting his controlling
Speaker 1: stake in the company and setting the stage for the
Speaker 1: removal of renegade CEO philipp Domin shares a Viacom. They're
Speaker 1: up now by five point four percent. Equities have recovered
Speaker 1: from a one percent sell office. Both sides suspended campaigning
Speaker 1: on whether Britain should leave the EU after a Labor
Speaker 1: Party lawmaker Joe Cox was murdered as she met constituents
Speaker 1: in her electoral district. Ian Robertson is a member of
Speaker 1: the management board at BMW. It has eight thousand direct
Speaker 1: employees in the UK. He was on Bloomberg Television today
Speaker 1: talking about that Brexit vote. I was asked many times
Speaker 1: today do you have a plan B. The answer is no,
Speaker 1: because honestly, we don't know what those implications are and
Speaker 1: there will be a period where that can be well considered.
Speaker 1: They might be just small, incidental, there might be no
Speaker 1: implications at all. On the other hand, maybe things are
Speaker 1: going to change a little more dramatically. But honestly, we
Speaker 1: will have to wait and see before we take any
Speaker 1: view on what the results would mean for our strategy
Speaker 1: in this country. Gold is now down four twenty arms,
Speaker 1: declining three tenths of one percent to four and a
Speaker 1: three thirty two on Wall Street. Let's take a look
Speaker 1: at other news from around the world on Bloomberg Radio.
Speaker 1: Thank you Charlie from the Bloomberg Newsroom and Katherine Cowdery.
Speaker 1: This news update is brought to you by the deep
Speaker 1: Grand Cherokee, the most awarded suv ever. The Grand Cherokee
Speaker 1: continues to raise the bar with its luxurious interior and
Speaker 1: legendary four by four capability. Drive one at your local
Speaker 1: jeep dealer. Today. A British lawmaker has been shot and
Speaker 1: killed today in her district in northern England. Temporary Chief
Speaker 1: Constable West Yorkshire Police D Collins says a suspect is
Speaker 1: in custody. A man was arrested nearby by local uniform
Speaker 1: police officers, weapons including a firearm have also been recovered.
Speaker 1: The attack on Joe Cox has prompted both sides as
Speaker 1: to spend campaigning today in the battle over whether Britain
Speaker 1: should end its membership in the European Union. It's an
Speaker 1: important find in the crash of an egypt air jetliner.
Speaker 1: Bloomberg's Michael Barr has the details. The cockpit voice recorder
Speaker 1: of an egypt airplane that crashed last month has been
Speaker 1: found and pulled out of the Mediterranean Sea. Egypt Air
Speaker 1: Flight eight oh four was heading Comparis to Cairo when
Speaker 1: it plunged into the sea. All sixty six people on
Speaker 1: board were killed. The data recorder could provide details as
Speaker 1: to what brought down the airb s A three. Egypt's
Speaker 1: Investigation Committee says the soul called black box, has been adamage,
Speaker 1: but the memory unit, which is the most important in
Speaker 1: the recorder, is intact. Michael Barr Bloomberg Radio. Police Commissioner
Speaker 1: Bill Bratton says there have been a number of threats
Speaker 1: made against gay bars and nightclubs in the city, but
Speaker 1: none appears to be credible. Broughton says whoever made the
Speaker 1: threats in a wake of the Orlando nightclub shootings are
Speaker 1: quote cowards Global News twenty four hours a day, powered
Speaker 1: by our journalists in more than one hundred fifty news
Speaker 1: verreaus around the world. From the Bloomberg Newsroom, I'm Catherine Cowdery, Charlie,
Speaker 1: and we thank you and again recapping stocks are trading higher,
Speaker 1: with the SMP five hundred index advancing seven points, rebounding
Speaker 1: now to two thousand seventy eight, up four tenths of
Speaker 1: one percent. I'm Charlie Palatin. That's a Bloomberg Business Flash.
Speaker 1: This is taking Stock with Kathleen Hayes and Pin Fox
Speaker 1: on Bloomberg Radio. Hispanic and Latino owned businesses, they are surging,
Speaker 1: they are growing. They're the fastest growing segment of the
Speaker 1: small business population. And here to tell us more about
Speaker 1: them and about the annual Small Business Summit that just
Speaker 1: concluded in Washington, d C. Is Hector Barretto. He's the
Speaker 1: chairman of the Latino Coalition. Mr Barretto, thank you very
Speaker 1: much for being with us. Thanks for having me. Tim
Speaker 1: tell us a little bit about the event, the summit
Speaker 1: event yesterday in Washington. What were some of the takeaways. Well,
Speaker 1: we've just been as one of our most successful conferences
Speaker 1: that we've ever had. We've been in business for twenty
Speaker 1: one years as a Latino coalition, but we had a
Speaker 1: lot of interest and we had a lot of business owners,
Speaker 1: came from all across the United States, and we're really
Speaker 1: tackling a lot of the issues that are on their minds.
Speaker 1: The regulatory environment. They're complaining there's too much of it
Speaker 1: and they need strategies how to navigate that. They're looking
Speaker 1: for different kinds of businesses that they can get into,
Speaker 1: and they're also very interested in technology. How can technology
Speaker 1: allow them to be more efficient and more effective. They
Speaker 1: understand that that's a love or of the playing field.
Speaker 1: So it's a great conference. Three day conference is probably
Speaker 1: one of our most successful ever. And we also had
Speaker 1: a lot of elected officials both sides of the aisle,
Speaker 1: very interested and what's on the minds of Hispanics, especially
Speaker 1: as they go into these fall elections. You know, how
Speaker 1: are those concerns any different from any small business person,
Speaker 1: any entrepreneur in this country. A couple of months ago,
Speaker 1: you had an up in the Wall Street Journal noting
Speaker 1: that the economic engine in America is it still it's
Speaker 1: twenty seven small businesses? You say, the presidential candidates aren't
Speaker 1: tapping into this again, anything different about with Hispanic Hispanic
Speaker 1: entrepreneur needs versus anybody else. You you hit it on
Speaker 1: the top of the show. There's so many new ones.
Speaker 1: There's four million Hispanic businesses in the United States. This
Speaker 1: grows every single year. They're generating six entred sixty billion
Speaker 1: in revenue, and demographers tell us that those numbers could
Speaker 1: double every five years. So you're right, Hispanic businesses don't
Speaker 1: need anything different than any other businesses. They need what
Speaker 1: I call the seas. They need capital, they need capacity,
Speaker 1: which is really technical assistance, and they need contracts with
Speaker 1: the federal government and also Corporate America. And that's who
Speaker 1: we were talking to over these three days when we
Speaker 1: were in Washington, Mr bur I don't wonder if you
Speaker 1: could give us a little bit of detail about the
Speaker 1: Latino Coalition and its stand for example, on online sales taxes.
Speaker 1: I note that you've written about that as well as
Speaker 1: many of the other issues. Well, you know, we have
Speaker 1: a lot of businesses that are now looking at this
Speaker 1: whole area of e commerce and they just want to
Speaker 1: make sure that they have a level playing field. Oftentimes
Speaker 1: they're competing with a lot of larger companies that might uh,
Speaker 1: you know, be selling things not only in their brick
Speaker 1: and mortar but also online. Oftentimes small businesses don't have
Speaker 1: the same kind of resources, the same kind of capacity,
Speaker 1: and so we had folks, for example, from the Direct
Speaker 1: Selling Association that we're there. A lot of activity is
Speaker 1: starting to take place there. You're talking about a multi
Speaker 1: trillion dollar market and it's a way that small businesses
Speaker 1: can also reach customers in different countries, in different localities.
Speaker 1: So that's something that's on their minds as well. But
Speaker 1: at the same time, you know, cost is critically important.
Speaker 1: Big businesses sometimes can absorb additional costs in terms of taxes,
Speaker 1: in terms of regulations, small businesses can dr I have
Speaker 1: to ask you because you were the US Small Business Administrator,
Speaker 1: UM from let's see, from two thousand one to two
Speaker 1: thousand six, you worked under George Bush, George W. Bush,
Speaker 1: former president uh Donald Trump presumptive nominee and all that.
Speaker 1: Are you going to vote for Trump? What do you
Speaker 1: think of him as the next president? Listen, we're doing
Speaker 1: some polling right now, nationwide polling, and we're getting a
Speaker 1: lot of headwinds from a lot of our business owners
Speaker 1: you know, Latino Coalition doesn't indoors. And I haven't made
Speaker 1: a decision yet myself, but neither one of these two
Speaker 1: candidates are talking enough about small business, and as you said,
Speaker 1: we feel that that's the engine of America. But they're
Speaker 1: hitting a lot of head winds right now. So we're
Speaker 1: gonna be paying a lot of attention to that. But
Speaker 1: I will tell you, and I'm just telling you initial
Speaker 1: results of this polling, and we're gonna do the events
Speaker 1: at both conventions, the Republican Convention of Democratic Convention, but
Speaker 1: we're getting eighty percent negative ratings and these are from
Speaker 1: Hispanic Republican voters on Donald Trumps. Eighty percent negatives from
Speaker 1: Hispanic Republican voters on Donald Trump. So obviously he's gonna
Speaker 1: have to moderate his message if he's if he's really
Speaker 1: good a plan on getting a lot of Hispanic support
Speaker 1: the way he says he's going to. What is the
Speaker 1: Latino Coalition's message when it comes to Bill Ackman, the
Speaker 1: head of Pershing Square Capital, Well, we don't deal a
Speaker 1: lot with Bill Ackman, but Herbal Life is one of
Speaker 1: our key sponsors and we and Herbal Life does a
Speaker 1: lot in the Hispanic community has a lot of US
Speaker 1: Panic businesses that are working for him. You know. Uh,
Speaker 1: the actment's attack on Herbal Life is something that we
Speaker 1: don't really get um and so you know, we're we're
Speaker 1: gonna be monitoring that situation. I think that's died down
Speaker 1: a little bit. But Herbal Life is one of our
Speaker 1: key sponsors. Were glad to work with them. They participated
Speaker 1: in this conference, and as I said, I think that
Speaker 1: they're providing a lot of opportunities for a lot of
Speaker 1: Hispanics in the United States. Well, let us know when
Speaker 1: you got the results of the poll ready, we will.
Speaker 1: We're gonna be releasing that right before the conventions. And
Speaker 1: we have a new app that the Latino Coalition. You
Speaker 1: can get more information at the Latino Coalition dot com
Speaker 1: and people will be able to get the polling results
Speaker 1: directly off of this app. Sounds great. Actor Bretto, thank
Speaker 1: you so very much. He's chairman of the Latino Coalition,
Speaker 1: former US Small Business Administrator. He says, no candidate is
Speaker 1: addressing the needs of Hispanic entrepreneurs in particular, or entrepreneurs
Speaker 1: in general. Enough. This is taking stock on blueboard radio.
Speaker 1: Coming upon taking stock, what do you do with your
Speaker 1: money and if you lean it to the government for
Speaker 1: ten years, you'll get one point five seven percent. That's
Speaker 1: the question we'll put to Jonathan Golub, chief equity strategist
Speaker 1: RBC