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Speaker 1: This is Bloomberg surveillance. You can't take fiscal policy out

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Speaker 1: of the political process. It is the political process, and

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Speaker 1: essentially it's gridlocked in most countries. The massive flows out

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Speaker 1: irrational pricing at the stock level than we've seen it

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Speaker 1: sometimes at the end of the oil age in the

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Speaker 1: twenty four century to the twentieth century, with the age

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Speaker 1: of oil will be the age of electricity. Bloomberg Surveillance

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Speaker 1: your link to the world of economics, finance, and investment

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Speaker 1: on Bloomberg Radio in this hour. The state of Major

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Speaker 1: League Baseball always start with the Boston Red Sox Sam

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Speaker 1: Kennedy joining us. Good morning, Bloomberg twelve, Boston and all

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Speaker 1: across this nation. Sam Kennedy, with his decades in baseball,

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Speaker 1: will join us here in a moment. Also, the state

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Speaker 1: of Valiant. Bill Ackman will join the board and they

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Speaker 1: will replace their chief executive officer those headlines out moments ago.

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Speaker 1: David Wilson will touch on that in a moment. Cynthia

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Speaker 1: Coon's scheduled to be with us in this hour. We'll

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Speaker 1: see if she can do that with a certain is

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Speaker 1: a Valiant conference call as Uh, well, we say good

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Speaker 1: morning to all of you. Quickly. Now the four X

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Speaker 1: report this morning looking at a quieter foreign exchange market.

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Speaker 1: The four X brief brought you by Interactive Broker's winner

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Speaker 1: of f X Week's two thousand and fifteen award for

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Speaker 1: ib k r dot com Slash four x churn to

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Speaker 1: the market dollar fractionally stronger Yan one eleven sixty five,

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Speaker 1: Euro one sixty five and just because the new slow

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Speaker 1: I'll keep it um at that, David. This is the

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Speaker 1: drama that you end up seeing where there's a lot

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Speaker 1: of accounting headlines coming out. I mean the headline is

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Speaker 1: Mr Ackman will join the board of Valiant. But at

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Speaker 1: the same time, this is a lot to do with

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Speaker 1: corporate procedure. Oh, absolutely, and chief executive Michael Pearson stepping down.

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Speaker 1: He'll stay until they come up with a successor for him. Uh.

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Speaker 1: Valiant asking their chief financial officer, their former chief financial officer,

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Speaker 1: to tender his resignation, UH, saying the company found misstatements

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Speaker 1: the dreaded headline, David, material weakness that you see what

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Speaker 1: you don't want to Absolutely not, They're saying that there

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Speaker 1: was improper conduct by that former CFO as well as

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Speaker 1: the corporate controller uh And on top of that, even

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Speaker 1: before all this news came out on Valiant, the drug

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Speaker 1: makers shares were cut to the equivalent of self from

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Speaker 1: hold at Mizuho. And they're saying the stock may fall

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Speaker 1: to eighteen dollars during the next twelve months. And that's

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Speaker 1: the lowest estimate of eighteen animals right and in an

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Speaker 1: end of the waking about twenty seven dollars. So you're

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Speaker 1: talking about stock falling from a you know, from there,

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Speaker 1: I mean, which would be a decline thirty three percent.

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Speaker 1: And that's on top of the eight percent plus drop.

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Speaker 1: This it's um merger Monday, tom no question. You've got

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Speaker 1: Starwars Hotels and Resorts up more than five percent. The

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Speaker 1: hotel owner accepted a higher takeover offer from Marriott International

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Speaker 1: their cashing stock proposal, now valued at thirteen point six

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Speaker 1: billion dollars. Marriott raised its offering after Starwood received a

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Speaker 1: competing proposal last week from a group led by China's

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Speaker 1: On Bank Insurance. You've got val Spar up twenty five

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Speaker 1: and a half percent. The paintmaker agreed with takeover by

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Speaker 1: Sherwin Williams for nine point three billion dollars in cash.

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Speaker 1: The deal will create the world's biggest producer of codings

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Speaker 1: and expands Sherwin Williams overseas sales. You've got I h

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Speaker 1: S up two and a half percent. The business research

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Speaker 1: company agreed to buy financial data provider Market for five

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Speaker 1: and a half billion dollars. And I should point out

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Speaker 1: Bloomberg LPA, the parent of Bloomberg Radio, competes with i

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Speaker 1: h S N Market and providing data to the financial

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Speaker 1: services industry. Financier Wilbur Ross is in on the merger. Monday.

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Speaker 1: He has this blank check company called w L Ross

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Speaker 1: Holding ticker w l R h uh. They agreed to

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Speaker 1: buy plastics maker Nexto Solutions for one point seven billion

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Speaker 1: dollars now next Year is owned by the private equity

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Speaker 1: firm TPG, which will keep a thirty five percent stake

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Speaker 1: after the deal is done. Also some adverse development deals

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Speaker 1: to Haliburton's down half a percent. The European Union installed

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Speaker 1: the Oil services Companies proposed twenty six billion dollar takeover

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Speaker 1: Baker Hughes for the third time, and Active Metrics is

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Speaker 1: down almost nine The maker genetic testing equipment, rejected a

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Speaker 1: proposed takeover by a group of former employees that that

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Speaker 1: offer VAT at one and a half billion dollars afrom

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Speaker 1: Metrics reaffirming an earlier deal with Thermo Fisher Scientific. David Wilson,

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Speaker 1: thank you so much, and now for those of you

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Speaker 1: that need uh some confidence moving forward. He is senior

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Speaker 1: vice president Confidence and now being promoted to President of

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Speaker 1: Confidence of the Boston Red Sox Baseball Club. Our annual

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Speaker 1: discussion with Sam Kennedy. Sam, good morning, Good morning, and

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Speaker 1: great to be with you. Boy. A lot more happening

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Speaker 1: in the market than in spring training baseball, I can

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Speaker 1: tell you that much. When we come down and just

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Speaker 1: sit in the sun and you know all this stuff.

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Speaker 1: Let me get the baseball out of the way. Because

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Speaker 1: there's so much going across Major League baseball. What do

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Speaker 1: you do about a third base conundrum with the Red Sox.

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Speaker 1: You've got two legitimate talents going at it at third base.

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Speaker 1: I know you don't intrude in that, but how do

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Speaker 1: you observe it? Is good baseball? People try to make

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Speaker 1: tough decisions in a certain position. Yeah, this is a

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Speaker 1: really tough decision, and I think We'll be guided at

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Speaker 1: the end of the day by fielding the team that

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Speaker 1: gives us the best chance to win baseball games with

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Speaker 1: the competitive balance we have in the American League. In

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Speaker 1: the American League E specifically, we need to win case

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Speaker 1: early and often and in April. So I think we'll

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Speaker 1: break camp with the twenty guys that are going to

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Speaker 1: give us the best chance to win. In that third

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Speaker 1: base battle that you point out with respective popostan of

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Speaker 1: All and Travis Shaw, it's been fascinating to watch, Uh,

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Speaker 1: these guys go at it for for the starting job,

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Speaker 1: and I think everyone wants to go into camp with

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Speaker 1: the with the notion that they have a chance to

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Speaker 1: emerge with a job. So it has been a battle

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Speaker 1: and we'll watch it's been it's been fun to watch,

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Speaker 1: fun to watch the emergency Travis and Mike. I might

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Speaker 1: point out that it's great to see people go at

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Speaker 1: this with such class act. There's not a lot of

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Speaker 1: whining going on, unlike a team in in the Bronx

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Speaker 1: a few years ago. Just you know, full disclosure, there's

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Speaker 1: a lot of whining that goes on in this radio booth.

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Speaker 1: Because Tom a life's along Red Sox fan generally gives

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Speaker 1: up on the team around the first of April, So

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Speaker 1: can you give us a reason for him to be

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Speaker 1: hopeful this year? Yeah, well, I think there's a lot

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Speaker 1: of reasons to be hopeful. First and foremost, we brought

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Speaker 1: in David and Browsky last summer or thirty seven year

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Speaker 1: veteran the baseball operations, and he's just done a terrific

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Speaker 1: job of addressing the needs, and that was really on

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Speaker 1: the pitching side of the ball. We we signed David Price,

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Speaker 1: as everybody knows, to a long term contract to solidify

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Speaker 1: the top of the rotation, and we got one of

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Speaker 1: the more pre eminent closers in all baseball, Craig Kimbroll.

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Speaker 1: We had need for fort alfielder. We've got Chris Young

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Speaker 1: who had played down there in the Dreaded Evil Empire.

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Speaker 1: And then we made a great deal with the Seattle Mariners,

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Speaker 1: which I think wasn't win win for both sides, getting

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Speaker 1: Carson Smith, who will be a great help to our

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Speaker 1: our bullpen rna Elia. So if there's a lot of

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Speaker 1: holes were a dress that said. We talk a lot

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Speaker 1: about not winning the off season. We want to win

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Speaker 1: during the regular season, but we're also a good start.

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Speaker 1: Let me let me ask you this for people like Tom.

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Speaker 1: Have you noticed that Tom grew up rooting for the

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Speaker 1: Red Sox. Red Sox lost every year two thousand four,

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Speaker 1: you win, and you win a couple more. Has has

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Speaker 1: the attitude changed? I mean in the Bronx, it's always

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Speaker 1: if you don't win the World Series? Uh, it's a

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Speaker 1: big failure. Do people in Boston still think it a

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Speaker 1: miracle when you win? Yeah, it's a great question. Uh

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Speaker 1: And and the success of the other sports teams has

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Speaker 1: addedude it to think about what the Patriots are done,

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Speaker 1: and the Bruins and the Celtics and the Red Sox

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Speaker 1: over the last fifteen years has been so many championships.

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Speaker 1: So yes, the expectations have been elevated each and every year.

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Speaker 1: Our fan base hopes, and as do we, that will

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Speaker 1: between baseball in October. Uh And I remember I grew

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Speaker 1: up here as well, and we didn't have those types

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Speaker 1: of expectations. We uh we we thought maybe we were indeed,

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Speaker 1: curse it turns out we weren't. And back in two

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Speaker 1: thousand and four we got it done and followed up

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Speaker 1: for a few more championships. But it's fueled the market's

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Speaker 1: passion for baseball and passion for for more World Sears championships,

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Speaker 1: and obviously that's the goal this year. Sam tell us

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Speaker 1: about the state of your sport. I mean, I think

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Speaker 1: it's wonderful that you came out of Brookline, Massachusetts. Your father,

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Speaker 1: uh served with the New Episcopal Church for decades and

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Speaker 1: still does and and Sam, I just just interested about you.

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Speaker 1: Look at the business of sports. The size, the scope

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Speaker 1: of scale of baseball. Are all the vectors up right now?

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Speaker 1: It's uh, it's really an interesting time in our game.

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Speaker 1: I think Commissioner Rob Manfred has done an outstanding job

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Speaker 1: in his first a couple of years in office. He's

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Speaker 1: identified one of our real issues, and that's connecting the

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Speaker 1: game with kids. You have to connect baseball with that

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Speaker 1: next generation of fans or we'll lose them. And how

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Speaker 1: do we do that? Well, you mentioned my father was

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Speaker 1: an Episcopal clergyman. I grew up a mile from Fenway Park.

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Speaker 1: He couldn't afford tickets, of course, on a minister's salary,

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Speaker 1: but we were given he was killing a clergy pass

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Speaker 1: which allowed us to go and stand inside a Fenway

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Speaker 1: Park for certain games for two dollars. So We've come

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Speaker 1: up with a nine dollar student ticket. We brought back

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Speaker 1: the clergy pass program. We have to get people into

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Speaker 1: the ballpark. Young people need to experience the magic of Fenway.

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Speaker 1: That's how you fall in level. This is We're going

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Speaker 1: to come back and continue this discussion with Mr Kennedy

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Speaker 1: also getting the Valiant information as well. But Mike, I

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Speaker 1: can't convey enough how this is so aociated kids are

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Speaker 1: with baseball and to me, Michael McKee, we can come

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Speaker 1: back and talk to Mr Kennedy about this. It starts

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Speaker 1: with World Series games with the first pitch is what

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Speaker 1: nine o'clock, eight fifty at night, and they all star

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Speaker 1: getting nine o'clock because well, the thing about baseball is

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Speaker 1: it's always been connected generation to generation, and and the

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Speaker 1: is Sam Kennedy's got the courage to mention it's a

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Speaker 1: fragile right now. We're gonna come back and talk to

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Speaker 1: Sam Kennedy right now on Valiant. Cynthia Coons will join

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Speaker 1: us here in moments and then we'll have her for

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Speaker 1: an extended block at the end of uh this hour.

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Speaker 1: Cynthia Coon's on Valiant. It's real simple. The CEO will

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Speaker 1: leave after a new CEO it's coming. Bill Ackman will

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Speaker 1: join the board of Troubled Valiant Futures and Negative two

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Speaker 1: time now at checking with Michael Barr for the latest

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Speaker 1: world in national headlines. Michael, Mike Tom, thank you very much.

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Speaker 1: President Barack Obama is beginning a second day of his

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Speaker 1: his story trip to Cuba. He is the first sitting

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Speaker 1: US president in almost ninety years to visit the island.

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Speaker 1: Today the President will sit down with the Cuba's President,

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Speaker 1: Raoul Castro. Tomorrow, President Obama will speak to the Cuban

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Speaker 1: people and meet with Cuban dissidents. North Korea is continuing

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Speaker 1: its weapons launch. It is apparently carrying them out in

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Speaker 1: response to South Korea's US military drills. Soul officials say

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Speaker 1: the North fired five short range projectiles into the sea today.

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Speaker 1: Russia says it might use force to cease fire violators

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Speaker 1: in Syria if the US refuses to coordinate rules of

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Speaker 1: engagement against the violators. The Russian military accused the US

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Speaker 1: of dragging its feet on responding the Moscow's proposals on

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Speaker 1: joint monitoring of the Syrian cease fire. Global News twenty

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