Interview: Adobe
>> in asia, investors wait for numbers on the nation’s trade surplus. we have a preview.
>> japanese exports probably slowed for a second month because demand for the nation’s flat-panel displays, computer chips and cars cooled. imports probably rose after rising oil prices lifted costs. that gain, combined with slowing exports, may mean japan’s trade surplus narrowed. economists surveyed by bloomberg expected surplus change to $9 billion last month. the philippines releases trade figures on tuesday. two of japan’s automakers gives sales forecasts this week. honda updates investors on monday followed by toyota on tuesday. the companies are taking market share from ford in the u.s. after introducing new models. china is the world’s number two oil consumer and reports oil import figures tuesday. new zealand reveals third-quarter current account figures tuesday followed by third-quarter gross domestic product wednesday. economic growth will probably slow in new zealand. on thursday, expect consumer prices from hong kong and singapore. japan’s markets are closed that day for the emporer’s birthday. those are the stories we’ll be following in the coming week in the asia-pacific region.
>> bloomberg’s gene otani in tokyo. now we go to europe for a preview of the week ahead there. mark barton from london.
>> starting with corporate news, travel group returns to the high court to have its 800 million pound debt restructuring scheme finalizing. the u.k.ytow operator which bought businesses before september 11, 2001, has shed businesses, cut jobs and overhauled debt after losing almost a billion pounds. last month, it disclosed its financial position was too weak to satisfy the ungr u.k. industry regulator and the company is in a legal battle with bondholders. the u.k. provider of software to the world’s largest bank, missies―misys, saying they have continued to rein in technology budgets, hurting companies like misys. they were also hurt in the past three years by lower demand from financial services. turning to economic matters, in the u.k., releases a slew of data, including money supply and mortgage lending figures, according to hbos, u.k. house prices declined in november for the third month in four and are likely to fall next year for the first time in a decade. house prices have more than doubled in the last five years, fueling economic growth and gating - allowing gordon brown to preside over the longest run of expansion. consumer price and wage inflation data led some economists to rethink their views on the next direction in the u.k. rate.
>> it doesn’t look like broadband―bankruptcy will save yukos. a u.s. judge issued a restraining order to stop the sale for 10 business days. the ruling blocks banks and bidders from participating in the auction. russian officials the auction will still take place on sunday. yukos had filed for bankruptcy protection earlier this week, hoping to prevent the sale. baker hughes says the u.s. sec securities and exchange commission has asked the company about its participation in the united nations oil-for-food program. the company is in the process of responding it said in a regulatory filing. the oil-for-food program has been marred by alleged fraud, kickbacks and diversion of more than $17 billion by deposed iraqi dictator saddam hussein. baker hughes says last month it received a subpoena from a federal grand jury in new york related to sales of equipment to iraq from 1995 through 2003. coming up on this week’s “money & sports,” the national football league. will espn and abc extend broadcast agreements with the league? mike buteau will join us.
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Listen Interview: NYSE & Nasdaq
>> welcome back to “world financial report,” i’m michael mckee. recapping the day on wall street, a down day for the major indexes. dow jones industrials finishing lower 56 points, s&p 500 nine lower and nasdaq down by 11. after 18 years in the senate and 10 years as the democratic leader, tom daschle spent his last day on capitol hill. he was defeated for re-election in november after a highly partisan race by republican john thune. i spoke with mr. daschle among moving boxes at his office in the capitol and we discussed major issues facing the next congress, such as tort reform and campaign finance reform, as well as a discussion about his career plans.
>> there is no doubt that this administration and both the republicans in the house and senate will push tort reform in many different iterations in the month ahead. i don’t know how it will turn out. it depends on their willingness to compromise.
>> campaign reform, 527, something you have a lot of experience with after this last year.
>> i think 527’s play a role. i’ve always felt that campaign finance will always take new forms but there is almost no way to limit the amount of money that is spent in campaigns without a constitutional amendment. it’s right of free speech as interpreted by the supreme court and that will have to be addressed at some point. but 527’s are only the latest iteration. you can close them down but there would be another way with which money could enter the system and we have to anticipate that.
>> the president’s domestic agenda going into the next term, particularly making his tax cuts permanent, reforming social security and overhauling the tax code―any of those have a chance?
>> oh, i think they all do. i don’t know the degree to which democrats are going to be in a position to fight some of these things if they go too far. the deficit is so large, the debt is growing by leaps and bounds. we’re more and more indebted to foreign countries as we finance that debt so to make the tax cuts permanent, which is about a trillion dollars in additional governmental costs, is something i think we have to be very wary about. same with privatization. not only am i concerned about the benefit, i’m concerned about the tremendous fiscal impact this could happen, $1 to $2 trillion in costs to the federal government. we have to be very concerned. there are ways to solve the issues involving social security% -but i think it will take consensus.
>> before i let you go, your plans. i know you haven’t decided on what you’re going to do, but you have said you might be interested in the financial services industry. what would you like to do there?
>> i’ve always been fascinated by the investment world, the financial services industry in particular in this country because it’s been really one of the giants of international community. and i’ve had the good fortune of serving on the finance committee as i have these many years to work with a lot of the private investment houses and i would enjoy very much, i think, having the chance to work on the investment side of the business.
>> i also asked senator daschle about any regrets he might have had during his tenure in congress and what he has to say to those americans who are disillusioned by politics.
>> in retrospect, do you regret not running for president?
>> i have no regrets. i feel life has been good and i’ve had the benefit of a tremendous opportunity in public life and so i don’t look back with any regrets whatsoever.
>> some people come up here and stay their whole lives, some people stay a term and leave. do you think now that you’ve had a chance to reflect that 18 years is enough?
>> absolutely. i’m not―i have no regrets about leaving. my regrets are only involving my relationships with my colleagues, my friends. but i expect those relationships to continue, just a different iteration but i’m looking forward to life ahead and the challenges life will present.
>> i assume―you have a house in south dakota, your wife has an important job here. are you planning to stay in the washington area?
>> we’ll probably go back and forth. i wouldn’t be surprised if i find myself in new york a little bit more. but south dakota will always be our home. we’ll have a home here, as well. our children and grandchildren, besides my wife’s position, will keep us here.
>> let me ask you one last question, a lot of people feel you can’t really expect much out of congress because special interests, special interest money purchases everything. what would you say to americans now that you’re leaving about that, people who are disillusioned by what they see up here?
>> i think that democracy has a lot of flaws and this republican, in particular, reflects those flaws in various ways. but it’s still the best system of governance we’ve ever developed and the only way it can be improved is if people participate. i was encouraged by the level of participation this year. but involvement, participation, not delegating the responsibility of governance to others, that’s the only panacea to whatever ills we may see in the system today.
>> senator tom daschle, outgoing minority leader. currency and fixed income markets have closed for the week. checking on how they finished, the 10-year note down about 1/8. stay with us on “world financial report.” we’ll have much more ahead. we’ll look at what’s going on in europe and asia in the coming week.
