Transcript: Nightly Business Report – September 8, 2015

NBR-ThumANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and
Sue Herera.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Not worried. Why Warren
Buffett, arguably the most influential investor of our time, isn`t bothered
by this volatile market which saw another monster move today.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Recess is over.
Congress is back in session with a jam-packed agenda and not much time to
get it all done.

HERERA: Under stress. What Europe`s migrant crisis may mean for that
region`s fragile economies

All that and more tonight on NIGHTLY BUSINESS REPORT for Tuesday,
September 8th.

MATHISEN: And good evening, everyone, and welcome. And welcome back
if you`ve been on vacation.

Is it just me or does this market need a Xanax? Volatility and its
sidekick anxiety are gripping the stock market and today was no different.
As equities staged a sharp and decisive comeback.

The Dow Jones Industrial Average rose 390 points to 16,492, NASDAQ
gained 128, and S&P 500 was up 48. For the blue chip Dow index, it`s the
12th triple digit move in the last 14 trading days since August 19th.
There have been only two sessions with moves up or down less than 100
points.

It`s all of those big wild white knuckled market swings that have put
many investors on edge, but not all of them. The most respected and most
influential investor of our time, Warren Buffett, isn`t worried about this
market.

That`s what he said today to Becky Quick who spoke to him in New York
City and he explained why up days are nice but down days are better,
because he gets to buy what he likes at a cheaper price.

(BEGIN VIDEO CLIP)

WARREN BUFFETT, BERKSHIRE HATHAWAY CHAIRMAN & CEO: I`m no good on
what`s going on in markets. I have no idea what will happen tomorrow or
next week and sometimes they get very volatile like this and sometimes they
put you to sleep. But the important thing is where they are going to be in
five or ten years and I`m confident they will be considerably higher in 10
years, and I really have no idea where they will be in ten days or ten
months.

If we`re buying a stock, we usually try to give a given percentage of
the volume that trades that day. The same way for selling, although we
don`t sell very often. So, down days I like because we buy them cheaper
and we don`t try to really figure out what`s going on in markets. I`ve
never been any good at it.

BECKY QUICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: We also got a
chance to talk to Buffett about what he thinks when it comes to the
economy, and we have some very strong economic numbers lately, like that
last jobs report or the number of auto sales that have been happening on a
monthly basis.

However, Buffett looks at this differently. He thinks that what`s
really happening right now is economic growth of 2 to 2.5 percent, kind of
slogging through like what we`ve been doing the last five or six years.
However, he says those most economic reports will make it much more
difficult for the Fed when they meet next week to decide whether to raise
rates.

BUFFETT: In economics, you can never just do one thing. There`s
always, and then what. And I think the “and then what” of moving rates of
substantially while Europe is trying to keep them very low could have
consequences down the line.

QUICK: Of course, one of the most likely negative consequences for
the United States would be that if the U.S. Fed raises rates while other
central banks are keeping rates low, that would mean that the dollar would
strengthen and that`s bad news for American exporters.

For NIGHTLY BUSINESS REPORT, I`m Becky Quick in New York.

(END VIDEOTAPE)

MATHISEN: Mr. Buffett also told Becky that he purchased more shares
of IBM in the third quarter but didn`t specify the size of the investment.
On Bank of America (NYSE:BAC), Buffett reiterated his support for the CEO
there, Brian Moynihan, saying he opposes a split of the CEO and chairman
titles.

HERERA: As we heard, Mr. Buffett also talked about the Federal
Reserve, and today, the World Bank said the U.S. Central Bank should not
raise interest rates until the global economy stabilizes. In an interview
with Financial Times, that organization`s chief economist said the Fed
risks triggering, quote, “panic and turmoil,” end quote, in emerging
markets if it opts to hike interest rates at its next meeting next week.

Well, with today`s move higher, is it possible that worst of the
selling is behind us?

Joining us, veteran financial journalist and good friend and author,
Ron Insana.

Good to see you, Ron. Thanks for coming in.

RON INSANA, VETERAN FINANCIAL JOURNALIST: Thanks for having me.

HERERA: You make the point in this article that this market is
oversold for several reasons. Mr. Buffett talked a little bit about the
Fed and you talked about the Fed as well in your article.

INSANA: Yes. So, you know, I think the Fed may very well delay a
rate hike beyond September just because of the turbulence we`ve seen in
China and emerging markets broadly speaking, even in Europe.

Having said that, you know, I still think that what happened in the
last several weeks in the stock market here in the U.S. is a correction and
nothing more. It`s usually every 18 months. It`s been 46 months or so
since we`ve had one, and we`ve had some pretty violent down moves. We`ve
retested the lows, and today`s move to the upside looked fairly decisive.
It looked pretty impressive actually.

MATHISEN: You`re not sounding the all-clear button by a long stretch
but you do say that you think the worst is over. Why?

INSANA: Certainly, I think that a thousand point downdraft that we
had a week ago Monday, or two weeks ago, actually, was the bottom, you
know, in terms of price and maybe even momentum.

And, look, you know, the economy in the U.S. relative to the rest of
the world is actually doing pretty well. I`m not so sure that the rest of
the world could afford a bear market, whether it`s China, which is already
in one, Hong Kong, Japan has wiped out all its gains for 2015 and in India,
their major averages down 17 percent from its all-time high.

So, other markets I think have more trouble. And I agree that if the
Fed were to raise rates, it`s going to exacerbate some of those problems.
We`ve seen manifest themselves around the world. The U.S. could probably
handle a quarter-point hike. It would probably be best to wait though
until some of these problems die down.

HERERA: You made two observations based on your long-time mentor in
the markets, Stan Druckenmiller, that bailouts are bullish.

INSANA: Yes.

HERERA: So, we`ve had that.

INSANA: And they`ve had more.

HERERA: And they`ve had more. Exactly.

And there are only two causes for bear markets: rising interest rates
and wars. And that`s where you made the point that the bond market has
kind of factored in the eventual rate hike by the Fed.

INSANA: Yes. And typically, it`s a rate hike cycle that triggers a
bear market. In other words, the Fed usually raises three or more times.
They raise substantially off whatever the recent low was.

And it doesn`t seem like that is going to be the case here. We may
have a case of one and done. If the Fed, if they do move this month or in
December, they may move and wait for a long period before they even try to
raise rates again so they can factor in the market`s response, the economic
response, the global response to the first move off zero.

And as Stan Druckenmiller told me, he knows the uncertainty leading up
to war, but also can create a bear markets in stocks, that`s certainly not
an environment we`re in, even though there are more than enough hot spots
around the world.

MATHISEN: Of all the — let`s call them developed markets in the
world, and I would include China as a developed market, it`s certainly
developed, which is — which are the one or two that you like the best
today?

INSANA: The U.S. and Europe. I mean, I think when you really look at
things, I mean, where you see the most economic stability and where you see
improvement in Europe, where you see the most political stability certainly
here in the United States, where you see the rules of the game relatively
well known compared to Russia or China or some of the other big markets,
the U.S. is still the best game in town.

I don`t even think it`s the best house in the best neighborhood. I
just think it`s a really good house. And you have corrections. You have
pullbacks. There are no ingredients for a bear market. No ingredients for
recession.

So, if you`ve been bottom picking during this period of volatility,
you`ve made some money.

HERERA: Excellent. Excellent place to leave it.

Thanks, Ron.

INSANA: Good to see you both. Thank you.

HERERA: Good to see you, Ron Insana.

MATHISEN: Good to see you.

China`s slowing economy has been one of the major concerns for the
market in recent weeks, and now, there may be more reasons to worry. The
Organization for Economic Cooperation and Development said China`s economy
will continue to slow and it`s not just China but also the U.S. and U.K.
that are vulnerable.

The research body says if the slow down deepens, it will spell another
disappointing year for the global economy.

HERERA: And the latest sign that China`s economy is slowing came
overnight when a report on exports and imports showed a contraction last
month. Imports tumbled more than 13 percent from a year earlier, much more
than expected. That weak data fueled bets that the government might
implement further stimulus measures to support that country`s economy,
contributing in part to today`s optimism.

MATHISEN: And picking up on what Ron Insana just said, it was the
opposite story over in Germany, Europe`s largest economy which saw imports
and exports rose to record levels in July. The head of the German trade
association is reported to have said that Germany will set another export
record this year despite concerns over China, which is its fourth biggest
export market in 2014.

HERERA: Meantime, Germany finds itself in the middle of Europe`s
migrant crisis. A German official said the country can sustain up to
500,000 or more new asylum seekers every year. This as thousands of people
make their way from the war-torn Middle East in what has become the biggest
migration wave since World War II. Other countries have also said that
they will open their borders.

And as Hadley Gamble reports from London, Europe`s fragile economies
are bracing for the influx.

(BEGIN VIDEOTAPE)

HADLEY GAMBLE, NIGHTLY BUSINESS REPORT CORRESPONDENT: It`s a crisis
unlike any Europe has seen since the Second World War — a security
logistics and economic nightmare and watershed moment for European leaders
as pictures like these dominate headlines across the continent.

Hundreds of thousands of migrants making a perilous journey, but the
big question here in Europe, what kind of reception should they receive?

A major shift in public opinion has forced the leaders of France,
Germany and even the U.K. to say there is more room.

But the sheer numbers have already prompted a major backlash. And
when it comes to setting quotas, even those in Brussels may not be prepared
to meet the challenge.

An earlier plan floated by the European Union`s president suggesting
refugees be divvied up by country with wealthier nations bearing the brunt
provokes public outcry, even within Europe`s wealthiest nation. Germany
has said it plans to absorb as many as 800,000 people this year, but
caution that it doesn`t have the resources to continue at that level.

France and U.K. have announced that they are prepared to take in
thousands of refugees as well, but want to distinguish, they say between
those who truly deserve asylum and those seeking merely material gain.

DAVID CAMERON, BRITISH PRIME MINISTER: Given the scale of the crisis
and the suffering of the Syrian people, it is right that we should do much
more. So, Mr. Speaker, we are proposing that Britain should resettle up to
20,000 refugees over the rest of this parliament. In doing so, we`ll
continue to show the world that this — that the country is a country of
extraordinary compassion.

GAMBLE: The compassion does have a price tag. Europe`s largest
economy, Germany, plans to spend $6.6 billion on refugees by the end of
2015. But even as the continent`s fragile economies brace themselves for
the influx, it`s the political fallout that could pose the greatest danger
to Europe and its leaders over the long term.

NIGEL FARAGE: We should not allow our compassion to threaten our
civilization. There is a real problem here. What means do we have? What
possible means do we have of security checking anybody?

So, I`m absolutely certain that the E.U.`s got this wrong and the
reason people are drowning is because they are being told, please come.
And longer term the biggest argument that will develop from this is about
security.

GAMBLE: But for now, with so many of Syria`s refugees already
enjoying European-style hospitality, there is yet no plans to deal with the
millions more on Europe`s doorstep.

For NIGHTLY BUSINESS REPORT, I`m Hadley Gamble.

(END VIDEOTAPE)

MATHISEN: Still ahead, will Apple (NASDAQ:AAPL) be able to jump-start
slowing sales of its iPad during a big marketing unveil tomorrow?

(MUSIC)

MATHISEN: Congress is back from summer recess today and it has a lot
on its plate but only a few weeks to work out major issues, including how
to fund the federal government in the new fiscal year and whether it will
approve the Iran nuclear deal that Republicans oppose.

Andrew Friedman is principal at the Washington Update and he joins us
now to discuss these items and other important deadlines on congress`
agenda.

Andy, great to have you back with us.

ANDREW FRIEDMAN, WASHINGTON UPDATE: Thanks, Tyler.

MATHISEN: Let`s start with the end of the fiscal year on September
30th, the beginning of the new one. Where do we stand on that and could
that possibly lead us to another stalemate that eventuates in the
government shutting down if only for a few days.

FRIEDMAN: I think that`s the risk, Tyler. As you point out, Congress
has to fund the government, appropriate money to run the government by
September 30th. If they don`t on October 1st, the government shuts down.
You remember that happened a couple of years ago.

And there are some fights brewing. It`s no secret here. The
Republicans are talking about defunding Planned Parenthood. There`s also
talk about whether we should spend more or lesson on social programs than
we have in the past. Republicans and Democrats differ on that.

And those are the kind of arguments that could bear some sort of
concern along the way. So, I think, you know, we have to be vigilant about
that.

HERERA: Yes, and the markets are watching it extremely closely,
Andrew.

So, if you are a betting man, put a percentage on it in terms of
whether or not we`ll reach a deal or not.

FRIEDMAN: Well, I mean, I refer to this as the narrow, deep hole. I
think the risk of it is happening is less than 50 percent. But if it
happens, then we have a real problem because the government shuts down.
And if I can just elaborate on that a little bit, this happened a couple of
years ago, you`ll remember, over funding the Affordable Care Act.

Right after the government shut down, the U.S. government ran out of
money and had to borrow more money and that meant Congress had to raise the
debt ceiling or we would have defaulted on the debt, which nobody wants.
And, of course, in order to avoid that, they reopened the government in the
process.

This year, the estimates are we won`t run out of money until November
or December. So, if it does shut down, what reopens it?

MATHISEN: What about that debt ceiling? They`ll have to reauthorize
it, expand the debt ceiling at that point, and that has been a trigger
point in the past.

FRIEDMAN: That`s absolutely right. I mean, that`s kind of the bottom
line. You know, will the Republicans get to the point that we`re risking
defaulting on our debt.

Now, again, I don`t want to scare any listeners. We`re not going to
default on the debt. Nobody is going to let that happen.

But that`s the ultimate deadline. What happens in the meantime? How
much carnage do we have to worry about?

HERERA: Very quickly. The Iran nuclear agreement, is that going to
be — you know, it`s a contentious point certainly on Capitol Hill for
members of both parties, but how do you think that is going to proceed?

FRIEDMAN: Well, I think the greatest concern about the Iran agreement
is not so much the agreement itself and the voting on it because I think
the Congress is not going to have the votes to knock it down. The concern
is it is taking valuable time away from dealing with this issue of funding
the government. Between that and the Jewish holidays and other issues,
Congress isn`t around that much.

HERERA: All right. Andrew, thank you so much.

FRIEDMAN: Thank you.

HERERA: Andrew Friedman with a Washington update.

Ty?

MATHISEN: Well, Sue, we begin “Market Focus” tonight with an
executive shake-up at United Airlines.

The carrier has announced that its president and CEO Jeff Smisek, as
well as two other executives, are stepping down. The company has named
Oscar Munoz as its new chief. According to United, the departures are
related to a company probe in connection with a federal investigation.
Shares tumbled after the close before coming back just a bit. During the
regular session, the stock was up about 1.5 percent to $57.51.

An update now on the General Electric (NYSE:GE)/Alstom deal. GE did
get the OK from Europe`s antitrust authority today to let its purchase of
Alstom`s power unit go ahead. This after GE pledged to sell gas turbine
assets to an Italian rival to ease antitrust concerns. The stock was up 4
percent to $24.96.

Macy`s and Best Buy (NYSE:BBY) are teaming up. The electronics chain
will open outlets in ten Macy`s stores starting in November to test a
partnership. The stores will be staffed by Best Buy (NYSE:BBY) and will
offer items like Samsung smartphones and tablets. Macy`s was more than 1
percent higher today to $59.17. Best Buy (NYSE:BBY) up about 3 percent to
$37.70.

HERERA: And continuing with the deal theme, Teco Energy saw its
shares jump as investors got a chance to react to news that it will be
purchased by Emera. The move will increase the Canadian utility company`s
utility assets and give it a larger presence here in the U.S. Shares
surged 25 percent to $26.34.

Mylan (NASDAQ:MYL) says it will take its hostile takeover for Perrigo
(NASDAQ:PRGO) directly to the company`s shareholders. This as Perrigo
(NASDAQ:PRGO) has turned down several offers, including its latest $27
billion bid. Mylan (NASDAQ:MYL) was more than 1 percent higher to $48.72.
Perrigo (NASDAQ:PRGO) rose 1 percent to $180.65.

Yahoo (NASDAQ:YHOO) receiving an unfavorable ruling by the Internal
Revenue Service. The company`s request for a tax-free spinoff of its
shares of Alibaba was denied. Yahoo (NASDAQ:YHOO) said in January that it
would spin-off nearly 400 million shares of Alibaba into a new entity.
Shares fell on the news in after-hours trading. During the regular
session, the stock fell 2 percent to $30.90.

MATHISEN: More consolidation to tell you about in the media biz.
Media General (NYSE:MEG) will buy Meredith (NYSE:MDP) Corp in a deal worth
$2.5 billion. That will create the third largest local station
owner/broadcaster in the country. Shares of Meredith (NYSE:MDP) popped
while Media General (NYSE:MEG) tumbled. It`s just one example of a media
industry that is in flux with the rise of streaming video pushing big
brands to offer more options and traditional player to retrench and team
up.

Julia Boorstin has more on the changing landscape.

(BEGIN VIDEOTAPE)

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Whether it`s
watching a Disney (NYSE:DIS) movie or NFL game on the go or streaming
videos for free on your phone, media giants are giving consumers more
choices than ever. Disney (NYSE:DIS) is expanding its cloud movie app,
Disney (NYSE:DIS) Movies Everywhere, to Amazon (NASDAQ:AMZN) and Microsoft
(NASDAQ:MSFT) devices, expanding to Roku and Android TV next week. This
after launching an iTunes, Google (NASDAQ:GOOG) Play and Walmart`s Voodo
last year.

Disney (NYSE:DIS) is encouraging consumers to buy a digital movie, by
offering access to it anywhere on any device.

ARYEH BOURKOFF, LIONTREE: Things are shifting at a much more
pronounced way and the companies probably have to accelerate their
innovation and they need to take advantage of the market environment to
create more scale and balance for themselves, vis-a-vis, not just the media
companies, but the technology industry which who have become a lot more
powerful and a lot more innovative.

BOORSTIN: Verizon (NYSE:VZ) is innovating and diversifying away from
its core mobile service, launching a new ad supported streaming app, with
episodes from Comedy Central, the NFL Network, and the Food Network. Plus,
clips from Awesomeness TV and Vice, among others.

Verizon (NYSE:VZ) is looking to build a mobile advertising business,
as well as drive streaming, which eats up data. It`s all part of a larger
trend of giving consumers what they want when they want it, which
increasingly means going outside traditional television.

The NFL today launching a new $99 per season subscription service.
NFL Game Pass will allows subscribers to watch on their TVs games as soon
as they are over, to listen to regular season game lives, plus will get
different angles in additional content.

PERKINS MILLER: I think 2015 is a real game-changing year, sorry for
the pun. Because you`ve seen so much growth in these pure play, native
digital applications like Netflix (NASDAQ:NFLX), like Hulu, how Amazon
(NASDAQ:AMZN) Prime has grown over the years. It`s this time where so many
people are consuming so much video content.

I mean, I think the rough number is there are 190 million viewers of
online video every month right now. And that is just a scale of audience
who we`ve never seen before.

BOORSTIN: And to keep up, traditional TV companies are being looking
to scale to stay ahead.

Media General (NYSE:MEG), which owns 71 TV stations, is buying
Meredith (NYSE:MDP) Corp with 17 TV stations and magazines targeting women.
The cost of the deal is $2.4 billion in cash and stock.

So, who`s the ultimate winner in this shifting media landscape?
Consumers, who now have more options than ever.

For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Los Angeles.

(END VIDEOTAPE)

HERERA: Expectations are high as they usually are for an Apple
(NASDAQ:AAPL) event. Tomorrow, the Dow component is widely expected to
unveil new iPhones, the device that is responsible for billions of dollars
in revenue every quarter for the company. Ahead of the event, shares
finished the day higher by more than 2.5 percent.

Josh Lipton has more on what to expect.

(BEGIN VIDEOTAPE)

JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Apple`s CEO Tim
Cook calls the iPhone`s recent success stellar.

TIM COOK, APPLE CEO: These numbers are unheard of.

LIPTON: But the question is whether the momentum will continue.

Tomorrow, Apple (NASDAQ:AAPL) is expected to unveil the new iPhone 6S
with a faster processor and improved camera and pressure sensitive display.

But there are concerns about whether iPhone units will grow in the
quarters ahead. The worries? Tougher comps, a slowing Chinese economy and
a maturing smartphone market.

Yet, Apple (NASDAQ:AAPL) is taking share from rivals like Samsung and
there are a lot of iPhone users who could be waiting to upgrade. On the
company`s last earnings call, Cook said only 30 percent of iPhone users had
moved to the 6 and 6 Plus.

DAVID ROLFE: Let`s face it, when iPhone is generating 60 percent of
the revenue and 80 percent of operating income, Apple (NASDAQ:AAPL) usually
knocks new iPhones out of the park and that`s where they typically have
been very polished in revealing new features.

LIPTON: In addition to a new iPhone, reports suggest that a new 13-
inch iPad is on the way. The iPad has been a sore spot for Apple
(NASDAQ:AAPL), with sales disappointing Wall Street. The hope for the
bulls that this new tablet, designed for the workplace, can reverse the
product`s downtrend.

But the main event may be a revamped Apple (NASDAQ:AAPL) TV, which is
expected to have a speedier processor and motion sensitive remote control.
That could make Apple (NASDAQ:AAPL) TV an attractive gaming TV machine,
putting Apple (NASDAQ:AAPL) in a position to compete with a slice of that
$100 billion video game industry. Apple (NASDAQ:AAPL) stock has been under
pressure, down some 15 percent from a recent high.

Tomorrow, Apple`s executives will try to excite investors and
consumers with a range of new products.

For NIGHTLY BUSINESS REPORT, I`m Josh Lipton in San Francisco.

(END VIDEOTAPE)

HERERA: Coming up, China`s growth may be slowing but that`s not
stopping one startup from betting big on Beijing.

(MUSIC)

MATHISEN: Here`s what to watch tomorrow.

Besides Apple`s big event on the data front, mortgage applications are
out. We`ll get some numbers there. Also a read on employment with the Job
Openings and Labor Turnover Survey, otherwise known as JOLTS. And that`s
what to watch for Wednesday.

HERERA: Chinese e-commerce retailer JD.com said it would buy back $1
billion worth of stock over the next two years. This company joins other
Chinese firms, including Alibaba, which have recently said it would buy
back its shares, as worries about China`s economy has hit their stock
prices. Shares of JD.com rose in trading today, but they are down more
than 30 percent over the past three months.

MATHISEN: Concerns about China`s economy isn`t stopping Uber from
planning a big push into that country. The ride hailing company now valued
at more than $50 billion says within the next 12 months, it will operate in
100 Chinese cities, twice as many as previously estimated.

The startup has already seen its market share in that country grow
exponentially, since the start of the year. But as Eunice Yoon tells us,
for Uber driver, it`s been anything but a smooth ride.

(BEGIN VIDEOTAPE)

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT: When Uber driver
Liu Mindong hits the road in Beijing, she`s watching more than the rush
hour traffic.

Every day, Liu fires up her Uber app to find passengers, earning at
least $13,000 a month, nearly three times what she earned in her last job
as an assistant.

But she`s never quite sure if the next pick up will be her last.

“We Uber drivers all concerned about our cars being stopped and
detained,” she says.

That`s because Uber operates in a legal grey area in China.

Unclear regulations for all ride-sharing businesses here has led to
government raids on Uber offices and spooked drivers like Liu who fear
being caught by the authorities.

“All Uber drivers discuss the police sting operations every day in
online chat groups,” she says.

Uber`s seen spectacular growth here. Thanks in part to its People`s
Car campaign, The company says it has around a third of the market, and
boost more than 1 million trips a day.

Uber also faces stiff competition from local rivals like Car Inc,
which launched a campaign featuring celebrities to Beat U — as well as
taxi hailing apps like Didi Kuaidi – backed by internet giants Alibaba and
Tencent.

Uber`s success has also threatened the livelihood of drivers for the
traditional taxi business.

Taxi drivers are complaining that companies like Uber are putting them
out of business. So, many of them have been organizing strikes across the
country in protest.

Driver Liu hopes Uber will work out what she believes is the biggest
obstacle of all.

“We hope Uber headquarters can coordinate with the government”, she
says, “and give us Uber drivers a sense of security.”

For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon, in Beijing.

(END VIDEOTAPE)

MATHISEN: Uber recently raised venture capital from Chinese investors
while one of its rivals in that country, Didi Kuaidi is reportedly in the
middle of raising close to 3 billion.

Sue, I thought Didi Kuaidi was the Yankee shortstop.

(LAUGHTER)

MATHISEN: Oh, that`s Didi Gregorius.

HERERA: Oh, it`s so good to have you back.

MATHISEN: Good to be here.

HERERA: I missed you.

That does it for us tonight. I`m Sue Herera. Thanks for joining us.

MATHISEN: And I`m Tyler Mathisen. Thanks from me as well. Have a
great evening, everybody. We`ll see you right here tomorrow night.

END

Nightly Business Report transcripts and video are available on-line post
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