Nightly Business Report - Tuesday March 19 2013.pdf

7/29/2019 Nightly Business Report - Tuesday March 19 2013.pdf

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ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and

Susie Gharib.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: The drama playing

out

in the Mediterranean takes markets on a ride worldwide. The parliament in

Cyprus rejects a plan to tax its bank depositors. The euro falls to its

lowest level since November.


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SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Ben Bernanke and the

Fed get down to business. What should we expect after its two-day meeting

ends tomorrow? We`ll ask former Federal Reserve Governor Randy Kroszner.

MATHISEN: And what does the CEO of one of the world`s iconic brands

think of the economy and the American consumer? Susie sits down with the

top man at Coca-Cola (NYSE:KO).

All that and more coming up, right now, on NBR.

Good evening and welcome to our public television viewers.

Susie, once again, little Cyprus making big economic noise today.

GHARIB: You`re right, Tyler. Actually, a big win for citizens in

Cyprus. Lawmakers rejected today an unpopular and unprecedented proposal

to tax bank deposits. It was part of a larger eurozone bailout plan to

rescue those banks and keep the nation solvent.

The crucial vote came after a wave of protests, and as Cypriots

scrambled to withdraw cash from their ATMs.

Bertha Coombs joins us now with more on today`s historic vote and

what`s ahead for Cyprus -- Bertha.


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BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT: What`sahead is

a very big question. The world was watching the tiny island nation again

today.

In a show of hands-on opposition, party members voted no on a tax and

10 percent of bank deposits -- a condition set by eurozone officials to

secure 10 billion euro bailout. Many called it extortion. Ruling party

members abstained, saying beyond saying no they need to find another plan.

Parliament`s now adjourned until Thursday as Cypriot officials

continue to appeal to the European Central Bank, the ECB, for new bailout

terms.

The government is hoping this defeat will give them leverage to

negotiate new terms with the European Union. So when parliament meets

again on Thursday they might have a better plan to vote on.

It`s a high-stakes game of chicken with each side wondering who`s

going to blink first -- or in this case, whether the banks will run out of

money before a deal is reached.

If the E.U. does not back down, then savers in Cyprus will have to

shoulder some of the burden for the bailout loan. And that has savers

around the world wondering whether their deposits are safe.


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In Cyprus tonight, banks remain closed with no clear indication when

they`ll reopen. One analyst from JPMorgan (NYSE:JPM) tonight saying Cyprus

has chosen a hard road. Global markets are wondering where it`s going to

end.

MATHISEN: Bertha, thank you very much for that report.

When those banks reopen it is going to be a very interesting and busy

day. Bertha Coombs, thank you.

Well, that uncertainty in Cyprus sent the U.S. stock markets on a

meandering hike today. The major averages began the session higher,

following more good news about the U.S. housing market. But the day-long

struggle in Cyprus to gather support for those controversial bailout terms

turned stocks mostly to the downside for much of the day and sent the euro

currency to a nearly four-month low against the U.S. dollar.

In the end, the Dow was able to eke out a gain of nearly four points

and ended the session at 14,456 and avoiding its first three-day losing

streak of the year. The NASDAQ, though, ended lower by eight and the S&P

500 fell almost four points.

Meanwhile, in Washington, the Federal Reserve kicked off its two-day

policy meeting, likely on the agenda international risk that could affect

the U.S. economy, presumably including Cyprus. As well as the improving


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U.S. job market, and strong housing sector. And as we wait for Fed

officials to wrap up their meeting tomorrow, it`s expected they will leave

interest rates unchanged.

Joining us to talk more about the Fed, Randall Kroszner. He`s former

Fed governor and now professor of economics at the University of Chicago.

Mr. Kroszner, welcome. Good to have you with us.

I`ve not had the benefit of being in those meetings. You have. And

I`m curious to know, do you think Cyprus came up? If so, how? And how

would the Fed governors and members of the FOMC handicap its possible

effects on the U.S. economy?

RANDALL KROSZNER, FORMER FED GOVERNOR: It certainly would have come

up, I think, if some analogies with Iceland from a number of years ago.

Even a smaller country, only 250,000 people, not a million people, but it

was something that we focused on. We worried about and we tried to think

of what the implications are.

Here, it`s even clear the Europeans have made I think a terrible

mistake in making this proposal that potentially could undermine

confidence, and that could have knock-on effects not only for the whole

financial system in Europe but potentially for the U.S.


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GHARIB: Randy, one thing that everyone wants to know at this point is

how healthy or unhealthy is the U.S. economy? How far off are we from full

health?

KROSZNER: Alas, I think we`re pretty far from full health. We`ve

seen some green shoots in the spring. Actually, as we`ve seen in 2010 and

2011, with a little bit more job growth, a little bit more retail

consumption. More stabilization of the housing market, but we still have

these big risks.

The fiscal follies in the U.S. are not anywhere near conclusion.

Europe obviously is a risk that`s still on the table. And I think there`s

also still uncertainties about China.

MATHISEN: It does feel, Randy, like we`ve seen this movie before.

KROSZNER: Yes.

MATHISEN: Green shoots in the economy.

KROSZNER: Exactly.

MATHISEN: Trouble in Europe, fiscal follies in the United States.

What did it take to change the Fed`s view of where the economy is, and


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specifically change its view of buying bonds or the level of interest

rates?

KROSZNER: I think we`d have to see some dramatic changes in Europe in

the fiscal situation in the U.S. to make them feel comfortable. But

there`s less of that extreme risk that s going to hit. And also, we`d have

to see a lot more data that the recovery in, for example, the labor market,

has really taken root.

You saw those green shoots before, a few months of more than 200,000

private sector jobs being created. But then, things kind of wilted and

never really took root.

And the Fed had to do more. I think they`re going to be really wary

of pulling the punch bowl away too early. They`re going to want to make

sure that those green shoots are firmly rooted and can probably withstand

the Chicago winter.

(LAUGHTER)

GHARIB: Randy, you talk about looking at the data, there is so much

data that you can examine. For you, and especially as a former Fed

governor, what`s the most important piece of data you`re monitoring? Is it

the job market?


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KROSZNER: I think it`s exactly what the Fed has said in their

criteria that they`re looking at for whether they`re going to continue

easing or not, which is the unemployment situation or the labor market, as

well as the inflation situation. Fortunately, inflation seems to be very

well-contained. If anything, it`s going down rather than going up and

inflation expectations are well-anchored.

The unemployment rate seems to be slowly moving down but so slowly

that I`ve been characterizing things as being in a sideways slide for the

last year. We`ve made very little progress and we need to make a lot more

progress before I think the Fed is going to start taking away the stimulus.

MATHISEN: Randy Kroszner, thank you very much for joining us. We

appreciate you being with us.

GHARIB: Well, the health of the U.S. economy, and consumer spending

are important issues for corporate America.

When I met with the CEO of Coca-Cola (NYSE:KO) earlier today I asked

Muhtar Kent for his take on consumer sentiment, and if he`s seeing changes

in consumer spending habits.

(BEGIN VIDEOTAPE)

MUHTAR KENT, COCA-COLA CHAIRMAN & CEO: I think there is a lot of


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challenges, let`s be sure. That, you know, unemployment is still very

high. Youth unemployment is high.

But I do think that there`s a belief in people that the worst is over

and that as -- there will be a -- more stability. And as we see also gas

prices begin to moderate now and as we see, I think, housing beginning to

pick up, I do believe that this coming summer is going to be from a

consumer sentiment point of view, slightly better than last summer.

GHARIB: So how is Coke`s business doing so far this year? Are sales

picking up compared to last year?

KENT: I can`t say that. We`re in a quiet period. But in terms of

the last quarter that we announced, we had good results across the globe.

GHARIB: Are you feeling good enough about the U.S. economy and the

business environment that you`ll be adding jobs this year?

KENT: We -- with our $35 billion investment program across the world

in five continents, over five years, $35 billion, that`s adding jobs in the

world.

GHARIB: How about the U.S.?

KENT: We have invested about $10 billion in the United States. And I


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think, you know, there`s a lot of puts and takes. There`s some jobs that

are not there that used to be there and there`s some more jobs in the sale

and front end of our system that are here now that weren`t there a few

years ago.

GHARIB: Coca-Cola (NYSE:KO) is big in Europe. And now with these new

concerns about the eurozone`s economy, and the financial system what impact

is this going to have on Coca-Cola`s operations?

KENT: Yes, Europe is challenged. Yes, the consumer confidence is

very mixed in Europe. Yes, the entrepreneurial spirit is down in Europe.

Yes, investment is down in Europe. Unemployment is high.

But let`s not forget -- Europe is a very rich continent. There is

tremendous amounts of disposable income in Europe. And, therefore, the

bright side is you`re in one of the most richest geographies in the world,

and can you generate consumer demand for your brands and product? That`s

your imperative (ph).

GHARIB: Muhtar, Coca-Cola (NYSE:KO) does business in practically

every country in the world. But with this banking crisis going on in

Cyprus, are you rethinking where you keep your cash surpluses? Are you

shifting your deposits to countries where the banking system is more

stable?


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KENT: I think what is happening in Cyprus, or in -- what happened

last year in Europe, didn`t play too much into our strategy. It`s not

about one region because we operate in 207 countries, and we don`t believe

that if there was -- if there`s an issue in a certain geography like

Cyprus, it really has any impact on how we do business.

GHARIB: I want to -- I want to get your thoughts on Mayor Bloomberg`s

campaign against sugary drinks, and everybody`s concerned about obesity.

If there is some kind of ban put in effect, at some point, what impact

would this have on Coca-Cola (NYSE:KO)?

KENT: I think what we should talk about much more than a regulation

is what can we do together with local leaders like Mayor Bloomberg, who I

had a lot of respect for, the future solution lies in creating golden

triangles with business, government, and civil society to make real

commitments, to make real innovation, to make real commitments for

transparency and nutritional labeling, health and wellness programs, and

raise the awareness about -- for the general public about what is at stake

here.

GHARIB: But, as consumers drink less soda, and water is now America`s

favorite drink, how are you preparing for that change?

KENT: Oh, well we have -- we provide choice. We have 3,000 products,

500 brands, all across the world, and we provide choices.


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GHARIB: Muhtar, I want to congratulate you on Coca-Cola (NYSE:KO) for

getting this award tonight, for promoting women into leadership positions

at your company. So, you`ve said it makes good business sense to empower

women. Tell us why.

KENT: It makes good business sense inside the company to empower

women because when you are a consumer products business like ours, where 75

percent of your shoppers are women, you need to connect better with those

shoppers through women leaders, and having a really good balance between

women leaders, equitable balance between women leadership, and diversity of

women, and general diversity in your workforce. That`s why it makes a lot

of good business sense.

(END VIDEOTAPE)

GHARIB: The Catalyst Award Coca-Cola (NYSE:KO) is receiving also

recognizes the company for helping female entrepreneurs start businesses

all around the globe -- Tyler.

MATHISEN: And as we said earlier, more good news today about housing.

Construction of new homes and apartments in February came in above

estimates, up 0.8 percent. That`s the fastest pace of new construction in

nearly five years. And that housing growth could continue as permits for

future construction were also higher.


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And coming up, we head down to Florida to kick off our series, a four-

parter, on housing. Spring buying season. Tonight, we`re going to focus

on the booming Miami condo market and what`s fueling the building and the

buying -- Susie.

GHARIB: Coming up the report card on America`s infrastructure.

Tonight -- the good, the bad and the price tag.

But, first, here`s a look at how international markets finished the

day.

(MUSIC)

MATHISEN: And in a back and forth market, three Dow components

touched new 52-week highs. That`s where we begin our "Market Focus"

tonight.

Honeywell, Travelers and United Technologies (NYSE:UTX) all gained at

the open before drifting down and then closed fractionally higher just as

did the Dow today.

Deals drove some stocks today. AmerisourceBergen (NYSE:ABC), a drug

distributor, signed a 10-year deal with Walgreens and that closed both

stocks up there. AmerisourceBergen (NYSE:ABC) shares up more than 3.5


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percent. Separately, Walgreens reported better than expected earnings.

Walgreens up more than 5 percent.

Now, Walgreens will not renew its contract with the drug wholesaler

Cardinal Health (NYSE:CAH) and that sent that stock down more than 8

percent.

GHARIB: Carnival (NYSE:CCL) Cruise Lines has canceled a dozen

sailings, 10 from Texas to Mexico, two in European waters, and that`s to

improve two ships` emergency power and safety systems. That`s what the

company said.

The stock fell 2 percent to $33. Year-to-date, Carnival (NYSE:CCL) is

down more than 9 percent.

Well, a downward dog kind of day for Lululemon. Shared tumbled as it

pulled a batch of yoga pants from store shelves because they`re too sheer.

The issue will have a, quote, "significant impact", the company said, and

will reduce sales by about 3 percent in the current quarter.

Analyst Sam Posner at Stern Agee downgraded stock to neutral from a

buy. Lululemon shares fell as much as 8 percent during the day and then

closed at $64 a share, down almost 3 percent.

Solid earnings tonight from Adobe Systems (NASDAQ:ADBE) after the


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bell. Its first quarter earnings and revenues topped analyst estimates.

The software giant`s business is benefiting from a jump in Cloud based

subscriptions.

Shares rose more than 5.5 percent in after hours and they are up more

than 14 percent year-to-date.

Well, if you think you`re not saving enough for your retirement, wait

until you hear some of the numbers out today in a survey by the Employee

Benefit Research Institute.

Sharon Epperson joins us with the details.

And, Sharon, just how difficult is it to save for retirement?

SHARON EPPERSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well, alot

of folks just don`t even think about it and they don`t plan for it and

they`re increasingly more worried about it.

The EBRI survey showed that 28 percent of folks say that they`re not

at all confident they`re going to have enough money to retire ever. And

now, that is up from 10 percent in 2007, right before the financial crisis.

So, this is the highest level that they`ve ever seen in this survey for

that level of no confidence, and that zero confidence vote.


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And moreover, those who say that they`re very confident, that number

is not that high, either. We`re talking about only about 13 percent think

that they`re going to have enough money to retire.

MATHISEN: And a very large percentage of individuals have virtually

nothing set aside, $25,000 or less, and a lot of them don`t even have

$1,000 set aside.

EPPERSON: Well, that`s a big problem, of course, when you`re talking

about nearly 60 percent of people not having that much saved. And when you

talk about how much they`re savings has fallen in terms of whether they`re

currently saving at all, only 57 percent are even saving at all right now

and that`s down from 65 percent in 2009.

MATHISEN: And a lot of the people that we talk to say they`re really

worried about their medical expenses, you know? And not putting enough

money aside for health care. Do I have the right policy?

EPPERSON: That`s a huge worry, and I think has paralyzed some people.

Nearly, a third of folks don`t think they`re going to have enough for

medical expenses in retirement and then you have to think about the long-

term care you may need as you age and over a third say they`re not going to

have enough for that.

Right now, what`s really worrying people is what they`re facing right


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now. The job market, they`re looking at their debt levels and they`re not

even saving enough for right now. More than half of the workers surveyed

and more than half of the retirees surveyed have less than $2,000 saved in

case something happens in the short-term.

MATHISEN: Sounds like a lot of people are banking on Social Security

to cover their lack of personal savings.

EPPERSON: Exactly.

MATHISEN: Are they confident about Social Security?

EPPERSON: Well, they`re looking at those numbers. They get those

from the Social Security Department, knowing what they might get there.

But they`re not planning out for their overall retirement picture and that

may not be enough, that won`t be enough for them. And the fact that nearly

half of folks haven`t sat down with their spouse or done it themselves to

figure out what they need, that`s the greatest hindrance.

And those who have, have a better chance of reaching their retirement

goals.

MATHISEN: All right. Thank you very much, Sharon. We appreciate you

being with us.


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EPPERSON: Sure, my pleasure.

MATHISEN: A very interesting report from the EBRI.

The American Society of Civil Engineers today gave the country`s

infrastructure a grade of D-plus. And that`s the good news. Last time,

the group rated America`s physical plan in 2009 the final grade was an even

lower "D." Back then the ASCE said we needed to be spending 55 percent

more than planned to build and refurbish our infrastructure.

Now, the gap is smaller, 44 percent, but the total outlay to bring in

infrastructure up to snuff is huge. To the ASCE, it`s $3.6 trillion

through 2020.

Tonight we`re joined by the ASCE`s president, Greg Diloreto, in

Washington.

Greg, this sounds like bad news but it`s better than it was. Why did

the grade rise even though just slightly from back in 2009?

GREG DILORETO, ASCE PRESIDENT: Right. Well, what we found was that

there were investments in infrastructure that actually caused the grade to

rise. There were six areas, frankly, that improved, money was invested,

which is what we`ve been saying. Invested the money and the grade rose.


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Now, investing the money in infrastructure isn`t just so we can get a

higher grade. Investing in infrastructure has an economic value and a

quality of life value to this country. And in other reports that the

American Society of Civil Engineers has done, we`ve shown that putting an

investment in America`s infrastructure can provide us an additional gross

domestic product, can prevent the loss of jobs, and can prevent the loss of

household income.

MATHISEN: Ten of the 16 categories that you cover in the report

showed no improvement from 2009. But some did improve. Let`s look at a

couple, including a solid waste treatment facilities, which now are graded

a B-minus up from a C-plus. That was the highest grade of any of the 16.

Rail getting a C-plus. Bridges, a C-plus.

What`s going right there, and not so right in other areas?

DILORETO: Well, if you look at rail, for example, we noted that in

the last five years, rail, in private investments, have spent $20 billion a

year over the five years. And so, that`s caused rail to go up. They`ve

made an investment in rail, whether that`s an increasing freight ability,

whether that`s rebuilding tunnels or tracks. They`ve made an investment.

If we look at solid waste, we`ve actually seen a big increase in

recycling, such that in 2010, Americans recycled 85 million tons of a 250

million tons of garbage that we produce each year.


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We`re also seeing cradle-to-grave programs with electronics. And so

our recycling efforts are up to 34 percent, where they were only 14.5

percent in 1980.

MATHISEN: A couple of areas showing no change included energy

infrastructure, levies, and inland waterways. Inland waterways getting a

D-minus, barely above a failing grade.

How, if you know, does the U.S. infrastructure compare with that of

other countries? In some surveys, very poorly, I believe.

DILORETO: Well, what we do know is that our infrastructure is a part

of our competitiveness in the world. If we want to be competitive, we need

to invest. We can look at things such as China investing some 9 percent in

their infrastructure. Europe investing 5 percent of their GDP in

infrastructure.

Yet you look at the United States, and we`re down around 2 percent.

And that`s about half of what we invested 50 years ago.

MATHISEN: What about bridges? Where -- how -- you know, there have

been major stories having to do with the safety of our bridges, that major

collapse in Minneapolis a few years ago. Are they getting better or not?


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DILORETO: Yes. They`re actually getting better. They improved over

our 2009 report card, again, reflecting an increase investment in bridges.

We`re seeing that around the nation as local leaders step up and start

replacing bridges that need to be replaced, they do maintenance on bridges,

but actually building new bridges to relieve congestion in America.

MATHISEN: Very quickly, where does private investment come in in

bridges and roads? Is that a way to take some of the pressure off of

strained public budgets?

DILORETO: Well, what we`ve looked at in our reporting in other

studies is that private investment is a partner with public investment.

And they all have a role to play in making sure they have enough investment

in infrastructure.

And it`s, again, as I mentioned with rail, private investment was

primarily the funding for our rail system in America. For roads, we`ve had

partnerships, around the United States where private investment has worked

with the public official to provide that investment.

MATHISEN: Greg Diloreto, ASCE`s president -- thank you very much.

DILORETO: Thank you.

GHARIB: We`ll be back in a moment. But let`s take a quick look at


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how metals, energy and treasuries closed out today.

(MUSIC)

MATHISEN: Spring starts tomorrow but you couldn`t tell from the snow

on the ground outside our headquarters here.

This week, we want to take a look at the spring buying season in

housing. Miami`s condo market, it went from boom to bust, and now, it is

booming again.

Diana Olick joins us from Miami to tell us about the forces driving

the market and whether the story might have a better ending this time --

Diana.

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well, Tyler,six

years ago, this was supposed to be a 25-story condo building with hundreds

of units. But like so many other bankrupt developments in the housing

crash, it never got off the game. Well, all right, I lied. Maybe it got

almost to the first floor.

Well, now, with a new owner, Marina Palms, plus the rest of the Miami

condo market, is rising from the ashes, thanks to a huge influx of foreign

buyers and developers are pulling out all the stops to lure them in.


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(BEGIN VIDEOTAPE)

OLICK (voice-over): In the Miami condo market --

KEVIN MALONEY, PMG PRESIDENT: I could have more people hanging from

chandeliers, I certainly would.

OLICK: -- the circus is back, with over the big top launch parties

even before the condo has broken ground. Miami heat sells, and it is

translating itself to buyers from Russia, Venezuela, Brazil, Canada and

China.

GUILLERMO FRIELE, BUYER: It doesn t get any better. I travel all

over the world. I really want to come back to Miami.

OLICK: The buyers come armed with cash, and lots of it, looking for

safe havens.

MALONEY: Buyers today are really expected to put 20 percent deposit

upon, and then another 20 percent upon ground breaking, and another 20

percent upon top off. What that does, it takes the leverage out of the

flipper.

OLICK: And that helps developers get financing from both banks and

private equities.


24/27

Neil Fairman`s Plaza Group is developing two towers and a full service

marina on a site where construction began and ended abruptly during the

crash.

NEIL FAIRMAN, MARINA PALMS DEVELOPER: They`re going to scrutinize the

buyer a great deal. They`re going to scrutinize the developer`s track

record. They want people with experience. They want to know that you have

hard deposits.

OLICK: South Florida`s coastal markets have 103 towers proposed with

nearly 15,000 units, 40 percent of the developers themselves are from

abroad.

With all this new supply about to hit, now, strong rents could take a

plunge.

Condo Vultures` Peter Zalewski has worked this market for decades and

worries about the developer`s strategy.

(on camera): From everything we`ve seen over the last six years, you

and I have been here many times.

PETER ZALEWSKI, CONDO VULTURES: I know, I know.


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OLICK: This doesn`t look crazy to you.

ZALEWSKI: You know, it looks -- I mean, it`s mind boggling. I`m

perplexed as to how all this could go forward this quickly. You need to

rush to market. You need to be first, so when it craps out, it will,

you`re able to take -- you took off the table and you`re not the guy stuck

having to deal with the bank.

(END VIDEOTAPE)

OLICK: Now, rising with the cranes are the prices for condos, up 25

percent from a year ago according to the realtors here. Now, the big

question is, of course, the investors are getting great rents now.

But with all this new supply coming on, and the rents would then come

down, does that mean some of the new owners would decide to get out of the

market? Put them up for sale? And then, of course, we`d have yet another

glut of Miami condos.

For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Miami -- Tyler and

Susie.

MATHISEN: Diana, so envious of you standing there.

You know what`s different this time, Susie, is that the keyword there


26/27

was cash. How much of this building and of these purchases are being

financed by foreigners who are coming in with loads of cash, but also by

hedge fund people and Americans who are not taking on the leverage that

they did the last time?

GHARIB: Really, I mean, I was listening to all that, I was wondering

-- did they learn the lessons? Or are we going to go through another

boom/bust cycle?

MATHISEN: One of those builders, he said, hey, I just want to get out

of here before the next crash comes. That won`t make you feel too

confident.

GHARIB: Let`s hope it all works out, it will be good for the economy.

And that`s NIGHTLY BUSINESS REPORT for tonight. I`m Susie Gharib.

Thanks so much for watching.

MATHISEN: And I m Tyler Mathisen. Thanks for joining us. We hope to

see you right back here tomorrow night.

END

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

broadcast at http://nbr.com. The program is transcribed by CQRC


27/27

Transcriptions, LLC. Updates may be posted at a later date. The views of

our guests and commentators are their own and do not necessarily represent

the views of Nightly Business Report, or CNBC, Inc. Information presented

on Nightly Business Report is not and should not be considered as

investment advice. (c) 2013 CNBC, Inc.

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