>> live from pier three in san francisco, welcome to "bloomberg west" where we cover technology, innovation and the future of is this. i'm emily chang. reports growthx and a -- the latest x-men movie help to shrug things off. they have noh says plans to go on the acquisition trail. hackers and russia are believed to be sitting on the largest cache of stolen data in history. the group swiped 1.2 ilya and

unique user names and passwords room 420,000 websites. we have more on how the hackers got this information. china already causing some headaches for the apple and ibm alliance. the chinese government has banned apple products with outlook money due to security concerns. that means the apps ibm is building for apple products may be a tough sell to chinese companies. --our lead story of the day how safe is your data online? that question once again front and center after a report that a group of russian hackers stole 1.2 ilya and unique username and password combinations and more than 500 million e-mail addresses. the stolensays information was collected from --e than 400 20,000 websites 420,000 websites. the did not name the affected websites but they are said to include some household names. cory johnson is with us as is

the vice president of strategy at shape security. it sounds very bad. how serious is it and how worried should we be? >> it is very difficult to know without having examined the data set. that has not been made public and i think we will probably learn more in the course of the next few days as more details are revealed. but it is on a much larger scale than previous reaches we have seen. >> we know major websites are affected but we are not going to tell you which websites. how do i know if i need to be worried? >> that's one of the interesting things -- if you look at the previous breaches, they affected a small number of websites or a single website. breach,ase of the ebay were you had 145 million credentials leaked, what would the distribution look like in this case? is it one company that accounts for a vast majority worth of a large number of mps? they had enormous expenses in

the last quarter because of this breach and what they had to do to fight this. are there specific companies that are going to know what's happening in have to face a similar cost where they have do suddenly spend a lot more to fix the problem because they know it even if we don't know it? >> if they have discovered they've been affected i this breach, they will have significant costs to figure out what went wrong and what they can do about it. but the scary thing is there may not be anything they can do about it, depending on the method of attack. some of the details released so far indicate the hacking group started off by purchasing credentials online from other hacking groups through the black market but then switched to using bought that aced attacks. when you do that, you can leverage the previous credentials used the one to go through the front door of other websites and test those essentials and discover which ones are valid.

they learn an individual username and password and then blast that across the internet to find other places where that user has used the same thing and the company never knows they've got the exposure. that is not something that constitutes a security breach because i don't have any .ecurity breach >> how do the companies know? like they can find evidence of usernames and passwords being used. one of the things they found in this attack was initially used cases were able to send spanned -- send spam and malicious e-mail links. so the users that are breach, they may discover malicious e-mail links going out. oldhe report they say is an russian gang. what are they doing with this end is it the end game? >> is a very sophisticated

ecosystem. there are many different things they can do. it looks like they are monetizing it by providing services like sending out malicious links. the.net to create even more sophisticated attacks like manning the browser which can be used to take credentials and steal from people's bank accounts. but the level of monetization they can accomplish is based on the specific type of attack a are selling. >> i imagine this effect so many different businesses. as more and more companies turn to being online and being mobile, i wonder what the companies risks are and how to mediate that is with insurance and everything else will stop >> it requires a great deal of sophistication and vigilance to complicated online

presence. companies are trying to reach their users as widely as possible, wherever they might be. >> target just released the cost of the massive aid of breach -- $148 million. they have $38 million of insurance. we keep asking can these attack really be stopped? can security get so good or will hackers just catch up every time? >> i don't think you can never make a system that's absolutely on hackable. can do is create practical defenses that make certain type of attacks so expensive that the hackers and that deciding to do something. >> what are those rings? >> this is what shape security works on -- introducing barriers from different websites to prevent automation from occurring.

is estimated to be about 20 people, yet they stolen over a billion credentials. the only way to do that is through automation. automated prevent the tools, the vulnerability scanners and exports in the first place and the tools they use to monetize them, it becomes much costlier to create business. give me a quick example. >> our product is called the hot wall. it events any type of automated attack from going onto your website. when they are trying to use the credentials and log on to other websites to discover whether they were, they are unable to use a script to automatically login. you can't manually test those and login to them manually. you have to use a bot net and the script to reach the scale. if the information doesn't work, it goes away.

>> thank you so much for joining us today and giving us the app a. we will be watching to see if more updates come out in the coming days. apple is 9 is the day expected to unveil two new iphones. besides the larger screen, what else can we expect? ♪

>> i'm emily chang and this is "bloomberg west." mark your calendars -- apple will unveil its latest iphones on september 9 according to people familiar with the plan. we know about the larger screen, but here to tell us what else might be coming is our editor-at-large, cory johnson, and isi plus senior managing director. let's talk about the screen.

there are two new phones, one is than this and one bigger than that of stop do people want larger screens question were >> believe it or not, apple is almost two years behind. in our opinion, this will be enough to drive a massive upgrade cycle. we kind of have joked that this will be the mother load of all apple upgrade cycles will stop -- upgrade cycles. >> it competes with the ipad. >> the ipad mini. >> no question. the largest smartphone we have seen out there that we thought was ergonomically sensible was the lg g flex. it herbs inches, but across the mandible and fit nicely. we didn't think it was too big and i think 5.5 inches will be fine. it's going to be a question to see which apple users community like batter. our best guess is that it will be a 50/50 split.

>> apple did not seem to get it there weretime when links to underperform for them. one of the things we don't talk about is how well apple manages their supply chain. what does this mean when they don't know if it's going to take off and they're trying to launch it in a bigger way than ever before? >> if you think about it, there are 300 million iphone users out there. are not ablelion to up date. typically, what we have seen recently is that same quarter, it peaks him a lunch is then comes down. now there's going to be so much wood behind that arrow that 70, 80 going to be 60, million units and a multi-quarter refresh cycle that will drive tremendous expansion.

>> what about other features? others talk about extending battery life. not much battery innovation over the last several decades. i just read a story about you using wi-fi charging wirelessly. >> my iphone 5 is less than 50% charged on the day. >> me, too. >> we have a long way to go. form factor -- larger screen, number two will be battery improvement. breaking news -- president obama has just started speaking at the state department at the end of the u.s. africa leader summit. let's take a listen. begin by thanking the people in washington dc for helping us host this historic event, especially for their patience with the traffic. as i have said, this summit

evencts the reality that as africa continues to face great challenges, we are also seeing the emergence of a new more prosperous africa. progress is being led by africans, including leaders here today. i want to take this opportunity to thank my fellow leaders for being here. rather than a lot of prepared speeches, we had have a lot of genuine discussions to try to come together around some pragmatic steps we can take together. that is what we have done this week. we have made important progress expanding our trade. $33 billion in new trade ended estimates i announced will help spur african development and spur tens of thousands of american jobs. with major new commitments to our initiative, we tripled our goal and aim to bring electricity to 60 million african homes and businesses.

reiterated we will continue to work with congress to achieve a seamless and long-term renewal in the opportunity act. we agree the growth depends on continued reforms in africa by africans. the leaders here pledge to step up efforts, pursue forms that attract investment, and promote regional integration. and as i announced yesterday, the united states will increase our support to increase africa's capacity to trade within itself and the world. ultimately, it depends on africa's greatest resource, its people. i've been encouraged by the desire to partner with us in supporting young entrepreneurs, including our young african leaders initiative. there is an increasing recognition that if countries are going to reach their full tonomic potential, they have

invest in women. their education, their skills and for tech them from gender-based violence. that was our topic of conversation this afternoon. the united states announced initiatives to help empower women across africa. our alliance for nutrition continues to grow, hoping to lift 50 million africans from poverty. our fight against hiv aids will work with african countries to help them double in number of children on life-saving antiretroviral drugs. the united states is deploying medical first responders to west africa to help control the ebola outbreak. plus we will strengthen public health systems, including joining with the african union to pursue the creation of an african centers for disease control. the americano note people are renewing their commitment, today's interaction him of the leading alliance of american ngos is announcing over the next three years its members will invest $4 billion to

promote maternal health, children's health, and the delivery of vaccines and drugs. this is not just a government effort. it's also an effort spurred on by the private sector. combined with the investments we announced yesterday and the commitments made today, that means the summit has helped to mobilize some $37 million for africa's progress on top of the substantial efforts that have been made in the past will stop second, we address good governance, which is the foundation of economic growth. some are making impressive progress but we see troubling restrictions on universal rights. today it was important to highlight the rules of law, open and accountable institutions, strong civil societies and protection of human rights for

all citizens and communities. i made the point ring our discussions that nations that uphold these rights and principles will be more prosperous and economically successful. in particular, we agreed to step up our efforts against the corruption that costs african economies tens of billions of dollars every year, money that ought to be invested in the people of africa. several leaders raise the idea of a partnership to combat illicit finance and was widespread agreement. we decided to put forward an action plan essential to economic growth. security are deepening obligations to me, and threats from terrorism to human trafficking. we are launching a new initiative to help our african countries continue to build strong, potential security forces to provide for their own security, and we are starting with kenya, they share, molly and tunisia.

during our discussions, our partners made it clear they want to increase their capacity to respond to crises. we will bolster the region's early warning and response network and increase their meet early crises. to a new method of african peacekeeping. americans will provide equivalent to african peacekeepers in somalia and the central african republic will stop we will support the african union's efforts to strengthen its peacekeeping institutions and most importantly, launching a new rapid response partnership with the goal of quickly deploying african peacekeepers in support of u.n. or a you missions. we will join with six countries that have demonstrated a record as keys -- as peacekeepers -- countriesl invite beyond africa to join us in supporting this effort because

the entire world has a stake in the success of he's keeping in africa. thisosing, i want to say has been an extraordinary event and extort very summit will stop given the success we have had this week, we agree summits like this can be a critical part of our work together going forward. a forcing mechanism for decisions and action. african the u.s. leaders summit will be a recurring event to hold ourselves accountable to our commitment and sustain our momentum. i strongly encourage my successor to carry on this word because africa must know they will always have a strong and reliable partner in the united states of america. with that, i'm going to take a couple of questions and start with julie pace from the associated rest. been a lot of discussion surrounding the summit about the ebola outbreak in west africa. there is an untested and unapproved drug in the u.s. that appears to be helping some of the americans who are infected.

is your administration considering sending supplies of this drug if it becomes available to some of these countries in west africa? could you discuss the ethics of either providing an untested drug to a foreign country or providing it only to americans and not other countries harder hit if it could save lives? >> i think we have to let the science guide us. i don't think all the information is in on whether this drug is helpful. what we do know is the ebola virus both currently and in the if you haverollable a strong public health infrastructure in place. the countries that have been affected are the first to admit what has happened here is public health systems have been overwhelmed. they were not able to identify and isolate cases quickly enough

. a strong truste relationship between some of the communities affected and outlook health workers. it spread moree, rapidly than has been typical with the periodic ebola outbreaks that have occurred previously. the pain and hardship of the families and persons who have been affected, and despite the fact we have to take this very seriously, it is important to remind ourselves that this is not an airborne disease will stop this is one that can be controlled and contained very effectively if we use the right articles. we have made sure we are surging but wet u.s. resources, have reached out to european partners and other countries working with the who. let's get all the workers we need on the ground, let's help

to bolster the systems already in place. let's nip as early as possible any additional outbreaks of the disease. and then, during the course of the process, it's entirely appropriate to see if there are additional drugs or medical treatments that can improve the survivability of what is a very deadly and brutal disease will disease.odel we are focusing on the public health approach right now because we know how to do it. i will continue to seek information about what we are learning with respect to these drugs going forward. >> would you support fast tracking its approval if it is effective? >> i think it is premature to say that because i don't have enough data right now to offer an opinion.

john karl, abc news? >> thank you, mr. president. when you are running for president, you said "the biggest problems we are facing right now has to do with george bush trying to bring more and more power into the executive branch and not going through congress all and that is what i intend to reverse. my question to you is has congress's ability to do anything given you a green light to push the limits of executive power, even a duty to do so or to bet offer you more accused of being an imperial president pushing those limits or to be accused of being a do-nothing president who couldn't get anything done because he faced a dysfunctional congress? that i never have a green light. i'm bound by the constitution, i'm bound by separation of powers. there are some things we cannot do. congress has the power of the purse for example.

i would love to fund a large infrastructure proposal right now that would put millions of people to work and boost our gdp. we've got roads, bridges, airports and electrical grids that need to be rebuilt. but without the cooperation of congress, i can speed up the permit process for example. i can make sure we are working with the private sector to see if we can challenge -- channel investment into much-needed projects. congress has to pass a budget and authorize spending. so i don't have a green light will stop what i am consistently going to do is, wherever i have the legal authorities to make rye grass on behalf of middle-class americans and folks working to get into the middle class, whether by getting into -- making sure federal

contractors are paying a fair wage to their workers, making sure women have the opportunity to make sure they are getting paid the same as men for doing the same job, where i have the some of theexpand student loan programs we have put in place so repayments are more affordable and college i am going to seize those opportunities and that's what i think the american people expect you to do. my preference in all of these instances is to work with congress because not only can congress do more, but it's going to be longer lasting. when you look at congressional inaction in particular, the inaction on the part of house republicans in particular when it comes to immigration reform, as i have said before, not only do the american people want to

there 80n, not only is percent overlap between what republican say they want and democrats say they want, we passed a bill out of the senate that was bipartisan. circumstances, what the american people expect is that despite the differences between the parties, there should at least be the capacity to move forward on things we agree on. that is not what we are seeing right now. in the face of that kind of dysfunction, what i can do is scour our authorities to try to make progress. and we are going to make sure every time we take one of the workinghat we are within the confines of my executive power. but i promise you the american people don't want me standing around twiddling my thumbs and waiting for congress to get

something done. take these executive actions, i continue to reach onto democrats and republicans, to the speaker and leadership on both sides and in both chambers to try to come up with formulas where we can make progress even if it is incremental. >> do you have the power to grant work permits to those who are here? certainly recognize with respect to immigration reform and i have said this in the past -- we have a broken system. under resourced and we've got to make choices in terms of how we allocate personnel and resources. if i'm going to send more immigration judges to the order to process some of these, -- some of these unaccompanied children that have arrived at the border, then that is coming from someplace else and we are

going to have to prioritize. that is well within our authorities and prosecutorial discretion. preference is a comprehensive immigration law. lawlready have a bipartisan that would solve a lot of these problems. until that happens, i'm going to have to make choices. that's what i was elected to do. >> along the lines of executive authority, treasury secretary the executiveaid branch of government does not have the power to slow or stop corporate inversion, the process you have called unpatriotic. but now you are reviewing options to do so and this is one that a lot of the business is paying attention at the summit were interested in. what prompted this apparent reversal? now underns are consideration and will you

consider an executive order that would limit or ban such companies from getting federal contracts? how soon would you like to see treasury at given congress a schedule? -- just to review why we are >> just to review why we are concerned here -- you have accountants going to some big corporations, multinational corporations that are clearly u.s.-based and have the bulk of their operations in the united states. these accounts are saying we found a great loophole. if you flip your citizenship to another country, even though it is just a paper transaction, we think we can get you out of paying a whole bunch of taxes. that's not fair. that's not right. the lost revenue to treasury means it's got to be made up somewhere and that typically going to be a bunch of hard-working americans who either pay through higher taxes

themselves or reduced services. isthe meantime, the company using all the services and benefits of effectively being a u.s. corporation. they go through this paper exercise. there is legislation working its way through congress that would eliminate some of these tax loopholes entirely. what treasury secretary lu previously said stop that we cannot solve the entire problem and ministry really, but we are examining other elements as to how existing statutes are interpreted i will or regulation that can at least discourage some of the folks who

may be trying to take advantage of this loophole. that's something that would really bother the average american, the idea that somebody renounces their citizenship but continues to benefit from operating in the united data in america. we are reviewing all of our options as usual. and related to the answer i gave thet executive actions, answer would be to get something done in congress. it's still a small number of companies responsible because american companies are proud to be american and recognize the benefits of eating american and responsible actions willing -- responsible actors willing to support the benefits they receive from being here. we don't want to see this

trend grow. we don't want companies who have, until now been playing by the rules, looking over their shoulder and saying our competitors are gaming the system and we need to do it. move as quickly as possible. an area like like promoting gay rights or contraception policy. federalir to assume contractors would be the first thing you think of? fax i'm not going to announce specifics in dribs and drabs. when we have done a thorough evaluation and understand what our authorities are, i will let you know. chris jensen, nbc news. >> thank you, mr. president. russia said today it is going to and food and agricultural

imports, about $1.3 billion last year. at the same time, defense secretary chuck hagel says the massing of troops along the border of ukraine increases the likelihood of an invasion. our sanctions not working? sanctions not working? >> we don't know yet whether sanctions are working. sanctions are working as intended putting pressure and strain on the russian economy. that is not my estimation. if you look at the markets investments in terms of capital rejectionsou look at for russian growth, what you are seeing is the economy has ground $100halt somewhere between billion and $200 billion in capital flight taking place and you don't see a lot of investors to start new businesses inside of russia. presented the choice to

president clinton as to -- president putin as to whether he's going to try to resolve the issues in eastern ukraine through diplomacy and peaceful means, recognizing ukraine is a sovereign country, and that it is up to the ukrainian people to make decisions about their own lives. alternatively, continue on the course he is on and in which case, he will be hurting his economy in his own people over the long term. are doingnse, we exactly what we should be doing. our european allies and partners joined us as process as well as a number of others around the world. is not resolved yet.

you still love fighting in eastern ukraine. civilians are still dying. we've seen some of the consequences of this conflict in the loss of the malaysian airlines jetliner. on aooner we can get back track in which there are serious discussions taking place, to ensure all ukrainians are heard, that they can work through the process and the reforms they have offered, the government in kiev are implemented to her tech russian seekers to ensure decentralization of power. the sooner president putin recognizes ukraine is an independent company, it's only at that point where we can say the problems are truly salt will

meantime, we can assure sanctions are working the way they are supposed to. >> the troops amassing on the border seem to have more sophisticated weaponry according to intelligence all stop does that make you reconsider providing aid to ukraine? that the russian army is a lot bigger than the ukrainian army. here is not whether the ukrainian army has some additional weaponry. up until this point, they have been fighting a group of separatists who have engaged in some terrible violence, but who cannot match the ukrainian army. if you start seeing an invasion by russia, that is obviously a different set of questions. we are not there yet. what we have been doing is

providing a whole host of assistance packages to the ukrainian government and their military. continue to work with day by dayluate on a basis to evaluate what they need dealfend their country and with the separatist elements being harmed by russia. is tost thing we can do try to get back on a political frame. >> thank you, mr. president. african been posting kings, prime ministers and presidents for the last three days. -- inck home in africa,

ethiopia, dozens of journalists are in prison, in kenya, they are targeting the media. the can you say to international community to make sure we have a strong media in africa and to secure the release of those who are behind bars. so many african countries are facing threats of terror. what can the international community do to neutralize terror threats in mali, cameroon, nigeria, kenya. thank you. >> what was the last part of the question? >> could the terror threats be the reason you have not visited kenya? >> no. first of all, with respect to

journalists and the media, the last session we had on good that good emphasized governance means everybody has a voice. that government is transparent and thereby accountable. even the leaders don't always like it, the media plays a people role in assuring that they have the proper information to evaluate the policies their leaders are pursuing. we have been very consistent in pushing governments, not just in africa, but around the world come to respect the right of journalists to practice their trade as a critical part of civil society and a critical part of any democratic norm.

the specific issue of the al jazeera journalists in egypt, we have been clear publicly and privately that they should be released. by some ofn troubled the laws that have been passed around the world that seem to to pursuehe ability stories or write stories. we have a disturbed by efforts to control the internet. part of what has happened over the last decade or two is new media, new technology allows people to get information that previously would never have been accessible or only to a few specialists. now people can punch something up on the internet in a lab information relevant to their own lives and own societies and communities. we are going to continue to push

back against these efforts. as is true on a whole range of issues, and i have said this in the past, many times, we will work with countries even though they are not perfect on every issue. are engaging a country that's notrally a good ardor but performing optimally when it comes to the various categories of human rights that we can be -- we can bel stop effective. we are trying to list -- to elicit improvements in other areas will stop countries with strong human rights records, there are areas where there are problems. that is true of the united states, by the way. news, and we heard this

is that more and more countries are recognizing that in the absence of good governance, in the absence of accountability and transparency, that's not only going to have an effect domestically on the legitimacy of the government, it's going to have an affect on economic development and growth. ultimately, in an information age, open societies have the capacity to innovate and educate and move faster and be part of thanlobal marketplace closed societies do over the long-term. i believe that. with respect to terrorism, i think there is uniform concern of terrorist infiltration in

many countries throughout africa. globally.cern we have a lot of initiatives we put forward were designed to partner so countries first and foremost can deal with these problems within their own borders or regionally. the united states does not have a desire to expand and create a bigfoot print inside of africa. footprint inside of africa. we want to cover with -- work with countries to improve their capacity and one of the interesting things in these sessions was a recognition that fighting terrorism also requires security forces that are , thatsional, disciplined themselves are not engaging in human rights violations. part of the lesson we all is thatabout terrorism

reaction tole in accelerate the disease. if the response alienates populations or typical ethnic groups for religions will stop the work we are doing, including the security initiatives i announce today can make a big front in that direction. it's not just a matter of providing better equipment or better training, that is part of it all stop but part of it is securityre these forces and the intelligence operations are coordinated and professional and not alienating populations. the more we do that, the more effective we can be. on last point i can make good governance, one of the best inoculate others against terrorism is a society in which everyone feels as if they have a stake in the existing order and

feel their grievances can be resolved through political means rather than through violence. that's one more reason why good governance has to be part of the strong,hat we use for a stable, and prosperous africa. last question. >> earlier today, is really reaction said to the was justified and proportionate. be at and hamas seem to odds over the cease-fire. are you hopeful a true cease-fire can be achieved? >> i have said from the beginning that no country would tolerate rockets being launched into their cities. as a consequence, i have

consistently supported israel's right to defend itself, and that doing what it needs to do to prevent rockets from landing on population centers. more recently, as we learned, or venting tunnels from being dug into their territory that could be used to launch terrorist attacks of stop i also think it is important to remember that hamas ask extraordinarily irresponsibly when it is deliberately citing rocket launchers in population centers. putting hoppy lay-ins at risk because of that particular military strategy. , i haveaid all of that also expressed my distress at what has happened to innocent civilians, including women and children, during the course of this process and i am very glad

we have at least temporarily achieved a cease-fire. the question is now, how do we build on this temporary cessation of violence and move forward in a sustainable way? we intend to support the process taking place in egypt and the short term goal has to be to make sure rocket launchers to not -- rocket launches to not resume and the work the israeli government did in closing off these tunnels has been completed. and that we are now in the process of helping to rebuild a gaza that has really been badly damaged as a consequence of this conflict. long-term, there has to be a gaza cannotthat sustain itself permanently

closed off from the world and incapable of providing some opportunity, jobs, economic growth for the population that live there, particularly given how dense the population is, how young the population is. we are going to have to see a shift in opportunity for the people of gaza. i have no sympathy for hamas. i have great sympathy for ordinary people struggling within gaza. the question then becomes can we find a formula in which israel has greater assurance that gaza will not be a launching pad for further attacks from a perhaps more dangerous attacks as technology develops into their country. at the same time, ordinary palestinians have some prospects

and opening of gaza so they do not feel walled off and basicble of pursuing prosperity. are formulas available but they will require risks. require a slow rebuilding of trust, which is very difficult in the aftermath of the kind of violence we have seen. i don't think we get there right away. the goal is to make sure the and a gaza cans begin the assets of rebuilding. taken so measures are that the people of gaza feel

some sense of hope. the people of israel feel confident they are not going to have a repeat of the kind of rocket launches we've seen over the last several weeks. secretary kerry has been inconsistent contact with all the parties involved and we will continue to be trying to work as diligently as we can to move the process forward. going to need to involve the palestinian in the west bank. i have no sympathy for hamas. i have great sympathy for some donee work that has been in cooperation with israel and the international community by the palestinian authority. they have shown themselves to be responsible and they recognize israel. they are prepared to move forward, to arrive at a two

state solution. i think i'll go muzzin is sincere in his desire for peace. -- but they have also been weakened during this process. theyopulations in the west have lost confidence or lost a sense of hope in terms of how to move forward. we have to rebuild that as well. they are the delegation leading palestinian negotiators and my hope is we will be engaging with them to try to move what has been a tragic situation over the last several weeks on to a more constructive path. thank you very much, everybody, and thank you all for who participated in the africa summit. piece of outstanding work and i want to remind folks in case they have forgotten of

the incredible young people who participated in our fellows program. we are very proud of you and we are looking forward to seeing all the great things you do when you go back home. thank you. >> president obama speaking at the state department at the tail end of the u.s. africa leaders summit. a wide-ranging q&a session ending there on gaza. he says he has no sympathy for hamas but much sympathy for ordinary people in gaza who are struggling and says israel has the right to defend itself. also speaking about ukraine, russia, the ebola outbreak in i doa, immigration and want to bring in our white house correspondent, phil mattingly, and our international correspondent, hans nichols, who has been covering the summit. what stood out to you most from the q&a session? >> no shortage of topics, pretty much going across the board from domestic to foreign policy. ,oing into his summer vacation

everybody right now is focusing on what he can do via executive action and i think he hit on two key issues people care about -- immigration, where people are talking about the possibility of him unilaterally eventually halting deportations for a certain segment of illegal immigrants. he did not commit to anything or say he had the old -- said he had the ability to do it but said he was elected to make choices. issue we are interested in is what the president and treasury department are considering on inversion. ae key point he made is if small group of companies are considering this at the moment, but it is a negative trend for the country and doesn't want other companies to feel like this is something they have to do. he is saying treasury is looking to take action. >> what about the u.s. africa leaders summit? a lot of the discussion about how big an opportunity it is for the united dates and he mentioned it would be recurring of stop also discussion about how china has gotten to africa first.

>> when you look at the 2012 china-africa summit, the total amount of deals announced with $20 billion. heading into this summit, they were talking about $900 million. president obama just mentioned $37 billion. in any language, that's called managing expectations and managing them very well. the white house has an eye-popping number they can claim a moment the question is is it real and will there be deals and development on the subcontinent in sub-saharan africa? you going to be watching as the president goes into his summer vacation? what is the number one issue you will be keeping tabs on? >> domestically, it's got to be immigration. there's got to be something big. foreign policy, there's a lot to pay attention to but ukraine and russia is something the administration is keeping a very close eye on.

>> thank you both and thank you all for watching this edition of "lumbered west. "bloomberg west."

>> welcome to "money clip." i am mark crumpton, in for adam johnson. in media, it's not just frozen -- disney does it again with a box office arsenal. toasting the new africa, the white house and corporate america raise their glasses. vladimir putin wants to ban u.s. and eu product in russia in retaliation from sanctions from the west. today's wild card is london mayor boris johnson gets fired up over the promise of the european union. he wants to run for parliament, too.