♪ >> welcome to a special brexit bulletin from the bloomberg headquarters in london. i am mark barton. moody's may lower the credit rating after the country voted to leave the european union following an earlier morning from essen we global ratings that it may cut its aaa grade for the u.k.. moody has lowered its triple rating for the eu. i will be speaking to the managing director of strategy at moody's service, a first on

bloomberg at 5:20 p.m. u.k. time. imf has voiced its support of the bank of england and the european central bank. that they pledge to inject liquidity into the banking system. encourage the u.k. and authorities to ensure a smooth transition to the post brexit xml like relationship. -- post brexit economic relationship. time until we know the future of the economic relationship between the united kingdom and the european union. it will be important that there is clarity under the negotiation process. that it be carried in a smooth a manner as possible. mark: the governor of the bank of progress has called for a said start over the

discussions should start as quickly as possible and achieve a clear separation and reduced the uncertainty. the odds are that one outcome may be winning financial services business from london. that is recapping the big market moves. sterling falling the most on record against the dollar to the lowest level since 1985. it has dropped as much as 11%. european stocks sank the most after falling as much as 9%. the most ever. again was the haven currency of choice with its biggest one-day move against the dollar since 1998. sincead its best day 2009, having risen as much as 8% friday.on the u.k.'s decision to leave the eu is sending shockwaves through global markets in europe's political system.

let's listen to how the eu leading politicians are reacting. serious ore of how genetic of -- or genetic this moment is politically. there is no way of predicting the political consequences of this event. >> an awakening is needed. europe cannot be like it was before. the people are waiting for the european union to reaffirm its values: freedom, tolerance, and peace. >> frequently we see ourselves confronted with the fact that people have very basic doubts about the direction that to the european unification project has taken. mark: let's get updates on the latest politics of with anna edwards. we about to hear from jeremy corbyn. of that, is part waking up to many questions. jeremy corbyn's future is one of

them. absolutely. jeremy corbyn finds himself, to some extent, fighting or his political future. he faces a no-confidence vote. they put forward a no-confidence vote. will they go so far as to try to gather the 51 signatures needed to launch a leadership challenge for the top of the labour party? this is only in the last year or so gone through a leadership challenge. he was voted in from a mandate from the party grassroots rather that sit ine mp's the house behind me. .here are many questions politically, who will lead the labour party? or another lead campaigner? there are other names in the free. -- in the fray. what will happen with scotland? said that all of these

options are on the table. an independence referendum is on the table. we thought it would have been settled for a lifetime in 2014. that is not the case. they say this is enough to put another independence referendum on the table. could that happen before we see the u.k. and eu exercise the divorce? what happens to passporting, free movement, any trade deawll. what will be the aim of the conversations between the u.k. and eq. what will happen -- and eu. what will happen in politics? on the polling question on thursday was simple. stay in or leave, but that leaves other things unanswered. is thehat sort of impact

brexit vote going to have on the u.k. economy? anna: we have already heard from one credit rating agency downgrading the outlook for the u.k. economy. the economic warnings that came voices,y places, many establishment voices, giving their thoughts that this will be bad for the u.k. economy. imf, the treasuries, the bank of england are all warning about the negative impacts that this could have. how negative? we have seen some dip in investment and hiring has been paused. how much does that way on consumer spending? the estimate in the u.k. is one question. how will that you managed? how will the housing market respond? how will we see inflation in the u.k.? inflation is being talked about at the same time as sluggish

growth. mark carney has flagged that that would put them in a difficult position. many think that a rate cut will be the next thing, and it could happen as soon as next month. downplaying the risk saying that maybe a recession won't follow. though this will take 2% of gdp of the u.k. mark: i am looking at the world interest-rate probability function. the probability of a cut from the bank of england in july is at 40%. one week ago it was at 19%. six months ago, it was 0%. the odds of a hike six months ago was 42%. how things have chaed, not only in the last week, but the last six months. what about further a field? what reaction i we getting from european policy makers? interesting.

you mention what the central bank is expected to do and what is happening further afield. many people are talking about what will the bank of england do? the bank of america and merrill lynch are saying cut to zero in july. this question does go further afield. the market is repricing expectations of what the fed does. it will have implications for interest rates in the eurozone. we have the bank of international settlements meeting this weekend. their weekend meeting was going to be hard enough because it is an organization that has been cautioning on overreliance on monetary policy, and now they find themselves in a situation where many bankers are going to be talking about doing more to support their economies rather than less. bankingilar central fame, we have a meeting in

portugal of sentra. the ecb people will be gathering for the annual forum. it is normally an academic event, but this will have much more of a feel of something that is close to market a committee. we saw the eurozone spreads widening. it is having implications on borrowing costs. we saw the ecb speaking to markets. in terms of asking what the broader reaction has been, politically we have seen some action and we will see action from the central banks. mark: looking at the word function for the united states. the probability of a hike in july is zero. zero.ber, november, 1.9%. the probability of a cut in u.s. interest rates in july is 10%. votea change the brexit

has implemented across federal funds futures market. i want to talk about the conservative party. we are awaiting jeremy corbyn. hopefully he will be speaking at any minute. let's talk about the conservative party. what is happening ahead of the change of leadership? what do we know? who is the favorite? what is the process? .nna: we have a lot of talk i'm reaching for my newspaper, because you can find the betting odds in the newspapers on horse races and who will lead the various political parties. for an, having called brexit, are pleased with themselves i am sure. 6-4 on boris johnson. mayor johnson is the ex- of london who spearheaded the

campaign. the tone yesterday was much more conservative. less of the bumbling character-act we have seen in the past. teresa mays has eventually come out for the remaining side in the run-up. she has been at higher levels in the party for a long time. she is someone with a great deal of stature. she was on the wrong side of this, but was quiet during the campaign. the justice secretary is one of the key cabinet take years who split from david cameron. he is there at 3-1. whether he would be as easy of a sellto the -- as easy of a to the populist vote as boris johnson, we will see. financewith a

background, and has held positions in the treasury. she has been in the tv debates. she is 10-1. has quit as prime minister over the results. there are a number of other names being thrown and. nicky morgan, some of them are less likely than others. has taken on ang whole new life in this country. mark: jeremy corbyn has just walked into the room. we will come back to you afterwards. corbyn should be making a speech at any time. please bear with us. leader is party speaking at the acetate of technology in london. we have been waiting for this since yesterday. lawmakers from the labor opposition is launching a bid to out corbyn. >> thank you.

welcome to this speech and event this morning. a member of parliament for felton and has been and the shadowed chief secretary to the treasury. we come together after what has been a very difficult week in our country's history. after a campaign that has been divisive and bruising. it is also just over one week since the tragic death of jo cox mp. i along with others in the house will be paying tribute to her today. i was personally devastated by the result on thursday night. campaign we ran, , for was a positive one more prosperous future for our young people, for a more

inclusive and tolerant britain, for a future that was prosperous for all of us -- we laid out important arguments. we have to recognize which way the country went. it is our responsibility now to look to make sure that we move forward with unity and stability. i want to send a personal message as well. to businesses across the country have talked to businesses in the last couple of days. , asneed to be reassured well, by all of us that britain is still open for business. .e want to see investment we want to see our prosperity continue. we want to see that prosperity shared. the unshared prosperity in our country has been an important

driver or how people have not they wereded or that the recipients of the benefits that we received from being members of the european union. there areieve that concerns that we must address, for our community cohesion, and for the safety and the support for those who feel vulnerable after the result on thursday. iwant to share a message that received from a teacher in my constituency today, who said that on wednesday on the way to and from our sports day our 2 and 3 year people were racially abused by the public. onlyhouted "why are there 10 white faces in this class? why aren't you educating the english?" one said "you lot are taking all

of our jobs. you are the problem. why are you laughing? you are taking our jobs and our land." this is the first time in three years there has been any comment like this. on friday, many of our people with eu heritage and have lived here for several generations, from britain and other countries , they expressed alarm and worry. children aged 6 were crying and telling me they would have to leave this country. other children set their parents were proud and it was great. we've reassured all the children and talked about the fact that everyone would be able to stay, but our community was afraid. the message of unity, stability, and community cohesion that we send at this time is absolutely vital. it is one that we must all

spread. today's speech from jeremy corbyn, that talks about immigration, the concerns raised about levels of immigration, the way that we address making sure we get the benefits of immigration as well the concerns of the impact that people feel on our public services and the strain on those. as a result we know of the cuts that the government has brought in. those are important messages as we move forward in this post-referendum world. i am delighted today to introduce somebody who will introduce jeremy corbyn. [laughter] believe,, i

symbolizing something extremely important. which is the younger generation in this country who overwhelmingly voted to stay in the european union. who, for messages i have received, feel that they have been let down. we continue tot hear the voice of our young people in all of our debate in this country. i am incredibly proud to , theduce the mayor of gaul youngest mayor in the country. mark: we are going to come back to jeremy corbyn in a moment. stay with us on bloomberg television. and edwards is still on the green. we await jeremy corbyn. the labor parliamentarian

stressing the importance of labor take it back to its roots. there were quite surprising results yesterday, starting with sunderland with 3 labour party mps. 60% of the electorate voted leave. labor has some soul-searching to do, doesn't it? anna: yes. the shadowtra secretary of the treasury setting out her disappointment. that the labour party will have to accept the will of the people. 52% of the population voting to leave. 48% remembering they did not get the outcome they voted for. at the about the trouble top of the labour party, jeremy corbyn is facing a no-confidence motion. it is over concerns if he has managed to reach the traditional labour voter. he was brought to the top of the

labour party through a ground swell of popular support. maybe he does not manage to reach out to the more traditional working-class areas of labor support. that is where the u.k. independence party, for whom believing that he was a primary focus, that is where they found fertile support. when we saw the vote come in for past 12 last half night, the night before -- the whenare blending into one, we saw that result at 61%. it was higher than people had forecasted. they forecasted 53% percent rule and. that is when they knew this would be a strong performance i believe camp. it is a -- strong performance by the leave camp. it is why jeremy corbyn is facing this vote.

if he managed to put it into words that reached the grass oots that had been supporting the labour party. mark: even if the labour party does vote two outs jeremy corbyn there has to be a -- has to be a valid. very difficult to leave jeremy corbyn off of ballot, meaning he could be voted act in. it is a tricky time. it is a fascinating time. we go back to jeremy corbyn. we will come to you afterwards. jeremy corbyn is speaking now. jeremy: thank you very much. thank you for coming. thank you for the introduction. and the mayor of golf for his introduction.

gaul forthe mayor of his introduction. -- i also wanted to say, thank you to seema for what she said about the need for bringing cohesion to our society. a number of people have told me, her, and other colleagues how frightened they are over the last couple of days over the appalling comments that have been made. we have to bring people together. the vote on thursday to leave the european union is a historic decision. this country has been a member for 43 years. half of the people in this country cannot remember ever being not a part of the european union. there will be at least two-years

of discussions and negotiations. to make sure that those negotiations deliver the protections that this country needs. working rights, environments, human rights. we cannot let the tories run riot over our hard-fought environmental protection regulations. i have no doubt that given the chance they would replace the environmental safeguards with a tory pollution charger. we will not let them because we value our environment, clean air, and we recognize that if polluted water here, it ends up in the netherlands. if you pour polluted water into rhine, it ends appear. the prime minister has resigned, it has been a remarkable couple of days.

when i was elected the leader of the labour party, it was on the basis of opposition. the economic strategy of austerity. cuts that had been taken place and the rolling back of the state of public services. mores in support of a democratic, open politics. participation, greater democracy, everyone having a say in how policy was made. and in international policy peace,n human rights, and political solutions rather than military solutions to complex. flicts.con we will need to form new international relations. i spent much of thursday afternoon in between encouraging people in my constituency to vote in the referendum, speaking to leaders and prime ministers

across europe. on just to these three points. or leave,t remain many people felt that politics were not working for them. i wanted to work with them to or traction,yment and opportunities across the continent. today, it is important that we learn what has taken place in the last few days. if we are to draw the right conclusions and represent the people we were elected to serve more effectively. across many parts of britain, there is a feeling of powerlessness. communities that have been abandoned from the mining industry's destruction on words. where high skilled unionized jobs were lost in the 1980's or 1990's and have not been replaced. or replaced by insecure, low-paid employment.

direct factories on the site of a former mind say it all about the employment strategy of modern version. where people feel behind in lower paying and less secure jobs, they are very concerned. we are concerned for them. whether deregulation of the labor market combined with the lack of investment, it hits the poorest the hardest. it is many of these communities that voted to leave the european union. thee communities have taken full force of austerity and government economic failure. local services have been hit the hardest there while the richest got the tax breaks. if you overlaid a map of central government in vestments and local government with a map of poverty in britain, they would be exactly the same. those areas with the deepest

poverty, the highest levels of unemployment, the most insecure levels of employment for those had the biggest cut in central government support. the poorest in britain has had by far and away the biggest cut in his local government support. the tories choice to make the communities pay for the crisis not of their making has opened the door for a very nasty, divisive form of politics in this country. the divisive politics has sought to blame immigrants, not government. governments with their industries that fail to invest, deregulated the labor market, and turned a deaf ear to the communities left behind. i want to be clear that the chronic housing crisis is a direct result of this government's housing policy. telling public housing while

failing to build homes for all and providing tennessee for those in the -- providing tenantcy for those in the sector. the government referendum reveals a divided britain. london and scotland voting strongly for remain. wales and every other english region voting to leave. there is another divide between the thriving multicultural cities that are more likely to vote remain and often postindustrial smaller, urban areas that voted to leave. yesterday, people awoke to the turmoil of the markets and the pound sliding in value rapidly. the biggest fall in several decades. george osborne threatened an emergency budget if people voted to leave. he threatened to hike taxes and cut public service.

i do not know if you will do that, but it clearly is on an agenda somewhere. labour would not allow that to happen. it would deepen divisions in the country further. our shadow chancellor who works said john mcdonald said that the government must now take steps to stabilize the economy to protect jobs, pensions, and wages. labour will not allow instability to be paid for by the working people of this country. that is a very important point. [applause] the issue of immigration was clearly a factor. we need to start an honest and rational debate. we cannot talk about immigration separate from a social and economic construct.

both of those that are here and those that have arrived. immigration ist a crucial issue for many people and played a central role in the eu referendum campaign. opinion polls have told us that it is one of the biggest issues that people face. it has been in the top five opinion poll questions since 2011. people are afraid to talk about it. i am not. i believe immigration has enriched our culture, country, and communities. i want to thank those people for coming here. [applause right racket -- applause] they work so hard in our health service and other industries. rapid changes to communities can bring tensions and strains on services.

i talked about the pressure that fast-moving changes in population can put on underfunded public services. that is why labour back to the thetoration of fund to provide rapid financial support to local health services and governments in areas where there has been an influx of people to make their homes there . that was established by gordon brown in 2008. david cameron and the coalition .overnment abolished it in 2010 we recognize that they are be tensions in the jobs market. we propose amendments to employment rights in britainsu. . such as the banning of zero out contracts. [applause] 18 countries across europe has

and the contracts. days of ourtwilight membership in the european union, we could at least do that .nd ban the contracts here there is also the post-workers directive, which has a loophole in it which has been exploited by companies. a pickup a workforce from a lower paying economy in eastern europe, move them to this , undercutting local agreements and local wages. giving those workers very poor thusnd poor conditions, creating tension locally and damaging local employment and local agreements. sometimes industry-wide agreements. who benefits? the country that brought them over. or go task profits made on the

back of exploitation. the exploitation of people desperate for work. control that and invest in jobs and services. [applause] we have to address the needs of people and places left behind by building an economic strategy that works for all in all parts of the country. i know that they are doing that. we have to move beyond the irresponsible debate that we sometimes have that makes people afraid. of beingccuses people racist just because they raise the issue. it is clear that across britain there has been a backlash of the free movement of people across the 28 nations in europe, but there was no single offer from the leave side. some of them wanted to leave but

keep free movement. others did not. there was no manifesto of what a post-referendum u.k. britain of thesek like on any important policy areas. our policies on trade, economy, and migration will have to change in light of the referendum vote, but that cannot .e left to the likes of johnson they will fight to ensure that our agenda is out the heart of the negotiations as we withdraw from the european union. including the freedom to shape all.conomy to work for to maintain social and employment protections that benefit all. that whoever believes the government is held account -- you ever leads the government is held account throughout the process. the whole country has to come together in the wake of what has been a divisive referendum campaign. to discuss the consequences calmly and rationally.

labou tor leave the debate. we will be discussing immigration. our shadow immigration is collecting evidence and will produce a report. we need to talk about more. economy, skills, investment, communities, employment, trade union rights, our trade with europe and the rest of the world. one half of our exports go to europe. we have to have an economic relationship with europe and we have to negotiate that fast. our country must play a positive international community. one of the pillars that i've stood on for leadership of the labour party was human rights .nd international relations we are signed up to the european convention on european rights and bound to the decision of the european court on human rights

and the universal declaration of human rights from the united nations. many would want to leave the european convention and end the relationship with the european court of human rights. they failed to realize that our human rights are in part the pendant on that convention, court, and the labor government passed in 1998. i was very proud to support that government in passing that legislation. we will not allow this government to ride over the protection of every person living in this country from the year he and convention. we will maintain the moral of doherty to criticize countries that destroy and damage human rights because we accept the international convention ourselves. [applause] the labour party, and the

history of the labor movement in britain is one of an international outlook. we will hold the government to account for responsibilities through the department of international development and support work to ensure that the leaving of the european union does not mean the end of many programs that we are jointly involved in with the european union. the shadow secretary of state is working very hard on that. when we had the leadership elections last year i was elected the leader of the party on a program that would ensure that party policy was about the redistribution of power and wealth. inequality is the issue of our times. the growing gap between the richest and poorest. the proportion of growth domestic product is reducing compared to those on the very richest.

we must face it and act decisively against it . we stand for communities coming together. in the coming weeks and months, as we negotiate our exit from the european union, we must debate to britain that we want that will be shaped from that exit. an economy that provides good jobs. there is a government that in community, government, and its people. bour is what the la agenda will have to be. villages that have been left behind and all of the problems that, from that. division is about justice, equality, public investment, housing for all,

and abovefor all, all, opportunities for all. the young people who voted to remain on thursday must not be shortchanged by this decision. those young people who voted in such large numbers. [applause] they must know that their future is at the heart of everything that we do. good schools, colleges, education, universities, .raining, opportunity opportunities to be able to share in the wealth, rather than be told by successive generations "your generation will be worse off than ours, the one after that will be even worse off." it is our duty as the labour party to inspire the o's young people to take part in politics. to take part in developing policy.

to take part in the holding a world of decency, human rights, and a country of equality and opportunity for all, not just the favored few. thank you, very much. [applause] mark: that was the labour leader jeremy corbyn speaking publicly for the first time since the referendum. we heard from the german minister for foreign affairs that has been meeting with eu foreign ministers. they were holding a post-brexit gathering in berlin. not all of the answers are on the table. we understand and respect the brexit vote outcome. it is time for post-brexit decisions in london. we heard from the french minister of foreign affairs who are no reiterated the view that the u.k. exit process needs to

begin now. whichating comments reiterated the statement from the bank of france's governor. let's go to anna edwards for reaction to the jeremy corbyn news conference. he was laying out his vision for a post brexit society. this does not look like he is in a man who is in a hurry to step down as labor party leader. anna: it doesn't. he is under pressure. we talked about the no-confidence vote that has been tabled against him rise some in the labour party -- against him by some in the labour party. sound like someone who was moving anywhere from the of the labour party. he talked about a historic decision. he drew attention to the fact that half of the people in the

u.k. do not remember a time when we were part of the eu. that will resonate with those who are the youngest. he talked about the need for further conversations with international allies. he gave his take for what he blamed for the move toward the brexit. he would line the conservative party. that many people have been left feeling powerless in mining town s. that the cuts opened the door to devices politics that led people to blame immigration. he said the labour party would reject that. that the cuts were brought about by overspending by the previous labour administration and they needed to maintain confidence of international investors. that debate will continue. what it was that caused people to vote for a brexit. fromthe referendum wanted

these factors. immigration was a big part of the debate. mark: we will go to nicholas sturgeon, the scottish national party leader, who is also speaking. living in scotland, those from other eu countries who have done the honor of choosing to make scotland their home are welcome here. i repeat that today. i want to make sure that that is a message we get across strongly in the weeks and months ahead. i will be inviting all eu member thees to summit here over next two weeks to discuss how we engage with their community here and to make clear how highly we value the contribution that they make to the scottish economy, society, and culture. the final point i want to make

is this one. the scottish government will be working hard to protect scotland's interest in the period ahead. this, we will not be taking our eye off of the ball of the day-to-day business. speakingola sturgeon there. the scottish cabinet is taking steps to prepare for a vote. let's leave our special brexit coverage. it will continue. we have hourly updates. 9:00 a.m. is when it began. we have a special show at 5:00 p.m. a special "surveillance." and on sunday, a whole day of coverage starting at 5:00 a.m. we will take you back to scheduled programming right now.

emily: with the relentless rise of new technology. >> that is kind of fun in a way. this is always been true. caught engines came along, when we first had steam engines, over the years, different standards began to be applied as people learned about the danger or downsides. and is why we have rules laws about tobacco and lead .aint -- any number of things seatbelts, route for nader, the whole development of those standards. there will always be tension. interests ong from the ground that want the protection, and from people who want the freedom to do what they do. its balance. an equilibrium. in the united states of america are safer today than

they were 25-years ago, 50-years ago. they live longer, less injuries in the workplace, all kinds of benefits. it works out in the end. my interview with u.s. secretary of state john kerry. next, the ceo of instagram as the company crosses a user milestone. ♪

emily: noun to instagram. four years ago facebook. the app for $1 billion. payings like that is off. the answer game community has doubled and reaches 500 million active users. we set down with cofounder and ceo kevin systrom for an interview. i asked about reaching the half a billion user milestone. kevin: what is amazing is that i think the last time we talked we

had a couple of million users. it has been a little over five years. getting there at breakneck. we built from a company of 13 people. of 500.w shy it is crazy the scale. we have one out of three people in the united states using instagram every month. that is every entrepreneur's dream. emily: you added the last 100 million users faster than the 100 million users. why? kevin: images are universal language. it allows us to grow globally quickly. and we are at facebook. if there is any country don'-- any company to learn from about how to grow internationally, facebook has helped with their expertise. averaging 4.2 billion likes a day.

give us an idea of how fast instagram is growing. kevin: esther than when we first talked. what is interesting about growth .t it is mostly overseas countries are lighting up the same way the united states did early. android is taking more share on instagram. it is more global growth. you see a global diversity of interests. you see sushi chefs in japan. arts and crafts in france. a diverse groups of interest. emily: talk to me about the demographics. are they mostly young people? kevin: it is a range. it is not only for teenagers or established tech folks. it is anyone you want to be on instagram. not one particular group. facebooken you sold to

in 2012, skeptics said being a part of a larger company would slow down your growth. does this validate your choice? day there are skeptics about something we are is the newether it logo, advertising, or speed. decisions that are not always looked upon favorably on day one usually turn out to be ok. there were skipped next back in the day, but i think getting to 500 million users is a major milestone. emily: 80% of users outside of the united states. what makes instagram so universal that it could appeal to a sushi chef in japan, someone in africa, or your huge community in brazil? kevin: the popular or discover on that and in the early days depending on the

time of day, different people were posting photos. that created links between people who did not necessarily speak the same language, but could understand a common image. that is why it has done so well overseas. emily: which countries or cities are incredibly popular? kevin: brazil is one of the biggest countrie. qc that is a very different type of culture. they use different forms and platforms, but they are into social media and love sharing their lives through images. my cofounder is from brazil. when he goes home, he is an all-star. emily: what are your plans to harness that during the olympics? a big momentalways on instagram. you have athletes and different countries represented.

now that instagram is so global, it is a great platform to see what is happening on the ground. emily: single out for you have seen growth skyrocketed where you have not expected. kevin: it is growing so quickly around the world. you see it strong and and in tech-centric communities. we have a growth team of 25 to 30 people that focuses on how do we light up specific countries and make this amazing around the world. emily: where does it it grow? kevin: china is one because we are not available. bit by bit we work on this. one thing recognized early is localize.eed to it is not enough to put your product into a country and say it will grow like the united states. you need to future features that are locally relevant.

emily: in china, facebook is blocked as well. you think china views facebook and instagram as one and the same, or is there a chance that instagram could crack the chinese market before facebook? kevin: all of us are in the same boat navigating this. what matters is that we can bring the products that we love, that allows people to connect with their interests, in world no matter where you are. emily: the challenges in working in europe, what has been your experience? kevin: earlier, i expressed how has changed. i did not realize how complex it would get. running a company with 13 people to over 500 million people. taking each country on its own with local laws and regulations.

we want to be globally available . we're working hard and have a team focused on that. it is one of the most interesting learnings as a ceo. emily: what specifically applying to the european market or your business in europe. kevin: there are not specific things that i would like to call out, other than we have a team working on it. the rules in each market are very different. it is many different countries with different laws. emily: my interview with instagram founder and ceo kevin systrom. that does it for this edition of "best of bloomberg west." we will bring you the latest in tech throughout the week including our interview with gloom mobile ceo. tune in on monday. ♪

david: welcome to a special bloombergletin from -- a second brexit referendum. jeremy corbin made the comments in his first speech since britain voted to leave the eu. questions over his future as the leader of the party. the scottish first minister