st may a u.s. drone killed the afghan taliban leader. after repeatedly standing by claims president obama founded islamic state, donald trump appeared to change his tune tweeting he was being sarcastic. but at a rally this afternoon in erie, pennsylvania trump had a new take on his old claim. >> he let this happen. they had eight states. they had eight countries. they're now in 28 countries. they're expanding. o i said, the founder of -- ob vicely being sarcastic. then -- but not that sarcastic, to be honest with you. >> trump was introduced at that rally by reince priebus. it is the first time the rnc chairman has joined him on the campaign trail. hillary clinton's widening lead over donald trump in three battleground states. the survey gives secretary clinton a bigger lead in colorado, virginia, and north

carolina. the numbers in colorado, clinton 46%, trump 32%. clinton 46 to trump 33 in north carolina clinton 48 trump 39. from new york, i'm mark crumpton. emily: i'm emily chang and this is "bloomberg west." coming up reportedly hit the brakes on g.m. chooses to ride solo. more details on the reported takeover rejection ahead. plus, the c.e.o. behind 2015's biggest ipo joins us on the current climate for trading debuts and what he thinks of jack dorsey. asia's massive bet on virtual reality. the bulk of the latest funding round came mostly from china and japan. why asia is buying into j.r. big time.

but first, to our lead. lyft has turned down a buyout offer from general motors according to a report from the information. the company is commenting on the story. the report comes two months after lyft hired the banking firm catalyst a move that at the time suggested lyft was open to or even soliciting a sale. g.m. is already an investor in lyft. the car maker paid $500 million for a 9% stake in lyft earlier this year that valued the company at $5.5 billion and gave g.m. a seat on lyft's board. it is not known what price g.m. offered to pay for a potential takeover but this report indicates how serious g.m. could be about establishing its presence in ride hailing. joining me to discuss the head of technology, brad stone. we know lyft has been otentially looking for buyers. >> it was one week ago we were

talking about the combination of d.b. and uber china. so much heat in this space. lyft obviously in the u.s. out gunned and out manned by uber which has raised what $15 billion now? lyft has raised maybe $2 billion. it's been gaining market share in some cities, san francisco almost half feel. every car you see is a lyft car almost. emily: a lot of drivers drive for both services. >> of course they do. and growth is expensive and now uber can contain its fire to the market where it has a stronger foothold. so, look. this was a great reporter. it doesn't make either party look bad the fact that they were talking and lyft still thinks it has enough runway to go it alone. there is no price as you mentioned. that latest $5.5 billion valuation g.m. would have to pay a premium, fund its lyft losses off its own balance sheet. until we see an actual number and see what kind of premium g.m. is willing to pay, say interesting but maybe not to the point where they had a document in front of them. emily: we don't know just how

serious they were. back in january when they announced this investment i actually spoke with the president of g.m. and lyft's c.e.o. john zimmer and i asked, does this rule out g.m. working with uber? listen to his response to this question talking about just how deep their relationship will be. >> integration that needs to hatch to bring together what we with o bring together this network that will require two companies to work together really closely. that will be a special partnership and something we'll be putting a lot of resources behind as will the lyft team. emily: obviously the partnership is still in place. he is still on lyft's board. what do you make of g.m.'s potential increasing interest in this business? >> right. that's a multi dimensional partnership. in the shorter term g.m. is driving cars who want to drive but may not have a vehicle. in the longer term there is a question hovering over all the

auto makers about what happens if and when people aren't buying cars anymore and we're seeing daimler chrysler in europe making these investments. and so, yeah. i don't doubt that g.m. is pleasinging about it. until we do get to the era of riverless cars, you know, it's a whole other balance sheet. i think uber is still feeling very comfortable in the united states. it has such an advantage. f anything, lyft being acquired by g.m. with very activist share holders who want returns on investment. that might be a good outcome. lyft would cease to be an ambitious rival funded by the kind of funny money in the private market. emily: i want to talk a little bit about the other big ride sharing company. the other big sharing company which is air b & b a new story out today they are now giving employees ways to sell their stock. the secondary market has really

cooled down since facebook. they are giving employees this opportunity but with more restrictions. what does that mean? >> well, this is customary in private start-ups particularly ones that have been private for a long time. air bnb started business in 2008. now we're now what, seven years into the trajectory of this company. it's not going public any time soon. emily: an ipo is further out? >> potentially. they just raised money and were valued at $30 million. also they have regulatory issues across the world they have to resolve before public investors can fairly evaluate the company. there is going to be some pressure for the early share holders for, early employees, for liquidity. like a lot of other companies really since the early days when twitter was being sold willy nilly on the secondary market, companies have looked for ways to put organization and tame this process. that's what airbnb is doing.

emily: we've seen a lot of big acquisitions and start-ups with lofty ambitions, selling or selling out. now we're also hearing that print rift -- pinterest, they're considering allowing their employees to do similar things. does this mean an extension of their timeline as private companies? does this mean they're just not ready to -- >> nobody is enthusiastic about the ipo market right now despite the fact the stock markets have achieved a new high. everyone sort of sees the advantages in silicon valley of staying private longer. and so they're trying to par lay that advantage as long as they can. emily: airbnb in particular as you said are raising another round, $850 million at a $30 billion valuation, still fighting regulation in new york. you asked about this, the c.e.o. of airbnb a few weeks ago on the show. isten to what he had to say.

>> the vast majority of people in new york are sharing homes they live in. telling a middle class family who depends on airbnb to pay their rent or mortgage that they can't advertise their home on airbnb is not best for new york and i hope governor cuomo will ultimately see that. emily: what's the progress that airbnb has made with new york regulators? >> well, it hasn't been good. this battle has been going on for many years. and there is a bill now that is on andrew cuomo's desk. the governor of new york that would put some pretty onerous restrictions on airbnb in new york. they've been fighting it tooth and nail. just this week they got a lot of their investors and silicon valley luminaries to write a letter to cuomo. we still don't know what he will do. my suspicion is he will veto it. you know, he presents a very strong view of one aspect of airbnb's business in new york, that is people sharing their homes, but the other aspect and the one in which lots of new york city legislators, city council people worry about, is the fact that you do have, you

know, quasi-illegal hoteliers running their business on airbnb's network and that's what the opponents want to curb. emily: all right. we'll keep an eye on that. another side bar as airbnb may be fighting regulation in new york the company could see a boom in rio de janeiro thanks to the summer olympics. airbnb says it expects $76 million in economic activity in the city including $25 million in host income. the company also says it is expecting 66,000 guest arivals in rio with as much as half the traffic from domestic travelers. on average airbnb guests are spending $136 a day and staying for about six nights. turning now to another big story of the week, bill marist announcing his departure from formerly google ventures. his departure is the latest in a string of executive departures from the company. chris urm s summer

son and earlier this summer tony fadell. i did speak to bill marries on the phone and he told me it was just time to move on, time to do the next thing. he wants to spend time with his family. he lives in san diego and commutes up here. what do you make of bill maris leaving now at the same time we're seeing turnover? >> i don't know if it's related. i think i would take him at his word on that. 's been sort of the public face of google ventures. not really much, didn't have much of an investing role. had more of an administration role. was sort of the key inside of google. you have basically a google live, literally the first p.r. person for the first 10 years at google. he knows everyone inside the company. he knows everyone in silicon valley. he is responsible for two of google venture's biggest deals,

one nest and two of course uber. david crane personally brought uber into google. so he is kind of the natural successor. emily: do you see a potential shift in the philosophy of the firm? bill maris championed the biotech and life science investment. could they be making a turn toward more consumer interests? >> i don't think so. my understanding is david crane has a wide set of interests as well and has invested in food tack, consumer technology stuff, some enterprise stuff. i don't think so. google ventures the d.n.a. is to plant as many seeds as possible and it is one way that kind of google infiltrates the startup community. >> what about chris urmsen leaving the self-driving car unit? there is a lot of excitement around the unit. he's been at google a long time but running that particular unit for only a couple years. google is positioning itself as focused on fully self-driving cars, no semiautonomous cars like what elan musk is focused on at tesla.

but, you know, is there anything that you would read into or any additional insight here? >> of course they're saying it's all amicable and everything is great. but i think there probably is something going on. i'm intu iting here a little bit. the self-driving car project inside google is kind of run in a sort of academic way. you know, it was an r. & d project for a long time. emily: right. >> they came out of projects at carnegie melan university in stanford, the grand challenge, basically efforts at two universities to win a prize. now, what's happened with the self-driving cars, it's key strategic ground right now and google is competing with apple and tesla and with uber and last year they hired an executive from hyundai to come and lead the effort. clearly there is pressure at google to really commercialize this effort to exploit the lead that they have, to get out on the market with something that is not just am bling around mountain view. and is more than a novelty. so my guess is that there are

probably some stresses related to that. >> we can't miss an opportunity to talk about the interesting flying cars which you wrote about with our colleague. he is investing in that personally. but is that, you know, more than just a sort of personal interest? could it become something bigger? >> i think if we're -- i think that is a very long-term project and there is a reason. amid all the crazy stuff that google does, that is something that larry does on his own. because the prospect for commercializing, flying autonomous returns -- emily: i can imagine saying not yet. all right. brad stone, our global head of tech. thank you for sticking with me. now, his third point. loading up on tech stocks. a hedge fund by 3.75 million shares of facebook during the second quarter according to filings released friday the stake valued at $429 million was the fund's biggest new purchaser in the quarter. the fund also made a private

investment recently. in a july letter to investors he says he expects this to grow into one of china's largest internet companies. he is less optimistic about alphabet's future. he sold 300,000 shares after making the search giant his top new holding two quarters ago. coming up tech's biggest companies are fueling this year's monster bond sale. but why? that is next. plus, they've raised $80 million in funding to broadcast live virtual reality events worldwide and get this, most of the funding in the series b round, came from asian investors. we'll ask nextvr's chairman what it's all about. this is bloomberg.

emily: u.s. tech is having a love affair with u.s. bonds. tech companies have sold approximately $100 billion in bonds just this year. compare that to the $108 billion for all of last year. apple, microsoft, and alphabet are responsible for more than 40% of the sales. so what's the strategy behind it? brad stone our global head of steck is still with me. in new york, the manhattan venture partners chief economist. max, make sense of this. is it all just about taxes? >> more than a little bit is about avoiding repatriating money here. huge hoards of money which would incur potentially 35% marginal tax rates which would wipe out hundreds of billions of dollars down into much lower numbers. the other thing is that debt is incredibly cheap right now.

the long-term carry costs are cheap. the appetite is enormous. you can borrow for 30, 40 years. in an industry like tech where no one has any visibility 10 years out you can borrow for 30 or 40 years, at really low rates, why not? we have a little bit of an a & a top up here where people are going a little crazy paying huge premiums for public and private names. so having domestic, post tax cash on books isn't so bad. after all when it's all said and done you can also deduct some of the interest payments from that tax break. emily: so, brad, tech companies ave historically less debt focused. what do you make of this? >> i would hit the last part a little harder. there is a lot of optimism right now in the future, the growth of the market. they want to invest in infrastructure, their own growth, and, yes, m & a opportunities. you have lots of start-ups. you have public companies whose prospects maybe aren't so optimistic and the big guys are kind of taking, embellishing, putting more poker chips on the table and getting ready to bet

heavily. emily: the c.f.o. of alphabet said on the analysts' call they'll continue to take advantage of the low interest rates. take a listen to what she had to say. >> we remain focused on optimizing our capital structure recognizing the strategic value of our balance sheet. we completed alphabet's $1.7 billion debt exchange in the second quarter, which gives us flexibility including the ability to use debt financing if appropriate. in light of the interest rate environment we made opportunistically access the market to term out our commercial paper. emily: max, is this a strategy you expect to continue? do you expect other tech companies to do the same? >> yeah. absolutely. part of what ruth is pointing to there is the idea that with really low interest rates and a really forgiving market here we can also see them recycle older debt with higher coupon or interest rates into long-term debt with lower rates. that's part of what they're speaking to. and also acquiring some growth. if you look at what makes facebook exciting or google

exciting or alphabet exciting or microsoft exciting a lot of it is acquisitions whether the story of instagram or what's app or oculus or android or you name it. so the other thing is that they return on big, brassy expensive premium investments is also the stuff of legends that keeps these companies big. so it's cheap. it's easy. the market likes it. that means we'll see a whole lot more of it before this is over. >> max, the tax costs of repatriating capital have become something of an issue in the presidential election. do you foresee this loophole changing at all? if it does, what will be the impact on these kinds of bonds offerings? >> so it's a great question. we saw candidate trump try to put this front and center. it was in a sort of avalanche of other things a lot of which seemed a little bit unhinged so it might have gotten lost but i think we'll eventually see a holiday. i don't think we'll see a huge structural shift. i think we'll see a holiday.

back in the old days when it was bill clinton, not hillary that the leading candidate right now, they did talk about, did implement some ideas of a temporary holiday to repatriate money. i think we'll see that. i don't know if we'll see a permanent structural shift, but eventually we're probably going to end up with more like a 25% to 30% corporate tax rate because a loft the world has it and we know the biggest leading companies don't pay that 35% anyway. emily: right. apple specifically has gotten a lot of heat for the money that they have overseas. when might a company like apple actually want to cash that out or bring that back? >> so, i mean, it's been a long kind of endless stand off here or staring contest. obviously they want to bring a bunch back when they can especially if it's a 20 or 15 r 25% marginal tax rate. not 35. i think we get a holiday at some point but giving the challenge that came from the left to hillary clinton i don't think she wants to be out front saying hey can we adopt a

billionaire. i think it would be pretty easy going for opponents of all types. i don't think we'll see cogent tax policy emerge from donald trump unless he is forced to do that because he wins the election. emily: obviously the stocks have been doing quite well on the markets. do you see investors continuing to respond falvey to this? >> yeah, though there is one thing that is interesting which is these huge tax hoards don't seem to be very useful to anybody. acquisitions, even though at a huge premium, and issuing debt is positive. having a lot of cash hasn't been rewarded. my guess is you'll see it rewarded much more when the market catches its breath and has a little bit of a come to jesus moment which is long overdue because we've seen rise on bad news rise on good news rise on lots of news. we'll probably have to have a retrenchment even if we're going higher and that might be a moment where we'll see a little re-emergence to the premium to security that comes with a cash fresh balance sheet. quite frankly of late we haven't seen that in the markets. no upside. really not much reason to hold it other than you don't want to

get hit with big taxes. emily: all right. max wolff chief economist and our very own brad stone. coming up, the c.e.o. at the helm of 2015's biggest tech ipo weighs in on the state of the public market and what's next in the payment industry. this is book. ♪

emily: now to a stock we are watching, blackberry jumping 2.5% in friday trades after raymond james analyst steven lee upgraded the stock to out perform telling clients the focus is finally shifting to software. in a report release today investors lee gave barack brie a price target of $10.50, a 30% increase from the current price of $8.08. he went on to say, stop worrying about hardwarement only positives from here on. on the other hand, businesses like drop box, may be heading into rocky territory.

research has release ad report saying within two years saying 70% of file sharing companies will, "cease to exist having either been acquired or put out of business." there are currently over 100 vendors competing in the space and gardner knows fierce competition will cause smaller players to back oust the industry. coming up, a group of chinese investors poured $88 million into a startup that lets you experience live sporting events and concerts in virtual reality. if you like bloomberg news check us out on the radio on the radio app bloomberg.com and n the u.s. on sirius xm. ♪

mark: i'm mark crumpton, you're watching "bloomberg west." for the first time since donald trump within the republican

p are mination, reince riebus accompanied him to an event. >> i spent less and won in a landslide. other people spent three, four, ive times more and came in second. who the hell do you want to have as your president? mark: polls show him traying hillary clinton in pennsylvania. powers are appealing for calm in the latest altercation between ussia and ukraine over crimia. president putin said the deaths would bring a response. there's a report that russia has delayed air defense missiles with russia annexed in 2014. puerto rico is updating its zika number, saying there've been

1,900 new cases over the past week. that brings the toe tl to 10,690. the new statistics were released today after the u.s. surgeon general visited puerto rico and said he expected 25% of residents will be infected by year's end. a setback in nigeria after declaring the country polee free. military helicopters rushed vaccines to an area after two toddlers -- two paralyzed toddlers were found. britain has ruled the labor -- labour party can keep tens of thousands of new members from voting next month. only members with six month's standing will be allowed to participate. the party has been dealing with in-house fighting as they decide whether to replace labor leaderierny cor binn, running

against legislator owen smith. in belgium, police have arrested three people for question new york weapons or explosives were found. how long l decide they'll be imprisoned. nbc will make it up to advertisers who have seen a drop viewing. mobile news 24 hours a day, powered by more than 2,600 journalists and analysts in more than 20 countries from bloomberg world headquarters, i'm mark crumpton. "bloomberg west" is next. emily: this is "bloomberg west," i'm emily chang. talking about virtual reality, next v.r. is looking east for

its next round. they've raised $08 million in a series b round with most of the money coming from asian investors including china's asset holdings. it will help them stream live vents from sports games to concerts. joining me is brad allen. thank you for joining us. so you guys specialize in live, long form, v.r. events like the u.s. open, the kentucky derby, cold play concerts, tell me exactly how it works. >> well, we've got a stereoscaupic impression technology we developed years ago, actually around the 3-d television days. that same compression technology is perfect for virtual reality. emily: talk to me about the theory behind live events and why virtual reality can make them so much better. >> well, live events, i mean, you can't be in all those places

at once. whether it's a live sports event or a concert, anything like that, virtual reality, you haven't tried it,-year putting on a pair of, currently they're goggles, they're going to become a lightweight pair of glasses. you're able to look around, see and feel, well not feel, but you can feel like you're there. it's stereoscaupic, so it's -d. wherever you look, you see as if you're there in person. emily: i know you work with samsung but you're on multiple hardware platform. tell me what kind of gear you need to experience this >> currently oon the mobile side of this, because there's a mobile and p.c. side. the mobile application is with samsung gear v.r. they've made a great initial head seth called gear v.r. and you need a samsung phone. of course they're trying to sell samsung phones to put into the gear v.r. you put it on your head, we call

them goggles because they look like ski goggles currently. that's one application using the mobile devices. the other is with a p.c. a high end powered p.c. which is with oculis rift currently and h.t.c. vibe. emily: virtual reality startups have raised $985 million in the 29 deals in the first half of this year a sharp increase from the year before, only $157 million. a lot of this particular year was drin by huge investment in magic leap but in particular we're seeing interest in asian investors and you as well. talk to me about the difference in the reception you're getting from investors here in the united states versus abroad. >> werbling i think the fference is that asia is now more of a -- a common ground with the u.s. in terms of technology. or at least is getting there you look at china, for example.

china with a massive population. an then also really a mobile first population. so they, i think they see virtual reality as the ability right now, the timing to get in on the ground floor. and when you have huge population with, take the nba, 300 million nba fans in china. how many will ever be able to get to a game, an northbound game? very few of those. virtual reality is a way to bring them there emily: have u.s. investors been more hesitant? >> well, i think they're a -- a little more wait and see on how the technology develops. really on the hardware side. because you need a pair of v.r. glasses to be able to watch something in v.r. so i think they're waiting for these other platforms to come out. you've got sewmy playstation coming out in october. playstation v.r. you've also got google, daydream coming out in october as well. i think when all those platforms hit and then you see a

substantial number of v.r. tpwhrasses in the marketplace, by year end, i think people might be a little more interested to invest at that time. there have been some already. emily: there is the classic chicken and egg issue here. i was talking to someone at the venture tap tall -- capital firm sequoia, who talked about the trough of disillusionment. he believes we're not going to see v.r. going mainstream any time soon and there will be a longer period before investors and even consumers gets the gratification that some might be expecting. how would you respond to that? >> well, i think, as of today, he's probably right. because there are not many when you care it to television or other devices, mobile devices, there's, you know, billions of mobile devices in the marketplace. there's hundreds of millions, maybe billions, of televisions

there. when you look at the numb of v.r. glasses that are out there, there's very few, relative to those numbers. those are only increasing. fortunately, we've got the biggest companies in the world from electronics companies from samsung to technology companies, google, microsoft, apple, amazon , you know, everybody is building something for v.r. so i think that on the hardware side it's not there yet. we're doing our part on the software and content side of things. there's compelling content every single day that could be live streamed and broadcast and that's the part we're bringing for either sports or music that have tens of millions and hundreds of millions of fans around the world today. that would love to see in it v.r. emily: i know you have partnerships with fox sports and

livenation. we'll be interested to see what you do next. thank you for joining us. >> thanks, emily. emily: it's a new era at 21st century fox. the company has named jack abernathy and bill shine, abernathy on the left and schein on -- and shine on the right, as co-presidents of the fox news channel and fox business. it will fill the leadership void that stepped down in the wake of an ongoing sexual harassment scandal. coming up, we speak to someone building a head seth to train your brain. they're using it to train olympic athlete this weekend we'll bring you our best interviews from the week, including disney c.e.o. bob byer and the newly opened shanghai theme park. ♪

mip athletes from 206 nations are gathered in brazil in a quest to bring home gold. one company help og limpics -- olympic athletes get their head in the game is san francisco based halo neuroscience. they make a wearable headset that sends small electric currents to the wearer's brains, hoping to boost athletic performance in a process called neurorow priming. joining me now, a doctor who workers in company. tell us how this work. >> ths halo sport. it's the first neurostimulation

system built for athletes, specifically for athletes. the way it works is the wearer would just put this on like a set of headphones and an electrical wave form comes from this area. so these we call primers. the device is designed to sit over the special part of the brain, it's called the motor cortex. and if we prime this part of the brain before a workout, then those repetitions that the athlete feeds the brain become more meaningful to the athlete. emily: there are athletes in rio right now who have trained with this, mostly track and field athletes you say. let's use that as an example. someone competing in track and field. how does this help them? >> so, we'd like to dissect their sport into more specific movements like there's a sprinter, we really worked on her strength training, specifically hip thrusts. what she was formerly able to do

only 100 kilograpwhers training, she moved up to 120 kilograms that mick -- makes her a more explosive athlete. we worked with a hurdler who is 5'8", who competes with athletes who are on average 620eu, this helped him. >> technology compared to nutrition. explain that to me. >> yeah so, there are some parallels. so athletes will drink a pro pro teen shake to fuel the body with an appropriate amount of call reese and nutrition. like what if we did something similar for the brain to help the brain prepare for a workout so it's more receptive to the workout. emily: interesting yosm guys are just scratching the surface here. there's enormous potential in medicine, can you explain, you know what some of the other possibilities are. >> as a medical doctor, a lot of where my heart is for the

company and the missions of the country -- company is to get gow well beyond sports. so to the same extent we can help olympians train physically, what if we could help a stroke victim? half the people who suffer from a stroke suffer from some sort of motor disability. like what if we could help their physical therapy and help them get back to where they used to be. emily: what about alzheimer's or something leek that? >> this is specifically for movement, it centers on the motor cortex. but you can imagine, our vision for the future is we'd have simulators for all different types of applications. memory, for healthy people to help us all remember a little better, which i can certainly use a little bit of. emily: me too. >> yeah. but also on the medical side. so, you know, for example, alzheimer's or maybe better yet mild cognitive impairment. >> it's $750, right? you are partnered with athletes from the olympics, baseball, nba, nfl, how big a market do

you think there actually is? >> so there's sports and at the elite level it would be considered kind of nearby where this business really scales is amateurs. we have a saying that we believe there's an athlete in all of us. there's military applications. there's medical applications. i think there's a pretty sizable market for us. >> so what are the risks? the thought of, you know, brain manipulation, it does sound kind of scary. >> so the safety has been tested. we did a lot of testing ourselves, ,000 sessions' worth of data. if you read the scientific literature, there's been a description of over 60,000 subjects' worth of safety data. the safety data just keeps coming in and reinforcing itself. emily: any negative impacts? >> we stack the odds in our favor so there's sort of limits that we protect the user from. no overuse new york -- you can't use it over a certain amplitude.

so yeah, there's, you know from a safety standpoint, i feel comfortable. emily: from a purely lie yo logical perspective can this make your brain more efficient permanently? how long do the effects of the last? >> it only lasts for an hour. a 20-minute session with neurostimulation will buy you about an hour of -- emily: are you supposed to compete immediately after that? >> you're supposed to train after that. emily: is there a possibility of extending the length of that hour? >> yes. that's a great question. that's really something that we're trying to work on. not just us but our -- the community of scientists that we work with. yeah. to the extent that we can extent that hour would be better for all of us. emily: all right. fascinating stuff. halo neuroscience c.e.o., we'll be watching -- i'll be watching the track and field with a different mindset. thank you so much. >> thank you, emily. emily: coming up, the first year

as a public company is coming to a close, what advice do they have for others thinking of taking the i.p.o. plunge. ♪

emily: looks like apple is feeling the luck of the irish. after months of delays an appeals irish officials have given them the green light to break ground on a data center. the center was announced in 2015. they plan to use it to power the

app store and other items for customers across europe. tech i.p.o.'s have been few and far between this year. only six so far to date, compared to last year's 28 public offer. payment processor first data is one of those. i spoke with their c.e.o. and asked about his experience going public in a tough market. >> we went out, it was kind of a blizzard at that point in time. i said, as a new yorker, i said we drive in snowstorms. and it was a tough i.p.o. market. but i think for us, it was completely the right thing. i think really it's about getting, for us it was getting a balance sheet in shape so we can invest in a business, grow it and ultimately award our shareholders. every sitchswation different but for us it was completely right. emily: so first data's terminals compete with square. i'm wondering when you think of

scare as -- square as a company because square is also a newly public company, they're branching into new things like lending and cash advances, is that something you guys would ever do? >> well you know, to frame the company, it's important to recognize, we are in the issuing business. you know. 75% private label cards are on our issuing platform. we have a large debit network. we have a business that operates in -- physically in 35 countries over 80 countries. then we also have built a platform called clover. i would think about square and clover as actually operating similarly but in different places. you know, we serve over four million locations in the u.s. so i think of us differently. i actually think there's places we cooperate. we cooperate in europe.

i have tremendous regard for what jack has done across multiple things. and i think there's plenty of real estate for both of us to be hugely successful. i think both companies think of it the same way. emily: would you ever branch out into some of the businesses they're expanding into like lending, like cash advances? >> we've always done things like that. we have leasing business, for our small businesses. we have lots of complementary service, whether it be gift cards, whether it be payroll cards. so we've always had ancillary businesses. i think what they've done in square capital and what they've announced as maybe as early as today on something else, is all very creative and good and in some cases i could see us partnering with them over the long haul on these things. emily: interesting. now the industry is going through a huge transition when it comes to accepting chip and

pin cards. wal-mart is suing visa over this, other whether consumers should be able to authenticate a purchase with a signature. who do you think wins here? >> here's what i think. we're in the business of enabling commerce. we're in the business of helping our clients and their clients. so i've always felt it's important to do what the client wants. and that means the end user client and for us it means the merchant. we are many, many times a merchant advocate. so i think ultimately, the winner needs to be the consumer and the business. emily: but getting the industry to make this transition fully is that hurting the mobile wallet? >> i think the -- there's lots of mobile wallets. one of the most secure forms of payment is mobile, is an app.

i'm an advocate of doing all of those. i don't think that and chip and pin need to be different or are even close to the same. i think they're all adoption methodologies and having choice, having pin as a choice if that's what a merchant wants is important. said visa and paypal they're smoothing out the process what does that mean for first data? >> i think it's all good. the more collaboration in a space, the better. we have large relationships with all of them, visa, mastercard, paypal, amex, discover. we see ourselves as an enabler for all of them. the more collaboration that ultimately allows it for the large business owner and the small business owner to conduct business, to have commerce asily is better for everybody.

emily: that was first data c.e.o. frank bisignano there. before we go a federal court in wisconsin has overturned the conviction of brendan dashy, the subject of the movie. he will reportedly go free in 90 days if state prosecutors don't refile charges. this isn't the first time a tv has led to a es retrial. have a wonderful weekend, we'll see you on monday. ♪

>> from our studios in new york city, this is "charlie rose." charlie: the cyberattack targeting the d.n.c. appears to have been more extensive than first believed. russian hackers have allegedly breached a number of accounts. the original leak in july forced d.n.c. chairwoman debbie wasserman schultz to resign. questions remain as to whether the hacks are part of a larger effort to influence the american presidential election. joining me now is adam siegel on the council of foreign relations. author of "the hacked world order.