♪ cory: i am cory johnson. this is the "best of bloomberg technology." bringing you the the week in tech. nine months after the historic vote, brexit is underway. we will discuss what it means to the $25 billion fintech industry. -- talkssung hopes about the debut of the samsung s8. first, it is official, the united kingdom triggers article 50.

brexit. theresa may thousand to get the best deal from the u.k. while e.u. leaders seek an orderly withdrawal. it could have a huge pack on the economy and cause ripple affects a cross the globe. the fintech industry has been growing rapidly in the u.k.. up to $25 billion. we spoke with the u.s. general manager at a u.k.-based peer-to-peer money transfer business. >> it has been an interesting time in fiintech. we are a platform for moving money between countries, so our customers live international lives across borders, so the

brexit vote was averse to one of the things, which is living the lives they live across borders. in the company, a lot of staff have come to london or other offices around the world and identify with the problem they -- problem we solve, which is expensive bank transfers. a lot of our staff are people who are internationals. >> i want to kick it off with the senior fellow at the brookings institute in washington d.c. you have written extensively on brexit and the adverse impacts. i want to get your thoughts on just how much is been tech going to be left behind -- fintech going to be left behind after brexit? >> london had positioned itself to be a global fintech leader, a rare city that included finance and technology. brexit has thrown that into

uncertainty about what will happen in terms of london's position as a global financial leader and your basic ability to , do business on the continent of europe. they were ahead in the global race on fintech and now the rest of the world will catch up. >> the u.k. government had invested a significant amount and it will be interesting to see how much that puts them behind. have big thing that companies -- the big thing that companies have been worried about is the passporting policy to sell their services elsewhere in the e.u. how damaging is this policy change going to be to fintech companies? >> it will be tremendously damaging if you don't have the ability to go into europe. furthermore, the uncertainty about what will be in passporting will drive

investment choices today. if you were new fintech, why would you go to london? why would you go to berlin or amsterdam or even new york? it is a double whammy about what will happen and the uncertainty between now and then. >> how are you preparing for this potential loss of passporting rights? >> london is one of the few cities in the world that has finance and tech. so, that is a really important context. existconditions don't regardless of what happens with brexit. and it takes a lot to build a fintech hub. new york is one of the few cities with talent in finance and tech. we have to see how passporting pans out. the other thing is the rights of e.u. nationals living in the u.k. the timeline will be long.

one thing that is important think about how quick fintech companies move it, and how slow policy moves. it is a two-year process before things would even start. so it is a different time frame and we are thinking about different scenarios, but for us and the wider u.k., it is business as usual. >> right. to bewas obvious much determined, but in terms of passporting, are you looking to get regulated and another e.u. city to hedge against the potential outcome? >> with our expansion comes being regulated in the new country. that is one of the fundamental assets. we are building our own network in as many countries as we can, so it is part of our normal modus operandi. to go and get regulated. it is something we have to do,

not something we worry about. >> come to america. our remittance system of international money transmission is way too slow and costly. and we could use innovation to make people's lives better, and fintech offers that. i would like to welcome you with open arms to try and solve these problems in the u.s. because we have real problems in the area you're trying to solve. >> fantastic. that is great to hear. our customers here have process to $2 billion through the u.s., and it is great to hear you validate that the country needs us. cory: that was a joe cross and a senior fellow at the brookings institute. overseas, and its biggest grapher global market to date, square has expanded its payment service to the u.k. less than 5% of square sales are japan, and australia.

a brand-new flagship phone, good samsung's exploding phone reputation finally be behind it? we will discuss. all episodes are live streaming on twitter at @bloombergtechtv weekdays at 5:00 on the east coast, 2:00 on the west coast. this is bloomberg. ♪

♪ cory: samsung is trying to move on from a pr nightmare. the company showed off its brand-new flagship phone with the emphasis on cool features rather than bodily harm. ♪ >> samsung has unveiled its new flagship android smartphone called the galaxy s eight, and the company knows it's got to get this one right. that is because samsung's last major launch, the galaxy note 7

ended in disaster. users showed the phone capable of overheating and catching fire. samsung cited issues with faulty batteries, and after two rounds of global recalls, the note 7 crisis cost the company more than $6 billion. once more, amy also cost -- once more it may have also cost , samsung its lead in the global smart phone market. samsung had beat apple every quarter before that since the end of 2014, which brings us to samsung's comeback attempt. it comes in two sizes. both of which are larger than a latest iphone. the samsung logo has been removed from the front of the phone to make more space to use the screen. the s8 comes with encrypted facial recognition and equipment to apple's siri.

there is still the question, is it safe? >> at samsung, safety has always been our priority. >> the company has been touting a new eight point battery check. investors appear confident with samsung trading near a record high. but samsung faces a test when is expected to rollout its 10th anniversary version of the iphone. cory: is this the product that turns around samsung's fortunes? we caught up with someone who does research on wearables and mobile phone markets. >> the phone is an important step to turning this around, but we should not look at the phone by itself. it is a beautiful phone, an elegant device. but but you look at what samsung has done, a thorough investigation, extremely

transparent with the process. an eight point process in terms of quality control, so when you put that together, i have to think samsung is feeling very confident they solved the problem and addressed the issue. even today, they've referenced what happened and underscored quality and safety without numerous times -- quality and safety numerous times without having to rehash the whole thing again. as far as this device coming out after the battery debacle, it is a strong first step. --avid, ramona called ramon called this phone beautiful and elegant with a smattering of additional features. what has the consumer reaction been like so far? >> it is beautiful and samsung made a good move delaying the introduction. it helps to underscore how seriously they take the process of getting it right before they release it. i think people will love this

phone. will it turn around the company's fortune? that is another matter. this company has a lot of challenges facing it, and also, they have a bigger challenge, which as you mentioned, alexa earlier, but the fact is, the smartphone era is kind of ending. we do not know what is coming next. but that could be more important in the long term. in the short term, this phone will probably sell well. -- sell very well. >> i want to take a look at samsung's market share. fell below 20% for the first time in four years. they obviously have competition from apple on the high end, but up and comers, so what is the main source of pressure causing this drop in market share? >> if you take a look at where samsung is competing, it clearly has its position staked out in the high-end of the market.

as you go further down the tiers into the midrange, then that low range or entry-level range, $150 and below. that is a dangerous part of the market to play for samsung, even if they can get scale because it becomes a contest for how low can you pressure smartphone? a number of smaller and regional companies are competing in asia are willing to lose money in favor of gaining market share, and that is a very, very dangerous market to play in when the market itself is growing in single-digit territory. so as far as the s8 is concerned, this will help position onnt its the high-end and generate some money because these are not an

expensive devices. .> these will be quite pricey. in the meantime come it seems like the iphone will be the main competition until they come up with the new phone. david, what is your initial reaction on how this may stack up to what is coming for apple? david: one of the things that matters is china, and not just because china has several competitors, but because the market is so vast. it is also a country, which is , putting our special preference on local champions, of which huawei and oppo are two. this will keep the competition with apple relatively stable. the real open question is how great is the next iphone?

yet, butreally know if it is great -- apple still has a better brand than samsung by a long shot. it still commands the hay low of the top of the market, and i don't see that changing. cory: coming up, tesla got a vote of confidence from tencent. we will look at what it means for the model three launch next. and elon musk has an unfathomable road ahead to get these cars to market. this is bloomberg. ♪

♪ cory: this week revealed that tencent bought a 5% stake in tesla at $1.8 billion, the first step in a larger partnership in the future. tencent and tesla have no detailed cooperation plan at the moment.

tesla stock jumping on the news. we talked to kevin carter. >> tencent has a process where they look for the best and fastest growing companies and make an investment in it. they have a large portfolio. they're really turning their plan to take ownership of this world of connected electric vehicles in the future. they are not the only players in china. baidu has been investing. alibaba struck a partnership, so it does not come as a surprise. cory: these are financial investments. but maybe a place at the table?

>> it is unclear at this partnerships and sources are point. telling me they would not be surprised if there were partnerships. wechat is great for tesla to have their feed in. cory: they really want people texting more while they are driving. [laughter] cory: $82 billion investment matters. investment matters. what you think they want out of it? to 150ent has made close investments in private and public companies of all different types, but all internet-related. this one marks one of several investments they made into the automotive space. we have seen this all over the news here. there is a number of major .layers in related industries

there is a change going on in the way people and products are moved around. it is very early stages and no one is sure how it will play out. are the automakers going to be the players? will tesla be the player? i think they just want a seat at toe in the water position to see how things play out. cory: it helps them get cash out of china. a lot of money is fleeing china on an individual level. this lets the company have investments outside of china, so not tied to the chinese economy. definitely. all of china's biggest companies won a seat at the table and get -- companies want a seat at the table and get more capital abroad. it is unclear what the process will be like for tencent, but we are seeing financials having trouble with moneygram.

yes, this is a big deal for chinese companies and a great way for tencent to have their stake in a fast-growing u.s. company. tencent, china is the largest car market in the world. do you think tencent, when you do the work on this company, do you look at this as a business that should be in automotive in different ways? >> they are already invested in other ways. they recently invested in the leading auto finance company, but one of the parts of the story that is important, while china is the largest car market, its per capita number of cars is still quite low versus the united states in particular. but this has not become a problem.

in many major cities, there are restrictions on which days you can drive. we have seen of the stories of traffic jams in certain parts of china. so i think more than any country , to the extent the autonomous vehicle takes some of the traffic off the road, it makes a lot of sense for china as a country to be embracing autonomous vehicles. which is what a lot of this investment is about. cory: that was selina wang and kevin carter. to stay with tesla, elon musk has set a high bar with the launch of model three, but that is an understatement. in order to hit the targets he has set, tesla needs to build 430,000 model threes, more than all the electric cars sold anywhere last year. our next guest is bullish, but does not believe in that production ramp.

morgan stanley analyst adam jonas, the global had of auto research. >> our forecasts are more conservative than the company's forecast. we expect this vehicle goes into a soft launch mode in the fourth quarter this year. and our forecast is for 2000, not 20,000, but 2000 units delivered by the end of the year. that is a very small above zero number. the point of this year is to have those initial deliveries done to get the data and initial feedback from the community. next year, about 80,000 units. we are nowhere near 400,000 production. even if you go to our number is 2020, less than half or a third. in spite of that, br constructive on the investment story. cory: what do you think the

price of the car will be? >> an average transaction price of $60,000. cory: that is more than $35,000. >> we think the kind of people who will order that car won't ok? the $35,000 version, so while they could technically deliver that, once it is speced up, the customer will come a very few will walk out at that entry-level price. that is more of an advertisement. cory: after the acquisition of solarcity, the impact of the sheet wouldrcity's hit the cash flow -- the cash flow statement would hit the cash flow burning tesla in a bad way. we saw that in the first

quarter. how do you expect that to moderate? >> that will be up to them to prove, right? they have acquired another cash -consuming operation along with a sizable balance sheet, which adds even more financial leverage to the story. and a lot of investors thought we did not sign up for this. throughout the summer, and we were also on the sidelines as well as we digested it. right now, we have the cash consumption of that business in our medium-term forecast. we have zero value for solarcity or tesla energy in our base case. we still value the company entirely -- as a transportation company. cory: you have battery sales in your model. in the battery business has not been working very wellye . t -- wellyet. give-and-take?

>> the battery business was a necessary requirement for them to achieve their volume goals. they wanted to secure their own reliable supply of high-quality batteries that they could have control of their cooling system and mitigate risks of fire or other problems. they needed to do that themselves. whether the battery business becomes a separate business all their own, we have done some work with our electric utilities team for opportunities for stationary storage. we can come up with a few percent of the value of the company, but on a market cap, even bullish assumptions for tesla energy -- it is still a transportation company. cory: that was morgan stanley analyst adam jonas. coming up, we are going to hear from the e.u. justice commissioner who says if president trump tinkers with the privacy shield, she won't hesitate to pull it. plus, bill nine, the science guy, joins us for words of what nasa should

be focus on next. this is bloomberg. ♪ live-stream your favorite sport

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transfer the data, the private data very so for me this is , important to be here in washington and ask the new administration and new representation of the united states whether the guarantees , which we agreed upon in the negotiations of the so-called privacy shield, whether they are still in place? it is important for both sides. cory: why is it important for the businesses? >> the businesses are dependent on the transfers of private data. and without a privacy shield, they were asked to have a complicated way to guarantee the protection of data when transferring it to the united states. so having the privacy shield is useful and comfortable legal arrangement, and if i say

comfortable, it means they have to comply with the rules of privacy shields and comply with the stricter rules of protection of private data, which we have in the european union compared to the united states. cory: can you tell the companies, don't worry? companies, don't worry. we will make sure this will be fine? do you have that ability? >> i cannot give such a guarantee to the companies because it is mainly their task to be compliant with the rules, and only through the full compliance can they avoid being sanctioned or having some negative impact on their business, but why i am here today is to have dialogue with american representation. i had the privilege to speak with mr. wilbur ross, who assured me he understands the importance of privacy shield, and the commitments under

privacy shield in place for the state administration. and i have to come back to europe with such assurance and continue working on keeping privacy shield running. and allowing us to be sure that the protection of the privacy of europeans is in place. cory: are you still willing to pull the privacy issue completely if you don't get the assurances you need? >> i can say i have positive feelings. i spoke to mr. ross, to the american chamber of commerce and representation of various businesses, and i had a good feeling that the privacy shield is fulfilling its main purpose. with theet yesterday representatives of ngos and watchdogs which have some , concerns about the feeling

that there will be more emphasis on the priority of ensuring an initial security, which would mean the protection of privacy would be secondary. i don't have such signs. cory: that is interesting. from a privacy standpoint, it seems that the e.u. has targeted american companies that seem to have a different notion of privacy, to put it politely, then some european companies. do you feel in your role as commissioner of the e.u., you really have to focus on u.s. companies because they don't get privacy? >> one american companies collect private data of europeans, they have to comply with the same rules in the same privacy guarantees as

european companies. so we do not make any difference and we are applying the rules , and the guarantees of protection to all the companies. cory: that was the eu justice commissioner vera jourova. former science guy bill nye has some free advice for donald trump. his nonpartisan space enters has issued five recommendations for the new administration. some we know trump plans to keep in place, but some other areas, trump plans dramatic cuts. nye joined us to explain why the planetary society offered advice to trump. bill: what is happened a few times in the past, previous administrations have just chalked an existing program, and started over. we think all of the programs and work right now are worthy, or worthy enough to keep in the

pipeline. and then keep mars, the planet mars as a focus for human spaceflight. cory: why mars? there has been an argument that says singles and doubles are important. let's get data and signs and not sink so much of the budget into an expensive thing like mars. bill: two different things? the trips to mars are reasonably -- two different things, the trips to mars are reasonably priced, robots and rovers. what i would like to do in my lifetime is send a rover sophisticated enough, sterilized enough, to drive up to one of these so-called stripes running downhill that it is agreed are the result of running water, and we would look around, microscope examine the ground for living

things or evidence of living , things. in the meanwhile what gets , people excited about space exploration is when humans go out there. so we want to get humans in orbit around mars by 2033. if you want to go earlier, all good. you only go to mars every 26 months. you cannot go any time. you have to time and with the orbit. but we strongly feel this would bring out the best in us and we would make discoveries that would change the course of human history. cory: how so? bill: well, i claimed that if we found evidence of life on another world, be it mars, or the moon of jupiter which has , twice as much seawater as the earth, if we were to find evidence of life, it would be like copernicus thinking of the planets going around the sun. cory: the administration seems

really intent on cutting funding and the budget at nasa, but even looking at things like climate change as suspicious or untrue. bill: well, the problem with toa -- the proposal is increase the budget, but there is a lot of talk about decreasing the earth/science budget which is a big part of , what nasa does. many of the instruments aboard those satellites are designed by experts, technicians, and engineers and scientists at nasa. so climate change is for some reason, a political issue. from a scientific standpoint, it is just an issue. the most significant issue facing humankind. but our belief is that if we space, science, and

expiration a nasa earth science , will get advanced as well, so we want to keep it all going, but with respect to being anti-science, as much as that is being talked about and as serious as it is, nasa is the best brand, just from a state paschi craft point of view. a state department's point of view. nasa is the best brand the united states has. so you can invest in nasa for this reason that is not scientific. it is just making, or helping people around the world recognize extraordinary expertise that is been built up here in the united states in space expiration. cory: that was planetary society's ceo bill nye. coming up, snapchat wins over wall street. what is the real reason analysts are suddenly bullish on snap stock? and later this uber in the hour, spotlight, this time voluntarily out with its first diversity report. it seems to be a deficit. this is bloomberg. ♪

♪ cory: in the midst of monday's market selloff, one notable bright spot -- snap. the company received nine new buys after a cool reception. these analysts come from firms that received banking fees from snap. one of those analysts is giving snap the benefit of the doubt. jason is the manager and head of internet research at oppenheimer. >> clearly the stock has perform well since the ipo. investors do like it. this is a very interesting company. 75% of the 18 to 24-year-olds using the platform, but can you get everybody else? we have done some work that we think was insightful, but if you

look at the history of tech ipos, they generally come down after that initial ipo pop. and while there is a double gain from the share price today from a we think investors would be better off waiting for a lower price. cory: you wrote a great piece looking at the analysts's community. the underwriters tend to be more bullish. you came out with some great numbers showing the average target price is much higher for the underwriting firms the non-underwriting firms. what else did you find? >> it is interesting that since the dot com bubble, we have this pattern where underwriter banks tend to be more bullish. two thirds, 69% of the underwriter firms were buy ratings. that compares with something like 14%.

that is a pretty big difference of opinion. fair, there are legal requirements. tele-subnetworks from your perspective. -- tell us how that works from your perspective. >> so those firms that do participate in the deal get to talk to management, get more access. as a result, they may be able to form deeper opinions and get access to management. if you think about the way the roadshow works, the company meets with the big investors, the mutual funds and hedge funds but they do not meet with the , sell side firms who are not involved in the deal, so the firms who initiate not involved in the deal have less opportunity to learn about the company. cory: what is it like to sit in your chair and deal with those chinese wall rules? >> i mean, look, the rules are the rules. we get their perspective.

-- we get the prospectus. the company allows you to look at the person -- look at the prospectus and ask questions. we do our own third party research, go to the company and ask them to clarify things. some things they can tell you, and some things they can't. cory: one of the partners in my firm refused to meet with management. he did not want to have that influence. what you are describing a something we have seen a long history of. when you looked through the notes, did you see some thoughtful analysis? >> the interesting thing about snapchat is that different 10 people can come up with 10 different conclusions. you are talking about a company that is interesting, created a new way for young people to communicate, and it has become addictive for that set of people. the big issue though is this is a company with a scant record of monetization.

they have been selling advertising for less than two years. it has negative gross margins, a business model that we have not seen before. so i don't fault analysts for view lookingrted at the same set of facts here. and the people who were bullish are doing so, kind of extrapolating growth either in their ability to generate ad revenue per user or in their , ability to go from teenagers and young adults to a mature audience. cory: you reported the api opening up could accelerated. describe that. >> this is the way you by automatically. the majority of the campaign with snapchat was bespoke. you have to part with the company, with ad agency. it was a lot of effort. what an api does it allows you to make an ad and the computer decides who your target and when you run.

if we look back to facebook, 2011,aunched their api in and it accelerated their growth from 20% to 80%. when twitter launched their api, they saw the benefit one quarter later. cory: coming up china is , attempting to clean up the reputation of cold. -- coal. we will get the latest from the largest coal producer next. if you like us, check us out on bloomberg radio. in the u.s., on sirius xm station 119. check us out. this is bloomberg. ♪

♪ cory: one company that cannot stay out of the spotlight, uber. uber's says it will pull out of denmark by april 18, a new taxi law requires a fair meter and

seat sensors. uber has more than 2000 drivers in denmark and 30,000, or i should say 300,000 in -- a spokes person for the company said it will provide dedicated resources to help drivers throughout the shutdown process. the company released its first report tuesday dealing the gender breakdown and racial makeup of its employees. it shows the ride hailing company trails the industry. women only represent 22% of the leadership team and 15% of technical jobs. one piece of data was not released. we caught up with ellen huet about what was missing from the report. ellen it looks like other : reports we have seen out of the big tech companies in the valley. these companies show a similar pattern, which is few women and non-asian people of color in engineering and across the whole and especially in leadership.

uber is quite similar. there'sthey include and -- and their total employee counts they did have a better , racial diversity than other companies we have seen. ways, it was quite in line with other companies that we have been getting reports on. cory: i suppose this does not include the drivers? >> it does not. the drivers remain independent contractors. there were plenty of people on twitter who were confused about that. cory: right. they don't want to give them benefits and worker rights. >> health insurance, worker's comp., all these things they do not want to include. it has been a long legal battle. the status for now that they are still independent contractors. cory: that is not the only diversity issue with uber. we have this former employees say she was discriminated against because of her gender while working at uber.

and detailed a lot of the problems. >> yeah. that is the jumping off point for a story i read this afternoon talking about the way these diversity reports do not include retention rates. they are happy to talk about demographics and what the company looks like, but they don't talk about who stays. when you talk to people who study management and diversity, they say retention and who exits and whether you see some demographic groups leaving more frequently than others is an indicator of what the culture is like in the company. how inclusive it is? it is a metric people don't like to talk about. people don't like to talk about it is quite sensitive. she talks about how she tried to track the rates of her own department herself because she knew the company would not talk about it. and she was interested in seeing who is leaving this particular engineering department and says

the reasons women were leaving was because it was organizationally very chaotic, and a lot of sexism. cory: she also suggested in a perverse way, a diversity initiative at uber caused her to be forced out of the company. >> yeah it is interesting what , she says. in her essay, she said she applied for a transfer within teams and that it was locked and she did not get good answers from hr on why that happened. and said she overheard her manager boasting about how he was able to keep women on his team even when other managers were losing them. we don't know it was an official policy within uber that managers were being graded on retention rates, but it seems it is clear that at least within the company, people are paying attention to who is able to keep women in engineering, certain demographic groups within their team, and it is important for

uber to track who stays at the company as a whole. cory: it almost suggests, may be, they were trying to do the right thing, or trying to be more diverse, i should say, and yet, the way they did it, ended up handcuffing them. >> yeah. i think every company is paying attention to this. the sense i get is that they do it in part because they know they are under public scrutiny , and there are people in the company who believe it is good for the company and for business. it is a mix of the they are two. trying to find policies that work for them. cory: that was bloomberg's ellen huet. the trump administration is bowing to invest in coal, but china is trying to take the lead in cleaner technologies.

china's is the world's biggest co2 emitter. bloomberg stephen engle got an inside look at how the largest state own power generator is starting to scrub skies and the image of dirty coal. >> china feels this is one answer to with pollution problem -- a new power plant the industry likes to call a clean coal burner, spewing less toxins than the older generators. now shut down in beijing. this plant was open in november. they invited bloomberg for an exclusive tour. china is moving towards renewable power generation, but bloomberg intelligence says coal still accounts for nearly 75% of china's energy mix, down from 84%, but the move to renewables takes time. >> first off, china is rich in

coal and has less gas and oil. secondly it is a fact there are , many poor people in china. coal is the energy for poor people. >> but china is trying to do at the moment is they are building new coal fired power plants that are cleaner. >> he says it doesn't measure co2 emissions on site, but we could see what they called the emissions sulfur dioxide and nitrous oxide that they say thanks to a de-sulfurous station scrubbing process are 10 times less than a traditional thermal coal plant. the government gets the data and can punish the plant if emissions get too high. burning cleaner coal does have it cost. it is spending a little more than $1 billion over the next two years and stalling the clean

, coal tech at a time when the industry is in crisis. >> there is more overcapacity than any other sector of china. the utilization rates are 50%, 60%. this is an industry with high fixed costs and with utilizations that low, there are huge losses. >> to be sure the world coal , association wants the world to use more. what it argues president trump's -- but it argues president trump's plan to revive the coal industry can lead to cleaner solutions. >> we believe president trump will be looking at this deployment in the u.s. >> it doesn't hurt when the weather does its part on one of the clearest blue sky days of the year. stephen engle, bloomberg news. cory: that does it for this edition of the "best of bloomberg technology". we bring you the latest in tech throughout the week. tune in every day, 5:00 on the east coast, 2:00 on the west coast. remember all episodes are now

, live streaming on twitter at @bloombergtechtv. check us out. this is bloomberg. ♪

♪ erik: coming up on bloomberg best, the stories that shaped the week in business around the world. the u.k. triggers article 50. it is t minus two years until brexit. >> this is an historic moment. >> there is no reason to pretend that this is a happy day. erik: a mammoth merger clears a major hurdle. samsung rolls out a sleek new phone. president trump rolls back. -- rolls back climate change rules. >> this is about coal, coal, coal. erik: energy executives are pumped for the future, and italy's finance minister insists the banks are back on track. >> now we find a solution within the european rule context.