>> it's 1:00 p.m. here in hong kong. a former advisor claims president trump campaign team gave up green light for pre-election meeting with russia. george papadopoulos emailed the kremlin link contact last year. he has already leading guilty to a string of charges, including lying to the fbi, and if it's -- it's not clear if he was simply boasting. china's factory survey echoes continuing -- continuing stability. the official pmi reading was 51.6. that shows industry is strengthening, despite strong against excess capacity and

polluting companies. the separatist leader has been summoned to court on suspicion of sedition, which could see him jailed for 30 years. he's currently in brussels saying he wants to plead catalonia's case to e.u. leaders. he said he would only return to spain madrid guarantees him a fair trial. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. ,ake a look now at the markets trading just getting underway in hong kong and china. the markets generally starting the month on a positive note, and a look at tokyo, sydney, and singapore. this is bloomberg. ♪

>> i'm emily chang in this is bloomberg technology. a deep dive on facebook, google, and twitter, testimony in washington. each tech giant answer questions on what general called the national security question of the 21st century. plus apple and qualcomm's legal battle takes another nasty turn. we consider the beef from both sides and the implications for future iphones and ipads. and a watershed moment for bitcoin. reversing course today, plenty to introduce bitcoin future by the end of the year. first to our lead. facebook, twitter, and google are having their day on capitol hill. top lawyers from all three appeared before the senate judiciary committee to answer how russia manipulated their platforms to influence the 2016 u.s. presidential election. facebook, google, and twitter executives told congress they are not sure they measured the

full extent of russia's manipulation of social networks in last year's u.s. presidential campaign, and they do not yet have the technology to prevent it from happening again. >> we have found that foreign actors used fake accounts to place ads on facebook and instagram that reached millions of americans over a two-year period and that those ads were used to promote pages that in turn posted more content. people shared these posts, spreading them still further. many of these ads and posts are inflammatory. some are downright offensive. >> we have uncovered more accounts linked to the russian-based internet research industry based on our review and we determined that advertising by russia today in seven small accounts was related to the election and violated either the policies that existed at the time or that have since been implemented. >> we believe that the relatively limited amount of activity we found as a result of the safeguard in place in advance of the election and google products do not lend

themselves to the kind of targeting or viral dissemination that these actors seem to prefer, but we are committed to continuing to improve our existing security measures to prevent that kind of abuse. emily: joining me now is someone who was at the hearings and also in studio is mark bergen. sarah, i want to start with you. what were the key takeaways so far today? sarah: i think the opening testimony was one of the only times that the tech companies had the upper hand. for the remainder of the time, senators just poked holes in their promises. the companies came presenting themselves as prepared and proactive and committed to making sure that this does not happen in the future. the senators were able to gauge from the testimony that they do not currently and may never have

the full capacity to prevent this from happening again. it was really a very revealing testimony. also, i think the scope for which this is a problem became a lot more clear. emily: what are the interesting differentiations googling today is that google is different from facebook and twitter in that they made the claim that the protections they already have in place event at some of the stuff from spreading. they said it spread on social media. mark: i think they google claim has been they identified a much smaller pool of ads than facebook and twitter. you did see targeted questions around youtube, including russia today with congress and senators have been adamant that this is a propaganda tool for the russian government. a very popular youtube channel. the google lawyers evaded questions about that and about how much money google shares with their ad revenue. emily: on top of that, they did

not just talk about russia but the threat from foreign actors in general, china, iran and north korea. there was a particularly heated exchange between senator kennedy and one of the lawyers. take a listen to that. >> how about north korea? >> i am not aware of other foreign actors running the same sort of campaign. >> can you be aware? you have 5 million advertisers, and you are going to tell me that you are able to trace the origin of all of those advertisements? emily: facebook general counsel taking a long pause before attempting to answer that question. how many times with a cut unaware? sarah: in particular, senator

franken saying that -- trying to get him to say that facebook would stop inspecting political ads in north korean currency. collin said, if we did that, and he for an actor can change the currency they are buying ads in. he would not commit to doing that, and it got pretty hard. a company was talking about the signal. all the companies were talking about how people run currency might be a good signal for them. senator franken again was like, what do you mean signals? we are talking about illegal activity. for in spending on advertising to influence the u.s. election is illegal. there are a lot of reminders like that that was the companies in place or at least the senators were trying to present this as a matter of law, not a matter of signals and data mining and what the companies

see as their world. emily: which brings us to the question of responsibility and whether companies can deliver on this very big in critical responsibility. take a listen to another exchange with a senator. >> you are taking responsibility for a lot of what happened here and trying to make some changes. there would not be an outside enforcer of any of your policies, right? it would just be you. is that true? not you personally, but your company's. can somebody answer? >> that is correct. emily: that is correct. mark, talk about the ability of these companies to actually deliver on this responsibility. can they meet the challenge? mark: a lot of them mentioned we have fabulous machine learning tools and we are putting both humans and our ai to these resources. facebook and google have had big screw ups about measuring metrics were people say they

cannot grade their own homework when it comes to court advertising, let alone propaganda, these russian backed attacks. emily: a big question has been, when will these companies, especially facebook, release information on targeting, who these ads were targeted to? sheryl sandberg said a few weeks ago that facebook promised to be very transparent on this point. we still, however, have not heard from sheryl sandberg or mark zuckerberg. several lawmakers expressed disappointment that they were not on capitol hill today. when are we going to see that information? sarah: well, there were a lot of information's about timeline here and not a lot of answers. the company's overall were saying we will be communicative, we will keep in touch with your staff, we will look into what you're asking about and get back to you. there were a lot of questions about what be targeting looks like, but also who was manipulated, and do we know if people actually make decisions based on this? the company said, well, you know, we are focused on the content on our platforms.

we do not know what people decided based on this. the senators did not quite take that as an answer. emily: another round of hearings coming up tomorrow with the house intelligence committee. what are we expecting? sarah: this hearing was more broadly focus not just on the russia subject but on others in general. they will ask about whether they know how the internet research agency got their data. there was a question about that today, but that is what gives the intelligence committee the link to whatever political campaign may have been working with them, if any. so i think it could get even more heated tomorrow. emily: all right. sarah, you will be covering those hearings for us yet again on capitol hill. mark here in the studio covers google for us. thank you both.

we will have much more reaction and analysis on today's hearing later in the show. just a reminder, bloomberg is developing a network for twitter. facebook disclosed a russian group spent $100,000 on ads to influence the 2016 election. how do they do it? it is more simple than you might think. sarah frier file that report. ♪ >> facebook tells us a lesson group spent $100,000 on ads to influence the 2016 presidential election. how did they do it? is actually very simple. there are only three things you need to run a very sophisticated advertising campaign. a facebook account, the ad itself, and a credit card. facebook's website will hold your hand to the rest to self-serving advertising.

let's say you haven't you want to show to gun owners in pennsylvania. civil. -- simple. facebook and reroute the ads of anyone that has posted pages about gun ownership using target at space on race, political affiliation, pretty much anything. facebook and target specific demographic groups because it has so much information on its users, the articles the quick on, the pages that follow, what they like, all for targeting advertisers. there is information users provide themselves. the ads are meant to spur controversy over immigration, race relations, gun rights, and more. facebook says that before as our distribution, they are sent for review, but it is a mostly automatic process that does not block commercial ads based on content, which means the russians were able to run thousands of ads with actually incorrect information and

inflammatory political speech, which facebook users could not tell came from russia, and the russian group created fake accounts and pages to run the ads, which looked like they were coming from concerned u.s. citizens. just a little bit of money goes a long way. $100,000, the russian group was able to reach 10 million people. remember that some states were won by mere thousands of votes. >> i don't want anyone to use our tools to undermine democracy. >> facebook recently said that to prevent election but english in the future, it plans to hire 1000 humans, but they still have not said what exactly the review parameters will be. emily: once again, bloomberg's sarah frier reporting. coming up, the patent dispute between apple and qualcomm heating up. now they can turn to intel or mediatech, leaving the chipmaker behind.

we have all the details. "bloomberg technology" is streaming live on twitter. check us out 5:00 p.m. weekdays. this is bloomberg. ♪

emily: canadian startup shop i reported in earnings beat for the template in a row, and the company raised its outlook. they provide merchants -- product for merchants to sell online. the stock fell in the session on concerns over sustainability. one person called the company a get rich quick scheme. apple is taking its patent licensing dispute with qualcomm

to another level. apple is designing iphones and ipads that do not use qualcomm components, something the iphone maker has been doing since 2010. however, the product plans are in the early stages and may still change. while still being decided, apple may use modem chips from intel and mediatech instead of qualcomm. shares of qualcomm's sake more than 6% on these reports today. that is the worst in months. there is ian king. there is a threat? how big is the threat they will not be in the next iphone? ian: it depends whether you really believe what is going on here. it is a long way until they have to make that decision. if they are already designing it, it is possible in terms of scaling it. it is about $1.8 billion of revenue a year to qualcomm. emily: do you believe it, or do

you think this is just posturing? ian: qualcomm's earnings tomorrow, ask yourself, why did this come out? that is a viewpoint certain people have expressed. you have to rubber the most recently we heard from qualcomm was them dropping the nuclear bomb of trying to ban apple sales of the iphone in china, the manufacturing in china. just when it seems like they reached the bottom point for their relationship, they managed to find another layer. emily: obviously investors are not excited about this for qualcomm. take a look at a terminal chart 7413. you can see house since this dispute started, the divergence in apple shares and qualcomm shares, qualcomm shares just thinking. this has not been good news for qualcomm. ian: they have been massacred this year. it is the worst performing chip. the philadelphia semiconductor index benchmark index, and that is a year when chip stocks have been hot, done really well.

everybody apart from qualcomm has had money pouring in. clearly people are concerned. if that goes way, they are in trouble. emily: if apple does give it to these other companies, is there quality change? ian: this is why analysts have been cynical about this latest development. would you really want to dump qualcomm's modems? they are best in town when it comes to getting the high-speed data. why would apple want to take that away from itself? why would it want the risk that someone says our phones are faster? emily: worst-case scenario for qualcomm, what is their back up plan? ian: to put more money to the research and development efforts. in china, that has been relatively successful. both samsung and apple have lost market share to these chinese

manufacturers. on the short-term basis coming up he wants to give up apple revenue. emily: what are you expecting to hear tomorrow? ian: there is not really an awful lot they can say other than to say earnings are bad. the strategy they have in place, the legal disputes they have in place will take a while to work out to assert themselves to see whether they can win and he ground back, bring apple to the negotiating table, get is also, and get some licensing revenue -- get it all settled, and get some licensing revenue. it is probably next year. emily: i know you will keep us prized along the way. thank you so much. coming up, the status of bitcoin as a legitimate financial asset may be rising even faster than its price. we will bring you details, next. this is bloomberg. ♪

emily: cme group plans on introducing bitcoin futures by the end of the year david we could have professional traders and investors get more involved. the contract will settle in cash and be based on the bitcoin reference rate. earlier this month, terry duffy spoke with scarlet fu about getting into the grip a world. take a listen. >> we decided to get into the crypto world and we have them placed here so the margin rules and everything else we can apply to it with our distribution, we could be quite successful if a

get on that path. emily: it's passed another milestone, is total value just over $100 billion. one of the biggest balls on bitcoin said it could triple by 2022. he spoke earlier with the daybreak america team. is a new core, bitcoin way to maintain a database. it's introducing the concept of the centralization, so that nobody is centrally controlling information, but they achieve this because the encryption, which is personalized encryption. >> do you use bitcoin to purchase things? >> i do not, but i also don't use gold bars to buy things either. the reality is you cannot use, if something is viewed as

alternate currency, you cannot dismiss it just because it's not easy to spend. the u.k. economy is roughly $7 trillion. guess how many pounds are actually in circulation today? it's about 77 billion pounds. that means there's a 100 21 multiplier on every unit of the pound, is multiplied 100 times through leverage. you might say most people are spending pounds digitally. i think people are conflating that issue when they say you cannot spend it, there were it's not legitimate currency. its revolutionary, it's different from bitcoin being vehicle for how that is used. haveat's something we heard a lot. i've been fortunate to spend a lot of time with businesses that have developed in the space. what people have to appreciate is that bitcoin has drawn the most passion among qualified

developers. if you look at encoding, there are more people developing bitcoin than block chain. so to me, bitcoin is like chain. on bloombergom lee daybreak: americas. coming up, check us out on the radio and listen on bloomberg.com and serious xm. more on the hearing with tech companies before washington. that is next. this is bloomberg. ♪ who knew that phones would start doing everything?

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>> it's 1:30 p.m. here in hong kong. the man suspected of ramming a truck into cyclists in new york is a driver for uber. a man in a rented pickup drove onto a bicycle path. president trump tweeted he wants tougher vetting, saying being politically correct is fine, but not for this. shinzo abe is widely expected to be reelected prime minister of japan. his coalition overwhelmingly one last months election, strengthening his position in parliament. he has been prime minister for five years and is the third longest-serving p.m. in postwar

japan. gaming revenue rose more than 22% year on year in october. easily beating estimates. earnings top $3.3 billion. with gains one. mass-market demand is set to a picked up following the commonest party congress in beijing. high onword to a decade a blowout third quarter sales and record breaking profit forecast of $5.6 billion. since taking charge in 2012, the ceo had restructured sony and invested in key areas. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. a check on how markets have been trading in the asia-pacific -- asia-pacific, here's juliette saly in singapore. >> looking pretty good, the regional index holding at

november highs. is elin of by over 1% on the close on the government decision to ban foreigners buying homes. the kiwi jumped substantially, up .8%. that's after we saw the new -- new zealand jobless rate hold at an egg or low. the continued rally coming through in the nikkei up by 1.7%. a solid move coming through on the weakness in the yen and also , electronic companies lifting the nikkei to 21 your highs. the big boost in samsung helping the cost be hold at record highs there as well. when you switch it out and have a look at the movers in the region, we mention sony. a fresh record high after it came through with some strong results and also lifted its dividend. a little weakness coming through in some of the hong kong development stocks but hong kong -- hong kong casino stocks rallying.

we're live from london at the top of the outer on bloomberg daybreak television with "bloomberg daybreak: europe." this is bloomberg. emily: welcome back, i'm emily chang. or continuing our coverage on capitol hill regarding alleged russian meddling in the 2016 u.s. presidential election. senator lindsey graham minced no words about how in rent the topic is. >> we have to be on guard as a nation is having people who want to undermine her way of life againstese platforms us, and i think this is the national security challenge of the 21st century.

emily: thank you so much for joining us. talk to us of out your experience in national security and how critical role is companies actually play a national security in general. let the senate, i was in the room for most of the hearing. i left a little early to get over here. basically they have a big role to play. think is clear today is the members on both sides of the aisle repressing them on issues not just related to russian interference in the election but other countries online operating in problematic fashion, extremist using their platform in ways that are violating the that of service in ways are causing national security concerns and in ways that are threatening to undermine our democracy in terms of our election. you heard a range of issues of concern. the focus has been on russia but the tech companies are starting to come under scrutiny and facebook and google, -- and google, not just for ad

purchasing by russia and their inability to track whose making the purchases, but groups like problematicg in materials all over the globe. ofly: there are a lot questions and not as many answers. how satisfied are you with the answers that you heard from these loggers today -- from these lawyers today? were stillers somewhat unsatisfactory. at the end of the day, talking about a global platform and companies that were not initially set up to deal with these problems. i think is becoming clearer and clearer that there has to be accountability weather comes in the form of legislation or reporting requirements are more transparency. see the legislation out of the senate regarding ads and i think you're going to potentially see more areas where you rational -- congressional involvement and

you see pressure out of the eu in terms of getting extremist and terrorist content off platforms. in terms of monitoring who is buying their ads. in the case of ad buying it is , likely that campaign laws were being broken and i think you are going to the legislation response to that. i think we have a ways to go. the first sign of dealing with the problem is admitting there is a problem so you have the admission that the tech companies are realizing that they are going to need to deal with this not just in terms of the election many problematic behaviors and activities on their platform. >> how do you suggest they handle dealing with this extremist contacts. or ads purchased by foreign actors. facebook is doubling security staff. is this something you believe these companies can do on their own or his government intervention necessary? >> i think there can be more on their own.

other issues, they do sort of change. they became more aggressive. child pornography is a good example. they use technology to prevent the upload of pornographic imagery which is illegal and not permitted on their platform. they can do a similar thing. of uploado prevention for the worst content using the same technology they use on child pornography. in terms of ad buying, they're going to need to start -- a lot of these companies pride themselves on people being anonymous are being able to have anonymity, on twitter, for example. you have people purchasing a product, in this case, and add you need to have transparency , about who that is. if you don't see them being proactive they're are going to probably end up having to face legislation and regulation.

it seems like on the hill today the senators were suggesting they were taking them at their word but not trusting they will go as far as they need to without legislative solutions. >> your proposal the same way they approach child pornography, is that realistic? the scale of the child pornography problem, anything compared to the volume of extremist content we are seeing. >> on the child pornography side, the national center for missing antics would it children -- missing and exploited children houses a database that have been followed their, those images have prevented the uploads of tens of millions of images on these platforms. a similar approach can be taken with isis content. put into a database and having the same technology preventing that from being uploaded to it

-- uploaded, so it is a good analogy, it is a applicable fix on the counterterrorism front. emily: what do you make about other foreign actors like russia, iran, north korea. >> that is a really good question. that was brought up by senators where they asked the companies if they could give numbers or had a sense of what other countries are doing this. they did not have a grasp of the data that -- but countries like iran and north korea can do what russia was doing. unless there are mechanisms it is going to be a problem not just in terms of election cycle but were all sorts of full, misleading, and imaging national -- potentially damaging national security content on their platforms whether that is counterintelligence operations or election interference down the line. misinformation campaigns or terrorists or extremist bomb making videos. all of this can cause many

problems not just in the united states but all around the globe. emily: always great to have you here on the show. a reminder that the parent company of bloomberg is developing a breaking news video network for twitter samsung electronics announced the biggest ever with net income totaling $9.9 billion in the third quarter. the numbers were boosted by global chip sales, accounting two thirds of operating income. there was a shakeup at the top . the cfo will become chairman. the first time samsung has split up the chairman and ceo duties. coming up, the merging of tech and wall street has ramped up thanks to automation. you will hear from citadel security chief officers, this is bloomberg.

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reporter: with machine learning the use of new technology has never been more important for financial firms. a chief information officer at cityville is responsible for implement in the market technology driving the sureties business but also had a start in silicon valley. he talks about his journey to wall street with bloomberg's erik schatzker. >> that is an interesting story. most of my time has been in the

valley, network appliance, cisco, juniper, the thing most interesting about the dell's they afforded me an opportunity, a licensed to innovate one of the few things that really excites technologist, develop and deploy leading technologies in networking, storage, compute, bringing it all together at the same time. the second thing interesting to me was i found such a high concentration of talent. people talk about hiring the best and brightest, what i found is we have said bar so high that we are actually bringing in those types of people. having those types of people around you levels of your game and i -- i found that to be the case with me. the final thing was we will able to deploy new technologies in days and weeks as opposed to

months and years i've been accustomed to and technologist just love seeing their reactions come to market. >> you make it sound like this is a more exciting environment than what everyone thinks is the holy grail. >> it's as much at tech firm is anyone of ever worked at. tremendous amounts of excitement, i tremendous amount of information. >> what specifically about your expertise did citadel need? >> we celebrate diversity of experiences and if you only have people coming out of one sector, they think a certain way. bring in people with the for -- different perspectives from different companies, that allows us insights we can then apply to our core mission. in storage and more. what are you applying most? >> we are bringing them all.

networking is fundamental to our business. compute and analysis is fundamental to the way we acquire and store data is fundamental. unlike other places i have been we bring it all together and , use it all at once. >> help people understand the role that technology plays in a market-making firm like citadel securities. mission is to provide a transparent market and we use technologies in many different ways. i will give you a few examples. in equities we do analysis that allows us to provide the best liquidity, it enables us to optimize cost so that we can provide more efficient, cost-efficient transactions to our clients. it enables us to fulfill the new york stock exchange.

for the 1400 symbols that we represent, we use our technology to enable a prompt and smooth opening and close and on the institutional side, we are able to stream pricing. our technology enables us to do that as well. >> if technology is the x factor, one of the principal things that separates good excuse from bad ones. i have to believe there is an arms race going on. more, better, faster, more powerful. >> it applies to the infrastructure and technology but it applies to the people that we hire you we look to bring in people from tech centers in tech companies across the world. we were doing that just this year. this year we have hired evil from traditional tech firms. we are looking to connect before they graduate.

we've held 20 datathons across the world. >> where do you want to hire people? we will hire good people from >> anywhere in the world but people, thenal tech concentrations are in silica in valley, inilicon seattle and austin. >> google, the facebook, companies of that nature? >> startups as well. we are being very selective about it. >> talk to me about the innovations. technology is all about innovation. talk to me about the innovations you are implementing now and anticipate implementing that will prove to be disruptive of securities trading. >> data is at the heart of what

we do and our ability to analyze. people talk about cloud computing all the time. cloud computing provides youth -- you elasticity. it can be a force multiplier to a business. it allows you to expand into resources when you could not possibly afford to own them, not cost-effectively. those are the types of things we look at. machine learning is definitely the buzz of the day. a lot of folks do not understand it. they not -- they may not understand how we distinguish it from artificial intelligence. machine learning is state-of-the-art. what you are able to do is look at past patterns of data and correlate them with outcomes that occurred in the past they use the expression those who ignore history are doomed to

repeat it. we can train a model based on what happened in the past month correlate it to the outcomes with that and use that technology to predict what would happen in response to an unanticipated set of circumstances and improve the model over time because we provide feedback. we do deploy that in many areas of our business to get more insight into decisions that we make. emily: that was the chief information officer at citadel to reduce speaking to eric. coming up, best buy backpedals after backlash. this is bloomberg. ♪

emily: >> best buy stopped sales of the iphone x.

they previously charged a $100 premium friday. best buy, one of apples key retail partners, said the $100 increase was attentional because of offering different purchasing options cost. staying with apple and iphone, shares closed up over 1% ahead of earnings and the iphone x in-store belief friday. -- in-store release on friday. what do you think about this whole situation? >> interesting, we first broke the story last week to they were charging $100 more. instead of the $1000 price point, it was $1100 to they were saying these phones were an -- not activated, they come at a premium cost. in reality, what they were doing was charging an $800 surcharge based on them saying they were the only ones doing it to apple does it for its own web right as well and they will do it pretty soon for the iphone x.

now they are not doing that anymore. instead of basically saying you are not going to charge $100 anymore among their does not going to sell iphones at that for price at all. emily: reviews coming out, mostly good, with the nitpicking around the face several -- facial recognition technology. >> reviewers have only been using this or about one day. i will give my opinion be on it. -- next week on it. stay tuned for that. you lookingare ahead to on apple earnings? >> it is going to be interesting to see how the iphone 8 sales, given that there are no iphone x sales in q4. a muted response because people would line up early in the new iphone are waiting to the number 10. we are going to wait how that affects revenue thursday. >> what is your take on how demand will shape up holiday quarters for the iphone 8 and 10 given supply constraints.

to the extent that there are supply constraints. >> the iphone eight will be readily available, the success phones.he smaller you can order it now and get it , -- comeswhen the x out. they shut off online sales because the demand was so high there. willve or six weeks, it probably go down, but the question is how long it will last. will you have to wait until february or march? we will have to wait in see. emily: apple's answer to the amazon echo. >> for $350, it is the upper pricing echelon. someone else came out with a nice one for $200. it is actually quite good. amazon has a slew of new echoes coming out.

apple has competition and they are much more expensive but we get our hands on it when it comes out and the how well it fares. emily: always great to have you here with the roundup. thanks so much for joining us. we are looking ahead to apple earnings earlier this week for you -- later this week. that does it for this edition of bloomberg technology. check us out weekdays at 5:00 in new york and 2:00 san francisco. that is all, this is bloomberg . ♪

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seriously injured. the central bank is expected to leave rates unchanged today as investors await the fed chair tour. paying the bill. fresh talks are scheduled for next week. >>