over a decade. according to the tax foundation, the plan would boost gdp to 3.7% in the long term and raise wages nearly 3%. the study also found the nation's highest earners would benefit the most on a static basis. finds alabamal gop candidate roy moore tied with democratic rival doug jones. the poll also finds 54% of people surveyed do not think roy moore should drop out. allegedly initiated a sexual encounter with a 14-year-old girl in 2012. was criticized for taking a vacation less than a month after hurricane maria slammed puerto rico. aftersignation came a day demands that cabinet members submit unsigned letters of

resignation and devote themselves completely to recovery efforts. a potential meeting between vladimir putin and donald trump was scratched. the white house cited a scheduling conflict. global news to the four hours a day powered by more than twice 700 journalists in more than 120 countries. this is bloomberg. ♪ -- global news 24 hours a day powered by more than 2700 journalists in more than 120 countries. eimly: this is "bloomberg technology." alibaba singles' day clock $8.6 million in just an hour. how china's one-day shopping bonanza stacked up against america's. -- short formoor video platform musically has agreed to a merger.

how it opens up markets around the world. fossilther dent in uber london operations. what a judge's decision in favor .f drivers means first to our lead. alibaba singles' day is an hour away. analysts expect another record for china's biggest shopping bonanza which dwarfs u.s. offense like black friday and cyber monday. shoppers from at least 190 countries and regions swarm the e-commerce giant and servers could clock to 175,000 transactions per second during peak activity. we spoke with alibaba president mike evans and asked about boosting efficiency this year. >> this year's singles' day is boosting efficiency by implementing a whole lot of new technologies and capabilities as

part of our retail strategy. the mom and pop stores you just small storesur that typically have access in a very small local market. today with the capability of technology and the digital invasion, we are expanding their capability to sell products to a much larger group of consumers. emily: alibaba had invested millions into online retail several years before amazon announced its acquisition of whole foods. is china ahead of the u.s. when it comes to emerging online and off-line retail -- when it comes to merging online and off-line retail? >> we do not necessarily look at it as a competition between the u.s. and china, but the work has been done not just in terms of technology integration but the data and efficiencies for brands and consumer experience through personalization has been enormous.

we see the impact of it in our day to day business. we will see the impact of it today where many of the new retail initiatives are being brought out, and we believe this is the retail of the future, not just in china but all over the world. it has been almost a year that jack ma told donald trump that alibaba will help spur job growth in the u.s. what is the tally on that? is there an update on the number of jobs alibaba has helped create? >> the update is we had a , and sme andnt farmers and entrepreneurs are purchase of hating today, selling their wares for the first time to consumers around the world. we have literally tons of fresh produce. apples to blueberries to fresh

vegetables also being sold as part of this day, so a great deal of work has been done and we are making good progress. >> are you able to say just how u.s. participants are joining the platform? >> we are not able to express those numbers, but when i look at how much they are conjuring to the process, it is becoming a seriously important factor in the growth of our business. >> bloomberg news reported the chinese government is insidering taking 1% stakes some of china's biggest tech companies. how would this potential oversight impact the company? all, it has not happened, so we cannot speculate. the government seems to be most interested in media companies

and we are not a media company. we are a massive e-commerce payments company. >> chinese regulators have also been making outbound investment more difficult for chinese companies at the same time the trump administration is making it difficult for foreign investors to take a stake in strategic industries. is this impacting your u.s. investment strategy? >> it is not really impacting our u.s. investment strategy at all. we're not really focused on the u.s. to make advancements in our e-commerce business. our investments are in platform technology to allow brands, retailers, and small businesses to capture part of the chinese opportunity, so trade is really moving in the other direction. >> alibaba had triple digit growth last year mainly driven by southeast asia. what is the next market you are preparing for?

>> when we think about our globalization strategy, it thely brings two pieces -- consumer component, which is really targeted at 5 billion to 7 billion people that live in emerging markets around the world merging into the middle class and who will be the big consumers, so when we think about investments and think about our strategy in that part of the world, look there for the next steps. thehe product side, most of best products, highest quality products in the world come from the developed markets of the world. our partnerships and association and the work we do with retailers and brands and small businesses will be providing great products to those consumers. emily: that was selina wang with mike evans. twist that pits jack dorsey against himself, square has surpassed twitter in market value for the first time. does he is ceo and -- jack at square and

twitter both. twitter shares have lost about a quarter of their value over the last two years. in listingalibaba is high-tech solutions and old-school brick and mortar stores. how moving the online experience into the off-line world will be the future of retail. and bloomberg technology's live streaming on twitter. check us out. this is bloomberg. ♪

emily: the two biggest apps for uber-like truck services in

china are preparing to emerge. they have had a frosty relationship the past with the company's trading accusations about harassment that have even prompted police investigations. a merger would be the latest example of chinese tech startups getting together. alibaba's singles' day is already under way, but there's growing concern consumers could be facing fatigue from the annual 24-hour online flash sale. alibaba is building on the idea of "new retail." the president ysis joins us now. you have seen alibaba grow by leaps and bounds, singles' day grow incredibly, but are you seeing any signs of singles' day

fatigue? >> know, we are not. we have been fortunate to be an investor in alibaba since 2003. we elect to look at the first singles' day sales in 2013, and it was only about $5.7 billion. the transaction this year could well over 8.3 billion dollars. a massive scale you have seen is already quite unprecedented. that, alibaba started with new retail combining online , and combining new technology just adds more excitement to the experience. you think about this new retail trend marrying the online experience with the experience in the physical world? is that the only thing that will get shoppers to go out in the physical world? but i thinkhink so, it is important to drive those kinds of sales. the traditional retail

environment clearly is challenged. we have seen what amazon has done in the u.s., what alibaba has done in china. people love the convenience of saying i want to get this and they just get it, but there's a certain physicality of experience that people still like to have, so i think there is a need to drive people to retail to experience things in a different way. it is a good way to expose people to that technology -- ar and vr are good ways to expose people to that technology, but it will take a while for people to understand what they are and the benefits. we just looked at video of a customer putting makeup on herself in front of a digital a store. what kind of experiences do you think will be compelling enough to truly transform the off-line experience? >> at the end of the day, something that is functional and

offers great value for the money you pay will be the number one reason why consumers in china or anywhere will want to shop. you can buy a lobster from off-line that in an supermarket would cost you $100 u.s. you can do that for only 100 renminbi at the same quality. us because alibaba has so much scale and can cut out the middleman and deal directly with the source and lower the cost for consumers to shop. , you can scanre any product and figure out the story and information behind each product, which makes shopping more fun. once you order, it can be delivered to your house or you can pick up in the store or actually consume in the store, have them cook for you. have and theeople

ways they want to consume -- it is completely up to them now, making the experience more seamless and more free for users to choose. there is a sense that alibaba may be beating amazon in the off-line world. do you think that alibaba is ahead in that respect? >> they are willing to experiment. in china you see a lot more experimentation with different models of retail. the notion of qr never really caught on in the u.s. people in the u.s. would not go to a store like that and expect to buy a lobster. we just would not do that. just a totally different cultural difference, but we have to think about the fact that each company has to react to the environment they are in. i think amazon clearly does

recognize that they do need to have a physical presence, not only obviously with stores, ironically, but of course, with whole foods and these other kinds of rick and mortar stores because again, there is that physical experience and people do still want to go out on certain occasions and go shopping and i don't think that is ever going to go away. emily: how would you compare alibaba singles' day to prime day and the initiative that amazon has? >> is an extremely interesting thinking of amazon as an example. with a digital camera, you will be able to tell who you are, but there are limitations in that it is hard to scan more than 20 people at the same time. china in the meantime uses something as simple as qr codes and enables hundreds of millions of people to have access to services that were not possible before. wayow to combine tech in a that enables the mass market is

increasingly important. when a lot of people do not realize is that in the u.s., most of this model surrounds advertising, so the entire engine behind that is to monetize that well. in china, it is a different environment. the experience that tencent and alibaba have built in new retail is something you do not see in many parts of the world. this is why when mike evans said the new retail shopping would not only be popular in china but the rest of the world, what we will see the next several years is tencent and alibaba exploding the model -- exploiting the model beyond china and that is extremely exciting. >> i think it would be a challenge especially in the western world because we have to remember a lot of this is based around timing of the year. 11/11 is way too close to

traditional western holiday shopping because of christmas, whereas chinese new year is not until february, typically, so it is three months away. it is a big enough that so you can get away with it. amazon prime day is an interesting thing. maybe we will see an 11/11-type prime day and i think there is an opportunity to do things there, but i do not see the concept transferring at all, especially the way they do it in china. speaking with both of you again after this quick break. coming up, we talk about the social media company that turns users into hit social media stars. got bought. we look at the $800 million deal next. this is bloomberg. ♪

emily: facebook has set its sights on yelp. it combines events and permanent

places to a single search engine powered by the social network costs 70 million business pages. this is not the first time facebook has tried to imitate the success of other platforms. work.ated facebook at some dealmaking and china. app musical.ly has been acquired representing the biggest venture abroad for the chinese startup value net $20 billion. it's best known for a mobile news app with 120 million readers and viewers, which pairs 's 100ith musical.ly million users. us.guests are still with this is good news for you, an

early investor in musical.ly. talk about the motivation behind the deal. >> as you know, i am a board member of musical.ly. on the cannot comment price structure of the deal, and after all, the deal was just signed. it is not closed yet. i think the synergy between the companies is very interesting. they clearly indicated that musical.ly is the first chinese team to build a mainstream app accepted in the u.s. and western .orld natural fit both from a product capability standpoint as well as geographic set, so i think together, we will be able to build a very

interesting platform for global expansion. emily: the founder of musical.ly was in our studio about a year ago and we shot a fun little musical.ly ourselves. i'm curious -- [laughter] when a company is making a decision about selling or going long, why sell now? was musical.ly at a point where they were starting to see growth plateau? what is the strategy? hascal.ly -- >> musical.ly a lot of inbound interest and is one of the fastest-growing .ocial networking apps the growth is incredible. as with any fast growth, there will be areas where you can get more help. on monetization, technology, ar-based algorithms. i think the founders quit

frankly like each other and see that they could work well with each other so that if there is a deal and he gets close, it could be quite synergistic. emily: it is interesting, this is one of the first chinese apps to have success in the u.s., but at the same time, we saw tencent taking a stake in snap. >> let's not forget they did try to launch this service in china and it did not do very well, so you wonder how this can really transfer to other places. the other thing is i respect the technology discussion and all the capabilities, but fundamentally, we have to think about the audience. i did a little bit of research itself. i have a 20-year-old daughter in college, and i asked her from her perspective, and she said it is really just a tween kind of thing and you grow out of it pretty quickly, and the concern is how to drive a business around that. fundamentally, if people stopped

caring about it, you have this challenge. look at the challenge snapchat is having already. moreto me seems even specific than that. emily: your response? >> i think musical.ly found a great audience pre-snap that had a lot of traction. they had a revamped team in august that diversified the format and user base. i think it would be interesting to see how it can grow. musical.ly is quite popular in the u.s. and also europe as well as southeast asia. we see users from india using it as well. the social networking spirit could be transcendent beyond just geography. sure, you will have users who will play with it and decide they do not want to use it anymore, and you will have new users come and decide that the

experience is different than what they had six months or a year ago. the product can easily evolve. always, great to have you here on the show. bob o'donnell, you are sticking with me. coming up, why broadcom is making a push to become the biggest chipmaker in the world. how it plans to be inside all your digital devices. if you like bloomberg news, you can check us out on the radio, , and our bloomberg.com app in the u.s. this is bloomberg. ♪ retail.

under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store

near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. ♪ i am alisa parenti. you are watching "bloomberg technology." china is taking another step to liberalize its financial industry and will remove limits

on foreign ownership of banks. overseas firms will be allowed to take controlling stakes in chinese securities businesses. bloomberg spoke with j.p. morgan ceo for asia. isthis type of conversation positive and good for china. of course it is good for international companies that want into that market. international banks and securities firms had been frustrated by ownership caps. it makes the marginal players in china. withoutalks have ended any breakthroughs. the european union chief negotiator says there is some progress on the issue of citizen rights. >> the u.k. has now provided that are aifications good basis for further work. discussions on

direct effects of the withdrawal agreement. this is a key point to karen t citizens rights. hase also implied the u.k. two weeks to come up with a better offer on the financial settlement. u.s. secretary of state rex tillerson is warning countries and groups against using lebanon as a vehicle for a larger proxy fight in the middle east. backsson says the u.s. lebanese independence. unexpectedlyister televised his resignation in riyadh last week, where lebanese authorities say he is being held against his will. challenging is world leaders to imagine a world without nuclear weapons. ,ushing for global disarmament the pope warned nuclear deterrence policies from the cold war era provide "a false sense of security." a treaty also induced

calling for the elimination of atomic weapons. a man accused of bombing a soccer team boss will go on trial. two people were injured when three explosions hit the bus as it left for a champions league game on april 11. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. "bloomberg technology" is next. ♪ ♪ this is the "bloomberg technology." i am emily chang. contact, thek biggest story what could be the ever, broadcom's

bid to buy qualcomm. the companyld make the largest chip maker in the world and potentially put broadcom in every device on earth. to discuss this and other top headlines, i sat down with brad stone. this is an earthquake and chip plan. you have the third-largest chipmaker in the world, not just broadcom and qualcomm, but i controlspretty much the entire chipset in the smartphone. if you take all the components of these two companies out of the iphone, you are left with an expensive ipod. emily: broadcom has gotten to this position with aggressive m&a. what could stop this from happening? >> qualcomm does not want this to happen. , they are review

spending a lot of time with donald trump. they are lobbying here. xp deal is stuck in regulatory review. qualcomm is in this difficult position because of its relationship with apple, litigation around the world. pull a lot ofg to revenue that qualcomm has relied upon for years. apple is a huge customer of broadcom as well. if this happens, how does that change the relationship? >> qualcomm and apple are in a war now. we did the math.

if all the deals go through own 40% ofhey would the chips inside an iphone. some capabilities of the ability to make phone calls, connect to wi-fi, and do apple pay. the combined company could say at one point if apple tries to will not give you apple pay chips and the chips you need to connect to other sailor networks and wi-fi. it is a war right now and could become nuclear in a year from now. >> he said he would not be pursuing this deal if our key customers were not comfortable with it, so maybe apple views broadcom has an amicable partner. emily: indeed. also tencent buying 12% stake in snap after snape reported earnings and the stock crashes, goes back up with this tencent investment. and tencent of snap

have had a long history together. what did you make of this twist? >> tencent was an early investor in snap. presidente 10 sense if they had considered another investment and he said they had gotten close, but it had not happened. clearly mutual admiration on the other side. ,encent invested in super cell then acquired it. looking for aen western strategy for a long time. perhaps this is setting the stage for a deeper partnership down the road. emily: is it a hail mary for snap? >> tencent bottom shares on the open market. they have discussed it to a certain extent. >> perhaps. i know he admires tencent and what they accomplished with we bring, some of

its wisdom to social media, i'm sure they would appreciate that. emily: apple working on an ar headset. >> it was an especially strong week for apple. apple working on ar. 2016.ke the news in now we have more detail. any are working on an r operating system that would power it. they are looking to release something as early as 2020. you would be able to see maps, directions. i could look at you and it would know that it was you and i could look up everything you want to know about emily chang. emily: all the bad things pop up? >> not only, but the good things. emily: the halo will pop up

instead. top tech headlines with brad stone and mark gurman. our bloomberg view columnist wrote an interesting piece about how apple is ramping up its push into the content business. his thoughts, by netflix. apple got into the content business on the music side, the music industry was flailing. there was not a legitimate way to sell digital content, at least not smoothly, cleanly, friction free. itunes provided that. there was a really good match. into has discovered moving the video content side that it is a much more challenging game, and they need video content for things like ipads and itunes and want to participate in the service and fee-based aside because that has become a growing business for them. they are lagging behind other players like roku, and on the

content side, amazon and netflix. they are finding they have a couple of new original content the sameut not seeing leverage with the film and television industry they saw with the music industry. emily: it feels like they have been negotiating with these content providers forever. >> it does. if you look at amazon and netflix, several billion dollars. apple is spending $1 billion. i'm not sure we can gauge what the real commitment is here. bloomberg reporting shows they are very careful about what they put on. i'm not sure i see the content synergies. the content synergies are such that it is an instant set of executives with deep ties to the industry, not just one-to studios. >> they are critical of the

content they are providing. would he want this massive library he can't control? >> look at the music side. you can't control all the stuff out there. apple is the company that basically brought podcasting to the masses. you can't control all the stuff out there. if you want to be in the content business, you have to embrace this. with netflix, you get a deep bench of executives, but the cloud infrastructure for streaming and providing that, at onepple had a lead point in that space, and it appears everybody else has leapfrogged, not just netflix, but amazon is the 800 pound gorilla here. that the big concern is not can apple compete with netflix, but can apple compete with amazon. a few years ago, amazon was 13 in video. they are number three now.

jeff bezos is unstoppable. i don't think tim cook and apple by themselves is able to compete with amazon in the streaming video space. emily: that was bloomberg view columnist. coming up, uber suffers another low to its london operations. this times its latest legal loss could affect the gig economy worldwide. on bloomberg tv, our best interviews, including steve ballmer. tune in this saturday for the rest of bloomberg technology. this is bloomberg. ♪

♪ emily: uber drivers in london

scored a victory against the ride hailing joint. uber boston appeal on whether it andld pay overtimes paid vacations. the ruling could have wide implications across the gig economy. whom are says the ruling was based on incorrect evidence and will appeal to a higher court. guest, bobnow is our o'donnell still with me in the studio. let's start with this ruling in london. how big of a blow is this to uber? whether you are talking worldwide or europe, but in europe, it is a big deal. star fors this shining him, where the rest of europe had fallen apart.

london was their biggest operation. now you have the government saying not only have we shut you down a few weeks ago. they are still operating on appeal for safety, but now long-term you can't classify workers, andas gig this is a huge deal for them. i don't know if they will be able to operate in london. there is a case pending with the eu that we should hear by the end of the year on the same issue, which does not look good now. emily: uber has faced similar issues in the united states, but , do you think we will see similar issues happening around the world, and will this affect lyft as well? >> let's hope not. you look at the u.s. versus europe and that we are pretty different. you also have a lot of full-time

people driving in europe. here, the numbers i saw about a year ago, the average driver for and was 15 hours a week were driving for another service, probably uber. remember there is a supply side and there are people who count on this as their supplemental living, and i don't think we want to discount that. we do need to look at a third type of employment for people working full-time or close to full-time in the gig economy in the united states, particularly because we don't have the safety net they have in europe, free health care and things of that nature, but because of the competition here, it is different than london. emily: bob, what do you see this as a precursor of? >> it is a big challenge. especially in europe, this is a bad sign in general and will

raise some serious questions. fundamentally people have been looking at this gig economy as a controversial issue for a while. a lot of people believe this doesn't feel right. i took an uber to get here today. i was talking to the driver about this issue. one of the interesting things he brought up is that it is difficult for him to kid insurance because as soon as they see that uber sticker, they will not provide insurance support for him. maybe that is not legal, but that is the reality people are facing. are the the issues benefits we have to consider being important to these workers down the road. emily: certainly this is a much bigger issue we will not resolve here, but something we will be watching. meantime, i want to ask you about spin. you have been heralding the future of bicycle sharing, and now spin is expanding, taking on

new members to the board. what kind of traction is this having? >> it is amazing actually. i am a big proponent of biking. i have come on before and said 70% of trips less than a mile in cities are taken by car. we have obesity problems, a lot of things we can do to relieve congestion, make our air cleaner, and make people healthier by getting them on likes. bikes you are seeing people get on bicycles. the do not before, younger people, older people, people of color, less affluent people. on campuses, they are seeing 14 rides a day, which is unheard of with by c-shares -- bike shares. klessnk this doc

bicycle share is low investment, high return. i think you will see it expand like wildfire. emily: what kind of return quickly are we talking about? what are the numbers? what kind of return? uber drivers don't make that much money in the first place, so i'm curious how much you get off a single bicycle ride? >> a bicycle ride is one dollar, capex is low. 14 people writing a day is quite a bit of cash flow and operating income. , you pay foronths your bike and you are cash flow positive and off to the races come in i think it is very exciting. we are not just talking about big cities. there are 300 cities with more in thele or

united states. it is easier to launch a service like this in secondary and tertiary markets. emily: thank you so much for joining us. bob o'donnell, you are sticking with me. up, a wake-up call as the doj starts cracking down on megamergers. what this could mean for other media deals on the table, next. this is bloomberg. ♪

♪ media executives and dreaming of megamergers got a wake-up call. was once presidency seen as ushering in a new era of consolidation because republican administrators are thought to be more business friendly. now washington is no longer considered a sure thing. department has pushed back against at&t's takeover of time warner. with me to discuss what other

deals may be impacted is bob o'donnell. what do you make of this and what it means for consolidation in general? bob: the interesting story on this one in particular is the political angle are brown see him in. of a broaders part trend or because the president does not like cnn? bob: i think that seems to drive this discussion. comcast, nbc, that went through before. this is a similar deal. the broadcom-qualcomm story is a more interesting one. that is more concerning for a lot of reasons. the fact there is wi-fi connectivity and the dominance of a single supplier, that is bad news. emily: we saw the ceo of

broadcom doing a photo op with the president. bob: my concern is the fact that broadcom is seen as a cost-cutting company. qualcomm makes an effort to do interesting innovative technology, and there is concerns that it broadcom were to come along, it would have a negative impact on qualcomm, let alone the whole apple discussion and things like that. there is a concern that the broadcom thing could squelch that. emily: qualcomm is in a tough spot right now. bob: it is a very interesting political battle. in scale because they have put themselves in this position where they're largest customer is arguing with him. they have this other deal they want to pull in to get into the automotive side and other areas, so people see a weakness and pounce. it is classic aggressive

tactics here. i think in the long run there is still a lot of value in qualcomm that it is not being reflected in the share price. i think the future will be we have more value here, more potential here, and that will make this acquisition tougher. emily: this administration is predictable, but which way will be wind blow on both of these? bob: it is tough to say. if we can get rid of the cnn piece of that story, the at&t-time warner deal does make sense and could potentially go through. broadcomalcomm side, side, i don't think that will happen because it is a monopoly and a critical area and they would not let that go. emily: and a hostile takeover attempt on top of it. bob o'donnell, thank you for joining. happy friday.

that does it for this friday edition of "bloomberg technology."we are live streaming on twitter. you can check us out at @bloombergtechtv. . that is all for now. this is bloomberg. ♪

♪ announcer: from our studios in new york city, this is "charlie rose." charlie: we begin this evening with politics, republicans reeling after election losses tuesday, gop during divided over president trump's leadership of the party and many are concerned the white house is alienating voters. risk comes as the gop works to overhaul the u.s. tax code. senate republicans unveiled their plan on thursday. joining me now is robert costa for the washington