current gop tax bill. affordmajority can only to lose two members if they want to pass the bill without any democratic support. a revised version of the senate proposal calls for repealing the obamacare individual mandate. a lead lawyer for puerto rico's for -- federal oversight board said the territory is considering suspending debt service payments for five years, the first indication of how the devastation caused by hurricane maria will impact the restructuring of the island's debt. the moratorium may be included as part of puerto rico's plan to reduce what it does through bankruptcy. greece has declared a national day of mourning after floods killed at least 15 people on wednesday. the flooding came after a severe overnight storm brought driving rain to the greek capital. roads turned into money rivers that carried away vehicles and tossed them into piles on roadsides. more torrential rain is expected tomorrow.

global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm alisa parenti. this is bloomberg. "bloomberg technology" is next. ♪ emily: i'm emily chang, and this is "bloomberg technology." stocks slide, equity falls. tech stocks at record levels. is there a massive pullback to come? can blackberry make a comeback with software? we will hear from the ceo in an exclusive interview. tencent's blowout quarter. we will discuss the company's secret to continued success in asia and its u.s. ambitions.

first, caution returns to the market as u.s. stocks slide, posting the worst losses in three weeks. the heaviest of selling was at the start of the session, when the nasdaq fell by as much as 1%. globally, tech stocks are at their highest levels in's 2000, levels since 2000. is it time for a pullback? gina martin adams and abigail doolittle

bigger market today for the next five years, then it may turn into more autonomous, and we have both technologies. emily: that was blackberry ceo john chen speaking with our own julie hyman. coming up, from shareholder voting power to the status of the sky deal, we will discuss what was covered at fox's annual meeting. a feature we want to bring to your attention, our interactive tv function. you can watch us live. if you miss an interview, you can go back to it.

you can send our producers a message, play along with the charts we show you on air. this is for bloomberg subscribers only. this is bloomberg. ♪

emily: tesla is preparing to unveil its semi this thursday. elon musk posted a sneak peek on instagram and tweeted -- tesla had been secretively working on this truck for the last sheet of years -- last two years. 21st century fox held its annual shareholder meeting today in l.a. , whenthe topics covered the deal would -- to acquire sky

news will close. >> we are excited about the breath of all of our -- breadth of all of our brands. sky,roposed acquisition of we are confident will close by the middle of next year. emily: for more on the meeting, we are joined by a new scherzer sakoui fromnousha l.a. what were the highlights as far as you are concerned? in theseas usual annual meetings, there is a reelection of usual business. fox, theyentury proposed canceling the class of shares that gives the family super voting powers, but that was easily won for the murdoch's and fox. that was a point of tension that

a lot of people were watching for, although none of these sort of proposals that have come -- progressed. that was one element. people looking out for would there be any word, did the talks supposedly going on with disney -- what might they say about the future of the company? lachlan murdoch got up. rupert murdoch was there. james, the ceo. they reiterated the results from their earnings that they released recently, which were very strong. it proved that fox management is really operating its assets at a higher level, generating very high affiliate revenue from its content. maybe that gives us some inclination that that is some kind of code talk in deal and that it means nothing is really

happening, but, at the same time, they didn't give anything away. that's one of the main points. emily: what do you make of the idea that they would even consider selling the crown jewel? anousha: this is something that .s sort of perplexing most people i've spoken to don't see that happening and don't see a rationale for the family selling off its crown jewel. if they got a very high valuation, and maybe you believe the industry is going in a different direction, maybe that would be some sort of rationale for it, but there's not much convention -- conviction amongst watchers that there is reason for the murdoch's to do this. definitely something to share prices reacted positively to. there is an issue within the fox structure that means there is frustration, both on the management side -- the murdoch's have said they have frustration.

analyst on behalf of investors have said there is frustration about the underperformance of the stock. a question what they can do about that, because it is a controlled company. they traded the discount to some of their peers -- trade at a discount to some of their peers because of that. emily: you have apple jumping into the original content game. netflix and amazon outspending the studios. how well-positioned is fox? anousha: it's a very good question. question askede on the floor by one shareholder, how would fox compete against the tech titans and companies like netflix? they have some of the best content out there. they have other products, like

out in india, they are very strong there. the sky deal, they think, by mid-next year. emily: all right. anousha: it's interesting that they are talking about selling their content to as many outlets as possible. that's their strategy. emily: all right. sakoui,ipley -- anousha thank you. amazon is preparing to launch its first cashierless convenience store. details next. if you like bloomberg news, check us out on the radio, listen on the bloomberg app, and in the u.s. on sirius xm. this is bloomberg. ♪

alisa: i'm alisa parenti in washington, and you are watching "bloomberg technology." president trump says his trip to asia shows america upon standing in the world has never been stronger.

we will neverp: again turn a blind eye to trading abuses, to cheating, economic aggression, or anything else from countries that profess to believe in open trade, but do not follow the rules were live by its principles -- rules or live by its principles themselves. alisa: the president says the united states was treated with incredible warmth, hospitality, and, most importantly, respect. the trip included asking his chinese counterpart, xi jinping, for an assist in the case of three ucla freshman basketball players who were arrested and charged with shoplifting while they were on a trip to china. the players held a press conference, in which they spoke about the incident for the first time. >> to president trump and the united states government, thank you for taking the time to intervene on our behalf. we really appreciate you helping us out. alisa: after the players spoke, ced ucla head coach announ

that the players had been suspended indefinitely. a lead lawyer for puerto rico's federal oversight board said today the territory is considering suspending debt service payments for five years. this is the first indication of how the devastation caused by hurricane maria will impact the restructuring of the island's debt. the moratorium may be included as part of puerto rico's plan to reduce what it owes through bankruptcy. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm alisa parenti. this is bloomberg. it's just after 5:30 p.m. here in washington, 6:30 thursday morning in hong kong. we are joined by bloomberg's david ingles with a look at the markets. david: good morning. just 30 minutes away from the open of markets in sydney, about 90 minutes in japan. korea opens an hour late today. college entrance exams. we are watching out for a few things today. we are looking at gains.

in the asia-pacific, we are watching tencent. waiting on the -- tencent, asia's biggest company by weighting on the index. r-day losingfou streak in the asia-pacific. japan machine orders, jobs numbers coming out of australia, and the gdp coming out of the philippines, just to map out the trading session. more from "bloomberg technology" next. ♪ emily: this is "bloomberg technology." i'm emily chang. it's amazon's most ambitious effort yet, to transform the brick-and-mortar shopping experience by eliminating the

check out line. it has been working out the technical bugs. it is almost ready for prime time. joining us from new york, spencer show per -- spencer and olivia is in the studio. how does this work? >> typical amazon fashion, we don't know every detail of how it works, but we do know that you walk in, scan your phone, pick something off the shelf, then when you walk out, it charges you automatically. we understand through patent it uses facial recognition technology. we think it recognizes your face and pears that with your amazon account. emily: -- pairs that with your amazon account. emily: why have we not seen this at work? >> they had some unexpected bugs when they launched it about a year ago. at that time, they said they expected to open early this calendar year, which didn't happen. he had to push it back.

-- they had to push it back. we understand they are working through situations beyond an individual shopper, which is a simpler transaction. they have to think through groups of people coming in, couples, families, a situation where mom, dad, a couple kids go in, and the person who checks in with their phone leaves and the other parent remains with the children. there are a lot of group shopping scenarios they had to consider and work through those as well. emily: you guys also, olivia, uncovered a little pikachu challenge, where the employees dressed up and tried to fool the system. >> we understand amazon has been encouraging its employees to use the store often so they could find any bugs. three very brave amazon employees said, we are going to really try and trick this, and they put on three matching, bright yellow, pikachu onesies and bought snacks and sandwiches.

apparently their bill was accurate. it passed the pikachu test, which is great. spencer brings up the children issue. store has beene delayed so long mainly because of kids. if you're going in and shopping -- if you have ever shopped with a small child it's very difficult,. emily: i have, unfortunately. >> when they touch everything, that was tripping up the sensors. emily: interesting. do you think that this technology is something we are going to see in whole foods? that would seem obvious, right? >> i would think that would be the long-term plan. amazon has very much said, no, that's not the plan, but that may not be the near-term plan and they don't want to say that because they don't want to be seen as some kind of jobs killer. if they perfect this and this becomes a consumer expectation, how could they possibly leave cashiers and the checkout logjam in other stores they operate?

that would be a much more difficult proposition for them, bigger store, bigger inventory. if they perfect this, you have to think they will get more and more ambitious with it and apply it to a bigger setting. amazon is trying to redefine the shopping experience, takeaway and inconvenient piece. way andway -- take a inconvenient -- take away an inconvenient piece. emily: is there more to come? olivia: you can get your turkeys .99 instead of $3.49, for $2 if you are a prime member. they are trying to get more people to sign up for prime. that's the strategy behind these price drops. we will see them with that little added, you must be a prime member, in order to get this extra discount, driving people to sign up for prime. emily: can we assume more of the same with the christmas holiday coming up?

spencer: it will be an interesting holiday, the first holiday shopping season with amazon-owned whole foods. we are seeing them capitalize on the physical presence by introducing their gadgets. they will not put in random non-food items, but they will put in the amazon-branded gadgets that make most sense to them and make you a more loyal amazon shopper, things like there -- their echo devices and fire tv sti -- sticks. emily: happy holidays from amazon. it will be fun to watch. spencer and olivia, thanks so much. oracle shareholders rejected the software maker's executive composition plan for the six -- compensation plan for the sixth straight year. according to preliminary results, a majority of shares voted to oppose the program.

it's the only s&p 500 company that has not secured majority sinceal on a pay vote 2011. coming up, one of the largest peer-to-peer money transfer services in the u.k. is pushing into asia. our interview with the chairman, next. this is bloomberg. ♪

dyson is suing its

former ceo for allegedly revealing confidential information. he allegedly shared information regarding the electric car, among other ongoing projects. a dyson spokesman confirmed the lawsuit. the former ceo denies the allegations. bloomberg traveled to singapore's fintech festival. >> we launched a company in the u.k., in london, and we recently launched our headquarters in singapore. we are already live in australia, in japan. we are excited about opening up to business in india next year. >> it's an overly crowded place. how are you undercutting banks and your competitors? >> payments is a huge field. cross-border money transfer is between five dollars trillion and $10 trillion -- $5 trillion and $10 trillion annually.

we do this for a low price. >> how much cheaper are you? youransferwise will save between five times and 10 times the money you pay in fees to your bank. >> who would be your biggest competitors here in asia? the big banks? alipay? >> as we look at our consumers and what they used before transferwise, we are looking at local banks as being our competition globally. wherever we go, we are seeing the same picture. banks are under serving the customers and overcharging them for a very simple service. >> that's why they are rich. you raised about $280 million recently. today you raised about $400 million. where will the money go to? where are you expanding? where in asia in particular are you looking? >> we are a profitable business. we have about $100 million in revenue. we are really happy about the

last funding round, which gives us some balance sheet to continue our expansion. we are looking at continuing expansion all around the world. today we are in singapore, and this is a key focus for us. we are looking at launching the service in india, as i mentioned. we will be live in hong kong. continuing what we have today, going into australia and japan. similarly, we have a strong business in the u.s. we are looking at latin america. we are live in brazil already. . we are going to lunch -- launch in argentina next year. >> you are already the biggest player in europe. are you planning to ipo, and what is your valuation? $1.6 billion? is that a fair valuation? >> it's probably a fair valuation. >> what's the challenge going forward? >> it's about continuing to grow, to serve our customers, to offer them the market-leading

solution. we will continue doing -- being a private business. eventually, i believe transferwise will be a public we are in a now, much better position to grow the company as private. we have a great investor base who have a long-term view of the business, so we are very happy with that. haslinda: if you were to ipo, what would make sense, within the next 24 months? >> probably three or four years out from now. haslinda: i'm wondering how brexit is playing into your strategy. is that making you rethink your position in europe? >> there are two things which matter. one is talent, other is passporting. it, thehink about access to thailand -- the access is key. if it becomes harder to get people to move to london, that will obviously matter.

passporting is critical. we are licensed by probably the leading regulator in fintech. we can use the license all over europe. we have a business running in all european companies -- countries. we need to make sure we can keep on doing the business. when the -- we are looking at opening a european headquarters somewhere in europe to serve our european customers. haslinda: having said that, do you think brexit will make london a less attractive fintech hub? the biggest problem with brexit today is it is still very uncertain what is going to happen and how. i think uncertainty never helps businesses, so i do think brexit and make u.k. less exciting other countries will win. singapore will win. maybe we will see paris become a fintech hub.

i think we will see more hubs globally. in the end, it's good for consumers, more competition. haslinda: one of the challenges facing startups -- one of the concerns expressed to us is that, perhaps, bigger banks, financial institutions may take over their ip, intellectual property. is that something you have gone through? >> the challenge in fin tech, specifically -- fintech, specifically, how do you go about building your brand, building trust? transferwise has 200 me million people -- 200 million people worldwide. way is a very legitimate to do stuff together with the banks. not every startup will be able to raise the money, to build the brand. in other markets, working with the banks, you can use them to go to market channels.

haslinda: what do you make of this copycat? it's such a big market. more and more companies are trying to do exactly what you are doing. copying is the sincerest form of flattery. you have to think about how do you bring that to your part of the world. you will do it locally. you might do it in a better way. when it comes to us, we feel really good about the position we are in today. we are the biggest online money move or in the world beside the banks -- money mover in the world beside the banks. we think we are in a great position. if we continue doubling down on our strengths, continue to offer very low costs, we are in a strong position to continue being the leader. haslinda: some say that fintech will change more in the next five years compared to the last 30 years. what changes, what trends are

you anticipating? taavet: we are a very consumer centric company. the most important thing to look at is from the consumer point of view. i think fintech will continue to thrive if it offers people cheaper, faster, and better tools. that's something we need to look out for. how do fintech solutions make people's lives better, help them save money, and help them do things bigger? emily: that was transferwise's chairman with haslinda amin. up, tencent posts a blowout quarter. what's driving sales? and you can catch a wide-ranging interview with blackrock's leader tonight at 9:30 new york time. this is bloomberg. ♪