>> at its 1:00 p.m. here in hong kong. i am david ingles. president trump said they. expect the federal reserve to keep raising rates. jay powell promised to protect stability through the fed's role as a banking regulator. over in tokyo, japanese maker, tori has admitted to falsifying data. its clients include boeing. it says neither companies affected by the data breach.

hong kong fell, led by 10%. desolate by tencent. -- led by tencent. chinese regulators are not spending. approval of mutual funds plan to allocate 80% of other portfolios in hong kong. global news, 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries. bloomberg. we are looking at markets. have a look at hong kong. hang seng down. down .9%. this is bloomberg. ♪ ♪

emily: this is bloomberg technology. this is the biggest online spend day of the year. how will cyber monday sales stack up? where our consumer spending? bitcoin hitting new milestones at a record pace. we will discuss their value. the koch brothers back meredith corporation. will the deal help revive the digital strategy? to our lead. it is the big stay for online shopping in the u.s. this year. cyber monday sales are expected to break new records as giants like amazon role at all the deals. online spending totaled $3.3 billion. emma chandra covers the retail industry. walk us through the trends. you mentioned adobe

systems. they came out with predictions. sales.llion in that would be the biggest in the u.s. by 4:30, they have seen half of that. we heard from the earlier where they noted that web traffic was up and they noted that mobile commerce was winning today with traffic growing 21% and accounting for more than 50% of .ll business online that is a trend we have been seeing all year in terms of the growth of e-commerce and the growth of mobile shopping. if you take a look at the terminal. -- look at the terminal, what you can see his mobile e-commerce is 20% of all e-commerce. we have heard from first data, the biggest mobile payment company in the u.s.. they said cyber monday has got off to a solid start for

e-commerce. they see a strong and steady growth of the morning. they said overall through the first 14 hours, cyber monday will show some very strong year on year growth trends. the bigalk to us about winners. is it all about amazon? emma coburn we talk a lot about --emma coburn -- emily: continuing to promote and offer deals today does it have all weekend. amazonit is considered and walmart, the big walmart -- the big online rocket places will be the big winners today. -- marketplaces that will be the winners today. bayne say that amazon alone is expected to capture half of all e-commerce holiday spending growth and we heard back on friday from tbh insight

who said amazon had captured 50% of all online spending on black friday. take a look at another truck i have for you here. what you can see is while amazon which is the blue line here is sort head of walmart when it comes to market cap, when you look at sales, this is the bar chart, lamont is doing just continues to outperform amazon. was surprised to see that in storage sales still account for 90% of retail purchases. when it comes to e-commerce, there's a lot of growth to be had. to buy the trends just talk about the trends we are seeing. emma: it is always surprising to see that number. --ommerce mix of 10% or 11% makes up 10% or 11% of sales.

this is a focus on e-commerce with investors looking at patterns. if you look at some of the predictions for the holiday season and not just this weekend, you see how the sales growth as a whole being and 4.5%.between 3.5% if you get growth, they're up to 20%. that is why we are seeing traditional retailers like the macy's, like target, like walmart, they have been in ahead of the game, really focusing on what they are offering online. one of the things we saw from analysts reporting a what we saw on black friday, they said what has been very promising was they had better integrated the deals for products you can buy in-store and online. a customer can find the same thing at the same price, whether they went in-store or online.

emily: the day is not done. emma chandra for us in new york. staying with e-commerce, the increase in online transactions means an increase risk of cyberattacks. in the fourth quarter of last year, there was a 20% jump in attempted hacks from number -- from november to december. --ning us, has it morally patrick morley. if you -- are you seeing a similar increase? patrick: the analysis was done on 2016 and we saw a material increase as you said. 20% increase in the month of december. we anticipate that this year, we are going to see the same type of increase year-over-year in the month of december. the primary driver on that is that provides the attacker, the people were tracked to make money all of the noise happening , like what you spoke about in regards to cyber monday, all of that provides great cover for

tactical and get consumers and get enterprises. emily: phishing attacks have been the most common. tell us about that. patrick: phishing attacks are used in a big way by attackers. they leverage social engineering. going back to during the holiday season, all of us are receiving in our inbox many office from shipping companies, holiday cards, etc. and we are trained to open those. an attacker knows that as well as we do. they leverage that to get us to click on the link, to go to a malicious website and to order drop malicious code on an unknowing consumer or employee and then they are able to make an attack. emily: we spend a lot of time covering the equifax hack. have consumers been more wary

this holiday season? are retailers doing anything differently? patrick: it cuts both ways because breaches have been in .he news a lot, as you said equifax and a lot of the ransomware we heard about so there has been awareness. the holidays are hectic time for all of us in our jobs and also trying to buy presents and do other things. noise allows us to put our guard down a bit and it creates additional risks. .etailers are smart about this retailers recognize this, both online retailers, as well as those who run went of sale systems. they put additional security around at this time of year to protect their consumers. i am curious about the rise of iot devices and the rise

of more of these voice-activated systems. does that make us more vulnerable? patrick: no. the iot devices certainly as a consumer, we are all using them in our homes, but you would have to be targeted in order for someone to try and leverage that . amazon and other vendors provide those devices, do a really good job of ensuring that the security of those. the primary issue this holiday season for employees and consumers is the fact that we let our guard down. whether or not getting one of those emails, getting fished and not thinking about it and clicking on that link, or as an employee, if you are defender of the company, if you're waking -- working on the cyber team, you let your guard down because you are busy. that is where the guards -- that is where the attacks are going

to come from. year, new rackw of cyberattacks, what are you waiting for? patrick: we saw that in 2017, the firm establishment of the ransomware economy, and we are going to continue to see that into 2018. there's a lot of money to be made right now from consumers, as well as from companies out is seeingransomware enzymatic increase. jesse seeing dramatic increase. -- is seeing genetic increase. emily: patrick, thank you so much for joining us. we will see how the last few hours of cyber monday shape up. -- including messenger and instagram. in a blog post, this is a matter of just the social network reiterated connecting between

the network and people. the company has come under scrutiny over use of ads to discriminate against certain demographics. facebook created a multibillion dollar is still at business by allowing marketers to pinpoint exactly who they want to reach. coming up, bitcoin approaches $10,000, the cryptocurrencies up 45% in the last two weeks. what are the risks? bloomberg tech is livestream on twitter. check us out. this is bloomberg. ♪

emily: square fell more than 60%

in the trading session after analysts downgraded the company to sell, setting the price target of $30. he wrote we believe substantial growth is baked into its share price and it would be difficult to justify its valuation. bitcoin is on its way to five figures. the cryptocurrencies saw its biggest price jump since august and has gained more than 800% this year. still not everyone is convinced. just take a listen to these wall street skeptics. >> i could care less what bitcoin trades for, white trades, if you're stupid enough to buy, you will pay the price. if you trade at $100,000 for traders to zero. of bitcoin is what the other guy will pay for it. >> i think it is a scam for criminals around the world. i think it has the credibility.

if you interest and the wi-fi, you have no value. the actual cryptocurrency itself is an irrelevancy. >> bitcoin shows you how much demand for money laundering there is in the world. that is all it is. it is index on money laundering. crassly just not not currency. you cannot force someone to accept these and they have no natural demand. you're not required to pay taxes which is 34% of developed economists. no government will accept bitcoin is a tax. emily: yet, bitcoin shows no sign of slowing down. cory johnson with us from new york. is it a fraud? is it a scam? what is bitcoin? cory: i think there's an element of truth. certainly, that is the case of

all financial markets. the intrinsic value of bitcoin surely is nothing, just as the interesting value of gold is next to nothing. these are areas of speculation for those who want to speculate. changed inanything bitcoin in the last month? cory: in the last month, definitely not. what is interesting here is there is a hope and believe among speculators that the very rise in the price will lead to a split -- they might call it a fork and that a fork might double or triple or quintuple the number of bitcoins out there. technologically possible by changing bitcoins code, it will be more of them out there and enable more usage of them. just like a stock split doesn't add value to an asset, to a share or stock, the notion but a stock will rise after split.

this would cause bitcoins price to rise. technologically, it is a difficult thing to do in the very nature of the way bitcoins and desk bitcoins code is written. there is a lot of retail interest. this may -- a lot of people going on and saying, i made a lot of money on bitcoin. there has been a very strong retail interest, just in the last month we have seen the rise in bitcoin of 68% which is really remarkable. 10,000. never get to this may be the all-time high. this big rise has been very rapid. it also shows how strong volatility is because there are no options traded. there's no easy way to get short

bitcoin. when it falls, it falls like crazy. there is no one to buy it. the volatility has been to go straight up. it could turn around and work the other way. emily: i am curious about the institutional investors that are getting involved. are they in it for the long haul? cory: we will see. it is a trading platform right now. these industry specific notions of could the currency but have more functionality, not least of which because the customer rules. mike talked about raising $500 million to invest purely in cryptocurrency. let's hear what he had to say. >> we in the year at 10000 and bitcoin. that is a decent move. cory: we will see. convictions on price --

predictions on price, openly the cases are going to be a lot more interesting for us to talk about but also in the way the world works with new tax of currency to prop desk to solve some of the problems that'll currency cannot solve. emily: the subject of our next conversation. corey, thank you so much. made it agrees to buy time inc. for $1.8 billion in cash in a deal backed by the koch brothers. we'll have all the details next. ♪

emily: speculation over disney ceo bob iger's successor has narrowed down to one candidate. but 2pac -- bob 2pac is viewed as top contender.

he is been at the company for more than two decades and has overseen the launch of shanghai disneyland. he is scheduled to retire in july 2019 leaving 19 months to complete a transition for the top job. struggling, time inc. is being sold to matter of just being sold to meredith. -- being sold to meredith. meredith received a injection from coke equity investment -- koch equity. can the company become a formidable -- let's bring in at hammond in new york. talk to us about the koch brothers strategy, what do they want to get out of this? added: they want to get -- ed: they want to get money out of this.

this is a truly financial investment for them. they are not going to have any .- preferred equity here they are not going to have any influence of the editorial direction of time. it looks on paper like this is just something for the koch brothers said there was a good financial opportunity here, let's do this. it is a departure from what they have done historically and terms of investment. they have done stuff instructing just stuff in trucking -- stuck in trucking that this is their first play in this type of medium. one thing that is fascinating is the role of byron trott. his very successful. he does quite a lot of investing from that in bdt capital. this.advising meredith on he is the core investments with the koch brothers in the past. he has had a significant role in bringing these two parties together and potentially hitting

the koch brothers involved anyway that is still happening. emily: times digital strategy has been struggling. what kind of impact could you like this have? meredith, itok at is been more successful than the print offering. it has done a much better job. enough to doing offset the advertising -- advertising you find elsewhere in the media. meredith take the men finding out how to manage the additional spending on the web product but ringing the -- bringing the time into it successful medium product and some of meredith's local media platforms, the idea would be that you improve

another west struggling brand. they are going to get synergies in the first two years which i think without them going into details, that will result in job losses. emily: 30 seconds left, what will this mean for some of the iconic brands like sports illustrated? ed: for now, they are going to stay exactly where the are. made it came out with a statement -- meredith came over statement saying they were not a part of the plan. or time you will see them explore possible sales of assets because this is expensive product. they are going to want to realize as many cost savings as they can. emily: all right, at hammond in new york. thank you so much for that update. coming up, we take a closer look at each other not that is desk at the juggernaut that is amazon.

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david: it is going: 30 here in hong kong. cyber monday has now set in online spending record. sales came in at 6.59 billion dollars just $6.59 billion in 24 hours. probably helped retailers across the board. the margins will be low due to discounts. uses cabinetzo abe reports to confirm that monetary policy should be the purview of responsibly on the bank of japan . 2% inflation remains the most appropriate target at the moment and said there is the need to revise the government strategy.

london is becoming less affordable than ever. homes now at 14.5 times average earnings. even with the recent slowdown, the city has risen 66% since 2012. indonesia, we have a look at that repeated warnings that not go is about to explode -- that mount local is about to explode. the airport will remain closed until wednesday morning. global news, 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries. let's get a checkup markets trading across the eastern pacific. let's get it over to singapore with juliette saly.

juliette: david, we are down for a second consecutive session. up about .4%. you are seeing a pickup and consumer related stocks. south korea, the kospi reversing. have a look at the downturn on hong kong hang seng, up by .8% after resume to trade from the lunch break. is regulating the flow of mainland funds. we are seeing a continued to downturn coming through from those large-cap players. the suicide 300 up. must just the csi 300 up. you are seeing a lot of profit taking from some of those big-name companies that have rallied significantly over the course of the year. let's have a look at some of the movers. another japanese company coming through saying that it has the potential regulatory concern

falsification. of course we are live from london at the top of the hour. this is bloomberg. ♪ emily: this is bloomberg technology. back to our top story cyber monday will be the biggest online shopping day in u.s. history. adobe predicts -- $6.6 billion in sales after black friday's spending cap $5 billion for the first time. amazon is expected to take a big chunk of those sales in anticipation only holiday season, shares of the company crossover $12. can other retailers compete? .oining me, michael osborne his company focus on behavioral marketing and how to keep customers coming back? gbh insight is estimated that on

friday amazon captured about 50% of all online black friday sales. you guys have a study that is showing some weakness around amazon. please explain. uncle thank you just michael: thank you for having me. there is a weakness where amazon's breath of catalog and expense of nature of the products they offer for sale online can lead to a lack of a personalization capability and a lack of a feeling that the have a perspective on the consumer. we are seeing retailers do very well competing against amazon by taking that approach and applying the data that they've got another customers to analyzing the behavior in predicting the behavior to then provide a better experience. emily: how do the strategies of in?r companies factor michael: all those capabilities that jet brought to walmart a very interesting for walmart is

a brand. clearly one that has grown up as a large big-box infrastructure company. the ability to put a store literally within touch of medicine of the speculation, tim miles a less. the capability is amazing. they were not born in the digital age like amazon was. the capability that jet hasbro to walmart can help walmart compete against amazon. another interesting example is walmart acquiring bonobos as a brand that moved into show rooming where the only way you could look at the bonobos product before ordering it was to go into a store. by buying that brand, variable to put that in all of those walmart locations in takeover int is an apparel retailer turn it into a significant player overnight. emily: what about smaller nation companies just smaller mitch

companies -- smaller niche companies. what does that say about how companies like j.crew are doing? michael: in general when you see those like you type promotions comfortably the ones that seem too good to be true like getting $25 from a brand, you can smell it differs -- smelling desperation. if they are showing you something that is specific to your browsing characteristics, to your purchasing behavior, something that speaks you, that can be very effective and drive loyalty. in a case where there is more like a promoting and allowing for deep discounts, it just hurts the bottom line. that can be something that is a sign of the weakness. emily: name some names. where desimone desperation? -- where do you smell desperation? michael: i do think folks are

sending out the $25 free gift cards, that is got to be a sign of tougher times. we have read about this year's jcpenney's and year-over-year declines and a lot of those stores. some of the ones that are doing very well digitally may have trouble off-line, in their stores where they are trying to transition their traffic. their up-and-coming small brands that are doing very well. if you look at casper mattress, they have been getting rave reviews. those kind of smaller brands have a very strong point of view and perspective on what their customers want, and they stick to that. that is a lesson that even larger retailers can use, because they understand the consumer in their given category . they can use that perspective to drive a strong point of view and

have their philosophy around the customer be one of listening to the customer, understanding what they want and delivering the right messaging as opposed to trying to be everything to everyone. emily: what a consumers responding to this year. is it discounts? a better interface? free shipping? michael: it is all of the above. it depends on the brand and the situation. consumers are responding to personalized messaging, to messaging that speak to them about what they want, what they might be wanting, what they have looked at. behavior that most retailers have all those data already in-house. they are not taking advantage of it. there responding to promotions, but the right ones. 25 dollars a j.crew, it were not going to buy anything there, you might right now but you might if they sent a message that was specific to you. the way that retailers use promotions and the way they target their consumers

specifically can lead to those optimizations that allow for higher margin and higher loyalty and consumer satisfaction. emily: i've got until january to use it so we will see. michael osborne, joining us from austin. out of washington, the white house may ban employees from using personal phones while at work. the ban is driven by cybersecurity concerns and too many devices connected to the wireless network. coming up, these to be fierce rivals in the race to dominate china's uber like trucking app and now they are joining forces. next. this is bloomberg. ♪

emily: one of the four people accuse of hacking yahoo! email accounts has changed his not guilty plea. the 22-year-old canadian is charged with helping russian security services with a massive reach. he could face 10 years in prison on charges that include computer fraud and abuse and aggravated identity theft. prosecutors claim he wears -- he was painting game that she was paid to gain access to imo accounts. semper fi has rejoined the ranks of the world's billionaires -- shop of five has rejoined the ranks of the world's reign as. earlier this year he was on the list briefly and made back on .fter shopify bounceback

shopify shares fight back after the company reported record black friday sales this year. massive $753 billion trucking industry may have seen the birth of a new giant. two of the country's biggest uber like truck services are merging to create a company that sectorule that's -- that . they're merged to create a new entity valued at more than than $2 billion. the deal ends a bitter feud. joining us live hong kong is lulu chen. this sounds very familiar. reminds me of the merger we so a while ago. what are some similarities tackle lulu: just what someone similarities? lulu: it is one of those ridesharing company's merging together after cash burning out ,f really seeing some fears sour, frosty battles between these two companies before but

now they're merged. the new entity is valued at $2 billion in the companies are already starting to see new funny -- new funding for expansion. the most interesting part is the person a pick the ceo is an early investor in one of the companies. the company that beat uber out of china. emily: the truck market is fascinating, 80% of cargo in china carried by trucks, many trucks spend hours at a time simply standing empty. what is the potential here for disruption? time thesef the trucks are standing empty, and that is where these companies came in to play. if there were 200 companies asked in china in which i to do the same business. they emerged as the largest players.

they provide cargo information from scalpers in china's unruly cities and link them with the drivers and they also provide service maintenance like truck repairing and gasoline providing for these companies. across china, the new money they're going to raise their going to build up more these service maintenance centers and upgrade their i.t. infrastructure. emily: what do we know how the new companies go to work? will it be one app? one name? history is unclear but is any guidance, what we have seen in the past, perfectly when chinese companies merge, one company takes over and they not only in terms of personnel but also the app and traffic resources will be redirected to one of the platforms. they don't necessarily immediately collapse the other one, but there will be a shift in terms of priorities. emily: the chinese domestic market is huge, but what does it

say about the companies international ambitions? lulu: so far the companies have remained really focused on the china market. there is potential. we have seen similar companies in southeast asia running out of morekong but these are intercity companies. there is potential for them to go into southeast asia and other regions in the world, because there is demand. emily: lulu chen, thank you so much for stopping by. we will continue to watch how this unfolds. coming up our big tech companies responding to challenges facing their online platforms? what still needs to be done? we will hear from an industry veteran next. tenant tuesday for coverage of your own pal's government -- coverage of jerome powell's confirmation hearing. this is bloomberg.

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emily: the story we have been following, the response ability of them tech. -- one powers meddling in

elections, hate speech and fake news. facebook announced its new tool to show you which russian propaganda you follow last year. nathan, i know these are the kind of issues you give a lot of thought to i'm curious what you take has been as you watched the big tech companies testify before washington and where you believe their responsibility starts and stops when it comes to these issues? nathan: i think we have an evolution of what has happened online. the early days of internet, people just typed whatever they wanted. there was no money involved. that worked out well. now, you have the situation where social media makes billions of dollars a year as s alsoies, advertisement

do. they are having to do something they never had to do before which is look inside what they're making all those billions of dollars on. with pretty unreasonable respect to have no level of responsibility. historically, other forms of media have cared. they are checked to make sure that as are basically truthful and fair, at least at a minimal level standard. emily: nathan, what should these companies do? the answer is we are tech companies, we are not media companies. how much farther should they go? nathan: if you are charging for ads in those ads come from the russian government or somebody else and that matters in that context, sorry, you are charging for the ads. i think that is your

responsibility. look into it. with respect to the individual speech of people who post things to their facebook page or tweet them, there is a first amendment issue. people want to be able to heard, people have the right to be heard. i support the freedom of speech but saying they are not media companies doesn't really sound right to me. they are making it to menace amount of money on sharing that content very broadly. even though they're not paying for the content, the content comes from average citizens, i think they have some responsibility. emily: talking about your former stomping ground, microsoft, i sat down with sasha medela. there is a threat of more regulation in europe and in the united states. take a listen to what they told

me. >> i think the most important thing for tech companies is not to worry about any impending regulation. emily: how big a threat do you think increase regulation is on potential he running up some boundaries around these companies? nathan: you have the irony that many big tech companies make billions of dollars on information that users share with them. they are very paranoid about anything that would stop that from occurring, or that would increase the cost. becausedegree, that is it used to be all be really cheap and free, so they think, why should we have extra costs now. some of it is waning, to be blunt. -- if wet is to be

allow this little step to occur, then they might kill the goods that is laying the golden just kill the goose -- kill the goose that is laying the golden eric. golden egg.-- \ emily: you have a new cookbook out. what do we need to know about the technology behind bread today? nathan: bread is one of the oldest foods of mankind. the belief that some things are correct and other things aren't. you must need your bread, it turns out that you do not need to knead. other ideas about bread turn out not to be true. this will fill the 2600 pages of this book with, history, science and recipes. emily: any interesting high-tech

are low tech trends this holiday season? moren: there will be turkey and other things this thanksgiving than ever before. some of these modern cooking technology -- techniques are trending out to enormous numbers of people. how do you keep abreast from drying out just keep abreast from drying out and still have the dark meat cook well? separate them. do not cook them together. emily: i am hungry already. knead bread but i need bread. always great to have you here. that does it for this edition of "the brick technology." just bloomberg technology." that is all for now. this is bloomberg.

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fromtte: good morning bloomberg's european headquarters, i am and that edwards. manus: this is "bloomberg daybreak: europe." >> speaking with the status quo, jerome powell signals broad support for how the fed operates and guides the economy. >> the political crisis. the deputy prime minister faces a no-confidence vote -- vote today that could pull down the minority government for a -- further complicating the brexit negotiations. each will tell you how affects th