juliette: south korea has proposed dialogue with the north in over two years. they want to jointly enter the winter olympics in pyeongchang. pop to renewing the goat -- path to renewing negotiations. our source also says -- the pentagon says there is no --ication that the fed

spacex says only that the falcon nine booster rocket performed phenomenally. the second stage of the rocket failed and the satellite was lost. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. .et's take a look at the market australia closing out tuesday's session at a fresh decade high. india looking quite good as well. not as many gains on the shanghai, about .1%. this is bloomberg. ♪ emily: i'm emily chang and this

is "bloomberg technology." coming up, gopro takes a dive. we speak with ceo nick woodman after the company cuts its forecast and slashes jobs. cryptocurrencies opsware rocky start in 2018. bitcoin slumping as much as 27%, helping drag down smaller rivals. tech firms are dissenting on las vegas for the consumer electronics show where driverless and electric cars are dominating the buzz. first, our lead. gopro missed its fourth-quarter sales guide and signaling that revamped cameras and price increases are not sparking revenue growth. shares tumbled more than 12%, its worst performance in a year. gopro ceo nick woodman spoke to selina wang and denied earlier reports that they hired jpmorgan for a potential sale. take a listen. nick: jpmorgan is in fact our

banker, but we have not engaged them to help us sell the company. and, with that said, if there were an opportunity for gopro to partner up with a larger organization that can help us scale the company, scale our brand and reach to consumers, that is certainly something we would consider but it is not something we are actively engaging in the moment. selina: do you think you will want to actively engage in this? is there some sort of catalyst you see coming? have any potential suitors reached out? nick: the question so far is would we engage in something like this? this is something that we explored from time to time. it is our job to grow the business in the most strategic way possible and that is one way to do it. it is not a new topic at gopro, but i cannot share any more information than that.

selina: can you talk about organizations that you would love to work with if theoretically something didn't -- did work out in terms of a sale or partnership? i can think of a number of consumer electronics companies that gopro could fit into. how are you thinking about it? nick: i'm not going to go into too much detail, but i would say that being a company that is enabling people to capture and share themselves and exciting ways, gopro is a very social company. we have one of the strongest brands in the world that is very well regarded for our ability to help people capture and share their active lifestyles. we're primarily focused on spreading our brand and spreading our hardware and software solutions to reach as many consumers around the world as possible. to us, scale is very important. selina: shifting gears to today's announcement, it seems like gopro is continuing to

narrow it vision. the drone business is closing. how should we understand the product roadmap and revenue diversification of gopro? narrow nick: i think what you are seeing from us is that we are listening to our customers more and more. we are investing in development of products and solutions that our customers want from us. in the past, i am even on record past thatsaid in the one of the things that makes gopro strong is we are our customer and we developed products we really wanted and that seemed to resonate well with the market. we realize now we are in the business to build products for our customers and we need to identify what they want and go and invent for them. that can be difficult because as you are inventing new solutions, be it hardware or software, the consumer does not always know what they want. that is our job -- to understand

the trends and build for our customers. our customers love the entertainment that gopro enabled through the content that is produced today, but they did not need us to be a full-blown entertainment business. our customers have told us that they really love buying our cameras from us. while a passionate number wanted to buy drones, the majority want to buy gopros that connects to a great app experience. that is what we are investing in, moving forward. selina: there was weak demand for the hero 5 camera even though gopro spent significantly on marketing for the product. analysts would say this means that the market is commoditizing but what would you say to that? nick: well, we got more data now that shows that we have a larger percentage of repeat customers than we thought we did, which is terrific on one hand because there are very strong customer loyalty, but it also shows us that pricing is increasingly

important and that with hero 5 black and session, both year-old products being sold in the 2017 holiday quarter for the same price they were launched back in 2016, did not resonate very well, because either a decent percentage of our customers already own that camera. and those that are waiting on the sidelines waiting to upgrade do not feel very good about upgrading 2-year-old technology for the same price it was a year ago. that lesson is learned. when we lowered the price $100, we saw increases in sales. three times sales in hero 5 session. lesson learned. we also apply that same thinking to hero 6 black, our flagship, which was already selling very well and meet our expectations. at $499, we expected it to

increase significantly as we lowered the price to $399. selina: there have been several rounds of layoffs over the last year, and there will be fewer than 1000 employees. should we expect more reductions to reach that target level of operating expenses? nick: no. the recent reductions which involved a head count reduction get us to the necessary sub $400 million level that will allow gopro to be profitable in the second half of 2018. we are seeing really good sales growth. as long as sales trends continue as forecasted, we feel like we will be in good shape. emily: that was gopro ceo nick woodman speaking with selina wang. meantime, tech firms big and small are flocking to las vegas for the consumer electronics show.

driverless and electric cars are dominating with uber and volkswagen's showcasing the wonders of ai. all eyes will be on the ceo who will give a speech. alistair barr is with us. what are we expecting him to say about this incredibly pervasive chip law? it affects basically every device that we are all using. alistair: i don't think he was planning on doing it a couple of weeks ago even though intel have known about this for several months. what i think he has to say is -- he will have to make all of his major customers -- microsoft to google -- he will have to make it very clear that when they put these patches in place, the performance of a personal computer or server or phone will not slow down. there has been a lot of debate about whether these fixes will really slow machines down.

if he comes down and says his support for my argument will not slow everything down, that will be good. he may have to be more open about the machines being slower. emily: this affect a lot of other chipmakers as well from qualcomm to arm and amd. what are they saying? alistair: amd on the day it was announced said chips are really not affected. you can look at a statement like that and compare it to what intel said which is a similar thing. the majority of situations, it will not slow things down much , but in certain instances, it might. that is not giving anyone much confidence now. emily: what are the other highlights we are seeing out of ces so far? cars, cars, cars? alistair: nvidia getting their chips into vw.

there was a recent one we were looking at from samsung, not involved in this market at all. it was probably the last major tech company to get involved. i would say that is pretty depressingly slow and late for them but it is still -- there is no clear winner yet. emily: samsung announcing open modular and scalable software to allow automakers to make customized cars. they are obviously a late entrant but would you say in the race for driverless car's right now, anyone can have a piece of this pie? alistair: the market will be completely huge. that is good for someone like samsung coming late. the worry for them is in order to do this really well, it has to be software that makes it work all the time. it will take years. they are quite a way behind. emily: we are monitoring ces as we speak.

we will have much more tomorrow. alistair barr, thank you so much for stopping by. we will have much more coverage tuesday evening. tune in for our interviews. coming up, the crypto craze up 2017 seem to have died down due to regulation concerns. what to expect from digital currencies in the new year. that is next. "bloomberg technology" is livestreaming on twitter. you can check us out 5 p.m. in new york and 2 p.m. in san francisco. this is bloomberg. ♪

emily: a stock we are watching technologies climbing 60% after research suggested the company may own more than 50% of ripple. -- 4% of ripple. it is the third most valuable currency behind bitcoin. the security and exchange commission is cracking down on a hong kong-based company that benefited from 2017's cryptocurrency fever. a 900% stocks surge. the sec is a spending shares ubi -- suspending shares ubi blockchain internet due to unexplained activity. a product that reached a $3 billion market cap before concerns about history was raised in a story. joining us now is jehan chu, managing partner of kenetic capital. chu started investing in bitcoin in 2013 and has since started a venture capital firm investing in blockchain technology. also with us in new york is the

author of that story, cory johnson. cory, you are making waves today. tell us what happened with this ubi story. cory: the sec is listening the -- to bloomberg news. that is good. it is a fascinating company that has no product yet and virtually no operations. just 18 employees. the most interesting thing as a blockchain company, you would expect history of computer networking or payment systems. in bedackground was wetting. they had a product called the urine stopper. that is the prior company. only for executives listed in -- four executives listed in the filing. three worked for american bioengineering that sold a bedwetting patch. that was the expertise that led to this company that was a , blockchain company that had a $3 billion market cap with no

product yet. the sec apparently is taking a look at this as well. we took a look at this in the story about bedwetting and blockchain on bloomberg.com. it really speak to the speculative fever around bitcoin, that anyone with any crazy background can create something that looks like it might have great value and attract investors. emily: what is your take on this story? jehan: i don't know much about ubi other than that they are in hong kong. this is really indicative of how the entire market is reacting to the phenomenon of cryptocurrency trading. i think it is important to note out of this story that the sec did step in and i think it is a good thing they did investigate. that the no sign of wrongdoing, but they are adding guideposts, investigation, some type of structure to the market to try and grow it in a more safe and i think sustainable way. as far as ubi, they are doing what they are doing and maybe

they are related to blockchain or not. i think what we are seeing in 2018 is really the year of bitcoin and cryptocurrency trading becoming a social phenomenon. emily: what does that mean? jehan: it means that -- i was in new york, in line at whole foods, i was eating noodles and everybody was talking about trading cryptocurrencies. emily: does that mean it has inherent value? jehan: no, it does not mean it has inherent value but it means it has a massive onslaught of attention. these attention economies turn into actual development and adds support and liquidity to these markets and could develop into meaningful and lasting types of development for applications. at the end of the day, this is what it is all about. it is markets and could develop into g built. cryptocurrency trading is what we see on the surface. emily: go ahead. cory: god is in the details. one would think a hong

kong listed company would be in hong kong. in fact, that is more interesting. their lawyer is a guy in chicago. the business partner is a guy in las vegas. when i called the new york headquarters, it rang someone's cell phone. the main number, it disconnected. things are much more interesting than the same. that is true of all these investments. indeed, the differences between bitcoin and ripple are substantial. it is worth finding out for investors to really understand what lies beneath these things to figure out if there is an intrinsic value. emily: cryptocurrency is running into headwinds not just in the u.s. but also in china. this talk about the chinese government cutting off the power supply to bitcoin miners. how serious do you think that is? jehan: i think this is the final strike of the chinese government's desire to reset the entire story of blockchain. i think what they want to do is clear the deck and they have done it with exchanges, ipo's

and now they are doing it with mining. they understand the value and the potential and utility for society, economy, industry to build a new. i don't think this is the end of exchanges. this is merely the chinese government resetting and taking control of what they actually believe will be a truly transformational technology. emily: other cryptocurrencies getting dragged down today. cory, you spoke with the ceo of ripple. take a listen to what he had to say. brad: there is no doubt 2017 has been the year of crypto. within the year of crypto, xrp has outperformed every other digital asset. year to date, 20,000%. emily: that is from december 27. ripple going down with some of the others today. what do you make of this? cory: i think the volatility -- not to say something obvious -- it is obviously volatile with

these currencies or trades. but i think our traditional lens of looking at the volatility in equities, for example -- wow, it is down since the last hour. i took the last week off so let me show you what happened with ripple over the last day. yeah, it is down 11%. i took the last week off so let but if i changed the start to the last 14 days, well, look, it is up a lot. it is up 100%. 138% in the last 14 days. i think one of the interesting things is the volatility we have seen tends to take the headlines. the long-term rise -- if long-term is a year -- really tells more of the story. i think when you look at the details, you see the great differences between ripple and bitcoin between the xrt and the like-minded blockchain

technologies and the different ways that they work and different ways that they trade and different problems they try to solve. you find a much more interesting story. that long-term lens, even if one year is long-term, is not the lens we are used to apply when it comes to equities. maybe the appropriate ones to apply, even though, interestingly, the futures contracts have not reduced the volatility in the trade of bitcoin. emily: you told us that bitcoin would hit $50,000 by the end of the year. he said that last month. do you believe that will still happen? jehan: absolutely. i think we are seeing the market is inhaling and exhaling. what we are seeing in the body ofm is the blockchain, the application side is continuing to develop. in 2018, not only will we see $50,000 price levels, but i think we will be seeing cryptocurrency and blockchain technology emerging from its bof blockchain, the application side adolescence and really coming into its own as an empowered and

self competent, self-aware technology. we are not going to be talking about how blockchain is impacting the markets. we will be talking about how blockchain is impacting the world. emily: and learning how to socialize. thank you so much. cory johnson, thank you, and for that story. coming up, streaming services take home high honors of the golden globes. we give you a list of winners, next. this is bloomberg. ♪

emily: sony music publishing and facebook signed a deal for online video. it will allow facebook users to post songs from artists like ed sheeran and taylor swift from a catalog of 3 million songs. the multiyear accord will give songwriters the chance to earn royalties when their music is used on facebook and instagram. financial terms were not disclosed. could mesmerizing qualities of the iphone foster a public

health crisis? two big shareholders of apple think so. the california state teachers retirement system urged apple to create ways for parents to restrict child access to their mobile phones and study uses on mental health. big winner of the golden globes, streaming services. amazon studios bounce back after a rough 2017, losing its studio head after allegations of sexual harassment. amazon's "the marvelous mrs. maisel" won best series and best actress of a tv series. "the handmaid's tale" won for best tv drama and best actress in a drama tv series. netflix garnered nine nominations, but only won one with aziz ansari for best performance by an actor in a tv comedy. we look at the intersection of venture capital and biotech.

the year that was, medical breakthroughs and what could be coming in 2018. that is next. this is bloomberg. ♪

juliette: south korea has proposed resuming peace dialogue with the north during their first high-level meeting in over two years. the north says it wants to jointly join the olympics and pyeongchang next month. it is seen as a way to resume nuclear negotiations. samsungelectronic -- electronics facing difficulties. a 5% surge in the korean currency came as a crisis for benchmark memory chips leveling off after a year of gains. intel says the security flaw in

its chips will very depending on the system. a keynote address was given in las vegas, saying the company had no reports of customer data being accessed. is priority number one. the primary focus of our decisions and discussions have been to keep our customers data safe. as of now, we have not received any information that these exploits have been used to use customer data. juliette: global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. having a look at market. we are seeing this record momentum continue. i want to point out the hong kong index up. inis now up for 11 sessions

a row. if it closes at this level, that will be the longest winning streak we have seen. this equity momentum continuing to build. you have the philippines leading 1% gains in the region of and japan's nikkei index coming back, playing a little bit of catch-up around .6%. from theond operations the lifting the yen against dollar. the south korean won coming back after that drop against the thear yesterday, following job owning from authorities. we mentioned samsung. ,t's share price is falling weighing a little bit on the kospi.

tencent is leading the gains in the region when you look at movement, up. we are live from london at the top of the dow. this is bloomberg. ♪ emily: this is "bloomberg technology." i'm emily chang. 2017 saw some major milestones in the biotech industry, including 46 newly-approved drugs, making it the second most approved ever in one year as well as the u.s. approval for gene therapy for a rare form of blindness. one of the players in that field is third rock ventures. the firm has raised nearly $2 billion and launched over 40 medical and science-based companies. joining me on the jpmorgan conference in san francisco, alexis borisy, the author of dozens of biotech patents. great to have you back. you were here on this show last

year at this time. you made predictions for 2017, said it would be a big year for biotech m&a. that proved true. what are your predictions for 2018? alexis: it is great to be joining you from the craziness of jpmorgan here in the hallways again. hoping that 2018 is going to be another very positive year. 2017 was a great year for approvals and for some incredible results for patients. 2018, we are hoping will that m&a wave really appear in 2018 is one of the big questions. we hope the fundamental science and innovation will continue coming along strong. emily: if your hope ends up coming to fruition, what are some of your dealmaking goals and what kind of deals to you expect to see? alexis: biotech companies that we invest in and become the fuel

for the global pharmaceutical industry. big companies, two thirds of the pipeline come from the small company. those big companies have hunger for innovation. we would love to see a series of m&a's across different categories, whether it is physician oncology side or neuroscience side. the $1 billion to $10 billion market cap range, there was not a lot of that in 2017. i think it is one of the big questions people are talking about -- will we see that in the first half of 2018? emily: what impact do you think the trump administration and a new health care plan will have? alexis: well, the tax reform that was just past through, that has been a big overhang when people will be saying whether capital will be repatriated or not. some people thought a lot of large companies were sitting on the sidelines.

that has been removed. there is a favorable environment. let's see how that actually plays out. on health care itself, i think fundamentally there remains a fundamental hunger for innovation. that matches up well with the great progress that is being seen in the innovative biotech sector. emily: how do you think that will impact drug pricing in general? alexis: this is always one of the great big questions. if you ask me what do i see are the two big risks of 2018 -- number one is does the m&a show up. number two is does there become another big thing on drug pricing, how drug companies are getting away with murder? four, the fundamental innovation to happen, like what we do is we get involved in creating companies that can offer breakthrough medicines. we have to believe that if we start down the path of the 10 year cycle that cost multiple of billions of dollars to create those drugs, that society will

pay for those at the end. when things get mixed up, where some people are saying prices are too high and you mix the question of price hikes on older drugs with paying for frontal -- fundamental innovations, that can cause problems in the early stage part of the cycle. optimistically -- yeah, go ahead. emily: you are talking about how long the lifecycle of some of these biotech companies are. do you expect some of your own portfolio companies to take the public market? sometimes these cycles can be frustratingly long. alexis: yeah, at third rock over the last 10 years, we have helped create 46 companies. we have had 16 go public and six of them from an m&a perspective. if markets stay as they feel right now, we expect there will be several more companies in our portfolio going public in 2018.

two to four companies going public. emily: when it comes to your own portfolio, what are some major trends you will be watching out for and advising your companies on? alexis: things we are looking for that we think are very exciting -- we continue to see great activity in precision oncology. we imagine precision medicine coming onto the whole field of oncology. i think it will be a big trend in 2018 and going forward. precision medicine outside of oncology, particularly in areas of immunology, various autoimmune diseases, can be a very big theme. and regenerative medicine, rebuilding and restoring parts of your body. emily: you think this could be a big year for cancer therapy in general? alexis: i think 2017 certainly was. i think we see that theme

continuing. one of the companies in our portfolio that we could see becoming a public company this year would be neon, which is focused on that personalized medicine cancer vaccines and personalized medicine t-cell-based products. we also see magenta therapeutics, the regenerative medicine side of the equation. emily: alexis borisy, partner at third rock ventures. thank you for joining us. we will have to have you back a year from now to see if your predictions for 2018 held true. thank you so much for joining us. we will have much more from the health care congress all week long with david ricks. wednesday, we will speak with the cigna ceo at 8 p.m. eastern time. the engineer fired by google after criticizing its diversity policies is now suing the company, claiming an anti-conservative bias at alphabet.

seen here speaking to bloomberg, he claims a class action lawsuit that he and the others were harassed over there views. he was fired in august after filing a 10 page memo claiming that women were unfairly celebrated and white men were mocked. google says it looks forward to defending the lawsuit in court. the french government is pushing a new message to investors. france welcomes the business world with new reforms on a way to push the country forward. we discuss what is ahead for the country, next. this is bloomberg. ♪

emily: a stock we are watching -- tesla stocks rose more than 10% in monday's session, the biggest intraday jump since august 3. tesla gain back losses after reporting week model 3 numbers last week. the model 3 production rent has -- ramp has been somewhat derisked after tesla made it more challenging to short the stock. france is trying to remake itself as a hub for tech and startup after the election of emmanuel macron this past spring , but it is facing challenges as it tries to tap into the global tech boom. pascal is helping to bring change to the country. he was general manager and vice president for apple europe, middle east and africa before founding his own firm.

he spent the last two decades working in london. this is before a lot of these regulatory concerns we are hearing about. how would you say things have changed since you started working for apple in 2000? pascal: in five years, we moved from less than 10% to up to 50% of the 18 to 25-year-old french young adults willing to join the entrepreneurship enterprise. you've got last year in france more venture capital in the country than any other country. the culture change is massive. today, in france, half people want to create their own. the change is here.

emily: how would you describe the impact of increasing regulation and regulatory concern? pascal: i am not sure we can talk about regulation. we are now working with president macron. we do appreciate they are bringing productivity below us. how to deal with futures. we have a lower tax across the line, lower corporate tax. figures for the capital gains tax is at 30%. there is a massive shift into the political landscape with a lot of newcomers. if there is a case -- emily: what do you think about the actions coming from the european competition commissioner and margaret? pascal: they do the job. clearly, we need to create market rules. we have been well known for the

ability to offer a frame that is objective. yes, it has been under scrutiny. we appreciate it is really much a free market, free flow of goods and people. in france, an excess of 10,000 startups that have been created lately. when you look at the past technology of moving companies, france is in the lead. i think things will change. emily: president macron says he wants france to be the landscape of a uniform. there is only one. how does he intend to birth more unicorns? pascal: you can add obh on the service side. him and actually public in nasdaq.

emily: a rare breed. pascal: we actually talk about france, what we talk about europe. we would like to see france as the entry gates into the open market. you also have the large arab world which is not out of the far reach of europe. i think everything is looking pretty good. the gdp growth is better, the mindset has changed. we really benefit from the platform that has been created in the last 10 years here in california. i am very optimistic. emily: what do you personally hope to accomplish and what do you bring specifically from your background and a company like apple which is clearly a global company -- how do you use all of that in your new role? pascal: i heard a lot about the french bashing. what i want to state in front of you today, to explain that

france means business. the word entrepreneur means creating in france. -- france means business and is welcoming for investors and talents. we've got the largest contingent in las vegas. that has been the case for three or four years in a row. we have 50% more companies. it is about carrying the message that things are changing. the figures are here to demonstrate it. emily: pascal cagni, c4 ventures founder, thank you so much for joining us. great to have you on the show. coming up, you don't need to be in the nfl or nba to be a sports star anymore. we look at the multimillion dollar e-sports industry and how it is taking over china, next. this is bloomberg. ♪

emily: e-sports is big business around the world with revenue nearly $700 million last year. audiences are expected to reach 580 million in the next three -- two years, and much of that growth comes from china where the average gamers spends about $140 a year. one of the top draws is riot games' league of legends. bloomberg spoke with the company's head of e-sports about what new innovations they had in store. johnson: we just announced our franchising which is the end of promotion. we have long-term partners who

are investing into our sport for the long run. we now have a lot more professionalized owners who is working with us, building the brand and really building the sport together with us. the other thing we are doing is our league of legends pro league. it means we are actually operating. shanghai -- we'll be working together with the home teams. they will be able to broaden the reach to the fans and strength in -- strengthen the ecosystem. they get to work with all of the industries locally in those markets. we are looking much more like a professional sport. >> give us some numbers. what are you talking about in terms of audience numbers, players and revenue? give us some guidance on how big this market will be at the end of the year.

johnson: 2017, the total number of hours watched for league of legends e-sports is 3 billion hours. the most-watched game during our world champion series which was hosted in china was 8 million unique viewers. that is higher than any sport out there for the entire year. no other sport has that many unique viewers for the entire year. you can say that in many regards, it is the most watched sport in china. in terms of revenue, we cannot disclose too much the revenue figures, but we are proud to say that league of legends pro league in china is the highest revenue league in e-sports in the world. we are also probably the closest to profitable. >> how are are you broadening the accessibility to this sector, beyond hard-core gamers? how are you pushing it out?

how are you drawing your audience? johnson: what we are realizing is that there is already a lot of viewers. we estimate that just league of legends e-sports viewers is about 70 million in china. e-sports viewers in general is about 220 million. these are really large numbers legends e-sports viewers is that are actually getting into the scale already. what we think is that we still want to provide the best experience to the hard-core gamers. but at the same time, we can provide an experience that the hard-core gamers and sports audience can like a like, will be great for us. we will continue to better the production quality, the value of our product. making sure we have better games, more competitive leagues. that is what we will continue to do. we will continue to market to

the hard-core gamers and make sure the mass audience can actually understand our game better. >> is the push to get e-sports into the asian games 2018, is that an attempt to broaden the audience? how close are you to getting e-sports included? johnson: for asian games, it is a long story, but it is something we are discussing. i do think it will have a strong symbolic symbol for e-sports as a whole. i definitely look forward to that. in the end, league of legends is the most-watched e-sport. i think having the most-watched game and most played game for e-sports representing the asia games will be something quite meaningful. >> how do you respond to those who say this is not a sport, this is a sedentary activity? it is addicting. it is keeping a lot of young people at a desk for hours.

this is not a healthy transition. johnson: it really depends on how you define sports. to me, sports is about having a competitive spirit. having a team-based or even individual based experience. players that a normal sports audience wants to watch. i think that anything can be a sport. for us, we have a sports activity that fits all of that criteria. highly competitive, it takes a lot of training. now we have a thriving pro league team. the ecosystem is built around it. emily: that was the head of chinese he sports johnson yeh at the ubs china conference. that does it for this edition of "bloomberg technology." we are live streaming on twitter. took us out weekdays 5:00 p.m. new york and 2:00 p.m. in san

francisco. that is all for now. this is bloomberg. ♪

>> good morning from bloomberg's new european headquarters. i am anna edwards. manus: i am manus cranny. anna: north korea says it will send athletes and delegation to next month's winter games in south korea. manus: pals number two. -- howl's number two, president trump says to be close to a decision on his nominee as the code vice chair. state anda draghi's the american business will be looking to turn around the egg operation.