25% imports with steel and 10% for aluminum. he says this will provide goods to american producers. >> bad trade deals by other countries, they have been horribly treated by other countries, and they have not been properly represented. more importantly, because of that, workers in our country have not been properly represented. trump is discussing suing opioid manufacturers along with jeff sessions. he is rolling out a policy on fighting narcotics. national security adviser h.r. mcmaster advisor h.r. mcmaster could be replaced by as early as next month. this is being orchestrated by chief of staff john kelly and secretary james mattis. he could be replaced by executive stephen begin -- and the u.s. ambassador to mexico will resign her post.

this is an awake of escalating tensions between both countries. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers. this is bloomberg. ♪ emily: i am emily chang and mrs. "bloomberg: technology." -- and this is "bloomberg: technology." coming up, door -- the $100 billion fund lottery. on the eu having a deadline hate speech and terror propaganda. we're live with an update from london. tomorrow, snap

officially went public but employee morale is an all-time low. we look at the hard year that was for the social media company and the road ahead. first to our lead. u.s. stocks fell off as all averages tumbled. imposing trump substantial tariffs on metals. tesla,also hit with alphabet, and others the biggest decliners. first of all, romain, lock us to the day that was. >> we started in a good place. the markets seem to like some of the comments coming from jerome powell. then, right around noon eastern time, the president came out with a statement saying he's going to slap tariffs, 20 5% on steel, 10% on imported aluminum, and that just started a long and

slow decline. 1.7 on the dow and 1.3 on the nasdaq. it was not a good day and a lot of this has to do with the fact that people were not expecting some of the trade rhetoric and the trade talk that has been coming out of the administration to culminate into decisive action the way he had indicated today. emily: this kicks off the first session of march after a disappointing monthly performance in february. what are we looking ahead to? >> this was not the right way to kick off the month. right now you are talking about a scenario where the last few weeks we have worried about monetary policy, fiscal policy, and now you have a trade policy factoring into the equation as well. that is causing a lot of people to retrench or re-price where they think equities should be.

we saw people coming out of equities primarily with mega caps and national companies -- multinational companies. google, apple, pfizer, these companies get over 50% of sales overseas or at least outside of america. that is going to play into how play into howe them should investors value them should this go into a prolonged trade war. emily: do you think this volatility will spread globally? >> it certainly will not be good for asia tomorrow. you are seeing a lot of volatility. against all of the other currencies -- all of the major currencies. when you have a scenario where investors cannot look at their portfolio and make an accurate assessment for one to two months from now, you will get these types of swings as people go to different sides of the traits -- of the trades.

emily: the latest winner of the softbank lottery is doordash. investing $555 million in the company, almost triple than what it has invested in the last five years. they have poured billions into tech firms such as uber, lift cart, and others. olivia from bloomberg technology joins us now. i was shocked, it's a lot of money. confidences to the that these major investors have in food industry, which was floundering just about a year ago. survivedny have not and it is like a graveyard at some of these companies. has comet uber eats out as a popular app.

that thisys he thinks will be the most successful food delivery business in the entire world. uber's most successful options. emily: is there a conflict of interest because softbank also invest in over? -- in uber? over one million they put last year and this large amount into door dash. i think that softbank wants to spend a lot of money on bets and is placing chips all over the roulette table. emily: in barcelona earlier this week, the ceo of the softbank visions fund. here is what he had to say. >> we want to empower the

consumer. we believe there is a trend where technology not only bring access to one million more consumers around the globe, to the internet and the digital world, but to the existing consumers, giving them better services and products. we can eliminate distance and time, no matter where they live. emily: he is speaking to the consumer focused strategy. they have invested in these different companies. over popularash alternatives? >> post mates is different, and people don't realize this. is building relationships with restaurants, building data for the backend and letting them know what customers want. is a company like postmates

focused on developing relationships with customers. thinkingeing investors the restaurant approach is more approachable. pick oneoing to partners work with. but customers are fickle and will go where the best deal is and least expensive delivery. becauset is interesting doordash was struggling to make money. do these giant companies keep other companies afloat but should not be a float or are they giving companies a chance that wouldn't have gotten it otherwise? >> it's a good question to ask toni who was going to come on the show tomorrow. sometimes they need more time, a little more runway. i think softbank sees that this is a good business and see the potential.

one thing that she said yesterday was we've only grasped the surface of food delivery. deliveries are still made through the telephone. only 5% of mobile and websites. we think there is a large opportunity here. a $200 this market as billion potential market. and millennials wants to get off the couch -- they don't want to get off the couch. emily: bloomberg tech reporter, covering food, thank you so much. as olivia mentioned, we have more on this story and we speak with doordash's ceo. bloomberg is learning that i heart media could be filing for bankruptcy. the ceo spoke about bankruptcy papers that could be used on the first day of corporate seating.

bid to save the them is not high enough to sway creditors. the company has struggled to meet payments, missing interests due on the first of february and on to more sets of bonds. coming up, european regulators --ing tech firms new order can the likes of facebook and google keep up with removing of material? and if you like bloomberg news, check us out on the radio and in sirius xm. this is bloomberg. ♪

emily: customers on sky tv, will soon be getting access to netflix. users who already have it will be able to bundle the streaming giant into their existing bills. this comes as netflix gains traction in the u.k., getting 7.5 million drivers since it began operating in there. big tech firms have new orders from the european union. erase illegal terror content within an hour of being flagged or face new laws and regulations. considering that terrorist content is most harmful in the first hour of appearance online, all companies should remove that content within one hour as a general rule. caroline hyde has been covering this from london. the eu has been putting pressure on these companies but one hour? is that possible?

caroline: i wonder if facebook, youtube, and the like have been a victim of their own success. they have been getting faster, putting artificial intelligence to work, having teens put together where facebook said we have 150 people dedicated to taking terrorist content off our network. and the eu is saying go faster and faster. two years ago, we heard from the owners of these companies saying , we personally will sign up to taking down this sort of content within 24 hours. -- but the talk got tougher from the likes of the government. the government of germany would say if you do not do that, we will find you -- fine you. another prime minister saying we wanted down in two hours.

and now the eu saying one hour. they clearly feel they can double down to get more efficient. emily: how have these companies reacted? caroline: they are straining with this. we've heard from representative's of the es -- companies. they say it is such a tight timeline which doesn't take into due accounts, all of the actions required. and it will force service providers to take down all reported content. here is the kicker -- what if it impedes on free speech? this has become -- brought up again and again for the governments of the eu but they haven't given a good answer on it. you only give it one hour, maybe you will a mixing it up with people's views

and stifling free speech. as long as it is not hatred maybe it has a place online. and that seems to be the difficulty rising. digital rights people are saying you are asking facebook and google to be sensitive -- censored here. europe has been putting former pressure on these companies than the united states. why do you think that is? i think it is cultural and i think there are more terrorist attacks in europe than in the u.s.. we had a whole state of them. think of the atrocities in paris just over the last few years. they got brought to the fore with the united kingdom. the governments remain powerless as to how to control this. so the one area they felt they could control, was social media

giants. trying, they have been to show authority and response in this way. an interesting thing is that the governments realize artificial intelligence could help them in this area. they could get faster and like i say, they could be a victim of their own success. twitter had to ban almost one million user accounts because of terrorist and hate speech coming from them. i see more cause for this but bring your attention to the general counsel of google. the computers are not there yet and you need a human touch. therefore, can you really bring down this content in just one hour? emily: when it comes to artificial intelligence, how does that play a role? ai versus humans? caroline: you've seen statement

saying we are deploying artificial intelligence to see if we can monetary risk like activity. maybe the computer will be up to recognize terrorist related activity. and companies including likes of facebook have said we have banded together and can place markers on one video, where if we see it being uploaded to a different social media vehicles such as youtube, or twitter, it will automatically come up with those companies and they will be able to take it down. artificial intelligence and camaraderie could work to a certain extent. the eu seems to be saying we see you, we know that you have the money for the artificial intelligence but what about smaller players? what they don't want to see is illegal content come off of the big players but then re-are there other elsewhere into smaller social media platforms that don't have the resources that the bigger players do.

they want more computers involved but as these big companies say, we need humans as well. emily: caroline hyde in london thank you so much. coming up, snap is celebrating its first birthday. we take a look at the volatility year that was and what is next. bloomberg tech is live streaming on twitter. 5:00 p.m. new york 2:00 p.m. san francisco. this is bloomberg. ♪

emily: snap is celebrating its ipo anniversary but it has not been all smooth sailing for this social media upstart. we look at the highs, lows, and the road ahead. >> it has been one years and since snap's year ipo. it rolled out an advertising model which caused as the fall.

it also -- celebrities and the media. it is a move that has seen public backlash. there was one tweet by a social media superstar that wiped out $1.3 billion of their market value in one day. they hosted there first quarter actually beating analyst estimates. their fan base is growing steadily with daily active users pushing 200 million. but internally, snap didn't -- so employees didn't get the 2017 cash bonuses that were planned. the leadership team has been working to improve employee morale and work on their transparency. but the ceo has a reputation of not appreciating criticism. -- topost the fluke of executives.

joining us now is our frier.xpert sarah what is the bigger picture my comes to around? -- when it comes to morale? >> there is this idea that you cannot criticize evan in meetings. he is aware of this criticism and yet when people have left the company, they have been replaced with people who understand the culture. including the general counsel who was his personal lawyer beforehand. there is concern that he is not willing to take feedback. but the company is aware of this and are trying to fix it. and evan sent a memo to employees saying don't make decisions based on what you think it is what i would like. do it you think is best for the company. beyond that, they are doing surveys and open q&a sessions.

he is talking more about what is going on. maybe it is a positive step. emily: we saw mark zuckerberg for example make a huge evolution over the course of running facebook. is the same possible with evan spiegel? >> i think it is. he has gotten to the point where snap is trying to establish itself as an advertiser. but if you look at the first year of the company, it has been a very volatile year in part because of the decisions the company made as far as what it wanted to change. there was advertising where it used to be a very premium buy to get a snap ad. now it is an automated bidding system. more marketers are playing along the demand is low. so the price went way down. they are trying to build that up and on the flip side, the redesign which is a complete

rethinking of how users should use the app. criticism.en public they have a lot to build from. there establish themselves and now they need to make sure that people understand that they have a clear vision going forward. emily: speaking of, mark zuckerberg sold nearly $500 million of facebook stock last month. what is the story there? >> this is not a surprise. sucker verse he is trying to unload a lot of shares to be able to spend that money on his philanthropic investments -- zuckerberg said he is trying to unload a lot of shares to be up to spend money on philanthropic investments. if you try to get through this provision, it would not reduce his voting power to offload shares. shareholders went against that. a suit was dropped.

they said they were not going to do this change after all. as zuckerberg unloads his stock, he has less voting power. emily: thank you so much for that update. spotify is seeking the support on wall street after rolling out an unusual ipo plan. we hear from an investor from the string service next. this is bloomberg. ♪

>> i am jessica summers in new york and you're watching bloomberg technology. here is a check on your first word news. newimir putin says he has a

array of high-tech weapons that could overcome any defenses. today he spoke -- nuclear state but no one would want to speak with us constructively. no one would listen to us. you will listen to us now. british prime minister theresa may says that any brexit deal have to " strengthen our nation." may delivers a key speech on brexit tomorrow. the power outage hit puerto rico today after two main power plants shut down. this is affected nearly one million people. the capital was left without power along with several neighboring cities. venezuela has pushed back on presidential elections by one month. maduroction of nicolas -- a hold general elections in

may. the opposition has threatened a boycott. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers. this is bloomberg. it is just after 5:30 p.m. in new york. i am joined by bloomberg's sophie to look at the markets. >> good morning. we have the trade agenda likely to cast a long shadow on asian markets after he spoke of the imposing tariffs on steel and aluminum with a court order to be signed next week. a share of asian metal players already showing signs of stress. feelinga and japan are the biggest impacts. warned ofdustry chief a pandora's box -- of retaliation. we will look at how they air their concerns.

also weighing in during his second testimony praising the trade. rally to serve as an absorber. currency traders are going to be watching for which currencies have the most to lose. that you want -- the yuan has the predicted most to lose. up next, more bloomberg technology. ♪ emily: this is bloomberg technology and i am emily chang. we continue to dig into what could be the biggest tech ipo's

of the year. spotify's direct listing. a-founders are holding majority of the shares. tencent ranks as the 10 -- the second-biggest shareholder. for more, i would like to bring , a partner and also an investor of spotify. what do you make of this because it is a bigger risk? >> i think the direct listing signals strength by the company and management. most businesses raise money when they go to a traditional ipo. they put money on the balance sheet with the intention of spending it. spotify is saying we don't need to reason money -- raise money. we have a strong balance sheet and we are growing. we're adding subscribers. we don't need to go in the way of new funds in order to fuel

our growth. havee same time, they do an ambition of being publicly traded. they want to recognize some of the value that shareholders have created overtime in the business. this is a happy medium between being publicly traded but not to necessarily salute themselves or to shareholders with money they don't need to spend. earlier, was that something you plan to take advantage of? >> we are very bullish in the business. we had a long-term view on spotify. we believe they are posted to grope for a long time. they have 70 million subscribers but we think that number can grow into hundreds of millions of subscribers overtime. they could be similar to netflix. our goal is to be long-term investors. we have been investors for a while but there is nothing

stopping the business at this point. their market leadership has more subscribers than apple music. surface scratching the of what is a long journey for streaming in music. about we've spoken tencent's relationship to spotify. do you think their investment could catalyze more global growth for spotify? >> they made a share swap with tencent in the fourth quarter. so spotify does own a piece of tencent music. that is their angle to getting in the china market. spotify operates in 61 countries today. they have more than one billion smartphones operating in the markets today and over 3 billion people who listen to the radio. it is a global business already. but with china, their angle is

the exposure to the tencent using aspect. -- music aspect. emily: they just made a over $500 million investment into doordash, a company that was struggling to make money. isn't softbank good or bad for -- istartup ecosystems softbank good or bad for these tech startup ecosystems? in general, this is well received by entre nous ours and investors combined. softbank has demonstrated their ability to be long-term. they were investors in alibaba for more than 15 years now. ismany ways, softbank offering an alternative to some of these businesses going public. we think that is a positive. i think the debates that we have internally is around quantum and

the amount -- the amount of money. checkre the appropriate sizes for some of these businesses? some of these investments we actually understand and some we are trying to build a better understanding of what softbank these long-term in these opportunities. emily: it is also more competition for investors like yourself, regardless of what stage you are investing at. curious, it is going to be tough to compete in a world where they have unlimited amount of cash. >> typically, a lead edge, we are investing a bit earlier in the lifecycle of the business. it's possible that we can hand our shares to softbank. think the enterprise value that has been created over the last five years, looking at amazon and faith look, we are , we're -- facebook talking trillions of dollars of cash. what comes out of the mark --

it's not about what comes out of the pockets of private investors but getting the public even later than they would have. amazon looking at less than $1 million valuation. valuation.on you have a fairly diverse portfolio. where do we see you placing bets in 2018? >> we are looking at artificial intelligence is an area of focus. security is a huge area of focus for us. a lot of spending going into security. and internet marketplaces globally. rideshare phenomenon, we are going to continue exploring a broad. abroad.oring emily: thank you for joining us.

-- technology has agreed to buy micro semi for over $3.59. -- a premium of 70% on micro semi holding price. the deal is subject to approval by shareholders and expected to close the second quarter. coming up, can twitter finally be nice and and its online harassment problems? that is what their ceo's latest tweet says must happen. this is bloomberg. ♪

emily:uber is getting into health care not through a tracking device.

they are allowing health care professionals to order rides for patients going to and from locations when you receive care. this is to be -- ap are reviewed study -- roompeer reviewed study from thisning us from medical office startup company based in irvine california. he resigned as over ceo -- uber ceo in june. a real time is conversation platform and harassment. now twitter is admitting it and wants to be a nicer place. are committinge

twitter to be a place of conversation and to hold ourselves accountable to progress. what does that mean? let us bring in selina wang who covers twitter. they have apologized many times. rules manyd the times. some things have gotten better but there is still a huge problem. can twitter do this? >> i think that the type of public apology that the ceo is issuing is much broader than before. it goes beyond abuse and safety but the overall public conversation. hopefully what he says in these tweets will play out. a big criticism about the way this is handled is that it is whack a mble -- very ole.

they are looking for a systemic -- a looko help across every division, consumer sales, as, products, to solve this. emily: we've seen robots, human coordination, misinformation campaigns. we are not proud of how people have taken advantage of our service. he is talking about committing metrics.rous set of and to share those result of the public. at the same time, a longtime tech columnist writes back, again and again, your staff refuses to delete the account of racists, anti-semites, insiders of violence, and other rule breakers. bots.the system of

it is not just the russians. is ability to gain twitter against all of the rules you've listed. >> there is a lot to unpack their. the mixed public outcry. they are asking for submissions from people to help decide how to help these conversations on twitter. jack is admitting that they need to figure out how to make conversations less toxic and more civil but they do not know how. they are opening this up to anyone in the public, providing data access to twitter as well as funding. emily: part of the problem is that twitter doesn't always clearly enforce the rules of tory had. -- rules that it already has. the fact that the president of the united states is allowed to tweet controversial and a hateful and some say abusive content, and twitter has a fine line to walk. thiso they determine

difference between hateful content and not running into free speech issues? controversial accounts have huge followings. >> they don't want to lose their active users. ?mily: what about bots bothis is part of the problem they face. there are technicalities given that they don't have huge engineering headcounts like facebook or google has. they are trying to clamp out these automated bots, we're seeing more and more how -- it is ahesebots continuing problem. lp operates arg global news network on twitter called tick-tock.

coming up, facebook, instagram, and snap reign supreme but a new upstart wants to be your go to sharing destination. this is bloomberg. ♪

emily: equifax says that an additional 2.4 million americans were impacted i last year -- by last year's data breach. the credit union says that newly impact consumers have their names and partial drivers license stolen but not information on when or where they were issued or expiration dates. and now it isero being -- o -- vero promises to be -- promises tohat

be everything about social media sites that you hate >> there is a growing sentiment vero wherele who use they feel a network is 11 to grow in audience -- doesn't allow them to grow their audience. what differs from these networks provide as that we platform free of algorithms, , so it ads, free of bots is your relationship with your audience directly. update of give us an how many people are coming onto the app on a daily basis? >> we just announced one million users have come into register. we are seeing tremendous growth.

this is affecting the performance of our servers. we are working very hard to put things back into a normal operational state. say the difference is you have with the like of facebook and instagram. you said it while you have these technical issues, you want -- you will not bring payments to subscribe to vero. will we see any kind of moneymaking from this particular app? >> will be announced today is that while we are working out the technical difficulties with this tremendous growth, we are not going to turn on subtraction -- turn on subscription. -- what wennounce

is for new users, anyone registering today will get to use vero free for life. it will only be for new users who download the app. they will see the sufficient -- theynd the details will see the subscription amount. emily: mark: -- emily: perhaps we're talking instagram, but what about fake news? what do you -- >> what about fake news? we have been building things purposefully. notant to always question

the targets to create addiction but to make vero a useful tool habbit. it -- we just care that you find it useful. whichever of the uses it has. it is not a normal thing that everybody uses. the word algorithm. that should be as far as it goes as far as people talking about algorithms. today, the algorithmic approach has started to become understood by people and it comes to the frustration in the way it has been applied. >> what should people be using

this for though? we put as much emphasis on the different types of things you can use it for. anything from your camera roll. you can also share a link to anywhere online. we allow you to do that in numerous places. from your bio to the caption of a photo or video. but you can share links as well. are listening to, books that you are reading, movies and tv shows you are watching, and places that you go. what we want people to use this for is to really express themselves in ways that we want. -- ways that they want. facebook you like and ken facebook and

trying to move away from these advertisements as you have suggested? >> we are trying to inspire others to do better so that is a truly satisfying. the business model they are in currently make it difficult for them to only from that. it is not that they are -- it doesn't make sense for their business model. their business model requires people to use the app as much as possible. could alwayswe come up with ways to have you come back to the app and use it more often. we believe that the should serve us and not we serve it. we should be live -- we should be free to live our lives the

way that we want. was vero ceo and bloomberg's caroline hyde. that does it for this edition of bloomberg technology. check us out on twitter at 5 p.m. new york 2:00 p.m. san francisco. that is all for now, this is bloomberg. ♪

yvonne: it is 7 a.m. in hong kong and we are live at bloomberg's asia headquarters and what the "daybreak asia". president trump imposes global tariffs on steel and aluminum decision draws criticism abroad. and four, jumped 6% gm, and other automakers hit the brakes. yvonne and i am betty liu, and jay powell mac event and says there is no signs of overheating in the u.s. and truck sales