discontinue promotional discounts for nra members in the wake of the florida high school shooting. discounts for nra members in the wake of the florida high school shooting. republicans in the georgia legislature voted by wide margins tuesday to kill a jet fuel tax break that would've correct -- directly benefited atlanta-based delta. the united nations human rights council decided to hold an urgent debate about the violence in a rebel held region east of damascus. that has faced brutal heirs -- air strikes. proposed byas britain that launched a push at the 47 nation body for greater scrutiny of the bloodshed in syria's eastern good or region. >> i ask our colleagues here today, how can this council not respond? despite the un security council of the 24th of's february, serious violations have continued on a wide scale, including many deaths.

the head of the councils of the violence in killings in the eastern good or region and across syria likely amounted to war crimes and were potentially crimes against humanity. in israel, authorities questioned prime minister debt -- benjamin netanyahu as part of an investigation into a involving thee country's telecom giant. authorities say the two were question for a number of hours. men -- netanyahu confidants were arrested. the spanish government is dismissing the latest government advance their independence bid with the madrid saying today in exile would have no legal authority. that is after catalonia's ex leader said in a video message that separatist exiled in belgium plan to create a catalan shadow government. global news, 24 hours a day, powered by more than 2700 journalists and analysts in over

120 countries. i'm mark crumpton. this is bloomberg. ♪ scarlet: live in new york, i'm scarlet fu. joe: i'm joe weisenthal. julie chatterley -- julia chatterley is off today. scarlet: stocks are met -- missed. the s&p 500 swinging between gains and losses that are small. the 10 year yield, 2.8 6%. of a trade war looms large after president trump announced plans to impose tariffs on steel and aluminum. it sparks backlash at home and abroad. keeping up with wages, conor sen

debate whether the economy is running hot enough to generate pay raises. for thent of truth coalition is around the corner. italian voters head to the polls on sunday as the former prime minister's allies here's surge from the movement. the white house is already facing threats of retaliation from trade partners and anger from american companies as well as congressional republicans. this after the president announced he would be imposing tariffs on steel and aluminum imports. commerce secretary wilbur ross defended the policy and the president's authority to do so in an interview with bloomberg earlier today. >> what the president is trying to do is level the playing field and bring jobs back to the u.s. this is about jobs. that is the real purpose of the whole thing. it is also about national 232,ity as defined by the

that is a legal basis for putting these particular tariffs on. want to welcome bloomberg's washington bureau chief, craig gordon as well as lumbered businessweek economic editor, peter coy who joins us by phone. joe: craig, i want to start with you. the president view yesterday, a little surprising. without maybe there wouldn't be an announcement. this morning, the tweets, trade wars can be good or trade wars are good. that obviously got a lot of people's attention. give us the feel for what is going on in the background in the white house right now. craig: sure. externally, it looks chaotic. as you say, there was supposed to be an announcement yesterday morning. then there was no announcement. then donald trump came out and made the announcement. he blurted out his steel tariffs, the once he is planning to give us more formally next week. what bloomberg news has reported is a very tense debate, perhaps

arranging to an argument a between people like gary cohn and people like the german we had on the screen, wilbur ross. believes in free trade, joined by jim mattis, the defense secretary, rex tillerson. there are very divided views inside the white house here. some pretty strong-willed people. they are not shy about expressing their opinion in front of the president. and they did. trump gets the final word. he is the president. imposing tariffs. yesterday that is what he said he would do. there is a lot of division inside the white house over whether this is the right policy for america. scarlet: peter, i want to bring you in. navarro, the director of president trump's national trade council, had been pushing for some kind of tariffs. this has been his position. who has they cohn

economic council and as craig mentioned, more of a globalist pushing back against that. does this represent the ascendancy of peter navarro and the descent of carry gun -- gary cohn? seems that way. he is on the wavelength of the president. they both are very worried about china. they are both suspicious of any kind of trade deficit. they also have an iconic classic way about them. they are irascible types. what is happening is navarro is getting more face time with trump with the chaos in the west wing. but is to the advantage of the trade talks. the people most of we talked to and the people in business are not really into and say free-trade is good. and then when you hear the depictions of navarro, he is the voice who is completely out in the very far mainstream.

you are looking at things today, do you see anyone else who are making cases for this? is there, in your view, some intellectually potent defense for these tariffs? peter: i'm not hearing a lot for these tariffs. there is certainly a very legitimate school of thought nation, the united states and any other nation has legitimate interest in making sure that its national security is protected. you never want to sacrifice national security. the real question is how to go about that? what is the most effective way of securing your national interest and security? it doesn't seem like these tariffs are tailored correctly to achieve that goal. joe: greg, what is gary cohn up to right now? been reportings that he had drawn a red line that if trump went ahead with the tariffs, that might be the last straw for gary cohn. i would caution viewers on that one. if you like we have had a lot of

last rows for gary cohn and he is still there. after the charlottesville protest, it gary cohn went public with his comments about not rebuking the white supremacists. he is known to believe that trump has taken the country in the wrong direction. his job was supposed to be get to tax -- get the tax reform bill through. it went through. a lot of people thought that would a countdown clock on gary cohn's 10-year. it is not totally clear that is what is happening. by the time i get off this set, gary cohn might resign. we never know what is happening. it is always up in the air. it is fair to say, a lot of people who know gary cohn and have watched his career are surprised he is still there. there is this, why is he still there? taxid check the box on reform. maybe it is time for him to move along. only gary cohn knows the answer. it is one of the great questions. scarlet: it is fascinating to

look at the politics. aner, if you like economically and philosophically what is going on, longer-term, most people can agree a ballooning trade deficit is an issue. featured generations are beholden to foreign creditors. there is a question about how to address and fix it. this is ae written, white house that seems willing to risk trade wars. the question now is, are they willing to try it -- start trade wars and engage in it or is this a negotiating stance? you would would think use that hammer as a threat to bring people to the table. it seems like trump is bringing the hammer down. once you have brought the hammer down, you have lost your leverage. people say, he is already done what he is going to do. nothing is going to bring me to the table now that didn't bring me to him before. to your point that trade deficits are bad and the aggregate is very true, the irony is that tax cuts are going

to worsen the trade deficit because the u.s. will have to import more capital since it is not generating enough at home. joe: craig, wake up in has been yesterday. we don't have the details yet. as far as you are concerned, does the fight to the white house in terms of the implementation? craig: 100%. as people know, the steel ceo and the aluminum folks were at the white house yesterday. news than they expected. if i know washington, d.c., until donald trump puts out a piece of paper with a signature at the bottom saying what the fight will continue. view doesry cohn's not appear to be winning. the tariff folks are on the ascendancy here. there is still a lot of time between now and this announcement. that people like gary cohn are still fighting the good fight for their position.

as well as lobbyists in town that are making the case that there are american companies and jobs that will suffer the most here if trump goes ahead with this plan. scarlet: this is not official yet. this is the president saying he plans to do it we haven't gotten the details. peter coyon and joining us by phone, thank you both very much. coming up, the president saber rattling could hit a semi conductors. this is bloomberg. ♪

♪ scarlet: years of a trade war bleeding into the tech sector. investors are concerned in the

industry could be next. as a president ramps up his combative stance toward global trade partners. let's bring in ian king who joins us from san francisco. because -- this is because he has identified it in his american first agenda. : for the semiconductor industry, which is the prime industry that is at question, this is not a good scenario. you have to run or, semi conductors are an exporter. that is things made in this country, things designed in this country go out and bring back money into this country. the biggest market they have is china. buying cellumers phones, chinese consumers buying pcs and whatever else. that is their source of income. the part -- the worst possible scenario for the semiconductor makers in this new development is that china will retaliate against them. they will make like -- life more difficult for them. that china will build its

efforts to build its own fundamental component industry. in the -- is the industry worried that it semi conductors get involved could be the next aep or that if this becomes series of tit-for-tat excavations, it would eventually get to chips? ian: i think the latter. what you said makes the most sense. there are security concerns surrounding semi, because there are transfers of isellectual property, this one which gets a lot of scrutiny anyway. which is a very sensitive topic between what is happening in china and what the u.s. political establishment thinks should be happening. i think that is where the is coming in. for example, is coming in. they have a lot of sales in china. that was clearly the concern. since then, we have seen it come

back because there hasn't been anything concrete said about this area so far. scarlet: the concern here also is that one name gets sold off, another one gets sold off with it. you mentioned it has a huge presence in china. talk about other chip and how they are reliant upon china. ian: it is the biggest market. agoe were a couple years that china overtook the u.s. is the biggest market for semi conductors. clearly than any that -- clearer than that. that is where the growth is. that is where this emerging middle class is that rise these consumer products. intel, the majority of its income comes from overseas. the biggest son market, china. joe: trade aside, there will probably be more interest in this country in the coming years about china's attempts to develop its own homegrown rival to the likes of nvidia and intel. what should we be watching their? i feel like americans aren't

paying is close enough to attention to that story as they should be? ian: it has already been happening. there have been efforts for years. there have been pronouncements by various chinese authorities and investment bodies. we will spend hundreds of billions to build our own. chip are important because imports for china have rivaled its imports of oil. it is that much money that is at stake. that much knowledge is at stake. they want to do something about that to build an economy. on the flipside, there is a worry about what does this mean for defense? -- semi conductors are important for all manners of technology. jet fighters, missiles, whatever you want. that is what is at stake. obviously, the chinese administration is acutely conscious of that. at the moment, they don't have one company that is close to be in the top 10. the top 10 producers worldwide is by american companies, korean

companies, and taiwanese companies. scarlet: which makes the whole issue of technology transfers the more important. ian king, thank you so much for joining us. a reminder, you can watch bloomberg technology at 5:00 p.m. new york each weekday here on bloomberg television. let's switch gears and bring you to the bloomberg business flash is a look at some of the biggest stories in the news right now. lacks down, its union or credit exited its position and i parts. as america's biggest radio broadcaster heads towards bankruptcy. they say gsl sold roughly 400 million of i heart that to john malone's media. they want in on i heart in an effort to take control of its radio business. bank start pushing ahead with intent and saudi arabia four months after they threatened to do rail the economy.

some banks have been hiring and citigroup secured its local mandate there after a 13 year absence. it ishe bank says expanding in the kingdom as the outlook for bond and stock sales improve. shares at foot locker are falling. the retailer reported muted demand over the holidays and is forecasting the trend will continue until the middle of the year. foot locker's sales fell more than expected in the latest quarter. berlin -- your bloomberg business flash. british prime minister theresa may's address reiterated her position that the u.k. would not belong to the eu customs union or single market. and that northern ireland's rules would not differ from the rest of the nations. adam, the president of the institute for economics, explains why he thinks leading the unit and single markets is bad for britain. >> there are 50 numbers.

there is safety in numbers that you want to be big enough that people have to pay attention to two get access to your markets. in the ukip -- in the uk's case, being part of the head was critical. because it meant that people wanted to be in the u.k. as a platform into the you -- into the eu. the other point safety in numbers is going back to the trump issue and where i think theresa may would want to do the right thing is to play by the multilateral rules, but if you try to cut your own deals in two -- and do everything bilaterally, you can end up cutting yourself out. which the u.s. is on a path to do. i have an article talking about the u.s. undercutting its world role. cutting deals bilaterally. the u.k., if it will backfire in the u.s., it will backfire in the u.k. made principles, but nothing very concrete. the eu has given a concrete

blueprint. what happened. blueprint gets implemented by default because the u.k. can't come up with any kind of real solution? sayingow, theresa may is there will not be a custom quarter or quarter on the irish sea or around northern ireland. and yet, there is no going forward without some kind of border somewhere? adam: you're absolutely right. the principles deprived -- that prime minister may have said are fine as far as they go. they are more realistic and omit more trade-offs. you are absolutely right. there are concrete issues that have to be settled. the northern ireland border is a foremost among them. if you do not leave northern ireland is a custom union with the at -- with the rest of the eu, you will be creating a border there where the piece is partially founded on the outside -- having a full border there. additionally, there is the issue

of a free moment of labor. that is nonnegotiable for the eu. if the u.k. wants out from that, as impossible to work around as the northern ireland border here at it means there are certain relationships the u.k. cannot have with the eu. these are realities. finally, your point is one of the truisms of public policy. what you want to do is be the person who is drafting what is at the meeting. the u.k. used to be the one who drafted what was at the meetings to a large extent. made comments on these today. you have power by doing that. the eu and barnier and all the team, to their credit, are writing stuff down, and you may not love it, but it is reasonable, responsible off. until the u.k. write something, you have a problem. scarlet: that is the president of the peterson interest -- institute speaking earlier on bloomberg markets.

up, the trump white house is not shy about touting stock market gains. after the selloff, how does the president's market compare against obama? we have the chart you can't miss. this is bloomberg. ♪

♪ onelet: "what'd you miss?" thing the president has been consistent on is linking the stock market to his job performance. each can be risky giving no president has no control of work where the stock market is going. it is on that basis we take a look at this performance compared with his predecessor. look at the orange line. that is obama's performance. right now, president trump, the white line, as a market lead over obama. put together this chart. i'm stealing it from him. cameron started the clock on election day to include the euphoric response to donald trump's election. for obama, america did not bottom until four months later in early march. it does look like trump's lead

over obama is starting to fade. stuck, the500 stays obama market will overtake the trump market by late april. joe: that will be humiliating. it makes you wonder if the trade talks is weighing down the stocks. let's talk more about the stock market. how are consumers reacting to the recent volatility? we have the latest survey today. one of the questions they always ask people is, do you think stocks will be higher in the future? that is the white line here. yes, the white line. it is still very high. not surprisingly, it has come down a little bit with the recent volatility. these surveys, everyone is the same. you get more bullish when things are going up as you get bearish. we are doing the opposite of what we should be doing. come down a little bit. by and large, people are bullish. at the: if you look stock market today, it is hard to tell whether you are bullish

or bearish. the dow losing 1/10 of 1%. it was down a lot more earlier. for the week, all three indexes are lower. the dow set to close the week by 3%. this is bloomberg. ♪ mom you called?

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i know. find your phone easily with the xfinity voice remote. one more way comcast is working to fit into your life, not the other way around. >> u.s. stocks coming off their

lows, but inning on a down note. -- ending on a down note. today and wes off want to welcome you to our 4:00age every weekday from to 5:00 p.m. eastern. >> destocked market has mounted a bit of a come back here. steadybeen kind of a trajectory higher. a.m. when trump tweeted about traders -- >> s&p 500 up by half of 1%. look at a couple of

companies that reported results. foot locker reported disappointing holiday sales. jcpenney had probable sales and mcdonald's, the dollar menu overhaul to not catch on with diners as much as investors had hoped. menu, but retooled you have deteriorating industry conditions. >> let's take a look at the government market. two 2.4.yields of yesterday, we had the big selloff. we are getting back to those good all correlations.

>> let's talk about the currencies as well. you can see it really tanking at today's open here. specifically, when you look at the trading partners, canada six out. the line going up shows the dollar strengthening. -- 5%.ughout president trump says he will tariffs on aluminum imports. canada has vowed to retaliate as well. yes, a little higher as of late,

but under pressure. realistic about brexit negotiations. >> i listened to the speech this morning. >> we see a little bit of a lift, crude oil up in gold getting above 1.4%. those are today's market caps. let's bring in jenna paulson who joins us from minneapolis. we have come off our lows and do a lot better than anticipated. do you believe all the noise

about trade noise -- trade war is just noise or more question probably think it is way overstated. -- it suggests to me that if something is done, i would guess that we scale back in the activity two ways. maybef is lower, but there are exclusions for certain countries. dayink at the end of the this will prove to be a far less also, i think our rates have to move higher. it was already in that state when this headline hit. i think that is really what

ticket down. weas things calmed down, rallied back. , we are goingay to see where the real issue lies. >> what is the answer on the inflation front because i think a lot of people would agree that is the crucial question we should be debating. what is the answer? question i don't know for sure, but i tilt towards the idea that we are moving the inflation rate . i think we're moving it up to three us. i think wage inflation goes up to 3.5 this year. the bondure that even market, stock market or fed is currently priced for that. i still think there will be more pressure coming.

whether that comes in one fell whether it comes just over time with multiple selloffs that leave you kind of flat for the year and allows for earnings to grow into their evaluations and puts the market on a more solid footing. >> i hear you on how inflation is a real driver, but i suppose the trade war talks and concerns as well. what do you recommend in terms stocks?ioning in u.s. you want to be overweight cyclical? first, i would be waited away from the united states. i think the issues overseas are less intense than they are here. i think you will have a weak

dollar the rest of the year. i think economists have more rooms for earnings, that is one big thing i would do. a little bitback of the margin. , the economy is doing well. and we do more of that go back and challenge those lows again. right now, the defensive stocks have done very poorly, even in the selloff. up to challenge the highs again, i might be more inclined to be more defensive and my exposure. >> what you think about bonds here?

>> i still have minimum exposure. i don't think we are done with those levels. i think it is less about what the fed does then the bond vigilante. willnk the bond vigilante take the 10 year up towards 3.5 and that will allow rate hikes by the federal reserve. stock isem is, the still too high for an inflation environment. i think the stock market has to whileown or stay flat earnings go up. i think what you want to do is have commodities in your portfolio this year.

you could do that with an etf and the thing about commodities, if the economy stays good, they will go up with the stock market. that in yourof equity portfolio might make a lot of sense. thank you for joining us. >> coming up, keeping up with the way we debate. running hotmy enough to generate accelerating wages? this is bloomberg.

the head of the wto says this concerned about president trump's plan to impose

tariffs on steel and aluminum. an noof trade war is one's interests. they congress secretary was asked about the proposal today on bloomberg television. >> the direct impact is not going to drastically affect their economy, nor is it meant to. they are meant to bring jobs back to the u.s. >> justin trudeau called the terrorists absolutely unacceptable. a powerful or easter caused airports to ground flights as high winds and heavy rains knockdown power. you are looking at a live

picture of our rooftop in manhattan. suspended temporarily in new york's -- kennedy and laguardia airports. of this year's flu season is finally over. -- health of selfless the cdc says 32 states flu bill down from last month. president trump and vice president pence were in charlotte today to pay tribute to be late reverend billy graham.

his five children eulogized their father. >> it is often said that someday you will read that billy graham is dead and he said don't you believe one word of it. he said i will be more lives than i am now. -- he wants to preach. ,lobal news, 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. the latest data on labor has despite thekets -- picture, the debate levers on to

determine if the labor market is hot enough to generate substantial wage increases. joining us now is cross smith from washington. what you think there is further room to run on the labor market question mark >> we are well below the great recession. if we break them down by and a lot of them went to the disabled category and some analysts thought maybe they would stay there. it looks like we may be able to move some of the workers back to where they were before the great recession and i think ap we had in the 90's is possible if we

are reeling -- willing to run the economy enough. as -- there's some potential if wages -- wages run down. in the mid-2000's, we were talking about peak oil and than the price went high enough to buy new supplies. think when we see the company, they are able to pull people back into it >> you go through the conference calls, you look at the various surveys like the and i be. people say the availability of labor is one of the hardest challenges. >> i think we are running out of

workers that are easy to hire. >> what we saw in the analogy on to make it is before it hit its peak. time. a very profitable i don't think it is a thick labor market, but what happened is that made companies go look for nontraditional workers. they were more aggressive and they were more willing to take people who were coming off of welfare. i see a strong link between a number of people who came off welfare in the 90's and potentially people coming off of disability now. workose are people who disrespected, disconnected or thought they would not be able to find a job again, but when the market is tight enough, they will be pulled back in. if they do that, the economy

will be rewarded with a larger labor force and overall production. >> even if you think the labor market is tight, what about the idea that the feds should just wait. that wage growth really isn't that hot and there should be no urgency? >> i think a big argument here be significant we really are getting close as we get to a low level of unemployment. that would force the feds to complete a hike much faster and that could create a recession which can hopefully keep things on a more even keel. i what should the feds do? >>

think it is a wait-and-see the matter what. all we can see is inflation has been a low target for five or six years. what the fed is telling us, jay powell reiterates, 2% of the target should be above it and we for they been below it great recession and for me, that -- the fed has given the market approaches 2% and as a dust, the says the onlyack way we will know how many people we can drawback is to try. i think that is a good

intuition. >> i see that in some of his testimony and i think they should stay with the wait-and-see approach. who gets hurt the most in the us >> say it is corporations with stocks priced relative to treasuries. you can see the dynamic of inflation picking up. >> director of economic research, thank you for joining us. up, retail jitters are back after a week of earnings. sents of jcpenney

tumbling. this is bloomberg.

>> even the strongest holiday locker jcpenney and foot reported weaker than expected results before the bell today. foot locker lost by almost 13%. >> were to be problems foot locker is facing? >> i think the industry at large is facing a lot of existential questions.ial

keen toinvestors are punish both. >> foot locker, what is the story their question mark >> foot locker is a unique story. jcpenney andke that may have a lot of stores and overhead costs. consumer -- have more options than ever before. gap think of a company like the gaplue segment in brand itself. the store we're getting from gap -- nteresting because

juggernaut and he goes back to what i was saying about value. gap had a lot of struggles, but then they had operational issues. -- arrivingising late. >> there's multiple transmitting a company like gap is is -- like gap. what is going on with that question mark >> it is not the same budget as it once was. he can express yourself in so many different ways and other things are important like -- t.j. maxx has

more than 4000 stores. it is insane. >> what is a company like gap do? i heard urban outfitters botta pizza chain to get more people to come into the stores. >> gap thanks it will address it to the portfolio like you have mentioned. is inghest level brand the wrecks. intermix. >> is anyone actually getting it? if the whole quarter, can you

say there are companies showing retraction three >> i think companies are trying to figure out how many stores they need and to provide a unique experience to their product. had a goodcy's quarter. i think there is hope out there. maybe we have smaller brands for the future. quickly, where -- which one will you be focused on? abercrombie and american eagle, they are close to my heart, but that has struggled as well. >> the story of struggles for retailers. coming up next, we will discuss the attire election. this is bloomberg.

>> the united states government is making staffing cuts at the cuban embassy permanent. -- three united nations workers were among the 11 people killed inan attack by boko haram eastern nigeria. police say the base was attacked

thursday and the terrorists were armed with automatic weapons, rocket propelled grenades and gun trucks. the doctor for unicef was also killed, as were eight members of police and military. the bodies of he and his girlfriend were found sunday in his house created his last story was about the activity of the italian mafia in eastern slovakia. the bank of england government mark carney says cryptocurrencies like bitcoin are failing when it comes to fulfilling the role of money. he spoke at the european headquarters in london. concerned with it

replacing conventional money, but it does present a challenge. attorney has called for cryptocurrency a changes to be regulated. global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. >> what's get a recap of today's market action. u.s. stocks rising into the close. 71 points and for the week from a paltry indexes was around. italian to vote for a new parliament on sunday. here now to discuss the possible

,utcomes in their ramifications copresident and he joins us from london. thank you for taking the time to speak with us. we have five star in the next minister ofrime italy three which party has the most momentum heading into the polls? say. is difficult to we have not seen polls from the last two weeks. though sony is a phenomenal campaign. is able to give away the simple tosage that could be crucial 20% to 25% voters. it has been on the back foot for some time.

>> he is speaking right now, only a campaign rally in italy. extent he haswhat a future after the elections? >> exactly right. plausible in the scenario you describe? >> nobody thinks a single party will be able to form a think one of> i them is able to control a majority. i think it is a stretch. option is basically when we have a non-parliament, bailey from the mainstream, but that will take weeks and potentially months.

is what we have seen so far is a political show. not many people talking about the risk of italy leaving. risk inl be the biggest terms of disrupting policy change, depending on the eventual makeup? is a classic a tiny risk. it was basically nonsensical to start a long time ago. the fear is the usual one. wasting time, wasted opportunities of external backdrop. sonora later, the nk several -- d-party

>> i look at the european economy and it has done a lot better. investors are always telling us to locate europe where things are more highly valued. whose help and how do you expect that to be reflected in the election results? ,> there is economic growth family because the eurozone is growing. tail endsry strong but productivity is not on. to real output is close zero. we have a huge amount of public debt. -- people

those have completely failed, whether it was good or bad. say a powerful , whatment were to come in would be the number one thing on all,genda #>> first of they declare the agenda is actually nonsensical. we have not seen anything about jobs or product took to the. -- ne there is no political responsibility. the reality is what the country needs is to focus on productivity. manymany more privatization.

they're still plenty to be done. no one is discussed the. >> joining us from london, thank you for taking the time to speed with us. >> coming up, what are venture capitalists looking for? we will talk to one investor about that next. >> and a reminder to subscribe to our new podcast, what you miss and it features the best of our content from the week before and it is a perfect way to enjoy. >> this is bloomberg.

>> while the bitcoin craze may have subsided, to tighten did still there. , all to talk about that managing partner, a very early investor. thank you very much for joining us. there's obviously a definite amount of interest. backede venture capital perspective, what is the most --iting? quest the motives frankly the pace of innovation. have an all-time high in terms of the ecosystem development and then on infrastructure.

>> one of the things with bitcoin if is you don't need a third-party. you could send me a coin. . could send you a coin as a vc, you invest in companies. what companies are added? >> as you referenced, the bitcoins blockchain was really .xciting we have seen some of the risks when they have to it intermediaries. we're seeing data breaches and consumers per certainly become aware when they have a third-party, their data is a respirator blockchain would eliminate the need for that risk. >> what kind of startups that value to that?

as you were saying, you don't need the company's transaction. >> what is most exciting and oppressive as the way they are able to leverage the point blockchain is network themselves. what we are looking for is across sectors. what we are looking for companies that can create a business model that makes sense in the long term. >> what types of businesses are there? >> this could be something like a merchant payment processor or wallet, but what i have been looking at specifically is infrastructure developing. >> as you had, -- said, tons of people, new developers. or do you see the biggest weakness right now? >> that is an interesting question. what i see is the biggest

opportunity that allows for new infrastructure to be built so we can reach consumer scales. other opportunities as mostbased on what was the significant update which was before the cross others as well. theow much of a threat is rise of ipo's and people being able to sell some sort of token? i don't know if i see i ceos as a threat. i hope -- i don't know if i see icos as a threat.

the risk is that in uncertain dynamic regulatory requirement, there is a cost incurred. you can see them trying to figure out what these things are and whether they are on the right side of the law. icos directly.t saleshave been looking at since 2014 -- 2013. i'm interested in only exposed partners. now, limitedact partners are exposed to regulatory and compliance risks.

-- my >> you see it as a way to accelerate. what are other things you see that have the most potential? >> what is most interesting for me is a company working at the intersection of iot and blockchain technology. >> things like they do for connectivity, this is something that's makes sense to facilitate the -- >> still mark managing partners,

thank you very much. >> coming up next, how vermont is trying to recruit employees for their labor market. this is bloomberg.

>> vermont may be known for green mountains and ben & jerry's, but it has one of the lowest unemployment rates in the country. i recently sat down with joel in the cofounder of logic supply. i began our conversation asking

how vermont is trying to close its labor gap. >> we have a very low unemployment rate. we are at 220%. it is one of the lowest in the nation. in order to fill the gap, the governor has presented a plan for a net migration of workers and that will include targeting people who were you born in vermont them with school in vermont, vacationed in vermont or have a second home and making them aware of opportunities that we can help with housing and relocation costs. that is just do the legislation. we don't know if they will approve it. business. a it is an industrial company. talk about the intelligence -- the troubles in the staffing

your company. >> we have been in business for 10 years and staffing has always been a problem in that we have tried to find team members with a strong background. that is important to us. over the years, with got better and better finding people who are willing to relocate to vermont and vermont as a place to establish their family. we focus on universities, local high schools. it is been a challenge, but i feel like you have been very successful. >> what about bringing more diversity into vermont? >> as part of our targeting exercise, we will make specific tohasis on the first people read the most important thing really is skill. tohave a number of programs

make sure people get the top are training we find the gap in gender diverse members really more about transparency and who is making what money in the more transparent we could be in the labor market, the better it will be. >> i have to ask you about your company's policies, meaning there on the walls between what they areow and what making. >> first of all, how does it work? >> impact logic supply has very strong commitment to our core values. it is born from those core values. if you're going to be open and fair, you should not have any fear sharing information with your team. we have an open office policy and legal is to put the information that our team needs

in order -- >> in doing so, we have moved our business forward much faster because you hire talented people and give them the information and a fly. i will talk a little more about the open salary policy. in 2003, myted this husband and i look to each other and said we want to run a business that we would want to work for pendant open salary policy seem like the right thing to do. there were two of us and so we published our salaries and started hiring people. now we are hiring people worldwide. safe this may create drama? actually, it eliminates drama. if you can talk to your manager and know what your coworkers

making, you don't stress about it. jerry's, vermont teddy bear, what other industries have the most opportunity in the next five years? third-largest in terms of employment is the tech sector. a lot of consumer known rene us, but the army on the ones, so we are very positive in investing .n tech we will go and locate a region in access to government because we are so small. we are so acceptable to business, everything from permitting to changing legislation. goldstein andan

become founder -- the cofounder of logic supply. they're looking for people like you because you grew up in vermont is. thatre moderate >> people went to school in vermont, have homes in vermont. >> coming up, what to know for next week. this is bloomberg.

♪ >> what did you miss? u.s. stocks closing down for the week that on the day -- it was interesting because we thought it would be a brutal selloff. >> it turned out to be a pretty good ending. >> a couple of retailers did not do too well so that weighed on stocks. >> italy holds its general election. >> the boj on friday. and the jobs report. >> that does it for what did you

miss? bloomberg technology is next. >> have a great weekend. this is bloomberg. ♪

>> i am mark crumpton in new york. you're watching "bloomberg technology" and here is a check of first word news. the canadian prime minister is calling president trump's plan to impose tariffs on steel and

aluminum absolutely unacceptable. he said it makes no sense to highlight canada or canadian steel or aluminum as a potential -- or canadian steel or aluminum on as a potential threat. the families of the 58 people killed are getting to enter $75,000 from a $31 million fund that started as a gofundme ever. the las vegas victims fund said 10 other people who are paralyzed or suffered brain damage in the deadliest mass shooting in modern u.s. history will also be paid. the ceo of delta airlines says the carrier is not taking sides in the national debate over guns. this is after georgia lawmakers to punish delta for discontinuing promotional discounts for nra members. would have directly benefited atlanta-based delta. funeral services