♪ caroline: i am caroline hyde in london. this is the "best of bloomberg technology o." coming up, zuckerberg is set to in london. its contestslts after a pedestrian is killed.

where bloomberg goes from here. tencent revenue jumps, but the company celebrates the good news with a warning. we look at the latest earnings of the company. first to our lead, and what a week it was for facebook to the fallout continues from the exploitation of data from millions of its users to linksdge analytical has to president donald trump. ceo mark zuckerberg broke his silence on the crisis after a few days with a mea culpa on cnn wednesday. ofk: this is a major group -- breach of trust, and we have a responsibility to protect people's data. if we do not do that, we do not have the opportunity to serve people. zuckerberg has yet to say whether cambridge analytica

still has the information obtained and commits to a broader probe from developers that may have run afoul of facebook's use. on sunday, zuckerberg was called to appear before a house he gave the right message to the right people. emily chang spoke to facebook's former head of global business and the author of "becoming facebook: the challenges defining the company defining the world." hereve a unique situation because of the scale, the relevance of has all of our lives. think we saw mark say the right thing yesterday, and this is of course all about trust. when you get to this situation as a leader, you have to remember it is about trust and heart and communicating in that way as opposed to communicating with logistics and blame. we see giant technology leaders

struggle with rationalizing through the pulitzer prizes in the mid-1990's or even steve jobs rationalizing back in the 2000's. the time is now to show how committed he is to the expectations. emily: you have seen facebook weather many other crises. do you think this time facebook is fundamentally damaged? i think it is, and i think it comes on the back of a 15-month arc where we began to wonder a little bit how we feel about newsfeed, we begin to wonder whether we are potentially being manipulated organically or through paid means. after the last week, we have become cognizant of the fact that our data may be making its way to places that we had never agreed to. facebook clearly needs to understand that we do not expect to take carelytica

of us. we expect facebook to take care of us, and i think that is the sheryl, that mark, and others are receiving quite clearly now. given the scale of our lives, for that reason, we need to take a harder look at. it is important that they hear of it now. emily: absolutely. there have been clips circulating of things zuckerberg has set in 2009, telling the bbc facebook would never sell user data, that that date of alums to users. is that a lie, or is it painfully misleading? mike: i think it is a lie. i think to the extent that they can sell anything, to communicate with people, to connect to people, but what they have to do is really take great care of that access. who are the players that are able to see that access?

who is given access to people, and what are we able to communicate. while he wants to open the will to many voices being able to communicate on facebook, which is crucial to the challenges that have brought to the quarter of one million people using it, they need to really take care of us when it comes to the manipulators that want to enter the system, and to create a system that would not allow them to be a part of it to begin with and certainly would not allow intoto get distribution the newsfeed that plays such an important role in our lives. emily: how does facebook make a access? who should have in the end, it is a judgment call, and we know there are malicious actors out there that want to break the rules. how does that ultimately impact the business if that data is now not available? mike: absolutely right. some things are incredibly clear.

for many years, facebook has had prevent content from not being distributed in germany. they have had to keep nudity and other objectionable content off the platform. when it comes to subtlety, communication, even maybe by voices -- the point of facebook is many voices around the world can have access. but we began to hear a little more from zuckerberg yesterday, actually, about their ability to use artificial intelligence to interdict what are clearly fake accounts and what are -- we begin to use the phrase "bad actors" -- and i think we will see an era of going forward of mark beginning to put his finger much harder on the scale of newsfeed, to really throttle and close the aperture on distribution on newsfeeds for sourcing whom we cannot trust verifiably, and also the

resources we simply may not know about. caroline: thursday, tech stocks suffered their worst day in six weeks, erasing most $2 billion in market caps from the industry. they were pulled lower as president trump order tariffs on chinese goods and they began to trade lower. emily chang and bloomberg gadfly columnist on thursday top -- talkede market through the market turbulence. of u.s. less than 7% imports from overseas, which is actually not a big area. the largest area is machinery, and that is very big. like with some electric motors. its broad, but that is a large area of imports. but then you look at the tech sector in the u.s. the largest company is apple, of

course, the hardware maker, but then you amazon, google, microsoft -- they do not really do much hardware. this is a company that you can put tariffs on -- who are you looking at that? the chinese make a lot of electronic products, the iphone, pretty much every smartphone in the world apart from koreans are made in china. most computers are made in china, often by u.s. brands. when donald trump talked about riffs,g on ta what is his objective here? is he lashing out? we talk about american workers and the still drops lost, but in the tech sector, most of the work is not hardware anymore. emily: focused or what exactly is happening with tech stocks. what relates to tariffs and what relates just the severely what is going on with facebook and the camp rich analytica controversy -- cambridge

analytica controversy. ? been in the large cap text space, so when you get this sort of crowded trade where everyone is benefiting on the way up, everyone is going to rush out before. he faced with allegations came to light last week and spilled over into this week, you see the smaller thing with trade. there is a bigger issue about the general idea of how much people trust this market right now. in thishis period market where everyone is buying on every small bit of news. now we are seeing the exact opposite of that. the facebook matter has raised a lot of questions about the viability of the business model. frome still a long way million exactly how this is going to shake out, but not a lot of people trust the process right now to wait and see what is going to happen.

you see the same issue around trade, people are not trusting in the process of what is going on out washington. they are not going to wait around and see. tim, how is china specifically likely to respond to these tariffs? --: the thing about tariffs when trump comes out in exhibit statement, what he is doing is to react.ng chinese if he does not put it in writing, it is much more difficult for the chinese to react. when you put down concrete measures such as tariffs, then the chinese can come out and say you are starting a trade war. china told the treasury secretary to find ways to risk investment in the united states by companies in order to protect technology. this was an ongoing thing for many years even before the trump

administration, the obama administration, even the bush administration before that. this has been a big thing. the committee on foreign investment in the u.s. works byind closed doors, chaired the treasury secretary, and when it come out with an announcement , they do not have to tell anybody why. they simply recommend to the president, and the president would go through with it. but if they come out and put in , then suddenlyes it is put down in writing concrete steps that the chinese can then react against, and i can hold a piece of people and say "hey, you say we cannot do this, well we will not allow you to do that." so the fact is they work behind closed doors. we are pro-open government. the fact that it works behind closed doors does give the america and amount of cover. writing,t it down in then you are giving permission to the chinese. bosline: thanks to romaine

tick and tim culpan. the latest battleground in the debate. theube will van videos promote or link to website selling firearms and accessories and related videos with instructions on how to assemble firearms. coming up, uber's crash in tempe,, arizona. -- arizona. how big of an impact will it have on automated driving? this is bloomberg. ♪

caroline: no to the tragic death of a woman hit by an uber self-driving car in tempe,

arizona. it brought fresh scrutiny to the automated driving technology. it had crossed at least one open late of road before being hit. self driving sensors should have detected her. ordered tests during we spoke to "bloomberg on tuesday." mark mark: i think companies a large arewaiting to see if there perception issues come if there was a car, if there was an issue vo that uber was using, or whether it was purely unavoidable, whether it was human or otherwise. weimo, gm aree, in autonomous vehicles or testing that technology. are we hearing any reaction from those companies? mark: toyota has suspended their

economist testing, saying they are concerned about the emotional state of their safety drivers. gm crews have said they are continuing to -- there is no stop. they are planning next year. we have not heard from waymo, the leader in the field. there is one city, boston, who is temporarily causing all testing. we did hear that pittsburgh, where uber is testing and other companies, the company is going to continue to test on the roads, so they are not changing any plans. caroline: there's an interesting piece out today saying perhaps apple is getting into autonomous vehicles, far more than we perhaps have received, particularly in california, can you update us on the? mark: it sounds like apple has more cars on the road bed waymo.

waymo has been doing it for a long time, if i have been testing on california roads for years now. thereaymo has done -- our laws on the books that there has to be a human in the vehicle. in texas, washington, it is a little less regulated. they are testing a lot more miles in arizona than they would be in california. caroline: "bloomberg technology's" mark bergen there. we know apple, tesla, and other companies are investing billions of dollars in driverless technology. they say traffic and pedestrian fatalities will decline. emily chang chat with him. a long time, but too.ll be a bigger change,

i looked back to pictures of 1917 come up with horses for the peak on the roads in 1917. what i see a car today, i think of the same forces. that is what you should think of when you see a car out there. this will change dramatically. i wanted it to your question, the reason i think that's what power forward, and we will see this on this future, is that ultimately humans are not the drivers. -- good drivers. in the u.s., pedestrians are killed by cars. areher 1000 bicyclists killed by cars, and that rate has been increasing. increased by 11% last year. that is the biggest increase they have had since they were keeping records for the last 30 years. something is fundamentally wrong. i want the big picture to be on the table. just to talk a little bit about tempe -- i do not think this fundamentally changes the trajectory of the trends we talked about. machines are better drivers that humans. automakers --c

you ought to know where specific automakers stand. talk about who is in the lead and uber specifically, given the one that they are behind this horrible crash. waymo, just lead is because they have the most miles driven. general motors claims they will have level five its, which is no stirring will come in 2019. some will say general motors is in the lead, but i want to put that in perspective. when she talked about that motors,on from general she laughed, and i have a feeling that she is still laughing at that prediction. when we talk about defining what is in the lead, a statement from general motors, is not necessarily evidence of the lead. i think waymo is, from a technology standpoint, in the lead. another company people are not

talking about is what apple is doing. they surprisingly have the most number of self driving cars on the road in the state of california -- 46 -- ma have a bus, thed they have a palo alto alternate loop. uber still is in the lead. emily: how far away, then, given what has happened with uber -- how many years away are we from being sure that these self driving cars are actually safe and safer than humans? gene: it is probably 2025 before we actually see measurable fleets out there. that is how it will start. self-driving car is that have limited speeds and limited areas that they work in. think of this and call it seven years away. as you mentioned, mark ran guard team,ur loup ventures

most of them say they will have high-level economy between 2019 and 2023. we think it will be beyond that, that it will get pushed back. but it is inevitable. caroline: that was loup ventures' gene munster. coming up, tencent is raking it in thanks to we chat. we will talk about how well the internet giant did during its fourth quarter next. a reminder that new episodes of technology" are streaming. this is bloomberg. ♪

caroline: a story we continue to watch -- uber cove vendor travis kalanick is buying a controlling stake in a real estate company for $150 million, and he is installing himself as ceo.

he was ousted as uber's ceo last year. he has since sold $1.4 billion of the company's stock. big news for chinese internet giant tencent, nelson on wednesday that its profit doubled during its fourth quarter. a driver for growth continues to chat, as the chairman pointed out. >> we continue to gather strength. we saved $1 billion after the chinese new year. we headed to hong kong and spoke to stephen engle. the bread and butter is

of course mobile and pc gaming and also leveraging more than chatbillion users in its we so-so messaging -- social thatging platform, using to drive and they are spending a lot more money to build up to go beyond the core competency, like cloud computing unlike artificial intelligence -- computing, like artificial intelligence, like wechat. marches have been squeezed. when you have more than one hatlion users on wec alone, it begs questions that were raised to pony ma at that news conference, and that is -- is there a chance to have a security breach, à la facebook, at tencent, and this is what martin lau, the president of the company, had to say, basically saying there is no chance of that happening. martin: this is at the top of

our concern. really we felt this is our responsibility, and this is the case of the users' trust with us. that is why we have a lot of different measures, including technical measures, to prevent the leak of data. stephen: now, a couple of other notes from the tencent press conference, another reason why the margins are being squeezed is costs sort about 72% in the fourth quarter as they have acquired more content in video and music, and also martin lau saying the timing is getting closer to when i feel for the music division, also saying that they could, if the market conditions are correct, return to china with the listing, but rules in china with have to be changed, but chinese government companies toig come back. of course tencent is listed in

hong kong. caroline: stephen, it is fascinating how much tencent is spreading us its investment. even in europe, tencent put money into a startup based in germany called end 26. overalll contribute to profits. use a listing at home, what about the business going forward? are people worried about investments made in these areas? stephen: this is a heated competition with the likes of alibaba, who created the ecosystem, not even in china but globally. alibaba has a head start globally. they are invested in more than 600 companies, so they are definitely going beyond their bread and butter in gaming and social media in developing parts of the world, including of course in europe. bloomberg's chief asia

correspondent stephen engle. coming up, back to the fallout of the facebook data story. what is the political response in the u.s. and europe? that is next. this is bloomberg. ♪ mom, dad, can we talk?

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caroline: welcome back to the "best of bloomberg technology." i am caroline hyde in london. let's turn to the top story of the week, facebook. mark zuckerberg made headlines last year with a tour of the heartland and he may have to embark on a tour of europe and its government. requestedhave zuckerberg appear before them to answer questions on the alleged misuse of information by cambridge analytica. we spoke to damien collins on whether zuckerberg has responded. damien: i think you should agree . it is down to him whether he

chooses or not, but it has been noticeable that we have heard nothing from him the story broke a few days ago about the involvement of cambridge analytica. there are important outstanding questions we have following the evidence session we had for facebook last month. expressly about their relationship with cambridge analytica, about the way in which developers can harvest user data from facebook, and the enforcement powers facebook has to get control of the data. i do not think we received satisfactory answers to any of those questions, so it requires someone at the top of the company to go through this properly. caroline: this misuse of data of 50 million or so users of facebook surrounding the 2016 presidential election, they are investigating potentially the role of social media within the u.k.'s vote to leave the e.u.

do you think facebook has anything to answer regarding the brexit vote was to mark damion: there was russian involvement during the brexit campaign, but at the moment from what has been published, that is a lower level than the case in the american presidential election. it is still something we are looking to map out that is incredibly important. the u.k. investigation commissioner is looking at the way data was used during the referendum period. i think data analytics were used to some extent at that time by russia and by the lead dust leave campaign as well -- leave campaign as well. from organizations they know and russian bodies they do not know, there is little transparency around where those messages are coming from. caroline: we have heard your force calling from dust voice

calling for mark zuckerberg and the fcc is looking at whether facebook potentially broke the consent decree. do you think they will get involved in the u.k. as well? damion: in european law, there are restrictions of holding data based on people's political views and opinions. that legislation did not necessarily consider that people may harvest enormous amounts of consumer data that people , surveys on give their opinions or consumer consented forver that to be used in a political campaign, and held and used by a company that is not a registered political party. this is something the u.k. information commissioner is looking at. caroline: do you think changes will be put in place by facebook? what changes do you want to see that this will not occur again? damion: the way they handle

to understand how easy it is for developers and others to acquire data off the facebook site by veer engagement with facebook users. for many people who are facebook users every day of the week, they will be looking at the story and asking themselves the question -- how come facebook got that much data about me and what do they do with it? that is what facebook would have to provide reassurance, that they are a safe custodian of information. there is also the other question about promoted messaging through facebook, to pay for messaging through facebook itself and whether facebook is good at policing that messaging and understanding who the advertiser is, and if it is a political campaign, they are not breaking political -- laws. i think these are important

areas, understanding business practice and ethics, that we need to get to the bottom of. caroline: do you believe social media companies, not just facebook but twitter and others have become too powerful? damion: they have a huge amount of power, and i think if they think they are too powerful and slightly above the reach of governments in parliament, i think organizations that believe that will find it is different and ultimately, it does not matter how big you are. you have to comply with the law where you operate and if you do not, there are sanctions that could be used against you. we should look to facebook to be responsible and act in the responsible way. it is incumbent upon them to demonstrate they are, for the people that run that company to be more forthcoming and provide clearer answers to the questions. caroline: have they responded to you as of yet? damion: we have outstanding questions from the evidence

session, the hearing we had with facebook last month. they still have not responded to those outstanding questions, even though the hearing was more than a month ago. it was said today that mark zuckerberg or someone of equal rank will give evidence to us, so they have a duty to explain the cambridge analytica data breach, why it occurred, what they knew two years ago but did not act then to make sure data was recovered. caroline: that was damien collins there. withing with -- sticking the european response to stays -- facebook, she was formulating a letter to facebook over the data scandal. likely escape as --sident -- unprecedented that means they could avoid paying $25 million, or 4% of

their annual revenue, whichever is higher. vonnie quinn spoke with them about this scenario and what she expects to hear from facebook in this upcoming meeting. >> i have several serious questions, especially on how this would have happened, whether day have neglected their privacy rules or whether they were careful enough or whether they were following the rules which should have ensured the trust for the people, because these are essential questions for the europeans. tonie: you are curtailed some extent and what kind of sanctions you can impose. you said that you would be imposing really drastic sanctions. how would you do that? the memberrope, states are responsible for imposing the sanctions. for the united kingdom and the case of breach of privacy rules,

they can impose a sanction up to half a million pounds. these sanctions differ from state to state. year,ill stop in may this because we are unifying the you -- the rules. consumer protection will enable the member states to enforce much higher sanctions which cannot be applied on this case because there is no -- possible. vonnie: that starts may 25. you are asking the 29 working party to investigate this. have you conducted every single nation in the e.u. are on board? vera: all member states are represented and 29 that yesterday. they confirmed they are unified in launching the investigations

in case they find out that privacy rules and the rights of people in their states have been or might have been breached. this is an important moment, if theyi think that can their power so they take consolidated european actions. vonnie: could this set some kind of precedent? what are you hoping for as an outcome if facebook were to be found guilty or negligent? vera: i am not happy at all about this case, because in my view, this is not only about data protection breaches, this is about threat to democracy and individual freedoms of people. of course, this will serve as a precedent for the future, and i can say in europe we are ready for these cases.

also, for the preventive measures. the regulation is very tough. strict rules to be ok in the e.u. -- rules to be obeyed in the e.u. people must understand the purpose why the data is collected and what the provider will do with the data. it is clear that the providers are monetizing the data, but the people must know what is behind that and what are the plans. caroline: that was the european commissioner for justice speaking to bloomberg's vonnie quinn. in the halls of capitol hill, criticism of facebook reached -- senator john kennedy is part of a bipartisan committee.

he caught up with kevin cirilli and discussed why he wants to get facebook to washington. >> it is very powerful. it touched millions and millions, billions of people. data is the new oil. we need to ask hard questions, because some of facebook's behavior lately has gotten into the foothills of creepy. caroline: coming up, when it comes to cloud computing, salesforce is a towering force and it looks to cement that stature with its latest acquisition, next. this is bloomberg. ♪

caroline: while the financial community watches an internal crisis unfold at facebook with a loss of market valuation, jeff bezos tweeted this test -- tweeted this -- a picture of himself strolling in the

sunshine with a robotic dog. bezos continues to sit pretty in that number one spot, especially as amazon vault ahead of alphabet in market value for the first time. when it comes to conquering the cloud, companies like amazon and microsoft and salesforce are vying to be the top provider, and it is the latter that is one of the main disruptors and the only large-cap company with 20% sales growth for the last three years. salesforce announced at $6.5 billion deal to help explain and -- expand its presence. we spoke to the chief officer. prior to that, he served as facebook's chief technology officer. >> the landscape of technology is changing more rapidly today than it has in generations. it is not just one change.

it is artificial intelligence, the internet of things, mobility, the smart watch, amazon, alexa. for a company like google or facebook, we have a building full of engineers to grapple with those changes, but if you are a 100-year-old insurance company or health company trying to figure out how i provide a helping experience, -- every company in the world grapple with these experiences. it is rewarding as a product developer to do that. emily: this announcement that you have agreed to buy meal soft , it seems to be a desire to stretch beyond salesforce's core customer management relationship tools. bret: if you think about what it means to transform a company that was not born in the digital

era, this digital transformation, we think it starts and ends with the customer, even if that means transforming a bunch of your legacy systems. the reason we are so interested in mules soft and this concept for integrating all of the legacy systems, is it unlocks the data from legacy systems to enable people to participate in all these amazing new on ournces we are seeing phones and watches and customer service experiences that are transforming business. t's platformsof allows companies to turbocharge, and they can transform their customer experiences faster, which is our mission. emily: salesforce has been very inquisitive, including buying your own company. the deal chatter around twitter does not seem to stop. you are intimately familiar with twitter, on the board. d.c. salesforce -- do you see

salesforce making more big deals in that near-term? bret: we work backwards from what are the technologies we need to have to enable our customers to achieve their goals? we work backwards from the customer, customer experience, and we will always consider building, buying, or partnering goals.blish those emily: what are the objectives? bret: the really cool thing about salesforce as a platform is we are not just targeting developers. we are trying to make a platform that enables a much broader range of people to have access to these new technologies. this is happening in san francisco next week. here,nds of people come many of them made a midcareer transition into technology, started outside technology and learned for free using our self

learning tools. by doing so, they were able to get a career in technology. what is so powerful about that and why this event is so powerful, if you look at the landscape of technology today, societies relationship with the technology industry has really shifted over the past few years. what i am so proud of its sales force as we are doubling down on this platform of enablement and empowerment. not only can we transform our customers' companies, but people can transform their careers in this platform, and that is an empowering message and that is something we are looking to get across next week. emily: you worked at facebook for so many years. you are very close with mark zuckerberg and sheryl sandberg, and i am curious what you think about the scandal. where did facebook go wrong, and

what do you make of their response which many thought was far too slow? is broadlyrend i see the technology industry coming to grips with the impact we are having on society. i brought up that fourth industrial revolution concept from the world economic forum, and it captures how big this is. as the technology industry is maturing, we need to recognize that this is not just about technology. it is about the impact on our society. my boss often talks about how important it is that modern companies lead with their values, and particularly lead with the value of trust and work backwards from that value in every action you take. i think when you look at the lessons being learned in our industry right now, it is reinforcing that it is the most important thing in our industry, is trust. it is important that your

company is crafted around your values. i think it is a lesson we have not had to learn today because i do not think the impact of these technologies was completely understood by society. what is happening right now is those two things converging. emily: you wonder if they were completely or better understood by facebook. you have people like brian acton, the cofounder of whatsapp, which facebook bought, saying to delete facebook. other facebook insiders really talking about the potential threats of the social network, are you in that camp? oft: i have a great deal personal connection and loyalty to that company, so it was obviously sort of uncomfortable to talk about. i do think the right way to think about it is these technologies have changed the landscape of our society. everything from the smartphone to social networks have changed

the way we interact with each other, and they are much more than a technology. they change our behavior and interactions. salesforce,ay it these companies do not exist just to stir just serve stockholders -- just to serve stockholders or customers. it includes all of our society. i think right now, these technologies are complex. their impact is very nuanced. how can we include all the stakeholders to solve these problems? caroline: that was bret taylor of salesforce. still ahead, we will hear from the blackberry ceo, his thoughts on whether big tech should get broken up. this is bloomberg. ♪

caroline: virtual reality was supposed to change the world,

but it has yet to really arrive. to bet facing a threat supplanted by augmented reality, will it deliver? they are trying to make sure it does with their new headset. mark gurman took it for a test. mark: virtual reality. it was supposed to be the new age of the world, but it has yet to take off. the vision of facebook and trying to change that. the oculus go is a new strategy, a cheaper and newer approach to vr. unlike headsets from htc, sony, and oculus, the go is a completely standalone device. it does not need to be chained to a desktop pc. it has a rechargeable battery so i can be used similar to a phone, tablet, or ipod touch.

play movies on the go, games, or interact with immersive social media apps. oculus has 20% ownership of the vr headset market, trailing 40% buy sony. that gives oculus a lot of growth. at the same time, vr has been referred to as a platform which will be supplanted by ar, augmented reality. it mixes the real world with the virtual world. pioneers like amazon and apple are focusing on ar, not believing in vr as a long-term winning strategy. while the oculus go may be a hit this year and next, it may be a short story. caroline: bloomberg's mark garman there. blackberry has added another major brand to its portfolio of partnerships. jaguar has agreed to license blackberry's technology and will host some of the engineers to work on a new info-tainment

system. jonathan ferro spoke to john chen. --hlighting the facebook whether big tech should have to get broken up. john: 10 years ago, the name of big tech and 10 years from today the name of big tech is quite different. technology has a way, the market has a way to reinvent itself, so i am not a big proponent. jonathan: to reinvent itself you need innovation, and i wonder whether these firms foster innovation. john: this is the great thing about technology market. i remember when google first started out. yahoo! was dominant.

when yahoo! started out, netscape was dominant. it is really about the people, the creativity, the brains behind it, and the venture money . beingt see that monopolistic in any way, shape, or form. jonathan: how do some of these business models that are , do youly profitable see that model being threatened with the events of the last year? john: i think you have gone a little too far. at blackberry, we do not monetize data, so certainly not against the customer who provided the data. that i believe needs to be looked at. caroline: blackberry ceo john chen there. that does it for this edition of "the best of bloomberg technology." we bring you the latest in tech p.m.ghout the week, 5:00

eastern time. all episodes are live streaming on twitter. check us out during the weekdays. this is bloomberg. ♪ retail.

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♪ nejra: regulation rollback -- the u.s. senate passes legislation that would ease constraints on regional and community banks, but will the house go even further in slashing dodd-frank rules? going dark -- mifid ii has been implemented, but how much disruption will we see? and the future of the banking union. what there is to say about europe's future and further integration. welcome to "bloomberg markets: rules and returns." i am nejra cehic in london. rules and returns goes into the regulatory challenges and oprtit