♪ i am mark crumpton, you are watching bloomberg technology. here is a check of first world news. u.s. ambassador to the united nation's nikki haley says the security council should be ashamed that despite a february 25 cease-fire resolution, violence and suffering continues in syria. >> i would ask my security council colleagues to consider whether we are wrong when we point to russian and iranian forces as being responsible for the slaughter. mark: in the meantime russia's ambassador argued they weren't the only councilmember making concrete steps to implement resolution. massachusetts could join

california in a lawsuit against the trump administration over a decision to include a citizenship question on the 2020 census. the democratic secretary of state called the decision an attempt to suppress the count and frighten voters who will have large immigrant populations. president trump's use of the idea of using the military budget to pay for the border wall for mexico. he brought up the idea in a meeting last week with speaker paul ryan. russian president vladimir putin visited a memorial of victims of a mall fire in siberia with thousands of citizens rallying and demanding a full investigation into the blaze that killed at least 64 people, many of them children. i am mark crumpton a new york. "bloomberg technology" is next. ♪

emily: i am emily chang and this is "bloomberg technology". coming up a selloff in tech , stocks pushes down u.s. equities. why the market volatility is not going away any time soon. plus, an important stop in the mark zuckerberg apology tour, as he snubs the u.k. parliament yet decides to testify on capitol hill. apple hits rewind with a new plan to go back to school, and the spotlight on two of the tax -- the tech's biggest players in the classroom. mark zuckerberg decided it is time to face the congressional music. the facebook ceo will appear before the congressional committee to answer the role of facebook's and the data breach from cambridge analytica. the subjectas been of criticism from lawmakers on both sides of the il. he will not appear before a u.k.

parliamentary committee. his decision hasn't helped facebook's stock very much, which fell 4% with trading on tuesday and that is on top of the $90 billion loss since the scandal broke. to dig deeper, i would like to welcome sarah frier. and for reaction across the pond, we have caroline hyde live in london. sarah, zuckerberg agreed to testify. i do not think he has never testified before congress before. what do we know about his appearance or will he say? sarah: we know zuckerberg came to terms with what he said. he said last week, if i am the right person to answer these questions i will do it. , congress came back and said, you are the right person. we want to hear from you. so zuckerberg has come to terms with that. in front of congress there are going to be so many questions facebook can't just answer. a lot of questions in particular

about where this data has gone that was shared with third party developers before 2014. facebook doesn't really know -- they are going to do audits, but they do not have currently the answers to, where are these 50 million user profiles? when did cambridge analytica delete them? they relied on cambridge analytica and the reporting from the new york times and observer last week we didn't realize that , was not the case. emily: what was the reaction in the u.k.? he said, i will send my deputies instead. sarah: -- caroline: anger, he came back fighting. the head of the committee of digital culture is investigating how fake news might have played a role in the brexit vote in the u.k. damien collins who heads up a that committee has come strongly to the news that it will be the cto or chief product officer

that will, instead. he said it is absolutely astonishing that mark zuckerberg is not prepared to submit himself to questioning. he urged him to think again if he has any care for people that use his company's services. trying to be emotional here, and -- but to be fair to facebook, in the letter damian collins wrote on march 20, he said a senior facebook executive, who they hoped would be mark zuckerberg. mark zuckerberg feels he is not the right person. the letter they sent back said they are among the longest serving executives and they have extensive backgrounds and understand and they are well placed to answer the committees. interestingly, there is this statement from facebook. they say, the the u.k. and e.u. should not matter to you. we can confirm 1% of the global downloads of the act that came from the users in the e.u. and

this app was designed by alexander kogan passed on , from cambridge analytica and therefore gave 50 million users those 50ok -- of million users, facebook says, hardly any of them are from the e.u. or u.k. that is why mark zuckerberg feels he does that have to come to parliament here. emily: facebook getting its ducks in a row and hiring for 11 different positions on capitol hill. talk about the extent of facebook's lobbying efforts and how that compares to other tech companies and what they are trying to change. sarah: the first thing we have to note, facebook's budget spent on law being in d.c. is so much smaller than the companies that have been doing it for years, google, microsoft, apple. facebook is slow to join the party. in the past they did not have a contentious relationship with washington. they grew up in barack obama's presidency.

now they are realizing they need to make nice and figure out how to get in on these issues before they come to a head. most of all, how to explain their product to congress and lawmakers because a lot of them don't understand the fundamental ways it works. like the fact most ads are not purchased through human salespeople. they are purchased through this automatic advertising system. these are things that have become clear in the last few months. just like the general public, congress has a lot they want to educate. emily: the controversy continues to swirl. we learn new layers to the broader cambridge analytica story. there is a whistleblower who worked as a contractor at cambridge analytica who has told parliament that brexit could have gone the other way if there had not been as he calls it, , cheating. give us more background of what we learned here.

caroline: this is christopher wylie, the whistleblower for the observer. for the new york's time -- new york time pieces. he came in front of the u.k., and he said potentially as you mentioned -- the brexit vote could have gone differently if perhaps some of these related entities for cambridge analytic a -- christopher wylie is saying relatede analytica's entities were mixed up in the brexit vote and were paid significant amounts and could have helped swing that. he said 500 million people could have been affected by the data. he also talks about a company peter teal is on the board of -- he could also be wrapped up in all of this as well. caroline hyde in london,

sarah frier in san francisco the , story is not going away. in the meantime another while , leaving thestocks -- leading the rout. abigail doolittle joins us from new york. this is the worst day for nasdaq since february 8. walk us through the action and what it means. >> what a day. i have been saying that a lot, like a broken record. another roller coaster for u.s. stocks. we started higher, flipping between gains and losses. modest gains for the major averages from mid morning to late morning. right around noon the nasdaq started to take lower. that led a selloff leading to , the worst day for the nasdaq and nasdaq 100 since february. that stands out only because last week the nasdaq 100 had its worst week since august of 2015. on a daily basis none of those days were as bad as today. the sellers are out and it makes

yesterday's rebound rally look like a dead cat bounce. relative to the trigger for tech selling off today, which led to the selling of three major averages -- nvidia, the chipmaker, the shares had been higher for much of the morning, the company presenting at a conference. right around noon reuters reported the company decided to temporarily suspend its autonomous driving efforts. that sent those shares down sharply, 2% to 3% around that time. and then down 10%, investors not liking that cautious headline, it was a highflying stock, a tech darling and up more than 100% in the last months, and it had been a linchpin. other names were higher in the morning also turning lower apple, microsoft, intel, lots of , bearish action. it seems as though the volatility is starting to go to the sellers. a big piece of this, the tech selling and the highflying

sector. really taking a leg lower on the year and the day. on the year, slightly higher. emily: in particular, the fang stocks, particularly the "f," facebook. abigail: what is amazing with that stock, down five of the last seven days. around mark zuckerberg not helping. shares down a 5%. briefly the stock was higher, but when the headline came out that mark zuckerberg could be testifying before congress investors not liking that. ,what that could mean for trade regulation. taking the trade lower along with that nvidia headlines. if we hop into the bloomberg and look at g #btv 476, it is hard to believe this but the degree , of selling today was such that index down 6%ng

on the day the worst day going , back all the way to 2014. that is extraordinary and the degree of selling pressure we are seeing today. volatility breeds of volatility. it is likely we see more as the weekend probably as we move into april. emily: abigail, another extraordinary day. sayill see what you have to tomorrow. apple announces a new, lower cost ipad as a goes head-to-head with google's chrome book in the education market. this is bloomberg. ♪

emily: apple is making a new push to go head-to-head with google in education. it is a market apple helped pioneer.

at an event in chicago they unveiled the new ipad that will square off against google's chromebook and will compete with google's software. joining us from chicago mark , gurman. break it all down for us. what do you think the highlights are? and will apple be able to take on google? >> when apple was founded 40 it was synonymous with creative users, internet users, and education users. i remember growing up in school 's, education max. but that languished over the last two years. data indicated that iphones and ipads were only 12% of k to 12 shipments, whereas google had 60%.bined a microsoft had 22% of the market. clearly there was a problem and apple needed to address it.

they decided to go back to an ipad they released last year. the $329 lower cost ipad without many of the bells and whistles of the pro models. it was good enough for education users. they are updating it with a faster processor, with the chip released from the iphone 7 support for the apple pencil and , other bells and whistles with the camera and lte screens and and slapping an education label on it, putting it in this huge new education push. they have a software of their school at. they had new curriculums to develop ar apps. of new education software to go along with the education hardware. the bigger news is the push around it. nothing they announced today is novel or breakthrough, it is just refocusing of their new strategy around students, teachers, and education. emily: mark gurman, thank you so

much for breaking it down. i will continue the discussion vide you said apple may not be able to reverse its fortunes in this market. why not? shira: mark talks about the share losses apple had in the education market, mostly because of google. one of the under told stories and technology over the last five years is how google has managed to sweep in to u.s. schools and take over the computing market there. i think apple's weakness here -- they know this, they talked about it today, is the software. the big selling book of chroma books is not just the low-cost devices but this ecosystem and , bundle of devices, plus all the software that kids, teachers, and administrators need to both manage those

devices and to have email, write papers, get assignments from teachers. apple made some of those promises today, but the question is can they deliver? can a company whose software is -- software history is checkered, if you think of the iwork,gs of software like which got a refresh today. does apple have the software chops to go head-to-head with google in education? not first towas market with a tablet or smartphone. they came to dominate both markets. why couldn't something like that happen in education as well? shira: it has been a seesaw market in education for decades. apple had a turn with its leader and microsoft had a turn. google more recently had a turn, so apple absolutely could

rebound from earlier losses and -- in the educational market. it is not impossible, but there are weaknesses google exploited on the software side. talking to teachers, using teachers as evangelists in the education market -- if apple is focused on the education market, i think they can absolutely rebound. i am not sure to have the technical chops or focus on education they need to really make a go of it. emily: shira, thank you so much for stopping by. coming up, messaging startup intercom has pushed to the elite group. about 200 startups known as unicorns. this thanks to mary meeker leaving the latest one of the funding round. $25 million all of the details this is bloomberg. ♪

emily: emily: messaging startup intercom sold a pricey stake in itself. the company's a latest funding round of $25 million was led by mary maker, and valued at $1.2 billion. that brings it into the elite -- elite group of startups known as unicorns. and the funding comes as messaging services and general continued to gain traction, often replacing email. joining us is intercom ceo, eoghan mccabe. of these companies pitch tomselves as a better way communicate. we are getting more notifications and messages than ever. what is the value proposition of your product? eoghan: the way we describe ourselves is as a messaging first alternative to a bunch of incumbent products like live chat products automation , products.

fundamentally we are a customer platform for internet businesses. our main prop is we focus on an -- a new medium and channel. a male is increasingly ineffective. email has been here for decades, but modern consumers expect a substantially more fluid and personal and engaging way connect businesses. emily: is this a replacement for email? do we still need email? i said, email is not going anywhere. it is here to stay, just like the fax machine. emily: i thought those that already died. [laughter] eoghan: no, they are on the slow way out. it is an augmentation to a traditional channel like email. you will see more people rely on it. one of the big bets we are making is all businesses will use this modern messenger.

emily: mary meeker says its platform unifies customer data and allows sales, marketing and support teams to have consistently high-quality interactions with customers. who is to say a giant incumbent like salesforce doesn't try to do what you do or buy a version of you and do it themselves? eoghan: we look at salesforce and there is no one like them. they are clearly on their way to the top market cap. all companies, especially really center ofhave a gravity, a foundation. everything they do they have to lead from that place. they were built 20 years ago. businesses that meet their customers in person or on the phone. they will stretch and do things like this, but it will take a newcomer. emily: am i hearing you say you

would be open to an acquisition from salesforce? eoghan: you did not hear that from me. [laughter] emily: we hear companies raise high valuations and are not able to sustain them. what is the risk there and how do you assess that risk? raised our first million dollars and a $6 million valuation, i was scared. every time you go out there and put yourself out to the world and tell your best story and set new goals -- it is intimidating. but have always done his focus on customers and products and it will take us to places. emily: do you think we will see consolidation and messaging consumer and enterprise? eoghan: for consumers it is better for companies to point to. you and i, we met for the first

time today, hopefully i am not wrong, there are so many messaging products. emily: too many. eoghan: there is a whatsapp and snapchat, imessage, all of them. there will be both consolidation for some that fail, but a lot of these will serve specific use cases. slack is great for teammates to connect and intercom is built specifically for businesses and customers. emily: intercom ceo, eoghan mccabe, thank you for joining us. coming up, lyft has grown dramatically over the last year due to a surge in corporate clients. we will speak to their chief business officer. if you like bloomberg news, check us out on the radio, the app, or sirius xm. this is bloomberg. ♪ retail.

under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver.

>> it is 11:29 in hong kong. i am paul allen. here are headlines. chinese state media confirmed kim jong-un was in beijing this he spent xinhua said three days in the city and held talks with president xi. kim is willing to meet president trump and wants to boost communications with china on denuclearization. kim toin that carried beijing has returned to pyongyang. sell moreagreed to than $4 billion worth of australian mines. agreed to sell its

last mine, the kestrel project in queensland. that follows announcements last week, is sold assets to glencore for $1.7 billion. carrier taking a delivery of four more airliners this year. it has announced a melbourne-san francisco route, and is evaluating a brisbane-chicago route. qantas is optimistic the service could begin by the end of the year. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen. this is bloomberg. >> i am sophie kamaruddin with a check of the markets. asian stocks holding -- halting a two day rebound.

this putting pressure across equity markets in the region. japanese stocks sliding 2% even as the yen falters. the cost be under pressure. ringgitan won -- the leading gains. the two-year high amid demand. let's check in on the bond markets. a bond rally across the curve. the commodities space, oil slipping for a third day. the traders are taking a shine to base metals. copper, set for a monthly gain after a miserable march. goldman sticking with its bullish review. trade woes it seemed to be temporary. the region,s across hyundai. mobis jumpingndai

after reports it is to become the holding company after their selloff. let's look at some of the laggards. byd, the worst performer. this amid a push toward electric vehicles. emily: this is bloomberg technology and i am emily chang. 's business, the enterprise arm of the ride hailing giant, has seen steady growth over the last year thanks to the man , corporate clients and expansion into the health care sector. while competition in ride-hailing is always red hot, lyft's business has formed partnerships with starbucks, hewlett-packard, and jetblue, we are joined with david baga from lyft. this business is on track to hit a $1 billion runway. what is included in that number? david: revenue. emily: talk to us about what is making up that revenue, where is

this business is coming from? david: the lyft business was started approximately three years ago. so lyft is a little over five years old. the mission is to provide the world's best transportation. lyft works with enterprises and organizations to provide rides for people they care about, employees patients, students. , we have an entire team that is sales, customer service, engineers building products and , services to serve our b2b clients. emily: our corporate clients abandoning regular car services or adding this on as a option? david: it is a combination. you have certainly some replacement of incumbent services. s operate inese lyft the same way where you hail them on demand, or can they wait like a typical car service would?

david: the user experience for a traveler is virtually the same you would get if you are a regular consumer. we do have a whole set of applications behind the scenes for corporate administrators to be able to create, design, administrate programs. can includes ways -- you request a lyft ride through our concierge application for someone to does not have a smart phone or lyft app. emily: you are partnering with health care partners and there is interesting data of uber and lyft replacing traditional ambulance services instead of , calling inhabitants. is an ambulance service something you would ever partner with? david: in an emergency situation we always recommend calling 911 services. lyft is not a replacement. we are interested in working with nonemergency providers. many people miss doctors appointments because they do not have reliable transportation.

it is a $150 burden on our health care system. read partnered with providers and transportation brokers to be able to include lyft as one of their options for folks who need a ride to a doctor's office or from when they are done. what will sustain gains and accelerate them? david: three things we are focused on in the lyft business. number one, we are focused on the customer. we think we are the leader in customer service and that comes from a passion to solve the problem. that is something i hope we never lose sight of. the second is innovation of introducing new products. we constantly are faced with clients -- the most challenging transportation conundrums and we work together roll up our , sleeves and design new products we roll out to clients and opening up new industries completely.

the third is about being able to hire great people to continue emily: our growth rate. speak -- continue our growth rate. we have been talking about it every single day, given the uber self driving crash. there are other avenues as well. uber says they will not renew their permit to test self driving car's in california. we expect regulators may take a pause given what we see especially over the last week. how will that impact lyft? the news was incredibly saddening to all of us and our condolences go to the victims and their loved for lyft we are ones. focused on safety as our number one priority for our self driving initiative. emily: how do you make sure that

is a priority, given the way you are pursuing self driving cars avia partnerships? david: today we are testing and developing our self driving system but we don't have any , cars on the road. emily: do you think this will fundamentally hold back self driving efforts overall, or wherehey get to a place this is mainstream and safe? david: ultimately i do believe will see self driving delivering the benefits we have talked about for the last several years. i do think this will be a pause, and it will allow regulators and technology suppliers and participants to really take a hard look at what is the path to making them a viable, widespread option. emily: given different businesses that lyft is experimenting with, i wonder if

ridesharing becomes a commodity and whether the choice between uber and lyft simply comes down to ultimately how far away is the fastest car i can get? david: we have seen that coverage matters. eta's definitely matter and pricing is of critical importance to remain competitive. we do think values also matter. that is an important factor we are seeing introduced in the criteria of decision-making for consumers and certainly showing up from our b2b clients. 's chiefavid baga, lyft officer. i know you are working on exciting partnerships and you will have to come back to talk to us. thank you for stopping by. the saudi crown prince mohammad bin salman is making his official visit to the u.s. since first becoming heir to the throne and he is traveling to the west coast to meet some of the biggest firms. for now we are joined by olivia zaleski.

what do we know about the trip and who will be -- who he will be visiting? olivia: it is an exciting and controversial moment in tech history. on friday the crown prince mohammad bin salman on will visit seattle and meet with amazon's a jeff bezos, microsoft's sacha nadella. he will go to hollywood and meet with executives, and in the l.a. where he will meet with movie , execs and executives from hyperloop and snap. and then he will come to silicon valley where he will be with google, uber, and apple. emily: why such a focus on technology companies in particular? olivia: i think the crown prince is trying to diversify saudi arabia away from oil investments. the technology industry presents an exciting opportunity and an opportunity for employment for his people. a lot of young people need jobs so he is eager to ink deals to

bring these the u.s. tech companies over to saudi arabia. emily: what do we know about the kinds of deals in particular that he is looking for? olivia: we understand he is focused on getting some data centers in place. today for example, google inked a deal saying they would provide cloud services to saudi aramco. we also understand he is pushing amazon to put in cloud services there. he wants a more robust data services operation. we also understand he is pressuring tech companies to build offices in saudi arabia's capital. emily: talk to us about the controversies surrounding these deals because they don't come , without a little bit of baggage, especially given the dollar amounts we are talking about. olivia: it is interesting reporting this story because every company we reached out to said, no comments.

they did not want to talk about it or engage on the matter. we even understand some ceo's asked not to be photographed with the crown prince. it is very controversial he is here and taking these meetings, he has a reputation for being a tyrant. recently he imprisoned several of saudi arabia's top businessmen at the ritz-carlton hotel in riyadh. he has been criticized for the bombing in yemen. also saudi arabia's treatment of women is a very controversial topic and a hot topic right now in silicon valley, especially where there is sensitivity of how tech companies treat women. emily: olivia zaleski, thank you for your reporting. i know we will be covering that visit by the hour. coming up, could google owe oracle one massive check? this is bloomberg. ♪

emily: google could owe oracle up to $9 billion for inappropriately using java code in its android operating system. and the court ruled google's use code -- thatb a number could grow even more. the case could have far-reaching implications for the software industry and has divided silicon valley for years over the concept of fair use in programming. to get further into the legal weeds of this case, i turn to matt larson who covers tech

litigation. this case was filed the year before "bloomberg technology" was founded. we have been covering this every single year. both google and oracle have won and lost appeals. where are we now? matt: we are on the third go around between appeals and trials. the case was filed in 2010. there was another trial and appeal, and now we got to the point where it looks like google may petition the supreme court. they were on the losing end of the last round of appeals, which the court ruled their use of the java api was not fair use and it -- there was no defense to the infringement and needs to go back to the trial court to decide what damages our owed to oracle, if any. emily: who will win the case? matt: right now we view that oracle has the better case, especially in view of the appellate cases. this legal case keeps going back and forth. google will secure a victory or partial victory and oracle will

appeal, the appeal courts will side with oracle. so the legal ground is shifting a little bit. at this juncture we think oracle has the better case and they are certainly due compensation for developing the platform, the code that has given rise to this android platform. emily: talk about the implications and why it is so closely watched in tech. matt: it has implications for software developers. the idea that companies are grappling with is, where does ownership begin and where does it end? where is the coding structure available for use for everyone? oracle made the api available for developers, specific applications to run on a platform, but not a commercially competitive product. software companies are grappling with, where is the difference? where can we make something open-source and allow people to build off of the existing platform versus where can we start to use known techniques or

existing structures to develop commercially competitive products. that is what the industry is looking at. emily: what is next and do you expect this to go to the supreme court? matt: google will certainly try, they attempted to go to the supreme court during the last go around in which they were challenging whether or not these application program interfaces were even protectable by copyright. the supreme court shut that down. they let the federal circuit decision stand. we anticipate google would do a couple of things -- they may ask a larger panel of appellate judges to make a decision or to supreme court. if the both of those get shut down, it will go back to court in california. emily: $8.8 billion at stake. but that judgment would not necessarily be paid? matt: it is better to roll the dice and pay the lawyers. emily: thank you, matt larson. netflix is stirring up some controversy in brazil.

hashtag delete netflix has come forward since a fictional show based on the real-life corruption probe called " carwash" was added to the service. the former president who was impeached amid fallout from the scandal, called the show underhanded and full of lies. coming up, a software company was a tech ipo success story last year. what the ceo learned from going public. this is bloomberg. ♪

emily: apollo global management considering an ipo credit to people with knowledge of the matter. the private equity firm held

talks with investors and advisors and may seek to begin the process before the end of the year. they could have an enterprise value of over $10 billion in a u.s. listing. in the meantime, a software firm okta has had a successful run since going public, stocks are up 45% this year, thanks to steady demand with data security industry. caroline hyde caught up with the ceo todd mckinnon to talk about the road to going public. we were never looking to be bought, people were always interested in us, but we always wanted to be a independent company that went public. for us what drove it was a couple of things. one is, and this is interesting -- a surprising to me as an entrepreneur and ceo, a big factor was employees. we compensated him ploy ease partly in stock. going public was the best way to help them realize that compensation. there was a gauge in terms of customer perception. we sold the service about trust and security and to be a listed

company. it really helps that message. your financials are audited and they can see your business is successful and they can see you have real staying power. it helps them make a very important purchase with more confidence. caroline: we are seeing a rise of ipos in the tech world. relatively- todd: few, overall. caroline: you think it will pick up? todd: there are a couple things at play. ventureast 10 years, capital in late stage rounds has been so prevalent. , you went public because you needed money, but now companies can raise so much money privately. dropbox raised so much money privately they never needed to go public, beacons the company's

mature. caroline: what about not raising new money? is that something that could catch on? itd: different companies do for different reasons. it goes back to what i was saying. another reason to go public is let employees or other shareholders reap the rewards of investing in you. they are doing that without having to raise any more money which i can't speak to a , specific reasons why they chose that. it is nontraditional. caroline: you talked about how going public helped about trust and security. talk to us about trust and security in a time when all we can talk about is facebook, the data of 50 million americans getting into the hands of cambridge analytica. the fight they are fighting at the moment -- how are you single -- seeing the focus on data affecting your business? todd: it is truly on everyone's mind. one of the big things that have accelerated our business -- when we started, identity management

and security were a little bit -- the people in i.t. would worry about it but they weren't , prevalent at the top levels of organizations. now security and privacy is a board level conversation. every industry has two pressures that a lot of times are opposite. one pressure is they have to connect with customers more and have to provide better websites, better services, better mobile apps, which means collecting more data and providing a better value to their customers more , personalized and specific to them. on the other hand they have to be more secure and make sure they are not breached. they have to make sure they can provide privacy controls and comply with regulations like gdpr. industry isard and trying to figure ahead to do both things and that is where we can help them. protectiondpr is the coming into the u.k. on may 25.

how do you view that regulation? it will make privacy that much more important. it gives power back to the consumer. in fact, if facebook wasn't going through what it has done, or -- they could have racked up significant finds. how is that affecting your clients? todd: i think it is great for the industry. it does something very simple and powerful. it raises the conversation. it gives us a way to talk about these things and what is sufficient controls and who controls what. that is a simple concept that our industry hasn't wrestled with enough. just by having these regulations and vernacular really gives us the conversation to figure some of these problems out. emily: that was todd mckinnon with a bloomberg's caroline hyde in london. and that does it for this edition of "bloomberg technology" and a reminder we are live streaming on

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

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