children, dead. u.s. let the condemnation saint the blame is squarely on syrian president assad. responsible for this attack has no conscience. not even to be shocked by pictures of dead children. mark: president trump says he will decide on a u.s. response and 24 to 48 hours. the fbi raided the offices of president trump's personal attorney, michael:. documents relating to payments to adult actress tormy daniels -- according the nonpartisan budget office says the tax cuts in spending increases signed into law by the president are doing little to boost long-term economic growth. the nine democrats tammy

duckworth has become the first u.s. center to give birth while in office. she delivered her second daughter today. she is a 50-year-old veteran who lost her legs in the iraq war. in new york, i am mark crumpton. "bloomberg technology" is next. ♪ emily: i am emily chang and this is "bloomberg technology". mark zuckerberg ndc, as he prepares for testimony going ahead to congressional hearings this week and potential questions will face from u.s. lawmakers. plus a bloomberg exclusive, our ofiversation with new s ceo. to apple's new color scheme

boost sales and help fight disease. our look at the new special edition of the iphone eight and its new initiative. but first to our lead, mark zuckerberg arrived washington and ahead of the testimony on capitol hill and the social media giant has been in full damage control mode after information that 87 million users could have had their information abuse. zuckerberg met with florida senator bill nelson. nelson didn't mince words about the possibility of government action. if it is not his sight, someone else can be misused for people who are trying to do us harm. i believe he understands that regulation could be right around the corner. emily: joining me now is sarah frier is in washington to cover this week's hearing. first of all, we have gotten

zuckerberg's remarks that he intends to read. he is very apologetic. did anything in the prepared testimony surprise you? sarah: what surprised me is facebook still doesn't know what happened to this data from back in the day. of tellingo way lawmakers whether those 87 million people actually did have their data like that by cambridge analytica. they didn't build productions into their products back when they had these rules. -- i'll do will be able to do here is that you will go to congress and apologize. he is going to explain the ways in which facebook is doing but he is not going to be able to answer some of their core questions about what exactly happened and how many people may need to be worried about these third parties using the information without consent. emily: we wonder how this apology is going to work. we also heard this from senator

bill wilson about the conversation. >> he said to me very forthrightly, we were lied to, and we should have caught that. but i believe in today's world that is naive. emily: a bit of skepticism there. had you think the tone mark zuckerberg is taking going into this will impact the feelings of lawmakers and the questions they ask? sarah: i think zuckerberg cap go into this looking very defensive. one thing i noticed in his prepared remarks was a lot of context about how facebook is good for the world. am not sure that is going to really help him when he is trying to answer the questions about what they did wrong. it doesn't necessarily negate the other. i noticed that a lot in sandberg's interview last week with you that she was tried to drive from this point about facebook having a positive impact on society,.

despite these faults am not sure that argument is going to work. emily: in the same interview she said we don't run facebook for profitability. while this is a company does more profitable than any company in the world -- since the interview i've been getting a lot of questions, how could she possibly say that? who is the customer? advertiser,er, the and is the user confused of who they are trying to serve? the customer is the advertiser, and the way facebook that's good information for the advertiser is building first and foremost for the user. this is really important to understanding what is happening here. what is on trial tomorrow, it is not cambridge analytica or russian datalink in the election -- what it really is is the way in which facebook has grown by building for growth first above all else. zuckerberg and sandberg licking its product and sink, this is

what users decided dental is what they wanted. zuckerberg is saying here in his uck doesy that the b hi he wasm focused. . . emily: believe that it is no longer the priority and that things really will change coming forward, and is it too little too late? sarah: facebook will have to completely changes playbook. has to a company that think about its product before it launches them and understands their impact on society. not just on how much time users spend on the network. emily: sarah frier for us ndc. i will see you tomorrow.

we already know zuckerberg's prepared testimony. as i said, will will he be asked, bloomberg spoke with and center of the commerce committee to will be questioning the facebook ceo. take a listen. >> the question ought to be which congress do in response to this? are the laws adequate and to be enforced better? to what extent that facebook violate its own internal policies? and what needs to be done to prevent this in the future? nothould be a situation, just of i got you, but seeing if mostly to be violated or changed to protect the public. >> what is your initial impression? >> my initial impression is winked atbook

privacy concerns of this happen. clearly i think, most people think there was a breach of trust. we need to get to the bottom of how that happened. the day violate the law or violate their own policies and what needs to be done going forward? >> investors are trying to get their head around this, it physics on internal controls are inadequate, with his relation with it from d.c.? what can you do? i have an open mind about what we need to do moving forward. . it ought to be the approach of the committee. i do not have legislation in mind. i don't think the ftc has relations in mind. if it will be listening, and i will tell you. i come downeaking, on the side of a light touch regulation.

i think the internet has derived. has been the engine of our economy and economic growth for three decades. we need to be careful with overregulation. at the same time if something needs to be done and the laws are not acted to protect privacy wholesale selling of private information -- we need to look at that. i am reluctant to over regulate because the internet has been so great for the economy and for americans in general. in your mind, what are the areas of weakness that are insufficient that you will be probing? >> i will be probing if they validated the law or if they feel like they violated the law. we already have hit back, but already have a number of state laws that we need to look into. . am going to be asking

straightforward questions i have no idea what my colleagues on both sides of the aisle will be asking. senator john wicker of the senate commerce committee, and on tuesday tune in for a special edition of "bloomberg technology" at 1:30 p.m. eastern time ahead of mark zuckerberg's testimony on capitol hill. i will be there live. of child advocacy groups have asked the government to investigate saint youtube uses information to illegally target advertising. in a statement that will look into the complaint to determine if improvements are necessary. will hear from a new social media platform try to take emma facebook's revenue strategy. why they are relying on subscribers instead of advertisers. and if you like bloomberg news check us out on the radio on the radio at and on sirius xm.

this is bloomberg. ♪

emily: the delete facebook cries does not appear to be going away. to look at the scores of celebrities whose paul house have vanished, the list of protesters continues to grow and facebook ceo mark zuckerberg first to testify to lawmakers, it includes tesla ceo elon musk as well as red carpet regulars will ferrell, share, rosie o'donnell, and jim carrey. comesll this retaliation the push for social media platform and others as transparent as possible. if there is a way to create a andy responsible network,

things that are disliked on facebook like ads, joined us now ceo joining me in san francisco. like many other social media apps, you want to be the next facebook or unseat facebook. but no one has been able to do that. what makes you think vera will be different? social mediad free and ak, it is actually subscription service that does not do any data mining. do start to charge users and when to expect users to pay for it? >> will announce it later this year, and we believe people -- to not haveve thei have their data

might come and is liable to be safe on a network knowing what is being done with your data. emily: facebook has come under fire after revelations of russians meddled in the 2016 election. vero prevent something like this from happening? of our userso data being mined. user data doesn't exist on our platform other than the content they share with each other. since we are a subscription we are, unlike facebook, not interested in people's data. by not providing access to anyone to users information. emily: at the same time you are not using data to improve or enhance the experience? it is purely chronological? >> that is correct. emily: why do you think that

will keep users coming back? share thingsto with each other and we are a tougher but allows people to share things with each other as they wish. involvedatform gets and starts showing you thinks that it thinks you want to see, that has upset people over the last few years. that is where we saw the urge in users. . and wanted to be. able to understand the system they were using. . is a supposed him that doesn't use algorithms or put things in fronts of them that they think we want them to see. have: we understand users plateaued or peter goff, can you talk about how big the network is and where are you in the wave of growth? >> we had 4 million users come on board.

we have not been focused on the numbers. we have always been focused on community. . on the user experience that is why we have chosen the futures -- features we have. and to keep everything very simple for the user to understand in a chronological feed, letting them should things they love from photographs to music to movies and tv shows. telling importantly, the audience to get to share with. vero has a controversies of its own, in terms of your terms of service and what can do with the content a uploaded. can you address that? >> sure. our terms of use allow for the content they put on vero to be displayed to other users. we do not own their content and we don't intend to ever on their content. is not interesting to us.

it is not our goal to own people's content. want them to on their content and share it with other users who they decide to shared with. i know it is in your interest to believe facebook can be overturned. do think that they have grown in size that they can say, we are changing a few things but, this matter so much anymore? facebook ever going to stop being the most dominant social network? >> i think this is a watershed moment for privacy. people are understanding the cost of free. the facebook model is built on this idea of free you provide data for your behavior that is monetized to third parties. their users are not the customers. . let me be clear. ro.

. users are our customers we provide them a service that is an alternative. whether facebook exists or doesn't exist, our model is different and built from the ground up to serve users. emily: ceo of vero. thank you so much. we had to atlanta to find out why the city is becoming a hot spot of cyberattacks. that is next. and "bloomberg technology" is live streaming on weekdays at 5 p.m. in new york and 2 p.m. in san francisco. this is bloomberg. ♪

emily: apple is launching who read versions of the iphone

eight and eight plus and is the second year in a row apple has rolled. out a red version of the smartphone the nuclear option could boost sales of the overshadowed by frontline and is a part of the recognition of that donates a percentage of sales to the global fund to fight hiv and aids. datae wake of the facebook crisis involving kittredge analytica, cybersecurity continues to be the topic to story. alex still talked about the recent tour moral. >> there is a realization in the world now that social media has created a troll of information -- trove of information around the world. it is clear that, facebook saw a way to monetize that, not only

through advertising but other vehicles. i would a senator, start off with mark zuckerberg by asking, how did we get here and where does is go from here? because, it absolutely and positively signals the loss of privacy in america. i am not so sure americans haven't voluntarily co-conspired in this crime, if it is a crime. >> begs the question, how do you fix it? is it cybersecurity or does it have to come from regulation with people like me willing to give or private data? >> it is a combination of both. first of all, as an industry, we have not truly sweated the importance of acting private data. there are technologies and approaches today that would allow you to protect and manage

ses.axis your data -- acces your data. it is privacy regulation and technology, but, what is that this type of event creates enormous opportunities for entrepreneurs to look at the world differently and say, we have to protect that data. it doesn't surprise me at all that mark zuckerberg and facebook monetize that private data the way they have. it was part of a monetization scheme. i don't believe social media can operate that way in the future. >> what does the new model but that? if they monetize from my data, what is the new model in 10 years? >> clearly, i think the old model is not going to be the relevant model. once users have the ability to

selectively protect their data -- i believe the new model is aced in opt in and opt out. let's face it, some of the advertising has resulted from the utilization of our private data truly does provide us with selections of things were interested in. what is the single biggest opportunity you see in arresting him firm to solve these problems? companies.urity business automation companies like sales lot. and then, exciting companies changing the way we look at logistics, like stored, an interesting start up in atlanta. changing the way we lookall of this innovation is cg

out of atlanta, and all of this innovation is driving the skyline you see behind you. tom noonan speaking with our very own alix steel in atlanta. coming up, our extensive talkview with sofi ceo on of relation. this is bloomberg. ♪

>> i mark crumpton -- i am mark crumpton. mark: here is a check of first word news. after opening a meeting with a strong condemnation of the

chemical weapons attack in syria, the president provided more information about his upcoming meeting with north korea's kim jong-un. president trump: north korea, as you probably seen, we haven't touched -- have been in touch with them and we will be meeting with them sometime in may or early june. and i think that there will be great respect paid by both parties, and hopefully we will be able to make a deal on denuclearization. mark: hundreds of striking railway workers demonstrated in paris today, protesting president macron's plans to change their benefits. strikes. day 4 of more than 2000 police officers in france tour down flaming barricades and fired tear gas as they evacuated a protest camp erected a decade ago to block construction of an airport. france gave squatters until spring to clear out. in berlin, six men who were

detained over concerns of a possible attack on the city's half marathon, were released. officials say they found no concrete evidence to back their initial suspicions. onn is followed the attack saturday in munster that left two people dead. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. p.m. here after 5:30 in new york, 7:30 a.m. in sydney and paul allen joins us with a look at the markets. good morning. paul: it is going to be an interesting day on the trade front. weave the chinese president adjusting the forum -- address ing a forum, so we could hear more about tariffs. u.s. markets closing higher in the meantime, although they lost to some momentum at the close. and a reasonably five-day in the

asia-pacific. as we take a look at the futures, currently looking pretty calm, unchanged. nikkei futures trading out of chicago, up by 1% and the aussie dollar at $.70 against the u.s. dollar. commodities,ook at big day for oil, climate by 2%. gold is higher as well, copper up as well into later today we are looking at the us trillion business conference figures -- australian business conference figures. more form bloomberg technology, next -- from "bloomberg technology" next. ♪ emily: this is "bloomberg technology." i'm emily chang. sofi has named a new executive as its cfo, filling a role that

has been vacant since last summer, the first major appointment made by the new ceo anthony noto. it has surpassed half a million users. we caught up with anthony noto in san francisco earlier today to talk about his plan since taking his role at so far. -- sofi. anthony: we have to continue to build on student loan refinancing, personal loans, mortgages, we need to continue to build out, there are other products we can add. there is an opportunity to add financial services products, including sofi money, a modern take on a big account, sofi wealth, and sofi advice, so much of 2018 will be building those products. but still making sure our core products perform well bid emily: you have been there for six weeks, so what do you want to do differently? anthony: i think the most important thing we do is a company's ability culture we are proud of, one that is welcoming and inclusive, one that reflects

society. we must have a diverse employee base, and our number one core value is that interests of our consumers always come first. so we have to have a diverse employee base that reflects the diversity of society. emily: you mentioned culture, the former ceo left a minute sexual harassment allegations, the cfo, half a dozen employees have stepped down as a result of the chaos. when you walk into a company, what is your first order of business knowing that the culture has been toxic for a long time? anthony: we focused on three things, re-forecasting 2018, make sure we are aligned in our priorities, and building results with those, and third, critically important, to lay out the core values we want to have is a company. where building on a process that took place during the change in management and i have worked

with the leadership teams to define core values. and the next and poorest of his educating the entire company of the core values, the behaviors that we expect from those core values, and rewarding those better culture carriers and punishing those who are not and we will have no tolerance for employees who cannot build a great culture. emily: you just hired michelle gill from goldman, which is interesting, given people are saying goldman is increasingly your competitor. is this an effort to take on the goldman of the rest of the financial world? anthony: no, it is an effort in hiring the best leaders. michelle is a unique combination of a phenomenal leader, financial expert, and a culture builder. that really set her apart from the rest of the candidates. we saw a great slate of candidates, so we are pleased we are able to hire michelle. i did not know her prior to the process and i have enjoyed the hours i have spent with her talking about the vision of the company, where we can go, and

building a really strong culture. so that was a rare combination and we are really lucky we were able to get her on our team. emily: sofi has had some stumbles, the ipo has been delayed, for example. why is that and what are the challenges? anthony: i think it is important to recognize the incredible success of the company has achieved, $12.9 billion of funded buying up more than 60%, not only the -- but a growing cap line, and also free cash flow and gap profitability. we want to build on that success in 2018. one important area is the culture and building that foundation, but we must invest in other products that create a daily habit and a revenue stream, in order to accomplish our overall mission, to help people achieve a financial independence. emily: do you see sofi as a public company and when? anthony: it is not a priority in 2018, but i do see being public

in our future. we want to put in place the right building blocks. we want to strengthen our core products, invest in new products, and build of the membership experience. our ability to achieve not just a rational benefit, but in emotional benefit, is bringing together a member experience and it we want to work on those things before we enter the public market. emily: so maybe two or three years? anthony: i would not put a time frame on it as much as i am conditions, which i just described. emily: mark zuckerberg is testifying this week before congress, facebook in the middle of a huge controversy and speaking of facebook, twitter has been dragged down as facebook has over the last few weeks. where did facebook go so wrong? anthony: it is a complicated situation for them, so i would have to spend more time with you to go through my thoughts, but what i can say is what we are focused on, and that is making sure we have the right core values and a leadership at the top of the company to ensure our members are never surprised.

to make sure that their interests come first and it involves not just transparency, but also information and education. as long as we put their interests first, in addition to the information and making sure they are educated, we will not surprise them and we will avoid some pitfalls that we are hearing about in the news. emily: do you think that tech should be regulated? is regulatedink it when the leadership cannot abide by standards that they established in running their business. hopefully if leadership can step up in these companies and provide the right business environment, right consumer environment, then they will do it themselves and there is no need for an outside force. emily: the financial industry has been regulated for a long time and is somewhat say it is clear that tech cannot regulate itself, so does that mean they need regulation? anthony: i think tech is a broad term that involves everything from software to hardware, to consumer technology and media. in the media landscape there is a for a month of regulation, so the ftc, some of the other

important regulatory bodies, provide regulation, that they all have to comply with, including private and personal information. so there are new areas that include more scrutiny and leaders should focus on solving those areas where there is not transparency and there needs to be. emily: do you think twitter can really accelerate growth? you are the key architect of the growth strategy and things have been looking good, but can it really break out of that 300 million users? anthony: i think they have the right strategy and focus. the company reengineered the focus on the case of it showing what is happening and people -- and keeping people informed, that is the right strategy and i think as long as they stay focused on that there will be ebbs and flows, but ultimately that is a unique proposition that only twitter can build on. and i think that that is the key to how the growth of the company unfolds, but with the specifics, i have not been there in some

time and when i was there we were looking at the drive of acceleration and what unfolds now is something i will be watching, just like the rest of the outsiders. emily: that was sofi ceo, anthony noto. continuing our coverage on stantec, how one startup focused on the insurance business change after softbank made a big bet on the company. that is next. this is bloomberg. ♪

emily: last year, softbank made a bet by leading a round in the start up lemonade. it uses artificial intelligence to minimize paperwork and speed of the claims process for renters and homeowners. so what has lemonade been up to

since the high-profile investment? we are joined by daniel schreiber in new york. now that you have the money, where if you been putting it to use and what sort of progress have you made since of this cash infusion? daniel: like his second we have been investing in artificial intelligence and when you are try to build an entirely new company built on the substrate of technology and data, and what that means is we can use ai to pay claims, we pay them and as little as three seconds and most of our resources are going to do that, building a new kind of company built on that substrate. emily: you obviously getting a lot of privileged information about your customers, and over the last few weeks we have talked about privacy, data privacy, how are you handling your relationship with the customer internally? and have you learned anything at lemonade with the revelations we

have seen coming out of facebook? daniel: i think so. insurance is a social good, it is an economic necessity, but it is not trusted and it has not been for hundreds of years. it is defined as a promise of pay later that is never fulfilled if you look at the definition, such rest related related issues where there even before facebook. so we are trying to align with customers. if i deny your claim, i'm denying money. we have built a model where we tire own hands to make sure that we align with our consumers in a way where some leading tech players having difficulty doing it. emily: if i am a customer, how might my experience with you be different from a traditional insurance giant? daniel: you will find a very little in common. [laughter] so, when you purchase insurance, you download the app, you will be insured in a matter of

seconds. if you spent more than 90 seconds buying insurance, you would have done something wrong. it is delightful, instantaneous, and more remarkable than that is when you make a claim it is the same thing, zero paperwork, instant everything, a third of our claims are paid by ai in three seconds. the money is back on your debit card within three seconds. and the best part, not only does ai transform the experience, but it allows us to lower costs. so for first-time insurance buyers, the younger consumers, the savings can be very dramatic, you are talking about 70% or 80% savings, more often than not. emily: so you have been spending a lot on advertising and am curious how some of the costs have paid off in growth. how are the costs stacking up relative to the progress you are making? daniel: we are still a young company, we launched 18 months ago, so we are young, but we see

growth ahead of our expectations. we have grown 100% quarter on quarter. so certainly we are seeing growth that is way ahead of what we initially planned. abouthat reveals is that among the first time buyers, we are the number one brand. market share among early adopters of technology, millennials and young consumers have risen to the top so that we are now the first choice among renters who are buying insurance for the first time. the growth has been fabulous. if you can paint a picture for me, say hurricane sandy hit new york city again or something like it, in your perfect world how with the experience of those homeowners, the customers, be different? daniel: we actually had a model hurricane sandy, so we have not lived through it, but it was part of our modeling and it is an eventuality that we are prepared for. we are heavily reinsured, we

have companies like a lloyd's of london and other major brands behind us financially. we are an insurance carrier, so we needed that backing, then you are correct leaders making sure that we would have the wherewithal for those claims, but beyond that it is the will to pay them. and that is a mixture of the technology piece i spoke about, the ability to handle things quickly, and the medium time to pay a claim is under a day, so we are talking about orders of magnitude better than what the industry has known. so it is the technology piece, but also economics. when people worry about a standard, they are not worried about the insurance company having the wherewithal to pay the claim, they are worried they will not have the will to pay the claim. reinventing the business model, making one that was uncompleted, never makes money by denying claims, that will engender trust and create an insurance company that is not only trusting, but also trustworthy, that is the key part of fixing the industry. --ly: ok, did no schreiber

do no schreiber -- daniel schreiber, thinking so much. and the whole world is watching mark zuckerberg. we will talk to somebody on the front lines arguing in favor of tech firms. this is bloomberg. ♪

emily: as a high-profile tech name getting off of facebook must he was mac says he is leaving -- steve wozniak says he is leaving the platform, no longer on facebook because of the misuse of user data. by timed recent comments cook, saying that apple makes its money off of good products, not off of you. as they say with facebook, you are the product. i want to bring in somebody his group lobbies on behalf of companies like google, twitter and facebook, firms we will be watching as long as the testimony, and regulation down

the pike. michael beckerman joining me now. how badly do you think facebook's reputation has been hurt by this? michael: look, we will have to see what it looks like long-term, but i do give mark zuckerberg a lot of credit for being candid and a showing leadership here. it is not always at a meeting -- easy admitting when you have made a mistake. he is also taking concrete action to fix the problem. ism all the platforms, trust the most important thing and it is on him to regain trust of all the users. emily: the ceos of google and twitter were summoned this week and they said, no thank you, and the other companies seem not happy about their names being dragged into the facebook mud. what are you hearing from companies aside from facebook about what is going on? michael: i would rather not address private conversations, but it is an issue for the entire industry, to show leadership and to provide

transparency, and remind users about the privacy practices and what everybody is doing. each platform is different. the facebook case is specific to facebook, but all of our companies take privacy very seriously, because if users do not trust you and people do not believe in the product, they will not use it anymore. internet has competition a click away and we take that challenge. emily: do you think regulation will happen, and what should it look like? michael: there already is regulation at the state level, federal level with the ftc, and certainly around the world. our companies go above and beyond to protect at it and provide policies that people are comfortable with. often it is better for individuals to make those decisions as they are opting into websites and apps they are using, then the government. emily: but the last few weeks have proven that sometimes users

do not understand what they are signing up for, and companies are not transparent about what they are signing up for. facebook am 87 million users have had data misused by cambridge analytica and 12 billion users could have had public profiles scraped. isn't it clear that tech companies cannot regulate themselves? michael: we already face regulation and the ftc is a very strong enforcement agency over this. but clearly in this case mistakes were made and there will always be bad actors out there. and we need to stay ahead of it. so changes are going to be made specifically at facebook, mark zuckerberg will be talking about that. but all the companies are looking at the policies and practices to ensure that user trust is maintained and everybody's data is protected in a way that people are comfortable with. emily: but the evidence at this point is user trust has been broken, does the government need to do more to regulate, if there

is some regulation, but maybe not enough? michael: we always want a seat at the table talking to lawmakers and regulators at the state, federal level and it certainly around the world, but when you look at potentially new regulations as a result of this particular case, we should really focus on the harm, because it is not just internet companies that are on the internet, it is small and medium-size businesses that take advantage of the positive benefits of the online community that has developed over the last few years. and we want to make sure that any new rules or regulations make sense, and not harm startups and non-tech businesses. emily: we know that mark zuckerberg is taking a contrite tone going into this. what is your sense of how the hearings will play out over the next couple days, how harsh lawmakers will be? michael: we will see, certainly there is a lot of anger on capitol hill, but i do think

that the fact that mark zuckerberg has taken responsibility and they've already put in concrete changes, that is half the battle. and he is showing leadership here, as a young leader of a company it is not easy going to capitol hill in this kind of context, but he is doing that and he has been incredibly candid and he is really showing leadership in putting actual changes in place and not giving a hollow apology. emily: is it too little too late? the data is already out there and facebook does not know what has been done with it. is the genie out of the bottle? michael: i do not think so, but it is up to individual users to make that decision on their own. competition is a click away and trust is something that needs to be earned and maintained. i think facebook is putting the pieces in place to do that, but it is incumbent on them and every company to keep doing the right things, putting policies in place to protect users, and

that is a decision that individuals will make, but they have work to do to earn back trust. emily: ok, michael beckerman, ceo of the internet association. i will be in washington dc, and special edition of "bloomberg technology." that will be on tuesday. we will bring you the latest ahead of the testimony of mark zuckerberg on capitol hill. that does it for this edition of "bloomberg technology." we are live streaming on twitter, check us out. 5:00 p.m. in new york, 2:00 p.m. in san francisco. that is all for now. this is bloomberg. ♪ retail.

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>> doing a deal, president trump hints at a trade agreement with china, goldman sachs also sees a resolution. >> president xi preparing to offer comments on the trade spat, we will be live. >> the bank of japan governor talks exit plan. talking about normalization to begin in the next five years. >> mark zuckerberg will be facing the music in congress tomorrow, he will admit to facebook's