justice in the investigation released yesterday as proof the fbi was plotting against him. >> i think the investigation now problem with the investigation is everybody has massive conflicts. , her party that handler -- a mark: democrats disagree and comments made after the release of the report, senate minority leader chuck schumer noted the justice department found no evidence of political bias and never criticized mueller or his investigation. and did agree former fbi director james comey and his teammate serious errors of judgment. president trump's personal attorney may be willing to cough -- cooperate. clear to friends

and family. he has not met with prosecutors to discuss the potential deal and if he does cooperate it is unclear what information he will provide. he feels increasingly isolated. the president said he was no longer his lawyer. aid has been sent to the port city where troops are fighting rebels. more than 13 tons of food and other supplies are on the way. michigan state university trustees calling for john engler to resign immediately. assault victims of disgraced sports dr. larry nassar who says the campus community cannot heal until he

steps down. he him out another university official criticizing lawyers who represent his assault victims and suggested the first woman to go public with her accusations had old terrier motives. global news 20 for hours a day on air and at tictoc on twitter. i'm mark crumpton. this is bloomberg. julia: live, i'm julia chesley. scarlet: i'm scarlet fu. joe: i'm joe weisenthal. julia: 30 minutes from the close of trading. u.s.sion dominated by trade tensions. joe: would you miss?

>> the trade tit-for-tat is back on. beijing wastes no time fighting back. a central bank shade up -- shakeup. and president trump's closest confidence rally around the junk-bond king. the push to pardon michael milken gaining fresh steam. a $50 billion tit-for-tat after their bowels of swift retaliation. china will impose 25% tariff on $50 billion worth of u.s. imports with tariffs on $34 billion worth going into effect july 6. sound familiar? it mirrors the announcement issued by the office of the u.s. trade representative robert lighthizer. stefan, bye welcome

phone, always great to have you with us. thank you for joining us. the president said they would consider whether tariffs if the chinese retaliate. facilitatingis talks on chinese trade and improvement? or is it just to further ratchet up tension? the administration has been clear if the chinese did respond in the way they just have they ,ould impose further tariffs they have other tools at their disposal that could be more damaging, they have suggested they may impose limitations on chinese investments and on certain export restrictions on key products for the chinese market. i doping this is going to die down anytime soon.

we have a statement, the u.s. measures violate rules and it is contrary to the decision reached in the negotiations, and it threatens the interests of our country and people. that is from china's ministry of finance. joe: they cite the wto. of course one of the main arguments of the trump administration is china itself, ae policies, they are kind of technicality but violating the spirit of the wto. does the administration in your view have a point that ultimately is worth pursuing even if the tariffs are not the best way of doing it? what's for sure. i think it is clear china engages and a host of unfair trade practices. ourarticular the theft of

playing field. are these going to be ultimately effective? they are not proven to be effective in the past. scarlet: i find it curious, the president goes out of his way to praise asian paying and tout the good relationship. this is not someone who shies away from making things personal . justin trudeau is a perfect example. he will go out of his way to do

favors for xi jinping including .hanging the penalty on cte >> i am not sure what the president values more. various allies and north korea, we are the same with president x i, i'm not surprised by this at all. in fact i think it is consistent with the way that he has operated. thinks he will maintain these personal relationships and that will help them navigate these conflicts. >> how important is the decision? it is not all been bad. he has all sorts of pushback from congress over this and will continue to do so but he saved a critically important chinese

company and said we have far a keyeverage to destroy player in your industry then you realize. in terms of messaging, it is pretty huge. important? >> it is extraordinarily important. forget, these tariffs were largely put in place because of intellectual property disputes. those disputes are at the heart of the china policy. the cte debacle makes it clear to the chinese by unilateral fiat the -- they can put one of their biggest companies out of business and cause them to lose jobs because they fundamentally do not control technology and input. what is perverse is coming down , which will-- zte further embolden the chinese. they: they have to because

have to enhance their own independence. what's the chinese don't do dumb things. they made in china 2025 policy is smart for them. it is just not advantageous for the united states and the west. criticallys also important at this moment, where does this lead to negotiations with north korea. we came into the wee talking about this endlessly. to see a significant ratcheting up of tensions, this is surely another stick potentially that the chinese have over the united states and the influence they have on the north korean leader. >> i am not sure the administration often looks to these connections for these policies. the commons the president made at the same time trying to renegotiate nafta doesn't seem like that would be helpful advancing that agenda.

i think it is compartmentalized without any sort of global strategy. you are quite without chinese help coming to a deal with north korea is going to be difficult. china purchases something like 95% of all goods sold outside of north korea and is the linchpin of their survival. >> thank you for your valuable insight. joining us by phone from bridgehampton, new york. julia: china doesn't do dumb things. scarlet: quote of the day. at&t is changing its name to warner media. this was given the go-ahead after the company's antitrust battle with the government. time warner will get a new name under the new order, warner

media. julia: now you are a media company. scarlet: erasing your genetic footprint. once your dna is shared with a company it is harder to get it back then you might have expected. we have the latest on our prognosis series, next. this is bloomberg. ♪

scarlet: tracking down your dna is harder than you think. insights to everything from your ancestry to athletic ability. a lot of people have signed up. as one reporter found once you give that up it is difficult to get it back. timothy is here with the story. the reporter in question tried

find out all these interesting things. tell you you can delete your data. in practice, the law can prevent you from doing so. >> they so we can remove your information from our website. basically from visibility on our service. laboratories that prevent them from actually getting rid of the sample. the sample is in a laboratory somewhere as a quality control measure. to assure do this that if something wrong happens with a test or there is a bad reading a can go back and audit it and figure out what happened. julia: doesn't have your details? >> in this case it would still have your details. law is designed as a

consumer protection measure. it probably didn't anticipate it becoming a hobby. people were doing this when a doctor told them they had to cannot because i'm curious what my relatives are. it changes it from a medical product to a consumer product. >> these are the same rules that govern the laws in fairness. in this case like you said where it is being used for a more consumer purpose for regulation is the cause of that. julia: when you do to the genetic testing, do you sign anything to say i'm happy for a third party to get access to my data or is it nebulous about who ends up with access question mark because this is separate from a situation where your information could be used as a

consumer protection issue. part chinesewhat are you? scarlet: for father's day and kid.my husband a he is 99% chinese. julia: and you knew what you already knew. >> it is government in terms of service. when you use these things you agree to their terms by participating. that is the standard in this case. >> you look at the data. >> so you feel better for yourself. >> we talked about this a lot today. we were disturbed. we continue to be. this is exciting. timothy, thank you. this is part of our new content page.

it reports on the future of health care. you can find this coverage on bloomberg.com/prognosis. >> you handled that very well. saide reason why you whoops is because we had breaking news from the last hour about opera. she has been talking about how apple has put together some sort oprah winfreyn on to create programming and content for media ambitions we do not know what those ambitions are. you are nodding along. you wrote a colleague -- column about how this is nebulous. opened its doors in hollywood. it declared itself having this giant content budget and said anybody interested, come talk to us about television or movie

projects. a large number of names have signed up including steven spielberg, who is going to create an offshoot of amazing stories for apple. reese witherspoon. now opera has announced this partnership to create something, original programming. >> is oprah a big star that it doesn't even matter? or is she not? quite she definitely is. her television network has not been a big success. oprah is still opera. this validates whatever apple is trying to do in original programming. is opera when it is her show. when she is the host. orah shows she underwrites her puts out are not as well received. they do not get the kind of ratings her own shows do. have a haloill does

effect when she produces something. people still tune in. because of the opera halo. julia: what is in turn tech -- what is apple's entertainment strategy? talking about this on business week, the oversight that tim cook wants, the desire to have family-friendly content, attaching you as well to the ecosystem, overall they don't have any plan. can you clarify? >> i can't. little people know about what apple is doing. including steven spielberg. the question is is apple going to make a netflix subscription service? apple is a secretive company. it has said exactly nothing about what's -- but its intentions rp at how would people watch these tv shows?

will it be bundled with other subscription information like it's digital service? or available only to people who have apple devices. netflix call these other content providers provide you have to do this? more questions than answers. you can hack the fire stick and see other programs. >> the insinuation that people, that apple is holding its strategy close to the vest, it is just ill votto. >> apple does it normally say what it is doing. apple does not technology it is about to release a new iphone. that is the way they operate. feels like in these new

initiatives apple doesn't have a clearly focus try. that has been true in entertainment more so than anything else. they have been talking about reinventing tv for a decade come and they have not. joe: it seems like along the lines of itunes, which was this thing that was ahead of everyone else for online music, is a laughingstock in terms of this her friend's app. they can't crack it. >> they are supposed be ahead of the curve and they fell behind. >> it it is a pattern that keeps repeating itself. they were first with digital music than got left behind. , and gotclever ideas left behind. bynes has been usurped streaming. apple did not believe in streaming for a long time until it became obvious they were behind. apple hasn't figured out the content game. julia: does it matter? scarlet: i think it does.

julia: but looking at the share price, investors are willing to watch and wait. scarlet: part of that share , wall street's enthusiasm that apple is going to figure out these next big things including content. you hear people talk about the services business which includes app downloads and this subscription video service. that enthusiasm is baked into the stock that apple will find a new revenue gold mine. i am not sure that it is in entertainment. julia: the question is when they get impatient. not right now. coming up next, media on the move. rising for a 10th straight session. look at that. up 29% over that time. our stock of the hour is next. this is bloomberg. ♪

,carlet: our stock of the hour writing the m&a wave. shares of discovery continue their run today. up for a 10th straight session. julie is here with the details. is something that has come and gone over the past year or couple of years. it is heating up again. we see more and more combinations happening in the media industry. the two way chart you can see impressive performances. it has had that 10 session run that has taken and up 30%. have other stocks participating. up theate trading higher msg networks the discovery is apt to kerley interesting. if you take a look at the bloomberg, discoveries revenue is pretty evenly split twin the

u.s. and internationally and has been for several years. she says that is something that is appealing. one of the reasons why sky is such an appealing investment for some of the bigger media companies. did --ry has this also aso joe: this is a bit of bounce from a loop exit is a bounce from a low. when i was talking about this sheep without it suffered from the same things that the other media companies have the court cutting idea is smaller. more pure play than the others. that has made it suffered. tv,lso has a lot of reality nonfiction properties. it could complement a company that has more fiction properties so to speak if it was a target. scarlet: thank you. we will wait to find out whether there are companies interested

in discovery. the market closes next. take a look at the major indexes, we are looking at red arrows all around here for the dow s&p and nasdaq. rum new york, this is bloomberg. -- from new york this is bloomberg. ♪

>> stocks soften at the end of a

busy week. pretensions dominate the headlines once again. i'm julia chatterley. you're tuning in live we want to welcome you to closing bell coverage. scarlet: let's begin with the market minutes. u.s. stocks ending the day off lows. still in the red. dow off by 87 points. a little change off by about three points. looking at the industry groups, telecoms, defensive sectors in the lead. energy materials and tech are losing ground with energy off by better than 2%. joe: interesting to see the staples rally. finally the market government they do well. scarlet: in terms of how indexes

have performed the we come up we are looking at declines for the tao of 9/10 of 1%. clawing its way back to unchanged for the week. let's take a look at individual names. general motors gaining by a tenths of 1%. this is according to bloomberg reporting, they are looking into possibilities of an ipo to reflect the value or even a spinoff. it is clear this is an indication that the automation unit is developing a faster and more valuable than investors may have realized. it led to a regrading over the last couple of months. we are also keeping an eye on the media companies. at&t on the heels of that court announcement. changingsay they are time warner name to warner

media. a signal to the netflix and googles of the world. media, fox'sng of comcastll consider the bid for entertainment assets on wednesday. this is according to people with information on the matter. because of the 65 billion dollars bid on the heels of the court ruling, they are now looking into whether comcast has a reasonable chance at becoming a better offer. theow await disney to make next move to see whether it is going to come in with a better offer as well. joe: let's look at the government bond market starting with the u.s. to and tenure. not a time of action of their today. it is pretty remarkable come up briefly on wednesday after the federal reserve decision we got over 3% on the tenure but immediately got slapped back

down. thanoming in more dovish people expected. even lower again there. the 10 year yield down to 2.9%. on commodities, interesting day. oil really taking it on the chin, down 3.3% on the day. meetingthe big opec later next week. that is the big question mark driving oil. expectations that some sort of expansion of supply may be forthcoming. bid. lows for the reason the other ugly area precious metals. gold down 2%. platinum down 2.5%. there was not an obvious catalyst for the precious metals plunge. i saw some people saying trade

or dollar strength. they typically move inverse to the dollar. if you are in one of these it feels like it alternates between boredom and decline. that is kind of frustrating, but there you have it with commodities. julia: and exactly the dominating factor. take your pick. ratcheting up of trade tensions. everything that joe mentioned. falling to the lowest level in almost a year. whether you're looking at the chinese u.s. relations or the prospects for a nafta negotiation. some weaker economic data there as well. aussie another under pressure. we saw a bit of paring back of the selling pressure that we saw in the euro following the ecb yesterday. some 4/10 of 1%. the big story once again in emerging markets is that argentina and the fact that we

continue to see weakness in the argentinian cross. it has weakened by 50 part its value.54% of a new head of the central bank. up question is, can he sure the confidence. not bringing the sum stability yet to this market. just a quick check. as you can see on the downside here, the argentinian down by some 12%. on the top side, the malaysian gain .09%. scarlet: that is unchanged. julia: and those are today's market minutes. scarlet: for more on the market action let's bring in jim polson. i don't think we should

eliminate to today. it has been a critical week for mobile markets. you had retail sales, big central bank ratings. the fed, the ecb, the doj. paving the way for media mediaies to for the frenzy. which has the potential to keep driving momentum for the rest of the summer? i think underneath it, we are in a quarter here where we will see 4% of adp growth. i think it is that growth story. if it stays intact, we will maintain wall street earning estimates for the year. i think the biggest take away from me is the dollar. i think you will see more attention by wall street being put on that dollar. the dollar is doing a lot of things. it is a starting to crack

commodity prices and reducing inflation expectations as a result. it certainly drove a wedge between domestic and international returns in a big way. it made u.s. dominic again. strong, that stays means to me that inflation will state down. that could keep bullishness of live here. my own feeling is the dollar will weaken again. we will deal with threes. more than 3% wage inflation at 3% cpi inflation. and will keep the fed continue to raise rates. there will be more of a struggle again before the summer is out. one of the arguments for thedollar's strength is -- data very solid. that retail sales number pretty

mediocre in europe. surprisingly mediocre in china. you see that divergence changing and the rest of the world catching up? what do you see as causing that dollar weakness? me, what i am focused on in growth differential is inflation. the dollar did not start to strengthen until about a month ago. i most breaking to new lows. late april, early may. what changed was inflation expectations and feted in the tenure tip bond peek out. commodity prices, oil. inflation doesn't show a sense of rising, it would destroy the value of the dollar. it was doing that. i think it will return. but i don't disagree that the

growth differential also matters. one of the things that might happen is that the u.s., after quarter -- weowth have tightened a lot. we doubled the value of the treasury bond. the yield curve is flat and substantially. fromoney supply has slowed all must 8%. now, the dollar is going up. ont pressures are up corporate profit margins. i think there is a lot in the pipeline that suggests the u.s. slows down. a lot is already slowing. we could see slower growth and may be continued inflation pressures. julia: you didn't mention the fact that we have additional tightening. also a reduction in the fed. doingllar strength is

some of the work for them. , to mark up sites could we see. it is kind of a chicken or egg situation. at what point do we have a real problem? see thehink that to impact of dollar strength and what it could do, look to europe. even in the emerging world, their slow economy is in no small ways the result of the dollar going week. the euro strength is getting the economy. it's urgently matters. andbig reason oil is off gold and other commodity prices is dollar strength. if it went another 5%, you would see even more hits. even though the u.s. is not nearly as export dependent as

germany, europe, and the other. jim: that's right. but small-cap companies, for example a lot of them even though they are domiciled here may be 80% of their sales is offshore. mexico,that is canada, or to the far east. up, itdollar goes doesn't matter whether you traded those internationally or not. if you are a commodity sensitive company, you will feel that. hits a lotpricing companies even if they are domestically domicile. scarlet: i'm glad you bring up commodities. as we see the dollar strength, opec will be meeting next week. the nations and russia would be teaming up.

keeping them from escalating any further. is there a need to do that anymore? i think not. i think if the dollar will continue to be hired there will be continued pressure on oil. what happens to oil will depend critically on the dollar and the growth rate on the world. if we slow down overall in the second half, that also could keep a ceiling on oil and other commodity prices. julia: brilliant to chat with you as always. trump up, will president pardon michael milken? we will see if the junk bond king will get his record wiped clean. this is bloomberg. ♪

>> i'm mark crumpton with first word news. china is detailing its plans to retaliate against u.s. tariffs. the country announced at the levy tariffs on a range of american farm goods, autos, and seafood. china will slap a 25% penalty on $50 billion worth of u.s. imports. they take effect july 6. president trump has responded on twitter to the jailing of his former campaign and a -- former campaign manager, paul manafort. house arrest was revoked. the president noted that manafort has represented ronald reagan, bob dole, and many other top political people and campaigns. did not noten, manafort was head of the mob. attorney general jeff sessions took his policy on illegal

immigration to the graduating class of pennsylvania police academy. he said we will restore the loop -- the rule of law. but iteems unbelievable, is true that there is an open borders movement in the country. from coast to coast there are politicians and activists who think having any border at all, any enforcement activity taken is mean-spirited, unkind, even bigoted. sometimes they try to hide it, these pontificator's and a sometimes they don't. >> the attorney general added we are not trying to punish good people who want to come here and a lawful way. we simply are responding to concerns of the american people and the lawlessness. ports -- >> >>ut

and italian coast guard wrestled that will bring them to shore. the u.s. navy vessel had asked a humanitarian ship nearby to take the migrants, but it declined because it was not assigned a port in italy. the ships crew said it did not want to end up like the aquarius which has been stuck at sea carrying 600 migrants. global news, 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. julia: what'd you miss? michael milken finding support among president trump's confidence. for more, let's bring in erik

schatzker. great to have you with us. the politics of pardons at this moment are favorable. erik: they sure seem to be. julia: there are those around the president that are in favor of not being pardoned here. have rudy giuliani who is one of trump's lawyers, certainly writing this obstruction of justice. and an playr, scaramucci who may or may not an effort to pardon michael milken. joe: why is this an important thing for them? erik: because they are friends with mike milken. that is pretty much what it comes down to. if you are going to get a pardon you need friends in high places. you don't get much closer than rudy giuliani and jared kushner.

michael milken has been campaigning for a long time. there is no question that since he left prison in 1993, he has done a lot of good. he gives away -- he and his brother have given away hundreds of millions of dollars. possibly more than that. he is a huge benefactor to medical research. good friends with francis collins, the director of the nih. michael milken has it done his best to be a good public citizens. say what you will of what he did at the time. the issue here though is that michael milken wants to reserve -- reversed his security broadband. erik: that is something altogether. not mean pardon does that the sec lets you go back to trading on other people's behalf were serving in the securities industry. as part of his plea bargain, he agreed to a lifetime than. -- lifetime ban.

we don't know if jay clayton and the other commissioners would view that favorably. julia: what was the incentive for these people -- aside from erik: that's a good question. there are some around michael milken who think a pardon at the moment would be a that idea. why, because you are in some ways were ever indebted to the president who pardons you. as one person who is close to milken phrased it to me, be careful how many favors you ask. joe: in terry, could he have his securities ban overturned without a pardon? erik: i don't know the answer to that question. suspect not. because they came part and parcel. keep in mind this is the first time michael milton has tried to get pardoned. surely it also came up during

the george w. bush administration and the clinton. he narrowly missed out. there was a lot of pushback. the effort at the time was led by bob dole and run oracle. but keep in mind that was only eight years after he got out of prison. what i find amazing is how incredibly insular this world is. would delivered the judge meant against him. it just comes full circle. julia: manhattan is a little place. erik: let's not forget, michael

milken has a lot of influential friends. david solomon who will be the didn'tgoldman sachs, quite start his career at drexel, but worked there before it collapsed. now he is the president ceo. scarlet: erik schatzker thank you for much for the information there. do voters play it safe or go against the establishment? this is bloomberg. ♪

julia: what'd you miss? a stark choice for columbia in the presidential election. conservative.dly

great to have you with us. explained the two options ultimately that voters are going to choose between here. oppositesotally polar in terms of what options they present for the future of columbia. init is a very unusual colombia to have two such totally different candidates to make the second round. a lawyer, very pro-market. he is proposing tax cuts, corporations, he is in favor of oil and mining enters. leftistther side is a villa in the 1980's. -- his proposals are very different he is in favor of wealthy colombians paying higher taxes on things like dividends. ofwants to win columbia off

the oil and coal. and, they also take very -- heent approaches to doesn't think people with lead on their handset should be allowed to go into congress. joe: what are the polls saying? the polls are showing the most recent showing a win by a large margin. lot of colombians don't trust him because he used to be white close to the venezuelan leader. he has had to try to distance himself from the current catastrophe in a venezuela. currently in colombia there are venezuelans legally crossing the border every month. at a time when you can see

venezuelans asking for money on buses in bogota, a lot of colombians are wary about. scarlet: investors seem to be pretty calm about this upcoming election giving the peso performance. to what extent do bigger issues like the migration crisis, the fiscal hole come into play at all here question mark cracks? latin economies, people are worried that populist goods take power. really, no one is worrying about columbia. even as moody's said this week, the way columbia is set up with it would continue to pursue market for new policies even if that happened. bloomberg's matt brisco. up next, we will stick in south america and talk argentina and

the changes at the central bank. this is bloomberg. ♪

>> i'm mark crumpton with first word news. on the sixth anniversary of the daca program, democrats accused republicans of length politics. uping they refused to come with a bipartisan solution for ensuring daca recipients can stay in the u.s. legally. to presidentponded trump who again blamed democrats for the policy that his administration is enforcing of separating immigrant families at the border. >> where are my colleagues on the other side of the aisle that are willing to their own a party leaders to their own president as we did in order to guarantee that daca would become the law

of the land? i don't see them. i see them scared. of the president's itchy twitter up to and afraid to stand a bullet because they are scared of losing their jobs. said he willtrump not sign a moderate immigration reform package. israeli prime and minister spoke by a phone today about the situation along a border with israel. up two discuss to beefing their coordination on the syria. the conversation follows up on the two leaders talks on -- in moscow. french resident macron and the new italian premier agreed to work together to change the rules to manage mass migration in europe. their meeting comes after two

days of tensions between the two countries over the issue. president macron said french and italy have a common desire to show more humanity and efficiency. prime minister conde said it is time to prevent death travels. all of europe must take responsibility. global news, 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. ♪ let's get a recap of today's market action. as you can see still in the red. 84 points.ing on the week, the nasdaq continues to power ahead. multiple record highs for the week. julia: what'd you miss?

the pressure on the argentine peso making a fresh lows against the dollar. the question is can a new central bank chief health for address the crisis. warning us now from buenos aires is patrick gillespie. think you for being here. clearly this gentleman has a cv that allows him to speak better to the markets. can he shore up the confidence? >> certainly argentina's central bank has been facing eight crisis of confidence. the challenge will be if the central bank president can use that finance background -- he used to work at jpmorgan and bank toand deutsche soothe their concerns.

and, the road to tackling those issues and tackling double-digit inflation. caputo has a difficult juggling act ahead of him. to manage market expectations and get confidence back in the central bank. it remains to be seen if he can convince markets that he is a sound operator of monetary policy. is one thing to be a good communicator and have the background, but what are the actual policies and money changes that investors will need to see? as we saw today we got a 2% peso rally off the bat. it was evaporated in the blink of an eye. because none of this is doing much. >> that is a major question ahead for caputo and the team he is putting together. think about this. the previous central bank president pulled out all the stops.

he hiked interest rates, sold reserves, set a floor for the peso. and they got the imf deal just last week. it remains to be seen what tools and instruments he can use that haven't already been used. the only difference to bring the two men is the market state. as a wall street stud who knows how to translate and week his language. patrick lessyou to be. scarlet: we have heard from stern us which said elizabeth holmes has stepped down as ceo. or will remain as chairman chair of the board to achieve the founder of the company, the fallen unicorn that investors allege were duped by massive fraud. i if i'm the only person of

his desk who is -- who did not realize it she was still there or that this is still a thing. i will admit that i would not have guessed that. scarlet: it is true that the company had a hugeall from grace and you would be forgiven for thinking she was no longer with the company given her role in being the public face of the company. apparently she was ceo until today. he will remain general counsel as well. julia: i'm astounded that she remains the chair of the board. moving on. we will continue to keep an eye on these headlines, but we will be back with more. this is bloomberg. ♪

joe: what'd you miss? week for cryptocurrency.

stories of hacking and manipulation overpower regulatory wins. dropping around 15% since last years let's bring in cryptocurrency leader for you why america's financial services. time you runast this show, the environment was very different. prices were going up. it seemed like everybody wanted in. the fascinating thing about this year is the price decline has been pretty intense. it seems like the news flow continues to suggest people are excited about this space. i'm your vantage point, how are businesses and investors and institutions -- have they had any rethink? >> not so much a rethink, but looking at where they should be focusing the products and offerings that they are looking at. here, weast time i was had just had a bit of a crash and we have had another one. joe: maybe a few. >> one or two.

what institutions are looking at is -- there are offerings that they can provide in this environment but to whom should they be providing those offerings? the consumer about how they will react is different than an institution. it is a rethink of where they should be focusing such offerings and addressing that. joe: what are you seeing? in terms of the type of strategies being pursued six months ago, how have those been changed? >> a lot of interest in cryptocurrency driven from consumers, saying the price movement is expanding. institution to provide that to consumers, there is a risk when the consumer worries if the price starts moving, there is cost beyond the legal aspect. thoseable to provide similar products to institutions, working on lower

perhaps an easier way to tip their toe into the water. was ahe story last year big wall of institutional money coming here it is the only thing that needed to happen was we needed to get some regulatory clarity. so that institutions don't have to hold private fees and their safes. then it was ready to come in. ifthat still the new that something gets solved in the infrastructure side that there is a lot of money on the sideline? >> there is certainly no question that custody and the someatory aspect need clarity or at least need some work to build those out. saying that once it gets involved, does not mean we have to get rushed. the big institutional investors, eight investment case to put money into something like

that coin. if you take the position that digital gold. we don't have that for bit going, there is still -- while some of the institutional investors understand this well, there is still the real question of what is the real value proposition for us? setting aside that for the moment, just say on the custodial side, how different is it now in terms of that infrastructure having built out than it was six months ago? >> we are seeing institutions bring in technical capabilities to address this. there are a number of startups or maturing companies coming out with institutional offerings. i imagine we will see more institutional announcements this year.

-- some announcements you've seen in the press of institutional offerings. it feels like there is a convergence happening. they are starting to resemble proper financial entities. meanwhile, the legacy entities are starting to move towards the crypto aside and there is some sort of convergence. is there room for both of them to have a spot or do you think there will be consolidation? what do you see? indy >> in the financial situation -- this was a big thing with bitcoin coming in.

you've got custodians, fund administrations. each having a particular domain. i don't see why they cannot coexist. different a matter of offerings, different customer segments, different targets. there aren this space phases. 2017 there were i ceos. it then you've got token is a of securities. people were excited. there is also a corporate enterprise blockchain stuff. what do you see people talking about right now in terms of things that gets excited? todepending on who you talk all of those things. the area i am focusing on is specifically the cryptocurrency stage. last time i was here i was more broadly blockchain. focusing on cryptocurrency area,

it is on two sides. the startups. institutional. on the other side, institutions saying a new class. how can i do that in the least risky way? joe: i am sad to say that my inbox is not become any less bombarded with companies and their press releases about some new blockchain anchored i'm hoping for that to quiet down. is anything real happening right now or is it still just press releases and experiments? >> no question there is a lot of hype. things going some live. but there is the ratio of these. certainly a lot of headlines.

and recommend our clients their. joe: thank you very much. scarlet: coming up, and internal harvard review suggests that be admittedan would more if it was just based on academic performance. this is bloomberg. ♪

julia: it's time for the bloomberg business flash. a snapshot of some of the biggest stories in the news today. weigh murdoch will comcast's $65 billion bid on wednesday. the board must decide.

they have already agreed to sell the assets to disney. disney still has the right of refusal. at&t is renaming timer -- warnerg time warner, media. the company took over time warner on thursday after a drawn out antitrust battle. warner media includes hbo, news will therner based in new york and l.a.. apple did not specify when oprah's programming will roll out or how it will be distributed. they've been working on several tv shows and movie deals. that is your business flash update. scarlet? scarlet: what'd you miss? would you miss. gratian -- dismissed evidence of discrimination. business of equality come at the ongoing conversation

about the bottom line impact of diversity, we explored the dynamics driving this case. i'm joined by patricia hurtado who cowrote this. students were given admission. in lawsuit was brought on 2014. >> even though it was fired in november, 2014. we're at a crossroads. harvard and this group of students are basically asking the judge for a win before trial. scarlet: and we are talking about these documents but we have not seen them. we are talking about documents that reportedly showed that harvard is discriminate against asian-american students. >> harbert says these documents are incomplete and both sides have their own expert. harvard says that the plaintiff's expert is doing engineering and gerrymandering

of data. harvard says they look at the whole the student applicant, not just grades and sat scores but the whole thing. what activities does the kid do after school? do they do public work? so what we have now is a war of conflicting accounts of how do you get into harvard and is harvard really racially profiling? here's the thing though. the data we are talking about is data from their own internal review. >> both sides are reviewing thousands and thousands of pages of documents and applications that have been anonymous applicants as well as internal documents which harvard uses. thatrd gave the plaintiffs evidence. both sides say their statistics showed that harvard does not discriminate according to harvard or according to the plaintiff that they do actually

discriminate against asians because they don't look at their qualifications and grade scores. scarlet: because just looking at academic performance, asian-americans performed better than any other group. but they're looking at suggested -- subjective crates. fsa says the documents confirm asian-american subscriptions. it's like the jewish discrimination. >> the plaintiff say it's another example. in harvard, harvard discriminated against jewish applicants because they did not want that many jewish students. they are saying these are qualified white children who should deserve to go to harvard. harvard says that was an unfortunate incident and their history in the past, but they have now since the 1970's, have

had a holistic whole person applicant. atthey're not just looking the perfect gpa. they get 40,000 applicants. so they could get everybody with perfect scores and perfect grades. but they say they want to look at the whole student applicant. scarlet: all of the intangibles. clarify for me. years ago, iplying benefited from affirmative action. are they arguing against affirmative action? -- and an aa cp says this will be unfortunate. because it will harm all race-basedfor criteria being used. and that this lawsuit could end up all the way at the supreme court and could challenge affirmative action policies that colleges have been using. scarlet: very quickly.

who is this founder and what is his story? >> he is a gentleman from maine and he has -- harvard says he has a history of filing lawsuits that have challenged other racial bias. he says race influenced that decision. scarlet: patricia hurtado, thank you so much. the etf industry has something for everyone, including those who prefer a more cautious approach. in this weeks's there's an etf for that, we highlight a fund that aims to offer protection during a global selloff. ♪ ishares core conservative, a-ok. it aims to mimic a conservative strategy. all with an eye on gathering income while preserving capital. approximately 70% of the funds are invested in bonds. 30% in equity. a-ok is a miss of sovereign,

corporate, and debt. all through my shirt etf. it has gathered $475 million in assets and carries an expense ratio of 25 basis points. a-ok has returned almost 70% since 2008. it gets a green light. julia: we have some breaking news crossing the bloomberg right now. withbeth holmes charged wire fraud through the united states to be just heard in the last few moments that the sereno's ceo was stepping down. we now get these headlines as well. the wonder was why she hadn't been charged before it now or choose been indicted to a grand jury. this according to a u.s. prosecutor. this is literally crossed the

bloomberg in the last few moments. we were questioning just a few seconds ago why after everything that has happened she still remained ceo of the company and still remains founder and chair of the board. eric gordon just emailed us and said that she has been able to her super voting rights she cannot be removed unless the situations. so some contexts their pet to reiterate the headlines, founder charged with wire fraud by the united states. joe: coming up, what you need to know for the week ahead. this is bloomberg. ♪

scarlet: what'd you miss? modestweek ends and losses for u.s. stocks on friday. of course another busy week coming up next week. a special thank you and goodbye to one of our producers. julia: courtney collins, we love you and miss you all the best. scarlet: this is bloomberg. ♪

emily: i'm emily chang and san francisco and this is bloomberg technology. coming up in the next hour, a trade were underway. president trump imposed 25% tariffs on a $60 billion worth of china made goods and promised to add more. beijing probably retaliated. facebook is teaming up with academics for collaborations and bodies. what this new partnership means on the platform.