♪ emily: i'm emily chang in this is the "best of bloomberg technology," where we bring you all the best business from the world of tech. president trump strays that from the brink on china, deciding against the harshest measures. means for what it chinese companies. plus, we talked to the man leading uber's legal battle. the ridehailer getting a shortened license to operate in london. their chief legal officer joins

us ahead. and the u.s. supreme court upholds president trump's travel ban, giving him a victory on a controversy that has defined his presidency. we will hear from a tech leader speaking out against the decision. but first, try top story, the white house is moving forward with plans to limit tech investment. but in a less confrontational manner than previously reported. the president is looking to congress to strengthen the committee on foreign investment to keep companies on stealing u.s. intellectual property. treasury secretary steven mnuchin hailed the move when speaking to reporters on wednesday. -- when thiseam legislation passes, we will have the necessary tools to protect technology, whether china or anybody else. emily: we discussed that with our correspondants. and our guest, manager of the venture fund that has invested billions in china. >> found trump is going to rely

-- donald trump is going to rely on congress to strengthen the laws that are really exist. see is anre going to already untrimmed pairing. pretty interesting kind of group of folks that are managing and looking at each individual investment coming in through china. and what they want to do is strengthen that even more. that means taking a look at joint ventures, which something that used to fly under the radar. that would flyls under the radar. this idea that we are not going to look at the big deals, but the smaller deals coming out of china, trying to buy up companies. emily: ben, as somebody investing in both, how does this impact your strategy? an: we looked at this as boon, frankly. we thought this type of

aggressive action actually led to greater drives of self-sufficient locally. a lot of emphasis placed in the last couple of weeks amongst government, regulators, universities, venture capital firms to start to breathe a new crop of deep tech businesses here, to replace the u.s. components that might've been taken out of the markets. this action and things like the zte sanctions open people's eyes to how empty a lot of the businesses here are when it comes to core tech. it really spurred a deep soul-searching within the venture and entrepreneurial community and led to a push over the last few months towards businesses being developed, capital pouring into new areas. are we believe we can develop self-sufficiency locally, so not an unexpected movie are, but one that i think of started a process where you will see more

innovation and development in hard and detect here in china. emily: what has been the reaction from the people in beijing as these dramatic developments have played out? been a bit of a roller coaster. as an american here, i am also questioned what the true meaning of these measures are and what is going to stick to the wall , and what is not? that the i think overall view here is that trump is a businessman. he understands the impact of these types of measures that would have a news businesses, as well as the shareholders. likewise, many of the chinese businesses are obviously backed by venture capitalists firms. much of that money coming from u.s. investors as well. so, the view here is that while a lot of these extreme pressure measures were being used, ultimately, a way would be found for that a lot of the impacts of

these statements will be mitigated. so ultimately, not huge, huge damage done to local businesses. maurice: week -- emily: we are of course already hearing from lawmakers. take a listen to the senator from the senate finance committee. >> i think this is a better course of action. they indicated they are going to use a legislative approach as opposed to what they were talking about previously. and i think that makes more sense. if you look at the concerns we have had about potential retaliation from china, with respect to what the administration has been proposing, this is walking back from that a little bit, and to me represents a more thoughtful , and logical approach. shelley, what exactly are we expecting in terms of legislation to come out of congress? shelley we are expecting this : bill and legislation. -- andis going to mean

it is going to be more scrutiny, more staffing involved. more scrutiny over the companies that are engaging in these deals. and you know, we have already seen the impact for chinese companies and going into the u.s. going down. we have seen venture capitalists pullback, chinese center capitalist pullback a little -- chinese venture capitalists pull back a little. the idea is maybe that is going to happen more if they increase their scrutiny. but to ben's earlier point, there is nothing like telling somebody you cannot do something to rev them up to do more. and so, if you are going to tell chinese companies that you cannot invest in our businesses, you can bet that is going to rev some entrepreneurs to say, maybe we don't need to invest in u.s. markets. maybe we double down and create our own technology.

it will be interesting to see what happens next. is this going to end up spurring more tech and innovation in china than what people were expected in the first place was a mark -- in the first place? emily: and we have already seen the chinese ipos nonperforming as well as expected. take a look at my bloomberg here, and this chart is showing recent hk listed ipos. we do have xiaomi coming up, and ben, you are an early investor. any concerns about how they will perform, given that now we know some of their financials, which are not perfect? ben it is not an easy time to : come out right now, which you have mentioned. there are a lot of underperformers in hong kong. these new regulations around cer's in china, certainly frustrating many.

not an easy time to come out. it is complicated by the fact that xiaomi is a new species, a company that does not fit the usual metrics or valuation methodologies. and certainly, company profiles that most in the public markets understand. it is a hardware company, it is a software company, we do iot, e-commerce services. so, it is difficult up at one finger on it. the net result is that a lot of people are scratching their heads, both institutional and individual investors. trying to figure out how it should be valued. emily: that was msa capital investing partner ben. meantime, xiaomi is on their way to a $6 billion plus marketing, the big ipo. but it may hit a snag.

our chief north asia correspondent reports from beijing. >> their decision to postpone a simultaneous listing in shanghai could hurt their ambitions to -- could hurt china's ambitions to lower its larger tech companies to this at home via cdr's. the hong kong ipo is said to be the world's biggest in nearly two years to raise about 6.1 billion u.s. dollars, but it is a considerably shaved down originallyhich was two top $10 billion. and the company's cfo says there is no timeframe to revise the domestic part of the listing. theces say they scrapped offer because of differences with the regulator overvaluation, but they said they had no dispute with the cfrc. investors though, may dispute the valuation. it is said to be market at up to 29.3 times forecasted 2019 earnings, making it twice as

expensive than apple and even pricier than tencent, china's biggest internet company. xiaomi says they deserve a premium in valuation because they see themselves as an emerging company, rather than a lower smartphone player. the ipo will likely trade in hong kong july 9. bany: coming up, the travel 's impact on silicon valley. we hear from airbnb's chris lehane next. and if you like bloomberg news, check us out on the radio. you can listen on the bloomberg radio app and in the u.s. on sirius fm. this is bloomberg. ♪

♪ emily: this week the united , states' supreme court has voted to uphold president trump's travel ban. it rejected arguments that he exceeded his authority and violated the constitution by targeting muslims. the current version of the travel ban targets visitors from seven different countries.

five of them predominantly muslim, and indefinitely bars more than 150 million people from entering the united states. following the ruling, the president took to twitter, saying the supreme court upholds , trump travel ban, wow. tech pushed back big time on the travel ban the first time around and is back again. among the first to react, airbnb. chris lehane tweeted the travel , ban was wrong from the beginning and is wrong today. cofounders released a statement saying, we are profoundly disappointed by the supreme court's decision to a poll of the travel ban, a policy that goes against our mission and values. to restrict travel based on a person's nationality and religion is wrong. we believe that travel is a transformative and powerful experience and we will continue to open doors and build bridges between cultures around the world. chris lehane joined us on tuesday and is the head of global policy and communications for airbnb, and a former white house official under the clinton administration. chris what our ceo tweeted out : is specifically based on our

concerns, based on our philosophical values. if you look at the history of the united states, fundamental to our history has been travel. travel has always advanced the human condition. we are now anytime period where you are having a travel ban. controversies about children being separated from their parents. conversations about building walls. and that is fundamentally inconsistent to what it means to be american. it is about the american experience, democracy. if you look at the course of human history, whether it is migration, immigration, exploration, innovation, travel has always been at the center of that. and so, we do think this is really a fundamental question about whether we want to continue to afford as a country, whether we want to go backwards? -- thiss, this is not does not involve our business from a dollars and cents perspective, but involves our values. i cannot help but think that on this day, 55 years ago, in what

was then west berlin, john f. kennedy gave his memorable speech about tearing down walls. and today, you have the supreme court ruling. the statue of liberty is crying. emily: you had quite a strong statement about the family separation, that the cofounders of airbnb's said, ripping children from the arms of their parents is immoral and counter to the american values of belonging. the u.s. government needs to stop this injustice and reunite these families. we are a better country than this. your matching donations to the assistance project -- you are matching donations to the assistance project. you have been hosting guests as part of your refugee program. how many have you hosted? in 2016, we did an ad around the super bowl. we housed over 11,000 displaced people. contributed $4 million to help support refugee efforts.

we are matching that program with the international refugee assistance project. and so, for us, it is not only about speaking up and standing up, it is also about putting action behind it. we are a community-based platform. we have 5 million plus listings around the world, and we work with our host community to help open up homes for people who are displaced. and we are going to have more to say about this as we go forward because for us this is a , values-based issue. to the extent that you want to talk about it from a business perspective, when you think about what is happened in the country over the last year, travel has gone down. travel is 10% of our global gdp. similar in the united states. there are millions of jobs over the next 10 years. these types of decisions are not -- are fundamentally not good for the u.s. from an economic perspective. i really want to underscore that we continue to grow, even as the rest of the industry has been

impacted by this in the u.s. for us, it is not a business, it is values. i have actually referred to some of these decisions us travel tariffs. you are impacting an economic sector in the u.s. that is not as big companies, that is restaurants that depend on it, small businesses that depend on it. we are speaking out about this, and we have been speaking out about it. we talked about it when the barry's comments were made -- we talked about it when the comments were made about the various countries. i won't use the word that was used. when the initial travel ban was announced, when other issues have come up, such as that separation of children and parents at the border. we will continue to talk about it. it is germane and material to what we stand for from a values perspective. emily: it doesn't pack your business if travel is down. from airbnb's perspective been impacted, not just by the travel ban, but by the "america first" mentality, and president trump's anti-immigration stance? chris that is interesting. : other travel groups have put out the information that

traveled to the u.s. from international origins has gone down. we have been very fortunate in that we have seen travel from those international origins go up. in part, we think that is part of the fact that people are actually coming to stay with other real people. in some ways, our model actually works for those folks who want to come and spend time with real people. yes, overall when you are out , there putting out travel tariffs and travel bans, that will not be good for that particular economic sector. is aor us, this really much bigger issue. a question of whether we will have an open world or a closed world. we face enormous global challenges -- climate change, economic inequality, conflict. from all sorts of forms. the only way those issues are addressed in a global economy and in a global context is with countries working with one another. that requires the mindset of an open world. isolationism, tribalism, it is pretty clear that has never worked. emily: do you worry about being so closely aligned with

democrats from the perspective of your business, but also some of your employees might be republican, who might sympathize with the president's policy? chris: for us, we speak out on issues that go to our values. travel is inherent to our values. we do not look at this as a dr, democratic, republican issue. people know where i come from philosophically. but we as a company look at this as moving forward or backwards. that is the prism we are using. we do not speak out on every issue that takes place out there, but we do speak out on issues that go specifically to our values. and at the center of what airbnb is all about, it is a sense of belonging, of driving belonging, promoting the long, and having people stay with people from different backgrounds. so when you get rolling flight this, it is entirely inconsistent with what we -- when you get rulings like this, that is inconsistent with what we are all about. emily: surely there are people who work for airbnb to disagree.

chris: anybody who works here has signed up to promoting belonging. it is about core values. we have a core value that talks about the power of belonging, the transformative impact of travel. when you come to work at a bring be -- when you come to work at airbnb you are coming to support , a community that is committed to driving belonging. i think people understand that when issues come up that are inconsistent with that, whether it is here in the u.s. or other parts of the world, we are going to stand up for the issues and values that our community cares about. emily: now that this has happened, is there anything you are doing on the business side to adapt? chris: yeah, we will be releasing a video in a very short time period that will communicate how strongly we feel about the power of belonging and the power of travel. how important it is to the american experience and democracy. we will continue to work on some of the things -- we will continue to work on some of those things. we have announced we will do a matching fund to the international refugee assistance program. we will continue to find ways to house people who have been displaced. again, this all tracks back to

our values and our purpose and. -- our values and purpose. emily: coming up, china's booming tech sector. where we see the most growth and opportunity. and later this hour, uber gets a second chance in london. this is bloomberg. ♪ ♪

emily: these companies are among 22 unicorns that have one thing in common, investment from this firm with over $4 billion in assets. one of the driving forces behind ggv's success is because of jenny lee. she was a top woman on the list and sat down with bloomberg's tom mackenzie and shanghai as part of our venture china series to explain where he sees the most growth coming in the chinese tech sector.

jenny: our focus is around the evolution of buying habits we call it our e-commerce upgrade strategy. we have investors and companies like alibaba. we are seeing new innovation happening in offline construction. so, the online companies are leveraging data that has been collected from consumers to serve them better, not just online through e-commerce, but off-line in terms of what they are shopping and buying off-line. this is happening in formats like convenience stores, so that is a big piece for us. integratedommerce, into off-line. the second area of growth for us is always around social.

it,if you think about before, we like to say if you find a facebook every 10 years, you are great, but you can only find a facebook every 10 years, right? but in china you can always find , a facebook like this this -- a facebook-like business model. there is always new social disruption, whether in the form of video, livestream. but the key is content, features -- and feature-driven, and targeting different segments of users. we have investments in companies that is the number one business in china, in the number one app in china. -- number one square dance in china. we have another that only targets generation z. there is quite a bit more room for growth within social, and so expect to see this company taking that model overseas.

tom do think those models can be : moved overseas? we have not seen that many success stories of chinese social tech migrating successfully. jenny: it is starting to happen. we had investments in this chinese company, based in shanghai, but they lost in the u.s. a couple of years ago, it is one of the top five or 10 social apps in the u.s. recently, the company was acquired, but it is an example of a chinese-developed app making it in becoming number one in the u.s. market. we have also seen chinese apps going to southeast asia. for example, a chinese company has a similar app called beagle, one of the largest apps in southeast asia. tom: how many are you looking to pull off by the end of 2018? jenny: over the last two years,

exits.had six m&a fisher it will be ipo. , we have around six or seven companies preparing for ipo, both domestic and overseas markets. tom: given that you are based both in silicon valley and here in china, how does the beijing -washington trade tensions play into your decisions? are they having an impact on the way you operate? well, we are watching the developments very, very carefully right now. we need to know which direction it is going to go. in the short-term, we feel that both countries will not benefit from increased trade tension. longer-term, china make him out ahead. emily: that was ggv's managing capital jenny lee speaking to

bloomberg tom mackenzie in our venture china series. coming up, we hear from uber's chief legal officer on what it is like to have one of the most challenging jobs in silicon valley. and we are live streaming on twitter, check us out on tictoc. this is bloomberg. ♪ g. ♪ retail.

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♪ emily: welcome back to the best of the google bloomberg technology." i'm emily chang. a judge granted over a 15 month license to operate in london after some changes. the ruling came tuesday after 1.5 days of arguments, in which lawyers for uber insisted that they had completely overhauled its culture, passenger safety policies, and reset their relationship with the regulator. caroline hyde caught up with the details. keepey got 15 months to making good on the products they said they would. behaving a little better, reporting crimes, and offering

other changes that they say, now, we're happy. eventually, reapply for another license in 15 months time. probably they can get that , without going to court. caroline you did some fantastic : reporting by getting into a lot of them. generally, the consensus was the drivers certainly like the product. and they want flexibility. >> exactly. the number one piece of feedback that i got was having benefits would be very nice, but it is all about the flexibility. the are not competing with the black cabs we have in the city because they are competing with mini cabs. this is the opportunity for them to be there own boss and work when they want. that is a number one thing they want to keep. caroline: this does not end the legal battles in the u.k. when it comes to the drivers, there are still some hurdles in terms of giving them not just insurance packages, but more

benefits. >> potentially, yeah. this is battle one of two of this year. battle two will be in october when they will be in court over employment. uber lost their appeal about employment rights, holiday pay, vacation pay, and we briefly recently had another company with plumbing. it is a little different than ride-hailing. it was called pimlico plumbers, workers washeir given the right to vacation pay. of so, you know, it is one the first times we have seen anything like that. so over will have to go to court -- so uber will have to go to court knowing that some other company with a set of workers very similar to theirs has been told that he can have vacation pay. caroline: so, this is sort of undermine the business model going forward? or is uber here to stay? and really, this is a takeaway of good news?

>> i think for uber, having to pay for things like insurance, even vacation pay, it is a lot less expensive than it would be to pull out of london. london is the biggest market in europe. in one of its biggest worldwide. so, for uber, it is a no-brainer. it has to do what it needs to do to stay here. and if it has to pay vacation pay, i have no doubt they will do that. at the same time, uber does not have a direct rival here. in the u.s., there are the twins lyft, and we do not have that. some people say it is over and the black cabs, but they serve quite a different audience. or type of passenger, rather. so, uber probably needs to sort out the legal battles first, but it also needs some competition. emily: caroline hyde along with bloomberg tech's nate lanxon -- nate lanxon. we continue to conversation with their chief legal officer tony

west. i spoke with west about how he is tackling the big challenges ahead at an event hosted by bloomberg law in san francisco, and asked him about the company finally getting to 15 month license to operate in london. tony it requires us to walk the : walk and to demonstrate that we are, in the words of the licensor, proper. and i believe that we would not be here at this point had we not, and the preceding months, where dara engaged in some extraordinary personal diplomacy. and there has been a lot of other things, changes, significant structural changes that we have made to the way that we operate. you know, we would not have gotten to this point had i think observers really sensed a change in the way that we approach that market, and the way we operate.

emily: a representative for the taxi drivers suggested it would be an uber in sheep's clothing. tony: well, you know, the new uber is what you see. right? what i can say is that it behooves us to be as transparent as possible. it behooves us to be as upfront as possible. it behooves us to take accountability for things that went wrong. take credit for things that go right. and to be as open and upfront about where we see the company going. look, we know a couple of things. one is bloomberg survives only survives only if people trust us. simple as that. they have to trust us with their data, with their safety, the safety of their loved ones. and we have to earn that trust every day in the wake of the operate. that is the mandate.

and if we do not do that, we going to lose, simple as that. being think about uber the mobility platform of the future, i place you had only go to because you want to ride in a car, but because you want to get on a bike, because you want to take another mode of transportation, and soon you want to get into an air taxi right? when you think about the platform in that way, as a mobility platform, the idea and concept of trust and safety becomes even more important, and that means it has got to be what you see is what you get. emily: the california supreme court recently ruled in favor of drivers for a document delivery company, which could have wide raging -- wide-ranging implications for you and other gig economy companies. proactivelyidering making its drivers employees

rather than contractors? dynamics'ink the decision is a big decision, and the implications are far, far broader than just ridesharing companies. clearly, it affects us, but many an independent contractor model. what it means is we have to back up a little bit and be willing to engage a broader, fundamental conversation about the gig economy in the opportunity that we want to create for individuals who participate in that economy. youso what that means, know, we have to have an honest conversation about, there doesn't need to be this false choice between security and flexibility. you ought to be able in today's world to have flexibility and security. again, the partnership in the e.u. i think is a demonstration

that you can do that. -- wee something called continue to something with other ridesharing companies to something called the black car fund, that is it ministered by labor, but tries to do what we have done in europe for drivers in new york. and i think it could be a model for the rest of the country. but that really does require that, you know, we kind of come crutches, ideological and engage in honest conversation about how we create more and more opportunity in this new economy, which is here. , weave to grapple with it have to deal with it, so let's do it in a way that creates opportunity or everybody. emily: could drivers become employees as a result? are the implications that big? tony sure, it is possible. know, second be one result. i personally do not think that is the right result because i think, at least in our business

model, that means there is a great degree of flexibility that is been taken away. and there is a question of whether that business model can be as efficient and is effective? one of the things that is so vasttant is that the vast, , vast majority of our drivers drive less than 10 hours a week. these are individuals were supplementing their income, individuals who are finding a way to drive on their schedule, on their terms. they ought to be able to not only engage in that practice, but have protections for them while they are engaging on the platform. i think that is the win-win that we want to get to. emily: i would be remiss if i did not ask you about multiple criminal investigations that your former employer has into

uber, including one that the company paid bribes overseas, where they used fake cars to avoid law enforcement, all of this allegedly. software used to track lift drivers, stealing trade secrets from waymo from other companies, and pricing antidiscrimination laws. any updates? [laughter] tony: you know, i now know what it feels like to be on the other side of myself a few years ago. look, without confirming any of that, look, i will say this. we continue to be very cooperative with regulators who are investigating a whole host of issues. that is the approach that are ceo believes in and that i believe in. you know, i think a couple of challenges that we engaged when

we started come along was cultural change. that was job number one, as anybody will tell you. the most important thing about a company is its culture, everything else is secondary. so that was job number one. but the other thing that we really had to do was work on the regulatory shadow, the overhang through.ant to move unfortunately, -- my fortunately one of the things , i encountered was an incredibly talented team of lawyers who have been working on this and continue to work on this, and i think they are now working in an environment where we can engage regulators in perhaps a more cooperative way that has been in the past. and i think that is benefiting the company. emily sticking with : ride-hailing, one of their main rivals is making a push into the australian market, launching operations there on monday. bloomberg's paul allen filed this report from sydney.

paul it is a slow and steady : start. the company has been trialing its service ahead of its launch in melbourne. but here in sydney and the rest of austria, we are going to have to wait. the australian and new zealand boss says that they will take a pragmatic step-by-step approach to expansion with feedback from the launch used to shape offerings elsewhere. they have been raising capital to fund its expansion. that raised around the valuation to $56 billion. with sources saying the company have cash on hand of $12 billion. discounts of up to 50% are going to be offered to riders until the end of drivers who sign up july. early will qualify for incentives as well. the ridesharing market in australia is getting a little bit crowded though. we already have uber here and didi will be joining taxify as

well on the street down under. paul allen, bloomberg news, sydney. emily: coming up, we sit down with the ceo of africa's biggest company that made the best tech investment in history. their ceo joins us to talk about backing tencent next. this is bloomberg. ♪

♪ emily: leslie, africa's biggest -- last week, africa's biggest company by market cap reported a 72% increase in earnings. they credited advertising and e-commerce for this boost, and happens to be one of the biggest tech investors in the world, and has long relied on its 31% stake in the chinese tech giant tencent to accelerate growth. but its investments in online companies are starting to bear fruit. folded 2% stake in tencent and

then netted another 1.6 billion dollar profit from the sale of a stake in the indian e-commerce startup in may. bob van dijk joins us to discuss. bob: the main reason why we freed up more capital is really driven by opportunity. we have been focusing, building our e-commerce business in classified and online for delivery. and we are getting to some scale. we realized there is so much for the opportunity to pursue. and we really want to shore up the balance sheet and give us the capacity to do that. repeat the model of finding a great business, finding a way entrepreneur, putting our backing behind them and making a great company grow. emily: to walk away from a small stake in tencent is risky given how fast the company continues to grow. where do you plan to put this money? where do you see that opportunity? see -- andso what we of course tencent is an amazing , company. probably one of the most impressive growth stories

anywhere in the world today. but what we also see is that we have managed to build excellent businesses in 120 countries, and we are just not done. we realized that if we continue to be looking for the right entrepreneurs, we find them. we actually trust them. we get them -- we give them a lot of runway. we can actually do this again and again. a good example is what we have done with flip cart in india and found an opportunity really early, and we backed a founder an 2007 in india, looking at e-commerce dream. wanting to build this great business. while there were no credit cards, no logistics, no structured retail, we backed them from early on and he made something great happen, and that is what we do. emily: you bought that small stake in tencent in 2001. it is now worth upwards of $150 billion. you know, i am sure that has been some fascinating drama over the years whether to get into

games or even a commerce -- games or e-commerce. you have been ringside for all of this. i am curious if you could share more about your shared history. what has it been like to be on the front lines of tencent's growth? bob: it has been a fantastic ride. it is probably the company run by the most incredible leadership team in the world. and i think but they have been structurally well is the care about their customers. they start with the customers. they start with technology. and they have been basically taking a view on what is the best possible product we can offer? and that is very much what we do as well in our other investments. we find these entrepreneurs with an extreme product and customer focus, and we back them, and tencent is the best example of doing that. that's fundamentally what we do. stake in tencent is now worth more than naspers overall, and your performances largely nearing tencent.

what is your strategy to close that gap? bob: we are, of course, a company that is quite diversified. so, you would expect a certain discount to be for us, normal to trade at. for us, there are structural other factors that make our lives a little different from others, but fundamentally, what we are focused on doing is finding these great entrepreneurs that build great businesses. actually, the last set of results are good examples where we see very strong growth in the e-commerce business growing close to 40%, accelerating year-over-year, and our core e-commerce investment starting profitable. building great businesses is what we do. emily: so, you have said you look at listing some business units individually. curious, which of your businesses do you think are listing-ready? bob: at this point in time, we are looking at a broad set of options at which businesses can

ask the help us overtime to unlock this value. there is a broad set of options we have. we have done it many times in the past. for example. -- for example we have an online , food delivery business called delivery hero. that company went public and is on a fantastic ride. so, we look at it all the time. we look at which businesses would be better off if we take them to a public situation. and we make those choices. emily: that was naspers' ceo bob van dijk. coming up, salesforce has announced a $200 billion investment in the u.k.. we talked to be secretary of state for digital media on all future tech investments into the u.k., next. this is bloomberg. ♪

♪ emily: the u.k. government is making it a point to show off the country's taxi.

despite the price of distraction, they're working to secure the economic rewards of being a destination for digital investment. this week, they unveiled the london cyber innovation center after announcing billions in new investment from overseas. with this amongst the international companies showing some love. bloomberg's caroline hyde spoke with the u.k.'s secretary of state for digital media and sport. matt large technology coming : from across the world are not only welcome here to invest, to expand operations, but they are doing so with great pace. salesforce, you mentioned, over the last two years, we have had major investment decisions from apple, google, ibm, amazon, a couple of weeks ago. samsung opening their facility in cambridge. there is massive investment, i

was a double from 2016 to 2017 in the u.k., and we want to keep pushing it in that direction. caroline what about the : regulatory environment? at some point, people look at the e.u. and worry will they be slapped with fines, they feel copyright law is going to tackle. how much is your regulatory environment a blessing or curse? matt: we think there is an opportunity here, too. the u.k., traditionally, has a good track record of writing regulations that gives us a framework in which they can operate, but also is strongly pro-innovation. axa -- i would say the regulatory sandbox they have developed is, yes, of course, having regulations. financial products do need a level of regulation. but also allowing for innovation, having the perception something is ok, and

if there's a problem, the regulatory will have a conversation, as opposed the other way around. so, we have a very pro -innovation approach. we are constantly changing the law to update that. for example, in parliament today, there is the autonomous vehicles bill. that will help to make us a great place to run autonomous vehicles safely, securely, and in the interest of citizens, but harnessing new technology. and likewise, the data protection act brought the gdp r into uk law. we think it is a good rule. and even though we are leaving the european union, we are going to keep it because we think it

is a good balance between privacy and innovation. may companies have been born and bred in the u.k. what do you think about the consolidation within the media space? matt: i certainly see it happening. i am the class i decision-maker quasam the i-decision-maker. i am very careful to ensure that decisions are taken clearly and objectively. we obviously had a very detailed process, looking at the fox takeover of sky. the final details of how that can work without causing problems in terms of media plurality are out for consultation for the next week or so. that is before we comically final decision. also, the comcast proposed takeover we looked at and

decided that did not raise concerns. now, there will be a takeover astest, should that proceed billed. and i think the position we take in the u.k., that the government does not take a strong be you on these mergers generally outside of the specific rules, both competition and media plurality and the media rules about -- around that, i think the fact that politicians do not express a view between different potential bidders, i think that is a strength for our economy. it is one of the reasons we get so much investment here. i will keep abiding by that. emily: that was caroline hyde with matt hancock, u.k. secretary of state for digital, culture, media and sport. and that does it for this edition of "best of bloomberg technology." we will bring you the latest in tech throughout the week. this week, we will get tesla's delivery numbers and this company's ongoing question for a

-- and its ongoing quest to turn a profit. tune in each day, bloomberg technology's live streaming on twitter. and he sure to follow our global news network on tictoc on twitter. this is bloomberg. ♪ what's a gig of data?

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♪ taylor: coming up on "bloomberg best," the stories that shaped the week in business around the world. trade issues again dominate discussion as uncertainty continues. >> markets go down because they see changes in policy and then a spokesman goes out and says, nah. a landmark decision in a landmark departure from the u.s. supreme court. >> definitely a chance for trump to leave his mark on the court for a significant period of time to come. taylor: the leaders need to tackle the immigration crisis. the federal reserve releases results, and companies find themselves in the crossfire. >> in the trump administration, you can