emily: i am emily chang and this is "the best of bloomberg technology," where we bring you all the top interviews from this week in tech. president trump deciding against the harshest measures on chinese investments in the u.s. we discussed what it means for chinese tech companies like alibaba. plus, we talked to the man leading uber's legal battle on the heels of the deal operating in london. uber's chief legal officer joins us, ahead. and the u.s. supreme court upholds president trump's travel

ban, giving him a legal and political victory on a controversy that has defined his presidency. we will hear from a tech leader speaking out against the decision. but first to our top story, the white house is moving forward with plans to limit chinese tech investments. the president is looking to congress to keep companies from stealing u.s. intellectual property. treasury secretary steven mnuchin and hailed the move when talking to reporters on wednesday. >> the economic team recommended to the president that when legislation passes we will have the necessary tools to protect technology. emily: we discuss with a senior reporter who covers the chinese tech scene, and from bejing, a managing partner at a venture fund that has invested over $1 billion in the last three years. >> donald trump is going to rely

on congress, and the legislation that is going through right now to strengthen the laws that already exist. we are going to see -- it is already an untransparent, pretty interesting group of folks that are managing and looking at each individual investment coming in through china. what they want to do is strengthen that even more. that means taking a look at things like joint ventures, which used to be something that flew under the radar. and smaller deals that used to kind of fly under the radar. this idea that we are not going to look at the big deals, but also some of the smaller deals coming out of china trying to buy up u.s. tech companies. emily: ben, as someone who invests in china and u.s. tech nology, how does this impact your strategy?

ben: we look at this as a boon, locally, frankly. we thought that this type of aggressive action brought -- 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 have been taken out of the market. i think this action and things like the zte sanctions open people's eyes to how empty a lot of the business here is in tech. it really spurred a deep soul-searching in the venture and entrepreneurial community here and lead to a push towards businesses really being developed. a lot of capital pouring into new areas where we believe we can develop self-sufficiency locally. not an unexpected move, but one that i think that has started the process where there is more

innovation and development in a hard tech and deep tech in china. emily: what has been the reaction from people in beijing as these dramatic developments have played out and gone back-and-forth with the tit-for-tat? benjamin: it has been a bit of a roller coaster. as an american here, i often referred to and questioned about what the true meaning of all the questions are and what will stick to the wall and what will not. i think that the overall view here is that trump is a businessman. he understands the impacts that these types of measures would have both on u.s. businesses, as well as the shareholders there. likewise, many of the chinese businesses are obviously backed by venture capital firms. much of that money coming from u.s. investors as well. so the view here was that, while a lot of these, what we call extreme pressure measures are being used, ultimately the

impact of these statements would be mitigated. and so ultimately, not huge damage done to local businesses. emily: we are of course already hearing from lawmakers. take a listen to senator john thune who is on the senate finance committee. senator thune: i think that this is a better course of action. they indicated they are going to use a legislative approach as opposed to what they talked about previously. and i think that makes more sense. if you look at the concerns that we've had about potential retaliation from china with respect to what the administration was proposing, i think that is walking back from that and, to me, represents a more thoughtful, logical approach. emily: shelly, what are we expecting in terms of legislation to come out of congress? shelly: we are expecting this bill and legislation and it will

be more scrutiny, more staffing involved. more scrutiny over the companies that are engaging in these deals. and we have already seen the impact. deal flowready seen in china. some chinese companies that requires into the u.s. go down. we have seen some venture capitalists, chinese venture capitalists pull back a little bit. and the idea is that maybe that is going to happen more if the u.s. increases scrutiny. to ben's earlier point, there is nothing like telling someone you cannot do something to rev them up to do more. so if you are going to tell chinese companies you cannot invest in our businesses, you can bet that some entrepreneurs will say, maybe we don't need to invest in u.s. startups, maybe we need to double down and create our own technology appeared so 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 expecting in the first place. emily: we have already seen chinese ipo's not performing for -- perhaps as well as expected. take a look at my bloomberg, this chart showing recent hk-listed ipo's. we do have xiaomi coming up. ben, you were an early investor in that. i understand an investor in xiaomi is an investor in one of your funds. any concerns of how they will perform given now that we know some of the financial, which are not perfect. benjamin: yes, not an easy time to come out right now. as you mentioned, a number of underperformers in hong kong, new regulations around cer's in china and the options being taken out and mainland investors

certainly frustrating many appeared not an easy time to come out, certainly complicated by the fact that xiaomi are a new species. they are a company that does not fit any of the usual metrics and valuation methodologies and company profiles that most in the public markets understand. it is a hardware company, it is a software company, we do iot, e-commerce of services, it is difficult to put one finger on it. the net result is that a lot of people are scratching their heads today, both institutional as well as individual investors trying to figure out how it really should be valued. emily: that was msa capital managing partner benjamin and bloomberg's shelly. xiaomi is on its way to a $6 billion plus listing, marking what would be the biggest ipo in two years.

it helps to reach $100 billion valuation by postponing the mainland china half of its listing. bloomberg's chief agent correspondent stephen engle reports from bejing. stephen: xiaomi's decision to postpone could hurt china's ambitions to lure its larger tech companies via china's depository receipts. the hong kong ipo is said to be the world's biggest in nearly two years to raise $6.1 billion u.s. dollars. it is a considerably shaved down offering that was expected to top $10 billion, and the company's cfo says there is no timeframe to revive them at the part of the listing. sources say xiaomi scrapped it because of differences with the regulator overvaluation, but xiaomi says it had no dispute with the csrc. investors may dispute the valuation. the ipo is said to be marketed up to 29.3 times forecasted at 2019 earnings, making it twice

as expensive as apple and more pricier than tencent. xiaomi says it deserves the premium in valuation because it sees itself as an emerging internet and e-commerce company rather than simply a lower market smart phone player. the ipo likely begins trading in hong kong july 9. emily: coming up, the travel ban's impact on silicon valley. we're going to hear from airbnb's kris letang, next. and if you like bloomberg news, check us out on the bloomberg radio app, bloomberg.com and in the u.s. on serious xm. this is bloomberg. ♪

emily: this week, the united states supreme court has voted to uphold president trump's travel ban. the court voted 5-4 along party lines, rejecting arguments that president trump violated the constitution by targeting muslims. the current version of the travel ban targets five

predominantly muslim countries and indefinitely bars more than 150 million people from entering the united states. the president took to twitter saying, "supreme court upholds trump travel ban, wow." tech pushed back big time on the travel ban the first time around, and they are doing so again. airbnb released a statement saying we are profoundly disappointed by the supreme court's decision to uphold the travel ban, a policy that goes against our mission and values to restrict travel based on a nationality or religion is wrong. travel is a powerful experience and we will continue to open doors and build bridges between cultures around the world. chris lehane joined us on tuesday, the head of global policies for airbnb, and a former white house official in the clinton administration. >> what brian tweeted, our ceo, and what our founders have

talked about is specifically our concern. that is based on our philosophical values. if you look at the history of the united states, core history has been a sense of travel. travel has always advanced the human condition. we are now in a time period when you are having travel bans. controversies about children being separated from their parents, conversations about building walls. and that is fundamentally inconsistent of what it means to be an american, the american experience, american democracy. if you look at the course of human history, whether you look at migration, immigration, exploration, innovation, travel has always been at the center of that. we think this is really a fundamental question of whether we want to continue to move forward as a country or go backwards. so for us, this really does not bother our business in sense of a dollar perspective, but i cannot help but think that on this day 55 years ago, in what was then west berlin, president

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 also had quite a strong statement about the family separation. the cofounders of air bnb said gripping children from the arms of their parents is heartless, cruel and the u.s. government needs to stop this injustice and reunite these families. we are a better country than this. you are matching donations to the international refugee assistance project. you have been hosting guests as part of your refugee program. how many people have you hosted? chris: we have been on this for several years now. beginning at the end of 2016 we made a series of commitments between housing 150,000 displaced people. well over 11,000 contributed $4 million to help support refugee efforts today. we are announcing that matching

program with the international refugee assistance project. 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 five million plus listings around the world and we work with our host communities to open up homes for people who are displaced. we're going to have more to say about this as they go forward. for us, this is a valued-based issue. to the extent you want to talk about it from a business perspective, think about what has happened over the last year. we have seen travel go down. travel is 10% of our gdp. these types of decisions are not good for the u.s. economic perspective. for us i really want to underscore that we continue to grow even though the travel industry has been impacted by this in the u.s.

i have referred to some of these decisions as travel parish. once you start to impact travel you are impacting an economic sector. that is not just big companies. small businesses that depend on it. we are speaking out about it. we talked about it over when the comments were made about the various countries, i will not use the words that were used in the initial travel ban was announced. when other issues have come up, such as separation of children and parents at the border. it is germane and material to what we stand for from a values perspective, but there are obviously business issues. emily: and it does impact or business if travel is down. how has travel from airbnb's perspective been impacted not just by the travel ban but by the american's first mentality and president trump's general anti-immigrant stance?

chris: if you look at travel in the u.s. over the last year from international origins has gone down. we have been fortunate in that we have seen our travel go up. that is somewhat reflective of the fact that people are staying with real people. in some ways, our model actually works for those folks who want to come and spend time with real people. but yes, overall, when you are out there putting up travel tariffs and travel bans, that would not be good for that particular economics sector. and that is a question of whether we will have an open world or a closed world. -- enormousnormal global challenges. climate change, etc. the only way these issues are a dressed in a global context is countries working with one another. that requires a mindset of an open world. isolationism to tribalism is pretty clear, it 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 who may be republican who may 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 don't look at this as a democratic republican issue. i think people know where i come at this philosophically. but we look at this as a company moving forward. that is the prism we are using to we do not speak out on every issue, but we do speak out on those issues that go specifically to our values. it is a sense of belonging, of driving belonging, of promoting belonging, of having people stay with different people of different backgrounds. so when you get rulings like this, they are just entirely inconsistent of what we are about. emily: there are people that work at airbnb that might disagree. chris: i think anyone who assigned up to airbnb has signed

up for our 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 airbnb, you are working to support a community that is committed to driving belonging. and i think people understand that when issues come up that are inconsistent with that, w hether here in the u.s. or other parts of the world, we will stand up for the issues and values our community cares about. emily: now that this is happened, is there anything you are doing on the business side to adapt? chris: we will release more information. we will be releasing a video in a short time period that will communicate how strong we feel about the power of belonging, the power of travel and how important it has been to the american experience and american democracy. and we will continue to work on some of the things that had been out there. we will do a matching fund to the international refugee assistance program. we're going to continue to find ways to house people that have been displaced. again, this all tracks back and

all rolls back to our values and our purpose. emily: coming up, china's booming tech sector managing partner tells us where she sees the most growth and opportunity. and later this hour, uber gets a second chance in london. the details of their 15 month license to operate there. this is bloomberg. ♪

emily: airbnb, xiaomi, alibaba , dd and grab are among 22 unicorns or have one thing in common, investments from ggb capital. one of the driving forces is the managing partner jenny lee. she was the top woman on the list and number 10 overall in 2015. she sat down with tom mackenzie in shanghai is part of our venture chinese series to say where she sees the most growth coming in the chinese tech sector.

jenny: our focus is around the whole evolution of consumer buying habits and changing. it our e-commerce upgrade strategy. this year the deals includes companies by alibaba, e-commerce. what we are seeing in new innovation is in off-line destruction. the online companies are leveraging data that has been collected from consumers to now put them off-line and online in terms of what they are shopping and buying off-line. men in a convenience store, that is a big piece for us. online e-commerce integrating into off-line and distracting be off-line traditional experience. the second area of growth ross is always around social. -- growth for us is always

around social. if you think about, sitting in the u.s. we always thought that if you fire facebook you're free. in china he can always find a facebook-type of business model every three to four years. every three to four years there is always new social disruption, whether in the form of short form video, live streaming video. but the key is it is content-driven and targeted to each of the different segments of research. we have investments in companies in china, we have another investment in a company that only targets the generation z. i think there is quite a bit more room for growth. we therefore expect to see this company maybe taking that model overseas as well. tom: do think some of those

examples around social can be moved overseas? we have not seen that many success tories of chinese tech moving overseas successfully. jenny: it is starting to happen. we have an investment in the company called musically. a chinese company based in shanghai but they launched in and it isor years ago in 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 becoming number one in the u.s. market. we have also seen chinese social apps going to the u.s. and southeast asia. for example, yy, which is a chinese company, has a similar app called beagle, which is one of the largest social apps in southeast asia. tom: how many apps are you looking to pull off by 2018? jenny: over the last two years i have had six.

this year it is going to be either you. -- going to be ipo. this year it there are a few overseas and domestic. and i have like, four companies. tom: how did the beijing/washington trade tensions play into your decisions? are they having an impact on the way you operate? jenny: we are watching the development very, very carefully right now. we need to know which direction this is going to go. i think that, in the short term, we feel that both countries will not benefit from increased trade tension. longer-term, china may come out ahead. emily: that was jenny lee speaking to tom mackenzie in our china venture series. coming up, we will hear from

uber's chief legal officer on what it is like to have one of the most challenging jobs in silicon valley. "bloomberg technology" is live streaming on twitter. be sure to follow our breaking news network on twitter. this is bloomberg. ♪

emily: welcome back to the best of bloomberg technology. i'm emily chang. a judge granted uber a 15-month license to operate in london after the ride hailer made some changes to appease regulators. the ruling came tuesday after 1.5 days of arguments, in which lawyers for uber insisted that the global ridesharing app had completely overhauled its culture, passenger safety policies, and reset its testy relationship with the regulator. caroline hyde caught up with the details. >> they have got 15 months now to keep making good on the promises or continue making good on the promises they said they were going to make, behaving a little better, reporting crimes, and offering you know a bunch of other changes.

they have said now, we are kind of happy. it is a 15 month period where they have to keep doing the right thing, then eventually reapply for another license, and hopefully they can do that without having to go to court. caroline: you did some fantastic reporting by getting into a lot of ubers. and generally, the consensus was the drivers certainly like the product. and they want to keep the flexibility. >> exactly. the number one piece of feedback that i had was, yes having , benefits would be very nice, thank you very much. 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. kind of private higher license, this is a change for them to be their own boss and work whenever they want. that is the number one thing they want to keep. caroline: this does not end the legal battles for uber in the u.k. when it comes to the drivers, there are still some hurdles in terms of giving them not just the insurance packages they already have, but more worker

benefits. nate: 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. so uber lost their appeal about employment rights, and holiday pay, vacation pay, and we very recently had another company in the gig economy with plumbing. a little different to ride-hailing. they lost a case, and one of their workers was given the right to vacation pay. and so, you know, it is one of the first times we have seen anything like that. and you know, uber is going to 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, does this is sort of undermine the business model going forward? or is uber here to stay? they are number one in europe, london, and really this is a takeaway of good news? nate: i think that, you know 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. you know london is the biggest , market in europe. one of its biggest worldwide. so, for uber, it is a no-brainer. you know it has to do what it , needs to do to stay here. and if it has to pay vacation pay, then i have no doubt that it will do. at the same time, uber doesn't have a direct line from here. in the u.s., there are the twins of uber and lyft, and we do not have that. you know, some people say it is uber and the black cabs, but they serve quite a different audience. or type of passenger, rather. so you know, 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. we continue the conversation with uber's chief legal officer tony west who was recorded by the new ceo.

i talked with west about how he is tackling his big challenges ahead at an event hosted by bloomberg law in san francisco, and asked him about the company finally getting its 15 month license to operate in london. tony: it is a win that requires us to walk the walk and to demonstrate that we are, in the words of the license, fit and proper. and i believe that we would not be here at this point had we not, in the preceding 7, 8 months where dara engaged in some extraordinary personal diplomacy. we would not -- and there has been a lot of other things, changes, significant structural changes, compliance changes that we have made to the way that we operate. you know, we would not have gotten to this point had, i think, t fl and other 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 that it could be an uber in sheep's clothing. we worry about an uber in sheep's clothing. tony: well, you know, the new uber is what you see. right? i think 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, uber survives only if people trust us. simple as that. they have got to trust us with their data. you have to trust us with safety or the safety of their loved ones. and we have to earn that trust every day in the way that we operate. that is the mandate. and if we do not do that, we

are going to lose, simple as that. if you think about uber being the mobility platform of the future, a place that you not 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, 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 that we -- 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-ranging implications for uber and other gig economy companies. is uber at all considering proactively making its drivers employees rather than contractors? tony: so you know, i think the dynamics' decision is a big

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

we have something called a -- we contribute to something with other rideshare companies in new york with something called the black car fund, that is it ministered by labor, but tries to essentially 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 out of our ideological crouches, and engage in honest conversation about how we create more and more opportunity in this new economy, which is here. we have to grapple with it, we have to deal with it, let's make sure we do it in a way that creates opportunity for everybody. emily: could drivers become employees as a result? this are the implications that , big? tony: sure, it is possible. i think, you know i think that , could be one result. i don't i personally do not , think that is the right result, because i think, at least in our business model, and business model of so many

others that means there is a , great degree of flexibility that is then taken away. and there is a question of whether or not, you know, even that kind of business model can be as efficient and as effective. i think one of the things that is so important when you think about uber is the vast, vast, vast majority of our drivers drive less than 10 hours a week. ok. so these are individuals who are supplementing their income, they are 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. and 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,

gravol where they used fake cars to avoid law enforcement, all of this allegedly. health software used to track which drivers whether uber stole , trade secrets from waymo from and whether they violated anti-pricing pricing , antidiscrimination laws. any updates? >> [laughter] tony: you know, i now know what it feels like to be on the other side of me 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 dara believes in, that i believe in. you know, i think a couple of challenges that we engaged when we started, one was cultural change. that was job number one, as

anybody will tell you. any ceo 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 -- what i call the regulatory shadow, the overhang that we want to continue to methodically move through. 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. some observers may say. and i think that is benefiting the company. emily: sticking with ride-hailing services, one of uber's main rivals, dd, 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 for the launch of this ridesharing service, dd in , australia. the company has been trialing its service in a small city ahead of its launch in melbourne. but here in sydney and the rest of australia, well we are going , to have to wait. the australian and new zealand boss says that dd will take a pragmatic step-by-step approach to expansion with feedback from the melbourne launch used to shape offerings and launches elsewhere in the country. dd has been raising capital to fund its expansion. a $4 billion funding round in december raised the valuation to $56 billion. sources saying the company has cash on hand of $12 billion. discounts of up to 50% are going to be offered to riders until the end of july. drivers who sign up 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 dd is going to 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 by market cap, a company that has also made perhaps the best tech investment in history. their ceo joins us to talk about backing tencent next. this is bloomberg. ♪

emily: last week, africa's biggest company by market cap reported a 72% increase in full year earnings. they credit classified advertising and e-commerce for this boost, and happens to be one of the biggest if under the radar tech investors in the world, and has long relied on its 31% stake in the chinese tech giant tencent to accelerate profit growth. but his investment in new online companies are starting to bear fruit. naspers raised -- raised 2% stake in tencent and then netted another $1.6 billion

profit from the sale of a stake in the indian e-commerce startup in may. the ceo bob van dijk joins us to discuss. bob: the main reason why we freed up more capital is really driven by opportunity. so we have been focusing building our e-commerce business in classified and online for -- food delivery. and we are getting to some scale. we realized there is so much for us to pursue. and we really want to shore up the balance sheet and give us the capacity to do that. so to repeat that model of finding a great business, finding a great entrepreneur, putting our backing behind them and making a great company grow. aily: to walk away from even 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? bob: yeah, so what we see basically and tencent is an amazing company. one of the most amazing growth

stories anywhere today. we also see we have managed to build excellent businesses in 120 countries and the internet. we are not done. as we look for the right entrepreneurs, we find them. we actually trust them. we give them a lot of runway. we can actually do this again and again. and a good example is what we have done with flip cart in india where we have also found an opportunity really early, and we backed a founder that was in 2007 in india, looking at an e-commerce dream, wanting to build this great etail 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 back in 2001. it is now worth upwards of $150 billion. i am sure there has been some fascinating drama over the years whether to get into games or e-commerce.

you have been ringside for all of this. and i am curious if you could share a little bit 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. as i said, it is probably the company that is run by the most incredible leadership team in the world. i think where they have done structurally well is they 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 i think tencent is by far the best example of doing that. but is finally -- that is fundamentally what we do at naspers. emily: your 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: yeah, no.

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. i think 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. and actually, the last set of results are a good example where we see very strong growth in the e-commerce business growing at close to 40%, accelerating over year year-over-year, and , our core e-commerce investment classified starting profitable. building great businesses is really what we do. emily: so you said you looked at listing some business units individually. curious, which of your businesses do you think are listing-ready? bob: yeah, i think at this point in time, we are looking at a broad set of options at which usinesses actually can help over time to unlock this value.

there is a broad set of options we have. we have done it many times in the past. for example we invested an online food delivery business called delivery hero. a while ago. that company went public and has been 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 $2.5 billion investment in the u.k. over five years. we talked to be secretary of state for digital media on all future tech investments into the u.k., next. this is bloomberg. ♪

emily: once again the u.k. government is making it a point techow off the country's scene. despite the disruption of brexit

they're working to secure the , economic rewards of being a destination for digital investment. this weekend they unveiled the london cyber innovation center after announcing billions of in dollars new investment from overseas with salesforce 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 in london. mark: large technology companies from across the world not only are welcome here to invest, to expand their operations, but greatre doing so with pace. salesforce you mentioned, we have had major investment decisions from apple, google, ibm, amazon, a couple of weeks ago. further news from amazon. samsung opening their facility in cambridge. there is massive investment, i would say -- from 2016 to 2017

tech investment in the u.k., and we want to keep pushing it in that direction. caroline: what about the regulatory environment? because at some point, people leave the silicon valley -- specifically the silicon valley tech giants look at the e.u. and , worry will they be slapped with fines, they feel copyright law is going to tackle the right -- the likes of facebook and google? 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 regulation that both gives us a framework in which people can operate, but also is strongly pro-innovation. i would say the regulatory sandbox that the fca has developed for fintech is an example of yes, of course, , having regulations. financial products do need a level of regulation. but also allowing for innovation, having the presumption that something is ok, and if there's a problem, the regulator will have a

conversation, as opposed the other way around that you have to have something approved before you can move anywhere. so, we have a very pro-innovation regulatory stance. we are constantly changing the law to try to update that. for example, in parliament today, there is the autonomous vehicles bill. and that will help to make us a great place to run autonomous vehicles safely, securely, and in the interest of citizens, but harnessing the new technology. and likewise, the data protection act brought the gdpr -- the european legislation -- into u.k. law. it also exercise a number of rules that allowed it to be more pro-innovation. we think the gdp are is a really good rule. we are going to keep it because it is a good balance between privacy and innovation. jonathan: some companies have

been born and bred in the u.k., skype, some of them have become targets. the do you think of consolidation within the media space? matt: i certainly see it happening. as the -- i am the quasi judicial decision-maker. i am, i am very careful to ensure that decisions are taken clearly and objectively. based on the evidence. we obviously had a very detailed process with the cma looking at , the fox takeover of sky. the final details of how that can work without causing problems in terms of media plurality are now out for consultation for the next week or so. before we come to a final decision. also, the comcast proposed takeover we looked at and decided that did not raise concerns.

so that is now, there will be a one. takeover contest, should that proceed as billed. and i think the position we take in the u.k., that the government does not take a strong view on these mergers generally outside of the specific rules, both competition and media plurality and the media rules around mergers. i think the fact that politicians do not express a view between different potential bidders, i think that is a real strength for our economy. it is one of the reasons we get so much investment here. and so i am going to 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 the "best of bloomberg technology." we will bring you the latest in tech throughout the week. this week, we will get tesla's delivery numbers following a company reorganization, job cuts and its ongoing quest to turn a

profit. tune in each day, bloomberg in new york,:00 2:00 in san francisco. live streaming on twitter. and he sure to follow our global news network on tictoc on twitter. ♪

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