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. >> coming up steps back from the brink on china 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. 20 west, over -- 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. airbnb. but first to our top story, the white house is moving forward with plans to limit chinese tech investments. but, in a less confrontational manner than previously reported. the president is looking to congress to keep companies from stealing u.s. intellectual property. treasury secretary steven mnuchin hailed the move when talking to reporters on wednesday. >> the economic team recommended to the president when legislation passes we will have the necessary tools to protect technology. whether that is china or anyone else. 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. technology, how does this impact your strategy? ben: we look at this as a boon, locally, frankly. we thought that this type of

aggressive action lead to self-sufficiency locally. in the last couple 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 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 is here when it comes to 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. so not an unexpected move, but , one that i think that has started the process where there is more innovation and

development in 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? ben: 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

way would be found so that a lot of these impacts of these statements would be mitigated. 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 a little bit, 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 souped up 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. we have already seen deal flow in china. thatchinese companies acquired into the u.s. go down. we have seen some venture capitalists, chinese venture capitalists pull back a little bit. 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 . so it will be interesting to see what happens next.

is this stick 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 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 financials, 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 cdr's in china and the options being taken out and mainland investors certainly frustrating many

appeared not an easy time to come out and it is 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 been harbored -- ben haborg 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, but may have hit a snag. bloomberg's chief agent correspondent stephen engle reports from bejing. stephen: xiaomi's decision to postpone a simultaneous listing in shanghai with its hong kong ipo 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. but 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 -- revive the domestic part of the listing. sources say xiaomi scrapped it because of differences with the valuation 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 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 margin smart phone player. the ipo likely begins trading in hong kong july 9. stephen engle, bloomberg news, beijing. 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 person's 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 involve 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 ripping 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. there are 100 million jobs that are going to be taxed to travel. 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. so, for us, it is not a

business, it is values. 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. restaurants 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 -- your 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. but for us, i think this is a much bigger issue. and that is a question of whether we will have an open world or a closed world. we faced enormous global challenges. climate change, etc. the only way these issues are a ddressed 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. and it will not work. 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 has a company, look at this as a company moving forward. or moving backwards. 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. at the center of what airbnb is all about 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 works at 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, whether 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. next. 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 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 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. so we call it our e-commerce upgrade strategy. this year the deals includes companies like alibaba. companies like 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. this is happening for people like men in a convenience store, that is a big piece for us. taking off-line traditional experience in integrating it with data.

the second area of growth ross 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 stories of chinese tech moving overseas successfully. jenny: it is starting to happen. we have an investment in the company called musically. -- musicly. a chinese company based in shanghai but they launched in the u.s. for years ago and it is 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 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, tictoc, 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 regulation changes. 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 their testy relationship with the regulator. caroline hyde caught up with the details. >> they got 15 months to keep making good on the promises they said they were going to make, behaving a little better, reporting crimes, and offering a bunch of other changes.

it is this 15 month period where they have to keep doing the right thing, then reapply for another license, and hopefully they can do that without going to court. caroline: you did some fantastic reporting by getting into a lot of ubers. 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 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 a change for them to be their own boss and work whenever they want. that is a number one thing they want to keep. caroline: it is notable for uber though that 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 insurance packages, but more worker 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 very recently had another company in the gig economy with plumbing. 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. 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, does this is sort of undermine the business model going forward? or is uber here to stay? really, this is a takeaway of good news? nate: 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 that it will do. at the same time, uber doesn't really have a direct look -- arrival here. in the u.s., there are the twins of uber and lyft, and we do not have that. some people say it is over and -- uber and the black cabs, but they are different business models and 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 technology's nate lanxon. we continue to conversation with uber's chief legal officer tony west. he was recruited by the ceo. i spoke 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 requires us to walk the walk and to demonstrate that we are, in the words of the license, fit and proper. and i believe we would not have been here at this point had we the preceding seven or eight months where dara engaged , in some extraordinary personal diplomacy. 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 tfl 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 it would

be an uber in sheep's clothing. they were worried about 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 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 way that we operate. that is the mandate.

and if we do not do that, we going to lose, simple as that. if you think about uber being the mobility platform of the future, a place 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, 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-ranging implications for uber and other gig economy companies. is uber considering proactively making its drivers employees rather than contractors?

tony: i think the dynamics decision is a big decision, and the implications are far, far broader than just ridesharing companies. clearly, it affects us, but many more who use 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 and the opportunity that we want to create for individuals who participate in that economy. and so 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 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. we contribute to something with

other rideshare companies called the black car fund, that is it -- actually 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 crutches, -- crouches, and we 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 or everybody. emily: could drivers become employees as a result? are the implications that big? tony: sure, it is possible. i think that could 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 then taken away.

and there is a question of whether or not even that business model can be as efficient and as effective. one of the things that is so important when we think about uber is that the vast, vast, vast majority of our drivers drive less than 10 hours a week. these are individuals who are 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 -- lyft drivers, whether uber stole trade secrets from waymo from other companies, and pricing antidiscrimination laws. any updates? tony: [laughter] you know, i now know what it feels like to be on the other side of me a few years ago. [laughter] 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 our ceo believes in and 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, 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 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. i think that is benefiting the company. emily: sticking with ride-hailing services, one of dd, -- ddn rivals, choosing 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 inesharing service, didi , australia. 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 melbourne launch used to shape offerings elsewhere in the country. didi 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 have 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 didi will be joining taxify as

well on the streets 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. naspers credits advertising and e-commerce for this boost, and happens to be one of the biggest , it under the radar, 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. naspers raised $9.8 billion in march by selling a 2% stake in tencent. they then netted another $1.6 billion profit from the sale of a stake in the indian e-commerce

startup flip cart to lombard in may. naspers 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 and online food 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 that's great 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? bob: yeah, and 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 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 and 2007 in india, looking at an 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 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. emily: your stake in tencent is now worth more than naspers overall, and your performances -- is 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, 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. over the next five years. we will talk to the 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 to show off the countries

tech scene. despite the price of distraction, they're working to secure the economic rewards of being a destination for digital , ai, and cybersecurity investment. this week, they unveiled the london cyber innovation center after announcing billions in new investment in the tech sector from overseas, with salesforce among the international companies showing some love. bloomberg's caroline hyde spoke with matt hancock u.k.'s , secretary of state for digital culture, media, and sports. matt: large technology coming from across the world are not only welcome here to invest, to expand their 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. i would say the regulatory sandbox they have developed is, as a world leading example, of course, having regulations. financial products do need a level of regulation. but also allowing for innovation, having the assumption that something is ok, and if there's a problem, the

regulator 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 instance, before 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 gdpr , the european legislation, into u.k. law, but also exercise the number of derogations to be more it wasovation then if more wholesale. we did not limit what gdpr would allow. 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.

caroline: some of the most innovative 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 quasi-decision-maker. in some of these mergers. 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 come to a final decision. also, the comcast proposed takeover we looked at and decided that did not raise concerns.

now, there will be a takeover contest, should that proceed as billed. and i think the position we take in the u.k., that the government doesn't take a strong view on these mergers generally, outside of the specific rules, both competition and media plurality and the media rules 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 quest to turn a profit.

tune in each day, bloomberg technology's live streaming on twitter. check us out. be sure to follow our global news network on tictoc on twitter. this is bloomberg. ♪

♪ >> lowering some of trade tensions in china, saying it will not fire some of the first shots. beijing says they will wait to see what washington does. >> president trump renewed his attack on opec. he says the cartel is driving prices higher and prices must come down immediately. >> coal is king in australia. at $58e with total value billion australian over the next year. >>