emily: i am emily chang in boston and this is "bloomberg technology." coming up, bitcoin jumps more than 20%. traders are at a loss to explain why. u.s./china trade talks resume as a chinese vice premier has to washington. could there be a breakthrough, and what will it mean from -- for global tech giants.

the video platform youtube faces controversy. managers are not listening to staffers. proposals to change recommendations and conspiracies are being sacrificed for poor engagement. in abruptly surged after almost three months of low volatility. the world's most popular cryptocurrency sword to its highest level since november. topping $5,000 and bringing smaller cryptocurrencies up with it. this after it plunged more than 70% last year. could the crypto winter be nearing an end? us to discuss is the chief commercial officer and bloomberg executive editor. what do you think is happening? to say.is hard nobody has good theories for what i have seen for what has caused bitcoin to search -- surge after not doing anything for a long time. i do think it is odd that all the coins surged.

that brings to mind questions , is the crypto winter really over or is it just another blitz? emily: what is your take? we know you are always more positive on bitcoin. you are happy about this, but why does it -- but why did you think it happened? >> it shows how global bitcoin trading is. a lot of times these price hikes happen late night in america and early-morning in europe but midday in asia. it shows how powerful asia is with the coin trading market. it is exciting and interesting because bitcoin trades money for -- tradesnd the world 24/7 around the world. the markets have been skittish and my traders say once it goes past 4300, it goes from there. not a lot of demand either way on which way the market will go. joe, we know volatility

has been more stable, but hacks on exchanges, market manipulation, has any of that stuff changed? the fundamental issues that people have raised, particularly around security and things like that, it is not like there is any more regulatory clarity, or anything like that. i think those concerns remain. that being said, bull markets often start before all of the questions are answered. if you wait until everything is resolved, and this is speaking for any asset class, if you wait until everything is resolved and you have security taking care of an institutional moneys come in, by then, it might be too late. it is possible that you could have a bull market start with so much uncertainty. even though nobody can explain in there was a price surge the middle of the night, the

prices held. it is not like it immediately went back down. i think that is an interesting phenomenon. sort of things on the regulatory and institutional site are improving in your view? that the coinay stays active is a plus for the bitcoin industry. regulations in america are pretty stable. europe is pretty stable. what would really boost the market is if you see countries like china, india, or russia, the three big ones that the governments have been not allowing bitcoin in those countries. if those countries change, you could see a boost to the industry. as far as fundamentals, you are waiting on companies to launch in a big way. oncean sachs, a square, those big companies come in, joe said that you might have missed the boom on the way up.

there is a lot of competition waiting to get in. maybe they think now is the time because the bottom might have already been hit. emily: bitcoin is still far from mainstream. joe, what make you more optimistic? skeptical that we will see anything resembling mainstream adoption anytime soon. i am very skeptical that we will see a lot of day-to-day use case anytime imminently. i think there are certain parts of the world, and certain functions for which to currencies, bitcoin in particular, makes a lot of sense. the governmentch is cracking down on people's freedom to transact, on people's ability to move in and out of a border, that is a potential opportunity for bitcoin. the more we see people use it, not so much in the broad sense, but the more we see people use bitcoin in the narrow sense,

which there is a logical case why bitcoin offer something that traditional payments don't, that would be a good sign of it continuing to take hold. onny, where are we going to see bitcoin being used in a more logical case, where there are benefits to using it weather is not with traditional currency? sonny: i think bitcoin has a lot of regional use cases around the world, especially outside of america. using government since in asia. -- you think of remittance in asia. people use digital gold in latin america. online paymentan mechanism that don't have credit cards. one of the largest i.t. companies use it for payments so people in asia can make multibillion-dollar payments using bitcoin. that usetarting to see case developed around the world and outside of america.

in america, most people use it for speculation. but outside of america, bitcoin is catching on fast. we willhank you both, keep watching. coming up, bloomberg tech investigates how youtube let objectionable videos flourish on the site. we will bring you a key takeaways next. listen on the bloomberg app, bloomberg.com and in the u.s. on sirius xm. this is bloomberg. ♪

emily: another day, another content issue on a social platform. according to bloomberg investigation, managers at youtube are not doing everything they can to curb toxic videos on

the platform. staffers tell us, instead, it is about increasing engagement. the primary measure of use, time spent and interaction with online videos. former employees say executives were given suggestions on how to deal with malicious content. however, they say they were told not to "rock the boat." joining us is mark urban, the person who wrote this. they ignored warnings to let toxic videos run rampant. what exactly did they ignore? >> there is a series of events reap go back to 2012 or so. that was when you to put in this internal goal to get through one billion hours of watch time. they reached over based on optimizing want people watch videos. since the 2016 election, a lot of people are bringing up the downsides of that were there are

optimized for outrage. you tell people i am going viral on the site. what you saw with kids content where channels like toy freaks had really aggressive and sometimes violent pranks that flourished, in part because of the algorithms over and over again. emily: youtube said, the primary focus has been tackling some of the toughest content challenges. we have taken a number of steps, including updating our recommendation system to prevent the spread of harmful information, bringing the number of people focused on content issues across google to 10,000. to be able to more quickly and find and remove content. youtube has made some changes. our employees just saying it is not enough? mark: the past two years they have made a series of changes.

and pretty radical ones if you look at them historically. they eliminated comments on a lot of videos aimed at kids. aople at youtube say this is huge shift. there has been a debate about comments for a long time. he kept comments in tact because they want you to to be a social media platform. been shiftings around for what they call responsible growth. that is a metric where they are using things like user surveys to see how people feel after they watch videos. that is a really tricky thing. they have not exactly told investors, the public and their employees what that looks like. emily: youtube on twitter has released follow-up statement specificallyusan has made this a priority. story, employees are saying that she personally is not making this a priority. what are employees telling you? consistent thing i

have heard for people who worked under susan was not that she does not care about these issues , especially around the kids content which was an eye-opening moment for her and her leadership team. the consistency was more paralysis for a number of reasons. whether it is concerned about seeing anti--- being seen as anti-conservative or the changes they would make to youtube's advertising platform. and the concern that paralysis has led to them stalling inertia. we look at the anti-vaccination, we have new data. the number of videos promoting anti-vaccination, youtube has been aware of it for a long time. it has become a publicity nightmare and that are forced -- and they are forced to take action. categorizing these videos as borderline content and to no longer be recommended. they have not shared externally if those changes on the recommendation engine, and a lot

of the changes that wojcicki has brought has made changes for the business, employees, and for the company. really important story to take a look at. mark's investigation of youtube. that you for bringing us report. meantime, u.s. lawmakers have spent the last year hammering facebook to change its behavior. should propose a new vision for government oversight of the network. this as facebook faces multiple government investigations. we are joined by the managing partner of -- good to see you here in boston. what is your take on mark zuckerberg's suggestion about a global government regulated framework for internet regulation, given the backlash we have seen for this proposal over the last 20 for hours? ofi think it is a little bit

an omission that they cannot handle it. -- what we would like to see as investors and to get ahead of, they have not been able to. the government is going to come in and clean up the mess. ithink it is an admission, is too much for them to deal with. they are looking for the government to come in, tell them what to do, tell them what not to do and then the accountability is does not sit -- accountability does not fit with the platform. emily: do you think it makes sense? natasha: mark zuckerberg has a lot of power and has made a lot of rules so far. if he is coming out and saying that he wants government regulation, i think that will have sway. he certainly proved the case by not managing the pot for well -- the platform well.

what we would like to see, and the reason we started engaging with facebook on content governments and election interference, we want to see them get ahead of the issue. they have not got in -- gotten ahead of the issue. it continues to be a game of whack-a-mole. i don't have the answers. emily: is facebook too big for its own good? natasha: yes. emily: elizabeth warren says facebook should be broken up, it designated as a utility, separated from whatsapp and instagram. natasha: i think that we keep hearing the problem is too big, too much scale, we cannot deal with all of these issues. it has to be ai that comes in and fix the problem that is not working. with the instagram, which is a facebook asset, being more poorly managed and facebook itself. facebook itself.

if you cannot handle your core assets, how can you handle your other assets. there is a case to be made that it would result in organization and they could have another handle on it. emily: how concerned are you about these other investigations. the ftc looking into the consent degree. looking into privacy violations and whether they as transparently as they should have to investors. the department of housing and urban development is looking at for black the materials when it comes to housing, credit and jobs. natasha: there is a lot that is concerning. our perspective, looking at what happened over the last few years, there is a lot that's wrong. from the investor perspective this is not a good thing that there are these investigations.

the company needs to clean up at that. there is more at stake here than a youtube orok or instagram or any of that, because what's happening, we have so much misinformation and so much hate being spread over news platforms that it is bad for our democracy. in terms of an informed electorate. it is certainly bad for investors and users who are losing trust in the platform. emily: what do you think it means for investors? say facebook is broken up, is that better in value for you? natasha: it could be. i think there is room for disruption. to sell off and instagram asset and focus on its core business, that could be a good thing for investors. i don't think that just having giant tech behemoths is the answer.

there is a ceiling on growth. maybe it is a smaller, more nimble company. you areatasha lamb, sticking with us. it is national equal payday here in the united states. annualas been the second scorecard. we will tell you how the biggest tech companies react. you can check us out at technology and be sure to follow our global breaking news network tictoc on twitter. this is bloomberg. ♪

emily: in the united states, april 2 is known as equal payday. it is a date to recognize the push, or lack thereof for pay parity among men and women in america. they had the second gender annual pay scorecard of the world's largest companies on pay based on gender and race. the scorecard gave in a rating to only one company, citigroup.

they also passed out failing grades to have to companies surveyed. we are back with natasha. i want to start with the good news what did citigroup do right? natasha: in january, citigroup was literally the first company in the world to reveal its medium general pay gap. and its u.s. median racial pay gap. it did not use an adjusted number, which is what are the disclosures we have gone from company so far. most of those numbers we have seen from companies have been adjusted, they are around many nine cents to parity. if you and i were in the same position, we would make the same is if i was a man and you were a woman. citigroup published their medium number. if you take all the men and women, you take the middle person and say what are they making, there is a much bigger gap. that is how equal pay is

measured in the u.s. women are paid $.80 on the dollar. that is the median earning. citigroup, in response to a proposal, came out with this data and stepped up as a leader in really setting the standard. emily: not only are they releasing more data and being more transparent, the data looks good. natasha: the data does not look great. don't lookn numbers great for most companies. it was a 29% median pay gap as compared to their $.99 equal pay gap. for minorities in the u.s., it was $.93 on the dollar. it does not look great, they squeaked out and a. they got 86 out of 100, that they are the only company to receive an a on the scorecard. emily: apple and intel, you gave them a b. you gave oracle and hp failing grades why? natasha: some of those companies

were a or a minuses last year. emily: so they got worse? natasha: no, we added one new criteria. we are ranking across 10 different quantitative factors, and we added the median racial pay gap. that is what citigroup put out and that no other companies put out. it set a new standard. some of those companies that were getting a minuses are now getting b's. for have the equal pay equal work numbers. their global coverage of how many employees are reporting on. and the companies that failed, it was half of the list. oracle, hp, marriott, mcdonnell's walmart, why did they fail? natasha: because they are not disclosing. if they are it is because of regulatory mandate in the u.k.. some of those companies, like mcdonald's, have to report in

the u.k.. ok, but thoselook are only two out of 10 data points that we are looking for. emily: we are seeing some momentum behind equal pay regulation in the united states. do you think we need loss? -- need laws. new york and california have started to improve their state laws. recently we saw a judge in the a freeze that had been put on by the trump administration that was going to require companies with over 100 employees to report their gender and racial pay data to the government. that is promising. that is similar to what is happening in europe. are when companies referring to the government, they actually improve on -- they narrow the gender pay gap, they

hire more women in positions of leadership, and that is where you see the performance benefits. emily: new survey shows that 50% of men believe that the pay gap, the gender pay gap is made up. how do we deal with that when men are still running most of these companies? natasha: i think that is sad. i think there is a lot of misinformation. you can look at it on an equal pay for equal work basis. ime in my industry, financial advisor, the gap for financial advisors for equal pay for equal work is $.32 on the dollar. that is pretty remarkable. -- even if men and women are paying -- being paid the same, there is still able median gap. because there are no opportunities for women and minorities at these companies and there should be. thank youasha lamb,

for doing this work. it is important work. coming up, turning data into profit. the startup segment just closed a massive funding round, making it text latest unicorn -- techs latest unicorn. ♪ want more from your entertainment experience?

just say teach me more. into your xfinity voice remote to discover all sorts of tips and tricks in x1. can i find my wifi password? just ask. [ ding ] show me my wifi password. hey now! [ ding ] you can even troubleshoot, learn new voice commands and much more. clean my daughter's room. [ ding ] oh, it won't do that. welp, someone should. just say "teach me more" into your voice remote and see how you can have an even better x1 experience. simple. easy. awesome.

emily: this is "bloomberg technology." i am emily chang in boston. streamsanies manage the of data they collect from their -- giving it a $1.5 billion valuation. here to discuss the company's rapid growth, we are joined by the ceo, as well as bloomberg's tech editor. you have clients ranging from ibm using the process, how does it work? >> segment helps the brands that really deliver a great

customer experience. the way we do that is we help companies unify all of the data that exists in there for walls into a single contract so they can deliver that experience. because of the data in there for walls, we help with customer data's and managing across the global ban. these companies are starting to realize that they need something like segment, because crm is no longer enough to deliver what they need to their customers. emily: you are seeing more legacy companies scrambling into this industry. overall, investor interest seems strong. what is driving that? the historicalat industry, crm is a huge category , if you go back 20 years to a bank branch and walk in, the branch manager is going to know who you are and your business.

that is because they have been using a crm. if you fast forward to what it looks like today, if you call the bank, they have no idea who you are. that is because the world has shifted from an in person situation to an online world. you have crm's, mobile apps, websites, in that world the crm is not enough. what you are seeing from an investor perspective is crm was huge but now it is a small portion with all the new data. this new category will help company solve the issues. you are right that a slew of large legacy tools are scrambling to glue together their acquisitions and make a play. but the reality is, it requires a fish -- a fresh take. emily: segment is a company that not many people might not have heard of. now it is worth more than $1 billion. why do you think investors are

getting more interested in startups that are not household names? enterprise startups specifically. ofright now you have a lot ipos from uber and lyft. web venture investors are talking a lot about right now is these companies you might not have heard of that are the next wave. that enterprise companies are focusing on businesses rather than consumers as potentially driving a lot of growth and having a customer that is willing to pay a lot of money, and willing to pay -- peter, your company talks about protecting data, privacy preferences, first party data. when itd do differently comes to how you handle your data than you think that other companies do? peter: when you look in the realm of privacy, there is a

group of companies call data brokers. they buy and sell data with addendum. we think those companies are super sketchy and that is not what segment does. we are only interested in helping companies make use of the data that is within use in their four walls. how they interact with their customers on their websites and in their stores. we are helping them manage the data from that direct customer experience, and give them a better customer experience within their data four walls. brand and a global you spread across many regions, across many sub brands, it can be challenging to appropriately recognize customer preferences around to munication, privacy and how data is shared. you need some sort of infrastructure to understand and roll those out across those different sub brands. we help drive consistency across global brands. emily: question for you, anne. it seems like we have been minting unicorns faster than

usual. do you get a sense that they are out there trying to raise money before the economy tanks, or it is because of a flood of venture capital into the system? anne: you are seeing billion-dollar plus companies -- for example the company that delivers food to businesses just raised $1.2 billion evaluation and said they did not need the money. they were just raising in case the economy tanked and there was a funding winter. startups are thinking, worst-case scenario, when you -- the economy does go down and they will have this money in the bank just in case. and peter reinhart, ceo of segment, thank you both for stopping by. auto companies are making the transition to a economists and electric -- autonomous and electric cars. ford is taking that next step. bloomberg's david westin caught up with stephen r strong, ford

of europe's. >> if you think about the by thecs, we think that middle of the next decade it will be 50% of vehicles sold will be electrified to some degree. 2025, something in the order of 20% will be full battery electric vehicles. hybrids will still be a soldantial part of being because they offer a level of flexibility in capability to people who want to go to a full battery electric vehicle. hybrids are going to be a very important part of the lineup for many years to come. vid: as companies move to electrification as well as economist vehicles, there is a lot of teaming up going on. volkswagen and ford have been

talking about ways i can work together on ev's and 80's. -- av's. how does volkswagen figure into this today? the announcements will be made today are the announceml be made today are not a part of the alliance we are forming with volkswagen. these are products we will be producing now before we get into more discussion around the potential for sharing the technologies. what the volkswagen alliance posts far, we have announced we will collaborate on next-generation commercial vehicles. smaller pickup trucks and like commercial vehicles. the news that we share today is not linked to the vw alliance. it is products we will bring to market before we seal the benefits of that collaboration. david: there is a great deal in the u.s. and europe. let me take to specific instances.

your ceo says it has affected your decision-making in europe. that we have the possible trade dispute with the united states and europe. how does the possible trade dispute with europe potentially affect what you will be doing in europe, specifically with electric vehicles? brexit, a hard brexit or a no deal brexit would be a disaster for our industry in the u.k. for ford motor company's and the rest of the industry because we have spent the last 40 years working a supply chain that could move goods and services free across the border with europe. we have a supply chain that is structured specifically to do that. we have been encouraging the british government and the authorities in brussels to come to an agreement that will allow us to maintain frictionless movement of goods at the border, and tariff free exports and imports. anything that makes it more

difficult to move materials or products around europe, between the u.k. and mainland europe, it will limit our ability to invest in the u.k. we love our business in the u.k., it is an important part. we want to continue to have a big business in the u.k. anything that would impact our competitiveness in the u.k. would cause us to think about our future footprint and would make our investments. issue we take seriously and i encourage the u.k. government to find a way through. emily: that was stephen r g.rong, 4 -- armstron u.s./china trade negotiations are about to resume. this is bloomberg. ♪

emily: the chinese vice premier is in washington wednesday for trade talks. both sides trying to keep up the momentum of what could be the final stretch of negotiations. bloomberg businessweek has been following the story, especially how it could impact global tech companies like huawei. our editor writes about the magazine -- about this in the magazine. decidedd whatever is affect global tech giants? >> a lot of the stuff back and forth has nothing to do with tech. aluminum tariffs, automobiles, soybeans. in the background there has been this concern. some of this is in the involvement negotiation, and some is happening in the background. that china's state tech

companies are going powerful, and that china has made life difficult for american companies. although this would not be necessarily in the agreement, there is a possibility that the u.s. could go easier on huawei right now. the u.s. seems to be doing everything in its power to get want to bring action against huawei, but also to pressure allies to stop buying huawei equipment. there is this question of could china make it easier for some of the big cloud companies to operate in the country? that could end up being a part of this agreement when we finally see it. emily: what about on the flip side. how are big tech companies influencing the negotiations? apple has spoken out about tariffs. we have seen apple iphone sales slide in china. max: everybody has their own point of view. huawei has been taking a sees

mentality -- ach mentality. huawei has been pushing back vigorously, saying that they are politically motivated. meanwhile, apple is basically trying to argue for some sort of accommodation because so much of its revenue is dependent on selling technology in china. the bottom line is, all of these companies to succeed as businesses need to have open markets. on the other side you have political leaders in both countries who see the big technology companies as something akin to weapons. at least economic weapons. in the u.s. people are worried potentially getting too close to american communication networks. maybe in china, fears of these big american technology giants imposing whatever american

standers -- standards on chinese citizens. emily: you are ready have many companies that have reconfigured their supply chain. we sat down with the ceo of gopro who has moved a lot of china-based protection to mexico. they say it is working great and they may never move us back. have the trade tensions lead to permanent changes in the flow of supply and goods already? some of it is trade tensions, some of it is trade economics. as you don't need as many people to make these goods, that makes places like exit code, or even the united states more viable while keeping things cheap. wages in china are also going up. and china it's selfish china get further away from just kind of being able to be the factory of the world in developing technology.

you're a small company like go gopro, having cushion, not being asked to fold into the events of the day will be advantageous. gopro wants to sell its stuff in china. the tree negotiations will have an impact there. emily: what happens next? we know trade talks are resuming this week. what is the process for the next few days? max: they are ironing out the various compromises. we are seeing little signs of what might be in the agreement. for instance, last week, maybe if the like a trial balloon. china signaling that it would be open to american, or foreign cloud computing companies controlling some data in the country, which would be a new thing that could be part of the agreement. the idea is, assuming everything goes well, we get an agreement later this month, and trump and xi both sign it and we go back to normal.

but the last couple of years have taught us that this is a volatile situation. both countries are negotiating. someoneit any point could walk away from the table, or at least act as if they are walking away from the table. that could prolong things. emily: how soon could we expect a breakthrough or at least resolution? max: it is a matter of weeks. on the other hand, if there were a public statement, i think it could happen more quickly than that. it could also drag on. emily: bloomberg businessweek's max. thank you for the update. you can hear from the editors every saturday and sunday on bloomberg television and radio. the gender, closing stem gap. we will tell you about a company partnering with disney to promote growth stem education across the country. this is bloomberg. ♪

emily: data shows that the stem gender gap is the widest around the fourth grade. that is why they are starting at the point of what they believe is the highest leverage, tenure old girls. a pilot program will give 15,000 girls in california start of tax. an online inventor program.

joining us to discuss is little bits ceo. --l us why at 10 years old why you are starting at 10 years old? boys age five gross and are almost equally interested in technology. by six girls start seeing themselves as less brilliant. by age nine the gap start showing up and the gap grows and girls dropping off in interest and in their confidence in stem. we want to start at a point of high leverage, but we want to sustain the interest in give them support so that they continue after they graduate. makes little bit electronic building blocks. magnetic bits that snap together that creates inventions. anything from an instrument to a robot. tell us how these kits specifically will work for these tenure old girls? ayah: we are reinventing

education through hardware, saw for -- software and content. you are snapping bits together, you are making robots, you are making circuits, you're creating anything from a prank for your siblings two and a lime, to an invention for sustainability. through the hands-on learning process, studies show kids are able to retain concept of engineering, and feel confident because they can create things that are important for them. we also have an online learning platform where kids can meet other kids. they can share their inventions. they can get inspired by each other and learn through video. that is how they are comfortable learning these days. when you combine online learning platforms with hardware, you are able to see their interests and get them to get excited about it is notfeel like

only something relevant for them, but inspires them to be creative. emily: how did you get disney onboard board, and what is their role here? ayah: we have had a relationship with disney for a number of years. lucasfilm's of adventure kit. and with marvels adventure kit. this partnership is not within disney licensing, it is within the disney philanthropy. they are funding this not-for-profit effort so they can really support girls engagement in stem, and really preparing them for work for the future. we have a great relationship with them, they have been very committed to diversity in their company. very much supporting a program that teaches kids how to code, that brings it into hospitals, brings it to the classroom.

they are a great partner and they really believe in this mission. it was a very natural fit. emily: what kind of progress are you seeing in the stem gap between boys and girls? i have been told by organizations that more children are coding than every before, and that they are now almost perfectly diverse in terms of gender. are you seeing that? ayah: there is a lot more awareness about the problem. we are on national tv talking about it. that is exciting. some of the misconceptions that we hear a lot are, it is a one and done deal. if you expose kids to learn how to do a skill at a particular age, you are able to solve the gender gap. the reality is that girls are exposed to a lot of media stereotypes, sometimes confident problems. sometime this -- sometimes their families are not supportive. when they enter the workplace there is discrimination. there is failure that they are

imposing on themselves. we really have to support girls with more tools, whether they are social, psychological, giving them comfort with failing and allowing them to see that they are the changemakers are tomorrow. sustainedey can themselves throughout these obstacles when they come across them. emily: you are a young woman entrepreneur, you have experience firsthand of what it likes -- what it is like to be a iman working in technology, focus on what the tech industry can do to improve their representation of women. you hear that it is a pipeline problem that needs to be done in the education system. it is on teachers, parents and popular culture. would you agree with that? is there a lot to be done at every stage of the process? at every stage as young girls become women and move into the

workforce, is there work that the tech industry itself can do? ayah: there is so much the tech industry can do. it is easy to defer blame and say it is a pipeline issue, and say it is because we are not getting enough women into the pool. even the women that are in the pool, they are dropping out. they are dropping out because there are facing discrimination, they are not being promoted, because they are facing micro aggressions on a daily basis. represented being in boards. i think the tech industry has a responsibility to do -- we notice now when we see women on investor committees, more inestments in women technology companies are happening. we need it at every level. emily: little bits ceo and founding. thank you for joining us. good to have you on the show. that does it for this edition of "bloomberg technology."

we are livestreaming on twitter. check us out on technology. follow our global breaking news network tictoc on twitter. ♪ . . .

♪ ♪ >> welcome to "daybreak australia." i am haidi stroud-watts in sydney. >> and i am shery ahn in new york, counting down to asia's major market opens. ♪ haidi: wall street closes flat as the equity rally runs out of steam. treasuries climb again. sterling under pressure as theresa may's move opens the door to a much softer brexit. and