♪ emily: i am emily chang in san francisco. president biden's second full day in office. an assessment of what is to come. he warns more than 600,000 people in the u.s. will likely die of covid.

and how he plans to respond to the ensuing economic crisis. plus the part of our interview with the san francisco mayor. aztec workers leave, don't call it an exodus just yet. he makes the case for staying put. it is not just fake news that is a problem, local fake news. in the void left by dying local news, hyper-partisan sites have been flooding the space. the future of media and a post trump world. we will talk to the ceo of the american journalism project. u.s. stocks slipping from stocks as investors grow a bit anxious the virus will hamper growth and democrats will struggle to get a $2 trillion package through congress. >> add to those things emily,

the consideration of a potential coronavirus strain and the u.k. being linked to a higher mortality rate. it has been an exuberant week. the equity market may be taking its foot off the gas a little. the s&p 500 down 0.3% the nasdaq down 0.3%. up 9% this week. tech has been an outperform are all throughout the inauguration week. it is those big names that have been one of the drivers. a lot of literature out there effectively, we are on the eve of earnings season for the big tech names. amazon, alphabet, and netflix having already gone. there is thought we could see some outperformance. i want to turn my attention to semi conductors because it is a

different story. the philadelphia semi conductor index down 1.8%. earnings on thursday, a bullish forecast for the coming quarter, but the new ceo sticking to the guns of the company and saying they will continue to manufacture chips in house. there was reporting suggesting they would outsource it like the rest of the industry. but that is not the case. they say they will do it in-house. that might be why you see taiwan semi conductor down 4%. one of the working theories was intel would outsource some of that production to them. in all, well the philadelphia semi conductor has been an outperform her, not really the case this week. emily: thank you so much. we will have more from you next week.

president biden has issued a flurry of executive orders in his first three days, raising questions of post -- both policy and politics. joining us is laura davidson from d.c. president biden getting straight to work on big challenges facing the country. his administration highlights actions he has taken in the last 48 hours. >> what he has done is three or four different buckets. one is the health crisis, coronavirus. turbo chai z -- charging ppe and vaccine production. he has done a bunch of environmental things. rejoining the paris environmental cord, -- accord as well as several -- in doing several things the trump ministry should.

-- trump administration did. he is looking at speeding up stimulus payments. there is another round biden has proposed. he has put in eviction moratoriums, extended those and also looked at student loan payments. the fourth one he is looking at is immigration. he has done several things in terms of rolling back the muslim ban, rolling back some of the things president trump did that democrats do not like. they are looking in the legislative front as well but that will likely take time. these are things he could do quickly without congress. and now the heavy lifting begins. emily: we have more guidance on when president trump's impeachment trial will happen, possibly not until february.

it seems like president biden likes this idea because it will give him time to appoint more cabinet members. walk us through the timing and how much of a distraction this could be to the senate. >> nancy pelosi on monday will march the article of impeachment over to the senate. that immediately triggers the start of the trial, but it may be a week delay. mitch mcconnell has proposed delaying starting the impeachment trial from early to mid february. that said it would give trump time to assemble his legal team and come up with a defense. he presented this to policy and schumer. biden came out and said he would like a little bit more time. that would allow for more cabinet positions to get through. democrats have not figured out what they want to do. there is a lot of logistical stuff that has to happen to come up with a power-sharing

agreement between mcconnell and schumer because the senate is split 50-50 and that has been holding everything up. until they agree on that, it could be a big problem for getting biden's agenda through and getting his non-nations in place -- nominations in place. emily: what are you going to be watching for next week? at what point could he take on longer-term issues like the ones we have been following, tech reform? >> he has to get his chairman in place in the senate. even though chuck schumer is the majority leader, because senates are continuing bodies, they are continuing over. republicans are still leading committees. until that changes, democrats cannot move anything without republicans getting in more -- on board.

once they get that agreement between o'connell and schumer, that is when biden can construe the heavy lifting. -- mcconnell and schumer, that is when biden can begin the heavy lifting. emily: coming up, my conversation with the san francisco mayor to bring the city back she says stronger and better than ever. that is next. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down,

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emily: don't call it a silicon

valley exodus just yet. as many tech workers consider leaving the city, mayor london breed making a plea san francisco will always be san francisco. the golden gate city announced another round of aid, 652 million dollars for local businesses. here is more of my conversation with london breed about what they are doing to keep businesses alive and well. >> when you look at what san francisco has done compared to any other city, and i am talking about san francisco, not the fed, not the state. almost $100 million to support his this is in the city, with grants, no interest loans, resources. not only delayed payment of fees but we have illuminated --

eliminated some of those fees. we are providing resources for small businesses to help apply for the ppe loans -- san francisco is a major city. all major cities are struggling. we are trying to do everything we can locally to keep those businesses intact. is it enough? no, it is not enough. we will continue to do more and find creative ways like we just did with our 650 $2 million announcement to provide additional relief to small businesses. -- $652 million announcement to provide relief to small businesses. emily: there is no question businesses are leaving. what else can you do to convince them to stay? >> we are san francisco.

this is an incredible city. it is a beautiful city. is it not without its challenges around housing and homelessness? definitely, we are not without our challenges. we have a number of issues we have to deal with but we have a plan to address homelessness and to get 1500 people into permanently supportive housing. we have a plan to build at least 5000 units a year to make sure even though we ceded -- the rents declining, we know there are people who are going to want to live here and we need to be ready for it. i think it is important we develop relationships and we really maintain our existing relationships with so many of those countries -- companies who want to be here. who are thickened about other options. we have to make sure they know they are welcome to your. -- welcome here. that we hear about the challenges they face resolve the

challenges to meet the needs of the people. and make the connection between the people who feel disconnected to businesses, to tech. other agencies that exist. make a real connection between the folks who have been here so many years and these incredible opportunities in our backyard. it is going to be a long road but i am hopeful and optimistic about the future. there are a lot of companies very much invested in san francisco and staying here, including marc benioff and salesforce. they are not just here to do business in san francisco. they are here to be a part of san francisco. and make giving back a part of the fabric of this company. we want to make sure we make opportunities to build community in san francisco possible. i see a bright future for our

city and i am looking forward not only to recruiting but retaining many of the businesses we have here currently. emily: what about the folks who might not leave sf but might never go back to the office. how could that impact the city's budget? >> let's be real. are you tired of working from home? i know and. there is only so much any human being can take with work from home. eventually you are going to go in the office and be around other creative people. and afterwards go out and have dinner or meet up with friends or walk around the city. or go to see a play or a concert. major cities like san francisco provide those opportunities and there is not that much work at home in the world that is going to stop people from wanting to go back to cities and work in cities so they can engage

and interact with others. it is only in a place like san francisco that is possible. emily: what are your top priorities. a new year under a new administration and a pandemic raging. >> my priority is getting through this pandemic and vaccinating people as quickly as possible. reopening our economy and businesses and making sure people back to work. aggressively building more housing in san francisco so as we increase the number of people working here, there are places people can afford to live. is addressing homelessness in our streets and getting people off the streets permanently so they have a safe, affordable place to call home. it is dealing with mental illness, things we see play themselves out in the streets that are challenging. it is a major city with a lot of challenges. i am exited about the future and what that holds. we have some incredible people

who work for the city who are going to help move our city to the road of recovery so we come back better and stronger than ever. emily: part of my conversation with san francisco mayor london breed. we are going to have more coming up. which companies are considered the best places to work and have been among the pandemic? christian sutherland long joins us to reveal their new winner's list. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet.

powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

emily: is this is around the world have been hit hard by the

pandemic. but many have shown they have been able to provide employees with outstanding support. last door -- glassdoor highlighted the best places to work with tech being the most represented industry on the list. a lot of tech companies on the list. i find it interesting the companies at the top of the list are so diverse to be number one, baines, a consulting firm. number three, in and out burger. what did they have in common? >> it is great to show such diversity across industries. what we have seen particularly this year that has been a new phenomena, with the pandemic, covid going on, employers have

put their employees and their health and safety first and did well on the list. emily: talk to us about the tech companies on the list. 28 tech companies in all. which is quite a showing. obviously, a number of tech companies have the infrastructure to allow employees to work from home and give them the resources they need. what do you think is driving that? >> it is one of the most interesting things. this resurgence of tech in the listing. last year in the top 10, there were no tech companies. this year, almost half were tech companies. one thing they did particularly well in a time of covid, many put their workers first. they had the ability to send their workers home early. to provide more flexible to

their workers. that has paid off. employees have appreciated this. the appreciate many tech companies have done well businesswise during this time. that is why we are seeing such great representation. emily: that said, employees of tech companies have become more outspoken than ever before. google is number six on your list. you had employees decide to form a union to protest and critique some of the broader policies of the company. what do you make of that? >> it will be interesting to see how this emerges. we have not seen a tone of chatter in glassdoor about employees talking about unions. it is still like 200 employees in a base that is over 100,000. we will be interested to see how this influences the broader base over time, and i would expect

that sentiment when it comes to the glassdoor platform. emily: are there any trends that surprised you this year? >> the most interesting thing is -- around covid. another thing we saw, related to the pandemic and the work from home environment, companies that -- a lot of hell tech companies doing well on the list this year. pfizer made best places to work. of course, they have gotten a lot of attention from the vaccine. zoom and slack, doing really well in this year's list. the pandemic has had a big impact on the best places to work. emily: what can other companies take away in terms of how to

better improve the experience at their own company? >> we have seen it for the last 13 years and it is still true. companies that do a few things right, very mission driven, giving employers a greater purpose is really important. companies that provide real opportunities do well. companies that have strong leadership, lead with transparency in times of crisis, by putting their employees first, these are the types of things that distinguish the best places to work from other companies. emily: remind us how these lists are put together. you are reliant on the number of employees who choose to share their reviews. how are you going to be working to improve your product and the authenticity of the opinions

that you are consolidating? >> we are the number one platform when it comes to workplace transparency. we are doubling down on helping people find a job and company they love. answering the questions they have, what is it really like to work there? how much do you get paid? there are some of the questions people still have that is hard to find out if you are outside the company. we are focused on that. we are focused on reviews, that is important for us. data is only valuable if our reviews are authentic. we have put a lot of focus on making that so. a lot more when it comes to helping people find a job and company they love. emily: have you taken any tips from some of the reviews improving your own company? >> it has been a wild ride, even

for us as a company. we have tried to follow best practices internally. we are also working from home internally, i am working for my home right now. putting employees first and realizing this is a stressful time as people juggle work priorities and family priorities. being more understanding as an employer is something we are into as well. emily: from my studio basement home to you at yours, thank you so much, christian, for joining us. appreciate you stopping by. coming up, big tech earnings season underway with netflix reporting its results. apple, facebook out next week. what to expect from those reports, next. this is bloomberg. ♪

emily: welcome back to bloomberg technology. the first big tech results out this week. netflix, ibm, intel, and apple. microsoft said to report next. we are joined by dan morgan. what are some things you are pulling out of these early reports of netflix, ibm, and intel that give you some signal of how things will play out? >> if we look at this week's

report, you mentioned intel and ibm, both had kind of disappointing numbers. intel was down 1%. their data center group is down 15%. those are kind of tough numbers in the enterprise space. we had netflix come in with strong numbers. i would expect us to see a continuation of what we saw with the netflix numbers rolling into apple, facebook, and microsoft. as opposed to some of the lethargic growth coming out of ibm and the enterprise space. emily: let's start with apple. obviously, we are in the middle of a recession. a lot of people are struggling. people have lost their jobs. will we see that act on demand for the iphone -- impact on demand for the iphone? >> i am optimistic about apple in terms of their 5g phone.

i am looking for 75 new iphones to be sold in the upcoming quarter. i am looking for roughly around $64 billion in total revenues. what is not going to drive that is the number of shipments but average selling prices. that allows for overall revenue to increase 14%. if we look at it this way, there is a recession. people may be reluctant to make the migration over the 5g phone. there are enough people that will make that transition. the iphone 12, the 12 g phone, carries much higher average selling prices than some of the lower phones out there -- lower-priced phones out there. emily: what about facebook?

there has been a lot of controversy about suspending president trump from the platform. despite the critiques, facebook seems to defy expectations every quarter. do you think you will see an impact from advertisers or engagement? >> facebook is always controversial, right? in regards to what they are doing. we think, this is going to be the quarter they actually get negatively impacted from all of these forces. to be quite honest, we did see a little bit of pullback in terms of quarter over quarter advertising growth. in the fourth quarter, we are looking for a 28.5% jump. the only thing i expect to be somewhat flat coming into this fourth quarter with regards to

daily average users and monthly average users, third quarter, about 182 one million. -- 1.82 one million. i would expect that to be somewhat flat. to be honest, they have such a diversified group of advertisers and a lot of small companies that use them. they never seem to be negatively impacted by cots or any of the negative news be here about them. emily: -- that we make about them. emily: do you think that will matter at some point to the business? >> a lot of people don't realize facebook owns instagram, messenger, and all of the services we do not relate directly to them. we have all this negative news,

people taking their names off of facebook. and yet they continue to deliver. i think they keep adding on with these other brands. most of their growth is coming internationally. they are not just domestically based. they will continue to add subscribers in other countries. facebook will most likely continue to do well. emily: what about microsoft? we know teams has been successful amid the pandemic but competitors making big moves like salesforce buying slack. and as we get closer to some sort of new normal, what does that do to engagement? >> iker soft interesting. i don't see the growth as strong . we are expecting revenues to

grow 9%. teams is interesting. they have done well with the work from home initiative. i think the street will continue to focus on their commercial cloud business. i am looking for that to grow about 43-44%. sucked is a company, if we look back 10 years ago, they are a lot like where oracle is. they have been successful making the transition away from the desktop and becoming a major player in the commercial cloud area. that is what is driving their growth going forward. hats off to microsoft for making that transition. . emily: dan morgan, thank you so much. we will be across all of those earnings results next week. the hong kong government has confirmed it is officially locked-in down the kowloon

district. a large part of the city, to try to get covid-19 under control. there are residents who will be undergoing mandatory testing. we know hong kong has been going in and out of lockdown. the virus spiking there. the government trying to get it under control. we will ring you more updates as we have them. coming up, the devise -- demise of local news has led to the rise of local fake news. hyper partisanship is divided not just the nation but communities. we will talk about the future of media and local media in a post-trump world next. this is next -- this is bloomberg. ♪

emily: at the same time that fake news and misinformation have run rampant and festered online, legitimate local news outlets have been dying a slow death. in the void, fake news has been pouring in. the partisanship that impacted the presidential election impacted local races across the country. it is not just a nation that needs to reunite but cities, towns, and communities. joining us now is the ceo of the american journalism project. thank you for joining us. the trump story so consume national media that i think a lot of folks did not realize what was happening and local news at the same time.

how has local news of all through the trump news? >> it is not going well. local news is in crisis. it is not even people don't want local news. people do want ogle kn -- local news, but the rise of the internet means the business model has been completely disrupted. as advertising, which was the primary source of revenue, has moved online. papers have closed. at the beginning of 2020, there were 18 hundred communities that had had a local paper and did not. that has only accelerated during the beginning of covid-19. it is easy to say this is the normal rise and fall of an industry, but the implications are dire.

communities across our nation have no idea what is going on in our communities, and the data shows it has implications in political culture. when a local newspaper goes away, voter participation drops. government waste increases. people, reporters are not showing up and holding lawmakers accountable. that means waste increases. polarization increases. the data has shown when a local newspaper goes away, voting patterns become much more polarized. emily: part of the problem is this is happening as social media has become more powerful. what are some real world consequences of this you have seen across the country? >> you talked about

disinformation. disinformation is the weeds that are growing up and left by the decline of local news. we saw the real implications of the spread of disinformation. people storm the capital -- st ormed the capitol. they were operating in an entirely different reality than those of us who watch those images in horror. the question is, how do you begin to build back a shared reality? it is not as easy as saying, here are the facts, believe the facts. what we need to do is build back trust. and that is going to happen in local communities. the data shows people are much more likely to trust their local

news and it makes sense. you may know local reporters. you know the stories they are writing about. you can judge whether they are factual and accurate. you send your kids to that school district. emily: what exactly has the american journalism project been trying to do? these organizations rely on funding. is it down to the generosity of a few wealthy benefactors, or can they sustain -- create sustainable business models. >> there are actually some promising new generation organizations that are finding a new business model. many of them are nonprofit business models. they are powering their business rooms through polenta but he -- philanthropy.

yes, through some advertising revenue. we are investing and helping them build the revenue capacity to support the journalism. we are seeing these new ordinations across the country from wyoming to mississippi. i am heartened to see more and more philanthropists are recognizing this is really important. it is not just important to our information ecosystem, our democracy, but frankly it is important to all the other issues philanthropists care about. if you care about education, you want to make sure there are reporters showing up at school board meetings. if you care about the environment, you want to make sure there are reporters holding business accountable. looking at carbon emissions. i am really heartened by this new generation of newsrooms and this increased philanthropic energy. emily: appreciate the work at

your organization is doing and certainly we will continue to follow. thank you so much for shedding some light on what is happening. california governor gavin newsom has gotten a lot of pushback recently about his leadership and the safety first approach to containing the pandemic. the governor has been targeted by a recall effort. i asked london breed for her reaction to the backlash and whether it is warranted. >> we have to take this into perspective. this is a global pandemic, and none of us could have been predicted we would be shutting down major cities or even the state. what we are trying to do with the resources we have available

and the bureaucratic system we work with, we are trying to manage this crisis and deliver for the people we are here to serve. that can be challenging when you cannot control every dynamic of what happens during this crisis. you know san francisco is one of the few cities to shut down during this pandemic. when i made that decision, i did not completely understand how covid would impact our city. i did not understand completely how long we would shut down. i just knew based on the data and the information we had, i had to make a decision that could possibly save lives. that is what we did. as time has gone on, we had to set up from scratch a testing system to address the challenges and the inequities we saw in the latino community. we have to do that from scratch.

we did not have a lot of support and leadership from the federal government. when you think about the number of leaders in this country, both mayors and governors, we are doing the best we can. the wildfires, then pandemic. the challenges. all of those things are really tough. we have hard decisions to make. our economy is suffering, but we have to think about the lives we are here to save as a priority, even though we know this is going to be a tough road ahead our city and our state that we are doing the best we can. emily: i know you expressed disappointment governor newsom did not appoint a woman of color to fill vice president harris's spot in the senate. he appointed alex padilla instead. there's is new momentum behind an effort to recall the governor. what is your response?

>> do i think the governor should be recalled? no. do i think he is doing a good job trying to manage this crisis in california? yes. when you are in positions like this, you are going to make decisions some are going to agree with and some do not. as an african-american woman, to see kamala harris sworn in was very emotional because i felt like i was being seen and i was being heard. i felt like i was represented. it was heartbreaking there was not one african american woman in the senate. i want to be clear, alex padilla, first latino senator from the state of california, that is also significant. he was sworn in yesterday. i know he is going to do a great job serving the state of california. i we have a lot of work to do, not just in california but in this country, as it relates to supporting african-american

women and providing the opportunities for us to serve. i'm so privileged to serve as mayor of san francisco. i was bored and raised here. i am grateful to the voters who made the decision to put me in a position like this. i carry a lot of pride with that. i know what that means, not just to african-americans but young girls who believe they see themselves in these arenas. that is so important. it happened, it is done. it was a disappointment, that out of that disappointment has come an opportunity and i'm looking forward to working with senator padilla and the continuing work with the governor. emily: san francisco mayor london breed. you can catch the full conversation at bloomberg.com. coming up, a lighter apple laptop and a virtual reality focused headset. this is bloomberg. ♪

emily: apple is working on a thinner and lighter version of a macbook air. bloomberg has learned the new computer could be released in the second half of the year. apple is responding to criticism from loyal users. it will include the magsafe charging technologies. to discuss, we are joined by mark berman. let's start with laptops. what do we need to know? >> this is going to be the biggest year for macs since probably 2012. that was the last time they redid the whole line. they are working on a number of macs. the biggest one is going to be they macbook air. it is going to be thinner and

lighter with the charger. there is going to be a revamped line of macbook pros. a lot of pros are exceeded about two things. the touch bar is going away. people did not enjoy using that. the other thing is, the st card slot will be returning. the port on the right side to insert a camera, memory card. third, new imac desktops, they are going to be redesigned. also, new mac pro and a half size mac pro are in development. this is going to be quite the year for the mac. emily: and what about vr and ar? you have been reporting this would be the next big product category for google, i mean for apple. now you have specifics. >> we are getting closer.

this is something we have been talking about for four or five years. the first product they will be launching is a virtual reality focused headset. this is really next year. gaming, communication focused. it is going to be extraordinarily high-end. it is going to be 3-4 times the price of the oculus headset. it will be more powerful. it is going to augmenting a set of eyeglasses. lots to come down but it will be a few more years before we see the fruits of this. emily: i assume we are going to see some more iphones. there was a big redesign last year.

what are we going to see this year? >> there is going to be a new iphone per usual hitting in the fall. big redesign last year, so the big thing this year is going to be an in display fingerprint sensor. instead of being in the home button, it is going to be in the screen itself. this is something a few android phones have had for some time, now coming to apple. an environment where people are wearing masks or hopefully wearing masks, much easier to unlock your phone versus face id. emily: we will keep watching your scoops as they roll out. and that does it for this edition of bloomberg technology. stay tuned for "wall street week." that is coming next.

have a wonderful weekend. this is bloomberg. ♪

>> this is bloomberg wall street week. i am david westin. this week, interviewing larry summers of harvard. and liz ann saunders of charles schwab. penny pritzker. >> the marketplace is driving this. frankly, the government is catching up. david: sheila bair. >> we need to go big right now. the economy is still in serious trouble. david: and