>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: i am emily chang in san francisco and this is "bloomberg technology." coming up, the biggest reveals from apple's worldwide developers conference including updates to facetime, i

message, photos, and more. the first new drug for alzheimer's approved in two decades. a landmark decision from the fda. the results of a massive covid-19 study by 23 and me, finding the loss of taste and smell is more common among women and younger patients. i will speak to the ceo later this hour. amazon ceo jeff bezos himself will last into space next month when his company blue origin launches its first mission with human passengers. all of the details, including his brother, mark, who will join him. although stories in a moment. first, surging biogen shares. ed ludlow has the full picture. ed: it has been a kind of choppy day. the first being inflation and what that means for monetary

policy. also, a global minimum corporate tax being debated by the g7. the s&p 500 index down by 0.1%. tech shares have been severely impacted. the framework of that agreement targets tech companies. we turn the corner, as you say, the tech heavy nasdaq 100 closing up. biogen surge. weakness in bitcoin as well. down below $35,000. the bloomberg alan c crypto index, down by 1.8% on monday. yes, we have seen some choppy trading when it comes to bitcoin. if you look at the right hand side of your screen, the trading is within a much more narrow range. not stretched between two extremes like we saw earlier in the month of may.

back in the equity market, that was really the story. inflation and concerns about this minimum global corporate tax. the nasdaq 100, up 0.2%. that was a turnaround late monday. a is somewhat controversial but landmark drug. that really boosted other equities. tesla of 1%. it had been down earlier on monday's session. a tweet from the main account, saying the event was on for thursday. there had been concerns that the company had canceled the long-range model. apple treading water, basically flat, not too many market moves. i know you will go through some of the big announcements. i just want to go through the stock year to date. tesla and apple have

outperformed that market for why? what was all the excitement? emily: let's find out. thanks so much for that round up. i want to stick with apple. not unusual to nazi big market moves -- not unusual to not see big market moves on a wwdc day. mark gurman, who covers apple, has all the details. talk about the most significant announcements. mark: i think the two big significant things were around facetime and notifications. apple gave facetime the biggest update it has ever given in service since it launched in 2010 with the iphone 4. this is going straight after soon. improved video and audio quality. a new feature that allows you to start a facetime call, then send a link to another user just like

with zoom. it will work on the web with android and windows. slightly opening up facetime a bit. you're not getting native facetime apps but you are able to use it on the web. i do want to note that the notification system is revamped. there are new features for separating notifications during do not disturb time, during work time, during personal time. overall, more of a muted event. lots of small things across the system rather than anything that is a major revolutionary change. emily: we are still waiting on the big verdict from the judge, no big wholesale changes to the app store today. i did notice that apple really focused on developers at the top with some light ideas from a range of developers about a fool opening.

i chuckled about some of their ideas. did you notice anything about the show? that apple is where they should be spending their time? mark: there was nothing other than a statistic, $230 billion paid out to developers since 2008. 600 million weekly visitors to the app store. really nothing in light of the ongoing. you are not going to be a successful developer if you only focus on android. apple can be upset with developers all they want but if they want to continue to be software developers for mobile devices, they will have to continue to play ball. emily: let's talk about

employees who might be upset with apple. last week, tim cook sent a memo asking employees to be back in the office monday, tuesday, and thursday. the company has now gotten pushback through a petition from some employees that was leaked to the verge. employees saying they feel unheard, that some of their colleagues have quit because apple is not being flexible enough. what is your take? mark: when you have 30,000-plus employees in silicon valley and over 160,000 employees globally, you can't make everyone happy. i believe that letter is signed by about 80 employees. a very small number. i believe that the three day in office and two-day remote for apple is incredibly unique and kind of shocking to me.

i expected them to go back to five days a week. i did not think that one year away what necessarily change that but clearly the pandemic has had that kind of impact on a company like apple. but it does not address -- emily: i agree with you. i think there was more flexibility than i expected from a company like apple. mark: absolutely. what this does not address, and i think this will be the bigger issue long-term, that people do not necessarily want to live in silicon valley as much as they used to. they have to address the idea of people working in other cities as well. i think they have been doing that i opening up more offices and places across the world. emily: thanks so much for your thoughts. we will continue to watch your reporting on this. meantime, apple is just one of the major u.s. tech companies

facing a turning tide as companies work to change global taxation rules and cross-border profits. u.s. treasury secretary janet yellen reiterated the g7 tax commitment earlier. secretary yellen: the g7 has taken significant steps this weekend to end the existing harmful dynamic, making commitments today to provide tremendous momentum toward achieving a robust global minimum tax at a rate of at least 15%. emily: with more unhealthy g7 commitment could impact the tax sector, nico grant. give us the big picture take away. this is a very complicated, complex issue. the u.s. tech companies have in fact dodged a lot of taxes as a result of a lot policies, which is what these governments are

trying to change. >> over a period of 30 years, major multinational corporations have been paying a shrinking percentage of taxes. last year, two companies in particular, facebook and amazon, paid below 15%. that was also below average among its peers. so, the idea is for governments to sort of stop bickering with one another about taxes. sometimes, countries in europe have imposed digital services taxes against american tech needs in order to get some of that revenue, and then the u.s. government has protested or had tit-for-tat tariffs. the idea is to get all of the government on the same page so that no matter where a tech company is operating around the world, its profits are getting taxed at, if not the same rate,

but at least it has the floor of 15%, judging that as no company of this size and of this wealth and this profitable should pay less than 15% in taxes. emily: how would this agreement impact big companies like amazon, facebook, google, microsoft? nico: they may have to pay taxes in different places now. there is going to be a push that companies pay taxes where their customers are. so where they are making money, rather than where their headquarters are or where they may be storing intellectual property in those types of things. so, for some of these companies -- apple is a bit different because it sells so much hardware.

particularly for software companies, advertising-based companies like facebook and alphabet, it means that a lot of the countries including france and the u.k., which imposed digital services taxes, will be getting money that is commensurate with the amount of profits that these companies generate within their borders. but, there still is a a lot of work that needs to be done on how to allocate around the world so that these profits are not double-taxed or triple-text. so, next, this will go to the g20 and after that to the full oecd with 140 countries, each with their own agendas. emily: so, a lot still needs to be worked out. thanks for bringing it down. nico grant, our bloomberg tech

reporter on a very important topic of big tech taxes worldwide. google has agreed to overhaul its global add business in a landmark it i trust deal. an investigation by france's antitrust agency says google used its dominant position to hurt competitors. google has pledged to improve its add antigen service for third parties. coming up, visa has teamed up with one of the top banks in the u.s., goldman sachs. i will speak with the visa chief financial officer on the new deal, crypto efforts, and much more. and, later, jeff bezos is taking a trip to space and bringing along his brother. we will look at more details around the expedition on blue origin's first left off carrying

human passengers. this is bloomberg. ♪

emily: the u.s. has recovered most of the $4.4 million paid in cryptocurrency ransom to the hackers behind the colonial pipeline attack. the attack in may resulted in a temporary halt of fuel supplies across the u.s. east coast. colonial pipeline ended up paying russian linked cybercrime group the darkside in order to restore operations. meantime, i want to take you to an interview we did -- >> the bitcoin wallet that

darkside hackers used to to collect a ransom payment from a victim. emily: that was the fbi director. we will continue to bring you updates on that story. meantime, i want to take you to an interview we did last week with the chair and ceo of snowflake, that caused a lot of discussion through the weekend. take a listen to a clip from that interview. >> we are highly sympathetic to diversity but we just don't want that to override eric. i start doing that, i start compromising the company's mission. that is not something employees one for me. all the names that you know privately, we are of the same mind. it is just publicly, they find it difficult to be that way. emily: or, do they? again, that was snowflake ceo frank slootman, implying that

diversity should be secondary to merit when it comes to hiring decisions. since then, he has faced massive backlash from other ceos and venture capitalists. a ceo tweeting, "i disagree with this, public and privately. building a company where everyone from different backgrounds can contribute is not a distraction, it is a key job of a ceo." it was pointed out that employees do care, saying that the vast majority of jobseekers and new grads find it important. mckinsey has found companies with diverse leadership are more likely to outperform their peers on profitability. slootman issued a statement apologizing for his remarks and promising a comprehensive diversity review, saying, "i want to apologize for anyone who may have been hurt in -- who may have been hurt by my comments.

leaders like myself have to work daily to make sure diversity, equity, and inclusion help lead action. i have invited slootman back in six months to talk about that comprehensive review's results. coming up, i will speak with the cfo of visa about the new deal, crypto efforts, and much more. that is next. this is bloomberg. ♪

emily: everyone knows visa for its logo on billions of cars used by consumers around the will. the card is now working with goldman sachs to rollout the new transaction banking arm of. joining me, visa ceo -- visa cfo vasant prabhu. you are working on a debit card as well. i'm curious, what is so important to visa about getting into these type of payments, given how ubiquitous you are when it comes to credit cards? >> it is great to see you again.

i am sorry we have had these connectivity problems. thanks for having me. i'm just going to be on the phone i guess. coming back to your question, as you know, cross-border payments have always been difficult with a lot of friction attached. visa has done a lot to make cross-border payments easy when you travel, for example, or commerce. how much you are trying to send, you might have to deal with multiple platforms. there are questions about cost, certainty. we can solve all that with a single connection. anywhere it needs to go, whether it is a large payment you are making or a lot of small payments you are making anywhere. we have two platforms we have built over the years. one is b2b connect, a

blockchain-based platform, that can move money anywhere in the world. and there is visa payout service, which leverages our own platform to get high velocity smaller payments anywhere in the world by leveraging not only our network but a whole range of networks as well as network strategies. it is -- from goldman's standpoint, it simplifies the process, it is any payment, any kind of currency, and that is what makes it attractive. we are doing this to take the friction out of b2b cross quarter paid -- cross-border payments, which we see as a $10 trillion volume. emily: we are still having little trouble hearing you but i will try for one more.

i would love to ask about your crypto efforts. you are taking on more crypto features. not just accepting cryptocurrency payments but also settling those payments yourself. what kind of volume are you seeing there. do you believe people are using their credit cards to buy cryptocurrency? vasant: most of cryptocurrency purchases tend to be on debit rather than credit. we do enable people to buy cryptocurrency using our credentials, debit or credit. as you know, a significant amount of increased interest in buying currencies. we have worked with 50 major wallets to enable people not only to move currency from fiat to crypto and use the cryptocurrencies to buy things at merchants that accept cryptocurrencies, but we also

recently announced that we will settle, the first of the stable coins. this goes beyond just helping people by cryptocurrencies. it is a broad, comprehensive approach to enabling payments and taking the friction out of it. emily: appreciate that update. i will let you know. -- i will let you go. we are having a little trouble hearing you. congratulations on the crypto efforts and that new partnership with goldman sachs. coming up, 23andme out with a new finding that a person's age and gender can increase the likelihood of them losing their taste and smell, of course, one of the major symptoms of covid-19. ceo anne wojcicki joins us next. the bezos brothers are teaming up for a trip into space.

when can we expect the launch and who is mark bezos? this is bloomberg. ♪ [ sigh ] not gonna happen.

that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. ♪ ♪ the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. the bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. kohler is an expert in bathing, so you can count on a deep soaking experience. are you seeing this? the kohler walk-in bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. everything is installed in as little as a day by a kohler-certified installer. and it's made by kohler- america's leading plumbing brand. we need this bath. yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call... to receive fifty percent off installation. and take advantage of our special offer of no payments for eighteen months.

emily: welcome back to bloomberg technology. a breakthrough for the pharmaceutical company biogen. the fda cleared its alzheimer's therapy. the ceo of biogen joint bloomberg earlier after the decision was announced. >> down the road, there might be additional -- many years before we can see the

scientific proof. as i was just saying, we have three compounds with similar activity and we are the first one in the market. in a few years, there will be others. invite them because the market is so large. emily: let's see how this played out in the markets. a lot of movement. kriti gupta joins us with more. how did this impact shares today? kriti: a 38% jump in shares not just helping those shares but helping the entire biotech index gained the most since november 4, the day after the election when tech was rallying. and even better day for biotech shares broadly. let's take a look at the vaccine makers because modernity has some interesting news. trying to get approval for its vaccine candidate for children in the e.u. and canada. those shares spiking almost 7%.

pfizer and johnson & johnson not doing so well in reaction to that news. as we talk about vaccines, we expect the reopening trade to be in full trade. norwegian cruise lines, you can see on this chart it has not made the full progress yet. today, those shares were up 3% on the news they are starting to get back into the norm. those shares are not back to the pandemic levels. we will have to wait and see when we cannot only take a cruise when we can see an effect on those shares. emily: thanks so much for the roundup. turning to 23 in may, following its groundbreaking research on the link between lead type and susceptibility to covid-19, 23 and me has found another genetic variant associated with the loss of taste and found among infected patients. here to talk about the study, anne wojcicki, ceo of 23 and me.

the loss of taste and smell has been one of the most perplexing symptoms of covid-19. talk to us about what you found. anne: it is super interesting. i am grateful to our customers. this is something or we asked our customers to purchase a pay in research over a year ago and we have over 80,000 customers who have had covid and over a million people who participated in the survey. we were able to find blood type was associated with susceptibility and severity. it has been really confusing to understand what exactly is happening with this loss of smell. what we did find is there is a genetic variant that does look like if you have this variant, you are 11 and a half times more likely to lose your sense of smell if you have covid and it is between two genes. they are associated with the ability to smell. it is a really important clue in being able to start to understand the biology of the

disease. that is why we are really exciting. it is the first time we are finding something. emily: basically, you found that young people are more likely to lose their sense of taste and smell. also women, more likely to lose their taste and smell if they get covid. is there more you could actually unearth here? could genetics impact the severity of the disease? anne: i think that is the beauty of research. you're constantly asking questions and learning. the thing we found right now is a really important first clue. that is that there is a genetic association with why some people are more likely to lose their sense of smell. that is a first clue. we see that with the loss of smell occurring in different populations, we don't have a genetic reason why those populations are having more susceptibility.

but we do find is about a third of americans do have this genetic variant that would make them more likely to lose their sense of smell if they had covid. it is the first piece in a puzzle. i think that is one of the reasons 23 and me keeps the research going and keeps engaging our customers because there is more to be found. emily: what other puzzle pieces are you looking at? what other possible genetic links to covid are you researching? anne: i think personally, i think the thing that is most interesting is severity. it is one of the reasons we had announced almost a year ago we were giving away free kits for anyone who had been hospitalized with covid because if you have some of these extreme stories of people who are in hospital for over the ultimate consequence of

death, they have the extreme response of covid, that is one area we are looking at. second, we are starting to look at long covid. we'll hear about these issues. people get covid. they have munson months or years of symptoms -- they have months and months or years of covid. we will start to update our covid calculator. we did put this out for individuals. that is something we will continue to update as we make more discoveries. emily: the fda has approved this landmark alzheimer's drug by biogen. i am curious what your reaction is to this and what the implications are for 23 and me. i know you were looking into late onset alzheimer's and genetic links. anne: i think one thing that is really a passion for me is always looking at why some people respond to medications in

one way positively or why they do not respond. this is a medication i have not looked at in detail, but i would love to see, is there a genetic basis for response? why some people might do better and some people might not. that is the future of all therapeutics, is that you will start to stratify people with conditions into knowing who is most likely to respond and who is not as likely to respond. emily: we are -- your governor andrew cuomo is saying -- new york governor andrew cuomo is saying not to wear a mask in schools. research from johns hopkins saying adolescents get very severe case of of covid. are you concerned about the mixed messages in this messy middle time when we don't know all the science? anne: that is a good question.

i do have this luxury of living with my sister who is an epidemiologist so we spent a fair amount of time taking about this. i am always of the mindset that caution makes sense. there is not -- we try to use reasonable caution. we are more social these days. my kids are back in school. we do see people. we go into town. at the same time, anytime i am in an indoor place, i am wearing a mask. i personally feel there is not a downside of being reasonably cautious at the same time doing things that make people feel healthy like being outside and interacting with others. i do think there is -- it is reasonable to keep being cautious and eyes wide open. at the same time, take advantage of the warm weather into be outside. emily: we are all waiting for

the merger between 23 and me and the virgin atlantic spac. i know there is a shareholder event happening this week. what can you tell us about your outlook? the big vision for 23 and me, knowing you are finding more timely and significant links between genetics and disease. anne: i am so excited about the potential because -- everything that has happened with covid and people feeling comfortable with health care, the potential for data to transform health care is huge. i remember so well in the late 1990's when i was bidding on the investment side and i was looking at the internet being built, you saw people starting to come together online for the first time and how data was changing everything. i said it is like watching a desert become las vegas. that is what is happening right

now in health care thanks to date appeared when i think about what -- thanks to date appeare data. engaging them with genetic information, having them take surveys, being able to do research like covid. all these research studies that come out, giving them back to customers and being able to engage people in their health. i am really enthused about the potential paired for me, this is a long-term journey about where is data going to go? i say all the time what i am most excited about is being able to use data to know how to live best so i can live best longest. i want to be healthy at 100. i do think 23 and me is using human genetic data to see if we

can develop drugs faster and better. we talk about biogen and alzheimer's therapy. a huge achievement. i want to make the entire drug discovery process more efficient and festers are more people are benefiting from the human genome -- more efficient and faster so more people are benefiting from the human genome. emily: the 23 and me ceo, anne wojcicki. always good to have you. coming up, the rise of 15 minute cities, a new concept driven by the trend of remote work. what it is and how it might not be a solution for every city in the world. a work shifting segment is next. this is bloomberg. ♪

emily: welcome back to bloomberg technology. some other stories we are following today. the enterprise software company microstrategy's saying it plans to offer $400 million in senior secured debt. it is the first trunk sale -- first junk-bond sale. michael sailor said last week in miami that he had launched that he had lost faith in traditional investment strategies. the indian e-commerce giant flip card is said to be a top three $3 billion. flip card is raising additional capital ahead of an ipo plan for

2022. the company had targeted going public later this year, but those plans have been delayed due to the resurgence of covid in india. a recap of our top story this hour appeared apple has given a preview of its new iphone operating system at its developers conference. it includes new features for time message, photos, digital wallets and notifications. apple has announced major new facetime tools to arrival zoom including the ability to schedule calls and send links for others to join a call. the idea of a 15 minute city, a city in which residents live within a short walk or bike ride up all their daily needs has been embraced by many mayors around the world during the covid-19 pandemic, but some urban experts warn there are dangers of applying a model conceived in europe to many north american cities. joining us to discuss, mark

dixon, the ceo of iwg. he is the latest guest on our work shifting series. they cue so much for joining us. talk to us about this concept of a 15 minute city. could it really be transported to the united states? mark: it could definitely be transported. it is very popular already in the united states. first of all, what is it? the 15 minute city is really about people wanting to have more of their life more local. technology now allows that. the true enemy for many is the daily grind of commuting. that is what people are hoping to avoid. more of their work activity and more of their leisure activity around where they live. in terms of the united states,

we are seeing strong development of this throughout the united states in particular as the country reopens and as communities reopen. a lot more people want to work locally, either at home or close to home, because they have really appreciated an ability in the past year to spend more time at home or close to home. it has been very valued. emily: talk to us about what you are seeing in return to work trends. are you seeing returns and where ? are some cities bouncing back more quickly than others? mark: it is a return to work that is occurring at different speeds. we are seeing very strong returns and a lot of growth inflation like in california

with new york lagging. places like texas, florida, very much open. strong levels of growth. across the united states where everything is opening at slightly different paces of recovery. across the world, it is sporadic. london is coming back quite strongly. the rest of the u.k. remain strong throughout covid. again, the enemy is commuting. long commutes are what people are trying to avoid during covid but afterwards. what we have seen is those cities worldwide where commuting distances are less, those cities are less affected. that is playing out as the crisis comes to an end. emily: you did warn that profits

would be well below last year because of the year we have been in. i am curious how you expect that to play out in your business this year if 2020 was the year of the pandemic. what is 2021 going to look like for iwg and other flexible work companies? mark: we are are exploring this. it is just pure mathematics. basically, you have a gradual decline in revenues each month from april onwards in 2020. we came from our highest performing quarter in our history in the first quarter of 2020. a slow decline. since that decline continued to april when the business flattened out -- so we stopped having a declining occupancy rate in april.

both in may and june, we have got strong levels of occupancy increase, price increase and services coming back as more people are coming back. we adjusted simply because the pace of recovery, we had expected it to be higher. because of interruptions in places like india and various other countries, that slowed things down slightly. emily: thanks so much for giving us a view on these trends as they are playing out around the world. the ceo of iwg, mark dixon, appreciate you taking the time to join us. coming up, we will have all the details on a billionaire's plan to take a ride on the blue origin spacecraft with his brother. and continuing to climb up, up and away.

most mean stocks also advanced. the sec saying it is monitoring frenzied trading for any signs of market manipulation. this is bloomberg. ♪

emily: the world's richest person is going into space. jeff bezos will be one of the passengers when his company sends humans into space for the first time. we will be joined by his younger brother and the winner of the online auction the company has been conducting. the suborbital flight is set for july 20. joining us with the details, bloomberg's ed ludlow. why did jeff bezos suddenly decide to make this trip? ed: he said it was a boyhood

dream. he has been putting about a billion dollars annually into blue origin. this is not some deep exploration. he is going up for an 11 minute sojourn into orbit where the carport will carry him up 62 miles. gazing at the stars and a low gravity and then safely hopefully comes back down to earth assisted by parachute. he will be with his brother. he said it is his dream to bring him with them and whoever comes on top of this auction. emily: this has been a specific exercise in experiencing weightlessness in space. talk to us about how it compares to what spacex and virgin galactic are trying to do? ed: spacex is the greatest comparison because by the end of this year, they want to do an orbital cruise. we spoke to the ceo.

he is one of the passengers aboard the trip. it will be a number of days. you look at virgin galactic. richard branson is going to be the first test subject sometime this summer. a very different propulsion mechanism carried up by aircraft. and then skims along the low earth orbit trajectory before coming back safely. spacex certainly has some lead over blue origin when it comes to that degree of penetration into space. emily: and they are competing for much bigger prizes. where are they in the space race? who is winning? blue origin has been around for a long time and only more recently has had much to show for its efforts. ed: blue origin has done 15 tests without a human being. jeff bezos will be the first billionaire in space on paper,

but spacex has done winter 25 lunches of the falcon rocket system. it has the commercial contract with the mass of the lost out on. it was competing with spacex to get the lunar landing contract. blue origin has appealed the decision. it really seems like spacex is deepening relationship with nasa. it has the only nasa certified human spaceflight system. this is still a landmark moment for them. being the first billionaire in space is some accolade. emily: ed ludlow. our resident rocket man. we will be watching that launch on july 20. thanks so much. that does it for this edition of bloomberg technology. tomorrow, we will catch up with the california secretary of the environment. thanks so much for joining us. i'm emily chang in san

francisco. this is bloomberg. ♪ (announcer) back pain hurts,

and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'll break on you? think again! even a jeep can't burst it. give the aerotrainer a shot. pain and stress is the only thing you have to lose. get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com.

haidi: a very good morning and welcome to daybreak australia. sophie: we are coming down to asia's major market open. shery: good evening from bloomberg's world headquarters in new york. the top stories this hour. goebel policymakers are pushing to ensure the g7 tax plan does not let amazon off the hook. new rules could target its cloud computing business.

haidi: