such a good system. and it must be adhered to over the long run. fellow compatriots, dear friends , a review of the past points the way to the future. the rich practice of the policy of one country, two systems in hong kong has left us much valuable experience and food for thought. 25 years of practice tells us that only with a deep and accurate understanding of the rules governing the policies' implementation, can we ensure --

haslinda: we just heard from president xi jinping, speaking at the ceremony there at the hong kong convention center. he reaffirms the one country, two systems model, echoing remarks by john lee. let's get back to his speech right now. -- uploading over 70, security, and developmental interests is a paramount principle in the policy of one country, two systems. on this basis, on the basis of this emphasis, hong kong and macau maintain their previous capitalist system in the long run, and enjoy a high degree of autonomy.

the socialist system is the fundamental system of the people of the republic of china. and the leadership of the communist party of china. it is the defining feature of socialism. all residents shall consistently uphold the fundamental system of our country. full and faithful implementation of the policy of one country, two systems will create immense development opportunities for hong kong and macau. the more firmly the policy is

used, the great advantage of two systems will demonstrate in practice. secondly, we must ensure the integration of overall jurisdiction of stricter authorities and a high degree of autonomy in the sar. with this return, hong kong has been reincorporated into our country's system. then the constitutional order of the sar has been established under the fundamental guidance of the policy of one country, two systems. the central government's overall jurisdiction provides the source of the sar's high degree of autonomy. at the same time, the central

authorities fully respect and firmly hold a high degree of autonomy enjoyed by the sar, as enshrined by law. and forging the center authority's overall jurisdiction and uploading the sar's autonomy are integral aspects of the policy, and only by ensuring both and we run the sar truly well. the sar adheres to the executive-led system. the executive, legislative, and judicial authorities perform

their functions in accordance with the basic law like other relevant laws. the executive and the legislature operate through checks and balances and incoordination. and the judiciary exercises judicial power independently, in accordance with the law. third, we must implement the principle of patriots administering hong kong. keeping political power in the hands of patriots is a political move commonly practiced in the world. no people in any country or region in the world will ever

allow political power to fall into the hands of forces or individuals who do not love, or who would even sellout or betray their own country. to keep the power to administer the hong kong sar firmly in the hands of patriots is essential to safeguarding the long-term governance and security of hong kong. at no time should this support be allowed to be compromised. protecting the power to administer is protecting the hong kong's prosperity and stability, as well as the interests of the over 7 million hong kong residents. fourth, we must maintain hong kong's unique status and strength.

the central authorities have always handled hong kong affairs from a strategic and overarching perspective. with the starting point and ultimate goal always to uphold the fundamental and long-term interests of both our country and hong kong. hong kong's fundamental interests are consistent with the fundamental interests of the country. the heart of the central government, and the heart of our hong kong compatriots will always be together.

enjoying the backing of the motherland while staying connected with the world is a notable strength unique to hong kong. a strand cherished by both hong kong residents, and the central authorities. the central government fully supports hong kong in maintaining its unique status and strength on the long-term basis. daily consolidating its role as an international, financial shipping and trading center, and maintaining its free, open, and sound business environment. in retaining its common-law system. and in expanding smooth and convenient linkages with the

rest of the world. the central authority's trust that in the historical course of building a modern socialist country in all respects, and achieving the great rejuvenation of the chinese nation, hong kong will have an even greater contribution to make. fellow compatriots, dear friends , in the chinese people in the chinese nation's great advanced from standing up to become prosperous and growing in strength, our hong kong compatriots have never been absent. now hong kong is at a new stage of moving from chaos to governance, and then from governance to greater

prosperity. in the next five years, it will be crucial for hong kong to break new ground and launch new takeoff. hong kong faces both opportunities and challenges. and there are more opportunities than challenges. both the central government and people across all social sectors in hong kong have high hopes for the new government of the sar. and people of all ethnic groups in china wish the best for hong kong. here, i want to express four hopes for hong kong. first, strive to improve

governance. enhancing the system and capacity for governance and boosting its advocacy is of pressing importance for the development of the development of the hong kong sar. as administrators of hong kong, the chief executive and the sar government bears a primary responsibility for administering hong kong. we should all faithfully fulfill the oath of office, take solid steps to implement the policy of one country, two systems, uphold the authority of the basic law, and dedicate yourselves to the hong kong sar. officials should be selected on

the basis of both integrity and competence. outstanding individuals who are firm in their love for both the country and hong kong professionally competent, and dedicated to serving the public, should be extensively drawn into government service. the sense of national identity and a global vision should be highlighted. plans for hong kong's development should be made with the overall and long-term requirements in mind. the philosophy of administration should be transformed, and the relationship between the government and the market, that are balanced -- better balanced. this is to better promote both a well-functioning government, and an efficient market. government administration and

conduct should be improved. so that officials will demonstrate a new level of commitment and satisfactory performance, and take on a new look of good governance. second, keep strengthening the momentum of development. hong kong enjoys a unique decision, favorable conditions, and broad space for development. the central authorities fully support hong kong in seizing the historic opportunities presented by our country's development, and in aligning with national strategies such as the five-year plan, the development of the quantum hong kong by corporate

greater bay area, and the high-quality development of the belt and road corporation, inspired her open businesses and serve their dreams in hong kong. the central authorities also fully support hong kong in advancing reforms in an active and prudent manner, breaking the impediments of vested interests, and fully unleashing the enormous creativity and development ability of hong kong society. third, take solid steps to address difficulties in people's lives. as the chinese saying goes, those who get the benefits of the world take on responsibility for all. and those who enjoy the happiness of the world, share concerns for all. as i have said, meeting the

people's aspirations for a better life is the goal of all our work. at present, what the people of hong kong desire the most are better life, a bigger apartment, more business startup opportunities, better education for kids, and better elderly care. what the people call for, we must strive to deliver. the new government of the sar should deliver concrete outcomes and live up to people's expectations.

give top priority to meeting the aspirations of the whole community. especially ordinary people. and act with greater results and take more effective steps to address existing problems, so that more fruits of development will reach all people in hong kong in a more equitable way. each and everyone of them will have greater confidence that as long as they work hard, they are fully capable of making a difference for themselves and their families. fourth, jointly uphold harmony and stability. hong kong is the common home for all of its people, and a harmonious family will always prosper.

having gone through ups and downs, people have learned the hard way that hong kong was not be destabilized, and cannot afford to see chaos. there is extensive consensus that no time should be left in hong kong development, and that all interference should be removed so that hong kong can stay focused on development. everyone living in hong kong, regardless of their profession or belief, is a positive force for the development of hong kong, and can contribute their due share to the government of hong kong as long as they support the policy of one country, two systems, love hong kong, and abide by the basic law and the laws of the sar. i hope that all hong kong

compatriots will vigorously promote the mainstream values that are centered on love of our country and love of hong kong, and consistent with the policy of one country, two systems, carry forward the tradition of inclusiveness, solidarity, common ground, without uniformity, perseverance, and a can-do spirit. and work together to create a better life. in particular, we should care about young people. when young people thrive, hong kong thrives. when hong -- when young people grow, hong kong grows. when there is a future for young people, there is a future for hong kong. we should help the young gained a keen appreciation of the underlying trend in both our

country and the world, and heighten their sense of national pride andit is our earnest hopel young people in hong kong will join efforts to build a better hong kong process.

ensuring the continued success of the practice of one country, two systems in hong kong is an integral part of this historical process. we are convinced that on the new journey of realizing our country's second centenary goal, hong kong with a strong support of the great motherland and the solid implementation of the policy of one country, two systems, will surely achieve even greater accomplishments, and share together with fellow compatriots of the motherland, the glory of great rejuvenation of the chinese nation. thank you. [applause]

haslinda: that was chinese president xi jinping wrapping up his speech at the swearing-in ceremony of the new chief executive, john lee. it also marks the 25th anniversary of hong kong's hand over to a chinese rule. recapping the headlines, xi jinping reaffirming the one country, two systems models which he says has been successful, fully recognized by the international community. this was the message as well by chief executive john lee earlier. he says it means the fundamental interests of china, hong kong, and knockout, and that china fully supports hong kong in its unique status. he also said hong kong is now moving from chaos to development and prosperity. he calls for better governance of hong kong. and he talked about how hong kong needs to be administered by hong kong. talking about ensuring

leadership by patriots. let's get insight, perspective, to our chief north asia correspondent stephen engle. the key takeaways here? stephen: there were no specifics on policy that perhaps we were looking for, on quarantines or anything else, but this was a fairly positive speech. this was not a speech about the iron fist, this is more from the velvet glove of xi jinping, wanting to show that hong kong people are compatriots, and that "our harmonious family prospers." and an appeal to the youth of hong kong. this is two years after implementing the national security law in hong kong and revamping the electoral process to bring stability to hong kong, and really selling to the hong kong people the merits. not the detriments, but the merits of that one country, two

systems, that will be the springboard for prosperity and stability. i want to get back to our guest, frederick caleb -- frederik gollob from the european chamber of commerce in hong kong who has been waiting patiently. did anything stand out to you? guest: this was two significant speeches, one from the chief executive, and the most significant speech of his leap president xi jinping. the fact that president xi and the first lady are in hong kong cannot be valued more. his words were encouraging. i personally interpreted his speech in a way that now, john lee has a full toolbox of confidence under the one country, two systems framework, where he can basically lead hong kong back to prosperity. he has confidence from the central government. xi jinping was very clear on

this. and also particularly when it comes to hong kong's unique status in the world as a global financial hub, shipping and trading hub. both mentioned that. i believe it is a great sign of encouragement, and john is up for executing that plan. stephen: absolutely. one thing that stood out to me was the timeline. he says, the next five years for hong kong will be critical. and in lockstep with that comment, he said, "we need the hong kong government to rule better and execute our policy better." basically telling john lee, you have got five years to implement, get results and get it done. do you expect an accelerated kind of agenda for john lee? frederik: i expect that. i would never have reduced john lee to a cop, to a police man

the way that i met him, before i came in, was pragmatic, listening carefully to the concerns of the business community. and we expect and want him to continue that, and we are looking forward to more continuous exchange with the new government, now that they have all of the two from reaching certain on the international community. it would not be on the way of everyone in hong kong. we are very encouraged today by both speeches. and we see it as a great opportunity for hong kong. stephen: thank you so much for your time. john lee, you are not listening to us right now, but your marching orders are to get hong kong open, get hong kong going and moving again. [laughter] frederik: let do it.

stephen: rishaad, back to you. rishaad: thank you you to stephen engle and frederik gollob from the european chamber of commerce. you can catch up with other interviews by using the tv function on the bloomberg terminal. haslinda? haslinda: let's talk about how it is impacting markets. our coanchor david ingles, when you look at the csa 300, it is down 0.2%. weakness, too, for the yuan, is there anything to read from the reactions in chinese assets? david: we will simply have to wait for the new chief executive to execute the plan that stephen is pointing out, and to add to his point, there really wasn't any tangible thing that investors could latch onto, certainly against the backdrop of a couple of things. market has already rallied on a

separate thing, with the economy . hopefully the mainland economy bottomed. what i would point out as i was listening to the speech, just the emphasis, on the unique role of hong kong. the unique role of hong kong against the wider backdrop of the one country, two systems, and keeping stability. one of the lines that stood out from the chinese president was when he essentially talked about the autonomy for hong kong and macau to maintain their capitalist system but also against the backdrop of the system that is fundamentally socialist, and the importance of hong kong for the stability and security of china. the integration of the economy. whether that is as a wealth, a

venue to raise money, i just had a look at some of the data. since 2017, and this is on the back of the napkin calculation here, about 200 billion u.s. dollars has been raised in the ipo market in hong kong. the amount of money that has been raised in hong kong, mostly from chinese companies, has continued. rishaad: in his speech he brought up the idea that there should be a better balance between the government and the markets. he didn't expand on that. and he mentioned housing, saying that hong kong resident went bigger apartments. it is one of the most unaffordable if not the most unaffordable property market in the world right now. something which is, but as we have seen a general evolution of this market and people on the mainland owning so much of it. not just residential, but the

soft market as well. david: great. one statistic i remember is that 70% of the average annual income goes to servicing mortgages here. that goes to stephen's other point, this speech is almost geared to looking and telling hong kong's youth to stay put, that there is a bright future here in the city. something that was different from the generation that just went past. and other point you just made, the changes in the hang seng index, for example. there were about 50 stocks. now up to about 70. it is expected to grow to 80-press. the number of tech and a new economy names in the top 10 was just tencent before, and others alibaba and meituan and jd.com.

and you include the chinese banks, the hong kong stock market is looking more and more like an avenue for foreign investors to gain exposure to the chinese mainland. increasingly so, we are halfway to 50 years, many aspects of the economy and the market are starting to mirror that evolution. haslinda: chinese companies in hong kong account for 70% of the market cap. david, thank you. let's bring in the head of asia-pacific research at julius baer. mark, when you look at markets in hong kong and china, investors are looking at the covid zero policy. we heard nothing about that from xi jinping and from john lee. how are you assessing the speeches made by the two gentlemen? >> i don't want to sound like a spokesperson for the government of china, because clearly i am not good but i think it was a

very nice speech, a resounding endorsement of hong kong, both inclusive in china, and also saying that hong kong has an important role to play as a global financial center. so the tone was very positive, and as stephen said, a very soft and kind tone, not an iron fist. i was eavesdropping on your conversation, and i agree that the comments on property were interesting, and the youth. we all know that the wealth divide is large in hong kong. property, apart from monaco, is the most expensive in the world. that is a clear signal that there will be more public property. and as hong kong is that -- as the connections group with the greater bay area, the availability of places to live

will expand. if i was to take away any markets or economic message from it, i think it is that property prices in hong kong should go down. rishaad: when you look at the world, you can see that we are going in opposite directions with some of these developed markets in europe, the u.s. heading towards arguably a recession, and china is going in the other direction. the former head of the hong kong foreign exchange has been weighing in, saying that it gives hong kong some exceptionalism as a gateway to the mainland. he puts it better. this is what he had to say, in fact. >> in the longer term, i am absolutely confident that china is still, if you are an investor, china is your biggest diversifier because everything else around the world now is pretty much correlated with the u.s. one way or another, and china is the only large exception. so if you wanted to put your money into a diversified board,

china is a place you cannot avoid. rishaad: is that something you would agree with, mark? mark: i agree that it is a diversifier. i also think that the returns on equity of the big technology companies which, let's face it, over the last 10 years, people did not want to own state-owned banks or oil companies or telecoms, they wanted consumer technology companies. the return on equity on those will be a fraction of what they were because of common prosperity. so yes, it offers a diversification. but i think the returns going forward will look more like japan and germany than a nasdaq. haslinda: we just had the indian rupee dropped to a new record low, $.79 to the u.s. dollar. we had the likes of goldman sachs saying that the indian rupee would get to $.80 in the next few months. just continuing our conversation

on china, where do you see opportunities in china now? mark: i see them very much in hong kong and the hang seng index. to me, it is the most distressed asset relative to the quality of the underlying assets that i can find in asia. this is a series that you can take back to the 1960's, and obviously the members were different back then. it was never this cheap before. not in the asian crisis nor the global financial crisis. hong kong is a great place to put some money. we are not optimistic in the chinese market, i should make that clear, but if we are wrong, and sometimes we are, it will naturally go up with china. and if we are right, i just feel that it is too cheap. there are good companies like hsbc and others, telecom, the

list goes on and on, these companies don't have all of their eggs in china. for most of them it is not a big part of their business. these are good companies that, in my mind, are far too cheap. rishaad: may be or not that positive on china, but what about india? we saw the rupee at a record low. for forecast suggesting it could go further down. this suggests a lot of capital outflows taking place. is it time for you to use that famous quote to be greedy when others are fearful? mark: foreign investors have been fearful. but the local investors have been greedy. they have a superannuation fund, the sip finds, a steady

inflow of pension related investments and equities that did not exist before. so that will provide support. it is an emerging market. everybody is worried about a global recession. we don't expect one, but the market seems to, and emerging markets will struggle as long as that remains an unanswered question. that is why the rupee is going down. but the r.b.i. has built up its foreign-exchange reserve so fundamentally, the rupee should not go down very much. and india in the last 10 years was held back by the reforms, by the nonperforming assets that the banks were saddled with. that i think is in the rearview mirror. i think the economic cycle will be very strong for india in the next couple of years. it is a market we are overweight . rishaad: the rupee, as you alluded to, is a function of dollar strength. that also against the kiwi dollar, it has fallen to the

lowest level since june of 2020. if all of about 0.8% -- far. with quantitative tightening, how does that change the game? how does this massive amount of money-printing for the u.s. economy played into this as all of this stimulus and liquidity is reduced? mark: right now it seems like a one-way street that the dollar is going to get stronger. and with quantitative tightening , i would say it is very difficult to quantify the impact of that, because we don't precisely know what the impact of quantitative easing was. it was supposed to go to main street. clearly, a lot of it got stuck on wall street. so if you take it away, it will rain for financial markets, less liquidity and less supply of dollars and therefore, a stronger dollar. but if we look back in history to 1970, we found that on

average when the dollar went up in excess of 10% over a 12 month period, which it has done in the past year, the returns of the dollar over the next 12 months were mildly negative. i feel, especially with the ecb starting to get hawkish, that is two-thirds of the dollar index, the dollar will most likely be flat 12 months from now. haslinda: mark matthews, head of asia-pacific research at julius baer. speaking of dollar strength, we are seeing weakness in the indonesian rupee, dropping to a two-year low on the back of rising inflation. don't miss our conversation with carrie lam. it premieres friday, july 1 at 5:00 p.m. hong kong time, that is 7:00 p.m. in sydney. plenty more ahead. keep it here with us. this is bloomberg. ♪

>> a congressional memorandum actually called out three major players in investing in technology, andreessen horowitz, y combinator, and sequoia. what do you make of that? have they made any strides? >> certainly some of those strides have added women partners since metoo. to some extent they were calling them out as examples of this is what exists in the ecosystem. there are a lot of legacy firms that are trying to improve, they

are hiring more women, launching better programs where you ultimately see more diversity. but i think the entire industry has a long way to go. if only those three firms were underweight on diversity numbers, this would not be a problem. the reality is the entire industry is behind. emily: what needs to be done to make main change and not maintain the status quo? there is something to be said for being a bad actor in the system, and there is also something to be said for accepting the status quo. guest: we have gotten the bad actors out over time, in large part to books like yours, but there are a lot of not so great actors that remain. the question is how do you make it clear that you have to have a diverse investment team if you are a university endowment or a pension. you have to apply capital to diverse investors and back diverse founders. those are the three things that have to happen.

emily: there was a lot of concern that women would backslide during the pandemic. we saw women were often the first to leave the workforce and take care of their families. are you concerned that will happen again in this current downturn? guest: you see this time and time again. it always happens. the funds that struggled to raise will be disproportionately women and people of color-lead. the companies that struggled to raise will be the same that when those companies fail, it will be seen as sort of a moral failing, rather than market conditions. black founders had a sudden uptick in funding following the black lives matter's protest, and that is gone. with markets conditions the way they are, it is incredibly hard to assume that it will be a good year to be a woman or person of color in this industry. emily: what are you seeing behind the scenes in the downturn, what's happening with new private rounds, valuations, layoffs there have been some

layoffs. the goal of layoffs has often been cut deep enough that you don't have to keep doing it. we will see in the incoming months if that is true. there is a massive amount of hiring slowdowns for these tech companies. they are not that splashy, headline grabbing rounds, but founders are going to existing investors or new ones and say, i will bring in $20 million more just to tide us over so we have three years of runway, instead of 18 months, because we could be in this downturn for a long time. emily: are investors open to that? guest: they are doing it hand over fist. i think it will be an opportunity for the hedge fund crossover funds. you are looking at companies who are raising massive discounts to where you thought there would have been. venture capital has been raising historic amounts of money the last few years. there is a lot of dry powder

anything people will deploy it to get some deals. emily: however you evolving your strategy? are you still bullish on crypto in this environment? guest: i am always bullish on crypto. i was early in the space. in crypto, what we have seen when you look at the historical bitcoin price charts, in particular bitcoin, not the luna s of the world, that have had these big public tobaccos, not the nfts -- i don't want to own a picture of a drawing of an ape -- but when you look at bitcoin, what you see is historically, crypto winter hits, the price goes down then it starts to go back up. it becomes a great time to buy when there is a downturn if you are a true believer. emily: speaking of the subculture of the tech industry that has been very male-dominated, that is cryptocurrency, are you seeing progress or the same urgency to change that we hope to see in the broader tech industry? guest: crypto is unfortunately,

like the rest of the tech industry, male-dominated like finance. the two industries that it straddles. it is predominantly. there are some bright spots, like coinbase. but the industry has to fundamentally change. it is the same vc's funding crypto companies as tech companies. so of course, you are seeing more men get funded. emily: it is great to have you back. thank you as always for your voice in this conversation. coming up, we will talk more about sexism in that different part of the tech industry that is crypto. i will be joined by a crypto investor and founder. her perspective next. this is bloomberg. ♪

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emily: time for our crypto report. as we have seen bitcoin is on , track for its worst quarter in more than a decade as a string of high-profile blowups crush confidence in the sector. 58% plunge is the largest since the third quarter of 2011. that is according to data compiled by bloomberg. are we nearing the bottom? tegan kline is the cofounder of the edge & node, the company behind the graph protocol. think of them as the google of blockchain's. i want to talk about your experiences as a founder and investor in this space, but first, your comment on the market, bitcoin below $19,000 for the second time in two weeks. it's all looking a bit grim. how much longer does it last?

guest: there was a liquidation cascade and that will take months to recover. but the exciting thing is that a centralized finance is what broke, not decentralized finance that broke. decentralized finance held up very well. i think there is actually a big opportunity to get involved in the crypto space for many of the viewers that haven't yet, especially in bitcoin and ethereum because the development in ethereum has continued. there are so many brilliant minds coming back into the space and the fundamentals are quite strong. emily: you started your career on wall street and left to join the crypto industry. how would you compare and contrast of those two cultures? guest: very different. i would say that my time on wall street, it's very different, very different personalities. very strong personalities on wall street. sharky behavior, which does exist in the crypto space as

well, but when it comes to the protocol layer and the builders, i have had a lot of great and friendly experiences in the space. and when it comes to women in the crypto space, many are there to lift other women up. which was not my direct experience in wall street. emily: so would bro culture be a fair characterization of wall street, and not of crypto culture? guest: in my experience, yes , very much so. it does still exist in the crypto space. there have been a lot of tech vcs from silicon valley that bring that culture in and also invest in founders that are a little bit more bro culture. but many of those crypto native vcs are really open to more diversity and have an emphasis around diversity, and also a diversity of ideas and also founders, so that is an exciting piece within the crypto space. emily: so how do we keep that

trend going, then, whether it is more female executives in crypto companies, getting more women to invest in cryptocurrency in general, would that all help keep their crypto industry from falling into the same trap that tech has? guest: absolutely. i think we need to invest in women and we also need to get women on the table so that companies are taking female investors as well. it is so often that i see tables that are all men. when we see that, we have a responsibility to call it out, not just as women, but as men. men also need to call out of that kind of behavior. it's also important to hire strong women that support other strong women. and adding women to leadership roles within companies, that is one thing i would take seriously as a founder within the space, it is really important to bring strong women into the company

and leadership roles and give women power. emily: what are big misconceptions about the crypto industry that we should break open to get more women involved? guest: i think one misconception is that you have to be technical, that you have to be an engineer. you don't. we welcome female engineers and coders into the space of course, but we also need marketing, we need designers, people that raise capital. so every skill set that exists in the world is also needed within the crypto space. there are so many communities in the crypto space that you can belong to. different communities across the different asset classes and use cases. emily: we were speaking to congressman stephen lynch earlier, who just shared a hearing on combating bro culture in fintech. he talked about things like the sec potentially regulating or taking a closer look at executive teams of tech

companies. what would you like to see from congress? what could congress do that could make a difference? guest: it is unfortunate that congress has stepped in and that we are not self-regulating and doing this ourselves, because we are very much capable. it does feel like we are on a positive trend, but i would like to see all of this cold out when you see bad behaviors, having women on your show, you are a great example of raising other women up. but there are conferences where it is only male panelists for only male speakers. so when we see that kind of behavior, it is important to call it out. emily: tegan kline, cofounder of edge & node, thank you for sharing your perspectives. much more ahead. stay with us. this is bloomberg. ♪

emily: a few other stories we continue to watch -- amazon was dealt a blow in federal court after allowing a female employee to move forward with a discrimination complaint in california. she claims emerson up at her husband, quote, "substantially more in wages when applying for the same job despite their comparable qualifications and experience." she also says the company retaliated against her for filing this wage discrimination complaint, refusing to interview her for a promotion, and being denied scheduling changes. also, a former apple lawyer pled guilty to insider trading between 2011 and 2016. according to these charges, he traded on confidential revenue and earnings. over his decade-long career at

apple, he was one of the most senior executives, reporting directly to the company's general counsel. apple fired him in 2018 after placing him on leave. and that does it for this edition of "bloomberg technology." don't forget to check out our podcast. you can find it anywhere you get your podcasts. i am emily chang in san francisco, this is bloomberg. ♪

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