it was an unbelievable move. , the ceoe now is dan of pfizer investment, which has 3.4 billion assets under management. how you view china. china?china -- view dan: it is messy. theeek that my feeling on way the market has rebounded and wipe them out in one day is investors are very anxious about the fact that this is such a controlled environment. the chinese government allows over 1000 stocks to trade. it plays around with the margin rules. it tells big investors do not sell. have a free market if the central bank is always getting in there and saying we don't like what is going on. doesn't mean that with the government did it didn't work? all of a sudden you turn around and went out. dan: saying something does or doesn't work in china -- it is a joke. this is a country that two weeks after the end of the quarter is able to tell you that growth was 7% per annum. economy and we are not going to get our first read on second-quarter gdp until later this week. china doesn't revise its numbers. what it says happen at the end of two weeks, done. say are doingey is working or not working,

ceoe do this right, the actually has an interesting decision during our investment window.ady to go big? is this company who is figured it out, and now i need money to scale? by keeping it lean and mean, our founders have the option of getting profitable. this was not some that you could do back in 99, or 2000. >> we were saying isn't the point of the a round only going to a handful of the seed round companies? sort of a weaning process ? interestingt -- the ring is the definition of a round is interesting. we are dealing with companies who are in their seventh institutional close. anderson harwood comes in and puts $20 million in and calls in series a. it's the seventh institutional close. in many ways, by the time the big firm comes in, that company dr-r ually deep risk -- e-ricked. go spend thean you money, it means you deserve the money. >> you change the negotiating stance. letguys have been there to them choose their terms. >> a lot of times as ceo will come to us the term sheet in hand from bigger firms. they will say hey, bullpen, and only this much money at. what i

ceoe know that facebook mark zuckerberg has been pretty critical of the administration when it comesnsa saying they basically blew it in exactly those words. hoping toexecutives get out of this meeting when it comes to that portion up? -- portion of it? yahoo!, the companies whose representatives were at the table -- they sent a letter to president obama and members of congress raising issues with the nsa program. one of the things they said was that the u.s. should be taking the lead going forward. they also want to be able to rein in the program, to determine ways that they can determine how their culpability is limited, to prevent the government from participating in the collection of some of this data. this comes on the heels of the administration's review of these policies, the president receiving the classified version of his outside panel of x boards -- of experts recommending changes to the program. also the white house had a meeting a couple hours after the federal judge ruled the metadata collection problem -- program is probably a violation of the fourth amendment. >> we a

earlier, stephanie ruhle and tom ceoe spoke with the zillow about this deal. they started by asking him when the low and trulia will reach vertical mast. >> it is very early, so it is hard to say. real estate professionals spend $12 billion year in advertising zillow and trulia combined. you alreadye two of dominating, capturing all the online advertising dollars? have zillow and trulia, i no idea who's on third. >> there is a lot of fragmentation in this space will stop most real estate advertising still occurs off still occurs off-line, newspapers and outdoor advertising. a lot of it goes to a long tail of local real estate sites am including tens of thousands of real estate sites in any given city. that long tail in the aggregate is a lot of consumer audience. zillow and trulia are probably the best known national brands but is very fragmented as far as the local level. >> what is your ultimate goal customer we heard you do want to see zillow and trulia as separate entities. why not combine them and be separate brands question mark >> i think it's very impo

me ceoe with the 23 and and started by asking about the requirements the company had to me to earn thisval. makee fda wanted us to sure the data was accurate so that if i tell you a certain result, we know the quality of that result can be reproduced and it is that result. the second thing we had to prove is the comprehension and go around the country and prove all different education levels could understand this data. it is one of the things that is core to 23 emmy me, anyone can andn about themselves science is within the reach of anyone. we design the product and experience so that anyone of any education level can understand it. selecte: how did you these conditions to run with first and will you be adding to them? >> we will be adding to them. we want to keep consumers up to date as more genetic discoveries are happening. we've focused on parkinson's and alzheimer's because those are customersmmon reports want. one thing people don't realize is the medical system does not have those. found is that consumers really want this information acause they might be making lifestyle change a

it is interesting to see more executive from goldman , now coming to technology the ceoe as cfo therefo google, and interesting 20 -- trend we're seeing. matt: alibaba has long wanted to be a global player. emily chang, thank you for that. alix: thank you so much. coming up on the bloomberg it bone to pick with bank of america. we will tell you why. ♪ ♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. alix: welcome back. let's get straight to a look at the top headlines. escalated as the suspended deposit fund pays its obligation bond. one of its agencies defaulted for the first time. the come in play less than one that -- paid less than $1 million for a $68 billion payment. bill rhodes talks about it earlier on bloomberg. law thatis a 1968 cap's medicaid and medicare. others are much wealthier and you look at what they are getting and what the states are getting. it is basically not fair. that is why they should have another referendum on

erik schatzker and stephanie ceoe interviewed a jpmorgan and iconic editor, tina brown. to watch on friday, only on bloomberg. the top are public and politicians from around the united states are making their way to the premier conservative local conference today. each looking to secure the favor of the more than 10,000 attendees at seatback. phil mattingly has been watching nowthings are in p joins us >> good afternoon, mark. the stars are out for the republican party when it comes to see pack. on the senator side, you've got marco rubio, ted cruz and rand paul, you had governors like chris christie and bobby jindal. the point right now is to try to prove their conservative credibility. marco rubio gave a very in-depth foreign-policy speech and ted cruz talked about repealing obamacare and dodd frank. at the future of the republican party -- see pack is a purity platform, something ted cruz made very clear today. >> all of us remember president dole. and president mccain. and president romney. man, decent man, but when you don't stand and draw a clear distinction, when

shares are up today onward brazil'supreme court revoked a ceoe owner -- the former .as been holed uphome he was arrested in november on charges of obstructing a federal investigation. turner broadcasting teaming up -- teaming up. -- the subscription fee has not been announced. bywill be curated programmers from turner classic movies, the cable network. to give his 2000 full-time employee shares with up to 10 widelyp -- 10% considered to be worth billions of dollars. it could make some employees multimillionaires. turning back on the federal reserve this week. take a look. the current index of assets higher. i am sure tomorrow as well. joe weisenthal is here now. walk me through the chart and the significance of it. how have the bond markets reacted? of,here is always the sort it is always hard to disentangle market moves and the fed. saw basically everything bottom in the middle of february commodities,g from stocks, emerging markets, everything has rallied since then as it has been perceived that the fed has gotten more dovish. nobody expects the fed to do anything. the real questio

earlier today, matt miller and i ceoe with the founder and of foresight strategy and to medications.e discussed his contingency plans over greece. at this moment, the contingency plans have been exhausted. we have been redrawing contingency plans over the last four months. now time for leadership, regardless of what party they represent, to consider using russian now in boldness and come up with any solution, any settlement that will allow at least the business community and private sector to continuously move our country step by step forward, and hopefully at some point we will be able also to deal with the structural issues that we andnitely need to tackle get them behind us in order to move the whole country ahead. >> what about you personally? have you taken out enough cash to get you through next week, or are you not worried about it run? >> i have heard so many times that there is this issue, i didn't go. i'm not sure that we will have such an issue at the end of the day. get 1000ure that if i euros and put them in my home for the weekend, that will save me if we end up moving

keeping up with disruptive ceoes and technology, ibm's shows her insight at cornell tech.ersation in moments. we want to get the u.s. markets, which was in about to -- two

co-ceoe bank's new getting a revamp.ommittee that advises the day lord turned their under pressure to shore up profits. those are your top stories at the hour -- at this hour. matt: four's latest patent. plus, a look at oil, teetering on breaking the $40 mark. more on that is ahead. ♪ matt: your average sedan might feel like a private jet. it can also transform into a lounge while driving, adding swiveling speeds that created a more comfortable setting and an ottoman for your feet. i think we are a long way away from this happening. the ceo was asked about this when mercedes was showing its driving lounge. he said they are still quite a few years out and there is no rush this product. first, we have to get the lincoln continental. that is what i'm -- i'm excited about seeing from floyd -- from fort and then we will worry about not paying any attention to the road. they are driving in the left lane when they should not be there. olivia: that does it for me. stay tuned for more. ♪ matt: welcome back. in the sign of strengt

its ceoe also equipped with more security. there are also totally personal reasons for this.k zuckerberg now has two young kids. he had his second daughter last year. it could be that he just wants to up his security for his little family. it could be that relatives or extended family members have gotten threats or are just not feeling comfortable. it could fall on him to pick up the bill for that. emily: and you go into great detail about what these costs actually are, right down to bulletproof windows. tell us where the money is spent. >> it's quite interesting. i had conversations with a lot of people that work in the private security industry. going into the story, i figured that an additional $10 million on top of a $5 million to $7 million facebook has paid per year for the past few years, it seems like a lot of money. i was quickly told that is not necessarily that much when you have private security detail, security at your home, a special cybersecurity program set up for your devices. costs can add up very quickly. emily: thanks so much for that story. still ahead, s

keeping up with disruptive ceoes and technology, ibm's shows her insight at cornell tech. we'll bring you that conversation in moments. we want to get the u.s. markets, which was in about to -- two hour's time. very small movement. the major averages close at record closes yesterday. today, not so much. the dow is on pace for another record close. the s&p 500 earlier today could just put in an all-time high. these are very small moves. however, any green on the screen will mean new record closing highs. with the tiny moves, he probably won't be surprised to know today is the second smallest trading range of the year about five points after yesterday's very matching red below a day back in may. not a lot of conviction on the part of investors as to what is next. all the different factors from geopolitical tension to apple, little breather today. let us look at the big movers for the s&p 500. at the fact we see plunging 11%. senators are demanding a probe of the hat. plus, sale of the stock by executives. company's plan to aquire. chesapeake energy is up 7.4%. oil.ng a nice

handled -- on the ceoe taking job, make sure your stock is not overvalued. >> what we've seen happy with -- happen with dupont. nelson wins again. >> she won the battle, lost the war. if she had welcomed him and, she would still be ceo of the company. , andought to the death again a not close and again i'm not close enough to dupont, but my sense is it looks like the board lost confidence on yet another earnings guide down. commitments and promises were made that were not lived up to very shortly after and it makes nelson look right and her look wrong and perhaps they decided to pull the plug. >> she did not work with nelson. are you working with him or on the same page at least? >> working with him, i would say we are both big shareholders. he has access to information we don't but i think our thesis -- are similar. >> does it give you posit some people believe heinz looks great, there is huge potential, but the possibilities are also -- already priced in. when you see a deal announced, you are super positive on 3g. when you see 3g and a deal, the market loves it but we had not actually

ceoe: when i was the young the company came to me and said, you have to make a mark, do one boat thingg. i think if a ceo talks about one hing, build the stock. we have got to do it all right, just like the mayor is doing. technology right, culture right, people write, i have got to do it right in every country so i have got to get the whole mosaic. one thing people are going to say, i'm going to miss that son itch.b i am not looking for any other legacy. i am so proud of my company, by the way. we have unbelievable capability. i want to make sure it is one of the best banks in 20 years and i'm glad to be part of the place. megan: is there going to be a second act when you leave? any hint? said, one of my partner you need to do one last big thing. like what? turnaround g.m. for the government. i live and breathe j.p. morgan. it is for this company. i want to make this place that are and i will give it everything -- better and i will give it everything while i am here. if i cannot, i should not be the ceo. if you are going to be the quarterback or head coach, you have got to give it you

ceo -- ceoe bank john cryan canceling an appearance at the euro finance committee conference in frankfurtwhen to replace him at the event that is going to take place, and will be on the panel with the ceo of commerzbank. we spoke earlier to another man on the panel, from ing. it is a pan-european panel. john cryan is not going to be there. there is a lot of moving parts surrounding deutsche bank at the moment. we will see what is happening in the u.s. with the doj. a pretty important line for him to get solved at the moment. we will get some key guests from the conference of the later on, including one from the institute of monetary and financial stability in luxembourg -- financial stability, and luxembourg's finance minister as well. let's talk about banks. area.s a key john stafford joins us now, still on set. the banking sector in europe is a bit of a two-way street, in my mind. --itive influence potentially lower regulation, yield curve steepening up. we are going to see some negatives. we do not understand what is happening in italy. we do not understand what the regulatory story is

ceoe talked to the certainly. the ceo take -- stays with us.sinesses -- british businesses anxious about brexit. not convinced from the two main political parties, that is what interviews with many of the conference reveal. issa -- i sat down with jeremy corbyn and asked if he thinks we need a second referendum. >> we have not considered a second referendum. we want to negotiate this process. we don't know when the next general election will be so we don't know which we will be in government. i want parliament to be able to hold the government to account of what it is doing. challenge the bill as it goes through. this bill is everything i disagree with. parliament should be there to hold government to account. this bill has enormous powers over the secretary of state which he can -- he can override parliament. that is wrong. >> when we see the deal there is on the table -- >> we are not considering a second referendum. >> do you see a transition of something that can be achieved now by the government or is it that takes time to negotiate? >> i

the ceoe move is next. is going to speak with us live. >> welcome to "on the move."are moments away from the start of european trading. it is what we are focused on for the next 30 minutes. isray cloud and pressure growing on germany. the french minister travels to berlin. the europeanabout health check. is it a reason to worry or the final hurdle before an elusive recovery? we talked to the firm that that dollars on a company that later became worth billions. that company called facebook. we're looking at futures. futures are higher. the dax is pretty much dead flat. a big move in asia. >> the big bet is the pension fund of japan will take a big bag of swag and get involved in japanese equity markets. quite a dramatic impact. it is a little bit of a mixup in irope. going back to asia, will show you the kind of momentum. this is a big question. the hang seng up half a percent. europe had its moves on friday. the yen is lower. this is an important week in erms of data for the u.k. we will get inflation data. you are right. the debate about baking will build up in term

ceoe will be talking to the following the company's earnings release. int is the first interview the second hour. >> begin with china's manufacturing activity. away -- thetech takeaway? >> it singles another month of contraction for the chinese manufacturing sector. we're talking about the hsb project economics. it came out of the of 48.3 for april. it signals a level below 50 which is contraction in terms of manufacturing activity. weyou take a positive view, see some stabilization in manufacturing in china but it does suggest that the chinese government may be forced to roll out some additional stimulus measures to counter the slowdown that persists. railwayasures include action, investment, and energy projects. they may not be having a strong is an impact. we say that in terms -- we see that in terms of the markets. a fourth month of contractions. we will be watching this closely to see what investors think of this. the government in beijing reluctant to roll out a massive stimulus of the likes we have seen in recent years. >> now to hong kong. >> uk

the ceoe you spoke to of msci.ll that he he really does expect that markets will continue to open after a steady and stable rate. the question was around the pace of that. closelypposite worked with the vice-chairman of securities regulator here. they receive strong support from this. also interesting to hear that the next focus in 2018 is looking are has to include mid-caps further down the line. also hope that this decision was welcomed and appropriate. expect itaying they could lead to inflows between eight and 10 billion u.s. dollars. >> good feelings all around it seems. i want to play for you part of our interview with henry fernandez when he talks about expanding the number of shares going into the index. support withstrong the proposal put in place. we were able to get stronger support to revise it to a larger number of caps. that was one thing that was important. >> how important is it? >> it is obviously quite significant that china is finally part of these benchmark indexes. he did note that it is also a

ceoe pioneer and chesapeake has died in a car crash in oklahoma city.ndon faced accusations that he conspired to keep the price of leasing drilling rights artificially low. police say he drove his car at a high rate of speed and slammed into a bridge. severalrea has fired short-range projectiles into the sea, as hours after the un security council passed to the toughest sanctions yet on pyongyang. the exports of gold, thanking them, rare earth, and gold, achieve source of currency for kim jong-un. will todayancellor attack the argument of colleagues and his conservative party pushing for britain to leave the european union. thege osborne will urge backing of the merchant, as he speaks along his german council part, wolfgang schaeuble are. . isemy corbyn will begin reform for the banking sector. he told the bcc conference the finance industry must not be an extracted industry that looks at consumers, on, and small businesses as a cash cow. the republican party establishment is really out is 2012 nominee in a bid to stop donald trump's march on the white

the ceoe first time also got a raise. going back to bonds, there's something that caught my eye. japan's longest bond, so basically joined the rest. -- 40 year yield tom: it is an interesting time here at -- interesting time. shahab jalinoos joining us. let's look at gold right now. we haven't done this chart in ages. this is one of my most famous charts. inflation adjusted gold. down we go, long-term gold declines. i am passing my book with a brilliant -- this. d of gold currency. go and here is this very quiet rebound. isn't that the end of the bear market? i do not have an opinion. francine lacqua does not have an opinion. james steel does. we'll talk about that later. there is the effervescence, francine, of gold over 30 years. francine: yet. a -- weat gold, we had had an exchange strategist facing it is all playing out in gold. shanghai, the stock exchange fell 6%. you need to see how you price risk and exactly what that means for investment and whether we should be more worried. let's get to our guest host for -- hour, he is rick like i he is rick lacaille. great to have yo

the ceoe speaking with of the red apple group and owns a different kind of retail -- it is a supermarketin. he talked about how businesses in new york city are paying higher and higher rent. butrents continue to go up the tax issue is a big problem for small businesses. listen to part of what he said about how higher taxes affect businesses and individuals. >> the florida real estate people were celebrating that more and more new yorkers are moving down. it is like 400 families or people per day. >> because of the taxes? >> because the fear of taxes. taxes did not go up yet. they fear that it will rise so they figure let's get out of town faster. >> i don't know about 400 families per day number but there are two separate issues -- there is higher rents for retailers and number two, higher who are the wealthy large consumers in big cities like new york. >> you've got higher tax rates. new york has high tax rates but it's the best city to do business in in the world. number?u believe that >> 400 families per day? i have no idea. >> do you believe people are leaving new york to go to flori

ceoe carey ran directv as for many years. he obviously has good input.iverse team at the 21st century fox group. i think there's a lot of should you just merit as long as the deal is the right place. >> jason, a lot of people look at the timing of this offer and say, it is genius because 21st century fox has just completed the spinoff of news corp., time warner has just completed the spinoff of time, so they're very both clean, focused media companies. and at the same time, comcast is tied up with the time warner cable acquisition. at&t is tied up with directv. up with vodafone wireless. do you share that point of view of genius? >> genius. rupert murdoch has been building this business since 1954. >> 1954? 1954. he has made bold moves. he is one of the few newspaper titans to be able to transform into a very powerful for relevant global content play today. we like the fact they're willing to make old moves as long as they're very strong price discipline attached to it. >> let's say jeff fugate somehow comes out ahead here, that he persuades shareholders

th ceoe. how bad were the earnings? also the optics of not having the ceo there in the call?> well, it was a different softbank that we saw yesterday with the loss of their -- it reported its fourth quarter of losses. the losses were smaller due to some bottoming out and some of the visions fun traded stock. the ridesharing company like gra b. the tone was different. the optics, it's not good to have the man who is makin gall the d -- making all the decisions not there. at the same time, the tone was one to reassure creditors. the cfo is a former banker. his language was very cautious. there were no geese with golden aches dancing, for instance. he talked about how softbank would stay in defensive mode. he said that there was ample cash to turn offensive in the future. we got a taste of that yesterday. haidi: what did we hear in terms of the plans for vision fund three? >> so, we had an exclusive interview with the vision fund cfo. he said that once the vision fund's capital is deployed at there is still $6.5 billion left in the vision fund. once that is deployed, they will m

the new ceoe seeing would have to manage a compensated relationship between nissan, renault and mitsubishis the problem as we continue to see shareholdings that are clear but not controlled. alexander: the difficulty is theoretically the wrench should be running the operation. it is a government -- renault is a government controlled company but the french government doesn't want to step up. when you look at carlos ghosn, he was looking to bring the company together and integrate and merge. path.y, took the opposite you have to assume some of his, the people that worked for him, would still be following that. we are left with who is really in charge and what will go on? one man said clean sweep, shuffled the management but the only two people that really changed was the american female lawyer that came in and the japanese x racing driver who was also female. those were the two nonexecutive thectors who drove to get second key ceo -- the second ceo kicked out after he wants to get paid more. we even know the extent of what appears to be a fairly deep rocked in the corporate governance -- rot

ceoe is a risk if you are a or a coo, you have an inbuilt risk of brexit word trade. -- or trade. --stic, analysts are too optimistic. consensus has about 10% earn dust earnings growth next year. scope.s no nejra: i was reading a story on the bloomberg saying analysts arc cutting their estimates -- are cutting their estimates. typical.it is i think it is a worry that you have this phenomenon. expensesthrow all your in and the guidance will be questionable given the backdrop. the last four earnings seasons for the u.s., the s&p has fallen. has not performed well. nejra: the point you make about companies hiding behind trade seek outt, how do you the companies to buy or sell? patrick: we are looking for laggards. companies are trading on 10% to 20 per -- percent. aversion moment in yen revenues. u.s. health care has political risk and is trading in multiples below the s&p 500. if we get a democratic president , rhetoric will be harsher than policy. forink the worst case is the health care stocks. nejra: great to have you with us for this hour. bloomberg "surveillance" continues in the

lufthansa ceoe to in berlin. >> short-term we tend to be hedged in a better way than most competitorsrs. will be goodices for the industry longer-term. >> that is your bloomberg business flash. tom: thank you so much. single best chart. this goes to international investment. we steal a chart. this is a chart. nejra: what a date to be alive. tom: this is the j.p. morgan asia index. they are doing better than the emerging market index down here with nice delta. this brings up the idea that if you're going to be in international investments, you have to hedge currency exposure. i think that's a great way to lose money. >> i agree with you. you have to think about your portfolio and decide whether it is important. if you had a choice to hedge your emerging market currency exposure, you probably wouldn't at this juncture. dollar strength has been the theme for the last couple of abate andnow going to we get a weakening trend. the whole idea of having a global portfolio is to blend all of this together and deal with the cyclicality of emerging and developed markets in a cogent way. nejra: d

general electric beat analysts' to ceoes, giving a boost jeffrey m l after some investors have grownouus on cell is will heart and still with us is david bianco of deutsche asset management. good news for mr. immelt. guest: organic growth was better than expected pretty much across the board, and oil and gas is not as bad as it has been. four quarters are pretty negative. it looks like sales are accelerating. david: and power and engines are good. up.n: yes, power is it is actually apples to apples, i power is picking up, but think the other surprise was that oil and gas prices were not as bad as they have been pure to sales were down 9%, may be down 21%, so that is a good. himselfid: jeff immelt says that is all about the internet of companies. muchyou think about how progress they are making on that site come on the tech side. karen: we get sales and orders, and they are all growing 15%, 20%. they are not making money in it yet or this could be the year that they are spending less than they are making, so it is an important here on that front. 130 $4 billion is hard to see, but the

co-chair, ceoe and founder of farfetch. zuma versus the anc.the impact of the south african president's standoff with his own party. we are live to cape town, next. is bloomberg. ♪ francine: this is "bloomberg surveillance," and i'm anna edwards. let's talk a little bit about oil. ve alwaysits allies ha achieved their goal of clearing and oil glut. but their efforts could be derailed by the united states and other rivals. crude has rebounded and is trading $59 a barrel after falling 10% last week, dragged it down, and then bouncing up once again. with more, we speak with emery boar. why isn't oil rallying, then? i guess, it's being treated like a risk asset, isn't it? u.s. futures are pointing down. reporter: exactly. over the last two days, with some risk assets be swept up a bit, but not so much for oil. you would think that with the i.a. save the glut is almost clear, we would stabilize prices, but it is going to be shale versus opec. the shale company is able to deliver even more now as we have those recovering prices and opec production is

the ceoe worst since position changed in 2006.or is this going to be systemic? the flatter yields curve taking a toll on goldman sachs has less exposure to consumer banking versus bank of america. that stock down by 5/10 of 1%. if equities trading was better than estimated, but for bank of america, that interest income was slightly lower than net interest margins. the interest margins should improve in the third quarter. a lot of these issues that were transitory and should improve, we are also getting some readthrough on the deposit data. so how much they are going to raise the deposit base to attract customers. we are seeing a little bit on the asset management unit, not so much yet on consumer banking. that is squeezing the more so we have been breaking these down throughout the show. jeff hartehter, also of sandler o'neill. and michael pachter is still bearish on netflix. david: it is trading for about half of what it is trading for. here we are not going to get your placement for obamacare anytime soon. having counted the vot

earlier today, vonnie quinn ceoe with the keen groune group and asked about the permian boom. >> it is call a boom with oil prices in the range of $50. and makes it economic to spend capital drilling. we will look for it to continue to grow over the next two or three years if oil prices stay stable. vonnie: we have a new president and administration. rex tillerson and rick they are part of administration. what do you hope comes into play? >> we will have to watch how it plays out with the new so aretration vonnie: you just waiting to see? is there anything that would benefit the hydraulic fracking industry? >> the lower corporate tax structure could help. vonnie: talk about the oil and gas. we have been does talk about the oil and gas capex. we have been waiting for it to turn around. >> the spending in the u.s. is generating% to 30%, new activity and creating a lot of demand for our completion services business. on end everyone says a lot of capacity has exited the market. even private equity firms say the same thing. but some say not as much. what is your take? have we seen a massive

ceoe think that the portion that that the porsche ceo is the right person?ons: there has been a lot of emphasis on the personnel aspect of the story. we do believe it could be matthaeus mueller. if you think volkswagen needs to follow bob dylan's example and go electric, matthaeus mueller may be the guy to do it. but on the policy side -- and i think that's more important -- i think we are looking both forward and backward. forward in what volkswagen wants to do. how are they going to compete in america, globally, and how will they clean up this regulatory mess? looking backwards, hopefully we will get some numbers on where they are, what sort of exposure they have, what they may be setting aside, how big of a challenge and how deep of a hole they think they will have to dig out. i am moreys interested in the policies. francine? that, theon provision, 6.5 billion, it is unlikely that will be enough. more research says they will have to put aside more. this is a huge scandal. : we have 27 states attorneys general, potential criminal liability in the states as

. >> the head count to hundred the ceoe and we will -- spoke exclusively to bloomberg at the company's> we will have to go to the capital market to have to show what we have. during the last two years if you heard about ferriday it was mainly about the challenges. at least i heard it from outside. but if you come here and i think you have the chance to see it today, there so must substance here that comes to technology, to the product and to the business model. and this we have to communicate we have to make people understand that this is the most advanced start up company of all those new companies. >> you noted the issue of fundraising. what is the situation. how well-capitalized is faraday, and whats do you need we you get them? >> that is a good question. you have to understand what is going on now in the capital market. if you look back you know i built a unique company three years before. >> and we will talk about that, course. >> three years before an accelerated. if you had a powerpoint presentation at a big vision, you could get a couple hundreds of millions even billions this