so with that we chat commerce.so it's a very interesting time across the border from hong kong and is worth actually more last i checked an alibaba. so that is the main competition on e-commerce in this mobile arena. he mentioned china's google currently because google messed up by leaving prematurely. they didn't need to frankly. there is a whole debate around that. but they are not as innovative as a company as they would like to be or as google is an struggling and e-commerce. they have some aspects, some headway delivery. everything you do in china increased you do from your cell phone. order any kind of food, any product will be too firmly within an hour, sometimes 10 minutes. others have an estate in this offline to offline submerging effectively. think effectively. think of best buy and how difficult it is for them. alibaba bought the equivalent of best buy, which is called sunni or they invested in it because you need to merge on an offline commerce at me to stop lending using cell phones and others laugh.

we see a huge shift in sales to e-commerce transactions and mobile commerce. that's a good thing for the economy. a lot of those losses being born in that channel are by the merchant community. we have this counterfeit liability shift which ranks were covering most of the fraud before. now we see a lot of that transition to the merchant, which is creating strain on smaller businesses. even some of my large businesses with 800 stores are trying to see $1 million in chargebacks every week. i think it is important to note that merchants are bullish because the charge process itself is a byproduct of signature card environment. the network rules are managed by be sarah and mastercard -- by visa and mastercard. it shows that charges are not accepted on pin transactions. when we look at it deeper, it is improved security. they noted last summer that when you look at the method equally pin-based products, they had the lowest fraud. that is a huge indicator that it is working internationally. there are several folks who agree, in addition to national banks and compani

we see a huge shift in sales to e-commerce transactions and mobile commerce. that's a good thing for the economy. a lot of those losses being born in that channel are by the merchant community. we have this counterfeit liability shift which ranks were covering most of the fraud before. now we see a lot of that transition to the merchant, which is creating strain on smaller businesses. even some of my large businesses with 800 stores are trying to see $1 million in chargebacks every week. i think it is important to note that merchants are bullish because the charge process itself is a byproduct of signature card environment. the network rules are managed by be sarah and mastercard -- by visa and mastercard. it shows that charges are not accepted on pin transactions. when we look at it deeper, it is improved security. they noted last summer that when you look at the method equally pin-based products, they had the lowest fraud. that is a huge indicator that it is working internationally. there are several folks who agree, in addition to national banks and compani

you need to merge on the offline commerce. you need to start blending using cell phone and other stuff. the main competition in china, bat, it's really my view alibaba ten cents. they gang up. the head of ten cents. for example, uber, in china uber is not doing very well although traffic in dc, it's a one market. frankly they're behind. the reason they have equivalents and very quick to scale because they have huge distribution. they ended up. it was so intense with the company dd that they ended up merging them because at one point they were spending hundreds of millions of dollars, months on subsidizing so you were being paid to get in a car, the drivers were being paid and in one case alibaba was offering free beer to drivers so taxi drivers could come in and pick up a crate of beer. it may have improved the driving given conditions on the roads in beijing. interestingly bidu partnered with uber, you see alibaba are investing in the main competitor lift. who uses lift? i think what's interesting this debate, competitive lan

and for the first time they'll know exactly what's out there in commerce. for the first time, every nursery in america will be clean, warm, and safe. that's what america deserves. is this bill perfect? no. but it's what we are expected to do as members of the house and senate, democrats and republicans, protect the safety of our children and generations to come. i really want to thank my colleagues, i want to thank mr. pallone and mr. tonko on our side of the aisle. i want to thank the rock star, mr. shimkus, who i've been working with along with mr. green since 2007 to bring this to reality this true sli a great day for the families of america and i'm really proud that we're able to get this done. i'm -- i hope my colleagues will look at the bill in totality. i hope you'll see how finally we're going to be able to actually regulate these chemicals and i hope you'll vote yes. i yield back the balance of my time. the speaker pro tempore: the gentlewoman yields. the gentleman from illinois is recognized. mr. shimkus: i reserve my time. the speaker pro tempore

peter: do you perceive the energy and commerce committee considering a rewrite? rep. upton: we wanted to do that in this congress, but the whole issue in net neutrality gummed up the works. we have to wait to see what the courts decide. a are very close to i think bipartisan solution involving the house in the senate. the sec chose to go in different the so it's stalled in courts. until that is resolved, maybe in a couple months, that stalled us in terms of doing a realize of the communications act. rep. upton: -- peter: what you think of the current makeup of the sec? rep. upton: i would like to think being a republican, things might change in november and we will take an edge and we will see change there. but we will see. fred upton, chairman of the energy and commerce committee joins us on "the communicators." congressman fred upton brought us to the ford display to see what you were displaying. gary jablonski is with ford motor company. mr. jablonski: we brought two things to the show. this is a third-generation of this technology. ford was the first automaker to

it facilitates trillions of dollars in commerce.he fundamental problem is the postal service and not currently generate sufficient funds to andr its mandated expenses also invest in critically deferred capital needs. where can we look for answers? i would argue the starting point is to look at ourselves. what do we as a nation need from postal and delivery system, and what is the cost? what exactly is universal mail service in the united states? the commission has determined that unlike others -- other in the united uso states is largely undefined and is comprised of a broad set a policy statements with only a few legislative prescriptions. we estimate the cost of providing service to be more than $4 billion annually. policymakers should look at this fundamental issue and decide what we as a nation need from the postal service and a, most importantly, how those expectations are to be funded. , thank you for holding this hearing today and shining a spotlight on this critical part of our nation's infrastructure. appreciate thely impor

states were forbidden to impose direct burdens on interstate commerce.llinois regulatory regime was considered a direct burden on a railroad which was considered interstate commerce and therefore state-level regulation was severely hampered moving forward after the wabash case. >> "washington journal" continues. this along with a couple of other cases in the late 1880's extended the 14th amendment protections to corporations. it acted to undermine the state regulation. that doesn't mean the public stopped being frustrated with the abuses of the railroads. public outrage over the wabash case led to the passage of the interstate commerce act by congress in 1887. it created the interstate commerce commission and it made its forbidden to have special rates for powerful shippers. you remember rockefellers scheme from a few weeks ago. there would be no rate discrimination against shortfalls. public inspection of rates. if you abuse the regulations, you could face up to a $5,000 fine. take that, vanderbilt. they work through. in 1890 growing public frustration

. >> host: and now joining us on "the communicators" is the chairman of the energy and commerce committee, congressman fred upton, republican of michigan. what are you doing down here at the cta show on the hill? >> guest: well, i was very sad that i had to miss the show in vegas this year, and that's always, you know, a prime deal. so this is a little event with lots of vendors to show us while we're working, while we're literally having votes some of the top things coming, changing in technology. some of them not offered yet. as the former chairman of the auto caucus and as a ford owner, i wanted to see some of the upgrades that they're doing in terms of mapping, music, phones, technology, directions, and they got it down. >> host: what do you think? >> guest: really exciting. it's really exciting. i don't know if it'll plug into my gm car, but i know it'll work in my ford car. >> host: congressman, how much of the stuff that we're seeing down here being displayed does the energy and commerce committee have a hand in? >> guest: well, as you know, we have jurisdiction over the world. [la

kennedy, put into the energy and commerce bill, h.r. 4641, create the task force. mr. guinta and i had an original bill to stop abuse act, that created a task force. we're pleased that that task force will move forward. we need to bring together the experts to determine why now? what is happening in our society that opiate overdoses are leading people, leading this addiction to substance abuse disorder that's a disease, leading people to go from prescribed medication from their physician into heroin off the streets. and in our state, now being laced with fentanyl that is a lethal combination. the substitute will provide a total of $600 million in vital new resources to address this epidemic. and at the -- my understanding is that we are not included this funding in these underlying bills. want to support the underlying bills but it's critical to have the funding. new hampshire has now gone from number 24 in the nation in deaths per population to number three. seemingly overnight. i've traveled around my district bringing together stake holders, law enforcement, treatme

green of texas for their leadership on this overall issue and we on the energy and commerce committee have worked in a completely bipartisan fashion on the terrible crisis that affects the american people. mr. speaker, i rise in strong support of h.r. 4976. the opoid review modernization act. i thank sean patrick maloney for his partnership on this legislation and i certainly thank chairman upton and ranking member pallone of the energy and commerce committee for leading this and other bipartisan bills to passage today that address this pressing national issue. this bill and the larger package together are a great step forward in the fight against the scurge ever drug addiction. in my home state of new jersey, we face a drug epidemic that is hitting many communities hard and that is true across the entire nation. this crisis strains law enforcement and taxpayer resources and of course, tragically cuts too many lives short. h.r. 4976 targets opioids addiction's strong ties to prescription drug abuse and the issue of overprescription. studies have shown health care providers write nearl

you have preferable services related to e-commerce. and as these emerging segments develop they can become future drivers of alibaba. >> and your view on other companies, competitors, others in the china tech space. what is your favorite at this moment? >> currently we are still favoring the larger internet company, including ten sen. and. --. >>> and another view of how european markets are trading nearly two hours into the session. we are up some .7%. europe 6 hundred has been picking up momentum. this is good news . >> "worldwide exchange" is coming up next. >>> good morning. market alert. crude prices jumping on a huge wild fire near canadian oil sands and fighting in libya. >> and tesla in the fast lane. shares getting a pop this morning. not everyone is sold on the story. we'll tell you why. >> and it's official. donald trump now the republican party's presumptive nominee for president. it is thursday may 5, 2016. "worldwide exchange" begins right now. ♪ just shoot for the stars >> good morning and welcome to

it's quite dominant in e-commerce today in the new areas. i talked earlier about how jack created this iron triangle. >> it was the leftover treasure. the banks were scared even though the banks controlled the hundreds they never experienced competition like this if they had been pushing back the. of the banks are fighting back at thand the same in the media increasing state control. but on the other hand. so the quotes that he makes is probably going to be this one. if they want to be successful they have to be wise, credible and audacious. they had a great design like this. they have the visits in one year and this could be the bureau. they are proud of having the government officials. it's to say china is moving towards a consumer driven economy and we are moving away from the old positions if it is useful to the government and he's made himself useful. it's not a strategy that his whole life is about being very entrepreneurial and knowing the customer so i don't know the answer to where the disconnect will happen. they don't have much po

they say production is not interstate commerce. that is something different.hey have narrowly defined the powers given to enforcement under the sherman act. it would be until the 20th century that the sherman act was used successfully against industrial monopolies, something we will talk about in a later lecture. it wasn't only the government and public opinion also workers who were growing frustrated with the demands of gilded age businessmen. like the public and the legislature, labor would be largely frustrated and its protests. the hard times of the agency of less availability of work and less stability and at times harsh measures by management to try to keep their companies afloat. railroads in particular had tried to respond to the crises cutting theirby own rates in trying to outdo their competitors. how do they make up for the losses of these rates? they cut the workers wages. that led to a decade of mounting frustration by the workers. there were a series of strikes in 1876 and 1877. cuts, and thewage public opprobrium it was often heaped on the worke

market in terms of going into more international markets and also to anchoring the cross-border commerce chinese consumers can get access to a lot of products from overseas. beenth fronts, they have doing quite well. and also, domestically, they have been trying to further penetrate into the rural markets which are the last penetrated area for commerce activities. they are setting up a lot of working stations to help farmers to sell directly to the consumers as well as to have them be able to buy whatever they need in order to support their firming business. on both fronts, alibaba has been doing the right things, helping their business performance. rishaad: what are they doing well from your point of view? what do they need to improve on? the company named the full initiatives which is cross-border commerce, international expansion, and rural penetration and majestic. they should keep working on those fronts. there are a lot of other opportunities. probably, there are too many on the horizon so the company cannot cater to all of those at once. one potential area down the road is them to

the walmart e-commerce business is not growing as fast as they want.is an area of opportunity that they are investing in. they are happy with our which is platform, called pin jihad. even though the overall -- which .s called pangaea even know the overall market marketis slowing -- growth is not growing as fast as international. mark: we have competition from the discounters, aldi. how are they tackling the tough u.k. market? budd: they have a project renewal in the u.k. the results that we have seen share in the u.k. down 90 basis points in 12 weeks through the .iddle of april from 69 to 16% which is for the walmart u.k. business. that is a challenge and remains a pressure business. it has been fierce competition, and that is likely to remain. walmart never shies away from competition. that is what they are about, and they will continue to work at it . we will see if that does not gain more traction. mark: we have a function on the bloomberg called amr that shows analysts what they are saying about each stock. you are at the top with the highest targe

so i would sort of put together a group from several different agencies basically under the commerce department, call in lots of the companies to help and then, as i say, i think we put way too much time in trying to make the 1.0 edition really good instead of trying to get it out there and making 2.0 better and 3.0 better than that. if we can learn one thing from the software industry, it's to get something out that's pretty good and then really build it and increase it. >> admiral, unfortunately the tyranny of time requires i be a bit of a tyrant. thank you for a phenomenal q&a. i u think you made clear that you truly are a soldier scholar. so thank you for taking the time. let let me also thank all of you for joining us today. let me thank our viewers on c-span and particularly some of the companies that made this possible for us. so thank you, admiral. and thanks to everyone for joining us all day today. [ applause ] >>> this was part of a day-long conference on national security hosted by george washington you can watch all of university. you can watch all of it on our web we'll

it's the first time they sold any shares in the chinese e-commerce. another half $1 billion would be sold to a major sovereign wealth fund. however, the sale of softbank will remain one of alibaba pass biggest shareholders. those shares are lower in after-hours trading. apple shares -- slid after the nikkei reported the company may extend its iphone up rate schedule to every three years. currently, apple releases a major upgrade every year with a of trade in between. the iphone seven, due to release in september is set to look to nexturrent iphone within major upgrade not coming until we see the iphone eight. coming up, uber making big moves to bring more drivers on board. we will hear what drivers have to say, next. ♪ emily: one stock we are watching e-commerce-based site. it slid 9% in frankfurt on tuesday. the latest earnings report showed tepid growth was some of its european holdings. losses and other food ordering site widen for the quarter. key are often seen as a barometer for german startups and is under pressure to prove backing companies ar

theyg topline growth as ride the wave of global e-commerce growth. company on a call today and management on the call today said they would continue to invest in their business much like jeff basis invests in his business. vonnie: all right. thank you. still ahead, tesla's needs up its forecast to can the company make half a million per year by 2018? ♪ vonnie: i am vonnie quinn. mark: you're watching bloomberg markets. taylor is in the newsroom. taylor: the justice department told carolina the new law limiting which public restrooms can be used by transgender people is illegal. state republicans are denouncing the threat, saying it is a broad overview by the federal government. jerry brown has approved raising the legal age for smoking, dipping, from 18, 221. california the second state to raise the smoking age to 21. israel said it found another tunnel -- asds of the title came forces clash along the border. militants fired at israeli troops and they responded with airstrikes. alberta has declared a state of emergency. crews frantically held back wi

one thing i want to point out on the graph is that with the chamber of commerce directly reporting tot is the white citizens council. so that proves again how these segregationists were really entrenched in everyday kind of prominent white society. you know the mississippi state , sovereignty commission did have fights. they would come around and do -- kind of follow people or infiltrate the activities here in hattiesburg. on these blue sheets of paper , these are the reports of operator 79. operator number 79 was an undercover officer who posed as a civil rights activist and volunteered in hattiesburg with the freedom summer offices. the first sentence of this is -- it reads the split between the , naacp and co-folk widened with insults being passed. so you know, he gives a report on kind of what was happening between the different groups that were involved with freedom summer and how it played out. i think he also did a little editorializing. he would make judgments about how, you know, black men and white women were hanging out a lot. work all that they do is smoke , cigarettes. or

came back from the commerce called shop talk about next-generation commerce. of the hidden secrets out there is amazon's prices are not necessarily the best, it's just they have a good shipping method. so that will converge over time. i think there is still opportunity. i am glad i still cover home depot and lowe's. it's still one of the safer places to be in retail. home improvement continues to do well. >> joe, thank you for joining us. >> thank you. >>> let's talk tsa lines. some of our viewers who fly through teterboro may not know about this but most of our viewers probably will. so i may be on an airplane if they got through the line. more agents being dispatched to o'hare airport in an attempt to speed up the extra-long security lines. in the meantime you can see them live right now. our own phil lebeau is there standing in front of them. >> the line has gotten a little bit shorter in the last hour. it ebbs and flows. still talked with one person. they have a flight in 45 minutes and they're nervous about getting through security in time. earlier today

got the people involved are merchants who are the chamber of commerce and part of thi the celebration we have n the laredo. so the economies are both tied through trade and its blur sometimes what is illicit and what is illicit and some of the things could be legal on the other and of course the united states benefits from that economically speaking. one time i found when i was talking to the merchants someone came over and ordered a bunch of speakers and of course they have import duties that are very high so they would take them out of the box and press from heel to do to make them easier to conceal. there was a man taking rolex watches out of the case and putting them in plastic bags to squeeze the air out making the package ready to smuggle into mexico and this was legal on the u.s. side can easily violating the law when they are in mexico and they were happily complicit because it helps the bottom line. >> if any of you are married or have significant others, the question i have is what do they say when you say you're going to go talk to a bunch of smugglers today? >> i tell peop

. -- i sitnext to the next to the secretary of defense, interior commerce. for smallthe place business, those who create in today's times. new jobsf three net employ half the workforce and have built 74 months of consecutive job growth. that has never happened in the history of our country. thank you to the entrepreneurs, the small businesses. it is truly a privilege today to frome an honorary poet whittier college. i will wear my purple and gold proudly. all the faculty here with me, the staff, the platform party, honored guests, family and friends, and you, our graduates of 2016, who are ready to launch, today is it. an end and a beginning. a day to say goodbye to late-night breakfast, to poet, and to the rock. today, you step off the precipice and into your futures. it is exhilarating, terrifying, bittersweet all at once. the weight has been long, the path uncertain at times. on this beautiful day, a little warm, you are just a few speeches away and a short walk from holding your degree. congratulations. [speaking spanish and chinese] maybe i did not do t

what's interesting for us is i believe that the first 20 years of e-commerce or digital commerce havell been about convenience. but in the physical world, some stores compete on service like apple stores or nordstrom. no one's quite figured out how to deliver personal service if you want to start digitally. that's what enjoy does. with enjoy, you can order the product, within four hours, we will hand deliver, we will set it up, but we will provide an experience which you can't get from amazon. so we are kind of in experienced digital where most in e-commerce is still in convenience. but this is an example of how the world's changing because you can do so many different things than we did in the past in a mobile economy. >> you think traditional retail is dead? traditional department stores? you ran one for a long time. >> i think it's very difficult. it's still 93% of what we buy is done through stores. but we are in a period where for years, retail has grown but slower than total because online's grown faster. but there's been relative growth. we are now heading to a period where man

think about the way commerce is moving. think about the way we communicate. think about how we send bills and communicate as a nation. you have to have a vibrant, thriving postal service in order to achieve all of that. that is why so many people are here today is one of the most important things most important thing senate committee will be addressing and taking care of. that is the goal and that is what we are trying to achieve. i thank you all for being here. we should dedicate hearing today. what today. with that, i recognize the ranking member and good friend mr. cummings of maryland. thank you, mr. chairman. at first about what to thank you, mr. chairman, for your hard work on both sides, working so hard for a long time to try to resolve the many complex issues that the postal service face. i want to thank the postal service community, and all of those affected by it because there is a genuine effort to try to come to send type of revolution resolution that is a win win win for everybody and express my appreciation because it helps us as we move along.

in the e-commerce space. >> the traditional players really boost their presence. draw back the mall presence and twheern talking about more of an online world altogether here. >> yes. now i think that is a great question and observation. even somebody like macy's who had poor financial this is quarter, the one bright spot of their business was online retail sales. that was up double digits. best buy of electronics reported dismal results. on. so i think you are exactly right. traditional retailers are going to have to disrupt their business. the two challenges though are real estate costs and labor costs. labor costs are certainly going up. especially with the election going up. both candidates seem to be for increased minimum wages and that is going to make it harder for traditional retailers to compete on the service side. no question about it. traditional retailers are going to have to consolidate. we believe we are going to see a record amount of retail company consolidati consolidations. merger and acquisition activities. even bankruptcies in the u.s. on top

you are seeing walmart's e-commerce sales slowing down.slowing, than what is their growth driver? joe: i was just about to ask about e-commerce. why is there no momentum? they seem to have no competitive advantage there. shelly: that is what is so fascinating. they keep putting money into it. it has grown to 10% last quarter. but it was going 20% before. it is becoming less of a percentage of their revenue. what is wrong with this picture? they are putting more investment in it, but their sales are not going. alix: the same thing with target. they grew in terms of e-commerce, but not as much as they did before. shelly: i think this is a lot of an amazon story. and it's all the other retailers that have figured out e-commerce as well. they are all fighting for that same part of the pie. amazon in all the other retailers. it is difficult for them. alix: shelly, great stuff. thanks so much. scarlet: check out the after-hours trade of american eagle. they are surging after topping first-quarter estimates. coming up, we will tell you what you n

which together enable america's e-commerce. however, all of these actions cannot offset the negative impacts caused by the continued decline. >>> our suppliers or to deliver the mail. with that legislative and regulatory reform, or net losses will continue to grow, regardless of our ongoing efforts to grow revenue and improve operational efficiencies. if allowed to continue, this will have a devastating impact on the future of the organization and customers we serve. mr. chairman, we need legislation now. over the past year, we've been working to identify key reforms capable of achieving broad support and which would return the postal service to financial stability. the legislation we are seeking as a result of the discussion enact mchbt of these provisions, favorable change to our rate-setting system, and our aggressive efficiency and revenue initiatives will return the postal service to financial stability. medication integration is the most important of the electricive provisions we recommend. as the second largest contribut

up next, it is the world's biggest e-commerce company.slowingalibaba growth tell us about china's economy? >> we are putting a lot of people back to work, but our economic growth overall is not climbing fast. that implies we may be in for a slower growth. -- slower growth period in the future. how much is just noise in the data? francine: that was minneapolis fed chief talking about what it might mean for the future of policy. we know the fed is watching that, that is china. alibaba, the world's largest e-commerce company reports earnings today. strongly. growing the company handles more online sales than amazon and ebay combined. p&g -- tom orlik geithner -- are they real proxy of the chinese economy? pau: they are. while china has massive debt problems in the corporate sector and the nonperforming default cycle has not been dealt with, the consumer base in china is healthy. policymakers have begun to exert influence in the short-term. still, has the ability to generate the kind of turnover numbers that alibaba -- and the macro figures i

he is chairman of the chamber of commerce and he owns the town's camera store. with super eight cameras, this one has a drop in cartridge. cares about the future of his country and he is concerned about away the government spends money. he thinks the republican administration can do a better job and jim thinks there is one man who can do it best. there is absolutely no advantage for nixon to come and debate because as long as nixon , romneyn the background just digs a deeper hole and buries himself. >> with romney -- >> his wife is still considering other candidates. think he is that middle-of-the-road candidate that we need. >> eugene mccarthy? >> we know he is not going to make it. >> there were others who did not share appraisal of senator mccarthy. jim, ron owns a business. he runs a family-owned electronic firm. he is a member of the democratic party. in 1954, ron had voted for president johnson. this year, he had decided to vote for eugene mccarthy. mccarthy was opposed to the course of the war and had challenged the president to the nomination. so muchar

into commerce whether democrats or republicans.l your organization take a stand or are you endorsing anybody for president? >> we have not in our history taken a stand in the race for president. we would note that mrs. clinton has an energy program that is probably to the left of president obama's and i think that is resulting in reaction that she is getting in our state. liz: good to see you, steve. thank you so much. west virginia chamber about commerce chief steve roberts. >> thank you for having me. liz: anytime. anytime. i spent a lot of time in west virginia working in columbus and cleveland in my early days. thank you so much. good to see you. >>> catch fox business's coverage of west virginia primary. that is tuesday, seven p.m. eastern time. the closing bell, we're about six 1/2 mints away -- 16 1/2 minutes away. presumptive nominee donald trump has a plan to reduce the national debt. will it work? it is hugely criticized by both sides of the aisle. charlie breaks it down. you both have a perfect driving record. >>perfect.

is there e-commerce opponent? up $1 billion last year, $4.7 billion for home depot. 5.3% of their sales is growing rapidly. they see 40% of online doors -- sales touch the stores. whether that is curbside or pickup, they are integrated and interconnected. joe: home depot has been amazing, the performance have been phenomenal. how important is the continuation of the homebuilding cycle for the company? what are the drivers that are necessary to be in place? >> home depot is in a great position because they benefit from new home sales and also existing homes. the age of the home, the stock is 67 years old. the older is, the more likely to remodel. so then obviously that. as the population gets older, there is a lot of home improvement as people reconfigure houses to make it accessible to an older generation. scarlet: what is the distinction home depot holdover lowe's? people said consumers like going to lowe's better, they carry -- cater to women. they try to attract different kinds of customers are you is that stil

we are surrounded by 1500 government and civic leaders for the annual meeting of the chamber of commerce--come to those turning in tuning in on television and those here in boston. a huge discussion topic is the growing tech infrastructure. we will hear from the person who helped spearhead the move to boston, mayor marty walsh. first, we want to begin with biotech because while boston may have fallen behind look on valley in internet startups, it is holding its own in this sector. massachusetts gets more than triple li na of funding from the national institute of health in california. venture capital funding also spiked to a record $2 billion last year. the area we want to focus on his cambridge, home to 180 tech companies and all five of the top london hospitals in the united states as well as harvard and m.i.t.. our next guest comes from the isrt of that area and focused on genome scale technology and is using a vast database to help match similar cancer profiles and get doctors the best resources. foundation's cofounder is here with me as well as the chief commercial officer. thank yo

we've gone beyond a simple chamber of commerce. we call ours a partnership. because it's an effort among the many to make sure that commerce excels, but also to make sure that people have great opportunities. houston is a city of opportunity. i want to thank the partnership for the letter that has been sent to us supporting h.r. 5025. but now let's be a little more specific. want to thank mr. jamie roots. he is the chairperson of the partnership. he and i have been talking and he has been working with me and with my colleagues to try to make sure that we have an our message get out to the masses. he has done what he can to help us with this messaging. a message that includes the position of the houston partnership, i must add. also, mr. bob harvey, who is the president and c.e.o. of the partnership. we made a call to them one morning asking if they could get a letter to us indicating their support. that afternoon we had the letter in hand. the letter that i hold in my hand currently. that letter is, without question, a solid indication of support for this pro

walden, who is a member of the energy and commerce committee and is quite familiar with energy issues. i'd like to yield him three minutes. the speaker pro tempore: the gentleman from oregon is recognized for three minutes. mr. walden: i thank my colleague from kentucky for his great work on this legislation and his thoughtful leadership on these issues over many years. mr. speaker, for all your work on this legislation to make much needed reforms to modernize energy policy into something that better promotes affordability, reliability, and ensures we have the energy we need to continue growing jobs in our communities, i say thank you. among the many strong provisions in this bill, several are particularly important to the west and our rural communities across oregon, central, eastern, and southern oregon. for farmers and ranchers the klamath basin, the bill ensures they will get a formal seat at the table when there's consultation with federal agencies on decisions under the e.s.a. irrigators in this area have long been impacted by these decisions and it's only fair they should have

these people who are involved are illicit merchants were on the chamber of commerce. so i think the economies of both companies are tied through trade and it's blurred, sometimes what is illicit and there's some things that may be lawful on one side that may be illegal and the united states benefits from that so for instance one time i was at a downtown merchant and someone came over and ordered sneakers. sneakers have import duties that are very high. so they would take the sneakers out of the box and press them heel-to-toe in order to make them more easy to conceal. and then this man was taking rolex rolex watches out of a case and making it package ready to smuggle into mexico. this is all legal on the u.s. side. it's only violating the law when those tariffs are evaded in mexico. these people are complicit with this because it helps the bottom line. >> if any of you are married or have significant others the question i have is what they say when he say i'm going to go talk to a bunch smugglers today? >> i tell people i study trade. so i was born and raised there,

commerce clause. you learn about commerce trying to desegregate public facilities , the end of jim crow laws through the commerce clause. host: here's a question from twitter about the test itself. is this test given to schools outside of wealthy districts? if not, why? guest: it is a global test and frankly there is no prerequisite as to what school you are in and where you are from. we get contacted from students in bangladesh, europe, asia, africa, south america. these are schools all around the world in every neighborhood and hamlet of america are taking this test. over 300,000 students will be taking this test and we wish you all the best of luck. host: there has been a lot of debate about high-stakes testing in education. do you wonder about the dangers of teaching to the test? guest: it depends on how the test is format. this test is written with high school teachers and college professors who look at political science 101 classes and try to replicate what is a college course. these are student

emily: a lot of e-commerce sites are struggling now.what happened with fab or gilt group, they did this early have the greatest outcome. mark: we are a product company, we sell clothing. we create our own line of clothes and we stand behind the quality. now, what we're trying to do is say that we believe in the product so much that we are taking all of the friction out of the experience. a lot of other companies use things like free shipping as a carrot or incentive. for us, we feel so good about our stuff that we never charge for shipping, out or back. we've updated our packaging so that you put the box and a return label and you leave it out. it is really about simplicity and ease, and just getting the clothes to the consumer. and a lot of others are about nickel and dining the customer. emily: ben, you are chairman of jack threads, how has it been going since and what does it mean for the future? ben: this is a big move for the company. you are totally right to highlight fab and gilt as companies that didn't have great outcomes. i ch

introduced by my colleague, the ranking member of the energy and commerce committee, mr. pallone of new jersey and mr. foster of illinois. it directs the government accountability office to evaluate and report on the inpatient and outpatient treatment capacity, availability and needs of the united states. it is important to have the data necessary to address the opioid infrastructure in our country. and i reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from texas is recognized. mr. green: i rise in support of h.r. 4982, the examining opioids treatment infrastructure act. opioids use disorder can be treated but requires ongoing management as the current epidemic has grown, resources are needed to evidence-based treatment. public health requires broad-based treatment services for those including behavioral they are is and insurance coverage for such treatment. medication assisted treatment is in combanges with behavioral treatment which is shown to be highly effective. mr patients face significant barrie

we are the third largest e-commerce site in china. and the largest pure play by miles.sign products, taking a lot of input from the community. probably about 50% of all of the new features we end up building as part of our software came from the community. you can pinpoint it down to one user's idea. this is very unique. emily: you sell phones, high quality phones basically at cost. but you make most of the money by selling services, right? hugo: we think of hardware as a platform. we think of phones as a platform. we think of tv and tv box as a platform. on top of that, we have a number of services and apps that we built that we have worked with partners to integrate. which do work as a monetization channel for us. we have an ecosystem of gadgets and accessories which are products like power banks and headsets but all sorts of other connected devices. we have an air purifier, we have action camera, security camera. emily: how much money do you generate? hugo: just to give you an idea, this year, we estimate we will have about one billion u.s. dollars from services alon

this year he is chairman of the laconia chamber of commerce. and he owns the town's camera store. >> if you're familiar with super 8 cameras, ed, this is the one that loads with the drop-in cartridge. >> he cares deeply about the future of his country and he's concerned about the way the government spends money, including his tax money. he thinks the republican administration can do a better job. and jim thinks there is one man who can do it best. jim is a nixon man. >> there's absolutely no advantage for nixon to come and debate because as long as nixon stays in the background, says nothing, romney just digs a deeper hole and buries himself. >> with romney right now is -- >> but his wife, ann, is still considering other candidates. >> i think he's middle of the road. >> that's beside the point. >> there were others in laconia who did not show ann's pessimistic appraisal of senator mccarthy. one is ronald callahan. like jim ron is a businessman. he runs a family-owned electronics firm. he is a member of the democratic party. in 1964 ron had vot

i also believe that the postal service is a 12 of commerce and -- is a tool of commerce and essentialo the economy. we cannot ignore this. think about how we send bills and communicate as a nation. you have to have a vibrant and thriving postal service to achieve all of that and that is where i think so many are here today and it is the most important thing our committee can address and take care of. that is the goal and what we are trying to achieve. and, i thank you all for being here. we should have a good hearing today. i recognize the ranking member. mr. cummings of maryland. rep. cummings: i thank you for your hard work on both sides, working so hard for a long time to resolve many complex issues that the postal service faces. i want to thank the postal service community and all of those affected by this. there is a genuine effort to come to a resolution that is a win for everybody. i express my appreciation. it helps us, as we move along. i also want to thank our witnesses for being here to discuss the ideas for addressing the significant challenges facing this very critical in

. >> e-commerce is leading the way. walmart has to fully participate in a growth of the channel.t this point they are not doing that. we need better trends on the e-commerce trend where the stock is trading from here. >> walmart is spending billions to improve the online shopping experience and the operations that support it. it will take time to generate results. for nightly business report i'm courtney reagan. >> the gap reported earnings late today. the clothing retailer plans to close 75 of the old navy and banana republic stores overseas by the end of the year saving nearly $300 million a year and improving operating margins. the company issued earnings that match expectations but revenue was shy of estimates. what's wrong with fashion apparel and why aren't consumers buying clothes? liz dunn, ceo of a retail consulting firm joins us now with answers. good to see you, liz, welcome. >> good to see you as well. >> is it on the shoulders of apparel or is there something else there? >> apparel is certainly a whipping boy right now. it's certainly not a strong category. consumers

it facilitates trillions of dollars in commerce. the fundamental problem is the postal service and not currently generate sufficient funds to andr its mandated expenses also invest in critically deferred capital needs. where can we look for answers? i would argue the starting point is to look at ourselves. what do we as a nation need from postal and delivery system, and what is the cost? what exactly is universal mail service in the united states? the commission has determined that unlike others -- other in the united uso states is largely undefined and is comprised of a broad set a policy statements with only a few legislative prescriptions. we estimate the cost of providing service to be more than $4 billion annually. policymakers should look at this fundamental issue and decide what we as a nation need from the postal service and a, most importantly, how those expectations are to be funded. , thank you for holding this hearing today and shining a spotlight on this critical part of our nation's infrastructure. appreciate thely imp