mastercard, visa, et cetera, are jumping on it is reported mastercard, visa, et cetera, arejumping onon. what do you make of this move? i think it is huge for crypto currency and blockchain technology, for a company as large as facebook with its billions of users to embrace this, it certainly is potentially a big threat to the existing financial services industry, and a lot of these, visa, mastercard, paypal, have been rumoured and we think are going to join this consortium, and joined facebook. so they will have the option of taking on board and e—wallet, and in that wallet you will have your digital coins, currency which you can buy and trade with. and one of the questions we are waiting to hear is where you can use this. uber is supposedly a partner, you can pay for your uber rides with this currency, but can i use it at apple? will some of their competitors embrace the currency is a big question mark. there are also questions about whether it will be integrated with the broader ecosystem or whether it will be a separate, kind of walled garden crypto currency? and that is really im

facebook learn from selling cute cat pictures for free on the internet it's information and so visa mastercard know that information is the real coin of the future and that's the real currency perhaps nailer financial policy advocate and public citizen thanks as always thank you for having me. and finally it appears everyone is ready to get into the self driving car game the latest entrants renault and nissan just entered into an exclusive partnership with way mell a subsidiary of google parent company alphabet the 2 companies are working to build a stable of self driving vehicles in the 2 manufacturers home nations of japan and france in 2017 when will launch a limited self driving taxi service in phoenix arizona with the service launched an all in december 28th the partnership was also research commercial legal and regulatory issues when it comes to self driving tech much needed work as the technology moves so much faster than the regulatory environment in the announcement companies also said in the agreement that will last for an initial period but further details on what that means were no

paypal, visa, mastercard. at the same time, you cannot think of it as a zero-sum game.re will be an incredible amount of tilting and a value created by digital assets and digital payments which can move much faster and more seamlessly and more securely along with the payment network. what facebook is doing is not the end-all be-all. this is going to stir into congress it -- competition google, apple and everyone else. then you have all of the others. bitcoin and all of the fully decentralized projects which are going to get a massive used from this validation from facebook. this is the beginning of the crypto age. is battling regulators on multiple fronts. concerns about privacy and there are skeptics out there who are has sofacebook already much of my data, what should i give them more? why should i give them my financial information? the adopters of cryptocurrency like it because it is decentralized. there is no middle man. does that change when there is a huge publicly traded company backing this cryptocurrency? >> facebook has been very smart and how they have appro

facebook is one of several companies who backed visa, mastercard and pay pal. avoiding wild price swings. people using the coin to buy items on the site and throughout the internet. this is pretty cool. airbnb expanding its experience business. 200 trips that last between three days and a week. they go beyond the city walking tour. it includes tracking lions on foot in kenya,o hunting in the american southwest. or trekking through the amazon rain forest. the ultimate trip around the world. it takes you across six con tphepbts. $5,000 per person. they are arranged by the host who control the itinerary, price and accommodations. what do you guys think? >> 80 days for $5,000 is praet good. >> if you have the time. >> if you can get 80 days off work. >> if you guys can get approved. >> hey. >> let me know. my boss is definitely not. >> figure it out. we can make it a big trip. >> and go altogether. you have to be flexible. you may not like every place you stay. but why not? all right. thanks, rahel. >> that too. >> coming up on "today in the bay", the all important

to facilitate a personal transfer is maybe less of a trust issue, especially when backed by visa, mastercardotion you are handing facebook money and expecting them to do something with it. explain how stable, will be different from other cryptocurrencies? facebook is proposing something pegged to normal exchange rates. if you were to exchange rates. if you were to exchange pounds for whatever this new currency would be, it would be pegged at the right, at a certain time, similarto how pegged at the right, at a certain time, similar to how the pound is paid but fluctuates in small increments to the dollar. very briefly, will it work? i think it will work for a certain cohort of users, that are tech savvy, familiar with cryptocurrency or either to engage in commerce on instagram. i think the majority of commerce and instagram is likely to work the same way as e—commerce works generally, which is you add your credit card or some other credentials into a system like visa, paypal or mastercard, and you use that to buy the things you are looking for. richard kramer, thank you. we have had a lot of

and every time the stocks go down, whether it be visa, mastercard, whether it be a square, or a paypal or whether it is a fleet corp, it has paid to -- >> buy buy buy. >> the stock leslie in michigan. >> caller: hi, jim, thank you for taking my car. >> no problemo. >> caller: my concern is with the outlook for square i purchased shares last fall at $88 a share. since then the shares have declined with the broader tech market and we do have the cash app and credit card usage on the side, so given the strength versus impending check anti-trust investigations, should i hold, buy or sell. >> want you to hold. this stock peaks so we're clear, it peaked when the fabulous amazing unbelievable sara fryer left to go to a really good site that my wife is addicted to, this next door and that caused the stock to peak. but i do like square and i like paypal even more. fleet corp has a fabulous long-term growth story but sensitive to oil prices that why i think you should buy it gradually as oil is under pressure i don't think they'll have much more down side for a opportunity. and much more "mad mo

to see paypaling partnering with them as well as visa and mastercard.ut you have to step back and see who is not on the list. none of the big temp -- tech companies, apple, amazon, google are absent. none of the big banks either. in the interview david gave, he did say he expects some of them to sign on by the time they launch. they have around 27 partners now and they want to get to 100 partners by next year. i think a component of this would be getting buy-in from big tech and big finance. they do not have that right now. emily: the people excited about this are saying it is like aol for the internet, it's going to bring cryptocurrency to the masses. is that an exaggeration? sonny: i think it is definitely possible. it is the same use case that bitcoin had. anyone can access it, it is cheaper than credit cards, it is outside the euro and the u.s. dollar, and it has the right user base to go after it. in asia, a lot of people use we chat as payment options. facebook is looking for the same option. i think they have the right foundation. i think the ban

>> i was struck by the presence in the consortium of visa and mastercard that's who i would be worriede them i might be worried about this and i think facebook is smart to get some of those stakeholders on board financially invested. we reported asking for $10 million from their partners for more skin in the game. but it also makes it hard for them to stand on the side and throw rocks. >> liz and meltem, thank you both for joining us. >> thanks for having me. >> don't miss facebook co-founder chris hughes will be on "squawk box" 8:00 a.m. eastern time on monday morning >>> in other tech-related news amazon and joe biden going head to head over corporate taxes ylan mui has that story. ylan >> sara, it is a twitter feud, and it's over taxes. biden called out amazon yesterday over reports that it didn't pay any federal income tax last year. he tweeted "no company pulling in billions of dollars of profits should pay a lower tax rate than firefighters or teachers." that prompted this sort of snarky response from amazon. "we pay every penny that we owe. congress designs the laws. assume bide

. >>> and visa, mastercard, paypal and uber are backing facebook's new cryptocurrency.ording to "the wall street journal," the social media giant signed on more than a dozen backers for its digital coin. each of the new backers will reportedly invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency. >>> and the joe gurt company chobani offered to pay student lunch debt at an idaho school district. they say the donation would cover $85,000 in debt acquired by more than 900 students during the last schoolier. get this, a district spokeswoman says the schools make sure students are fed even if they don't have money in the school lunch accounts. >> that definitely is nice. tom hanson at the new york stock exchange, thank you. >>> still ahead, a breaking the military's glass ceiling. we meet the first woman to command a u.s. army infantry division. she made history again recently. at the end of a long day, it's the last thing i want to do. well i switched to swiffer wet jet and its awesome. it's an all-in-one so it's ready to go whe

and will about facebook's users to make payments with the app.ncy via its it has backing of visa, mastercard well as luber -- uber. an expert and author says that facebook is trying to build on what other digital currencies have done. >> facebook are taking some of the good things about bitcoin and other crypto currencies and adding a kind of centralization aspect. at the same time, they are very keen to distance themselves because they are aware of their political record and how people perceive them as being intrusive and so on. --t they are trying to do that's why they have joined with 28 other companies, partners, including the set, mastercard, so on, the idea that facebook is not in control, everybody is in control. anchor: 15 years after the last flight of concorde, there are france to build new supersonic passenger jets. with advanced technology, technical -- engineers say they could be faster and cleaner. reporter: preparing to bring back supersonic flight to the aviation world. at the paris air show, a company launched a plan for a plane that could fly twice the speed of shown -- spe

including visa, mastercard, uber, lyft, e-bay, spotify and paypal. as facebook now tries to take a bite out of amazon dominance in e-commerce. but analysts say years of hacks and privacy violations sand russian trolls have undermined the public trust in facebook. >> on the dollar is in god we trust and this is in cryptocurrency, do we trust facebook and that is the question. >> reporter: facebook said it won't manage the new financial system and instead it is launching a subsidiary called calibra to do that saying they will not share account information or financial data with facebook or any third party without customer consent. and promising strong protections in place to keep yound your information safe. but wait, you ask. what about bitcoin. >> trading in the cryptocurrency was temporarily bitcoin fell%. >> reporter: super volatile and popular with cyber crooks. facebook said the libra will be pegged to currency with a regulatory system. still some cybersecurity pros are recommending a go-slow approach. >> my advice is if you get an offer to start

they are becoming visa, mastercard, amex. there's a lot more regulation in the u.s.ight now it is more of a partner model. emily: spencer, when does this get underway and how fast? spencer: you could do it right now. it is live. again, the big question is if you have bad credit, do you want to send amazon $100 so you can spend another $100 on amazon? that would be the downside. it is locking you into the amazon card where a lot of people are better off going to their bank or credit union or pursuing some other secured credit option that is more flexible. emily: we will be interested to see how it all evolves. spencer soper, for bloomberg and ted rossman, thanks to both of you for joining us. microsoft says its next generation xbox gaming console will be four times more powerful than the current one. it will be released in time for christmas 2020 with the new version of halo. microsoft also announced the upcoming debut of its xcloud streaming platform for games. we will be covering much more in gaming tomorrow on bloomberg technology as the e3 gaming conference is und

facebook reportedly h enlisted more than a dozen companies including visa, mastercard, paypal and u br a new currency. the wall street journal says eachre cy will invest $10 million in a consortium that will double the digital coin called libra. it expectsaunch that currency some time next year and facebook shares were up 2% to 181.33. abercrombi& fitch has authorized a new repurchase program for up to 5 million of its shares. it b allows back at its discretion while continuing to invest in growth opportunities and that brings the total buyback to more than 7.5 million shares and abercrombie's stock rose a fraction to 15.49 today. and the justice department is close to approving t-mobile's $26 billion merger with sprint, but only if the companies sell multiple assets to creat a new wireless competitor. "the new york times woet "says a ttlement could be reached in nd next week or so complicating all of this is the judge who is goes to listen to the merger and that will open next week as well. it rose 3% to $7 and a penny while t-mobile shares were a fracon at $78.90 a fraction higher. t

crypto plans are getting support and more than a dozen companies including visa, mastercard, paypal andr are backing libra which is set to launch next year. the new digital coin will be connected to government-issued currencies to create a more stable system which has plagued other cryptocurrencies so let's get the two cents on the block chain. >> i write a great note from rbc capital and he's talking about two reasons why it's going in this direction and it's payments and commerce and those two things with the stable coin attached to their user base and it's focused on asia and they have about a billion active users and what they have here in north america and it's not about the actual hardware and it's about the operability of the apps that they have and they're doing payments and commerce on we chat and this is a focus over there. so to me, i think this is a huge, huge potential thing we know they're not in china, but this creates a scenario, but they can be in china that don't really rely on social networks >> isn't it amazing that with all of what facebook has and this is a testame

that's right, we have seen a big investment by a consortium backed by visa, mastercard, paypal and uberlved in financial services already. this gives it an ability which is something that perhaps a lot of people had been fearing that bitcoin is missing. not only that, this report suggests it could potentially have the backing of the us treasury, the bank of england, et cetera. if that is the case, you confirm that it also has a lot of regulation potentially tied to it, and again, that should give it more credibility. very interesting, thank you, jane. we have asked for your opinions on this. one reviewer said, when i said do you trust facebook with your wallet? he says no, the site corrects too much —— elects too much data on users already, let alone on where i spend my money. —— elects. —— collects. amnesty international has urged egypt to order an impartial investigation into the death of the former islamist president mohammed morsi, who collapsed during a court apperance. egyptian state television said the 67—year—old muslim brotherhood leader died of a heart attack. amnesty said mr

streetjournal, they are launching a cryptocurrency next week, libra, it has got some big backers, visa, mastercardle behind it, you would assume there is going to bea you would assume there is going to be a very strong following tailwind —— uber. in terms of this new digital currency, what is going to be linked to? there are references it could be linked to a currency, one would assume a dollar or a basket of currencies, so the value will fluctuate. the other issue that will fluctuate. the other issue that will be fascinating will be how will central bank to react to this? they try and operate monetary policy by looking at the flow of funds relating to interest rates but if you are starting to get more and more flows via cryptocurrencies, then the control of the central banks in terms of the global and financial architecture becomes rather lessened. it is going to be fascinating to see how this plays out. interesting to see how it changes the landscape. jeremy, come backin changes the landscape. jeremy, come back ina changes the landscape. jeremy, come back in a few minutes‘ time to talk through t

visa, mastercard they don't go away because you're not going to buy big ticket items necessarily withibra. but the more libra there is out there, tethered to the dollar, not a bet on the upside for a cryptocurrency, it's a much smoother, less frictional way to trade ands to pass things from one person to another. >> interesting, though, that facebook's mere entre has kicked up the conversation, if not the controversy about the space itself and now you have, you know, leaders on wall street weighing in and interesting to hear gorman weigh in in the manner if which he did. >> miss waters weighed in saying she wanted, you know, them to put it on hold i don't think they will. >> all right netflix is the top performer of the f.a.a.n.g. names over the past six months after gaining 44%. there could be another 20% rally ahead. that is according to piper jaffray. today they reiterate their overweight rating and their $440 price target on the stock which is why we've made it our call of the day. i almost want to peg this as a netflix versus disney. >> don't do that. >> the negativity around net

. >> so,brian, what we're talkin about paypal, we are talking about visa, mastercard and kind of libra stripe, you name it they funded this project isn't it what everyone has been waiting for in terms of institutional backing? forget investors, you actually have platforms that are conduits now. >> yes, actually this is -- that's what i started this off, saying that i would not want to disparage libra at all it is a huge step forward. you know, facebook will have a nice looking wallet everybody can get on it is easy to use. you can start moving this stuff around we can have an argument about the philosophy behind one of these, but for facebook to do this and to create that wallet and get people involved and have these and have visa and mastercard all involved in this validates the technology and gets people involved to me it is like the aol moment. aol got you online libra will get you into crypto. >> thanks for that, b.k., crypto class. we got a news alert on this. elon moore is in d.c. with the information. >> waters is calling for a mo moratorium on libra until congress has a chance

wall street journal reporting it signed up several companies including visa, mastercard and pay pal forebook cryptocurrency. people using it to buy items on the site is how they see people and throu says it will include engine shutoff and auto park. if the car is running for a certain amount of time, it will automatically shut off. >> can it tell you where you parked. like if you're at the mall and don't remember where you parked the car, it will send a message saying here i am. >> that's a very interesting point. if it hasn't been figured out yet, hopefully they get to it soon. >> i'm the worst. >> rahel, thank you. >> 6:15. trending this morning, a south carolina mother is accused of confronting her child's bully >> jamie rathburn was arrested and charged with disturbing schools. greenville deputies learned of her alleged confrontation after she posted a facebook video ranting about the bullies. she said she regrets her actions but said she is concerned about bullying. the big question we have is what did she say? >> right. >> a mother's love is something that cannot be played with. >

some of the names like mastercard and visa, which have run up big this year, they were down amid newsebook is launching its own digital currencyalled libra next year. crypto experts stress unlike bit unsel the libra will be backed by real money. for "nightly business report" i'm bob pisani for the new york stock exchange. >>> hogan joins uo look ahead to the two biggest issues facing ehe market right now. that would tomorrow's fed meeting and next week's g20 summit. art, of course, is the chief market strategist at national securities. welcome back, mr. hogan. >> thank you for hav tg me. guesses are all over the board for the fed meeting tomorrow and the decision and jerome powell's news conference. you want to add your guess to that? >> bill, iziis a haven't i don't think i have seen such a spread in terms of interptation where the fed stands right now. some of my counter parts t we will raise two times this year, some think not. i tnk -- >> you mean cut, right? >> i think we cut one time. i don't think it happens any eme soon. i don't think tlaugh evidence in the economic data strea

even visa and mastercard of the united states and the extremely unhappy with the funds and these are sound was being fired this fear that we treat the arts and india will have a common ground seeing what can we talk about that a bunch of things that everyone has also looked at the americans are going to want us to think of something that will pressure on jobs on war new delhi see. cross-product of india. the indians will be looking for some some some common ground back of the asli a lot more than just business and those trade tensions jersey john thank you very much. shareholders have approved the government's overhaul in this on only 3 new oversight committees responsible for the appointment of senior officials pay issues and or thing the comic has lost boss colors go news accused of using company funds for personal use that as net profits fell to a near decade low in the last business year and while tensions with its french partner and all. quite a lot has happened to nissen since its last annual general meeting the misconduct scandal concerning as to chairman carlos go on has rock

it has already been endorsed by visa, mastercard, paypal, and some retailers as well that should be ableallow in app purchases for facebook. a number of analysts have spoken on this. manyf facebook's mather -- -- say this is a major initiative that could expand the market. it is about turning this into a transactional platform. barclays saying it could lead to some $19 billion in additional revenue by 2021. we have seen bitcoin crossed on thousand dollars today and the number of bitcoin exposed stocks also doing well. david: my understanding is it is different from bitcoin and they will have to tie it to a real currency. emma: it will be tagged to real currency so it will not float in the same way bitcoin does. that should make it more stable, a stable point. david: is this a not-so-subtle challenge to amazon? emma: it could be. it is also a challenge to regulators. regulators are concerned about the growth of big tex like facebook and picking on another area would be something you would assume regulators would be taking a look at. the last time you were talking about facebook when faceb

including ebay, visa, mastercard and uber t with this digital money. >> it's the same way the interneting facebook says will help stave off the major volatility that plagues most cryptocurrency. and, the company says if all goes according to plan, the real life pretty much anywhere on planet earth. we cannot allow facebook to run risking new cryptocurrency out of a swiss bank account without oversight. that's because the past couple years has been dealing with scandals over privacy, election interference, fake news and hate speech and violent video strea streams. >> if we want people to trust us with this new service we will have to basically deserve their trust. >> but cyber experts are convinced. >> they have to convince us that not only should we worry not worry about privacy concerns but, financial transactions are now safe as well. that's a very tall order. >> the senate banking committee has already slated a hearing for july. the focus on the libra and privacy issues. and france, germany and australia have all warned a global regulatory reckoning is on the horizon. period up next

the occur of currency will be backed by real money, more than two dozen companies inuding visa, mastercard paypal have already signed upu to lah and xwofrn the use govern the use. sounds interesting. six months to get used to it.>> e've already decided we're not using it. >> no, we're not playing. >> you can use it first. you be thea guinepig. >> i'll try it first. >>> first at n4:00,teen's emotional reaction to seeing color for the first time. t was a graduation gift changing her life and how her community came together to make it happen. >>> plus a sneak peek inside the new exhibit at the space museum. aimee cho shows us thetreasures on display to commemorate 50 years since neil armstrong walked on the moon. >>> and the la check of the radar. most of us mainly dry, but we will continue to see someto ss and rain moving through the area through the evening and overnight hours. we're heading to break, but i'll thave you wi >>> back now with a live look at the radar. storm team 4 meteorologist ameliaddrarp has decla a weather alert for potentially strong storms coming in tonight. she joins u

wall street journal signed up several companies including visa, mastercard and pay pal.t will be linked to the value of the dollar to avoid wild price swings. people can use it to buy items on the site but also the internet. airbnb is expanding its fast growing business experience. the list includes tracking lions on foot in kenya, ufo i o trekk through the american amazon rain forest. the ultimate trip around the world in 80 days across six continents for $5,000 per person. adventures are arranged by the host who confirm the itinerary price and accommodations. i stumbled there. that's what i get for laughing at the ufo sighting. >> you can save your money on that scavenger hunt. >> i want to know if you pay for the trip around the world in 80 days in cryptocurrency. >> reporter: that's such a good question. certain states like ohio you can pay your taxes in cryptocurrency. >> what? let me write that down. >> seven for house in ohio. >> reporter: do you have that much cryptocurrency, mark us? >> i have a bit of it. >> rahel, thank you. >> is it expensive? >> reporter: it

. ♪ ♪ week: facebook said last it had 27 partners including visa, mastercard, and uber's signed on toryptocurrency project, but those partners aren't fully on board. some partners said they signed nonbinding agreements because they knew they were not obligated to use or promote the cryptocurrency and could back out if problems arose. companies are hesitant to join the project. joining us to discuss. facebook set off a firestorm, not just in the u.s., but europe with lawmakers criticizing or being skeptical of this project. who are these companies that have partnered with facebook that have said they are skeptical too? >> we got a big list of the companies involved in this, all 27. a number were excited to talk about it. others sang this statement is all we have to say -- saying the statement is all we have to say. others saying we have not signed anything saying we have to stay in this. we said we are willing to start exploring this with you and we can back out anytime. not only are regulators weary of what libra and the association might become, but it's partners are too. something i

according to "the wall street journal," a dozen companies, including visa, mastercard, paypal, and uberund $10 million each in a consortium and fund the creation of the coin. and it may be friday afternoon, but it is the end of an era the london metal exchange. new rules will prohibit floor traders from drinking during the workday. the exchange is trying to clean image.industry's the floor traders are responsible for setting global benchmark prices for individual metals such as copper and aluminum. flash. your business vonnie: still ahead, have a look at this. oil prices are continuing to retreat, heading for a weekly decline as the tanker attacks in the middle east were overshadowed by a deepening trade war and falling u.s. stock piles. more on futures in focus, next. remember, viewers can direct with the charts shown on gtv to catch up on key analysis and save charts for future reference. this is bloomberg. ♪ ♪ guy: welcome back. it bit of breaking news coming out of airbus. forume the paris air taking place today ahead of the air on monday. airbus is said to be connecting a revi

have a profitability to invest in technology then sort of the tech companies themselves like visa, mastercard, paypay those are the names i own. the smaller you get, the more you have to r worry about or plan on consolidation and cost cut iting and things like that o drive earnings it's going to be much more difficult. >> we have to leave it there thank you very much. appreciate your time >> thank you >>> coming up, more on today's big surge in oil up more than 5%. the head of commodities at goldman sachs is about to join us we'll talk ab bt how high oil could go if tensions are iran continue to escalate plus silicon valley's congressman, his take on the billion dollar plan to help the west coast housing crisis and the calls to break up big techs. stay with us woman: my reputation was trashed online. i felt completely helpless. my entire career and business were in jeopardy. i called reputation defender. they were able to restore my good name. if you are under attack, i recommend calling reputation defender. vo: there's more negativity online than ever. reputation defender ensures that when p

what is interesting is that it has the backing of traditional payment companies like visa, mastercardd paypal who are all down on the day. they want to see how the product is being developed, despite the fact that it could become a competitor. in terms of the profit streams of facebook, it is unclear how that will be at the moment. analysts positive on the news. they see as a way to diversify away from at revenues. mark of rbc saying it is a watershed moment and comparing it to when apple introduced ios 10 years ago. david: money gram is up, which surprised me. emma: from a big tech to a small cap. money gram rising more than 150% because it is getting investment from rebel. they are having a two-year partnership. that is about half of money grams revenue. money grams will use ripple's product as part of its cross-border payment process and streamline the process to help reduce costs. it is interesting for money gram, because about 18 months ago it fell because of the deal with china. david: thank you so much to emma chandra. up next, robert lighthizer is appearing before congress for

and it appears to have the endorsement of more than a dozen companies from uber to paypal, visa and mastercardportant thing is facebook will not control the new currency, but instead it will be governed by an independent validation of companies that each have some $10 million. facebook, watz app and messenger have 2.4 billion monthly users. it will allow them to change real money into digital coins in order to shop online or transfer money without a bank account —— whatsapp. the big difference from other offerings as this, it will be pegged to government issued currencies in order to avoid wild fluctuations that we all know about, take bitcoin, for example, initially sold for a few cents before soaring to a record high of just for a few cents before soaring to a record high ofjust under $20,000 per coin in december 2017. but of course now each one sells forjust over $8,000. cryptocurrencies have also been widely used by criminals to make transactions on the dark web. the big question is, will people take it up? we will see. quite the big question. thanks for that. by 2050 there is expected to

more than a dozen companies including big names like visa, mastercard, pay pal and uber agreed to backweek and hope to launch it next year. lauren: if you're betting big on bitcoin, you may want to check your carbon footprint. a new study from the technical university of munich finds that computers that generate bitcoin and process transactions put out as much energy as the entire city of las vegas. dealing with bitcoin takes a lot of computing power, which uses raw power which puts out carbon. cheryl: right now, let's take a look at futures. as you can see, red arrows, slightly lower for the dow by 31 points, nasdaq down 49. coming up, the list is out. the democratic candidates have been named for the first big debate next week. but who will make the biggest splash in the battle royal? the big name dems versus big tech, amazon firing back after becoming the left's next big target. why they're trying to take the world's most valuable brand now. you're watching "fbn: a.m." ♪ you make me feel like i've been locked out of heaven. ♪ for too long. ♪ for too long. look limu. a civilian buyin

we're about 15 away, it's less than that >> see you then, scott >>> still to come, backed have i visa, mastercard'll discuss facebook's venture into cryptocurrency ahead of its debut next week. >>> and next, the supplier to companies like beyond meat and tom brady's own protein line the ceo of pureis joins us on the other side of this break -driverless cars... -all ground personnel... ...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. no matter what you trade, at fidelity be go[ laughing ] gone. woo hoo. ♪ welcome to my house mmm, mmm, mmmmm. ball. ball. ball. awww, who's a good boy? it's me. me, me, me. yuck, that's gross. you got to get that under control. [ dogs howling ] seriously? embrace the mischief. say "get pets tickets" into your x1 voice remote to see it in theaters. >>> welcome back let's get a check on chewy's shares, you can see up about 69%. $37 and change priced at $22. so doing quite well, guys. >>> meantime, tyson foods the latest to enter the alternative meat business, anno

. >> not shabby with zees -- visa, mastercard, uber and paypal, facebook said they are not commenting crypt cocurrency project would be called libra. i remember reporting on this in march with rumors, there were 22 job postings back then, it is something in the works, backers can add credibility to it, there word they could potentially be pegging cryptocurrency to a basket of government-backed currency to avoid fluctuations, we think of bitcoins. over past year, you see talk about it many times how volatile the cryptocurrency is, it has a modest base of users 32 million people in globe with a bitcoin wallet. and when you think about the market as a whole, 264 billion dollars in a total market cap for cryptocurrency. facebook wants to tap into this, they have over 2.5 billion users around the globe. i could pay you with venmo cash or cryptocurrency, facebook wants to capitalize on, we could potentially hear something next week it would launch a year later. if i could go full circle, s&p 500 index, facebook has been taken off but they rebalances every year, it is possible they could get

facebook is going to borrow the brand equity, visa and mastercard and these great financial servicespanies have to bolster their solution and make it seem more credible both sides are feeling each other out and seeing how this goes it's a tentative agreement. >> do you think theprice is correlated with this facebook introduction >> yeah, a little bit. >> if you think that facebook -- that libra is going to be a bust, you have a problem because the whole inside,dea, i think, everyone will have an electronic wallet and get interested in bitcoin. it's not clear that bitcoin is going to be on or allowed -- >> in the solution. >> anyway. >> right yeah, i think it's created a stir in the ecosystem. people are excited about, you know, cryptocurrencies again that's part of it. what he mentions around political instability and some of the things you are sieg, bitcoin could be a hedge against that. >> "the wall street journal" reported today that most of the push in terms of price result was the retail customer, not the institutions in fact, the institutions are shorting it right now. >> why i

i knew it could come to me it always does libra, that's backed by real players like visa, mastercard and paypal you know we like paypal. i bet they make this service free to the 2.6 billion users as part of a genuine charm offensive. i didn't get the regulars off their case and think about that. hey, you know what i know you are investigators but we gave 2.8 billion people bank accounts isn't that a nice message? they aren't doing it out of the goodness of their heart but that's not here or there there is a class of cloud commuting stocks that caught fire here. if you were in san francisco, hey, regina, when we were in san francisco, didn't you feel it? regina didn't you feel the joy in san francisco of these companies >> i did. >> i needed -- >> absolutely. >> a little verification a little ver ka fashiification. how many times did we add adobe? now that we got -- >> facebook. >> facebook. maybe one day. get this, look, it's a smalltv show we get this. people are talking about when i walk around? they want to know if they can get a job, they like zen desk and businesses that make th

paypal, mastercard, visa, paypal, uber, and lyft as well as nonprofits. want to do is help there be a global cryptocurrency that is more inclusive. we are a long way from launch. regulators have concerns. we know we have work to do, but this is an announcement of what we would like to do. we will not run this. it will be association not reporting to facebook. caroline: your immediate response to the regulatory scrutiny, we've already had maxine waters and plenty of congresspeople talking about how it should be halted. how do you feel about the initial take-up? sheryl: we announced this early. all we have done is published a paper to announce the formation of an association. that is because we know we have a lot of people to work with. this is a heavily regulated space. we need to meet with people and that is what we are doing. we are then going to launch. guy: caroline joins us from cannes to give us a sense of what her impression of sheryl sandberg's view on the crypto story is. caroline, i'm fascinated, the timing is interesting. the regulatory story is

among them visa, mastercard, , paypal, and uber. facebook said it wants to create "a simple global currency and infrastructure that empowers billions of people." david rcus, fabook's cryptocuency chi, appeared on cnbc on tuesday. >> if you want to compare libra with traditional cryptocurrency, the first thing in the first big difference is that typically cryptocurrency is investment vehicle or investment assets rather than being great medium of exchange. and this is really designed from the ground up to be a great medium of exchange, a very high quality form of digital money that you can use for everyday payments and cross-border payments, margaret transactions, and all kind of different things. amy: facebook's plan has already come under fierce criticism from financial regulators and lawmakers. french finance minister bruno le maire said libra must not become a sovereign currency. in washington, the chair of the house financial services committee, congresswoman maxine waters, called on facebook to pause its development of libra unt

the cloud but if you look at salesforce, microsoft, adobe, and then extend it beyond that to visa, mastercardthis whole tier of stocks that seem to operate on a similar logic, which is, digital world, very, very strong, kind of entrenched networks or platforms, software based and no obvious competition at least in the immediate term and just kind of a volume through put type business that's where a lot of the market has depended on for a while now. >> yeah. we're hungry for top line growth no doubt about that. mark and mike, thanks. see you soon. >> thanks, carl. >>> let's get out to jon fortt who is live in las vegas at amazon conference and spoke with a special guest. >> morgan, three years ago, jeff bezos appointed two ceos under him, andy jassi over aws and jeff wilke over the core amazon product and turned out to be physical stores including now whole foods. this is jeff's first broadcast interview since he got that ceo title. this conference is all about artificial intelligence and machine learning we talked about what that really means for driving amazon's business forward, increased p

like the hulu of crypto because you've got it co-owned by a whole bunch of different names, visa, mastercardand each one of them has put in about $10 million, correct? so it is actually backed by real money, fiat currency. i get that. but do you think it could end up so successful that it kills bitcoin and all the other crypto names? >> i think it's a possibility. but what is most interesting to me about crypto currency is it's a fair, open market. anyone can start a crypto currency. anyone can create a copy of it and they will all compete on this even playing field. the best assets will win. facebook's entry, i don't think there's any way to characterize it as unfair or bad for the space. it's going to grow the pie. right now, crypto currency is a positive sum game. the more people that get in, the more interest there is, the bigger the market gets. it is not at its biggest size right now. facebook by entering with libra is going to grow the pie, then it will compete on a fair playing field with everyone else in the space. liz: except that it can dominate as a platform almost immediately. i

. >> and most importantly pay pal, visa and mastercard.ple are saying, they only put in -- they're not fighting it, unlike the bigger banks that take more. i described this yesterday as being brilliant, because i think that this is a way to be able to show congress, government, we're really trusted, we're doing this nonprofit, there is 2.6 billion people that are under banks. i thought they were going to buy pay pal. but instead they're able to do it themselves. i think that it is going to take the heat off -- don't forget it will work even for the check cashing people who have no -- >> no. i don't want to -- i don't want to -- let's not dwell on the goody two shoes part of this talk about the actual business implications of it they're going to make money for this >> eventually, the same way that venmo, that pay pal is starting to make money. >> this does seem to be in the handful of conversations that i've been able to have about it, they seem to have leapfrogged over some of the institutions and the banking world. >> yes, this is cash ov

the journal reporting that more than one dozen companies including visa, mastercard, pay pal and uberl signing up. each investing around $10 million. joining the conversation all morning long, cfra investment strategist, lindsey bell, benchmark managing partner kevin kelly along with former nfl star, jack brewer. welcome one and all. what do you make of this? >> this is a big move for facebook, getting all these names signed on is important. >> yes, it's a big deal. there's a couple things happening here. first and foremost, visa, mastercard, pay pal, all these companies do not want to be on the outside looking in, so makes sense for them to come in and do a deal because it's sort of a free bet. you have a lot of these payment processing companies worried about big tech coming in on their turf. everyone's worried about amazon getting into financial services. this is a defensive play to make sure they're part of the conversation and for facebook it makes sense because they can reduce slippage and fraud through having a cryptocurrency r with yocrypto currencywhere i. it makes sense for

paypal is involved, mastercard, visa i have to tell you that this is going to be incredibly powerful. people will love it. lap it up. it's crypto and not traditional lying facebook sdm y >> you had mastercard, visa, paypal >> that will be huge they got a guy from paypal running it >> josh, facebook. >> i have no position in facebook >> you still prefer google over facebook >> yeah, i do. >> why >> they both sell at the sam valuation. i think facebook has more to lose in the upcoming political battles and even the conservatives aren't happy facebook is now universally hated by both sides which is interesting. you almost never see that. the conservatives say they are been sensors and the democrats s say facebook through the election allowing all this propaganda to spread they all agree it should be broken up and should have a common owner now you will tempt fate by saying we have sddesigns by takn over the global business i think this will be the political football in a way that will leave google out of it. it will be so forcefully directed at facebook that's not a comment on what the c

visa. david: and uber and mastercard. no banks involved whatsoever, and the other tech companies aren't as well. but they have some pretty grand ambitions. they wanted to be like the dollar eventually. alix: later, bloomberg's joe weisenthal will speak to facebook about this. s&p futures continuing to grind higher, now up 0.5%. if you get stimulus somewhere, that is going to be good for the equity market. president trump tweeting out about the euros on -- the euro zone unfairly moving its currency. six basis points lower for the german ten-year, -31 basis points. a stones throw away from the deposit rate for the ecb. david: at 8:30 this morning, we get u.s. housing and building permits numbers for may. at 10:00, u.s. trade ticket terry -- u.s. trade secretary robert lighthizer testifies before the senate. tonight at 8:00 president trump will officially begin his campaign for reelection at a rally in orlando, florida. he needs florida to win, he thinks. alix: yeah, you think? let's go to bloomberg first take. we are joined