foxconn -- foxconn on the way down after we had apple's iphone debut event, improved performance, new >> if they were to live up to the investor protection it would help investors right now, unfortunately there are noncompliance and it is a field which is rife with fraud. and misconduct. >> it is frustrating, you see other markets, where the governments are partnering with the industry and you are seeing leadership and growth. one of the definitions of insanity is doing the same thing over and over again and thinking you will get a different outcome. haslinda: the ceo of ripple, reacting to comments from gary gensler. 49 is asia's largest crypto event, joining us now from the conference in singapore. take it away. >> we are all about regulatory insanity. i want to bring our next guest in, this is the founder and editing partner, we were discussing that you said it was possible to predict regulatory outcomes 60% of the time. what is that framework? >> a lot of times we are taken offguard by regulations in our industry, but there are ways to think about it that can be powerful in terms

ev and also foxconn has auto platform and the largest servers.e have a strong partnership and not only focus on one specifically. >> albert, we will leave it there. thank you for taking our questions today. goodgratulations on the series b funding. >>> and there is no turning back now. that is what the ceo of nissan said on monday as they transition to evs by the end of the decade this comes days after rishi sunak caught flack from the industry from pushing back the internal combustion engine sales ban. arjun has more the story they are sticking to their guns? >> nissan is staying with the strategy it has fallen behind volkswagen. it is facing headwinds with the last two quarters with plunging sales in china that is the big part of the company strategy a lot of the revived sales revolve around the electric car strategy i spoke with the ceo of nissan let's listen in. >> the similar thing which is happening everywhere in the world. in china, how can we get that to the chinese customer we are transforming the way we develop the car for whine. t -- f

and foxconn employs more than one million chinese to assemble their products.ly caught in the middle. tensions between the chinese and u.s. government. alix: i guess the question is how much risk? still trading above the price we are at right now. how do you quantify the potential downside revenue hit? >> the opportunity long-term for technology companies is to become less dependent on china from a supply chain standpoint and for apple to generate a smaller portion of total sales from consumers in china. but in the near term basis, to the extent they have weakness, it still the most important product, this is potentially very problematic and there could be more than 10% of their sales when you think of the potential if it were to disrupt their supply chain efforts within china as well. guy: why do i want to have apple in my portfolio right now? i appreciate a lot of passive funds hold this. most people have it tucked away somewhere. why do you want to own this? it looks like it's gone growth. india potentially gets protected in the near term. what is the invest

. >> their supply chain is heavily dependent on china where they've leveraged foxconn and foxconn employsone million chinese for some of their products. they are clearly caught in the middle between escalating tensions between the chinese and u.s. government and there is risk for apple. jon: kailey leinz is in washington and joins us with more on the politics surrounding the apple story. in the united states, whether it's the state level or some of the conversations within congress around restrictions of apps like tiktok, especially in government devices, technology in many ways work medication devices were social media apps seems to be putting these two countries, battling each other out. kailey: we've seen this back-and-forth before is both country say they are trying to protect her own nationals agree interest but the result is some of these restrictions being put in place on certain technologies. according to our reporting, china would widen a ban on iphones from just certain sensitive departments to potentially government backed agencies and state companies. it's not clear how many a

would you consider going into the electric vehicle space with their own brand of product like foxconnalready done? >> for electronics now it has been growing at an average growth rate. it accounts for the 14% of the revenue this year. and the backlog is expected to reach 80 billion u.s. dollars by the end of this year. we are in the middle of expanding our portfolio as the vehicle industry as a software defined vehicle. and for your questions to the automaker, we have no intention to be an automaker because we are going to focus on what we can do well. so this means being innovative and a reliable art and are for ev automakers around the world. >> who are you talking to with active discussions? there's been active read words that you could be helping apple make its car. is there any truth to those discussions? >> this is one of the most frequently asked questions, so i believe that is because the market recognizes us as power players. and with a proven record we are confident and ready to cooperate with current automakers and future automakers as well. >> including apple if they do go

someone by the name of brigadier general foxconn you said changed ike's life. guest: he was a brilliant man. a historical scholar as well as a career soldier, and he became a mentor for ike during the panama canal episode. he gave ike postgraduate instruction consisting of all of the things about the strategy of warfare that should have been taught at west point but were not. he and ike had a wonderful mentor-pupil relationship, and he saw in ike potential for high command. a number of people in the 1920's were sought that another world war was likely, and connor appointed himself as something of a talent scout for the next work he knew was coming. she wanted to propel ice an hour into the upper echelons of the military, and he did just that. host: one of person who impacted him -- another person who impacted and was general douglas macarthur, appointed army chief of staffing 1930, and you said about the relationship as someone who worked for him, he was a boss so capricious that ike was led to the brink of emotional and physical breakdown. how did that eisenho

does apple trade on a forward sales basis and what percentage of their assemblies are done today by foxconnina? that number is coming down, but it is still a big number, north of 60%. i think that apple is one of the companies -- it is the most widely held stock in america -- and it is one that unfortunately could fall in the crosshairs of xi's ambitions with taiwan. i think it is worth talking about. warren buffett didn't sell its taiwan semi position because it thought it got too expensive and it was not a great investment, i think the geopolitical atmosphere is something that came into play in their decisions with taiwan semi. the last 20 years of the world has been driven by economics and economic interests, we are at a hinge and history know where the next 20 years are going to be driven more by geopolitics down by economics. if you own apple, you should consider what a belligerent xi jinping could do to your portfolios. >> haman capital management cio kyle abbas speaking with bloomberg's alix steel. you can get the stories to get your day going on today's edition of daybreak, terminal

foxconn plans to double its investment and employment in india.ighted in accelerating manufacturing shift away from china and a linkedin post. the taiwanese company says it plans to double the size of his business. the plant is likely to assemble iphones. this will create 100,000 jobs. that comes after the lost tax-free shopping for visitors. jonathan says the gap has opened up. >> territory sales are steadily increasing over the past couple of years. it is a good trend. there is a gap between our tourist in mainland europe versus the u.k.. we will keep communicating that. you would have been an opportunity to bring more tourists in. >> the bradberry ceo talking about the changing landscape in front of the fashion. let's get a quick check on the rockets. we look at the futures trading, you are seeing an accelerated bed. we will call this down .1%. not releasing all that pressure that perhaps a lot of people would expect after the pain you saw this weekend or at least the pushback from european leaders when it comes to president lagarde and the ecb

company by 2030, and would you consider going into the ev space with your own brand and product, like foxconn sony has already done? william: it's a growth engine for lg electronics now, and it has been growing at an average growth rate of 30% over the past decade. it accounts for 40% of total revenue in the first half of this year. the order backlog is expected to reach 80 billion u.s. dollars by the end of this year. so we are in the middle of expanding our portfolio as a vehicle industry. at the moment, the industry is evolving at a software-defined vehicle. for your questions -- to be an automaker, no, we have no intention to be an automaker, because we are going to focus on what we can do well. this means being innovative and reliable partner for the ev automakers around the world. stephen: who are you really talking to in earnest, with very active discussions right now? there have been reports that you could be making the apple card, o help apple make its car -- making the apple car. is there any truth to that? william: this is the most frequently asked question that we receive. i belie

but at the same time until very recently iphones were manufactured by foxconn in china but the productionhere's less pressure or more if it is for the chinese to do this action but surprising it is not. cheryl: i want to ask you about a story that broke over the weekend is about the chinese nationals coming into our country and trying to gain access to military bases here. the defense department is trying to downplay the report from the journal. again they cited many instances, over a hundred of the chinese nationals that try to access the u.s. military bases, some successful and other sensitive sites. here's what the pentagon spokesman had to say yesterday, watch. >> a very small number of the controlled turnarounds were additional checks in a small warrant investigation. i would say these incidents are generally low level and so far none of them indicate espionage. cheryl: there is more breaking news this morning the journal is reporting that the pentagon is creating a.i. power tech drones, autonomous systems over the next couple of years to counter threats from china. your reaction to

does apple trade in a forward sales basis and what percentage of their assemblies are done today by foxconnchina? that number is coming down, but it is still a big number. it is still north of 60%. i think that apple is one of the companies, the most widely held stock in america, and it is one that unfortunately could fall in the crosshairs of xi jinping's ambitions with taiwan. i think it is worth talking about. warren buffett did not sell his taiwan some position because he thought -- semi position because he thought it got too expensive or was not a great investment. the geopolitical atmosphere is something that came into play in their decisions taiwan semi. the last 20 years of the world has been driven by economics and economic interests. we are at a hinge in history now for the next 20 years will be driven more by geopolitics and economics -- van economics. if you own apple, should consider what a belligerent xi jinping could do to your portfolio. kriti: hayman capital management cio kyle bass speaking there with alix steel. he is talking of the distress story and apple and that is wh

company by 2030, and would you consider going into the ev space with your own branded product like foxconnlooking at? like sony has already done? stephen: our vision is an engine for electronics now and it has been growing -- an average growth rate of 30%. over the past decade and it accounts for 14% of total revenue in the first half of this year and our backlog is expected to reach 80 billion u.s. dollars by the end of this year so we are in the middle of expanding our portfolio as the vehicle industry is evolving as a software defined vehicle. and fear question, no we have no intention to be an automaker. we are going to focus on what we can do well. so this means being innovative and a reliable partner for the ev automakers around the world. stephen: who are you really talking to in earnest with very active discussions right now? there have been reports that you could be making the apple car or help apple make it scar? is there any truth to those discussions? william: this is one of the most frequently asked questions we receive. i believe that is because the market recognizes us as a

i think you look at it, foxconn, talking about one of the biggest employers in china, cook has been something where i think this is within beijing it has been a big part of his strategy in terms of the success, and i think most importantly, you look at the huawei phone and you look at can this be a risk, we're still talking about the b team. when you look at from an actual nanometer, technology perspective, the chinese consumer continues to want iphones and we believe you have that 80, 90 million of them in an upgrade opportunity. >> we asked our question of the day to our viewers about the multiple. 29 times forward. now it was over 30 not that long ago. even now it is far above its historical ten-year average, okay? can you justify that? if so, how? >> so i have always viewed it you have to view the services business as almost a sass business. 100 billion of revenue next year, growing now low double digits. i believe that is 1.4 to 1.5 trillion, the services business. the rest of the business, 1.4 to 1.5 trillion, we think more, how we have a $230 price target, i believe if you look at it o

foxconn had $5,000 taken from her. wells fargo account, and then another 5000 went missing.ni she was doing all the bank asked, so was transferred from one department to another. >> many phone calls. i had to eventually go to the branch to get it straightened out, and then at the branch i learned that somebody got ahold of the check that i deposited and it had clearly it was made payable to me not once, but twice. >> the story is complex, but rowena says a $5,000 check made out to her from one of her accounts was mistakenly given to another person who cashed it and then somehow another $5,000 followed that unable to get things resolved, she contacted seven on your side and we went to work. >> all of a sudden they were actively contacting me and then all of a sudden they made correction as they should have. >> wells fargo had quite the case on wined and in a statement to seven on your side said, we sincerely apologize for the inconvenience and worry they encountered during the time it took to solve this fraud event. the bank said it can't discuss specific case, but it was not

and then six months to nine months later the lower spec based models of iphones start production in foxconn. we are hearing they are accelerating that, which speaks to the supply chain story. caroline: and shows the focus on diversifying consumer base. at the moment we see headwinds coming in the chinese buyer. you will be telling this global story but it is an investor-based story. we will be all across it. we have our coverage continuing. it is a bloomberg technology extended special edition. will be focused on apple as we count you down to the annual product launch a few minutes away. live from new york in cupertino and this is a focus on a raft of products, the high end, the overall 15, what they will have on offer, the cameras, the chips, and a focus on the smartwatch. from new york, this is bloomberg technology. ♪ nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch. get way more into what you're into when you stream on

china is the second largest market for apple and employs millions of people through foxconn and other suppliers. if you can't bring it to the office with you, it is not just having it. if it is extended as bloomberg is reporting, that is a concern of what it means down the road. if it is extending to consumers. >> we would ask analysts about apple and starbucks and we would say is there a risk and is it built into the stock? everyone says you can't think about that or you don't know. it is happening. it is happening. i wonder how far it goes. >> that is what investors are trying to figure out. was this a minor issue? the tiktok bans in the united states hasn't had an impact. this is not a federal ban, but montana, where we were talking yesterday and some state offices, it hasn't had impact on tiktok's projected growth to this point. obviously, more people in china and the chinese government can decide to do more if it choses. >> there was the idea because apple was a large employer in china, that somehow they were a protected class. their business -- >> they talked about how they have

does apple trade on a forward sales basis and what percentage of their assemblies are done today by foxconnoming down but it is still a big number, north of 60%. i think apple is one of the companies, the most widely held stock in america, it is one that unfortunately could fall in the crosshairs. of president xi's ambitions with taiwan. i think it is worth talking about. warren buffett did not sell his taiwan semi conductor position because he thought it got too expensive or it was not a good investment i think the geopolitical atmosphere came into play in their decisions with taiwan semi. i think the last 20 years of the world has been driven by economics and economic interests and we are at a hinge of history now where the next 20 years are going to be driven more by geopolitics than they are about economics. if you own apple i think you consider what a belligerent xi jinping could do to your portfolio. shery: kyle bass speaking with us, we have more to come on daybreak this is bloomberg. ♪ what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help

you know, we had foxconn in wisconsin. big deal was made of that. it never really came of anything.arizona with tsmc. and i think there's a drastic unfortunate under estimation of just how strong china has built its ability to manufacture within the mainland, and these organizations are just having to figure out how to navigate within what i think is existing currently and to a certain extent on the margins look to elsewhere to where they can, you know, expand or move. >> peter, we got to thank you because we have some breaking news and we're up against a hard break. i want to talk to you again very soon. peter coming to us from shanghai this morning, thank you. >> all right, thank you. >>> some of that news on tesla, "the wall street journal" is just reporting that saudi arabia is in talks with the ev maker about setting up a manufacturing facility there. the report says that the talks are at a very early stage and could fall apart. saudi's public investment fund is the majority owner of the rival ev maker lucid. we're going to talk a lot more about this. it's not just saudi arabia

they have tremendous sway in china with foxconn but i think they are getting caught in the middle on increasing tension between the two countries. jonathan: without a doubt, thank you. the big reveal of the iphone 15 and that tension between china and the united states, that story will be pretty wild for the next quarter or so to see with the sales look like on the ground in china. lisa: especially if they are on flip -- if they are flagging unspecified security concerns. they say it's not an outright ban but they are specifying that. is this a tit-for-tat after selling the iphone more aggressively in china? tom: i think it's demand. i don't have a bullish case on china as to what they will do but look at luxury sales in china and it's a mystery right now. the apple sales in china are not the same aslvmh. jonathan: like in north america. we've seen that with many luxury retailers. tom: i don't have a lot of certitude on what we will see in china and the next 90 days on luxury in the iphone 15, the promax as one terabyte of storage, that's $1400. the bottom line is, that's a lot of mo