we are getting alibaba earnings. and it says alibaba is naming a new seo.are naming dan zang as the new ceo. we will bring your top headlines and get back to this breaking news that alibaba group has named a new ceo. brendan: that is extraordinary and unexpected news. olivia: $2 trillion dollar drain. that is been how much money has been lost in the two weeks in a global bond and stock selloff. janet yellen saying that yesterday -- long-term borrowing costs are low and may jump when the central bank raises rates. janet yellen: i would highlight the equity markets valuations are quite high. now, they are not so high when you compare the returns on equity'sies to th returns on equity'se on safe assets like bonds which are very low, but there are dangers there. olivia: stocks are down in europe and asia. futures indicate that u.s. stocks will be lower at the open. voting is underway in the u.k. where david cameron is facing off against the labour party's ed miliband. let's go to guy johnson who joins us from london with the latest. good morning. guy: what i ca

this was withdrawn after talks with alibaba and they were going to work together, and alibaba has said that unfortunately, it has chosen the path of wasteful litigation. we believe this complete has no basis, says alibaba. these companies are arguing that the counterfeits dilute the exclusivity of the official brands. alibaba has had to fight several accusations on its websites. early this year, alibaba was at the end of the chinese authority report, and it said that china had failed to crackdown on counterfeits and shady merchants, and they are working on improving technology to fight fakes and it is going f fight against the farc -- aic itself, and they said they are working together to try and fight counterfeits, but this is an ongoing issue for alibaba. angie: a real issue, you could say. thisxt, the boj meets weekend, and there are a number of assumptions on inflation that are too optimistic. we will discuss this and other situations happening this week, when we return. ♪ angie: checking some of the stories making headlines around the world now, china says that it wants to manage

emily: daniel zhang, the incoming alibaba ceo effective may 10.e will be right back. ♪ emily: tonight is the season to her two premiere of twitter 2.0. we talk about how his improv comedy trading -- training prepared him for wall street. here is a sneak peak. i wonder if improv comedy is good training for dealing with wall street. >> when you are improvising people are constantly yelling at the stage. i did this show and about three minutes in, these delightful, drunk australians started yelling "you suck get off." emily: and in one of the most highly scrutinized jobs in the world, people sometimes say -- >> you suck, get off. emily: how do you end your team -- you and your team deal with that? >> i got invited to something and my daughter said you should totally go to that. i said i don't think i am going to go because i got invited because of what im, not who i am. i never pay attention to the ceo of the year stuff. i don't get too worked up about those things. i had to make myself care about them only because i realized it could affect recruiti

betty: alibaba is the other big story.new ceo after the 45% jump in revenue firing all cylinders. daniel zhang will replace jonathan lui who will remain on the board. emily chang in san francisco who was standing by with alibaba's incoming ceo daniel zhang. emily: thank you. the incoming ceo joining us from hong kong. first of all, daniel, congratulations and thank you for joining us. first question, alibaba has lost $90 billion in market cap since the ipo, what will you do differently from jonathan? daniel: well, we always said ipo and alibaba manage our business by creating value for the long-term customers. by creating value for the disappearance in the entire ecosystem. -- for the participants in the entire ecosystem. we believe that they will like us as long as we continue our belief and continue creating value for the customers. emily: alibaba has changed out the head of team all, aly mama and the ceo. how many more management changes are we likely to see auras management going to stabilize now? daniel: we change lea

brian: i think there is something else going on or alibaba. -- on four alibaba. they are so big they are playing defense and and the -- and a lot of other companies are playing offense. alibaba was a bit late to the game in terms of mobile compared to some competitors. while their overall market volume continues to increase the revenue is decreasing on an absolute basis because of that. alibaba is looking a broad because they are trying to find new markets to grow in while their competitors are moving into china and growing in their home market. emily: at the same time apple is not giving up on china. tim cook was there today. he signed up on -- what do you make of that? bob: apple sees that their future growth is going to be in china. the smart phone market has already hit the levels that we are starting to see in china. we saw a bit of a boost when the iphone 6 came out, but for the foreseeable huge or the u.s. market is going to be in a tough spot. apple -- foreseeable future the u.s. market is going to be in a tough spot. people think of apple as this green c

let's talk about alibaba. it was of course -- there was a lot of fanfare around the ipo when it went public in november of 2014 but the stock cooled off cig any captainly over the past couple of months. what are you expecting in terms of earnings today? >> they're expecting lower earnings quarter over quarter but generally speaking it has a lot to do with gap accounting for that. >> you're a player in the technology space in e-commerce. some say for alibaba to expand it has to create a stronger brand. especially in western markets like the u.s. do you think alibaba can effectively enter the u.s. at some point? >> i think alibaba will enter the u.s. but strengths are in the international markets and expanding into areas like mobile and health care. >> but at the same point that takes a lot of money and investments. currently it's getting no more than 5% of total revenues outside of china. it wants to raise the percentage to 50%. to get to that level that's going to take a lot of money. are investors going to be

it's a smart deal for alibaba. david: are you worried about alibaba as competitor coming into the u.s. market? >> it's a big world. it's a big pond. we're all small fish in multi-hundred billion dollar pond. it's a big pond. we're not worried but always attuned to our competition. david: you have to be attuned. we all love competition. that is the best thing for consumers, keeps competitors on their toes, there ain't that much competition in china. amazon and ebay tried to get involved in the chinese market, forget about it, they can't get in? >> it is hard to go in as their brand. we're opening a warehouse in china. it comes live and we'll be up on t-mall or tau bow. we'll be on the largest marketplace sites with our good. they certainly play favorites in china. you have a home court advantage when you're in china, that you don't have when you're in the united states. we play by a more level trading field. but if you try to do business in china they have a home court advantage. i like competition. david: alibaba d

alibaba has made a secret investment. i think we are seeing the same thing play out on both sides of the pacific. emily: brad stone, bob o'donnell, brian buchwald. it is time for the future is now. wall street is listening to the valley a little bit with nasdaq dipping its toes into bitcoin technology. the tech focus exchange is running a pilot program for p ipo shares. we could -- for pre-ipo shares. we could be looking at an expense of use. bitcoin describes the technology behind the crypto currency known as block chain technology. it is like a digital ledger that tracks the entire history of transactions for a single unit or coin. the nasdaq wants to use this technology, not the currency, as a way to track audit transactions more accurately. it will also be able to fire out trades more quickly. wall street has been conservative about digital currencies. we saw some dutch boy -- some dutch banks have experience it with the technology. the bitcoin investor tweeted that nasdaq showing bitcoin interest -- what steve case t

what did alibaba say about it? david: -- what did alibaba say about it? david: you had a movement and alibaba sales. the chart was opposite, down 1.5%. that is due to another report. 1.5%. not a whole lot. china is considering raising the import tax when it comes to things you buy online and you have it shipped into china. currently right now the taxes at 10%. you buy something for $100 to me you have it shipped into china. angie: they are getting hit by their own tariff? david: it depends on the location of the buyer. the tax to import stuff, to trade, say i import the wholesale of vegetables from japan, the taxes 30%. the report says it could be raised, but not higher than 30%. not to a level lower than the common tax rate, which is 30% higher than the 10% rate. angie: uncle sam, uncle chan. david: uncle wang. angie: thank you, david, for all that. death and taxes. inevitable. you can get that and other top stories at our digital destination. bloomberg business, bringing together the best of bloomberg business and tv under one address. a tumble after th

brad: there something going on for alibaba. alibaba is so big, they are playing defense and a lot of other companies are playing offense. we are talking about mobile to a certain extent. alibaba was late to the game in terms of mobile compared to competitors. while there overall volume increases, the relative revenue decreases on an absolute basis because of that. alibaba is looking abroad because they are trying to find new markets to grow in while competitors are moving into china and growing in their own markets. emily: apple is not giving up on china. tim cook was there today. he signed up on china's twitter today, a partnership with the world wildlife fund in china. bob, what do you make of that? bob: apple sees their future growth will be in china. the u.s. smartphone market has already hit the kind of peak levels we're seeing in china. for the foreseeable future, the u.s. market will be a tough spot. apple has to make a bigger play in china. not everyone in china knows or thinks of apple as a green company that thinks ab

>> well, it doesn't you know, the, you can if you want to buy alibaba, buy alibaba, don't bayh hoo.way, yahoo is a derivative off of this fundamentally there's a lot of problems facing yahoo. we're not recommending the stock. we like alibaba, we like yahoo's suppose y exposure to the stock, but we're going to buy alibaba, yahoo has too many problems. >> tesla, earnings were better than expected and revenue was ahead. investors appear to be worried over rising costs and spending. morgan stanley calling their q 1 cash burn eye-watering and elin mosque talked about rumors of engineers leaving for apple. here's what he said. >> i certainly hope apple gets into the car business, that would be great. we're not really seeing you know, significant attrition of engineers to apple. for anything, car or otherwise. >> probably the best news, henry, is they appear to be on target for delivering 55,000 cars this year. >> they do, that's good. i think the new battery announcement should raise red flags. if you look at it optimistically, another huge market that elon musk is going to conjure into e

and alibaba, is alibaba taking on espn? chinese online and mobile commerce company announcing it will partner up with pac-12 to host a regular season game between the washington huskies and the texas longhorns in shanghai. why is alibaba targeting american college sports? jo ling kent joins us with the latest. we thought this was fascinating. jo: this is a two-year deal. very lucrative deal for any actual sports team in the united states right now. if you think about it, no league has ever played a regular season game in shanghai or beijing or anywhere in china. what they're trying to do is appeal cross over. what do we know about alibaba? we know they're investing very deeply into the united states right now. this deal coupled with the zulily investment, i could go on and on. >> they're taking over the world. >> they're taking it over quietly. and that's the chinese way of doing things. that's the alibaba way of doing things. basketball is the most popular sport in china. this is a natural fit. 300 million people reportedl

alibaba makes a surprise announcement. daniel zhang has been named the new ceo, replacing jonathan lu. the chinese e-commerce giant announced it earlier where revenue was up 45% and the company turned a $464 million profit. while shares are up today, alibaba has seen about $90 billion wiped off from its market cap from november. there are concerns about the company's ability to drum up international revenue as the chinese economy slows down. chairman jack ma just announced a hiring freeze and there are worries about their relationship with the chinese government, who says alibaba is not doing enough to crack down on fraud. i spoke with a new ceo, daniel zhang who went from cfo to coo and now ceo. i asked him what he plans to do differently and whether the management team will begin to stabilize. >> we changed some leadership. we believe today is the right time for us to bring younger generation to the leadership. alibaba wishes to live beyond 100 years. this is a long journey. we need young leaders in the company. emily: h

i think in time, the chinese government will send a signal to alibaba with that.ly: we just saw a study about smart phone sales. hans: the conversation has reached a level were you can have more services on top of that. before, it was playing games. that is the part of china that is exciting. people see the old china that is slowing down, but the new china is growing at up to 50% per year. emily: all right, we will closely be following those earnings coming up. john, you are sticking with us, and it is time now for our daily byte and today's number is 11. google says it's self driving cars have been involved in 11 minor accident in these years the company has been testing them, but google said in every case, it was the humor -- human operator's cause. remember, safety was supposed to be one of the main selling points. logo is trying to get in front of this story after the ap reported that three of the company cars have gotten into accidents since september. speaking of self driving cars if you remember, uber opened a research plant. i want to bring john back into

a surprise announcement from alibaba. daniel zhang has been named the new ceo replacing jonathan lu, who will remain vice chairman. the chinese e-commerce giant announced the news in its fourth quarter report where revenue was up 45%, and the company turned a $464 million profit. there are lingering concerns about alibaba's ability to up international revenue. chairman jack ma just announced a hiring freeze. there are concerns about their relationship with the chinese government, which said they are saying alibaba is not doing enough to crack down fraud on the site. i spoke with the new ceo, daniel zhang, a former accountant, who went from cfo to coo and now ceo. i asked him what he plans to do differently and when alibaba's management team will stabilize. daniel: we changed the leadership in our fields. we believe that today is the right time for us to bring the young generation to the leadership. as you know, alibaba -- this is a long journey. we need the young generation to participate in the leadership and lead the co

so long ago into alibaba, and alibaba is done fantastic as an investment for yahoo!rtner, not so much. but it has been a fantastic investment. pronouncing --rs it is a series of meetings -- this deal is not done yet. yes, they have proposed it and raised it with the irs and told the irs what they want to do. but the deal is not done. so there is still some level of risk. yahoo! says new rules do not apply to this deal. of course they would say such a thing. there is some risk here though. i think that is why the stock do not completely rebound. because there is an new understanding of the new risk in this deal. go to raymond james lower the odds of a tax-free spinoff. cory johnson, i knew you would have lots to say on this yahoo! spinoff of alibaba. cory: i am here to help. scarlet: coming up, the germanwings pilot suicide has the faa rethinking its mental health checks. how to change the aviation industry, next. ♪ scarlet: u.s. revenue -- u.s. regulators are in the process of how pilot to screen. this comes after thegermanwings disaster and france in which the pilot

to buy and alibaba shares have been hit since that happened. ago, a nine months similar complaint was made. they have been hit greatly. alibaba shares have slumped, it -- about 70% year to date. -- 17% year to date. the consumer watchdog has also complained about fakes on the a class-action lawsuit was filed against the website for allegedly misleading investors when they ipoed last year. alibabae hear now that might have a new, unique way to fight these counterfeit goods using technology, ght? shery: yes, using technology called doubtless visual codes. what they have developed visually -- this is -- visual --d -- an israeli startup usually you have the codes that look like this, but these codes allow alibaba to put images in the code to have a more visually branding impact. so, they are trying to put all of these labels in the product so that when consumers get them at home, they can scan the codes app that they get and each code is very unique, so once you scan them, they are burned, and you cannot use them again. so, they're trying to put th

alibaba is facing a new lawsuit from the company that owns gucci.they are not taking it without a fight. luxury goods says that alibaba profited from the sale of goods that infringe on its brand. the suit claims that alibaba uses algorithms to help customers find knock offs. alibaba says the complaint has no basis and the company has been trying to cut counterfeiting. from june to september, the e-commerce giant worked with 40 brands to remove fake products. or than 40,000 sellers were punished as a result. up next, our designers the new engineers? we take a closer look at startups that have been founded by designers. including airbnb and instagram. ♪ emily: it is time now for the daily byte. the number is 330 million. that's how many people will be subscribed to a video streaming service by 2019. a report from juniper research. numbers show there are 92 million subscribers globally across all services. netflix, amazon prime, hulu. a big chunk of those subscribers belong to netflix. take a look at this chart. even they would need to see really drama

alibaba takes a play from 10 cents playbook. and i robot is out with a microchip that connects its devices to you. i will be joined by the ceo. first, to a new force in the publishing world -- facebook's instant articles. the social network posting stories directly incited at. the "new york times" and national geographic are among the first to sign up. no more waiting for that page to load. the user experience is different than what we are used to. i want to show you what it looks like now. this is an "national geographic" story. it will start to move and you see the bumblebee thing around. what does this new reader experience actually mean? facebook is the driver of traffic to new sites, even ahead of google. will instant articles help them build on that lead or will they see referrals dry up? my guess is the former coo of yahoo!, and in new york, we are joined by the huffington post president of brand strategy. huffington post is not on the list of news monitors participating with ace book. what does it mean for the huffington

kering says that alibaba has profited from the sale of fake goods and alibaba has rejected the claim, saying they will fight it vigorously. it is the second time that kering as they can action against alibaba. they withdrew a similar lawsuit after talks between the companies when they agreed to work together to stem the sale of fake goods. finally a look at china international capital corporation. it is restructuring as a joint stock company ahead of a planned ipo later this year. the investment bank looks to raise about $1 billion from a listing in hong kong. former head of investment banking and now the ceo is working to turn the bank around. it was formed in 1995 as a joint venture between morgan stanley and the chinese construction bank. it has become known as the chinese answer to goldman sachs but has lost momentum in recent years. morgan stanley sold its stake in 2010. rishaad: looking at key economic data released this week but after the short break, chinese real estate developers are being scrutinized more than ever. itwe will find out if there coud be more on the way. ♪ rish

all of this is a key challenge to its key rattled, alibaba. rishaad: we're looking at two of the world biggest retail rivals that are teaming up. customers will now be able to use alibaba's mobile payment service. not the most expected partnership, is it? isn't, but the partnership does stand to benefit both. the deal is that 25 stores in shenzhen will allow customers to use their alibaba account. this will be extended to all walmart outlets china wide. it is already being used in beijing, shanghai as well as over 1000 outlets. this will only expand the reach. .elly pay -- alipay on the other side of the equation, walmart has found it very difficult to break into this market. scarce, accounting missteps. now they are looking for a turnaround. byy plan to add 150 stores 2016 and create about 30,000 jobs. this move will for them into the network and potentially allow them to gain more customers. rishaad: thanks a lot, joining us from beijing. thoughts andyour include the #trendingbusiness. over to look at some of the other stories. secretary pri

as you know, alibaba -- this is a long journey. we need long generation to participate in the leadership and lead the company to the next part of journey. emily: how will you bring more talent into the leadership and management roles? >> today if you look at our key business units and all the leaders, out of 1970's. we're also trying to bring more and more 1980's, 198 5,1990 young generations to the middle class level final throy the leadership level. we believe this will be the foundation for our future growth. emily: jack ma said hepts 50% of revenue to come from outside of china. currently that number is more like 9%. what is your target for that number this year? >> globalization is one of our strategies for the future. we start and help -- to chinese consumers. on the other hand, through our ali express retail platform we help chinese supplies to -- commerce all over the world. we want to build a global network. a global platform to serve consumers around the world. emily: if it is 9% now coming from internationals, what do yo

i asked alibaba's ceo daniel about increasing alibaba's presence in the u.s.hat their plans were competing with amazon. he told me the plans continued to be all about learning about the us market and plans, of course, for more expansion. now, this is just the latest step for alibaba in american e-commerce. already, it owns and operates 1 11 main. (?) it invested in shop runner, an amazon rival. >> we have the closing bell ringing in 50 minutes. again, we're just off the lows of the session. kind of a mess today. for no reason except that maybe the markets got expensive. or maybe oil is bringing it down. illegal immigration costs states billion of dollars a year. almost all the presidential candidates agree. reform is so needed. but almost none agree on how to get there. former governor jeb bush shares a formulated thought on immigration in an exclusive interview with megyn kelly. we'll tell you what he said. tom brady may find out whether he will be punished by the nfl for his alleged role in deflategate. regardless of the outcome, our next guest says brady's

emily: why is it important for you to partner with alibaba?ry: on a lot of levels it's an exciting strategic harder ship for us. our universities are truly global brands. we have multicultural, diverse student bodies and faculty from all over the world. research partnerships all over the world and china is an incredibly important market. our schools have been doing things for a long time overseas. we look at athletics as the front porch to the university. with 300 million basketball fans in china it's a great way to , tell the story about our universities and create transformative experiences for student athletes who are going to get an incredible educational experience. emily: is ali baba catching up to the nba? jim: consumers are growing in droves to mobile and china. we just announced last week terms of 89 million monthly users, that's almost the population of the united states shopping on mobile every month. why does it matter? that matters because they come to our platforms to buy things and for the best content. in terms of competition,

. >>> alibaba is making a big move to the u.s. market.nnouncing more than 9% stake in online retailer zulily. it's now valued at more than $150 million. according to a filing, alibaba bought more zulily shares during a recent selloff in the stock which was a pretty sharp selloff, you can look though at what the news did to shares of zulily, nearly up 11%, trading down slightly, but the this is part of alibaba's investment, minority stakes and companies where it's looking to learn, certainly not its first into u.s. retail either. >> no, its been doing this for the number of companies that you point out. a lot is to sort of establish a dialogue or at least a learning curve for the company as it continues to explore the u.s. market. the real question is when and if they will make a more substantial commitment to the u.s. market. and i think many people expected will be much more difficult for alibaba to any way replicate the success they've had in their home marker for any number of reasons of course. but there will continue to be speculatio

shares of alibaba getting smacked a bit on the news.he notion is nothing new or novel would you say, john? >> there keeps coming out more information about how they are come police it. and we've known for some time now the teamall, which is the one that host the retailers with if you host with them as they offer burrberry, we'll yank out the counterfeiters. there's too much going on for alibaba to throw its hands up and say we're not involved at all. >> it's kind of hard to buy that this is a difficult technological problem. unlike video, unlike music where people are posting it and you pirate it on maybe a site or through a method that's not trackable, counterfeiters are trying to appear to be the real thing. if you see somebody advertising 1,000 units of a gucci purse and it's not gucci advertising it, chances are, you know, how hard is that? >> how much is the fact that it's a chinese company right, so little we know about their controls, they laws, their corporate structure. does that make it easier to follow suit in this case? >> t

plus, alibaba spiking today.ore details are coming up. ♪ alix: seventh annual conferencealix: provides participants with the opportunity to connect global leaders with industry peers and is also a chance to talk with my colleagues there. take it away. erik: thank you we are here with clay. you made your returns as mortgage investor but you graduated to multi-strategized credited investing. the things that you're in now which i understand include stocks, what do you like the best? >> we have been increasing our exposure to commercial real estate loans. i think it gives a terrific risk versus award. it can be idiosyncratic where it is not an expression of pure spread tightening. it is a part of the market we really like right now. stephanie: where are you in terms of, do you feel like you are at the seventh inning as far as liking the trade? crisis is a business and not a trade or when we went into business in 2009, we did it for a couple of reasons. stephanie: you could be at the beginning stage or the middle stag

and alibaba asset, where yahoo!ants hand shares of the alibaba asset to its shareholders, does not want to pay taxes, so they're tossing in the yahoo! business business. they want them to think it is a tax-free deal and they have advertised it as such it when the word got out the irs is looking at deals like this and maybe wants to revisit these rules, and how they are interpreted, investors put one in two together and figure it out three will be a big problem for yahoo! and the planned spinoff. after a big selloff in the stock, yahoo! came out with a clear and strong statement, saying these rules should not apply to them. they specifically said that because they submitted their paperwork with the irs already, that the irs for them is not specific to the plans for the 2016 spinoff and the remaining stake in alibaba and they therefore do not think it should apply to them. as a result, this has picked up a little more steam today. betty: will this derail at all the spinoff? cory: it is hard to say. if you take yahoo!

i'm booking that amalfi coast trip now we ought to hear about alibaba. they turned the s&p futures. >> let's do that. alibaba shares are up in the premarket after the company's earnings did beat expectations. also the company announcing its current chief operating officer will become ceo in a few days from now. nixon joining us from hong kong is daniel zhang. we had a chance to catch up back in november during singles day, which was something you came up with any number of years ago, mr. zhang. let me start off on the quarter itself. specifically the mobile as your gross merchandise value, but the take rate therefore, overall, coming down for the company because people don't buy as many or read as many ads on their mobile device. is that the trend that we can expect from alibaba into the future? >> no. we experience a solid mobile transition in the past year. you can see actually in the last quarter our mobile take away went down a little bit because of a slack season because of chinese new year. we recorded a quarter over quarter growth about 40% while

alibaba -- this is a long journey.hen he the young generation to be a participant in the company to the next journey. emily: how will you bring more young talent? >> although leaders are from the 1970's. we're trying to bring more and more 1980's and 1990's, the younger generation to the middle class level and finally to the leadership level. we believe this will -- this will be the foundation for future growth. emily: jack ma says he wants 50% of the revenue to come from outside. it is currently like 9%. what is your target for that number this year? >> globalization is one of our core strategies in the future. we start with our -- and we help deliver supplies to chinese consumers. on the other hand, through our ali baba express retail, we help sell chinese supplies to overseas customers all over the world. at the end of the day we want to build a global network, a global platform to solve -- serve consumers around the world. emily: would you want that number to be? >> the business from international localization will

erik: will investors like alibaba more? the stock is up eight percent and alibaba reported 5% increase in quarterly revenue, beating analyst estimates. the market by you has dropped by more than $70 billion since november. shares of tesla trading lower. morgan stanley came off with a report calling for cash, i watering. the report says the current rate would use of remaining cash in about three quarters. income, tesla did sell a record number of electric cars in the first quarter and they are standing by the full years sale forecast. they just in -- unveiled stationary battery packs for homes and businesses. elon musk says harper demand is overwhelming. elon musk: we had request for companies that wanted it distributed. we can't even respond to them. we have to triage our response to those who want to be a distributor. it is crazy off the hook. erik: tesla also says their data factory is on track to start making battery cells and storage packs by next year. the biggest three-day loss in two years, the shanghai, visit lost m

alibaba also in this.ango messaging service is announcing today it's going to launch social shopping on its app in partnership with walmart. eric setten is the co-founder and cto of messaging app tango and joins us from our one market bureau in san francisco. eric, good to see you. >> thank you for having me. >> tell me about this social shopping initiative. in context there are all sorts of different ways people are trying to monetize apps these days, in this era of programmatic advertising, you are hearing that advertising is not the sure thing it once was. is that part of the reason you've focused so much on commerce and not just the advertising models some others have tried? >> absolutely. messaging services already turning out to be the new gateway into the mobile internet. this is where people are spending their time and we thought that you know it really made sense for people to learn about new products, that they could discover and buy for their friends and family members, that's what we did with t

and alibaba could find its way to the shanghai market.u look again to changing your listing rules? charles: we are looking at it. the fcc will be looking at it. it is a very complex issue. inciple, it is easy for people to agree that we need to do something competitive. we cannot change our standards. -- the comes to actual devil is in the details. it is becoming a lot harder. we are working on it but i am not predicting a particular outcome for that. rishaad: thank you so much for joining us. it was a pleasure to have you on trending business tonight. charles li, ceo of the hong kong exchange. checking on some of the other stories -- looking at the philippines. they are using facebook and twitter to crack down on insider trading. they are formerly monitoring the social media to eliminate ponzi schemes. they are pursuing cases and gathering evidence on violators. philippines is one of the world's biggest users of social media. they are trying to track down tax invaders. australians -- interest rate cuts in last week's federal budget aimed

alibaba did super well in this category, mobile made up 51% of all transactions on alibaba e-commercee also beat the street, it was up 45% year-over-year. but much of alibaba's success, of course, depends on the health of the chinese economy. i asked the incoming ceo, daniel zhang, how the economy is doing from their standpoint. >> today china's economy experiencing a transformation from a investment-oriented economy to a consumption-driven economy. and from our platform we can observe very strong demand from consumers. and to date the chinese consumer not only likes the high quality products, domestically produced, but also like high quality products all over the world. so that's why we start our cross-border initiatives. we are trying to help the overseas supplier to fill our platform to chinese consumers. >> he also said they're planning to enter the u.s. market using the small business route of this plan, and they also are looking closely at the stock. check out the huge rally today, liz. we saw an 8% rally, 7.65 right now. volume very heavy, nearly 60 million shares -- 63 million

cory: we care about it more today because alibaba cares about it.o have a different relationship with the brands that they sell. betty: thank you so much. cory: great to see you guys. up, a human scale bronze sculpture of a pointing man may fetch a record at christie's this week. that's change for you. chump change for you, mark. mark: no. ♪ betty: we are in the middle of two major art auctions here in new york city. the auction houses are expected to rake in $2 billion. >> if you are looking for something to hang over your sofa, this will catch your eye. "women public picasso's o" and its version could set the record for the most expensive piece of artwork. christie's estimates it could go for $140 million. that's roughly what the movie "furious seven" made. thing,pture is your christie's is auctioning this? iacometti.his g it could set the record for the most expensive sculpture -- close to the picasso at $130 million. if you are in this for bragging rights, this is a billionaire with the record for having spent the most on a piece of art in aucti

group of luxury goods makers suing alibaba.rands including gucci argued that chinese company made it possible for them to sell products throughout the world. the goods makers are seeking damages and an injunction for alleged violations of trademark and racketeering laws. it'll fight the complaint and continue to work in partnership with france to help them protect their intellectual property. shares are down over 1% today, up 28% since going public, in september of last year that is for alibaba of course. back to you. >> thanks so much, courtney reagan. now this stock for a while, the case was made that it should trade at a premium because of the market share that it has in china. that the point, should there be a discount associated with the fact that there are concerns about counterfeit goods on its site? >> and the concerns, it's not brand new, this is something that's been going on for a while. this is the headache that brought this stock down from the 120 level down to where it is. now it's persisting and continuing. when

that could impact yahoo's plan to spin off its $34 billion stake in alibaba.ause it's filed its request with the irs already this year. it does not expect any changes to affect its plans. but striking, dennis, that even that relatively mild news, i don't know, took 7% off last night. >> the market has been so keyed in on this point about the tax efficiency of the whole transaction. when we saw marissa mayer at "the wall street journal" a few weeks ago, she was pretty confident that giving all the body language that the deal would go through. but if you look at what the irs officials said. he talked about i think he used the term plopping a hot dog stand on an asset and claiming it as an ongoing business. as it relates to yahoo, i think he's got a perfectly legitimate complaint. the yahoo small business unit is going to be the quote-unquote operating business for $34 billion of alibaba stake. it's a bit absurd. so perhaps yahoo will scoot through on this one. but as a general matter, these sorts of very clever spinoffs, i think it's a fair point for the irs to

they sold 25 million alibaba sales for $2 billion.hat's nearly half its stake in the chinese e commerce company. alibaba debuted in new york last year with the largest ever ipo. netflix shares traded about 600 for the first time today. that's on word that the online video service could get their foot in the door in china. the "wall street journal" reports china could beef up the netflix subscriber base for it is folks for us and says they plan to be nearly global by the end of next year. those are some of your top stories. the s&p 500 closing at yet another record today. i want to bring in john manley, chief equity strategist at wells fargo fund management. john, so good to see you. john clone loan great to be leer, thank you. alix:what do you make of this rally that seems dispassionate, that we have to keep making these record highs? john: you mentioned it before, when the fed pushes money for the economy, that money encroaches the capital markets. unless the earnings are awful or the valuations are extremely high, it tends to levita

so i'm not a alibaba player here. >> long-term, alibaba makes sense as a chinese e-commerce play.olders will sell it and say i'm going to wait in the weeds until there's a big china pull back. >>> we were listening to what he was taking on, you went hmm about jm smucker. >> i have to say it's a name that i've never held. occasionally clients come in with their portfolios and they hold it. and we don't hang onto it for very long. it's never been of any interest to me. josh, i think you have some interesting thoughts on it, though. >> well i just think if you look at like some of the private equity deals, especially with 3g and buffett and heinz, it's a company that's been public forever. it's done really well over time, maybe there's a better opportunity to maximize and spin things off. >>> coming up, a follow up on china's vip shop with a former s.e.c. enforcement attorney. the inside perspective on how u.s. investigators monitor chinese companies. and american pharaoh, what the triple crown contender could be worth after this. here at td ameritrade, they're always working. yup, w

ki recentlym the alibaba ceo has purchased a: -- cam: recently the alibaba ceo has purchased a propertyext door. emily: have you said hello? kim: yes. emily: alibaby, baby. you can watch my full interview with kim dotcom on bloomberg.com . up next, to entrepreneurs working to break up the venture capital boys club, and where they are looking for the next big thing. that is. ♪ emily: aspect of ventures just raised its first investment fund 150 million dollars. it is one of the most high profile bc firms in the valley run by women stopped till, and the old ways club world of venture capital, women have a long way to go. last year, just 6% of vc partners were women down from 10% in 19 99. the issue was front and center this year when ellen pao sued her employer, kleiner perkins, for discrimination. a partner testified that it is too hard for women entrepreneurs to get funding, and that may be why there are very few female vc's. here with me to discuss is one of the founding partners of aspect partners, joyce and also -- thank you for being here. you have big news about this find. how diffi

alibaba take a stake in on line retailer zulily worth $150 million. goldman sachs will reportly pay $140 million to settle a foreign exchange rigging lawsuit. >>> a show of military might by russia as the country staged its biggest ever military parade. prominent guests were china president xi jinping. vladimir putin took a swipe at the u.s. for an attempt to create a uni-polar world. >> it's interesting. there were over 30 world leaders invited to attend a march in red square and the military procession and we know of those who didn't accept that invitation, the united states france and the u.k. chief amongst them so the prime position right next to president putin was taken by chinese leader xi jinping, for the first time ever there was a column of chinese soldiers in the parade. just a reminder as the relationship with chinese seems to be strengthening even as the west still remains to be a fallout over the ukraine crisis. we did see angela america -- merckle came on saturday. there was a low-key wreath laying ceremony at the tomb of the unnamed so

alibaba owns the site referred to as china's emergent -- v ersion of ebay.ack ma says he would rather work with the french group kering. >> from watches to handbags, some of fashion's biggest names have the prices too much. two fax that explain the demand for luxury goods that have their likeness. kering filed a lawsuit against chinese giant alley bob, saying -- alibaaba, saying its sites counterfeit from. jack ma shared his stance. >> it is regrettable that the company sued us. there will be no future commerce if we cannot protect copyright. >> alibaba has been criticized for not doing enough to stop counterfeits. taobao and tmall are similar to ebay and amazon. a search for gucci shows products of our likely knockoffs. the site says products that they are a likeness might not infringe on intellectual property rights. the group says it has 2000 employees dedicated to anti-counterfeiting and consumer protection and has spent 130 million euros to that end. the site' has a massive user base. since 2012, the proportion of counterfeits on alibaba has decreased b

average volume at this point in terms of the large caps the nasdaq 100, some of the biggest leaders, alibaba after that blowout number. and yahoo! is getting a lift along with it. yahoo! today gaining $3 billion more for marisa myer to play with. avantgo finishing it's deal. lots of disappointments as well green mountain coffee priceline, tesla and whole foods today having a huge volume day. it has lost almost as much as it did about three years ago after another disappointing quarter. whole foods now going after