current alibaba ceo daniel tax for these guys are.s are. current alibaba ceo daniel zhang will take over as chairman, seen as a safe choice as the architect of the annual singles discount spree, becoming the largest online shopping frenzy on the planet. but in terms of recognition, he has enormous shoes to fill. jack ma is one of the most famous chinese people alive today. the one—time english teacher rode the wave of china's growing middle—class affluence. he has never written a line of computer code, but in the late 1990s along with 18 friends, started what would become the internet shopping giant taobao. then they developed an online payment system, for a country where few people had credit cards. is hard to imagine the chinese business landscape without jack ma, not that he is disappearing altogether. a figure who has come to represent all thatis figure who has come to represent all that is possible in chinese capitalism says that he will focus on philanthropy and education initiatives. stephen macdonald, bbc news, beijing. we kno

he has been with alibaba for 11 years. alibaba listed has been with alibaba for 11 years. with alibaba for 11 years. alibaba listed in new york in 2015, in what was then the biggest public shareholding. thank you. around the world, a boom in construction is driving up demand for builders. men still make up the majority of workers in the trades but a growing movement is calling for more women to fill these well—paid skilled posts. let's take a look. i just turned six and i like to sing. i like tojog and i like to build. i want to be an architect and make, like, robots. sometimes girls don't care about building. theyjust do what people say they are supposed to be doing. the minute i have tools in my hands it felt... it empowered me. almost like i became a superwoman. i started this programme because i wished there was one when i was growing up. i became a plumber by accident and i fell in love with it once i started doing it. the women's building will be a space that is for justice, liberation and a quality. gender segregation at work is arbitrary and we need to open up the

kevin what do you make of him exiting now what it means for alibaba? he's not exiting the company but exiting one particular role, doing in it a methodical way, it's been talked about and broadcast. it's new information but it's not news. he stepped down from c.e.o. role several years ago. and now he's making it more formal. the timeline for handing over the chairmanship, but he handed over the c.e.o. role many years ago. i think it's more about changing his image to the fithroonpist role he's planning on taking on -- the philanthropist role he's planning on taking on in the future. emily: is there anything surprising about this? samantha: he's been talking about this for year, he said he wants to pass on his knowledge to the younger generation and die on the beach, not his office. it's not a surprise that daniel zhang is stepping up, he's much quiet, more mild mannered than jack ma but he's been c.e.o. for three years, he's credited for spearheading singles day, executing on this new retail strategy so it doesn't come as a surprise. i think the most s

and alibaba has 86,000 employees. this is a very large enterprise. over 10 million merchants on the platform, created over 33 million jobs in china. this is a very important company in china run by a strong team at the top. >> jeff, the fact that this has apparently been in the works about a decade now, it really sheds a contrast to another chinese tech company, jd.com which fell in terms of shares last week on the news that ceo and founder richard lieu was arrested and released on rape charges. apparently the board of that company can't meet when the founder isn't present. do you think this is going to -- the example of alibaba will encourage more tech companies, chinese or u.s., to adopt these structures with clearer succession plans >> well, i can't comment on the jd case, we weren't an investor, i am not super familiar with the company. look, i think in general all of us as investors and shareholders are happier when there's good governance in place. i think alibaba has been a terrific role model for corporate governance in china and the u.s. you

alibaba will have a new chairman one year from today. ma will stay on during the transition and he'll finish his term as an alibaba board member until the agm in2020. he will hand the reins to ceo daniel zhang and he joined them in 2007. he has several different hats. he is the fceo taubau and he was coo. a heo been credited with making alibaba's single day shopping festival the big bonanza it is today. in his letter to shareholders, customers and others, ma praised zhang and said he holds dear alibaba's mission. the big question is what is alibaba without jack ma. ma is the visionary ofal aba. he's a big think guy. he's the elder states man of the company but also the entire chinese tech scene.e analysts h been describing zhang as a solid manager, cautious and doesn't want the limelight. he has big shoes to fill. ma addressed that question in hisetter saying the o thing i can promise everyone is this, alibaba was never about jack ma but jack ma will forever belong to alibaba. for "nightly business report," i'm eunice yoon in beijing. >>

alibaba is in a strong position.ar on year for the next five years. they are also about to go public, one of their divisions. china is becoming a cashless society. very few people carry cash. alipay, their subsidiarity, is doing very well. it is also time for mr ma to step down to focus on p and also perhaps become a bit low profile. right now he is very high profile which is dangerous and chinese business circles. we did a project couple of yea rs circles. we did a project couple of years ago, and analyse that over 60% of the people who may be forbes 100 rich china list had been arrested or investigated for corruption or other illegal activities. so it is time forjack ma to become more low—profile and focus on philanthropy. so do you think this is something he is doing for himself 01’ is something he is doing for himself or is it more about the company?” think it is more about himself. i think it is more about himself. i think there are two parts. very importantly, aliba ba, unlike think there are two parts. very im

. >>> alibaba co-founder jack ma is set to resign as chairman of the company. not for a while.ll step down a year from today. the chinese ecommerce giant said it will reduce its dependence on any one person ma will remain on alibaba's board until 2020 we'll get more from eunice yoon. kay rogers joins us about this story which gets a smidge of attention. >> you think so. >> trump v apple. >> exactly this is an epic showdown president trump tweeting this weekend, apple prices may incase because of the massive tariffs we may be imposing on china but there is an easy solution where there would be zero tax and indeed a tax incentive make your products in the united states start building new plants now. exciting the tweet came from $260 billion in chinese goods could be set into motion. apple warned the proposed tariffs would hit a wide range of the company's products. as a result, consumers would have to pay more this is a notable change after apple's ceo tim cook has pushed off trade wars cook has said he was confident that tariffs wouldn't hit the iphone which does drive most of a

it will be a year to the day that we will see a change at the top for alibaba.is what we have at the moment. this is the succession plan in place right now and a year to enact it. been ceo, daniel, when jack ma stepped down and just remained chairman. as you pointed out, 12 months from now. we will get more on the story lady are -- later on. i want to bring back amy. topic, you are cited in one of our stories last week pay jump that these junior bankers are getting to switch firms. is ubs prepared to pay that or is that the high-end? as i said earlier, they want to get into the wealth management industry because of the growth driver of wealth creation. if they want to grow, talent is an important pillar. that is also the reason why we also have been working together on anong kong apprenticeship program to create more talent rather than competing with the small pool of talent in the region. rishaad: you have a lot of business owners in china. are they seeing any changes on the ground to the speed of growth, etc.? >> they have seen opportunity. but at the same tim

alibaba will pull the russian investigations. alibaba deal was signed on the sidelines of the eastern economic forum. anne-marie spoke to russian direct investment fund ceos about why alibaba chose russia for expansion. >> they already have quite significant business here. it is like several billion dollars a year. in volume, it is growing and is very fast-growing. russia is a promising market not only for e-commerce but for cloud computing, artificial intelligence, and a partner for somebody like alibaba. >> in a press conference, you how jacking about himself was involved in the deal. can you take me through that? we have been working for about two years. >> is passionate about transferring some of the know-how and knowledge into russia and see greater opportunities in russia for young people. we really clicked on the passion to deliver value to russian consumers. we went through lots of details. foreign businesses, for them, it is important to have data in russia and we want lots of details. it is not just -- and that's it, we

i learned so much from alibaba. i learned so much from the alibaba journey in the past 19 years.is my responsibility to share. whether people don't like it or like it, agree or disagree, that is ok. the thing is, you have to share because society gives us so many resources. so much experience, you should not waste it. share with others. maybe it is a professional disease i've got, teaching. tom: do you miss teaching? jack: very much. field as the business an accident. just coming, started to do it. i think someday very soon i will go back to education. this is something i have more confidence -- i think i can do much better than be an alibaba ceo. tom: that would be quite something. jack: yeah, i love that. this is why i prepared a jack ma foundation, teachers, kindergartens, all of these things i have been preparing for 10 years. this is something i want to devote most of my time to when i retire. tom: when could that be, that transition? jack: very soon you will know that. tom: this would you -- bu -- this would be you separating to focus on the foundation? jack: yes. tom: woul

we read -- we may be forced between alibaba's arise. force behinde alibaba's rise. there is one big story today for markets around the world and that is the $200 billion worth of tariffs that president trump may enact on china. the question is how big those tariffs are. 25% tariffs could result in a 5% drop in stock prices. but look at the major market indexes because despite all this, stocks held up well. managed a gain of 1/10. nasdaq it got hit, intellectual-property concerns with china and semi conductors, a concern this could slowdown. that was the biggest loser. just five hours away from those tariffs kicking in, tech responsible for declines we saw in new york. looking at what's going on with nikkei futures, before trading gets underway, a little to the downside. we will look again at this red arrow story. kathleen: let's get a closer look at the risk off mood on wall street. heavy selling in semi conductors pushing the nasdaq to its third straight decline. the threat of tighter regulation on social media adding pressure. bloomberg is following all the action

at that time the alibaba found a promise to create i millionjobs overfive alibaba found a promise tor five years in america but he has now rowed back those plans and it's because of the ongoing trade war between the us and china. he said it was based on the pledge of strong us china relations which have turned sour. the trade war escalated this week with both washington and beijing announcing caris. president trump accused china of meddling with the us mid—term elections, which they doing strongly denies —— tariffs. this is when china is holding the world economic forum. in an hour we will hearfrom jack ma, who has announced his retirement in a year. joining us from than during is asia business correspondent karishma vaswani. a busy day in tangerine, lots of traffic and people around you. is this a big surprise that jack ma is backing down on his promise to create i million backing down on his promise to createi millionjobs in the us? it's quite an unusual statement but i don't think it should take many people by surprise simply because of the nature of the relationship between the u

alibaba will pull the russian investigations.will fuld in its marketplace into the new company as well. the alibaba deal was signed on the sidelines of the eastern economic forum. bloomberg's anne-marie spoke to russian direct investment fund ceo about why alibaba chose russia for expansion. >> they already have quite significant business here. it is like several billion dollars a year. in volume it has grown 50% to 70% a year. it is a very fast growing business. russia is a promising market not only for e-commerce but for cloud computing, artificial intelligence, and a partner for somebody like alibaba. >> in a press conference, you were talking about how jack himself was involved in the deal. can you take me through that? >> we have been working for about two years. it was very important that when we had that discussion with jack ma, we appreciated his passion. it was about transferring some of the know-how and knowledge into russia. business.all medium for young people we really clicked on this passion to deliver value to russ

now about what will happen next to the vice chairman he's an international face for alibaba. network talking to you guys many times but he didn't get the top job so people are questioning when joe tsai might be phased out and are saying they will be watching closely how the management develops over the next 12 to 24 months guys >> eunice, interesting the point you make about zhang and how he's not an outgoing guy in the media and you think of jack ma and you think of the times he dressed up and danced like michael jackson. very different characters. jack ma is still the third-largest shareholder, correct? he will still be part of the alibaba partnership which is -- some might even put forth that jack ma won't really be completely stepped away from the company and that he will have more say from other people who stepped away from that role in the past with other companies. >> right, right, right he said he'll be a lifetime partner of the company but he is backing away from his role and said this is a decision that's been ten years in the making and what part of their overall s

this is one of the secrets of alibaba. lot of women leaders, there is a softer power in it, not machine guns. the care. emily: alibaba executive chair jack ma speaking exclusively with tom mackenzie. stockahead, cannabis fueled by upcoming recreational sales in canada and the growing market in the u.s. we will take a look at the tech in a moment. and we will talk about facebook, can they bounceback? this is bloomberg. ♪ this isn't just any moving day. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. this is bloomberg technology. pot stocks are heating up. it is not present elon musk. upcoming recreational sales i

among them, jack ma, founder of e—commerce giant alibaba and one of china's richest people.been addressing the event. 0ur asia business correspondent karishma vaswani is at the world economic forum in tianjin. jack martin a lot to say including a real impact of the trade war between the us and china. 0vernight, before jack martin arrived at the world economic forum, this discussion motion, there was a panel on entrepreneurship. he said to chinese media agency. us china trade frictions were leading him to now no longer go ahead with the plans. when he said that the planned expansion of ali barba in the us would help to create a millionjobs of ali barba in the us would help to create a million jobs over five yea rs. create a million jobs over five years. he said the relationship between the us and china has soured now. isn't going to go ahead with that. when he spoke at the panel on entrepreneurship. he didn't directly reference any of that. what he did talk about, however, was the us and china trade frictions were some wasn't happy with. he did expected to go on for 20 years.

>> certainly >> where alibaba has been trying to build presence?inly we also help alibaba because s.a.p., as you know, is the most global business offer company in the world, located in 193 countries with 400,000 major companies running on our platform so i think we bring a lot of credibility and know how to the alibaba franchise and to the customers of alibaba if you think about the stack of the silicon to the data into the process, the way things are done, the experience economy, the way customers expect a world class experience, employees, the way you have to inspire them to take care of what's going on outside their building, not necessarily what's going on inside their building so much, plus the business networks where companies are doing business with each other in the cloud, all of that and more is now possible i absolutely agree with you that in this region of the world this is likely to be a home run >> let's stick with technology ibm announced a new technology to open so-called black box of artificial intelligence. the cloud-based softwar

this is one of the secrets of alibaba. lot of women leaders, there is a softer power in it, not machine guns. the care. emily: alibaba executive chair jack ma speaking exclusively with tom mackenzie. still ahead, cannabis stock fueled by upcoming recreational sales in canada and the growing market in the u.s. we will take a look at the tech in a moment. and we will talk about facebook, can they bounceback? this is bloomberg. ♪ ♪ emily: this is bloomberg technology. pot stocks are heating up. it is not present elon musk. field by upcoming recreational sales in canada and a growing market in the u.s.. bloomberg tv got inside look at the retail sales in massachusetts. >> the next state in the u.s. to sell recreational marijuana is gearing up slowly. sales are legal in massachusetts as of july 1. by law, it cannot be sold until tested at a licensed lab. to certified products are free from old pesticides. >> the biggest obstacle has been e-labs not being licensed to test it before anything can be sold it has to be tested. testi

the alibaba chairman is donating his time at fortune to philanthropy. said down with jack ma to discuss his philanthropic vision for himself and alibaba. >> we have so much resources, so many talents, so much inference. we have 600 million people using is almost every month. ofwe do not put those kind responsibility thisour business model, giant alibaba could destroy a lot of things. do good things, do bad things. technology is very cold, people set. -- say. you have to make the organization warm. >> are you succeeding? >> 10 years ago when i said we should put 0.3% of the total revenue of alibaba into , atanthropy and education that time, nobody cared. 0.3% of alibaba, we have no revenue. the board said go ahead. now we have such a big revenue. i say, we have to do this. is not a 0.3% profit, it's the revenue. >> in terms of technology, how do you bring that the plight of a crime your vision for technology? -- how did you bring that to play in your vision for technology? >> in the future, what we teach kids is about innovation, creative, constructive.

he has been pulling back from alibaba for some time. birthday. moreis is something i have confidence i could do much better than be the ceo of alibaba. korea celebrated 50 years. president trump claims credit for the train -- change, calling a positive step for north korea. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> sweden faces months of political gridlock after an election dominated by immigration produced no clear winner. jonas is watching this in stockholm. the reason people around the world war paying attention to the election was because nationalist anti-immigration swedish democrats were getting support. where are we now? the suite inlike votesats gained a bit of but it is about two things. what happened and what was expected. they fell far short of some expectations for the sweden democrats ahead of the votes. we still have votes left to count. 20%they fell short of the to 25% some thought they would get. speculation before that they would emerge as the

of alibaba about his lens for the future.is bloomberg. ♪ >> you are watching bloomberg markets. i am here in hong kong. india is open and juliet is in singapore standing by. it appears she is wearing the red dress today. juliette: yes indeed. i like to dress in theme. indian markets are coming under pressure but we saw yesterday a rebound coming through, but today, it is down about 4/10 of 1%. having a look at the rupee which has been under pressure for seven sessions, looking fairly flat against the u.s. dollar, but still looking like it could push close to the 72 level. continuing to hold at the record lows. that's as we continue to see the rupee of oil and also the on the overall indian economy starting to move. we have the r.b.i. auctioning 100 trillion -- u.s. fdan hearing the has issued observations coming through on some pharmaceuticals plant for inspections carried out earlier in august. we have seen quite a fall coming through on the stock down almost 5%. to watch,other stocks alan t technology -- l&t technology is s

i learned so much from alibaba. i learned so much from the alibaba journey in the past 19 years.s my responsibility to share. whether people like it or don't like it, agree or disagree, it's ok. the thing is you have to share because society gives me so much resources. so much experience. you should not waste it. share with the others. tom: do you miss teaching? >> i miss very much. business isn't an accident. i just coming, started do it. sunday very soon i go back to teach. this is something i have more confidence, i think i can do much better than the alibaba ceo. tom: that would be quite something. >> i love that. that's why i prepared jack ma foundation for teachers. things that i've been preparing for 10 years. this is something i want to devote most of my time. when i retire. tom: when could that be, that transition? >> very soon you will know that. tom: this could be used having away from your chairman role to focus on the jack ma foundation? would you look at a bill gates model of giving away most of your wealth? >> a lot of things i can learn from bill gates. he's been

i learned so much from alibaba. i learned so much from the alibaba in the past 19 years.t is my responsibility to share. whether people like it or don't like it, that's ok. you have to share. society gives you so much resources, so much experience, you should not waste it. share with others. maybe it is a professional disease i have. tom: do you miss teaching? when you like to be back in the classroom? jack: i miss him very much. i came to business by accident. i came in, started to do it. i think someday very soon i will go back to education. this is something i have more confidence -- i think i can do much better than the -- than being the alibaba ceo. this is why i prepared a jack ma foundation. all these things i have been preparing for 10 years. this is something that i want to devote most of my time when i retire. tom: when could that be, that transition? jack: very soon. tom: this would be used stepping away from your executive chairman role, focusing solely on the jack ma foundation, with a focus on education. when you book it -- would you look at a bill gates mod

the keith, the other point who needs alibaba? we have more jobs than we have people looking for jobs. we are growing, we had another extraordinary jobs number today. this is the best jobs environment in my lifetime in the united states. alibaba can take their jobs and shove them. >> that is pretty strong statement there, dave. david: yeah. >> i don't disagree but it points out a fundamental difference between alibaba and amazon, for example. amazon is all about the margin. alibaba is all about the entrepreneurship which drove jack ma to make that commentary in the first place. i think somebody in beijing has gotten to him. that is the not the jack ma that started alibaba is that i knew. something is brewing. i don't know what it is, that is significant turn of events brewing. david: interesting stuff. jason, keith, thank you very much. melissa. melissa: the long road to a megamedia merger coming to an end. british regulators, announce that 21st century fox, the parent company of fox business will battle with comcast for sky aucti

i learned so much from alibaba. i learned so much from the alibaba journey.nk it is my responsibility to share, whether people like it or don't like it. agree or disagree, that's ok. the thing is you have to share because society give me so much resources, so much experience. you should not waste it. sure with the others. maybe it is a professional disease i have, teaching. >> do you miss teaching? would you like to be back in the classroom? >> very much. i came to the business field as an accident. soon, isomeday, very will go back to teach. this is something i have more confidence. i think i can do much better than be the alibaba ceo. >> that would be quite something. >> i love that. this is why i prepared the jack ma foundation. all these things i have been preparing for 10 years. this is something that i want to devote most of my time when i retire. >> when could that be, that transition? >> very soon you will know that. >> this will be used at the away with the jackrole ma foundation focusing on education. would you look at the bill gates model? >> i thi

and it's the new start of an era for alibaba. jack ma announces his succession plan as he shift his focus to philanthropy and education. a big week for apple as the company unveils its new iphone strategy, tripling down on its upgrade to the iphone x. the iphone x s, the iphone x s max, and a new entry-level version, the iphone x are. we got a first look at the handsets after the announcement. >> it looks just like an iphone x as expected. some of the new enhancements include upgraded camera equal processor. it is supposed to be quite a bit speedier. it starts at the same price. it has new wallpapers. overall, it is just like an iphone x. face id, same general design, features. the big differences there is a bigger version now which starts at $1050. it has a 6.5 inch screen. this one has a 5.8 inch screen. and the iphone xr and the 10 are has aluminum around the side. this is the iphone x s max. it makes it quite a bit bigger than the iphone x. the reason they're calling it the max's it is quite a bit bigger than the plus. overal

i learned so much from alibaba. i learned so much from alibaba journey in the past years.nk it's my responsibility to share. whether people like it or don't like it, agree or disagree, it's ok. the thing is, you have to share. because society gives us, gives me, so much resources. so much experience. you should not waste it. share with others. maybe it is a professional disease i've got. teaching, you know. tom: do you miss teaching? would you like to be back in a classroom? jack: i miss it very much. i think -- i came to the business field -- it was an accident. just coming, started to do it. i think someday, very soon, i will go back to education. this is something -- i have more confidence. i think i could do much better than be the alibaba c.e.o. tom: that will be quite something. jack: yeah. i think that is why i prepared the jack ma foundation. rural teachers, headmasters, kindergartens, all of these things that i have been preparing for 10 years. this is something that i want to devote most of my time when i retire. tom: when could that be, that transition? jack: ve

>> alibaba is a good place to start.rred to as the amazon or even the amazon and/or google of china. alibaba was a major player in china, one of the greatest growth markets to be in. but he also has global aspirations as well. like get some point to have revenue come from outside of china, in the extent that that will have -- that will happen. what are the major risks? could labor costs be a risk? most of the labor costs are generally on the lower end. issues are aig sizable rate that goes wrong. they have not done that. makewhen they do investments in media and/or cloud, it is implementable. to the extent they want to become a more global player and a trait morning to asia or china, those aspirations may carry a higher level of risk than here. they still get about 60% of their revenue from u.s.-north america you a last. when you think about the alibaba, whybout have a bigger footprint in china . that could maybe get amazon a disadvantage. >> to the extent they want to go to china for saturday and make a big investment.

to day running of alibaba.ll hand the reigns over to his successor in 12 months time. stay on board -- he will stay on board until 2020. it kevin carter joined us to share his thoughts. >> i don't think he is exiting the company. he is exiting one particular role. he's doing it in the methodical way that has been talked about and broadcast. it is new information but not really news. he stepped down from the ceo role several years ago. and now he is making it more formal. the timeline for handing over the chairmanship, he handed over the ceo role many years ago. it's more about changing his image to the philanthropist role he's planning on taking on in the future. emily: is anything surprising? >> it has been a long time coming. he has always said he was to pass the baton to the younger generation and wants to die on the beach and not in his office. it's not a surprise. the successor is much quieter but he has been the ceo for nearly three years. he has executed extremely well and is credited with bringing thing

plus, an exclusive conversation with jack ma about what comes after alibaba. all coming up next on bloomberg best. julie: hello and welcome, i'm julie hyman, this is bloomberg's best, your weekly review of the most important business news, interviews, and television from around the world. markets were closed in the u.s. on monday, that meanwhile, troubles in emerging markets showed signs of becoming a full-blown crisis. >> argentina took action amid its fiscal crisis. the president said he would impose taxes on exporters after the peso -- >> the key thing here is that took tont officials making a more concerted effort toward what would be their efforts to increase the fiscal deficit. they said today that they would primarybring their fiscal deficit to zero in 2019, 1 year earlier from what was previously agreed with the imf in 2020. that is supposed to bring markets, that -- will erase complications for the country positive financing needs -- the country's financing needs -- fordflation rose more than -- the central bank talks tough. too little too late is the

alibaba was never about jack ma but jack ma will always forever belong to alibaba. >> eunice, thank yountinue along the theme, not talking about alibaba but talking about china. president trump talking about the trade deals with china the president threatened another round of tariffs as you are aware of by now. $267 billion the chief investment officer don rutledge he's a cnbc contributor. he's been coming in here talking about china and more changes what's ahead >> absolutely. it goes back to him. >> the santa monica days. >> former city so all this time you've been watching what's going on with china. there's intellectual property theft. there are trade dollars and it's almost like we're seeing a shrinking asset base here as we export our property overseas because of our consumption versus theirs. i know you don't like any of the current measures that are being taken. do you want to go back to that status quo that we talked about for the past 20 years? is that sustainable for the united states, to just let these things happen? do you think there's a better way to approach it >> status

in 2014 alibaba's $25 billion ipo was then the largest in u.s. history. and financial, the company's finance subsidiary has invested billions of dollars in companies around the globe. alibaba's e-commerce sites have fundamentally changed the way hundreds of millions of people shop in china and its mobile payment platform revolutionized how people pay for what they buy. all the while, ma has arguably become the most public face of china's tech boom, a charismatic, often inspiring figure for ordinary people, nicknamed papa ma on chinese internet. ma has faced his share of criticism, of course, critics his company merely copied ebay and thrived only because the communist party wanted it to. china's protectionist party made sure it had no competition making the rise not only easier but in some ways inevitable. there is some truth there, but no matter the view, the facts remain. alibaba is a juggernaut and its leader is routinely mentioned in the same sentence in other deities of tech, like jobs, gates. ma says life is about more than a job. >> can you imagine

i think i could do much better than being alibaba c.e.o. that is why i prepared the jack ma foundation. rural teachers, kindergartens, all of these things that i have been preparing for 10 years. these are the things i want to devote the most of my time when i retire. be, that will that transition? jack: very soon you would know that. tom: you stepping away to focus on the jack ma foundation, with a focus on education? jack: yeah. >> would you look at the bill gates model question mark giving away most of your wealth? jack: i think there's a lot of things you can learn from bill gates. he's been many years ago, people say, jack ma, bill gates, i can never be as rich as bill gates , but one thing i can do better than him is retire earlier than him. i can do something from an educational view, i could do it uniquely, different. something in my jack ma's mind. i would learn from bill gates, warren buffett, a lot of great philanthropists in the world, but i want to do something using my own way. julie: coming up on "bloomberg best," more of the

a future away from alibaba.nto anany that turned e-commerce juggernaut, and in an exclusive interview, they are dedicating more of the private fortune to philanthropy and the creation of the foundation focused on education. that follows in the footsteps of the billionaire bill gates. >> the first technology , now we are in the third revolution. war wee is a war, the should fight is against pretty, disease, and environment. we should do it together. ylor: deutsche bank is tried to reassure customers in new york that it is ready to handle their business. bloomberg has learned it invited a select group of investors to meet and mingle with a half-dozen of its senior .xecutives, including cfo while it is not unusual for banks to hold high-level meetings with the clientele, deutsche bank is under pressure to defend its business. is hiring acarmaker designer behind rolls-royce cars. rolls earlier this year. used byortant brand elite chinese government officials is rolling out more models including a midsized sedan. twi

china's best known entrepreneur jack ma says he's handing over his executive chairmanship of alibaba. and as a private debt in china continues to soar experts fear it might be spiralling out of control. i mean physical and let's do business this is going to be an uphill battle for investors suing b.w. a court near headquarters in both spoke is examining whether the auto giant should have told them sooner about the emissions cheating scandal but a note in comments the judge said most of the claims might be past the statute of limitations in other words too much time has passed to take the complaints into consideration. who knew what and when the decisive questions braunschweig stop court has to answer in this test case did fox wagon wait too long before informing shareholders about the emerging admissions cheating scandal and is it therefore liable for substantial damages. the suit has been brought by the dick investment fund it wants two hundred million euros damages to cover its losses. but another seven thousand five hundred shareholders who lost money over the emissions scandal are

customers that alibaba has all over the world.le of continuing strategy to work with best partners in the world. haidi: negative sentiment towards chinese stocks may be getting the lofty ambitions of three soon-to-be lifting companies. the tesla of china is said to be pricing at the lower end of indicated range. stephen engle joins us now. what do we know? we have the chinese market selloff and maybe it is not such a great time to be the tesla of any country right now. stephen: they want to be the tesla one of the of china minus the troubles. mind, nio, they do not have a production license yet in china. they are going to have to farm that out. they have only delivered about 2000 cars. they have a target of delivering 10,000 by year's end, but even their rivals is none of us can possibly do that. a lot of these e.v. makers in china are riding on the buzz of the e.v. wave, but they do not have much production at all, yet they are seeking pretty rich valuations. yes, we have seen hong kong enter intermarket. negative sentiment towar

liz: just bought a cute cargo pants from alibaba and its website.ithin day, very quickly. if you're absolutely right on that, if these tariffs sold they kick in next tuesday. 10% on 200 billion. don't know if cargo pants were mentioned on that but you have some bats that you talk about, baidu, alibaba and tencent. those are the bats. talk now about where you see a real opportunity in everything? >> certainly. i mean you're absolutely right, stock investors should be savvy as you are when shopping in the market as you are shopping on the internet. people are looking at price and alibaba can deliver the same thing for lower price. to the extent alibaba is offering a better deal for online purchases that is something investors need to look at. liz: you like, son, is a know if i and proctor & gamble. nothing online about that. -- exson, sanofi, proctor & gamble. liz: david dietze, thank you very, very much. [closing bell rings] liz: dow industrials have a heavy at this gain of 3/4 of 1%. david: big rally on wall street surging because tariffs between th

alibaba's jack ma says his goal of jobs in the u.s.ble after trading conditions destroying the possibility between the two nations. what a difference a year makes. last year he was speaking to bloomberg's anchor emily chang and talking about his plan for one million jobs over the next five years . jack: we want to enable more small business in america, help them sell products to china, sell products to asia. in china, we have created 33 million jobs. each business that is online can create at least three jobs. we hope we can help one small business in america become a listed alibaba site and sell to asia. haidi: this is the latest development in terms of jack ma taking a stronger position in terms of how critical he is being of president trump's trade war. he says he will push for positive bilateral ties. this fight for economic supremacy could go for the next 20 years. shery: it is interesting to hear him say that the promise of one million jobs was based on china and the u.s. having a collaborative and friendly relationship. now that

businesses to alibaba's platform.the woman who accuses supreme court nominee brad brett kavanaugh of sexual assault says senate republicans are acting unfairly. judiciary committee chair chuck grassley says -- plans to hold a hearing on monday. oil production in russia has set a new record for the post-soviet era. output is about 11.3 million barrels a day. that beats the previous record that just about two years ago -- oil producers meet this weekend to discuss plans for more cooperation. in june, the agreed-upon more oil to offset losses from other countries. agreed on more oil to offset losses from other countries. global news, 24 hours a day, on air and at tick toc on twitter, powered by over 2700 journalists and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. francine: thank you so much. let's talk about europe. we have to talk about italian politics and eu politics and the european banking union. writes it ishau hard to -- there is a lot of latency in the system. the more evident the f

jack we will see what is in store for alibaba, now that jack ma has stepped down. fans by surprise last night be calling her old neighbours co—starjason donovan up on to the stage. they performed their 1988 hit, ‘especially for you‘ at a concert in london‘s hyde park. it‘s emerged that jason had cycled to the show and never expected to be singing with kylie. that‘s all for now, stay with bbc world news. hello there. full uk weather forecasts coming up injust a moment, but first of all i thought we we re moment, but first of all i thought we were cast an eye of what is going on across the other side of the atlantic. you might have heard we have a major croquet and on our hands. this is hurricane in florence, a very powerful category for couric aim, winds of 140 mph but these will strengthen, 190 mile per hour were gusts and that is heading to the east coast of the united states. went full on thursday night around north carolina will cause big problems of. to the north of florence we have got an area of cloud that extends thousands of miles across the atlantic right

mr maher says he wants to focus on philanthropy and education the billionaire billionaire founded alibaba nearly two decades ago it since become one of the world's largest internet companies with a market value of more than four hundred billion u.s. dollars. this is al-jazeera ok we will recap your top stories for you yemeni peace talks are in trouble after a no show by the goofy rebel delegation to the planned venue in geneva the u.n. special envoy to yemen mr griffiths says he'll meet soon with representatives in oman and then he hopes son are bought and initial report coming to us out of geneva says some medical evacuations have been approved yemen's foreign minister accused the use the movement of trying to sabotage negotiations if you couldn't be mad about. each time these talks face the wall of irresponsibility by these coup plotters these groups who are exploiting the international efforts of the yemeni government to reach peace they are being totally irresponsible the special envoy was unfortunately accommodating the coup plotters and giving them excuses the statements of mr marti

shouldears ago i said we put 0.3% of the total revenue of intoy bother -- alibaba protecting environmenton. 0.3%. they said go ahead. now, we have such a big revenue. and they say, we have to do this. not 0.3% of the profit, it's the revenue. >> in terms of technology, how do you bring that to play in your vision for transforming education? >> everything, we talk with students in the past 100 years is knowledge, science, industry. but in the future, what we teach the kids is about innovation, creativity, construction. how can you do things that a machine cannot do? that is about education. i'm thinking of the time about that. >> that would be a big focus for you. a teacher and a mentor to many young ungenerous. i don't, self a successful businesspeople but i am very successful on life. i have gone through a lot of tough decisions, tough days. these can be very good for many young people. i'm not going to teach math or english, or business. but i'm going to teach young people how to face challenges. >> when you communicate with your counterparts in the west, can that bridge divides? >> i

there was skepticism about whether alibaba could deliver on the number of u.s., but here is how ma explained to me how his pledge would've worked. >> in five years, we create one million jobs. we want to enable small businesses in america. and we think in china we've created 33 million jobs, so each business is online, we can creat e three jobs. so, we hope that we can help small business in america, we can list an alibaba site and help them to sell to china. emily: gap is one of the many u.s. businesses feeling the impact of this trade war. gap who includes old navy and athleta sources 22% of its products from china. ceo art peck says raising prices may be the only option. >> we're watching it very, very carefully. this is a trade war that is largely confined to china right now. china has not been our largest country of origin, all it is for -- although it is for many others for some time. we have moved and diversified are sourcing base. vietnam is our largest country of origin but some things will be impacted if this continues to go that direction. we are look

put 0.03%id we should of the total alibaba revenue into the environment and education.cared 10 years ago. we had no revenue. now we have such a big revenue. i said, we have to do this. in terms of technology, how do you bring that to play in your mission for transforming education? ack: everything we have taught students at the past hundred years is about knowledge and science and industry. in the future, what we teach the kids is about innovation, creativity and construction. how can you do the things that machines cannot do? i am picking up a time about that. -- thinking all the time about that. i can be a teacher and a mentor to many young educators. e,am very successful on lif though i don't call myself a successful and jupiter. i have gone through a lot of tough days. peo is very good for young ple. i will teach young people have to face challenges. tom: can this help which divides -- rich divides? jack: i think it will. people in china and america have the heart of love and respect and trust. this is the common language we should have. revolution,chnology close to

for amazon for alibaba well jack ma told chinese state run news outlet that the promise was based on the assumption that the u.s. and china would have rational trade relations which is no longer the case this promise was based on friendly us china partnership and rational trade relations the current situation has already ruined that there is no way to complete the promise now but we won't stop working hard to promote the house the development of china u.s. trade i think apple was exempt from a lot of those tariffs even though all their products are made in china when i was talking about the u.s. defense budget and that six hundred seventy four billion dollars it made me think of how national priorities work and how you decide to spend as a nation your your tax collection the government decides to spend their tax question and i thought of about because six hundred seventy four billion dollars is more than medicare is about medicare and medicaid combined a little bit less but i looked at the u.k. and the n.h.s. budget there is one hundred and twenty four point seven billion pounds thei

this would top the previous record holder, alibaba with $25 billion ipo in 2014.riters to offer as much as $8 billion worth of loans to its portfolio companies, which include major startups like uber and didi, to some fairly minor ones. it's worth noting that softbank went publicly on record that there is no truth to this report, but they did not specifically address which parts of the report were not truthful. the jury is still out on that. haidi: you spoke about the startups in that portfolio. which parts of the conglomerate might be in need of one? guest: part of the report said that the vision fund itself would take an infusion. is not clear how that would work out because $100 billion is fairly well-capitalized. it's possible it will serve as a vehicle for lending to startups. there's a lot of companies that burned through cash quickly, at an expansion stage. dide and hoover are some examples -- didi and uber are some examples. haidi: what are the chances the banks would agree to these conditions? definitely a way to go about it, because it's not unusual for