amazon to simply start selling on the amazon marketplace as third-party sellers. i got the local governments in these schools say it will just buy from you on amazon. that means a course amazon's going to take a 15% cut at least from that transaction and that middleman transaction. will get routed little to the one click said that direct interaction between office-supply the local office by company and the buyer. the business owners have talked about how much that bothered them not just the cut there losing but they just knew that this new arrangement was going to cost the community in terms of tax revenue. the gristle that holds the community together. such a big part of what's being lost right now. >> there are two movies that came to my mind during the book. if you join american factory and. [inaudible] bridget going to love this book. there's a very aversive statement, fulfillment this idea of the winner takes all. and that motto. that model is indivisible we cannot do anything about it, just the way it is. take it from a quote we say things like amazon behaves the way it does because it is the only way for the business. so for him not about gre

amazon to start selling on the amazon's third-partyself . the local governments and school districts say we will buy from you on amazon but that misses that amazon is going to take a 15 percent cut at least from that transaction, from the middleman transaction. and it's all going to get routed literally through the one click instead of that direct interaction between the office supply, local office supply company and the buyer and the business owners talk to me how much this bothered him, not just to cut their using but just they just knew that this new arrangement is going to cost the community in terms of revenue. it was going to cost in terms of office wrestle and hold a community together so it's such a big part of what's being lost right now. >> there were two movies that came to mind . if you enjoy american factory , you're going to love this book. there is a very controversial statement about this ideal. winner takes all and that model. and it's that that model is in a invisible place. you can't tdo anything about it, it'sjust the way it is . i'm thinking when you said something like 20 is the only way for the business to survive. so for

suppliers are being pressured by amazon to simply start selling on amazon marketplace as third-party dollars from local governments and school districts say buy from you on amazonat missus amazon is going to take 815% cut atn' least from tt transaction and it's going to get routed literally through one click insteadll of direct interaction between office supply local office supply companyce and the buyer business owners talk to me how much it bothered them not just the cut they were losing but they knew new arrangement would cost the community in terms of tax revenue all of this gristle that holds our community together so it is a big part of it right now. >> there two movies that came to mind in the book, american factory and -- are going to love the book. there is a controversial statement about this idea, winner takeses all and that mod. the idea that that model is unreachable, you can't do anything about it, it's just the way it is. i'm taking this idea when he said something like are not going to behave because it's the only way for the business to survive. for him, it's not aboutim greed, it's about survival instincts but even if we can have that nature,

amazon for both of them joined in the late 90s and helped bezos steer amazon and build it to what itt is jeff wilkie ran the consumer business and retired and anti- jackson was chief of staff early on amazon'sespan a this idea of aws or cloud computing. some might remember, it's kind of a relic of the past, amazon for a long time was a very unprofitable company lost money and investors had not a lot of patience but i but aws was the sparkly done in the portfolio because the operating margins and net income was high end of this is cloud something somewhat difficult to understand to a layperson but you think a company that used to have a data center in the back wall off, humming with air conditioning, servers blinking, no longer has that, there computing power is on the internet and amazon or google or microsoft, that is cloud computing. bezos back in the early 2000, it is a huge business now, $50 billion run ratee annually and jack speak with a lot of independence, he feared that so it's a remarkable success for amazon and jeff is now basically handing the company over to him. a couple things to note, jeff is executive chairman so he plans to remain involved and wants to focus on new things.

suppliers are pressured by amazon to simply sell on the amazon marketplace as third party sellers, the local governments and school districts say, hey, we'll buy from you on amazon, what that misses is that amazon is going to take a 15% cut at least from that transaction, from that middle man transaction and it's going to kind of get routed literally through the one click instead of the direct interaction between the office supply local office supply company and the buyer. and the business owners talked to me how much that bothered them, not just the cut they were losing about you just the-- they knew that this new arrangement was going to cost the community in terms of tax revenue, going to cost in terms of all of the kind of gristle that holds a community together. so it's such a big part of what's being lost right now. >> thank you. and if you, you know, there are two movies to came to my mind because actually stories that are there in the book. so if you enjoy american factory and-- you're going to love the book. >> yes. >> and there is a very statement fulfillment about this idea, the winner takes all and that motto. and it is the idea that that model is in

amazon and profiles its founder jeff bezos. he's interviewed by insider's chief tech correspondent eugene kim. >> i'm very excited to be here to interview you today for your new book amazon unbound. before we start, i want to tell you when i first started covering amazon, about five years ago, the first thing i did was to read your previous book about amazon "the everything store". for me it is a true honor to get this opportunity, and i'm looking forward to it. >> thanks, eugene. you know, people probably don't know this, but the fraternity of reporters who cover amazon is a small one, and we all kind of know each other, and, you know, you've just done a tremendous, tremendous work covering amazon, and so it's great to talk to someone who, you know, is steeped in this secretive bizarre, you know, highly productive company, like amazon. >> thanks. the first thing i would like to ask is just the timing of the book. you know, it ended up becoming incredibly [inaudible] the perfect time to publish a new book about amazon, given jeff bezos is stepping down in a couple months. can you kind of tell us, what was the catalyst or, you know, your thinking behind coming up with this book? >> sure. and of course, you know, i did not time it. i did not have any id

suppliers are being pressured by amazon to simply start selling on amazon marketplace as third-partyty sellers, local governments and school districts say will buy from you on amazonat missus is on taking 815% cut at least from that transaction, the middleman transaction and it's all going to get routed through one click instead of that direction between local office supply company and the buyer and business owners talk to me how much it will probably them, cap but because they are losing quit they knew arrangement would cost the community in terms of tax revenue would cost in terms of the bristol potholes a community together so it is a big part of that right now. >> there. are two movies that came to my mind in the book, if you enjoy american factory and no malec, you're going to love this book. there is a controversial statement, a fulfillment about winner takes all and that, that model, we cannot do anything about it. that's the way it is. t said something like i'm not going to behave. it is the only way for the business to survive. for him it's not about greed, it's about survival instincts. it is our very nature. i'm a human rights lawyer it is a radical tra

amazon's battles with the book publishers and how trivial those seeing now. they are significant issues for the book industry but amazon was fighting over the $9.99 amazon kindle price and the number of e-books in the amazon kindle store. and stripping suppliers if they were not satisfying amazon because the bush business was so strategic in 2011. and now the book business is still very representative of amazon and its image people still think of it as a bookseller but it's a minor part of the business now truly is the everything store. one of the most important markets is now alexa the voice-activated computer. it's investing billions of dollars in india with global ambitions. probably thinks more about hollywood and tv shows and movies them books. >> while the talk about his transformation what do other amazon executives think about it? some senior leaders were happy about the economy independence while some were disappointed because jeff bezos basically failed to meet his own high standards by becoming fodder for tabloids. >> yes. first of all we can both acknowledge how difficult it is to get amazon executives to talk. particularly on the record about thei

amazon above those guys join in the late '90s and helped jeff bezos steer amazon .com bust really build is today and jeff wilkie ran the consumer business financially retired last year in and he was the the chief of staff early on in amazon lifespan. and he then took over this idea for aws cloud computing printed some people might remember kind of a relic of the past, amazon for a long time was a very unprofitable company pretty they less money investors have a lot of patience for that but the u.s. was always this sparkling gem in the portfolio because the operating margins in the net incomeh was tightness of cloud computing, a little difficult understand to the layperson. but you think that the company they used to have a data center in the back,at although often humming with air conditioning and service there sitting there blinking. no one hasas that read the computing power is on the internet and amazon's data center google and microsoft, that is, computing printed in jeff bezos can see that in early 2000 now $50 trillion run rate annually. and jessica a lot of independence from jeff bezos is been a remarkable success for an engine for amazon and jeff is now basically hanging coming over to him. jeff is executive chai

amazon stores. so it's a vital component to fight climate change. animals are being effective to it's believed that there are about 3000000 different species of plant and animal life from the amazon amazon. it's estimate that there is $16000.00 pieces arbitrary. unfortunately, a thing that was in my lifetime, if there is no political will. if we don't take strong positions that isn't going to be going me. what president bolts wants to abolish protection for indigenous language has called have been echoed by miners put self preservation ahead of environmental conservation. brazil is one of the biggest goal producers in the world. was also reported at 81000000 kilograms in 2018. there is a new gold rush in brazil to day one healed by soaring unemployment in regions inside the amazon rain forest there, evading public lands. log the trees, do some gold mining and damage in these areas or do some fishing and hunting me today. my news have become more organized, create incorporated to hunt for gold. collectively. the b one such cooperative is corporate. that was founded in 28 by foremost south palo banker, gilson campbell. or anything almost single me against you. me just see fit to meet the

amazon. amazon has cloud computer services. they canceled the web services contract for a while. republicans freaked out and said this was an antitrust violation and it showed that if amazon is big enough to cancel parler, then it why do we need an antitrust law against amazon? antitrust law is supposed to go after anticompetitive conduct from monopolies, and amazon does not have anything like a monopoly in this cloud computing services. and they are able to find another host to host its website. it does -- republicans wanted to use this as an example of why we needed different rules when it actually seemed like a good example of how the market works in this realm and parler was able to just find another provider in the market to host its website. peter: now a couple of the leading democratic legislators on this antitrust portion, senator elizabeth warren, senator av klobuchar -- amy klobuchar, will flow competition as an important part of their antitrust push. elizabeth: yeah, competition is important. but historically, antitrust, it hasn't looked at competition as the only. consumer welfare has been the main goal. it's not harming consumer welfare, it's not seen as an a

and i don�*t see things changing materially for amazon under andy jassy. materially for amazon under andyjassy. he is a materially for amazonf bezos�*s right—hand man for a long time and he�*s proven himself by moving amazon into cloud computing which has been a phenomenal success of the company. he�*s turned it into a $40 billion business. amazon web services is now the cash cow of the business, allowing them to reinvest in that core retail offering. so i don�*t see things changing in a major way under andy jassy, things changing in a major way underandyjassy, i things changing in a major way under andyjassy, i think is most pressing challenge will be convincing lawmakers that amazon is good for the economy and democracy as a whole, because there is the growing threat of regulatory action to curtail amazon�*s dominance. and the second thing for andy jassy will be ensuring that amazon does not go from disruptor to disrupted because amazon is a big business now, ten years ago they employed about 30,000 people and now 1.3 million. so his challenge will be maintaining that start—up mentality, the ability to innovate at scale,

amazon team members succession and development and one of the strongest benches in the industry is why amazon can innovate can deliver and a hallmark of our conversations with jeff. i remember him insisting in our board meetings he's chosen andy knowing andy verywell >> can amazon the best place to work. talking omni channel last mile delivery so many times. tech companies have to take on these larger work sources. >> yes amazon may be the most interesting employer in the world. the range of their workers from delivery to distribution to ai experts. every one is deeply respected and protected. when jeff wrote he was going to make amazon the safest place to work, the best place to work that was quite an extraordinary commitment we hadn't seen from any other founder or looeder amazon has created more than a million jobs it is a marvel. whether or not the bill is enacted, we'll leave that to deliberations of congress. what is clear to amazon is the benefit to consumers i don't know if you or consumers could imagine what life is like without amazon it is one of those few services i would miss indeed. jeff's obsession on lower prices, broader selection, customer experience i think will cause it to farewell in a world where more regulation is inevitable and i think e

amazon unbound." before we start i want to tell you when i first started on amazon five years ago the first thing i did was to read your previous book about amazon so for me it's a true honor to get this opportunity and i'm looking forward to it. >> guest: thank you jeanne. people probably don't know this but the fraternity of reporters who cover amazon is a small one and we all kind of know each other and you have done tremendous work covering amazon. it's great to talk to someone who is steeped in the secretive the czar highly productive company like amazon. >> so i think the first thing i'd like to ask is the timing of the book. it ended up becoming incredibly prescient and the perfect time to the public a new book about amazon given that jeff bezos is stepping down in a couple months back can you tell us what was your catalyst are you thinking behind coming up with this book? guess kosher and of course i did not time it. i did not have any idea that jeff bezos would be leaving as ceo of amazon. in fact i started this book really in the beginning of 2018 so the list of things that i didn't know about is long. hq to i thank and i think i was j

but let's talk with amazon -- talk about amazon,. joe: amazon shares sliding. ey beat on earnings, but everyone beats on earnings. the outlook wasn't great. the bread-and-butter, e-commerce online sales, not great. aws advertising, these are still big-money printers. but you can see it down 6%. online sales, weakest growth since the start of the pandemic. so a lot of that transition, that huge boost that they got, starting to fade. let's bring in bloomberg live reporter kriti gupta. kriti: it is interesting we got all this on the same day the eco-data came out. at the end of the day, the shift is from goods to services and that is showing up and amazon earnings. what struck me though, was that their numbers missed estimates you have not seen a technology company do that. -- missed estimates. you have not seen a technology company do that. caroline: pinterest though, with monthly users. kriti: amazon missed on their sales forecast, which is crucial because you are saying apple, microsoft, alphabet, this is a bloody selloff for amazon. you can't miss anymore in th

, showing amazon forces entities that want to sell through amazon to raise their prices where they're not selling through amazons why it looks like prices are low on amazon not because everything -- the prices are as low as they could be it is that if you need to sell through amazon and everybody wants to get to consumers sells through amazon, you have to raise your prices where you're not selling on amazon in order to let -- in order for amazon to let you have access to their customers. and so there is actually not good for consumers what amazon is doing and there is a lot of coercive practices here and there is litigation there now from a state and my guess is you're going to see other states come in and make this same claim. >> well, it is one more interesting chapter in what has been a busy week for big tech and regulation as we all know, whether that's facebook, ftc or now this amazon letter matt, appreciate it very much. thanks >> thanks for having me. >>> shares of ev maker neo now losing team, strong delivery numbers for the month of june, though read more on that surge this morning on cnbc.com. nio in

the deal was signed in 2019 despite the objections of rival bidders like amazon. amazon sued claiming that the president interfered the process. the defense department insists that it's restarting the bidding process because it's needs have changed. >>> and nintendo revealed a new switch console on tuesday. the most significant change involves the screen. the device is getting a new and slightly larger oled display. the new switch will be released in october d cost $350. >>> and that's your cbs money watch report. for more head to cbs money watch.com. at the new york stock exchange i'm diane king hall. >>> with an intense fire season underway cal fire crews are facing a hard reality of more fires starting and more acres burning. >> this morning it's feared more homes will be lost. new data reveals 40,000 more acres have burned this year compared to last year. the statewide drought isn't exactly helping. >> last year we had a little more rain, little bit more snow pack further into the springtime whereas this year we pretty much came to a dead stop in april, may. >> it se

amazon and microsoft. good news for amazon, not so great for microsoft because it was a deal solely for microsoft. now they are having to split it. you can see amazon thriving. microsoft unchanged, it was negative earlier in the session. lead zoom out on the amazon chart. i want to show you that that spike is pretty significant. you see a sideways move in them that big spike today. caroline: new record highs to welcome the new ceo at amazon. the breakdown on all things that the barnegat. the pentagon -- on the market. the pentagon scrapping the contract. that was pretty controversial in 20. the defense department plans to devise the work between microsoft and amazon. amazon was arguing that interference from then president trump cost its deal. is microsoft going to be upset like this? or were they expecting this? >> i think microsoft said, we are happy to continue working for the government, obviously they don't get that entire $10 billion pie that they were originally slated for. but the alternative was to extend the contract term, the court battle that was waging to defend this project. and that has delayed this process even more. so in this case

many of us have heard about amazon sidewalk i now, a feature, if you call it that, amazon sidewalk in a future amazon devices in the home that will share your internet connection with strangers to facilitate amazon services like device locations, et cetera. it will do that unless you affirmatively opt out. is that something that you think people ought to be concerned about from a civil liberties standpoint? >> well, i have no expert knowledge renounced about that in particular but just speaking as a citizen i certainly wouldn't want the comings and goings of my friends, sort of known in that way. we don't know what is that information has. there's something called pattern of life analysis, was developed for military intelligence purposes that has become i think a prominent part of the business platform. in other words, if you know people's comings and goings into their meeting with you can infer quite a bit about people. so this has become one of the planks in the surveillance economy. >> madam chair, i see my time has expired. can i ask one follow-up? >> of course. >> mr. mccrate, tell me what you a

managing our life with amazon. alexa, eating with amazon at whole foods, basically doing everything amazon and now banking and payment with amazon. so it gets like into this very dangerous kind of monopoly thing and to bone fine. i think they're going to base a lot of regulatory scrutiny here just like facebook. but i think the difference is how they define the scope of this coin. because facebook was a little over ambitious with their lever project. they said they were going to create the currency of the world, and it was very ambitious and they had absolutely no plan out how to do it. but regular here, this and they get all freaked out being like you can't do this we, we have control of currency, not you, not tech companies. but if amazon wanted to do a model similarly to how alibaba deal with ali bucks, i think they'll have an easier time because essentially to say, hey, we're issuing a coin, uses coin to buy things on amazon marketplace. it's essentially like a gift card, not really any currency that's going to disrupt politics or anything like that. so the frame, it's that way, i thin

i also want to thank every amazon employee and every amazon customer, because you guys pay for all of this. [applause] so seriously, for every amazon customer and every amazon employee, thank you from the bottom of my heart, very much. it is very appreciated. [applause] now, on to how it felt -- oh, my god. [laughter] my expectations were high and they were dramatically exceeded. we were talking about this a little bit on the car right on the way back, and i don't know, this zero g piece may have been one of the biggest surprises. because it felt so normal. it felt almost like we were as humans evolved to be in that environment, which is impossible. but it felt so serene and peaceful, the floating. it is much nicer than being in full one gravity. it is a very pleasurable experience, just the way it feels. the most profound piece of it for me was looking out at the earth, and the earth's atmosphere. every astronaut, everybody who has been up into space, they say this, that it changes them when they look at it. and they are amazed and awestruck by the earth and its beauty, but also by its fragility. and i can vouch for that. we are d

i am ryan mccrate, vice president and associate general counsel for iowa hex saw at amazon -- alexa at amazon. amazon'sention of the echo smart speaker has meaningfully increased competition in the voice assistant and smart home space, increased customer choice, provided a new channel for customers to reach online services and created significant new growth opportunities for third-party manufacturers. when we set out to build echo and iowa lex shah ten years ago -- iowa alexa ten years agoe wanted a service to allow customers to access the power of the internet just by using their voice. it took us longer than we expected and required us to invent our way through many previously unsolved technical problems and to invent new ways to preserve and protect customer privacy. we are incredibly proud of alexa, and we work to constantly are improve them because we know customers have other options. alexa is not the most widely used voice assistant. google assistant and apple's siri are both used by many more customers. the truth is that most voice-assist usage occurs on mobile phones, and nearly all smartphone

from apple and google stores and amazon which amazon has a crowd of computer services from the service for a while. they said it was antitrust violation and it showed if amazonugh to cancel parler then why would you you need antitrust laws on amazon? antitrust law is supposed to go after anti- competitive product from monopolies and amazon does not have a leg of monopoly in those services although not being able to go find another website so it does align more with the sensor publican's wanted to use this as an example of why we needed different roles around antitrust like a good example of how the market works in this realm and parler was able to find another provider in the market. >> a couple of leading democratic legislators on this antitrust, senator elizabeth warren amy coverage are referred to competition as an important part of their antitrust portion. >> competition is important but historically antitrust, or at least 46 years it hasn't this is the only goal. consumer welfare is the main full if anticompetitive behavior if it consumer welfare then it won't be an appropriate matter for antitrust enforcement as long as consumers are being harmed than

and apple _ more money and we are aware of amazon and apple and _ more money and we are aware of amazon and apple and starbucksj amazon amazon and apple and starbucks sending their money— amazon and apple and starbucks sending their money to _ amazon and apple and starbucks sending their money to places i amazon and apple and starbucks - sending their money to places where they are _ sending their money to places where they are not — sending their money to places where they are not doing _ sending their money to places where they are not doing business - sending their money to places where they are not doing business where i they are not doing business where they are not doing business where they can _ they are not doing business where they can pay— they are not doing business where they can pay lower— they are not doing business where they can pay lower taxes - they are not doing business where they can pay lower taxes places i they are not doing business where i they can pay lower taxes places like panama _ they can pay lower taxes places like panama and — they can pay lower taxes places like panama and bermuda, _ t

amazon | residences. it's interesting i and easy to label amazon as residences. it's interesting - and easy to label amazon because of all the parcels that go around the world, but where they are seeing huge amounts of growth, and one thing that is quite different, is what's going on with their cloud business, for example. it's fascinating what's happened and that has not really changed because of the pandemic, has it? it looks like it is strengthened. two very positive notes from the investor point of view. the amazon cloud business, aws, which had seen acceleration, with quarterly revenue, up 37% compared to 32% in q1, and the amazon advertising business which is roughly half the size now of the aws business, continues to accelerate. that was up 83%, which is largely advertising, up 83%. these other revenue streams that amazon has developed a mouse showing signs, either continuing or showing signs of rebounding in terms of revenue acceleration. frankly, thank you very much for your time. let's stay in the us because wall street shares touched new record highs in thursday's session — after economic data s

amazon. amazon stock jumped after the pentagon suddenly canceled a huge cloud computing contract it had awarded microsoft. amazon was bidding but lost, claiming it's because former president trump influenced the contract. the pentagon said it will go back to the drawing board. the boost in amazon stock was worth more than $8 billion for jeff bezos. he made $8 billion in a single day pushing the net worth to $211 billion. not only the richest person on earth but the richest person to have lived on earth. his ex-wife made about $3 billion yesterday. she is giving a lot of money away to charity. god bless her for it. $2.7 billion just this year. made $3 billion yesterday. can't give it away faster than she makes it. >> a great problem. >> a great problem for everybody. >> hopefully he'll do more of that. >> it is a trend among billionaires. buffett and gaetds. >> nice to see you so close. >> i know, right? ♪ welcome back ♪ >>> shopping hours for veen yours will end at costco. the store says that the final day is july 26. costco put the special times in place for those members 60 and older. >> they got the good avoc

amazon. amazon argued in court political -- from donald trump cost the company the contract. samsung reported better-than-expected prices. the company said the earnings reflected a one-time gain related to business. analysts say this is a likely payment from apple for failing to meet contract requirements from suppliers after iphone mini sales came in lower-than-expected. vowing to tighten oversight for data security and overseas listing. the announcement follows the crackdown on didi including a security review on the removal of its ride-hailing apps from online stores after debuting on the new york stock exchange. didi fell below their listing price. virgin atlantic and british airways will test a vaccine verification system on passengers arriving into london's heathrow airport. the aim is to prove airlines can check passengers' vaccine status before they reach border control. that is the business flash. anna: interesting lines that will be of interest to you coming through from singapore. this is interesting in the context of how countries decide to live with coronavirus or continue with the strategies we have seen in many parts of asia. singapore may lift social gathering sizes further by the end of july. the return to office hinging on vaccinations. your thoughts as we see this push, another attempt to normal -- get back to normal? mark: singapore is in the top 10 of the world for vaccination rate. still quite tight restrictions. about two months ago we shut down again. we have reopened for just two people together in dining. numbers are very low here on cases and fatalities. the total death count has only been 37 people over the last 16 months. however, one tail risk for the region is indonesia's one of the most affected places in the world. it seems they are using a vaccine which is not very effective, not working well against new variants and vaccination rates are low. with the neighboring country at the epicenter of a new wave, that is worrying for the government. anna: another red headline across the bloomberg. china is considering closing the loophole used by tech giants for u.s. ipos. if you thought the messaging from the didi story was that china is not that keen on big tech names going to the united states to raise money, you must have been right. that is the newsline coming out. china closing the loophole. regulators planning rule changes which will allow them to block a chinese company from listing overseas. coming up, we are looking at your stocks to watch including shell as the oil and gas giant plans additional shareholder distributions. ♪ anna: welcome back to the european market open. let's get your stocks to watch. let's start with the energy business shall and increased -- shell and increased distributions to its shareholders. >> this is coming with oil price trading around a six-year high . shell will increase payouts to 30% of cash flow which is impressive given the company is still managing to reduce its debt. that will be pleasing for investors. results are coming out of the end of this month. we still have a few weeks to wait to see how much we are paying out. there could be upside there today. mark: renishaw has called off selling itself. >> that is right. they are a supplier to apple, they provide machinery. they have called off the sales process after they were not able to find buyers at the price they want -- the founders wanted. the sales prices did push the stock into the ftse 100, but we are likely to see some downside in that stock today. anna: and what about edf? >> edf raising its profit forecasts from the nuclear power division. a drop-off off in power consumption last year amid the pandemic. that is increasing. edf saying they are looking to raise their guidance. they are looking to move into the renewable space but this is more focused on legacy assets. that can be a positive one for edf. anna: maybe we will have to wait another day to justify that on the running order. thanks to joe easton for joining us. u.s. equity market futures look flat after the risk aversion of yesterday. mark: they are flat. why was it a risk-averse day? remember they closed not too far off the record highs. it is not a major panic out there. anna: a bit of risk aversion anna: not all of these assets falling out of bed. futures point to the upside. cech futures have recovered a little. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. anna: welcome back to the european market open. a minute to go until the start of cash equities trading. here are your headlines. concerns snap the seven-game winning streak in u.s. stocks. investors now await -- the u.s. positive signal after high level talks with opec plus. regulators in beijing are planning more changes that will block chinese companies overseas. good morning. just 20 seconds to go until the start of cash equities trading. recovery in the futures market over the last half-hour or so. to the upset. -- upside. a little bit of a rebound expected in today's session. we are expecting to see things stronger. let's have a look at where they are starting. this european equity trading session. we saw some risk aversion in yesterday's session. concerns. the higher ill price dropping. a messaging from the u.s. that suggested maybe a resolution the saudis and the u.a.e. might be able to resolve their differences. we have seen yields on the 10-year come back. what difference does that make to investment strategy in this asset and other asset classes? u.s. futures flat this hour. european equity markets up .4%. the ftse up .5%. we have modest gains coming through for european equity markets this morning. investors are looking ahead to the fed. fed minutes out later on today. that will give us an indication when the central bank may begin tapering. our guest joins thus morning. let's get a sense where he sees the second half of this going. very good to see you. not far from all-team highs on global equity markets. we have a sense of nervousness. we seem to be preoccupied with concerns around growth and concern t'wolves delta variant of coronavirus. how do you see the second half of the year panning out? >> good morning, anna. nice to be with you. the second half, i would say the second half driven on one side by corona and the other side by what the government is doing, there will be discussion about inflation and growth. all of that will come together i would say in general that is -- i would say maybe if we are not very cautious things can happen sometimes that we don't like. in general, are not negative for the second half. anna: you have to keep your eyes on some of the things you mentioned. you're not negative on the second half. we have seen low yields. 1.36%. going back to levels we haven't seen for a few months. yields on government debt, treasuries are so low now. >> the whole discussion about interest rates, from my perspective very anything even the. look for value. the interest rate discussion was negative. i don't see that the european banks are doing something on interest rates. it is heal heavily dependent on what we see today with the minutes. they are looking for inflation. i don't believe that we see much -- coming. that is the reason why i'm not so positive for rising yields. i would say that we will see for the next time stable rates. stable rates, i would say a lot of people are wrong positioned. anna: why do you think inflation won't be long lasting? won't stay around? some people fonet the higher oil prices that we have seen in recent weeks and say this is another reason to be nervous about higher inflation and what that inflation might be sticking. it might not disappear quickly. >> >> the oil price, we are coming from very low levels. debt drives inflation. but i would say the long time inflation is a different picture here. maybe for a short time. i don't believe for a longer team. the other thing in inflation is? most other countries, especially in europe, the oil price, the consumer pays is more driven by other things. what i see at the moment, especially with energy prices that is now coming in, if you compare next year inflation, i believe that oil price will go much higher at moment. i will say that things level out. by the way, actual investments, strong growth and inflation are coming out of the -- but i cannot see that at the moment. anna: that is the inflation story. you mentioned earlier, you like value. is now a good time to be buying value stocks? you talked about the link between interest rates. do you want to be buying? are bank and insurance companies expecting higher yields at this point? >> i'm on the wrong side here. no question about that. companies are able to pay the dividend on income. i would say they are undervalued at the moment. people look only for growth. only for moment for companies they are able to grow revenues. and pay a huge am of money. the evaluation in if growth sector in my opinion is more an issue as talking about interest rates and value stocks. especially in where i continue to see interest rates rising at the moment. and the discussion of -- we have the discussion about rising rates out of the united states. and then we have how the inflation, how the other things are coming into the system and how we react on that. yes, they have to go up with the interest rate. but i would say some people believe that it will be too much. and i would say if i see the economic situation, if i see some of the people believe that, the reopening trend and i'm not sure that it can go over to higher interest rates. anna: thank you very much. stay with us with. allions global investor c. oimbings. stay with us a little bit longer on the european market open. we want to get your thoughts on the car sector. we have news coming out of b.m.w. this morning. q 2 second quarter unit sales. 45% year on year at b.m.w.. the recovery in europe and the united states able to drive that higher. may impact sales for the rest of the year. this is not going away in a hurry this issue with the supply chain for microchips and cars taking increasing numbers of microchips. weep we'll keep track of the b.m.w. story and get thoughts from you on the chip sector and the auto sector next b.m.w. takes the lead in the u.s. luxury car sales. we'll take a look at that story next. this is bloomberg. ♪ noim welcome back the the european market open. 11 minutes into the trading session. the dak up .7 pnth. --%. b.m.w., u.s. luxury sales rose in the second quarter. they did a better job stocking dealerships with new vehicles in spite of a chip chorge. they expect that semi conductor shortage will impact business. it may impact sales for rest of the year according to b.m.w. how much do you think the shortage of chips is damaging the auto sector? damaging its ability to keep up with deman? >> it is damaging at the moment. there is not a shortage of semi conductors, it is a shortage of the that the car manufacturers use, the technology that is used and the industrial companies and the very -- and semiconductor industry invests a lot of money. a car has more conductors and the shortage is big r. an industrial issue at the moment. i would say there are different ways to find chips to handle the thing. a car pieced in germany with a lot of technology with semi conductors and other things. it is for sure give manufacturers a headache. anna: where do you think car manufacturers are going to make their money in the future? clearly we're seeing a pivot away from combuston engines and to electric vehicles. many are talking about the amount of money they might or meeting not be able to make out of the data they select. there are going to be so many chips in cars they will be collecting lots of data perhaps, these car companies. hal what will make companies in this sector profitable in the future? >> you're right. there are models that are trying to have -- other services. the data is the biggest thing at the moment. the balance sheet of car manufacturers. the biggest challenge is the financing of the cars. most of the companies are doing -- the data. if they understood how to run the data, more services for -- especially for the european car manufacturers have to understand to take the software out of one hand and companies like volkswagen announced they could produce their own software and they now start with the software side of the car. anna: thank you very much. c.i.o. for european equities. he will be continuing his conversation with us on bloomberg radio at 9:00 a.m. u.k. team. i'll be there at 9:00. coming up on this program, we talk green bonds an sustainable finance for financial services. that conversation next. this is bloomberg. ♪ anna: welcome back to the european market open. the european union has proposed a whole slew of new rules to bring the world of finance into line with its ambitious goal to make the world carbon neutral in 2050. sustainable debt will have to follow. let's get to maria who joins us now on the subject. >> good morning. let's go to our guest. maria mcginnis. thank you so much for taking the time to do this. there is a lot to unpact. anna mentioned sustainable finance rule book you are hoping to implement. you want the dret for sustainable projects. in terms of the capital retirements would you make that different if you were lending to support a green pogget? >> good morning. thank you for having me. to your specific point about banks, one of the things we know for thur is climate change is a financial stability risk. we have asked the european banking authority to report to us on this issue and indeed -- going to escalate their work and have some information for us by 2023. i think globally, the european union, we have led on this issue of sustainable finance, we have realized it happening very fast. we set very ambitious targets in new york to reduce medications by 25% in 2030. do that, we need money. it has the capacity to -- invested correctly and in the right projects. we have been doing tot just yesterday but previously is try to reor yen tate our financial system to think about long-term and sustainable investments and equally to think about the risk. already there is investments in technologies that become stranded asets. -- assets we have to ensure we have financial stability and take account of climate and this pandemic has shown the financial worries and the corporate worries that health matters to them. a pandemic impacts not just the financial system of the whole economy and we need a holistic approach to how we move forward in the future. >> when you look at that global green bond and that global standard, you're hoping will be to attract money and avoid brainwashing, that is a first but it is also voluntary. you don't have to provide that information. are you confident that companies are going to -- on this? >> i look again on our green bond standard. this is about raising the bar. we're building on existing standards and the future will demand more. we yesterday in the college approved this regulation. it will go to our colleagues in the european parliament and we are confident that a voluntary standard is better because there are choice and companies an others can make choices about what they want to do. with our transparent initiative reporting and also the financial system itself, even though it is voluntary i think there will be an impetus on the system to use these very high standards in the bonds market. i think we have to be realestic here. there is a huge amount of talk this morning on sustainable finance but look at the small percentage of green bonds. i think it is 4%. if i'm being generous. there are many different standards and companies don't know how to choose one between another so we want clarity of information and also that this european stds standard if you like is supervised and there will be people who to in and check and what the issuer said will be delivered on in terms of sustainability. sometimes this is complicated because we have to go through many cases of legislation. at the heart of it is a simple fact. we need massive amounts of private investment to turn our worries into a sustainable direction. public funding is there of course but it is not going to be enough. i think i'm happy to see that now investors large and small are saying we also want to invest in what is sustainable. we know that the time is very short so yesterday has proven a significant step for us in the european commission and union and we also want to work globally. that was one key part of our work yesterday. >> you know you say the amounts will matter going forward. if you look at the assurance we need to see from the e.u.. 150 billion euros from next year until 2026. that will have to be green. you're competeing with the national treasuries. do you fear perhaps that the market is becoming overcrowd and you're not going to find the projects that you need to deploy that money? >> no, i don't have that fear. actually my greatest fear will be that people will turn away and ignore what we're saying and doing. i think that will be fatal not just for the economy but for society. i'm very clear about this. the amount of green bonds that are issued is very small. governments in their strategic plans as to how they will invest this money look toward green agenda here. there is a lot of good forces working towards sustainable. the transition is -- tend to be fearful of these changes but coping with covid, the recovery and more. i'm saying look, you should really view it, our work on sustainability as management plan for your long-term fooch rather than see it as something to be fearful of and indeed the biggest fear i would have is that they would not engage. we're working very hard with our community and they are onboard and we will work with them to make sure they benefit from sustainable finance. >> thank you so much. you make it very clear that the e.u. really+m+m+m+m+m+m+m+m+m+m. as you mentioned. a lot of this denominated in euros. thank you very much for joning us on bloomberg. always appreciate your team. anna: thanks very much. for that important conversation out of brussels. we will see the u.k. government issuing its first green guilts in the summer. sh -- gilts in summer. we'll get the latest from china next here on this program. this comes after the crackdown. a quick countdown from chinese authorities concerned about where the data, the ride hailing app. where that data goes. we'll talk about that next. this is bloop bloomberg. ♪ anna: welcome back to the european market open. half an hour into our european trading session. positive across the market. up .6%. the dax getting a boost up .9%. it is a rebound in auto that helped the german market. autos is one of the sectors moving higher. most sectors in positive territory. it is not the biggest gaining sector. that crown is for basic resources and energy stocks given we have seen a lot of volatility over prices. as high as $77 on brent. now back down to $75. still making some move to the upside compared to the previous close. to downside, travel and leisure down. really interesting stories out there. shell plans to increase its level of distribution to shareholders. giving us the new stats of the percentage of cash they will be giving to shareholders pushing that energy business up 3%. the central market over in certain eastern european markets, this is adding to the list of countries where this particular business is able to broadcast premier league football-soccer games. that stock up 4%. let's talk about the tech space in europe. according to analysts at bank of america, it is set to accelerate. it will help change the perception of this stock which has lagged they say behind other e.u. tech names. they double upgrade that stock, up 2.8% in session today. let's get a first word news update. >> thanks. bloomberg has been told russian hackers breached the republican national committee last week. sources say they were part of a group known as apt 29 which has been tied to the kremlin intelligence service. a spokesman denied it. italy will play in the final over the europeo 2020 championship after beating spain at wembley last night in an enthralling semi final. feevers a half empty stadium monday proved unfounded with people from both sides snapping up tickets. london is expect louder tonight. chinese premier league is calling for coop wration the u.k. to help relations between two nations as political tensions simmer. at a virtual meeting with more than 30 british business leaderszvtp■ li said they would treat them equally. this is bloomberg. anna? anna: thank you very much. laura wright here in london beijing. planned changes would allow them to block a chinese company from listing overseas even if the selling share was outside china closing a loophole long used by the technology giants. joining us now from beijing is our executive editor from greater china. this is quite technical in some of the details but maybe the direction of travel is clear. what have we learned? what is the change? >> it is the key phrase there, closing a loophole. for ages more than a decade, chinese tech companies, alibaba for example, listed in the u.s. by using an invariable interest entity and set up a company in the kayman i'll island or the british virgin islands and that company is what listed, not the excise chise company in china. in old days they had no way to regulate that listed entity. now they are making changes that would force these companies before they could do that listing through a vehicle registered somewhere outside of china they would force them to seek approval from the chinese government. we have seen it. they would have to chow show the chinese authority they met all the requirements before they could list in the u.s. anna: is this part of why the decoupling of two financial systems. is that where sort of broader narrative that we should attach to this story? >> i think that is part of it. i think at the heart of this is how important data has become to the economy at large and how the u.s. and china are coming to a greater realization of that in both governments, especially with tensions running so high between them looking ways to better secure their own data. you have the u.s. reviewing companies like tiktok and whether their operations in america are exposing data for american citizens. china is doing the same can didi, essentially. anna: is it driven by a concern about what companies will do with the data? is it geopolitics or do you suggest the two are linked? >> i think the two are linked right an hour technology and who controls the innovations of the future be it a.i., semi conductors. that is at the heart of this competition between the u.s. ank china. data, especially for a.i. is a huge component of that and will determine in large part who'll succeed in that race. they are trying to get a strong grapple hold of what they can do. anna: didi was the big example of a the controversy caused by this at the beginning of this week. are we going to see listings being pulled, chinese companies not able to list in the united states? is that going to be next part of this? chinese companies deciding to list at home instead? is that where this goes? >> the reinvestigations don't mean necessarily company also not be able to list but it will make it substantially more demeanor because they will have to meet the requirement of the chinese government. i think what we will probably see sa lot fewer chinese names in new york. more doing that in shanghai and hong kong. anna: interesting stuff. thanks so much for bringing us this story. john yu. coming up, new plans for expansion, both expansion plans in europe. this is bloomberg. ♪ ♪ >> i think it is a economy reopens here, i think the shortage in housing will become more acute and we continue to liken it as a factor to investing. anna: c.o.o. jon gray giving us his taken to booming property market. you can hear more from him on that and plenty more on the first episode of bloomberg wealth with david rubenstein tonight at 7:00 p.m. london time. let's get a bloomberg business flash. >> the pentagon scrapped a $10 billion cloud computing deal with microsoft after several years of wrangling. the plans to divide the work between microsoft and amazoninterference from donald trutch cost luge rative contracts. sources say the japanese banks has informed regulators and clients about a decision. they lost almost $3 billion when it unraveled. the first chinese electric vehicle maker to finish a so-called homecoming sale raising $1.8 billion. the company went public in the u.s. last august with its new york listed shares tripling from the i.p.o. price. >> as a china consumer brand, we want to have our commerce be our shareholders as well. coming to hong kong gives them an opportunity to achieve that goal. >> samsung reported better than expected profits. ship meants rose on strong server demands. a one-time gain related to its display business. iphone mini sales came in lower than expected. shell is returning to investors as returns gets stronger with energy demands and rising price. they said they will raise distribution to 20% to 30% of cash flow. it didn't specify whether it will be through dividend or share buybacks. anna? anna: tha

amazon and the eu? i long and bloodied fight between amazon and the eu?— long and bloodied fight between amazonazon and the eu? i think this is an important case. _ amazon and the eu? i think this is an important case. i _ amazon and the eu? i think this is an important case. i think- amazon and the eu? i think this is an important case. i think this - amazon and the eu? i think this is| an important case. i think this case is going to set further guideline and give notjust our legal landscape additional information but consumers some guidance on how to stay out of trouble. so this is the first step and i do predict that this will not be an easy battle. thank you very much for your time. day eight of the tokyo olympics is just getting under way. the bbc�*s sarah mulkerrins has the latest on what we can expect to see on the middle weekend of the games. well it's the middle week end of the olympics and there is some and there is some reat action ahead on the track on saturday. not least the women's 100 metres final. we've been billing that, over the last couple days because there's so many star n

amazon customer because you guys paid for all this. >> labor organizers pounced bashing bezos and amazon for allegedly under paying and mistreating warehouse workers. in a statement, the team sister's union hoping to unionize amazonjef rkers should listen to their demandsn rpetuating highly exploitive business model and others pointing to the tax data that found bezos's personal fortune grew by $127 billion from 2006 to 2018. while paying $1.4 billion in taxes. a tax rate of about 1.1%. this is blue moon. >> bezos wants to build a space empire and critics say he could solve problems here on earth and bezos said of problems here on earth and we need to work on those and we need to look to the future. we reached out to amazon, the company had no comment. but commercial space has launched and does seem here to stay. >> from van horn, texas. you know gayle king was also at the launch and sat down for a chat with bezos and his brother mark. >> i don't think people truly understand what this means and why it is important. >> i think you're right, i don't think most people don't and really if you think about it, humanity we're big now, the earth is snd fnd sm space so clearly is jus h fragileishinku it feels big to get

amazon which amazon has a cloud computer services. they canceled the web services contract for a while. republicans freaked out its this was antitrust violation, and so if amazonith making it to cancel parler, then why we need to use antitrust law against amazon. antitrust laws supposed to after anticompetitive conduct from monopolies, and amazon does not have anything like a likn the cloud computing services and parler was able to go and find another post to host its website. a host that does one more with its values so republicans want to use this as an example of why we need different rules for rent at a trust when it seemed like a good example of how the market works in this realm. parler was able to find it as provided in the market to host its website. >> host: a couple of the leading democratic legislators on this antitrust push, senator elizabeth warren, senator amy klobuchar will flow to competition as an important part of the antitrust push. >> guest: yeah, competition is important but historically at the trust or at least for the past 40, 50 years it hasn't looked at competition as the only goal. consumer welfare has been the main goal. it can eithe

amazon. amazon web services which essentially runs the cloud. can amazons and thousands of websites, we don't want the following statements to be made? they haven't done that yet, but that is a problem. and the power of these companies is a problem. the law has not addressed it yet. this goofy lawsuit won't address it. but the problem is real, and trump, as usual, is recognizing a source of anger in the country, even if he's not doing anything productive about it. >> if this lawsuit goes forward, laura, the social media companies and their lawyers, they can call for depositions of the president. he'll be called to testify and provide all sorts of information about what's going on. i suspect he's not anxious to do so. what do you think? >> i mean, it's amazing how often people sort of circle around donald trump with the hopes of getting a deposition out of him and oftentimes what happens is the reaction is and the result is a written response to questions and best of his recollection, et cetera. as jeffrey talked about, the idea here in terms of being able

amazon. amazon stock jumped after the pentagon suddenly canceled a huge cloud computing contract it awarded microsoft. amazon was bidding but lost, claiming it's because former president trump influenced the contract. we don't have evidence of that. the pentagon said it will go back to the drawing board. the boost in amazon stock was worth more than $8 billion for jeff bezos. he made $8 billion in a single day pushing the net worth to $211 billion. not only is he the richest person on earth but the richest person to have lived on earth. his ex-wife mckenzie scott made about $3 billion yesterday. she is giving a lot of money away to charity. $2.7 billion just this year. not a criticism. just an observation. she is making money faster than she can give it away. a new report says the city with the most ultra millionaires defined at $30 million or more not dubai or monte carlo. san jose. it is the richest city in the world! counts the area. the report says 1 out of every 727 people in san jose are ultra millionaires. you have 1/7,000th as much money as jeff bezos. >> none of us. >> you have neighbors not ultra m

amazon. amazon basically has them all about gaining taxes, that's how it group, avoiding sales taxes by being on line and putting only certain places to avoid paying taxes in fact is a driving part of their success so i'm no fan of walmart, self-destructive in so many ways but is much bigger to the american taxpayer the amazon. >> time to wrap up to everyone watching, independent bookseller and you can check out other funds in 2021 at va book.org. thank you. >> appreciate everyone being here tonight and thank you to the festival of books, thank you for spreading the message from together we can collectively do better. >> so glad to be paired with amelia for this and thank you for joining us tonight, it is a tough subject and the books can be racing reads but it is so important, there was a note on the independent bookstore here in baltimore by the cash register to promote them the bookstore owner said please read this book, this is our world and she's right. but these books are our world so is important that. ♪♪ every saturday welcome events and people exploring our nations passed on american history to be on sunday, book to be read the latest in nonfiction books and authors, television for serious readers. my uncle tv, biographies of the 47 and jane jane harmon arguing united states fails to confront natio

amazon web services over bandwidth pricing saying high prices are hurting amazon customers an joining us now to discuss, cloudflare's ceo matthew prince. matthew, welcome back. you also want them to join your bandwidth alliance, right? >> yes, so we're a supplier to amazone let them use our network for free and unlike microsoft and google, who then discount for their customers the price of bandwidth, amazon stands alone in the industry as not doing that and we think that's not good for customers. we always have been obsessed with our customers and we want them to stand up to being as obsessed as they say they are about customers as well. not just for amazon.com, but for aws as well. >> why isn't this something the market would take care of? it seems like you have microsoft and google are doing the discounting, that perhaps provides them with an opportunity to argue that they're better for customers under certain circumstances than aws is, even though aws is leading, right >> well, i think that what you've seen recently is actually google and microsoft increase their share of the cloud computing market, and more and more customers pushing back on amazon so i do hope that the pressure from customers is something that will eventually change amazon's ways,

amazon. amazon made him the richest man in the world. but amazon is not his passion. space is. when i said to him, space has always been your passion, now is it going to be your life's work, he said without a doubt. there was no mention of amazon. there was no mention of e-commerce, retail. and he set his mind to change ing the retail business and one of the three of us right now probably has an amazon in front of our front doors. he changed retail. he could be in a moment where he changes space. >> a couple amazon boxes. steph, first of all, just to see the two brothers interacting for all of us that has a kid brother, that dynamic is so genuine. i loved your question about what mark is going to get him for christmas. you have to wonder what can mark ever get jeff bezos for christmas that he doesn't already have. but moving forward. >> i know mark bezos pretty well. he's one of the leading minds in the world of philanthropy. he does extraordinary things you don't hear about. but to just watch these brothers, think about your true passion in life. experiencing the american drea

>> i want to thank every amazon employee and every amazon customer, because you guys paid for all of this. seriously, forvery aman customer out there and every amazon employee, thank you from the bottom of my heart. amy: as the world's richest man flies his blue origin rocket into suborbital space come here on earth calls grow to tax the rich and let amazon unionize. we will speak with paris marx, whose article is headlined "leave the billionaires in space." >> on tuesday morning, jeff bezos launched into space and promised his trip was the beginning of an opening to space for everybody, but we should understand it as an important public relations move to try to win puic contrts that will allow him to control the infrastructure of space within ford. " we will look at the privatization of space with journalist peter ward, author of "the consequential frontier." jeff bezos' space trip got nearly as much coverage in one day as climate change did for all of 2020. this comes as white men overwhelmingly dominated the airwaves on climate coverage for at least the fourth year in a row. we will speak with the coeditors of "all we can save anthology." 60 wom