about that for many years just published a book the business of platforms it is a business and the app store is a critical part of the business for apple so there is pressure from users as pressure from the complimentary as app developers is pressure for governments you could argue the app store is a kind of monopoly since they control access to their platform. but it's. you know it's a gateway that they've built it's possible court where some courts around the world might decide that these app stores are illegal monopolies but. that really challenges the whole idea of the platform but there are things that apple could do i think that they get easier for these complimentary developers michael cusumano he's the deputy dean at the mit sloan school of management thanks for your time today ok thank you now to the looming end of an arrow warren buffett perhaps america's most famous investor has named a successor to lead his holding firm berkshire hathaway and carter has more on this for us from new york and what we're going to tell us about greg abel the man waiting in the way. you know he was bo

it is not giving user choice and developer choice to use different app stores out of apple's app store. and therefore creating an issue. apple also had their opening statement today. their point was that epic does not want to pay for the innovation or services and apple's other offerings related to the app store. these are the same arguments we heard over and over again. the impression i am getting so far is that the judges not necessarily buying into epic's arguments. in this is something that could have been expected. no matter what epic says about apple. no matter how many times they call them the big bad wolf. no matter what concerns you have with apple's allegedly monopolistic tendencies. there still is a contract at play. from the legal perspective that really does lead the day at the end. >> let's talk about the argument that apple made in its opening testimony. an exit from that connection between consumers and developers have lost his nieces that would not otherwise existed. creative millions of jobs worldwide. an unleased more than a decade of economic growth. this is a funda

app store. testimony kicking up today with epic ceo tim sweeney taking the stand. joining us with the latest are mark gurman who covers apple and another. mark -- walk us through the highlights of the day and tim sweeney's testimony. mark: so far, we have gotten tim sweeney's testimony, his perspective. he's being cross-examined right now by lawyers for apple. his perspective is really simple. he believes apple is operating the app store like a monopoly. it is not giving user tries a developer choice to use different app stores out of apple's own built-in app store. therefore, creating this issue. apple also have their opening statement today, and their point was that epic does not want to pay for the innovation, the services, and apple's other offerings related to the app store. these are the same arguments we have heard over and over again. the impression i'm getting so far is that the judge is not necessarily buying into epic's arguments. this is something that could have been expected, no ma

.— the app store. the app store. erin griffith. that was brilliant. thank i the app store. erin griffith. l that was brilliant. thank you. conservationists in kenya have rescued nine endangered giraffes from an island threatened by rising flood waters. the baringo giraffe — also known as the rothschild giraffe — is close to extinction. conservationists have been using a database of satellite images going back several decades to plan the relocation of the giraffes to a new sanctuary. emmanuel igunza has more. it's an audacious rescue mission. the baringo giraffe is being carefully ferried to a new home in a custom—made barge. she's one ofjust 3,000 baringo giraffes that remain in the world. the local community decided to act when a herd became trapped on a disappearing island. decades of rising water in lake baringo meant the island was getting smaller every year. the food availability on the island is highly fluctuating and insufficient, so it is justifying in supporting the need for the translocation

apple's app store and google's google play are the dominant global app stores outside of china. to play by apple and google's rules. epic calls that a duopoly and that if there was more competition, those fees might be lower. their argument is a pretty simple antitrust one, that no one company should have so much market dominance in one sector. apple's argument is pretty simple, it invented the app store, so it should get to charge what it likes. it also says that a majority of apps don't pay anything at all to apple. its reasoning for charging 30% on some developers? well, it says it needs to vet and check apps that come onto the app store to protect the apple ecosystem. erin griffith is a reporter from _ erin griffith is a reporter from the new york times and was at the _ from the new york times and was at the trial — from the new york times and was at the trial. she told me about the day's — at the trial. she told me about the day's seedings. —— proceedings. yeah, i mean epic essentially said in their opening arguments, cycled us through a series of e—mails that they've plann

ed: this could be the biggest challenge to apple's app store since it was developed. the center of the trial is the fees or commissions apple charges of around 50% to lift their apps on the app store. there's also a mandatory requirement that those developers use only apples payment systems to interact with consumers. epic games, the maker of "fortnite," once to use its own payment system, and argues that those fees are too high. it is not just that the commissions apply to the purchase of an app. they are inside a nap when you want to do an upgrade, when you want to buy different character modifications, you have to go through apples payment system as well, and the commissions apply. ethical want -- epic wants it to be open to different makers industry leaders of apps. epic released its own payment system. apple took down the epic platform from the app store. epic sued. apple countersued. it is billions of dollars of profitable revenue if epic can successfully demonstrate that apple has monopoly powers. apple argues that this is a successful ecosystem where consumers

it invented the app store so it should get to charge what it likes. of apps don't pay anything at all to apple. its reason for charging 30% to some developers, it says it needs to vet and check ups that come onto the app store to protect the apple ecosystem. apple is taking his court case incredibly seriously. that's because although it is only one company suing them, if they were to lose it would threaten a massive moneyspinnerfor the company. apple has confirmed that tim cook, it's keep executive, will give evidence does make the first time he has ever testified at a trial. it is a clear sign that apple is worried although they say they are confident of winning. the stakes though are incredibly high and apple knows it. james clayton, bbc news. joining me now is russ frushtick, cofounder of the gaming website polygon. welcome and thank you for being with us. an epic battle ahead and we heard that word a lot, who could actually win here? could epic really fight this goliath? ~ �* , , goliath? well, it's funny because _ goliath? well, it's funny because

apple's app store and google's google play are the dominant global app stores outside of china.ty much have to play by apple and google's rules. epic calls that a duopoly and that if there was more competition those fees might be lower. their argument is a pretty simple anti—trust one, that no one company should have so much market dominance in one sector. they are not the only ones that think this. a string of high—profile politicians from democrats and republicans in the us have criticised apple its reasoning for charging 30% on some developers, it says it needs to vet and check apps that come onto the app store to protect the apple ecosystem. yeah, i mean epic essentially said in their opening arguments, cycled us through a series of e—mails that they've planned to present as evidence from apple internally, basically starting at the beginning of the app store and how it was created, and outlining apple created this "walled garden", and used business incentives, not technology, to lock people — hook people into their walled garden, and then lock them in, and then once they got

and with app stores in the headlines everywhere, right, we're going to introduce you to the queen of apps, perithat gupta. she is here to tell us how she's gotten more than 100 million millennials hooked on her latest app creation. >>> fox business alert, the biggest miss in history has wall street economists shrinking in embarrassment. that blockbuster unemployment report they were all expecting a million plus jobs added to the economy not only didn't materialize, it looked like one big april fools' joke with only 266,000 jobs added. but that did not seem to worry janet yellen who said she did not think the additional unemployment benefits play a factor in keeping workers out of the labor market. she went on to insure reporters -- assure reporters that the recovery remains on track. >> recovery will remain on track. it may be bumpy from month to month for a variety of factors. if i had had to write down a number as my best guess, it would have been higher, but i've watched data for a long time, and i know that it is extremely volatile the. there are often surprises and temporary fact

exists, there are app stores on the web, there are app stores on consoles we are but one choice of many and that's the conflict at the heart of this case. >> court documents showed fortnite made $700 million of revenue in the app store while epic games says this is about consumer choice, it's really about them making money, isn't it >> absolutely. the real question is how high should the tax be in an app store. at the end of the day, this is one multi billion dollar company versus a trillion dollar company and we shouldn't shed too many tears for either of them no matter what happens. at the same time, there are a lot of developers out there who i do think are hurt by the fact that apple's policies are so stringent and that 30% tax is so high for a lot of them to pay. >> you know, i hear that amazon sells lighting for that computer we're going to send you some it's like a black and white cookie from a deli in new york thanks a lot. >> thank you. >>> also don't snuggle with the chickens that's the new and actually quite serious warning from the cdc. there's a salmonella alert as people a

off the app store for employment. it's own an app payment system bypassing apple's 30 percent commission on app purchases the case could have profound implications for how apple charges companies a crucial part of its business model. and this parody of the famous apple commercial $984.00 epic games takes a swipe at the giant but unlike in the original here apple is portrayed as a kind of big brother suppressing humanity the video is part of epic games attempt to win over gamers in the dispute with apple and this is really the 1st shot across the bow toward apple in terms of defending their move they charge developers and apps is for now to old to mostly go off of that store because we do it themselves and this is something it's not just about epic it's about the industry everyone's watching this closely to see if apple old like to defend its move or if there's any sure judgment against it which would have a massive ripple impact. spotify dating out maker match and many other companies also say that apple's 30 percent c

app store. games from there instead of from apple, and that would sort of completely upend apple's business model. that's what epic wants, if it wins, but it is sort of a legal tricky area here in the us. it's something that they call the sort of very frontiers of competition law. so it's not a guaranteed win for epic, but there is a lot of interest in this trial at the congressional level as well. about two weeks ago there was a hearing here in congress about app stores, and there were senators of both parties, the republicans and democrats, who were really very sceptical, i would say, of apple's arguments, and suggested that they might want to possibly change the law or regulate if epic should lose. the german airline lufthansa says it aims to fit its cargo fleet with a surface film that mimics shark skin, to try to reduce its carbon emissions. it says the durable material reduces drag by more than 1%. lufthansa wants to start the process by early next year, once it's secured regulatory approv

they don't know how profitable the app store is.have found it hard to believe that apple doesn't know how profitable the apple is. epic's attorneys presented him with some internal occupants -- documents that shows they track profit and loss but tim cook insisted that does not show the full context. the reason it is important is epic is trying to prove the app store is extraordinary lucrative. that is important in an antitrust case they could be a signal in monopoly behavior. it supports something very difficult to prove. to prove apple when it comes to the app store is a monopoly. we are expecting tim cook to go potentially for another hour here. meaning the testimony could go upwards of three hours. now epic is going into a discussion about whether or not apple would and should allow third parties or -- on the iphone which is what they are asking for, the epic store on the iphone so that iphone users could download apps directly from that. amber: this has been positioned as a david versus goliath sort of example. they are saying t

apple having an app store, and target, they also take, make money off of things sold, in their store, well the difference is that the, if you want to sell on an app store, it's the only game in town, forpple phones, you have to go to apple, for nonapple phones, you got to go to google, if you're in the middle of target and you don't like a price, you can go, you can look up on your phone, you can find another price and you can go over there. it's a way different situation in a competitive market versus a noncompetitive market. but if the question is about, am i somehow afraid of taking on any companies? no, i'm not. my issue is congress has been afraid to do this. we haven't gotten one thing done. i have 25 ideas of things we can move forward on, and all right now it is, is a bunch of talk. >> so google, for example, has purchased a firm at the rate of one every 18 days over the last decade. all right? the five tech companies, facebook, google, microsoft, amazon an apple are now worth a combined $8 trillion. the combined market share of the big five companies has soared even more dur

, the maker of fortnite, epic games, saying that apple has turned the app a p store -- app store into a monopoly. and cementing its status as the only commercial maker of carrying people into space. elon musk's vehicle splashdown safely in the gulf of mexico. that concluded the first ever commercial crew mission to the international space station. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i'm karina mitchell. this is bloomberg. [bell rings] >> it is 1:00 in new york, 7:00 p.m. in berlin, 1:00 a.m. in hong kong. i'm matt miller. here are the top stories we are following for you from around the world. apple and for not creator -- fortnite creator head-to-head over there slices of the app store pie. we will have the lives on that ongoing case. and and a fellow superstar richard sherman on why he is going big on gaming as he enjoins -- as he joins enthusiasts. plus, digital currency ether reaches the 3000 coin milestone. bitcoin dominance wanes and we will have all the news on the crypto's.

apple�*s app store and google�*s google play are the dominant global app stores outside of china.at if there was more competition those fees might be lower. their argument is a pretty simple anti—trust one, that no one company should have so much market dominance in one sector. they are not the only ones that think this. a string of high—profile politicians from democrats and republicans in the us have criticised apple for monopolistic behaviour. the eu recently announced anti—trust charges against apple for its behaviour on the app store. apple�*s argument is pretty simple, it invented the app store so it should get to charge what it likes. it also says that a majority of apps don�*t pay anything at all to apple. its reasoning for charging 30% on some developers, it says it needs to vet and check apps that come onto the app store to protect the apple ecosystem. apple is taking this court case incredibly seriously, because though it is only one company that is suing them, if they were to lose it will threaten a massive moneyspinner for the company. apple has confirmed tim cook, it

the app stores don't need to take a 30% commission.hey can charge way less, because that's how much it costs to run an app store. whereas a consolemaker actually is losing money on the hardware and trying to make it up on the commission trying to make that distinction but it's very technical. >> i said no sketches, but here are sketches yes, there are sketches. does it come down to, if you make money, then we get to decide as developers how much you get to charge us i mean, because, yes i mean, the console gaming model in the past had to do with using the hardware as a loss meter, but apple clearly, all the games its in, to make money, should that be held against them? >> yeah. that's sort of part of the big question that's happening here that's kind of what apple is trying to say. they were really telling a story of, like, listen the app store, they, tim cook likes the use the phrase economic miracle we've created hundreds of billions of dollars of value and all these ad developers, their businesses wouldn't exist without the app stor

app store. from apple and that would completely upend apple's business model. that is what epic wants if it wins but it is a legal tricky area here in the us. of the things that they call the very frontiers of competition law. it is not a guaranteed win for epic but there is a lot of interest in this trial at the congressional level as well. about two weeks ago there was a hearing in congress here about app stores and senators from both the democrats and republicans were very sceptical of apple's argument and suggested that they might want to possibly change the law or regulate it epic should lose. bud change the law or regulate it epic should lose.— epic should lose. and the pressure _ epic should lose. and the pressure is _ epic should lose. and the pressure is on _ epic should lose. and the pressure is on apple. - epic should lose. and the | pressure is on apple. just epic should lose. and the - pressure is on apple. just like pressure is on apple. just like we does make us last week we had t

the other one compare today to app stores, well, what is the difference between apple having an app store and target they also make money if things sold in their store. it is the only game in town for apple phones, you have to go to apple. for nonapple phones you got to go to google. if you are in the middle of target and you don't like a price, you can go and look up on your phone and you can find another price and you can go over there. it is a way different situation vs a nonprofit. the question is if i am somehow afraid. i am not. we have not gotten one thing done. i have 25 ideas of things we can move forward on and all right now it is a bunch of talk. >> a couple points on that. so, google for example. they purchased a firm one of 18 for the past decades. facebook, amazon, apple, all combined $8 trillion. combined market share sored even more during the pandemic as people relied increasingly on technology. can you, senator, give us an example of a business practice employed by one of those companies that you consider harmful to consumers? >> sure. so, i think the business practice o

the closing days of the three week long antitrust trial all centers on this, the tiny app store iconthat may not look like much, but it is a big reason why apples worth more than $2 trillion. >> it is actually what is at the center of this whole debate. it is that the money is split, some of it goes to the developer and some of it actually goes to apple pick of the developers pay and up to 30% commission to apple. >> reporter: epic games things that is way too much. they make fortnite, a videogame that rakes in $9 billion for them and as much as a 30% commission chunk for apple. >> they say that apple has taken too much control of the iphone. and that it needs to allow other app stores and other payments processing to actually be allowed onto the device. apple made about 20 billion from outside developers, through 2017. they say they used the money to make the iphone bulletproof to hackers. cook testified that there could be malicious things that occur, things that vacuum up people's data. so apple examines every one of the 1.8 million apps on their store, and takes a chunk from ther

security they are critical, cook says we know epic has criticized apple during this trial saying its app storesecure as apple was implying. suggesting we know apple fired back at that and gave new data saying it rejected almost 1 million apps submitted to the store for the first time last year cook saying that his company's apps review process is not perfect, cook saying in that courtroom, but saying we do a really good job. more talk about security, cook saying ios is far more secure than the competition remember the backstory here, epic is trying to force apple to allow it to install alternative app stores on iphones and cook is reiterating why that's a potential problem from a security standpoint as he sees it for users for the commission rate on the store they're getting into that as well and cook emphasizing in court that 85% of apps on the store are free for the rest he says 15% for developers that have less than 1 million in revenue per year that covers most developers or 30% for others rivals have responded to apple's moves. cook pointed out google has now also lowered its fees, cook s

it's a very simple answer, if you have a problem with it then you shouldn't be on the app store. it's their store they have control over it. this is a non-sensical argument. services is above $50 billion for apple. that machine will continue to grow and barry dillard, all due respect, i'm sure tim cook could comment on all of his businesses and all of his margins and what was or wasn't criminal it's very simple, it's their store, they can charge it, if you can't afford to pay it or think it's egregious don't do it, go somewhere else. >> all right coming up, we break down costco trade and big crypto crush out of chinawe, 'll see how traders are playing the wild move, down 16 perspecent don't go anywhere. "fast money" back in two [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. in business, it's never just another day. it's the big sale, or the big presentati

there are android phones, there are other app stores.er was the guy who created the flashlight app on the phone, something like 40 apps since he was 14 years old, he called people like you ill-informed and says you've got to understand that it's apple that put in all the infrastructure. here's what he said, and then i want you to just react to that. >> apple putting in billions of dollars into developer tools just to make it possible for any average person to just pick up a computer or borrow a computer and make an entire livelihood off of creating and selling apps. it's a game-changer. it's creating an entire economy and i don't see the fuss. liz: what do you think about that, david? >> well, the thing is i've been around this business far longer than the app store. i've been developing software if making a business out of it for over 20 years. and you know what? there was an economy selling software on the internet before the app stores. apple did not inning vent the software economy. in fact, we don't have to go back even just 20 year

ultimately, pretty contained relative to the app store.mily: epic lawyers spend quite a bit of time trying to pin cook down on the profitability. apple has maintained they do not know exactly how profitable it is. which sums to -- -- some skeptics have found hard to believe. experts believe it rot in $22 billion -- brought in $22 billion to redo believe they don't know how profitable it is? flex they are keeping their playbook closed to the rest -- >> they are keeping their playbook close to the vest. right now, it is under attack. if you look at how they are defending themselves in court, facing some tough questioning. they have not deviated from how they have offended themselves from a antitrust perspective. more profitable than a lot of fortune 500 companies if you look at that services business. if you look at the way they are navigate investors like what they see. although clearly risk, as we get into a decision. emily: the reason this profitability question is important is epic is trying to prove the app store is lucrative, which wou

developers. >> apple and epic games are entering a trial that could impact the heart of our apple's app storeake from developers who charge for paid downloads and in app purchases. this manner kicked into high gear when epic replaced its payment system inside of its popular game fortnite with its own gaming system. that circumvented apple's in app purchase system which takes the fee. that led apple to remove fortnite from the app store. hours later, epic sued apple, and here we are today. you cover epic games. what is their argument, and how do you think they will fare? >> epic argues that apple has monopoly power in the ios app distribution market. it argues apple locks developers into selling ios apps only through the app store, and forces developers to use their own payment auction audi. epic would like -- payment functionality. epic would like to change that. they are going to testify and say this is unfair, and epic will have economists who will say apple is just greedy and it's trying to take developer's money away from them. legal experts say epic has a fair shot at winning, but even i

a point you know i think i think it does the app store is the only way for malls users to get software to eiffel and apple simply says that if you're going to be in the store if you have any purchases he needs to give apple and that's not the way that most software platforms like microsoft windows work apple is obviously an enormous company has to be said epic isn't particularly smaller on the other hand so what do you think that this legal case will turn on. i think that the key legal question is one of market definition because market definition is whether or not i aware apps apps for the i phone and i pad are a market in which case apple obviously has significant market power or whether the broader market is all 'd mobile apps so if you include an i o. s. apps with android apps as a sort of mobile application market then apple doesn't look like it is quite so dominant and one of the issues is that well if you will have an i phone and android app doesn't do you much good you have to switch your entire platform and the fact is that most people are really willing to give up their inves

on the other hand they would probably prefer not to pay fees quite as high as the app store charges, certain threshold where it's not as if the app store is introducing it to people so maybe there's some kind of a graduated school that some apps enjoy. i guess this is probably what this is all about. you know, it's interesting in the sense that apple is now on a couple of different fronts in these adversarial roles with developers, with other apps, with frenemies >> shannon, michael, we have to leave the conversation there thank you both for joining us. have a great weekend, everyone. >>> up next, investor eric jackson on why he is still bullish on the tech sector and the three stocks he thinks are most attractive right now. >>> plus mike santoli looking at whether value stocks are still a value after ouerrmg tpfointhe broader market this year we're back in just 90 seconds here on "closing bell. so when something happens that could affect your portfolio, you can act quickly. that's decision tech, only from fidelity. >>> the nasdaq lagging major averages today closing in the red. it ha

it also argues that its mates are similar to those charged by google on its app store, as well as other gaming platforms such as microsoft's xbox. the antitrust trail comes as apple faces growing criticism from developers. the tech giant's exclusive control over the app for is already under investigation by regulators and lawmakers in europe and the u.s. yuka: apple and other technology shares drop this friday on wall street. dow managed to stay in the green. the s&p close to the week in negative territory. the nasdaq, the tech heavy nasdaq, dropping further into the red. this weekend is going to be a busy one for shops, cinemas, and museums that just reopen in france after months of closure. president emmanual macron visited a cinema and central france to show the government's support to the arts. he launched a much delayed program to fund cultural activities for young people nationwide. the app gives all french youths age 18 a bundle of credits worth 300 euroso spend on buying books, theater tickets, or subscribing to online entertainment. netflix and others are not included. the pres

we know the size of the app store.s significant, over $20 billion of revenue, but it could amount for up to 20% of profit if it disappeared, which it won't, 20% of apple's -- profits would be at risk now, that said, i think realistically, very different to handicap the outcome, but the other thing we do know is this litigation will likely take years to resolve itself. it may ultimately go to the supreme court, and, you know, this is be one in a number of potential litigation battles that apple will be facing. look, i think our personal opinion is that it's different to handicap what the initial ruling is, but if we were to sort of guess what a negative ruling would be, it would likely be something about needing to open up the app store, to either allow other payment systems or to allow other app stores. that's what google has done. it hasn't been at a huge detriment to google, but i think realistically, if the case were to find that apple had no in the hospital -- monopolistic behavior, that might be the likely like li

last year, epic tried to get around that, and "fortnite" was removed from the app store. dimuzio runs the coalition for app fairness. >> if you want your app on an iphone or an ipad, you have to go through the app store, period. there's no alternative. >> reporter: is google guilty of doing the same thing? >> there are similar grievances with google as there are with apple. however, you know, our developer members continue to point tech towards apple as having the most egregious behavior. >> reporter: but apple rejects that argument, insisting it must control the operating system to protect the iphone user's privacy and security. dan patterson, cbs news. >> diaz: still ahead on the "cbs weekend news:" ford powers into the future. its iconic american pick-up is changing the look of electric vehicles. >> diaz: ford charged up its model line-up this week with an electric version of the f-150. the automaker says the popular pick-up aims to be the model t of electric cars. cbs's erroll barnett too ride. >> reporter: since the end of world war ii when ford's f- trucks have beco

last year, apple boosted rather booted ethics app from a store after finding it offered in app purchases. alright, let's go now to our financial corresponded in new york young quarter with more. yes, good to see you. what is this lawsuit all about? what's, what's, what are the stakes of it? i should ask now, well, actually some call it tim the battle of the agents because clearly this is not just about epic games. and apple, this is about the future. so how do you distribute the money that people spend on those platforms like the store? so it's, it's going to be telling how this trial is sort of going to and what other companies and other platforms also might do in the future. one thing is also a clear, whoever wins the trial, the losing party will go into appeal. but this definitely goes far beyond just a little dispute between 2 and general 1000000000 dollar, but multi 1000000000 dollar company in the argument by cook that everyone benefits from apple's strict controls. is that convincing? well i mean what tim cook definitely keep saying is that it's important to have the app store con

he's talking already about his oversight of the app store, the strategic direction of the app store toee, but focuses more on the direction of the company overall. he arrived about 20 minutes ago, looking cheerful. he waved at us. apple walking into this is feeling pretty confident in the case that they have made so far. epic is also feeling confident. epic ceo tim sweeney has been here every day out the front of the court room. he said as he was walking in that he is feeling good. but epic has to prove that apple is in some way, with respect to the app store, a monopoly. that is going to be very difficult to do. we know tim cook has been prepared for this. he's been practicing for hours with his team. we have never seen him testify in a court setting like this before, but we have seen him testify a couple of times before congress, and has always come off pretty polished. he's never really been caught off guard. but he is prepared for that moment today, for that off-the-wall question. we are expecting this testimony from apples side, asking -- from apple's side, asking some questions n

1st 3 months of this year users are estimated to have spent 20 $1000000000.00 on apps from apple's app store and around $11000000000.00 on apps from google's clay store but there are billions not millions and that's 40 percent higher than last year this is a huge business and it's growing and it's growing fast there's nothing wrong with that but what's wrong is if we don't have competition the central question in this case will be if apple is a monopoly is it abusing its power the ruling made by a lone judge could have consequences for the entire digital market the trial is expected to last 3 weeks and gallica al-jazeera. the u.k. is hosting the 1st meeting of g 7 foreign ministers in 2 years persons foreign secretaries bringing together counterparts from 7 countries including the us canada japan and germany u.s. sexiest stace antony blinken has health sideline talks with his british counterpart singled out russia and china for breaking international norms. it is not our purpose to try to contain china or to hold china down what we are trying to do is to uphold the international rules based

they opened whole foods why can't they open an app store what is going on that no one will go against them it's not that they have a monopoly, it's just no one competes david, this isn't like the railroad, ksu where there is no parallel track anybody can open an app store and beat them if they just decide - >> beat them, it's an install base. >> the install base, the best product in the world, should they not be rewarded if you - >> an interesting question should they be rewarded to that extent that they basically have control over whether you live or die. >> david, it's not live or die. >> so to speak, as a business. >> that is, i think that's hyperbole. now, barry diller -- >> if that were me. >> that means some -- barry diller called them criminals and i just think that was hyperbole, he did not mean to do that in the sense of - >> how do you know he didn't mean to do that? >> barry diller, he is a smart guy. >> he is one of the few -- >> that's why i love him one of the reasons why i love him. but i think the paul, to call tim cook a criminal is probably ill-advised. did he call h

1st 3 months of this year users are estimated to have spent $21000000000.00 on apps from apple's app store and around $11000000000.00 on apps from google's clay store but there are billions not millions and that's 40 percent higher than last year this is a huge business and it's growing and it's growing fast there's nothing wrong with that but what's wrong is if we don't have competition the central question in this case will be if apple is a monopoly is it abusing its power the ruling made by a lone judge could have consequences for the entire digital market the trial is expected to last 3 weeks and gallica al-jazeera. 2 of the world's top philanthropists saw splitting up bill and melinda gates say they've decided to end their marriage chapter 27 years in that time they've given billions of dollars to charity to say they'll keep working together at the bill and melinda gates foundation the non just private charitable organization in the world it's committed $1750000000.00 towards the fines against covered 19 ben souce case is a grantee of the gates foundation he says the couple have trans

1st 3 months of this year users are estimated to have spent $21000000000.00 on apps from apple's app store and around $11000000000.00 on apps from google's clay store but there are billions not millions and that's 40 percent higher than last year this is a huge business and it's growing and it's growing fast there's nothing wrong with that but what's wrong is if we don't have competition the central question in this case will be if apple is a monopoly is it abusing its power the ruling made by a lone judge could have consequences for the entire digital market the trial is expected to last 3 weeks and gallica al-jazeera. television am fully back to bill with the headlines on al-jazeera u.s. president joe biden has raised the cap on refugees entering the country despite a decision to keep the name is imposed by the trump administration more than 62000 people can now be admitted this year from 15.

he oversees the app store.s served for over two decades as the company's head of product marketing. it seems that epic hasn't been able to land a big knockout punch yet. of course they were always going to have a tough time the burden of proof is on epic, and the judge here has signed on the side of apple in the past. >> my sense is this is about mainly two things. is the app store a market unto itself can epic successfully argument that apple has a mo in the hospital reply and can it separate processing from all the these things and should they be allow to charge apps a la carte. >> they have a big purpose here. i think apple has a counter, of course, and a relevant market is a much broader market. you can play fortnite, they'll say, on all kinds of devices and platforms. their point being there's a lot more competition, and that 30% cut, apple will make the case we've dropped about $100 built onto build and maintain the store. we're justified? taking a fee we'll find out soon enough what the judge thinking ab

an epic battle tim cook taking the stand in apple's court case as the company is called the app store cut criminal a power struggle millions in texas lost power after the big storm and now turning to homes to survive off the grid "power lunch" starts right now >> good afternoon, everybody welcome. thank you. i'm tyler matheson we start with the markets because stocks shaken off most of the early selling the nasdaq positive for the week now. check in with bob pisani at the new york stock exchange. >> tyler, it's been a wild week. today we're right about right in the middle here. mega cap tech stocks growth is back most are up this week. apple might be down fractionally see weaker in the middle of the day. basically growth is back what do i mean look at the winners and losers this week. it is the growth sector. clean energy stocks. ark innovation fund is up nicely the cyclical, the value sector, energy and industrials and materials all down it's been a pretty wild week if you look at the dow we have a 1,000-point swing in the dow most of that is around the fed announcement the fed minut

right now apple takes about a 30% cut of all in app purchases on the app store big story on wall streetthe service revenue, of course app countered this removing its immensely "fortnight" from the store. tim koch wilcook will testify as mr. sweean sweeney. >> epic ceo tim speen sweeney t the stand to explain why his video gamemaker is suing after apple kicked epic games out of the app store for trying to circumvent its feeds epic protesting the fee apple takes from its games hoping this trial could permanently change apple's model. epic argues the app store is a monopoly, the payment system, the tax passes costs on to consumersuies the fee should be closer to 12%. it grew to 315 million players as of may 2020 and epic paid an estimated $210 million of its $700 million worth of two years of ios revenue to apple. noting apple represents just 7% of epic's revenue according to court documents. behind the battle billionaire epic founder tim sweeney who sold 40% of his company to chinese giant tennyson atennyson and arrived at the courthouse moments ago. last night tweeted, epic is a company

. >>> we turn to the legal battle over apple's iphone app store. ceo tim cook testifying in one of the final days of the trial. abc's deirdre bolton explains the money at stake in this case and what the ruling could mean for iphone users. >> reporter: this morning, a legal showdown. apple facing off against epic games, the creators of fortnite. for the first time apple ceo tim cook appearing in federal court defending his company's app store practices which the fortnite creators claim are unfair. and while tim cook is no stranger to appearing before lawmakers and shareholders, the billionaire grilled by judge yvonne gonzalez rogers. >> she had a lot of very specific questions about competition. >> reporter: epic games is now suing apple for what it calls price gouging and monopolistic practices at apple's app store with the tech giant charging like other companies developers' fees for selling games and other apps. >> i think the case is about the power that apple wields. >> reporter: after creators dropped fortnite from the app store, apple counter

to the app store.im cook takes the stand about an hour from now. alix: really looking forward to that. also, i am surprisingly excited to see someone on location. bloomberg's emily chang joining us there. coming up, more on those top stories, plus the old english and or pressures with ellen zentner, morgan stanley -- less, the building of inflation pressures with ellen zentner, morgan stanley chief economist. this is bloomberg. ♪ is bloomberg. ♪ alix: live from new york, i'm alix steel, with guy johnson in london. this is "bloomberg markets." deere upgraded their profit forecast. very strong demand for equipment. what is interesting is what they say about supply chains. they say on the call going on right now that the semi shortage is going to be a significant risk for the remainder of this year. you can see what happened to the stock as the conference call got underway. big theme when it comes to earnings for these industrials. guy: what might take away from deere's it has pricing power, significant p

tim cook flashing the peace sign before entering a courtroom war to defend his tech titan and its app store practices against fortnite maker epic games in one of the biggest antitrust battles of the year. app developer john meyer and market watch's jonathan schwartz who have been covering every minute of the courtroom action are here to game which side drew blood. breezing back into the air, airline industry titan david neeleman making, this is unbelievable, his fifth flight into the airline business, created five airlines, and this time it's not new york or l.a. getting attention, why he is betting on the town that walmart, the football hall of fame and mardi gras reside in. and we look at the s&p once again losing steam today just about the same time that bitcoin began to nose dive once again after a tumultuous week for cryptocurrencies. bob doll is here to tell you what to do to position yourself to ride out the markets and cryptos' ups and downs. even if you don't invest in crypto, there now an undeniable correlation between stocks and digital coins? breaking news, the entire tech world

1st 3 months of this year users are estimated to have spent $21000000000.00 on apps from apple's app store and around $11000000000.00 on apps from those clay store their billions not millions and that's 40 percent higher than last year this is a huge business and it's growing and it's growing fast there's nothing wrong with that but what's wrong is if we don't have competition the central question in this case will be if apple is a monopoly is it abusing its power the ruling made by a lone judge could have consequences for the entire digital market the trial is expected to last 3 weeks and a gallica al-jazeera. they say is al-jazeera and these are the headlines and is official kinds of corona virus infections since the start of the pandemic the surpassed 20000000 with more than 220000 deaths a surgeon infections has been blamed on governments mismanagement and more contagious covert 1970 s. and this both piron and house move from new delhi the health minister on monday the health ministry rather and they were talking about how cases and some of the.

what you have got is for the apple store, essentially, you can only get apps and content out to applee as well. so, if you're in one ecosystem, you can't move to the other one, and there are only two, and both have very similar approaches. what kind of changes might apple be compelled to introduce? well, one of the approaches is to say, well, treat your own services in the same way as you treat services that are on the app store. so, for example, it's possible to rate spotify — what do you think of their app. but it's not possible to rate apple music. it's not clear that apple music is treated differently to spotify. these are things that start to say, probably, there is an abuse of market power going on. so, making the process much more transparent, and making sure that there is no favouring of apple services over services that go via the app store is one way of making a difference. professor, looking at this historically, are companies like apple and other companies which we all know dominate the online world, are they in a historical context, too big, too powerful, and in danger or

1st 3 months of this year users are estimated to have spent $21000000000.00 on apps from apple's app store and around 11000000000 dollars on apps from google's clase store their billions not millions and that's 40 percent higher than last year this is a huge business and it's growing and it's growing fast there's nothing wrong with that but what's wrong is if we don't have competition the central question in this case will be if apple is a monopoly is it abusing its power the ruling made by a lone judge could have consequences for the entire digital market the trial is expected to last 3 weeks and a gallica al-jazeera. a small group of indigenous mexicans are on their way across the atlantic 1st symbolic invasion of spain the 7 members of the zapatista army of the national liberation a marking 500 years since the spanish conquest of that country these up just as lead in 27 years ago but have since mellowed into a political group not a republic as a support. it's a voyage that began only a few weeks ago in southern mexico but for 7 members of mexico's supp at the star army of national liber