certainly, broadcom has those options.nico notes, if you are selling a company, you got the one car on the lot that you have to find somebody that wants it. if you are buying a car or software company, you can look around a bit. and maybe you decide you actually need a bicycle instead or can take public transit, but you have other options and that is the market broadcom has. they are trying to build up some software, cybersecurity presence more than they have now. there are different things they can do, different ways to approach it. emily: you give me a great segue. thank you so much. some food delivery stories dominating the tech world today. the latest bloomberg intelligence report shows private funding surges has driven the valuation of online meal delivery companies near $100 billion. that is helping startups, while grubhub is seeing valuations fade. competition is fierce, all vying for customers. bloomberg intelligence predicts more consolidation in food delivery by next year. and speaking of bikes, the autonomous ro

that has fallen apart for broadcom.e something wrong with their strategy? niko: he has been thinking about how can i run broadcom similar to an equity play? he first went after the $500 billion chip market. bought other companies, cut expenses and created some industry power there. now he is thinking about how can we expand this beyond chips? software has been his bet, particularly after the deal with qualcomm failed. that was over national security reasons. it was a messy situation, you covered it a lot. but in this case, i think broadcom is being quite savvy in saying to symantec this is really a buyers market in this case. symantec is a company that has been struggling for a long time. they want this premium, $28 is the threshold. whether symantec is worth more or less, for a long time, symantec was trading partly because there was an investigation over finances that ended in the company has to restate finances which is never good. lhere has also been torurmoi in the executive ranks. emily: the ceo left. and trying t

broadcom would have to get to continue to deal. there are options for broadcom.arly a roll up story and needs acquisitions to further its story. taylor: a story we will be following. thank you. doubi news says h.b. in -- said they plan to move some production to avoid tariffs. he did tell us flexibility in the supply chain is helping the company navigate the dynamics. take a listen. >> we have a supply chain that has flexibility globally. we have 25 manufacturing the sotheby's across the globe. -- manufacturing facilities across the globe. i think we have done a nice job balancing the tariff dynamics and we will continue to work our way through it. hopefully the government's will come to an appropriate agreement at the right time. >> what does that mean in terms of adjusting your supply chains? you talked about 25 manufacturing sites when will you have to adjust prices? have you done so already? >> great question. there have been three tariff lists we have been able to navigate so far. we have been able to mitigate the impact through shifts in the supply chain an

tonext, broadcom is set pursue symantec. bloomberg tech is livestreaming on twitter, check us out on technology and follow our goal breaking news network on twitter. this is bloomberg. ♪ emily: bloomberg has learned that broadcom has secured financing for its acquisition of symantec. the deal could value the firm at $22 billion. broadcom estimates that synergy would allow the company to save $1.5 billion. joining us to discuss is liana on the bloomberg deals team. what is the latest? >> the companies are making a lot of progress. there is financing committed to buy symantec. broadcom has identified of these and they are aiming for a mid-july announcement for -- announcement. not all of broadcom's attempts to buy other companies have panned out. symantec has had a bit of unrest. the former ceo is trying to drum up a rival bid, as i understand it. is there a chance for a legitimate rival bid? the activist investor who essentially ousted clark, they are involved at symantec. the question is what they want to sell to the ceo the

broadcom has 52% operating margins.hem to consider an acquisition, it has to be immensely profitable. there aren't a lot of companies that can reach or have the potential to reach 60% plus. i would say that would be the threshold or hurdle to look at an acquisition. the last deal they did, which was computer associates, c.a., actually is performing extremely well. and when we look at something like symantec, it has shares that are similar to c.a. in terms of the two businesses. one already at 50% operating margin and with a little tweaking could potentially get to 60%. and the other that they could just drop into the platform and strip it of costs, mostly marketing and sales costs, to drive operating margins. so from that angle it would be an immensely profitable deal, and it would be an extension of the portfolio that they have with c.a. >> yeah. interesting, because we've been waiting for years really to work out what they would go after c.a. and after the qualcomm deal fell away. what makes symantec sort of all the m

symantec would make perfect fit for the broadcom portfolio. i want to first go out to you, because talk to us about why this is a perfect fit. >> thank you for having me on the show. i think symantec at the initial stage passes the smell test for broadcom. broadcom has 52% operating market, so for them to consider acquisition, it has to be immensely profitable. there are not a lot of companies that can reach or have the potential to reach 60% plus i would say would be the threshold for them to look at acquisition. the last deal they did which was to be the associate -- performing extremely well and when we look at something like symantec, it has shares similar to ca in terms of the two businesses, one already 50% operating margin and another possibility of 60%. and the other they could drop into this platform and strip it of costs, mostly marketing and sales costs to drive operating margins were there. -- further. from that angle it could be an immensely profitable profitable deal and extension of the portfolio they have with ca. caroline: we

broadcom in talks to buy the top security company.seeking expansion to a more profitable business line. let's bring in bloomberg intelligence senior analyst for analysis. is broadcom becoming a conglomerate? >> thanks for having me on. yes. it seems to be that case. they made the acquisition quite a bit back last year and also they made smaller acquisitions earlier this year. if you think about broadcom as a whole, it is a chipmaker that has been a serial acquirer and has been branching out into the software and it seems like it is branching out in the for its acquisition strategy. guy: what is the upside in symantec? woo: the synergies are unclear. you're getting $1.42 billion in sales. are going to have a meaningful revenue boost, and then on top of that, you could ofentially marry 50% symantec sales to the ca acquisition they have, which is primarily on the infrastructure side. guy: so the venn diagram does overlap a little bit. symantec did not have a ceo during this process. how influential was that in making it easier more diffi

i think this is perfect for broadcom. of speculation about the acquisition strategy. are there still concerns? mandeep: we never know how it will get reviewed because the deal is not announced yet. obviously broadcom is an inquisitive company. any deal will be reviewed carefully. so, we do not know how the regulators will view this, but again, i think they have made their intentions fairly clear at this point what they want to do. paul: all right. mandeep, thank you for joining us. let's get a quick check of the latest headlines. is weeding out potential buyers as it prepares for its most dramatic overhaul in years. they are gauging interest for loans asg and stalled well as equity-related securities and interest rate derivatives. the ceo is expected to announce a new strategy this week after a series of turnaround plans that failed to lift profits. shery: they kicked off the year's biggest ipo this year with a mere $10 billion share sale at its asia-pacific beer unit. it is set to top uber's listing in may. aty offer 1.6

broadcom was built up through private equity roots.ginally they worked with silver lake and other firms so private equity is heavy here but we don't know the structure of the deal and how they will participate. caroline: coming up, twitter announces a rule that might cause problems for president trump himself. with this set a standard for other media? be sure to follow our breaking news network tictoc on twitter. this is bloomberg. ♪ ♪ caroline: welcome back to "the best of bloomberg technology." they new label on twitter will flag -- the u.s. president routinely posts comments that might get a lesser-known person suspended. now twitter will hide rule breaking content behind a warning label that will say the tweet has been left out because of legitimate public interest. users 20 the click past the label to see the post. chang caught up with -- kurt: there wasn't that moment where everyone was like, there is this fake news going viral, and this is what facebook and twitter want. they want to have an uneventful debate. they had teams in

broadcom was not there with its offer.ps in the region, but not close enough to meet the desires of mr. hill, the management team, the board as well in terms of what they saw as fair value being 28 bucks a share there is always possibilities that talks get revisited, that pressure from some shareholders say, wait a second, why did you walk away? get the management team to reconsider unclear if that will be the case for now the pencils are down no expectation for a p.e. bid, meaning their price expectations as well given some of the breaks on that potential equity check that would be needed, the financing and everything else, and the synergies, of course, to the operating company in broadcom as much as $1.5 billion we will keep you updated if there are any new things to say. stocks reacting to that news. >> if they need to pick up some pencils, they could probably do that zblorn there is a deal on everything. amazon prime day is here courtney with more on what we can expect what's become one of the biggest shopping events o

i think symantec passes the smell test for broadcom.adcom has 52% operating margins, for them to consider an acquisition, it has to be profitable. there are not a lot of companies that can reach 60% plus i would say would be the threshold for them to look at acquisition. the last deal they did which was computer associates ca is performing extremely well, and when we look at something like symantec, it has shares similar to ca. the two businesses, one already 50% operating margin and another with some tweaking could get to 60%. the other they could drop into this platform and strip their costs, mostly marketing and sales costs to drive operating margins further. from that angle, it would be a profitable deal and extension of the portfolio they have. caroline: interesting, because we have been waiting for years for what they would work out to go after ca and after qualcomm fell away. what makes symantec vulnerable to being bought out? reporter: there has been a lot of drama. the ceo has been ousted a few months ago. there had been an acc

isly: the broadcom ceo, what his long-term plan?: one of my sources told me that his vision, he may have even said this before, he wants to see broadcom have 50% software revenue and 50% hardware revenue. that is a pretty tough order for a semiconductor company. it is hardware. this transition to the software revenue model is going to take a while. this will be the largest deal since ca technologies last year. emily: liana baker from our deals team, thank you. coming up, who watches the watchmen. fake newsok fights about facebook on facebook. this is bloomberg. ♪ emily: this is bloomberg technology. i'm emily chang. facebook's history when it comes to fake news is infamous. from the disinformation campaign during the 2016 election to debunking conspiracy theories to doctored videos of house speaker nancy pelosi. but what about one those lies are about facebook on facebook? according to documents seen by bloomberg, the social media giant uses tools with names like storm chaser and the night watch. only this time, the enemy is not whi

broadcom is up one and three quarters percent, that is up on the idea that the broadcom deal may not take place because talks have broken off. city group has turned itself around, the first of the megabanks to report this week. some good elements come -- and some less good elements. meanwhile, one of the major events overnight was china's gdp growth coming in at 6.2% for the second quarter. for more on the impact of this and of the global economy, stephen king is joining us, he is a senior economic advisor at hsbc. talk to us about the china gdp growth number. it is not seem to be impacting markets much. do you see warning signals? agohen: 6.2% a few decades would be remarkably weak, but by the standards today, not bad. i think that the chinese would probably say under the circumstances of the trade war and a huge problem with the u.s. , 6.2% is ok. bear in mind, the chinese economy is much bigger with billions of dollars now, more so than in the past, so that is sizable. economyct of the global now compared to 10 years ago. it is not a disaster, it is not good, it is in the middle.

broadcom had been higher all session as well, about two percent.me for your latest bloomberg business flash. gilead sciences is boosting its galapagos, paying $5.1 billion to increase research into inflammatory diseases. it raises its stake in galapagos to 22%. gilead has been hurt by incoming competition. in oil transaction is valued at $3.2 billion representing 18% premium. that is your latest bloomberg business flash. a quick check of u.s. markets -- they were fractionally lower do now unchanged on the dow and the s&p which is at 3013. this is bloomberg. ♪ 3 vonnie: live from new york, this is bloomberg markets. let's check in on first word news. >> in new york, lawyers for accused sexual trafficker jeffrey epstein are arguing today that he should be released on bail. prosecutors say the financier is worth half $1 billion and is a danger to flee. they say several more women have contacted them in recent days to say he abused them when they were underage. the hurricane that hit louisiana has now been downgraded to a tropical depression. it's expe

symantec and broadcom have halted discussions for a proposed merger.he two sides could not agree on a price. it is more nuanced than that, and we will get to that now. it is not quite that they could not agree on a price but according to reporting, due diligence was looked at again and was found to be lacking and therefore broadcom try to take down the price. >> this is a darned if you do, dark if you don't. had aec has not continuous ceo for the past four years. it currently does not have a ceo, cfo. there has been some accounting challenges in a business that has some structural revenue growth issues. symantec is not a power player in the business anymore. on a relative basis, not the cleanest money assets can buy. hand, they have an opportunity. if anybody can turn this around and extract synergies out of it, there is an opportunity for them to do it. vonnie: why would symantec play such hardball? apparently the price difference was not massive. would it have been so awful to take a lesser price? >> i think maybe the deal perhapsed earlier then eith

it is yet another big deal by broadcom. abandoned a massive potential deal with qualcomm on a national security risks by the trump administration. after that, they went on to buy other businesses, mostly to diversify their business portfolio. they bought technology last year for $18 billion. and this one would help the company diversify into software securities. some analysts and investors question whether this is the right strategy, shifting their model into software and doubling down into this area. yet, it could be one of the most ambitious moves by broadcom. so a very interesting deal to see here. anna: thank you very much, men well -- manuel. german composite numbers look in line, the services number better than estimates. in terms of a bond market reactions, we see the yields at -0.397, some are predicted to go much weaker, goldman sachs is one. this is bloomberg. ♪ francine: the time difference between the time difference between d.c. and frankfurt is six hours, but the real day of -- the real difference is in the da

just further expand into the more profitable software business broadcom forecasted earlier this year that china u.s. trade tensions and threat of a ban on doing business with pa way when not $2000000000.00 off of the company's sales this year currently 49 percent of its revenues come from china and this 4 way into software will help to diversify its business lines symantec comes with over $4000000000.00 in software sales and would deliver high cash on cash returns for broadcom symantec is also cheap and ripe for the picking with the sudden departure of c.e.o. richard hill on may 9th shares have slumped 33 percent last year on secular headwinds and this offer would be the lifeline for leaderless semantic analysts speculate that the deal could be done in the $26.00 to $20.00 per share range representing at 815 percent premium to today's close and value semantic at $16.00 to $17300000000.00 no deal has been finalized yet but semantics shares have rose as much as 16 percent on wednesday while broadcom slipped 3.5 percent. now joining us for a bracing critical perspective on recent events

broadcom offered $28.25 a share. symantec wanted more.he deal wld have expanded broadcom's growth in the enterprise software industry. symantec fell more than 10% to $22.84 while broadcom rose more than 1% to $288.34. >>> drug maker gilead planssto invever $5 billion to increase itske in biotech firm galapagos. >> one of my priorits was expand the portfolio at gilead and this collaboration we announced is exactly in line wi what we need it's a collaboration with one of the leading biotechn companies europe that allows us to collaborate, have significant investments and have an exclusive right to everything that comes out of this innovative ten years. the next >> gilead's shares were up nearly 3% on this news. 68.07. but galapagos soared more than o 17% 170.76. >>> and you've probably heard. today marked theinning of amazon's fifth annual prime day, which allows theimretailer's members to shop online for more than 1 million deals globally. this year the eve will last 48 hours for the first time. amazon was up araction to 2020.99. >>> charl

. >>> shares of symantec soaring on talks that broadcom is looking to acquire the security softwaremaker. >>> president trump announces plans to nominate two economists as central bank governors. >>> the ten-year treasury yield falling back below 2%. >>> and the passing of a corporate legend the auto world remembers the life of lee iacocca after the industry icon died at the age of 94 this is wednesday, july 3rd. "worldwide exchange" begins right now. >>> good morning welcome to "worldwide exchange." i'm contest is a brewer. brian sullivan has the day off here's how your money is setting up the day s&p implied open is up ten points dow futures opening higher the nasdaq up 40 points.-yeartr falling back below 2%. the german bund yield has fallen to a new record low. the ten-year t note at 1.953%. shares of tell la are taki tesle taking off >> tesla popping up 7% the company reporting record deliveries and production of its electric vehicles in the second quarter, confirming predictions from elon musk in an email to employees last month tesla hinting at a strong third quarter saying it has

plus, broadcom eyeing symantec, my reporting added to bloomberg yesterday which broke the story. >> andine. >> and jim's give you more details. and pot shake-up, bruce linton out, telling cnbc he was fired from the world's largest publicly traded cannabis company. somewhat extraordinary. >> no. >> wait. having him on talking about being fired. >> want him back >> all right let's talk about stocks. looking to set a new milestone this morning s&p 500 on track to open at an all time high. that would be the second time this week. yesterday the index posted its seventh record close of the year take that, global growth concerns, take that, what did we get from edp this morning? adp, 38,000 jobs less than expected created so what? >> so what i think melissa had some great commentary in last show. what constitutes goldilocks. this is the answer >> this is goldilocks. >> it is goldilocks. all i want is for fed chief powell to say i got your back. i'll go back to janet yellen >> yellen would not have done that hike in december. >> no. she wouldn't have. she is data dependent. >> you talked about

stay with us >>> that broadcom/symantec deal, well, it is off. david faber broke that story earlier and is back at post nine with more. david? >> it happens sometimes, jon, unexpected as it was, because as recently as late last week, there was an expectation that this deal was going to get done, broadcom would buy symantec. the thought was, perhaps adeal would be announced as soon as tomorrow not going to be the case the two sides, as we reported, no longer talking about a transaction that would have been more than some $15 billion or so, all in cash, of course the very active ceo of broadcom, which has been a serial acquirer moving to potentially acquire symantec, but now muoving on, it would appear what happened, typically in situations like this, you do have a, sort of an indication of interest, that is set out when talks really begin or fairly early. in this case, i am told by people familiar with the situation, that was $28.25 that would seemingly have met the price expectations of interim ceo of symantec, rick hill but that was subject to d

. >> such as as opposed to long broadcom?> qualcomm is a bit dangerous because of mna dynamics and the legal dynamics which could work for and against you, but certainly in terms of a broadcom, certainly in terms of an intel which is a name i like, but i think samsung is overly beaten up in terms of their diversity and the business model is interesting here. >> i like nvidia which gives us exposure to the high end markets we want to play whether it is a.i., autonomous vehicles, gaming, they had exposure to those. they are crypto problems they cleared it out. i think it is priced at a good level right now. i like broadcom as well. it gives you exposure to the software space with their recent acquisition. we like software over semis right now. you have access to the software revenues as a diversification play we like that one as well. >> amd has outperformed. intel to tim's point has underperformed i would say you have to take profits in amd right now even though there's been a bunch of positive headlines and rumors about being

and sales to broadcom. broadcom is in advanced talk to purchase semantics within weeks.i guess it's not a big surprise. >> these assets are pretty ugly there. are a lot of non-performing loans. but the thing about these assets is if they sell them, the worry is if there's any writedown associated with them and selling them might be in bits and pieces and it's not clear whether they can make this happen. and this is part of their plan to make a bad bank so-called and so instead, they might to start to exit some of it. scarlet: they're also reports that all this restructuring is going to cost a lot according the&lead to a 2019 net loss as well wham kind of expectations will investors have for deutsche bank financially? >> it will be costly but so far, that there's have been some excitement so far about a more drastic restructuring plan. they've been bleeding for a while here. remember, you're getting rid of with a could be 20,000 people, it could be very much money in severance cost and the worry is they may need a capital raise. david: there's a challenge here for anyone

broadcom in advanced talks to buy symantec.ey could reach an agreement within weeks that no deal is finalized. this is part of broadcom's expansion into more profitable software business. symantec's shares jumped on the news. veteran u.s. auto executive lee age 94.has died at he came into prominence in 1960 when he was named general manager of ward. see his crowning achievement as saving chrysler from going bust in 1980. he ushered in the era of the celebrity auto executive. that is your bloomberg business flash, narrow. -- nejra. nejra: ann-katrin petersen is -- "bloomberg daybreak: europe is still with us -- viraj patel is still with us. you are seeing this drop in global bond yields. belgian 10 year yield that the zero. how much is the treasury to do with the global falling yields and how much to do with what is going on in the u.s.? viraj: a lot of it is the catalyst from the fed policy and it occasions for the shift towards an easing cycle. , 25ink when we back out basis points for me is what i call an insurance cut agains

. >> the broadcom acquisition of symantec appears sidelined.as a report that indicated broadcom is still very keen on doing a deal. where do things stand? >> i don't think it's dead. it has stalled. what we understand that happened is that everything was ready to go. everyone was flying down to announce something tuesday and materials were being shared between the two sides. at the last minute, broadcom found something that didn't like in the due diligence. we don't know why then they cut the price. they cut the price. they said what they agreed on was not sufficient for the risk. they tried to reduce it by over one dollar. the question is, can broadcom come back with some kind of offer in between what they originally said and what they've cut it to to get symantec over the line? it makes a harder for symantec to come back and take a lower offer. >> buyer has won a ruling slashing a verdict to $25 million over claims its roundup pest spray causes cancer. the same judge who reduced the damages rejected the company's request for a new trial. they

broadcom said to be in advanced talks to buy symanetec. mention -- all right, david welch in detroit, we believe it there. shery, over to you. shery: a little bit more details on broadcom right now. bloomberg learning is is an advanced talks to talk -- buy symantec, according to some sources. broadcom could reach an agreement to buy this california-based company within weeks according to those people. no deal has been finalized and the talks could fall through. let's go back to the u.s. market. wall street hit another record, even as investors moved to safety. let's see how that will play into the asia session. sophie is in hong kong. sophie: i want to highlight stocks we are keeping in focus. watching japanese auto stocks on the back of that drop of u.s. sales as david gestic slain. carmaker is to wrap up its capacity or fuel cell cars by tenfold. suzuki is also on the watch at their to was upgraded. oil producers will also be in focus. wti did recover a touch this morning. also, origin energy may move after being upgraded at credit suiss

then at the last minute, broadcom found something they didn't like in the due diligence.don't know what it is yet. and they cut the price. they said that $25 billion had agreed was not sufficient for the risk of taking on the asset, so they tried to reduce it. the question is, can broad come -- broadcom come back with some kind of offer in between what they originally said to get symantec over the line? it makes it harder for symantec to safe we will take a lower offer. >> bayer has won a ruling blasting a jury verdict to $25 million from over $80 million, over claims that its roundup weed chemical causes cancer. the same judge who reduced punitive damages also rejected the company's request for a new trial. bayer had vowed to keep defending its popular weed killer. how good is this news for the bayer? the reduction in damages? >> on the surface, it looks good. $25 million is nicer than 80 million. the real thing that they were hoping for came on friday when the judge rejected a new trial, so they have to appeal this case, which will take quite a bit of time. this is the

that travel is stressful. >> thank you, mike block broadcom deal explain that why it is important. >>here looking to move into security software is that right strategy what they say they are going to do see what happens symantec rumored target for many companies over years the thing to remember broadcom last year, was trying to ply qualcomm, that was actually blocked in president trump had an opinion on it because broadcom was singapore domiciled having a lot of influence by some governments in asia yes talking china that that could be issue as well especially the sense of the business symantec is in. >> doesn't matter -- controversial. dagen: management turn over, over a month and dearth earnings they have so many competitors it is security company but so many new companies, offering services. >> broadcom has been very well run but big earnings warning last quarter a lot to watch. >> a lot to prepare for when it comes 20th -- comes to 4th of july celebrations a couple tanks bradley fighting vehicles, came in on railcar carted through streets d.c. last night business of fireworks with

taylor: max, news this week was broadcom in conversations to take over symantec. analysts are agreeing and disagreeing about the value of that, but the underlying theme is the push for software. as we look at m&a, is it about the push into software? max: one drag on hardware is china. a lot of these hardware companies are manufacturing in asia. any global economic uncertainty is a factor there. these kind of software service companies, it has become a hugely lucrative business. we've seen microsoft go from being seen as an also ran to being the most valuable company in the world on this software as a service business. certainly, software is going to be a big focus, even companies like apple that have been historically focused on hardware. taylor: nadine, as we saw the news about broadcom looking into symantec, their bid for qualcomm was squashed. how much of the scrutiny over national security and foreign investments is now a headwind for future m&a deals as well? nadine: you point out a good fact. there's a lack of resolution of how m&a is going to get played out

. >> broadcom is said to be in advanced talks to buy symantec. broadcom fell after hours while symantec soared. why are they doing this? >> when you look at broadcom, last year they acquired 4 billion in revenue, and it is mostly coming from that acquisition, and you can see the playbook. at least it has exposure to cybersecurity, which is a pretty attractive market for any technology company. essentially they are trying to buy another $4 billion in revenue and probably get 2% to 3% growth. >> ab invev could surpass uber as the biggest share offering this year, after the terms for its hong kong ipo could raise up to $9.8 billion last week. why are they doing this? i assume because they have so much money after that massive spending campaign they've had over the last two years. >> remember, three years ago over the summer when they embarked on this massive transaction to buy sab miller, that was quite something. now they have to pay down debt. they are going to undertake one of the biggest ipo's, biggest so far this year, even topping uber. let's

. >>> shares in symantec surged 22% in after hours trading on reports that broadcom is lining up a bid for the firm. the deal could be worth more than $15 billion and would enable them to diversify into software shares in broadcom fell on this news >>> vodafone will launch the uk's second 5g wireless network today. bt also announced this morning that it will launch 5g broadband for customers starting this autumn uk is one of the fastest moving countries in the space, that means carriers are relying on huawei equipment radio antennas at a time when the british government is considering placing restrictions on the chinese company over security concerns the ceo of huawei says any easing of u.s. restrictions won't have much impact on the company's day-to-day business. in an interview he said huawei must adjust to u.s./china trade tensions and said restrictions on u.s. components will help the firm to further its own capacity elizabeth schulze joins me around the desk with more on this we heard president trump over the weekend say one thing or hint at one thing. then at least one of his sen

the broadcom acquisition of symantec appears sidelined. report that indicated broad, still very keen on doing a deal. where do things stand? >> i don't think it's dead. it has stalled. what we understand that happened is that everything was ready to go. at everyone was flying down to announce something tuesday and materials were being shipped . last minute, broadcom found something that didn't like in the due diligence. why then they cut the price. can broadcom come back with some kind of offer in between what they original said and what they've cut it to to get symantec over the line? it makes a harder for symantec to come back and take a lower offer. bayer,e is a ruling for $25 million over claims its spray causes cancer. there was a request for a new trial but that was rejected. they vowed to keep defending its weedkiller. how good is this news for them? >> on the surface, it looks good. 25 million is nicer than 80 million. but what they were hoping for came on friday when the judge rejected a new trial. now they have to formally appeal

broadcom moving higher by 1.25% in a relief rally there. semantic wanted at least $28 a share but it's at $22 right now. broadcom balked at paying that price, wanting to reduce it by $1.50 per share. you know, you had symantec say no go. >>> where millions of americans are logging on to amazon to shop on prime day for all of those deals, hey, look up, off your camera, you got to see what's going on here. four countries, workers are walking out at amazon fulfillment facilities. this is a live picture at the moment. that's why it's just a little bit shaky. you can see here that at this particular fulfillment center which is massive, they have just walked out the door off the job to protest their employer. they are carrying some signs, as you can see. folks, we are just getting this camera up because they said top of the hour, 3:00 p.m. eastern, that's where we are, they would walk out. they demand no more discounts on income. that's what they're calling it. this fulfillment center in shakopee, minnesota has some employees in essence filling 6

they were willing to pay. 28.25, perhaps, would have gotten it done that said, the man who runs broadcom man no stranger to doing deals, is price disciplined in a range it's not like he's cheap he pays fairly full prices in this case it does appear 27 was the top for him. will symantec come around? unwilling to accept 27, they have a number of significant shareholders whose average price is far lower they also have the activist firm starboard in there swas well. we'll see. it does appear mr. tan has decided to move on no significant move in the stock prices as you saw. wolf, back to you. >> david, based on symantec's ask for its company, is there any reason to think there would be other potential suitors out there now that the deal with broadk broadcom has fallen apart? >> i've heard from private equity firms this was a long shot for private equity given the size of the deal, the equity check they would need, the need for at least two firms to get together to even write that check the lack of synergies. and so meeting a price anywhere near with symantec and interim ceo had in mind would

the national team for the for the for for as opposed to say synagogue the players will play out broadcom and bacon represent their country so and broadly i mean what's your sense about african football i mean looking at a tournament like this and a lot of those players who aren't already paid. overseas maps are bidding for that what's your assessment of what the developmental football is on the ground in africa offering it's getting better from year to year but we still have a lot of works cause a lot of talents we have all the talents in our comp 3 in our continent but we always tried to to sell them abroad so my and my vision of why we don't build something in the concrete for people in the conference to play in the country because we have like converse like a jury or in tunisia and egypt all played a mostly playing in their own country so this will be the next step to make a trip to for the people in their own country so you envision a scenario where people don't hear society think that playing overseas is the most prestigious but that we can develop. on the continent makes a lot of s

liana: as we reported before, broadcom and symantec are on track to announce a deal over $22 billionuld include the week of july 16. that is one my sources are looking towards as the next the but there could be more in the works. conversations are definitely going on in the industry. emily: what is your take on this broadcom deal given the ceo's ambitions, but his goal to make this company bigger and bigger? ian: he has a template. his template is a company that has a nice market share, but it is overrun. it has ambitions beyond its capability. run it for cash. symantec fits that move. emily: any deals you are watching out for? [laughter] ian: liana is the expert. emily: i will wait for both of you to keep us posted. ian king and liana baker. coming up, shooting for the stars. our conversation with richard branson and social capital ceo on their plan to list the virgin galactic space business before it even takes a trip into space. what it means for the space race, next. this is bloomberg. ♪ a lift.ouston, we have virgin galactic will become the first ever space tourism venture to hi

bloomberg has learned broadcom has secured financing for its acquisition of symantec.t could value the firm at $22 billion. broadcom estimates the synergy would allow the combined companies to say $1.5 billion. shaking up itss equities division with plans to cut 18,000 jobs across sales and trading in asia, new york, and london in particular. a german bank is restructuring in hopes to achieve profitability targets. the chief financial officer had this to say about the retrenching. >> we are taking the decision to retrench and step back from elements of our global markets franchise, in particular equity sales and trading. that is a significant step in reorienting the bank. vonnie: here with whether the cuts will make the difference necessary is our investment banking reporter sonali bassett. you have been all over the story. -- basak. is it enough, what is the reaction now that it is over? sonali: it is quite dramatic, 18,000 jobs, the biggest restructuring we have seen, even after four other restructurings. there is a lot of risk in this restructuring. coco bonds initi

looking at this merger route regarding broadcom, admitting that secured financing has identified costec, and all-out cash deal that could value the cyber security firm at $22 billion. broadcom has one of several commitments from banks and sources say a deal could be reached this month, although talks are still continuing. workfice space provider we plans to raise up to $4 billion in debt ahead of an ipo. to firm will use the funds draw growth until it becomes profitable and extends the credit line up to $10 million in the next few years. we worked doubled last year but it wasn't enough to overcome almost $2 billion of losses. losses, that is what many people are nursing this morning -- let's get to the action. i'm guessing some people during their morning meetings perhaps did not see the magnitude of these losses. have a look at the gmm -- it is basically red. you are seeing this play out in the fx space, and garfield reynolds,- garfield it's not just the nonfarm payroll data where good news equals bad news for the market, it is also across some of these markets in asia. ofsung down o

broadcom wanted to drop its offer price. semantic decided they were not up for that.potentially come back to the table. david: in the meantime, let's go to the white house where the president is taking some questions. >> that is a very racist statement. i'm surprised she would say that. >> [inaudible] they are very unhappy. i'm watching, all they do is complain. all i'm saying is if they want to leave, they can leave, john. i look at them on, omar, i don't know, i never met her. i hear the way she talks about al qaeda. al qaeda killed many americans. she said you can hold your chest out. when i think of america -- when i think of al qaeda, i can hold my chest out. when she talked about the world trade center being knocked down, some people, you remember the famous some people. these are people come in my opinion, hate our country. you can say what you want. get a list of all the statements they have made. all i'm saying is if they are not happy here, they can leave. you know what, i'm sure there will be many people that will not miss them. -- they have to love have to