this is "bloomberg businessweek." jason: welcome back to "bloomberg businessweek.", we talk about "crazy rich asians." we take you to singapore, the home of the mega-wealthy, but it is not that crazy. hack: we look at a $250 that could revolutionize the treatment of diabetes. carol: tim cook has put himself out there as a real champion of data privacy. apple may have a different sort of privacy problem. sarah: everybody loves apple. that is one of the reasons why it has reached $1 trillion in value. really have to start to take these companies were what they are, powerful entities with so much control over our lives and think about the areas that might be blind spots for them. we have to rethink what they oh us asconsumers -- owe consumers. are they really as privacy safe as they claim? apple has made such a big deal about being safer for our privacy than other companies who harvest our data for advertising. apple does not have the advertising scale of a facebook or google, but they have data relationships with other entities on their app store. data to thoseof app

jason: this is "bloomberg businessweek." ♪ taylor: welcome back to "bloomberg businessweek." am taylor riggs. jason: i am jason kelly. you can find us online at businessweek.com. taylor: and on her mobile app. in the biography section, they discuss president trump and the disaster week it really was. jason: in the remarks section, trump biographer tim o'brien talks about what a disastrous tuesday it was for the president. jason: paul manafort, convicted in virginia, michael coincidently in new york. taylor: we spoke with matthew philips on what this means politically, going forward. matthew: this was a buzz when the indictments came down. bloomberg was first and we got eight guilty out of 18. they still needed to go back and it is a question about whether the prosecution will want to retry those. not long after that, we got another big buzz around the cohen deal. when you look at the way the white house has been defending itself, it has been preparing for mueller for a year plus. the cohen stuff has come, not out of left field, but has been fast tracked in a way that has take

this is "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek." am jason kelly. taylor: i am taylor riggs. you can listen to us on radio on sirius xm channel 119, and on am 1130 in new york, 106.1 in boston, 99.1 fm in washington, d.c. and am 960 in the bay area. jason: and in london on dab digital. in the technology section, we go to silicon valley. uber drivers, google, software engineers, microsoft testers, there essential to business there. fighting tothey are be considered full-time employees. we got the lowdown from josh. josh: throughout tech, we have debates over who is the boss. workers who have created a lot of wealth for well-known companies but according to that company don't work for them directly. whether the company says they are employed by a third-party like temp agencies or self-employed. this debate happens at uber about drivers, at amazon about warehouse workers, and at microsoft in a dispute that we've got a new perspective on through freedom of information act request about a few dozen in workers -- dozen workers who were tes

♪ carol: welcome to "bloomberg businessweek."oming up, a story on apple and whether or not it really is a champion of privacy. jason: we also go to the big news of the week, elon musk taking his company private. carol: we look at the relationship between steve mnuchin and president trump. jason: mnuchin is of wall street, he is is still trying to make sense and help the world makes make sense of the economic agenda. devin: he is a fascinating character, almost the lone moderate, the last guy standing in the way of a trade war. he has been able to remain in trump's good graces. anthony scaramucci lasted 10 days and said, he has been trying to juggle the america first agenda and the centrists of wall street. gary cohn tried and he has gone. mnuchin is still there. jason: let's go back to who steve mnuchin is. this is a guy who was largely unknown, not out of central casting based on previous administrations. where did he come from? devin: there are a lot of people who wound up in these three -- these very important sets of position

businessweek." jason: and tmz's shift from hollywood to washington as it breaks into celebrity politics. >> a lot going on in turkey with threats of their financial crisis and any contagion effects it might have. >> we talked to our economics editor about what was going on there. peter: turkey's market caps was less than the value of procter and gamble or mcdonald's. so, it is not big in that respect. it happens to have money in european banks, unicredit in italy, b.n.p. paribas in france. to me, the impact is more symbolic. people look at turkey and say, who is next? they right away look at argentina, which is vulnerable. it has a big history of poor economic -- even though the current president is doing a pretty good job. they look to south africa. ramaphosa is pursuing economic orthodoxy, but pursuing jacob zuma. people are worried policies could go away. the rupee of india fell. we saw pressure on italy, with its new populist government, is another country people worry could get worse. you have

jason: this is "bloomberg businessweek." ♪ taylor: welcome back to "bloomberg businessweek."m taylor riggs. jason: i am jason kelly. you can find us online at businessweek.com. taylor: and on our mobile app. in the remarks section, trump biographer tim o'brien talks about what a disaster tuesday was for the president. jason: it was a remarkable day. we spoke about what this means politically going forward. when thewas this buzz manafort-gates and came down. indictment came down. eight guilty out of 18. there's a question after -- a question as to whether the prosecution will want to retry 10. we got more buzz after cohen. the white house has been basically preparing for mueller for a year-plus. stuff didn't come out of left field but it has been fast tracked in a way that it took members of the media by surprise. there was a sense that things were getting to a point with cohen that he was going to get arrested soon. it had been a few weeks since he released that tape where he had the president being taped in his office talking about cash payments. something felt imminent. it

this is "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek."ol: you can listen to us on radio in new york, boston, washington, d.c., and in the bay area. jason: and in london. in the politics section, president trump's position to reimpose sanctions on iran are threatening an already fragile economy. carol: what will it mean for the iranian president? >> this week we got the wii imposition of u.s. sanctions on iran after months of discussions and preparations about this. this stems from president trump's decision in may to pull out of the 2015 nuclear deal. we got the reimposition of financial sanctions that ban i ran from dealing in dollars and hurts their ability to issue foreign debt and affects the gold trade, mental trade, and autos. what we have seen is a severe decline in their currency, 70% decline relative to the dollar. this is just the beginning. the real ones that are going to severely hit are coming in november, when we get the oil sanctions. carol: this comes at a difficult time for the iranian economy. matthew: absolutely. we are

taylor: this is "bloomberg businessweek." ♪ taylor: welcome back to "bloomberg businessweek."ason: you can also find us online at businessweek.com. taylor: and on our mobile app. in the politics section, a nice profile of the turkish president. jason: he has been elected twice and never let a good crisis go to waste. taylor: this time, we wonder if they are too big for erdogan to handle. matthew: this is a guy on tv every day a couple times a day and if you listen to the tone, he is giving these wartime addresses to his people and the way he is selling this is we are under attack. this is something that has been foisted upon us by not even our traditional enemies. by our allies and specifically, the u.s. there is a political calculation that is very interesting to watch and make, which is, he is trying to take what is a self-made crisis and tell his people that this is something being pushed against us from outside forces and it is us versus them. it is difficult to see how he continues to sell that as the is continues to sell that as the economy continues to collapse. jason:

julie: this is "bloomberg businessweek." ♪ ow julie: welcome to "bloomberg businessweek."lie hyman. taylor: i am taylor riggs. in this week's issue, we are traveling over to the pacific northwest. portland, oregon is looking to revamp its image. julie: from there to mexico. we will be talking about tequila and bacardi's interest on the patron brand. can they only two without diluting the? taylor: we are continuing our conversation on the ever important key man risk. julie: our reporter look at the example of papa john's and the ceo who was recently ousted after causing controversy. julie: -- taylor: really some questions as to whether the company can survive without him. julie: here is susan. susan: he said to us, the company does better when i am there. in the past, he has left twice before. he has never gone too far. from what we understand and even what he wrote in his biography, he was keeping a very close eye on the people who replaced him. just as he seems to be doing with the ceo now. not only has he said he should be back despite the reporting that came out that he

jason: this is "bloomberg businessweek." ♪ ♪ carol: welcome back to "bloomberg businessweek.": you can also find us online at businessweek.com. carol: and on the mobile app. in the business section -- huge news this week. elon musk tweeting he is prepared to take the company private. jason: getting out of the public spotlight may not solve all his problems. max: elon musk is a master of the product launch. we have been used to him coming out with these crazy new ideas and impressing everyone. the latest is an unprecedented buyout of tesla, the biggest buyout in history if it happens. jason: take us back to what led to this decision, knowing yvonne -- knowing that company like you do and knowing elon and his idiosyncrasies as a ceo. friends chatting with a last night who said maybe there is a book here. it would be a short book. elon logged on to twitter and said, i am considering buying the company, funding secured. in the immediate aftermath, there was a lot of questions, even from relatively serious wall street analysts, whether it was a joke. caused somerence people to thin

this is "bloomberg businessweek." ♪ ♪ julie: welcome back to "bloomberg businessweek." taylor: and i am taylor riggs. you can find us online at businessweek.com. julie: and on our mobile app. in the technology section, softbank has invested in brand list. -- brandless. taylor: it is relatively new, but they already have their sights set on amazon. >> they are a veteran of online media plays. before this, it was a venture capitalist for a few years. they started the company pretty quietly in 2014 and launched a site in 2017. just a year later, according to softbank, it is worth about $200 -- $500 million. the company has put in about $240 million in exchange for what they think is going to be a big success story in the world of e-commerce. brandless sales are not a -- are now a relatively small market of generic home goods. sort of the opposite of the amazon theory in a sense of incentive being the everything store, we will sell you a curated selection for less than the competition. julie: there is something appealing about that when you're wading through everything on a

we discuss with david welch and bloomberg businessweek's max >> the issue is with the trump administration, it is not totally clear how the government body that regulates this sort of thing, foreign investment in u.s. companies, would treat something like this. earlier this year, the trump

emily: that was tasha keeney of ark investment and bloomberg businessweek's max chafkin.till ahead, seems like selling consumers on cool tech gear just proved easier than convincing investors of it. stumbling on the public market, next. and later this hour, earnings forecasts fell short this week. a rare miss for the company. we will speak with square ceo. this is bloomberg. ♪ emily: uber announced it will shut down its self-driving truck service as it chooses to focus solely on car development. uber started this in 2016 in the effort to remake freight trucking. a self driving car service has been surrounded by controversy following a lawsuit against uber claiming that levandowski stole trade secrets. as competition heats up, uber says it will move self driving truck employees to other roles in the autonomous vehicle department. meantime, shares of wireless speaker maker began trading thursday on the nasdaq after an underwhelming initial public offering. they raised about $208 million. that gives sonos a market value of around $1.5 billion. in april, the company hoped for

we bring in bloomberg businessweek's max chafkin. seeming to bes the words about sustainable profitability and cash flow positive. is it possible? max: the big question on profitability is when will they start making investments in these future products? elon musk has talked about a smaller suv than the model x. all of the things he wants to do will cost a huge amount of moneyb, but it appears the big expenses are not going to come until next year so maybe you'll the able to swing it. the big headline for me as production numbers. we knew they made 5000 and one week, but tesla is indicating they have hit this number multiple weeks and expect to get to 6000 next week -- at the end of this month. that would be impressive and address investor concerns. emily: we know a little bit more about the production issues and what they were. he went overboard with the robots and put the production line inside of the tent. humans seemed to be making the cars faster than the robots. believe the 6000 car a week target? ivan: i think it could be reac

we discuss with david welch and bloomberg businessweek's max chafkin. >> with the trump administration, it is not totally clear how the government body that regulates this sort of thing, foreign investment in u.s. companies, would treat something like this. earlier this year, the trump administration stopped the broadcom-qualcomm deal on national security grounds. the idea that if qualcomm were taken over, it would somehow hurt the u.s. and our interests. you can imagine a similar argument made with electric vehicles and especially batteries because tesla has a big chunk of the total electric vehicle production, definitely in the u.s., and plans to have a huge amount of battery production. you can imagine that being an issue and it will be one of many headaches that tesla and elon musk will have to deal with in the coming weeks, months, maybe even years. selena: meantime, this report on the subpoena. walk us through the continued hurdles that remain to getting a deal done. david: elon has a lot of things he has to get done here. first of all, the issue with the sec seems to be getting

stone.hayar and brad check out that story in "bloomberg businessweek."been investing in startups for decades, so what does he have to say about the current venture capital landscape? this is bloomberg. ♪ emily: mike maples has been backing tech startups for more than a decade. he has made some big vet -- bets early on companies like twitter and twitch and founded a venture capital firm that focuses on seed investments in startups. there he invested in lyft and more. he has some strong opinions. mike maples joins us now. you founded floodgate the same year we launched our show, which was originally called "bloomberg west," and you were on a lot back then. with so much money flooding in, you have been focused on c stage, but i imagine it has become a lot more competitive. mike: it has. part of being a good investor is being your best self and not getting too caught up in the activities around you, the fear of missing out. we try to stick to our knitting . our strategy doesn't change. we do what we think we know how to do. emily: what is that? investing cra

this is bloomberg. ♪ taylor: "bloomberg businessweek." i am taylor riggs.in the magazine. tyson wants to be your one-stop shop for all things protein. jason: and tmz's shift from hollywood to washington as it breaks into celebrity politics. taylor: a lot going on in turkey with threats of their financial crisis and any contagion effects it might have.

for more bloomberg stories, an issue of bloomberg businessweek, it will be on news stands and digitalll. remember, bloomberg news can interact with all the tribes you see here. from new york and toronto, this is bloomberg. ♪ scarlet: it is 7:00 p.m. in london. i'm scarlet fu. julie: i'm julie hyman. welcome to "bloomberg markets." ♪ scarlet: we are live and bloomberg world headquarters over the next hour. here are the stories we are covering on the bloomberg and around the world. from leading sprint back from the brink of collapse, ushering in a new wave of tech investing, we will speak with the executive at the center of it all, marcelo chairman of sprint and see 00 of softbank. another bloomberg exclusive. hardy city joined the parade of companies looking to amazon for growth. how he is navigating a world with increased online cap edition. keeping the pace. bill gross's boss says the manager's performance has been "disappointing." strongs he is still a player. we have u.s. markets closing in two hours. let's get a check on where stocks are trading in the case of the dow, not by much

. ♪ carol: welcome "bloomberg businessweek.": coming up, a story on apple and whether or not it really is a champion of privacy. jason: we also go to the big news of the week, elon musk taking his company private.

. ♪ ♪ >> welcome to "bloomberg businessweek.". >> in this way, we are really focused on that hospitalitye fight over loyalty points. >> we are also looking at the issue of key man r.

. >> welcome to "bloomberg businessweek." i am taylor riggs. jason: i am jason kelly.e have an exclusive interview with the ceo of snap. we looked to air france and the turbulence it is experiencing with a new ceo. the coverd

"bloomberg businessweek i am taylor riggs. a lot going on in the magazine.ants to be your one-stop shop for all things protein. >> and tmz's shift from hollywood to washington as it breaks into celebrity politics. withlot going on in turkey

. ♪ taylor: welcome to "bloomberg businessweek." i am taylor riggs. jason: i am jason kelly.at bloomberg headquarters in new york. taylor: we have an exclusive interview with the ceo of snap. jason: we looked to air france and the turbulence it is experiencing with a new ceo. taylor: first, we take it the look -- we take a look at the u.s.-asia cover. it is all about harley and their request to recover sales.

. ♪ taylor: "bloomberg businessweek.": and tmz's shift from hollywood to washington as it breaks into celebrity politics. >> a lot going on in turkey with threats of their financial crisis and any contagion effects it might have.

. ♪ ♪ taylor: welcome to "bloomberg businessweek." i am taylor riggs. julie: and i am julie hyman.week, we are focused on that hospitality merger and the fight over precious loyalty points. julie: yes, very loyal customers on both sides. we are also looking at the issue of key men risks.

great story in bloomberg businessweek.heck out gtv , where you will find the charts that we feature here. claire was talking about trade uncertainty. here is one on u.s. trade policy and of the uncertainty there, the white line, contrasted with the s&p 500, which keeps going up. basically at a record high this week. this is bloomberg. ♪ scarlet: this is "bloomberg markets." caroline: time now for the stock of the hour. here is abigail doolittle. >> we are taking a look at the xly, consumer discretionary etf. not a lot of movement on the day. that is one reason we wanted to take a look at this, because if it finishes higher on the day it will be its 6th up day in a row. the other reason we wanted to take a look at the xly, lots of interesting movers. take a look at this chart, plunging down 13.2%, this after shown earlier trouble this year. also at the pink chain. a new ceo coming in. investors not liking it. shares down sharply. as for a boost for the consumer discretionary space. -- stores up. and the promisor reports

. ♪ carol: welcome joe "bloomberg businessweek."g up, a story on apple and whether or not it really is a champion of privacy. jason: we also go to the big news of the week, one must taking his company private -- elon

this is the cover of last week's issue of bloomberg businessweek.spoke to the ceo about changes in the company and how he is conducting his challenges including trade tensions. >> for everybody to understand is the u.s. is so incredibly competitive as it relates to agriculture and when there are issues that are creating uncertainty, that is not good for companies like tyson. we have to focus on getting to certainty. the uncertainty is what creates problems. forof countries looking feeding people and having supply chains in place they want to maintain. any disruption creates turbulence. protein isestic important, but exports are nearly as important in terms of making sure our system is healthy. >> we have a breakdown of your meat.e by meet -- i know beef did well last quarter. we have seen lower beef prices and so more demand for things like burgers, chicken has been steady through the years. i know you guys have been increasing in that area. really what we are talking about that is most affected by these tariffs is pork, which is the pink bar on thi

joining us is the economic editor of businessweek. to what extent will the outcome of these talks they're having now with a deadline tomorrow with canada, could they affect gdp growth? >> they certainly can. the net export is a positive contribution to gdp in the second quarter. people think that is noise in the data but in general strong exports are good for gdp. if we have good trade agreement between the three countries, that would be good. david: we have the outlines of a mexico agreement and let's assume canada along the same lines, pro-trade or not? such as therriers requirements for $16 labor to be used for building cars. this ispoint, on net positive for trade if a deal is done. the alternative is having no deal in which case you go back to higher trade barriers in general. free agreement between these three key nations is a good thing and fascinating to watch the canadian finance minister after a deal is mostly done and trying to make sure canada's interest are protected. shery: she says canada has had good conversations with

shery: thank you for that, peter, economics editor for bloomberg businessweek. gaining a little more ground in the afternoon session. ground,a little bit of it has been a wishy-washy week for markets and same thing intraday with the nasdaq and s&p trying to hold onto gains. s&p up .1%. nasdaq with weakness, down 13 points. largely because of weakness in semiconductor stocks. weighing on theshares index. some strength in the nasdaq and s&p. overall, u.s., especially with stocks, is better than the rest of the world. msci all line is rolled index. you see the -- all world index. -- the usa the world much stronger. a large part of the story is emerging markets which are in a bear market, down the better part of 20% since their peak in january. a lot of it has to do with the turkey story. someone saying turkey is a bigger contagion risk to em danny trade war, trade war -- then the trade war, trade war has affected the u.s.. gained all five days this week. up 14% this month. since they reported earnings on july 31, only two down days. contributing to the s&p gains th

emily: great piece in this edition of bloomberg's businessweek. thank you for stopping by.does it for this edition of "bloomberg technology". from san francisco, i'm emily chang. this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a sto

bloombergned by businessweek editor, will there be any breakthroughs this week?, keeping the making things not get worse would be helpful. we have that very important jean lcaudeuly with and the president that seemed to war.se the trade a working group is now having a meeting in washington this week. the fact that they are talking and new tariffs are not coming on, i guess we have to consider a positive. not nearly as positive as if we had stuck with the plan that was underway before trump took office, negotiations on the transatlantic trade and investment partnership. this is the new forum. >> who are these people going to this? are they people that can speak on behalf of trump? lighthizert robert or cesarean wahlstrom -- romaine: it is not the normal times lately. the president pence tends to dictate things more than previous presidents. tothe president tends dictate things more than previous president. >> this sets the stage for the principles that are signed off on. some have been describing this about talks -- as talks about talks. if your exciting anything

we talked to sarah frier, who spent time with the ceo for her newest piece in bloomberg businessweek.tiques ofd the his management style, including in bloomberg, where he has a dictatorial way of managingl he is a secret keeper, that he doesn't get everyone on the same page, he hates criticism and his response to that is, well, i understand why you would think that because you don't know me. this is his attempt to say listen, i am a shy guy. i don't talk about what i do or like and i am trying to get better at that. he hired a management coach. these are the basics of running a company that has about 3000 employees now, just starting to really think about that in terms of snap. emily: to that point, it is not just about the perception of him from the outside, but his own employees. a prettyou, i had serious christian upbringing. growing up, i was taught to be a turtle. i remember thinking, why would i go around the company and chat people -- with people? now i go around the office and get a ton of emails. do you get a sense the mood or culture of the company itself is changing? sarah:

. ♪ taylor: welcome to "bloomberg businessweek." julie: and i am julie hyman.we are focused on that hospitality merger and the fight over loyalty points. julie: yes, a very loyal customers on both sides. we are also looking at the issue of key men risks. taylor: that is when one company is reliant on one ceo. julie: someims

i want to get to bloomberg businessweek's next top can who is also listening in. -- max.re typical tech titan. with yesterday's report from apple, that was strong and today a strong report from tesla. how do you think this will impact the latter market given that we have seen concerns about race but, twitter, intel on the back of disappointing results? max: it's hard to know. facebook is stock tanked, we -- when facebook's stock tanked, we thought maybe it was the beginning of a tech recession. apple had a great day today. tesla is having a pretty good stock performance in after-hours trading despite missing its earnings per share estimate. it feels positive. but, it is hard to say. the story with something like facebook has been so different than the story that is going on with apple. emily: so far musk has been incredibly well behaved, even apologizing to the analysts who is the one he cut off the last time. now asking a question. what do you make of this? max: i think you have to look at that as this is a positive development just on a human to human perspective. he ga

. ♪ carol: welcome to "bloomberg businessweek." apple and whether or not it really is a champion of privacy. jason: we also go to the big news of the week, elon musk taking his company private. carol: we look at the

. ♪ ♪ taylor: welcome to "bloomberg businessweek." i am taylor riggs. jason: i am jason kelly.berg headquarters in new york. taylor: we have an exclusive interview with the ceo of snap. jason: we looked to air france and the turbulence it is experiencing with a new ceo. taylor: first, we take it the look -- we take a look at the u.s.-asia cover. it is all about harley and their request to recover sales. jason: it has been called out in