this is "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek."m jason kelly. carol: i am carol massar. you can also listen to us on radio on sirius xm channel 119, 91.07 in new york city. jason: am 960 in the bay area and through the bloomberg business app. how car rental app, car2go lost its entire fleet of cars in one day. carol: listening background checks policies in an effort to expand. in chicago were ready. 75 of its vehicles got jacked in one day. jason: it is quite a story. here is the reporter, joshua brustein. joshua: it started on a monday in april, normally a slow day for the car sharing business. there was snow on the ground and they weren't really expecting to see much activity. it was in chicago. they were monitoring the fleet from austin, texas, which is where car2fo is based. suddenly they saw that all the high-end cars, the mercedes, were headed out of the coverage area. they only operate in part of chicago. a lot of cars, way more than normal all got signed out and headed to the same place. and they started to wonder what was

this is "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek." jason kelly. carol: and i'm carol massar. you can also listen to us on the radio on sirius xm channel 119, on it a.m. 1130, and in new york, and 106.1 in boston. jason: am 960 in the bay area, london on dab digital, and through the bloomberg business app. carol: we talked with nasdaq ceo adena friedman on going public versus staying private. we also talked about the health of the ipo market and the fastest growing part of their business. adena: today, the trading business, our trading revenue is less than 25% of our overall revenue. our recurring revenue streams are the 70% to 75%. that can come from data analytics, our corporate services, and it also comes from our market technology. our technology business is -- we can provide to that technology to other exchanges, to our competitors, we provide the technology to markets in very different spaces, not just the traditional capital markets. and it is the fastest-growing part of the business. carol: does it become the biggest part of yo

this is "bloomberg businessweek ." ♪ jason: welcome back to "bloomberg businessweek.": still ahead, giving the pedal to the metal at ups. jason: a growing need for speed across the industry. we speak with the hotel tonight ceo. carol: normalizing nerd culture. how "stranger things" and the gig economy have created a world where you can profit off dungeons & dragons. jason: we begin with our global cover story. new workers of the world. we often hear about the mathematics of globalization and automation on the workforce. jobs replaced by robots. communities left struggling biotech transformations. but what about how the change affects the individuals themselves? carol: a lot going on. our freelance reporter spent six months traveling across five continents and wrote a series of stories on working-class people trying to make a living, particularly people in jobs that did not exist a generation ago. she tells their stories through their own words. >> last year, i was hired along with my husband to teach on the semester at sea study abroad program. that was going to take m

jason: this is bloomberg businessweek. ♪ jason: [bloomberg businessweek. on the video from 2:00 p.m. to 5:00 p.m.. you can find us online and on our mobile app. also, our issues of interview with antonio theory. antonio. he took over as the ceo back in 2018. carol: hpe recently introduced the prescription model, carving out a niche in a highly competitive space. jason: we spoke to him about his plan. >> we believe the future will be data driven. the cloud has to move closer and closer where the data is being generated. that is the edge. that is where we live and work. that is where the action is. we have a clear strategy for that edge. will be a secure connection. this moves the cloud computing closer and closer. is cheaper to move the cloud toward where the data is. we have made a bold statement. carol: how much pressure are you feeling from the likes of amazon google? i know you have a partnership with google but some of these companies that have really put their stake in the ground when it comes to the cloud space, much pressure do you feel? companies h

this is "bloomberg businessweek." ♪ carol: welcome back to "bloomberg businessweek."'m carol massar. jason: and i'm jason kelley. the radioery day on from 2:00 to 5:00 wall street comp. sectionn the business this week, a look at the cannabis industry. it is growing and global. jason: and getting bigger as state after state and country after country legalizes marijuana. supply chain is global, exploding markets for cbd pet products -- carol: we call them stoner pets. jason: and even the grass ceiling women come up against when they tried to rise in the weed business. cannabis encompasses hemp and marijuana and for the last century, both have been banned. for fiber and textiles but got lumped in with marijuana and fell under prohibition. the major thing last december is the farm bill shepherded by mitch mcconnell from kentucky. he wanted the farmers to grow hemp. they legalize industrial hemp and the cbd, which doesn't get you stoned but has some of the benefits of cannabis. that is what is driving a lot of this now is there is no -- now a federally legal cannabis marke

this is "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek."jason kelly. carol: i am carol massar. you can also listen to us on 119, on sirius xm channel city.in new york jason: and through the bloomberg business app. how a rental app lost its fleet of cars in entire day. carol: in an effort to expand, these in chicago were ready. 75 of its vehicles got jacked in one day. jason: it is quite a story. here is the reporter. joshua: it started on a monday in april, normally a slow day for the car sharing business. there was snow on the ground and they weren't really expecting to see much activity. it was in chicago. they were monitoring the fleet from austin, texas, which is 2fo is based. suddenly they saw that all the high-end cars, the mercedes, were headed out of the coverage area. they only operate in part of chicago. a lot of cars, way more than normal all got signed out and headed to the same place. and they started to wonder what was going on. carol: what did they find out? joshua it turned out they had : changed the process for getting a ne

this is bloomberg businessweek. ♪ jason: welcome back to "bloomberg businessweek."still ahead about the real husbands of the real housewives. jason: plus, how to fix a soccer match. carol: it happens a lot. it is part of a special heist issue. and for more on how it came together, here is the editor behind the issue. >> the idea is to give people a different experience. the new cycle slows down while everyone is going to the beach or whatever. these are our true crime stories. last year's highest issue is very hesit-y. this one is a little more -- heist-y. this one is little more expensive and includes other forms of skulduggery. we even have a service component to tell the reader how to pull off their own heist. jason: how to fix a soccer match, robert trahan. -- rob a train. show peopleis to how some of this bad stuff happens. jason: what is the thing you're looking for? >> i was looking for stories that are true and involve something nefarious. so true crime with a variety. so we have stuff that is serious and tragic. jason: the bank robbery story is one of the m

this is "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek."jason kelly. carol: i'm carol massar. you can also listen to us on the radio and a.m. 1130 on in new york, 106.1 in boston, 99.1 fm in washington, d.c. jason: a.m. 960 in the bay area. in london on dab digital and on bloomberg in the business app. buying crunch fitness. carol: a little deal flow. here's crunch ceo jim rowley. jim: it's fantastic they identified crunch as an opportunity. i think by now is fitness has never been more popular. with the recent changes in the retail landscape, landlords are finally clambering to have fitness companies and clubs as part of their old mall set up, their new mall set up. it's been a fantastic time. with crunch, specifically, because we're celebrating a 30-year anniversary. we've proven a successful track record, both in new york and california, and i think there's a big interest in our platform , because of the intellectual property around our group fitness classes, our personal training, and things like this, and we launched a franchise compan

this is bloomberg businessweek. ♪ jason: welcome back to bloomberg businessweek.ason kelly. carol: i'm carol massar. you can also listen to us on the radio and in new york, 106.1 in boston. area, am 960 in the bay london on dab digital, and bloomberg on the business app. carol: we talked about the nasdaq ceo ongoing public versus staying private. the health of the ipo market, and the fastest growing part of their business. >> today, the trading business, our trading revenue is less than 25% of our overall revenue. our recurring revenue streams 70-75%. that can come from data analytics and market technology. our technology business is almost >> whittling. we can provide that to other -- we can provide that technology to other markets in very different spaces, not just the traditional capital markets. and it is the fastest-growing part of the business. carol: does it become the biggest part of your business? adena: i would love to think of that as an opportunity for us, but we have other great parts, as well. carol: i think i saw a data point about 80% of new issues

and bloomberg businessweek's max chafkin.ax: this skepticism gets to the general skepticism about crypto, which you heard jay powell's two cents on that, plus the fact that facebook has so much power. that is something we have been reckoning with over the last basically couple of years, where they have this huge user base, they are able to push people into new projects, and you can imagine if we aggressively tried to push people to this new cryptocurrency, that could create a whole bunch of issues. emily: joe, powell is talking about libra posing a threat to the global financial system and at the scale of facebook's size, any problems would be magnified. is he right to be concerned? joe: you know, listening to chairman powell, i was struck by -- this is something that is on his mind a lot. as you mentioned, a lot of the lawmakers asking him about it. i think in the past when it came to cryptocurrencies or blockchains or other endeavors like this, you got the impression that this was something, we are watching. this is more th

i'd rather not. ♪ carol: welcome to "bloomberg businessweek." i'm carol massar.kelly. we're here at bloomberg headquarters in new york. carol: this week, elizabeth warren. an in-depth look at a candidate with a plan to beat trump at his own game. jason: and the brexit campaign. boris johnson is now then you british prime minister. he vowed that the u.k. will leave the

emily: "bloomberg businessweek"'s max chafkin. still ahead sky full of , a satellites.panies already filling or orbitz with plans to launch thousands more satellites to bring internet to everyone. but how will they clean up after them? that is next. this is bloomberg. emily: emily: you think in today's day and age, everyone would be online. but that is not the case. according to the u.n., 4 billion people worldwide lack access. -- lack reliable internet access. amazon and spacex are trying to remedy that by launching low orbiting satellites to try to get everyone on line. but as astronomers see it, it is not all clear skies. starlight, star bright. wait, is that even a star i see tonight? in late may, objects in a train-like formation trail the night sky. not stars, not planes, but satellites. you can expect more scenes like this one, which had sky watchers had scratching, as the race heats up with more launch is on the horizon. elon musk's star link program plans to propel 12,000 into orbit. jeff bezos's company has asked the fcc's to approve 3200. and another company

we begin with "bloomberg businessweek's" editor-in-chief, joel weber. we begin with jay powell.ing complicated and simpt

welcome to bloomberg businessweek. i am carol massar. jason kelly. >> had was powerful banker in the world turns out his biggest critics. joe: and a deep dive into the cannabis industry. we begin with the bloomberg businessweek editor joel weber.

you can read those in the latest issue of "bloomberg businessweek."e deal we keep being told is imminent, but not quite happening. the t-mobile and sprint merger is coming up next. alix: and if you are going to your car, listen to bloomberg -- onon seriousness sirius xm channel 119 and on the bloomberg business app. this is bloomberg. ♪ david: this is what i'm watching what's again. t-mobile and sprint. we keep being told it is coming, but now an official at the department of justice says today there will be a major merger announcement. as we know, it is a very big deal between the number three and number four provider of mobile service. in order to get it done, they have to spin off about $5 billion of assets to dish. dish would be in position to become the new number four. alix: so what is the big strength that t-mobile and sprint would have after all of the device to tears? -- after divestitures? david: the whole claim is that they would go after 5g. they've both been struggling against the number one and two. they need a lot of capital investment.

you can read these stories and more in this week's issue of bloomberg businessweek.slumping car demand in china. japan's biggest partner expects first sales in 14 years. out, and if you're headed on sirius xm channel 119, this is bloomberg. ♪ david: this time it is the chinese auto industry. there has been a slump but we have numbers that they are saic. for the first time in 14 years, they are projecting a decline in sales of vehicles in china, which is remarkable because the chinese government is trying to encourage it. have numbers that theyalix: doeo account regular cars, like gasoline? david: the whole thing. carshey often make smaller . bmw, we interviewed -- bloomberg whorviewed the head of bmw, said we will grow with the upper end. top.his is change at the we knew mr. krueger was on his way out. they announced production is coming in. krueger likes to think about things, go back and forth. --zipse is full speed ahead. alix: if eb is more than emergent technologies, you need that. you need to know how to make the cars. you also need an elon musk thinking big. i

for more on apple earnings as they are unfolding, we are joined by max from bloomberg businessweek, with me in the studio. walk me through this. iphone sales missed estimates, services missed estimates, the forecast beat. what about all of these other indicators? is an interesting report. i would have said there would be no way they would be on top and bottom line. wearables was a big plus. they also used about $21 billion of cash on the quarter to repurchase shares and increase the dividend. they did some other things to kind of help along which initially you would have thought would have been a tough quarter for them, at least based on how they missed estimates on revenue and also services. we have the president warning that the trade war may not get that are anytime soon. if tariffs come into play on the iphone, what do they do? onthey have been counting expansion, selling iphones in china. the outlook is not great because you have, as you said, the possibility of tariffs, further barriers. also, these chinese companies will be pushing harder in the domestic market in china. there is

you can read more on this story and others in bloomberg's businessweek.ime for the latest business flash right now. the credit rating company equifax has agreed to pay $700 million to resolve investigations into a massive data breach. the hack compromise some of the most sensitive information for 141 million people. the largest operator of the grounded boeing 737 max will not ring back older 737s to fill the void. southwest is canceling 150 flights a day, says it is taking a hard look at the fourth quarter in case the max remains grounded. back olderbringing planes, they may slow down the current retirement of their jets. investors will not be able to check their portfolios or receive quotes the invoice command. td ameritrade says it hopes to one day allow a tool to permit trading on the go. still ahead, the cannabis industry is even less diverse than banking and tech. why women say they are being pushed aside. this is bloomberg. ♪ vonnie: this is "bloomberg markets." i'm vonnie quinn. over a decade ago, wall street took a hands-off approach to cannabis.

for all the details, we have josh idols and who has an in-depth piece on bloomberg businessweek aboute shoppers have been experiencing. josh, give us some color here about just how difficult it is to be a shopper. says it iscart offering flexible work opportunities to independent contractors, but dozens of workers i spoke to say the company has a range of coercive tactics it uses to pressure them to accept work, even tasks that do not look very appealing based on the amount of money offered. for example, they say to get a substantial amount of work, they need to get early access. a chance to sign up ahead of time to be available for certain shifts. but when the app presents them for a job, it has a bright except button but no decline button. if they don't want a job, they have to wait through four minutes of sonar sounds that people compare to a submarine sonar or a ticking time bomb. they said it freaks out there ir dogs. it haunts them in their dreams. four minutes of pinging. one of the things that drives some people working on the app crazy, along with punishments as they see it f

i covered the challenges with max chafkin the bloomberg businessweek and a tech analyst. >> i think thelion on the balance sheet is a great number. i think march is probably why the stocks are down -- margin is probably why the stock is down, and i think margin is actually, if you go through the numbers in detail, better than expected. and i think forward guidance of being gaap positive on that income is good as well. it's kind of an overreaction to the downside in my opinion. emily: if it is an overreaction, it is a big overreaction. shares are down 10% right now. max, there is a disappointment on profit. the company turned profitable at the end of last year. that reversed at the beginning of this year. elon musk said the company would become profitable later this year. it looks like that's not going to happen. >> they are still trying for it. it should be said there are two things going on with tesla. one is that they've been pushing like crazy for volume. they want to be a large volume car manufacturer, one of the biggest in the world long-term. this car that they are selling , the m

will we hang on to this trend as we roll through your businessweek and into the weekend?p next. >>> tomorrow morning on the 2, we are going to ask the mayor. >>> plus, woody williams is here on friday. ♪ limu emu & doug what do all these people have in common, limu? [ paper rustling ] exactly, nothing. they're completely different people, that's why they need customized car insurance from liberty mutual. they'll only pay for what they need! [ gargling ] [ coins hitting the desk ] yes, and they could save a ton. you've done it again, limu. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ >>> the california earthquake authority has increased the number of policyholders that are available for grant money to retrofit their homes. this means roughly 30,000 homeowners now qualify for the $3000 improvement grant. previously was only about 12,000 homeowners were eligible for that money. always good to talk to you. we appreciate you coming on. how is it that you were able to increase this grant money for retrofitting homes available to so many more people? >> th

. ♪ carol: welcome to "bloomberg businessweek." i am carol massar. jason: and i am jason kelly. at bloomberg headquarters in new york. carol: this week, more from our special takeover issue, "this is a heist." it's filled with true crime stories on robb

price a year ago when they were not where they were with all the -- emily: that was bloomberg businessweek'sd -- with at marches forward least one ftc settlement in the rearview mirror and a new antitrust investigation underway. facebook posted second-quarter results. street says fundamentals are still strong. bloomberg tech's livestreaming on twitter. you can check us out and be sure to follow our global breaking news source tictoc on twitter. ♪ ♪ >> welcome back to the best of bloomberg technology. facebook second quarter results out wednesday proving yet again, the company can grow while still sailing the heat from regulators worldwide. just hours after facebook the social media giant confirmed it is now also being investigated by the fcc on antitrust over its social media ads and mobile apps. this, as daily active users eat estimates but with his reputation continually under assault, just how? i asked marketers. >> we have multiple parts of the government investigating facebook for multiple things. i think what of the most salient things about the settlement and the $5 billion fine is th

vonnie: it is a fascinating piece and i would urge everybody to pick up a copy of bloomberg businessweek read it and send us comments. shawn in washington, thank you for joining us. a check of the markets. we have some gains for u.s. stocks on earnings. the dow is up three tents of 1%. the nasdaq is up less than 2/10 of 1%. the dollar is stronger today, primarily on a weaker euro and sterling. this is bloomberg. ♪ hey! i'm bill slowsky jr., i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. mark: i'm mark crumpton with bloomberg's first word news. johnson addressed conservative me

. ♪ ♪ carol: welcome to "bloomberg businessweek." i am carol massar. jason: i am jason kelly.uarters in new york. carol: this week, the new workers of the world try to make a living in an era of unprecedented change. jason: deutsche bank one back to basics. carol: we sit down with ups ceo to talk about the ever-growing need for speed. jason: let's begin with

he is our national correspondent for bloomberg businessweek. you have a cover story about elizabeth warren called "life of the party." -- youto quote one thing say does liberalism jacked up on steroids. that summarizes it. josh: is a deep look at elizabeth warren, who six months ago look like her campaign was dead in the water. she was not raising money. she was low in the national polls. over the last six weeks she has taken the race by storm, lifting herself not only into the top tier of democrats but shaping the race with these eight robust , her like a wealth tax desire to abolish the filibuster, the electoral college, medicare for all. you name it, if there is an aggressive democratic policy, chances are war and has conceived it or signed on. david: throughout her career she has had a combination of being substantive, and able to sell it in the media. she has that rare combination. at the same time, taking these bold positions, may she be undermining whatever chance you may have in the general if she got the nomination? josh: the central d

for more on apple earnings as they are unfolding, we are joined by max chafkin from bloomberg businessweekand we also have the sin of this trust portfolio manager with as. walk me through this. iphone sales missed estimates, services missed estimates, the forecast beat. what about all of these other indicators? >> it is an interesting report. if you would have told me they would have missed on both services and iphone revenue, i would have said, they were not going to beat on top and bottom line. wearables was a big plus. they also used about $21 billion of cash on the quarter to repurchase shares and increase the dividend. they did some other things to kind of help along which initially you would have thought would have been a tough quarter for them, at least based on how they missed estimates for revenues and also services. emily: we have the president warning that the trade war may not get better anytime soon. that could directly impact the iphone max. if tariffs come into play on the iphone, what do they do? the reality is, for years, apple has in counting on expansion, selling iphones

with president trump's attacks on the fed, there's an article by one of your colleagues in "businessweek week. that is motivated going back to an old tradition in the u.s. of wanting easy money and attacking the new york bankers, being borderline racist on that as well, and coming up with conspiracy theories. it is not about the politicization in the sense you mean it. alix: wrap it all up for us in a meat boat. with -- in a neat bow. with that in mind, what is your sense on trade? jens: we will have essentially another round of quantitative easing in europe. the bank of japan is already maxed out on its qe. debate abouthave a buying assets. you look around the world, and you think about whether there is any yield left, and you can actually see it already. there's a huge move already going into emerging market fixed are in where the levels historical norms. i think that trend is something that can really accelerate if we get something concrete. david: jens nordvig stays with us. adam posen of the peterson institute for international economics, thanks so much for being with us today. let'

people, there were definite arguments being made in the washington post, the economy, bloomberg businessweeks saying this is happening but should this be now what we are worried about? neil: i always say we haven't got the impact of tariffs because a lot of them haven't reached consumers yet. obviously eventually that will happen. if they get a trade deal all bets are off. the funny thing is if we lower interest rates, the weakened dollar has the effect of the tariff and country see 5% or 10% increase in the president was talking about having rates too high, the dollar is too strong. neil: he would improve -- >> other exporters, germany is happy with our 2% and they have -- >> germany, actually you are paying for the privilege to lend your money to the government. they have negative rates. neil: are we going there? >> i don't see is going to negative rates. we are in a healthier environment. neil: are we at this stage? >> i am bullish but i am cautiously optimistic. >> we would probably be 1%. the economy, stronger inflation but we borrow much more. the actual balanced budget deficits. they

that is your bloomberg businessweek. of bankis a week earnings.d did with us. on the state of banking, can american banks take share from deutsche bank? how tangible is tangible? thomas: it is happening not only with deutsche bank but with other european banks. what has been the big story is how far away the american banks have hold in terms of profit -- pulled in terms of profitability ahead of the european banks. i am surprised at is not the primary policy issue because negative interest rates are crushing europe. tom: the operating income growth of american banking has been extraordinary. do you still see exit -- operating revenues that can put on margin and increases? thomas: there is some positive operating leverage in the industry, that is for sure, but the driver is share repurchase. tom: this is critical. they have come through a new stress test. are we looking at share buybacks and an 8% coupon in january between dividend growth and share buyback? thomas: yes, you will have a good high yield return back to shareholders. growthings for sha