♪ caroline: i am caroline hyde in london. this is "bloomberg technology."acebook hopes to put the data scandal behind it. the annual meeting did not go according as planned. we will discuss what is next. plus, a new threat has emerged in the cybersecurity space. why hardware components on computers could make companies vulnerable to an attack. one of the most important days of the year for apple is just around the corner. we will discuss what to expect at the worldwide developers conference. but first to our top story, the facebook shareholder meeting was anything but business as usual. protesters and activists arrived for the event. inside, one investor it compared its poor stewardship to human rights violations. another person was kicked out for repeated interruption. the company has been accused of harming democracy, russian interference in elections, fanning violence and hate speech on its platform, and letting bad actors harvest information. joining us is our guest david and sarah friar, who covers all things facebook. run us through the events on thur

caroline: i am caroline hyde with the european close minutes away.ie: time for our bloomberg business flash. goldman sachs and morgan stanley are urging investors not to get afraid of stress test scores, the federal reserve said they had the lowest capital levels by one key measure. but the banks say do not worry, that may not affect dividends and may not affect stock buyback. disney is taking extra steps to win approval to the $71 billion bid to buy 21st century fox entertainment assets. they are prepared to sell off blocks businesses generating up to $1 billion in cash, twice what disney offered last december. his knee and fox are willing to see -- disney and fox are willing to see of combat -- comcast sweetens their offer. leafs british saystments -- airbus failure to reach a brexit agreement will be catastrophic. more on that story later in the hour. that is the latest bloomberg business flash. caroline: let's look at the european markets, almost at the end of trading and it is green. the ftse with a stellar day. the best day since april 5. the b

caroline: it is peculiar. we are seeing the company may be not getting it, what our users getting it? i'm looking at the slowing of growth in daily active users versus monthly active users. are we seeing people drawn away from facebook? dominance, maybe it is sustainable, maybe it is not. one study yesterday said that facebook is actually losing some wasentage of teenagers as the case a few years ago, that 70 plus percent of teenagers in the united states were on facebook, and now 51% say they are, so that is one indicator of how facebook may not be able to the this powerful forever. snapchat, instagram, youtube are ahead of them among teens. facebook owns instagram comes so that is how they have already thought about this and built it into their future. ,hey own instagram, whatsapp messenger with more than one billion users as well, so this company has its influence over parts of its users lives beyond facebook itself, so even if it was not used as frequently, there are so many other ways in which the company

caroline: from london, i'm caroline hyde. now, move over apple. beat twice as expensive as you as rivals according to analysts. alix web joins us now to break it all down. one of the analyst with a range of what they think the valuation for the company can be, 85 billion dollars, 92 billion dollars, a lot more expensive than apple trade. >> yes. that is the price to earnings ratio. apple is still a $900 billion company. about the way that the business is set up. they want to do a kind of lower and then they make it back on selling additional services. it is more similar to the facebook google than apple. >> it is interesting that apple and every mobile phone -- phone company is getting stagnation in the rapid weight in which they buy tones. sort of dominating to a certain extent. >> that is the thing with apple. about 15 times the price to earnings ratio clearly. facebook and google trade 30 times because basic the apple has two thirds of the revenue from iphones. they have to convince you as an iphone user every two years again to buy an iphone.

caroline: in the u.k. eu more broadly, we have seen federal regulation. , general data protection regulations saying you have to alert users within 72 hours. are reasonable is it to expect a company can no and can quickly ensure they have alerted the regulators? george: if they have good visibility, they can identify that is an important concept because that is where the action is at, their computers and desktops and things that work in the cloud. that can be done with the right technology. when we think of our ransomware, you have a massive percent of revenue, then you have e-crime on the other end saying, what if i charge a company 5 million pounds instead of a 50 million pound fine? will they do it? i think there will be interesting examples of a company being tested to not disclose information when that happens. caroline: that will bugh one for them to contend with. what about infrastructure hacking? you mentioned north korea earlier, about how they are going for the banks. they are also going for infr

caroline? caroline: such that news about anthony bourdain. to bets on a new lead into the five gh. g age. will it pay off? president trump due to touchdown in quebec any moment now. this is bloomberg. ♪ yoryow.miÑo x caroline: live from london, i'm caroline hyde. julie: from new york, i'm julie hyman could thi. this is "bloomberg markets." caroline: time for the bloomberg business flash and a look at the biggest business stories in the news right now. andave shares of apple foxconn soaring and their debut at shanghai today. the stock rose by maximum 44%. that is focused on a market value of $61 billion. it's the largest take company listed in mainland china. once foxconn to move beyond cranking out iphones. jack ma's fund has raised about $40 billion in its latest funding round and the financial is said to be valued at $160 billion. investors in the latest rally included singapore sovereign wealth fund and silver lake. flash. your business julie: we have been watching this story on verizon. it has new leadership at the company. hans vestberg

this is bloomberg. ♪ caroline: live from london, i'm caroline hyde.onnie: this is bloomberg markets. despite trade tensions and the looming g7 meeting in quit act -- meeting in quebec -- joining us is christopher wolfe. what are your clients most concerned about? christopher: many things. it is like the blob that eight cleveland. the first is the risk of higher interest rates. the story for the last years has been low cost of money, cheap financing, and it has met their of not been a lot of alternative and they have been buying equities. number two, there is a sense that the tariffs, which are broadly a sense of all the conflict in the world, has some --act on markets and that is that has resulted in lower price-earnings multiples despite good fundamentals. that dissonance is a concern. vonnie: are they buying more, are they holding put? christopher: we are doing a couple of things. we talked about how could the fundamentals are and getting clients to remain well diversified. concentration is poison in this market. inside the u.s., it is the story aro

this is bloomberg. ♪ caroline: live from london, i'm caroline hyde. this is "bloomberg markets. go we are learning more -- bloomberg markets. we are learning the wilbur ros'' trip to china for trade talks. it's below the $200 billion the u.s. has been asking for. on deadline for u.s. tariffs $50 billion in chinese goods is said to kick in a week from friday. we are joined by bloomberg's trade reporter in washington, d.c. the technicals are getting confusing at this point. where do we stand. on the china fight a lot of moving pieces and a lot of differing opinions. the president make the final decision. the offer that wilbur ross came back from beijing with. theou do the math and see contract the chinese proou get 25 bifall short of the 200 billion and on the 100 billion it earlier that the u.s. was seeking. now the white house said on monday they are getting debriefed for the delegation that went to beijing and are looking for a path forward and that's what's been going on. dustntinues today as the and the president is the final decision-maker. vonnie

this is bloomberg. ♪ caroline: live from london, i'm caroline hyde. vonnie: i'm vonnie quinn.s is "bloomberg markets." the u.s. supreme court upholding president trump's travel plan with a 5-4 decision along ideological lines. this gives the president legal and political victory on a controversy that has defined his presidency. it began with the first week of his presidency with an executive order. aining us on the phone, professor from george washington law school. are you that the supreme court is injecting itself into partisan politics? what's your reaction to this decision? >> the decision was the only proper one. from the first decision against president trump on the travel ban order, i thought the courts were outside their navigational beacon. on thelied so heavily and commentsweets that they ignored the separate record created by the agency. time this washe the only decision the supreme court would likely come to. it's not too surprising it was 5-4. the decision has less to do with the merits of the travel ban as it does the role of courts. what the supreme court is doi

i'm caroline hyde.is "bloomberg markets." now for "first word" news with kailey leinz. kailey: the treasury department the mosta lock for significant legal measures available to declare china's investment in u.s. companies hotline in communication channels. and protesters in the iranian capital of tehran swarmed the grand bazaar today. the demonstrations are being staged in anger following the struggling economy and currency. news -- global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am kailey leinz. this is bloomberg. caroline: thank you very much indeed. the era of erdogan -- turkey's longest-serving ruler has won again in the elections. throughout turkey's history, pivotal events have weighed on the currency. more is theor "bloomberg daybreak middle east" anchor. we saw the markets price innovative you forward via -- price in a bit of euphoria. then the selloff on consideration of what erdogan really means for

caroline: from european headquarters in london, i'm caroline hyde.finishing of the day of european trading, i'm looking at where the extra indices are finishing. day for italian ftse movement since april 2017. it is all based on the fact the finance minisr has said we are remaining in the euro. the worst-case scenario seems to be pushing back. spain is higher, euro stocks overall up about a percentage point. we are seeing those r- the banks rally in particular. the bond to bury well in terms of italian 10 year yields coming down. we saw greece up, let's look at the movement of the standalone index. everything in the green. not one single red in the view. the banks of the leaders of the pack. ane we won't see quite such effect going on between the eu and italy. thatare focusing on how government wishes to spend and if that's in line with the eu. look at also what's happening in terms of autos. so we are seeing the blue line how the stoxx 600 is performing and -- significant we underperforming that. on the autos front, the g7 is a concern. trade is a c

caroline: what precautions can they take?e: when you think about the process, there is two areas. one is the voting machines themselves. some are paper ballots, but a lot is going to electronic voting, so making sure that is protected. as well as the reconnaissance of what is happening behind the scenes and making sure the election process is fair and not impacted one way or the other. caroline: talk to us about reconnaissance. talk to us what crowdstrike does to alert any anomaly. orge: we collect 100 billion discrete events per day. in two days, we handle more events than twitter has tweets in a year, so it is a massive amount. what we are doing using machine learning and artificial intelligence is trying to find the bad stuff before people know it is bad, which ultimately protects our customers from breaches. caroline: how many bad events per day? george: on average we stop about three breaches per hour. there is a lot more malware that we block and lots of events that happen, but at the end of the day, customers are tryin

this is bloomberg. ♪ caroline: live from london, i am caroline hyde.e: and in new york, i am vonnie quinn. the fed releases the second stage of its 2018 bank stress test. we will get a flurry of news on dividend raises, share buybacks and more. it comes as the s&p 500 financials index could not break its 13 date losing streak. williams,g in allison the senior u.s. banks analyst for bloomberg. allison: i think what is unique about this year is that normally, coming up to this test, there is increasing enthusiasm and this year, probably not so much. i really do think last year was the watershed moment of getting big surprises. citigroup catching up last year and anchor america coming out, raising their numbers but this year, we have the tougher scenarios and we saw those come into play last week when we did acrossinking cushions the largest banks i cover, especially for goldman sachs and morgan stanley. oneink wells fargo is the where i think we are going to get the most exciting news just because they have the most capacity to return the payout, and yet

caroline: i love it.hink the simple ones are the winners, but this time i am going to have my allegiances particularly with the u.k. dani burger. it is my first time judging. it was a great chart. i really want to quote one of my favorite artists and say, you are never too big for your boots. caroline: fantastic presentation, brilliant ahead of the all-important fed decision. ♪ vonnie: breaking news, the nasdaq has hit a record. 7701 .02, up at 6/10 of 1%, 42 points. let's have a quick look at what is helping it get there. it is loading in my bloomberg. met pharmaceuticals as well as some other bioscience pharma companies are sending it up. lands end doing quite well, up 21%. our stock of the hour is twitter. shares are popping higher as jpmorgan gets more bullish. abigail: a year ago, twitter was a $17 stock and now it is above $40, appreciating more than 150% as sentiment has turned. j.p. morgan raised their price targets more than 25% to $50 a share, pretty extraordinary giving that a year ago some peo

caroline: and from london, i am caroline hyde.talian markets rallying as the finance minister made assurances that his country would take the message to the euro. i wereecchini and talking about how the ecb might not be up to normalize rates when we have issues like italy. what about italy in terms of its what are you expect him to hear and see? >> not sure what i am going to hear and see. i think it is difficult to extract good information and a lot of cases when things are as tenuous as they are. and think italy has a real with productivity and inflation, and they look different than productivity and inflation in germany. normally, purchasing price parity, the currency would help to solve for that, keep it competitive. that is the key problem with italy and italian spirit italians feel poorer as part of the eurozone. however, if you think about what their next best alternative is, to leave the eurozone, what would the consequences be to their quality of living and ability to access global financial markets? a verywer, not good,

caroline: live in london, on caroline hyde.ts.loomberg let's check in with the first word news. >> the trade disputes between the two largest economies is getting worse. china fell to retaliate after president trump threatens goods. on another -- another batch of goods. kim jong-un is in beijing where he will brief china about his meeting with president trump. it is his third trip to china since march. the opec meeting in vienna is shaping up to be one of the cartel's most contentious effort. russia says they should consider raising output by 1.5 million barrels a day because the market is a most balanced. -- ministers are discussion discussing a smaller increase. economists are growing more skeptical. down from 60% in may. officials told a -- will hold a policy meeting this week. global news powered by 2700 journalists and analysts in 120 countries. this is bloomberg. vonnie: a precarious time for financial services. the yield curve is flattening. ecb is real but -- withdrawing stimulus. great to see you. let's begin with this

caroline: live from londonm caroline hyde. vonnie: this is bloomberg markets. caroline let's check in on the markets. financials hitting a two-year low. deutsche bank led those declines. downny's largest lender is as it stumbles from one crisis to the next. nick covers financials for bloomberg. king at a chart that is showing me we are almost in a bear market when it comes to european financials. overall what are the pressure points? >> there is a trade war. banks are a great proxy for the rest of the coun if you are looking for someone to be hit hard by the trade war banks are front of center. notingine eur a positive piece of news. i have trouble getting excited because we have been here before. world did not end. it wasn't pretty. as theot as exciting prospects for the bank. looking at the amount it has been beaten down, with the banking sector, is there any light at the end of the tunnel? some of the overarching political trade war issues come to an end? play out towards the end of the second quarter and beyond. the second quarter is not going to be pretty.

this is bloomberg. ♪ caroline: this is bloomberg markets. i'm caroline hyde.nie: i'm vonnie quinn. time for our weekly etf report. let's go to abigail doolittle. abigail: private equity is one of the last frontiers yet to meet democratized by etf's but there are some that come close. here to discuss is eric balchunas. this is so interesting, the idea that you are not able to play private equity through etf. you have an interesting idea. i have brought a couple blog posts in the past couple of months making the argument that pe is overrated and you can get it through small cap or microcap. these are companies in early stage of growth, not as much analyst coverage, less financial strength. there are a lot of attributes that a private equity investment would have. that followur etf's microcap's. they are not well known and all of the stocks are not in a broad market. kind of a hidden area. the two big ones that people will need to choose from is ishares.the iwc that is your standard play. fdm is a smart beta play. you can see from the number of holdings, only 200

caroline: from -- i am caroline hyde. this is bloomberg markets.'s check in with kitty lines -- male --e hillary a hillary clinton email probe could give president trump all recognition. they say james comey deviated from protocol. it says he was not motivated by politics. president trump has hammered away at his credibility since firing him. first-time filings for unemployment back at sell again. jobless claims were down last week and continuing claims are at the lowest since 1973, another sign of a tight labor market. it is a landmark decision for the european central bank. they will halt bond buying programs by the end of the year, sitting the euro area up for an exit from years of monetary support. they will also keep rates at record lows through next summer. terrifying moments over the pacific for passengers above an airbus 380. 380.an airbus they run into turbulence and plunged for about 10 seconds. one passenger called it a nosedive. the airplanes have been separated at thousands of the not to do. i am kailey leinz. this is bloomberg. caroli

caroline: great to see you.is right, one of the longest standing bitcoin advocates is eric voorhees, ceo of shape shift. they provide cryptocurrency conversion, trading one type of digital assets for another. he has been an original builder and entrepreneur in bitcoin since 2011. i started our conversation by asking him how he sees the crypto landscape building in the moment. eric: i've been avoiding since the coin was at five dollars, and the only asset. the concept of blockchain was not that talked about and we spent time daydreaming about a day when corporations and governments would pay heavy attention to this because it was getting so big. it is happening. it is taking over the world in some ways, in fits and starts, but people are paying attention to it. caroline: good or bad that you are a man who can get cash in this subject, regulation. erik: that is one way to put it. i think most regulation is superfluous and best and much of it is harmful, especially in the realm of finance. i think money itself is i

caroline: live from our bloomberg european headquarters in london on caroline hyde.'s check in with the first word news. >> the supreme court has come out with a ruling in one of the most anticipated cases of the term. e baker did not illegally discriminate when he refused to make a cake from a same-sex wedding. the ruling was narrow. it did not address the broad religious rights issues that have prompted justices to take up the case. president trump aim at a familiar target. he tweeted the appointed of robert mueller was totally unconstitutional. he says he plays the game because he has done nothing wrong. president trump says it would be legal to pardon himself but says he has no need to. a british lawmaker warns russia is using tactics inherited from the kgb to wage a war on the west. says the kremlin considers nonmilitary methods to thanre powerful conventional warfare. using social media, tv news and political front groups. and a tee-way player in tiger woods finished 23rd 72. the final round the media company that brings you shark week has a new multibillion-do

caroline: from london, i'm caroline hyde.oombergar apples tim cook sat down with a rare interview with the david rubenstein show. they discussed everything from earningso rr >> you have been the ceo of apple since 2011. the earnings are up about 80%. have you ever thought you cannot do better than this and maybe you should say i have done a great job and knowing -- and now i am going to do something else with my life? as: we view the stock price a result of doing things right on the innovation side, on the creativity side, focusing on the right products, treating customers like they are jewels and focusing on the user experience. i do not know the numbers that you quoted. this is not something that is in my orbit, to be honest with you. you announce your quarterly earnings, analysts say they did not sell as much of this product as we thought they uld, doethat bother you? : it did at one time, it does not anymore. we run apple for the long-term. it has always struck me as bizarre that there is a fixation on how many units are

this is bloomberg. ♪ ♪ caroline: live from london, i'm caroline hyde.nie: this is bloomberg markets. caroline: we've got a great guest, cornell capital has raised 1.3 billion dollars for its first multi-asset investment fund. the firm is managed by a former goldman sachs group executive looking business in asia. joining us is jason kelly and the leader in private equity investments. reporter: i'm here with henry cornell, whose name is on the door of the firm he founded. -- a real pioneer in the early 90's, we were talking about that off set. $1.3 billion. this is a big first time find. what is the thinking behind this particular poll? after going through a bit of a crisis of what to be when i we thoughtnoticed -- that using our rolodex is and accumulated decades of experience, we could create some unique opportunities, so we came together and went off to the races. there have been a number of first-time funds out this year, 12 by ourount and in the research we've been doing. what is the appetite you are sensing from people for this type of fund? henry:

caroline: i love a bit of tech.y where we see the yield spike higher, we have concerns about what happening in terms of municipal elections in italy driving up the yield, i bring you volatility of italian bonds. this has been the volatility on the 10 year. tenure volatility has started to come down. the government is fighting elite. finally, we've got a government forming in italy. we see elevated levels of volatility in the longer term. this is tracking at the 10 year volatility. we have elevated levels. if you look at missable election date of the came out, the populist parties are gathering steam in the electorate. there is a move toward the euro skeptics and gaining more traction when they start picking the committees. that spells more volatility in italian debt. you can check out my chart. vonnie: that is fascinating. it is simmering in the background. indices aren moving, i'm going to have to give the winning ticket to katie. let's check in on the markets. nasdaq, theythe are all down quite substantially. the

caroline: i'm caroline hyde. this is "bloomberg markets."heck in with the first word news. >> special counsel robert mueller has accused paul manafort of trying to tamper with witnesses. manafort is confined to his home while awaiting trial on charges of money laundering and acting as an unregistered foreign agent. meets today with senate republicans unhappy about limits on chinese investment in the u.s. lawmakers will tell the president that unilateral investments are popular in congress. they want to discuss his investigation into chinese violations of intellectual property rights. in guatemalal from th has climbed to 89 and is expected to go higher. emergency workers are working through the debris and mud to search for more victims. u.k. government has announced plans for a long debated expansion at the airport. the proposal calls for building a third runway, the first one in the london area in seven cades. of parliament still has to sign off. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120

caroline hyde has more from london. what do you got?oline: a great conversation. -- kchain even equity investment into certain startups. claim --s also own $300 million ipo. how does blockchain compete? we got this exclusive take. peter: today the institutional market is really mature. there are not a lot of mature platforms out there that people are used to dealing with. so really institutions are looking to get exposure in a safeway. increasingly they are motivated about getting the best execution. today it is fairly nascent. atoline: when you're looking -- they already offer institutional clients. how are you going to be different? otcr: circle trade is an desk. they are offering a training facility. we're focused on offering an end to end server. research, deep liquidity, the ability to hold customer assets. it is much more comprehensive. caroline: ok. what about when you're looking at the demand? waned with the sudden dive off we have seen with crypto prices? peter: sure. i think there are two separate things. one is institutions t

caroline: ok.t when you're looking at the demand you are seeing flowing through from institutional clients? has it waned with the sudden dive off we have seen with crypto prices? when i talk about, bitcoin, ether prices. peter: sure. i think there are two separate things. one is institutions trying to set up so they can trade, and institutions wanting to trade. right now you are seeing more of the former than the latter. i think you have to see the market reverse before you see more of the latter. caroline: where do you think that will pick up most? you have so much activity in china. opening an exchange in japan. where do you see demand inbound coming? peter: mostly inbound coming from london and new york. which partly is probably because we are in london and new york. and partly that is where the big financial markets are. most of the inbound right now are either from really large family offices or macro hedge funds. and so it is really limited in new york and london. you are not seeing a lot of

caroline: plenty of opportunities. ceo. de geer, izettle emily? emily: thank you, caroline.ing up, more on facebook's latest eta controversy. .overll get the view -- latest we will get the view from greg walden next. check us out, at sign technology -- us out @technology. this is . d -- emily: this is "bloomber technology." i'm emily chang. continuing revelations over facebook's data sharing policies. it was sharing data with one companyme up in natio security discussions, and that was huawei. congress is demanding the company come clean again. yet another example of questionable business practices by facebook that could undermine basic consumer privacy. it's hard to know what is true anymore." congressman greg walden joins u now. secondesents oregon's congressional district and is the chair of the house energy and comment -- commerce committee, which questioned mark zuckerberg in april. representative how concerning is this? greg: it's concerning. silicon valley has an issue about trust and communication between silicon valley and washington, d.c., and lawmakers and silicon

caroline, thank you so much.up, long-range wireless charging has been promised for years, so why hasn't yet to reach the mass market? we are going to hear from a leader in the space. this is bloomberg. ♪ emily: amazon is rebooting its film and tv studio business with jennifer selfie, who has signed jordan peele to a deal with his company. in a challenge to compete with netflix, amazon has tasked jennifer with rehabilitating its reputation in hollywood after the departure price amid allegations of sexual misconduct. over a year ago, energous announced that five consumer electronics companies would use its wireless charging technology, yet shareholders focused on a huge name missing, apple. apple is still missing from the list of companies energous works with. the company is pushing toward the latest in wireless charging using radiofrequency waves to enable content-basedt a distance wireless charging solutions. why isn't apple racing toward energous's technology? joining us, the ceo stephen rizzone and mark urban,

caroline hyde in london has more.e: salesforce announced a $2.5 billion investment in the u.k. over the next five years. i had the chance to sit down with the u.k. secretary of state for culture, digital media, and the sport. about opening the london cyber innovation center, and how much he thinks tech giants are willing to keep investing in the country. >> large technology companies from across the world are not only welcome here to invest, to expand their operations, but they are doing so with great space. salesforce, you mentioned, over the last two years we have had major investment decisions from apple, google, ibm, amazon, and further news from amazon, samsung opening a facility in cambridge. there is massive investment. it doubled from 2016 to 2017 and we want to keep it pushing in that direction. caroline: what about the regulatory environment? copyright law now is going to tackle facebook and google. how much do you think the u.k.'s regulatory environment is a blessing or a curse for these companies? >> we th

caroline: you are right.eing stocks, particularly in the technology sector, doing right -- well in europe as well. chipmakers have been a source of growth. we are getting a lot of excitement about new companies coming to the public market. upve had one danish company 25% on the first day of trade. next week, we have a payment provider coming to the market, $8 billion valuation, going to list about $1 billion of shares. that is yet and there notable sign -- yet another notable sign that there is appetite for these companies. all eyes on a fintech company likely to come in the summer in the u.k. as well. emily: airline hide in london. -- caroline hyde in london. dan. that does it for this edition of "bloomberg technology." i'm emily chang. this is bloomberg. ♪ ♪ haidi: a quiet session turns sour in wall street at new signs of emerging market distress since people to safety. ramy: a weeklong tech rally stalled. the 10 year yield tumbles five basis points in a matter of minutes. haidi: zte moves closer to a deal

delicious. >> marie-caroline: amazing meal? things in senegal today? >> man: how are things? what kind of things? >> anthony: is the environment good for business in senegal now? is it getting better? i mean, there seems to be a lot of money coming in dakar. you see buildings going up, somebody's building. >> marie-caroline: they key thing for me will be the development of, uh, business and because when you look at all these young people in saint-louis and there is no companies to employ them. let the young people take a big part of the power, which is not in our tradition, but we need the young people to be, to be strong. >> anthony: if you could compare yourself to someplace else in, in another major city in the world, the new york of west africa? >> man: the hong kong of west africa. >> anthony: ah, oh, ouch. [ laughter ] yeah, you're, you're right. ♪ [singing] ♪ [ applause ] ♪ ♪listen up and i'll tell a story♪ ♪about an artist growing old♪ ♪some would try for fame and glory♪ ♪others aren't so bold and now for the rings. (♪)

caroline. caroline: fascinating discussion.ack to breaking news, all eyes on automakers, european automakers print president trump threatening 20% tariffs on all cars coming to the u.s. from the eu. bmw feeling the heat. bmw also lower. we will be all over this story throughout the next couple of hours. caroline: welcome back to bloomberg markets. opec and allies will increase oil out but, but by less than what markets anticipated. rally ins about the crude. quite a rally. you are seeing a positive reaction. the market anticipated more dissent. spreadu look at the wti narrowing dramatically, significant rally. i think it is a function of the fact we are seeing an increase of supply globally. i think the fact of the matter is you are seeing a dollar influence as well. you continue to see that spread narrow. low sevenclosed dollars. it looks like the trend is lower. julie: great to get your expertise. cme.ng us from the chicago we are going to be digging into autos after the break. . >> 11:00 a.m. in new york at 11:00 p.m. in hon

caroline: how can this he expanded?easy to apply to other areas other than royalty and content? can blockchain easily be purposeful? paul: absolutely. rights and royalties or video games are similar to movies and entertainment. music votes, patents. patents.books, we plan to put out this solution of ross all ranges of intellectual property. caroline: why did ey get involved in this? what was the value add for microsoft? i'm sure that got plenty of blockchain expertise in the company. paul: they do. microsoft has been an incredible technical partner. not only do we have deep process knowledge around it, but we have been partners with microsoft in the technology development. been puttings have together process around art contracts, scaling up their blockchain. this will be the biggest blockchain industrial blockchain in the world. when it is fully deployed out, our engineers worked alongside microsoft engineers. caroline: talk about the scaling challenge. it is what has and holding back any who have frustrated with why it

caroline hyde caught up with the details.onths to making good on the products they said they would. behaving a little better, reporting crimes, and offering other changes that they say, now, we're happy. eventually, reapply for another license in 15 months time. probably they can get that , without going to court. caroline you did some fantastic : reporting by getting into a lot of them. generally, the consensus was the drivers certainly like the product. and they want flexibility. >> exactly. the number one piece of feedback that i got was having benefits would be very nice, but it is all about the flexibility. the are not competing with the black cabs we have in the city because they are competing with mini cabs. this is the opportunity for them to be there own boss and work when they want. that is a number one thing they want to keep. caroline: this does not end the legal battles in the u.k. when it comes to the drivers, there are still some hurdles in terms of giving them not just insurance packages, but more benefits. >>

emily: eric newcomer, caroline hyde, thank you both.ticking with ridehailing, one of the uber's main rivals is making a push into the australian market, just launching operations. paul allen filed this report from sydney. paul: it is a slow and steady start for the launch of the ridesharing service in australia. has been trialing its service ahead of its launch in the learned today. in sydney and the rest of australia, we are going to have to wait. and newan zealand -- a step-by-step approach with feedback from the melbourne launch used to shape offerings and launches elsewhere in the company. they have been raising capital to fund the expansion. they raised their valuation to $56 billion. sources saying the company have cash on hand of $12 billion. discounts of up to 50% will be offered to riders until the end of july. drivers who sign up early will qualify for incentives as well. market inaring australia is getting a little bit crowded. we already have uber here and didi will be joining tax if i -- taxify as well on the street down un

caroline hyde is standing by.ith nate langston. 15 months is a lot shorter than the five years that uber was hoping for. caroline: shorter than the 18 months that they were applying for. nate: they have 15 months now to continue making good on a lot of promises that they said they are going to make. behaving a little better and reporting crime, among a bunch of other changes. they said they are kind of happy. they just have to keep growing and doing the right thing. eventually, reapply for another license in 15 months' time. hopefully they can get that without going to court. caroline: generally, the consensus was the drivers certainly like the product. they want the flexibility. >> the number one feedback that i got was having benefits would be very nice, but it is all about the flexibility. the are not competing with the black cabs that we have in the city because they are competing with mini cabs. this is the opportunity for them to be there own boss and work when they want. caroline: this does not end the lega

caroline: amazing stuff.t was a tough start to the week when you have the central bank of central banks, as you said, saying that crypto is going to break the internet eventually. if you eventually have crypto have been, or bitcoin, the blockchain bitcoin has built upon, helping with all retail transactions, it would basically overwhelm the internet, they say. but they also say the main issues are instability of crypto is a key concern. they also worry about the consumption of electricity, saying it is an environmental disaster waiting to happen. and they are also worried about forward manipulation. however, this is the central bank of central banks. are we ever going to really anticipate them to like decentralized money? it is against everything they stand for. in many ways, many had anticipated this reaction coming from the bank of international settlements. they had already hinted earlier that they found the combination of a bubble, a ponzi scheme, and environmental disaster. that is how they talked about

caroline: this does not end the legal battles in the u.k. comes to the drivers, there are still some hurdles in terms of giving them not just insurance packages, but more benefits. >> potentially. this is battle two of this year. that is two will be in october. when they will be in court over employment. they lost their appeal about employment rights, vacation pay. we very recently had another company with plumbing. it is a little different than ride-hailing. it was called pimlico plumbers, and one of the workers was given the right to vacation pay. it is one of the first times we have ever seen anything like that. uber will have to go to court knowing that some other company with a set of workers very similar to theirs has been told that he can have vacation pay. caroline: does this undermine the business model going forward? or are they here to stay? and really this is a takeaway of , good news. >> i think for uber, having to pay for things like insurance, even vacation pay, it is a lot less expensive than it would be to pull out of london

caroline: talk to us about other third parties.eems to have been tension brewing in many respects between facebook and apple. we saw a demo of facebook.com being blocked or indeed some of the cookies there in the apple new products. how do you see that falling out? if you looki think at it really, there is a set of companies who are in a position to really enable security and privacy of your data and devices. that is companies like apple. facebook, in some ways, people are saying that they are exploiting that, and not being as good to their customers or their users as they should be. so i think this war is ever going to be there. are you serving your user or your advertiser customer? i think apple is taking the high road, saying it is about security and privacy and not contract, and i think they are absolutely right. we can see what facebook is doing in the press about you know apologizing and trying to fix things. i think they have a long way to go. but the industry in general, not just facebook, has a long way to go to address th

the un's refugee agency hi caroline thank you for your time you know what struck me as we watched some of those pictures from cox's bazaar is how well the scale of it the sheer number of people and how quickly that number of people grew as people went across the border from me in ma how do you as an agency deal with that with that scaled. but the challenges are enormous not only be at the numbers huge but the areas in which they living really highly congested too many people living in very small air freight is not only that but the land itself this form of forest land is very heavy so it's really challenging families a bill that shelters wherever they can find base and that includes on the slopes of more than forty five degrees or very low lying areas which at the moment is exposing them and making them at high risk of landslides or also floods in the monsoon rains that have occurred here we've already had at one hundred black sites people have had lucky splay escapes one woman i met had been buried from her neck down where it's when the hill collapsed on her on her shell so this is ou

caroline, where you shop why this?ews that they are getting bigger and bigger years and it is not news that they are getting biggerand biggerand only four or five years ago they hit 1 million. what i find interesting about this is that i have three children and i and also chair of governors at a local primary school, so governors at a local primary school, sol governors at a local primary school, so i know quite a bit about children's behaviour and i speak to a lot of parents and one of the things i find quite striking, the school that my children go to is fairly unremarkable, in a london school, it is very ethnically diverse, ina school, it is very ethnically diverse, in a very average area. is a fabulous school, but one of the things i find is that we all worry about our children's behaviour, but there is a real push about not trying to label children. not sitting around and saying so—and—so must we dislike sick —— dyslexic, but saying hang on, they are only nine years old, we all develop at different rates. —— dysle

matt: caroline, thank you.ine connan, covering this in paris where she has been all week for the wto meetings between wilbur ross and his counterparts in europe. very interesting headline coming across as caroline was talking. er, who is the minister for economic energy and close advisor to angela merkel has said the eu may seek to answer the u.s. working with mexico and so the three of them retaliating together as one group. investment global strategist at principal global investors is still with us. i want to ask the same question i asked caroline. and we avoid global trade war is that what we are looking at? difficult.ill be in fairness, you cannot predict what will happen. there may be a turnaround at some point. in april, we thought this would escalate and it has happened. from the sound of it, retaliation is going to be coming through. the impact in growth may not be that significant. it looks like they are trying to do politically rich -- strategic retaliation, so focusing on areas that hit u.s. politics

ce --d correspondents correspondence with caroline kennedy. we worked with the architect who designed the kennedy from you in boston. that was a good connection as well. attendedhe kennedys the ribbon-cutting for the event. caroline sent a very gracious letter that was read that morning. i had the privilege of reading that letter. we were very proud to know that we had touched her and his family recognize what we were trying to accomplish in fort worth. that's a phrase we founded during the development process during the storyline creation process. die, nations may rise and fall, but an idea lives on." that quote resonated with us. it seems like that was what we are trying to say. it was less of a story of a visit, it is about the power of ideas and how ideas can live with a mind of their own. if they are good ideas, they will never die. highlight that idea, that quote and put it center on the sculpture. writ large indea granite on ft. worth main street would be an obvious tribute to the president and his ideas. -- ideas, and his inspiration t

caroline, tell us more about the reaction in europe. caroline: one of depression, really.any speaking out. the head of the eu commission was on stage giving a speech when he learned of this particular news. he said it is a bad day for trade. notably coming he is also saying this is unacceptable. there is anger from the eu. the u.k. has been speaking out saying how disappointed they are by this action. it is the eu that is taking the biggest steps in terms of retaliation. we will get tit-for-tat. they will bring in their own tariffs aimed at strategic provisions coming from the u.s. particular exports that are born. we're looking at harley davidson. almost laughable. they are aimed at some of the key constituencies of the u.s. that are up for reelection. they are trying to be strategic about the exports they are targeting. notably, this is one of anger, hurt, and retaliation coming from the eu. emily: take a listen to what wilbur ross and what he had to say about this decision earlier today. >> concessions that were perfectly appropriate for the u.s. to make to europe, to a

caroline: does this undermine the business model going forward?aybe this is a takeaway of good news. >> i think for uber, having to pay for things like insurance, is a lottion pay, it less expensive than it would be to pull out of london. london is the biggest market in europe. one of the biggest worldwide. for uber, it is a no-brainer. it needs to do what it needs to do to stay here. if it means implementing vacation pay, i have no doubt they will have to do that. some people say it is over and the black cabs, but they serve quite a different audience. uber probably needs to sort out the legal battles first, but it also needs some competition. caroline: 73 for now. -- so victory for now. look out for his articles on bloomberg. emily. emily: thank you so much. on tomorrow's show i will be talking about uber's court ruling in london with 20 west, the chief legal officer at uber. investors holding about $3 billion worth of this. and making moves to remove mark zuckerberg as chairman. we will hear from the investor leading the charge. this is bloombe