between working at a chinese tech company and google? there is a lot in between the lines in the culture. you have to be sensitive with what you say and who you say it in front of. xiaomi is a interesting mix of silicon valley work as hard as possible culture with more traditional chinese culture. emily: what makes xiaomi unique from samsung and apple? hugo: it is really interesting hybrid of things that you would see at apple, an absolute love for design and the culture of perfectionism. this is coming straight from our ceo. emily: is it a phone company, an electronic company, a software company? hugo: it is none of those. emily: is it an internet of things company? hugo: it is an internet company. that is the best way to describe xiaomi. we interact with our customers and users, or as we prefer to call them, our fans through the internet, through social media. we sell our products direct. we are the third largest e-commerce site in china. and the largest pure play by miles. we design products, taking a lot of input from the community.

also, the chinese tech giant baidu (bye-do) has announced it successfully tested a driverless car on roads in beijing. baidu is like china's google, and the company used a modified bmw 3 series for its self-driving test, and it was able to navigate a variety of complex road "that's it for this tech news update, and at cnet.com. from our studios in new bridget carey. ****""" 3 3 there's new 3 video this morning of an encounter between donald trump and an angry eagle.we'll show you why the bird doesn't pick sides.it's (time) this morning. thanks for watching siouxland news at sunrise. 3 good morning, 3 (33) outside at (time)... as ag and turf) camera. 3 eagle versus donald trump... it's the video that's gone viral.but why would america's national symbol try to bite a presidential candidate and muss his hair?cnn's jeanne (genie) moos (mows) found out. 3 --reporter pkg-as follows-- donald trump 3 is great at winging it. but now he's become prey for comedians thanks to an eagle. (jimmy kimmel/abc) "he's agitated cause his dead brother's on donald's head. watch. ohhhh!"the video is from a

trade in chinese stocks rose. tech companies leading the gains. estorsven tracking the benchmarks, which added 14 chinese adrs. emily: what is the broader impact to chinese stocks? zeb: a very select group, but some of the biggest software names in china. alibaba sing a nice jump. -- seeing a nice jump. j.d..com as well. --jd.com as well. emily: thank you so much. emily: the man who runs the online photo company shutterfly is taking himself out of the picture. he will be stepping down as co and president next february after the company reported quarterly results. he took over in 2005 and the company went public in 2006. shares of shutterfly have gained over 200% and he is with me in the studio in an exclusive interview. heartfelt very resignation letter. why did you resign? jeff: i was the fourth ceo in four years and it was a turnaround situation. we will either go bankrupt, gets sold, or create a billion-dollar company. year is 1.4 for the billion. it has been 11 years and i have been running 70 hours a week. the company is poised for the next le

this type of legislation means that this would allow the chinese government to have backdoors into technies. whether or not that is the case is obviously for the state to parse over. if tech companies hand over their encryption keys they can read your e-mails like a novel. cory: i'm not sure i want them reading my e-mails. angie: they are having increasing issues with terrorism within china. cory: thank you angie. ♪ cory: despite the slowdown in china's economy companies is have plenty of room to grow. i spoke with michael moore it's about the future of china's tech scene. moritz: i don't think anything has changed in china. the underlying consumer demand remains very strong. we have built our own business there over the course of the last 13 or 14 years. a very robust business. some wonderful people. it is no accident that seven of the 20 most valuable internet companies today are chinese. over the next 20 years there is going to be far more business the technology companies that get started in china and get started in the united states been there has been over the last 20 years. morit

listed chinese equities in a tech space performing -- it is quite extraordinary. index overall has done quite well, almost 17% year to date. but i want to take you through some of the biggest gainers. these are the three out of the top five in the u.s. this is china's largest e-mail service provider. they also do online gaming, a sort of chinese world of warcraft. they are up 80%. you'd be happy if you got in early with that one. ma's up by almost 10% as well. this is coming off that stock rout we saw over the summer. the tech names have driven that rebound up. this is on the back of some really stellar earnings. 2/3 of the 54 companies in that index have reported earnings beat. tech. that, 3/4 are we know where that strength is, is we know that this is a good signal that while foreign investors were burned by the stock market selloff, they are starting to look into individual names in china, individual sectors, realizing that the chinese growth story is not one size fits all. they see the growth in tech and consumer names in particular. angie: this is also not on

chinese company. what does it take for u.s. tech companies to succeed in china?ir michael: we try not to make the mistakes that others have made. andneed to go there understand that the market is different there. you definitely don't staff your company in china with people from america or europe. you need to understand that there is a very different work ethic in china. people just happen to work a lot harder so it's a whole new level of competition. sequoia is very successful but you have no women partners. when you think your responsibility is? sir michael: we think about a lot. i like to think that we are lind to somebody's sex, religion, background. we probably have more different nationalities working at sequoia . it is a very cosmopolitan place. we have embraced china, we have embraced india we have operated in israel for a long time. aren'tl question is why there more women? we have many more women working in our china business then in our u.s. business. why is that the case? the issue begins in the high schools. america tend to elect not to study the scie

tech ipos. why? crazy year last year in china. one of the results is that the chinesef.ff -- spe been openedas since and all of these tech startups who had been looking forward to an ipo look like they could launch in 2016. there is a reason they go to china, and that is valuation. are still getting better valuation in china if you are a startup or an investor. if you have to list your stock next year, you are probably better off doing it in china. the u.s. tends to be a little more picky, especially when it comes to corporate governance. china looks like the place a lot of companies will go next year to get going and get ipos. you also predict that indonesia will give birth to its first unicorn, which is a company valued at more than $1 billion. which unicorn are we talking about? tim: there is a company in the e-commerce space that is the most talked about, but it depends on which one gets the first round of funding. the first one to rise through the ranks could get the crown. to be in the e-commerce space. there are about half a dozen unicorns in southeast asia, mos

tech. the global vice president of chinese electronics giant xiaomi. he is the international face of xiaomi which is called china's apple. and whether he's concerned about the smartphone market and saturation. we could be seeing slow down. no matter how fast the markets change, at t. rowe price, our disciplined investment approach remains. we ask questions here. look for risks there. and search for opportunity everywhere. global markets may be uncertain. but you can feel confident in our investment experience... ... around the world. call a t. rowe price investment specialist, or your advisor... ...and see how we can help you find global opportunity. t. rowe price. invest with confidence. is a really big deal.u with aches, fever and chills... there's no such thing as a little flu. so why treat it like it's a little cold? there's something that works differently than over-the-counter remedies. attack the flu virus at its source with prescription tamiflu. and call your doctor right away. tamiflu is fda approved to treat the flu in people 2 weeks and olde

foreign tech companies may now have his to share sensitive information where the government. chineseofficials say the law is necessary to fight terrorism especially in the northwest profit singles. >>> let's look at significant stories through this year. one year, five families, this from nepal. april 25, an earthquake struck, it was huge, measuring 7.8 and significantly was close to the earth's surface, just 15 kilometers underground. 9,000 people were killed and more than half a million homes crumbled. the damage spread across roughy one quarter of the country. aftershocks hit nepal every 15-20 minutes. three weeks later, a magnitude 7.3 quake killed another 102 people. in june, we met a woman and her son two months after the devastating quake. she lost her husband and younger son in the disaster. their home turned to rubble. our correspondents return to visit the family and see how they're managing. >> finally starting to clear the stones which used to form her home, when they. a's quake shook her house, her 2-year-old son and husband were buried in the rubble. this is what she ha

chinese ceo. sir michael: and linkedin as well. emily: linkedin as well. what does it take for u.s. tech companies to succeed in china?ichael: we try not to make the mistakes that we watched others make. so the first thing that you need to do is go there and admit you know nothing. you need to understand the market is different, and you definitely don't staff your company in china with people from america or europe. you also need to understand that there is a very different work ethic in china. people just happen to work a lot harder. so it's a whole new level of competition. emily: sequoia is very successful, but you have no women partners. what do you think your responsibility is there? sir michael: we think about it a lot. i like to think, and genuinely believe, that we are blind to somebody's sex, to their religion, to their background. we probably have more different nationalities working at sequoia than pretty much -- it's a very cosmopolitan setting. the fact that we have embraced china, we have embraced india, we have operated in israel for a long time, i think shows that. the real question i think that you mi

tech gift you're not sure about. >> dancing, the show using moves to celebrate chinese art is coming to philadelphia. >> children inebrated by the salvation army of philadelphia. katherine scott will be along with that story. >> sky6 live hd taking a live look, it's hard to say what it is, i believe it's penns landing. all the fog out there, take your time as you head out. chris sowers will be back to telts when the fog -- tell us when the fog will lift. >> breaking news out of mount laurel, new jersey, fire crews on the scene of this fire in mount laurel the 100 block of cantabury road. this was a vacant home that had an issue with squatters. there's a gas leak here, crews are shutting off the gas. this fire broke out at 5:30 a.m. you can see smoke and flames right there. fire crews on the scene. mount laurel, new jersey. breaking news, the action cam is live we'll continue to follow the breaking news story for you. >> sky6 live hd taking live look for us right now at all the fog out there, you can see the lights on the cars. that's the temple camera i think it is trying to look into center city. you can't see har

siberiata, encrypted data, photos and names all released from 11.6 million v-tech accounts including some here in the u.s. the chinese toy company specializes in electronic learning tools for children including tablets and apps. >>> health advocates say california is discriminating against low income latino patients. they filed a complaint yesterday with federal health and human services. the complaint says reimbursement rates from medi- cal are so low that doctors refuse to see patients nearly two-thirds of whom are latino. it says the state is not meeting its responsibility to provide equal access to healthcare. >>> "covered california" has extended its deadline to 8 p.m. tomorrow for people to enroll for health insurance. the deadline for coverage that would start january 1, open enrollment is available through january 31 for coverage that begins on february or march to be done online or in person at an enrollment location. >>> all right. gianna has a traffic alert. >> that's right. we have a lane completely shut down for a big rig accident as you work your way through albany this morning. eastbound 80 connector t

deal for yahoo to also sell massive stake in chinese e commerce giant alley bob back to alibaba itself. americans didn't just scene up the hottest toys and tech gifts on black friday but they went shopping for guns. this black friday was the the biggest ever for gun sales. fbi says more than 185,000 americans underwent background checks, required before a customer can buy a firearm that is 5 percent more than last year. >>> another high end new york city restaurant is saying no, to tipping. starting in january, 11 madison park will raise prices and ban tipping in order to pay staff higher wages. earlier this year new york restaurants owner danny myers said he would get rid of the tipping at his restaurants at 11 madison park though lunch and dinner will cost you $295, service included. >> nicole. >> well, that is still a pretty penny but i am wondering what the the waiters and waitresses have to say about that. >> reporter: again, i'm wondering if this is in five years what all restaurant will be doing. the it will be interesting to go see how this much contactes on. >> it seems to be trending at this point, jill thanks, we appreciate it. >>>

qualcomm is another top performer in the tech sector after the company said it 4g patent3g and agreement with two chinese companies. lots of positive news flow here on a stock that is down more said30%, but merrill lynch last week it was a top pick for 2016. david: thank you. coming up in the next half hour, the world richest people got a whole lot poorer this year, losing $19 billion in 2015. then the debate over gun control. how the obama administration is requiring more gun sellers to perform background checks. and surprise, your cable bill is going up again. why, and by how much. ♪ welcome back to bloomberg markets. it is time for the bloomberg business flash, a look at the biggest stories in the news right now. seneca capital is returning money to clients after 20 years. longer ablee is no to make the commitment and sacrifice is required to run outside capital. the hedge fund was established in 1996 and has about $5 million. to thes is objecting delisting of their shares. they failed to file quarterly reports. the hearing is scheduled for february. two jpmorgan bankers are accused of stealing from t

webal frenzy among chinese operators and the rise of asian unicorns, 2015 has been quite a ride. ts ask our techt supposed 6 was to be a foldable phone, but samsung may come out with one that will do that. has is technology samsung in working on for a while. galaxy same out with a nds edge, a screen that wi down, that's cool but gimmicky. looking tortainly add more flavor and punch to the smart phone market. do develop a lot of their own technologies themselves, one of our predictions for 2016 as they may start considering bringing this foldable technology to market. the idea would be that you would start with something that looks like a tablet, about 8-10 inches in size, and use of the roll it up like you would a newspaper and put it in your pocket. that is one of the things we expect. yvonne: sounds pretty cool. one of the things you also mentioned was a virtual reality. we did test one of these out. is that going to be a new trend as well? >> htc hopes so. a lot of companies as well hope so. we know that facebook has oculus. sony is in the game a lot of companies will be looking to push their

chinese entrepreneurs are taking a page from the communists playbook. they are clamoring into co-living spaces. a techorters with us to talk about this phenomenon. explain to me how the sharing economy is doing in china. >> if you look at it, china or has a -- 90 people are more accepting of the concept compared to the u.s.. many of them lived in communes when they were growing up at some point in their lives if you look at china, the west and east are very different. especially the larger cities, beijing and shanghai, property prices are on that sheet. as china's economy slows people try to do all kinds of things to try to adjust to that and that's where a lot of the sharing takes place. emily: it sounds like a modern-day commune. how does it compare to the united states, where we do have communes? we don't put them in the sharing economy bucket. lulu: the difference between the old day communes coliving places these days is that people are living in these places voluntarily. they can actually separate their ownership and access rights. even though they look the same, there's a different fundamental

david faber first reported that the tech company may not move forward with its long-planned spinoff of its multibillion dollar stake in alibaba, the giant chinese internet company. it will examine a deal involving yahoo!'s core internet business. an official announcement of the change could come as soon as tomorrow. shares of yahoo! moved higher initially after the report. the moves raise a host of questions, they come to mind. john ford is here to answer them. welcome. why did the board step in here and make this change in a long hailed strategic plan. >> it comes down to taxes. there was an can agtivist infester starboard pushing them at first to spin off alibaba because it's worth so much. then when the u.s. government wouldn't say yes, we'll let you do this without getting taxed they said wait a minute, more and more it's looking too risky if we have to pay a tax bill selling that off. instead, why don't you sell the core business. yahoo! has not yet made it clear it's going to sell yahoo! the core business. but that's what a lot of investors think could be the end game here. >> what does this mean for the ceo? this had been rumored, planne

chinese companies are throwing money at south korea at a record pace. president xi jinping dream to make the economy more techr dependent. let's bring in stocks editor richard frost. why korea? reporter: one very simple thing is the proximity to china, and similarity of culture. 20 yearsea is maybe down the path of what china is trying to achieve, moving away from factories in other things come into a much more high value added industry like technology, consumer led growth. leapfrog into that, one way to do that is to buy into korean companies that already have that technological know-how, and use that as a shortcut to try to raise themselves up. yvonne: as the president called it, a creative economy. what types of companies are being targeted by china right now? reporter: one of the major ones there are about $119 billion worth of investment. anost half of that was insurance company. also there is because medics companies, technology companies -- cosmetics companies, technology companies. in general the shift is they are looking towards games, and those types of companies. if you look at korea, bloomberg did

chinese companies are right up there, especially u.s. corporations. the study reveals more than half the most valuable publicly traded companies are from the united states, especially high-techirms with digital know-how or among the world leaders. apple is first place, followed by google's parent company and microsoft. together they are worth $1.5 trillion in market capitalization, making them more valuable than the 30 largest dax listed companies, worth just over one trillion. some other big german names did not make it onto the list. >> with their domination of digital technology, u.s. corporations, primarily tech companies, top the global business rankings. all 10 of the world's most viable firms come from the united states. u.s. firms are also predominate in i.t. they also lead in financial and pharmaceutical sectors. in europe, the top players tend to be in traditional energies. for example, nestlÉ and dutch oil giant shell ranked among the top 50. german companies only mated to the bottom third of the global ranking. this year's most viable german corporation was a pharmaceutical company. it made it to 66 place with the market value of about 105 billion euros. german c

. >> reporter: the tech giant here decided to transfer its core internet business to a separate company and put the focus on its most lucrative asset, the chineseompany alibaba. this is the latest move to try and turn things around at the company. the tech giant has abandoned its plan to sell off its $31 billion stake in alibaba and instead spin off its core business, including search technology, advertising, yahoo sports and its blog among other things. this is known as a reverse spinoff. there was growing concern that selling off alibaba would leave shareholders footing a huge tax bill. one analyst i spoke with this morning believes this is a solid strategy. >> you end up with a start-up with a lot of money. so the component of the company that owns the alibaba stake is basically a holding company for that stake. so they have a lot of money they could use to buy out or develop something else. >> reporter: and the split would create two different companies and shareholders would end up in stock with both of those companies. shareholders here still need to approve the deal and it could take more than a year to finalize everything. >> thank you.

tech and joseph lamb was a 15 year veteran of the department. the team girl who was slashed in a random attack in queens has broken her silence, the chinese exchange student says the wound is still very painful and she doesn't want this to happen to anyone else. a hiker miraculously survived after a terrifying fall from a cliff ledge rescuers found him clinging to a tree above the hudson river. liz: i am liz dahlem involved and and juliet. kerry: i am getting readyjuliet. kerry: i am getting ready for the christmas holiday. might have to put some short-run, deliveries. 70 degrees i am hearing. >> meteorologist: going to see some 70 degrees. didn't reveal nice and mild out there? 56 is the number right now in central park, hard to believe christmas is coming of this week, 33 and islip, 56 for a long talk, bridgeport at 51, 40s to the northwest in poughkeepsie and sussex, monticello 39, everyone seeing readings well above average for this time of year, tend to almost 20 degrees above where we were at this time a look at sky guardian radar shows we are relatively dry in the city but we have some rain activity around the periphery towards the hudson v

tech that is taking off as we head into 2016, drones. in the u.s., drones has skyrocketed. capitalizing on that demand is a chinese company called dji.d chin takes a look at the challenges the company faces staying on top. >> in the last five years, dji and others have made personal drones more affordable and easier to fly. their proven ability to take pictures sees the world hungry for photos. it makes it simple to capture images like this. being g one of the first, dji has endured the lion's share of sales. it had revenues of $130 million in 2015 and is aiming for $1 billion this year. there is room for growth. the market is forecast to more than triple to $5 billion by 2017. analysts say dji needs to move deeper into industrial products to stay ahead. >> if people have a drone, are they going to need one next year or the year after? it needs to push into new marketplaces as soon as possible. the type of growth they have had, sales tripling each year, that will be very difficult to do with a number of high quality platforms coming out. >> we did start in the flying area. if you have stabilization, flight control systems, it is some

chinese firms. the stock is helping lift the s&p 500 tech sector high cher by the way is the best performing sector in today's trade. brian? >> all right. the deadly winter weather that dumped snow on much of the southwest now threatening the northeast. here's the weather channel's chris warren with more. >> looking at a few travel issues today. overall, things will be improving in the coming days for most areas. let's start off right now with a look at what we're going to see the issues. it's going to be mainly the northern locations in the northeast. of course, low clouds and rain can and have brought some travel delays through the air. through some of the big airports in the northeast. otherwise, it's going to be some of the higher elevations, colder spots where there's going to be snow. but in the coming days, we are going to be watching for some rain. but snow is the story here in the northeast. several inches again. mainly to the north, mainly out of some of the biggest cities. as you look at tomorrow at the rain, now we're seeing the rain in the mid-atlantic all the way to the south. watch o

tech world. the telegraph uses machinery that is about as sophisticated as it will ever become. a museum charts the progress of the service, including the code books that gave the thousands of chineseindividual numbers so they could be transmitted. a service that peaked at 44 million telegrams per year in 1988, has been in steep decline ever since. >> translator: traditionally, people would still use telegrams for congratulations or for condolences, but even those uses are now dropping off. >> reporter: hardly surprising in a country that now has hundreds of millions of users signed up to one of the many messaging apps available on their smartphones. the message to say the telegram is on its way has gone in a couple of moments, the telegram itself will take a week. with such a relatively long wait in the age of the smartphone it will probably take more than nostalgia to save the tall gram. >>> christmas is being enjoyed around the world in different ways. thousands were at sydney's beech for a swim. the warm weather meant the traditional christmas barbecue was banned in some parts of the country because of the dangers of bush fires. plenty more on our website, details of the indian

chinese researchers are putting a new spin on a driverless car with mind criminal vehicle allows the drivers to take complete come without using their hands or feet. >> there are no plans to put the high-techutomobile into production. production. >> those the tech bytes ok, wehere's dad. mom. the twins. aunt alice... you didn't tell me aunt alice was coming. of course. don't forget grandpa. can the test drive be over now? maybe just head back to the dealership? don't you want to meet my family? yep, totally. it's practically yours, but we still need your signature. the volkswagen sign then drive event. zero due at signing, zero down, zero deposit, and zero first months payment on a new jetta and other select models. with so many different types of it's important for your wipes to kill a broad spectrum of germs. and lysol wipes kill 99.9% of germs, including 8 different cold and flu viruses. to help protect... lysol that. why let someone else have all the fun? the sometimes haphazard, never boring fun. the why can't it smell like this all the time fun. the learning the virtue of sharing fun. why let someone else have all the fun? that's no fun. unleash the power of dough. give it a pop. >>>

what chinese manufacturers have to do is to create a strong global brand and that is what oneplus is trying to do. emily: thank you so much for that update. one stock we are watching, apple, the technt slipped 2%. confirmed a nonchalant remark made by les moonves. this is a plan to sell a package of 14 or so channels for 30 to $40 a month. studio is here in the a sim cofounder. founder. what do you think is really happening? sure.cannot really be the fact is it has always been a tough fit. apple is a devices company and the software company and a services company. only to the united states, which is not the biggest market anymore. they would have to do deals, not just with individuals license holders, but on the global scale. it has never been that apple has launched products locally that much. you can see the struggle they have been through trying to get these deals done. emily: apple tv is the new thing. just went on sale. is this a blow to the apple tv set-top box service? >> in some ways, it is. that is the one product they of contenteeds a lot for it. they are moving it into the app donating. that is one thing this new device has. it is serving up things like games, shopping

chinese smartphone maker yesterday. we have a lot of positive news and upward flow. last week merrill lynch did highlight qualcomm as a top pick for 2016. betty: thank you. movers the techighted for us. still to come, trend movers to watch for. will the unicorn go bust? will the old movers make those game changing deals? our preview is next. ♪ betty: welcome back to bloomberg markets. it is time for the bloomberg business flash. a look at the business stories in the news right now. money to clients after almost 20 years in the business. the capital will be returned by today. the ceo says he is not able to make the commitment and sacrifices required to run the capital. appealing the nasdaq's decision to delist its shares. was the ceo until he was fired for security fraud. a hearing is scheduled for february. consumer confidence rebounded this month. the confidence board index up in december 2 96.5, well above the median forecast of economists surveyed by bloomberg rate a strong job market and cheap gas have boosted highside finances -- household finances. that put americans in the move to shop during the holiday season. that is your bloomberg business flash. 2015 is endi

will urge high-tech and law enforcement leaders to make it harder for terrorist to use technology to escape from justice. >>> we haven't heard what yahoo!'s plans for itself ownership in chinese firm alibaba. there's talking maybe ya shoo would keep it and sail off yahoo! instead. if yahoo! is going with its original plan, then ceo marissa meyer needs to tell us this week how that's going to go. if she doesn't tell us this, then there's a bet that the idea of selling off yahoo! is on the table. >>> this is a picture from a high school play called "five women wearing the same dress" in albany, georgia. it open last wednesday and nobody showed up. well almost nobody. there were two adults there. word got out on social media, and by saturday night it sold out. standing room only. now i know you've heard this kind of story before. so why am i telling you such a story? plot twist. the high school has asked people to stop using the name of the high school on social media but hasn't explained why. the drama teacher didn't have performance license for the play and doesn't want anybody to know they actually put it oun. >> now it's out there. >> everybody knows about it now. >> exposur

chinese state television. good morning, tracey. reporter: good morning, ladies. happy new year to you both. we just finished our last trading day of 2015. the nikkei composite lost about 1%. all led by techt for a volatile year actually ended 2015 up about 9.4%. predicting a strong year in 2016 as well. today trading volumes between the shanghai exchanges with less than 700 billion. in hong kong in hong kong they only had half the trading day. the hang seng finished the new year in the green up two tenths of 1%. they're like its counterparts actually ended 2015 down about 7% in the south korean japanese markets were closed for the new year celebration and trading will resume january 4th. back to you. cheryl: thank you, tracey. so you had to issue while at the store and you hear your smartphone buzz with a deal just for you. we will tell you about beacon technology. while the crystal ball instructed in times square, another tradition under way in north carolina. we will tell you about the great possum drop. that is right. you are watching "fbn:am," your first morning markets and breaking news. ♪ >> three, two, one, happy new year. cheryl: thallus plasters possum drop in north carolina whi

tech is up. stay with us. "bloomberg surveillance." ♪ tom: good morning, everyone. "bloomberg surveillance." a quick forex report. chinese devaluation appreciation -- give -- devaluation, appreciation, then devaluation. earlier,on mentioned the south african rand is simply on the edge of what steve hankey at johns hopkins talks about with substantial depreciation. we go to "bloomberg ." david westin, what do you have? david: we have ceo day. we have the hay -- the ceo of discovery, hasbro, all to talk about their business is it we have the dean of the harvard business school with us. stephanie ruhle goes one-on-one on the basketball court with dwyane wade of the miami heat. that is it. tom: very good. david westin, thank you so much. this is a treat after what we angloernight after american and rio tinto overnight. brian angerame is with us. barry eichengreen was kind enough to come in early. and lakshman achuthan is driving the ship here. barry eichengreen's little book -- and i mean that with all good privilege" istant a statement that america need not worry about china. but when you look at the exorbitant privileg

chinese steel may be increased by the u.s. department of commerce. that may be helping steel stocks. it's not helping u.s. steel. allegheny tech natural on the upside. we're getting the rally we would expect this time of year in the material and commodity names. as for the year of 2015, some interesting statistics from rich capetto. we had fairly good volume this year in the stock market. 7 billion shares. that's everything. nyse, nasdaq, 7 billion shares is that a little? a lot? 9% higher than last year. the highest since 2011. we have seen declining volume for a long time. this is one of those years where it went up nicely. a lot of volatility in july and august helped. speaking of volatility. the average volatility for the vix, 16.7. elevated more in the last few days. back down where the average has been. that's up 18% year over year. more volume and more volatility this year has been the main story. as for 2016, a lot of the themes that were factors in volatility in 2016 seem to be continuing to be issues. we have uncertainty around the timing and pace of the fed rate hikes. the china stimulus is a big issue. that's a big

tech stocks overseas, pretty stiff decline to close the board. from 3 quarters of 1% to 1%, dax index down, in asia overnight, chinese exports down for the fifth month lot of economic data out of china. in today's session qualcomm, stock is down 1% is needed imposes will antitrust charges, if the charges are confirmed, qualcomm faces a fine of 10%, 10% of its annual revenue. stock opened down this morning, crude-oil futures at a low level in seven years, phil flynn is that the cme with a latest than your take on oil's wild move, a real negative sentiment in the market. >> there really is. up peck became unhinged, they are not even making a pretense that they are going to restrain production, every producer for themselves and that went into negative settlement. in reality it doesn't mean much more oil but it is below sentiment. the impact, china's economic data is very weak, but the oil demand is up dramatically, 450,000 barrels, up 470,000 barrels from a year ago so they are still betting on that and the good thing about this is gasoline prices, aaa says gasoline prices could fall below $2 a gallon national average for the first time since 2009. tha