government to negotiate a deal all this under the scrutiny of syfy a switch is the committee on foreign investments in the united states it's in charge of making sure such deals do not threaten the national security of the u.s. really briefly conrad how much is this about the talk and how much is this about the u.s. and china well this is of course are all due to the efforts of the u.s. government to play tough with china and it's likely that talk is not going to remain the only company more companies are going to be targeted contribution in frankfurt. h.s.b.c. says pretax profits plummeted 65 percent in the 1st half year on year the head of europe's biggest bank blames both the coronavirus and spiraling tensions between china and the us a lot of bass land and does most of its business in asia with china and hong kong driving growth. chinese factory activity is up manufacturing in july how many along quite nicely at its fastest pace in nearly a decade a private business survey shows the growth came on the back of domestic demand and is the spike we get for 4 years and then plummet the stronger than

law that the committee on foreign investment, the committee i sent on many years ago, does have the jurisdictiono retroactively isract a transaction, if it found to harm the u.s. national security. so this will continue to be a prominent factor in u.s.-china relations, but i think the one tangible thing that will resonate i think to donald trump's base, is whether or not he can continue to sell agricultural goods to china. that is under the please on -- phase one agreement. so i think that could play to his base, but more importantly he needs to show he can put numbers on the board in conducting transactions that reduces the bilateral trade deficit with china, which i think is the way that he sees the world, in a bilateral lens. and the more he can say that he is responsible for something, more u.s. business with china, he comes out in his view as a winner. i i think that is easier said than done. vonnie: is it fair to say that china really has cap -- kept its promises and is there any reason to think that china would do anything outside of the lines, as long as we keep talking? has china done a

committee on foreign investment began its probe into tik tok lest you. microsoft is currently in talks to acquire tik tok the deal could release pressure from the u.s. peak >> apple shares hit new all- time highs today past the $400 mark. it is now the most viable company in the world. big tech helped all three major stock industries rally today. the dow closing up about 150 points. the nasdaq up more than 157. the s and p gaining almost 25. >> one marine is dead and eight are missing after a training accident in southern california. 15 marines were traveling on an assault vehicle but took on water and sink yesterday. they traveled from the shores of san clemente island toward a navy ship. search and rescue missions are underway right now to find the seven marines and one sailor who are still missing. among the marines rescued, to are in critical condition. authority say three u.s. navy helicopters and several small boats were being aided by u.s. coast guard ship and a helicopter from the coast guard sector of san diego search. >> i have directed an imme

sale,ktok or arrange a that microsoft would purchase tiktok with the blessing of the committee on foreign investmentn the united states. what do you think about this? you have spoken a lot about the importance of cybersecurity and artificial intelligence. when it comes to these social media apps, do you share the president's concern that tiktok is a national security concern. is focusing on social media the right move? rep. hurd: sure. i would start with the grider -- the broader concern, the lack of reciprocity between the united states and china. if a chinese company or business -- excuse me, let me step back. if a u.s. company or business can't do something in china, then why is that chinese company or business being allowed to operate here. there is no question that tiktok is owned by chinese company. whether the broader national security ramifications -- what are the broader national security ramifications of a social media platforms? important conversation to have around artificial intelligence, because it is data. it is the ability to have volumes and volumes of data, where you can connect fa

tiktok or arrange for sale that microsoft would purchase tiktok with the blessing of the committee on foreign investment in the united states. what do you think about this? you have spoken a lot about the importance of cybersecurity and artificial intelligence. but when it comes to the social media apps do you share the president's concern that tiktok is national security concern? is focusing on social media right place for this concern? i'm very curious as to what you think. >> guest: sure. so i start with the broader concern is the lack of reciprocity which is between the united states and china. if a chinese company or business -- excuse me, let me step back. if the u.s. company or business can't do something in china, then why is that chinese company or business being allowed to operate here? there's the question that tiktok is owned by a chinese company but what are the broader ramifications? most people think of national security they are like someone would be cracking in to the dod or nsa, but this is an important conversation around artificial intelligence because it's dated. it's the ability to

. >> i did chair the committee on foreign investment on the united states i've said publicly that it'snder review i will say publicly that the entire committee agrees that tiktok cannot stay in the current format at risk sending back information on 100 million americans. >> now meanwhile we know that the parent company they proposed over the weekend exiting tiktok completely microsoft under this proposal would take over tiktok in the united states and continue to own the chinese entity as well as other entities around the world. a number of republican senators embraced this idea a purchase by u.s. company is a win-win. the company, microsoft did confirm the conversation between satya nadella and president trump over the weekend on the phone. among other methods microsoft will make sure that all private data is transferred to and remains in the united states that is the concern here from the u.s. government perspective. this is interesting to me now. microsoft already owns the social media platform in linked in more professional oriented it gets into full blown social media. what does t

not envy the founder of bite dance unless you address the security concerns that the committee on foreign investments., who is taking a look at tiktok unless you address those i don't see another option in the countries that i mentioned for tiktok to move forward 9/11 an independent spinoff. don't think the chinese will take this lightly and they're not going to look for ways to retaliate or prevent new pressure from letting it go to microsoft. he is calling a tough spot he has investors chinese and u.s. government, and all of the fans that use this app. we can't under estimate just how popular this app is with kids who don't know anything about any of this stuff, they enjoy using this app >> against this backdrop you have zoom that said they're haulting their sale of paying products to customers in china what signal does all of this in the community send to potential startups who are looking to expand to china one day, or upstarts in china that want want to expand globally >> very good question. i think the simplest message here is that if you're in a technology space in an innovation space, if you

this basically uses the authority granted to the committee on foreign investment, which reviews differentcquisitions of american businesses by overseas investors. it provides a stronger legal case. emily: so what are the latest on the negotiations with microsoft? are they the only bidder or have others tried to get into the game? shelly: what is fascinating is that deal talks try to be secret, or at least the company is trying not to get reporters to talk about it. microsoft came out very publicly saying we are interested in buying this. reported, we have about twitter also looking into it. twitter is a much smaller company. they would certainly need financing to back them up. and, there are other companies that have been talking about or at least interested in looking into it. companies like amazon, google, facebook, they have enough of the antitrust issues to worry about. bloomberg's shelly banjo, thank you so much for that update. coming up, finding the unicorns of tomorrow. where he is planning to put a new huge fund. what companies are standing out. this is bloomberg. ♪ experience th

what the process is that the committee on foreign investment in the united states would run an investigationalready begun that. there are other investigations into the national security concerns surrounding tiktok. it process of the government agency, the biggest fee they would get would be the filing 3 and that's $300,000 and the other fee is the taxes and microsoft said we are happy to give the proper amount of money to the u.s. ones this deal is done.ce this deal is done. it would be on taxes. >> neil: let me get your sense on where things stand with this, charlie. >> from what i understand the next couple of days we will probably get a statement. i keep saying that -- tomorrow, tomorrow, tomorrow. we wait for the official word. whether trump does a blanket order. there are two or three ways to go about this with a total ban or middle ground or a ruling that would divest the u.s. portion of tiktok. there is an arm of the treasury department that will lock down the technology. this is not a done deal. there is a lot of questions here whether microsoft should buy the whole thing of tiktok.

roger: i will not speak to the but wecs of the deal, have in the united states the committee on foreign investmentunited states, or any time the foreign direct investment in the united states, where there is a secured -- where there is a concern about national security, it has been mostly focused on china, they have frameworks and the authority to make sure those businesses the united states does not want to get in the hands of china, they can create that separation. the law is in place, the policy is in place to realize that. it has habit a lot of the semiconductors space. the answer to your question is yes. normally they like it when a u.s. company can essentially be that kind of balance between the parent company come in this case the chinese entity, the u.s. company for the subsidiary to make sure the foreign ownership and influence is mitigated. we will see if it happens to microsoft, and respect to the headline you just mentioned i am sure it is in play. if they cannot get a deal done, the united states can place a full on bar. guy: fascinating. higher, trading 2170 on the south china mornin

the interesting thing is that the sale process is based on a decision by a committee on foreign investmentthe u.s. and that is a much trickier thing to try to overcome in the courts. insightsna davis with on this ongoing legal issue against executive order on tiktok. she is our executive editor for legal. before the republican national convention kicks off today with donald trump officially getting nominated for a second term, we will have the latest. this is bloomberg. ♪ haidi: president trump marked his official nomination for a second term by attacking his opponent as well as mail-in voting. he went on to thank the party for support. let's get a preview for the republican national convention with bloomberg contributor and political science professor. great to have you with us again. in terms of setting the tone, we are getting four nights of president trump. unsubstantiated accusations were made in his first speech. of the unusual aspects of today is that you heard from the nominee. we usually don't hear from the nominee until the last night of the convention. but president trump will b

then there was a second ruling, a 90-day ruling from cfius, that's the treasury committee on foreign investments not sure which one takes precedent. i would think the president's order does so it's the shorter time frame. but if you really see serious talks with oracle, then you know that microsoft is getting cold feet on this thing. i do not have that they are in serious talks just yet. another theory out there is that general atlantic and sequoia want to stay as investors in whatever deal and they might have a better shot at staying in as investors with oracle than microsoft, which could do the whole thing itself. you know, it's just big enough. it doesn't need anybody else. cheryl: and remember twitter was at one point interested in tiktok. there's a lot of names floating around. but you're right -- charlie: lot of names. twitter does not have the balance sheet. they would have to borrow from everybody. twitter buying tiktok is almost like a-rod buying the mets. you need to get a lot of people. cheryl: lot of friends. that's true. charlie gasparino, great reporting. the tiktok saga continues.

i chair the committee on foreign investments. i have said publicly that it's under review. i will say publicly that the entire committee agrees that tiktok cannot stay in the cuformat, because it risks sending back information on 100 million americans. i have spoken to senators cotton and rubio and the speaker and senator schumer, we all agree twl has to be a chance. the president can either force a sale or block the app. i'm not going to comment on my specific decision kuss with the president everybody agrees it can't exist as it does. >> okay, thanks so much for joining us this morning, mr. secretary. >>> much more on the coronavirus crisis ahead, including fivethirtyeight's nate silver with his take on mail-in voting, could it delay november's presidential election results. could it delay november's presidential election results. when you walk into an amazon fulfillment center, it's like walking into the chocolate factory and you won a golden ticket. it's an amazing feeling. my three-year-old, when we get a box delivered, he gets excited. he screams, "mommy's work!" when

>>national security and censorship concerns the committee on foreign investment in the u.s. says already ordered tick tock parent company to sell the aft but president trump says that will happen because he plans to use his executive powers to ban tick tock in the u.s. all together. the president made that announcement. in recent days and he says that the ban could be going into effect as soon as tonight shortly after the president's announcement tick tock released a video on twitter. >>and we're not planning on going anywhere. creators and august 6 1st themselves there a connector of people of different backgrounds and we have so proud of all the various communities that call their own. >>yeah the head of take back in the u.s. touts how many jobs could be lost tiktok currently has 1500 us employees and plans to bring 10,000 additional jobs to the country shortly that according to executive says we talk 4 zone forecast now taking a live look outside before we had a camera on sutro tower that was pointed at the golden gate bridge couldn't see anything but fog and yet here you

this is where the treasury department's committee on foreign investment in the u.s., this is a committeeoks at national security concerns around acquisitions has actually already been looking into tiktok's parent company, diet byte dance. and they're the ones that could force bite dance to do a spin-off of tiktok. this is something this committee has done not too in the recent past with other chinese apps. but the question now is on the price. how much is microsoft going to pay for tiktok. how valuable is tiktok? we know it's very valuable to hundreds of millions of users, especially a lot of those teens out there, and if this deal does actually work, will it be enough for the white house and for president trump? john? >> hadas gold covering this for us. interesting to see where this goes. erica? >>> all right, john, in the middle of this historic pandemic, president trump promised to release a new health care plan. he said, we would see it in two woex. well, that klein has now come and gone. here's john avlon with a reality check. >> remember this? >> universal. >> i am going to take ca

kids and young adults they love tick tock though and the committee on foreign investment in the u.s. says already ordered now tic tacs parent company to sell the app president trump says that will not happen because he plans to use executive power to ban tick tock in the u.s.. the president made that announcement. late last night and said the ban could go into effect is soon as today. shortly after the president's announcement tick tock released a video on twitter. >>and we're not planning on going anywhere, i'm talking to high country 8 years in congress to express he is connect with people of different backgrounds and we are so proud of all the various communities that call come on. >>head of take stock in the u.s. there that company currently has 1500 us employees and plans to bring in 10,000 additional jobs to the country. popular grocery chain trader joe's says it will not be changing ethnic-sounding labels on its mexican chinese and other international foods after all. >>the chain added the labels so are not racist despite people saying otherwise a petition which was which has

>> yeah, so the way this works is there's a committee on foreign investment in the united states whichggests, has the power to investigate any foreign inve investment in the united states company. that's byte-dance, a parent company of tic tktok. the deal would be overseen by this group and they would have the power to basically block the deal if they did not feel like microsoft is taking the ads quiet steps to protect user data. once microsoft takes over tiktok, it basically becomes subject to the same scrutiny that facebook, goggle, snapchat, twitter are subject to under the united states government. >> of course, they're not subject to that much scrutiny either. dylan, thank you. for those of you at home who have more questions about dylan's mustache, i do, too, i'm just out of time. hopefully i'll be doing an instagram live later today to talk about what is going on with dylan. we'll be in touch with him later. >>> 40 million americans are worried. you know why? because they could be evicted. who is most at risk, and what could it mean for your community? and more one of a kind fin

microsoft and i think that's what trouble like this claim as a victory but there is a committee on foreign investment in the united states which is a very important communication the treasury department actually has to investigate the buying and the influence of foreign companies united states so this is been in this investigation already started and bipartisan committee and of the members of congress have actually said they support the investigation i think you should do that and find out if to talk is really a national security problem or not it was a truck vehicle this issue of the will to help you get more votes and engine up is these right wing political base thank you very much professor. peter matthews from cypress college appreciate the time thank you appreciate it. now iran is saying that it's arrested the head of what it describes is a u.s. based terrorist group jamsheed sharma and the group known as tunde are accused of leading sabotage operations inside iran iranian authorities told responsible hold responsible for a bombing in 2008 in the city of shiraz in which 14 people were killed and

for one, and it is separately in our story, decisions made by the committee of foreign investments arell but impossible to overturn in court. that is the legal reality. we are getting a comment from james dembski, the executive director at the berkeley center for law and tech. he says courts generally do not challenge the president when he invokes national security, that is one. the other is that it would be a tough sell for tiktok or bytedance to establish that they did at the beginning have the first amendment right. that is the legal challenge and the reality is that seldom do we see these things overturned by courts when it is in fact a decision made by the committee on foreign investment. all right, david ingles in hong kong talking us through some of the legal intricacies when it comes to tiktok and wechat. we have some breaking news across the bloomberg. to anation when it comes andisition between kirin lion dairy. we had heard airily -- early the australia was backing buyout of one of its best one -- best known dairy brands. that has now been terminated. we know that they've be

it's a rulingly cfius, the committee on foreign investment in the u.s.s you got, you have 45 days to do this deal, convince us that you got all the security locked down. i think that's where we're going with. i would be surprised if president trump does not mention tiktok during his 5:00 p.m., it would be like burying the lead. neil: i think you might be right. i think you might be right. all right, buddy. thank you, great reporting as always. the best business journalist on all this planet, charlie breaking that news. a lot more. we're off 235 points, microsoft is rip-roaring away. so no matter the cost, people like the idea, after this. turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for

agreement that the united states needs to protect our privacycy from this invasive action the committee on foreign investment in the united states is considering new conditions on how they operate ten tiktok but so far this government has failed to act to protect americans and action is necessary. i'm so glad you are supporting it b without action by this committee as well. wthank you. >> thank you senator and thank you for your work on these important issues. i agree the vast majority is bipartisan this is important for the future of our own nation. to have it turned into partisan issues. i want to ask the witnesses i was asked to give a speech last september i entitled that winning the new cold war with china and how the united states should respond five areas of response that gained bipartisan support but i would like each of the witnesses to just comment and what you see as important elements of the strategy and i'm sure we are missing things in that broad-based us strategy what would those be? i will also senators for the record but the focus that i had over the last year was reciprocity, roreinvigorati

treasury so the president taking a direct role and the law allows him to do that, david the committee on foreign investmentited states does take a stand on whether foreign entities can purchase u.s. assets or do business inside the united states they have been given much more expansive power. the big concern at the organization and the white house is access by the chinese government today a on americans, and with 100 million u.s. customers, tiktok certainly has a lot of data on americans and the question is whether the chinese government could use that for some nefarious purpose. it's been on the up tic of concern. that forces a transaction. >> fascinating sifius comes to mind, and it's the cause of centrality in the disputes between the u.s. and china. i remember qualcomm fighting off a hostile bid from broadcom. sifius came to the rescue and said 5g is a priority. and even though broadcom became a u.s. company, it wasn't enough >> sifius, it's getting much more involved in anything having to do with data of any kind. and in recent months a new focus on medical data acquisitions by the chinese. there's re

>> the review by the committee on foreign investment. on chinese firms. the barrier prohibition against sharing that with the chinese. >> i think there are a number of tools in the united states government. on that dimension, ever-changing landscape, i have seen it change and there are all kinds of ways to get around mitigation and those kinds of things. the other is the executive order with regard to the ict industry. i don't want to get ahead of the president on that one but that gives us all the tools we need to do what we are talking about. >> tell us why we should be concerned about this. 80% of the world's drones, sold in the united states, collect information and send it back with the chinese. >> they probably have 90%. imagine doing something with your son or something like this, take a video from up there. those go back to china unless you are pretty tech savvy, and download to your iphone. drone technology is some of the scariest military technology, that is what i saw on my last trip to china and why i came to washington, drone technology and i

a nice try but you know i can't publicly comment on these types of things i chair the committee on foreign investmentn the united states and i'm on the security council and i can assure you we are looking at all the different issues and i can assure you any deal that gets approved we will make sure that american data is protected and that this becomes a u.s.-based company. >> we know there's 50 million users, the amount of times -- they're spending 50 minutes a day, the polls that i've got say that literally 25 million are republicans, 25 million are democrats. who wants to shut this thing down oracle obviously is a great american company that has no ties with the chinese to speak of i mean, i would think that this is something you would like to move along yes, nice try, but i'm not nice try business, mr. secretary. >> i got that. and that's why i deal with you and i like you all the time, jim. >> all right let's go back to the post office for a second if you guys are so close, why does it seem like it's so far? >> jim, i really don't know. we started with a trillion dollars, we agreed to increase th

the committee on foreign investment in the united states is currently considering how they operate the tiktoc but so far, this government has failed to act to protect americans and that's why i believe the investigation by the department of justice and action is necessary and i am so glad that you are supporting it, and i hope that we can add action by this committee as well. >> thank you, senator blumenthal and thank you for your work on these issues while. i agree the vast majority is bipartisan and we need to keep it that way because this issue is too important for the future of our own nation to have it turn into a partisan issue so i want to ask the witnesses as we get ready for the second panel i was asked to give a speech last year, last september and i entitled it winning the cold war with china and how the united states should respond. i emphasized the areas of response that i thought had gained bipartisan support, that we talked about the numbe membey and i'd like each of the witnesses to comment on the use and what you see as important elements and strategies and i'm sure we

. >> are there measures like a review by the committee on foreign investment in the united states that would impose on chinese firms collecting information about americans a barrier prohibition against sharing that information with the chinese. >> yes. by the way i think there are a number of tools united states government. obviously that's a good one. and by the way on that dimension its ever-changing landscape. even since i have been in office i've seen a change. there's all kinds of ways to get around mitigation and those kinds of things. the other is the executive order with regard to the ict industry, in particular in china. i think that is a great tool. i do not want to get out ahead of the president on that one. but that pretty much gives us all the tools we really need to do a what you're talking about. >> you mentioned drones. tell us why wish should be concerned about drones? 80% of the world's drones are made by the chinese, they're sold in the united states they collect information and send it right back to the chinese, correct? stomach they do. so if you look at this compa

and i think that ban is appropriate as we've seen with the committee on foreign investment in the u.s. striking down the sale of grinder. which is like tender for lbgt community they shut that down over similar concerns over privacy. ban is appropriate what scare me is frankly, potential sabotage. not necessarily by bite dance but by the ccp. we know ccp likes to control their image international lis and they don't want to be seen as being strong handed by the u.s. to sell. their prize asset in ticktock so 14 lines of source code there. there if you're front loading 25 billion dollar check and you're front loading that cash to bite dance i think there's a real risk but you don't really know what you're getting until very long after the purchase state so that's first concern is around frankly just nefarious angt might be doesn't want it to happen but all of the product engineering of ticktock is in china and only so much control that bite dance has relative to the chinese government influence on the employees. second concern is just the people. you're buying the shelf a company. right,

, but of course there's this committee in washington called the sifius, which is the committee on foreign investments states it controls whether they can buy u.s. assets. that gives the u.s. leverage microsoft sensing an opportunity. cifius really controlling the deal flow as all of the parties circle the situation and it seems like, andrew, the solution could be having a u.s. entity, such as microsoft, own its company. its 100 million users' data would be protected in the united states that would alleviate the security concerns and it would also solve a problem in terms of limiting social media competition. you saw the antitrust hearings on capitol hill with the big social media giants. this would keep tiktok as a viable competitor to facebook, youtube, some of the other entities out there some of the senators over the weekend were saying, this looks like a win-win now the question is what's the price going to be. >> hey, eamon, the other question i had related to whether we think any other business could jump in as a potential bidder is the white house committed to microsoft as the only bidder i co

on chinese deals. there's the committee that looks at foreign investments for national security reasons. at apparently this is being claimed under national security concerns on the chinese side when we heard the same kind of thing from the u.s. on their site -- their side. this becomes u.s. china tensions. matt: it's so funny to look at the content the same time as hearing the term national security concerns. jodi schneider in hong kong, thanks very much. coming up stocks splits in the spotlight. ♪ matt: welcome back to the european open. we are 30 minutes into the session right now. closed, but continental european indexes are up. not the kind of gains we saw at the beginning of the session, but we are still up 0.4% on the broader stoxx europe 600. if you want to take a look at the individual industry groups that are helping to add to that gain or hold that gain back a little bit, you can take a look at the group ranked returns stream, grr . oil and gas are up, utilities are up, chemicals are gaining, as well as automakers and auto parts makers, which is the sector we are going to fo

foreign affairs committee, the committee on infrastructure, and the small businesses committee. throughout his career the congressman has been a vocal ,dvocate for protecting tenants improving schools and making serious smart investmentsn economic development, job creation, environmental protection. he served as a new york state senator during which he represented the neighborhoods of marble hills, inwood, washington heights, hamilton heights, west harlem, hells kitchen, clinton and jesse. please welcome adriano espaillat. [applause] >> good morning, everybody. thank you, reverend al sharpton. thank you, national action network. thank you, all, for being here on this great mall. i bring you greetings from harlem, the capital of the african day as for -- african diaspora in the world. the launching pad of the latino experience in new york state, immigrant washington heights, hamilton heights, it would and working-class northwest bronx. 50 years ago the great martin luther king jr. and john lewis stood here and shared their dreams with all of you. today as the first formally undocumented member of congress i stand here with you today to say that yes, i am a man. yes, we shall overcome. puede.i se ands, black lives matte