crypto leader in asia on our slaney and henry it's so great to have you you are the chair of the fin tech association of hong kong we're going to talk about that a little bit and you also teach ben tech as an adjunct associate professor at university of hong kong we're really pleased that you had the time to spend with us from over there and want london center is so busy when we talk about tech it really is just the use of financial technology in our economy is and changing the way that the financial sector is designed and how things are delivered what are some of those sort of transformational things on read that are now changing the sector. good as o'barr great to be here absolutely this is probably the most exciting time to be in fine in financial services and there's a lot of changes going on for example at the macro level a couple years ago many believe that the real change a disruption of financial services was going to take place by frantic startups and by silicon valley but actually what turned out that a real change in the industry took place actually from tech fit technology pla

henri we can't thank you enough for being with us we hope you'll come back because of all of this fin tech talk we didn't get to talking about block chain or about crypto currency if we've had you on before but we want you back on that stuff on re on clarion the p.t.c. pen tech and crypto leader for asia henri thank you so much for your time and sharing your expertise pre-shared it. and that's it for this time that was a blast that was thank you for being with us or you can catch boom bust on directv channel three twenty one dish network channel two eighty or streaming twenty four seven on pluto t.v. the free t.v. app channel one thirty two or as always you can hit us up at youtube dot com slash boom bust r.t. we'll catch you next time so long for now. good for the sense of was too silly for. my little four son three and this is their . role is going to say boy of business with the most. is. not a slow slow slow slow slow motion idea of. the casey that i know and that you know but you also look at them what are you funniest diplomates most home movie the show such as the flute solos when.

today we have a super broadcast and i can't wait to get to it off we'll talk about the future of fin tech that's financial technology with henri arse waiting in the fin tech and crypto leader at big four accounting for pricewaterhouse coopers but first we hit it hard and move right to the breaking news related to bret's it let's go. british prime minister theresa may says she will carry on and see the brics that process to its end after the resignation today of four cabinet members including her bricks it minister dominic robb the prime minister held a news conference earlier amid reports of internal party challenges to her leadership and acknowledge their resignations while insisting.

right of in light of recent erratic market movements well we are joined earlier by larry and the fin tech and crypto leader a p w c n n asia to speak about the future of crypto currency is around the. loeb we started by asking him about the relative stability of cryptocurrency. absolutely bartha actually you know if you like the bitcoin earlier this month it was trading at eighteen month the low volatility which is quite interesting but i get to show how things change quickly in the crypto markets look at all the last forty eight hours we saw a lot of change in the crypto markets for example of bitcoin fell to its slowest of two thousand and eighteen that you were around the five thousand five hundred dollars and the market cap of crypto assets fell again to around one hundred eighty billion dollars which is quite interesting and there's a number of factors that may have driven this and no one of them is the upcoming uncertainty around heart for that is taking place would bitcoin cash one of the top five occurrences out there which has really divided the community and create a lot of unce

fin tech, financial technology is just now really getting into very much mainstream, and big companies are being built in it. for us, home services, being able in your home to do the same thing essentially do you when you want a car, which is, you want to be taken someplace rather than drive yourself. where you have an app and with uber you simply say i want it now, and can you see the car coming, you can see where it is and all of that. with home services, which has been the most difficult, one of the most difficult areas to tame because it's the most essentially local of everything, which is your water heater breaks, your whatever, air-conditioning doesn't work. you have -- just take it on the emergency side or the quick service side, you want help, right? now there is an app in angie home services in home adviser, there is an app where literally do you the same thing. you say i need a plumber, and it will show you plumbers hovering around uberrish-like service providers and you'll be able to do the full circle of that transaction on your little mobile device because it's there and r

and as i pointed out, there is a revolution of financial services called fin-tech, it is based on a.i. and big data and so on and is used by billions of people especially the digital payment systems that are already available right now. they are low cost, they are efficient, they are used literally by billions of people all over the world including billions of people even in africa. that is revolutionizing. you have a poor farmer in africa use impreza you can buy and sell goods and get micro credit and everything at very, very low cost and these technologies are spreading everywhere. and you go to crypto, five transactions per second. >> that's what i want to ask you about. let's sets aside the initial coin offerings and the bit coin and all of that, and let's talk about block chain technology. you could see any potential there? >> as i said, the only applications that are going to be acceptable by any private or public institutions cannot be based on a decentralized permission-less trust-less system. today, there is no decentralization. the mining is controlled by a bunch of people i

talk about the future of then tech that's financial technology with henri are still waiting in the fin tech and crypto leader at big four accounting for pricewaterhouse coopers but first we hit it hard and move right to the breaking news related to bret's it let's go. british prime minister theresa may says she will carry on and see the brits that process to its end after the resignation today of four cabinet members including her brecht's that minister dominic robb the prime minister held a news conference or earlier amid reports of internal party challenges to her leadership and egg knowledge their resignations while insisting that her deal was best for the u.k. and the e.u. here's what she had to say my approach throughout has been to put the national interest. i don't judge harshly those of my colleagues who seek to do the same but you reach a different conclusion they must do what they believe to be right just as i did i'm sorry that they've chosen to leave the government and i thank them for their service ms maes leadership was criticised by opposition labor party's shadow bracks that

arguably the most significant fin tech wealth deal ever. all right.y the financial update that we provided yesterday, we provided a meaningful strategic update within the last two weeks about the opportunity to really transform and create another great franchise in broad ridge at wealth. now, when we at the end of the day, when the market reacts very differently than you expect, and in 47 earnings calls i'll tell you i haven't had this much of a whip lash difference in reaction, so at the end of the day when we stepped back and took a look, we went through the transcript, nothing we would change there, we looked at the q and a, there was one answer about second quarter revenue, okay, which remember, we reaffirmed the full guidance for the year and one answer in second quarter revenue we answered accurately but gave a pretty wide range of the impact of revenue quarter versus quarter because last year we had strong revenue from p & g and the adp proxy contest. so we narrowed that range down and we also yesterday added an additional comment. we don't pro

tomorrow we will be speaking to the paintball -- paypal cofounder on the state of fin tech. ♪ >> this is "bloomberg daybreak: middle east." slump after they follow a tech lead stumble on wall street. falls for a record 12 straight day, president trump takes aim once again at opec. saudi arabia's plans to cut production. uncertainty waves on european currencies. today is the deadline for a revised italian budget. brexit talks enter the endgame. we hear exclusively from the ceo of the italian energy giant at this hour about the company's latest development deal.

"wall street journal" reported last month that berkshire had invested $600 million in fin tech companiese baron conference now and our own andrew ross sorkin andrew >> thank you we are here at lincoln center. joining us live to talk about the world of investing and more, ken moelis is joining us of course ron baron is with us as well. >> we were just talking about the ipo. when he was pricing the ipo, the banker came to us saying the deal should be done at 26. we said we think it should be done at 25 but if he's going to be 26, we'll do it. and ken said, when they came and said you've got the deal done. >> it cost me a lot of money >> let's talk about making money right now. >> it's now $43. >> let's talk about the deal environment for a second on your recent conference call the trade, the tariff issue, trade war has not had had an impact yet i'm curious whether you think it will >> it's interesting. m&a with china has come to a grinding halt. 2016, we did 12 deals from china into europe in the u.s it was a lot of transactions the last 12 months that's been pretty much down to almost zer

conducted i think certainly washington's preeminent catholic but perhaps the nation's preeminent fin tech week. appreciate you joining us and being able to shift gears from the future technology to the current regulatory structure. randy guynn is the person who probably has spent the most time thinking about how to solve the fair their element of too big to -- failure element of too big too fail. from a policy perspective and from an institution real-world perspective. no one i've ever met understands living wills and the institutional structure behind that better. he runs the davis polk practice in this and thinks deeply and holistically about these issues. so with that, knowing who the panelists, i want to do something that is rarely done which is i want the panel to react to the speech and what governor quarles said and that way i want you to hold you comes. i think governor quarles committed to the fit interesting one policy statement seeking three notices, having multiple changes in regulation all in real-time -- not fed time. let's start by just reacting to the substance within rand

the opening of a huge transformation so i just wrote a book that's coming out in the spring called fin techerican dream because we're going to see things change completely already we have fin teches, amazon, paypal making loans. square is making loans -- $7,000 loans. a bank can't make any money trying to make a $7,000 loan when you saw the challenges come up, it's a better customer experience small business preparing for small business saturday can't wait three months to get an inventory loan so now they've got this sort of online loan within minutes one of the things i've been working on in washington, olympia snowe and i chaired is something for the small business main street task force of the bipartisan policy center new regulation has to encourage innovation, but also protect small businesses so as we get financial service regulatory reform, we set out a whole list of things to make sure small businesses know what they're paying and we clean up some of the regulatory overlap the world is going to change for small business for the better with technology. but there's also risks >> karen,

carla: within fin tech, we have a company called hatch which will allow you to created app without writingne line of code. i cannot write any code good this democratize is the creation of apps. there's a company called my lab box, which will allow you to take a blood sample and within 48 hours you get a return message and also an opportunity to speak to a doctor through telemedicine. these are things that are revolutionizing those industries. jason: how do you find these companies? what is the process? carla: we have been part of this ecosystem for three or four years. now the emerging companies see morgan stanley as a place where they can come and get high-value content as well as exposure to investors network of and corporate who can help them scale their business. one of the ways we do it -- today we are out with an invitation to apply. we are also very involved in that ecosystem. the companies will come to us. the messenger matters. it does matter who is asking for the companies to come into their accelerator and that is something we have been able to do and i am proud of our position

there is a think called the -- it took all the fin techs down.esterday mastercard was up ten. >> that's the world we live in. you find out about etfs. >> we have to put this in the context where people understand. it is so crazy. i don't think people recognize how ridiculous this has become. i talked to a lot of people on air who are acting as if it is rational. it's not rational. >> it's not new. what is new is the three major central banks around the world with negative liquidity injections starting about now. >> the fed has a lot of people who come on air to justify everything they say. nick aikens is saying it is broad-based weakness. he is not a 28 year old who checks things. he is a ceo of the largest power suitor. i bank on the people who went to harvard business school and are 28. this guy is on the board of the rock and roll hall of fame. i saw him on mad money. i just think that the fed ought to watch the damn show when i have the ceos on. >> the conversation about inflation, you forgot about that. >> i didn't forget about it. i analyze

maria: fin tech has become a sexy area of financial services.s because technology is changing things. how are you using technology differently and how will you do that in the next five years? >> think about two or three different things. one is customers are using it. so we have 25, 26 million mobile customers today. maria: 26 million. >> 35 million digital customers. they do 23% of their sales on the mobile device. those are very important customer behaviors. every day, about 800,000 people walk into one of our branches and we do a great job there. you have to have high touch, high tech as we say. and then you move to how workers work. we're continuing to simplify the company. this will be our sixth or seventh straight years reducing expenses while revenue is growing. it gives us great operating leverage. maria: it makes you stronger going into a new era with interest rates. the federal reserve has begun raising rates. that has expected to continue. how does that impact b of a? >> raising rates helps it's hard to explain to the general populati

they are the 1%, i call them the tech fins. companies like amazon or google or alibaba.the customers. create different solutions, in some cases they can wind up being competitors to us. in others we can work with them collaboratively. >> would you consider acquisitions? think as we go forward, being able to look at fintech is a possibility. we have made two or three small investments. what we look at our people we can invest in to make sure their longevity and then we can do the capability within our offering sweet. it is unlikely we will make large-scale m&a moves. acquisitions have to concentrated in some part of the chain. >> congratulations on your achievement. how do you envision dbs transforming in the next 10 years? >> everything is changing. our industry is not immune. cash -- the goal is to make dbs invisible, like intel inside. -- business is hidden symbol hidden seamlessly in what you want to do with your life. we want to embed dbs in those parts of life that matter to you. in doing that we can actually use data. choiceslping us make that are better suited to

going for the intercepted by virginia tech hokeky fuller bears win the fifth straight 23-16 the fin there. the 49th annual turkey bowl here in our tone h.d. woodson and the black and. first quarter baloo aaron penny to the end zoneed deflecto the hands of anthony martin. nice to get on the board first. this game goes to over-the-. and in o.t. woodson's christopher roberts would not be denied. picking up. 17 yards laertd warriors ahead. the defense feel the win with then intercept as hd wins 18-12. that comes as revenge after a loss to baloo last year in the turkeybo wl, a game ou might recall 18 players wereus suspend be of a fight the week before in another game. here is coach greg fuller with our reporter afterwards. >> looking at last year's agam ittle bit. we got the respe. the 18 we lot hurt ust they had resilience. ogey cameether. keep working, the developing young man that's what it's about. making the young men accountable to society. >> never give up. >>> the redskinsan playing on giving but no doubt feasting after the game or perhaps when they return from dallas. before the tea