they say huber is not. huber says they are complying free with all licensing agreements. they say it will help consumers and other drivers. there is no doubt the battle is set to continue between tradition and new tech knowledge he. -- new technology. >> there is just one day to go before the world cup kicks off in brazil. and then the mounting excitement, questions till being raised over how ready the host nation is for the tournament. construction is still underway. >> just one day to go, and final preparations for the world cup are well underway. fans are arriving and the thousands. teams are refining their training tax escape my and the truck should workers are racing against time to finish the stadium. this is where brazil will play croatia in the opening match. the are merely putting finishing touches, but even locals doubt its readiness. construction continuing into the last minute, mismanagement is being blamed for the delays. >> brazil isn't ready at all for this world cup. stadium needs lots of work. too many things have been badly organized. >> temporary spans

huber -- huber u --beer is valued at 17 billion dollars. had to deal with these number for a long time. i get tired of the conversation under --uation and is unattached to the underlying business. you can stretch valuations across the market. >> at that point, it really matters. what is good about this environment is that the company is going public or getting extreme valuations for the most part, at least in the public market and the upper end of the private market, have really substantial businesses. the company that was just on here has 105 million. companies clear that like go pro are substantial businesses. of those ievery one withdraw an electric battery maker. >> i get that, but that is not want to focus on. -- not what to focus on. i will to you it is. the news the day before yesterday that eric cantor lost his seat in virginia, i think, sets back immigration policy. the thing to understand is that when immigration stops in the united states, as it appears to have stopped in the next three years, then economic growth suffers, partic

coming up, huber car service.an early investor and asked what he asked of the company now. netflix shareholders do not have much to complain about after shares doubles. are there any complaints right now against netflix? stay in the loop as we head toward the open. ♪ raised $1.2 billion in new financing. atise on demand service about $17 billion, the highest ever for the silicon valley startup. for more on the huber valuation, i'm joined by paul, our bloomberg contributing editor and managing partner at s k adventures. who --e invented in a invested in a lot of high-growth companies. you have no problem with the valuation at all? >> i do not really, other than i written -- wish i were an investor. i ran into travis early on when he was first starting the company, and he told me it was a taxi service and i just laughed at him and, you're kidding. it is an incredible story. from ice and point, what is interesting and makes us less terrifying is this company is doing what these companies do. they either take a large

taxi drivers hitting the brakes, protesting huber in london. next, on "huber bwest." -- next on "bloomberg west." ♪ >> welcome back. i am emily chang. protests over over 30,000 taxi and limo drivers have taken their taxis off the streets to protest the app. there all day long, where a major rally took place. what is the latest on the ground? >> up until about one hour ago the area within a two-mile radius of me here in the center of london was essentially traffic come to a standstill. it was complete deadlock. several thousand taxi drivers came out of their cars and turned off the engine. several hundred policemen tried to keep the order. overall things went smoothly. there were no reports of arrest that i heard of. taxi drivers are very angry, saying that it is operating illegally, that uber acts as a taxi meter. uber came out and threw a curveball, they said that you can order a black cab through uber. that caused a lot of commotion as well. i spoke to the chairman of the london cab club, and his response was that uber can stick it, that he k

. >> the kinds of things we think about at huber or are we continue growth and go to more cities? can we continue growing in the big cities where already in? we look at if we are growing faster this year than last year. if we can make it through this all year and grow faster when we are six times bigger this year, that's a big deal. team reallyot of my focused on those kind of things. but there is a lot of little things underneath to make that a reality. >> the protests are scheduled less than a week after uber raised another one point $2 billion of funding to had a valuation of $17 billion. olivia sterns is with us on the phone from london. what are you expecting in london tomorrow with these protests? >> they are expecting 10-12,000 taxi to show up to protest rate if they turn out in trafalgar square and the central market -- monument, this has the potential to create enormous gridlock and be a huge hassle for the city. there has been smaller protest before but this is a much more mass demonstration. edits -- it is taking place across europe. it is expected to be worse. it could

. >> huber just raise money at an $18 billion valuation. is it eye-popping to you?rstand it? >> i don't think we have seen the breadth of innovation. the things we're doing with bitcoin, curing cancer, cars and transportation. the capital mast with these great innovations, i don't know. i don't know about who is overvalued or undervalued. i think there are great opportunities and it is an impressive time to take advantage of the capital that is out there. >> what about the word bubble? >> we are building a business that will be here bubble or no bubble for the long haul. we are respective of the market environment. ex i feel like we should ask you, we just had a provocative about the state of inequality. you guys are based in the city. observed the protests against google buses and rising housing prices but created a lot of jobs, what is your position on what the problem really is? oni don't have a strong take what the problem is because i think it is a confluence of factors. i know what the solution could be, giving young and upcoming startups that are building bus

uber said, as of this morning you can order a black cab through huber.hat caused a lot of commotion as well. i spoke to the chairman of the london cab club, and his response was that uber can stick it. he thinks are ever's will move on to wilbur. he thinks if they did, they would be [indiscernible] he said, are you losing business to uber? he said, no. he said, it is a very heavily regulated industry, and they're angry for the municipal authority letting one company operate without going through all the legal channels they had to go through, training for years to become black cab drivers, and paying to get these licenses. here comes this upstart, making just as much money without doing. >> uber is saying that app sign-up shot up 850%. if this backfiring on cab drivers? >> the winner in all of this is going to be uber. up 850% today versus last wednesday. an enormous spike in traffic. i talked to people today, they were booed and it was pretty uncomfortable. there is a sense that londoners resent the black taxi drivers for bringing the city to its knees.

there is a direct correlation between opentable and huber -- uber. the customer has a certain technology and the provider of offering have the same technology, ios, android. they will use that to really make a business work. same thing based on the same idea. we've got the same technology from the provider to the consumer and they're delivering a new service. johnson, we will talk more about valuations after the break. paul kedrosky, thank you. have left twitter this week. what does it mean for the future of the company? we have george zachary with us next on "bloomberg west." you can watch us on bloomberg.com, apple tv, and amazon fire tv. ♪ >> i am emily chang. this is "bloomberg west." been busy, after sending her first memo to employees where she outlined her vision for the company's future. she has made her first official appearance to eating a photo to celebrate the opening of the herd retail location -- of the third retail location in tokyo. executive exodus at twitter? just after ali rowghani resigned, chloe sladden also announced her departu

this was a man who may be as mary points out had this huberous grass war and time and time again you can't do that. >> maybe not pay as much attention to their districts as they should. we have seen this sort of thing. because this was such a wide margin. this wasn't even close. this is 11 percentage points. i have a hard time dave brat could have pulled this off if immigration is not galvanizing issue if stirred up the grass roots passions. we have seen the immigration issue come and go. sometimes it dominates the news cycley, sometimes it doesn't. the influx of illegal immigrant children not attended by their parents coming across the border in the last couple months numbers now 60,000 maybe 100,000 in the end of the year. that is that great holy smokes get take a look at this story. illustrates the argument of the folks in the republican party unnerved by immigration and anything giving off a whiff of amnesty. >> you add to that rick, the turnout issue. a elevate people said turnout didn't really matter. but there were about 5,000 or 10,000 as i understand it from the exit polls,

i think it's real huberous to bring are democracy and peace to a region that doesn't want it. >> you saw what happened on 9/11. they were with us. we weren't at war with them. to me, this was a question of if we decide to send brave men and women to finish the job and win the war. >> you do finish the job. we didn't finish under george w. bush and not now. we're opening up the door and saying you bad guys, you are probably good, go ahead. would any of us in 2001, if i would have said, hey, we're still going to be fighting this and we're going to be fighting this in 2010, 2014, would any of us have said that's a good idea? >> this is the politically correct world we live in. if you fight, you fight with overwhelming force. that would have meant carpet bombing places. >> look, war, people don't understand, war is the art of killing somebody faster than they can kill you. you have to scare the living daylights out of people so they say how many lives did we save? i'm not suggesting nukes. how many lives did we save in japan? we saved lives there and lives on our side. it was horrifying

huber has lived coming in and nipping at its heels. they are basically working for free.the space is getting pretty crazy. >> it is a little less expensive. it is more of a social plate. uber is more of a chauffeured service.e paying. getting more of an experience. >> definitely. i love checking out these different companies. >> too much in control than some of these bubble type evaluations. disrupting a very old industry. it is very fair. >> they are bringing convenience and sufficiency that was not in the market before. i think even if they were to list on the market, we will taper that. competition catches up. >> okay. thanks. coffee prices are brewing higher. everyone is jumping on this bandwagon. >> i do not think it is an issue because of the commodity price. they look at the price of coffee, it has stalled out. around 165 a pound right now. i think it may be a prime level here. i think starbucks is a better route to go as far as trade. higher than what we are right now. longer-term options. it is a way to play coffee. >> thank you so much. karl icahn firing back af

london braces for severe traffic disruption as cabbies gear up to uber.st against huber. -- >> and aking at the second drop in sales. the last time under justin king. ," ielcome to "countdown am mark barton. >> bloomberg reporters are standing by to deliver the stories that will drive your day. ryan chilcote indiana as opec decides on a collective production limit. >> the cities traffic -- taxis stop to protest uber. and earnings. >> making my way through the first quarter trading statements. total retails for the first quarter up by one percent, excluding fuel. like for like sales, for the first quarter, down 1.1%. excluding fuel. include fuel.ou that compares to what many analysts were looking for, a drop of one percent. within the same ballpark as what was expected. it a drop in like to like sales. the company -- this is the last reporting under justin king, the chief executive. lower food pricing, inflation, and you will places are a welcome respite. the lower food prices and prices generally for supermarkets is one of the biggest it -- stories. >> they have taken 3.5% of market

. >>> money lead, huber, cars on demand service valued at $18 billion but you don't get this big, this fast without throwing some serious elbows. good afternoon, everyone. i'm jake tapper, welcome to "the lead." the politics lead today. goliath laugh at david when he took out that sling. the hair was so confident that he would beat the tortoise he took a nap. right now the number two republican in the house, eric cantor, at a gop meeting trying to explain to his party what comes next after his shocking loss last night. we're expecting cantor to speak publicly for the first time since his concession speech. cantor will step down as house majority leader july 31st. now that he's been beaten, by david brat, economics professor who framed cantor as not conservative enough. according to "the washington post," cantor's own internal polling showed last month he had a 34-point lead over brat. so he probably never saw this stone flying out of the sling. >> obviously, we came up short. i know there's a lot of long faces here tonight and it's disappointing, sure. but i believe in this country. i

drivers are said to demonstrate against huber tomorrow -- uber tomorrow.ondon, paris, madrid, milan. it is the latest chapter in the saga of donald sterling and the nba's los angeles clippers. sterling has said he will not support the sale of the team to steve ballmer. his estranged wife negotiated the sale. will pursue a suit against the nba. i have to say, this story astounds me. to say,e his advisors quite down and take the money and run. why continue to put himself in the headlines? i don't understand where the possible upside is for him. >> i can't possibly put myself in his head. i can't answer that question. >> a rare moment when we agree. folks. note, we hear the word all the time. "innovation." what does it mean? we know how to encourage and inspire innovation anymore? the founder of priceline and executive chairman of patent properties. he is one of the world's most prolific inventors. he is here, and is our guest host for the hour. >> it's an unusual thing to say because the first answer is always the same. what did you invent? for most people -

stepping back, any place where there is all of this other stuff that has happened with huber and youook at what is happening with aereo, it points to tremendous value. aereo went to the supreme court to get a decision. whether you like or do not like the outcome, there is something there of tremendous value. or thecontent technology? >> i think both. thetechnology allows broadcast of local stations and those things to reach out to a much broader audience. we have been saying this for year. networks get commoditized, people connect with content. that is why we have been a heavy investor in contact -- content. i will not comment on the ruling, but that is why we have been investing in content. >> we will talk more about that content. up, quicken loans founder on why he is putting so much money into downtown detroit. to do for yourat wedding? all the same people that you ould call for your taxi ride, uber. ♪ >> you are watching "in the loop." good morning. tim armstrong.h we were talking about original content and how that is attracting advertisers. just recently, huffington post partne

and of course, the biggest story out of bloomberg west, huber has set a record evaluation film $3.5 billionast year. the car service start up raised $1.2 million in new financing led by fidelity investments. that is today's company news. say theic, to least. >> hillary clinton has not announced or 2016 candidacy but her new book certainly has the feel of a burgeoning campaign. it is in the top 10 best selling books on amazon and has been there for the last 2 week even it doesn't come out until tuesday. white house correspondent phil mattingly joins us from washington. what is the biggest difference between this book and the other ones that hillary has written? why is it such a campaign preview? >> when you look at campaign books, as without question this has to be noted as one, what hillary does that everybody else doesn't do is she is a clinton. the top part with hillary as is compared to her past books and when she came out of the white house as first lady, it actually did great, sold 1.4 million copies, compared to most campaign books that cap out about 50,000, 60,000 copies. that is a h

huber also offered a promotion. $10 off if you use their service.y. of course they will use it. stuart: a lot of honking in the background. does that have something to do with it? those were cab drivers honking about uber. stuart: the latest score is, is it right, argentina two, nigeria one. there is your world cup update from austin. your take is next. ♪ are the largest targets in the world, for every hacker, crook and nuisance in the world. but systems policed by hp's cyber security team are constantly monitored for threats. outside and in. that's why hp reports and helps neutralize more intrusions than anyone... in the world. if hp security solutions can help keep the world's largest organizations safe, they can keep yours safe, too. make it matter. no one of the only world cups you have ever seen that you got to admit the soccer was fantastic. >> the soccer is tremendously exciting to many people. i am a moderate fan, you are of major fan but why? why are we seeing soccer suddenly skyrockets? should we wonder? is it a new drug? stuart: is a dist

huber. almost as valuable as twitter. half of the company pays to strain. that you do. we have pat noonan with us. they are toast. some are closing, however. we will bring you the original frozen yogurt guy. he is expanding. the world cup starts on thursday. alright. the big board. the dow 17,000. thirty-five and change away from 17 k. could get it today. the s&p 500 coming up on another record. up again at 1954. the 10 year yield creeping up just a little bit. up to 61 as of now. karl icahn likes family dollar. up she goes. merck is buying identix. they are a huge winner today. apple's share price. it will look a little different to you this morning. why is that, nicole? >> at $100. equivalent to $700. today, you have a multi- year high occurring on this. you see it up 1%. 9309 at this moment. there are some findings that they do not necessarily mean greatness. it does make it a little bit more eligible for the dow jones industrial average. we will be waiting on things like the iphone six. more affordable for the people that want to get in there. stuart: t

ginger huber is one of them. >> a lot of diving is mental.l of judges watches every twist and turn. >> you're looking at the takeoff. and you want to do a strong jump. a good flight that nears nothere's no bobbles and entry. straight up and down with very little splash. >> reporter: one of those judges is one of the world's greatest indoor divers four-time olympic champion greg louganis. >> athletes are really upping their game and they're doing many more somersaults, it's much more technical. they're going beyond what they're doing in the olympic games. >> reporter: louganis hopes cliff diving could eventually become an olympic event. but in the meantime this competition is the pinnacle of the sport. >> it's an experience like no other. i mean, you're sharing every emotion on the spectrum. you're going from absolutely terrified to incredibly elated after a competition after doing a dive well. >> reporter: divers will take their final plunges later today, and the winner of the series will take home a cash prize of more than $20,000. for "cbs

huber talked about process form. ideas.ave lots of one thing that was not mentioned, mr. chairman, that i would like dr. woodcock to comment on, i have a number of small medical vice any fractures in my district -- medical device districturers in my ever getting approvals from the fdi for devices in applications with they do interactive their electronic devices, with in therapy, and also in diagnosis. cms approves them, but the medicare will not give them a code or does not know where to fit within the current system. how do we handle something like technology it is a or a therapy that has been approved, they know it will help people, then we get out down in bureaucracy of trying to code it and try to figure out how to reimburse through medicare. dr.you need to opask shuren that. >> if he is the man, i'm willing to listen. >> dr. woodcock throws me under the bus, so i will it's running under the bus. [laughter] what a great country we have. i will apologize by dancing and little bit around it, because i have my colleagues at cms, but you're raising an important point whic

huber talk about process reform. so we have lots of ideas. one thing that wasn't mentioned mr. chairman that i've liked -- would like dr. woodcock to comment on, i have a number of small medical device manufacturers in my district who are coming up and getting approved by the fda, new devices and medical applications where they do interactive with their electronic devices with their doctor in therapy and also in diagnoses. fda approves them but the cms, medicare won't give them a code or doesn't know where to fit within the current system. how do we handle something like that where it's a technology or a therapy that has been approved and they know will help people. we get down in bureaucracy and trying to determine how to reimburse through medicare. >> you may wish to ask dr. sub -- this doctor shuren that. he is head of the device center. >> i'm willing to listen to you. >> dr. woodcock throws me under the bus so i can throw them under the bus is. what a great country we have. i apologize by dancing a little bit around it because i do have my colleagues at cms that you are fa