is for infosys.es it's number one area revenue growth -- it is its number one area of revenue growth. 10,000 was what they promised in april of this year. that will hurt margins because many of these workers were coming in on temporary visas and were cheaper. that was the criticism coming from the u.s. there's also the headmans of people not spending so much on hardware. all this means job cuts. emily: how does the company attract a new ceo amidst all this drama from the founders and the board? hard,ne: really especially when you have such voices coming from the previous founders. interestingly, the vice chair of infosys says he hopes now they can move on from this, perhaps new blood coming in will help. name, he's non longer ceo, but mr. sika will stay on as ceo and help find a replacement for himself. the coo will be a steady [indiscernible] but they really need to stop this criticism coming from the previous founders and move on. meanwhile, this is a company that needs to drive revenue growth that

before see infosys rose news.ng how they would get their hands on some of that, and that includes the founder, who had been concerned about the acquisitions made under the what they might get in terms of return that could be whittled away by the buyback. indeed. let's continue this conversation and look into infosys, our next guest believing infosys could his a lesson on smooth executive transition. we have aipac avalon consulting in singapore. thank you for joining us. you are saying this is a fascinating story playing out in india and across asia and in the lesson in management, corporate governance, and so forth. what was the biggest problem here? a it so much that there was , a floutingvernance of corporate governance, pay packages too high, or simply a culturallyt clearly can not accept western values coming into the company? you have to understand the background of the founder. the technology folks who set up a fine institution at the time they did with high levels of corporate governance. that is how infosy

the co-founder of infosys, mr. murphy. he was taking aim at the c.e.o. saying -- accusing him of numerous, i say, governance lapses. he was questioning the ack significance, the executive pay. they say, look, this was continuous noise. he gave a statement saying, i cannot carry on my job as c.e.o. and continue to create value while also constantly defending against unrelenting, baseless and personal attacks. interestingly, emily, the board has got his back. they said, look, this was false allegations coming from mr. murphy. they said it harmed employee morale and therefore led to the loss of the valued c.e.o. and mr. murphy is unrepend penitentiarying and said, look, i am worried about the detear or ating standard of -- deteriorating standard of the company. emily: workers, in response to president trump's concerns about widespread abuse of the visa program, infosys said they would hire 10,000 u.s. workers but this controversy has not only pressure on the stock but also sikka himself. how has that played into this? caroline: not a great time to be withou

the ceo of infosys has resigned. there has been criticism with the founder of the india i.t. services in his resignation statement, h said i cannot carry out my job as ceo and continue to create value while constantly defending against unrelenting, baseless, malicious and increasingly personal attacks shares of infosys are down as much as 9.8% in early trade this comes after sikka faced growing scrutiny he was blamed for not normalizing some of the pay packages for the chief executives, including himself at infosys. >> a big global story, many corporate managers in the u.s. know that name because they do a lot of the working outsourcing i.t. work for many corporations in the u.s soment we're watching here. >>> gas shares are posting better-than-expected earnings. positive results for gap are in part due to the old navy products fewer discounts, inventory as well those shares up 5% shares of ross stores jumping this morning as well the retailer posting earnings and sales above wall street estimates. the company forecasting sales and earnings growth for the second half of the y

infosys on the hunt for a new ceo.ts founder and shares plunging on that news. let's get analysis with our bloomberg gadfly columnist with more. what does this sudden departure of the ceo mean for investors? you have written this signifies the need for a cultural reboot. >> yes. in fact, what it does mean is a uncertaintyriod of for investors, because there is that $2 billion buyback that they have just announced, but i don't think it will have much of an impact on sentiment in the infosys stock for much longer. we wereto remember that in the way looking at the fact that infosys was not making much headway with the embrace of the new digital tech knowledge ease. it was still stock and an application and maintenance mode. when its customers come the fortune 500 companies, are moving to the cloud, to social, mobile, and artificial intelligence, and infosys has been behind the curve on that. there have been great the $20ions, but with billion revenue target for 2020 and said it can't be done, and now the word on the stree

in india, noon on executive chairman at infosys. -- a new executive chairman at infosys.hat is your latest bloomberg business flash. still ahead, more from jackson hole, wyoming, and our interview with kansas city fed president and host esther george. this is bloomberg. ♪ i am vonnie quinn. mark: the european close is 12 minutes away. all eyes on jackson hole, wyoming. central bankers are gathering. the event is tomorrow when both fed chair janet yellen and ecb president mario draghi are due to speak. , whose as the gathering is reminder that central-bank policy still trumps every thing else. from our berlin studio, richard jones. chris, who is more likely to move markets tomorrow gekko yellen or draghi? >> i think yellen, actually. -- he saw his quick reverse. yellen is the one to watch this time around. watch the balance she will speak of with interest rates in the balance sheet reduction. that is where the volatility could start to come through. goingrichard, chris is for yellen in the most liquid a move markets. draghi will be watched in case you touches on the euro.

there is new leadership at india's beleaguered software company infosys.announced the departure of the board of directors and named a cofounder chairman. he is backed by a group of infosys founders who want to take back control. last week, the ceo announced his departure after founders criticized his acquisition strategy and compensation. you will recall that this group of company founders has clashed with the infosys board for most of the year. coming up, it is a bloomberg scoop. apple plans to announce a new and improved apple tv set-top box in september. we will bring you the details, next. bloomberg tech is live streaming on twitter. check us out weekdays at 5:00 p.m. in new york. this is bloomberg. ♪ ♪ emily: disney has added gm chairman and chief executive officer mary barra to its board. barra's election is effective immediately and brings the total board membership to 12. barra helped gm adapt to the auto industry's changing technological environment. she also sits on the board of stanford university. now to a bloomberg scoop. apple is seeking to r

infosys shares rose after the ceo returned as chairman. it was seen as a victory for the company.crimonious battle with the board for months over alleged corporate governance lapses. indonesia is facing a shortage of salt. many would assume that all of that seawater makes it a natural producer of salt, but the government has significantly increased imports this year, including 75,000 tons from australia. here is a look at what is causing a shortage. indonesia uses around 4.1 million tons of salt per year. that is primarily used in households, the rest by industries. production is not meeting demand. there is a shortage of 2.2 million tons. that is the weight of 550,000 sumatran elephants. the weather last year was quite extreme. that had an impact on local production. the way we produce salt is still very traditional, which makes it hard to improve our quality. it is notjust mother nature being blamed. indonesia's minister of maritime affairs is suggesting cartels may be behind it. authorities have uncovered cases where import is brought in more they could dump mac than they —— th

by infosys founders that want to take back control. founders group has clashed with the board in recent months which led to the previous ceo's , the parker last week. coming up, uber's drama is weighing down its value. plus, mark cuban flips on bitcoin. the outspoken skeptic is now a believer. are digital currencies now becoming a mainstream investment? we will discuss. this is bloomberg. ♪ ♪ emily: since going public in june, blue apron has lurched from one challenge to another. the mill delivery started is losing its human resources chief and they have gone through a hiring freeze. the shakeup comes just as the company ramps up a new center which will handle half of its production volume. blackrock, vanguard group, and t. rowe price have lowered their valuations of uber by as much as 15%. they have faced a persistent drumbeat of bad news including court battles. this on top of an ongoing ceo search after travis kalanick was ousted in june. uber has held up its $69 billion valuation. they are a transformational, once in a generation c

indian tech giant infosys has resigned in a lengthy resignation letter michelle seek a complplaintf quote fox baseless and malicious attacks against him personally. following intense criticism by the company's founders to go was appointed in twenty fourteen democracy now! >> president trump is an accomplice to terrorism after his pathetic reaction to charlottesville, kkk, neo-nazis jump up and down with joy. if that is not being in a conference to terrorism, i don't know what it is. amy: steven goldstein, executive director of the anne frank center for mutual respec,t is calling on twitter to suspend president trump's personal account as trump conontinues to face outrage over his response to last weekend's deadly white

in fact, infosys saw the open ocean survey resulted from the unforeseen fallout on some populated distantm -- islands. a weather station on one of them. these islands were fallout shelters. they were the first real areas affected by high surface bursts. within a few hours after that shot, a snow like fallout began. for 78 hours, two hundred 28 islanders and 28 american service personnel were evacuate for a survey and treatment. it was tentatively estimated that the gamma dose may have approached 70 roentgens for the people. 175 roentgen's on --, 80 on ranjit and 40 on unit. it did not appear to reach levels of america -- of immediate combat submission. nor did any capacity that show up in excess of 40 days. a majority of those receiving heavy radiation reported nausea on the first or second day. there was small incidents of gastrointestinal problems. some loss of hair was a frequent system. most of the marshallese developed multiple skin lesions, not severe, predominantly on the scalp, neck and feet. only if you develop mild secondary infections. the lesions appeared to be directly relate

looking at 6905, you can see infosys has outperformed many others. lack the overall indian market.for the battling the board, you can see they talked about 30% of the company, but they have a huge influence. they accuse the founder of corporate governance. that is around a 2000 million.on of $200 a whistleblower had raised questions about this and also said the founder had been overvalued to -- the company had been overvalued. wasas investigated, there no wrongdoing. but they were declined to dispose -- disclose the report. that created issues. betty: we will have a guest in the next couple of hours, 8:00 a.m., talking about this. this is bloomberg. ♪ ♪ betty: i am betty liu in new york. haidi: i am haidi lun in sydney. a quick check of the business flash headlines. paul o'malley is setting down toer 10 years in charge 3 -- be replaced by marcella. his best year -- net income doubled from a year ago. it was almost $11 billion australian. chevron's australian subsidiary has abandon a high court challenge of $269 million in tax to reach a reasonable revolution -- resolution of the ma

he had been installed to help infosys make progress in adapting to changes in the industry.en more challenging for its peers in the industry. he has been in a dispute with the founders, bickering about a number of issues, including his pay, the fact that he spends most of his time in palo alto instead of india. he has been seen as an experienced, steady hand, trying to guide the company out of these troubled times. ♪ >> welcome back to bloomberg best. the collapse and ultimate this banding of white house advisory groups was one of this week's most rheumatic stories. larry summers applauded ceos who chose to resign. as he went a step further in an interview with bloomberg television's david westin. let's talk about gary cohn for a minute, or for that matter, steve mnuchin. cohn was very dissatisfied as he stood next to the president yesterday. given what you know, should gary cohn resign? i'm not asking will be, but should he? ceos leaving his counsel would affect the president, gary cohn would have a more powerful effect. >> if i was working for the president of the united s

>> well, this does come as a surprise, sika had been installed to help infosys make progress to someustry, it has been more challenging for its years in the industry. he had a dispute with the founders of the company, about a number of issues including his pay and compensation. the fact that he spends most of his time in palo alto instead of india. he had been seen as a experienced guiding hand in guiding the company out of these troubled times. ♪ ♪ anne: welcome back to "bloomberg best," i am anna edwards. the collapse and ultimate disbanding of several white house advisory groups was one of the week's most romantic -- dramatic stories. in a "washington post" op-ed, the former treasury secretary larry summers applauded ceos who chose to resign from the presidents council's. he went a step further in an interview with bloomberg television's david westin. ♪ david: given the moral imperative you see so clearly, let's talk about gary cohn for a minute, or for that matter there -- steve mnuchin. it was reported in "the new york times" that he was very upset when he stood next to the pres

. >>> welcome back shares of infosys falling on news the ceo is resigning. company's chief operating officer will serve as interim ceo until a replacement is announced. again, infosys down about a buck, 7.5% >> some people say steve bannon was the man behind many of president trump's policies, especially when it came to trade and foreign policies so, could his ouster affect the so-called trump trade right now? >> joining us now are bonson and johnson, david bonson and chris johnson from johnson research group. so, i'll just begin with you there's a couple of things town pack here. but the trump rally, in a way, has been long since passed and yet, the markets lately have been at all-time highs so especially looking at the reactions yesterday to the cohn news and today to the bannon news, how do you expect the stock market to respond? >> well, i don't believe we've had a trump rally, per se. i think the market has been rallying on earnings and i think that what we have this week is -- first of all, the last two days, you have very low movements. so since the b

headlines coming through from -- infosys. , on thestepping away side of the next chairman who is a cohort the business who tries to influence the direction. they are continuing to maintain corporate governance. he is the former counter. they say his actions are damaging the country -- company, they reject the ceo putting themselves behind the company who stepped -- the ceo that stepped aside going on to say it hurts the efforts to transform itself. the share price considerably this hour.n by 7% manus: major protagonists this morning, the terror which has , the reality of those attacks very shortly. 100 injured. the consequences is what is happening in and around the white house. equity markets are lower. this is the reality of gary cohen, the discussions yesterday in the market that he may well indeed be leaving the white house administration. 1.25%, 500 dropped by 1.5% yesterday. that consequence is reverberating around the world. the tax and infrastructure in the united states of america could be at risk. dysfunction in the white house, a key concern. what does it do to the race to lead

the rupee is strengthening, coming back from that holiday, but the top performer on the sensex is infosystive immediately. moree seeing shares rise than 4%, the highest level since august 17. we are seeing the stock, it's performance has lagged. we saw the relative strength index falling, now back within the normal range. we are hearing that the board unanimously appointed the ceo. the stock gaining ground. angie: investors liking that, bringing back a familiar face. we are watching cbs and 10 network as well. cbs has agreed to buy this embattled austrian raul castro, beating out a bid led by key shareholder locklin murdoch. our bloomberg asian companies reporter joins us now. we heard lachlan murdoch and bruce gordon were buying 10, so what happened since then? sayt is probably fair to they were seen as the front runners to buy 10. locklin murdoch and bruce gordon were guarantors to 10's debt and put together this plan to jointly by 10. that plan that was approved by regulators need a key legislation to get through australia's parliament because they have interest in other media platform