the snap ipo document from last year, 247 pages, ten times the size of walmart's ipo. this explains why we have so many fewer ipos then we once did for smaller firms. don't think you can attribute it to the dot.com boom from 20 years ago. other developed countries have seen a 50% increase over the same time period and the types of those ipos have changed, many small ipos have gone overseas, small investors, the people that invested in walmart based on this document any high school educated person with business sense can understand and became wealthy over the years as walmart grew and their stock split, has access to these small-cap companies, they go increasingly into the private market and benefit only the most affluent americans. without thank private markets are dead can you give us a list of the steps you are taking or intend to take that will encourage more initial public offerings? >> we have already taken a couple steps, one is to allow more confidential filings which under the job zach has proven to be an encouragement for people to consider the public offering

it could because this is a huge ipo. it could be the biggest. the problem is there are a lot of things that need to be in place for us in terms of the listing, the only thing they have confirmed so far is it is good to be whether it is london, hong kong, new york nothing has been confirmed. the biggest issue with the valuation because we are oil are. one analyst to come out and said $2 trillion and then 5% ipo would give them a certain amount of money. with oil prices are $50, that is not happening right now. these quys is not happening right now. these guys were is not happening right now. these guys were expecting rice that 70 right now. is that the point of the delay? you wa nt to is that the point of the delay? you want to go when the market is that the most buoyant. there are those who think we'll is never going to get back up to where it once was, probably won't actually. i don't expect it to go back necessarily to $100 and stay there. this is still very, very low prices and we are to get the upward pressure. maybe it is another year of. m

>> people focus on ipo or no ipo. ipo is the -- it's the water coming into the bathtub. there are going to be reasons things are going out but i want a bigger bathtub because i want people to have more choice and i don't want -- it's very difficult for retail investors either directly by buying stock or indirectly through mutual funds to have access to investment opportunities outside of the public capital markets. so i -- on balance i'd like a larger public capital market because i'd like retail investors to have more access to those choices. >> we have in this country some people believe $4 trillion to $5 trillion in capital. i'll just use the term lying around. looking for a better investment. look at the savings accounts. people aren't getting much there. the dividends, the money markets, you name it. how can we put a lot of that money to work for the economy? i know you're not secretary of the treasury, but what you do and what your colleagues do at the s.e.c. does feed right into our economic growth. >> my aim is more and better investment opportunities but i want

in an ipo you're selling between 5% and 20% of your company if you think about our vehicle, ipo a, it currently has $600 million. if credit suisse exercises the green shoe, it will have almost $700 million in it so think about this as a merger of an entity that should be valued anywhere between 3 and call it $20 billion where that management stays in control, that team -- >> you stay as a shareholder. >> exactly >> maybe a director. >> and here's what's so different. these 25 well-healed investors that we partnered with today to start ipo a also agree that the current process is so fundamentally broken, they want to get a chance to sit side by side with these founders, understand their business in detail and support them for years. >> you talk a lot about nontraditional metric funds, though the funds in yo-- >> this is another great point let's think about a company like facebook, which i know a little bit about. facebook, it went public at i think $45 a share. >> $40, $41 something. >> and then there was this narrative about its inability to capture the shift to mobile and the stock

together in terms of the expected demand for the ipo and how do we size the ipo appropriately.re's a focus on lifting venue. as a leading global bank we are somewhat agnostic on listing venue. it's our job to bring labeling -- leading global investors to the corporate wherever they vest. >> any guesses new york or london? >> no comment. >> we have been talking a lot about chinese companies which were very active in the market in the last year. themhere constraints for to get funding from banks especially on the megadeals? >> we don't really see constraints for china corporate financing. there is a very vibrant local verycing market competitive and attractive terms for chinese corporate's. to the extent that there is industrial and strategic logic to target international financing then city is there and many of our peers are available to finance china corporate. mind there has been recent implementation in china of capital controls. there needs to be a sovereign advocacy in order to really get that international finance and. in terms of market readiness absolutely. china corpora

it is not just the streaming but also the ipo story.s talk of universal music group ipo-ing in the u.s. >> i believe our colleagues in europe reported on this. there has been a lot of discussion about what will happen with universal, whether they will file for ipo in the u.s., whether they sell off a piece of it, whether they sell the whole thing because the value of universal is going up. they are sitting on a valuable asset. the c.e.o. is trying to figure out the best way to maximize it. caroline: there is more streaming news. tencent entertainment is getting new funding ahead of a potential ipo for their music streaming business. >> china is one of the best semi-untold stories in the music business. the amount of money generated for music sales in china has more than doubled in the past four years. it is now more than $200 million. with all things streaming and media, established players like spotify and apple music have a hard time. spotify is not in china. apple music is there, but the big player is tencent that has deals with all

jobs act, made it easier to do these crowd fundings but they've really addressed this big crisis of ipos. no ipos for months on end, and now scores of these large, multimillion scores of million dollar issuances of tokens and currencies that don't sell equity because that would be regulated by the sec. instead, they sell other components of value in a company. brendan ike's idea is an attention token; so that in order to use your data, google or facebook or -- would have to pay you or to get you to accept one of their ads on your screen. they'll have to pay you in micropayments and the brave browser does that. and there are -- there's a new company called block stack. it's about three or four years old, that rebuilding an entire new internet based on this distributed structure of crypto currency. it's the biggest development in finance in the last 25-30 years. >> host: well, we have been talking with george gilder about his book "the scandal of money: why wall street recovers but the economy never does." this is your 20th book? >> guest: ey. about my 20th book. >> host: you have one comi

an ipo while the government is still aiming for saudi aramco ipo in the second half of next year thatimetable is looking increasingly tight. the country may not make an announcement until late next month when it is holding an investor conference in riyadh. the face of china's economic expansion unexpected we -- unexpectedly [inaudible] slowed.set investments output rose in august while retail sales expanded over 10%. in -- the move to rein in credit expansion appears to be working. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. guy: thank you. a big day for central banks. join go to singapore and mark cudmore. good to see you. the pound has been strengthening against the euro five days in a row if we include today. it has been a decent move and i am wondering what is priced in terms of expectations for the vote count at the boe. is it 603, we raced in the fact of how they may make a switch here? are 63 andarkets 7-2. has shiftedentiment on sterling. in august it was looking negative and people were playing

♪ b, a possiblen delay of aramco's ipo.t could be the biggest share sales since -- economic growth shows more signs of slowing. retail sales take a lower. nucleic -- north korea threatens to sink japan, further cracking up tensions in the region. policy announcement on the boe and turkey. whileiss central bank stand, despite a weaker freight -- franc. >> we have had a rally in the euro to much better levels. i do not think they will do anything for the time being. ♪ >> a very warm welcome to "bloomberg daybreak: europe." in flagship show, from here the city of london, i am anna edwards. >> and imf miller in berlin. a lot to pay attention to throughout the day, especially when we look at currency moves. anna: i will talk about the dollar in a moment. the big story around aramco, will it be in new york, along with riyadh? i should point out, the saudis say aramco remains on track. that big story throughout our programming. risk on has been the story at the beginning of this week. to what extent has that unwound the dollar las

the ipo is a, you know, beginning of a liquidity process, branding event, a lot of good things abouteople aren't pressed to do it because it's generally not capital they need, so that's caused a lot of companies to put it on hold for the moment. >> five seconds, company you're most excited about right now that you're invested in? >> well, interestingly, still snap at these prices, i think snap is the most compelling one. >> all right, well, it is up 3%. we'll see if they can pull off an earnings win. it's been a bumpy road so far in the public market. sandy miller, thank you for joining us so much on the new fund, general partner at ivp >>> i want to get you some comments from the ceo of hilton. let's send it over to seema mody live at the skips global travel forum in new york. >> hi, mike, that's right. devastate caused by the hurricane certainly has had an impact on the hotel industry and that does include one of the leaders in the space, hilton worldwide. here's what the ceo told me. >> we have nine properties in puerto rico, all of which are closed rightnow. we have -- we had hun

ipo etf, a basket of thes 60 most haven't ipos is up 27%. many of those stocks had big outperformance including ferrari, square, first data public investors drive a hard bargain and want initial prices as low as possible, they have been rewarded. for every blue apron and snap out there, there's plenty of winners. >>> let's turn our attention back to president trump. he is reportedly using funds from his re-election campaign and the republican national committee to cover his legal fees the rnc kwconfirmed more than $230,000 have gone to trump lawyers working on the probe former trump campaign manager paul manafort is demanding a government investigation into media reports that government authorities wiretapped him his spokesperson suggested surveillance was politically motivated. paul manafort was briefly trump's campaign manager last year but was pushed out amid power struggles and concerns about his business relationships with the russian establishment. >>> in a speech that drew plenty of criticism from world leaders, president trump's firs

gopro shares have fallen white dramatically since the ipo -- quite dramatically since the ipo, so what investors missing? nick: we are growing again. the previous column of 2016 -- 2016 -- comp of volumes of our premium products are growing.e we are selling more of the products that have better margin and make us more profit. gopro is healthy and growing. i think investors are starting to take notice. selina: let's talk about growth. many say that the market leader has superior features and a similar price point. given the market effect, how much of a revenue driver do you see thrones becoming for gopro? -- drones becoming for gopro? nick: we are really excited about drones. the karma is very flexible. customers like that flexibility, that versatility. it continues to get better. , today we announced followme features as well as a look up feature, unique to drones. we will continue to innovate and advance our drone offering into what comes after karma. emily: that was gopro ceo nick woodman. famed investor jim chanos said in june that he would give up petco -- bet against against tesla

post-ipo.our story to public market investors and you turn around just weeks later in a reorganization of the dna of the company. why did that decision happen when it did? matthew: no company should sit still and do nothing. my job as ceo is to every day, do what i can do to improve the business. our job as a company is to take one step forward. every day we will continue to do new things. in terms of the exact way we have personnel structured and the like, we will continue to make decisions when we come to the crossroads and see opportunities to improve the company. we are not afraid to make changes. that is our job. >> you talk about confidence and trust. some of the investors i talked to don't like to see this kind of change so soon. thinking back to that stock chart with your stock down 46% since listing, how do you continue to instill trust in the investment community in your strategy? >> we need to execute and show investors we are doing things we say we are going to do. we need to contin

link to our ipo, but the percentage loss on revenue one offer link to our ipo, but the percentage losst was this time last year. ipo is your market flotation for those not familiar with that phrase, what now for your company? you are in department stores in germany and in the uk, selling online, what next? just continue to grow fast and expand into new countries, launch new products, and expand our retail presence across europe. thank you for your time, we appreciated on business live. you're watching business live. our top story, apple has revealed a high—end smartphone with an "edge—to—edge" screen that has no physical home button. the iphone x is apple's most expensive phone yet, costing upwards of $999. if you are in the uk, it is no cheaper, it is £1000. if you have money in your pocket, you can fork out for it. many of you have got in touch to say it is too expensive. if you have tweeted that nobody has tweeted me to say you are willing to part with money. we will talk about your comments later. apple's latest smartphone will make it easier for developers to tap into the rapidly

we were all under the impression that it is a 2019 or 2020 ipo. we are in no rush for the ipo.investor in alibaba group. they were a private company for 15 years before they went public. we are not in a rush. it is nice to see dara put a timeline on it. i'm sure that will calm a lot of investor nerves. mark: this week is all been about can he do it, what are the challenges he faces, preparing -- comparing the challenges from expedia to uber. what is going to be his number one challenge, and what will be the most difficult to address? mitchell: he needs to build, and i think he has a lot of experience, and i don't think it is as appreciated how similar the global ridesharing businesses and the global travel business, but first he has to build a world last -- world class team. he is a great leader. i think the list is long of the people who would love to work with him. i think he needs to build out the leadership team, which she well. needs to figure out his international strategy. does he do more deals in other areas of the world like they did in china or russia? three, they nee

deal,udi's aramco looking to ipo possibly the biggest ipo in the history of world markets. 2019.ht waitven into you can see more on bloomberg.com. we would keep an eye on that story as it crosses. saudi aramco may not be coming to a market near you. the world has had a day to digest the big news out of apple. how does the deal look in retrospect? we will talk in great detail, next. ♪ cory: wall street should be worried about technology taking their jobs according to vikram handed -- pandit, who ran citigroup for years. he told bloomberg that technology could see -- see some 30% of technology jobs -- banking jobs disappear. apple ushered in a new era with the iphone. the ceo unveiled a sweet of new products. you probably knew that. everyone has been talking about iphone 10 and so much more muted stock reaction. what does it mean with a day to reflect, by both journalists, wall street, and the like? the stock is down about 1%. alex webb joins us now. you cover apple in great detail. what's the reaction a day afterwards? alex: it's sort of business as usual, really. cory: is it the breathl

that will probably be the next biggest ipo.e also watching spotify and that potential direct listing. emily: alex barinka, great to have you here. the story we tried to tell you earlier, e.u.'s commissioner for justice has said facebook has become a, quote, "highway for hatred." she deleted her official facebook account because she was tired of being trolled. she then announced new e.u. guidelines, urging companies to do more to tackle terrorist content and hate speech. speaking with me last week, she explained what the e.u. did not want social media space to become. >> we want in the european union to have internet which will be hate-free and which will not open the space, i would even say, highway for hatred and inciting violence. emily: coming up, my wide-ranging conversation with ceo satya nadella. we turned back to 2014 when he first took over the tech giant. a feature i want to bring to your attention, our interactive tv function. watch us live. if you miss an interview, you can go back to it. this is for bloomberg subscr

you do not want to do an ipo of aramco if you have -- classified.tion that you get would be much more and would not be able to attract the funds of institution investors, which is what you want. the other observation i would make is that a lot of this has already been priced into the market. advance,now is that an investors by assets. saudi markets test performed better than other markets precisely because everybody is expecting that it will be reclassified. so, wait and see. tracy: they usually tends to be a negative story once reclassification happens. which we have seen in pakistan most recently and the uae. i enter's curious, as an economist, how do you judge saudi's transformation? statistics,ecific or even anecdotal evidence you are looking at when it comes to seeing whether it is successful or not. nasser: the problem we are focusing on is it is very large. it includes government. we need to look at is services. that is an indicator. purchasing, but you really want to focus on the services sector and banking. the banking statistics are really

bertha coombs, thanks. >>> other ipo news, we are expecting angry birds to price its ipo tonight. reuters is reporting lyft is close to appointing ipo advisers of its own and david has taken issue with spotify's reported direct listing, calling it a mistake. why? >> i think that's correct, carl. tilson's hedge fund should have been investing in the ipo class. it's done well and he'd be well ahead of the indexes once you decide to go public, which spotify has done, they are doing 99% of the work and will ve 99% of the headache and none of the cash associated with a public offering. so i don't get it. they are going to be public, it's going to let the market find it own level, they'll be able to speak more freely, but they are not filling up their coffers at all when they are paying all the costs associated, except the underwriting fee. >> one of the best funded private companies in europe. >> the private markets have been more than willing and likely would for the foreseeable future but that's a second debate, but once you decided to go public for whatever motivations they have, wh

you can look at 90% of the ipos that have gone to market in the last year. >> 90% >> yeah.ke a genius to do the math here. >> that's not just -- that's an indictment of the entire process. >> it is a concern about what we are sending to market and what investors, institutional and retail investors on the public side are craving they are craving alpha they are craving growth. as a result for these companies that are tackling multiple billion dollar markets and trying to disrupt themk it does take capital so i understand why companies are doing it it makes sense but eventually at some point in time, not net income lines have got to come into a rational space. >> do you think some of this is -- we talk about amazon every day. you talk about going public with no hopes of near term profitability. that's the big giant example of how it can be done and sustained for 15 years is it just overgrown influence out of what bezos has done that scale. >> what jeff bezos has done is remarkable he's attacked so many industries and succeeded across multiple different lines what i'm talking a

roku hopes to raise for the $250 million in an ipo later this month.er made a profit. are you bullish as a public stock? >> i am not. maybe sheryl can weigh in here. we talked about snapchat in this big onerous voting control that the management cometh same thing with roku. this is a terrible precedent being set in the technology sector. it's an obvious defense because they are not profitable, without caring shareholders just right. they are trying to defend that. i am not bullish going into this ipo. cheryl: thanks for the shout out. it is sheryl here. we were all saying this is not a good ipo. appreciated. >> i agree. amen. lauren: good to see you. cheryl: library. it doesn't happen much. every once in a blue man. coming up, monday night football time and the new york giants had a big struggle against the detroit lions. giancarlo stanton hitting another homer. jared max has sports, not. taylor swift refusing a new lawsuit that claims she ripped off the lyrics for the single shake it off. you are watching "fbn:am." parodontax, the toothpaste that help

big ipo was big success there. all the stories coming up and joining me this friday morning fox business dagen mcdowell, blaze tv host lawrence jones and former economic adviser under president bush 43 todd. dagen: are you ready to talk taxes or what? >> i'm ready ta talk about -- i'm ready to talk about taxes. dagen: that's pushback from democrats but a lot of republicans in the state. maria: we know congressman peter king has said my constituents are not going to be served well by this because if we eliminate this deduction the deduction of income and local taxes, state income, that's a big deal because taxes are so high in new york. dagen: i'm holding my amo so to speak. maria: the potential fourth bracket. all the stories as we continue to die sect the tax plan. coming up this morning the director of management, mick mulvaney and ricardo rosello is here. pushing tax reform. the president will talk taxes with the manufacture association before heading to new jersey this as proposed plan is facing first hurdle on

shares are down 46% since the ipo.company says it sees potential in partnership in its effort to expand its brand. bloomberg spoke with the ceo. matt: our ipo happened right at the end of q2. it was 3% of our network's volume. we have been investing very aggressively in our supply chain and noted to get people new products, more flexible offerings, new ability to monetize our customers with personalized offering and lower infrastructure costs. lennen was a big opportunity for us. we still expected to be our lowest cost operating center. as we moved into q3 with our ramp plans, we were overly optimistic on how quickly can ramp it. our business is incredibly hard to do what we do. if you think about operationally what is involved with getting a blue apron home cooking experience to people all over the country, working with hundreds of farmers, growing ingredients, bringing them to film incentives for quality control, portioning, packaging, shipping, delivery nationally in a high-quality way, that's incredibly difficult.

cheryl: a lot of questions on the snap ipo from the first day. roku seems to be in a better -- tracee: i think so too. cheryl: might be my favorite story of the day, ikea has made big acquisition. tracee: you may never have to put piece of ikea furniture yourself. i can't say, it will acquire task rabbit, can help you hire someone to do a shore like furniture assembly and moving. we haven't gotten details on how the two will work together. task rabbit will continue to operate independently once the deal closes in october. cheryl: you get somebody to bring you toilet paper or come fix something for you. ikea will be in charge with them. tracee: work their way some sort of partnership, maybe when you buy a desk they'll be able to put it together for you, connect the two. cheryl: relationships will be saved. lauren: gig economy. marriages will be safe, less fighting. tracee: absolutely. lauren: coming up majority steve scalise makes a return and triumph to the senate. >> you have no idea to be back here at work in the people's house. [cheers and app

, nowhere near an ipo ipo business has been getting a little better. i've been complaining all year about it 105 so far this year, up 41% from last year that's the same number of all last year. renaissance capital ipo etf, look at that, basket of last 60 ipos, up 27% this year everyone pushed back on the prices saying we don't want to pay high prices. pushing the initial offering prices down. >> good start today but remains to be seen what happens after thissin i this, right? that's the problem for some companies, they start fast out of the gate on ipo day then they fade. >> the company is unprofitable, itself. >> 15-year-old company, it still hasn't turned a profit >> i know, there's a little bit of a warning sign and have the huge competitors against them. it's big, well known, a lot of people want to buy it at a very high -- i'm quite surprised it moved up on this kind of price. >> if you take the fact that apple should have owned this space and they have given -- they lost so much market share, that you got to hand it to roku, they at least are get

most are trading above their ipo price, they're just not in their consumer base. do think the requirements for an ipo have changed over the last several years and not skrus this year where the street is rewarding profitability and over growth everyone. the street expects companies to be profitable or close to profitable when they go public so the economic of the business becomes very important >> why do we talk so much about an uber which is losing billions going public >> we still do talk about these unicorns which are massive but yet don't have a profit. >> it is going to be a raise against scale so if you are big enough then you maybe profitable and even for uber, there are some cities where uber is profitable and some cities where uber is not profitable it is not that the business models cannot be profitable for these big unicorns if the street does not believe that they can become profitable in the long run with the scale that they think they can achieve, they'll be punished for that >> consumer facing companies tend to be more sexier we know what facebook is

our stock price at the ipo was $68 a share.oday, it is at the current level, about 2.5 times increase, but look at our revenues. during the same three-year period, our revenues have tripled. our stock price hasn't even caught up with our revenue growth yet. same thing, facebook. when they went public, i think they had about a billion users. now they have 2 billion users. if you look at the long-term the large scale companies continue to grow and there is no reason why they will stop growing. ofi think the infrastructure the internet, the infrastructure of technology is much better than 10, 15 years ago. if you'd -- if you are not that greedy. if you are not that stupid, it is easy to survive today than yesterday, because the speed of the internet era oftentimes blurs the lines of regulation. and you push the boundary, push the boundary and then regulators overreact or whatever. how do you stay ahead of that and also not overstep your boundaries? >> we always step ahead of the regulators. we have to, otherwise we go nowhere. but

savvy setback for the kingdoms ipo. we have the latest on what could be the world's biggest share sale. good morning. this is bloomberg "surveillance ." first thing's first. let's quickly check on your did. we see somey where distortions are some of the key data points we need to watch out for. risk assets seems to be taking a breather amid the further signs that china's economy is cooling. base metals seem to be dragging down a lot of the mining stocks. bp and the stoxx 600 basic resources down 1.3%. major currencies drifting before the rate decision. the inflation data which is why want to show you the pound -- 1.32106. and euro-dollar. we will talk plenty more currencies throughout the hour, the let's get to first word news. >> north korea has been to use a nuclear weapon against japan. agency quotednews that japan's archipelago should be sunken into the sea. the japanese said that the threat was an abominable provocation. , some has blood chinese backed investors from buying a semi conductor. the fourth time in a qu

eastern time social capital kicking off an ipo road show today.e picker is watching that leslie >> that's right. he is meeting with investors in new york today and those in boston tomorrow. pitching a concept that is never really been done before. if he successful, it could alter the way private companies especially venture backed companies tap the markets. the firm social capital are asking investors to essentially write a $500 million blank check. this type of vehicle is known as a special purpose acquisition company or spac. investors give them the money up front and they then use it to acquire startups ownersst target business would exchange their shares for shares of the spac and this allows the target to be public without marketing road show and reporting expenses i'm told by sources that early feedback from the so-called testing the waters meetings was very strong and it makes sense startups have been avoiding ipos or seeking alternative ways for getting public for years now his perspective is highlights he issues with the traditional proce

he says all three of his belts on the line and it mayjust be the ibf and the lesser regarded ipo, theyake those titles out the equation as he is not facing their challengers. time for some cricket now — more on bangladesh and australia in a minute but first england's players have been going through their paces ahead of the third and final test against west indies which starts tomorrow. after a surprise victory for the windies in the last test at headingley, it's all to play for at lord's. here's our sports correspondentjoe wilson. here we are in the final test match of the english summer, september at lords can sometimes be a cold and dismal scenario but with a real sense of excitement here. that's because of the west indies and their victory in the second test at headingley meaning that the players are practising here with something new. a sense of confidence and self belief. that is very precious for any sporting coach to work with. i asked stuart law to imagine the feeling if the west indies were to wina feeling if the west indies were to win a series, by winning the test match here

it is a long process. ,ven though the ipo of aramco in my opinion, who cares. are being implemented to reform this economy, diversify, and get local citizens to work? tracy: we do have other listings from countries in the wings. one more question about some of the current elements. we have a lot of talk about iran and the nuclear deal. how will that affect investment in iran? guest: it's negative. is trump going to withdraw from the jcp away? my instinct is that he is not. there are too many vested interests around the world, a lot of companies have a stake in maintaining this agreement and you have to think about why they want to withdraw. there is talk about iran's ballistic missile program, their activities across the region. both valid concerns, but the u.s. once to withdraw because of obama. that's what drives every major policy out of the trump administrated. if obama is for it, trump is against it. that is fine if you are trying to repeal health care and your audience is republican congressman. to makea tougher sell to european leaders. there are a lot o

emily: staying independent, any update on the ipo you have promised?i did not the guy promised it. but it is certainly a possibility for us. it is flattering that is an opportunity for us and speaks a lot to what the team has done. it is not something i think about everyday. i think about what we need to grow. if the companies in the right place and the market is in the right place, it is something we would consider. emily: you have new launch cities. you are expecting the 100-day window to be available everywhere? >> absolutely. emily: sam shank, thank you so much for stopping by. coming up, it is another blow for bitcoin after south korea cracks down on cryptocurrencies. we will hear from jack lew on the bitcoin debate. this is bloomberg. ♪ emily: bitcoin and ethereum dropped after south korea banned domestic initial coin offerings. it is the second major blow to cryptocurrencies this month after china similarly banned ipo's and later on cryptocurrency trading. prosecutors in south korea caught four would be crypto claim traders in a pyramid scheme.

they really hoped for an ipo this is when i moved to san francisco.ly 2013, the company wasn't very early. they were concerned and weren't shower how it was going to get done because it was chaotic. over the years the ipos have been pushed off and pushed off and pushed off there was, as you can imagine, more rumbling. employees will endure a lot and they will accept a lot if they think there's going to be a big pay day around the corner in the form of a public offering and when that didn't seem to be in the offing i think people were are willing to start speaking about what their life at work was like >> katie, we've had joanne bradford from sofi on several times. she's a well-known executive. >> she is. >> in silicon valley speaks up often when it comes to women's issues does she play into this story in your reporting at all? >> no. she didn't i think there are a lot of people at the company. some of the behavior we're talking about happened in 2012, so when the company was only between 5 and 30 people so joanne wasn't there at that time >> katie, i

we've got seven ipos that are out there, we'll try to raise $1.6 billion.e busiest in three months. we'll have three chinese companies this week that's a little unusual led by best, inc. logistic and supply company. it'll be the largest ipo this quarter. 62 million shares. these guys are backed by alibaba. they move goods around. despegar is they're trying to raise north of $300 million and we finally even have an oil deal. there hasn't been any for a long time. the last real pipeline deal we got was in march. we'll have another one. oasis midstream. this is a spin-off. nice yield 7.5%. a lot of people want that yield still. 7.5 million shares at 19-21. no one wanted anything to do with these oil ipos because oil has been unpredictable this year. but if oil can stay some where around $50 you'll see a lot more of these coming out. the number is still not fabulous but what has happened aftermarket is pretty good. this is a basket of the biggest 60 last etfs. goes into 2016 as well as partly 2017 and it's up 27%. the aftermarket performance of the ipos have be

our stock price at the ipo was $68 a share.it is at the current level about 2.5 times increase, but look at our revenues. during the same three-year period, our revenues have tripled. so, our stock price hasn't even caught up with our revenue growth yet. same thing, facebook. when they went public, i think they had about a billion users. now they have 2 billion users. so, if you look at the long-term perspective, these large-scale internet companies continue to grow, and there is no reason why they would stop growing. jack: i think the infrastructure of the internet, the infrastructure of technology, is much better than 10, 15 years ago. so, if you are not that greedy, if you are not that stupid and crazy, it is easy to survive today than yesterday, because the speed of the internet era oftentimes blurs the lines of regulation. jack: yes. stephen: and you push the boundary, push the boundary, and then regulators overreact or whatever. how have you stayed ahead of that and also not overstep your boundaries? jack: we always step

what would it mean for investors here if the ipo was delayed?l: this is going to be clear message that saudi is not able to deliver on what has been promising. honestly, i think we start to see the beginning of that with revising many of the targets of the national transformation land -- or program. that have beenny canceled. investors are looking closely at the moment whether salvy will be able to do it or not. saudi has never went into an and bp before. don't really have experience. the targets, in my opinion, and many analysts said it was ambitious. i begin was kind of expected. you have to take in mind, it is very progressive. it is trying to change things. i am sure it is big opposition in what is being done. not everybody is comfortable with change. people like their comfort zones. the could just resist for purpose of resisting and they don't want to move from their comfort zone. with saudi aramco specifically, we saw some grumbling, some discontent. on twitter we have a #mohammed has sold the chicken trending. nabil: it is the chicken tha

there is the small matter of the aramco ipo.iber a $10 increase in oil price has a massive impact on the valuation of that company. tracy: thank you for joining us. best plans have failed to pay off. so what else can oil producers due to get prices rising again? we discuss that next. this is bloomberg. ♪ yousef: welcome back to this special edition of "bloomberg markets: middle east." despite opec's best efforts to balance the oil markets, prices have been stuck in a relatively narrow range this year. tracy alloway spoke to emirates nbd and ask the commodity analysts about his outlook ahead of opec's next meeting in november. chart oflooking at a brent and you could see recovery over the summer, but not fireworks in the price. how are you viewing the recent action in oil? it is telling us the market will probably be stuck in this pretty boring range we have been in for the past four months over the summer months where brent prices have really started to get past $53 a barrel, but at the same time, the downside is around the high

a delay in the saudi aramco ipo.istory may be pushed a few months of the 2019. in 2016 the saudi crown prince said that the object this is to diversify income, therefore transferring shares to public investment funds -- the source andhe government revenue not oil. they are aiming to have extra nonoil revenue risk of $100 billion. joining us from london, the bloomberg executive editor for energy and commodities and bloomberg's middle east and africa executive editor. this chart shows saudi arabia's reliance on oil. crude, white is line is saudi arabia's revenue of oil, will align is the budget backing out oil. obviously the yellow line has been increasing, but what is the delay meaning for this ability to generate revenue that is not oil? sale of the ipo of aramco is at the heart of what the crown prince is trying to do. is he going to diversify, there will have to be massive investment in new industries, from entertainment to mining, military, there's a huge project tied to this to invest that money in saudi arabia a

apple's phones, it's been a slow year for ipos, but tomorrow we are going to see an ipo floated hereing more than the usual mamt of attention. social capital is set to price any moment now they're planning a healthy increase or raise i should say of $500 million. and that's 50 million shares at ten bucks apiece bob joins us now with more on this. >> hi, it's unusual because it's an ipo with no assets, no assets right now, it's a special purpose acquisition company, big words called a spak. it's being set up to that aren't public they are based on a season manager and investment space, say energy or tech for example and it settles them into a portfolio for investors. you're buying a management team with experience which is attractive to many investors there's an element of risk here. the manager is essentially saying, trust me, i can buy companies that are priced that will eventually make money for you. now, they are hot this the year, more than 20 have gone public so far in 2017, that's the highest number since 2007. that's according to renaissance capital. why are spacs suddenly so

nga ipo, wered the zy know it was not smooth sailing.is that they repeat what zynga did. it may as well be called angry birds. angry birds came out seven years ago. they need to show they can find some growth after this new strategy it has implemented in the past couple years of massive cost cuts coming to fruition. you have seen the financial start to improve. you can see in the documents in the last quarter, they reported 94% revenue growth to 86 million euros. that is after following another quarter of growth. revenue is growing. it seems like things are working. frankly, a lot of that has to do with their selling strategy that they have shifted into more getting users to pay in-app, then getting them to pay when they download the games. emily: tell us about the financials, how is the company doing? alex: they are improving. 86 million euros in revenue in the last quarter, that is about -- million u.s.. they followed it up with angry 2010.to in it has been a while since we have seen new things from them. we did see the angry birds mov

healthy ipo at the end of the year beginning next year. on the global map when it comes to allocation to global investors. is somethingrce you have been very interested in. the bankruptcy with toys "r" us, some saying that is an e-commerce story. others saying it is taking too much debt. where do you stand? >> retail is soft. they are losing market share to online rivals. when you put leverage on a company that is struggling you add to the woes. must and we want to be invested in it. we are encouraging all of our companies to embrace technology. technology embracing is a must. .> that is it we have a busy week ahead in the region and we will be here for the start of the trading week in the gulf. bloomberg. ♪ what did we do before phones? they save us from getting lost, getting hungry, and getting tired of places like this. phones changed everything - shouldn't the way pay for them change too? introducing xfinity mobile. where you can pay for data by the gig, and share it across all of your lines. no one else lets you do that. see how much

walt, andy, thank you for weighing in this morning >>> when we come back, another ipo, chinese luxurye retail and international consumer chocks at this hour not changed mu dow's up 1/5 of a point. back in a minute t suit my needs t suit my needs and i get back to business. ♪ dad: molly, can you please take out the trash? (sigh) ( ♪ ) dad: molly! trash! ( ♪ ) whoo! ( ♪ ) mom: hey, molly? it's time to go! (bell ringing) class, let's turn to page 136, recessive traits skip generations. who would like to read? ( ♪ ) molly: i reprogrammed the robots to do the inspection. it's running much faster now. see? it's amazing, molly. thank you. ( ♪ ) thank you. the strikingly designed lexus nx turbo and hybrid. lease the 2017 nx turbo for $299 a month for 36 months. experience amazing at your lexus dealer. >>> yay! it is friday i do love it chinese online luxury retailer secoo going public priced at $13 a share. bob pisani on the floor with more on how it's trading hello, bob. >> hello, michelle several chinese ipos this week, take a look here she is right the biggest online retail marketplace in

let's get to our ipo trading today.ial capital hedosophia, 0 million shares they upped the terms it was 50 million at $10, and now 60 million normally we show you ranges. not a fixed price like $10 9 to 11, say you don't see that here because this is a spac, special purpose acquisition company. they don't have a value because there's nothing to value the money goes into a trust. it's very unusual these spacs out there. they're based on a similar premise. a seasoned manager in an investment space, they bias sets, assem bble them in a port portfolio. assets are held in a trust until the acquisitions are trade there's an element of rick here. you're essentially saying -- the managers are saying, trust me, i have experience. i can buy companies that are priced that will make you money. spacs are hot this year. 20 have gone public so far that's the highest number since 2007, according to renaissance capital. why are they popular first and most important, they're helping the ipo log jam. there's hundreds of companies we've ta

i expect a very healthy ipo at the end of the year beginning next year.e global map when it comes to allocation from global investors to the region. tracy: in e-commerce is something you have been very interested in. the bankruptcy with toys "r" us, some saying that is an e-commerce story. others saying it is taking too much debt. where do you stand? >> combination of both, retail is soft. they are losing market share to online rivals. when you put leverage on a company that is struggling you add to the woes. but our view, technology is a must and we want to be invested in it. we are encouraging all of our companies to embrace technology. technology embracing is a must. yousef: that is it. we have a busy week ahead in the region and we will be here for the start of the trading week in the gulf. this is bloomberg. ♪ ♪ >> coming up on bloomberg, conversations from the bloomberg global business forum. >> you can't change the world if you are ignoring the world. >> insights on the world's most pressing problems. >> china is learning a lot of things. making pr