julie: that was my interview with the blackberry ceo john chen.let fu, the first show on opportunity and risks in the etf industry, that is next. a lot to talk about in the etf world. from new york, this is bloomberg. ♪ scarlet: i am scarlet fu. this is "etf: iq." ♪ investors pull more than 2 billion in a week for global etfs, but they are not exiting credit completely. even with an passive during a race to the bottom. we tell you why focusing on fees can backfire. we check out rtmx, an

ceo john chen explained the plan to julie hyman. take a listen.n: what we are seeing in the growth in middle east and in europe, mostly from security businesses, security software, mobile security, threat analysis. we have some really big contracts in those places. julie: is the growth in the software business going to remain quick enough to make up for the declines you have been seeing in the service access fees paid by the legacy blackberry users? john: eventually, it will. its crossover now. we do about $100 million per year on the service access fee. our growth rates -- we have roughly about a high 600 million dollars to mid $700 million software business. you can do the calculation. julie: when you look at the proportion of your revenue that is coming from the software business, enterprise mobility management, one of the more important parts, if not the most important part, you have some big competitors in that market. ibm, microsoft. coming at it from a blackberry angle, what's your sales pitch when you're speaking to companies, potential cl

thank you john chen, so much. great to see you.rry ceo john chen talking about a range of different issues -- m&a driverless cars. mark, back to you. mark: julie, great interview. one of the most rigorous and closely watched reports on high pay the world's biggest banks. the first chief executive joins us for an exclusive on who is getting pay raises, who is not. this is bloomberg. ♪ mark: live from new york and london, i am a mark barton. julie: and i am julie hyman. this is "bloomberg markets." it is a victory for the machines and the people who operate them. the only traders getting a pay raise this year are those who run electronic platform, according to a new report by options group. most equities personnel will undergo volatility and disruptive events for their pay cut. michael karp is joining us for an exclusive interview on this report. thank you so much for coming in. i guess it is not shocking here that it is the electronic trading, the only area within trading that is getting pay raises. what kind of magnitude are we loo

's ceo john chen explained the plan to julie hyman. -- blackberry's ceo john chen explained the plann. john: we're seeing growth in the middle east and in europe. mostly from security businesses. security software, mobile security, threat analysis -- we have some big contracts. julie: and is the growth of the software business going to remain quick enough to make up for the declines you have been seeing and service access fees paid by the legacy blackberry users? john: eventually it will. year about $100 million a on the access fee. our growth rates -- we have roughly a high $600 million and mid $700 million software business. grows 10% to 15%, you can do the calculation. julie: now that you look at the proportion of your revenue that is coming from the software business, and enterprise mobility management specifically, one of the more important parts if not the most important part, you got big competitors in that market. you've got vmware, microsoft. ibm. coming at it from a blackberry angle, what is your sales pitch when you're speaking to companies, potential clients, going up aga

emily: that was blackberry's ceo john chen speaking to bloomberg's julie hyman.ank is deepening its ties in the middle east. the tech giant plans to invest as much as $25 billion in saudi arabia over the next three or four years. $50 billion is expected to go to a new city that the crown prince plans to build. this project is also backed by more than $500 billion from the saudi wealth fund. robin lee has been outlining his strategic shift towards artificial intelligence and autonomous cars. he gave the keynote at the world conference in beijing. our china correspondent, tom mackenzie, reports. tom: baidu ceo and cofounder robin lee detailing squarely on artificial intelligence. ai not just the power the search increasingly pushing the autonomous vehicles space. it is partnered with a number of carmakers in china. also a bus maker. it expects of the company to run on a fully automated bus in july of 2018. robin lee also announcing his desire to push into smart cities. think logistics and transport. and launching a hardware product, an ai-powered smart speaker syst

a "bloomberg markets," conversation with john chen at 10:30 a.m. in new york and 3:30 p.m.bloomberg. ♪ . ♪ surveillance. from london and new york. francine lacqua and tom keene. first word news, here is taylor riggs. >> senate republican leaders hope third time will be a term for obamacare as they corrected in the individual mandate to help pay for deep cuts in their tax overhaul bill and it could complicate vote calculations and both chambers of congress. twice already this year the senate tried and failed to repeal obamacare. senate republican leader mitch mcconnell is looking at replacing roy moore as alabama alexa -- if alabama election and mitch mcconnell says what more should not run because of allegations of sexual impropriety. mitch mcconnell has discussed the idea of expelling roy moore if he is elected and having jeff sessions appoint his old senate seat. russia is convinced opec needs to decide this month to extend oil output cutbacks. according to people familiar with the matter, russia believes it is too early to decide and there is disagreement over how long a

he's got jack dorsey on his board, of course, from twitter he's got john chen from blackberry he's gotndberg of, you know, from facebook. it's technology, not to mention, consumer reach, that the he has with the ceo of nike and former ceo of starbucks this is an incredible board and at this point in his life, he's doing the kind of thing that -- you think leonard goldenson, the cap cities/abc deal tom murphy when he sold cap cities to -- >> all right >> you know, dow/dupont. bank of america. did this great swan song to create bank of america at this point. >> i always wonder -- >> make an interesting point -- last word, bill. quickly. >> why aren't these companies like apple and google and facebook and amazon, why aren't they buying up these cheap content assets right now especially the ones that have ridiculously overpriced common stock currency to use. >> i think they hired some of the fox executives even over at facebook or one of the places. anyway, it's a good point. thank you, both. bill, jeff appreciate you guys talking to us about the biggest potential deal -- >> thanks a lot.

republicans got a big lift today when an undecided john mccain announced despite some reservation, he would, in fact, be voting yes. lonnie chenthe director of domestic policies at stanford, also former policy adviser to the 2012 romney campaign. john harwood, cnbc editor at large. and jake sherman is the senior writer for politico. gentlemen, a big thanks to all three of you. john, let me start with you. this mccain vote what does this mean for final passage of the senate's version of this bill? >> i think it's very positive sign for republican leaders. they're very close to having what they need. i do think it's not entirely done. there are a lot of details still being worked out. the so-called trigger to protect against the potential effects of higher deficits, if growth doesn't pan out as republicans hope. and i do think they're waiting for the joint tax committee. they're not waiting. the joint tax committee is rushing to try to provide an estimate. i think if that shows weak growth as a result of this bill, remember, growth is the most powerful underlying argument for the tax bill. if it shows that growth is weak and, th

john. shery: coming up on "bloomberg markets," we are speaking with lanhee chen and former policy director's 2012 presidential campaign. david: you didn't catch all of our injury is the bloomberg with the function tv . you can find breaking news, charts, and related functionality. ♪ scarlett: it is 7:00 p.m. in london, and scarlet fu. avilan: timeout yeldon little -- abigail: abigail doolittle. welcome to "bloomberg markets." scarlet: we're live in bloomberg headquarters. here the top stories we are andring from the bloomberg around the world. jeff sessions faces congressional scrutiny about his contact with russia during the presidential campaign. what it means for the white house agenda. venezuela and its state oil company now officially in default. why that changes nothing for bondholders. plus, home depot seeing a surge in sales in the wake of this year's hurricanes, while taking a hit on storm related expenses. u.s. markets close in about two hours time and taylor riggs is here with us to get a check on where stocks are trading for the pullback. taylor: broad-based declines, and w

connell: lonnie chen joins us, former marco rubio 2016 presidential campaign adviser and former romney-ryan policy adviser back in the day as well. on this day, it was really johnccain who seemed to get this thing started, and you know melissa made the point earlier on, hey, if he's for it, i guess it's going to pass, right? >> yeah, that's absolutely right. you got to think about which republicans would stand in the way of major legislation. now john mccain was a big question mark, i think the fact he came out and resolved that, very important for mitch mcconnell and for the president. there are few others like susan collins and lisa murkowski and bob corker who have expressed concerns for a variety of different reasons. i think that at the end of the day, this is such an important policy and political imperative that they're going to vote for this things are the votes will be there and pass the senate by the end of the week. connell: i heard don't make the perfect enemy from the good argument a lot of people in washington for the last number of weeks leading up to this. what about as a policy measure? doesn't seem like anybody is necessarily thrilled but the

emily: that was blackberry ceo john chen speaking with our own julie hyman.oming up, from shareholder voting power to the status of the sky deal, we will discuss what was covered at fox's annual meeting. a feature we want to bring to your attention, our interactive tv function. you can watch us live. if you miss an interview, you can go back to it. you can send our producers a message, play along with the charts we show you on air. this is for bloomberg subscribers only. this is bloomberg. ♪ emily: tesla is preparing to unveil its semi this thursday. elon musk posted a sneak peek on instagram and tweeted -- tesla had been secretively working on this truck for the last sheet of years -- last two years. 21st century fox held its annual shareholder meeting today in l.a. , whenthe topics covered the deal would -- to acquire sky news will close. >> we are excited about the breath of all of our -- breadth of all of our brands. sky,roposed acquisition of we are confident will close by the middle of next year. emily: for more on the meeting, we are joined by a new sc