defined who at his seven employees offer network marketing services. applications always have to think. and it's. so easy how fast speed we have. and people in east africa have their own share of problems take uganda if you're looking to send a message or post a photo on instagram you have to be prepared to pay up since july of last year the government's been cashing in on every click in the three months following the introduction of the so-called tax the number of social media users fell by three million. clearly bagan has been importing cosmetics me united states for the past three years much of her business takes place online the o t t tax is a big issue for her right now he's. just a us like. they used to and yes that was like biggest marketing place so you have to kind of look for other ways of marketing. to cover up for that living through the social media of the internet is clearly begun now runs every killer store in the capital kampala for many africans buying in person is still the easier option. now the global solutions initiative is current

networks so explain to us what that means what. really means is that he has realized that the market for messaging so private messaging services is growing and it's growing at a writes that's foster then his traditional business which is being an advertising business and a social network and so he rather than being interested in. communicating publicly through facebook he's more interested now in the private messages that we send to each other messages on his platforms that he owns like whatsapp and facebook messenger and instagram is direct i think a lot of people still don't realize that those three verrall one company exactly they're all by by facebook and so he is he wants us to use these platforms to communicate with each other and so he wants to streamline them in a way so if you were to use what to message me and i for some reason have what's up but i had facebook messenger within those messages would get through and so this is kind of way he's going he wants to capitalize on the growing private message market and so what his problem to this change well basically it's it's been it's been a rough couple of years facebook it's had m

an ston, steven spielberg many invited to this today apple service will reach more than 100 markets worldwide is in talks to court big networks says they are not going to be involved ceo making that statement also to about part of the announcement subscription news survey outlets in talks including "the wall street journal" "new york times" "washington post" last week a new way to pay apple could be rolling out its credit card, part of a partnership with goldman sachs would include its rewards program the event kicking off in over four hours. maria: thank you so much we will be watching shares are fractionally lower this morning quick break then changes for boeing the company testing software adjustments to the grounded 737 max airlines to keep planes out of the skai another month. stay with us. ♪ ♪ makes me want to take the wrong way home ♪ ♪ i'm working to keep the fire going for another 150 years. ♪ to inspire confidence through style. ♪ i'm working to make connections of a different kind. ♪ i'm working for beauty that begins with nature. ♪ to treat every car like i treat mine. ♪ at adp we're designing a better way to work

highlight cisco, which is a leader in networking that has transformed its next toward software and services. and we think margins and earnings will be better than the marketects. another name we like is motorola solutions, which is a leader in public safety pivoting the faster growth areas like video. they have an excellent management team that has been able to execute on transitioning the company to newer areas and expand margins. another name we like is alphabet. we think the core search business is healthy. and newer areas like the google cloud platform are somewhat underappreciated. and then longer-term, they have opportunities in areas like autonomous driving with waymo. the other one we highlight is apple, where we think the strength of the ecosystem is underappreciated. while sure, there are concerns about the iphone and china, but the install base is growing and user satisfaction is high. they're doing a good job in services and wearables. and the wearables, i would say, helps demonstrate innovation is alive and well. we expect the environment to remain choppy. none of these companies have great visibility. but those that are able to innovate with

network effects that gives them power. i think they would probably, if they did get broken up or recede in the market's favor, probably health care is the place to look. whether it's medical technology services, you'v already seen it grow to a larger portion of the market value of the s0, so perhaps that is the way to go. we've gone long stretches of time in the market without a single dominant cohort of companies that was really driving returns. >> but going back to the faangs for a momt here, you have to admit if there are to be regulations or some kind of a law, even ifhere's a breakup, that is going to put a crimp on their profitability g forward, isn't it? >> i would completely agree with that. not onl overt regulations or breakups or lawsuits, but also just the chiing effect i has on these companies' ambitions down the road. every one of these technology companies probably figures it has to maneuver for its next act, whether it's self-driving cars or other services. are they going to be permitted to make additional auisitions the way facebook has done so well over the years or expand into those other areas aggressively. i think those tngs veryong term should be on investors' radars. >>

network access which means in those areas t-mobile's customers cannot be reached and are basically off the grid. do we really want 100 million+ subscribers, more than one third of the market to be denied service in rural america? second, the build out in rural america. the repeated claims about the future 5g buildout is unfounded. when it comes to 5g networks and the potential applications like precision agriculture and remote healthcare, low latency is a must. the facilities needed for 5g technology cannot rely on satellite and microwave due to their high latency. fiber must be deployed and deploying fiber takes time and money. neither t-mobile nor sprint have extended resources to build out fiber in rural america. without a commitment in these undeveloped areas, their claims of building out future broadband networks ring hollow. acquiring sprint does not give t-mobile the fiber that it needs to serve rural america with 5g or in-home broadband. allowing the merger will enable hundreds of broadband providers across america to work with both sprint and t-mobile to more quickly build out broadband. third, less than one year ago the fcc found that t-mobile failed to correct ongoing problems with

the expenses the main thing now is to grow the top line, get market share, build out your end to end network. in the end it's about serviceit's about providing good price. that's what they're doing. >> when will it be profitable? >> it's going to take some time. by my model, it's about 2022, 2023, they can do it there is a path. right now i think we have to look at the top line, they're growing the top line underneath the hood, they are trending positively. they're going down, expenses are lower. losses were about 32%. there's a path it is going in the right direction. it will take some time at this point they need to invest in their network. they need to get the driver network together all that is going on it will get there ultimately it's in the right direction, all the metrics are pointing in that direction. it looks bad, but if you look at the cash burn, it's okay it's 350 million, with 5 billion in their pocket they have some runway to prove their business model. >> there is also optimism from the believers on the opportunity for international growth the founders told andrew ross sorkin this morning it's a call optio

service, but first to hit the public market. we break down the company's numbers next. also coming, another u.s. federal agency targeting facebook, this time on allegations the social network'satform is discriminatory. this is bloomberg. ♪ emily: this is "bloomberg technology." lyft raised $2.2 billion in its initial public offering, pricing its shares at the top of an elevated range. there is confirmation they priced the shares at $72 apiece, the high-end of the boosted range. it will be seen as a bellwether for other silicon valley companies. for more we want to bring in tim sullivan, a lyft investor. you must be pretty excited about this. >> we are certainly. fair why is $72 a share for a company losing a lot of money? is essentially in line with the high-growth company, with the valuation of $25 billion. the company is still growing at 100% year-over-year. that is conservative. i think lyft has room to grow . emily: how much to the costs bother you? run anthink lyft has extremely capital efficient business. part of that is due to uber's paving the way, so to speak, and lyft being able to draft behind them and execute per their vision. i think they will continue to do tha

market. that's what -- why is cheaper. my argument is are you willing to expose the people use your network to the fact that the information may end up into the intelligence services database of beijing? i argue you shouldn't do that. it could be a liability on the road and it could be brand management down the road. if it comes out and you did it because you want to make an extra four dollars this quarter, have you done anything good for the people were buying that? i would argue not. >> dean cheng, heritage foundation. there's been some pushback in various corners that while the u.s. has charged that among for example, it's iran's sanctions, that huawei and t-mobile was old-fashioned industrialized espionage, but that no one has yet filed a suit filed charges that specifically argues that huawei engages in cyber espionage and wondering what would be your response to that? because honestly there's a difference between information that is collected by law enforcement information is collected from the intelligence community, and what can be used in a court of law and what cannot? this is one of the biggest arguments, pushback you will hear. so two things. one, i wo

market, the denied service in rural america? second, 5g buildout enroll america. t-mobile's repeated claims about this rural buildout are unfounded. when it comes to 5g networks and rural applications, like precision agriculture and remote health care, low latency is a must. the facilities needed for the sick algae cannot relate on satellite microwave. fiber must be employed. deploying fiber takes time and money. neither company has expended to layout fiber in rural america. the claims of building out future 5g broadband networks ring hollow. acquiring sprint does not give t-mobile the fiber in the is to serve rural america with 5g or in-home broadband. this will allow rural customers to work with both companies to more quickly buildout broadband. third, rural completion. best new year ago, the fcc found the t-mobile failed to correct ongoing problems with delivery of cultural consumers. t-mobile admittedly inserted false ring tones into these calls so that the caller believes the call was ringing on the other hand when it was not. despite breaking the law, t-mobile tendered rural consumers from running their businesses, communicating critical information to

what comes next is you layer services and products that make their transportation network more revenue, more dollars per ride, higher margin. and that's the beauty of these marketohn, was what that mean though unlike uber which has produced things like uber eats and talking about all other sorts of transportation and true services, lyft has really tried to portray itself as a pure play transportation company so when you talk about what those other services are that you'd layer on top that would put it into a profitable category, what are you looking at >> well, you made the point. they're focused on transportation thauf co they've come out with scooters the market leader there. that micro mobility is a huge area of growth i think people in -- you know, today in l.a. where you are, you know, it's going to be increasingly the mode of transportation for 80%, 90% of the sub-two-mile transportation. if you're in -- >> you think that transportation is profitable, though? >> yes >> you do. so you think actually the scooters are significantly more profitable, that's where the margin is relative to the cars with a driver? >> the scooters are incredible because what happ

market. reducing while sale supply would raise costs passed along to customers. wholesale is used by carriers without their own networks, including most life line carriers to offer service at resale. throughout my career, have i been a strong defender of life line because it helps the most vulnerable to stay connected, providing $9.25 to defray the high cost. life line is dependent on a well functioning wholesale market. in sum, you should closely st l scrutinize the too good to be true claims. you should consider the real world impact on communities that struggle with high price and find themselves on the wrong side of the digital divide. thank you and i look forward to your questions. >> thank you very much. the chair recognizes ms. bennett for five minutes. >> chairman and ranking member and members of the subcommittee, i'm here on behalf of the rural wireless association. thank you for this country to testify today on the impact the proposed t-mobile and sprint merger will have on rural americans. rwa opposes this. this merger is bad for competition. it's bad for consumers, especially in rural areas who will experience fewer choices, price increases and substandard

services for which patients cannot choose a provider. of course, this undermines the potential for having a competitive market. so if the patients cannot choose, the only motivation for providers to be in network is the challenge of collecting from patients instead of billing an insurer. the result is very high network rates and large balance bills for unlucky patients. while this is a bad situation, especially for patients, a silver lining is that it's been conducive to bipartisan or more accurately nonpartisan efforts to find a solution both in states and more recently in congress. the conference is going to begin with loren adler presenting the paper that was released in february and taking questions from the audience. loren is associate director of the usc brookings schaeffer initiative for health policy and he did an outstanding job in leading the preparation of the paper and navigating the challenge of having six co-authors, all affiliated with the schaeffer initiative and all of who made substantive contributions. after loren takes questions from the audience we will turn to mark hall who is a non-resident senior fellow at brookings and the fed d. and elizabeth l.turnidge professor of l