so far saudi arabia has put forty five billion dollars into soft banks so-called vision fund and the crown prince says he'd like to double that amount as tech companies recoil from the saudis on ethical grounds it will be difficult if not financially impossible to unravel their saudi tie is a complex tangle of contract stock preferences and legal obligations tiny companies hands in such matters in some ways this case is providing an opportunity for companies to really provide some ethical and moral leadership maybe at a time when they're not seeing or experiencing what they'd like to see from leadership in other sectors silicon valley corporations face a dilemma choosing between an ethical response to a shocking crime and the abundant funding that makes the tech industry flourish well joining me now from singapore is i mean they i mean it is a jap pan stock market strategist with singapore based symmetric advisors good to have you with us so how much damage has the whole affair done to the attractiveness of saudi money in the tech world right now where it's difficult to set the momen

in place since then the kingdom became the largest investor in the ninety three billion dollars soft bank vision fund which is the biggest fund ever raised in silicon valley led by my so your shoes son japan based soft bank has changed the landscape of venture capital according to some reports rival venture capital firms warry soft bank could be pushing up valuations and pushing them out of the market but says her show g.'s killing questions about morals and ethics are being raised saudi money could be viewed as a liability by startups and their customers rob reynolds has more on the relationship between rich members of the royal family and silicon valley in california. in the aftermath of the killing of jamal khashoggi at the hands of saudi government agents tech companies and their executives are distancing themselves from saudi investment but how each one of them makes that decision on their own i think is probably driven very much by their own moral conscience but also their understanding that other people are looking at them in their formal leadership positions for cues about what to

in place since then the kingdom became the largest investor in the ninety three billion dollars soft bank vision fund which is the biggest fund ever raised in silicon valley led by my so your shoes san japan based soft bank has changed the landscape of venture capital according to some reports rival venture capital firms warry soft bank could be pushing up valuations and pushing them out of the market but says her show g.'s killing questions about morals and ethics are being raised saudi money could be viewed as a liability by startups and their customers rob reynolds has more on the relationship between rich members of the royal family and silicon valley in california. in the aftermath of the killing of jamal khashoggi at the hands of saudi government agents tech companies and their executives are distancing themselves from saudi investment but how each one of them makes that decision on their own i think is probably driven very much by their own moral conscience but also their understanding that other people are looking at them in their formal leadership positions for cues about what to

the world's largest investment fund so far saudi arabia has put forty five billion dollars into soft bank so-called vision fund and the crown prince says he'd like to double that amount as tech companies recoil from the saudis on ethical grounds it will be difficult if not financially impossible to unravel their saudi tie as a complex tangle of contract stock preferences and legal obligations time the company's hands in such matters in some ways this case is providing an opportunity for companies to really provide some ethical and moral leadership maybe at a time when they're not seeing or experiencing what they'd like to see from leadership in other sectors silicon valley corporations face a dilemma choosing between an ethical response to a shocking crime and the abundant funding that makes the tech industry flourish well joining me now from singapore is i mean they i mean it is the jack pan stock market strategist with singapore based isometric advisors good to have you with us so how much damage has the whole fed done to the attractiveness of saudi money in the tech world right now. wa

the world's largest investment fund so far saudi arabia has put forty five billion dollars into soft bank so-called vision fund and the crown prince says he'd like to double that amount as tech companies recoiled from the saudis on ethical grounds it will be difficult if not financially impossible to unravel their saudi tie as a complex tangle of contract stock preferences and legal obligations tidy companies hands in such matters in some ways this case is providing an opportunity for companies to really provide some ethical and moral leadership maybe at a time when they're not seeing or experiencing what they'd like to see from leadership in other sectors silicon valley corporations face a dilemma choosing between an ethical response to a shocking crime and the abundant funding that makes the tech industry flourish well joining me now from singapore is i mean they i mean it is the jack pan stock market strategist with singapore based symmetric advisors good to have you with us so how much damage has the whole fed done to the attractiveness of saudi money in the tech world right now. well

no certainty about a second vision fund much less safe word as had previously been suggested by soft bank officials so. bank is also currently slated to build a two hundred billion dollars solar plant in saudi arabia at least for now but soft bank isn't the only business reevaluating their business ties tooth the saudi kingdom here with more authority correspondent alex the hell of it you joins us from toronto alex we've seen a lot of people pull out of these so-called davos in the desert this financial conference taking place in riyadh saudi arabia due to the circumstances surrounding this trip because shogi there are some really big names here both people and businesses that have or were looking to have business and economic relations with saudi arabia even with billions of dollars at stake it looks like many people are picking principles above profits what do you make of it alex. well barred set to see that an alleged dismemberment of a journalist is what it takes for people to start focusing on what saudi arabia is doing in this world the famine and the genocide in yemen doesn't seem

the world's largest investment fund so far saudi arabia has put forty five billion dollars into soft bank so-called vision fund and the crown prince says it like to double that amount as tech companies recoiled from the saudis on ethical grounds it will be difficult if not financially impossible to unravel their saudi tie as a complex tangle of contract stock preferences and legal obligations time i come.

the world's largest investment fund so far saudi arabia has put forty five billion dollars into soft bank so-called vision fund and the crown prince says he'd like to double that amount as tech companies recoil from the saudis on ethical grounds it will be difficult if not financially impossible to unravel their saudi tie as a complex tangle of contracts stock preferences and legal obligations tied companies hands in such matters ordinarily companies and financial institutions follow the lead of their governments but president donald trump's response to the killing has been tepid and vacillating leaving corporations to find their own way in some ways this. case is providing an opportunity for companies to really provide some ethical and moral leadership maybe at a time when they're not seeing or experiencing what they'd like to see from leadership in other sectors silicon valley corporations face a dilemma choosing between an ethical response to a shocking crime and the abundant funding that makes the tech industry flourish rob reynolds al-jazeera san carlos california ok let's bring in r

in may and that deal the soft bank vision fund paid two point two five billion dollars for a nineteen point six percent stake in cruz. and there is finally forward momentum to report on one of the most challenging issues and the brics that process british prime minister theresa may has reportedly convinced irish of forty's to support her idea for avoiding the creation of a so-called hard border between ireland and northern ireland northern ireland is on the same island as the republic of ireland but is claimed as the fourth country in the u.k. in theory e.u. laws require the enforcement of customs procedures at the border after brecht's it since ireland would remain in the e.u. while northern ireland would then be outside of the e.u. but a hard border is unacceptable. to key stakeholders in would undermine the good friday peace agreement for door there in ireland now in preparation for an upcoming e.u. summit prime minister may has secured irish support for her fallback proposal for the u.k. as a whole to enter a customs union with the e.u. for an indefinite period at least until anot

this is bloomberg. ♪ emily: saudi arabia is upping its stake in the soft banks of vision fund.eastern nation is adding $45 billion to the fund bringing its total investment in funds to $90 billion. this comes days after the two denied that their $200 solar venture was on hold. the benchmark asian tech index hit a 15 month low in the report that beijing hacked the networks using a chip built by their spies. lenovo fell 15%, saying it doesn't do business with supermicro, a company at the center of the investigation. that does it for this edition of bloomberg technology. have a wonderful weekend , everyone. see you, monday. i'm emily chang, this is bloomberg. ♪ comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. c

solomon said the monarchy might invest another forty five billion in a second vision fun but now soft bank chief operating officer says the group is anxiously looking at what is happening in saudi arabia and there is no certainty about a second vision fun much less a furred as had previously been suggested by softball. officials softbank is also currently slated to build a two hundred billion dollars solar plant in saudi arabia at least for now but soft bank isn't the only business reevaluating their business ties tooth the saudi kingdom here with more is r t correspondent alex the hell of it you joins us from toronto alex we've seen a lot of people pull out of these so-called davos in the desert this financial conference taking place in riyadh saudi arabia due to the circumstances surrounding this or could show be there are some really big names here both people and businesses that have or were looking to have business and economic relations with saudi arabia even with billions of dollars at stake it looks like many people are picking principles above profits what do you make of it alex o

is what was supposed to give soft bank the vision fund a big kind of advantage strategic advantage because you know they're in a position to basically you know bind size and support these companies not putting pressure on them like perhaps some of the other v.c.s. would. because you know they have some very deep resources has this whole affair made it any harder for soft bank to launch that second fund because of fears of maybe sanctions which you mentioned because for some companies. it being associated with a fund that gets a lot of money from saudi arabia is not the most positive thing in the world and so on and so forth yes the answer to your question is yes obviously they're going to have a difficult more difficult time. convincing people to take their money. so the answer to that is most probably yes will be more difficult would it be impossible i don't know. but it would be more difficult the other question that you know you have to ask is in a way that the if the saudis did stay in the vision fund one and two let's say will the other seat is likely to be kind of. shy away from the

the world's largest investment fund so far saudi arabia has put forty five billion dollars into soft bank so-called vision fund and the crown prince says he'd like to double that amount as tech companies recoil from the saudis on ethical grounds it will be difficult if not financially impossible to unravel their saudi tie as a complex tangle of contract stock preferences and legal obligations tidy companies hands in such matters ordinarily companies and financial institutions follow the lead of their governments but president donald trump's response to the khashoggi killing has been tepid and vacillating leaving corporations to find their own way in some ways this. case is providing an opportunity for companies to really provide some ethical and moral leadership maybe at a time when they're not seeing or experiencing what they'd like to see from leadership in other sectors silicon valley corporations face a dilemma choosing between an ethical response to a shocking crime and the abundant funding that makes the tech industry flourish rob reynolds al-jazeera san carlos california. so has ha

the world's largest investment fund so far saudi arabia has put forty five billion dollars into soft bank so-called vision fund and the crown prince says he'd like to double that amount as tech companies recoil from the saudis on ethical grounds it will be difficult if not financially impossible to unravel their saudi tie as a complex tangle of contract stock preferences and legal obligations tied companies hands in such matters ordinarily companies and financial institutions follow the lead of their governments but president donald trump's response to the shoji killing has been tested and vacillating leaving corporations to find their own way in some ways this. case is providing an opportunity for companies to really provide some ethical and moral leadership maybe at a time when they're not seeing or experiencing what they like to see from leadership in other sectors silicon valley corporations face a dilemma choosing between an ethical response to a shocking crime and the abundant funding that makes the tech industry flourish rob reynolds san carlos california seven thousand people esca

they sold 12.5 million shares year-and-a-half ago, they took a private funding a nd from soft bank andoal to sequence 1 million cancer patients in the next five years. bloomberg's i.p.o. reporter alex caught up with the c.e.o. and that ambitious plan is going. going well. we have sequenced tens of thousands of patients and have a behind pportunities those. we're seeing tail winds from medicare reimbursement and lung cancer. we're seeing a lot of private payers covering the test and we're seeing a lot of progress terms of using our technology latform and applying it to cancer survivors for recurrence detection and using that data to pply for early detection for the rest of us. finally, we're seeing opportunities internationally as a joint ave set up venture with soft bank to really commercialization of our products in asia and the middle east and we're very xcited about the opportunities we're seeing there. >> so as you said, you're in the late full force in the stage cancer patient phase. you mentioned early detection. hat seems kind of like the end goal for a lot of companies like you

the world's largest investment fund so far saudi arabia has put forty five billion dollars into soft bank so-called vision fund and the crown prince says he'd like to double that amount as tech companies recoil from the saudis on ethical grounds it will be difficult if not financially impossible to unravel their saudi tie a complex tangle of contract stock preferences and legal obligations tied companies hands in such matters ordinarily companies and financial institutions follow the lead of their governments but president donald trump's response to the shoji killing has been tepid and vacillating leaving corporations to find their own way in some ways this. case is providing an opportunity for companies to really provide some ethical and moral leadership maybe at a time when they're not seeing or experiencing what they like to see from leadership in other sectors silicon valley corporations face a dilemma choosing between an ethical response to a shocking crime and the abundant funding that makes the tech industry flourish rob reynolds al-jazeera san carlos california. the list i return

is a has a major investment from soft bank and actually sold its chinese operations two years ago to d.d. some other startups are efforts to take a segment of the sector in china like ali baba's auto navi and d.d. took that money from that goober expansion and actually went into japan also they wind latin america will talk about that in just a moment coming up here but china is not the only place or has merged and sold a portion of its business in russia for example were merged with the end x. which is the major ride hailer in the country still big in hong kong of course although i tell you they're a little bit slow my experience in south korea who hit a roadblock and then another roadblock after tried to launch a twenty fifteen only black seems to be doing well in south korea the major market share in the south korea right hailing business is controlled by korea's own cow taxi which has been around since twenty fifteen and in southeast asia over surrendered and sold its business to singapore based grab which dominates markets there although there is some competition from the local g

the world's largest investment fund so far saudi arabia has put forty five billion dollars into soft bank so-called vision fund and the crown prince says he'd like to double that amount as tech companies recoil from the saudis on ethical grounds it will be difficult if not financially impossible to unravel their saudi tie as a complex tangle of contracts stock preferences and legal obligations tied companies hands in such matters ordinarily companies and financial institutions follow the lead of their governments but president donald trump's response to the killing has been tepid and vacillating leaving corporations to find their own way in some ways this case is providing an opportunity for companies to really provide some ethical and moral leadership maybe at a time when they're not seeing or experiencing what they'd like to see from leadership in other sectors silicon valley corporations face a dilemma choosing between an ethical response to a shocking crime and the abundant funding that makes the tech industry flourish rob reynolds al-jazeera sent. carlos california. still ahead heroi

analysts that are either cutting their exposure or reduce or downgrade the stock for down the -- soft banksenior strategist will be joining us. rishaad: in just over half an hour, but softbank. david: i think we are about one third back. at one point..25 for shares at softbank. when you look at the damage yesterday, it was about 1/5 of the points decline on the nikkei 225. ¥262 to the upside. a change in terms of ratings. a new neutral and a new outperform in terms of impact and up 1.6%, still down roughly 40% from the peak. the macro picture doesn't bode well for the outlook for orders in the company. quickly, let's wrap things up the japaneset how cash markets are faring ahead of the lunch break in a couple of minutes. it has been a decent morning. volumes are quite flat. we are entering earnings season within this market. lots more coming up in the show, so keep it here. this is bloomberg. ♪ paul: 10:29 in hong kong. china no longer believes seven yuan to the dollar a psychological redline. theing has grown to accept currency may rise or fall and that threshold no longer applies. the yu

. >> you mentioned morgan chase, that company that many americans are familiar with along with a soft bankoard to attend the meeting later on in the month in saudi arabia where as so many other companies worldwide pulled out. in the meantime, saudi arabia is the second largest oil producer in the world. it has significant presence and so many economies. is it the oil concerns that have rattled the markets? >> well, we had pretty belicose language in the last five hours from statements from saudi arabia on this front. they are saying any action by the west, particularly the united states, will be met with a reaction. that was interpreted here in the middle east about saudi arabia holding back oil supplies or having flash backs to the 1973 oil embargo. i don't see it playing out that way. donald trump was leaning on opec to provide the extra oil that needed replacing. it could escalate and i don't see it playing out that way. i see saudi arabia taking a step back and toning it down just a little bit. >> the president yesterday from the oval office said he wants to see that $110 billion arms

is there fear that folks don't want soft bank with its l.p., saudi arabia in their cap table. will some turn down investment in these massive funds because they don't like who they are aligned with. >> the best entrepreneurs always have a choice. now they are starting to ask where the money do comes from. it matters to them, the track record of some of the l.p.'s that are involved now with some of the most prominent v.c.'s. the ceo has used his things of investment grandeur to make some change. is there a possibility that he could actually go out and try to effect change in saudi arabia? is that something you see out of sun? >> wow, i don't know that i'm qualified to say what he is going to do in saudi arabia. alex: let me talk to something that unusual ventures is an expert in. your l.p.'s are chosen in a is - in a particular manner. you are conscious of who is backing your funds. can you talk us through about why you have chosen to do something that frankly is unusual? folks are selective, but maybe not quite as much as you have been? >> ent

notably soft bank from japan. the french banks, the french hotel chain accor. we have just learned the london stock exchange has pulled out. that is evidence of the huge amount of pressure on these people and these companies who are still mulling it over to punish saudi arabia by not going. now, postponing the conference could be a possibility for saudis, but so far there's no indication they'll do it. wolf, if they go ahead, it will be highly embarrassing for them. if that list of people backing out does continue to grow. >> alex marcord, thank you for reporting. here with us to assess, peter bergen, dana bash, our chief political respondecorrespondent. forget about democrats. from republicans coming in, you heard them tough. is the president going to heed their advice? >> we'll see. look, the only -- the closest analogy to this kind of bipartisan congressional pressure was, of course, on russia. and in a huge bipartisan vote the congress said that there have to be greater sanctions on russia after they said the intelligence community proved that russia meddle

shares in both toyota and soft bank are trading higher after the companies signed a joint agreement tow transport services the partnership will start with 17$17.5 million in capital the joint venture will work on developing technology for self-driving vehicles and car shares services. >>> honda is spending 2.$2.75 billion for a 6% stake in general motors self-driving vehicles known as cruise it's worth noting that softbank group has also made a multibillion dollar investment in cruise, an indication of how competitive that sector is getting. >>> two more influential voices have added opposition to the unilever headquarter shift pensions and investment research consultants came out against the pitch. i spoke to paul pullman back in july and asked how shareholders at the time were taking the proposals. >> of our shareholders understand why we do this, to make this company more competitive, agile, to participate on an equal basis in future transactions, increasingly our invests also understand we're moving to a better corporate governance structure, one share, one vote, corporate governan

. >> you power search that connects people on tindr, uber drivers, in soft bank technology how do you opportunity in a market like search? google has dabbled but moved away from it it's an area i would think a lot of people would have backed away from and said that's soft. >> our vision ever since i tried to implement the first search box about 16 years ago or so, i saw the power it brings to users across the world people feel in control of their data control of the internet and you browse it. we want to bring that capability and experience to any type of data, any type of organization, any type of enterprises. >> whenever you talk about data you'll have to talk about privacy and cyber security how important is protecting this data that you have access to when you think about growing the company? >> we provide the engine itself and other security futures and all the options to make sure the right people have the right access to the data >> you mentioned high-profile customers of yours what percentage of revenues are they for you is that aries s risk? >> we have more than 5,500 custome

saudi arabia put brakes on what 200 billion solar project with soft bank a plan announced back in marchto saudi officials krpght is working on a practical strategy to create renewable energy set to be announced later this month. the chief executive of afghanistan alabamala says president trump strategy in the middle east is working and will eventually bring an end to the 1746 year conflict and to an interview with fox news, the the afghan leader praised u.s. for its increased military presence and conditions based approach to fighting the taliban cheryl that's what's happening now. >> well this morning, the white house continues to defend itself against accusations from democrats that it placed strict limits on supreme court nominee brett kavanaugh meanwhile the prosecutor hired by the senate judiciary committee to question christine palacey ford about about her allegations of assault telling the panel she wouldn't have prosecuted the case let's bring in attorney rich. good morning. >> good morning how are you? >> good so late last night we got the text of what rachel mitchell has sent

not to make the trip it's had an impact not just on global markets but we're seeing some impact on soft bank a lot of speculation what this means going forward. the message from saudi arabia is pretty clear, guys, and they refuse to be bullied. >>> that is all for the show today. "worldwide excng is mihae"cong up next. >> extravaganza. >> have a good day >> thanks for watching, guys tht we get there safely, and that we leave that scene safely and go home at night, is train. and we train all the time in the fire service. no matter how much we train, the last thing you want in a disaster is to lose communications. without communications, we have nothing-- people get hurt. when disaster strikes, that is when your communication service can really become your lifeline. ♪ (nicki palmer) we are constantly innovating. from a dedicated lane on our network just for first responders to cell towers on wheels. we can even fly cells in drones so communications stay up. in times of crisis, their calls go through, and they can get their job done. we know what we're getting into when we sign on, to take care

learning forces with soft bank to step up its focus on driverless cars. anglo dutch consumer giant uni lever isn't going anywhere they did step plans to move their headquarters from london to rotterdam after british shareholders revolted in eleven makes iconic brands like mama p.g. tips tea personal washing powder and ben and jerry's ice cream the company planned to move to rotterdam to cough up ministration costs but in recent weeks. phased mounting opposition from key british shelled as you know live has always insisted the move to rotterdam was not related to break that and said that its workers in britain or the netherlands would not be affected. canada is hosting senior ministers from thirteen nations later this month to discuss the future of the world trade organization however only ministers from quote like minded countries are invited and that means the u.s. and china are off the list they like minded include australia japan south korea and the whole of the e.u. talks will and to find consensus on with forming the w t o canadian trade minister say

, there is this issue of the possibility of the short case felled within one swoop somebody like soft bank or a sovereign wealth fund for real but making a direct equity investment in tesla big enough that the company never has to worry again about solar city converts or whatever outstanding liabilities they have. i'm not saying i expect that i'm not long the stock i'm not short the stock this is one of those scenarios you could have something spring out of nowhere more so than other scenarios. >> he calls out the solar city thing, too bluffed his way through the tesla bailout of solar city by demonstrating a very exciting but fake product called solar roof >> i can't believe he got away with that but he did a little element of how did trump beat 16 other republicans for the nomination every time he did something, you said, that's it for him. he took out another competitor there's an element of that here where there's no way he's going to get away with bailing out his cousin's solar company and then he does. >> this brings me to a broader conversation on just what's happening with hedge fu

the world's largest investment fund so far saudi arabia has put forty five billion dollars into soft bank so-called vision fund and the crown prince says he'd like to double that amount as tech companies recoil from the saudis on ethical grounds it will be difficult if not financially impossible to unravel their saudi tie as a complex tangle of contract stock preferences and legal obligations tied companies hands in such matters ordinarily companies and financial institutions follow the lead of their governments but president donald trump's response to the shoji killing has been tested and vacillating leaving corporations to find their own way in some ways this. case is providing an opportunity for companies to really provide some ethical and moral leadership maybe at a time when they're not seeing or experiencing what they like to see from leadership in other sectors silicon valley corporations face a dilemma choosing between an ethical response to a shocking crime and the abundant funding that makes the tech industry flourish rob reynolds al-jazeera san carlos california. ok let's take

. >>> and toyota and soft bank are teaming up for self-driving technology softbank will hold half ofalled monet honda and gm teaming up on the cruise self-driving which also, of course, soft bank is an investor in. >>> data center equipment run by amazon web services and apple, we've talked about this, may have been subject to surveillance by the chinese government by a tiny micro you chip inserted into equipment the bloomberg report saying that chip which has been the subject of a top secret u.s. investigation was used in gathering intellectual property and trade secrets from u.s. companies may have been introduced by a chinese server company who assembled machines in those centers apple, aws and micro, also deputyi in disputing those results. amazon's comments were a little different. it was a vigorous offense -- >> as vigorous offense as saying we didn't know about this. >> exactly >>> and stocks on the move on this national taco day key bank markets initiating coverage of fast food stocks including chipotle do they finally make a taco? >> they're talking about it. i don't know if

soft bank is among the biggest -- softbank is among the biggest drag.ed its decline less than 24 hours away from hitting a fresh low. and in sydney, financials are leading the drag. outlier.ve the one let us check in on bonds. areie 10 year notes catching a hit amid the safe haven demands. are slipping. sideways trading expected. we do not have a government option or boj predicted operation this week. commodities. at all prices are gaining ground amidst rising tensions between the u.s. and saudi arabia. central bank is considering a range of policies. the pboc governor spoke exclusively to bloomberg on the sidelines of the world bank meeting in bali. joins us now from beijing. it sounds like the pboc is doing some disaster preparation for what is to come. tom: some stress test. he said they were preparing for all scenarios including the worst case scenario. and pointing out that people in china are increasingly of the mind that this set of trade tensions between washington and beijing will be prolonged. that echoesder -- what i've heard from business le

work it adam n ad adam newman -- >> he's an interesting guy >> what kind of market are we in when soft banklion into >> exactly >> there are talks to buy what would be a majority. i am not sure where we'll be valuing. we all know by far is the largest out there of its kind. it dwarves all the money co combining, coming into venture capital. >> i don't doubt the journal story. >> he wants to be the amazon of real estate. >> it is just a real estate company and spending enormous amount of money buying leases. >> you just pointed it out > >> he says that that's when people were saying jeff bezos is just a book seller >> it is quite compelling. >> i think barra would have a different view >> speaking of real estate, sears holdings, these reports, they hire m-3 to structure, 125 years in business. eddie lambert, is he running out of cards here? >> he's been able to take a lot of good assets from sear's this has been a slow motion train wreck. >> stocks not that long ago, it was at $1. >> a decade ago, $140. >> yes >> i knew a number of people who believed as a real estate play it is going to be