you say why is softbank looking at all these ride hailing services what you're looking at is softbankrying to find ways to create giant, giant plays across infrastructure uber and these other companies are not just taxi companies, they are changing the way transport is done in many markets. that's where softbank's strength is softbank is able to get many of these companies into the japanese market but also by taking some of this middle east money, they can get those companies in which they're invested into a fast growing technology space of the middle east that's what we're seeing with the early investments and system of the direction softbank has moved the vision fund in >> it's a way for the middle east to get exposure into these companies. >> that's right. this gives them the chance to get into that play in those fast-growing tech firms. >> thanks for joining us and explaining the latest with softbank >>> softbank is a keynote speaker at the mobile world congress next week arjun will be there and karen tso. the dow closed below 25,000 in yesterday's trading seg, pussio, pulled down

arjun is in barcelona and has been at the congress you also spoke to the ceo of softbank what can you tell us >> that's right. let me give you a quick rundown of what the softbank vision fund is this is a 1$100 billion fund wih apple, qualcomm, they made some huge bets that invested in companies like uber, and others, i sat down with the ceo of the fund and talked about the philosophy of investing with the vision fund and whether he backs dara khosrowshahi's pledge to go public in 2019 >> he's doing an amazing job we're happy with dara. we're happy with the weymo settlement we're happy with him recruiting his next bench of management the progress he's making with regulators and we are -- we don't need to do anything with dara. he's running a great operation for us >> cnbc reported that uber may sell part of its southeastern asian business over to grab. you spoke to "the financial times" and talked about uber focusing on core markets more than some other markets. was did you mean by that what does that mean for the business going forward >> uber is a global company, present everywhere

softbank is thinking about ola and uber versus car ownership. that's a good bet. >> still, from a practical perspective, you're competing with them in a market like india. softbank clearly putting big money into ola as well, which it is using against uber to compete in a market like india what is the conversation you then have with masa? >> i view this as we're not spending against ola, we're spending against car ownership we are actually building mobility as a service. i think our competing with ola, it's healthy competition because it forces us to improve product, forces us to be innovative and reduce prices. ultimately that will come at a cost of car ownership. >> president trump is again in the news because he's floated the idea of arming teachers in a bid to prevent mass shootings at schools in the united states speaking at a meeting of state and local officials, mr. trump said he had spoken to the nra about his ideas. the u.s. president backed a series of new gun controls hallie jackson has more on the story from washington, d.c >> reporte

much of that is not softbank's fault.elling us perhaps we will see more disclosure once the fund closes sometime in march. one thing of interest for people following this issue, the comment about the plan to see one or two, or several ipo's from the vision fund every year. that is something investors are looking out for. the impression, if softbank wants to be an investing company, they need to see some exits. pavel, let's talk about the swiss deal and softbank of they buying 1/3 company. why does it make sense for masayoshi son? pavel: as a discrete investment, there are many good reasons to put money in the company. apparently, swiss is one of the -- swiss re is one of the more innovative companies. from the point of view of an investment portfolio, someone wants you to believe there is an overarching strategy. they spent 50 minutes talking about their group strategy, the satellite operations. it is one of those puzzling things that always throws softbank's shareholders. definitely something we want better, howexplain t

what was softbank's purpose? what kind of business were you in?: so, that was the beginning of the time of the personal computer got started. so, but there was hardware, not enough software. so, i aggregate all kinds of software from the small software houses. i and i wholesale to the pc stores. so, it is like a bank. software's bank. it is not the money bank. the software wholesaling, storing in my warehouse, but it is like a concept. david: so, it is very successful. softbank's stock was going up. and then you decide at some point to start investing. one of the investments you made is considered by many people to be the most successful investment in the history of mankind. you invested roughly $20 million in alibaba. at the time it went public, it was worth roughly $90 billion. so, $20 million to $90 billion is a return of 4500%. now, jack ma is a very distinguished individual now, now one of the most successful entrepreneurs in the world. what is it that made you feel this was worth putting in $20 million? masayoshi: well, he had no business pl

david: it is very successful, softbank's stock was going up.u decided at some point to start investing. one of the investments you made is considered by many people to be the most successful investment in the history of mankind. you invested roughly $20 million in alibaba. at the time it went public, it was worth roughly $90 billion. so $20 million to $90 billion is a return of 4500%. now jack ma is a very distinguished individual, and now one of the most successful entrepreneurs in the world. what is it that made you feel this was worth putting in $20 million? masayoshi: he had no business plan and zero revenue. [laughter] masayoshi: employees, maybe 35, 40 employees. distinguished individual, and his eyes was very strong, strong eyes, shining eyes. i could tell from the way he talked, the way he looked, he has the charisma, he has a leadership. but his business model was wrong. it was the way he talked, the way he can bring young chinese following him. david: before yahoo! was so famous, you made an investment in it that was very successful.

you cited that softbank story. we'll have to see whether this is anything more than a strategic stake for softbank we also had technological developments with amazon teaming up with jpmorgan and berkshire to look at what they can do in the health insurance sector. so that would bring renewed technology and renewed focus on disruptors to the sector all of that is going on in the background, even as mario greco has taken the knife to the company and 700 million swiss francs into a 1.5 billion cost cutting program. he's making the business leaner, more capital efficient they bested the 100 level on the combined ratio on an underlying basis and they would have demonstrated strong underlying growth in these numbers but 2017 was a difficult year for hurricanes and other natural disasters. let's listen to what mario greco had to say about the state of transformation in the industry >> insurance is finally a very interesting industry it's in a transformation it's in a radical revolution the parameters that ran the industry

in discussions with softbank.re he talks have been held but some transaction is a fair way off. our reporter. what do we know? pablo: good morning. you summarized the extent of our knowledge on the issue. there is the question of why softbank would want to invest in an insurance company. we could see how it makes a lot of sense. moreis one of the innovative players. you could see it selling insurance to more of the softbank portfolio companies. it is also an attractive investment in the sense that it offers access to this capital that they can use to invest in other ventures. it raises questions on how it fits with the rest of the portfolio which is tech focused and his whole general vision of artificial intelligence and iot and various things. insurance is not fitting neatly into that picture. david: this is one of those things and 50 years, -- in 50 years we take a step and see that was the plan. the other big part is this planned ipo of the domestic telco unit. what can you tell us about that? pavel: that is so

it is backed by softbank. sources are telling us there are some preliminary talks, but uber on the other hand said to s they are actually expanding and asia, especially japan, where they really have not been able to crack the market. so their strategy is to really work with companies in japan, so that will be there major focus this year in 2018. to ceo of uber who came really spearhead the changes and uber is going to visit asia for the first time later this year. ande will visit japan india. and i think there will be a lot of talks to force some collaboration there. juliette: all right. it seems to be a bit of a duopoly. a bloomberg subscriber, you can catch up with all of our interviews by using our interactive function, tv . he can join the conversation by sending instant messages to our team and guess during our live show. you can send us a message. this is bloomberg. ♪ david: right. the markets.eat of record after record. you look across major asset classes. let's say, relatively extreme levels. julie

softbank15 billion in -- you have put $15 billion in softbank.akingvestments are you to establish that? khaldoon: technology is now a priority for us in lou barletta -- move bottle a. web deployed $500 million of that already. important -- we're working on the policy. it is given us a lot of access. us thatnew sector for allows us to set up a new office. we started a small fun there. erik: have you made a couple of investments at? what should we expect in the future. khaldoon: [indiscernible] erik: how much money heavy set aside to do that? khaldoon this year? erik: i want to thank you very much for spending time with us. guy, that is khaldoon al mubarak. he is the ceo of mubadala. indeed.eresting stuff erik schatzker joining us from the conference with mubadala. krona, that is millions. we are going to speak to the ceo, rickard gustafson. we will talk a lot about buying airplanes. that conversation is next. this is bloomberg. ♪ guy: 15 minutes until the market open. one-story we will be watching is what is going to happen with sky. offer. about

preliminaryin discussions with softbank. talk tell us about the strategy here?detail on this so far. they were in talks to acquire a minority investment which we had said that is correct. it is highly preliminary. no other terms have been decided. softbank acquired a ton of stuff. they are usually intact. withve seen them do stuff uber. they have spread to other things. this is swift reinsurance. it seems as low risk as you get. this would be a classic softbank thing. they would own a third of the company. insurance m&a was really dead for a long time. we have seen one big insurance deal. if this goes through this would be a $10 billion transaction. scarlet: big numbers involved here. thank you. a quick reminder you can catch our interviews on the bloomberg with the function tv . here is kevin cirilli speaking on the budget deal that hopefully will get through congress. julia: the house passed some challenges. from new york, this is bloomberg. ♪ >> bloomberg markets, i'm julia chesley. scarlet: and i'm scarlet fu. us, the equity derivatives strategist, i kno

emily: that was softbank ceo rajeev misra.so caught up with president of google's assistant. she asked if google is going global with its assistant. >> we are excited because by the end of this year, we will be available in 30 languages. it covers 95% of android users around the world. we're trying to cover the whole world with it. >> how much are people having to reinvest and get more money and time and effort into including how intelligent artificial intelligence is? scott: building the assistant for all these different languages is a huge investment. and luckily, we think some of the world's best machine capabilities, things like speech recognition, language understanding, understanding dialogue. we are really putting all those machine learning engines to work across the different languages. >> how integral is it to google as a whole. it is not just a voice assistant, this is artificial intelligence. this is something -- it is a big part of the business. scott: it is exciting because the assistant is really a unifying kind

softbank.bersftbank reporting this morning, third-quarter operating income missing estimates. , in terms ofdline third-quarter operating profit, that is lower than animus -- analysts have been estimating. the mobile unit will still be a quote, major consolidated unit of softbank. there is a chance that shares might not be lifted upon review. they have not said much about the u.s. side of the business just yet and that is of course were much of the focus is. we heard from the ceo back in november. will no longer be a big headache for this japanese business. market, theetitive collapse of their merger talks means perhaps they are looking around strategically for something else to do in that market as they battle with a lot of the big carriers there. the domestic japanese telecom site, how much they have been spending to acquire new users in that market, with a focus on these numbers as well. we've seen a roller coaster ride at the start of this week for global equities. 0.i asia-pacific is up by

softbank valued uber at $54 billion blended. $74 billion they are using to come up -- cory: is that what they're using? >> yes. cory: and they have to do that or else we do not know but we think you might trigger issue into new shares to late investors, so they will continue this phone evaluation of $72 billion. >> this comes from waymo. what this is actually working, you can do the math. cory: it is not worth that much. >> yeah yeah yeah. we did a news story -- somewhat between 150 million in $250 million. still a ton of money. cory: let me try to explain a little more clearly. for those of you keeping the score at home. there was a valuation at softbank that agreed to pay for a little bit of their investment equal to the earlier valuations of uber. it is possible that the people who paid those valuations got a promise that there was ever an official lower valuation they would be issued more shares, which would have diluted everyone else. uber does not want to trigger that so they continue to use this ridiculous number of servi

later in the show, softbank's with three talks. they could buy a stake in the reinsurance giant.hey are having conversations about it. we will bring you the very latest. this is bloomberg. ♪ anna: this is "bloomberg daybreak: europe." let's get the bloomberg business flash with juliette saly. zÜrich insurance group delivers its first increase since 2011. they raise dividends by 6% after signaling high interest to payouts in november. the company announced a share buyback of roughly a billion dollars. zÜrich insurance ceo mario greco joins us at 7:00 a.m. u.k. time. back to you. anna: thank you very much, a brief business flash. many of corporate headlines. mario greco will join us later on and we will cast lead to get his thoughts on dividend policy that business and the profitability of the company. france's second-largest inner has beaten estimates with net income of 69 million euros. it was expected to post a loss of 180 million euros. the company saw a surprise comeback for the equities trading business in the final three months of the year. ceo discussed his company's earnin

he also talked about softbank's four point investment philosophy, as far as what they're investing inour capital station, we, when there's an inefficiency in the industry and there's a company that we find that's a market leader, and who can scale and compress the inefficiency and provide better value for the consumer, it will succeed by definition >> so four points. number one, find that inefficiency find a market leader make sure it can scale compress that inefficiency you can do all those things, maybe you've got money coming from softbank. back to you. >> they've got something to invest, jon m look forward to hearing more dow is hanging into some nice gains here up 221 after friday' big rally more "squawk alley" continues in a moment what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley >>> a tale of two tech companies. warren buffett sitting down with becky quick talking about h

what do we know about softbank's ipo plans? >> much of the news is already out.eported its earnings by them. but they always give you something to talk about. this time it is about an ipo. not much is known other than the of its seeks to list all domestic telecom assets including its broadband operations sometime within the year. we do not know the amount of state they want to sell or how but debt it will take on one interesting takeaway for softbank shareholders is that the ipo will be focused on the dividend payout. >> g.m. announced its earnings for the fourth quarter and for the full year of 2017. it beat estimates. >> the fourth quarter was a great quarter. another strong quarter. record $3.1 billion of profitability over a percent margins. marginsned -- overt 8% -- over 8% margins. a record quarter at g.m. financial. and an improvement in our international markets, primarily south america which was profitable for the second straight quarter. we are pleased with the resilience of the business model and the traction we are getting in our core business. we are

. >>> swiss re is in preliminary talks with softbank with a possible minority investment softbank coulduy a stake in a third of the company softbank plans to offer swiss re's insurance products to other companies it has already invested in. interesting move, this, because traditionally re-ininsurance sus about as dull and boring as you can get. not dissimilar from the recent move into healthcare we saw from jpmorgan and amazon and the like they're investing this to cross sell and use the insurance products they have across their huge headcount of businesses >> broadening focus. i wonder if the rate story, yields, has anything to do with this interest in insurance and reinsurance business >>> costco says january same-store sales rose analysts were expecting an increase of 4.9% >>> to today's wall street agenda just one piece of u.s. economic data, that's weekly jobless claims are out at 8:30 a.m. eastern. in europe, we have the bank of england meeting, a trio of fed officials are speaking today philadelphia fed president patrick harker, minneapolis fed president neil kael kashkari an est

they are citing sources familiar, softbank could purchase as much of a third of the swiss reinsurancehich has a market value around $33 billion right now. we can tell you that swiss re shares are listed in trade in europe obviously they're closed right now. one of the more thinly traded depository receipts traded here on the over-the-counter markets in the united states is up by about the%, 10% in a thin trade again, but certainly some headlines we're going to watch as softbank really gets into perhaps a business that's not exactly tech or telecom related at all back to you. >> dominic thank you very much >>> in this wild week on wall street continues the law firm of pisani and santelli are standing about toy represent at the new york stock exchange. you've been looking at nasdaq and its relative weakness. what could it be telling us? >> tyler, this is in the context of a market that looks like it was a plausible trading low. we'll knock around and find the levels that make sense top five biggest market cap names in the nasdaq are all down today in a tape that's been mostly up. what i

. >> it is in a discussion with softbank.lso planning to list a take in its mobilephone unit. what do we know about softbank's ipo plans? >> much of the news is already out. alibaba has reported its earnings by them. but they always give you something to talk about. this time it is about an ipo. not much is known other than the company seeks to list all of its domestic telecom assets , including its broadband operations sometime within the year. we do not know the amount of stake they want to sell or how much debt it will take on but one interesting takeaway for softbank shareholders is that the ipo will be focused on the dividend payout. >> g.m. announced its earnings for the fourth quarter and for the full year of 2017. it beat estimates. on both earnings per share and revenue. >> the fourth quarter was a great quarter. another strong quarter. record $3.1 billion of profitability over 8% margins. again, underpinned by strength $500rth america and million in china, a record quarter at gm financial and an improvement in our i

softbank out with its policy decision. news of the malaysian singapore stock tie up, we have gains of 1%. the rise of inflation could tightening.rated rising government bond yields. let's get a little bit more from what this means from policymakers. we had back to hong kong. tom mackenzie is standing by with his next guest. hopefully, we will get a little bit of enlightenment. tom: enlightenment, yes. we will be giving that, no doubt . i am joined by the chief global economist at goldman sachs talking about what the recent rally tells us about central banks. has it made you rethink your view? >> know, it hasn't. -- no, it hasn't. we think the fed will hike four times this year. that could change. what we have seen to date has not changed the picture. the basic reason is that even with the downturn in equity prices and the tightening in financial conditions, it has only brought us back to where we are -- where we were. i thought that was consistent with an expectation of good growth and tighter monetary policy, and that is

early backers benefit by selling shares of softbank. capital community is concerned that the fund is muscling potential deals and pushing valuations too high. >> we are believing that we are in a secular trend where access to aas billion more for the digital world. and also, existing consumers to give them bigger services and products. betty: jack ma is showing an appetite, the company agreeing to buy out why do -- baidu. stephen engle joining us for more on this. alibaba taking a bigger bite out of the space? ele.me? >> always hungry. company we are hearing, that alibaba is going to take control of that, buying out by do and others key investors in that start up. they run a lot of these motorcycle food delivery network, if you want to call it that, across china. what we do know is that as of may, alibaba had 23% of this company which, in the latest round of fund raising, was valued between $5.5 billion to billion dollars. we don't know how much alibaba is going to pay to take over the company. hitswe do know is that it the two biggest

backed by softbank and tencent — it's used by millions of indians. internet users with a new system to message, make payments and get sports scores without a data connection. but it's an ambitious plan for a firm that's burning more cash than it makes — that's something i put to the firm's chief executive. hike is different in the sense that it is we have a team and most of our cost goes into our services and people so that is not a concern with respect to hike. 0thers people so that is not a concern with respect to hike. others say it is a concern. very unlikely. at the end of the day, if you have an internet business, at such an early stage, when you look at all the other businesses in india, we are all in an investment phase. do you think you will have to raise money soon? it is likely we will go through two more rounds of funding. it is so early in the journey that we still believe a lot of work has to be done. have you had any approaches, people interested in buying your company? i cannot comment on that. facebook have had difficulties penetrati

softbank may market most of the offering to japanese individuals.ipo would be japan's ingest and two decades -- two decades. since stepping away from facebook, hughes has become increasingly aware of what inequality in the united states. we caught up with him and began our conversation on his new book about income inequality. take a listen. >> i do think that my story is unfairness atan work in the american economy today. three years worth of work can lead to have a billion dollars in financial reward should give people pause, particularly in a moment where medium -- median wages have not budged in 40 years. we have not created full-time jobs in decades. work has come a part and income any quality is only getting worse. it is important to be honest about the unfairness at work in --er to assure is -- assure --.r us into emily: why should we listen to a 1%-er about this? >> a lot of the people i grew up with have told me the american dream is on life support. $400 in the't find case of an emergency, you cannot find the gas money to go interview for a

there was a valuation at softbank that agreed to pay for a little bit of their investment equal to thelier valuations of uber. it is possible that the people who paid those valuations got a promise that there was ever an official lower valuation they would be issued more shares, which would have diluted everyone else. uber does not want to trigger that so they continue to use this ridiculous number of serving the $2 billion -- only $2 million, even though they let softbank by lower than that. to do get a sense that something changed this week?that it was going in a different direction ? favoring a result before someone? >> it was not going as well for waymo as i think they thought it would help -- hopes and i think it went better for uber than would have been the case. when you got your most of waymo's case and they had sized up what they had, in terms of the settlements and the money, i think the money did not matter. i said all along the money did not matter. what we learned is uber has agreed to not use the trade secrets that they would do the design around in the hardware and they

softbank, from japan, which owns a stake in both companies, has suggested it could be a strategy, butcisions on mergers and acquisitions. and now let's take and acquisitions. and now let's take a look at this report from aaron heslehurst on the history of the duct tape, its role, you see it everywhere, to patch up things that are leaky and broken. it has even been used on the moon. aaron heslehurst tells us the story. 0w! it's duct tape. it is what we used to patch up cars, furniture, even shoes! where does come from? it comes from her! she was working in world war two in an american arms factory and she wrote to president roosevelt. she said there was a problem with us ammo boxes. it was ha rd problem with us ammo boxes. it was hard for soldiers to remove the waterproof seal on them, and that lost precious time in combat. they were working on a sticky tape they could rip off to open the box. the wartime government told johnson & johnson, the maker of bandaids, to start churning it out. they called at 100 mile start churning it out. they called at100 mile an start churning it out. the

in six jumping the most years after talking to softbank about selling a stake.to 1/3 of the reinsurance company in a deal worth around $10 billion. it is in an early stage and nothing is confirmed. hailingl invest in ride , microchips, and indoor farming. kathleen: turning bonds from losers to winners. main property unit is the best performer among real estate companies in the corporate debt index, returning more than 2% since last december. last year they were the worst performers at 9%. yvonne: that is almost it from us on "daybreak asia." david, a marathon? >> a bit of a sprint, a job. maybe we will walk of it. yvonne: markets like this, right up your alley. >> it does not happen very often. a lot of people use different things for their sales. yvonne: is there an index? [laughter] david: he is coming here on the show at 10 past, hong kong time. are we seeing signs of stabilization or whether or not [indiscernible] steve davies also joins us out of singapore. the other thing i want to ask him, everyone has had their hearts broken, before. can you trust again?

softbank in discussion with reinsurance giants over the purchase of a minority stake.based company said preliminary talks have been held, but said any transaction is a long way off. the reinstatement comes after the wall street journal said softbank is already in talks to buy up a third of the company, a stake estimated to be worth $10 billion or more. david: rebel bank is to pay just under three and a $70 million to resolve claims that helped hide money laundered by drug cartels in mexico. conspiring toted defraud the united states and obstruct regulators in the state. the justice department says hundreds of millions of dollars of untraceable cash flowed through the bank and its branches near the mexican border. right. speaking of, a little bit of a gray area here, and something that will be an interesting topic. bitcoin, cryptocurrencies. $8,000, roughly speaking. that is even after seeing major losses. that is not helping a lot of the long-term crypto bulls. of them say they are in for the long haul. listen in. is 7e market cap of gold trillion. the market cap of bi

. ♪ emily: japan's softbank is working with nomura on what could be a $19 billion ipo of its domesticom business. according to people familiar with the matter, softbank could market most of the offering to japanese individuals. that ipo would be japan's largest in two decades. facebook cofounder chris hughes was at the epicenter of the start of one of the biggest tech companies in the world. since stepping away from facebook, hughes has become increasingly aware of wealth inequality in the united states. we caught up with him for a future episode of "bloomberg studio 1.0" and began a conversation on his new book on income inequality. take a listen. >> i do think that my story is indicative of an unfairness at work in the american economy today. three years worth of work can lead to half $1 billion in financial reward should give people pause, particularly in a moment where median wages have not budged in 40 years. we haven't created full-time jobs and a decade. we create part-time, contingent, flexible jobs. work has come apart and income inequality is only getting worse. it is import

softbank may market most of the offering to japanese individuals.ld be japan's largest in two decades. on the heels of the new accusations of russia meddling in the 2017 presidential elections, how vulnerable can companies be to future interference? askedwestin and shery ahn that question of fireeye ceo kevin mandia. >> there are technical vulnerabilities can russia hack , and steal documents? that will always be a tool in their tool kit that they can use and that's something that's obvious. we can trace it back and say the russian stole these documents and are leaking them. when it comes to the sharing of idea and ideology we're an open country and we've got to sort out as a nation where the boundaries between how people -- you can have one person in today's world be represented by 500 to a thousand online personas. that exaggerate or amplifies the influence of a single individual. information operations like that are here to stay. i think every government will use them to some extent. we've got to figure out, how do we find them and counter them?

. .oftbank softbank is trading at half the value of its holdings, which top $180 billion and includets in alibaba, you would japan, and -- 138 billion dollars, far more than softbank's own the market value. shares of gilead are lower in extended trade. the biopharma company seized up to $20 billion of product sales with growth margins of up to 87%. fourth-quarter adjusted eps topping the average estimate at $1.78. revenue beating the street at $5.95 billion. shazame takeover of shoul may run afoul of regulators. apple would be ordered to file the deal with antitrust authorities in brussels. having almost missed facebook's acquisition of whatsapp, they want to change the rules on takeovers of companies that make no money but hold valuable intellectual property. suffered any setback last month when a u.s. carrier scrapped an order for 40 jets. the first order cancellation for the mitsubishi regional jet follows repeated delays and has pushed back the first delivery mid 2020.rs to let's cross over to the singapore airshow where haslinda amin is standing by with the companies sales and m

. >>> swiss re is in preliminary talks with softbank with a possible minority investment softbank could buy a stake in a third of the company the deal would be worth at least $10 billion. softbank plans to offer swiss re's insurance products to other companies it has already invested in. do you have a take on this, andrew this is a weird one. i understand softbank has a lot of capital they're investing, but swiss re insurance? >> softbank bought into fortress so they're getting into financials the whole idea -- i think there's a view between the fortress investment and this investment that this is not about just investing in technology companies but almost having their own financial services operation to potenti potentially fund, advise and do these transactions >> for themselves? >> for themselves. they also own wework, a real estate company they're going into other places. >> they're doing the buffett thing. >> a little bit. >> costco said january sales rose 6%. the analysts saw an increase of 4.9% same-store sales were up 3.6%. >>> tesla reporting a smaller than expected loss for the

. ♪ ♪ emily: this week, softbank confirmed it will take its japanese telecom operation public withino separate the company's activity broadly into investing and telecom arms. speaking at a news conference, softbank president ceo masayoshi son said it will help him spend more time on longer-term, global corporate strategy, and focus more on dealmaking. travis kalanick took the stand this week during the uber-waymo trade secrets trial, and on day two, waymo lawyers went after kalanick, painting a picture of someone obsessed with winning the race for self-driving supremacy -- but they didn't necessarily get very far. joel rosenblatt covers the courts for bloomberg, and was at the trial. joel: this is his second day and waymo's lawyers came at him kind of hard, not as hard as you might expect, and then on cross-examination, uber's own lawyers were asking questions, which -- clearly, he was well prepared for. waymo, the big surprise to me was that waymo didn't come at him very hard. there were a lot of details that waymo dug up over the course of the litigation that are very troublesome f

they say they are in discussion softbank on a potential minority investment.will continue to watch those headlines. let us get an update on the markets overall. let us get up-to-date on the asian equity session. the u.s. session closed just in positive session. a slight lack of guidance going into the asian trading day. let us get up-to-date on the asian equity session. as if he futures up by 0.27%. in thee movement higher dollar. the dollar positive and euro pound weakness justifying that. a littleds edging higher, 2.9%. and we have the comments from steve mnuchin around how he sees wages going up without creating general inflation. also see the euro and the pound falling a little bit. we will talk to jeremy stretch about that. and also joining us, speaking on the mining industry, we are joined by the portfolio manager at blackrock. he wants the mining companies to show the money. and we will ask them if he is pleased with the dividend payments. to the co-ceopeak at a standard life aberdeen about the earnings of the company and will there be any issues around

softbank's ceo has been looking to diversify his empire.lackrock wants to raise more than $10 billion to buy stakes in companies. the world's largest money manager was -- would make investments on things like the growing middle class. blackrock is seeking capital from other big investors. congress votes on a two-year spending plan that would avert a government shutdown at midnight. the senate proposal would provide over $300 billion in additional funding. that gives members of both parties something they wanted. that is your bloomberg business flash. alix: markets fluctuating following that budget news. treasury yields slightly higher today. the dollar fluctuating got a nice boost yesterday after that potential budget deal. still with us, art hogan. the worry, lots of supply, . the treasury markets, the yields are going to pop. do you agree? art: we think we are in the right environment. i don't think the pace we have seen is going to keep up. global yields are rising. we are seeing that on the screen. it helps the u.s. yield. we have been

them leader of softbank is -- market: begging the question, what would they do with it? exactly. so, you know, everybody is thinking that with the ,cquisition of up to one third he might be able to serve some of the customers he is already gaining in other industries. how might he do that? what would the strategy be? >> at the end of the day he is trying to diversify the business. telecoms used to be about changing the whole industry and have been disrupted. they are trying to diversify and get new and stable cash flows. at the end of the day it's like offering more services to those rickmers, the broader what -- broad array of customers. tdc, are they well and truly in play? manuel: it's one of our favorites. they are a potential evergreen takeover target. at this time will they be taken over? it remains to be seen. there is interest. it remains to be seen whether they can agree on a price. last week they acquired a media company and if investors didn't like the deal very much, that could create an opportunity for someone to come in. marketas the recent turbulence fed a

including softbank last year. new little unicorns being born. working out for people in the rank-and-file. julia:? why? stock option programs >>, the way that silicon valley works used to attract and retain the best and the brightest are not working out in india so well. because either the programs are badly designed or because founders frankly are cheating their employees out of their rightful payouts. in silicon valley, you hire great talent, you offer them stock options, you hope that at some point you ipo or ultimately you get bought out by somebody. you make a because you own the stock options worth significantly more. silicon valley and why is it not working in india? >> think of paypal. masseuse atin-house google who is now a millionaire. it has worked. it helps create the next generation of investors and it keeps the echo system -- the ecosystem robust. one problem in india this book -- beside the bed design is that there have not been as many ipos or big buyouts. 2013, theen, since first high-profile case, we have seen a steady trickle