the attraction for investing in softbank or alibaba to softbank was no longer there, and subsequentlyock actually declined and went back to those levels only after for years, so it took them a while to get back to those levels so it is not necessary. it is a big positive after that. it is not just uber. there are multiple companies that even before the listing, implies there is meaningful upside. in the kiss of uber, softbank has taken a statement that a in the case of the bank, softbank has taken a statement. they have paper profits up about 50%. shery: is there a risk that masayoshi son seems to have a concentrated bet in the ridehailing sector, including that of uber? there are some people that say that sector in itself still is money-losing and it will take time for them to reach profitability. that is true. a whole lot of a company's are out there that are not yet profitable. what we are seeing increasingly is that these are monopolies. not as segmented as it began. they do have investments in uber and china. they do have these investments. these investments are sizable. there is

softbank is considering an ipo of $100 billion investment fund. the softbank vision fund has an impressive portfolio also considering further fund raising. here to break it down can liz hoffton and our own jon fortt and liz, fascinating piece it sounds like a money grab. not only considering this ipo the vision fund but also, fund raising or wanting to fund raise for a second vision fund how big could this become? >> softbank raised almost $100 billion two years and said, that's too much money. they'll never be able to spend it they spent it and now looking for more he has a ravenous appetite to do deals and throwing money all around the world at a breakneck speed and out at this point. looking for options. ipo, retail is one of them >> you use the term throwing money around and write in your piece he was in china, had several deals and basically committed several billions of dollars that softbank doesn't currently have because it spent the money for the vision fund. what's your sense as to the discipline in which they apply all this money it is a

but also, damage from softbank.us through that. >> softbank reported earnings right before uber priced its ipo and they reported a tripling in profit. in tokyo, he came out to his shareholders and said -- came out and said his shareholders your time has finally come. they booked a profit of almost $4 billion from their stake in uber. instead what happened is shares begin trading in tokyo. they slid. it opens the eyes of investors that softbank not only has upside from some of these private companies they invested in, they also have downside risk. these companies stumble like we saw in the case of uber. nejra: thank you to peter elstrom, joining us from hong kong. still what this is the head of global fundamental equities that beco.ca -- ro talk with me your rationale about technology. you did see tech shares and in particular semiconductors hit on friday, swept up in trade angst. we just heard about the hotly anticipated tech ipo with uber. what makes you like tech with trade tensions increasing? agree with you, som

softbank's market value has slid by $9 billion. pricepened below its ipo before sliding even further. all eyes will be on uber's second day on the stock market. the minneapolis fed president is adding another argument to why central banks should keep rates low. he says policymakers need to take income distribution into account. faster wage growth has not been putting much pressure on inflation. he says this is because workers have lost bargaining power in recent decades. succeededaphosa has cyrilial ramaphosa -- ramaphosa faces the challenge of picking a cabinet. he vows to revive a flagging economy. manchester city has won the english premier league. winvictory came after a 4-1 . they clinch the title after a closely fought race with liverpool. the team won the highest point tally for any team that finished second in up or merely history. the teams also had the highest combined point total ever. global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries.

whether it is platforms that are smaller than softbank like our crowd or softbank, it is a good idea.mily: we will be watching for it uber as well. every day. here thursday expedia recorded -- reported first-quarter numbers that missed analysts expectations. revenuelion while to 14.2%.wed this company struggles to keep up with rivals like airbnb in the rental market. we spoke about the results. take a listen. >> we had broad strength in our core ota business. adjusted earnings per share improved by 41%. we were talking about how our verbo division slowed a little as we transition the business towards a global brand oriented towards the huge opportunity of ahead of us. expectations were a little bit higher. we are confident in the direction and feel good about the trajectory and how we started 2019. live onmay push you a that. is there a concern that the strategy is too towards the short rental business? in a bigis entering way. there are other companies entering. the amount of listings you have is a much smaller than the likes of air be in the -- of airbnb or bookings. what is your st

how big of a deal is this for softbank? >> it is a huge deal for softbank.re immediate term, when softbank was investing uber just a year ago, there were a lot of doctors -- of doubters on the valuation. this ipo will provide a proof point for the vision fund as a whole. $18 billion, most of it in the vision fund, is in ride-hailing companies. reportay an excellent from an analyst in asia, sketched out what it might mean in the future. it is a positive outlook from his point of view. he sees the ride-hailing stakes already worth $9 million more than what is on pace. the true potential from their point of view is the future, and with the arrival of robot taxis, the numbers he forecasts in 12 years, the stakes 90 as much as $430 billion, which is astronomical. a revolution it as on the scale of the end of the horse and cart era. what can we expect from softbank group earnings, which will be out later today? >> the attention will be on uber. final pricing will come in just at the same time softbank reports earnings. these days no one looks at the quarterly earn

through,it does not go what are the options for softbank?time with the company. worthit owns in sprint is $21 billion today but this is a company with $39 billion worth of debt. in the last three years they have made an effort to turn the company around but they do not have the scale. usedborrowed a lot and their own network equipment and airwaves as collateral for loans. they put everything on the line to try to turn the company around and they are still not getting the sale. they had to stop the outflow of subscriptions but they do not have the sale -- scale and now carriers will have to spend a lot of money to develop new networks for 5g and the pressure is on for softbank to get a deal this themerge and make third to compete with the big three. it would be the second ranked if it merges with t-mobile. shery: what are prospects for competition that regulators in the u.s. are worried about? >> one of the points they made is t-mobile and sprint are both low-cost competitors. they have had to cut prices in order to keep customers and that is

softbank had nice reported earnings.nt to see when you are reporting earnings, more than triple their operating income, largely on the basis of the gain in uber. they reported a $3.8 billion gain on their stake in uber. i do want to make the point these are paper gains. this does seem to suggest that they've made some really great bets, especially through softbank's $100 billion vision fund, but we will see how these play out. obviously the lyft offering has been rather a cautionary tale, but it does seem like they are trending in the right direction. david: are they going to have to start writing a letter like warren buffett does? this is kind of a berkshire hathaway kind of problem. they are worth more than it looks like on paper. brooke: i'm sure he would love the opportunity to continue to expound on why he thinks softbank's valuation should be significantly higher. he thinks it should be roughly double what it is right now, and thinks investments are not being valued properly. that has led to these conversations of

flipping the board, softbank is also on the radar.friday asy 5% po considers a report -- an i reportedly or a direct listing. they have listings -- earnings on thursday. shery: we know global markets tumbled on rising trade tensions between the u.s. and china. let's discuss all of this with wells fargo asset management investment strategist brian jacobsen. great to have you with us. we have seen the u.s. markets tumble at the open. but i have to say, they recovered much of those losses throughout the session. how long will this resilience last? brian: hopefully this will continue through the rest of the week. we really do need to see who it will be attends from the chinese side for these trade talks. are they changing people who will be attending? does it change the tone? last night when i saw the report come across as far as what president trump's tweet was that caught my attention, it made me wonder if he is just posturing for political reasons for his base in the u.s. or resist to a pand almost kind of cast all over the negotiation

softbank is continuing to fall in tokyo.oday tumble since october in the wake of uber's trading debut. it owns a stake in uber. flipping the board to check in on cba, falling as much as 2.7%. after trading reynolds. updates which saw the lender report a 20% drop in profit, dented by more remediation cost. it brought revisions to an aussie dollar. i want to highlight the offshore yuan which is extending its decline, it hasn't hit the weakest on level since january 4. it lost 2.1% as trump is ramping up the pressure on china. paul: thanks very much. still to come, brexit is back in the news with theresa may facing a growing result -- we vote in her own party. we will have the latest developments in a moment. shery: trade tensions collide with sallie mae. the outlook for currencies and bonds next. this is bloomberg. ♪ paul: this is "daybreak: asia." i'm paul allen in sydney. shery: i'm shery ahn in new york. early trading in currency markets, subdued, showing demand for traditional havens. bye-bye they you on another trade prox

you have to go back to softbank's funders and think, what are they looking for?hey're looking for returns because they have holes in their pension funds or sovereign wealth funds and need big, big promises of returns. what's happening people like cost bank of willing to offer big returns which are kind of irresponsible. then people fall for it and we're into the cycle and we'll have these distortions, on and on you're right the underlying reality is risk is mispriced because of artificially low rates >> if you want to bet on this all falling apart, what's the best way to do it? >> i'm not in the betting game i'm an academic. >> i'm not asking you how you're doing. how would you do it? >> i'd stay away i'd stay away. certainly if you're a retail investor, i'd stay away. you want to be very kind of fundamental in this. so in the book that i just recently had come out, i try to focus on the fundamentals of finance. that's not about chasing companies with $10 billion in operating losses that's about real cash flow. real value creation and what we should all be focuse

rishaad: softbank earnings coming out after the close today in tokyo. what are we looking for here?? pavel: i think a lot of people are curious what softbank will already book, a paper gain from the uber evaluation. they booked gains from flip card even before the deal was complete, and there is also pressure on softbank to continue to deliver these sort of profit increases from the vision side from quarter to quarter, because over the past two years, with the domestic operations growing at a very slow pace, and sprint continuing to lose money, some really rely on the vision fund for these kinds of profit increases, and any kind of outlook going forward. i know they have promised about two or three exits, and i think investors would be curious to see whether this streak of exits and ipo's will continue into 2019 and 2020. you, in pavel, thank tokyo. we are counting down to the open in total -- in india, about one hour away. our reporter is standing by. six days of losses over there. are we going to get another one? reporter: well, at least, for now, from what we gather from all of o

three >> lyft was down day one from its high >> so i think, first of all, i am concerned and yes, softbank, you know, ipo fund and ipoing is the second derivative, oh, my goodness, but i do think i have a dynamic if amazon is rallying and you're seeing mega tech rallying and there are people investing in innovation and growth and there's much of the market that aren't rallying and people are willing to pay for those companies and leaving aside beyond meat, almost meat >> beyond meat beyond meat is the case where people are looking at disruption in meat. i don't want to bring this up and they're looking at companies where you actually have a dynamic that i think is still one of innovation, and i think people are paying for that. >> i mean, it's idiosyncratic growth that they're looking for these particular companies and that's not where we are in the market >> think when ipos do well, that's not a lynchpin for this market in my opinion the lynchpin in the market has to do with really easy, financial conditions causing the groind higher. so it would be nice to have if these ipos go out and p

softbank shares down 10% this month.arly trade back over to you >>> let's check the markets. futures now pointing to a higher open it's modest but still back-to-back losses for the major indices, it could be a good day to see a bounce the dow jones would open up by just around 55 points if these futures gains hold into the opening bell the s&p up by 7 points the nasdaq up by 20. on the treasury side of things, a light uptick on most parts of the yield curve. ten-year note yields right now 2.27%. just thereabouts let's dive into the markets and your money joining me now is siylvilvia j jablons jablonski. the market action has been so interesting to follow. we're still not that far away from record highs but we're seeing quite a bit of activity in key parts of the market what stands out to you as being the real important move that the markets have made thus far >> what the markets have done thus far is bring uncertainty into yoour lives. we're seeing a more bearish sentiment right now. i think the fundamentals still hold s

again changer for latin american start of leeds our global report today as the famed softbank group of japan makes a billion dollar investment in colombian delivery service wrap the capital infusion into the on demand delivery startup is the first major move by soft banks innovation fund and latin america's local hub softbank the innovation fund as the largest tech fund focused on latin america the major investment is happening before the fund has even been formally established for now the capital is coming from soft banks vision and directly from soft bank group and the portfolio a pass to the innovation fund when it begins operation wrap the launch from colombia in two thousand and fifteen and now also operates in seven countries including major markets in argentina brazil and mexico robby delivers prescription medicines groceries and takeout as well as digital payment services and claims to have twenty percent monthly growth rates. and of a two year legal spat it had been announced that mobile phone chip manufacturer qualcomm will receive at least four point five billion dollars fro

softbank was due to release a report friday. of moving down the .ipeline : goldman sachs says apple could lose almost 1/3 of its profit of china bans products in response to president trump's terrorist. even if it is not an outright ban, we have seen japanese south korea and products being boycotted just by chinese consumers. how badly could apple get hurt here? you.completely agree with there's no chance of an outright and where apple products would not be able to be sold or marketed in china. what is very likely is an informal boycott. whenever there is a situation like you alluded to, there is going to be a push towards national champions like huawei. that means people in china are going to want to buy products built in china or by chinese companies. in many respects, huawei is the apple of china, a homegrown rand just like apple was brought up in steve jobs' parents' garage in california -- homegrown brand. people are not going to want to buy iphones in the middle of the turmoil the country is facing alsose of the tariffs bu

space so these are a very modern way of thinking new high tech ideas that are pushing forward and softbank is giving them a boost and they're breaking money on the first vision fund looks like they'll do the same with the second. has always been known to have an amazing eye for knowing what an emerging tag and the markets are asking for his hit rate is spectacular but let's go down to the bad news now about one hundred amazon sellers had their cash stolen by hackers how did that even happen. dan was on what we're talking about our merchants here a substantial fraud campaign phishing that's how it happened basically these guys from what we can see we haven't got that much information about this from what we can see fishing camp a you know when you get those e-mail saying you know the crown prince of someplace or send your e-mail to wherever give us a little bit more information that's what happened not really an amazon thing lesson learned for these merchants don't do that don't fall for it so lesson learned for all of us that's how you lose money. and let's get to what the kids these days

again changer for latin american start of leads our global report today as the famed softbank group of japan makes a billion dollar investment in colombian delivery service wrapping the capital infusion into the on demand delivery startup is the first major move by soft banks innovation and latin america's local hub softbank the innovation fund as the largest tech fund focused on latin america the major investment is happening before the fund has even been formally established for now the capital is coming from soft banks vision and directly from soft bank group and the portfolio will pass to the innovation fund when it begins operation wrap the launch from columbia in two thousand and fifteen and now also operates in seven. countries including major markets in argentina brazil and mexico robbi delivers prescription medicines groceries and takeout as well as digital payment services and claims to have twenty percent monthly growth rates. and of the two year legal spat it had been announced that mobile phone chip manufacturer qualcomm will receive at least four point five billion dollar

emily: are you worried about a softbank coming in with $100 billion?s out there are lots of other people playing in. we have sovereign wealth funds, equity firms. you have to do something other than provide capital. capital is no longer a scarce resource. it is basically a commodity. for venture to survive, it has to figure out what other than capital it can offer. emily: how does andreessen horowitz continue to be a disruptor? scott: we have done a couple things. we have about 160 people today. 100 of them work with our companies post investment. everything from marketing to sales to business development opportunities. we have to think about investing across the lifecycle. a later stage fund allowed us to have more emphasis on these companies as they go through later and larger cycles. emily: you have investors looking across the pipeline to the more public markets. we are in the middle of volatility, a trade war. a lot of tech companies going public, some to mixed results. you are an investor in lyft, you have airbnb kenexa. are you concerned about y

softbank. an is aiming to launch his second deal. softbank's earnings, a comment on the possible ipo of the current fund. they didn't rule out the idea, some saying they will create the second fund and invite other investors. >> the timing of the launch, size, and structure will be sorted. but it will be about the same size as vision fund one. yvonne: anadarko says they finalize an agreement to be bought by occidental, and has a $1 billion breakup fee to chevron. they both fell in u.s. trade, occidental dropping to a tenure low on investor concerns -- a 10 year low on investor concerns. they will use the breakup fee to increase share buybacks by 25%. rishaad: reports from britain said -- a so-called sale integration document is in circulation, all sides looking at cost savings. they are in no hurry to make an acquisition, but will take an opportunity that arises. they deny intention of selling the vehicle maker. yvonne: the hong kong government is meeting investors as they tried to attract new money and promote a bond program, talkin

. >> softbank japanese telecom selected nokia and ericsson as vendors for its next-generation wireless network excluding longtime supplier huawei. the trump administration has been urging allies to ban the chinese companies citing security risks. japan has not made an official decision on the four-way that -- huawei. as the trump administration has escalated its battle with european allies over the iran nuclear accord. it is threatening penalties against a financial body created by germany, the u.k. and france to protect trade with the islamic republic from u.s. sanctions. a treasury department letter warns that anyone associated with it could be barred from the u.s. financial system. global news 24 hours a day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. treasurer's rally rolling on. throwing the yield curve into further inversion. our global economics and policy editor is here with us. is this still about the trade headlines or has investor sentiment fundamentally shifted? >> it may be that the deepe

and 0neweb — backed by virgin boss richard branson, airbus and japanese tech giant softbank — is already0 satellites in february. so the market is getting crowded. but so is the low earth orbit where the satellites will operate. colliding with space debris is becoming a real threat — as our science reporter rebecca morelle explained earlier this year. space is becoming increasingly cluttered. it is estimated there are now nearly 8,000 tons of debris, with 800,000 pieces the size of a marble or bigger, and each piece has the potential to do some serious damage. in 2016, this crack in the window of the international space station was thought to have been caused when a tiny fleck of paint hit it. that was rebecca there. mark mahaney is an internet analyst at rbc capital markets. this issue of debris and space, it is not without logistical challenges, is it? there are many challenges, is it? there are many challenges involved but there are also many demands. if three or 4 billion people are uncovered by the internet then there are 3 billion who are and what these tech titans are seeing is a

softbank jumps to a gain on the uber investment.iling company is set to price the ipo today. let's see what is happening in your markets. >> leonardo to the upside this morning. italy's biggest aerospace company. and on the downside, down more than 4% this morning. they had the smallest correlate profits -- quarterly profits. ajax plunging 17%. this was their first chance to get to a champions league final. i have been schooled all morning about this game and i know june 1 is in all british match between liverpool and tottenham. francine: there you go. let's talk europe. eu leaders gathering today for the first time since the brexit deadline was extended. discussions will focus on plans following this month european elections. how much talk over eu jobs will dominate? summit where the jobs will become available at the end of the year. and of course the european central bank. the two kind of move together. what was really clear by the end of the day is that it was not about exit. it's really about who wants what and when. in the effo

softbank is weighing the idea of its $100 billion vision fund.d the idea investors a way to cash out their stake. rather than a traditional ipo a --t listing is under >> warren buffett is wrapping up criticism of private equity firms, inc. using some of being dishonest about how they calculate returns. he says some firms manipulate the way they present their treasury investments in order to improve performance. he says if you are running a pension fund he would be "very careful" about what he was being offered. >> standard chartered will remain bullish on iraq and says it will soon be signing deals worth half $1 billion. the bank says it is financing deals with unnamed international companies that should be finalized by years and/or early next. standard chartered signed an agreement with ge valued at more than $680 million. >> north korea may have conducted his first ballistic missile launch since 2017, challenging the u.s. position in nuclear negotiation. expert sayed state media says what appears to be the firing of a short range ballistic miss

the big bet on uber will pay off her softbank.ng profit more than tripled last quarter as the --ue of the uber stakes weld stake swelled. is an investor in just about every ridesharing company out there, clearly spreading their tentacles into this space. romaine: it seemed smart on his part. there is a viable business here. which company manages to actually make profit off of it, who knows. joe: and there are reports the vision fund itself might be spun off, so they could do this all over again but on a bigger scale. caroline: and he already announced vision fund two. joe: the sequel. doing up, a plan for what to for the company chris hughes cofounded -- breaking it up. he is calling for facebook to be broken up and regulated. this is bloomberg. ♪ ♪ mark: i am mark crumpton with first word news. president trump says he received what he called a "beautiful letter" from chinese president xi jinping, and that he will probably speak to him by phone. he made the comments from the white house as a delegation from beijing prepared to arr

francine: how problematic is this for softbank?s anything softbank can do to soften the blow? mandeep: saw think is a global investor in ridesharing, they have stakes in almost pretty much every ridesharing company except lyft. it is problematic if the market cannot assess how big the opportunity is for ridesharing overall. tom: thank you. we have tweets. we have evy hambro and stephen roach. we have two more tweets. one is that fox and friends had a great show. in the other tweet, it is important on china the president outlined the idea that its production will move to other countries because "it is too expensive to buy in china" -- which, again, completely ignores cross border intermediary development. stephen: it takes a lot of time to relocate and reassemble a supply chain. you do not just put tariffs on the world's largest exporter and say come automatically, goods say,ship elsewhere -- and automatically, goods will ship elsewhere. if it does occur, it will take years. but the importers and trade deficits will be paying the ta

it made softbank is biggest investor replacing travis.estment implemented the one share, one vote structure see when they go public. after they got the an tall, the company retreated from southeast asia letting grab become the indisputable market leader, but the web is likely to get complicated in latin america uber has been b there for years. but didi has been make iing mov and it's unlikely that either player is willing to retreat from such a critical ride sharing market under travis, eurouber wanted gl domination when you lock at the current dynamic, it's really masa's game and it's regional players. >> then lyft earnings after the bell >> that will be really interesting. i know the company wants investors to look at certain t metrics like contribution margin investors are look iing at loss and they're expegted to be significant. uber and lyft are not narrowing losses when everyone's talking about a path to profitability. >> thank you joining us here at post nine >> friday's going to be crazy. there's a look at the nasdaq below 8k on t

softbank reports a surge in profit. boosted by a $4 million gain.he company is set to price its ipo later today. >> let's take a look at futures. it does look to be a risk off day. that is what we saw in asia overnight. european and u.s. futures pointing down with some serious size. 0.6 percent is the drop. down.o see ftse futures we don't see a huge bid for safe haven assets. there is not a huge bid for treasuries for the yen or gold. overugh bitcoin is up $6,000. you can see, we have been strengthening. down. dollar comes 109 .9.ow -- not a lot of strength and the japanese currency. what do you see? interesting what is flowing into havens. a number of times about a lack of volatility. today does seem different in terms of the fx story. a lot of read on the screen. seems to be a day not to be buying anything. won, the korean biggest losers this morning. the rupee a well. are we seeing more volatility than we saw earlier? we talked about how the space has maybe been spared. we are building up to tomorrow and the imposition of those tariffs. perhaps

. >> softbank's uber bet paying off. they net softbank $3.8 billion. had a super juicy gain on others. but, a loss when it comes to nvidia. not everything was perfect for them. >> exactly. well, it is a giant fund in terms of where the growth is coming from. the vision fund was $100 billion. he noted they are going to market for a second vision fund. it will be about the same size. these earnings and profit figures could help in terms of investor attraction for that. >> singapore's largest lender says it is seeing an improving environment after posting better-than-expected first-quarter results. >> if anything, the first quarter saw tailwinds as opposed to headwinds. on top of that, the fact that most central banks have backed off monetary policy tightening, and in some cases, easing monetary policy. that is always helpful to global economic conditions. therefore, for my money, i think the environment is clearly better than it was a few months ago. westpac, targeting a range of cost cuts after a profit drop of more than 20% last year. it looks like wes

backers include softbank group.s being the biggest offering since uber. >> air asia talking to partners to build a trendy e-commerce app. earn $2.40 -- billion a year from current engines and expect to earn more. tony fernandez says the market will triple by 2025. >> united overseas bank is ceo told- the bloomberg they will become a safe haven. planning to use digital technology and artificial intelligence to expand in the region rather than acquisitions. this approach differs from rivals. lenders as hong kong a gateway to china. >> pimco chief investment officer says he expects more volatility and lower returns over the longer term. told bloombergr it is a punching market right now. that means being patient and striking during bouts of volatility. >> by far, the area of most concern is the credit market. related to corporate credit risk. are gettinge we more concerned about fundamentals. >> with the population rising, government working on a plan to open a world underground let's go to singapore. let's put it in pe

we are watching softbank having its biggest gain so far this year.incould be a bright spot turning the japanese market sentiment around as we await earnings. we have heard it will higher number of and goldman on its japan deal. a bright spot. it started seeing slowing demand and its business traveled mystically so qantas airways warning of fewer passengers in that department. nejra: juliette saly in singapore. let's turn back to the top story. president trump has declared china's leaders have broken the trade deal he has been negotiating. he ratcheted up rhetoric ahead isnegotiations, saying there nothing wrong with taking in $100 billion a year in tariffs. >> by the way come you see the tariffs we are doing? [applause] >> they broke the deal! so they are flying in, the vice premier is flying in, good man. but they broke the deal. nejra: this as china's top trade negotiator comes for new talks. the white house is confident an agreement can be reached. >> we have indications they want to make a deal. our teams are in continued negotiations. they will

inork and softbank have been discussion for a majority takeover of wework last year.do and he decided not that, 15 billion dollar investment and they went with about $2 billion. that is because two major investors said they did not want that much exposure to this one real estate company. >> are we going to see an ipo soon? >> that is in the cards. it is a possibility. wework filed confidentially last year and announced they had filed last month. >> thank you so much for that great story. you can catch all of our interviews on the bloomberg with the function tv . this is bloomberg. ♪ >> i am mark crumpton with first word news, treasury secretary steven mnuchin is indicating that he will not comply with the subpoena to hand over president trump's tax returns, saying that it is -- the dispute will likely be settled in the courts. they faced a friday deadline to hand over 60 years of mr. trump's personal and business tax documents, the house ways and means committee chairman subpoenaed the documents after secretary mnuchin repeatedly refused his requests to release th

. >> softbank's uber bet paying off. they net softbank $3.8 billion. had a super juicy gain on others. but loss when it comes to , a nvidia. not everything was perfect for them. >> exactly. well, it is a giant fund in terms of where the growth is coming from. the vision fund was $100 billion. he noted they are going to market for a second vision fund. it will be about the same size. these earnings and profit figures could help in terms of investor attraction for that. >> singapore's largest lender says it is seeing an improving environment after posting better-than-expected first-quarter results. >> if anything, the first quarter saw tailwinds as opposed to headwinds. on top of that, the fact that most central banks have backed off monetary policy tightening, and in some cases, easing monetary policy. that is always helpful to global economic conditions. therefore, for my money, i think the environment is clearly better than it was a few months ago. westpac, targeting a range of cost cuts after a profit drop of more than 20% last year. it looks like we

the softbank vision fund investment values it at $3.5 billion.are told the money will facilitate their plane to enter china and india. yvonne: we are counting down to the open of markets in mainland china. hong kong is closed for the holiday. downe seeing china futures 187 points at the moment. we saw that six that was a little bit toward the weaker side here today. we are watching dollar yuan as well. exports fall 6.4%. exports did rise 7.2% in south korea. down 31.8% in just those 10 days. at 1180 in the yuan against the dollar at the moment. this is bloomberg. ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. yvonne: you are watching blo

softbank reporter, softbank found autonomy as a solution to a lot of uber's tricky economics , but thatt a technology that is -- that is a technology that is perennially on the horizon. investors will be in the dark as to what will make it profitable in a reasonable timeline. does thist questions raise about wework? a lack ofainly shows appetite in the markets for companies that have until now prioritized scale over profitability and have not told a compelling story about how they will get there. is a big shareholder in wework. perhaps the jitters are reflecting in their own shares. it certainly has taken a bruising along with uber. now, how should organizations maximize their investment returns? says cognitive diversity is key, making sure people with different perspectives and skills are included in the decision-making. he says diversity along with technology are vital disruptors in the hunt for higher returns. that man is the ceo of the cfa, , virginie.us diversity. is it embraced? what is it? and is it embraced? >> i do not think it is embraced as much as it should be. isshould be a

and a couple of other guys and they did softbank about 48 million about a year and 15 months ago just because they needed cash to raise $1 billion and that's important and they'll burn money. >> leslie, thank you leslie picker. for uber and its expected debut head over to cnbc.com. i'm melissa lee on cnbc first in business worldwide in the meantime here's what's coming up on fast. >> tesla, tesla, tesla. >> after a rough start to the year, the electric carmaker is recharging its battery with a $2 billion capital raise, but is it enough to save the stock we'll explain. plus --? let's get high on our own supply >> let's not, andy, but as marijuana tries to go mainstream, just how hot could pot stocks get we've got those details. much more "fast money" after this u've worked hard to grow your wealth. make sure you're working with a wealth manager who can grow with you. cfa charterholders have the investment expertise to unlock opportunities other advisors might not see. learn what a cfa charterholdr can do for you at therightquestion.org >>> welcome back to "fast money. the dow dropping

owned armed holdings is reportedly suspending business and two japanese firms softbank's y mobile, kddiing the release of huawei's newest phone scheduled to launch later this month. there are some potential winners which i don't think we're discussing enough. since the trump administration first announced these plans to crack down on huawei, european telecom providers that are working on 5g are up substantially. you can see ericsson up about 10% and nokia up nearly 8% back to you. >> seema moody, thank you for pointing that one out. >>> let's get over to sue herera for a news update. >> hello, morgan and everyone. here's what's happening at this hour house speaker nancy pelosi says democrats in the house believe president trump is engaged in a cover-up she spoke to reporters following a meeting of house democrats >> it's important for the -- to follow the facts we believe that no one is above the law including the president of the united states, and we believe that the president of the united states is engaged in a cover-up >>> north korea labeled joe biden, quote, a fool of low i.q. an

softbank and focus. a $4 billionor loan against its equity stakes in uber and other startups.t is the biggest funder of that uber ipo. malaysia, it has risen the most in a year after announcing a special dividend. a little bit of movement coming through on the malaysian index. manus: thank you very much. global markets continue to react tightened trade tensions. says theer associates conflict is more than a trade war. he calls it an ideological conflict. he adds that the u.s. blocking supplies is a step towards weaponizing export controls. you have morgan stanley's ceo who doesn't expect a full-blown trade war between the u.s. and china despite the anxiety it is causing and markets. he spoke to bloomberg in an exclusive interview in beijing. gdp isof the world's tied up in these two countries. woulde a major trade war be very bad for both countries. everybody understands that, i think. i hope that they do. certainly u.s. ceos that i spoke to understand that. what we have got is a resetting of this relationship. that makes sense after 30 years of incredible economic growth in c

they're insiders and the executives of the company and another 600, 700 million, and i think of softbank selling which they're selling a little of. >> oh, my god, i don't want to own it not at this price and good for them for getting it done, but i feel very comfortable staying away if they end up finding magic beans to make money, great good for them. >> i feel like there are a lot of bears when it comes to this particular issue and to play devil's advehicle at, some people compare this to an amazon where amazon didn't own necessarily, at that point when they went public it was the magic of the connection of the platform that connected buyers and sellers and they didn't actually carry and they connected other -- can i address that for one sec >> you're staring at me. >> no! i looked at amazon, here's one that went public and wildly successful beyond anyone's imagination and look at what they did $11 billion of revenue which is what uber did last year and amazon made money that year and they had a positive cash flow and made money and they traded and their enterprise value was $14 or $15

the $100 billion vision fund is the world plus largest technology investor curt softbank is the biggest shareholder on uber, and it is make ad to much-anticipated market debut on friday. genie: a tiny spelling mistake, but multiplied millions of times , had less than red faces at australiaa pot centralal bank. -- at australia pot central bank. banknotes haveew been printed with the word responsibility spelled wrong, three times. to a magnifying glass to find the typo. it is hidden in microtech's underneath a picture of the building. it was rolled out last october and is said to be the most difficult in the world to cultivate because of the extraordinary level of detail. it is an embarrassing error for the bank, but people do not seem to mind as much about it. let's take a listen. had a few more 50's. you expect that they would check to make sure it is correct before they print it. but, let me go ahead and call them out? no. i go back to the u.k. and say, look what they did in australia appeared what can i do for this? how much can i sell this for? genie: maybe that was part of the e ant

one of the interesting things is if you take something like softbank, they have tried to combine botht necessarily extremely successfully, but they have had the great emotional images. they have the right vision. the problem is putting that vision into execution. francine: what are they getting right? guy: in terms of the long-term demographics, the types of industries they are going after. i think where they are getting it wrong is they are overpaying, and believing you can disrupt it without necessarily having the operating platforms in place, and if i look at the businesses we purchase, one of the things i do, the granddaddy of transformation, is i try to slow my people down and say spend time trying to work out how you will get the actual platform to carry out the transformation. ♪ francine: up next, find out why guy hands thinks one industry is ripe for disruption. more with the terra firma chairman, next. ♪ ♪ francine: terra firma has invested more than $17 billion in 34 businesses since 1994. some have been huge success stories. what kind of leadership does it take to reshape a

the 19 year old passed up on a deal with the atlanta braves and is instead signed with for caracas softbank hawks in the nippon pro-baseball lake stewart made a name for himself pitching for eastern florida state university the 6 year deal sees the news away from a more financially uncertain rookie career in the m.l. date. i do hope to. reunite with the league you know your players to have a different but i don't know what's going to be in the loop one day someone looks back on this he says this is a great idea ryan more laid skull small moral told month after the opening round but it was 2 other americans who captured the attention of the crowd former masters champion jordan speak as a shot of the late chip in for birdie at the 11th the highlights of his round. masters champion tiger woods is returning to action for the 1st time since missing the cut at the p.g.a. championship. adrian paul many thanks david that's where we and this news out of the news continues those studies that dan will be here in just a moment to update you all so you can. riskin utah. coming soon. on al jazeera. the f

if they were to then suffer a 20% drop, don't forget softbank did come in in the later rounds.f they were to suffer a decline , maybe they would have to look at the valuation of other assets. francine: it is going to start trading today. do they change strategies in any way? they are trying not to be disrupted and they need to be different. alex: i don't know how much patience investors will have and when it starts to get the point when they say you have got to deliver. they have talked a lot about adjacent markets delivering food or offering other logistics solutions. but if i look at bloomberg eats eats, i don't see a path to exceptional profitability. you are eating into other margins. uber is keen to tell that story about being more than just a people delivering company, but i'm not sure how the path to profitability looks. that is a story i would like to hear told more effectively. francine: patrick, did you by any shares? patrick: know, when you talk about path to profitability, i don't see how they get there. there is the analogy of amazon i hear all the time. they built

could threaten the chinese firms ability to create its own smartphone chips for him is owned by softbank a japanese investor designed chips for most mobile devices around the world and the u.s. recently added wall way to a blacklist after trade tensions escalated between the u.s. and china and u.s. president donald trump's latest tariff increase in beijing's plans to counter them are hitting u.s. companies in china that's according to the american chamber of commerce at down at least 40 percent of its members are considering relocating businesses outside the country or have already done so ambassadors to the a master to the u.s. rather says beijing is ready to continue trade talks the last round ended 2 weeks ago with a new deal. once baby is holding a live fire exercise off the east of the island area has been increasingly threatened by chinese ships and planes wednesday's drills are part of the annual exercise that simulates an attack by china. argentina's former president cristina fernandez de kirchner has appeared in court at the start of what is expected to be a yearlong corruption

japanese team 19 year old passed up on a deal with the atlanta braves and is instead signed with softbank hawks stuart made a name for himself pitching for eastern florida state university a 6 year deal sees him move away from a more financially uncertain ricky career in the m.l. bait. i do hope that i create new opportunities for most young injured players to have a different path but i don't know what's going to happen in the hope that one day someone looks back on this in and says this is a great idea ryan moore laid skull sma morial told months after the opening round but it was 2 other americans who captured the attention of the crowd format must just champion jordan spaeth as a shot off the lead chip in for birdie at the 11th for highlights of his round. champion tiger woods is 2 and a part returning to watching for the 1st time since missing the cut at the p.g.a. championship. and i love my whole body thanks indeed now a u.s. spelling bee has seen the most extraordinary outcome in its 94 year history after it ended in an age way tie i p e l. s personally i 600 spent most of the age

thinking about we work, which is clearly coming and there is a number of other -- by the way, softbankrt of me wonders whether all of these softbank cash infusions actually propped and pushed up the value of these companies artificially >> i think that's a good question, and it also created behavior where you were kind of used to having this not free money, but very cheap money that you were able to use to help kind of grow your business and bankers that i speak with, you know, on background, they do say that if you're a we work and you have a business model that is just kind of burning through cash, investors are going to take a harder look at that, and you may have, you know, you may have to react to that, whether it's in pricing or timing of your deal. >> they're playing us out. >> another cash flow-no cash flow business, netflix what does that trade, right? that trades way, way above its earnings. >> what does charlie munger say? >> little charlie would say do not go. >> when we come back -- >> no cash flow. >> this is so uncomfortable. we're going get more from what kevin's hearin

i think softbank wants to make sure that they have that stake.exactly is going to fill out this $500 million round. there is a lot of questions we will have about the protections and everything because there have been inside investment in door dash. strong strong data -- a thing when uber has been challenged. if uber is getting hit on the public markets, how is door dash going to increase? i think its last valuation was $7 billion. a significant step up for a company that had been having trouble upping his evaluations. caroline: delivery has a raised 1.5. door dash has a valuation. uber and lyft went badly because they went private for too long. history repeats itself. eric newcomer, great to get your observations. coming up, prime minister theresa may has agreed to set a timetable for her departure as you kpn -- as uk pm. more on the rocky road to brexit ahead. this is bloomberg. ♪ erg. ♪ caroline: let's get you a check on the latest business flash headlines. a new wave for church's chicken. church's- eight outlets will offer employees half thei