about softbank's new deal. on cnbc carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪ >>> a whole new list of tax hikes have been floated around as a way to pay for the $3.5 trillion infrastructure plan let's find out more. robert frank joins us now. really, some creative things, robert american ingenuity it's awesome. >> yeah, joe lot of ideas on the table. president biden's plan alone includes more than 80 tax hikes, credits and new forms of taxation most of the trillions of dollars that could be needed for this reconciliation bill comes from just three big tax hikes from a dollar perspective, these are the ones that really matter. the biggest, of course, is the corporate tax hike proposed from 21 to 28%. that would raise an e

we are softbank. no rules in terms of how long to hold an investment, how small an investment should be, pride and public. so close to 50 companies we have invested, public companies, private companies, investment, early stage, growth, digital transformation. we made a large investment into televisa, univision merger. to compete with netflix in the spanish-speaking language. that is the beauty for latin american fund. we are able to invest in anything related to technology. when we have a public company, we look at it like any other private investment and the potential growth of that company, in terms of growth of the business and potential valuation. and we look and hold it. softbank is known for being patient capital. so we are good, in terms of holding investment for as long as we believe they will break or meet with 30%-30 5% iri. haidi: marcelo claure speaking with caroline hyde in that exclusive conversation. valuation has almost tripled to $14 billion in five months, making it the world's fifth

that gave softbank 25% stake in the resulting company. the deal, softbank gets 225 million deutsche telecom shares in a swap and deutsche telekom byleft, which o potentially 6.9% if the t-mobile price hits $150. but probably none of that is the reason by the share price gain. softbank is pointing to new positives, that it is part of their diversification strategy for the telecom portfolio. it also gives access to vision fund companies in europe and the united states. but it is purely the cash portion of it that probably boosted shares yesterday. shery: the big question always around softbank is whether they will announce another repurchase of shares. what can we expect? >> the $2.4 billion from deutsche bank doesn't justify a 10% jump in shares, and not enough given they spent want to $3 billion on buybacks last year. -- spent $23 billion on buybacks last year. the discount approached 60% before the recent share jump, an area where a lot of people were anticipating additional repurchasing. at the last earnings, they did not rule out a buy

softbank is well known for being patient capital.od in terms of holding investments for a minimum to 30% irr. we also launched a spac in latin america. it really doesn't matter, obviously we want to make sure that the company is going to be a great company before we go public. we want to make sure they are ready for the public market. so far, so good. we had a couple of ipo's and i think great success stories investing in a valuation of $2 billion. when you fast-forward they are the leading insurance marketplace and one of the most advanced banks in the world in terms of e-commerce. people link to different e-commerce sites and the transactions get finance on the spot. it has been going on for 30 years. so it is great, and if i'm not mistaken the market cap is over $10 billion in a couple of years ago it was 2. not only the number of digital customers tracked but the expansion of products, it is fascinating to see a brazilian bank serving customers in the u.s. so as you can see, i am in love with everything that is going on in latin

softbank had its own. >> it's interesting that i mentioned. several years ago in saudi arabia of the international world in new york the huge capital that saudi arabia wanted to invest outside of the border so basically everyone wanted to court this capital and it turned out with mbs in saudi arabia which resulted in 40 billion-dollar checks and very quickly that large portion of new york was put in as you ailaid out fascinating and there was money that was missing. >> in $45 billion in this answer yes, this is kinda silly as it seems which is the way it ended the way it did but things are really thrown together and with the key actors it was about impulse it was not about numbers and then they did the numbers later and then people would say multiple different funding levels yet analyst and subordinate say no this is a bad idea we look at numbers for ballistic company and yet in the end the principal would've said i shook the hand of that and i believe in it. then the check would get written. >> the true velocity upon raising the capital was a

karl: softbank has a strong portfolio company. they can support growth. long-term investors going forward. softbank is a good investor for a company like autostore. francine: they had 40% of the company. are they shelling -- are they selling shares? karl: they are holding onto them. tom: you talked about their role in investing, what will they do materially to support your expansion? karl: generally they have a strong presence in the region. we get a strong focus on our company as a softbank company, and they have a large portfolio of companies were technology can make sense to use in their operations. francine: how much is the company valued at? $10 billion or more? karl: i cannot comment on that. tom: how are you planning to use any funds that you raise? break it down with expansion r&d and headcount. karl: we will use the money -- generally what we do is invest heavily in r&d for new products with new technology and drive new solutions. that could be the focus going forward. we will be in all the major market. francine: give us a sense if you think aut

leaving the firm. -- has been involved in three dozen of softbank's -- and only three out rincon. three out rank him. he has co-authored 14 papers. fidelity investments -- estimates of valuations for the second time this year, underscoring the outlook for the fintech trying to china's regulatory purse. the money manager cut valuations and market cap to about $70 billion come at down from $144 billion. 235 billion dollars just before the ipo was suspended. by don set to be in discussions for $4 billion in bank loans as the crackdown on china's internet crops that -- sources say tiktok is in talks with lenders to pay off debt. bloomberg reported in july that baidan would work to ensure security compliance ahead of. this listing dollar bonds fell to new low wednesday over a report it -- suspended interest payments for two banks. ever ran toward one of the banks they would not sign off on the payment due november 21 and asked to wait for instructions on the pension plan. treating earlier crippled developments deeper into junk. let's get back to our u.s. finance editor. i suppose going

haidi: softbank's ceo speaking with caroline hyde.are looking forward to the japanese market open, given we saw the nikkei finish about 1990 high. the nikkei and topix gaining around .4%. a lot of optimism with the reshuffle. haidi: it will be quite crucial to see the optimism translate to actual economic policy we see from whoever assumes the throne as the next leader of japan. whether progrowth, economic revival policies will come to the fray and result of more of a boost, particularly for the cyclical he driven market. they are planning to take a cautious approach when it comes to coronavirus restrictions. they don't want to go back to another round of a state of emergency. coming up, more insight on the japanese markets. equity portfolio specialist ken wong is with us. the market opens in sydney and tokyo our next. this is bloomberg. ♪ >> welcome to daybreak asia. >> i am sophie and hong kong. haidi: i am haidi in sydney. wall street is lower as growth concerns linger. investors are looking ahead to china's open. bloomberg shows n

softbank and deutsche telekom will become a strategic partner in the german group. agreeing not to sell before 2024 it will acquire 45 million shares in t-mobile with the intention of getting 20 million. it will sell the dutch unit to the private equity consortium in the deal of $5.1 billion the subsidiary was joined by lots of players in the deal. bottom line is that a major deal in the telecom space then there is the softbank angle. seeing them expand in the european players. >> thank you, joumanna i want to turn your attention to what is happening in doha. secretary of state antony blinken arrived in doha to seek the evacuation of americans in afghanistan. let's see what he has to say >> many thousands of u.s. citizens and at-risk afghans who we successfully evacuated have left aboard charter flights. now, others are working to arrange more such flights. we're working around the clock with ngos, members of congress and advocacy groups providing any and all information and doing all to clear road blocks they identified to make sure that charter flights carrying am

softbank india.g subscribers, we've got a special q&a session on the common prosperity drive and what that means for markets. if you are a subscriber, it is tliv . we did ask our guests about the impact of china's campaign. >> i've been pretty positive. >> what is happening in the data is something that we are still observing. the contours of it or not. >> it means that they are moving more toward fara regulations, trying to create a level regulation playing field. >> it is a wildcard. while we did in some of the big cap, we have sold them. >> the big selloff we have seen means that we are looking into whether or not there are some opportunities. >> in some ways, these measures by china is making it safer for investors, including foreign investors. >> it is in economy we cannot do without, therefore there are some investment opportunities there. the question is to size them accordingly. >> i certainly think that china is investable. it is making sure that you perhaps don't get too carried away an

we have the buy back from softbank helping softbank shares weakness is coming through.ave a breather coming through from the hang seng tech index. we saw that rally in the nasdaq and the nasdaq index as well. you have seen some rebounds coming through here in terms of easing restrictions for mainland travelers and that is happening and watching the age of crypto stories, that rocky start to el salvador taking bitcoin as payment. you have seen downward pressure coming from a number of these players today tom. tom: you have been tracking the theme in asia. focused on ever grande. >> it is raising concerns about a default here. we know ever grande is one of the biggest defensive worries. we had moody's yesterday cutting the rating, the credit rating and today that was followed up. they cut their credit rating to triple c.p.r. plus calling it a triple default. cutting from neutral to sell. we saw shares slip below their 2009 i.p.o. price. they have rebounded somewhat in the afternoon session. stock has dropped around 74% year to date driven by all of the negative headlines

. >>> deutsche telekom and softbank announcing a $7 billion stock swop deutsche gets an increased stake in t-mobile. softbank international ceo sees many opportunities for the companies to work together >> everything that is going to happen, mobility, autonomous vehicles and others and growth of finteches i think where these two companies converge, there is more we can do this is why we consider to be a very strategic investment. >>> and aluminum prices are holding steady after hitting a ten year high. the metal jumped after guinea raised concerns about bauxite supplies now up to date back to you. >> >> rahel, thank you very much. >>> dom chu has a tech on some trading. >> almost a straight line down over the course of the last 10, 15 minutes or so look at the charts, bitcoin prices, we're off roughly 10% on the trading so far today about 46,000 and change, that's the level you're seeing now on bitcoin for coin metrics a lot of the price movement is happening in just about the last hour or so that in the broader context of what is happening with bitcoin so far year to date has seen at l

we heard that soft 2 envision fund -- will actually -- softbank vision fund -- we heard softbank visionied out their funding. that has become a unicorn, blockchain infrastructure form. we are watching mizuho financial . we have heard reports from the nikkei that they will issue a penalty. that will include the watchdog overseeing and directly managing the bank system overhaul and maintenance. some of those crypto stocks that we are watching over in japan, given the latest moves we have seen in the crypto space, we are continuing to see that downward movement in bitcoin, down .6%, drop below $40,000 at one point, given that we continue to see that regulatory drumbeat grow. the 100 day moving average at this point handing at the 40,600 level so if they break that resistance level, we may see further falls. ethereum down .2%. we have heard goldman and coinbase are backing a crypto fund manager. the startup is raising $41 million in the funding round, haidi. haidi: we will be previewing a little bit later our announcement. talk about the country's outlook when it comes to what happens with

other workplaces like softbank have banned smoking on company time.anizational psychology & health at manchester business school, university of manchester. 0f of course employers have a duty of care to staff, no matter where they are, the home or the office or somewhere else but to what extent does it go that far that they can say you cannot have time out to smoke when you are working from home? if have time out to smoke when you are working from home?- are working from home? if you think about _ are working from home? if you think about it, _ are working from home? if you think about it, in _ are working from home? if you think about it, in an _ are working from home? if you think about it, in an office - think about it, in an office environment, you can do that because there is something called secondary or passive smoking. in other words, called secondary or passive smoking. in otherwords, and the good old days when it used to smoke in the office, the good old bad days, you could cause other people health problems because of your smoking and that i

softbank had its own macro stuff there. >> i have covered ipos for the journal. several years ago all of the sudden mark on the international world with the biggest ipo ever is a huge amount of capitol saudi arabia one to invest outside of its border. basically everyone wanted to court this capitol. found out in this meeting saudi arabia resulted in $40 billion check. and very quickly for large portion of that went into the pocket of -- holton macro economic backdrop as you mentioned and laid out, it is kinda fascinating. put into a start up like new york before. it was torched. moses slower was the liberation of capitol. >> things we learned about, what did adam really just raise $4 billion in 12 minutes and did it really raise $45 billion in 45 minutes silly as it seemed on the surface tell about impulse was not about numbers. do the numbers later, people would say a multiple different funding levels you had analysts insubordinate saying no, this is a bad idea. the instant principal and the check would get written. >> you see parallels about money evaluation th

take a look at what softbank is doing. it is at the lowest level in two weeks.ader topics declines. now falling on the china market exposure. down more than 5%. the share declining to 15. softbank corporation declining at the moment the evergrande feeding into asian trade as we saw with soft ink after the global domino selloff. hoods bring in our chief north asian correspondent. what can we expect on evergrande today as the chinese markets are still shut down on holidays? >> perhaps more nervousness on the markets. as we have been waiting for quite some time, any kind of guidance or market stabilization, comments perhaps from the chinese government. we do know over the last week authorities have hired financial advisors. they are working on what would be china's largest debt restructuring. we have not seen authorities directly comment on this market turmoil we have seen across the globe last night and into today. china is on holiday yesterday and today. then hong kong goes on holiday tomorrow. market participants perhaps waiting on the sidelines until there is g

they've got minority shareholders from softbank and uber.hey are not going to be big fans of this. many are calling this and into the regulatory uncertainty since the ipo. they have to deal with the privacy. there is still a lot of uncertainty. i think the shares will drop 7%. they are up only 3%. we see a little of that. kaley: just the latest on this ever increasing saga. another business trying to navigate china is the first broadcast interview. the chief executive officer of the bank spoke to francine. >> we've been around for 156 years. we have faced political tensions. let's be honest. if you want to be an international bank, it can be difficult. i'm not going to deny that. our clients tell us they want us to invest their savings. the demand we have seen over the past crisis, ike the one we just faced, the demand still exists. >> are authorities asking you to choose? >> no. we have to comply with the laws. that's a complex task. i'm not going to pretend it's easy. no one is asking us to choose. we have announced the commitment. the pla

softbank is the uk's most valuable startup. new payday launch for its product and targets achieving billions of dollars and injure will sales before it will go public. the ceo spoke to us earlier. >> we are trying to innovate is much as possible and cut out legacy, providing a more range of products. >> what more can you do? what kind of services will i be able to have in three or four years? will i be able to ask two months salary in advance? do i pay for something over 12 months? where are the spaces you want to innovate and i want as a consumer without knowing it yet? >> we are starting our payday products. it allows you to draw part of your salary. instead of using credit cards and a loan overdraft, you get your salary that you already earned and that's just the beginning. in the future, we can give you up to 50% or more. >> when do you want to go public? >> sometime in the future. we are venture funded company. i don't really know. >> are you looking for more partners? how bugged -- big do you want to be before you ipo? yo

deutsche telekom and softbank have announced a share swap plan.organ stanley is bringing its program to hire more black and female traders to london. the morgan stanley program is aimed at recruiting black or female candidates already working in other industries. the bank has hired 70 people across its businesses. ppg industries has withdrawn its financial guidance for this year. higher material costs are hurting ppg. there worrying hurricane ida may make the situation worse. $3.5 billion in cash. state street says it is now targeting a pretax market of 31%. that is your latest business flash. guy: it is interesting what you just mentioned about the supply chain story and the coding sector. the chemicals industry is the worst performing area for european equities markets today. that sector down by 1.2%. it is the leading losing sector in europe. there are only three sectors in positive territory here in europe. the consumer sector, the luxury sector is having a better day, and travel leisure is of a touch. generally we are on the downside. most of

if you are softbank, abb get into those kinds of businesses and we don't know how those would end. and, you have the small ventures. the 6000 project looking for future. i think they are all competing in a world where there is murkiness about what is appropriate and what is not. microstrategy only invest in going. -- in point. if you are an investor, the only investable asset you can invest in is bitcoin for the reasons you pointed out. i think the sec is justified in having interest in this space for the reasons you point out. to the extent they clarify the rules of the road, i think it's going to make it a safer more welcoming environment for retail investors and for institutional investors and the industry will evolve and mature in that way. emily: anytime you have demonstrators in el salvador burning and atm, protesting the countries adoption, protesting the president pushing the adoption of bitcoin, what is your take on this kind of resistance in just one country and for the rest of the world? >> first of all, the big news is 500,000 people in el salvador downloaded a lightnin

softbank have announced a share swap plan that will increase the german company's holding in t-mobilethe firm is adding an operation in assets under custody. it is selling 31% because of expected earnings from the acquisition. it is bringing its program to more black and female traders and salespeople to london. the firm is hoping to replicate the success it had on wall street. it is aimed at recruiting black or female candidates working in other industries. the bank has hired 70 people across its business. that is the latest business flash. taylor: thank you as always. we want to turn to what some of the sell side is seeing. morgan stanley analysts planning on health care stocks today -- leaning on health care stocks today. >> you saw the shares of amgen just now. that is one of a half-dozen stocks in which morgan stanley cut its rating. we are talking johnson & johnson, merck, are genex, and jen lab. it is not like there is one overarching reason why morgan stanley is more negative on these companies. in a lot of cases they figure there is nothing to push them higher. they don't loo

softbank is leading a $200 million investment in a robotic startup that helps new york city with itsovid-19 testing process. the move boosted value to one point $8 billion. last summer, the company's robots helped by performing repetitive tasks. i'm ritika gupta. this is bloomberg. ♪ ♪ chair powell: the evergrande situation seems very particular to china, which has very high debt for an emerging market economy, the highest that any emerging market economy has had, and government has been working to get that under control. there's not a lot of direct united states exposure. the big chinese banks are not trim into sleet exposed. -- are not tremendously exposed. jonathan: the chairman of the federal reserve there. futures up 0.6%. yields higher to 1.3321%. looking forward to hearing from them once more. we've got the perfect guest to discuss now, the author of "china, the bubble that never pops." tom: this book has tremendous reviews from the years of experience tom orlik has. he joins us now. how do you respond to the lehman moment, omg hysteria? tom o: what china's authorities are try

softbank is leading a 200 million dollar investment in a robotics start up that helped new york cityits covid-19 testing process. the move boosted the value to $1.8 billion. last summer, the company's robots helped alleviate massive testing delays in new york by performing repetitive tasks. guy: olive garden owner darden restaurants posting a beat despite huge headwinds with staffing and input costs. dave wilson digging into the numbers. dave: this is a company that, you mentioned olive garden, it is about half of their revenue. another 1/4 comes from longhorn steakhouse. they have other brands as well. put it all together, and you're talking about a company that is more optimistic for its fiscal year that ends next may. raising forecasts for earnings, for sales. you're looking at sales in locations being more than 30% up. sales have already recovered from the hit they took during the coronavirus pandemic. the latest quarter, $2.3 billion. second quarter in a row they were around that level. darden has been on a tear over the years if you look at their chart. this would be the bigges

a quick check now at headlines, a possible departure from softbank, the sole senior managing partnersing leaving the firm. he has been involved in more than three dozen -- and there are only 3 -- including -- >> easyjet planning to raise 1.4 billion dollars to help it compete during the travel rebound. that plan could come this week. easyjet has already raised 7.5 billion dollars in liquidity since the pandemic started. that is it fair daybreak australia. daybreak: asia is next. this is bloomberg. ♪ and there you have it— -woah. wireless on the most reliable network nationwide. wow! -big deal! ...we get unlimited for just $30 bucks. sweet, but mine has 5g included. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. switch to xfinity mobile and save hundreds on your wireless bill. plus, save up to $400 when you purchase a new samsung phone or upgrade your existing phone. learn more at your local xfinity store today. in business, it's never just another day. it's the big sale, or th

emily: this is a company with public investors from around the world including uber, softbank, big minorityin didi, what does it mean for them? >> this means that the chinese government is tightening control with the platform company. you look at what didi is going through and what bytedance needed to do to follow the same content rules as traditional media, that company should act like a licensed credit agency. this is a trend toward not only regulatory but ownership practices between digital and traditional industries in china. there is rising political pressure for the platform sector. emily: anja, she's an pig says he wants to redistribute wealth to limit the dominance of the tech sector, but what of the companies you expect to be affected? anja: i'm not sure where it will stop. the entire tech sector of china is going to be affected. the chinese government has been very clear. in august, they laid out a five-year plan outlining greater regulation of the economy, especially technology. some of it makes a lot of sense. tech companies in china have had very few data regulations and now yo

softbank has announced a plan that will increase the holding in t-mobile. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. ♪ >> we will remain in shortages for the next month to years because semiconductors are in high demand and the capacity ramp-up will take time so it will be probably a bottleneck for the next months and years to come. jonathan: and years to come, that was volkswagen. from new york city, good morning, alongside lisa abramowicz and kailey leinz, i am jonathan ferro. your equity market shaping up as follows, totally unchanged. this is where the lift is. yields, treasuries. yields are higher by four basis points. lisa, yields are higher, a steeper curve. lisa: people thinking it has to do with the fed remaining on hold for longer that allows inflation to rise. i wonder at what point this becomes a concern for equity investors and other risk assets. jonathan: that is the theme this morning. another theme is in munich w

softbank, $680 million here. so they think there is something there. we better get on board.ation charges $6.74 a gallon for regular gasoline. >> not a political person. >> the current president is spending money as we used to say when i was in the military like a drunken sailor. stuart: that is one gas station in california, $6.74. we are told gas prices across the nation could go up some more. jeff flock has the report from philadelphia after this. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones the best things america makes are the things america makes out here. the history she writes in her clear blue skies. the legends she births on home town fields. and the future she promises. when we made grand wagoneer, proudly assembled in america, we knew no object would ever rank with the best things in this country. but we believed we could make something worthy of their spirit. at usaa, we've been called too exclusive. because we were created for office

softbank has been fluctuating this week because they are exposed to china.rd is that they are investing in a robotics company behind the new york covid testing company. let's get to first word headlines. vonnie: house speaker nancy pelosi vowing to avert a shut down as the house warns government agencies to prepare for one. pelosi says democrats may pass a stop gap spending bill without the debt increase in it. this -- republicans are expected to block it in the senate. the biden administration may force companies in the semiconductor supply chain to provide information about inventory and sales of chips. that would be done by invoking a national security law. commerce secretary gina raimondo says the goal is to alleviate bottlenecks. the white house has sought clarity for months on how companies allocate chip supply. the european commission says trade talks with the u.s. will go on as planned after france sought to have them postponed over a defense dispute with washington. the eu in the u.s. will reportedly discuss topics ranging from technology and supply

in japan, softbank vision fund senior managing partner is set to leave the firm by the end of the year was at ranked by three other executives. we are just one day away from a leadership vote, the election is almost certain to go to a second round with no candidate expected to reach an initial majority. reports say the japanese government will end the state of emergency covering tokyo on september 30 read we will have more on the fire situation later. in south korea, consumer confidence strengthened for the first time since june, suggesting consumers are putting the virus outbreak behind them as the economy continues to recover. ford motor and s are puttingk $11.4 billion into three battery factories and an assembly plant for pickup truck. keep an eye on defense stocks after reports north korea fired what japan said was a ballistic missile into the ec. -- east sea. haidi: quick check of the latest business flash headlines. wells fargo has been fined by the u.s. department of justice after claims it defrauded customers who used its affect services. the u.s. to says the lender overcharge

softbank group is planning what could be japan's biggest corporate so far this year. to raise $4.1 billion as borrowing costs fall. japan's third-largest real operator seeking to sell around $2.1 billion in shares. in japan, takeda pharmaceutical. the local distributor from a dirt is covid vaccine. the drugmaker says two doses were not related to modernity shot. adrs had their biggest gain in about a month. let's move onto inflation now. inflation higher than expected in august. very good news. the bok could raise its interest rate again this year. revised data showing a greater expansion in the second quarter. 0.8% growth with an earlier reading of 0.7%. finally, korea raising as much as $946 million by filling 13 point million shares. haidi: yeah. we are watching this google boj story. the department of justice and the u.s. preparing for a second monopoly lawsuit against google over its digital advertising business. this is in addition to the antitrust case looking at the company's web search business. david mcglocklin covers the boj. we are trying to keep track of

softbank made its first investment in a saudi arabia based company, leading a 125 million dollar financingustomer communication platform. we will be watching the stock at the start of the open. sk innovation holds a shareholders meeting to get approval for its plan to spin off its battery business. we are watching lg chem which supplies to chevrolet bold. there's risk of a spontaneous fire to spread. jam has recalled all of them sold since 2016 because the battery can catch on fire. a win for samsung engineering which has scored a $145 million plan to construct orders in europe. haidi: yes. asian stocks looking pretty steady going into the start of trading on thursday. easing concerns about the economic outlook. let's bring in jeff halley. it feels like we are seeing a slowdown. what is the next catalyst here? jeffrey: look, i think we are going -- the next big issue confronting markets could well be energy prices. look at the price of natural gas at the moment. look at the amount of storage in europe for example which is well below seasonal levels. i'm getting quite concerned as we head i

the round was led by softbank and tencent. biggest financing rounds ever in an argentinian history. was it the biggest >> yeah, for a while yes. >> and you are truly a unicorn congratulations. not that old you've done it mostly in argentina. we're going to get into what you do but you're also in mexico that's much more recent and a huge market for you. you're going to go from there, i think. >> yeah, that's the idea i mean, when you look at what's happening at fin tech globally and this recent transaction by paypal shows a clear trend of where we're going, you can see a market greatly under served in the world and that is latin america. in latin america over 50% of adults have never had a payment mechanism. they're completely out of the digital economy. they need solutions to pay, create a payment history and get insurance. this is extremely low. that's where we come in. we provide a universal account, a global master card, and then we layer services on top of that, be that credit, savings, inves investments, now insurance and

billion-dollar valuation last week picasso announced 125 million-dollar series c funding led by softbank of picasso austin allison. austin, great to have you, thanks very much, congratulations on your success. tell us how picasso works. >> thank you so much, maria. great to be back. picasso provides service that empowers people to co-own beautiful second homes and beautiful second-home destinations, places like miami, malibu, aspen, park city, beautiful destinations all over the world for one eighth the cost and the way that we do that is through concept of coownership, the best way to get your mind around it is imagine if you and 3 or 4 of your good friends decide today own a home together and a beautiful second home destination and pacaso empowers you to do that with none of the hassle because we provide bill pay, maintenance to manage the homes. maria: what's your model then, your business model, are you taking a fee from each of those things that you're managing? >> we are, yeah, we basically identify homes that are of interest to our buyers. we have 2 million people last quarter vis