fcc credited economics and i put that in quotes of public advocacy groups purporting to show that telcos increased their investment in the late 1990s because of classification as common carriers. of course had that been subjected to serious economic analysis, an economist would say do we have test group or control group to see if that makes? we do. [. cable carriers from not subject to regulation in the early 00s, their capital accumulation was faster than that of the telcos. there was a mistaken causal inference made by the fcc and we think that it wouldn't have happened if economists had a greater voice in the discussion. cspan: let's continue the discussion and bring lydia beyoud of bloomberg bna into this. >> thank you. the fcc should be required to perform a cost benefit analysis before it engages in any rule making. why do you think that is necessary? how is that different from what the fcc does now? >> guest: let's talk about what the fcc does now. when the fcc issued the open internet order it simultaneously issued a two-page letter to congress that disavowed any responsibility c

what we see is the capital accumulation was faster than that of the telcos. there was a mistaken causal inference made by the fcc. and we think it would not have happened if economists had a greater voice in the decision-making process. peter: let's bring lydia beyoud of bloomberg bna. lydia: thank you. another one of the things you have written is the fcc should be required to perform a cost analysis benefit before the engage in any major decision-making. why is it necessary and how is it different for what the fcc does now? dr. singer: let's talk about what the fcc does now. when the fcc issued the open order, they issued a two-page letter to congress that disavowed any responsibility correctly for having to perform cost-benefit analysis. i want to point out i have the luxury of participating in lots of economic debates, the epa, consumer financial protection administration, department of labor. what i am impressed by is the degree of rigor and thoroughness and economic decision-making. i commend people to go look. there are literally appendices where econo

other aussie telcos stocks on the decline. fortescue shares falling for a seventh day , technicals signaling the stocks may be oversold. santos moving the most as crude prices slack. favor.ocks finding officials halt smelter projects to rein in supply. postcities on the mainland prices. evergrand is one of the hottest property stocks in the world. ♪ ♪ caroline: this is "bloomberg technology." i am caroline hyde. netflix reported slower growth than forecast in the first quarter, held back by a lack of big releases. it did offer a more optimistic picture for the current quarter. joining us now for more from los angeles is lucas shaw. that might be why we are seeing a recovery in the share price. the optimism for the second quarter. i'm looking at my bloomberg. i have a great chart. btv #83. we do see share volatility on the day of earnings, the day after we see them drop. perhaps no surprise if we see swings in the share price. what is the most important headline from your perspective? >> probably that they will continue the gro

deal, tosingle telco some degree, hinges on that deal.he entire general world, in fact, the entire world m&a is waiting to see how the trump administration will deal with that transaction. it speaks to have -- if trump will put politics front and center, or if they will let president and law dictate how it goes through. there is no strong legal argument that i have seen that would prevent comcast from time warner. if the at&t deal is blocked, all of the other telco company certainly are going to approach mna differently because they will realize, ok, politics is clearly the main issue here going forward. scarlet: a lot of hypotheticals there. thank you so much. up, car sales at the lowest level in more than two years. concern growing over subprime auto loans. does that give investors reason to be concerned about the broader economy? we debate next. this is bloomberg. ♪ scarlet: "what'd you miss?" subprime auto loans inviting comparisons to subprime mortgages. the value of those currently behind 30 days surging in december, a 14% jump from

[captioning made possible by telco productions, inc.] thanks for joining us, i'm alex paen. as you know, we travel around the world featuring all types of great animal rescues and showcasing those dedicated individuals helping animals in trouble. watch.

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engaging digital experience, a bank in creating, you know, a high speed trading platform for that bank, telco, and kind of the volumes of data and the complexity of the scenarios we're solving in many cases are appealing to hard-core engineers. >> tibco went private in late 2014. how has that affected your ability to manage and grow the business? and how has that affected your ability to attract and retain talent? >> it changes things a little bit. two very positive things, one, we have what i think is a very progressive private equity sponsor in vista equity partners. and they believe in the growth story of tibco. the second thing that it's enabled us to do, not being a public company with all the same sort of exposures of a public company, we can make some longer term bets. we can think a little bit more long term about what we're investing in, which products really matter, build for the future. that's very much what we've been doing over the last years. >> and of course there is the chance you might go public again. if i'm a young engineer, i'm joining a pre-ipo company. >> that's exactly

some strength when it comes to telcos and consumers.he weakness came in the consumer discretionary story. let me break this down for you. the worst performer in this part of the world. , industrials, financials, materials down. were relatively unscathed consumer discretionary's. this is a reaction that is not factoring the decision by the egyptian government to implement the three-month state of emergency. this was their reaction when actual news of the attack materialized. let's check in on the first world headline. the united states has denied any plans for a regime change in north korea. several warships were scheduled -- sail north. they will safeguard u.s. interests in the area. russia is strengthening its presence in the eastern mediterranean. . headed for the syrian coast. a new poll suggests the far left candidate melenchon is gaining ground with two weeks of campaigning left. 13%survey gives him support, head of francois fillon. macron and marine le pen are tied. . odrigo duterte is in the middle east this week. deals in saudin

we are seeing pressure on telcos. first day of trade driving abu dhabi momentum.ank, makingbi gains up to 1.5%. low volumes on the whole in q atar and egypt. assets forhing some you. take a look at that. gold, 1248. at 13.4. african rand u.s. futures barely below the flatline. areainland china and taiwan closed on holidays. let's check in the first world headlines around the world. had says the output curbs are working and the oil market is rebalancing. driveobal glut has been a on prices paid speaking in baghdad, he said he was cautiously optimistic that reserves were started a full. -- starting to fall. the ceo of malaysia state oil company says an extension of the opec cuts would provide more stability to crude prices. petronas ishat budgeting oil. malaysia is not a member of opec . outcome of their gathering in may will have an impact on oil prices. said, we wille i be prepared and essentially, of course, we hope that whatever the arrangement is, the price will be better than what it is for last year. so.ope china have seen the most corporate bond defaults eve

not to mention the domestic pressure they are getting from telcos coming in more aggressively.aroline: interesting. do you anticipate m&a abroad to make that international content? how do they satisfy the international expansion and fend off the competition? >> their contentment -- commitment to original content helps mitigate that to a certain degree. one of the biggest challenges going internationally is challenges with subscriber acquisition and how they use consumer data. a lot of their programming and marketing is driven off the data they are able to collect on consumers. internationally, those direct marketing channels and data laws are much different. that will be a bigger content challenge for them than just the acquisition of content and television shows. caroline: fascinating conversation with both of you. portell,nston and greg thank you very much. on stocks quick check other than netflix. the dow and nasdaq turned in the best performance since march 1 today. nvidia rose nearly 4%, being the best performer on the s&p 500. snap falling more than 1%. there was a spike

having a look at the general picture, telcos supported health care flat.sk off across the board today. shery: thank you. the international monetary fund has lowered its growth forecast for saudi arabia and year. let's hear more from his deputy director. it is a difficult environment. scenario whichhe is most likely to play out, is one of recovery. it is buttressed by strong economic data we are seen at the end of last year and earlier this year. but of course there are many threats to these prospects. you just listed some of them. i would be happy to elaborate on them as you see fit. >> no better time than now. once you elaborate on the now. worried about are the increasing pressures toward in with looking policies that have emerged in various parts of advanced economies. manifestation of those pressures. having them in our baseline because at the moment we do not see them as the most likely outcome. we are concerned that should politicalot just pressures, but also actions, that would not only have economic consequences directly by curtailing global source

ambitiouselping the in areas such as telco next weekend.sef: saudi aramco has chosen an adviser for its much-anticipated ipo. the ceo made the announcement at a shareholder meeting in hong kong. last month bloomberg was told jpmorgan and morgan stanley were also working on placement for what is the world's oil company. looking for 5% and could raise as much as $100 billion. david: first quarter profit at 20%,habi's pink rose coming ahead of expectations for money set aside for bad debt, selling for a quarter of 1% for conservative lending. signs of recovering in this ua economy. bettert had reported earnings due to a wider economy turnaround. qatar's finance manager says they are performing to expectations. that is despite the drop we are seeing in global oil prices. told bloomberg that taking a long-term approach and teaming up with local partners help to keep the qatar's successful project in the u.s.. >> when we put the numbers in 2015, i think there was a discussion of it trillion dollar -- of a trillion dollar infrastructure. we like w

telco stocks in sydney recovering from wednesday's losses. telecom rising the most in two years.uethe rise, with a seven-day drop. let's see how the aussie is very here, falling from a second day. a last look at the pound, trimming tuesday's gains, holding above its 200 day moving average above the dollar. 905, the highest level since october. volatility is on the rise. ♪ caroline: this is "bloomberg technology." i'm caroline hyde. let's get back to the lead. ibm reported earnings, revenue fell short of projections, with -- marking a 20th consecutive quarterly decline. growth in new businesses like cloud services in artificial intelligence failed to make up for the slump in legacy hardware and software sales. ibm has lofty goals for sales, aiming to hit $40 billion by next year. the call is underway with analysts and investors. to $170 expenses came million. the ceo will not join the call. facebook's annual developer conference has officially kicked off. in his keynote address, mark zuckerberg signaled a major focus for the company going forward will be augmented reality. >> even

of telco down 10%. also more petrochemicals are expected to report earnings in the coming days.audi stocks of been the worst performers in the last trading day. egypt and oman were close for public holiday. we are looking forward to some inventory data from that your iap we are seeing big moves on the gcc bond. bits tightening a little further. as the optimism and equity rallies, the momentum continues 1060 $4000.t turkish lira is in focus because we have the central bank decision that is coming in today. economists are expecting the bank to stay on hold. let's check in with the first word headlines from around the world. citigroup is back in saudi arabia after a 13 year absence and has received approval to provide a full range of financial services. -- kingdomhe kingdom having lost its license in two dozen four. saudi is becoming more attractive to foreign language as an overhauled its economy. the upcoming saudi aramco listing could be the largest ipo ever. hsbc and rbs are in talks with potentially combining their ventures and saudi arabia. owned andis 40% agreed to start ini

fourth telco in singapore back in december. betty: thank you so much.d news with rosalind chin. forces tell bloomberg the trump administration is so alarmed at the prospect of china buying pink wrapped westinghouse they're trying to find an alternative buyer. in theas been interested reactor builder for years and is been the repeated target of espionage. 11er filing for chapter coverage, toshiba is looking to sell it. toshiba stares of the tokyo open, up just over 1%. they have been offered $18 billion for chip conversion. and there is a similar bid. toshiba is said to be asking for more leeway from banks to carry the westinghouse bankruptcy. they requested a new credit line when they breached lenders. richmond fed president jeffrey lacker has resigned after his role in a 2012 leak of confidential information about central bank's policy options. he confirmed a nonpublic deal in a conversation with an analyst, and failing to inform the fomc that the analyst had the confidential information. he was due to resign in october this year. jamie dimon has two b

this morning consumer discretionary stocks of ofr 1%,iron ore and ranking sts 14 sent along with telcosrt growth likely to have stalled in march. this week, central banks in focus, the bank of korea set to announce their rates. ramy: it is a big week in asia for sure. let's get to first word news with rosalind chin. sellind: toshiba set to be its tv business, citing underdone fight sources. the nikkei also says japanese businesses are working with toshiba and the government to identify domestic companies which might jointly invest in its chip unit. to prevent a technology and talent drain a broad. st. louis fed president james bullard said we should expect 2% growth in the u.s. this year. he said a lower than expected jobs report and weak first-quarter gdp suggest the economy remains in slow growth mode and said the situation is not as positive as the fed would like it to be. economy is maybe not as strong as we would like, 2% growth does not as fast as we would like it to be, but it is consistent with what has happened over the last 5-7 years in the u.s., and there really is no indicat

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and our athletic fields are 50, plus athletic fields across the city that is everything from the sf telcos at keys are two micro soccer at [inaudible]. another focus area, special vents. shauna. please, stand up your shauna has been with us just a few months now but she's successfully getting her arms around the 1500 special even permits on average that we do. these are more complex permits making sure that emergency medical plans are done and people are getting their proper fire permits and health permits that she's working with a gardening staff and making sure that we are protecting the parks for the load in and the loadout and installations happening during the events. very complicated. another big piece of it is communicating. comedic it into our internal staff what is going on, working with park rangers, working with gardening staff, and also communicating with other agencies. working with a police department and mta and public works and all kind of coming together and making everything work. lessening our impact on the communities around these events. so i want to-so the permits ran

telco's down 1%, and financials and materials close behind.a runup this week with the nasdaq hilting new record highs, and much more on tap next week with earnings from apple, facebook, fitbit, square and many others. >> to see how far the run goes, tech research owning shares of apple, and max from 55 capital. lou, the setup for apple is pretty bullish. year to date, the number one performer on the dow, up 24%, though, that did not stop amazon and google from delivering solid results. what do you think from apple next week? >> look, gone from rotten apple to candy apple from last december. shares negative, under $110, and since that time, i mean, span of three, four months, ablists totally did a u-turn, raised guidance, price targets, now have wonderfully high expectations for the upgrade cycle. at the end of the year, so i think the setup is great for apple. they just got to keep momentum going, keep the narrative pointing to the end of the year and upgrade cycle, yet, the knock will be apple still all the about the iphone, but so what. goog

in the stock market, everybody focuses on the nature -- the knee-jerk, which is utilities and telco,ing stocks have been behaving very well in this past couple of weeks. weekend d.r. horton reporting on thursday before the close. with housing starts in home sales this week. hasplace you can hide that quite a bit of upside performing very well is in the s&p homebuilders index. jonathan: david, great to have you on the program. it you are sticking with us. 2300 -- that is what you will need on the s&p 500. will be joining the program. good morning to you. you are watching bloomberg. ♪ ♪ trump'sne of donald commitments was to regulations. hisre waiting for some of appointments to back them up on the promise, and now we are hearing he is going to make an important appointment for supervision. we talked to -- views on dodd-frank. repeal isy dodd-frank politically difficult, but you can see changes to dodd-frank. there are many aspects of dodd-frank that i think in some ways, dodd-frank was not ambitious enough, and another ways, overly ambitious. there are lots of ways to reform. frank --