francine: coming up, talking telecom.ittorio colao walks us through the changing landscape and the biggest obstacles. ♪ francine: italian businessman vittorio colao has been an executive in the telecoms business for more than 20 years. in that time, he has contended with huge changes in the regulatory landscape, from the end of charges in europe to transformation in the way data needs to be handled. what kind of leadership does it take to keep telecoms profitable in this changing environment? what comes next? driverless cars? is the telecom industry going to be so ingrained that anything you do in the future, they will be part of it? vittorio: yeah, what comes next is really the biggest change is going to be in the next say, five years probably. four or five, probably. the introduction of 5g, and the spreading of fiber to reach the customers. this will imply that we go down with a delay the signal takes to get to a place. probably 10 milliseconds. this will enable the factor, almost instantaneous connections, and you can

, and that telecom story. travel and leisure, the oil price declining for 11 straight sessions that helped. a number of airline stocks have been warning about fuel bills. travel and leisure back in the game today industrials are strong the big patch of red on the boards, oil and gas sector energy stocks declining on the back of that drop in oil despite the fact that the saudis in the past 24 hours are signaling they will reduce output, which should provide support to the markets >>> the telecom italia story, the company confirmed that the ceo, amos gemish will step down. they will also hold a board meeting on the 18th of november to appoint his successor vivendi condemned the decisions branding the move as mean, cynical and deliberately planned in secrecy steve spoke to telecom italia's chairman about amos genish in italy back in september. steve asked if genish had the support of the board and if he was the right man to execute the job. >> he is the right man there is no such thing as a concern about his capa

bloomberg's had of telecoms -- head of telecoms. keeping us up-to-date on the shareholder tussle.e are minutes away from the start of the equity trade. we will take a look at the stocks we are watching, including danske bank. we heard the whistleblower is due to appear before danish lawmakers later today. how will the stock react? we will get that and the others as we are 12 minutes away from the start of equity trading in london and the rest of europe. ♪ nejra: we are nine minutes away from the european equity market open. let's get your stocks to watch. bloomberg's copenhagen bureau chief is looking at danske bank. from our equities team, covering u.k. homebuilders. annmarie hordern is focusing on 80 be. let's start with you on danske bank first. talk of was a lower talking to u.s. authorities. is it likely to impact danske bank's stock at the open? no doubt stock performance is tied to this money laundering scandal. we have a lot of the main protagonists appearing in public. in the same venue, danish parliament. you have the whistleblower who started this whole thing. you have

anna: dani burger, telecom italia.i: investors will get their chance to price in some bearish news that we learned yesterday. telecom italia is not only abandoning their debts target, but they are taking a $2.3 billion write-down. it has a lot of competitive pressures here. vivendi, the largest shareholder, called it a "stabilizing for share prices." anna: lowering profit guidance in germany due to legal provisions. the second profit warning in four months. we will watch that story as it unfolds. keep an eye on vaping companies, certainll be limited in parts of the united states. you can go to first go on your bloomberg and on the mobile app. carry up, the market open futures point downward in europe, picking up from a week session in asia. anna: less than a minute cash.from trainings the fed -- cash trading's. the fed sticking to the cause. wti is now in bear market territory. wti is the one that met the standard first. let's have a look at the chinese markets. there's concern about the amount of lending bankings can

shine richemont drags the sector into the red after failing achieve net profit >>> and bad signal telecom italia shares sink >>> and ubs shares fall after the u.s. sues the bank over mortgage securities fraud dating back to the financial crisis and the swiss lender reportedly rejects a $2 billion settlement with the department of justice >>> and the new ceo of alibaba tells cnbc exclusively how he designed the singles day phenomenon as it celebrates its tenth anniversary with record breaking expectations. >> it's more like a real reflection of the consumption growth, the growth of digital business >>> good morning happy friday let's check in on how markets are doing. it doesn't seem like the midterm rally in equities lasted that long we had weak momentum in the asian session. the chinese indices down about 1.5% in china we had some weaker macro data on the car sales front coming in lower than expectations also slightly softer ppi the picture in europe, as you can see behind me, 80% red, 20% green. overall the stoxx 600 is trading down about 0.7% already in this first hour of trading. not

shares in telecom italia rally on the news that there will be a new ceo. >>> just to bring you some marketevelopments over the last half an hour or so, shares in renault have hit the newest low after they say carlos ghosn will be arrested there's been a potential violation of the financial exchange act we await comment on the report let's check in on the european markets broadly. it's been a pretty strong start to the day they're trading up more than 3/5 of 1%. we look at the major indices you can see all four of them are trading higher the ftse 100 in london up .4 of 1% in germany, the xetra dax is up 1% and in italy the ftse mib is up 1.2% let's check in on the individual sectors. you can see technology, construction material and autos all fairing relatively well. just real estate down .1 of 1% in terms of brexit, one of the big stories in the u.k., the campaign to oust prime minister u.k. has failed to gather enough votes to trigger a confidence vote in her leadership may said yesterday a leadership contest would serve as a distraction. meanwhile, the 21-month transition period that wil

from being mainly injapanese telecoms to a major investor in global technology start—ups.ith access to an established business with stable cash flow, generated from its a0 million mobile subscribers. the uk prime minister has said negotiations over britain's departure from the eu are now in the endgame, and when she addressed the lord may‘s banquet in the city of london, theresa may said the talks we re london, theresa may said the talks were immensely difficult but both sides were working through the night to make progress —— lord mayor's. she is under pressure to secure a deal in time for brexit in march. comic book legend and former president of marvel, stanley, has died at 95, as we've reported. in 1961, mr lee and jack kirby created the fantastic four for marvel comics and went on to create titles like spiderman and the incredible hulk. the chief executive of his 0ur entertainment said he created universes of characters. let's look at the markets before we go. there's been a huge slide in asia. you can see the nikkei hasjust opened and it is down over 2%, pretty much

it is listing its cash cow business as telecom and wireless services.s your bloomberg business flash. reserve officials are signaling a more flexible approach in interest-rate increases. almost all participants agreed another great hike was likely to be worry and said -- warranted very soon. let's bring back our guests. people have questioned whether powell was dovish. could argue him saying we are bloelow mutual is fact. asianch would we see markets pick up on a slower pace? ken: asian currencies have depreciated quite a bit versus the u.s. dollar. you had so much outflows coming from the asian markets this year. you could see a bit of a reversal in 2019. most markets look attractive. valuations today are cheaper than what they were. we have solid earnings growth across the board. nejra: will we see more repricing in the u.s.? -- in the bond or equity markets in the u.s.? look asif we longer-term futures, we have been discounting close to neutral rates already. fixed income markets are where they need to be. nejra: marija and ken stay with us. next, ba

new zealand becomes the latest country to block telecoms giant huawei on security grounds. this is the picture in europe as the markets open. at the moment they are in positive territory. turning an adventure into an earner. we'll find out how two friends transformed their atlantic crossing into a new career as brand ambassadors for some of the biggest names in technology. and fancy grounding yourself to save the planet? the un's warned that efforts to cut co2 emissions are way off track so today we're asking if you could make a pledge to give up flying for a year. let us know — just use the hashtag bbcbizlive. hello and welcome to business live. britain's chancellor has told the bbc the country's economy would be better off inside the european union than outside according to the government's own economic analysis. it will be a controversial claim given the economic impact was one of the most fiercely contested issues of brexit. brexiteers argue that the uk will be more prosperous outside the eu, while remainers contend the opposite is true. and today the bank of england we

more news on telecom italia.resign company says his powers have been revoked immediately. this is bloomberg. ♪ i am a family man. i am a techie dad. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. matt: let's get your top headlines off the bloomberg terminal. sotloff abating. european stocks head higher after a tech slump on wall street. beijing and washington are said to resume trading talks. brexit and game. -- endgame. talks are in their final stages as negotiators worked through the night. could we see a deal this week? plus, oil extends its record losing streak as donald trump blasts saudi plans to cut production. good morning and welcome to "bloomberg markets: the european open." i am matt miller in berlin alongside anna edwards at our european headquarters in london. anna: half an hour into trade, i

that will provide a big stake in the telecoms business, the third largest wild -- wireless carrier. will bring them 21. this is less than what has expect with media equity reporting the failsafe could be as big as ¥3 trillion, so we biggestparing for the ipo ever but we will settle for japan's biggest for now. one thing investors might be interested in and is the dividend payout your the ratio is 85% of net income which is higher than what is offered by relative -- rival telecom companies, but there is a catch. 94% of the shares will be sold in japan and our sources are telling us most of them will be sold to retail investors and not institutional. this is something banks have been doing for a while, raising billions of dollars selling bonds to softbank customers. it is a way they finance a lot of their business up until now, so much of that stock will remain in japan. risks one of the biggest given there are domestic pricing pressures? reporter: probably never a better time to do this ipo. the carriers have come under severe pressure from the government to cut rates. senior officia

up next, at & t getting a lot bigger with its time warner acquisition but now the telecom giant is looking to trim the fat. charlie's working the phones right now. he's got the latest on all of that behind the scenes as the battle looms. he breaks it next. in the birthplace of tango, there will be a lot of delicate political dancing here in buenos aries. more on that when "countdown" returns from argentina. stay with us. i am a family man.

government took sanctions by leading that nearly put the telecoms giant at a business.manufacturer is accused of stealing technology secrets from micron. joining me to discuss micron is -- joining meron now to discuss is the ceo of .icron, sanjay mehrotra the department of justice has filed charges against them. why do you think the u.s. government is becoming involved? sanjay: it's important that intellectual property is protected. my company just turned 40. it was 40 years, we have invested billions of the voters -- billions of dollars in building new technology. we make memory and storage that is absolutely critical to all technology applications of the future. it's very important to protect our intellectual property. emily: you talked about the new sanjay mehrotra -- the new micron. what does the new micron look like? >> focused on cost, competitiveness, delivering high-value solutions and in the process absolutely driving greater shareholder value as well as greater value for all key stakeholders of the company. do you worry that the move by the doj risks ratchetin

the telecom sector as a whole underperformed but verizon has shone and done well. we think that continuing. forit ae bit more growth yoernted income oriented investors verizon plays well. >> here is another telecom pick but a top dividend pick bce group. >> canada's largest media company and telecom company. 5.5% dividend. slow and steady. again this is probably the most conservative of the three stock picks we just reviewed. if you are looking for yield and going to own the stock for several yrs bce is a terrific play. >> and again to emphasize you're looking for companies that you feel can weather whatever is coming here in terms of arowth slowdown, rising interest rates, tariff wars things like that. >> absolutely.ea. we want to somewhat be immune, anti-cyclical. no one is predicting the u.s. economy or world economy is comingcro aching halt but a slowdown is fairly evident. the trade war with china is going to be an issue well into 2019. ere is potential issues with europe. so you want to kind of insulatel yourself from these things as best as possible. and giv

investment and also a telecoms where of course we have you know basically the telecoms have divided up this nation down to individual states or territories so you know it's usually just one telecom company that provides the internet internet infrastructure to an area that's your only option so what do you going to do if they if they have bad service you have to use them anyway. so i want to look at one story as well that ties with both of these in that trump's tariffs on china and his sanctions on them it's like half the world including russia has led to this interesting tweet with some information about trade between china and russia fresh statistics on china russia trade is out trade volume for ten months is eighty seven point two four billion which is up twenty eight point two percent on twenty seventeen russia exports to china are up forty four percent to forty seven point nine seven billion and russia imports from china are up thirteen percent to thirty nine point two seven billion beijing and moscow are on their way to landmark one hundred billion dollars with russia running a su

. >>> and vivendi says it has no plans to sell down its telecom italia stake amid a bitter battle with the board as they top third quarter sales forecasts sending shares higher. >>> let's check in on how markets are doing. yesterday tech led the sectors up more than 2% on a heavy week of trading tech along with six other sectors in the u.s. are still technically in correction territory. we got a bit of a mood uplift yesterday overnight in the asian equities trading nikkei up a bit, a bit of weakness but strength in chinese indices as we head into that g20 summit at the end of the month some optimism about trade talks. the mood in europe is more positive stoxx 600 opening up about 0.3% higher after heavy session of trading yesterday. stoxx 600 was down 1% on the day yesterday. so we recouped some of those losses but not all of them let's talk about sectors at the top, basic resources and media leading the charge, up 1.5% on the down side some defensive sectors, real estate down 0.9% utilities struggling, down 0.10%. banks were trading a bit below the flat line. yesterday was a weak day

we have telecom italia trading higher.ve oil related and mining related businesses doing well. petroleum, basic resources flavor to what we'r e seeing upside. let's look at downside. tim corbin is down. imperial brands down. that's interesting because we've seen headlines. they could be pursuing a ban on mental cigarettes. that could erode some of the businesses of tobacco companies. brit vic down a 2%. mixed picture for the others, casting my eye over the others. matt? matt: alright, we're looking at european markets that are up across the board, for the most part seeing gains despite the headwinds of brexit and italy. joining us to talk more about those things, peter shotwell, head of rate strategy at -- international. let me ask your take on the equities market. it seems there's so much bad news going into the session, with the exception of rising oil prices. that's good for the producers. why do you think we're seeing gains here? peter: we've been through a big shakeout in equities, and i think what we're seeing in the

userging allies not to telecom equipment made by huawei .t journal, italy, germany, and japan are among the countries the united states has talked to. the said it's bipartisan investigation into russian election meddling could strike well into the first half of next year according to richard burr. it is unlikely you will see much visible progress, pushing back want public hearings against donald trump, jr.. 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. david: thanks, sebastian. joining us from macy's flagship store is emma chandra. today is black friday. i can see a few more shoppers on the outside. it is still cold, emma. emma: it is still absolutely freezing, but we are starting to see a steady stream of shoppers heading into macy's and a number ofe them carrying full shopping bags, which i'm sure will please the likes of the macy's ceo, who we will be speaking to in the next hour. this store has been open since 5:00 p.m. yesterday and sales assoc

if the idea of buying into the telecom cash cow unit isn't of initial interest, look at the dividendatio. , 85%.t that number this is a high payout to pull in the investors great you can see docomo, that is 50% and kddi, 38%, but this is major ventilation. -- temptation. at thelmost a 5% yield indicated ipo price great we talk about yields in japan, do we ever talk about 5%? this is really the land of negative interest rates. in terms of what he wants to do with this, he wants to shift away from his telecoms business to get into the technology space, not just japan's but global. he made good bets on alibaba, yahoo! and made his vision fund. it all depends whether he can actually pull off this indicated price because it is a whopper and would be a record. shery: he needs all that yield to attract investors especially when you see the government pressuring the mobile carriers to cut their bills. ramy: you get to the heart of it. in august the cabinet secretary said, we think the price is should be 40% cheaper. they are looking at a government study where they saw the u.k. and france's

with the help of china telecom, zte, iran and north korea to be doing the same with the help of chinesehere's what's going on. venezuela is rolling out a new smart id card that could help venezuela communists punish opponents and reward loyalists. the court will track and log every bit of venezuelans personal information. including their location, job, income, medical record, voting record, property they own, who they talk to, who they hang out with. it gives the venezuelan government total social control via computer over the citizens brought to buy venezuelans by chinese telecom, zte. let's bring in a deputy managing editor of the weekly standard. kelly, heckuva story good to see you. this is shocking and terrifying. no one has any idea how horrific this is. >> it is just incredible, isn't it? i'm glad you mentioned the media criticism of donald trump. i do not like it when a president says the press is the enemy of the people but will close on united states is nowhere near what goes on in other places around the world. like venezuela. the people of venezuela are starving. inflation r

we added some 5g telecom and added to our health care, including pharma positions. really well position for this outcome and that is being reflected in the price action today. scarlet: you can see the 25% allocated to health care? ben: that was unique to me, beefing up health care. that was always the obama play. eric: you are buying in here. what is the strategy here? ben: one of the best parts of these policy catalysts is they have long tails. the supreme court decision a few years after the implementation created a tailwind for insurers. they finally figured out, they have enough data on their populations to price these policies profitably, driving -- the health tech companies are still driving efficiencies and cost saving in the health system and hospitals are really the beneficiary in all of this, and that they have a better pair and an ink -- a better payer and an increase in lower debt. scarlet: what kind of timeframe do you need for policy overall? we have gridlock, and everyone is focused on 2020. what is going to get done? ben: what we are positioning and

it was banned from providing 56 equipment to one of the country's biggest telecoms operators. that are shared by other countries. it comes as the financial times that germany and the uk are under renewed pressure from the united states to take similar action. the uk and us have agreed an "open skies" deal for post—brexit flights, according to the uk transport secretary chris grayling. the arrangement means airlines will continue to fly from the uk to the us after brexit as they currently do. flights between the countries currently operate under the us—eu open skies treaty. to asia now, and the us—china trade war and a weakening chinese currency have damaged consumer sentiment in hong kong, hitting jewellery merchants in particular. monica miller is in singapore. definitely, retail sales have been growing at their slowest pace in more than a year and this is due to the external headwinds by the mounting trade tensions between the us and china. luk fook put out their earnings earlier today and even in their earnings statement they were saying this had a bearing on the bottom lin

ernest doku is telecoms expert at uswitch.com. hejoins us now.umbers released today really show a story thatis released today really show a story that is largely positive for talktalk. i think two thinks consumers have been looking for is good value and reliability and, really, the shift for talktalk to deliver that in spades, they have offered low—cost talk plans that enable consumers to have affordable deals and also really reliable service, but when you are gaining those customers, you are not necessarily seeing that benefit in terms of average revenue per user, so broadly across the spectrum, talktalk is looking for cost cutting and efficiencies everywhere they can see. growth is great from a consumer perspective, the numbers are positive but the move to salford, it is great to consolidate your business in one part of the land and moving away from london is a step towards that. what about talktalk attem pts towards that. what about talktalk atte m pts to towards that. what about talktalk attempts to roll out broadband to millions, talks have

we‘ll bring you today‘s business news, including new zealand banning chinese telecoms firm huawei frombeen in scotland today talking to factory workers and trying to allay fears about the future of the fishing industry. a free trade area with no tariffs, no fees and that will mean an opportunity to carry on the trade that is so important to companies like where i am today. but it also gives us the opportunity to negotiate trade deals around the world, it‘ll be good for great scottish exports, like scottish whisky and salmon, smoked salmon, and of course what i have also seen today is the importance of this deal for employers and organisations across scotland, employers at the national farmers union of scotland and also scotch whisky association have all said that this is an important deal and have all raised the concern about the prospect of no deal for scotland. so this is a deal that is right for scotland and right for scottish fishermen. this is 0utside source live from the bbc newsroom. 0ur lead story is? the bank of england has warned that leaving the european union without a deal

or that it was an error on the telecom side. although apparently, several telecoms, and so assessing, i would imagine, if you were to look at that, assessing the adequacy of the explanation or the relative faults, would involve understanding not just what's going on inside nsa. but what's going on at those companies who, i don't know if you have any sort of power to compel to talk to you. how do you address over sight when so much of what you need to understand in these programs is happening somewhere outside fort meade. >> that's another great question. so you know, first of all, i suppose we should start with our jurisdiction. under the inspector general act, we have jurisdiction over the programs and operations of the nsa. so we're looking to make sure that those programs are being carried out properly, consistent with the law, civil rights, civil libertys, all of that, right? and so in doing that, a lot of the information, even though it may come from an outside ebbetty, let's say, to the extent it's relevant to those progra

is urging allies not to use telecom equipment made by huawei. countries the u.s. has talked to. huawei has rejected suggestions it spies for china. global news 24 hours a day and at tic toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm taylor riggs. this is "bloomberg." tom: thanks. a conversation on retail today. jeff can that will join us, of macy's, their chairman. right now, we wanted to take the woman from the united kingdom and give her american cold. , emma chandra, toughing it out. let me cut to the chasing get you in. on retail today, does the cold weather matter? will it mean diminished sales? it is freezing here outside macy's in new york. there are two sizes to the cold weather. there is the expectation that a lot might stay at home and shop online and there will be fewer people in stores. i am told yesterday, there were long lines when the stores opened at 5:00 p.m. and they were saying it was busy through the evening. they are expecting it to pick up through the day. the cold weather

hold more place on must as board chair denholm is currently chief financial officer at australian telecoms operator telstar he's been on tesla's she's been rather on tesla's board since twenty fourteen must had to give up a position more than a month ago as part of a settlement with u.s. regulators after the securities and exchange commission said his misleading comments about taking the company public constituted fraud must agree to vacate the board chair and pitch twenty million dollars fine to settle the case. mysterious wooden towers there cropping up across hungary and nobody's sure why government is trying to silence journalists who keep asking questions and anti corruption activists suspect the towers are just another example of a local theft of. a citizen's initiative is collecting signatures in budapest. they're petitioning for a european public prosecutor the hunger in government to still refusing to accept independent investigations from brussels but the pressure is growing with every signature. doing this because the e.u. money in hungary gets stolen. and there's no institution

telecom italia says it has abandoned a debt target.comes to terms with growing competitive threats. jumped in late trade after fourth-quarter sales and earnings beat analyst projections. fueled by movies and theme parks. business has continued to grow as the ceo tries to steer his largest division towards a new future built around streaming. he says they are still waiting on some approvals for the $71 billion purchase of 21 century fox's assets. >> we are still going through the regulatory process. a lot of progress has been made there. we announced a couple of days ago that we got approval in the eu, that was a begin for us. there are still some markets, countries that we are waiting for approval on. we are in the middle of that process. in june, we said it could take as long as 12 months to close. we are increasingly more optimistic that it will occur before that, but we are not saying specifically win. reporter: volvo has been forced to shake up production strategy to sidestep auto tariffs. it has canceled hands -- plans to export v

softbank has reached the $21 billion sales target for its telecom unit, the bulk of the shares going to individual investors. sources say they have enough reservations around the indicators price of ¥1500 that one brokerage is completing half of its volume on the first day. softbank will announce the price rank -- price range for the new softbank court. members of the mitsubishi alliance meet by videoconference later thursday for the first time since the drama began to attend his after his arrest, executives say they remain committed, but reports from wants ay he relationship reviewed. mitsubishi's north american ceo told us they were worried about tariffs. global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm paul allen. this is bloomberg. haslinda: we will have more on the alliance later this hour when we look closer at the challenges facing the group. next, a warning from the imf. the latest note on the world economy and why it may be slowing more than expected. this is bloomberg. ♪ rishaad: sorry.

italia ared telecom set to discuss a 5g italian network. the idea there is to keep costs low.t may include spectrum. we will keep an eye on those two stocks. trading up by 4.3%. this is bloomberg. ♪ guy: live from london, i'm guy johnson. taylor: and in new york, i'm taylor riggs. softbank has raised over 21 billion dollars in the ipo of its domestic telecoms -- the ipo would be japan's largest yet. joining us for more is bloomberg intelligence's matthew block some. we probably saw this one coming. is it a risk for softbank , taking it to market? ew: i think they're looking to get the money to help fund the bigger softbank investments into the tech funds. they will still keep 53% control. there will be on alignment that they will be wanting to get cash from those growth perspectives and shareholders will be wanting big dividends. 5% yield expected compared to the nikkei. taylor: where are those future growth objectives that you talk about? they have been very successful in some of the early investments. what does this mean for them? matthew: obviously, they are investing $100

and the communications firm telecom with more than six hundred thousand dollars each contributions of pharmaceutical make up bya clocked in at two hundred sixty thousand dollars. set a bit more light on this and talk with our reports over common who's been digging into this story about a who profits from german corporate money is it more the republicans more democrats will get i guess as you might expect with corporate donations they the majority of those goes to the more business friendly republicans about fifty nine percent of german corporate money goes to that party to the red side whereas the top company donating here b a s f about eight years ago they spent about seventy percent towards the republicans now it's only fifty percent it's about half half so we seeing a change there in the in the top companies spending spending on the us elections german companies spending money on us politics is sound a bit on hygiene it in a way why are german companies doing that well obviously you have to see they are doing business in the u.s. that tens of thousands of jobs linked to german comp

he will not be thinking about the day-to-day operations of this mobile telecoms unit that has been miredfor most of his career. now he can buckle down on investing. we have yet to z of the controversy will have an impact on the fund. as we reported before, it seems like it will be difficult for him to find tens of millions of dollars from any other single entity. emily: we will continue to follow. thanks so much. coming up, policing tech. linkedin cofounder's prescription for regulation. this is bloomberg. ♪ emily: reid hoffman has an eye for tech success stories. he founded linkedin, invested in airbnb early. today, several tech giants that he helped get off the ground are at the forefront of transparency issues. bloomberg's david westin sat down with him on the latest episode of big decision. take a listen to what he had to say. reid: i think the thing with the tech industry is that learning has been, we are not just the challenges, we are now becoming part of the infrastructure. the social and logistics infrastructure. as we become part of that infrastructure and we get to the scale o

will replace elon musk as board chair then home is currently chief financial officer at australian telecoms operator telstra she's been on tesla's board since two thousand and fourteen musk had to give up a position more than a month ago as part of a settlement with u.s. regulators after the securities and exchange commission said his misleading comments about taking the company public constituted fraud was agreed to vacate the board chair and pay a twenty million dollars fine to settle the case. cannabis stocks in the u.s. surged on the news that attorney general jeff sessions had stepped down he was a major photo of marijuana legalization and aim to roll back legislation allowing states to determine cannabis policy cannabis companies got an extra boost as the state of michigan voted to legalize regulate recreational pot which was on the state's midterm ballot. here in michigan and it's been legal to buy marijuana for medical purposes since two thousand and eight as a painkiller for example but only for seriously and how many patients so it's not to pick market but that's about to change o

pac or the dutch a telecom which owns mobile in the u.s. they for instance gave ten thousand dollars to greg walden who chairs the committee that oversees tele telecommunications so you can see that that's obviously quite a link between the business and what this man is doing in politics and this is where this money is going so we know that american companies of course contribute to elections it sounds like what you're telling me it sounds like exactly what american companies do is there any difference why are german companies contributing in u.s. elections actually that's not so much of a difference because the german companies that are contributing are also the companies that are doing business over the. tens of thousands of jobs linked to the activities there billions of dollars and in revenues and so obviously there are also business successes dependent on the political climate over there which is why they're obviously trying to shape it which is nothing out of the ordinary other countries are doing it as well francisco. french corporat

and we saw on wall street, again a positive end to the day, so that's encouraging but japan, the telecomsce is back with us in a moment for our newsreading —— alpesh. —— news briefing. specialist doctors in the uk can now prescribe medicinal cannabis to patients for the first time. the change in the law came in response to a campaign on behalf of severely epileptic children, but patient groups warn many people are likely to be denied access to the medicine. david rhodes has this report. harry has a rare form of epilepsy, but this ten—year—old is full of life. this syringe here is... at the moment, harry's parents can legally buy non—medical low strength cannabis oil, which costs over £300 per bottle. they say without the oil, harry was having potentially fatal epileptic fits every day. harry was dying before our very eyes. we spent days where he just lay on the sofa, he didn't go to school, he couldn't do anything so you were with him really 2a hours data. as harry grows up, his parents say he may need stronger medicinal cannabis products, the reason they wa nt cannabis products, the reas

telecoms, the medical sector.elecoms, the medical sector. it always comes down to exactly how those comments in that rhetoric is actually implemented on the ground. you always get complaints from foreign businesses as to this bead and quality of that implementation. we've also heard from the chinese ambassador to the u.s.. he was asked about whether or not china would consider if this trade war, weaponizing the treasury holding. that's been a concern for some economist. he said that would be like playing with fire. they were not prepared to go down that route. in terms of the market implications, we've also been hearing from fidelity. they say if you get a hint of cooperation between beijing and washington, that would be positive. if you don't get a deal, it's very likely that the yuan would weaken below that dollar level. we will be looking at the chinese equity markets, down over 20% so far. a lot of money riding on this meeting. haidi: our china correspondent in beijing with a preview of what we are expecting a

today,eading in europe our media and telecoms reporter joins us.investors pretty hast the -- pretty happy. >> the concern going into these results we see a cut and that has not happened. guessept it flat and so i the worry for that is the acquisition of the deal would really stretch vodafone's leverage. we would have seen that cut, but it hasn't happened. will -- certainly a relief there. vonnie: what is the strategy from here? the keyt expansion was niche saying telecoms has been an industry where profits have been flat. can you manage your space well and that's the message vodafone is trying to sell. the key part of the business is infrastructure and they have talked about more efficiencies out of the powers business -- towers business. potentially looking at some investments. -- divestments. all options are on the table. guy: how does the cost story work with the investments required? ,aybe we are seeing a potential they are desperate to keep costs down as 5g becomes a reality. have definitely talked about potentially more partnerships over infr

so fiber optic cables germany was still betting on copper wires and of course that led the telecom and also the german government save a lot of money but now they're having to catch up they're having to build that infrastructure that every other country has enjoyed for a number of years so when it comes to adapting five g. and also four g. technology it really looks like they need to do their homework and up their game a little bit is this just an embarrassment for germany or is that real quantifiable damage to the german economy i think it's hard to put a direct number on it but if you look at many regions especially more rule regions or even the east of the country don't really have the internet infrastructure they need and that's preventing things like universities and startups and also large corporations from moving their campuses to those parts of the country and a couple of years ago i was actually at a tech conference where chancellor merkel actually lamented the fact that germany didn't have a homegrown google apple facebook or something like that but if you and they say she sa

you have telecoms, utilities, food and drink what a bias of defensive stocks. so the sectors that did the best including utilities on the down tick in october are seeing a rotation out again oil and gas had a rally despite the fact that brent and wti are falling aggressively you have brent down 6% handle before today for the week so far. despite lovely numbers out of a whole host of players. we spoke to the cfo of bp, the royal dutch shell numbers yesterday, they all have been solid or very, very good in the third quarter. but the oil price is coming off. is it the eia data, is it waivers on iran we're thinking about, the fact that saudis are upping production or speculator positioning that is creating the down tick in oil you know the answer. it's a bit of everything basic resources, higher beater stocks let's look at the european bourses. london, the ftse 100 it's so easy to trade london you see the dollar raiding one way, you trade the ftse the other. not necessarily. some are saying if we get a brexit deal, the pound goes up, but so does the ftse it's not t

currently serves as a cfo for australian telecom company.holm is faced with almost i'm possible job of overseeing elon musk. gang, what happens the first time there is a conflict between the two? >> well, give my opinion. first of all i think the conflict goes musks way and this is -- >> really. >> this is window-dressing as far as i can tell. bring someone in from basically musks inner circle, oh, now you will be my defacto boss i think placating the sec. the other thing, it is interesting, back in 2015, now granted she is not ceo but let's call her the chief executive, only 13% of ceo's came from the cfo ranks. that's important because -- >> she is chairwoman though. >> people that are cfos is a different bolt of cloth from ceo's. different set of leadership skills. maybe she is different. i'm just not sure, a, any cfo in this regard is going to be the right person. >> she is the chairwoman, right? she became the chairwoman. david: cfo of a telecom company. >> became the chairwoman based on sec settlement of funding secured tweet. it is gr

yousef: sources say telecom name a formert to merrill lynch banker as its new ceo after the previous was ousted by allies of an activist shareholder. the 10 directors who are backed by elliott management agreed on the new ceo during a conference call yesterday. returned after a trumpl judge ordered the administration to immediately return his press credentials. the white house said it would do r --timbe temporarily" well a lawsuit continues. >> journalist need to know that in this country that their first amendment rights of freedom of the press are sacred and protected in our constitution. throughout all of this, i was confident and felt this would be the result at the end of the day , that our rights would be protected to continue to cover our government and hold our leaders accountable. yousef: let's talk about u.s. vice president mike pence, trading sharper barbs with xi summit, showing neither country appears to be giving ground in the trade war. the chinese leader says the world is facing a choice between cooperative nation -- cooperation or confrontation. >> mankind has reache

it's almost exclusively in the telecom and broadcasting space. the more recent addition to the staff was one of those. also a lot of ties to the sec. a lot of ties in funding from at&t and facts. something to keep an eye out for. when you look at her personal networks she has some interesting personal ties in the health space. her husband is a sales consultant. some interesting business ties in tennessee as well. a pretty broad range of funding for her. about 56 percent of the state. one thing i would watch for with the marsha blackburn in because she has those ties to the telecom and broadcasting is the possibility that she and josh holly team up on a number of initiatives particularly those that might go after big tech that might be supported of the telecom industry. not quite what we had expected going in. i think we will leave it to charlie to talk about the details of that. her networks are actually compared to some of the other players that we profiled fairly modest. she came to politics pretty late in life. as you might expect she's actual

and recovery on the back of earnings utilities a third of a percent higher basic resources strong telecoms at the top led by bt. that stock bouncing, 5% in the early part of the session. let's get into the indices the ftse 100 has a headwind. there's suggestions out there there may be a deal for financial services that's a headwind for the ftse this morning we're down 32 points the rest of the markets, you can see we're getting a red tone on the boards the xetra dax opened down about a tenth of a percent a bit more coming off france we are marginally lower on the periphery. the ibex and italian market are trading slightly softer. the smi down 0.2%. it's not a runaway start for november putting green ink on the charts we're reversing at the start of the month. let's get into a couple of key stocks including shell a quarter percent higher a rise in crude prices helped improve the quarterly profit, but it still came in short of analysts forecasts the company reported almost a 0.4% increase. it also launched it's $25 billion share buyback program. and 6% recovery for bt they have edged the ful

, particularly closed to direct investment, financial services, automobiles, other sect or's like telecomlth care. all of the -- a lot of the force technology transfer is related to these market access his shoes. those sectors i mentioned, u.s. firms can do business in china without working with the chinese partner who ends up appropriating their technology to some extent. of those technology issues we can resolve by getting a deal for china to open up more, and president xi jinping willingness to open those sectors. the negotiation folk -- should focus on the specifics. you are right, the general ip issues, intellectual property theft, that is going to continue to some extent. you can get a statement from china that they will improve, maybe we can get a commitment to have -- for them to have harsher penalties. it would be naive to think that will change overnight care that is something that takes a long time to develop. the question is, is the trump administration willing to make a practical compromise where they get some things, and in other areas, they have to accept a promise? about o