a tencent does not have top-down culture.ture of management, staff, and specialists in architecture, and when they have decisions, they do it as a group discussion. the founder and chairman of tencent was involved in the project. he handpicked of the ergonomic chairs for the staff, so they did have a lot of interaction with him as well. angie: interesting. thank you for that. smart building and 10 some. tencent is not the only tech titan with new headquarters. apple showed pictures of a new facility under construction, expected to be completed by the end of this year. facebook moved into its frank gehry designed headquarters. next hour of "trending business", we will speak to a guest who says china's income inequality is getting to dangerous levels. find out how bad things are and what might solve the problem. this is bloomberg. ♪ ♪ >> from our studios in new york, this is "charlie rose." charlie: you have every honor that a man could have. you've got, oscars? george: no. -- noe: no oscar he oscar? charlie: why would they giv

watch out for tencent, hsbc. forextion is in the markets.road dollar weakness in the past 48 hours. reaction you are seeing a cross the offshore space. dollar strengthening, then , 6.6324 is your level now. we talked about these horrible export numbers out of singapore. you see the weakness in the singaporean dollar. we are touching the 10 day moving average. very quickly, dollar-yen is your , 100.4n the fx space sixes or level. level.46 is your if they see extreme moves, they will act, of course without defining what that means. kong-shenzhen connect, we will follow it in the next four months. given thehina greenlight for the connect, our next guest thinks the link could be a sweet spot for stocks. thank you for joining us. well, what was your reaction and what is the message it is sending out? um -- canaad: i don't know if you hear me. let me try again. let me try again. when you heard the announcement about the link, what was your reaction, and tell me what you think the messages that the chinese regulators and the government there is sen

in fact, this should make tencent china's largest internet company.ome rough math in my head, but that should put $.10 head far as market cap is concerned. ping up 3%. quite a beat for lenovo. 4%.es up overall, like this come apart from hong kong of course. are looking at mostly downward pressure, especially in japan with a stronger yen playing a part. there we go. pacific earnings yesterday disappointing as well. top of the hour, philippines gdp, flat at the moment. rishaad: singtel buying shares 41 $.8ndian telecom billion. this forf a deal is the china and indian mobile markets? >> singtel estimates that all told this gives them access to about 380 million users. they are also pointing to how fast growing these markets are. these are markets where there are hundreds of millions of users shifting to smartphone use . that generally pushes update to use and is a profitable deal for carriers in those markets. will this contribute to price competition? >> that seems like a lightly outcome. they have been engaged in a prolonged price for. you have a numb

we are seeing hon hai planning to make electric cars with tencent. website, ubs saying china has already started bailing out its banks. more on that story at bloomberg.com/asia. right. a closer look at the relationship between china and australia and the conflicting interests of politicians and the business community. ubs wealth management on the tough decisions facing japan's policy makers. this is bloomberg. ♪ rishaad: asia-pacific stocks recovering from february lows. what is in store for the rest of the year? currencies,with talk about the yen. of 100-107.ange it is hardly a brave call. what would it take for that range to be broken? >> it will be tough. the japanese need to do more than what they are doing. the ¥28 trillion stimulus package is not enough. when you look into the details, spending only amounts to ¥7 trillion this year. enough.not weak.ption remains exports are week as well. not much going on in japan as well. rishaad: in your portfolio, do you buy japan? on is theing nationalization of the bond market and part of the stock market.

for tencent, they been focused on china and they've been able to do very well. which signals that they do have mobile ambitions. they are making lots of investments in small start up so they may be old to do that in the future. they're still primarily focused on the chinese consumer. emily: our asia editor joining us from tokyo, thank you so much for that update. one story that's trending, apple is funding a documentary with cash money records, when the world's most successful hip-hop labels. apple has wanted to expand its content, with a spin off of the popular carpool karaoke. we will bring you more details as we have it. that does it for this edition of "bloomberg west." don't miss our weekly special on venture capital trends, focused on the business of entertainment. that's all for now from san francisco. this is bloomberg. ♪ >> brent crude consolidates. close to $50 as the former opec president said a production freeze will be agreed next month. in japan, exports down for a 10th straight month. the yen adding to the mood. saudi arabia and the u.a.e. expecte

tencent had bought shares and today it is more than 21%.you think jd.com would be open to a take over there? >> tencent always see the value of jd, has confidence in jd. to execute and deliver the height quality customer service. we have always had a strong partnership with consent and we believe it is a win-win for both companies. >> let's talk about the future of e-commerce. we are talking about amazon with their drones buying up their own planes to get their products across the country and around the world. what is your forecast for jd.com, any the in the drone region to? >> yes. we have -- today most of the participation is not participating in e-commerce and china. the cost is five to six more times -- times more expensive than cities. what we're doing is using our drones to deliver the product and packages to the villagers and lives we have -- we have over 100,000 chinese villages and from there the customer can pick up the goods or their representatives candidate or the goods from there. we are not going to deliver the package to ind

facebook's whatsapp and tencent we chat dominate.oogle has struggled to come up with its own messaging hit. today we learned it will try again with a new video chat app called duo. it's closest to apple's facetime . obviously google wins a lot of things. why are they trying to do this? >> they are missing out on the primary mode of communication which is messaging platforms. if you look at the number of people on this platform it is more than 1.6 billion and growing. google is lagging into the monetization potential of this massive audience because more and more services will eventually converge into these messaging platforms. facebook and snapchat and the younger audience might take the cake and google is missing out. emily: android and ios. if i had an iphone why would i use this? facetime is so easy. jitendra: that's a big question for every user. there are features that are a little different. you can see the calling as soon as you call, you can see the other person and stuff like that. those things, if they catch on, apple can r

they announced they raise new funds with chinese investors including ccpw and tencent.e to bob simon as well as tbg growth fund founder who cofounded stx alongside bob and has been incubating the company. >> if you're going to build an entertainment company today it is not going to look like the entertainment companies right now. their business models are 100 years old. a lot of things they have done have basically been to bolt on different revenue streams. instead, if we are going to build a company today it will be very different. china will be an integral part of the dna. we instead were going to try to have it as sort of a bridge where it was literally part of the dna. emily: private equity normally states in the company for a finite amount of time and then leaves. will that be different? >> it is different in the way this all began because we sat together after being at a board meeting together, we sat together, and bob has been a friend of mine. we have known each other since college. we sat together and realized a lot of overhead been talking that which is the gl

reporter lulu chen spoke to jonathan ward from the company who designed the building, and asked him how tencent >> inside the company, the culture is very dynamic, very vibrant. the employees are always trying new ideas out, pushing the boundaries of technology. they are looking for a place academict sort of coulter can happen in a high-rise building. tony mock, what struck you about his character? >> his curiosity. he does not come across in a very strong way, but he comes across extremely curious, and ask a lot of -- asks a lot of interesting questions. tencent has developed a whole series of digital technologies that allow them to control their whole environment area everything from booking meetings -- whole environment. everything from booking meetings, but also finding out where your environment is. in-housell being built right now. it is amazing. it allows them to use a laboratory for their future technologies. was design partner jonathan ward speaking to lulu chen about $.10 new headquarters. 10 sent -- 10 images of its spaceship like facility under description -- under construction in c

coming up, $.10 is -- tencent backing one of is hollywood's innovative new players.o invest in the future of media. this is bloomberg. ♪ you can see, there are many emily: this week on series a, our weekly roundtable on investing themes. we focus on funding disruption across the media industry. we have now seen a stab at players like netflix and amazon studios. now, players like stx and damon want to bring new content types to the four. they announced they raise new funds with chinese investors including ccpw and tencent. we spoke to bob simon as well as tbg growth fund founder who cofounded stx alongside bob and has been incubating the company. >> if you're going to build an entertainment company today it is not going to look like the entertainment companies right now. their business models are 100 years old. a lot of things they have done have basically been to bolt on different revenue streams. instead, if we are going to build a company today it will be very different. china will be an integral part of the dna. we instead were going to try to have it as sort of a

tencent is a customer. grab taxi is a customer. jeremy was going back and forth between singapore and shanghai to build up our partner network. so, the $45 million we raised in january is letting us staff up in engineering. particularly in enterprise and media sales, to get the word out at the pace we've been growing. dennis: also worth noting, we are continuing to hire. so, if you're interested, go to foursquare.com/jobs and check it out. katie: look at that, get a job. does foursquare do well in asia? what regions are people using swarm and foursquare in? dennis: we've seen it all over the world. we've been doing this seven years now. you have seen different pockets light up at different times. latin america, brazil, southeast asia, russia, have all been extremely great. they have been very quickly growing for us. and so -- that's funny, because i think a lot of companies focus just on the u.s. and really, a big chunk of what's happening and what's interesting in the technology and the business side is happening outside of the u.

tencent is about buying intellectual property rights.ke m&a, comics, novels, things that have potential and they also have exclusive gamemings to nba games, of thrones. it is buying and a lot of this content. the question is how long can they continue spending like this. this does not come cheap. it has to spend a lot of content, so the overall cost is a most double for the quarter. the question is how long they , theyue but a good result have beaten expectation for profit and revenues and is also one of the last six quarters. >> to another movement is cisco, reporting for the quarter sales but declined 2% from a year " challenging macro environment." the company said it would cut 5500 jobs. give me a sense of where you are on that transition and how this potential layoff fits into that. >> first of all, if you normalize out the box business that we sold about six or seven years ago, i mean six or seven months ago, our revenues were up 2% and we had record earnings per share of 9%. as we look at the transition of we are going through is

tencent has passed alibaba as china's biggest tech company. a 47% jump in quarterly profit. it's known for its messaging app which dominates the local market. a taxias shut down operator -- 700 employees could lose their jobs. said itime, the company would continue to operate separately. it faces stiff competition from uber. nestle has reported sales were food andthe swiss drink company facing increased competition in china. a third of all sales came from products new to the market in the last two years. finally, a new list of the world's most livable cities dominated by two countries in particular. six of the top 10 livable cities in the world are in australia and canada. spot, ae takes the top scale of 0-100 with 100 being the best. good health care, good education, quality s,o metropole' -- like london or paris. a tough break for the french capital. time now for the press review. by -- what has been grabbing headlines and papers around the world. yesterday come authorities in turkey announced plans to release some 38,000 prisoners. >> huge story in the turkish press. vers

. >> tencent recent splurge for content has paid off in the second quarter.w it is all about entertainment. >> tencent is about buying intellectual property rights. things like games, gaming. things which have potential and they also have exclusive streaming rights. gaming remains an area of strength. it is buying and a lot of this content. the question is how long can they continue spending like this. good results though, beaten projections in all but one quarter. >> one other mover this morning as cisco, the company reported fourth-quarter sales that declined 2% from a year earlier in a quote, challenging macro environment. the company said it would cut 5500 jobs. give me a sense of where you are on that transition and how this potential layoff fits into that. >> if you normalize out the set top box business we sold six or seven years ago, i mean months ago, our revenues were up 2% and we had record earnings per share of 9%. as we look at the transition we are going through as a company, the first thing we have to 75% ofr is that almost the resources our so

of course, i mentioned tencent. but leanova as well, coming through with some good marks. it is up by over 3%. estates, thisine is the company that owns the brand. most of its business is coming from asia now, rather than from its home base in australia. so, up by 12% for the treasury wine estates. manus: thank you very much, juliette. committee's the july meeting show a divergence over the timing of the next rate hike. though the door still does appear to be opening to tightening this year. just before those minutes were bullard, james stuck to his view on one move. >> real gdp growth would be about 2%. the unemployment rate, which would stay about where it is, it is at about 4.9%, but we have it up 4.7% over the next two and a half years. it is a little bit smoother than was headlined and that will be a 2% over this horizon. the policy rate would have to be only 63 basis points over this two and a half year horizon. manus: joining us now to get the latest perspective is mohammed. thank you for joining us. from my perspective, i look at the fed minutes, which i suppose ar

tencent has done very well with its gaming software.create more games are buy new games? in launching our jx online mobile game, it is because of the partnership that has brought the success. we will continue that partnership, both in the game area and hopefully in other areas. also, facebook is a partner with us on the cheetah mobile side. outlook,10 seconds, how is it looking for the rest of the year? >> we are confident going into q3 and q4. all of our businesses will continue to grow. mobile has recovered from the slowdown and has captured growth. rishaad: thank you very much indeed. up next, the spending power of the chinese tourist is redefining shopping in japan. we will be heading to tokyo next. ♪ chinese visitors to japan hit a record and shall july. it is called explosive shopping. what is attracting chinese tourists to japan in such record numbers, even though there is a backdrop of the strong yen? >> indeed. actually it is a big increase. ago, it with a year increase near 30%. there are more visitors despite the stronger yen

they announced they raise new funds with chinese investors including ccpw and tencent.th the ceo,and the growth fund founder, to co founded this and has been incubated the company. going to build an entertainment company today it is not going to work like the entertainment companies right now. are 100siness models years old. a lot of things they have done based on different revenue streams. instead, if we are going to build a company today it will be different. china will be part of the dna. to have it ill try as a bridge where it is part of the dna. emily: private equity normally states in the company for a financial month of time. both happy different? -- will that be different? >> we sat together after being at a board meeting, and bod -- we have known each other since college first of we sat together and realized a lot of overhead been talking that which is the global landscape is so different. we could build a different kind of business together. our first check in this company was $1 million. people think of that is being willing to get in there and help build the

companies backed by alibaba and tencent, but they don't have engineering histories.rishaad: a quick word on tesla, what do the japanese carmaker's prospects look like? ev startups and china are customers for glm, but they want them to have their own core technologies, so there is still a question. rishaad: thank you very much indeed. joining us from tokyo. we have to take a break. qantas executive alan joyce will be live with us in half an hour after their record results. this is bloomberg. ♪ ♪ ♪ >> from our studios in new york city, this is "charlie rose." charlie: bryan stephenson is here. he has dedicated his life in fighting racial discrimination. his efforts have also focused on putting a spotlight on the legacy of slavery in america. he also won a landmark supreme court ruling. it held mandatory life without parole sentences for

they won't have missed the tencent pop in a-shares yesterday when they hit their daily limit on the exchangeng the news report about the share purchase. beenad: has evergrande making other acquisitions? yeah, they have been on something of a buying spree. the mostone of acquisition-hungry developers in china. year, they paid $500 million for a stake in a group. last year, they bought massmutual power and new assets. they are trying to expand their portfolio beyond property, and increased their stake in she ngjiing bank. this will focus attention on that battle for takeover. rishaad: tom mackenzie there. the reserve bank of australia the latest take on the aussie economy. we will bring that to you as soon as we get it. ♪ ♪ rishaad: a look at our top stories, asian pacific markets on the way out. it follows that the boa rate decision. crude holds above $44 a barrel. investors looking ahead to the latest u.s. jobs number, expecting it to return to this year's average. after australia gaining disappointing loss of $200 million. the carrier says it is on track to meet savings target. qantas defer

tencent is doing work in the video gaming industry.ing offshore and buying videogame assets. the president is not sitting there extolling everyone to play video games all day, but they are pushing this idea of a new andomy, technology innovation, even if it has a long way to go yet. rishaad: thank you. we have this beleaguered gaming ilweb.y ph the suspension is to be lifted about half and hour on the philippine stock exchange in manila. this company is about to lose its contract or license for gaming because of the new administration. coming up, one year on, how china's yuan is weathering the storm. this is bloomberg. ♪ announcer: from our studios in new york city, this is "charlie rose." charlie: david brooks is here, a columnist for "the new york times." his most recent book "the road , to character" will be released in paperback in september. he has been writing about the presidential election and the unprecedented candidacy of donald trump. 50 republican former national security officials signed a letter warning trump would be the

. ♪ emily: tencent has started -- marketing $3.5 billion loan which it hopes will back a big purchaseternet company is hoping to entice investors with an interest rate over 200 points higher than the luncheon interbank offered rate. turning now to one of the most high-profile venture capital firms in europe which happened to invest in super cell run by nicholas sundstrom. they bought it back and sold it to microsoft. we spoke to him about the impact of brexit and asked about the challenges of working in europe and in the framework of european regulation. take a listen. fixed building our company has a lot of challenges and i would say when i speak to entrepreneurs in europe, i rarely hear that european regulation is one of the biggest challenges. the biggest challenges access to hiring the best people, building audits that people want to use, and winning in the market. the regulatory thing is something we hear when it comes to large companies and for startups we do not see a lot of challenges. what you have is there are regulations that are beneficial such as the passport for financia

middle east turco hong kong hitting an all-time high, fueled by better-than-expected earnings from tencente hang seng is up 26%. trade data at the moment responsible, as is the strength of the yen. exports down for the sixth straight month in july. its longestng for run of gains in more than a year, as u.s. crude and gasoline stockpiles declined. crude advanced 18% and is falling into bear markets earlier this month. -- the former opec president says a production freeze agreement is likely to be agreed at the briefing in algiers next month. rishaad: egypt's prime minister says he expects oil rich allies to chip in as it finalizes a $12 billion imf. they will not secured the deal before cairo secures as much as $6 billion before -- from creditors. carol: -- rishaad: 12:30 in hong kong. i'm rishaad salamat. manus: and i manus cranny in london. 531 in london. we are coming down to the european market opening. countdown kicks off in just under 30 minutes. we are going to be keeping our eyes closely trained to the bloomberg for nestle. nestle organic sales expected to come in at 3.7%. this is t

you also had a big thing with super tell and tencent. do you prefer companies go to the m&a route?ter return and is more a search engine. ipo is expensive and takes a long time, you don't necessarily have control over what's going to happen. yeah, so for us we are really focused on building strong durable businesses. , facebook had several opportunities to sell early on , and we are very happy that they did not, they went the public path. having a public currency has helped them be aggressive with things like whatsapp and instagram. emily: what about light right now in this particular environment where we are not seeing ipo, the funding environment is tightening up and people are getting more picky? brian: as jeff mentioned earlier being a public company is a , really hard existence. if you have one bad quarter, it can take a long time to get things back on track. and so, sometimes it depends on what is the setup for m&a? ,if you have a strong business and you are able to approach m&a from a position of power, a lot of the time you are setting up a relatively independent business u

whole again, internet and everything it connects, you have big companies out there that can range in tencentacebook. autonomous vehicles. there's over a dozen companies very well placed in that space as well. >> neil, thank you so much for your time and insight. thank you so much. senior vice president and head of global tmt research at northern trust securities. we're going to go for a quick break. still coming up in the show. eight months isn't enough. spain's political deadlock could be extended further still. we discuss after this short break. it's ary when the lights go out. peopleet anxiousnd my office gets flooded with calls. so my things can go wrong. it's my worst nightmare. every second that power is out, my city's at risk. siemens digital id manas d reutes pow, soervice can be restored within seconds. priority number onis epinthose lights on. it takes ingenuity defeat the moters that live in the dark. >>> welcome, you're watching streen signs. carolyn wroth. >> i'm louisa bojesen. your headlines. >>> european commission force apple to pay 1 brett lawrie euros in ireland. accusing

what are the growth rates like at tencent?now you, you typically look to be a value guy. >> remember, this is one investment it's a medium-size investment, but we have a lot of confident long term in china. we want to be careful there now, but it's a powerful franchise. they licenses to play activision, fifa soccer, run by really astute management. they own more than 20% of jd.com, so they have their hand in there as well. we just want to be exposed. we think it's quality. it does have a multiple. we haven't added to it for a while, but we've owned it for about a year, and we're pleased with the investment. >> you've been covering or investing in media stocks for a long time. i remember talking to you i don't president to say how many years ago, but back then it would be liberty media, or whatever incarnation it was after some of these old media names. >> we still have liberty. >> you still love liberty. >> we like charter. we really like the fact that john malone has a great deal of confidence in the management of charter. i

strong move in tencent today. that's where we stand, back to what's your favorite olympic moment so far? >> you know what, wilfred, it's team refugee. this is a group of sportsman who as they name implies from sudan, they are refugees from other countries where they have fled. and this is the first time in olympic history in which they have competed and there's a real hunger. there's a real determination. there's a real drive. there's a kid from syria. an amazing girl who towed her boat across the water towards greece. she's a camp champion swimmer d her parents proud and absolutely tremendous story. >> wilfred was thinking more belly flops into the pool. >> we can't argue his response. we agree. >> britain isn't doing bad either. second in the medal total. >> indeed they are. thank you for that update from asia. still to come on "world wide exchange," golden moments. highlights from last night's olympics, including team usa sweeping the women's 100 meter hurdles for the first time ever. gold, silver, and bronze.

note that tencent holdings ways 10% of this hong kong.tech names, samsung electronics another record high for this company after hitting all all-time record high on thursday session. investors are embracing this company's of course turn around plans and maybe a new phone that came out on this friday in south korea and the u.s. note 7, luisa, back to you. >> thank you very much. have a good weekend. joining us live out of singapore. -- sorry hong kong. steven is with us. let's talk about the pound. let's talk about the bank of england. about what the retail sales data told us yesterday. a lot of initial reaction from people on twitter saying brexit has done nothing, we're doing really, really well. >> did of a spike this week because the pound has been beaten up, not just since the brexit vote the runup to it. the market and preempts and prices in risk. that's the base case scenario. now, i think we were shocked by those retail sales numbers as well, particularly from the p bank of england. >> they were super strong. >> yes, the point here

. ♪ emily: one story we are watching, baidu is suing tencent for decimation, relating to a spate of articlen restaurants related to baidu's food delivery service, including washing vegetables in toilets. they want the websites suspended and a public apology in national newspapers. about $75,000 in compensation also. still with me, brad stone on the stories are team has been working on. it has been a big week. some great stories from the team. first of all, hyperloop. the lawsuit against hyperloop by former employees is ongoing, but our reporter uncovered new details. what's the latest? brad: let's put it in context for the viewers. hyperloop one, an incredibly and dishes company springing out of an idea from elon musk, raised $100 million to hurtle people at supersonic speeds through a tube. it is still a moonshot, but it is an and vicious company. -- but it is an ambitious project. sarah mcbride wrote a great story, looking into the dispute, which posed some very type a, aggressive personalities, all men, against each other. one guy, bam brogan, one of the cofounders and chief engineers, a

tencent had great results recently, alibaba. that part of the economy is very dynamic. we are less positive on china is about reform -- that continues to be disappointing. the consolidation in the sme sector has been slowly moving. that is because the chinese authorities are worried about rising unemployment. from a top-down, the cautious story is still there, growth doesn't look that exciting, the macroeconomics are quite worrying and there are lots of things to get excited about in china. a golden there was cross of april and it wasn't such a good signal. manus: mark barton will use that as his caveat. >> we only remember the good ones. manus: andrew perry stays with us. caroline: thank you. coming up, rand resolve. traders a see more pain to come for the south african currency. the prime minister says he won't report to police. then, the tech tussles. will post brexit london use its title as europe's technology hub? ubs is betting on zurich. we speak to them. and jackson hold up. the markets expect a lot from fed chair janet yellen. we look at what goldman sachs want

tencent abovee 10 alibaba.ompany's seo expects its lossmaking smart phone to turn a corner as it shifts toward higher-end devices and reps of marketing in the u.s. and china. fell 14% in exports july, the biggest decline since 2009. japanese exports have been made less attractive to international buyers. is it just down to what is happening with the yen, the data? guest: the yen has a lot to do with it for the yen has strengthened about 20% this year and you pointed to today's move. is making products on the international stage from japan more expensive and weakening the export picture. however, we have seen some ned global weake demand. we have seen almost all the major trading partners, those numbers being off in the past month. they were off more than 12%, to the u.s. more than 11% and to the eu off more than 6% as well. cars,e seen weakness in shipments of steel, and shipping. it is -- we're seeing it in some major sectors and major trading partners. verbalen does intervention become actual intervention? wh

also, cisco, nestlÉ, tencent holdings, all out later in the week.till ahead, disappointing retail figures increasing the bets on a fed rate hike, but when will it be coming? we will discuss the possibility. yvonne: i look at what impact a predicted so down could have on the market. this is bloomberg. ♪ watchingty: you are "daybreak asia". the imf urging japan to adopt a policy of direct intervention and wage setting. it wants the government to use tax breaks, persuasion, and companies toget grant bigger pay raises to stoke inflation. as a sign of how worried the imf is about japan's stagnant economy, they have resisted other measures. a tax amnesty program could attract money stashed overseas, which could fun and for structural projects in indonesia and finance a widening deficit. it follows last week announcement that repatriated funds can be invested in gold and property. energy became the latest victim of the collapse in energy prices. the oil and gas producer reported a second-quarter loss one debt mayn and come under stress. let's look at the k

will be surprised the story in china is going from alpha economy into on-line and both alibaba and tencentpositioned for the growth. >> what do we think tim cook is up to with his visit, with the r&d investment, what's the plan? >> i think tim knows structurally apple has the issue, high-end phones and high-end markets haven't been penetrated in china. their investment into the portfolio is an example of exploring how to go after the transportation industry with map data and self-driving cars and so forth. i think they're experimenting new things beyond just phones. >> what about the uber dd partnership and sale? it feels like the playbook for american companies doing business in there in china just continues to change? >> i don't think you knuber get enough credit for what they have done. spending over $2 billion last three years in china. and now their economic interest in dd is not worth over 7 dln -- is now worth over $7 billion. not bad for three years worth of work. >> samsung hit a new record market cap high but this comes off the back of three years of pretty slow share price growt