for more on uber's reaction, i'm joined by the regional general manager for uber, who oversees uber'sperations in paris and other parts of europe. pierre, what are the demonstrations like there? in the past they have cracked windshields, traffic chaos -- what is going on there? >> what we're seeing is pretty simple across europe. taxis are trying to bring cities at a standstill, while uber is working around-the-clock to continue to bring safer, more reliable ways for people to move around. >> overnight you guys launched uber taxi in london. what is the state of uber taxi and the rest of europe? >> actually, we don't offer at the moment our technology to taxi drivers outside london in europe. this is something we do in markets across the world. the focus should be on how the technology can make the assets of the city better, utilizing interests of consumers. >> consumers seemed to have made it clear that they want uber. sign-up shot up 850% overnight. >> we have similar trends across europe. in barcelona, sign-ups were multiplied by 11. across the rest of europe, the sign-up trends wer

more on uber's reaction. emily chang spoke to uber in paris.ly asked what it was like in paris. >> what you are actually seeing is simple. trying to bring it to a standstill while uber is trying to be more reliable and affordable for people to move around. >> overnight, you launched uber taxi. what is the state around the rest of europe? >> we do not offer the technology to taxi drivers outside of london. it is something we do across the world. the focus should be on how the technology can be a better asset to consumers. >> consumers seem to have made it clear that they want uber. what are you seeing in other parts of europe? >> we have a similar trend across europe. i think the market in barcelona, across the rest of europe, it went pretty much the same. >> wow. you discounted trips 50% today when rides share to cut down on congestion. you are not going down easily. how do you see the protest and other issues you are facing impacting your expansion plans? what is the plan? >> we are seeing a ton of support from riders, drivers and we continue

to get a job with uber?d your name and social security. >> who is really behind the wheel of those ride share cars? we investigate the risks you may be taking when taking an uber. that is next. the answer to treating your dog's fleas and ticks is staring you right in the face. nexgard, from the makers of frontline® plus. it's the only soft, beef-flavored chew that kills both fleas and ticks. vets recommend it. and dogs, well, they're begging for it. nexgard is for dogs only. and hasn't been evaluated for use in pregnant, breeding or lactating dogs. reported side effects include vomiting, dry flaky skin, diarrhea, lethargy and lack of appetite. use with caution in dogs with a history of seizures. recommended by vets. loved by dogs. from the makers of frontline plus. >>> it's the 21st century taxi service, a convenient marriage between your smart phone and your need to get somewhere. get this, soon it may be worth more than facebook. we're talking about uber. now there are questions about what you are getting

. >>> and uber uproar. why a popular app with a possible multibillion dollar valuation is causing traffic to come to a stand still in some of the world biggest cities. all that and more tonight on "nightly business report," for wednesday, june 11. >>> good evening, everyone. and welcome. a warning today from the world bank. global growth is slowing. economies everywhere are still reeling from the crisis in ukraine, and the brutal winter here in the u.s., with indications the recovery will be delayed. and that changed investors' course today after a string of market records today. they sold stocks. but that probably wasn't the only thing that pressured the major averages. there was weakness in the transports and wall street is still digesting majority leader eric cantor's defeat in a primary last night. by the close, the dow fell 102 points, the nasdaq dipped 6, and the s&p was off about 7 points. but by -- while world bank downgrades, the outlook for global growth, steve liesman says many here in the united

they have uber taxi working with the cab company, and uber x. you and i could run to the scpar pick people up. they have lowers and uppers, black car like you talk about. >> you have variety. wouldn't they be regulated in the same way? >> they are a little difference. uber doesn't employ the drivers. they act connecting the supply and demand. because of that, the rules are a little different. >> we are talking a big difference in money between regular cab drivers and uber drivers. the bureau, the taxi drivers make about $25,000 a year in 2013. uber says its drivers are making $90,000 a year in new york city. it's a big difference. you may think cab drivers may like that. it gives them more opportunities and jobs. >> there's a lot of cab drivers coming over on to the uber platform. remember, the 90km figure is a medium number. there could be a successful outlier. there's small business fees that the drivers have to pay. when you take that into account, it's 15km lower. like 75km in new york. it's great. >> and it's deductible. all those work out

europe'sas uber regional manager.e was speaking with emily chang. , the companyber was valued at $17 billion. changesght be some new to grow into that valuation. that is next on "bloomberg west ." ♪ >> welcome back to the best of "bloomberg west." i am cory johnson. we've seen a multibillion-dollar tech fields. we have seen skyhigh valuations for independent companies like airbnb or uber. let's talk about business. what makes this business worth anything? how does it work better? we looked at the business of companies like uber that are so loved by investors. pursuingust investors growth at an unreasonable price? >> that point really matters. what is good about this environment is the company is going public and getting an extreme valuation, at least in have'st part, they substantial businesses. the company was just on here. it is very clear that companies lpro are very substantial businesses. >> i would throw out a three printing company. an electric battery maker. what i would tell you is this. the news the day befo

there's an uber s.u.v. and uber-x. the uber black and uber s.u.v.orms are self-insured by the owners, partners and drivers in some cases. with commercial insurances up to $1 million per incident. this is required by the state of california. the california public utilities commission. and also for a t.c.p. license as well. the uber x platform is a little different. this is the ride sharing platform that uber introduced about a year ago. and those cars are generally ensured primarily by the driver in a private insurance, at least that's the research that we've done. and when a car is running in a commercial endeavor, like an uber-x, and it has private insurance, generally the insurance won't cover an incident. so the definition of in service, it's something that's in dispute. it's ambiguous and uber has taken a position that our drivers association doesn't agree with. specifically, that when the driver is driving, and has the app on, but doesn't have a ride that they're going to, or actively engaged in taking a client somewhere, that their insurance i

uber says no.what the judge says that finally settles this argument. >> in london, this is going all the way to the high court. >> we believe that uber is an illegal app. >> this is a row or the streets. >> you have an industry that is not regulated, that has not evolved for decades and never faced a form of competition, and today, companies like uber are bringing more choices to citizens. >> uber's journey began in san francisco, but has traveled around the world since, taking in 70 cities, 36 countries, and all of this covered in just five years. last year, uber was valued at $3.5 billion. last week that rose to $18 billion, thanks to buy in from the likes of google and goldman sachs. as its profits grow, so does the notoriety. this is a company with global ambitions and protests or not, no intention of putting the brakes on. >>> uber is expanding rapidly and offering a newer option named uber x, which offers lower prices from drivers who use their own vehicles. uber says drivers must undergo the

uber drivers are licensed. they areue is that operating as if they had a meter and there is legislation making it difficult and expensive for the black cabs to earn the right to use these meters. they are saying if they were operating as meters, they wouldn't have a grudge. uber came out this morning saying that black taxis will be a new option that you can order from uber. as you said, i was speaking to the head of the london taxi drivers association. here is what he had to say. london, i have been threatened with arrest. 10,000 taxi drivers are being threatened with arrest for driving on their own streets. is that the sword of power that uber has? is this the amount of money that it buys? what is going on? >> he is very upset. this $17 billion valuation is what is biting uber influence. i pointed out that this is a start and this valuation is very new. perhaps it was consumer demand that led to the growing valuation. he said this is not about uber. this is about transport for london. black taxi drivers to jum

that's another big example with uber. you can still use your smart phone with uber. such a fascinating company. it's a polarizing company and people have such strong opinions. this is a company that has raised money at a $17 billion valuation. i talked to uber drivers who lost their jobs and have a job others whouber and were taxi drivers before and could not make it and decided to switch instead. --this is an interesting this protest is interesting because it puts on its head the message from uber which is we are fighting the big bureaucracy and we are giving consumers what they want but this protest reminds us that taxi and limousine drivers are people, too. not all of them are employed by uber or raising their hands to switch jobs to be uber drivers and many people are affected by these changes. has been ableber to rally consumers on their side, signing petitions and saying when he to bring uber to our city. you are right, it's very polarizing. >> uber has run into regulatory hurdles in the united states. they are still fighting battles in many cities. do you get

now, uber denied the request for an interview on this report. one other note we should share with you, the driver of the other car in herrera's crash is a relative of an nbc bay area employee. >>> coming up after the break, as you know, sir, we've been trying to talk to you. >> why investors say this man took her money and the charges against a prominent bay area car dealer that put him behind bars: >>> now, the story of a bay area car dealer accused of walking off with millions from the state and private investors. a story we've been sharing with you for nearly two years. during that time, he avoided any accountability with the law or the public. the unanswered question was always how did ron remain a free man. well, tonight, we have an answer. he's behind bars. system. >> that's ron batistella, former advisory board and long-time bay area car dealer. >> will you explain? sir, please stay away from him. please don't touch the camera. please don't push me, sir. >> excuse me. >> on that night, as you know, i recall sir, we've been trying to talk

i take uber. adam takes uber. can we get shares in the ipo? it is monday, june 9. joining me adam johnson. alix steel is in for scarlet fu. let's get to our monday brief. >> we will kick it off in asia. japan's economy growing faster than estimated in the first quarter. in china, the trade surplus almost doubled. they world is buying chinese products which suggests there is growth in the global economy. economic data here in the usa. earnings in the u.s. today, zilch. however, as you just pointed out, the rangers game 3 is tonight. they are down to 0-2. president obama is greeting the connecticut huskies who the ncaa earlier this year. >> and nate commissioner of the nhl will join us. -- and the commissioner of the nhl will join us. >> then we will do lunch. at commodities after the jobs report. the s&p, of course, what a closing. we are on dow 17,000 watch. euro nymex don't do much this morning. onto our second screen, the vix well under 11. it shows bull market enthusiasm. there is the dow again. to 1.40.bears scrutiny that would be stronger euro, weaker yen. cal

>> well, there are three different platforms on uber technologies. number one, the uber black.also have uber suv and x> are thek and as you fee owners, partners, drivers. are thelack and suv owners, partners, drivers. platform is the ride sharing platform. those cars are generally insured primarily by the driver in a private insurance, at least that is the research we have done. when a car is running in a commercial endeavor and it has private insurance, generally the insurance will not cover the incident. definition of in-service is something that is in dispute, it is ambiguous and uber has taken a position that our drivers associate doesn't agree with. when a driver is driving and has the app on but doesn't have a ride they are going to or actively engaged in taking a client, their insurance is the primary insurance and it should cover any incident that happens on the street. >> what would you like to see happen? what about the bill in california? >> our association fully supports the bill which was submitted. we believe that it is a fair way of sharing the cost and the risks

uber came out and threw a curveball, they said that you can order a black cab through uber.hat caused a lot of commotion as well. i spoke to the chairman of the london cab club, and his response was that uber can stick it, that he knows that cab drivers that move on to it will be scabs. i asked him if he was losing business to uber, he said they are not, and i said what is the point, and he said the transport and he said the transport in london is a heavily regulated industry and they are angry with municipal authority allowing one company to operate without jumping through all the same .egal hurdles here comes this upstart, making just as much money without doing any of the work. appber is saying that downloads shot up 50% in london. could this backfire on the cab drivers? >> it is pretty incredible. the irony of this is that probably the winner in all of this is going to be uber, up 850% today versus last wednesday. clearly an enormous spike in traffic. i spoke to people who came out today that tried to protest drivers, theyxi were booed. it was pretty uncomfortable and in

be washed about uber. the driver might not have a license and that's not all. see what we found out when we go under cover. >>> and happening unveils new features but one simple change involving text messages may be the most useful. >>> our fog data is showing widespread low cloud cover against the bay. the fog is dropping temperatures anywhere from 5 to 11 degrees across the east bay. we'll let you know what impact that has on your microclimate forecast in a few minutes. >>> growing in popularity but growing in controversy. the latest backlash for uber is playing out at the airport where officials are warning you are putting yourself in danger if you are jumping in the uber sedan. >> elise has the latest on the investigation. >> reporter: every day airport officials are finding drivers from uber and others who are offering rides illegally at sfo. some had no driver's license and no car insurance. we went under cover and found drivers ignoring the rules. it didn't take long to spot them. ride service drivers from lift. >> are you with -- >> you're with lift? >>

you have uber execs and the luxury cars as well. there would be an app called uber taxi?ow on the right-hand side you see uber taxi. >> what's the commission the taxi drivers would have to give to you? >> we're charging a 5% commission for taxi drivers. >> they'd have to bring their rates down a lot. >> no, they'll use their meter and we just charge a commission for the booking and payment processing. >> excellent. very interesting. thank you very much. jo bertram, general manager for uk and ireland uber. >>> ipos have brought to market in the u.s. are up in 2014. can the trend continue? stay tuned. we'll talk more about that, too. there's this couple in sydney. worked hard. raised two kids. they've never been to moscow. but they sent money there. rented an apartment. all because, they have this 19-year-old daughter who loves to dance. in over 700 cities worldwide, products and services that make a citi client anywhere a citi client everywhere. that's keeping you from the healthcare you deserve. at humana, we believe if healthcare changes, if it becomes simpler... if frus

all the ones we saw are uber. >> are you uber? >> yeah. >> you are uber? >> reporter: now, these companies have been put on notice. the president of the california public utilities commission says as per rule instituted last september, they can't do business at the airport unless they make an agreement with the individual airport. the president went onto warn a crack down could be imminent. if immediate action is not taken to bring your operation into compliance, the cpuc will begin enforcement actions including revocation of your permit. >> it is a reminder that they cannot come to the airport at all. >> they have not sent me anything yet. >> you haven't heard that? >> no. >> reporter: in a statement, uber says the company staff has spent months meeting with airport officials across california and is trying to work out arrangements that fall in line with cpuc regulations. >> i'm seeing the mustache cars at the airport. >> reporter: taxi drivers have seen them at the airport and want them to stop. >> the whole thing is because of corruption. they don't car

how do you justify uber? >> unbelievable.back and said how on earth is an app worth $18.3 dl? i asked him. he said i don't need to justify this. it's all about growth. obviously, controversy. we looked at the protests that happened in europe. i asked about the growth and some of the controversy. listen to this. >> to give you a sense of the size of what we're talking about, uber is basically responsible for haadding 20,000 jobs to the economy every month. you look at that, the fact we're doubling every six months. and really doing billions of dollars in transactions a year, the numbers get big quick. >> reporter: how much of a risk factor would you say some of the regulatory issues are? >> it's really common when we go into a city that the incumbents, the taxi industry, are often trying to protect a monopoly granted them by local officials. >> reporter: is uber competing kind of with the taxis and this kind of thing? or completely creating a new market? >> we feel we're creating a new market, where people who previously were

and here in san francisco, sarah covers uber for us. what are you expecting in london tomorrow with these protests? how much is it going to snarl traffic across the city? >> they are expecting 10,000 to 12,000 cabs and taxis to show up in private protests. if they turn out, this really does have the potential to create enormous gridlock and be a huge hassle. there have been smaller protests but this is much more massive a demonstration. it takes place across europe including the airlines around the airport. it is expected to be a lot worse and can bring the city to a standstill. it gets to the heart of the issue of what is going on in european economies. industries are heavily regulated and what you're seeing now is sort of the crisis taking place that is needing to take place for the economies to become more competitive. that is really what the backlash is growing, the same kind you have seen against companies like airbnb. >> they spoke a bit about regulation yesterday, i understand they have run into regulatory hurdles. in berlin, it

. >>> ride sharing companies like u berand lyft argue if -- like uber and lyft argue rules could put them out of business. >>> bloodied and bruised after a brutal attack and robbery in oakland. >> she was in shock and i got over here and her face was completely covered in blood. >> we're hearing from two witnesses who came to her aid and the action oakland police are now taking. >>> good afternoon. i'm tori campbell. an attempt to deliver thousands of signatures to the archbishop of san francisco was blocked by locked doors today. sal castanedo was there as protesters urged the archbishop to cancel plans to attend a rally against same-sex marriage and sal joins us now live. good afternoon, sal. >> reporter: tori, good afternoon. just as you mentioned, when the group tried to present those petitions to the archbishop's office, they were met with locked doors leading to grumbles from the crowd that had gathered. the group says it came to present a petition asking archbishop to skip a washington, d.c. conference that opposes same-sex civil marriage. the petition is signed by 30,000 peop

>> uber is an uber revolt going on. you heard about the london protest and the controversy keeps on going. charles: all you elitists have uber accounts. tracey? >> i think uber accounts are work. charles: don't want to go to your neighborhood. >> somebody showed me the text that cantor won. charles: cantor lost. >> cantor lost. huge blow for corporate america. >> they may take over the world one day, if you want to make money in robots, we got a name for you today. >> that's a nice suit. i like that. i'm a little jealous, i'm a little jealous, kate rogers, social media guru. >> we know celebrities are so liberal except when it comes to taxes, charles, we have hypocrisy. >> pandora wouldn't pay him any cash. remember, investing and building wealth is not a sprint, it's a journey, the great news, we plan to be with you every single step of the way. we call it the real, real deal, behind the headlines, look under the hood and find ways to make you more money. let's dig into our first real, real deal. biggest economic story

and i think google owns 20% of uber. no one ever thinks of google when they jump into an uber. think it sort of shows the advances they can make in this automatic-type machine economy that we will eventually end up with. >> so do you use uber? >> oh, yes. >> really? >> mm-hmm. >> how often? >> well, whenever i can't get a cab. >> which he said was fairly often. the interesting point, though, is that remark was spurred originally by his holdings of google. big holding for him, henry. should people look at google as an uber proxy? there's a lot of other things going on. jon fortt just made the point that you might have to wait a little while before the general public can otherwise get involved. >> google's too big to be a proxy for uber at this point. but it's a nice asset for them to have in addition to all the other assets they have. >> jon fortt, last thought before you go? >> i'm shocked that it's that hard for julian robertson to get a cab. i know sometimes it's been hard for me to get a cab in new york, but i would think, you know, a cab would stop for him. that's my final

you got to throw uber- in there. that does it for squawk alley.fast money halftime report." >> thank you so much. welcome to the halftime show. here's our game plan. epic upset. what eric cantor's stunning loss means to your money. the trades you should make before election day. conviction die, goldman glows on amazon but cuts its price target. what should you do with the stock? our traders have that play. >>> worst trade of the day. good luck hailing a cab in some of the world's biggest cities today as the yup roar over uber-goes global. >>> the

it is called uber x.t a lower rate than a taxi and also used the use the same app system to pick up riders. it is a lot cheaper. that is one thing that they are fighting in different cities. stuart: that is fascinating. stay with us please. a great introduction to uber. i have another obstacle. this time for lift. very similar to uber. and pounding impounding lift cars because the drivers are operating at a four higher surface without a for higher license. judge napolitano is here. >> what a coincidence. stuart: we just had an explanation of how they work. along come the authorities. >> there are two issues here. one is entrapment. the other is cartel. people that pay a fee to the government to the city of miami. who eventually pays the fee? the people who are paying the car service. it is your nearly perfect supply and demand. what are the police doing? two minutes later, another cop in uniform comes by and arrest the driver. a tow truck, and seizes the car and delivers it to a pound owned by the city of

morgan brenner is looking at the economics of uber. this one is curious, a theoretical value of $18 billion for a car service? >> yeah, well, let's break down some of the smaller numbers and why so many people are jumping in. there is a battle brewing in the cabby xhoo community, it's uber versus yellow taxis. european drivers say the smartphone app. is threatening their livelihood. so let's break down the ube uber-nonics. it doesn't take much to start picking up rides. you must be at least 23 years old with a driver's license. you have to own your own registered four-door car, and you need to buy some additional insurance. so drivers pretty much have most of what's necessary to get started with uber-x today, and they have ads guarantees $5,000 a month in fares. now, compare that to what it takes to get started as a new york city taxi driver in the highly regulated industry. there's a laundry list of fees you must pay and training classes you must take just to get behind the wheel. that's sky-high price of a taxi medallion. at last cou

cracking down on ride sharing companies like uber. the regulations they may soon face. here is chief investigative reporter tony kovaleski. >> thank you for joining us tonight. this is your invitation to pull up a chair because for the next 30 minutes we investigate, tough questions, holder the powerful accountable and critical issues uncovered here in the bay area. we begin with airport security. we all remember the story, a teen stowing away in the wheel well of a flight to hawaii from san jose international. it happened during the early morning hours of a day in april. lawmakers followed calling for increased security. tonight our under cover cameras discovered more weaknesses in the airport security net. with the single swipe of a badge we watched some airport workers completely by pass all security. investigative reporter jenna susko with our hidden camera investigation. >> reporter: two airport workers enter these doors just off a busy sidewalk. and seconds later enter the airport terminal. this man in a minivan heads in the doors and then he is at the gate. or th

if you look at the competition uber faces, the regulations will catch up with uber.you're going to play by the rules, that's great but if you determine your own rules, do we want venture capitalists to determine who gets to pick up the public and let them determine the rules? is that -- >> the public is the one who is deciding by using uber services or traditional taxi cab? >> i will let you know that that is now actually -- a lot of lawsuits because guess what, that driver picking up the public, does the public understand that that driver is not licensed, not accountable. does the public understand that when uber picks you up in an usher "x" vehicle that vehicle doesn't have commercial insurance so as the public becomes more informed i think that their competition that plays by the right rules are going to take that market share. >> robbie, last question, but this isn't insurmountable for uber, correct? they can act accordingly. the market will shift as consumers become more aware of the risks involved. does that have to be the end all for a company like uber. is it

and uber valued at $17 billion.at's right, if you think that is outrageous, wait until you hear how much other tech startups are now worth. is this the definitive sign of the bubble? playing games, we go live to e-3 for the latest headlines from xbox and a whole lot more all straight ahead. >>> and moving on to tesla, their ceo spoke to cnbc europe, everything from self driving car to tesla's stock price. take a listen. >> i avoid watching the day to day shows price because it's somewhat distracting. and because tesla's value is dwri driven so much by the perception of our future execution, anything that affects people's belief in future execution has dramatic effect on dramatic stock price. so people try to read the tea leaves even though there is not enough information to make conclusions, and then they will make exuberant and then depressed. and as warren buffett said, the market is like dealing with a manic depressive. >> he was talking to cath lynn ro karl li carol liyin roth. so now he's saying he's ignoring.

. >> cracking down on ride share companies like uber. the regulations they may soon face. >>> here's chief investigative reporter tony kovaleski. >> thank you for joining us tonight. this is your invitation to pull up a chair. we begin, though, with airport security. now, we all remember the story, a teen stow in the way of a wheel well. it happened during the early morning hours in april. wlau makers followed: calling calling for increased security. the single is swiech of a bajs, we watched some airport workers completely by pass all security. >> two airport monitors enter these doors just off of a busy sidewalk. seconds later, enter the airport terminal. this man and a mini van heads in the doors. and then he's at the gates. or he's vending to get through there. all of these people with a single swipe of a badge chlts just all walked passed airport security. and it's allowed. >> i'm not really comfortedble. it's actually why the -- >> it found weak control of the airport worked for us due to incon sis substantiate stand wards. that

how about the uber wedding. latest outrageous marketing stunt by the car service. >> here's how the morning will start out. great. find out when the fog will disappear and hot summer weather will appear. we take a look at the weekend but first here's jimmy kimmel. >> thanks. quick preview of what we are up to tonight. you have had 3 prime time shows. bob new hart show. new hart then a show called been also. all named off. sour an ego all named off. sour an ego maniac is all named off. sour an ego maniac is >> oh, my. nightmare for southern california family. the nanny who refs to leave. the family hired 64-year-old diane stratton in march. she was grit for a few week then she just refused to work or leave their house. and for at least now the law is on the nanny side. judge said the family served the wrong legal papers and then must good through formal eviction proces process. strt on even told the family she wants them out of the house from 8:00 a.m. until 8:00 p.m. today stratton was served with new legal pape

uber annulmen annulment. >> rate snichlt expedited wedding.ck on the weather. >> here's sandhya. amazing how many things they come up with. here's a look being at live doppler 7hd right now we have a deepening marine layer over 2000 feet tonight and so we are seeing low clouds all the way out towards the livermore year tonight. so total morning do expect some gray skies like what you are looking at from the exploratorium candle. 61 oakland pretty mild in half machine bay. sfo cam with the low clouds right now. not going to be another round of wide spread drizzle or areas of drizzle like we saw last tonight but we still have to deal with the marine influence for the time being. this year low 60's concord and livermore and another live picture from the roof cam are breeze is not as strong as earlier this afternoon. low clouds overnight tonight. warmer inland tomorrow and either heating up on sunday and monda monday. here's the satellite and rid arrest. how could you forget the slick roads this morning. if light rain with the next system. staying

the second is a resolution to address the rapid expansion of uber and transportation network vehicles throughout our city. so, the first item, i just wanted to acknowledge that i was proud to stand with supervisors david campos, john avalos, and jane kim, the four of us with a broad coalition today on city hall steps. and we are introducing today an antispeculator tax for the november ballot. this will go a long way towards stopping the relentless real estate speculation going on right now that's making our housing unaffordable and tearing our neighborhoods apart. i thinks as many of the neighborhoods represented today, we were chanting stop the flip. and for those of you that don't know about previous efforts in the city to maintain our housing diversity, harvey milk, our former beloved supervisor, his idea but also along with housing justice leaders many decades ago, was to propose a tax like this. it was one of his final pieces of legislation. but our effort today is building off of that tradition and the power of the movements to maintain the diversity and the beauty of our city.

uber.t they need to do to increase the value. more on that when "bloomberg west" returns. >> time now for "on the markets." i'm matt miller. let's get you caught up on where stocks finished the day. down for a third day in a row. the s&p 500 falling 0.7%. the dow jones off by more than 100 at 16,734. the nasdaq down 0.8% at 4297. ♪ >> you are watching "bloomberg west" were recover business, technology, and innovation. tesla is making all of its patents available for public use some other car companies can use its technology. ceo elon musk says it's necessary to advance electric vehicles. he views gas powered rise as the true competition. tesla will not file lawsuits against anyone who uses any of their several hundred patents in good faith. amazon, the latest company to get into the streaming music business launching prime music. it's available for amazon prime members. missing are artists from universal. amazon and universal could not reach a deal. they were in conflict with warner bros. c

head of uber. she found the response quite disappointing. >> ultimately is about consumer choice and increasing the quality of service we provide to consumers. hire ort about private taxi. we believe there is moved -- room for both. .hey have coexisted for decades >> we have had a response from the institute of directors that put out a statement saying the cabdrivers protesting would not icalble to prevent technology innovation anymore than the spread of the power loom. this is about trying to disrupt -- is about disruptive technology and the entrenched interests that are trying to slow down progress. >> paint a picture for us. is theilar or different service you get in the u.s. compared to internationally? >> i would say the key difference is in london, it is much cheaper relative to the public taxis. a black cab would cost me about 30-35 pounds. if i were to take uber, it would cost me 22. in manhattan, it is typically more expensive than the yellow cabs. i've noticed there is search pricing -- s

uber does that and that is what you have when you have over a uber-billion dollars in venture capital just a couple of weeks ago. they can literally throw the money out on the streets. i see the clock ticking, so i will speak quickly and give a word of thanks to sfmta, the program that miss toran oversees has been extremely helpful to us. the incentives for drivers is a big boon and it's very difficult to attract and retain drivers at all and particularly for the ramp taxi program. it's more work and the gas is more expensive and more training and scheduling difficulties. so it's a bit of a challenge to keep that program going, but miss toran's program has been very helpful in helping us retain and keep drivers. looking at the big-picture, one of the critical things that we need to do is to find a better vehicle. there really isn't an affordable, suitable vehicle for wheelchair-accessible service. we use the converted vans now, and they are really not very good. once you cut the frame of a vehicle, it's never going to be the same. so we look forward to perhaps some help in purchasing

they made the change after a uber driver struck and killed a 6-year-old girl and san francisco and uberonsibility since they had no passenger in the car at the time. uber's new policy is if drivers are not logged into the app, they are under their own personal insurance. but if they are logged on, they are covered. if they are cruising around waiting for rides, uber provides a backup policy just in case the personal insurance denies them. this bill would get rid of the gray area. full coverage whenever the app is on. >> i'm concerned it would be passed on to the drivers or passengers or both and that could hurt of the community for both. >> the concern over a shrinking bottom line comes with new numbers by lyft's competitors. suggesting the drivers on these new platforms can make a decent living. >> people using their own vehicle can make $74,000, it's incredible. >> compare that to $39,000 for the average taxi driver. uber said it's because demand is through the roof. >> we're doing more trips per hour than we've ever done before. >> but one taxi driver told putts be careful of those n