instead, they order on delivery apps like uber eats and grubhub.rders to bring in a profit. it is almost like digging your own grave, as a restau ra nt like digging your own grave, as a restaurant owner, and customersjust don't know what an impact this has on restaurant. it would be great if they knew you are really supporting local —— local businesses by ordering direct. the new oppressor business has always been a precarious one, but now owners say they are going out of business fast, not because they are lacking customers, but because more and more of us choose to order via delivery apps will stop some of which take up toa apps will stop some of which take up to a 30% cut. the delivery industry is accelerating is forecast to be worth $220 billion injust a couple of years, but many delivery sites are yet to turn a profit and they say their high charges pay for services that busy restaurant owners can't provide on their own. we are really good at marketing, acquiring customers, retaining them on our platform, and driving them to place orders. we t

500 customers a day but one third never enter the front door but instead use delivery apps like uber eatst. it is like digging your own grave, customers don't know what an impact it has on restaurants. it would great to know that you are supporting local businesses by ordering direct. the new york restau ra nt ordering direct. the new york restaurant business has always been precarious but now owners say they are going out of business fast, not because they lack customers but because they lack customers but because more of us choose to order via delivery apps, some of which ta ke via delivery apps, some of which take a 30% cut. the industry is accelerating and is forecast to be worth $220 billion injust a couple of years. but many delivery sites are yet to turn a profit and they say that their high charges pay for services that busy restaurant owners cannot provide alone. we are really good at marketing and acquiring customers. driving them to place orders. we take on the cost of running your online store. if we bring you demand, there's an understanding that we should be paid for that. b

uber eats ship with with delivery available in more than11,000 restaurants globally also contributed to growth in the quarter. for "nightly business report, i'm kate rogers. >>> let's talk more about what's working for the fast food cha m and wha lia head. joining us tonight, david palmer. managing director at rbc capital markets. hank you for joining u tonight, david. >> happy to join you. >> actually, sales over seas were better than they were in the. s., wer?'t th >> they were very strong over seas. they've bundled together many lead markets in a segment and those include some of europe, canada, australia.ts those marad 8% same store sales growth. extremely strong. many of those markets are doing the stuff that the u.s. will be doing or is doing now. they'reg essentially seehe future there with many of the d and ed assets and f they hope that's where mcdonald's usa is in one to two years. >> david, you know, the $1, $2 $3 meal, what impact did that have on its results today? and you say one of the things that you were watching very closely was so called check growth. what does tha

. >> yeah, grubhub is definitely in competition with companies like uber eats, forexample. but they have some strategic advantages. one is this recent exclusive deal they signed with yum bras to exclusively deliver kfc, pizza hut, tacobell,t cetera. they're becoming kind of the largest entity in the u.s., but it's a competitive space -- it's a competitive space fill and it will be interesting to see what happens in this marketplace, but we see it going higher over the course of th year. nn let's finish up with carvana. i was s with the amount of revenue growth this company has, up 127% year over year. that's obviously one of the reasons why you like it. >> that's right. it goes hand in hand with their carsales. so they sold over 18,000 cars, preowned cars last quarter. that was the growth of about 127% year over year. they're building this line atform to buy, inspect, finance preownedcars. that's becoming a growing area here in the u.s. they're national and we think they can continue to improve. their big challenge is they're still not profitable yet, unlike the other twoto

chief officer at amazon who created amazon prime when he was there and at uber created uber x and uber eatslivers. they have a global platform and in the 50 million people per day and have the ability to do this. i believe the are going to pull it off and i can't wait. >> what do we call this technology? flying car? peter: i don't think it will be named flying car. in the early days of cars the called them horseless carriages. they could be air taxis, jeff is using the term aerial ridesharing. it is just not flying car, you ,re going from a flying airport in old abandoned parking garage, you are in an autonomous uber or aerial transport. aerial ridesharing where you share your ride with people in the air. >> any rivalry? do you have a stake in underground transportation? peter: one thing that is clear is that you, me, everyone else has one thing in common. we have 24 hours a day and seven days a week, and it is how you save your time. airplanes and try to save time wherever i can just to avoid flying from lax. anything that gets me there quicker, autonomous cars is going online right now an

rather than using third-party delivery like uber eats they will go old-school like pizza delivery deliveringyou can do this digitally through the apps on the website. rob: that is awesome. good stuff, tracy, thank you very much. new york city councilwoman under fire for refusing to say the pledge of allegiance during a public meeting. the proud democrat socialist tells fox news she refrained from saying the pledge, quote, not because i don't respect the values this country stands for. it is because of our country's failure to truly uphold them. everyone makes the cheerleader squad or no one does. that is the new rule in morris county school, new jersey after a parent complained when a kid didn't make the team, students speaking out calling it unfair. is going away, a child who did not make a change. on my hard work has been thrown out the window. rob: the school standing by its decision to be, quote, more inclusive. your comments are pouring in on this. john writes children learn how to deal with life's many obstacles, winning and losing is part of life. it is a fail -- part of something cal

eat bon bons on order uber eats.s ) coming up in the next hour... the debate lasted á10 hours. but early this morning... fremont schools made a decision on a controversial sex ed program. ( james ) and in about 30 minutes... the man suspected of being the golden state killer is back in court. lydia pantazas is standing by for a live report. (ácommercialá) make ross your destination for savings. if you're looking for an incredible selection of the brands you love, this season's newest trends for a fraction of what you'd pay at department stores, ♪ you gotta go to ross in your noise cancelling trheadphones?ry maybe not. maybe you could trust you won't be next to a loud eater. (eating potato chips loudly) or you could just trust duracell. (silence) ♪ how much money do you think you'll need in retirement? then we found out how many years that money would last them. how long do you think we'll keep -- oooooohhh! you stopped! you're gonna leave me back here at year 9? how did this happen? it turned out, a lot of people fel

groep agreed in march to buy uber's southeast asia operations and uber eats.e: the world's largest mutual fund manager says outside the u.s., china is at the top of the list in targeting affluent investors. vanguard international managing director james norris told us more about your strategy for the chinese market. james: the biggest thing you have to look out is you already have 80 million investors in that mass affluence environment. i think those challenges are becoming less so in the years ahead. for all the talk about what is happening between the u.s. and trade perspective, the market is actually opening up more and more by the year. we can now see a path to manager ining a fund mainland china. that would be one of our goals. really do need to be a local provider. you need to be competing on the .round china, you will probably need to work with local partners. those partners could be distributors. if you think about all the the largestide asset management market, the u.s., china has to be at the top of your list, particularly if you are going after that

and we won't use uber eats because of the cost to us. so it kind of started getting our attention.rich and i were looking for a company to buy with this special acquisition corp we went to him and, you know, they kind of liked the idea because they already had a tie in with landry's we started talking i didn't think we were going to make a deal. as i watched their sales, you know, last year, $125 million, they're going to go around $250 million this year and projected to do $500 million next year. i mean, the growth is there. what i like about them is they're in the smaller markets we're the only company out there that's going to be public besides grubhub. so i'm excited about it. i wanted a real growth company i think this is it. >> to tyler's point, there's so many competitors it's hard to see where this industry is going. it seems so fragmented as a consumer,what are we goin to do, have like, seven different apps for restaurant delivery depending on what we want for the night is there going to be one that's going to come in and dominate? or are restaurants going to have to do it

telling cnbc that jeff holden didn't have day-to-day responsibilities for the company's products like uber eatss an important exec at the company, no doubt, hired by travis cal nichlt ck and overseeing its flying tax ts he spoke about his vision for uber take a listen. >> uber does what it does based on going after a very ambitious mission. we're trying to build the operating system for the future city, the way that people and things will move around cities much more efficiently, much more safely, et cetera. >> uber telling cnbc as demonstrated by last week's uber elevate summit, we're incredibly bullish on the future of aerial ride sharing under the leadership of eric allison the team is set up for success and will continue to chart the course for this growing industry uber has had a hard time keeping top talent many of the officers have left, including saile yoo. making his mark, filling out ranks at the company, hiring new coo and general counsel but still struggling to find a cfo, key role to help take his company public as promised air bnb's former cfo reportedly passing on that role. >> j

are some of the new innovations you're coming up with to stay ahead of the competition, such as uber eatsat today's meeting? will: for us, we are all about food. it's about going deeper and deeper into the food chain. we created hundreds of delivery-only kitchens to help our restaurant partners expand. we are helping our restaurants build virtual brands that only exist on deliveroo. we are helping fund new concepts as well. this is just the beginning, so we are really excited about that. >> just the beginning geographically speaking as well? you are in 12 countries. how many more will we see you go into? will: we are in expansion mode, not just for new markets, but going into emerging markets as well. we are going into france pins expanding into new cities around the world every single day. >> what about the future of deliveroo? you have been giving equity to those who work for you. you clearly at some want to have point a liquidity event to help satisfy those workers. will you ipo? will: it's not on my mind. i'm just focused on the opportunity. for us, we are so early in what we want to

. >> when you have competition like uber eats, grub hub, door dash, instacart, paer in ra doing in-houses for food, there's not room for everybody? >> no. i believe there is room for everybody at this stage of the market there will be consolidation happening at some point. i believe that's a few years out. right now you see the trend of startups been around for a while getting the traction they deserve and you have companies that have been around for a longer time finally catching up to consumer key mand i think that's very exciting snims unemployment rate below 4% transportation logistics, a lot of demand there. how are you recruiting and bringing more employees and more people on board to deliver these products >> on the postmates platform our fleet earned over $200 million in income last year. the average per hour income is $18.23 that's 153% above minimum wage so i'm very excited about our unemployment rate and we offer a great alternative to people in this country that feel like the traditional employment is not for them and look for more flex snoobl ibility. >> and your expectation

such as uber eats. dara is at today's meeting. will: for us, we are all about food.r and deeper into the food chain. we created hundreds of delivery-only kitchens to help our restaurant partners expand. we are helping our restaurants build virtual brands that only exist on deliveroo. we are helping to fund new concepts as well. this is just the beginning. we are really excited about that. another ceo at the sooner than you think event in paris, about what he expects to come out of president macron's meeting with tech leaders. >> i think it is great that president macron is engaging with technology. we need it, but also to address the positive impact technology can have, and the negative impact that we need to deal with as well. >> talk to us about the ramifications and the responsibilities of technology. mark zuckerberg is here, and he is a man who was had to do with the repercussions of getting too big too quickly. >> if you take a historical perspective, technology has created a lot of economic growth and prosperity. it has also had a lot of negative impacts -- env

that part of the logistics platform, along with other things they have been expanding that into, uber eats and other areas, working with these companies to get vehicles that can support these different applications. joe: we saw a pretty dramatic rally today in shares of gm on this news. when you talk to people, do you think there is a lack of awareness at the degree of -- that gm is basically one of the market leaders in this space? absolutely.id: there is somewhat a lack of awareness that the auto industry in general has been really working hard on this for quite a long time. all the attention, obviously, has been focused on silicon ideas, and a lot of great have come out of the valley, but with the manufacturers bring to the table is both manufacturing capability but also the knowledge and background with safety systems and being able to make systems that will be reliable in real use. i think the technology industry and the auto industry are starting to converge and come together and bring their to makes to the table these viable for real-world use. julia: how far our way from having a s

grab agreed back in march to buy uber southeast asian operations and also uber eats. coming up next, indonesia's newest central bank governors sets the stage for a rate hike. we will have the details next. this is bloomberg ♪ -- bloomberg. ♪ dave: 30 minutes to the open in japan. looking at the peak there. beautiful that hitfaily -- fairly hot and humid. 34 degrees is the forecast for this morning. if you're making way to work, hopefully you get yourself into a cool ac.c. building. yvonne: a little bit cooler it seems when it comes to the sun in tokyo. breaking data from japan. holdingbless rate steady at 2.5 percent, still holding onto these multi-decade lows. ratio holding steady as well at .151.59. slightly softer than what economists were expecting. a type, type, labor market. have seen ines we japan, this will bring up wage prices. dave: in fact, when we hit 3%, we have a chart which shows this context.er-term you were talking about the jobless rate. we have seen wages start to go up we have a bloomberg chart. meet me halfway. those two lines are meeting towards

overperformance even more aggressively this year both in our core business as well as in big bets like uber eatsds this public ipo, he could see big opportunities here and he plans to invest accordingly. >> thank you a lot of news out there on uber. we have both information about how its financials are looking and about what the valuation is based on this tender offer >> i don't know if there's th this -- they are tidying up the investor base. if you don't want to wait around for the ipo coming up. you get that in order beforehand obviously momentum still on the top line on all that i think all that's going to matter when it's time to go public is what's the path from today to cash flow profitability, right because you can't just be subsidizing this business, you know, off into the horizon forever. it has to be, you know, improving steadily to the point where you can see the scale of the model start to work for profits. >> could see your point. they're still growing revenue 70% year on year that's the kind of early stage growth investors do like to get in on. >> the net take is, you know, what w

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