let's go right to robert frank on weworks big new york city rent problem hi, robert >> wework did skipnt payments in april to many of its manhattan landlords putting pressure on the largest real estate market. brokers telling me wework is trying to renegotiate leases or even get a rent freeze it's the largest ten nanant with over nine million space. we have a question about half a billion tladollars a year the biggest are rosen group and ruden management those are all family owned private companies. the companies each of them leases over 4,000 spaces they have said in the past wework is about 1% of its business wework may not be paying rent but it is still charging rent. its spaces remain open and it continues to charge the monthly fees it's not changed practices and continue to remain open. on its own rent payments the company says we are individually reaching out to more than 600 global landlord partners to work in good faith toward finding asset-specific solutions for all parties involved they will need to work out something. never before has manhattan been so exposed to one renter

-- such as uber and wework.ll ahead, speaking of softbank, more on that $12.5 billion loss and the extensive damage that the coronavirus pandemic is causing. softbank, down 27%. let's take a look at the markets more broadly now. we have a down day once again this monday for the s&p 500, dow and nasdaq. the s&p down 1.8% even after we got some resolution to the oil price fiasco. crude is up 2.7%. not exactly running away from things today. the energy index is up zero point 1% in the s&p 500, one of just three areas higher. the best performing index, so go figure. 3.7%.e lower banks, down consumer services down 3.8%, and the list goes on. we are starting off the week on a down note after the best week for the s&p 500 since 1974. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. this is "bloomberg markets." we want to get back to that softbank story. it is warning of a record loss as their big tech bets start to unravel. dan ives joins us over the phone. softbank might not have been one of the fi

can wework survive in a work from home society? the now infamous coworking space giant is reportedly battling client cancellations right and left, by offering discounts of up to 50% in exchange for signing longer term leases. insiders say the offers are targeted at current month-to-month tenants who comprise more than a 25% chunk of the company's memberships. many wework locations have remained open through widespread business shutdowns on the grounds that some tenants provide essential services, but the outbreak is still taking a toll. wework has been forced to implement major job cuts and also announced that it will most likely miss its 2020 financial targets. >>> now we go to charlie gasparino. you talked about wework yesterday but now we are talking about social distancing becoming the new norm. banks looking for ways to capitalize on work from home movement, right? charlie: wework's problem is everybody's problem, obviously to a much bigger extent. as you know, yesterday we reported that a lot of people on the street, people t

we have been talking with wework executives who say not so.s coming out -- what came out of our conversation with them, there is going to be a business model change. first and foremost, they are cutting back. there are going to be more layoffs. they are reducing the footprint that was established by neumann and all these businesses that had nothing to do with office sharing, they will get down to that core business. then it's how they sell that core business going forward which is really interesting. i think it's more than just a marketing plan, it is a new sort of business model. they will say this. listen, corporate america, you are downsizing, want less dense offices, we can supply that. you want people working from home because that's going to be maybe more of the norm in the economy going forward given the pandemic, we can do that. we are going to situate our office sharing spaces in a way that there is social distancing, people are spread apart, your workers will be less in danger of infecting everybody. now, this is a leap of faith or i

in crisis wework is trying to renegotiate leases or trying to get a rent free wework is the largestmercial tenant in manhattan with over 9 million square feet. that's almost twice as much as jpmorgan it pays half a billion of roent a year in manhattan. who has the exposure you have shatri, the rosen group, and in addition to that you have s.l. green. they're a reit their stock is down 40%. each of those companies leases to wework. none would comment on it sl green in the past has said that wework accounts for about 1% of its total and that this space is easily rentable wework may not be paying rent, but it is still charging rent to its members and renters in manhattan. its spaces remain open and it continues to charge the monthly fees wework saying in a statement that since some workers are critical and essential, it has not changed its practices. now on its own rent payments wework is saying we are individually reaching out to more than 600 global landlord partners to work in good faith towards finding asset-specific solutions that benefits all the parties involved guys, you know,

is office sharing outlet, it was wework.hey're saying, what wework people are telling us, number one they have enough money on hand. they have a cash cushion. number two they're cutting everything that moves except for its core office sharing business. number three they will tweak their business model. what they are trying to do, i don't know if i buy this, a lot of analysts i ran this buy don't buy it, point out a whole story on fox business.com we have written, make wework conducive to social distancing. they will try to sell the office space as a way instead of high density offices in major cities, if you are a big company, you want to off-load some of your workforce, instead of working from home, there is a middle ground. there is wework where there will be social distancing in place, hallways where people sit. they're unveiling this. they have a market asking brochure they will put out on this it may sound crazy. a lot of analysts don't buy it. but we work believes, they are telling us they believe they have a business

wework has people working closely together in those spaces they lease from so many of the big ownerss well they don't own a lot of their space. it's a question in some of the markets like new york or london and others where wework is a large tenant, what's going to happen given these new constraints, it would seem, on, well, when people do come back to work they'll want more space. that's not necessarily conducive to it, not to mention the small and medium-sized businesses that use wework that won't be able to rent space >> more space, less money. we know not a lot of business formation. i have a guy saying, listen, you know how many people bought apartments in order to rent them on airbnb? there's a shadow economy that developmeed that could crumple here a lot of these places are small companies, so you won't feel their pain >> carl, we mentioned property -- simon properties, when you hear from jeff, they're still up today they are still in the deal to acquire taubman. on the subject of wework, carl, softbank yesterday, a lot of coverage of it today, i think the japanese market may

softbank is scrapping the $3 billion deal to buy wework stock.week, the stock repurchase was part of softbank's rescue package for wework, but softbank notified to the shareholders conditions for the deal hadn't been met. that is your bloomberg business flash. alix: thanks so much, viviana. institutional investors are the most bullish on stocks since early 2018, according to rbc, which says that means the bottom is not in yet. a note overnight says that the surprisingly high level of bullishness shows that we haven't seen investor capitulation. "we view capitulation as a necessary, though not sufficient condition for stock market bottoms and major drawdowns." joining me now is anna han, wells fargo equity strategist. do you agree that we haven't yet seen that capitulation? anna: that is a common question we have been getting, and frankly, we disagree. we think we have seen the bottom of the market, and that was around the low we saw last week. when we are selling off down to the close of 2237, we see panic selling. panic selling, flows driven by

what does that mean for wework's outlook?ill be a different world post-covid-19, and obviously wework, that is another headwind for them, as well as what we are seeing with unemployment across the board. i think that will be a big question for them and it's also something for softbank that they need to consider as well. going forward there will be a big focus on this is a game of high stakes poker. if this ultimately goes into the step, obviously there is funding going forward, with wework's cash burn. haidi: dan, we are getting a breaking line across the bloomberg with regard to another company i think almost has a bit of an existential struggle on the other of this pandemic situation. airbnb is said to have discussed convertible note issuance with investors. a kind of goes to the broader point, how many more of these startups, these disruptors really need to consider their business models? with the new normal on the other end of this. dan: i think it is the tip of the iceberg. what we are seeing, just in terms of overall bi

softbank shares higher after ending that ten tore to buy wework hong kong adding gains as well hsbc shares down as well after the bank of england ordered those banks to scrap their dividends. australia and new zealand both trading weaker at the close. quiet today in asia. back to you. >> to the early trade now in european forces, julianna tatelbaum is standing by in london >> good morning. european markets are on the trend. all four of the regions are trading. we saw the stoxx 600 dip below the flat line trading negative we have recouped those losses and then some. this comes after a steep selloff yesterday. today, little in the way of company communication. we are watching the latest virus numbers come through one sector that stands out here to your point of oil being a key feature is the oil sector. oil and gas are very strong this morning. bp as well basic resources, auto and banks after the selloff we saw we have travel and leisure down. utilities is lagging down 1.7% back to you. >> thank you very much >>> the death toll in the united states from coronavirus has surpassed 5,000 as the

. >>> coming up, from layoffs to uber to works of wework, the sharing economy is suffering big time inmber you can always watch or listen to us live on the go othn e cnbc app "the exchange" is back in two. m. that's why we're offering contactless delivery and set-up on all devices. and for those experiencing financial hardship due to this crisis, we'll work with you to keep your service up and running. hi! because at at&t, we're always committed to keeping you connected. woi felt completely helpless.hed online. my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com. find out your online reputation today and let the experts help you repair it. woman: they were able to restore my good name. vo: visit reputationdefender.com or call 1-877-866-8555. >>> welcome back let's get very latest in the coronavirus pandemic over to sue herera for the headlines. >> hello, kelly, everyone. the world health organization's michael ryan says the proportion of people with antib

billion on the back of losses out of the vision fund which has invested in the likes of uber and wework that is expected to lose $16.7 billion it didn't really weigh the stock because a lot expect further asset proposals to come out of soft bank. looking at australia up 2% gold emerging and pushed some of the gold minors up above 12% back to you. >>> now after a four-day weekend, julianna tatelbaum is standing by in london with the latest good morning >> good morning. as traders get back to work, that positive momentum matt described is lifting here in europe the majority of european markets are trading higher leaders have extended the lockdowns in place but are beginning to layout exit plans in terms of the different regions, the german market with the dax up by 1% the ftse 100 is negative and the sterling dollar is negative for u.s. exports. we have health care at the top of the stoxx 600, astrazeneca gaining strongly after that pharma giant came out saying it will soon start a clinical trial on one of the leukemia drugs to see if it is effective on the immune response to covid-19. on

in figuring out what are the worse case scenarios so not that we hope that they don't happen but wework very hard we work very hard to defeat them. we're seeing that with the public health emergency. the measures are working. but we need be prepared for those scenarios on the financial front. >> yeah. on both fronts. you're exactly right. about to become the interim head of the university of miami's health system. speaking about the worse case scenarios i'm seeing that the projected peak in florida is still 12 days out. you got places like ahead of you like detroit where hospital workers are reporting things like people dying in er hallways before help could arrive. how do you make sure that doesn't happen in your hospitals? >> well that is exactly what -- that sort of contingency planning has to entail. one characteristic of this epidemic like all of them, it's unfolding at different rates in different parts of the world and it's everybody's duty to learn. because of that uncertainty we are learning as the epidemic evolves. we're watching very closely what happened first on the west co

weworking really, really hard in e it's abo staggerin so thah all across puget sound, people have been stepping up and donating personal protective equipment. we stay at work. for you. you stay at home for us. just know we're all with you. thank you, thank you so much. thank you doctors & nurses. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. . >>> all right. do you have plans for the weekend? laundry, none of that sounds exciting, tony bennett has a suggestion for you. >> i left my heart -- >> you know the rest. he is asking the bay area to lean out their doors and windows at noon on saturday to serenade frontline workers with

office sharing venture wework in which it invested. softbank group said last month it would sell assets worth up to $41 billion over the next year to buy back its shares to reduce debt. yes, the pandemic is wreaking havoc on japan's economy leaving many businesses with serious budget problems. but the situation is especially perilous for people with unstable jobs such as foreign technical trainees. these help the country deal with the chronic labor shortage, and now as we see in our next report they face nothing but uncertainty. >> reporter: an associate professor at kobe university provides technical support to trainees. he was recently informed of a desperate situation involving vietnamese people. >> they were suddenly dismissed in the company because of a decrease in the workload caused by a coronavirus outbreak. >> reporter: the call for help came from this man, aged in his 20s. he lives at the firm's dormitory along with the other four. they have all been working at a metal plating factory. under the foreign technical trainee syst

i think that's part of what you're seeing right now with wework. >> one of the challenges of private market trading is sometimes people are making investment decisions without having the information they would if they were public shareholder. is there anything that can happen to change that? >> yes. that is the most critical next three years we'll see. i believe we're going to see private companies disclose more than they ever have. because to get access to large sources of cash, you have to disclose. previously that was only disclosed to a limit set of venture capitalist, it was their primary investor and their board. now i think as liquidity gets more broad and global, disclosure will get more broad. >> uber were ahead of their ipo. they were sharing their financials voluntarily. you think we'll see sort of mini earnings comes out ahead of going public? >> i think it's possible. >> is it possible that you would be a canary in the coal mine as far as a coming recession or downturn in the sebs thnse that companies are going to realize we are not going to be able to take it to the pub

office sharing startup wework is to cut more staff by the end of may, but it won't say how many.d employees of the plan in a meeting alongside the chief operating officer of wework's biggest shareholder, softbank. wework cut 2400 positions last year after its ceo unraveled and terminated 250 jobs last month. >> major u.s. airlines reached a tentative agreement with the white house on federal aid for the coronavirus. president trump spoke about the payroll support program earlier. pres. trump: this agreement will fully support airline industry workers, preserve the fido role airlines play -- vital role airlines play in our economy. airlines are now in good shape. shery: bloomberg's aviation reporter joins us now on the line. we have seen the standoff between the treasury department and airlines. what was the issue, and how did it get resolved? theyday, they announced had reached deals, in principle at least, with 10 of the largest u.s. airlines. they will get the bulk of the $25 billion that was set aside for payroll relief. i think it is fair to say the chief issue was they were

>> yeah, they -- the first questi question, it was a code that weworked out. really, asking a question about ken's condition as to whether or not he had come down with the measles yet or not. >> and we're still waiting for ken to come down with the moo measles. >> jim, what about your political future? >> jack, would you like to answer that question? >> no, i don't have any political affiliations in the state of wisconsin at this moment. >> i had no qualms about it at the time. i was not thinking because i knew we were reentering soon. >> i had no qualms at all. i don't know if you're aware how thick it is, but it takes a lot to damage that and i had no qualms at all. >> jim, you were faced with a -- perhaps a precise of a flying job as you will ever face, but you say you had to fly a new method, will you elaborate a little on how you worked it out? >> they had been worked out before by crews, and the procedure that we normally practice for. as we're slowing down, if something happened to the system on the main engine we might have to use the system engine to

>> wework really hard. there were a lot of really strong competitors. they are big competition, we sat down together and think about with our strategy how we can provide better value. we launched for profitable business lines in three months. there were a lot of moments that we have worked very hard and try to catch up. company in ther u.s. called uber. it grew very quickly in the u.s. and it had a division in china. in many places, uber said we will roll over our competition. china you came to a deal where you merged and became the parent company. uber is an investor in your company. are you also an investor in uber? jean: yes. small. david: your company has grown to the point -- how many riders do you have a day on your main taxi hailing business? jean: we have hundreds of millions of users every month. hundreds of millions. david: you have more users every month than uber? jean: that's right. david: today, what are your other businesses? jean: talking about uber, i have to say, we are thankful for the competition, it makes us better and stronger. whe

wework had already gotten some financing from softbank in the fall.had 1.1 billion in debt financing that was contingent on the offer being completed. this share purchase is not going to affect the amount of money that goes directly to the company. but that is not quite true. that was contingent on completing this deal. this is still a company that loses a lot of money. haidi: thank you so much for joining us. we have some breaking news. the federal trade commission has filed administrative complaints juul went intod a series of agreements. was in violation of federal antitrust laws. another twist and turn in this situation with juul. triahave the ceo of al saying they gave him no bonus in 2019. they have struggled with investment in the vaping company. to sec has filed a lawsuit unwind that investments that altria made in juul. taylor: breaking news from british airways. they are expected to suspend 36,000 of their staff. they have grounded much of their fleet. they have been negotiating with their union for more than a week. both sides are trying to

year, the stock purchase was part of softbank's rescue of wework, but they notified that conditions hadt. francine: this is what your markets are doing. we check markets every 15 minutes on bloomberg tv, a lot of focus on oil and what will happen in the u.s. at the open. we have a couple of data that the markets will latch onto, and we are looking at what is happening with certain stabilization in terms of infected cases and deaths. later today, david westin in conversation with the u.s. vice president david pentz -- mike pence. this is bloomberg. ♪ ♪ alix: claim pain. economists see as much as 5 million people filing for unemployment last week. in the coronavirus blame game. the u.s. intelligence community says china wasn't transparent in the number of infections and deaths, while china says let's not make the virus about politics. the s&p now having its worst start to a quarter in almost 100 years. now a rebound back with some optimism in the oil markets. welcome to "bloomberg daybreak: americas" on this thursday, april 2. i feel like it has already been 10 years, and it is only the s

. >>> softbank pulls the $3 billion offer off of wework. as well as ongoing civil and criminal investigations. >>> we'll speak to a predicted expert after this break. shouldn't you pay less when you use less data? now you can. because xfinity mobile gives you more flexible data. you can choose to share data between lines, mix with unlimited, or switch it up at any time. all on the most reliable wireless network. which means you can save money without compromising on coverage. get more flexible data, the most reliable network, and more savings. plus, get $300 off when you buy a new samsung galaxy s20 ultra. that's simple. easy. awesome. go to xfinitymobile.com today. >>> welcome back the number of deaths related to coronavirus in new york city has risen to nearly 1,400 as the city struggles with a shortage of supplies. playgrounds will close but parks will remain open as long as people exercise social distancing i'll bring in our guest. professor from nyu talk to me about the research you are conducting with ai and how you you are going to h

flagged an $8.4 billion loss most coming from troubled investment in wework dbs, southeast asia's biggest bank the drop in the q 1 profit with a drop in loan loss provisions we know what has happened in oil and gas. the company confirming most of the exposure with state-owned companies. brian, back to you >> matt taylor, thank you, buddy. whatever stocks are doing worldwide does not take the pain away from thousands of american families dealing with sick loved ones those souls lost because of this terrible disease but there is some hope this morning. >> here is the latest. dr. fauci says an experimental drug to treat coronavirus has shown to have effect trials involving gilead's remdesivir showed that the trial time of 11 days versus the 15-days in the group president trump working as quickly as they can to treat coronavirus. making the drug available as quickly as possible as appropriate. jay powell says the economy will need more help to keep the country robust powell said yesterday, there is still plenty the fed can do. >> we are committed to using a full range of tools in this challen

also crossing the headlines, softbank group said to be abandoning the $3 billion deal it had with weworkng shares from adam neumann. the deadline is tonight. and their sources are saying the deal will not be finalized tonight. softbank, walking away. from new york, this is bloomberg. ♪ loomberg. ♪ live fromroadcasting new york to our viewers, what did you miss. nowgside scarlet fu and joining us, joe weisenthal. you missed the entire show. what is going on? joe: i had other things to do. just kidding. how are you doing? what did i miss? romaine: you missed it all. we were talking about heirloom chicken, something else. bleak,viously pretty pretty bleak start to obviously -- we were talking about this segment yesterday. the fact is regardless of where e, people the curv doing distancing, the headlines are going to get extremely difficult to extend over the coming weeks. pressday we got the trump conference where he talked as many as 200,000 american deaths before this is all over. that is at least in part what is setting the tone is going to be extremely difficult. there is no imminent en

such as uber and wework.orld's oil producers agreeing to a historic output thatfter a week of talks involved the opec+ coalition and g20. now, questions as to whether it to shrink the massive glut of oil. alix: for more now, i am joined by mark rossano, c6 capital holdings founder and ceo. i have no doubt that you are really skeptical of this deal, but before we get to that, $23 for wti. what is your favorite trade? mark: at this point, i think you can start to pressure it to the downside. i think u.s. enp's are going to struggle. i mean, they were struggling at $50 oil. the fact that we are at $23, with little hope of any increase in pricing, i think you can start getting into some of your favorite shorts across the energy space, specifically enp's. alix: two counter arguments for why the deal is good. it prevents a's and go to to pricing for the main benchmarks -- prevents a benchmark to the pricing for the main benchmarks. and the end of the curve might be helped a little bit, which could keep some guys in

the reason, the drop off in the business of office sharing startups wework.our latest bloomberg business flash. coming up, ecb president christine lagarde says the european economy may shrink 12% in 2020. we will get the take from socgen's kit juckes as we count you down to the european close. a quick look at where we are market wise, the s&p 500 has been paring its declines, still down 0.7%, and the nasdaq has turned negative as well. this is bloomberg. ♪ save hundreds on your wireless bill without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you'll only have to pay for the data you need- starting at just $12 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. it's the most reliable wireless network. and it could save you hundreds. xfinity mobile. ♪ from london, i'm guy johnson, with vonnie quinn in new york. we are coming you down to the european close on "bloomberg mar

and wework to clean up the mess big media has made us into.g after we clean up what jd vance's done, we will go on living in this place, making stories here and telling them to anyone who will listen. maybe someday our complex stories will overpower the simple or false narratives about our place. until then, we will be waiting to clean up any new messes will simultaneously building a brighter future despite the narrative telling us we can't do it and that we aren't worth it. we simply know better. and more than anything, we have had enough of those lies. thank you. [applause] [applause] >> well, i first heard about this book in the summer of 2016 i'm sure that's the case with a lot of people here. not because i have a spot at the bookstore, well, i'm from southern appalachia and i teach history at a university that sometimes acknowledges it isn't appalachian sometimes it doesn't. and i teach that history. when the book started circulating the summer of 2016 that had the word hillbilly in it, a bunch of people had asked me if i had read this bo

berkeley, a 53 conquer dublin blay held a curious in the mid 50's for your current temperatures now as wework our way through the day are gradually going to see increed sunshine and as of right now you are actually seeing some light shower activity for a few spots in happy as the rainfall that the ntral coast is now in th midst of that is working its y out to the central valley, pretty similar situation s to what we saw this weekend when rainfall is pushing its way that direction we just stay dry inthe bay area there are a couple of sprinkles right around the santa cruz mountains but notng that's going to work its way into a vast majority of debate this morning skies, definitely cloudy conditions definitely cool to kick things off this monday by the time we work to feel a lot like ysterday g as that sunshine peeks back out yoget brightness between the clouds then we work our way into tomrow and skies even clear yet where the much clear start the day. and that's something that's going to carry us through the afternoon to honor tuesday in your wednesday and to the rest of the forecast up to tha

but we will get through there sooner and we will get through their when wework together. >> thank you mr. vice president. and mr. president. thank you for your words of discipline and determination. that really describes what we are asking every american to really be disciplined about the guidelines and really determined to stay in the space of execution. you know we are just in week three of the full guidance measure. we really do appreciate the work of the citizens of california and washington state because we do see that the curve is different, there curve is different from new york, new jersey and connecticut. and we really believe that the work that every citizen is doing in those states is making a difference and it will make a difference from the frontline healthcare providers. we also are deeply grateful despite the way the curve looks today, they continue to get ready for a different potential so they can ensure patients if they do get sick have options and availability. two other frontline healthcare workers to what we refer to as hot zone areas where the number of cases are

it makes for an interesting time given the losses they have seen related to wework investments as well as the sharp decline we've seen in oil prices on this news we're looking at shares of carnival up about 21% on the day this has been a volatile stock if you take a look at a year to date chart sitting on some big losses but a big move in today's trade. morgan >> seema moody, thank you for that update. medical tech company beckton dickinson ramping up efforts to test for the coronavirus joining us is -- on the phone line is ceo tom polen. thanks for being with us today >> thanks for having me. >> so you're working on several different tests with several different companies as well. i think first let's start with the work you're doing with biomedomics on a test to detect current or past exposure to the coronavirus within minutes and could be used in doctors offices and other settings tell us a little bit start to r and be used on potential patients >> sure. so we have two -- a whole portfolio that we're watching. the first is to help diagnose coronavirus and that we're shipping today an

just over the last 24 hours saying that wework losses will make that performance even worse than theyings are coming up in mid-may, may 14th. back to you. >> watch out for the grisly zzly behind you that does it for me. i'm join tyler mathison next hour ryan lance will join us to tell us what's going on in the oil patch. >>> the ceo of dunkin will tell us what the future of his ate aurant looks like as mor stes reopen. it's all ahead with power lunch after this quick break say hi. ♪ a pandemic has the possibility of bringing us together in ways none of us would have been able to expect. ♪ i'm so small said the mole. yes said the boy, but you make a huge difference. ♪ ♪ ♪ >>> good afternoon welcome to "power lunch. welcome to the kitchen our breaking news coverage continues. stocks are under pressure as we close out april. the dow down sharply today the s&p still on track for its best month since way back in 1987 that is despite brutal news on jobs 13 million

softbank, 8 billion-dollar loss on wework right town.he company says $6.6 billion loss in the year in investment outside of envision fund and softbank embroiled in legal dispute after backing out of offer when it bailed out the firm after flopped ipo last year. softbank poured more than 13.5 billion in the wework and amazon and nfl streaming deal, the two reached 2-year deal. amazon and twitch will stream to prime customers in 200 countries and territories around the world, maria, and the nfl virtual draft was anything that we learned is that people like to watch football sports no matter how they can get it. [laughter] maria: that's true. cheryl, thank you. let's take a look at marks this morning. things have turned more negative on the heels of some gains earlier. little bit of a mixed story here. dow industrials 37 points but s&p 500 is flat having given up some of the earlier umpf, economists are expecting 3.5 million people filed for unemployment last week, joining me phil orlando, phil, great to see you this morning, thank you so m

we were in the same class and were allowed to clerk in kentucky wework for separate entrance separate judges they were both in covington which is just over the river from cincinnati is a perfect opportunity to go and clerk for a federal be close to home. and work on things that we were both really interesting dust. two you were trying to spend most of your life trying to escape kentucky and then he went back to kentucky. two i don't know that i was trying to escape kentucky but the chaotic home i grew up and. a love the places that i came from. and i always wanted to go back. it definitely was a really exciting and good year. we both worked for really good people. sometimes people get stuck with bad judges, but we worked for great people and had a great year. >> host: so i said in the beginning there are three reasons i think the book is very successful, at least in my view. it's very well written, very precise and a good read. secondly, the life story is almost like a novel, so it is very interesting. but the third, is one of the reasons the book has become so popular because as you

sources say the move comes as wework tries to renegotiate leases with landlords.oronavirus outbreak is the latest challenge to wework's future after receiving a bailout by softbank following a botched initial public offering. and google banning employees from using zoom. the company e-mailing employees telling them to stop using the teleconferencing platform over security privacy woes, have you heard of the new trend, zoom ceo tells our charles payne that the company is taking steps to fix its security flaws. google isn't the first to stop using zoom. cheryl: i wanted to quote, unquote my friends and we did a zoom call and i realized it wasn't a good idea. jack: it's a little dangerous but during crisis times we have to have some ways to connect people and zoom is a popular way to do it. cheryl: a lot of companies are still using it. jackie deangelis in our news room. there's optimism, up 1 and a quarter percent and the contract rally yesterday, a lot going on in oil. world's largest oil producers are having the virtual meeting today, 10:00 a.m. eastern time and i

easy blood tests and doesn't work and you end up with a multibillion dollar company evaporated or wework trying to revolutionize office space. so that's the core of that piece of the stagnation of the puzzle, progress hasn't ceased but progress along a very particular dimension that then feeds back into the larger pattern of decadence because leaves people to spend more times in virtual realities and simulations of virtual realities and retreat from both kinds of economic activity but also to bring us to another force, retreat from family formation, romance, sex, childbearing which is -- which is the aspect of decadence that i stall sterility, basically. >> i know that you have books bthat involve the sterile landscape which i thought was brilliant and fun. let's think critically about what you wrote, so what would count as counterindicater? you're giving a -- yo provide indicators, metrics, i'm sorry. sorry. thank you, michael. you provide indicators by which to identify us as decadence society, what kind count of ocounterindicaters, signs of le that you have to engage? >> sure, so let'

another setback for wework to report. cheryl casone with those details.k canceled their rescue package for the struggling company, saying they pulled out of the deal because wework failed to meet certain conditions. adam newman owns half of the shares in the tender offer. there is softbank, the one year chart. particulatiktok has become morer as millions of americans look for ways to stay entertained under quarantined. now youtube wants to join the party. the video sharing site is launching its own version, called shorts. it will allow people to upload brief video and take advantage of youtube's licensed music catalog. well, more retailer% offering curb sited pickup as the coronavirus spreads. shoppers can place online orders at best buy, kohl's and dick's sporting goods, then they can drive up for consisten contactl. store owners say it's the best way to keep sales up while keeping customers safe. finally, joe exotic, the show of the popular netflix series tiger king is in coronavirus isolation. exotic's fourth husband, dillon passage said in an intervie

. -- on wework. marketske a look at how are trading at the moment.to the situation in regime. korea, holding that four-day advance. we are seeing some trepidation centralto south korean bank decisions. there is concern over asset quality. year in australia, we are seeing some risk off sentiment. s&p especially after the downgrade when it comes to the credit rating. >> plenty more to come. the former indonesian finance minister will join us to discuss the -- to discuss. the china open is next. this is bloomberg. ♪ >> welcome to "bloomberg markets: china open." i'm tom mackenzie. david: i'm david ingles. we are just coming down to the opening of trade. our top stories today, the city where the coronavirus first emerged is getting back on track . wuhan ending 11 weeks of lockdown

softbank is scrapping an agreement to buy $3 billion of weworked stock.d to purchase the founder and former ceo and other shareholders last year as part of a bailout package for the struggling co-working firm, noted thenk conditions of the deal have not been met. the debate over hsbc's domicile is returning. according to "the financial times," some board members were angered by the bank of england's onion, putting pressure companies to cancel dividends. one director said, "we should not be in the u.k." and hsbc spokesperson said there were no discussions to review headquarters. the royal bank of scotland is pressing ahead with infrastructure plans and cutting jobs. that is as many of its peers halt layoffs amid the coronavirus pandemic. we learned rbs let go of the team handling rbs securities and collateralized loan obligations. we are the cuts were announced to the team on a zoom call, in a sign of times. that is your bloomberg news flash. anna: five minutes until the top of the hour. european equity markets set to the upside. oil prices substantially h

company has written down the value of investments in companies, including the office rental startup weworkch filed bankruptcy last month. apollo's global management flagship credit hedge fund is scoring gains this year. they profited from well-timed shorts and purchases of high-grade debt during the panic. it had been quickly amassing holdings in investment read paper in march before the market rallied after the fed intervened. that is your bloomberg business flash. royal is holding gains today. oil was holding gains today. bloomberg opinion editor robert berg us says even a big deal in production curves can only do so much in the face of the demand shock. he argues there is unlikely to be a market recovery without an oil rally, writing the energy industry is a bond the biggest employer -- among the biggest employers in the u.s. economy. it is going to be hard for equities to sustain any sort of rally as long as oil prices remain depressed and the threat of mass bankruptcies continues to loom. ben guttridge this to with us. do you agree we need to have oil come back to some extent before w

course, wework. tim joins us from taipei. the impatience may have cost him as much as $17 billion.rong? >> aw, man. the mistakes that he made over the last -- not just last year. back a few years since he started the vision fund. moneyere sending too much and ramping up the companies they were investing in. that happens, you need to get a return on the back end of it. is the most famous example. o-yo, they're facing a cash crunch. they're going to have issues. clearly that's going to be down.n they did i.p.o. last year, like in uber. fallen.them have they're really not very profitable companies. to pump a lot of money into are nots that profitable, just not able to discipline to be profitable. that's really where it comes from. becoming clear that softbank made some key mistakes. mistakes?hese say, getting in a bidding war with other venture capitalists, to get access. i haven't example, heard that there's a downgrade holdingalue of grabs' with softbank. but these are the kinds of companies where they're just spending ridiculous amounts of money to prop them up. they're not finding

wework cut 200 positions last year and terminated another 250 jobs last month.t's your bloomberg business flash. with us.th is still we were talking about the -- well,that the fed and other central banks have been putting into place. but the federal reserve especially has been putting in massive measures to keep u.s. dollar funding markets functioning. it may have now capped treasury yields to ensure short-term rates don't become unruly, according to credit suisse. what do you think about the fed starting some kind of yield curve control? i thing we briefly touched before on what governments and central banks are doing in the and talkeds crisis fairly approvingly about that. in terms of yield curve control, or control of borrowing costs generally, the fed and most other central banks are doing a good job around that as well. clearly while this is ongoing, there is a need to protect as much as possible companies and economic agents that were in a sort of relatively healthy state coming into this crisis. that is hard to do when their underlying businesses are bein

masayoshi son has been struggling with startups from wework to uber. in tokyo trade. yvonne: taking a look at markets before we go, it will be a labor day holiday tomorrow, so a shortened trading week for many markets. hong kong already closed with south korea. plenty of green on the screen. 225 coming back from the lunch break. asian stocks the best on track in four years. bull marketer that for msci asia yesterday. we are watching singapore as you. we have seen the best day in two weeks for that benchmark. that is it for bloomberg markets: asia. ♪ announcer: the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. announcer: the following is a paid presentation brought to you by rare collectibles tv. >> our country was founded on life, liberty, and the pursuit of happiness. representing this idealism is our american eagle. the bald eagle was chosen in 1782 to represent the u.s. because of its long life, majestic look, and great strength.

issue -- the wework issue.eavily ework and recovering the company after its failed ipo. they put it simply here, the change in the fair value management they made in the financial guarantee contract, that is the driver in the increased net losses now. is there any sense that the worst that this is over? to what any guidance as the future might look like? itself,from softbank work,he outlook for wee there are no rosy things ahead. they handlen how the covid-19 situation, but softbank itself, the roadmap ahead involves a big share buyback. that is where we are seeing the sustained share price after ups and downs earlier in the year, and analysts and investors are looking beyond the current state losses and write-downs softbank is facing, and essentially taking this idea that the buyback will sustain the price. indi: what are we hearing terms of softbank writing out the cope -- writing out the epidemic? funden in the vision portfolio, there can't any companies necessarily thriving, in the way zoom is. it should be

we don't talk about it often yesterday we were spending time talking about wework and what would appearretty bleak future for that company. airbnb is another one worth mentioning it wasn't that long ago, it was a $40 billion value or so, expected to come public the end of this year >> yep >> now, jim, they just borrowed another $1 billion but you can imagine those values are nowhere near what they once were because people are not traveling, and they don't particularly want to stay in an airbnb right now if they don't know that -- who was there before them. >> no. look this is a clorox wipe situation, it's a boat situation. i listened to carnival cruise yesterday, i was like are you kidding me i doubt the cdc will let you go. they have people stranded all over the place the travel and leisure situation is just very, very grim. on the private equity, it's interesting. just three months ago, if you talked to younger people, they didn't want to go into investment banking they didn't want to go to facebook or google they wanted to go into private equity these are often the equivalent of the

businesses like staples, wework, reportedly not paying the rent this month due to coronavirus crisis.andlords are still expected to make their own mortgage payments and maintain services like electricity and sanitation, joining us now ceo of leading commercial real estate firm hasam naji. just explain what is going on in terms of commercial real estate and what the next few months look like ahead. >> good morning, dagen, great to be with you in the program. your description is really accurate. a lot of tenants who are not able to pay rent but about a third of apartment renter payments are late so far in april. that's up from the usual 15 to 20% and then on the other end of the scale we are hearing from our shopping center clients that are some between 720 or 80% of them are getting request by tenants to get rent abatements for at least several months and on the other end of the scale you have industrial properties, warehouses, office buildings, the numbers about 30 to 50% of them are reporting tenants requesting, you know, period of rent relief, but as you said, dagen, on the mortgage

i don't know if i want to go long wework.. >> reporter: i need a better camera and better backdrop what would be the point? i don't need to go into times square. >> i think radio would be better overall. no, i'm kidding. that was uncalled for. not necessary. >> reporter: i thought you were talking about yourself i thought you meant for you. >> that was gratuitous i've got a crappy voice, too gratuitous nastiness nobody needs that on a friday. see you later. >> like how that devolved to the school yard. >> four eyes yeah, it was not -- >> all right joining us right now with a closer look at efforts to restart the u.s. economy is eric cantor the former house majority leader vice chairman of molus and company. thank you for being with us. >> becky, it's great i have to say, y'all are doing a great job. this has been a very different time but enjoy watching you as i always do in these surreal circumstances. >> we are grateful to be here thanks to all the new technology helping us along the way let's talk about what washington is

their rent. 95% of our 40 million square feet the only thing is a group, they did it selectively, weworksed it as an opportunity to rationalize their portfolio the apartments were 92%. we've been paid almost entirely. you can only see 3% have asked for forbearance. retail is all over the place and industrial is fine. >> barry, last time you were on you were great hope might not be a strategy but is panic a strategy? i don't know if you have to pick one -- hope seems like a much better strategy. >> joe, we're going to come out of this, right >> i don't know. i don't know >> you're going to have pain >> maybe not before november >> if you don't open the economy at some point soon, the damage will be severe and unrecoverable. >> right >> so i think -- my brother's a doctor, i have a mom who's 86. great shape but i want to see her live to 106. i just think we have to be smart about it the country is showing that resilience now i am comfortable in the country. i want to talk about the market. the market has been highly con sell traited concentrated the russell 200 has been lagging dramaticall